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: 811-23339

Name of Fund:  BlackRock Funds V

BlackRock Core Bond Portfolio

BlackRock High Yield Portfolio

BlackRock Income Fund

BlackRock Low Duration Bond Portfolio

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 09/30/2026

Date of reporting period: 03/31/2026

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

BlackRock Core Bond Portfolio

Institutional Shares | BFMCX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock Core Bond Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$22	0.43%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,442,672,532
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4,113
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	299%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	34.9%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.1
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.1
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.8%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	40.6
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(e)
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(e)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(e)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.1

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.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(d)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.
Footnote(e)	Rounds to less than 0.1%.

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.

©2026 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 Core Bond Portfolio

Institutional Shares | BFMCX

Semi-Annual Shareholder Report — March 31, 2026

BFMCX-03/26-SAR

BlackRock Core Bond Portfolio

Investor A Shares | BCBAX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock Core Bond Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$34	0.68%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,442,672,532
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4,113
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	299%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	34.9%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.1
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.1
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.8%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	40.6
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(e)
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(e)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(e)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.1

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.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(d)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.
Footnote(e)	Rounds to less than 0.1%.

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.

©2026 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 Core Bond Portfolio

Investor A Shares | BCBAX

Semi-Annual Shareholder Report — March 31, 2026

BCBAX-03/26-SAR

BlackRock Core Bond Portfolio

Investor C Shares | BCBCX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock Core Bond Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$71	1.43%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,442,672,532
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4,113
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	299%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	34.9%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.1
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.1
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.8%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	40.6
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(e)
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(e)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(e)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.1

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.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(d)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.
Footnote(e)	Rounds to less than 0.1%.

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.

©2026 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 Core Bond Portfolio

Investor C Shares | BCBCX

Semi-Annual Shareholder Report — March 31, 2026

BCBCX-03/26-SAR

BlackRock Core Bond Portfolio

Class K Shares | CCBBX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock Core Bond Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$19	0.38%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,442,672,532
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4,113
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	299%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	34.9%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.1
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.1
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.8%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	40.6
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(e)
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(e)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(e)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.1

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.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(d)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.
Footnote(e)	Rounds to less than 0.1%.

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.

©2026 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 Core Bond Portfolio

Class K Shares | CCBBX

Semi-Annual Shareholder Report — March 31, 2026

CCBBX-03/26-SAR

BlackRock Core Bond Portfolio

Class R Shares | BCBRX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock Core Bond Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R Shares	$47	0.93%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,442,672,532
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4,113
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	299%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	34.9%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.1
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.1
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.8%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	40.6
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(e)
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(e)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(e)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.1

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.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(d)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.
Footnote(e)	Rounds to less than 0.1%.

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.

©2026 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 Core Bond Portfolio

Class R Shares | BCBRX

Semi-Annual Shareholder Report — March 31, 2026

BCBRX-03/26-SAR

BlackRock High Yield Portfolio

Institutional Shares | BHYIX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock High Yield Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 471-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$29	0.58%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$25,600,936,342
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,485
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	85.9%
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	42.6
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	39.7
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.6
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

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.

©2026 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 High Yield Portfolio

Institutional Shares | BHYIX

Semi-Annual Shareholder Report — March 31, 2026

BHYIX-03/26-SAR

BlackRock High Yield Portfolio

Service Shares | BHYSX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock High Yield Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 471-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Shares	$40	0.80%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$25,600,936,342
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,485
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	85.9%
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	42.6
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	39.7
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.6
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

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.

©2026 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 High Yield Portfolio

Service Shares | BHYSX

Semi-Annual Shareholder Report — March 31, 2026

BHYSX-03/26-SAR

BlackRock High Yield Portfolio

Investor A Shares | BHYAX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock High Yield Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 471-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$45	0.91%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$25,600,936,342
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,485
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	85.9%
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	42.6
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	39.7
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.6
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

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.

©2026 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 High Yield Portfolio

Investor A Shares | BHYAX

Semi-Annual Shareholder Report — March 31, 2026

BHYAX-03/26-SAR

BlackRock High Yield Portfolio

Investor C Shares | BHYCX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock High Yield Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 471-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$79	1.57%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$25,600,936,342
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,485
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	85.9%
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	42.6
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	39.7
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.6
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

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.

©2026 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 High Yield Portfolio

Investor C Shares | BHYCX

Semi-Annual Shareholder Report — March 31, 2026

BHYCX-03/26-SAR

BlackRock High Yield Portfolio

Class K Shares | BRHYX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock High Yield Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 471-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$23	0.47%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$25,600,936,342
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,485
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	85.9%
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	42.6
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	39.7
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.6
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

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.

©2026 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 High Yield Portfolio

Class K Shares | BRHYX

Semi-Annual Shareholder Report — March 31, 2026

BRHYX-03/26-SAR

BlackRock High Yield Portfolio

Class R Shares | BHYRX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock High Yield Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 471-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R Shares	$57	1.14%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$25,600,936,342
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,485
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	85.9%
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	42.6
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	39.7
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.6
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

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.

©2026 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 High Yield Portfolio

Class R Shares | BHYRX

Semi-Annual Shareholder Report — March 31, 2026

BHYRX-03/26-SAR

BlackRock Income Fund

Institutional Shares | BMSIX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock Income Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026.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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$31	0.62%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,260,267,910
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2,148
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	282%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.9%
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.6
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.6
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.4
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(c)

Table Summary

Credit RatingFootnote Reference(d)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(e)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.6%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.7
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.8
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.5
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.6
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(c)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(c)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.8

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.
Footnote(c)	Rounds to less than 0.1%.
Footnote(d)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(e)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.

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.

©2026 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 Income Fund

Institutional Shares | BMSIX

Semi-Annual Shareholder Report — March 31, 2026

BMSIX-03/26-SAR

BlackRock Income Fund

Investor A Shares | BMSAX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock Income Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026.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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$44	0.87%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,260,267,910
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2,148
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	282%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.9%
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.6
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.6
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.4
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(c)

Table Summary

Credit RatingFootnote Reference(d)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(e)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.6%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.7
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.8
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.5
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.6
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(c)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(c)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.8

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.
Footnote(c)	Rounds to less than 0.1%.
Footnote(d)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(e)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.

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.

©2026 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 Income Fund

Investor A Shares | BMSAX

Semi-Annual Shareholder Report — March 31, 2026

BMSAX-03/26-SAR

BlackRock Income Fund

Investor C Shares | BMSCX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock Income Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026.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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$81	1.62%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,260,267,910
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2,148
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	282%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.9%
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.6
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.6
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.4
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(c)

Table Summary

Credit RatingFootnote Reference(d)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(e)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.6%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.7
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.8
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.5
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.6
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(c)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(c)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.8

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.
Footnote(c)	Rounds to less than 0.1%.
Footnote(d)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(e)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.

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.

©2026 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 Income Fund

Investor C Shares | BMSCX

Semi-Annual Shareholder Report — March 31, 2026

BMSCX-03/26-SAR

BlackRock Income Fund

Class K Shares | BMSKX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock Income Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026.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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$29	0.57%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,260,267,910
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2,148
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	282%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.9%
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.6
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.6
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.4
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(c)

Table Summary

Credit RatingFootnote Reference(d)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(e)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.6%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.7
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.8
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.5
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.6
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(c)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(c)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.8

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.
Footnote(c)	Rounds to less than 0.1%.
Footnote(d)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(e)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.

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.

©2026 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 Income Fund

Class K Shares | BMSKX

Semi-Annual Shareholder Report — March 31, 2026

BMSKX-03/26-SAR

BlackRock Low Duration Bond Portfolio

Institutional Shares | BFMSX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock Low Duration Bond Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$20	0.40%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$4,018,551,952
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,853
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	40%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	49.8%
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.1
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.2
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.5%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.2
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.8
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.0
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.4

Footnote	Description
Footnote(a)	Excludes short-term securities.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(d)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.

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.

©2026 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 Low Duration Bond Portfolio

Institutional Shares | BFMSX

Semi-Annual Shareholder Report — March 31, 2026

BFMSX-03/26-SAR

BlackRock Low Duration Bond Portfolio

Investor A Shares | BLDAX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock Low Duration Bond Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$33	0.65%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$4,018,551,952
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,853
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	40%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	49.8%
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.1
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.2
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.5%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.2
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.8
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.0
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.4

Footnote	Description
Footnote(a)	Excludes short-term securities.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(d)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.

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.

©2026 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 Low Duration Bond Portfolio

Investor A Shares | BLDAX

Semi-Annual Shareholder Report — March 31, 2026

BLDAX-03/26-SAR

BlackRock Low Duration Bond Portfolio

Investor A1 Shares | CMGAX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock Low Duration Bond Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A1 Shares	$25	0.50%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$4,018,551,952
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,853
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	40%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	49.8%
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.1
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.2
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.5%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.2
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.8
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.0
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.4

Footnote	Description
Footnote(a)	Excludes short-term securities.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(d)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.

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.

©2026 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 Low Duration Bond Portfolio

Investor A1 Shares | CMGAX

Semi-Annual Shareholder Report — March 31, 2026

CMGAX-03/26-SAR

BlackRock Low Duration Bond Portfolio

Investor C Shares | BLDCX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock Low Duration Bond Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$70	1.40%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$4,018,551,952
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,853
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	40%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	49.8%
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.1
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.2
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.5%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.2
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.8
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.0
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.4

Footnote	Description
Footnote(a)	Excludes short-term securities.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(d)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.

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.

©2026 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 Low Duration Bond Portfolio

Investor C Shares | BLDCX

Semi-Annual Shareholder Report — March 31, 2026

BLDCX-03/26-SAR

BlackRock Low Duration Bond Portfolio

Class K Shares | CLDBX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock Low Duration Bond Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$18	0.35%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$4,018,551,952
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,853
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	40%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	49.8%
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.1
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.2
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.5%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.2
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.8
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.0
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.4

Footnote	Description
Footnote(a)	Excludes short-term securities.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(d)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.

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.

©2026 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 Low Duration Bond Portfolio

Class K Shares | CLDBX

Semi-Annual Shareholder Report — March 31, 2026

CLDBX-03/26-SAR

BlackRock Low Duration Bond Portfolio

Class R Shares | BLDPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock Low Duration Bond Portfolio (the “Fund”) for the period of October 1, 2025 to March 31, 2026.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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R Shares	$45	0.90%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$4,018,551,952
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,853
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	40%

What did the Fund invest in?

(as of March 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	49.8%
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.1
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.2
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.5%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.2
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.8
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.0
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.4

Footnote	Description
Footnote(a)	Excludes short-term securities.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(d)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.

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.

©2026 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 Low Duration Bond Portfolio

Class R Shares | BLDPX

Semi-Annual Shareholder Report — March 31, 2026

BLDPX-03/26-SAR

(b) Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report.

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report.

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report.

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements 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.

March

31,

2026

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2026

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

BlackRock

Funds

V

BlackRock

Core

Bond

Portfolio

BlackRock

High

Yield

Portfolio

BlackRock

Low

Duration

Bond

Portfolio

Table

of

Contents

Page

2

The

Benefits

and

Risks

of

Leveraging

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

3

Derivative

Financial

Instruments

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

3

Schedules

of

Investments

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

4

Statements

of

Assets

and

Liabilities

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

125

Statements

of

Operations

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

128

Statements

of

Changes

in

Net

Assets

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

129

Financial

Highlights

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

131

Notes

to

Financial

Statements

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

148

Additional

Information

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

166

Glossary

of

Terms

Used

in

these

Financial

Statements

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

168

The

Benefits

and

Risks

of

Leveraging

3

The

Benefits

and

Risks

of

Leveraging

/

Derivative

Financial

Instruments

The

Funds

may

utilize

leverage

to

seek

to

enhance

returns

and

net

asset

value

(“NAV”).

However,

there

is

no

guarantee

that

these

objectives

can

be

achieved

in

all

interest

rate

environments.  

In

general,

the

concept

of

leveraging

is

based

on

the

premise

that

the

financing

cost

of

leverage,

which

is

based

on

short-term

interest

rates,

is

normally

lower

than

the

income

earned

by

each

Fund

on

its

longer-term

portfolio

investments

purchased

with

the

proceeds

from

leverage.

To

the

extent

that

the

total

assets

of

each

Fund

(including

the

assets

obtained

from

leverage)

are

invested

in

higher-yielding

portfolio

investments, each

Fund’s

shareholders

benefit

from

the

incremental

net

income.

The

interest

earned

on

securities

purchased

with

the

proceeds

from

leverage

is

distributed

to each

Fund’s

shareholders,

and

the

value

of

these

portfolio

holdings

is

reflected

in each

Fund’s

per

share

NAV.

However,

in

order

to

benefit

shareholders,

the

return

on

assets

purchased

with

leverage

proceeds

must

exceed

the

ongoing

costs

associated

with

the

leverage.

If

interest

and

other

ongoing

costs

of

leverage

exceed

a

Fund’s

return

on

assets

purchased

with

leverage

proceeds,

income

to

shareholders

is

lower

than

if

the

Funds

had

not

used

leverage.  

Furthermore,

the

value

of

each

Fund’s

portfolio

investments

generally

varies

inversely

with

the

direction

of

long-term

interest

rates,

although

other

factors

can

also

influence

the

value

of

portfolio

investments.

As

a

result,

changes

in

interest

rates

can

influence

each

Fund’s

NAV

positively

or

negatively

in

addition

to

the

impact

on

each

Fund’s

performance

from

leverage.

Changes

in

the

direction

of

interest

rates

are

difficult

to

predict

accurately,

and

there

is

no

assurance

that

a

Fund’s

leveraging

strategy

will

be

successful.

The

use

of

leverage

also

generally

causes

greater

changes

in

each

Fund’s

NAV

and

dividend

rates

than

comparable

portfolios

without

leverage.

In

a

declining

market,

leverage

is

likely

to

cause

a

greater

decline

in

the

NAV

of a

Fund’s

shares

than

if the

Fund

were

not

leveraged.

In

addition,

each

Fund

may

be

required

to

sell

portfolio

securities

at

inopportune

times

or

at

distressed

values

in

order

to

comply

with

regulatory

requirements

applicable

to

the

use

of

leverage

or

as

required

by

the

terms

of

the

leverage

instruments,

which

may

cause

the

Fund

to

incur

losses.

The

use

of

leverage

may

limit a

Fund’s

ability

to

invest

in

certain

types

of

securities

or

use

certain

types

of

hedging

strategies.

Each

Fund

incurs

expenses

in

connection

with

the

use

of

leverage,

all

of

which

are

borne

by

each

Fund’s

shareholders

and

may

reduce

income.

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.

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

March

31,

2026

BlackRock

Core

Bond

Portfolio

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

1988

CLO

2

Ltd.,

Series

2023-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

4.87%,

04/15/38

(a)

(b)

...........

USD

570

$

569,145

1988

CLO

5

Ltd.,

Series

2024-5A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.21%,

07/15/37

(a)

(b)

...........

800

799,920

A10

Issuer

LLC,

Series

2025-FL6,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.47%

Floor

+

1.47%),

5.14%,

05/15/42

(a)

(b)

...........

918

917,596

Acore

Issuer

LLC,

Series

2026-FL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.13%,

08/20/43

(a)

(b)

...........

1,000

997,209

ACREC

LLC,

Series

2026-FL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.13%,

01/18/43

(a)

(b)

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

1,000

997,040

ACRES

Commercial

Realty

Issuer

LLC,

Series

2026-FL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.11%,

08/18/44

(a)

(b)

5,145

5,136,647

ACRES

LLC,

Series

2025-FL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

5.30%,

08/18/40

(a)

(b)

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

1,209

1,209,339

Affirm

Asset

Securitization

Trust

(b)

Series

2025-X1,

Class

C,

5.34%,

04/15/30

..

252

252,329

Series

2025-X2,

Class

B,

4.56%,

10/15/30

..

206

205,848

Series

2025-X2,

Class

C,

4.93%,

10/15/30

..

100

100,134

Affirm

Master

Trust

(b)

Series

2025-1A,

Class

A,

4.99%,

02/15/33

..

499

502,023

Series

2025-1A,

Class

B,

5.13%,

02/15/33

..

221

221,691

Series

2026-1A,

Class

A,

4.37%,

02/15/34

..

1,322

1,316,695

Series

2026-2A,

Class

A,

4.67%,

04/16/35

..

1,000

998,577

AGL

CLO

20

Ltd.,

Series

2022-20A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

10/20/37

(a)

(b)

...........

580

580,252

AGL

CLO

21

Ltd.,

Series

2022-21A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/21/37

(a)

(b)

...........

300

300,109

AGL

CLO

24

Ltd.,

Series

2023-24A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.15%),

5.82%,

03/31/38

(a)

(b)

...........

250

251,003

AGL

CLO

37

Ltd.,

Series

2024-37A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.91%,

04/22/38

(a)

(b)

...........

250

249,793

AGL

CLO

42

Ltd.,

Series

2025-42A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

07/22/38

(a)

(b)

...........

530

530,106

AGL

CLO

5

Ltd.

(a)(b)

Series

2020-5A,

Class

D1AR,

(3-mo.

CME

Term

SOFR

at

2.70%

Floor

+

2.70%),

6.46%,

01/20/39

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

250

247,344

Series

2020-5A,

Class

D2R3,

(3-mo.

CME

Term

SOFR

at

3.95%

Floor

+

3.95%),

7.71%,

01/20/39

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

250

237,907

AGL

CLO

6

Ltd.,

Series

2020-6A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

4.95%,

04/20/38

(a)

(b)

...........

830

830,135

AGL

Core

CLO

2

Ltd.,

Series

2019-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.46%

Floor

+

1.46%),

5.13%,

07/20/37

(a)

(b)

..........

1,320

1,320,394

AGL

Core

CLO

31

Ltd.,

Series

2024-31A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

5.57%,

07/20/37

(a)

(b)

...........

250

250,283

AGL

Core

CLO

38

Ltd.,

Series

2025-38A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.91%,

01/22/38

(a)

(b)

...........

710

709,440

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

AGL

Core

CLO

4

Ltd.,

Series

2020-4A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

10/20/37

(a)

(b)

..........

USD

920

$

920,494

AIMCO

CLO,

Series

2018-AA,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

10/17/37

(a)

(b)

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

630

630,222

AIMCO

CLO

11

Ltd.,

Series

2020-11A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.34%

Floor

+

1.34%),

5.01%,

07/17/37

(a)

(b)

......

430

430,056

AIMCO

CLO

18

Ltd.,

Series

2022-18A,

Class

A1LR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

07/20/37

(a)

(b)

......

290

290,146

Ajax

Mortgage

Loan

Trust,

Series

2021-C,

Class

A,

6.11%,

01/25/61

(b)

(c)

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

3,358

3,359,407

AMMC

CLO

27

Ltd.,

Series

2022-27A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.08%),

4.75%,

01/20/37

(a)

(b)

..........

1,750

1,746,434

Anchorage

Capital

CLO

15

Ltd.,

Series

2020-

15A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

5.08%,

07/20/38

(a)

(b)

.

1,080

1,080,397

Anchorage

Capital

CLO

17

Ltd.,

Series

2021-

17A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.23%),

4.90%,

02/15/38

(a)

(b)

.

2,745

2,742,046

Anchorage

Capital

CLO

18

Ltd.,

Series

2021-

18A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.41%),

5.08%,

04/15/34

(a)

(b)

.

250

250,028

Anchorage

Capital

CLO

29

Ltd.,

Series

2024-

29A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

07/20/37

(a)

(b)

.

640

640,122

Anchorage

Capital

CLO

30

Ltd.,

Series

2024-

30A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

01/20/37

(a)

(b)

.

590

590,027

Anchorage

Capital

CLO

32

Ltd.,

Series

2025-

32A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.95%

Floor

+

3.95%),

7.62%,

07/15/37

(a)

(b)

.

354

353,977

Anchorage

Capital

CLO

34

Ltd.,

Series

2025-

34A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

4.94%,

01/15/39

(a)

(b)

.

720

719,770

Anchorage

Capital

CLO

7

Ltd.

(a)(b)

Series

2015-7A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.56%

Floor

+

1.56%),

5.23%,

04/28/37

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

930

930,453

Series

2015-7A,

Class

BR3,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

5.72%,

04/28/37

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

1,640

1,642,463

Series

2015-7A,

Class

DR3,

(3-mo.

CME

Term

SOFR

at

3.80%

Floor

+

3.80%),

7.47%,

04/28/37

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

250

244,532

Anchorage

Capital

CLO

8

Ltd.,

Series

2016-8A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.96%,

10/27/38

(a)

(b)

.

510

510,070

Antares

CLO

LLC,

Series

2024-5A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.57%

Floor

+

1.57%),

5.24%,

10/20/36

(a)

(b)

...........

890

892,902

Apidos

CLO

LV,

Series

2025-55A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.21%

Floor

+

1.21%),

4.93%,

01/20/39

(a)

(b)

...........

570

569,499

Apidos

CLO

XLVI

Ltd.,

Series

2023-46A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

5.11%,

10/24/38

(a)

(b)

..........

350

349,657

Apidos

CLO

XLVIII

Ltd.,

Series

2024-48A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.11%,

07/25/37

(a)

(b)

...........

250

250,209

Apidos

CLO

XXXII,

Series

2019-32A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.10%),

4.77%,

01/20/33

(a)

(b)

...........

179

178,702

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Apidos

CLO

XXXIX

Ltd.

(a)(b)

Series

2022-39A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.23%),

4.90%,

10/21/38

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

USD

250

$

249,872

Series

2022-39A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

5.20%,

10/21/38

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

250

249,827

Series

2022-39A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.60%),

6.27%,

10/21/38

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

250

241,594

Aqua

Finance

Trust,

Series

2021-A,

Class

A,

1.54%,

07/17/46

(b)

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

29

26,453

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.,

Series

2025-BTR1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.93%

Floor

+

1.93%),

5.60%,

01/20/41

(a)

(b)

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

1,103

1,102,722

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

(a)(b)

Series

2025-FL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.03%,

01/20/43

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

1,100

1,096,392

Series

2026-FL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

09/20/43

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

750

749,572

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2022-FL1,

Class

A,

(SOFR

30

day

Average

at

1.45%

Floor

+

1.45%),

5.12%,

01/15/37

(a)

(b)

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

957

956,421

AREIT,

Series

2025-CRE11,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.23%,

07/25/43

(a)

(b)

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

1,762

1,762,619

AREIT

Ltd.

(a)(b)

Series

2023-CRE8,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.11%

Floor

+

2.11%),

5.79%,

08/17/41

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

178

178,352

Series

2024-CRE9,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

5.36%,

05/17/41

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

833

832,681

Series

2025-CRE10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.07%,

12/17/29

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

285

284,255

Ares

Direct

Lending

CLO

LLC,

Series

2025-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.20%,

10/16/37

(a)

(b)

......

760

761,432

Ares

European

CLO

XII

DAC,

Series

12A,

Class

B1R,

(3-mo.

EURIBOR

at

1.70%

Floor

+

1.70%),

3.73%,

04/20/32

(a)

(b)

...........

EUR

297

344,560

Ares

LIX

CLO

Ltd.,

Series

2021-59A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.03%

Floor

+

1.29%),

4.96%,

04/25/34

(a)

(b)

...........

USD

250

250,010

Ares

Loan

Funding

III

Ltd.,

Series

2022-ALF3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

4.94%,

07/25/36

(a)

(b)

......

615

615,000

Ares

Loan

Funding

VIII

Ltd.,

Series

2024-ALF8,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

01/24/38

(a)

(b)

......

1,220

1,219,200

Ares

LXIII

CLO

Ltd.,

Series

2022-63A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

10/15/38

(a)

(b)

..........

550

550,302

Ares

XLI

CLO

Ltd.,

Series

2016-41A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.33%),

5.00%,

04/15/34

(a)

(b)

...........

250

250,013

Ares

XLIII

CLO

Ltd.,

Series

2017-43A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

01/15/38

(a)

(b)

......

250

250,073

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Ares

XLIV

CLO

Ltd.,

Series

2017-44A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.75%),

6.42%,

04/15/34

(a)

(b)

..........

USD

420

$

413,492

Asimi

Funding

plc

(a)(d)

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.95%),

5.68%,

09/16/31

GBP

62

82,454

Series

2025-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.75%),

5.48%,

05/16/32

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

98

130,490

Series

2025-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.40%),

6.13%,

05/16/32

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

62

81,577

Series

2025-2,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

5.23%,

12/16/32

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

87

114,453

Series

2025-2,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.75%),

5.48%,

12/16/32

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

87

114,213

Asset-Backed

European

Securitisation

Transaction

Twenty-Five

SRL,

Series

25,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.50%),

4.44%,

11/15/39

(a)

(d)

...........

EUR

80

92,495

Asset-Backed

European

Securitisation

Transaction

Twenty-Four

SRL

(a)(d)

Series

2024-R,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.30%),

3.24%,

08/16/40

.

100

116,020

Series

2024-R,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.60%),

3.54%,

08/16/40

.

100

116,287

Asset-Backed

European

Securitisation

Transaction

Twenty-Three

SARL

(a)(d)

Series

23,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.60%),

3.52%,

03/21/34

.

79

92,049

Series

23,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.90%),

3.82%,

03/21/34

.

79

92,088

Series

23,

Class

E,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.40%),

4.32%,

03/21/34

.

79

92,320

Atlas

Senior

Loan

Fund

XX

Ltd.,

Series

2022-

20A,

Class

XR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

4.82%,

10/19/37

(a)

(b)

.

USD

125

125,000

Auto

ABS

Italian

Stella

Loans

SRL

(a)(d)

Series

2024-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.70%),

3.61%,

12/29/36

.

EUR

66

76,425

Series

2024-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.30%),

4.21%,

12/29/36

.

66

76,639

Series

2025-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.25%),

3.16%,

12/28/40

.

128

148,211

Auto

ABS

Spanish

Loans,

Series

2026-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.60%),

3.78%,

12/28/38

(a)

(d)

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

100

115,581

Auto1

Car

Funding

SARL,

Series

2024-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.44%,

12/15/33

(a)

(d)

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

100

116,324

AutoNoria

Spain

FT,

Series

2025-SP,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.44%,

04/30/43

(a)

(d)

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

100

115,847

Avoca

CLO

XVIII

DAC,

Series

18A,

Class

CR,

(3-mo.

EURIBOR

at

2.25%

Floor

+

2.25%),

4.27%,

01/15/38

(a)

(b)

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

250

285,250

Avoca

CLO

XXII

DAC,

Series

22X,

Class

B1,

(3-mo.

EURIBOR

at

1.30%

Floor

+

1.30%),

3.32%,

04/15/35

(a)

(d)

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

200

229,255

Bain

Capital

Credit

CLO,

Series

2019-2A,

Class

BR3,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.12%,

10/17/32

(a)

(b)

..........

USD

250

248,935

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Bain

Capital

Credit

CLO

Ltd.

(a)(b)

Series

2018-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

07/19/31

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

USD

750

$

749,779

Series

2019-3A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.80%),

6.47%,

10/21/34

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

250

236,764

Series

2021-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.94%

Floor

+

0.94%),

4.61%,

04/18/34

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

570

568,821

Ballyrock

CLO

14

Ltd.,

Series

2020-14A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

07/20/37

(a)

(b)

......

617

617,174

Ballyrock

CLO

22

Ltd.,

Series

2024-22A,

Class

C,

(3-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.50%),

7.17%,

04/15/37

(a)

(b)

...........

1,500

1,503,145

Ballyrock

CLO

25

Ltd.,

Series

2023-25A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

01/25/38

(a)

(b)

...........

250

249,906

Ballyrock

CLO

29

Ltd.,

Series

2025-29A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

07/25/38

(a)

(b)

..........

250

250,125

Ballyrock

CLO

32

Ltd.

(a)(b)

  (3-mo.

CME

Term

SOFR

+

1.21%),

4.88%,

01/25/39

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

760

759,055

Series

2025-32A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

01/25/39

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

510

510,052

BAR

Issuer

LLC,

Series

2026-FL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.30%,

08/20/43

(a)

(b)

...........

2,000

1,997,259

BARC,

Series

2026-CES1,

Class

A1A,

4.84%,

01/25/56

(b)

(c)

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

750

742,997

Bardot

CLO

Ltd.,

Series

2019-2A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

0.98%),

4.65%,

10/22/32

(a)

(b)

...........

217

216,697

Barings

CLO

Ltd.

(a)(b)

Series

2015-IA,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%),

5.33%,

01/20/31

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

90

89,869

Series

2018-2A,

Class

B1AR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

07/15/36

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

1,840

1,838,786

Barrow

Hanley

CLO

II

Ltd.,

Series

2023-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

03/31/38

(a)

(b)

......

370

370,149

Battalion

CLO

18

Ltd.,

Series

2020-18A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

10/15/36

(a)

(b)

..........

375

374,622

Battalion

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A2R3,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

4.67%,

07/18/30

(a)

(b)

......

386

386,014

Battalion

CLO

X

Ltd.,

Series

2016-10A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.14%),

4.81%,

01/24/35

(a)

(b)

......

349

349,191

BBAM

US

CLO

I

Ltd.,

Series

2022-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

4.87%,

03/30/38

(a)

(b)

...........

300

299,549

BBAM

US

CLO

V

Ltd.,

Series

2025-5A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

07/25/38

(a)

(b)

...........

250

250,160

BBAM

US

CLO

VI

Ltd.,

Series

2025-6A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

5.06%,

01/27/39

(a)

(b)

...........

720

719,695

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

BDS

LLC,

Series

2024-FL13,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.58%

Floor

+

1.58%),

5.25%,

09/19/39

(a)

(b)

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

USD

2,734

$

2,731,957

Benefit

Street

Partners

CLO

42

Ltd.,

Series

2025-42A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

10/25/38

(a)

(b)

690

689,990

Benefit

Street

Partners

CLO

43

Ltd.,

Series

2025-43A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

5.07%,

10/20/38

(a)

(b)

250

249,829

Benefit

Street

Partners

CLO

44

Ltd.,

Series

2025-44A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.22%),

4.94%,

01/15/39

(a)

(b)

570

569,593

Benefit

Street

Partners

CLO

48

Ltd.,

Series

2026-48A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

4.86%,

04/20/38

(a)

(b)

320

320,000

Benefit

Street

Partners

CLO

V-B

Ltd.,

Series

2018-5BA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

5.20%,

07/20/37

(a)

(b)

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

960

959,845

Benefit

Street

Partners

CLO

XII-B

Ltd.

(a)(b)

Series

2017-12BRA,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

10/15/37

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

290

290,100

Series

2017-12BRA,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/15/37

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

410

410,218

Benefit

Street

Partners

CLO

XXIII

Ltd.,

Series

2021-23A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.10%),

4.77%,

04/25/34

(a)

(b)

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

250

249,639

Benefit

Street

Partners

CLO

XXIX

Ltd.,

Series

2022-29A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

01/25/38

(a)

(b)

250

249,439

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

2021-25A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

4.67%,

01/15/35

(a)

(b)

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

1,130

1,127,156

Benefit

Street

Partners

CLO

XXVI

Ltd.,

Series

2022-26A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

07/20/37

(a)

(b)

270

270,139

Benefit

Street

Partners

CLO

XXVII

Ltd.,

Series

2022-27A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

10/20/37

(a)

(b)

2,420

2,421,311

BHG

Securitization

Trust,

Series

2022-C,

Class

B,

5.93%,

10/17/35

(b)

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

39

38,760

Birch

Grove

CLO

10

Ltd.,

Series

2024-10A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

01/22/38

(a)

(b)

......

550

550,412

Birch

Grove

CLO

13

Ltd.,

Series

2025-13A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

5.47%,

10/23/38

(a)

(b)

......

280

280,039

Birch

Grove

CLO

2

Ltd.,

Series

2021-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/19/37

(a)

(b)

..........

500

500,377

Birch

Grove

CLO

3

Ltd.,

Series

2021-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

4.93%,

01/19/38

(a)

(b)

..........

250

249,778

Birch

Grove

CLO

4

Ltd.,

Series

2022-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.48%

Floor

+

1.48%),

5.15%,

07/15/37

(a)

(b)

..........

250

250,045

BlueMountain

CLO

Ltd.

(a)(b)

Series

2013-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.86%),

5.53%,

10/22/30

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

24

23,960

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2014-2A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.01%),

5.68%,

10/20/30

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

USD

250

$

250,198

Series

2015-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

4.93%,

04/20/31

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

98

97,872

Series

2016-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

4.85%,

11/15/30

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

55

54,770

Series

2018-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

5.63%,

07/30/30

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

2,000

2,004,331

Series

2018-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

5.61%,

08/15/31

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

1,200

1,200,297

Series

2018-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.19%

Floor

+

1.19%),

4.86%,

10/25/30

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

131

131,019

Series

2018-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

10/25/30

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

420

419,922

BlueMountain

CLO

XXII

Ltd.,

Series

2018-22A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

5.43%,

07/15/31

(a)

(b)

......

2,020

2,014,191

BlueMountain

CLO

XXIX

Ltd.,

Series

2020-29A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

5.68%,

07/25/34

(a)

(b)

......

250

248,836

BlueMountain

CLO

XXV

Ltd.,

Series

2019-25A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

01/15/38

(a)

(b)

.

250

250,105

BlueMountain

CLO

XXVI

Ltd.,

Series

2019-26A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.76%),

7.43%,

10/20/34

(a)

(b)

......

250

246,296

BlueMountain

CLO

XXXV

Ltd.,

Series

2022-35A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

5.09%,

10/22/37

(a)

(b)

......

250

250,226

BlueMountain

Euro

CLO

DAC,

Series

2021-2A,

Class

B1,

(3-mo.

EURIBOR

at

1.75%

Floor

+

1.75%),

3.77%,

10/15/35

(a)

(b)

...........

EUR

660

761,348

BlueMountain

Fuji

US

CLO

II

Ltd.,

Series

2017-

2A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.86%),

5.53%,

10/20/30

(a)

(b)

.

USD

300

299,817

Brant

Point

CLO

Ltd.,

Series

2024-6A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

3.20%

Floor

+

3.20%),

6.87%,

01/15/38

(a)

(b)

...........

250

248,328

BRAVO

Residential

Funding

Trust,

Series

2024-

CES2,

Class

A1A,

5.55%,

09/25/54

(b)

(c)

....

263

263,279

Bridge

Street

CLO

III

Ltd.,

Series

2022-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

5.09%,

10/20/37

(a)

(b)

..........

510

510,505

Bridge

Street

CLO

VI

Ltd.,

Series

2025-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

5.07%,

01/15/39

(a)

(b)

...........

870

869,748

Brignole

Co.,

Series

2024,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.00%),

3.92%,

02/24/42

(a)

(d)

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

EUR

47

54,638

Bryant

Park

CLO

Ltd.,

Series

2025-27A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.00%,

07/20/38

(a)

(b)

...........

USD

1,050

1,050,387

Bryant

Park

Funding

Ltd.

(a)(b)

Series

2024-24A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/15/37

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

3,250

3,252,438

Series

2025-28A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

5.00%,

01/22/39

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

410

409,698

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

BSPDF

Issuer

LLC

(a)(b)

Series

2025-FL2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.52%),

5.20%,

12/15/42

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

USD

185

$

184,783

Series

2026-FL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.10%,

09/18/43

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

3,250

3,240,227

Buckhorn

Park

CLO

Ltd.,

Series

2019-1A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.07%),

4.74%,

07/18/34

(a)

(b)

..........

570

569,186

BXMT

Ltd.,

Series

2025-FL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.32%,

10/18/42

(a)

(b)

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

1,489

1,487,708

Canyon

Capital

CLO

Ltd.,

Series

2016-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.33%),

5.00%,

07/15/31

(a)

(b)

...........

60

60,177

Canyon

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.33%),

5.00%,

07/15/31

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

59

58,917

Series

2020-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/15/37

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

500

500,420

Series

2020-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

10/15/37

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

350

350,401

Capital

Four

US

CLO

II

Ltd.,

Series

2022-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

5.57%,

01/20/37

(a)

(b)

......

250

250,122

Cardiff

Auto

Receivables

Securitisation

plc

(a)(d)

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.90%),

5.63%,

08/20/31

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

GBP

357

474,654

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.60%),

6.33%,

08/20/31

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

271

361,176

Carlyle

US

CLO

Ltd.

(a)(b)

Series

2017-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/21/37

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

USD

867

867,914

Series

2021-11A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

5.08%,

07/25/37

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

250

250,165

Series

2022-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

01/20/38

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

250

250,110

Series

2022-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.16%),

4.83%,

04/20/39

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

480

479,106

Series

2025-6A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.22%),

4.88%,

01/20/39

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

400

399,576

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

5.20%,

10/20/38

(a)

(b)

......

550

549,772

Cedar

Funding

XI

CLO

Ltd.,

Series

2019-11A,

Class

A2R2,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

05/29/32

(a)

(b)

.

280

279,299

Cerberus

Loan

Funding

XLIV

LLC,

Series

2023-5A,

Class

A,

(3-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

6.02%,

01/15/36

(a)

(b)

.

310

310,261

CIFC

Funding

Ltd.

(a)(b)

Series

2014-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

03/31/38

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

500

499,000

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2017-1A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

04/21/37

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

USD

1,190

$

1,190,568

Series

2017-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

5.72%,

04/21/37

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

340

340,368

Series

2017-5A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

5.08%,

07/17/37

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

250

250,163

Series

2018-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/18/38

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

960

960,284

Series

2018-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

01/18/38

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

500

499,695

Series

2018-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

10/20/37

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

250

250,109

Series

2019-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/20/37

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

1,370

1,370,498

Series

2019-3A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

01/16/38

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

490

490,061

Series

2020-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

5.08%,

07/15/36

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

300

300,056

Series

2020-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

5.58%,

07/15/36

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

740

740,127

Series

2020-2A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.16%),

4.83%,

04/16/39

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

340

339,360

Series

2020-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

01/15/40

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

1,830

1,830,180

Series

2021-4A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

07/23/37

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

700

700,356

Series

2021-6A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/15/34

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

250

250,038

Series

2022-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

0.97%),

4.64%,

04/19/35

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

1,130

1,127,602

Series

2023-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.91%,

10/15/38

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

414

414,164

Series

2024-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.48%

Floor

+

1.48%),

5.15%,

07/21/37

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

250

250,101

Series

2025-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

5.40%,

10/24/38

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

470

470,037

Series

2025-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.81%,

10/24/38

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

320

320,556

Series

2025-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.96%,

10/24/38

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

320

320,030

Clover

CLO

LLC

(a)(b)

Series

2018-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

5.20%,

04/20/37

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

280

280,074

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.07%),

4.74%,

01/25/35

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

USD

850

$

848,725

College

Avenue

Student

Loans

LLC

(b)

Series

2021-B,

Class

B,

2.42%,

06/25/52

...

131

120,029

Series

2021-B,

Class

C,

2.72%,

06/25/52

..

55

51,287

Compass

Datacenters

Issuer

III

LLC

(b)

Series

2025-3A,

Class

A2,

5.29%,

07/25/50

.

1,915

1,896,184

Series

2026-1A,

Class

A21,

4.90%,

02/25/56

1,074

1,065,069

Series

2026-1A,

Class

A22,

5.29%,

02/25/56

861

843,216

Series

2026-1A,

Class

A23,

5.44%,

02/25/56

803

786,488

Concord

Music

Royalties

LLC,

Series

2024-1A,

Class

A,

5.64%,

10/20/74

(b)

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

488

489,891

Consolidated

Communications

LLC

(b)

Series

2025-4A,

Class

B,

5.77%,

12/20/55

..

3,454

3,467,251

Series

2026-1A,

Class

A2,

5.08%,

03/20/56

.

713

703,739

Series

2026-1A,

Class

B,

5.42%,

03/20/56

..

408

402,415

CQS

US

CLO

5

Ltd.,

Series

2025-5A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.46%,

01/17/39

(a)

(b)

...........

250

249,777

CQS

US

CLO

Ltd.,

Series

2023-3A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.65%),

6.32%,

01/25/37

(a)

(b)

...........

400

398,456

Creeksource

Dunes

Creek

CLO

Ltd.

(a)(b)

Series

2024-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

5.08%,

01/15/38

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

500

500,421

Series

2024-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

01/15/38

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

250

249,952

Cross

Mortgage

Trust,

Series

2025-CES1,

Class

A1A,

5.30%,

11/25/60

(b)

(c)

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

196

195,520

Crown

Point

CLO

11

Ltd.,

Series

2021-11A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

4.93%,

02/28/38

(a)

(b)

......

250

249,925

CVC

Cordatus

Loan

Fund

IV

DAC,

Series

4X,

Class

BR1,

(3-mo.

EURIBOR

at

1.30%

Floor

+

1.30%),

3.32%,

02/22/34

(a)

(d)

..........

EUR

260

300,675

CWHEQ

Revolving

Home

Equity

Loan

Trust,

Series

2006-I,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

3.93%,

01/15/37

(a)

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

USD

69

67,077

Diameter

Capital

CLO

12

Ltd.,

Series

2025-12A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

5.16%,

10/20/38

(a)

(b)

......

1,160

1,159,381

Diameter

Capital

CLO

13

Ltd.,

Series

2025-13A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.23%),

4.96%,

01/20/39

(a)

(b)

......

1,010

1,009,324

Diameter

Capital

CLO

3

Ltd.,

Series

2022-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.00%,

01/15/38

(a)

(b)

......

710

710,015

Diameter

Capital

CLO

5

Ltd.,

Series

2023-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.91%,

01/15/39

(a)

(b)

......

660

659,662

Diameter

Capital

CLO

8

Ltd.,

Series

2024-8A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/20/37

(a)

(b)

......

4,590

4,594,045

Dowson

plc,

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.35%),

6.08%,

08/20/31

(a)

(d)

...........

GBP

100

131,921

Dryden

104

CLO

Ltd.,

Series

2022-104A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.95%,

08/20/34

(a)

(b)

..........

USD

690

689,898

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Dryden

30

Senior

Loan

Fund,

Series

2013-30A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.96%),

5.61%,

11/15/28

(a)

(b)

......

USD

159

$

159,166

Dryden

55

CLO

Ltd.,

Series

2018-55A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.28%),

4.95%,

04/15/31

(a)

(b)

...........

123

122,871

Dryden

64

CLO

Ltd.,

Series

2018-64A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.23%),

4.90%,

04/18/31

(a)

(b)

...........

123

122,998

Dryden

65

CLO

Ltd.,

Series

2018-65A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

5.53%,

07/18/30

(a)

(b)

...........

250

249,857

Dryden

68

CLO

Ltd.,

Series

2019-68A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.10%),

4.77%,

07/15/35

(a)

(b)

..........

250

249,638

Dryden

72

CLO

Ltd.,

Series

2019-72A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.10%),

4.75%,

05/15/32

(a)

(b)

..........

132

132,130

Dryden

85

CLO

Ltd.,

Series

2020-85A,

Class

A1LN,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

07/15/37

(a)

(b)

(e)

.....

360

361,062

Dryden

87

CLO

Ltd.,

Series

2021-87A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.41%,

08/20/38

(a)

(b)

...........

330

330,619

Dwight

Issuer

LLC,

Series

2025-FL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.66%

Floor

+

1.66%),

5.34%,

06/18/42

(a)

(b)

...........

127

126,886

Eaton

Vance

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.51%

Floor

+

1.51%),

5.18%,

07/15/37

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

250

250,134

Series

2020-2A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

10/15/37

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

250

250,141

Edgeconnex

Data

Centers

Europe

BV,

Series

2026-1X,

Class

A2,

4.50%,

04/30/56

(c)

(d)

....

EUR

938

1,056,423

EDvestinU

Private

Education

Loan

Issue

No.

4

LLC,

Series

2022-A,

Class

A,

5.25%,

11/25/40

(b)

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

USD

342

340,776

Elevation

CLO

Ltd.,

Series

2018-10A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

4.87%,

10/20/31

(a)

(b)

...........

330

329,015

Elmwood

CLO

29

Ltd.,

Series

2024-5A,

Class

AR1,

(3-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.52%),

5.19%,

04/20/37

(a)

(b)

..........

1,010

1,010,289

Elmwood

CLO

38

Ltd.,

Series

2025-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

4.82%,

04/22/38

(a)

(b)

...........

1,370

1,365,904

Elmwood

CLO

I

Ltd.,

Series

2019-1A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.12%),

4.78%,

04/20/37

(a)

(b)

......

880

877,267

Elmwood

CLO

II

Ltd.

(a)(b)

Series

2019-2A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/20/37

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

1,250

1,250,366

Series

2019-2A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/20/37

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

250

249,845

Elmwood

CLO

III

Ltd.,

Series

2019-3A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

07/18/37

(a)

(b)

..........

250

250,283

Elmwood

CLO

VI

Ltd.,

Series

2020-3A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

07/18/37

(a)

(b)

..........

360

360,000

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Elmwood

CLO

VII

Ltd.,

Series

2020-4A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/17/37

(a)

(b)

......

USD

250

$

250,092

Elmwood

CLO

X

Ltd.,

Series

2021-3A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

07/20/38

(a)

(b)

..........

250

250,498

Elmwood

CLO

XII

Ltd.,

Series

2021-5A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/15/37

(a)

(b)

...........

292

292,106

FIGRE

Trust

(a)(b)

Series

2025-HE7,

Class

A,

5.15%,

11/25/55

.

526

522,358

Series

2026-HE1,

Class

A,

4.98%,

01/25/56

.

860

852,468

Series

2026-HE1,

Class

B,

5.18%,

01/25/56

.

157

155,000

Series

2026-HE2,

Class

A,

5.05%,

01/25/56

.

5,527

5,481,594

Flatiron

CLO

21

Ltd.

(a)(b)

Series

2021-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/19/37

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

3,150

3,151,138

Series

2021-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.58%

Floor

+

1.58%),

5.25%,

10/19/37

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

430

429,091

Flatiron

CLO

25

Ltd.

(a)(b)

Series

2024-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/17/37

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

260

260,077

Series

2024-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

10/17/37

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

250

250,142

Fortuna

Consumer

Loan

ABS

DAC

(a)(d)

Series

2024-2,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.65%),

3.60%,

10/18/34

.

EUR

147

170,098

Series

2025-2,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.40%),

3.35%,

10/18/35

.

100

115,388

Foundation

Finance

Trust,

Series

2025-1A,

Class

A,

4.95%,

04/15/50

(b)

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

USD

433

434,246

FS

Rialto

Issuer

LLC

(a)(b)

Series

2024-FL9,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.63%

Floor

+

1.63%),

5.31%,

10/19/39

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

931

931,398

Series

2025-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

08/19/42

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

210

209,549

Series

2026-FL11,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.13%,

01/19/44

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

459

457,521

FTA

Consumo

Santander

(a)(d)

Series

7,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.30%),

3.33%,

07/20/38

......

EUR

128

148,080

Series

7,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.65%),

3.68%,

07/20/38

......

128

147,934

GAMMA

Sociedade

de

Titularizacao

de

Creditos

SA

Consumer

Totta

3,

Series

3,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.53%,

10/25/35

(a)

(d)

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

92

105,741

Golden

Bar

Securitisation

SRL

(a)(d)

Series

2024-1,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.61%,

09/22/43

.

211

244,756

Series

2025-1,

Class

D,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.90%),

4.02%,

12/20/44

.

91

105,652

Series

2025-2,

Class

D,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.60%),

3.72%,

12/22/44

.

92

106,556

Golden

Ray

SA

Compartment

1,

Series

1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.00%),

3.95%,

12/27/57

(a)

(d)

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

100

114,645

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Golden

Ray

SA

Compartment

2,

Series

2,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.45%,

12/27/58

(a)

(d)

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

EUR

100

$

115,772

GoldenTree

Loan

Management

US

CLO

11

Ltd.,

Series

2021-11A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.08%),

4.75%,

10/20/34

(a)

(b)

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

USD

1,740

1,736,476

GoldenTree

Loan

Management

US

CLO

23

Ltd.,

Series

2024-23A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

4.94%,

01/20/39

(a)

(b)

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

370

369,994

GoldenTree

Loan

Management

US

CLO

25

Ltd.,

Series

2025-25A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

04/20/37

(a)

(b)

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

290

290,143

Golub

Capital

Partners

48

LP,

Series

2020-48A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

04/17/38

(a)

(b)

......

600

600,242

Golub

Capital

Partners

CLO

17

Ltd.,

Series

2013-17A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.47%

Floor

+

1.47%),

5.13%,

02/09/39

(a)

(b)

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

1,400

1,402,680

Golub

Capital

Partners

CLO

19B-R3

Ltd.,

Series

2017-19RA,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

5.04%,

10/20/36

(a)

(b)

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

860

858,686

Golub

Capital

Partners

CLO

43B

Ltd.,

Series

2019-43A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.34%

Floor

+

1.34%),

5.01%,

10/20/37

(a)

(b)

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

290

290,077

Golub

Capital

Partners

CLO

44M

Ltd.,

Series

2019-44A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.57%

Floor

+

1.57%),

5.24%,

10/21/38

(a)

(b)

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

2,620

2,605,329

Golub

Capital

Partners

CLO

76

B

Ltd.

(a)(b)

Series

2024-76A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

10/25/37

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

250

250,077

Series

2024-76A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.67%

Floor

+

1.67%),

5.34%,

10/25/37

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

250

249,690

Series

2024-76A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

2.90%),

6.57%,

10/25/37

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

250

245,305

Golub

Capital

Partners

CLO

78M,

Series

2025-

78A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

04/21/39

(a)

(b)

.

250

248,463

Golub

Capital

Partners

CLO

81

B

Ltd.,

Series

2025-81A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

07/20/38

(a)

(b)

250

250,109

Golub

Capital

Private

Credit

Fund

CLO

2,

Series

2025-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.47%

Floor

+

1.47%),

5.14%,

10/18/39

(a)

(b)

250

250,484

Great

Lakes

CLO

IX

Ltd.,

Series

2025-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

01/15/39

(a)

(b)

...........

740

741,574

GreenSky

Home

Improvement

Issuer

Trust

(b)

Series

2025-2A,

Class

C,

5.26%,

06/25/60

..

336

335,388

Series

2025-2A,

Class

D,

5.56%,

06/25/60

..

268

267,019

Series

2025-3A,

Class

A3,

4.52%,

12/27/60

.

867

866,085

Greystone

CRE

Notes

LLC,

Series

2025-FL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.48%

Floor

+

1.48%),

5.15%,

01/15/43

(a)

(b)

......

409

408,412

GS

Mortgage-Backed

Securities

Trust

(b)(c)

Series

2026-CES1,

Class

A1,

4.90%,

05/25/56

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

2,761

2,736,697

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2026-CES1,

Class

A2,

5.27%,

05/25/56

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

USD

333

$

330,131

GSAA

Home

Equity

Trust,

Series

2006-5,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

3.93%,

03/25/36

(a)

...........

405

127,601

GT

Loan

Financing

I

Ltd.,

Series

2013-1A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.22%),

5.08%,

04/28/39

(a)

(b)

..........

870

869,431

HalseyPoint

CLO

4

Ltd.,

Series

2021-4A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.48%),

5.15%,

04/20/34

(a)

(b)

...........

270

270,090

HalseyPoint

CLO

6

Ltd.,

Series

2022-6A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

01/20/38

(a)

(b)

..........

250

250,000

HalseyPoint

CLO

7

Ltd.,

Series

2023-7A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.12%,

07/20/38

(a)

(b)

..........

250

250,202

Hill

FL

BV,

Series

2024-2FL,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.95%),

3.91%,

10/18/32

(a)

(d)

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

EUR

80

91,693

Honey

Hill

Park

CLO

Ltd.,

Series

2026-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

4.87%,

04/24/39

(a)

(b)

...........

USD

250

249,494

Household

Capital

RMBS,

Series

2025-1,

Class

A,

(3-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.90%),

5.63%,

07/21/87

(a)

(d)

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

AUD

670

458,645

Huntington

Bank

Auto

Credit-Linked

Notes

(a)(b)

Series

2024-1,

Class

B2,

(SOFR

30

day

Average

at

0.00%

Floor

+

1.40%),

5.07%,

05/20/32

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

USD

556

557,469

Series

2024-2,

Class

B2,

(SOFR

30

day

Average

at

0.00%

Floor

+

1.35%),

5.02%,

10/20/32

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

605

605,407

Series

2025-2,

Class

B2,

(SOFR

30

day

Average

at

0.00%

Floor

+

1.20%),

4.87%,

09/20/33

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

503

503,973

INCREF

LLC,

Series

2025-FL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.73%),

5.41%,

10/19/42

(a)

(b)

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

819

818,438

Invesco

CLO

Ltd.,

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

04/20/35

(a)

(b)

...........

270

270,227

Invesco

US

CLO

Ltd.,

Series

2023-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

07/15/38

(a)

(b)

...........

530

530,220

IVY

Hill

Middle

Market

Credit

Fund

XVIII

Ltd.,

Series

18A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.58%

Floor

+

1.58%),

5.25%,

01/22/37

(a)

(b)

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

1,540

1,545,069

J.P.

Morgan

Mortgage

Trust,

Series

2026-CES1,

Class

A1B,

4.96%,

06/25/56

(b)

(c)

.........

1,941

1,925,203

Jersey

Mike's

Funding

LLC,

Series

2026-1A,

Class

A2II,

5.48%,

02/15/56

(b)

..........

3,098

3,044,664

Kennedy

Lewis

CLO

12

Ltd.,

Series

2023-12A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

5.67%,

07/20/38

(a)

(b)

......

250

250,795

Kennedy

Lewis

CLO

19

Ltd.,

Series

2025-19A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

04/22/36

(a)

(b)

......

250

249,831

Kennedy

Lewis

CLO

20

Ltd.,

Series

2024-20A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

01/25/38

(a)

(b)

......

510

509,829

Kennedy

Lewis

CLO

4

Ltd.,

Series

4A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.43%

Floor

+

1.43%),

5.10%,

07/20/37

(a)

(b)

..........

1,560

1,560,939

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Kennedy

Lewis

CLO

7

Ltd.,

Series

7A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

5.29%,

04/22/37

(a)

(b)

..........

USD

280

$

280,093

Kennedy

Lewis

CLO

8

Ltd.,

Series

8A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

01/20/38

(a)

(b)

......

250

250,083

KKR

CLO

17

Ltd.,

Series

17,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

5.53%,

04/15/34

(a)

(b)

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

250

250,078

KKR

CLO

21

Ltd.,

Series

21,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

4.93%,

04/15/31

(a)

(b)

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

32

32,118

KKR

CLO

28

Ltd.,

Series

28A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.12%),

4.79%,

02/09/35

(a)

(b)

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

370

369,556

KKR

CLO

30

Ltd.,

Series

30A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

04/17/37

(a)

(b)

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

260

260,138

KKR

CLO

34

Ltd.,

Series

34A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.10%),

4.77%,

07/15/34

(a)

(b)

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

730

728,959

KKR

CLO

35

Ltd.,

Series

35A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

4.87%,

01/20/38

(a)

(b)

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

250

249,630

KKR

CLO

48

Ltd.,

Series

48A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

5.16%,

10/20/38

(a)

(b)

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

250

249,929

KKR

CLO

54

Ltd.,

Series

2024-54A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/15/38

(a)

(b)

...........

250

249,961

KKR

Financial

CLO

Ltd.,

Series

2013-1A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

5.08%,

10/15/38

(a)

(b)

......

500

499,500

Latitude

Australia

Credit

Card

Master

Trust,

Series

2026-1,

Class

D,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.85%),

1.00%,

09/22/38

(a)

(d)

..........

AUD

500

343,833

LCM

29

Ltd.,

Series

29A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.33%),

5.00%,

04/15/31

(a)

(b)

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

USD

161

160,904

LCM

31

Ltd.,

Series

31A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

4.95%,

07/20/34

(a)

(b)

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

770

770,001

LCM

32

Ltd.,

Series

32A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

5.63%,

07/20/34

(a)

(b)

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

250

249,867

LCM

34

Ltd.,

Series

34A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/20/34

(a)

(b)

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

250

249,250

Lendmark

Funding

Trust

(b)

Series

2024-1A,

Class

B,

5.88%,

06/21/32

..

437

440,973

Series

2024-1A,

Class

C,

6.40%,

06/21/32

..

168

169,770

Series

2024-1A,

Class

D,

7.21%,

06/21/32

..

195

197,552

Series

2024-2A,

Class

B,

4.86%,

02/21/34

..

263

262,875

Series

2024-2A,

Class

C,

5.25%,

02/21/34

..

100

100,277

Series

2024-2A,

Class

D,

5.69%,

02/21/34

..

387

387,305

Series

2025-1A,

Class

A,

4.94%,

09/20/34

..

1,380

1,384,751

Series

2025-1A,

Class

C,

5.68%,

09/20/34

..

100

100,847

Series

2025-3A,

Class

A,

4.51%,

05/21/35

..

1,595

1,583,937

Series

2025-3A,

Class

B,

4.83%,

05/21/35

..

264

260,964

Series

2025-3A,

Class

C,

5.04%,

05/21/35

..

100

98,961

LoanCore

Issuer

LLC,

Series

2025-CRE9,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.13%,

08/18/42

(a)

(b)

...........

770

767,315

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

LoanCore

Issuer

Ltd.,

Series

2022-CRE7,

Class

A,

(SOFR

30

day

Average

at

1.55%

Floor

+

1.55%),

5.22%,

01/17/37

(a)

(b)

...........

USD

210

$

209,852

London

Cards

No.

3

plc,

Series

3X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.00%),

5.73%,

12/15/35

(a)

(d)

......

GBP

272

359,621

Lyra

Music

Assets

Delaware

LP,

Series

2025-1A,

Class

A2,

5.60%,

09/20/65

(b)

...........

USD

461

464,001

Madison

Park

Funding

LI

Ltd.,

Series

2021-51A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.23%),

4.90%,

10/19/38

(a)

(b)

......

250

249,837

Madison

Park

Funding

LVII

Ltd.,

Series

2022-

57A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

4.95%,

07/27/34

(a)

(b)

.

880

879,754

Madison

Park

Funding

LXXI

Ltd.,

Series

2025-

71A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.14%),

4.81%,

04/23/38

(a)

(b)

.

930

926,944

Madison

Park

Funding

LXXIII

Ltd.,

Series

2025-

73A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.66%,

10/17/38

(a)

(b)

.

270

270,535

Madison

Park

Funding

XXIV

Ltd.,

Series

2016-

24A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

10/20/29

(a)

(b)

.

52

52,342

Madison

Park

Funding

XXVII

Ltd.,

Series

2018-

27A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

4.87%,

04/20/38

(a)

(b)

.

250

249,626

Madison

Park

Funding

XXX

Ltd.

(a)(b)

Series

2018-30A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

07/16/37

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

2,820

2,821,014

Series

2018-30A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

07/16/37

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

250

250,288

Marble

Point

CLO

XV

Ltd.,

Series

2019-1A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

07/23/32

(a)

(b)

......

336

334,946

Mariner

Finance

Issuance

Trust

(b)

Series

2024-AA,

Class

A,

5.13%,

09/22/36

..

1,174

1,183,461

Series

2024-AA,

Class

D,

6.77%,

09/22/36

.

100

101,637

Series

2024-BA,

Class

A,

4.91%,

11/20/38

..

2,191

2,197,829

Series

2024-BA,

Class

D,

6.36%,

11/20/38

..

267

271,869

Series

2025-AA,

Class

A,

4.98%,

05/20/38

..

2,080

2,095,479

Series

2025-AA,

Class

B,

5.33%,

05/20/38

.

281

283,216

Series

2025-AA,

Class

C,

5.69%,

05/20/38

.

289

291,565

MF1

LLC,

Series

2026-FL21,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.03%,

02/18/41

(a)

(b)

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

812

808,981

MF1

Multifamily

Housing

Mortgage

Loan

Trust

(a)(b)

Series

2022-FL9,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.15%),

5.83%,

06/19/37

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

519

518,231

Series

2024-FL14,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.41%,

03/19/39

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

447

446,993

Series

2025-FL19,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.17%,

05/18/42

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

1,056

1,056,648

Mila

BV,

Series

2024-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.45%),

3.39%,

09/16/41

(a)

(d)

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

EUR

72

83,344

Navient

Private

Education

Loan

Trust

(b)

Series

2018-BA,

Class

A2A,

3.61%,

12/15/59

USD

2

1,618

Series

2020-A,

Class

A2B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.01%),

4.69%,

11/15/68

(a)

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

145

145,032

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Navient

Private

Education

Refi

Loan

Trust

(b)

Series

2018-DA,

Class

A2A,

4.00%,

12/15/59

USD

186

$

185,097

Series

2019-CA,

Class

A2,

3.13%,

02/15/68

.

95

93,667

Series

2021-DA,

Class

B,

2.61%,

04/15/60

.

168

150,068

Series

2021-DA,

Class

C,

3.48%,

04/15/60

.

450

419,543

Series

2024-A,

Class

A,

5.66%,

10/15/72

...

915

927,569

Navient

Refinance

Loan

Trust,

Series

2025-B,

Class

A,

4.72%,

09/15/55

(b)

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

1,227

1,218,930

Navient

Student

Loan

Trust,

Series

2019-BA,

Class

A2A,

3.39%,

12/15/59

(b)

..........

95

93,510

Nelnet

Student

Loan

Trust

(a)(b)

Series

2025-AA,

Class

A1B,

(SOFR

30

day

Average

at

0.00%

Floor

+

1.10%),

4.77%,

03/15/57

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

2,364

2,358,173

Series

2025-BA,

Class

A1B,

(SOFR

30

day

Average

at

0.00%

Floor

+

1.35%),

5.02%,

05/17/55

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

2,966

2,980,496

Series

2025-CA,

Class

A1B,

(SOFR

30

day

Average

at

1.35%

Floor

+

1.35%),

5.02%,

06/22/65

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

1,459

1,469,313

Neuberger

Berman

CLO

XVII

Ltd.,

Series

2014-

17A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

07/22/38

(a)

(b)

.

250

250,141

Neuberger

Berman

CLO

XVI-S

Ltd.,

Series

2017-

16SA,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

04/15/39

(a)

(b)

250

249,489

Neuberger

Berman

Loan

Advisers

CLO

31

Ltd.,

Series

2019-31A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.23%),

4.90%,

01/20/39

(a)

(b)

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

3,000

2,997,469

Neuberger

Berman

Loan

Advisers

CLO

34

Ltd.,

Series

2019-34A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

07/20/39

(a)

(b)

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

250

249,808

Neuberger

Berman

Loan

Advisers

CLO

51

Ltd.,

Series

2022-51A,

Class

D1R2,

(3-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.80%),

6.47%,

10/23/36

(a)

(b)

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

250

246,593

New

Mountain

CLO

2

Ltd.,

Series

CLO-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

01/15/38

(a)

(b)

..........

390

390,234

New

Mountain

CLO

3

Ltd.

(a)(b)

Series

CLO-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.00%,

10/20/38

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

250

250,154

Series

CLO-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

10/20/38

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

1,000

1,002,022

New

Mountain

CLO

7

Ltd.,

Series

CLO-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

4.87%,

03/31/38

(a)

(b)

...........

250

249,629

New

Mountain

CLO

8

Ltd.,

Series

CLO-8A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

5.13%,

10/20/38

(a)

(b)

...........

250

249,909

Newday

Funding

Master

Issuer

plc

(a)(d)

Series

2024-2X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.40%),

5.13%,

07/15/32

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

GBP

134

178,086

Series

2024-2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.90%),

5.63%,

07/15/32

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

156

207,024

Series

2024-2X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.65%),

6.38%,

07/15/32

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

337

449,558

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2025-2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

5.23%,

07/15/33

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

GBP

192

$

253,362

Noria

DE,

Series

2024-DE1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.65%),

3.59%,

02/25/43

(a)

(d)

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

EUR

73

84,099

Oak

Hill

Credit

Partners

X-R

Ltd.,

Series

2014-

10RA,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.13%),

4.80%,

04/20/38

(a)

(b)

.

USD

470

468,493

Oaktree

CLO

Ltd.

(a)(b)

Series

2020-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

01/15/38

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

250

249,608

Series

2021-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

0.97%),

4.64%,

01/15/35

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

450

449,060

Series

2024-27A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.57%

Floor

+

1.57%),

5.24%,

10/22/37

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

250

249,456

Series

2025-31A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

07/15/38

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

750

750,188

OCP

CLO

Ltd.

(a)(b)

Series

2016-12A,

Class

BAR3,

(3-mo.

CME

Term

SOFR

at

1.68%

Floor

+

1.68%),

5.35%,

10/18/37

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

430

430,237

Series

2016-12A,

Class

XR3,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

4.87%,

10/18/37

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

338

337,504

Series

2017-13A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.34%

Floor

+

1.34%),

5.01%,

11/26/37

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

2,087

2,088,013

Series

2017-13A,

Class

X,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.10%),

4.77%,

11/26/37

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

167

166,667

Series

2020-18A,

Class

D1R2,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.10%),

6.77%,

07/20/37

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

250

250,254

Series

2020-19A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

04/20/38

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

1,000

997,992

Series

2020-19A,

Class

D1R2,

(3-mo.

CME

Term

SOFR

at

2.70%

Floor

+

2.70%),

6.37%,

04/20/38

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

250

247,208

Series

2021-22A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/20/37

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

300

300,047

Series

2024-37A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/15/37

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

310

310,186

Series

2024-37A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.68%

Floor

+

1.68%),

5.35%,

10/15/37

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

310

310,174

Series

2025-42A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

05/21/38

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

400

399,636

Series

2025-45A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.23%),

5.10%,

10/15/38

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

250

249,837

Series

2025-46A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

5.05%,

10/15/38

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

350

349,567

Series

2025-46A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.55%,

10/15/38

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

250

249,155

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2025-46A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

6.30%,

10/15/38

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

USD

250

$

242,334

Octagon

75

Ltd.,

Series

2025-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

4.87%,

01/22/38

(a)

(b)

...........

250

249,684

Octagon

Investment

Partners

41

Ltd.,

Series

2019-2A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.09%

Floor

+

1.09%),

4.76%,

10/15/33

(a)

(b)

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

720

718,942

OHA

Credit

Funding

10-R

Ltd.,

Series

2021-

10RA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

4.93%,

07/18/37

(a)

(b)

.

510

509,490

OHA

Credit

Funding

2

Ltd.,

Series

2019-2A,

Class

B1R2,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

01/21/38

(a)

(b)

.

250

249,767

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/20/38

(a)

(b)

......

1,450

1,450,435

OHA

Credit

Funding

4

Ltd.,

Series

2019-4A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.96%,

01/22/38

(a)

(b)

......

660

659,986

OHA

Credit

Funding

5

Ltd.,

Series

2020-5A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/18/37

(a)

(b)

......

250

250,244

OHA

Credit

Funding

7

Ltd.,

Series

2020-7A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

4.95%,

07/19/38

(a)

(b)

.

1,080

1,079,985

OHA

Credit

Funding

9

Ltd.,

Series

2021-9A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/19/37

(a)

(b)

......

560

560,163

OHA

Credit

Partners

VII

Ltd.,

Series

2012-7A,

Class

AR4,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.14%),

4.80%,

02/20/38

(a)

(b)

......

250

249,257

OHA

Credit

Partners

XI

Ltd.,

Series

2015-11A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.46%

Floor

+

1.46%),

5.13%,

04/20/37

(a)

(b)

.

550

550,165

OHA

Credit

Partners

XVI,

Series

2021-16A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/18/37

(a)

(b)

......

1,160

1,160,338

OHS

Issuer

LLC,

Series

2026-1,

Class

A2,

5.98%,

02/25/61

(b)

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

1,626

1,593,817

OneMain

Financial

Issuance

Trust

(b)

Series

2020-2A,

Class

C,

2.76%,

09/14/35

..

550

534,087

Series

2020-2A,

Class

D,

3.45%,

09/14/35

..

1,410

1,361,643

Series

2021-1A,

Class

C,

2.22%,

06/16/36

..

100

94,579

Series

2025-1A,

Class

D,

5.79%,

07/14/38

..

421

423,609

Orchard

Park

CLO

Ltd.

(a)(b)

Series

2024-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/20/37

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

3,070

3,071,117

Series

2024-1A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/20/37

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

280

280,317

Owl

Rock

CLO

III

Ltd.,

Series

2020-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

04/20/36

(a)

(b)

...........

250

250,075

Owl

Rock

CLO

V

LLC,

Series

2020-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.78%

Floor

+

1.78%),

5.45%,

04/20/34

(a)

(b)

..........

250

250,660

Owl

Rock

CLO

VII

LLC,

Series

2022-7A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

04/20/38

(a)

(b)

...........

590

587,553

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

OZLM

XVIII

Ltd.,

Series

2018-18A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

5.48%,

04/15/31

(a)

(b)

...........

USD

318

$

317,299

OZLM

XXIV

Ltd.,

Series

2019-24A,

Class

A2AR,

(3-mo.

CME

Term

SOFR

at

1.96%

Floor

+

1.96%),

5.63%,

07/20/32

(a)

(b)

...........

250

249,946

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2022-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

07/20/37

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

500

500,122

Series

2022-3A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

2.95%),

6.62%,

07/20/37

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

250

245,290

Series

2024-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

07/20/37

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

750

749,482

Series

2025-4A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

5.23%,

10/20/38

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

330

329,960

Palmer

Square

Loan

Funding

Ltd.

(a)(b)

Series

2025-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

0.95%),

4.66%,

01/15/34

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

1,020

1,019,583

Series

2025-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

6.11%,

01/15/34

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

250

244,256

Panorama

Auto

Trust,

Series

2025-4,

Class

C,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.50%),

5.56%,

04/20/34

(a)

(d)

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

AUD

500

344,540

Park

Blue

CLO

Ltd.

(a)(b)

Series

2022-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

07/20/37

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

USD

250

250,138

Series

2024-6A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.34%

Floor

+

1.34%),

5.01%,

01/25/38

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

250

250,114

Series

2025-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.22%),

4.89%,

04/25/38

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

500

499,408

Series

2025-8A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

5.26%,

10/25/38

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

250

249,918

Series

2025-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.43%,

10/20/38

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

1,210

1,210,969

Series

2025-9A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

6.08%,

10/20/38

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

620

621,791

Series

2025-10A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

4.95%,

01/20/39

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

900

899,815

Series

2025-10A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

2.90%),

6.57%,

01/20/39

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

250

247,529

Pavillion

Consumer

plc,

Series

2025-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.60%),

5.33%,

01/25/36

(a)

(d)

......

GBP

190

250,990

PCL

Funding

IX

plc,

Series

2024-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.30%),

5.03%,

07/16/29

(a)

(d)

......

135

179,142

PFP

Ltd.,

Series

2026-13,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.18%,

08/18/43

(a)

(b)

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

USD

440

439,998

PFS

Financing

Corp.,

5.54%,

10/16/28

(b)

(e)

....

2,000

2,008,200

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Pikes

Peak

CLO

15

Ltd.,

Series

2023-15A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.22%),

4.89%,

10/20/38

(a)

(b)

...........

USD

250

$

249,819

Planet

Fitness

Master

Issuer

LLC,

Series

2025-

1A,

Class

A2II,

5.65%,

12/06/55

(b)

........

1,186

1,170,858

Pony

SA

(a)(d)

Series

2024-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.20%),

3.14%,

01/14/33

.

EUR

82

94,881

Series

2024-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.65%),

3.59%,

01/14/33

.

82

95,257

Post

CLO

Ltd.

(a)(b)

Series

2023-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

10/20/38

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

USD

370

370,097

Series

2023-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/20/38

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

360

360,224

Series

2023-1A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.85%),

6.52%,

10/20/38

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

250

247,538

Prodigy

Finance

DAC

(a)(b)

Series

2021-1A,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.36%),

5.04%,

07/25/51

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

205

204,354

Series

2021-1A,

Class

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.61%),

6.29%,

07/25/51

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

41

40,392

Series

2021-1A,

Class

C,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.86%),

7.54%,

07/25/51

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

36

36,216

QTS

Issuer

ABS

II

LLC

(b)

Series

2026-1A,

Class

B,

6.73%,

01/05/56

..

244

241,489

Series

2026-2A,

Class

A2,

5.85%,

01/05/56

.

539

527,799

Series

2026-5A,

Class

A2,

6.18%,

03/05/56

.

609

606,006

Quarzo

SRL,

Series

2024-1,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.30%),

4.45%,

06/15/41

(a)

(d)

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

EUR

60

69,445

Rad

CLO

14

Ltd.,

Series

2021-14A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

5.10%,

01/15/35

(a)

(b)

...........

USD

730

730,132

Rad

CLO

18

Ltd.,

Series

2023-18A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

07/15/37

(a)

(b)

...........

250

250,125

Red

&

Black

Auto

Italy

SRL,

Series

3,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.41%,

07/28/36

(a)

(d)

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

EUR

86

99,315

Regatta

30

Funding

Ltd.,

Series

2024-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/25/38

(a)

(b)

...........

USD

1,080

1,080,311

Regatta

32

Funding

Ltd.,

Series

2025-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.34%

Floor

+

1.34%),

5.01%,

07/25/38

(a)

(b)

...........

570

570,513

Regatta

35

Funding

Ltd.,

Series

2025-5A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.96%,

10/15/38

(a)

(b)

...........

1,320

1,320,153

Regatta

XI

Funding

Ltd.,

Series

2018-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

07/17/37

(a)

(b)

...........

6,720

6,731,248

Regatta

XII

Funding

Ltd.,

Series

2019-1A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

10/15/37

(a)

(b)

..........

920

920,532

Regatta

XIX

Funding

Ltd.,

Series

2022-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.91%,

10/20/38

(a)

(b)

..........

280

279,917

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Regatta

XVII

Funding

Ltd.,

Series

2020-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

10/15/37

(a)

(b)

......

USD

250

$

250,131

Regatta

XVIII

Funding

Ltd.

(a)(b)

Series

2021-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.16%),

4.83%,

04/15/38

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

345

344,248

Series

2021-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

04/15/38

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

250

248,880

Regatta

XXVII

Funding

Ltd.,

Series

2024-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

5.20%,

04/26/37

(a)

(b)

......

510

510,272

Regional

Management

Issuance

Trust

(b)

Series

2021-2,

Class

B,

2.35%,

08/15/33

...

130

122,212

Series

2021-2,

Class

C,

3.23%,

08/15/33

...

323

303,681

Series

2022-1,

Class

B,

3.71%,

03/15/32

...

123

122,850

Series

2022-1,

Class

C,

4.46%,

03/15/32

...

100

99,438

Series

2024-1,

Class

D,

7.46%,

07/15/36

...

257

262,150

Series

2024-2,

Class

A,

5.11%,

12/15/33

...

741

743,843

Series

2024-2,

Class

D,

6.33%,

12/15/33

...

108

108,574

Retained

Vantage

Data

Centers

Issuer

LLC,

Series

2025-1A,

Class

A2A,

5.09%,

08/15/50

(b)

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

1,365

1,334,719

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

5.03%,

04/20/34

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

917

916,957

Series

2017-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.45%),

5.12%,

10/20/30

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

—

(f)

436

Series

2018-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.36%),

5.02%,

05/20/31

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

197

196,902

Series

2018-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.42%),

5.09%,

10/20/31

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

42

41,534

Series

2018-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

7.03%,

10/20/31

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

250

250,972

Series

2019-1A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.10%),

4.77%,

04/20/34

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

250

249,715

Series

2019-2A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.13%),

4.79%,

08/20/32

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

135

135,153

Series

2021-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

5.58%,

07/20/34

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

250

250,299

Series

2025-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.96%,

03/31/38

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

510

509,561

Series

2025-3A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

3.17%

Floor

+

3.17%),

6.83%,

03/31/38

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

250

248,147

Romark

CLO

II

Ltd.,

Series

2018-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.14%),

4.81%,

07/25/31

(a)

(b)

...........

36

36,019

RR

24

Ltd.,

Series

2022-24A,

Class

A1A2,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

01/15/37

(a)

(b)

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

500

500,079

RR

29

Ltd.,

Series

2024-29RA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

07/15/39

(a)

(b)

...........

250

250,125

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

RR

32

Ltd.,

Series

2024-32RA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/15/39

(a)

(b)

...........

USD

2,850

$

2,851,033

RR

36

Ltd.,

Series

2024-36RA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.96%,

01/15/40

(a)

(b)

...........

250

250,002

RR

38

Ltd.,

Series

2025-38A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

4.82%,

04/15/40

(a)

(b)

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

2,140

2,133,661

RR

41

Ltd.,

Series

2025-41A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

5.21%,

10/15/40

(a)

(b)

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

250

249,737

RR

5

Ltd.

(a)(b)

Series

2018-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

07/15/39

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

250

250,159

Series

2018-5A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

07/15/39

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

250

250,105

RR

7

Ltd.,

Series

2019-7A,

Class

A2B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

01/15/37

(a)

(b)

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

250

250,000

RR

8

Ltd.,

Series

2020-8A,

Class

A1A2,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.23%),

4.90%,

01/15/39

(a)

(b)

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

900

899,546

Sagard-HalseyPoint

CLO

10

Ltd.,

Series

2025-

10A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/20/38

(a)

(b)

.

2,690

2,692,324

Sagard-HalseyPoint

CLO

8

Ltd.,

Series

2024-8A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

01/30/38

(a)

(b)

......

700

700,296

Sagard-HalseyPoint

CLO

9

Ltd.,

Series

2025-9A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.96%,

04/20/38

(a)

(b)

......

250

249,996

SAIF

Securitization

Trust,

Series

2026-CES1,

Class

A1A,

5.40%,

02/25/56

(b)

(c)

.........

750

749,499

Sandstone

Peak

II

Ltd.

(a)(b)

Series

2023-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

5.08%,

07/20/38

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

610

610,239

Series

2023-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

07/20/38

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

250

250,070

Sandstone

Peak

IV

Ltd.

(a)(b)

Series

2025-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.95%,

01/20/39

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

720

720,099

Series

2025-1A,

Class

C1,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

5.71%,

01/20/39

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

250

250,840

Series

2025-1A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.10%),

6.76%,

01/20/39

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

250

247,428

Santander

Consumo

10

FT

(a)(d)

Series

10,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.74%,

05/22/41

.

EUR

200

231,178

Series

10,

Class

D,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.90%),

4.14%,

05/22/41

.

200

231,178

Santander

Consumo

8

Fondo

de

Titulizacion,

Series

8,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.53%,

01/21/40

(a)

(d)

......

100

115,746

SC

Austria

SARL,

Series

2025-1,

Class

D,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.80%),

3.83%,

07/25/41

(a)

(d)

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

195

226,118

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

SC

Germany

SA

Compartment

Consumer

(a)(d)

Series

2024-2,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.40%),

3.34%,

05/14/38

.

EUR

200

$

231,317

Series

2024-2,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.70%),

3.64%,

05/14/38

.

100

115,825

Series

2025-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.75%),

3.69%,

12/14/38

.

100

116,065

Series

2025-2,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.44%,

12/15/38

.

100

115,180

Signal

Peak

CLO

11

Ltd.,

Series

2024-11A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.12%,

07/18/37

(a)

(b)

...........

USD

630

630,418

Signal

Peak

CLO

12

Ltd.,

Series

2022-12A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

07/18/37

(a)

(b)

......

250

250,183

Signal

Peak

CLO

3

Ltd.,

Series

2016-3A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.59%

Floor

+

1.59%),

5.26%,

01/23/37

(a)

(b)

..........

270

270,120

Signal

Peak

CLO

7

Ltd.

(a)(b)

Series

2019-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

5.09%,

10/20/37

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

250

250,224

Series

2019-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

10/20/37

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

250

250,473

Signal

Peak

CLO

8

Ltd.,

Series

2020-8A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

10/20/37

(a)

(b)

..........

490

490,328

Signal

Peak

CLO

9

Ltd.,

Series

2021-9A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

01/21/38

(a)

(b)

..........

250

250,124

Silver

Point

CLO

1

Ltd.,

Series

2022-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/20/38

(a)

(b)

..........

500

499,948

Silver

Point

CLO

13

Ltd.,

Series

2025-13A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

5.18%,

10/15/38

(a)

(b)

...........

1,100

1,099,525

Silver

Point

CLO

3

Ltd.,

Series

2023-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

5.01%,

01/18/39

(a)

(b)

..........

760

759,335

Silver

Point

CLO

5

Ltd.,

Series

2024-5A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/20/37

(a)

(b)

...........

250

250,216

Silver

Point

CLO

8

Ltd.,

Series

2025-8A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.21%

Floor

+

1.21%),

4.88%,

04/15/38

(a)

(b)

...........

410

409,457

Sixth

Street

CLO

IX

Ltd.,

Series

2017-9A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

07/21/37

(a)

(b)

...........

1,220

1,220,336

Sixth

Street

CLO

XIV

Ltd.,

Series

2019-14A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

4.82%,

01/20/38

(a)

(b)

.

590

588,377

SLM

Private

Education

Loan

Trust,

Series

2010-C,

Class

A5,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.86%),

8.54%,

10/15/41

(a)

(b)

.

1,844

1,934,462

Small

Business

Origination

Loan

Trust

DAC,

Series

2025-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.60%),

6.33%,

12/15/36

(a)

(d)

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

GBP

68

89,749

SMB

Private

Education

Loan

Trust

(b)

Series

2015-B,

Class

B,

3.50%,

12/17/40

...

USD

18

17,659

Series

2020-PTA,

Class

A2A,

1.60%,

09/15/54

1,277

1,207,418

Series

2020-PTA,

Class

B,

2.50%,

09/15/54

.

1,540

1,379,228

Series

2021-A,

Class

C,

2.99%,

01/15/53

..

1,507

1,328,261

Series

2021-A,

Class

D1,

3.86%,

01/15/53

..

360

325,580

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-A,

Class

D2,

3.86%,

01/15/53

..

USD

247

$

223,951

Series

2021-C,

Class

B,

2.30%,

01/15/53

..

77

74,745

Series

2021-C,

Class

C,

3.00%,

01/15/53

..

91

82,192

Series

2021-C,

Class

D,

3.93%,

01/15/53

..

33

29,926

Series

2024-A,

Class

A1B,

(SOFR

30

day

Average

at

1.45%

Floor

+

1.45%),

5.12%,

03/15/56

(a)

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

1,338

1,348,960

Series

2024-C,

Class

A1B,

(SOFR

30

day

Average

at

1.10%

Floor

+

1.10%),

4.77%,

06/17/52

(a)

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

638

637,147

SoFi

Consumer

Loan

Program

Trust

(b)

Series

2025-1,

Class

B,

5.12%,

02/27/34

...

338

341,002

Series

2026-B,

Class

A,

4.40%,

02/25/36

...

3,319

3,318,708

Series

2026-B,

Class

B,

4.90%,

02/25/36

...

349

348,621

Series

2026-B,

Class

C,

5.20%,

02/25/36

..

316

315,576

Series

2026-B,

Class

D,

5.56%,

02/25/36

..

311

310,635

SoFi

Personal

Loan

Trust,

Series

2024-1A,

Class

A,

6.06%,

02/12/31

(b)

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

412

412,407

St.

Paul's

CLO

XII

DAC,

Series

12X,

Class

B1,

(3-mo.

EURIBOR

at

1.60%

Floor

+

1.60%),

3.62%,

04/15/33

(a)

(d)

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

EUR

310

356,029

Stream

Innovations

Issuer

Trust,

Series

2025-1A,

Class

A,

5.05%,

09/15/45

(b)

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

USD

632

633,959

Subway

Funding

LLC,

Series

2024-1A,

Class

A2II,

6.27%,

07/30/54

(b)

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

1,129

1,138,518

Summit

Issuer

LLC,

Series

2025-1A,

Class

A2,

5.21%,

11/20/55

(b)

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

1,121

1,118,186

Sunrise

SPV

97

SRL,

Series

2025-2,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.55%),

3.50%,

10/27/50

(a)

(d)

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

EUR

100

115,120

Sunrise

Spv

98

Srl,

Series

2026-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.52%,

04/27/51

(a)

(d)

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

136

157,202

Switch

ABS

Issuer

LLC,

Series

2026-1A,

Class

A21,

5.61%,

03/27/56

(b)

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

USD

631

632,146

Sycamore

Tree

CLO

Ltd.

(a)(b)

Series

2021-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

01/20/38

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

250

250,174

Series

2025-7A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.00%),

7.28%,

08/28/38

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

250

248,257

Symphony

CLO

38

Ltd.,

Series

2023-38A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

07/24/38

(a)

(b)

...........

250

250,065

Symphony

CLO

40

Ltd.,

Series

2023-40A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

01/05/38

(a)

(b)

...........

1,000

1,000,356

Symphony

CLO

43

Ltd.,

Series

2024-43A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.52%),

5.19%,

04/15/37

(a)

(b)

...........

500

500,150

Symphony

CLO

XIX

Ltd.,

Series

2018-19A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.96%

Floor

+

1.22%),

4.89%,

04/16/31

(a)

(b)

...........

39

38,796

Symphony

CLO

XVI

Ltd.,

Series

2015-16A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

4.87%,

10/15/31

(a)

(b)

..........

45

45,115

Symphony

CLO

XXI

Ltd.,

Series

2019-21A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

0.90%

Floor

+

0.90%),

4.57%,

07/15/32

(a)

(b)

..........

233

233,041

Symphony

CLO

XXIX

Ltd.,

Series

2021-29A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

10/15/35

(a)

(b)

......

490

489,730

Taco

Bell

Funding

LLC,

Series

2025-1A,

Class

A2I,

4.82%,

08/25/55

(b)

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

1,722

1,695,544

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

TAGUS

-

Sociedade

de

Titularizacao

de

Creditos

SA

(a)(d)

Series

2,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.80%),

3.75%,

10/27/42

......

EUR

70

$

81,222

Series

6,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.70%),

3.83%,

12/25/39

......

100

115,941

TCI-Symphony

CLO

Ltd.,

Series

2016-1A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

4.93%,

10/13/32

(a)

(b)

..........

USD

115

115,157

TCW

CLO

Ltd.,

Series

2019-2A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

4.94%,

01/20/38

(a)

(b)

...........

280

279,996

Thayer

Park

CLO

Ltd.,

Series

2017-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

4.67%,

04/20/34

(a)

(b)

......

540

538,971

TICP

CLO

VI

Ltd.,

Series

2016-6A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

5.05%,

01/15/34

(a)

(b)

...........

1,060

1,060,267

Trestles

CLO

III

Ltd.,

Series

2020-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

10/20/37

(a)

(b)

...........

250

250,079

Trestles

CLO

IV

Ltd.,

Series

2021-4A,

Class

AR1,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

5.07%,

10/30/38

(a)

(b)

..........

2,070

2,069,446

Trestles

CLO

IX

Ltd.,

Series

2025-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

5.13%,

01/15/39

(a)

(b)

...........

830

829,776

Trestles

CLO

Ltd.,

Series

2017-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.46%

Floor

+

1.46%),

5.13%,

07/25/37

(a)

(b)

...........

1,690

1,690,961

Trestles

CLO

V

Ltd.,

Series

2021-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

10/20/34

(a)

(b)

...........

250

249,842

Trestles

CLO

VI

Ltd.,

Series

2023-6A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

04/25/38

(a)

(b)

..........

1,660

1,656,605

Trestles

CLO

VII

Ltd.,

Series

2024-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

10/25/37

(a)

(b)

...........

1,390

1,390,317

Trestles

CLO

VIII

Ltd.,

Series

2025-8A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.00%,

06/11/35

(a)

(b)

...........

360

359,915

Trimaran

CAVU

Ltd.

(a)(b)

Series

2021-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

5.09%,

07/23/37

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

370

370,335

Series

2023-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

4.94%,

03/20/38

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

300

299,843

Series

2024-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

01/25/38

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

1,020

1,020,624

Trinitas

CLO

XIV

Ltd.,

Series

2020-14A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

01/25/34

(a)

(b)

..........

730

729,248

Trinitas

CLO

XVIII

Ltd.,

Series

2021-18A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.22%),

4.89%,

01/20/35

(a)

(b)

..........

520

519,546

Trinitas

CLO

XXI

Ltd.,

Series

2022-21A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

2.90%),

6.57%,

04/20/38

(a)

(b)

..........

430

427,139

Trinitas

CLO

XXIX

Ltd.,

Series

2024-29A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.16%,

07/23/37

(a)

(b)

...........

250

250,058

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Trinitas

CLO

XXVIII

Ltd.,

Series

2024-28A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

04/25/37

(a)

(b)

...........

USD

500

$

500,103

Trinitas

CLO

XXXII

Ltd.,

Series

2025-32A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.00%,

07/23/38

(a)

(b)

...........

370

370,142

UPG

HI

Issuer

Trust,

Series

2025-2,

Class

A,

5.00%,

09/25/47

(b)

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

490

486,660

Upland

CLO

Ltd.,

Series

2016-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.91%),

5.58%,

04/20/31

(a)

(b)

...........

205

204,454

UPX

HIL

Issuer

Trust,

Series

2025-1,

Class

A,

5.16%,

01/25/47

(b)

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

1,518

1,511,973

US

Bank

NA,

Series

2026-RVM1,

Class

B1,

4.96%,

12/25/46

(b)

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

1,184

1,178,490

Vantage

Data

Centers

Jersey

Borrower

Spv

Ltd.

(d)

Series

2024-1X,  6.17%,

05/28/39

.......

GBP

458

607,552

Series

2024-1X,

Class

B,

6.34%,

05/28/39

..

308

400,066

VB-S1

Issuer

LLC

(b)

Series

2026-1A,

Class

C2,

4.69%,

03/15/56

.

USD

2,768

2,719,684

Series

2026-1A,

Class

D,

5.19%,

03/15/56

..

509

500,447

Velocity

plc

(a)(d)

Series

2026-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.55%),

5.28%,

02/25/37

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

GBP

100

132,363

Series

2026-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.80%),

5.53%,

02/25/37

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

100

132,362

Venture

32

CLO

Ltd.,

Series

2018-32A,

Class

A2A,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.33%),

5.00%,

07/18/31

(a)

(b)

..........

USD

24

23,467

Venture

XXVII

CLO

Ltd.,

Series

2017-27A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.86%),

5.53%,

07/20/30

(a)

(b)

...........

1,277

1,272,079

Verdelite

Static

CLO

Ltd.,

Series

2024-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

07/20/32

(a)

(b)

...........

250

249,847

Voya

CLO

Ltd.

(a)(b)

Series

2013-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

4.90%,

04/25/31

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

13

12,549

Series

2015-3A,

Class

A3R4,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.12%,

10/20/31

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

250

250,049

Series

2016-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.33%),

5.00%,

01/20/31

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

3

2,805

Series

2021-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.17%),

4.84%,

04/20/38

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

250

249,515

Series

2024-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

01/20/38

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

250

250,037

Series

2025-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.96%,

10/15/38

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

250

250,026

Voya

Euro

CLO

II

DAC,

Series

2A,

Class

CR,

(3-mo.

EURIBOR

at

2.15%

Floor

+

2.15%),

4.17%,

07/15/35

(a)

(b)

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

EUR

250

286,793

Voya

Euro

CLO

V

DAC,

Series

5A,

Class

B1,

(3-mo.

EURIBOR

at

1.75%

Floor

+

1.75%),

3.77%,

04/15/35

(a)

(b)

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

440

505,579

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Warwick

Capital

CLO

5

Ltd.,

Series

2024-5A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

01/20/38

(a)

(b)

......

USD

250

$

250,150

Warwick

Capital

CLO

7

Ltd.,

Series

2025-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

5.25%,

10/21/38

(a)

(b)

......

250

250,061

Wellfleet

CLO

Ltd.,

Series

2020-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

04/15/33

(a)

(b)

...........

250

249,627

Wellington

Management

CLO

4

Ltd.,

Series

2025-4A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

4.82%,

04/18/38

(a)

(b)

.

350

348,864

Wellington

Management

CLO

5

Ltd.,

Series

2025-5A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

5.25%,

10/18/38

(a)

(b)

.

250

250,022

Whetstone

Park

CLO

Ltd.,

Series

2021-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

6.83%,

01/20/35

(a)

(b)

...........

250

232,970

Whitebox

CLO

I

Ltd.,

Series

2019-1A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

01/24/37

(a)

(b)

......

780

778,361

Whitebox

CLO

II

Ltd.,

Series

2020-2A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

10/24/37

(a)

(b)

......

1,235

1,236,064

Whitebox

CLO

III

Ltd.,

Series

2021-3A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.85%),

6.52%,

10/15/35

(a)

(b)

...........

250

249,991

Wildwood

Park

CLO

Ltd.,

Series

2024-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/20/37

(a)

(b)

...........

940

940,359

Youni

Italy

SRL,

Series

2025-2,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.75%),

3.71%,

01/25/36

(a)

(d)

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

EUR

93

107,810

Total

Asset-Backed

Securities

—

11

.0

%

(Cost:

$

377,910,585

)

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

376,991,066

Corporate

Bonds

Aerospace

&

Defense

—

0.3%

Boeing

Co.

(The)

6.63%

,

02/15/38

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

USD

184

200,175

3.38%

,

06/15/46

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

176

121,022

5.93%

,

05/01/60

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

419

402,193

7.01%

,

05/01/64

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

879

971,752

General

Dynamics

Corp.,

4.25%,

04/01/40

...

160

143,672

General

Electric

Co.,

6.88%,

01/10/39

......

161

185,090

Honeywell

Aerospace,

Inc.

(b)

3.90%

,

03/16/28

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

41

40,698

4.95%

,

03/16/36

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

885

878,100

5.73%

,

03/16/56

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

700

691,916

Howmet

Aerospace,

Inc.,

3.90%,

04/15/29

...

231

227,684

L3Harris

Technologies,

Inc.

4.40%

,

06/15/28

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

138

138,085

5.25%

,

06/01/31

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

234

239,435

5.40%

,

07/31/33

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

165

169,289

5.35%

,

06/01/34

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

100

101,644

Leidos,

Inc.,

5.00%,

03/15/36

...........

175

169,191

Lockheed

Martin

Corp.

4.45%

,

05/15/28

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

211

212,256

4.15%

,

08/15/28

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

217

217,159

4.75%

,

02/15/34

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

244

244,656

4.80%

,

08/15/34

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

225

224,801

3.80%

,

03/01/45

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

22

17,380

4.70%

,

05/15/46

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

382

338,373

4.15%

,

06/15/53

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

82

64,733

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

5.70%

,

11/15/54

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

USD

104

$

103,835

Northrop

Grumman

Corp.

3.25%

,

01/15/28

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

33

32,410

4.60%

,

02/01/29

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

176

177,134

4.90%

,

06/01/34

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

100

99,793

4.75%

,

06/01/43

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

111

100,222

3.85%

,

04/15/45

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

253

198,735

4.95%

,

03/15/53

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

100

88,572

RTX

Corp.

3.13%

,

05/04/27

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

525

518,213

4.13%

,

11/16/28

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

122

121,488

5.75%

,

01/15/29

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

161

167,022

2.38%

,

03/15/32

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

100

88,038

5.15%

,

02/27/33

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

100

101,985

6.10%

,

03/15/34

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

166

178,757

4.88%

,

10/15/40

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

133

126,208

4.70%

,

12/15/41

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

100

90,681

4.80%

,

12/15/43

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

100

90,006

3.75%

,

11/01/46

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

100

76,058

4.05%

,

05/04/47

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

100

79,159

3.13%

,

07/01/50

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

449

295,250

8,732,870

Air

Freight

&

Logistics

—

0.0%

FedEx

Corp.

3.90%

,

02/01/35

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

100

91,469

5.10%

,

01/15/44

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

100

91,222

4.10%

,

02/01/45

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

100

78,591

4.75%

,

11/15/45

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

100

85,405

4.55%

,

04/01/46

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

104

86,622

433,309

Automobile

Components

—

0.0%

Aptiv

Swiss

Holdings

Ltd.,

4.15%,

05/01/52

...

211

157,100

BorgWarner,

Inc.,

2.65%,

07/01/27

........

100

97,724

Lear

Corp.,

4.25%,

05/15/29

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

115

113,257

368,081

Automobiles

—

0.1%

Ford

Motor

Co.

3.25%

,

02/12/32

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

112

97,278

4.75%

,

01/15/43

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

371

280,244

General

Motors

Co.

5.35%

,

04/15/28

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

409

414,826

5.00%

,

04/01/35

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

47

45,019

6.25%

,

04/15/35

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

161

167,423

6.60%

,

04/01/36

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

63

66,991

6.25%

,

10/02/43

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

141

138,465

6.75%

,

04/01/46

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

100

103,526

5.40%

,

04/01/48

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

39

34,151

Honda

Motor

Co.

Ltd.,

5.34%,

07/08/35

.....

108

106,852

Toyota

Motor

Corp.

5.12%

,

07/13/28

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

214

217,884

2.76%

,

07/02/29

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

180

171,690

1,844,349

Banks

—

2.7%

ABN

AMRO

Bank

NV,

4.63%,

11/08/30

(d)

.....

GBP

600

772,898

Australia

&

New

Zealand

Banking

Group

Ltd.,

(3-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.25%),

5.24%,

02/23/37

(a)

(d)

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

AUD

500

342,146

Banco

Bilbao

Vizcaya

Argentaria

SA,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.95%),

6.03%,

03/13/35

(a)

.....

USD

200

207,831

Banco

Santander

SA

3.80%

,

02/23/28

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

400

394,988

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.25%),

5.55%

,

03/14/28

(a)

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

USD

400

$

403,381

5.59%

,

08/08/28

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

200

204,865

6.61%

,

11/07/28

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

200

210,202

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.45%),

5.54%

,

03/14/30

(a)

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

400

409,558

4.63%

,

11/17/30

(d)

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

GBP

600

776,278

2.75%

,

12/03/30

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

USD

200

179,150

6.92%

,

08/08/33

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

400

431,716

Bank

of

America

Corp.

(1-day

SOFR

+

1.58%),

4.38%

,

04/27/28

(a)

.

859

858,368

(1-day

SOFR

+

1.99%),

6.20%

,

11/10/28

(a)

.

100

102,729

(3-mo.

CME

Term

SOFR

+

1.30%),

3.42%

,

12/20/28

(a)

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

2,629

2,582,655

(3-mo.

CME

Term

SOFR

+

1.57%),

4.27%

,

07/23/29

(a)

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

209

208,148

(1-day

SOFR

+

1.57%),

5.82%

,

09/15/29

(a)

.

862

889,230

(3-mo.

CME

Term

SOFR

+

1.44%),

3.19%

,

07/23/30

(a)

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

100

95,906

(3-mo.

CME

Term

SOFR

+

1.25%),

2.50%

,

02/13/31

(a)

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

972

898,440

(1-day

SOFR

+

1.53%),

1.90%

,

07/23/31

(a)

.

172

153,191

(1-day

SOFR

+

1.37%),

1.92%

,

10/24/31

(a)

.

179

158,638

Series

N

,

(1-day

SOFR

+

1.22%),

2.65%

,

03/11/32

(a)

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

100

90,691

(1-day

SOFR

+

1.83%),

4.57%

,

04/27/33

(a)

.

2,121

2,083,915

(1-day

SOFR

+

1.65%),

5.47%

,

01/23/35

(a)

.

159

162,307

(1-day

SOFR

+

1.74%),

5.52%

,

10/25/35

(a)

.

140

139,997

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.20%),

2.48%

,

09/21/36

(a)

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

308

266,451

(1-day

SOFR

+

1.13%),

5.05%

,

02/06/37

(a)

.

405

399,612

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.00%),

3.85%

,

03/08/37

(a)

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

362

335,319

(3-mo.

CME

Term

SOFR

+

2.08%),

4.24%

,

04/24/38

(a)

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

126

114,125

7.75%

,

05/14/38

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

628

746,111

5.88%

,

02/07/42

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

140

144,180

4.88%

,

04/01/44

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

357

328,646

(3-mo.

CME

Term

SOFR

+

2.25%),

4.44%

,

01/20/48

(a)

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

231

193,955

(1-day

SOFR

+

1.88%),

2.83%

,

10/24/51

(a)

.

594

363,722

Series

N

,

(1-day

SOFR

+

1.65%),

3.48%

,

03/13/52

(a)

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

129

89,667

Bank

of

Montreal

(a)

(SOFR

Index

+

0.67%),

5.00%

,

01/27/29

..

175

176,569

(1-day

SOFR

+

1.25%),

4.64%

,

09/10/30

..

178

178,330

Series

J

,

(1-day

SOFR

+

0.97%),

4.44%

,

01/14/32

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

146

143,750

Bank

of

Nova

Scotia

(The)

(a)

(1-day

SOFR

+

1.05%),

4.81%

,

02/02/34

..

254

250,393

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.05%),

4.59%

,

05/04/37

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

275

263,074

Barclays

plc,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.00%),

5.75%,

08/09/33

(a)

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

200

205,348

BNP

Paribas

SA,

(3-mo.

EURIBOR

+

1.05%),

3.74%,

04/20/34

(a)

(d)

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

EUR

3,400

3,840,959

Canadian

Imperial

Bank

of

Commerce

(1-day

SOFR

+

1.03%),

4.86%

,

03/30/29

(a)

.

USD

662

667,296

6.09%

,

10/03/33

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

190

203,265

Capital

One

NA,

4.65%,

09/13/28

.........

568

570,388

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Citigroup,

Inc.

(1-day

SOFR

+

1.89%),

4.66%

,

05/24/28

(a)

.

USD

1,127

$

1,129,122

4.13%

,

07/25/28

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

169

167,581

(3-mo.

CME

Term

SOFR

+

1.41%),

3.52%

,

10/27/28

(a)

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

100

98,512

(3-mo.

CME

Term

SOFR

+

1.60%),

3.98%

,

03/20/30

(a)

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

393

386,657

(1-day

SOFR

+

1.34%),

4.54%

,

09/19/30

(a)

.

320

318,890

(1-day

SOFR

+

1.42%),

2.98%

,

11/05/30

(a)

.

1,639

1,548,045

5.92%

,

12/11/30

(a)

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

3,970

3,782,282

(1-day

SOFR

+

1.35%),

3.06%

,

01/25/33

(a)

.

933

843,747

(1-day

SOFR

+

1.94%),

3.79%

,

03/17/33

(a)

.

100

93,805

(3-mo.

EURIBOR

+

1.60%),

4.11%

,

09/22/33

(a)

(d)

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

EUR

1,581

1,850,347

(1-day

SOFR

+

2.66%),

6.17%

,

05/25/34

(a)

.

USD

200

207,024

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.28%),

5.59%

,

11/19/34

(a)

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

200

202,998

(1-day

SOFR

+

2.06%),

5.83%

,

02/13/35

(a)

.

461

467,056

(1-day

SOFR

+

1.47%),

5.33%

,

03/27/36

(a)

.

197

197,600

(3-mo.

EURIBOR

+

1.58%),

4.11%

,

04/29/36

(a)

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

EUR

1,798

2,063,950

(1-day

SOFR

+

1.49%),

5.17%

,

09/11/36

(a)

.

USD

119

117,964

8.13%

,

07/15/39

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

605

753,511

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.73%),

5.41%

,

09/19/39

(a)

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

458

447,401

6.68%

,

09/13/43

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

122

130,444

4.75%

,

05/18/46

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

107

90,121

4.65%

,

07/23/48

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

168

142,191

Citizens

Financial

Group,

Inc.

(a)

(1-day

SOFR

+

1.91%),

5.72%

,

07/23/32

..

247

253,893

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.45%),

5.30%

,

01/29/36

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

99

98,109

Commonwealth

Bank

of

Australia,

6.40%,

03/05/46

(d)

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

AUD

430

292,217

Cooperatieve

Rabobank

UA

5.25%

,

05/24/41

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

USD

18

17,437

5.75%

,

12/01/43

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

250

243,011

Fifth

Third

Bancorp

(1-day

SOFR

+

1.36%),

4.06%

,

04/25/28

(a)

.

130

129,273

(1-day

SOFR

+

2.34%),

6.34%

,

07/27/29

(a)

.

100

103,666

(SOFR

Index

+

2.13%),

4.77%

,

07/28/30

(a)

.

100

100,015

(1-day

SOFR

+

1.66%),

4.34%

,

04/25/33

(a)

.

114

109,859

8.25%

,

03/01/38

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

100

120,218

First

Citizens

BancShares,

Inc.

(a)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.85%),

5.60%

,

09/05/35

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

200

195,475

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.97%),

6.25%

,

03/12/40

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

100

97,780

FNB

Corp.,

(SOFR

Index

+

1.93%),

5.72%,

12/11/30

(a)

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

106

106,658

HSBC

Bank

USA

NA,

5.63%,

08/15/35

......

294

299,744

HSBC

Holdings

plc

(1-day

SOFR

+

1.73%),

2.01%

,

09/22/28

(a)

.

1,152

1,110,528

(1-day

SOFR

+

1.04%),

5.13%

,

11/19/28

(a)

.

206

207,502

(1-day

SOFR

+

1.03%),

4.90%

,

03/03/29

(a)

.

200

201,093

(3-mo.

CME

Term

SOFR

+

1.80%),

4.58%

,

06/19/29

(a)

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

359

358,742

(1-day

SOFR

+

2.39%),

2.85%

,

06/04/31

(a)

.

200

184,830

(1-day

SOFR

+

1.21%),

4.68%

,

03/10/32

(a)

.

475

468,705

(1-day

SOFR

+

1.52%),

5.73%

,

05/17/32

(a)

.

283

292,581

(1-day

SOFR

+

2.39%),

6.25%

,

03/09/34

(a)

.

466

493,796

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(1-day

SOFR

+

3.02%),

7.40%

,

11/13/34

(a)

.

USD

544

$

601,027

(1-day

SOFR

+

1.55%),

5.28%

,

03/10/37

(a)

.

398

390,851

6.80%

,

06/01/38

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

476

512,377

HSBC

USA,

Inc.

5.29%

,

03/04/27

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

247

249,201

4.65%

,

06/03/28

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

237

238,476

Huntington

Bancshares,

Inc.

(a)

(SOFR

Index

+

1.87%),

5.71%

,

02/02/35

..

115

117,348

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.17%),

2.49%

,

08/15/36

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

136

116,592

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.70%),

6.14%

,

11/18/39

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

100

101,851

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.35%),

5.61%

,

01/28/41

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

98

95,638

ING

Groep

NV

(a)

(1-day

SOFR

+

1.83%),

4.02%

,

03/28/28

..

1,237

1,231,262

(1-day

SOFR

+

2.09%),

6.11%

,

09/11/34

...

203

214,111

Intesa

Sanpaolo

SpA,

(BPISDS01

+

2.59%),

6.50%,

03/14/29

(a)

(d)

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

GBP

600

812,968

JPMorgan

Chase

&

Co.

4.25%

,

10/01/27

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

USD

577

577,305

(1-day

SOFR

+

0.93%),

5.57%

,

04/22/28

(a)

.

496

502,056

(1-day

SOFR

+

1.89%),

2.18%

,

06/01/28

(a)

.

215

209,585

(1-day

SOFR

+

0.86%),

4.51%

,

10/22/28

(a)

.

2,294

2,293,514

(1-day

SOFR

+

1.13%),

5.00%

,

07/22/30

(a)

.

993

1,007,098

(3-mo.

CME

Term

SOFR

+

1.11%),

1.76%

,

11/19/31

(a)

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

3,952

3,469,389

(SOFR

6

Month

+

2.58%),

5.72%

,

09/14/33

(a)

100

103,537

(1-day

SOFR

+

1.81%),

6.25%

,

10/23/34

(a)

.

1,354

1,455,839

(1-day

SOFR

+

1.46%),

5.29%

,

07/22/35

(a)

.

1,440

1,457,831

(1-day

SOFR

+

1.64%),

5.58%

,

07/23/36

(a)

.

333

337,231

(3-mo.

CME

Term

SOFR

+

2.46%),

3.11%

,

04/22/41

(a)

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

200

152,517

5.60%

,

07/15/41

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

168

168,323

(3-mo.

CME

Term

SOFR

+

1.84%),

4.26%

,

02/22/48

(a)

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

237

193,752

(3-mo.

CME

Term

SOFR

+

1.64%),

3.96%

,

11/15/48

(a)

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

100

77,582

(3-mo.

CME

Term

SOFR

+

1.48%),

3.90%

,

01/23/49

(a)

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

353

271,068

Keybank

National

Association,

5.00%,

01/26/33

718

707,658

Lloyds

Banking

Group

plc

4.38%

,

03/22/28

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

717

715,674

4.55%

,

08/16/28

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

276

276,372

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.85%),

5.09%

,

11/26/28

(a)

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

589

594,371

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.75%),

5.68%

,

01/05/35

(a)

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

214

219,874

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.60%),

6.07%

,

06/13/36

(a)

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

275

279,494

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.50%),

3.37%

,

12/14/46

(a)

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

200

144,294

M&T

Bank

Corp.

(a)

(1-day

SOFR

+

2.80%),

7.41%

,

10/30/29

..

123

131,445

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.43%),

5.40%

,

07/30/35

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

352

350,868

Mitsubishi

UFJ

Financial

Group,

Inc.

3.96%

,

03/02/28

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

100

99,312

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

4.05%

,

09/11/28

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

USD

188

$

186,771

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.38%),

5.42%

,

02/22/29

(a)

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

563

572,039

2.56%

,

02/25/30

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

200

185,168

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.17%),

5.16%

,

04/24/31

(a)

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

221

224,145

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.80%),

4.53%

,

09/12/31

(a)

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

249

246,661

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.13%),

5.13%

,

07/20/33

(a)

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

482

486,346

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.93%),

5.19%

,

09/12/36

(a)

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

345

342,509

Mizuho

Financial

Group,

Inc.

3.17%

,

09/11/27

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

352

346,295

(3-mo.

CME

Term

SOFR

+

1.53%),

4.25%

,

09/11/29

(a)

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

200

198,676

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.08%),

5.38%

,

07/10/30

(a)

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

327

334,487

(3-mo.

CME

Term

SOFR

+

1.77%),

2.20%

,

07/10/31

(a)

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

222

199,964

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.80%),

5.75%

,

05/27/34

(a)

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

246

255,351

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.30%),

5.59%

,

07/10/35

(a)

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

265

271,592

National

Australia

Bank

Ltd.,

(3-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

+

2.00%),

6.34%,

06/06/39

(a)

(d)

...........

AUD

200

137,489

NatWest

Group

plc

(a)

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.55%),

3.07%

,

05/22/28

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

USD

633

622,831

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.27%),

5.52%

,

09/30/28

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

580

588,501

(3-mo.

SOFR

+

2.13%),

4.45%

,

05/08/30

..

422

419,460

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.20%),

6.48%

,

06/01/34

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

200

207,565

PNC

Financial

Services

Group,

Inc.

(The)

3.45%

,

04/23/29

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

266

260,098

(1-day

SOFR

+

1.07%),

5.22%

,

01/29/31

(a)

.

100

102,010

(1-day

SOFR

+

1.26%),

4.81%

,

10/21/32

(a)

.

103

102,657

(SOFR

Index

+

1.85%),

4.63%

,

06/06/33

(a)

.

100

97,200

(1-day

SOFR

+

1.95%),

5.94%

,

08/18/34

(a)

.

428

448,255

(1-day

SOFR

+

1.90%),

5.68%

,

01/22/35

(a)

.

100

102,871

(1-day

SOFR

+

1.60%),

5.40%

,

07/23/35

(a)

.

266

269,377

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.17%),

5.42%

,

01/25/41

(a)

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

209

204,747

Regions

Financial

Corp.,

(1-day

SOFR

+

1.49%),

5.72%,

06/06/30

(a)

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

279

286,127

Royal

Bank

of

Canada

4.24%

,

08/03/27

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

758

757,729

5.20%

,

08/01/28

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

183

186,626

(SOFR

Index

+

0.86%),

4.52%

,

10/18/28

(a)

.

508

508,563

(1-day

SOFR

+

0.83%),

4.97%

,

01/24/29

(a)

.

52

52,484

(1-day

SOFR

+

1.03%),

5.15%

,

02/04/31

(a)

.

154

156,519

(1-day

SOFR

+

0.98%),

4.31%

,

11/03/31

(a)

.

237

232,983

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

5.00%

,

05/02/33

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

USD

183

$

184,622

Santander

Holdings

USA,

Inc.

(a)

(1-day

SOFR

+

1.94%),

5.35%

,

09/06/30

..

363

366,882

(1-day

SOFR

+

1.88%),

5.74%

,

03/20/31

..

100

102,608

Santander

UK

Group

Holdings

plc

(a)

(SOFR

Index

+

1.55%),

4.86%

,

09/11/30

..

200

200,435

(SOFR

Index

+

1.52%),

5.69%

,

04/15/31

..

209

214,953

Sumitomo

Mitsui

Financial

Group,

Inc.

5.52%

,

01/13/28

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

789

804,841

1.90%

,

09/17/28

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

200

187,834

2.47%

,

01/14/29

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

554

525,522

5.32%

,

07/09/29

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

200

204,289

2.13%

,

07/08/30

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

200

179,856

5.77%

,

01/13/33

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

255

265,382

5.81%

,

09/14/33

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

200

208,961

(1-day

SOFR

+

1.22%),

5.05%

,

01/15/37

(a)

.

202

198,657

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.30%),

5.33%

,

03/03/41

(a)

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

154

149,329

(1-day

SOFR

+

1.78%),

5.80%

,

07/08/46

(a)

.

203

196,943

Toronto-Dominion

Bank

(The)

4.11%

,

06/08/27

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

820

817,850

4.86%

,

01/31/28

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

391

394,147

4.57%

,

06/02/28

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

100

100,308

5.30%

,

01/30/32

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

100

102,712

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.50%),

5.15%

,

09/10/34

(a)

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

616

616,677

Truist

Financial

Corp.

1.13%

,

08/03/27

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

346

331,648

(1-day

SOFR

+

1.37%),

4.12%

,

06/06/28

(a)

.

181

180,218

(1-day

SOFR

+

2.45%),

7.16%

,

10/30/29

(a)

.

100

106,283

(1-day

SOFR

+

1.62%),

5.44%

,

01/24/30

(a)

.

185

189,358

(1-day

SOFR

+

2.24%),

4.92%

,

07/28/33

(a)

.

230

225,540

(1-day

SOFR

+

2.30%),

6.12%

,

10/28/33

(a)

.

123

130,037

(1-day

SOFR

+

2.36%),

5.87%

,

06/08/34

(a)

.

281

292,782

(1-day

SOFR

+

1.92%),

5.71%

,

01/24/35

(a)

.

145

149,574

UniCredit

SpA,

3.73%,

06/10/35

(d)

.........

EUR

1,511

1,709,160

US

Bancorp

(a)

(1-day

SOFR

+

1.66%),

4.55%

,

07/22/28

..

USD

334

334,300

(1-day

SOFR

+

0.87%),

4.48%

,

01/26/32

..

501

495,720

(1-day

SOFR

+

2.11%),

4.97%

,

07/22/33

..

126

124,624

(1-day

SOFR

+

1.60%),

4.84%

,

02/01/34

..

583

576,166

US

Bank

NA,

(1-day

SOFR

+

0.91%),

4.73%,

05/15/28

(a)

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

366

367,331

Wells

Fargo

&

Co.

4.30%

,

07/22/27

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

660

659,154

(1-day

SOFR

+

1.07%),

5.71%

,

04/22/28

(a)

.

1,542

1,561,891

4.15%

,

01/24/29

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

221

219,758

(1-day

SOFR

+

1.50%),

5.20%

,

01/23/30

(a)

.

589

598,233

(3-mo.

CME

Term

SOFR

+

4.03%),

4.48%

,

04/04/31

(a)

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

966

957,654

(1-day

SOFR

+

1.50%),

5.15%

,

04/23/31

(a)

.

450

457,689

(3-mo.

EURIBOR

+

1.22%),

3.90%

,

07/22/32

(a)

(d)

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

EUR

800

929,455

(1-day

SOFR

+

2.10%),

4.90%

,

07/25/33

(a)

.

USD

868

863,561

(1-day

SOFR

+

1.99%),

5.56%

,

07/25/34

(a)

.

209

214,197

(1-day

SOFR

+

2.06%),

6.49%

,

10/23/34

(a)

.

360

389,791

5.38%

,

02/07/35

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

100

102,663

(1-day

SOFR

+

1.74%),

5.61%

,

04/23/36

(a)

.

216

221,039

(1-day

SOFR

+

1.34%),

4.89%

,

09/15/36

(a)

.

317

308,411

5.95%

,

12/15/36

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

157

161,818

5.38%

,

11/02/43

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

802

749,697

(1-day

SOFR

+

1.23%),

5.43%

,

01/23/47

(a)

.

301

285,211

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(3-mo.

CME

Term

SOFR

+

4.50%),

5.01%

,

04/04/51

(a)

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

USD

326

$

287,204

Wells

Fargo

Bank

NA,

5.95%,

08/26/36

.....

250

260,505

Westpac

Banking

Corp.

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.68%),

5.41%

,

08/10/33

(a)

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

156

158,031

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.75%),

2.67%

,

11/15/35

(a)

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

129

115,873

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.20%),

5.62%

,

11/20/35

(a)

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

158

159,862

2.96%

,

11/16/40

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

169

125,215

(3-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.33%),

6.09%

,

02/12/41

(a)

(d)

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

AUD

400

268,197

3.13%

,

11/18/41

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

USD

168

123,408

Zions

Bancorp

NA,

3.25%,

10/29/29

.......

250

231,835

94,480,456

Beverages

—

0.3%

Anheuser-Busch

Cos.

LLC

4.70%

,

02/01/36

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

138

134,408

4.90%

,

02/01/46

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

207

186,543

Anheuser-Busch

InBev

Finance,

Inc.,

4.70%,

02/01/36

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

356

346,734

Anheuser-Busch

InBev

Worldwide,

Inc.

4.75%

,

01/23/29

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

100

101,271

5.00%

,

06/15/34

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

118

119,351

4.95%

,

01/15/42

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

829

773,326

5.80%

,

01/23/59

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

492

493,186

Coca-Cola

Co.

(The)

2.00%

,

03/05/31

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

145

130,281

1.38%

,

03/15/31

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

130

113,364

2.25%

,

01/05/32

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

100

89,522

5.00%

,

05/13/34

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

12

12,361

2.88%

,

05/05/41

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

100

75,446

5.30%

,

05/13/54

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

246

235,779

2.75%

,

06/01/60

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

238

136,334

5.40%

,

05/13/64

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

234

222,574

Constellation

Brands,

Inc.

3.50%

,

05/09/27

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

241

238,447

4.65%

,

11/15/28

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

213

213,924

4.90%

,

05/01/33

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

100

98,651

4.95%

,

11/01/35

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

116

111,978

4.50%

,

05/09/47

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

100

81,480

Heineken

NV,

3.51%,

05/03/34

(d)

..........

EUR

1,844

2,080,460

Keurig

Dr

Pepper,

Inc.

3.43%

,

06/15/27

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

USD

118

116,429

5.05%

,

03/15/29

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

319

322,471

Series

10

,

5.20%

,

03/15/31

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

314

317,440

4.05%

,

04/15/32

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

43

40,680

5.30%

,

03/15/34

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

100

99,148

5.09%

,

05/25/48

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

100

85,867

Molson

Coors

Beverage

Co.

5.00%

,

05/01/42

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

123

110,519

4.20%

,

07/15/46

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

100

78,094

Pepsico

Singapore

Financing

I

Pte.

Ltd.

4.55%

,

02/16/29

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

393

396,996

4.70%

,

02/16/34

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

484

481,422

PepsiCo,

Inc.

4.45%

,

05/15/28

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

100

100,819

2.63%

,

07/29/29

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

110

104,584

5.00%

,

02/07/35

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

192

194,381

3.50%

,

03/19/40

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

80

66,478

Security

Par

(000)

Par

(000)

Value

Beverages

(continued)

4.00%

,

03/05/42

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

USD

237

$

200,549

2.88%

,

10/15/49

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

243

156,690

4.05%

,

07/28/55

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

EUR

500

538,684

9,406,671

Biotechnology

—

0.3%

AbbVie,

Inc.

4.65%

,

03/15/28

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

USD

196

197,784

4.80%

,

03/15/29

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

531

539,532

4.88%

,

03/15/30

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

878

895,515

4.40%

,

03/15/33

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

100

98,168

4.55%

,

03/15/35

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

100

97,094

5.20%

,

03/15/35

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

437

444,720

5.35%

,

03/15/44

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

523

509,058

4.75%

,

03/15/45

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

122

109,079

4.70%

,

05/14/45

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

193

172,123

4.88%

,

11/14/48

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

845

757,702

5.50%

,

03/15/64

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

123

117,291

Amgen,

Inc.

5.15%

,

03/02/28

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

223

226,268

4.05%

,

08/18/29

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

410

406,161

4.20%

,

02/19/31

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

185

182,464

2.30%

,

02/25/31

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

100

90,296

3.35%

,

02/22/32

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

945

879,927

4.85%

,

02/19/36

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

115

112,991

4.95%

,

10/01/41

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

100

92,486

5.15%

,

11/15/41

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

100

94,807

5.50%

,

02/19/46

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

433

415,783

4.56%

,

06/15/48

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

875

733,344

5.65%

,

02/19/56

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

100

96,942

Baxalta,

Inc.,

5.25%,

06/23/45

...........

337

313,681

Biogen,

Inc.

2.25%

,

05/01/30

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

100

91,343

5.05%

,

01/15/31

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

166

169,248

5.75%

,

05/15/35

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

100

103,415

5.20%

,

09/15/45

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

100

89,955

3.15%

,

05/01/50

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

100

63,020

Gilead

Sciences,

Inc.

5.25%

,

10/15/33

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

87

89,976

5.10%

,

06/15/35

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

103

104,062

4.00%

,

09/01/36

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

100

92,199

5.65%

,

12/01/41

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

506

514,880

4.75%

,

03/01/46

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

100

88,602

2.80%

,

10/01/50

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

226

140,049

9,129,965

Broadline

Retail

—

0.4%

Amazon.com,

Inc.

4.25%

,

03/13/31

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

780

774,251

4.35%

,

03/20/33

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

57

55,965

4.88%

,

03/13/36

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

362

358,701

5.65%

,

03/13/46

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

203

202,298

3.95%

,

04/13/52

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

2,938

2,252,694

5.80%

,

03/13/56

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

490

489,606

4.85%

,

03/16/64

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

EUR

820

939,482

5.95%

,

03/13/66

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

USD

5,285

5,302,324

6.05%

,

03/13/76

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

337

335,025

eBay,

Inc.

3.60%

,

06/05/27

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

108

107,038

2.60%

,

05/10/31

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

106

95,658

5.13%

,

11/06/35

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

100

98,624

Prosus

NV,

4.19%,

01/19/32

(d)

...........

1,377

1,291,461

12,303,127

Building

Products

—

0.0%

Carrier

Global

Corp.

2.70%

,

02/15/31

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

127

116,437

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Building

Products

(continued)

5.90%

,

03/15/34

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

USD

200

$

211,010

3.38%

,

04/05/40

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

100

78,770

Fortune

Brands

Innovations,

Inc.,

5.88%,

06/01/33

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

100

103,564

Johnson

Controls

International

plc

5.50%

,

04/19/29

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

100

103,307

4.90%

,

12/01/32

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

117

117,449

Owens

Corning

5.50%

,

06/15/27

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

177

179,104

5.70%

,

06/15/34

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

116

119,914

7.00%

,

12/01/36

(c)

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

134

149,339

Trane

Technologies

Financing

Ltd.,

5.25%,

03/03/33

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

100

102,548

1,281,442

Capital

Markets

—

1.9%

Ameriprise

Financial,

Inc.,

5.20%,

04/15/35

...

151

150,593

Ares

Capital

Corp.

5.88%

,

03/01/29

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

127

127,901

5.95%

,

07/15/29

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

130

130,641

5.50%

,

09/01/30

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

179

175,808

5.10%

,

01/15/31

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

100

96,150

5.25%

,

04/12/31

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

120

116,003

Ares

Strategic

Income

Fund

6.35%

,

08/15/29

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

100

100,320

5.15%

,

01/15/31

(b)

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

221

208,728

5.55%

,

04/15/31

(b)

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

100

95,797

6.20%

,

03/21/32

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

100

98,011

Bank

of

New

York

Mellon

(The),

(1-day

SOFR

+

1.14%),

4.73%,

04/20/29

(a)

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

250

251,778

Bank

of

New

York

Mellon

Corp.

(The)

(1-day

SOFR

+

0.68%),

4.44%

,

06/09/28

(a)

.

154

154,204

(SOFR

Index

+

1.80%),

5.80%

,

10/25/28

(a)

.

202

206,520

3.30%

,

08/23/29

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

100

96,353

(1-day

SOFR

+

1.60%),

6.32%

,

10/25/29

(a)

.

100

104,698

(1-day

SOFR

+

1.23%),

5.06%

,

07/22/32

(a)

.

155

157,997

Series

J

,

(1-day

SOFR

+

1.61%),

4.97%

,

04/26/34

(a)

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

341

341,872

(1-day

SOFR

+

1.77%),

5.61%

,

07/21/39

(a)

.

187

190,308

Blackstone

Private

Credit

Fund

5.95%

,

07/16/29

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

139

136,946

5.35%

,

03/12/31

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

200

189,963

6.00%

,

01/29/32

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

100

96,978

6.00%

,

11/22/34

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

126

117,791

Blackstone

Reg

Finance

Co.

LLC,

5.00%,

12/06/34

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

122

119,429

Blackstone

Secured

Lending

Fund,

5.30%,

06/30/30

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

351

339,667

Blue

Owl

Capital

Corp.

2.88%

,

06/11/28

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

100

92,959

6.20%

,

07/15/30

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

267

263,141

Blue

Owl

Credit

Income

Corp.

7.75%

,

01/15/29

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

11

11,257

6.60%

,

09/15/29

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

236

235,103

5.80%

,

03/15/30

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

175

168,741

6.65%

,

03/15/31

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

100

98,633

Blue

Owl

Finance

LLC

3.13%

,

06/10/31

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

100

86,228

6.25%

,

04/18/34

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

200

192,277

Brookfield

Capital

Finance

LLC,

6.09%,

06/14/33

100

104,292

Brookfield

Finance,

Inc.

4.85%

,

03/29/29

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

58

58,262

2.72%

,

04/15/31

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

106

96,122

6.35%

,

01/05/34

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

150

159,033

5.68%

,

01/15/35

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

178

179,533

3.63%

,

02/15/52

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

135

91,264

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Carlyle

Group,

Inc.

(The),

5.05%,

09/19/35

...

USD

106

$

102,273

Charles

Schwab

Corp.

(The)

(1-day

SOFR

+

1.88%),

6.20%

,

11/17/29

(a)

.

364

380,432

1.65%

,

03/11/31

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

100

87,136

(1-day

SOFR

+

2.50%),

5.85%

,

05/19/34

(a)

.

295

309,828

(1-day

SOFR

+

2.01%),

6.14%

,

08/24/34

(a)

.

100

106,439

CME

Group,

Inc.,

4.40%,

03/15/30

........

215

215,650

Deutsche

Bank

AG

(a)

(1-day

SOFR

+

1.21%),

5.37%

,

01/10/29

..

220

222,534

(1-day

SOFR

+

3.18%),

6.72%

,

01/18/29

..

1,034

1,071,271

(1-day

SOFR

+

2.76%),

3.73%

,

01/14/32

..

269

249,991

(1-day

SOFR

+

1.72%),

3.04%

,

05/28/32

..

152

137,633

(1-day

SOFR

+

3.65%),

7.08%

,

02/10/34

..

200

214,317

Goldman

Sachs

Group,

Inc.

(The)

(1-day

SOFR

+

0.82%),

1.54%

,

09/10/27

(a)

.

143

141,147

(1-day

SOFR

+

1.32%),

4.94%

,

04/23/28

(a)

.

152

152,743

(1-day

SOFR

+

1.73%),

4.48%

,

08/23/28

(a)

.

5,166

5,165,902

(1-day

SOFR

+

1.21%),

5.05%

,

07/23/30

(a)

.

882

892,626

(1-day

SOFR

+

1.08%),

5.21%

,

01/28/31

(a)

.

523

531,387

(1-day

SOFR

+

0.96%),

4.52%

,

01/21/32

(a)

.

260

256,059

(1-day

SOFR

+

1.09%),

1.99%

,

01/27/32

(a)

.

100

87,763

(1-day

SOFR

+

1.25%),

2.38%

,

07/21/32

(a)

.

567

500,533

(1-day

SOFR

+

1.41%),

3.10%

,

02/24/33

(a)

.

648

585,240

(3-mo.

EURIBOR

+

0.95%),

3.51%

,

08/17/33

(a)

(d)

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

EUR

2,710

3,044,103

(1-day

SOFR

+

1.55%),

5.85%

,

04/25/35

(a)

.

USD

233

241,778

(1-day

SOFR

+

1.38%),

5.54%

,

01/28/36

(a)

.

100

101,649

(1-day

SOFR

+

1.33%),

4.94%

,

10/21/36

(a)

.

449

434,819

(1-day

SOFR

+

1.19%),

5.07%

,

01/21/37

(a)

.

390

381,292

6.25%

,

02/01/41

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

336

353,676

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.18%),

5.39%

,

02/02/41

(a)

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

587

567,130

(1-day

SOFR

+

1.32%),

5.54%

,

01/21/47

(a)

.

770

733,776

GS

Finance

Corp.

(a)

5.95%

,

01/15/31

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

8,350

8,013,837

6.11%

,

02/17/31

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

2,246

2,181,538

7.35%

,

02/17/31

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

4,664

4,539,224

Intercontinental

Exchange,

Inc.

4.00%

,

09/15/27

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

508

505,709

4.35%

,

06/15/29

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

863

861,127

5.25%

,

06/15/31

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

100

102,945

4.60%

,

03/15/33

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

226

222,849

3.00%

,

09/15/60

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

246

140,723

Jefferies

Financial

Group,

Inc.

2.75%

,

10/15/32

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

126

106,693

6.20%

,

04/14/34

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

100

101,981

6.25%

,

01/15/36

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

108

109,480

6.50%

,

01/20/43

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

121

117,538

KKR

&

Co.,

Inc.,

5.10%,

08/07/35

.........

119

115,124

LPL

Holdings,

Inc.

6.00%

,

05/20/34

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

100

101,995

5.75%

,

06/15/35

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

100

99,605

Macquarie

Bank

Ltd.,

(3-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

+

1.32%),

5.31%,

08/20/36

(a)

(d)

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

AUD

400

273,264

Moody's

Corp.

2.75%

,

08/19/41

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

USD

116

81,751

4.88%

,

12/17/48

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

100

87,328

Morgan

Stanley

3.95%

,

04/23/27

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

430

427,451

(1-day

SOFR

+

1.61%),

4.21%

,

04/20/28

(a)

.

455

453,750

(1-day

SOFR

+

1.22%),

5.04%

,

07/19/30

(a)

.

1,880

1,901,747

(1-day

SOFR

+

1.11%),

5.23%

,

01/15/31

(a)

.

1,349

1,369,748

(1-day

SOFR

+

1.29%),

2.94%

,

01/21/33

(a)

.

1,737

1,561,803

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

(1-day

SOFR

+

2.05%),

6.63%

,

11/01/34

(a)

.

USD

427

$

464,632

(1-day

SOFR

+

1.42%),

5.59%

,

01/18/36

(a)

.

443

451,649

(1-day

SOFR

+

1.76%),

5.66%

,

04/17/36

(a)

.

767

785,609

(3-mo.

EURIBOR

+

1.55%),

4.10%

,

05/22/36

(a)

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

EUR

1,600

1,835,393

(1-day

SOFR

+

1.36%),

2.48%

,

09/16/36

(a)

.

USD

283

243,490

(3-mo.

EURIBOR

+

1.12%),

3.75%

,

11/07/36

(a)

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

EUR

2,844

3,160,878

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.80%),

5.94%

,

02/07/39

(a)

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

USD

269

274,985

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.17%),

5.31%

,

01/18/41

(a)

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

100

96,532

6.38%

,

07/24/42

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

389

416,768

(1-day

SOFR

+

1.78%),

5.90%

,

03/13/47

(a)

.

653

649,970

(1-day

SOFR

+

1.71%),

5.52%

,

11/19/55

(a)

.

112

106,344

MSCI,

Inc.

3.63%

,

09/01/30

(b)

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

1,530

1,446,153

3.88%

,

02/15/31

(b)

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

876

828,078

5.25%

,

09/01/35

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

274

268,398

5.15%

,

03/15/36

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

799

773,897

Nasdaq,

Inc.

5.55%

,

02/15/34

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

201

206,765

3.95%

,

03/07/52

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

100

73,620

Nomura

Holdings,

Inc.

4.90%

,

07/01/30

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

200

199,908

6.18%

,

01/18/33

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

200

211,632

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.30%),

5.04%

,

06/10/36

(a)

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

400

388,021

Northern

Trust

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.05%),

5.12%,

11/19/40

(a)

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

100

97,361

Raymond

James

Financial,

Inc.

4.90%

,

09/11/35

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

128

124,652

4.95%

,

07/15/46

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

66

58,666

S&P

Global,

Inc.

2.95%

,

03/01/29

(c)

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

488

470,022

4.25%

,

01/15/31

(b)

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

158

155,959

5.25%

,

09/15/33

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

120

123,504

State

Street

Corp.

4.33%

,

10/22/27

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

135

135,251

(1-day

SOFR

+

1.72%),

5.82%

,

11/04/28

(a)

.

379

387,364

(1-day

SOFR

+

1.57%),

4.82%

,

01/26/34

(a)

.

100

99,454

(1-day

SOFR

+

1.89%),

5.16%

,

05/18/34

(a)

.

220

222,751

(1-day

SOFR

+

1.49%),

3.03%

,

11/01/34

(a)

.

174

163,798

(1-day

SOFR

+

1.96%),

6.12%

,

11/21/34

(a)

.

101

106,725

SURA

Asset

Management

SA

6.35%

,

05/13/32

(d)

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

372

390,678

6.35%

,

05/13/32

(b)

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

204

214,243

TPG

Operating

Group

II

LP,

5.88%,

03/05/34

..

129

130,821

UBS

AG,

5.65%,

09/11/28

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

203

209,488

UBS

Americas,

Inc.,

7.13%,

07/15/32

.......

136

151,925

UBS

Group

AG,

0.63%,

02/24/33

(d)

........

EUR

1,896

1,750,275

64,263,297

Chemicals

—

0.2%

Air

Products

&

Chemicals,

Inc.,

2.80%,

05/15/50

USD

108

66,831

Brenntag

Finance

BV

3.38%

,

10/02/31

(d)

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

EUR

1,700

1,898,231

CF

Industries,

Inc.,

4.95%,

06/01/43

.......

USD

107

95,462

Dow

Chemical

Co.

(The)

4.25%

,

10/01/34

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

98

89,006

4.38%

,

11/15/42

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

282

221,002

5.55%

,

11/30/48

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

217

187,424

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

4.80%

,

05/15/49

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

USD

140

$

108,309

DuPont

de

Nemours,

Inc.,

4.73%,

11/15/28

(b)

..

326

327,229

Eastman

Chemical

Co.

5.75%

,

03/08/33

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

100

103,362

4.65%

,

10/15/44

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

100

83,782

Ecolab,

Inc.

1.30%

,

01/30/31

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

180

155,566

5.00%

,

09/01/35

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

128

128,145

International

Flavors

&

Fragrances,

Inc.,

4.45%,

09/26/28

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

222

221,315

Lubrizol

Corp.

(The),

6.50%,

10/01/34

......

119

133,022

LYB

International

Finance

BV,

5.25%,

07/15/43

218

187,376

LYB

International

Finance

II

BV,

3.50%,

03/02/27

134

132,685

LYB

International

Finance

III

LLC

5.63%

,

05/15/33

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

100

100,808

6.15%

,

05/15/35

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

100

102,922

4.20%

,

10/15/49

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

100

70,758

4.20%

,

05/01/50

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

149

105,135

Mosaic

Co.

(The),

5.45%,

11/15/33

........

100

101,063

Nutrien

Ltd.

4.50%

,

03/12/27

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

166

166,277

4.90%

,

03/27/28

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

610

615,032

5.25%

,

03/12/32

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

100

102,068

5.88%

,

12/01/36

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

122

125,590

4.90%

,

06/01/43

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

100

88,990

Sherwin-Williams

Co.

(The)

3.45%

,

06/01/27

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

138

136,532

4.30%

,

08/15/28

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

126

125,729

4.50%

,

06/01/47

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

206

171,478

Westlake

Corp.

4.38%

,

11/15/47

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

100

77,238

6.38%

,

11/15/55

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

105

103,458

6,331,825

Commercial

Services

&

Supplies

—

0.0%

Republic

Services,

Inc.

5.00%

,

11/15/29

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

100

102,161

2.38%

,

03/15/33

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

167

144,139

5.00%

,

04/01/34

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

107

108,090

Waste

Connections,

Inc.,

5.00%,

03/01/34

....

135

135,876

Waste

Management,

Inc.

1.15%

,

03/15/28

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

200

188,808

2.00%

,

06/01/29

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

537

501,144

4.63%

,

02/15/30

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

202

203,824

1.50%

,

03/15/31

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

89

77,331

4.88%

,

02/15/34

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

100

101,116

4.95%

,

03/15/35

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

139

139,343

1,701,832

Communications

Equipment

—

0.1%

Cisco

Systems,

Inc.

4.55%

,

02/24/28

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

445

449,502

4.85%

,

02/26/29

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

118

120,161

4.95%

,

02/26/31

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

100

102,453

5.05%

,

02/26/34

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

288

292,166

5.10%

,

02/24/35

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

100

101,364

5.90%

,

02/15/39

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

116

122,480

5.50%

,

01/15/40

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

204

207,593

5.30%

,

02/26/54

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

100

93,788

Motorola

Solutions,

Inc.

2.75%

,

05/24/31

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

133

120,866

5.40%

,

04/15/34

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

100

101,199

1,711,572

Construction

&

Engineering

—

0.0%

Cellnex

Finance

Co.

SA,

3.88%,

01/19/36

(d)

...

EUR

300

332,402

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Construction

Materials

—

0.0%

Martin

Marietta

Materials,

Inc.

2.40%

,

07/15/31

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

USD

100

$

89,003

5.50%

,

12/01/54

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

100

94,008

Vulcan

Materials

Co.,

3.50%,

06/01/30

......

259

248,272

431,283

Consumer

Finance

—

0.7%

AerCap

Ireland

Capital

DAC

3.65%

,

07/21/27

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

383

378,907

5.10%

,

01/19/29

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

255

258,331

3.40%

,

10/29/33

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

587

519,349

Ally

Financial,

Inc.

(1-day

SOFR

+

3.26%),

6.99%

,

06/13/29

(a)

.

140

145,818

8.00%

,

11/01/31

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

251

276,774

(1-day

SOFR

+

2.29%),

6.18%

,

07/26/35

(a)

.

113

113,328

American

Express

Co.

(1-day

SOFR

+

0.93%),

5.04%

,

07/26/28

(a)

.

636

641,474

4.05%

,

05/03/29

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

382

380,492

(SOFR

Index

+

1.28%),

5.28%

,

07/27/29

(a)

.

126

128,147

(1-day

SOFR

+

1.94%),

6.49%

,

10/30/31

(a)

.

150

161,131

(1-day

SOFR

+

2.26%),

4.99%

,

05/26/33

(a)

.

178

177,082

(1-day

SOFR

+

1.84%),

5.04%

,

05/01/34

(a)

.

373

373,566

(1-day

SOFR

+

1.24%),

4.80%

,

10/24/36

(a)

.

320

309,411

American

Honda

Finance

Corp.

4.70%

,

01/12/28

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

664

665,188

3.50%

,

02/15/28

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

462

453,028

4.55%

,

03/03/28

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

100

99,958

4.25%

,

09/01/28

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

142

140,824

5.05%

,

07/10/31

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

204

204,509

4.90%

,

01/10/34

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

100

97,249

Capital

One

Financial

Corp.

3.80%

,

01/31/28

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

598

590,977

(1-day

SOFR

+

2.06%),

4.93%

,

05/10/28

(a)

.

429

430,154

(1-day

SOFR

+

3.07%),

7.62%

,

10/30/31

(a)

.

100

110,450

(1-day

SOFR

+

1.34%),

2.36%

,

07/29/32

(a)

.

25

21,552

(SOFR

Index

+

3.37%),

7.96%

,

11/02/34

(a)

.

423

485,117

(1-day

SOFR

+

1.99%),

5.88%

,

07/26/35

(a)

.

142

145,443

(1-day

SOFR

+

2.04%),

6.18%

,

01/30/36

(a)

.

244

248,186

Caterpillar

Financial

Services

Corp.

4.40%

,

03/03/28

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

100

100,493

Series

K

,

4.10%

,

08/15/28

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

194

193,830

3.95%

,

11/14/28

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

100

99,521

4.85%

,

02/27/29

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

245

249,305

4.38%

,

08/16/29

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

294

294,974

4.70%

,

11/15/29

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

100

101,375

4.15%

,

01/08/31

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

117

115,904

Ford

Motor

Credit

Co.

LLC

5.92%

,

03/20/28

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

829

839,507

4.97%

,

04/06/29

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

1,685

1,664,211

7.20%

,

06/10/30

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

200

210,666

6.05%

,

03/05/31

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

200

201,770

3.63%

,

06/17/31

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

200

180,219

7.12%

,

11/07/33

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

460

483,204

5.87%

,

10/31/35

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

201

192,976

General

Motors

Financial

Co.,

Inc.

5.40%

,

05/08/27

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

485

489,271

6.00%

,

01/09/28

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

363

371,122

5.05%

,

04/04/28

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

100

100,868

2.40%

,

10/15/28

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

110

104,275

4.30%

,

04/06/29

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

472

467,231

4.60%

,

01/08/31

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

240

236,536

5.60%

,

06/18/31

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

175

179,113

6.40%

,

01/09/33

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

348

368,755

5.95%

,

04/04/34

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

143

146,934

6.15%

,

07/15/35

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

135

139,603

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

John

Deere

Capital

Corp.

2.35%

,

03/08/27

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

USD

202

$

198,763

2.80%

,

09/08/27

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

110

108,097

4.15%

,

09/15/27

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

100

100,176

Series

I

,

4.25%

,

06/05/28

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

209

209,659

Series

I

,

3.90%

,

03/09/29

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

227

225,542

3.35%

,

04/18/29

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

186

181,169

4.90%

,

03/07/31

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

312

318,497

Series

I

,

4.20%

,

03/10/31

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

150

148,577

2.00%

,

06/17/31

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

107

94,918

4.35%

,

09/15/32

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

100

99,178

5.10%

,

04/11/34

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

321

326,822

Kaspi.KZ

JSC,

6.25%,

03/26/30

(d)

.........

1,283

1,286,425

Synchrony

Financial

5.15%

,

03/19/29

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

1,100

1,102,667

(1-day

SOFR

+

1.68%),

5.45%

,

03/06/31

(a)

.

255

254,789

Toyota

Motor

Credit

Corp.

Series

B

,

5.00%

,

03/19/27

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

173

174,324

5.05%

,

05/16/29

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

309

315,593

1.65%

,

01/10/31

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

228

199,621

5.10%

,

03/21/31

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

300

306,888

4.65%

,

09/03/32

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

190

188,590

Volkswagen

Financial

Services

NV,

2.13%,

01/18/28

(d)

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

GBP

600

751,465

Volkswagen

Leasing

GmbH,

4.00%,

04/11/31

(d)

.

EUR

1,078

1,253,398

22,933,266

Consumer

Staples

Distribution

&

Retail

—

0.1%

Dollar

General

Corp.,

5.00%,

11/01/32

......

USD

100

99,368

Kroger

Co.

(The),

5.40%,

07/15/40

........

436

425,726

Sysco

Corp.

3.25%

,

07/15/27

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

193

190,059

5.75%

,

01/17/29

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

25

25,704

5.95%

,

04/01/30

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

246

255,498

6.00%

,

01/17/34

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

71

74,125

5.40%

,

03/23/35

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

114

113,171

4.85%

,

10/01/45

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

85

72,228

6.60%

,

04/01/50

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

122

126,062

Target

Corp.

4.50%

,

09/15/34

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

327

318,337

3.63%

,

04/15/46

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

100

75,187

Walmart,

Inc.

5.25%

,

09/01/35

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

344

358,576

6.20%

,

04/15/38

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

46

51,226

5.63%

,

04/01/40

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

260

275,308

4.50%

,

09/09/52

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

335

288,839

2,749,414

Containers

&

Packaging

—

0.0%

Berry

Global,

Inc.,

5.65%,

01/15/34

........

100

102,272

International

Paper

Co.,

7.30%,

11/15/39

....

236

262,655

Smurfit

Kappa

Treasury

ULC,

5.44%,

04/03/34

.

200

202,642

Sonoco

Products

Co.,

4.60%,

09/01/29

.....

165

164,522

WestRock

MWV

LLC,

7.95%,

02/15/31

......

152

172,248

904,339

Distributors

—

0.0%

LKQ

Corp.,

6.25%,

06/15/33

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

100

103,020

Diversified

REITs

—

0.1%

GLP

Capital

LP

5.30%

,

01/15/29

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

113

113,980

4.00%

,

01/15/31

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

197

186,279

5.25%

,

02/15/33

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

735

720,475

Simon

Property

Group

LP

1.75%

,

02/01/28

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

198

189,406

4.38%

,

10/01/30

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

212

210,798

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

REITs

(continued)

2.20%

,

02/01/31

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

USD

140

$

125,480

2.65%

,

02/01/32

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

296

263,905

4.75%

,

09/26/34

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

134

131,124

5.85%

,

03/08/53

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

104

103,660

Trust

Fibra

Uno,

7.70%,

01/23/32

(d)

........

814

859,487

VICI

Properties

LP

3.75%

,

02/15/27

(b)

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

104

103,208

4.50%

,

01/15/28

(b)

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

422

419,507

3.88%

,

02/15/29

(b)

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

238

231,290

4.95%

,

02/15/30

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

288

287,539

5.63%

,

04/01/35

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

100

99,533

WP

Carey,

Inc.,

2.25%,

04/01/33

.........

124

102,882

4,148,553

Diversified

Telecommunication

Services

—

0.4%

AT&T,

Inc.

4.70%

,

08/15/30

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

139

140,148

2.75%

,

06/01/31

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

167

152,711

2.25%

,

02/01/32

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

820

716,372

2.55%

,

12/01/33

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

107

90,547

5.13%

,

04/30/36

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

23

22,724

6.30%

,

01/15/38

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

419

445,127

6.38%

,

03/01/41

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

280

296,636

5.45%

,

03/01/47

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

760

704,644

5.70%

,

11/01/54

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

392

367,041

5.70%

,

03/01/57

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

50

47,172

3.85%

,

06/01/60

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

1,944

1,307,940

Bell

Telephone

Co.

of

Canada

or

Bell

Canada,

5.55%,

02/15/54

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

208

195,109

Comcast

Corp.

3.15%

,

02/15/28

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

937

919,454

3.55%

,

05/01/28

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

100

98,558

4.55%

,

01/15/29

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

259

260,869

5.10%

,

06/01/29

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

410

419,616

1.50%

,

02/15/31

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

113

97,928

4.65%

,

02/15/33

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

391

387,117

5.65%

,

06/15/35

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

446

461,091

6.50%

,

11/15/35

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

100

109,109

3.25%

,

11/01/39

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

407

314,211

4.65%

,

07/15/42

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

153

132,110

4.00%

,

11/01/49

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

602

436,478

5.65%

,

06/01/54

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

787

725,192

2.65%

,

08/15/62

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

218

107,721

2.99%

,

11/01/63

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

137

72,541

Orange

SA

9.00%

,

03/01/31

(c)

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

100

118,193

5.38%

,

01/13/42

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

108

104,505

Telefonica

Emisiones

SA

7.05%

,

06/20/36

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

150

165,445

4.67%

,

03/06/38

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

150

135,602

5.21%

,

03/08/47

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

167

145,012

Verizon

Communications,

Inc.

4.33%

,

09/21/28

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

494

494,146

3.88%

,

02/08/29

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

181

179,269

7.75%

,

12/01/30

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

627

706,928

4.50%

,

08/10/33

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

558

541,223

6.40%

,

09/15/33

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

122

132,386

4.78%

,

02/15/35

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

866

838,193

4.81%

,

03/15/39

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

501

467,004

3.85%

,

11/01/42

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

100

79,696

6.55%

,

09/15/43

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

262

280,750

4.52%

,

09/15/48

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

401

327,813

3.88%

,

03/01/52

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

905

659,843

5.88%

,

11/30/55

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

146

142,010

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

6.00%

,

11/30/65

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

USD

179

$

173,405

14,719,589

Electric

Utilities

—

2.2%

AEP

Texas,

Inc.,

Series

E,

6.65%,

02/15/33

...

684

741,375

AEP

Transmission

Co.

LLC

3.15%

,

09/15/49

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

589

387,282

Series

N

,

2.75%

,

08/15/51

............

452

271,264

Alabama

Power

Co.

6.00%

,

03/01/39

...................

812

856,236

3.85%

,

12/01/42

...................

241

193,289

American

Transmission

Co.

LLC,

5.75%,

04/01/56

(b)

......................

30

29,736

Arizona

Public

Service

Co.,

5.10%,

03/15/36

..

3,981

3,914,020

AusNet

Services

Holdings

Pty.

Ltd.,

(3-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

+

1.77%),

5.70%,

02/04/56

(a)

(d)

...........

AUD

260

176,700

Baltimore

Gas

&

Electric

Co.

5.30%

,

06/01/34

...................

USD

211

216,388

3.50%

,

08/15/46

...................

134

96,727

3.75%

,

08/15/47

...................

255

190,527

3.20%

,

09/15/49

...................

279

184,389

2.90%

,

06/15/50

...................

150

94,265

CenterPoint

Energy

Houston

Electric

LLC,

5.20%,

10/01/28

..................

100

102,206

Commonwealth

Edison

Co.

6.45%

,

01/15/38

...................

89

97,709

3.70%

,

03/01/45

...................

100

76,234

5.30%

,

02/01/53

...................

145

134,462

DTE

Electric

Co.

5.20%

,

03/01/34

...................

100

102,186

Series

A

,

4.85%

,

03/01/36

.............

82

80,463

4.30%

,

07/01/44

...................

210

175,958

Series

B

,

5.55%

,

03/01/56

.............

100

96,685

Duke

Energy

Carolinas

LLC

3.70%

,

12/01/47

...................

396

293,700

3.45%

,

04/15/51

...................

780

537,927

Duke

Energy

Kentucky,

Inc.,

(Acquired

08/11/25,

cost

$1,895,000),

5.90%,

09/15/35

(e)

(g)

.....

1,895

1,890,262

Duke

Energy

Ohio,

Inc.,

5.25%,

04/01/33

....

510

521,120

Duke

Energy

Progress

LLC

3.70%

,

10/15/46

...................

1,500

1,116,122

2.50%

,

08/15/50

...................

113

64,830

Edison

International

5.25%

,

11/15/28

...................

225

226,808

6.95%

,

11/15/29

...................

264

278,557

4.80%

,

03/15/31

...................

161

157,163

EDP

Servicios

Financieros

Espana

SA,

3.25%,

02/04/32

(d)

......................

EUR

1,220

1,376,531

Entergy

Arkansas

LLC,

5.15%,

01/15/33

.....

USD

104

105,763

Entergy

Louisiana

LLC

3.12%

,

09/01/27

...................

100

98,552

5.80%

,

03/15/55

...................

100

98,063

Entergy

Texas,

Inc.

4.00%

,

03/30/29

...................

117

115,992

4.50%

,

03/30/39

...................

295

269,642

5.00%

,

09/15/52

...................

157

136,697

Evergy

Kansas

Central,

Inc.,

5.90%,

11/15/33

.

100

106,051

Evergy

Metro,

Inc.,

5.13%,

08/15/35

.......

100

99,501

Exelon

Corp.,

5.88%,

03/15/55

...........

100

97,480

FirstEnergy

Transmission

LLC

4.75%

,

01/15/33

...................

1,772

1,745,283

5.00%

,

01/15/35

...................

5,090

5,012,100

5.45%

,

07/15/44

(b)

..................

1,465

1,386,481

4.55%

,

04/01/49

(b)

..................

375

310,790

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Florida

Power

&

Light

Co.

5.05%

,

04/01/28

...................

USD

633

$

643,568

5.15%

,

06/15/29

...................

456

467,790

4.95%

,

06/01/35

...................

229

228,115

5.69%

,

03/01/40

...................

285

294,100

2.88%

,

12/04/51

...................

112

69,649

Georgia

Power

Co.,

Series

B,

3.70%,

01/30/50

.

399

291,891

Kentucky

Utilities

Co.,

5.13%,

11/01/40

......

100

96,457

Louisville

Gas

&

Electric

Co.,

Series

LOU,

5.45%,

04/15/33

.......................

100

103,252

MidAmerican

Energy

Co.

4.25%

,

05/01/46

...................

170

139,178

3.15%

,

04/15/50

...................

727

480,795

Minejesa

Capital

BV,

5.63%,

08/10/37

(d)

.....

1,340

1,282,782

Nevada

Power

Co.,

Series

R,

6.75%,

07/01/37

.

68

75,401

NextEra

Energy

Capital

Holdings,

Inc.

4.90%

,

02/28/28

...................

517

521,152

2.25%

,

06/01/30

...................

100

91,126

5.30%

,

03/15/32

...................

100

102,414

5.00%

,

07/15/32

...................

183

184,275

3.00%

,

01/15/52

...................

273

168,682

Northern

States

Power

Co.

6.25%

,

06/01/36

...................

100

108,689

5.35%

,

11/01/39

...................

156

155,303

2.90%

,

03/01/50

...................

188

121,598

NRG

Energy,

Inc.,

7.00%,

03/15/33

(b)

.......

95

102,846

NSTAR

Electric

Co.

3.25%

,

05/15/29

...................

110

106,478

1.95%

,

08/15/31

...................

521

455,571

5.40%

,

06/01/34

...................

100

102,213

NSW

Electricity

Networks

Finance

Pty.

Ltd.,

(3-

mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

+

2.05%),

6.20%,

03/11/55

(a)

(d)

.......

AUD

500

349,242

OGE

Energy

Corp.,

5.45%,

05/15/29

.......

USD

109

111,673

Ohio

Power

Co.,

4.00%,

06/01/49

.........

738

551,008

Oncor

Electric

Delivery

Co.

LLC

7.00%

,

05/01/32

...................

298

332,260

3.63%

,

06/15/34

(d)

..................

EUR

833

939,154

5.30%

,

06/01/42

...................

USD

100

94,840

3.70%

,

05/15/50

...................

92

66,411

5.55%

,

06/15/54

...................

100

95,440

5.80%

,

04/01/55

...................

100

98,967

Pacific

Gas

&

Electric

Co.

3.75%

,

07/01/28

...................

100

98,257

3.25%

,

06/01/31

...................

100

92,234

5.90%

,

06/15/32

...................

766

793,138

6.00%

,

08/15/35

...................

102

105,382

5.20%

,

05/01/36

...................

107

104,285

4.50%

,

07/01/40

...................

663

565,731

3.30%

,

08/01/40

...................

1,273

952,029

4.45%

,

04/15/42

...................

100

82,367

4.60%

,

06/15/43

...................

205

168,673

4.75%

,

02/15/44

...................

3,217

2,680,336

3.95%

,

12/01/47

...................

1,012

736,434

4.95%

,

07/01/50

...................

4,962

4,110,403

3.50%

,

08/01/50

...................

1,959

1,295,274

5.25%

,

03/01/52

...................

1,767

1,503,530

6.75%

,

01/15/53

...................

1,319

1,368,576

6.70%

,

04/01/53

...................

1,039

1,075,452

5.90%

,

10/01/54

...................

1,534

1,429,456

6.15%

,

03/01/55

...................

3,096

2,991,198

6.10%

,

10/15/55

...................

3,872

3,719,150

6.00%

,

05/01/56

...................

3,239

3,073,924

PacifiCorp

6.35%

,

07/15/38

...................

401

410,496

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

4.15%

,

02/15/50

...................

USD

100

$

73,028

5.80%

,

01/15/55

...................

89

81,301

PECO

Energy

Co.

3.70%

,

09/15/47

...................

100

74,712

3.05%

,

03/15/51

...................

17

11,008

4.60%

,

05/15/52

...................

363

305,152

Pinnacle

West

Capital

Corp.,

5.15%,

05/15/30

.

2,686

2,725,496

PPL

Capital

Funding,

Inc.,

5.25%,

09/01/34

...

100

100,708

PPL

Electric

Utilities

Corp.

4.85%

,

02/15/34

...................

190

189,335

3.95%

,

06/01/47

...................

107

83,342

5.25%

,

05/15/53

...................

100

92,687

Public

Service

Co.

of

Colorado

1.88%

,

06/15/31

...................

308

268,589

5.05%

,

06/15/36

...................

95

93,640

5.25%

,

04/01/53

...................

188

170,126

Public

Service

Electric

&

Gas

Co.

3.65%

,

09/01/28

...................

100

98,620

5.20%

,

08/01/33

...................

100

102,141

5.80%

,

05/01/37

...................

131

137,824

3.60%

,

12/01/47

...................

100

73,857

5.45%

,

08/01/53

...................

100

96,028

Series

Q

,

5.50%

,

03/01/55

............

100

96,529

Southern

California

Edison

Co.

5.45%

,

06/01/31

...................

123

125,822

6.00%

,

01/15/34

...................

157

163,682

Series

04-G

,

5.75%

,

04/01/35

..........

100

101,734

5.63%

,

02/01/36

...................

99

99,183

6.05%

,

03/15/39

...................

532

540,093

Series

E

,

5.45%

,

06/01/52

.............

270

239,238

5.75%

,

04/15/54

...................

77

71,470

Southern

Co.

(The)

5.70%

,

10/15/32

...................

331

346,035

4.25%

,

07/01/36

...................

65

59,701

Southwestern

Electric

Power

Co.,

5.30%,

04/01/33

.......................

136

137,907

Southwestern

Public

Service

Co.

5.30%

,

05/15/35

...................

161

161,497

3.70%

,

08/15/47

...................

138

101,451

6.00%

,

06/01/54

...................

100

100,740

Tampa

Electric

Co.,

4.90%,

03/01/29

.......

128

129,680

Tucson

Electric

Power

Co.,

5.50%,

04/15/53

..

100

93,306

Union

Electric

Co.

2.95%

,

03/15/30

...................

100

94,722

5.20%

,

04/01/34

...................

100

101,587

4.80%

,

03/15/36

...................

119

116,150

3.65%

,

04/15/45

...................

100

75,858

5.55%

,

03/15/56

...................

119

114,729

Virginia

Electric

&

Power

Co.

Series

A

,

3.80%

,

04/01/28

.............

100

99,012

5.30%

,

08/15/33

...................

139

142,186

6.35%

,

11/30/37

...................

259

278,832

Series

B

,

3.80%

,

09/15/47

.............

208

155,035

Series

C

,

4.63%

,

05/15/52

............

81

66,700

5.70%

,

08/15/53

...................

278

269,135

Vistra

Operations

Co.

LLC

(b)

5.05%

,

12/30/26

...................

3,797

3,808,478

6.00%

,

04/15/34

...................

1,009

1,037,219

Wisconsin

Electric

Power

Co.,

5.65%,

03/15/56

103

100,936

Xcel

Energy,

Inc.

5.45%

,

08/15/33

...................

100

102,073

5.50%

,

03/15/34

...................

100

101,654

74,662,129

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electrical

Equipment

—

0.0%

Eaton

Corp.

3.85%

,

03/06/28

...................

USD

380

$

377,212

3.95%

,

03/06/29

...................

418

413,825

3.92%

,

09/15/47

...................

100

78,786

Emerson

Electric

Co.,

5.00%,

03/15/35

.....

146

146,956

1,016,779

Electronic

Equipment,

Instruments

&

Components

—

0.0%

Amphenol

Corp.

5.05%

,

04/05/27

...................

100

100,742

3.80%

,

11/15/27

...................

100

99,399

4.40%

,

02/15/33

...................

148

144,445

5.25%

,

04/05/34

...................

248

253,408

4.63%

,

02/15/36

...................

153

147,955

Arrow

Electronics,

Inc.,

2.95%,

02/15/32

.....

100

88,356

CDW

LLC

5.10%

,

03/01/30

...................

100

99,846

5.55%

,

08/22/34

...................

100

98,272

Corning,

Inc.

5.75%

,

08/15/40

...................

121

122,352

4.38%

,

11/15/57

...................

100

78,749

Flex

Ltd.,

4.88%,

06/15/29

.............

100

100,215

Tyco

Electronics

Group

SA,

5.00%,

05/09/35

..

155

154,485

1,488,224

Energy

Equipment

&

Services

—

0.0%

Baker

Hughes

Holdings

LLC

4.05%

,

03/11/29

...................

43

42,781

3.81%

,

03/11/34

...................

EUR

760

867,387

5.00%

,

06/15/36

...................

USD

118

115,853

5.13%

,

09/15/40

...................

109

104,304

Halliburton

Co.

6.70%

,

09/15/38

...................

100

109,649

7.45%

,

09/15/39

...................

100

116,963

4.75%

,

08/01/43

...................

201

175,692

1,532,629

Entertainment

—

0.2%

NBCUniversal

Media

LLC,

4.45%,

01/15/43

...

279

231,659

Walt

Disney

Co.

(The),

7.75%,

12/01/45

.....

592

732,814

Warnermedia

Holdings,

Inc.,

3.76%,

03/15/27

.

7,065

6,978,383

7,942,856

Financial

Services

—

0.3%

Andiron

Financing

LLC,

(1M

Sofr

FWD

+

3.25%),

6.67%,

01/21/30

(a)

(e)

................

170

168,521

AT&T

Reign

II

Multi-Property

Lease-Backed

Pass-Through

Trust,

6.09%,

12/15/44

(b)

....

4,055

4,013,936

Berkshire

Hathaway,

Inc.,

4.50%,

02/11/43

...

29

26,334

Corebridge

Financial,

Inc.

3.85%

,

04/05/29

...................

100

97,623

6.05%

,

09/15/33

...................

122

127,533

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.85%),

6.88%

,

12/15/52

(a)

.....................

200

201,514

Equitable

Holdings,

Inc.,

5.59%,

01/11/33

....

100

101,999

Fidelity

National

Information

Services,

Inc.

4.45%

,

03/10/28

...................

141

140,606

4.55%

,

03/10/29

...................

351

349,345

3.75%

,

05/21/29

...................

100

97,060

Fiserv,

Inc.

5.45%

,

03/02/28

...................

497

504,059

3.50%

,

07/01/29

...................

517

495,185

4.75%

,

03/15/30

...................

216

214,050

5.63%

,

08/21/33

...................

113

114,059

5.45%

,

03/15/34

...................

67

66,667

4.40%

,

07/01/49

...................

100

75,611

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Global

Payments,

Inc.

4.95%

,

08/15/27

...................

USD

341

$

341,631

4.88%

,

11/15/30

...................

100

98,204

5.40%

,

08/15/32

...................

100

99,172

5.20%

,

11/15/32

...................

100

97,071

5.55%

,

11/15/35

...................

219

211,037

Mastercard,

Inc.

2.95%

,

06/01/29

...................

365

351,788

4.85%

,

03/09/33

...................

100

101,349

4.88%

,

05/09/34

...................

171

171,975

3.80%

,

11/21/46

...................

100

77,403

3.65%

,

06/01/49

...................

100

73,597

National

Rural

Utilities

Cooperative

Finance

Corp.

Series

D

,

4.15%

,

08/25/28

............

315

313,970

8.00%

,

03/01/32

...................

131

151,563

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.53%),

7.13%

,

09/15/53

(a)

.....................

188

194,565

PayPal

Holdings,

Inc.

5.10%

,

04/01/35

...................

144

142,972

5.50%

,

06/01/54

...................

137

124,945

Visa,

Inc.

4.70%

,

02/12/36

...................

243

240,368

2.70%

,

04/15/40

...................

222

167,556

4.30%

,

12/14/45

...................

113

95,873

Voya

Financial,

Inc.,

5.00%,

09/20/34

......

100

97,337

9,946,478

Food

Products

—

0.1%

Archer-Daniels-Midland

Co.,

4.02%,

04/16/43

.

100

82,646

Bunge

Ltd.

Finance

Corp.

4.20%

,

09/17/29

...................

149

147,590

4.55%

,

08/04/30

...................

186

185,147

Campbell's

Co.

(The)

4.55%

,

03/21/31

...................

102

98,886

5.40%

,

03/21/34

...................

100

97,052

4.80%

,

03/15/48

...................

100

78,989

Conagra

Brands,

Inc.

4.85%

,

11/01/28

...................

132

132,131

8.25%

,

09/15/30

...................

100

112,450

5.40%

,

11/01/48

...................

100

84,983

Flowers

Foods,

Inc.,

6.20%,

03/15/55

......

100

81,116

General

Mills,

Inc.

5.50%

,

10/17/28

...................

100

102,511

4.95%

,

03/29/33

...................

106

104,780

5.25%

,

01/30/35

...................

100

98,847

4.15%

,

02/15/43

...................

107

85,570

J

M

Smucker

Co.

(The)

2.13%

,

03/15/32

...................

100

85,846

6.50%

,

11/15/43

...................

100

104,227

6.50%

,

11/15/53

...................

100

103,914

Kraft

Heinz

Foods

Co.

6.75%

,

03/15/32

(c)

..................

119

128,228

4.63%

,

10/01/39

...................

100

88,163

6.50%

,

02/09/40

...................

20

20,884

4.38%

,

06/01/46

...................

445

347,920

5.50%

,

06/01/50

...................

136

121,538

McCormick

&

Co.,

Inc.,

4.15%,

02/15/29

.....

100

99,030

Mondelez

International,

Inc.

2.75%

,

04/13/30

...................

164

152,790

3.00%

,

03/17/32

...................

100

90,480

Pilgrim's

Pride

Corp.,

6.88%,

05/15/34

......

200

215,913

Tyson

Foods,

Inc.

5.70%

,

03/15/34

...................

100

103,521

4.95%

,

02/20/36

...................

158

154,335

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Food

Products

(continued)

4.55%

,

06/02/47

...................

USD

114

$

95,951

3,405,438

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.

5.50%

,

06/15/41

...................

141

141,006

4.15%

,

01/15/43

...................

24

20,141

5.75%

,

10/15/52

...................

100

99,358

6.20%

,

11/15/53

...................

105

110,865

CenterPoint

Energy

Resources

Corp.,

5.85%,

01/15/41

.......................

106

108,175

EP

Infrastructure

A/S

(d)

4.13%

,

02/27/33

...................

EUR

2,695

2,993,063

4.38%

,

01/29/34

...................

245

273,597

Southern

California

Gas

Co.,

2.95%,

04/15/27

.

USD

112

110,527

3,856,732

Ground

Transportation

—

0.2%

Burlington

Northern

Santa

Fe

LLC

6.20%

,

08/15/36

...................

100

109,045

4.38%

,

09/01/42

...................

100

86,844

4.45%

,

03/15/43

...................

100

87,117

4.90%

,

04/01/44

...................

100

91,675

4.15%

,

04/01/45

...................

264

217,008

4.15%

,

12/15/48

...................

32

25,626

3.55%

,

02/15/50

...................

100

71,956

3.30%

,

09/15/51

...................

295

199,433

2.88%

,

06/15/52

...................

149

91,780

4.45%

,

01/15/53

...................

100

82,296

Canadian

National

Railway

Co.

4.20%

,

03/12/31

...................

100

98,627

5.85%

,

11/01/33

...................

121

128,623

6.25%

,

08/01/34

...................

200

217,675

Canadian

Pacific

Railway

Co.

4.00%

,

06/01/28

...................

215

213,769

7.13%

,

10/15/31

...................

158

176,025

2.45%

,

12/02/31

...................

179

159,042

4.80%

,

09/15/35

...................

186

184,253

3.00%

,

12/02/41

...................

143

105,094

CSX

Corp.

5.20%

,

11/15/33

...................

33

33,832

6.15%

,

05/01/37

...................

124

134,147

4.75%

,

05/30/42

...................

485

442,991

4.30%

,

03/01/48

...................

180

146,929

4.75%

,

11/15/48

...................

100

86,879

3.95%

,

05/01/50

...................

100

76,768

Fedex

Freight

Holding

Co.,

Inc.

(b)

4.30%

,

03/15/29

...................

100

98,801

4.65%

,

03/15/31

...................

100

98,286

4.95%

,

03/15/33

...................

200

195,060

Motability

Operations

Group

plc,

4.13%,

02/04/38

(d)

......................

EUR

940

1,059,390

Norfolk

Southern

Corp.

3.80%

,

08/01/28

...................

USD

68

67,313

5.55%

,

03/15/34

...................

59

61,157

3.94%

,

11/01/47

...................

323

246,826

3.05%

,

05/15/50

...................

148

94,963

4.05%

,

08/15/52

...................

125

94,593

4.55%

,

06/01/53

...................

100

82,006

Triton

Container

International

Ltd.,

5.15%,

02/15/33

.......................

547

535,590

Uber

Technologies,

Inc.

4.30%

,

01/15/30

...................

120

118,989

4.15%

,

01/15/31

...................

100

97,779

4.80%

,

09/15/34

...................

136

133,145

4.80%

,

09/15/35

...................

100

97,036

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

(continued)

Union

Pacific

Corp.

3.95%

,

09/10/28

...................

USD

100

$

99,444

3.70%

,

03/01/29

...................

100

98,670

2.38%

,

05/20/31

...................

100

90,622

2.80%

,

02/14/32

...................

135

122,767

3.38%

,

02/14/42

...................

491

380,119

3.95%

,

08/15/59

...................

175

126,839

3.84%

,

03/20/60

...................

423

299,224

4.10%

,

09/15/67

...................

100

72,290

3.75%

,

02/05/70

...................

128

85,049

7,723,392

Health

Care

Equipment

&

Supplies

—

0.2%

Abbott

Laboratories

4.00%

,

03/15/31

...................

420

413,346

4.30%

,

03/15/33

...................

468

458,011

4.75%

,

03/15/38

...................

366

354,913

4.75%

,

04/15/43

...................

221

203,065

5.50%

,

03/15/56

...................

205

201,008

5.60%

,

03/15/66

...................

66

64,333

Augusta

SpinCo

Corp.,

5.25%,

03/23/36

.....

54

54,013

Baxter

International,

Inc.

1.73%

,

04/01/31

...................

105

87,848

2.54%

,

02/01/32

...................

148

124,744

5.65%

,

12/15/35

...................

100

97,662

3.50%

,

08/15/46

...................

100

65,675

Becton

Dickinson

&

Co.

4.87%

,

02/08/29

...................

143

144,595

1.96%

,

02/11/31

...................

287

253,068

5.11%

,

02/08/34

...................

128

128,796

Boston

Scientific

Corp.,

2.65%,

06/01/30

....

173

161,189

DH

Europe

Finance

II

SARL

3.25%

,

11/15/39

...................

141

113,199

3.40%

,

11/15/49

...................

100

70,174

GE

HealthCare

Technologies,

Inc.

5.65%

,

11/15/27

...................

297

302,900

4.80%

,

08/14/29

...................

253

255,299

4.80%

,

01/15/31

...................

200

201,232

5.50%

,

06/15/35

...................

105

107,146

Medtronic

Global

Holdings

SCA

4.25%

,

03/30/28

...................

113

113,226

4.50%

,

03/30/33

...................

283

279,432

Medtronic,

Inc.,

4.38%,

03/15/35

.........

101

97,619

Solventum

Corp.

5.45%

,

03/13/31

...................

111

113,883

5.60%

,

03/23/34

...................

200

204,462

Stryker

Corp.

1.95%

,

06/15/30

...................

100

90,245

4.63%

,

09/11/34

...................

132

128,853

4.63%

,

03/15/46

...................

104

90,080

Zimmer

Biomet

Holdings,

Inc.

5.05%

,

02/19/30

...................

100

101,585

2.60%

,

11/24/31

...................

124

110,718

5,192,319

Health

Care

Providers

&

Services

—

0.5%

Cardinal

Health,

Inc.

4.50%

,

11/15/44

...................

148

124,037

4.90%

,

09/15/45

...................

127

111,980

Cencora,

Inc.

3.95%

,

02/13/29

...................

238

234,688

4.25%

,

11/15/30

...................

221

216,962

4.60%

,

02/13/33

...................

133

130,772

Centene

Corp.

3.38%

,

02/15/30

...................

100

90,334

3.00%

,

10/15/30

...................

162

141,970

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

2.50%

,

03/01/31

...................

USD

425

$

356,640

Cigna

Group

(The)

2.38%

,

03/15/31

...................

100

89,849

4.88%

,

09/15/32

...................

148

147,786

5.25%

,

01/15/36

...................

268

268,345

4.80%

,

07/15/46

...................

251

216,613

3.40%

,

03/15/50

...................

632

432,322

CVS

Health

Corp.

6.25%

,

06/01/27

...................

525

535,159

1.30%

,

08/21/27

...................

100

95,816

5.00%

,

01/30/29

...................

127

128,652

5.55%

,

06/01/31

...................

258

266,184

5.30%

,

06/01/33

...................

499

502,948

4.88%

,

07/20/35

...................

828

796,535

6.00%

,

06/01/44

...................

329

323,907

5.13%

,

07/20/45

...................

117

102,697

6.20%

,

09/15/55

...................

609

603,219

Elevance

Health,

Inc.

3.65%

,

12/01/27

...................

401

396,394

2.55%

,

03/15/31

...................

100

90,240

4.75%

,

02/15/33

...................

13

12,802

5.38%

,

06/15/34

...................

157

159,058

5.95%

,

12/15/34

...................

390

407,715

5.10%

,

01/15/44

...................

86

78,301

4.38%

,

12/01/47

...................

150

120,656

4.55%

,

05/15/52

...................

402

323,825

5.65%

,

06/15/54

...................

100

94,206

HCA,

Inc.

5.88%

,

02/01/29

...................

100

102,919

4.30%

,

11/15/30

...................

100

98,348

5.45%

,

04/01/31

...................

1,402

1,437,047

2.38%

,

07/15/31

...................

100

88,376

4.60%

,

11/15/32

...................

2,918

2,838,290

7.50%

,

11/06/33

...................

168

190,103

5.75%

,

03/01/35

...................

100

102,815

5.50%

,

06/15/47

...................

290

265,742

6.00%

,

04/01/54

...................

626

604,218

6.20%

,

03/01/55

...................

1,291

1,278,792

6.10%

,

04/01/64

...................

540

521,307

Laboratory

Corp.

of

America

Holdings

3.60%

,

09/01/27

...................

171

169,178

4.35%

,

04/01/30

...................

203

201,209

Quest

Diagnostics,

Inc.

2.95%

,

06/30/30

...................

100

93,686

6.40%

,

11/30/33

...................

100

108,849

15,701,491

Health

Care

REITs

—

0.1%

Alexandria

Real

Estate

Equities,

Inc.

4.50%

,

07/30/29

...................

152

151,118

3.38%

,

08/15/31

...................

200

184,457

2.00%

,

05/18/32

...................

100

83,664

2.95%

,

03/15/34

...................

105

88,757

5.50%

,

10/01/35

...................

100

99,534

5.63%

,

05/15/54

...................

115

106,919

Healthcare

Realty

Holdings

LP,

2.00%,

03/15/31

100

86,832

Healthpeak

OP

LLC

3.50%

,

07/15/29

...................

100

96,641

4.75%

,

01/15/33

...................

205

200,531

Omega

Healthcare

Investors,

Inc.,

3.38%,

02/01/31

.......................

175

161,739

Ventas

Realty

LP

4.40%

,

01/15/29

...................

100

99,426

4.75%

,

11/15/30

...................

134

134,234

5.10%

,

07/15/32

...................

100

100,550

5.63%

,

07/01/34

...................

100

102,552

Security

Par

(000)

Par

(000)

Value

Health

Care

REITs

(continued)

Welltower

OP

LLC

4.50%

,

07/01/30

...................

USD

139

$

139,043

2.80%

,

06/01/31

...................

143

130,937

2.75%

,

01/15/32

...................

100

89,922

2,056,856

Hotel

&

Resort

REITs

—

0.0%

Host

Hotels

&

Resorts

LP

Series

I

,

3.50%

,

09/15/30

.............

146

137,244

5.50%

,

04/15/35

...................

100

99,214

236,458

Hotels,

Restaurants

&

Leisure

—

0.1%

Arcos

Dorados

BV,

6.38%,

01/29/32

(d)

......

911

930,860

Booking

Holdings,

Inc.,

3.25%,

11/21/32

.....

EUR

710

791,321

Expedia

Group,

Inc.

4.63%

,

08/01/27

...................

USD

319

319,263

3.25%

,

02/15/30

...................

112

105,833

Marriott

International,

Inc.

Series

HH

,

2.85%

,

04/15/31

...........

100

91,570

4.50%

,

05/01/33

...................

104

100,487

5.30%

,

05/15/34

...................

145

146,348

5.10%

,

05/01/38

...................

287

272,848

McDonald's

Corp.

5.00%

,

05/17/29

...................

19

19,431

5.20%

,

05/17/34

...................

114

116,562

4.95%

,

03/03/35

...................

331

329,267

4.60%

,

05/26/45

...................

321

276,683

5.15%

,

09/09/52

...................

275

248,461

3,748,934

Household

Durables

—

0.0%

DR

Horton,

Inc.,

5.50%,

10/15/35

.........

127

128,870

Leggett

&

Platt,

Inc.,

4.40%,

03/15/29

......

200

195,256

PulteGroup,

Inc.,

4.25%,

03/01/31

.........

338

330,328

654,454

Household

Products

—

0.0%

Colgate-Palmolive

Co.,

3.70%,

08/01/47

.....

453

350,430

Procter

&

Gamble

Co.

(The)

1.20%

,

10/29/30

...................

61

53,390

4.10%

,

11/03/32

...................

100

98,387

4.35%

,

11/03/35

...................

164

159,014

5.55%

,

03/05/37

...................

153

162,095

823,316

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Andes

SA,

6.30%,

03/15/29

(d)

........

904

923,775

Constellation

Energy

Generation

LLC

4.63%

,

02/01/29

(b)

..................

467

461,351

5.60%

,

06/15/42

...................

127

124,456

6.50%

,

10/01/53

...................

123

130,536

Oglethorpe

Power

Corp.,

5.90%,

02/01/55

....

100

97,099

1,737,217

Industrial

Conglomerates

—

0.0%

3M

Co.

2.88%

,

10/15/27

...................

100

98,038

2.38%

,

08/26/29

...................

127

119,082

4.80%

,

03/15/30

...................

156

157,671

5.70%

,

03/15/37

...................

51

52,937

3.63%

,

10/15/47

...................

108

78,111

3.70%

,

04/15/50

...................

100

72,048

Honeywell

International,

Inc.,

4.50%,

01/15/34

.

377

370,889

948,776

Industrial

REITs

—

0.0%

Prologis

LP

4.38%

,

02/01/29

...................

288

288,156

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Industrial

REITs

(continued)

1.75%

,

02/01/31

...................

USD

224

$

196,814

2.25%

,

01/15/32

...................

166

145,659

5.13%

,

01/15/34

...................

164

165,794

5.00%

,

01/31/35

...................

75

74,735

2.13%

,

10/15/50

...................

135

71,611

Trust

2401,

7.70%,

01/23/32

(b)

...........

408

435,870

1,378,639

Insurance

—

0.3%

Allstate

Corp.

(The)

5.95%

,

04/01/36

...................

100

105,476

4.50%

,

06/15/43

...................

100

84,981

American

Financial

Group,

Inc.,

5.00%,

09/23/35

119

114,160

American

International

Group,

Inc.

5.13%

,

03/27/33

...................

120

121,156

5.45%

,

05/07/35

...................

100

101,998

4.50%

,

07/16/44

...................

100

85,496

American

National

Group,

Inc.

5.75%

,

10/01/29

...................

100

101,031

6.00%

,

07/15/35

...................

100

97,489

Aon

Corp.

3.75%

,

05/02/29

...................

126

123,664

5.00%

,

09/12/32

...................

133

133,779

3.90%

,

02/28/52

...................

100

72,920

Aon

Global

Ltd.,

4.60%,

06/14/44

.........

89

75,413

Aon

North

America,

Inc.

5.30%

,

03/01/31

...................

100

102,031

5.45%

,

03/01/34

...................

222

226,714

Arch

Capital

Group

Ltd.,

7.35%,

05/01/34

....

100

113,222

Arthur

J

Gallagher

&

Co.

5.00%

,

02/15/32

...................

100

100,238

6.50%

,

02/15/34

...................

70

75,694

5.45%

,

07/15/34

...................

132

134,083

3.50%

,

05/20/51

...................

21

14,365

6.75%

,

02/15/54

...................

200

215,967

Athene

Holding

Ltd.,

6.63%,

05/19/55

......

100

96,334

AXIS

Specialty

Finance

LLC,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.19%),

4.90%,

01/15/40

(a)

.....

273

261,864

Berkshire

Hathaway

Finance

Corp.

4.40%

,

05/15/42

...................

178

159,023

4.20%

,

08/15/48

...................

219

178,500

4.25%

,

01/15/49

...................

124

101,766

2.85%

,

10/15/50

...................

236

148,141

Brown

&

Brown,

Inc.

2.38%

,

03/15/31

...................

100

87,991

4.20%

,

03/17/32

...................

136

128,373

5.25%

,

06/23/32

...................

100

99,723

5.65%

,

06/11/34

...................

100

100,850

Chubb

INA

Holdings

LLC

5.00%

,

03/15/34

...................

235

236,306

6.00%

,

05/11/37

...................

220

234,721

4.15%

,

03/13/43

...................

143

120,328

CNA

Financial

Corp.,

5.13%,

02/15/34

......

108

106,322

E.ON

International

Finance

BV,

3.50%,

09/03/35

(d)

......................

EUR

800

893,371

Everest

Reinsurance

Holdings,

Inc.,

3.13%,

10/15/52

.......................

USD

100

60,310

F&G

Annuities

&

Life,

Inc.

7.40%

,

01/13/28

...................

250

254,452

6.50%

,

06/04/29

...................

238

238,994

Fairfax

Financial

Holdings

Ltd.

3.38%

,

03/03/31

...................

100

93,110

6.00%

,

12/07/33

...................

165

172,386

6.10%

,

03/15/55

...................

100

97,741

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Hartford

Insurance

Group,

Inc.

(The)

2.80%

,

08/19/29

...................

USD

194

$

183,702

4.40%

,

03/15/48

...................

131

108,112

Lincoln

National

Corp.

5.85%

,

03/15/34

...................

100

101,768

7.00%

,

06/15/40

...................

100

108,210

Loews

Corp.,

4.94%,

04/01/36

...........

49

47,952

Manulife

Financial

Corp.,

4.99%,

12/11/35

....

145

141,656

Markel

Group,

Inc.

3.35%

,

09/17/29

...................

165

158,078

6.00%

,

05/16/54

...................

112

109,011

Marsh

&

McLennan

Cos.,

Inc.

4.55%

,

11/08/27

...................

372

373,693

5.40%

,

09/15/33

...................

164

169,124

5.15%

,

03/15/34

...................

164

165,949

4.95%

,

03/15/36

...................

66

65,376

4.75%

,

03/15/39

...................

100

93,824

5.35%

,

11/15/44

...................

10

9,467

4.20%

,

03/01/48

...................

100

80,052

4.90%

,

03/15/49

...................

100

88,232

6.25%

,

11/01/52

...................

100

104,989

5.45%

,

03/15/53

...................

100

94,414

MetLife,

Inc.

4.72%

,

12/15/44

(c)

..................

709

617,211

Series

G

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.08%),

6.35%

,

03/15/55

(a)

................

200

202,950

Nippon

Life

Insurance

Co.,

4.75%,

04/02/31

(d)

.

225

225,563

Principal

Financial

Group,

Inc.,

5.38%,

03/15/33

100

102,099

Progressive

Corp.

(The)

3.70%

,

01/26/45

...................

293

223,071

3.70%

,

03/15/52

...................

100

72,684

Prudential

Financial,

Inc.

(3-mo.

SOFR

+

2.64%),

4.50%

,

09/15/47

(a)

.

100

97,541

3.91%

,

12/07/47

...................

894

673,545

Travelers

Cos.,

Inc.

(The)

6.75%

,

06/20/36

...................

100

112,942

5.35%

,

11/01/40

...................

252

249,346

5.45%

,

05/25/53

...................

104

99,468

Unum

Group,

5.25%,

12/15/35

...........

100

97,805

Willis

North

America,

Inc.

5.35%

,

05/15/33

...................

145

146,517

3.88%

,

09/15/49

...................

100

72,396

11,267,230

Interactive

Media

&

Services

—

0.5%

Alphabet,

Inc.

3.70%

,

02/15/29

...................

292

289,490

4.10%

,

11/15/30

...................

3,801

3,775,090

4.10%

,

02/15/31

...................

292

289,971

4.40%

,

02/15/33

...................

256

252,812

4.80%

,

02/15/36

...................

624

621,327

5.35%

,

11/15/45

...................

293

286,493

5.45%

,

11/15/55

...................

255

246,891

5.65%

,

02/15/56

...................

2,478

2,470,030

4.38%

,

11/06/64

...................

EUR

910

987,677

5.70%

,

11/15/75

...................

USD

4,520

4,380,634

Meta

Platforms,

Inc.

4.60%

,

11/15/32

...................

240

237,645

4.75%

,

08/15/34

...................

138

136,498

5.50%

,

11/15/45

...................

284

268,753

5.40%

,

08/15/54

...................

889

805,218

4.65%

,

08/15/62

...................

1,372

1,062,179

16,110,708

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

IT

Services

—

0.6%

Beignet

Investor

LLC,

6.58%,

05/30/49

(b)

.....

USD

9,644

$

9,915,538

Booz

Allen

Hamilton,

Inc.,

5.95%,

04/15/35

...

100

100,815

Gartner,

Inc.

(b)

4.50%

,

07/01/28

...................

5,627

5,532,105

3.63%

,

06/15/29

...................

3,644

3,428,126

3.75%

,

10/01/30

...................

214

194,588

IBM

International

Capital

Pte.

Ltd.

4.75%

,

02/05/31

...................

200

200,266

4.90%

,

02/05/34

...................

416

410,456

International

Business

Machines

Corp.

5.60%

,

11/30/39

...................

587

590,748

2.95%

,

05/15/50

...................

425

260,277

4.90%

,

07/27/52

...................

200

168,415

Kyndryl

Holdings,

Inc.,

6.35%,

02/20/34

.....

246

228,224

21,029,558

Leisure

Products

—

0.0%

Hasbro,

Inc.,

6.05%,

05/14/34

...........

100

104,231

Life

Sciences

Tools

&

Services

—

0.0%

Thermo

Fisher

Scientific,

Inc.

4.55%

,

06/15/33

...................

430

424,856

4.90%

,

02/12/36

...................

234

232,338

5.30%

,

02/01/44

...................

100

96,630

753,824

Machinery

—

0.1%

Caterpillar,

Inc.

6.05%

,

08/15/36

...................

56

61,190

5.20%

,

05/27/41

...................

100

98,867

3.80%

,

08/15/42

...................

84

69,296

Cummins,

Inc.

4.70%

,

02/15/31

...................

183

184,896

5.30%

,

05/09/35

...................

170

173,277

Deere

Funding

Canada

Corp.,

4.15%,

10/09/30

100

98,713

Ingersoll

Rand,

Inc.,

5.20%,

06/15/27

.......

268

270,321

Otis

Worldwide

Corp.,

2.57%,

02/15/30

.....

313

290,572

Parker-Hannifin

Corp.

4.25%

,

09/15/27

...................

130

130,053

4.50%

,

09/15/29

...................

103

103,596

4.10%

,

03/01/47

...................

133

107,058

Stanley

Black

&

Decker,

Inc.

4.25%

,

11/15/28

...................

172

171,724

3.00%

,

05/15/32

...................

114

102,804

1,862,367

Media

—

0.3%

Charter

Communications

Operating

LLC

5.38%

,

04/01/38

...................

263

235,714

6.48%

,

10/23/45

...................

729

672,112

5.75%

,

04/01/48

...................

758

632,172

3.90%

,

06/01/52

...................

1,265

805,286

3.85%

,

04/01/61

...................

1,304

761,551

Fox

Corp.

6.50%

,

10/13/33

...................

111

119,125

5.48%

,

01/25/39

...................

113

109,306

5.58%

,

01/25/49

...................

100

92,164

Omnicom

Group,

Inc.,

5.40%,

10/01/48

.....

100

87,130

Paramount

Global

3.70%

,

10/04/26

(c)

..................

610

601,054

2.90%

,

01/15/27

...................

2,793

2,745,598

7.88%

,

07/30/30

...................

100

104,393

4.85%

,

07/01/42

...................

172

109,838

5.85%

,

09/01/43

...................

47

32,631

TCI

Communications,

Inc.,

7.13%,

02/15/28

...

100

104,930

Security

Par

(000)

Par

(000)

Value

Media

(continued)

WPP

Finance

2013

3.63%

,

06/09/31

(d)

..................

EUR

2,980

$

3,286,120

10,499,124

Metals

&

Mining

—

0.2%

Anglo

American

Capital

plc,

3.75%,

06/15/29

(d)

.

1,374

1,594,030

Barrick

North

America

Finance

LLC,

5.70%,

05/30/41

.......................

USD

126

126,160

Freeport-McMoRan,

Inc.

4.25%

,

03/01/30

...................

164

160,645

5.45%

,

03/15/43

...................

131

123,937

Glencore

Funding

LLC,

2.50%,

09/01/30

(b)

....

781

710,196

Newmont

Corp.,

5.35%,

03/15/34

.........

119

122,383

Nucor

Corp.

2.70%

,

06/01/30

...................

170

158,585

6.40%

,

12/01/37

...................

100

110,230

Rio

Tinto

Alcan,

Inc.

6.13%

,

12/15/33

...................

100

107,299

5.75%

,

06/01/35

...................

231

241,270

Rio

Tinto

Finance

USA

Ltd.,

5.20%,

11/02/40

..

174

169,348

Rio

Tinto

Finance

USA

plc

5.00%

,

03/09/33

...................

262

266,159

5.75%

,

03/14/55

...................

100

99,760

Steel

Dynamics,

Inc.,

5.25%,

05/15/35

......

100

100,043

Vale

Overseas

Ltd.,

6.40%,

06/28/54

.......

1,311

1,319,102

5,409,147

Multi-Utilities

—

0.1%

Ameren

Illinois

Co.

4.95%

,

06/01/33

...................

66

66,325

4.15%

,

03/15/46

...................

139

112,207

5.55%

,

07/01/54

...................

100

96,112

Berkshire

Hathaway

Energy

Co.

5.95%

,

05/15/37

...................

100

105,130

4.45%

,

01/15/49

...................

114

92,478

CMS

Energy

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.90%),

3.75%,

12/01/50

(a)

............

314

286,451

Consolidated

Edison

Co.

of

New

York,

Inc.

5.50%

,

03/15/34

...................

100

103,725

Series

06-B

,

6.20%

,

06/15/36

..........

257

275,004

Series

09-C

,

5.50%

,

12/01/39

..........

208

208,228

3.85%

,

06/15/46

...................

100

76,574

4.63%

,

12/01/54

...................

100

82,386

4.50%

,

05/15/58

...................

200

159,362

3.70%

,

11/15/59

...................

266

180,491

Consumers

Energy

Co.

4.63%

,

05/15/33

...................

117

115,867

4.20%

,

09/01/52

...................

146

115,373

Dominion

Energy,

Inc.

Series

F

,

5.25%

,

08/01/33

.............

100

101,179

7.00%

,

06/15/38

...................

100

110,367

Series

C

,

4.05%

,

09/15/42

............

100

79,022

DTE

Energy

Co.

5.20%

,

04/01/30

...................

304

310,039

5.85%

,

06/01/34

...................

100

104,705

NiSource,

Inc.,

4.80%,

02/15/44

..........

85

74,429

Public

Service

Enterprise

Group,

Inc.

5.88%

,

10/15/28

...................

348

359,116

6.13%

,

10/15/33

...................

214

226,658

Puget

Energy,

Inc.

2.38%

,

06/15/28

...................

158

150,591

4.10%

,

06/15/30

...................

206

199,636

4.22%

,

03/15/32

...................

137

130,683

5.73%

,

03/15/35

...................

100

100,728

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Multi-Utilities

(continued)

San

Diego

Gas

&

Electric

Co.

4.95%

,

08/15/28

...................

USD

288

$

292,561

6.00%

,

06/01/39

...................

265

275,659

2.95%

,

08/15/51

...................

176

110,520

Sempra,

5.25%,

03/15/36

..............

45

44,366

Southern

Co.

Gas

Capital

Corp.,

4.40%,

06/01/43

.......................

140

117,347

4,863,319

Office

REITs

—

0.0%

Boston

Properties

LP

2.90%

,

03/15/30

...................

100

92,668

2.45%

,

10/01/33

...................

106

85,594

6.50%

,

01/15/34

...................

109

114,110

5.75%

,

01/15/35

...................

100

99,451

Cousins

Properties

LP,

4.88%,

03/01/33

.....

182

175,224

Highwoods

Realty

LP,

5.35%,

01/15/33

.....

200

195,280

Piedmont

Operating

Partnership

LP,

5.63%,

01/15/33

.......................

148

143,819

906,146

Oil,

Gas

&

Consumable

Fuels

—

5.1%

Antero

Resources

Corp.,

5.38%,

03/01/30

(b)

...

10,435

10,488,166

APA

Corp.,

5.25%,

02/01/42

............

196

167,358

Boardwalk

Pipelines

LP,

5.38%,

02/15/36

....

149

146,602

BP

Capital

Markets

America,

Inc.

5.02%

,

11/17/27

...................

143

144,877

4.70%

,

04/10/29

...................

100

101,180

4.97%

,

10/17/29

...................

300

306,254

1.75%

,

08/10/30

...................

116

103,773

2.72%

,

01/12/32

...................

100

90,363

4.89%

,

09/11/33

...................

340

341,733

4.99%

,

04/10/34

...................

100

100,693

3.06%

,

06/17/41

...................

115

86,429

2.77%

,

11/10/50

...................

485

297,821

Burlington

Resources

LLC,

5.95%,

10/15/36

..

100

106,819

Cameron

LNG

LLC,

3.40%,

01/15/38

(b)

......

1,674

1,457,593

Canadian

Natural

Resources

Ltd.

6.45%

,

06/30/33

...................

100

107,531

6.50%

,

02/15/37

...................

100

106,718

6.25%

,

03/15/38

...................

100

105,178

Cenovus

Energy,

Inc.

5.40%

,

03/20/36

...................

100

99,484

6.75%

,

11/15/39

...................

100

108,895

Cheniere

Corpus

Christi

Holdings

LLC,

2.74%,

12/31/39

.......................

4,147

3,506,706

Cheniere

Energy

Partners

LP

4.00%

,

03/01/31

...................

184

176,626

3.25%

,

01/31/32

...................

142

129,420

5.75%

,

08/15/34

...................

143

147,293

Cheniere

Energy,

Inc.,

5.20%,

07/30/36

(b)

....

75

74,234

Chevron

Corp.,

2.24%,

05/11/30

..........

199

183,727

Chevron

USA,

Inc.

4.69%

,

04/15/30

...................

112

113,741

4.98%

,

04/15/35

...................

222

224,841

ConocoPhillips

5.90%

,

05/15/38

...................

100

105,583

4.88%

,

10/01/47

...................

380

333,986

ConocoPhillips

Co.

6.95%

,

04/15/29

...................

243

260,934

5.05%

,

09/15/33

...................

71

72,106

3.80%

,

03/15/52

...................

189

138,073

5.65%

,

01/15/65

...................

100

95,089

Continental

Resources,

Inc.,

4.90%,

06/01/44

.

100

78,899

Coterra

Energy,

Inc.,

5.60%,

03/15/34

......

100

102,341

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Devon

Energy

Corp.

5.60%

,

07/15/41

...................

USD

100

$

96,650

5.00%

,

06/15/45

...................

109

95,693

5.75%

,

09/15/54

...................

100

93,977

Diamondback

Energy,

Inc.

3.25%

,

12/01/26

...................

9,863

9,799,176

5.20%

,

04/18/27

...................

227

228,787

3.50%

,

12/01/29

...................

11,766

11,353,104

3.13%

,

03/24/31

...................

8,057

7,469,843

5.40%

,

04/18/34

...................

272

276,134

4.25%

,

03/15/52

...................

1,580

1,222,814

6.25%

,

03/15/53

...................

226

228,572

Eastern

Energy

Gas

Holdings

LLC

5.80%

,

01/15/35

...................

66

68,446

5.65%

,

10/15/54

...................

100

94,187

Eastern

Gas

Transmission

&

Storage,

Inc.,

3.00%,

11/15/29

..................

101

95,667

Enbridge

Energy

Partners

LP

Series

B

,

7.50%

,

04/15/38

.............

100

115,852

7.38%

,

10/15/45

...................

142

162,485

Enbridge,

Inc.

3.70%

,

07/15/27

...................

344

340,728

3.13%

,

11/15/29

...................

100

95,310

5.70%

,

03/08/33

...................

352

364,632

5.50%

,

12/01/46

...................

107

102,057

6.70%

,

11/15/53

...................

163

176,893

Energy

Transfer

LP

5.25%

,

07/01/29

...................

19

19,415

8.25%

,

11/15/29

...................

401

445,589

4.55%

,

01/15/31

...................

111

109,992

6.55%

,

12/01/33

...................

275

296,907

5.60%

,

09/01/34

...................

307

312,884

6.05%

,

06/01/41

...................

136

136,086

5.15%

,

02/01/43

...................

125

110,638

5.30%

,

04/01/44

...................

152

136,195

5.35%

,

05/15/45

...................

153

136,777

6.13%

,

12/15/45

...................

140

136,788

6.00%

,

06/15/48

...................

100

95,990

5.00%

,

05/15/50

...................

427

354,357

6.20%

,

04/01/55

...................

135

131,066

Enterprise

Products

Operating

LLC

4.15%

,

10/16/28

...................

125

124,748

4.60%

,

01/15/31

...................

138

138,225

4.85%

,

01/31/34

...................

100

99,813

7.55%

,

04/15/38

...................

159

188,293

6.13%

,

10/15/39

...................

223

237,266

5.70%

,

02/15/42

...................

100

100,137

4.85%

,

03/15/44

...................

219

197,658

4.90%

,

05/15/46

...................

100

89,402

4.95%

,

10/15/54

...................

453

397,284

Series

E

,

(3-mo.

CME

Term

SOFR

+

3.29%),

5.25%

,

08/16/77

(a)

................

331

328,049

EOG

Resources,

Inc.

5.00%

,

07/15/32

...................

100

101,244

5.35%

,

01/15/36

...................

125

126,853

5.65%

,

12/01/54

...................

112

109,078

EQT

Corp.

3.13%

,

05/15/26

(b)

..................

2,508

2,502,954

3.90%

,

10/01/27

...................

3,106

3,068,141

5.70%

,

04/01/28

...................

5,379

5,503,291

5.50%

,

07/15/28

...................

285

288,652

4.50%

,

01/15/29

...................

3,184

3,176,553

5.00%

,

01/15/29

...................

2,696

2,712,037

7.00%

,

02/01/30

(c)

..................

7,477

7,999,461

7.50%

,

06/01/30

...................

14,623

15,924,135

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

4.75%

,

01/15/31

...................

USD

18,326

$

18,229,504

3.63%

,

05/15/31

(b)

..................

7,560

7,049,960

5.75%

,

02/01/34

...................

100

103,093

Expand

Energy

Corp.

5.38%

,

02/01/29

...................

3,313

3,310,060

5.88%

,

02/01/29

(b)

..................

777

777,516

6.75%

,

04/15/29

(b)

..................

2,954

2,956,076

5.38%

,

03/15/30

...................

2,701

2,723,447

4.75%

,

02/01/32

...................

205

199,745

5.70%

,

01/15/35

...................

11,422

11,600,762

Exxon

Mobil

Corp.

4.23%

,

03/19/40

...................

100

90,488

4.11%

,

03/01/46

...................

148

121,995

4.33%

,

03/19/50

...................

326

271,068

3.45%

,

04/15/51

...................

100

71,228

Greensaif

Pipelines

Bidco

SARL,

5.85%,

02/23/36

(d)

......................

1,268

1,270,536

Hess

Corp.

7.30%

,

08/15/31

...................

722

815,923

6.00%

,

01/15/40

...................

490

518,192

HF

Sinclair

Corp.,

5.50%,

09/01/32

........

126

126,287

KazMunayGas

National

Co.

JSC,

6.38%,

10/24/48

(d)

......................

356

351,564

Kinder

Morgan

Energy

Partners

LP

7.30%

,

08/15/33

...................

334

377,048

5.80%

,

03/15/35

...................

312

323,543

6.50%

,

09/01/39

...................

100

106,695

6.55%

,

09/15/40

...................

377

403,458

7.50%

,

11/15/40

...................

143

165,759

Kinder

Morgan,

Inc.

4.80%

,

02/01/33

...................

17

16,862

3.25%

,

08/01/50

...................

231

150,030

Marathon

Petroleum

Corp.

6.50%

,

03/01/41

...................

107

113,892

4.75%

,

09/15/44

...................

100

85,020

MPLX

LP

5.00%

,

01/15/33

...................

133

132,024

5.00%

,

03/01/33

...................

100

99,439

5.50%

,

06/01/34

...................

130

131,338

5.40%

,

04/01/35

...................

302

301,696

4.50%

,

04/15/38

...................

100

89,862

5.20%

,

12/01/47

...................

100

87,722

4.95%

,

03/14/52

...................

543

450,776

NGPL

PipeCo

LLC,

3.25%,

07/15/31

(b)

......

1,914

1,758,952

Occidental

Petroleum

Corp.

8.88%

,

07/15/30

...................

441

501,980

6.45%

,

09/15/36

...................

114

121,809

7.95%

,

06/15/39

...................

100

117,190

6.20%

,

03/15/40

...................

85

86,814

4.20%

,

03/15/48

...................

106

79,666

ONEOK

Partners

LP,

6.85%,

10/15/37

......

215

234,185

ONEOK,

Inc.

4.00%

,

07/13/27

...................

199

197,867

6.35%

,

01/15/31

...................

110

116,876

6.05%

,

09/01/33

...................

126

132,127

5.40%

,

10/15/35

...................

118

117,220

5.45%

,

06/01/47

...................

388

349,864

3.95%

,

03/01/50

...................

501

355,007

7.15%

,

01/15/51

...................

100

107,838

ORLEN

SA,

6.00%,

01/30/35

(d)

...........

1,251

1,274,456

Ovintiv,

Inc.

6.25%

,

07/15/33

...................

113

119,229

6.50%

,

02/01/38

...................

100

104,767

Phillips

66

Co.

4.68%

,

02/15/45

...................

74

62,323

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

4.90%

,

10/01/46

...................

USD

110

$

95,267

5.50%

,

03/15/55

...................

100

91,665

Plains

All

American

Pipeline

LP

5.95%

,

06/15/35

...................

200

206,500

6.65%

,

01/15/37

...................

100

107,782

5.15%

,

06/01/42

...................

103

92,421

Raizen

Fuels

Finance

SA

6.25%

,

07/08/32

(b)

..................

334

182,942

6.45%

,

03/05/34

(d)

..................

383

210,650

Repsol

E&P

Capital

Markets

US

LLC,

4.81%,

09/16/28

(b)

......................

355

356,480

Sabine

Pass

Liquefaction

LLC

4.50%

,

05/15/30

...................

133

132,034

5.90%

,

09/15/37

...................

2,226

2,320,856

Suncor

Energy,

Inc.

6.80%

,

05/15/38

...................

111

121,285

6.85%

,

06/01/39

...................

100

109,526

Targa

Resources

Partners

LP,

4.88%,

02/01/31

2,609

2,604,877

TotalEnergies

Capital

International

SA,

3.46%,

02/19/29

.......................

185

181,703

TotalEnergies

Capital

SA

5.15%

,

04/05/34

...................

85

86,930

5.28%

,

09/10/54

...................

318

296,615

5.64%

,

04/05/64

...................

100

95,958

TotalEnergies

Capital

USA

LLC

4.25%

,

01/13/31

...................

170

168,432

4.86%

,

01/13/36

...................

200

196,924

TransCanada

PipeLines

Ltd.

4.25%

,

05/15/28

...................

250

248,875

4.63%

,

03/01/34

...................

165

159,680

6.20%

,

10/15/37

...................

102

108,225

6.10%

,

06/01/40

...................

200

207,295

Transcontinental

Gas

Pipe

Line

Co.

LLC

5.10%

,

03/15/36

(b)

..................

16

15,859

4.45%

,

08/01/42

...................

112

95,945

Valero

Energy

Corp.

7.50%

,

04/15/32

...................

100

113,174

5.15%

,

03/10/36

...................

94

92,663

3.65%

,

12/01/51

...................

100

67,877

Valero

Energy

Partners

LP,

4.50%,

03/15/28

..

158

158,033

Viper

Energy

Partners

LLC

4.90%

,

08/01/30

...................

2,998

2,996,021

5.70%

,

08/01/35

...................

2,537

2,556,814

Western

Midstream

Operating

LP

5.45%

,

11/15/34

...................

101

100,013

5.45%

,

04/01/44

...................

100

88,959

5.30%

,

03/01/48

...................

143

120,869

5.25%

,

02/01/50

(c)

..................

100

84,342

Williams

Cos.,

Inc.

(The)

4.63%

,

06/30/30

...................

148

147,865

8.75%

,

03/15/32

(c)

..................

200

237,524

5.15%

,

03/15/34

...................

175

175,225

5.30%

,

09/30/35

...................

159

158,852

4.90%

,

01/15/45

...................

402

351,645

5.30%

,

08/15/52

...................

286

257,305

174,190,716

Paper

&

Forest

Products

—

0.0%

Suzano

Austria

GmbH,

Series

DM3N,

3.13%,

01/15/32

.......................

1,482

1,298,973

Personal

Care

Products

—

0.0%

Estee

Lauder

Cos.,

Inc.

(The)

2.38%

,

12/01/29

...................

100

93,100

4.65%

,

05/15/33

...................

100

98,305

4.15%

,

03/15/47

...................

158

121,872

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Personal

Care

Products

(continued)

Kenvue,

Inc.

5.05%

,

03/22/28

...................

USD

492

$

499,508

4.85%

,

05/22/32

...................

110

111,172

923,957

Pharmaceuticals

—

0.5%

Astrazeneca

Finance

LLC

4.88%

,

03/03/28

...................

148

150,271

4.85%

,

02/26/29

...................

123

125,122

5.00%

,

02/26/34

...................

173

175,543

AstraZeneca

plc

4.00%

,

01/17/29

...................

405

404,052

1.38%

,

08/06/30

...................

107

94,422

6.45%

,

09/15/37

...................

223

249,220

4.00%

,

09/18/42

...................

100

84,120

BMS

Ireland

Capital

Funding

DAC,

4.29%,

11/10/45

.......................

EUR

959

1,073,451

Bristol-Myers

Squibb

Co.

4.90%

,

02/22/29

...................

USD

352

359,463

5.75%

,

02/01/31

...................

100

105,597

5.10%

,

02/22/31

...................

245

251,847

5.90%

,

11/15/33

...................

307

329,064

5.50%

,

02/22/44

...................

546

535,516

6.25%

,

11/15/53

...................

100

106,166

5.55%

,

02/22/54

...................

381

366,867

5.65%

,

02/22/64

...................

138

133,707

Eli

Lilly

&

Co.

3.38%

,

03/15/29

...................

372

364,650

4.20%

,

08/14/29

...................

968

968,917

4.75%

,

02/12/30

...................

161

163,917

4.25%

,

03/15/31

...................

100

99,521

4.90%

,

02/12/32

...................

100

102,222

4.55%

,

10/15/32

...................

90

90,042

4.70%

,

02/27/33

...................

100

100,715

5.55%

,

03/15/37

...................

102

107,523

4.88%

,

02/27/53

...................

226

201,901

5.55%

,

10/15/55

...................

225

222,106

5.10%

,

02/09/64

...................

119

107,044

5.60%

,

02/12/65

...................

113

110,590

Johnson

&

Johnson

6.95%

,

09/01/29

...................

373

408,318

4.90%

,

06/01/31

...................

151

156,024

4.85%

,

03/01/32

...................

100

102,837

3.40%

,

01/15/38

...................

306

265,278

5.85%

,

07/15/38

...................

89

96,951

4.50%

,

12/05/43

...................

295

271,971

3.50%

,

01/15/48

...................

100

75,509

2.45%

,

09/01/60

...................

102

54,665

Merck

&

Co.,

Inc.

4.15%

,

03/15/31

...................

86

85,039

6.50%

,

12/01/33

(c)

..................

278

308,797

6.55%

,

09/15/37

...................

550

618,787

3.60%

,

09/15/42

...................

261

207,203

5.50%

,

03/15/46

...................

205

200,832

5.70%

,

09/15/55

...................

227

225,242

5.55%

,

12/04/55

...................

110

106,821

5.70%

,

12/04/65

...................

160

155,448

Novartis

Capital

Corp.

3.80%

,

09/18/29

...................

100

98,702

4.60%

,

11/05/35

...................

121

118,569

4.40%

,

05/06/44

...................

433

379,562

4.70%

,

09/18/54

...................

100

87,360

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.65%

,

05/19/30

...................

102

102,774

5.30%

,

05/19/53

...................

103

95,725

5.34%

,

05/19/63

...................

176

159,866

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Pfizer,

Inc.

3.45%

,

03/15/29

...................

USD

289

$

284,092

2.63%

,

04/01/30

...................

227

212,548

1.75%

,

08/18/31

...................

510

445,330

4.50%

,

11/15/32

...................

433

429,446

4.88%

,

11/15/35

...................

297

294,035

7.20%

,

03/15/39

...................

437

510,837

5.60%

,

09/15/40

...................

196

200,791

4.13%

,

12/15/46

...................

69

55,559

4.20%

,

09/15/48

...................

470

378,826

5.70%

,

11/15/65

...................

100

96,550

Royalty

Pharma

plc

5.15%

,

09/02/29

...................

148

150,665

5.40%

,

09/02/34

...................

119

119,981

3.55%

,

09/02/50

...................

112

75,581

5.90%

,

09/02/54

...................

100

96,008

Takeda

US

Financing,

Inc.

5.20%

,

07/07/35

...................

326

326,024

5.90%

,

07/07/55

...................

200

199,065

Zoetis,

Inc.

3.00%

,

09/12/27

...................

240

235,938

4.15%

,

08/17/28

...................

100

99,689

5.00%

,

08/17/35

...................

100

99,186

4.70%

,

02/01/43

...................

100

89,172

15,965,179

Professional

Services

—

0.0%

Verisk

Analytics,

Inc.

4.45%

,

03/15/31

...................

140

137,672

5.25%

,

06/05/34

...................

100

99,598

237,270

Residential

REITs

—

0.2%

American

Homes

4

Rent

LP

4.95%

,

06/15/30

...................

100

100,366

5.50%

,

02/01/34

...................

123

124,076

5.50%

,

07/15/34

...................

100

100,035

AvalonBay

Communities,

Inc.,

3.90%,

10/15/46

424

327,656

Camden

Property

Trust,

3.15%,

07/01/29

....

269

257,989

ERP

Operating

LP

3.50%

,

03/01/28

...................

131

129,030

4.50%

,

06/01/45

...................

100

84,936

Essex

Portfolio

LP,

5.50%,

04/01/34

.......

200

202,509

Invitation

Homes

Operating

Partnership

LP

4.95%

,

01/15/33

...................

100

97,657

5.50%

,

08/15/33

...................

100

100,132

Mid-America

Apartments

LP,

5.00%,

03/15/34

.

100

99,346

Store

Capital

LLC

5.40%

,

04/30/30

...................

2,894

2,907,327

2.75%

,

11/18/30

...................

1,472

1,324,129

UDR,

Inc.,

2.10%,

06/15/33

.............

153

125,852

5,981,040

Retail

REITs

—

0.1%

Brixmor

Operating

Partnership

LP,

4.85%,

02/15/33

.......................

130

127,694

Kimco

Realty

OP

LLC,

4.85%,

03/01/35

.....

104

101,878

Link

Finance

Cayman

2009

Ltd.

(The),

4.88%,

02/02/36

(d)

......................

410

403,752

NNN

REIT,

Inc.

4.30%

,

10/15/28

...................

215

214,201

5.50%

,

06/15/34

...................

114

115,733

Realty

Income

Corp.

3.65%

,

01/15/28

...................

178

175,908

2.10%

,

03/15/28

...................

543

520,301

2.20%

,

06/15/28

...................

100

95,480

4.50%

,

02/01/33

...................

224

218,371

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Retail

REITs

(continued)

Regency

Centers

LP,

4.50%,

03/15/33

......

USD

105

$

102,389

Vicinity

Centres

Trust,

5.84%,

03/03/36

(d)

....

AUD

330

220,291

2,295,998

Semiconductors

&

Semiconductor

Equipment

—

0.3%

Analog

Devices,

Inc.

4.25%

,

06/15/28

...................

USD

37

37,059

5.30%

,

04/01/54

...................

100

94,910

AP

Grange

Holdings

LLC,

(Acquired

06/21/24,

cost

$2,507,000),

6.50%,

03/20/45

(e)

(g)

.....

2,507

2,632,350

Applied

Materials,

Inc.,

5.85%,

06/15/41

.....

158

164,833

Broadcom,

Inc.

5.05%

,

07/12/29

...................

387

395,001

4.20%

,

10/15/30

...................

253

250,060

5.15%

,

11/15/31

...................

830

851,437

2.60%

,

02/15/33

...................

771

674,137

4.80%

,

10/15/34

...................

1,439

1,417,209

3.50%

,

02/15/41

...................

181

144,404

Intel

Corp.

3.15%

,

05/11/27

...................

1,086

1,070,552

3.75%

,

08/05/27

...................

100

99,155

5.13%

,

02/10/30

...................

257

260,294

4.00%

,

12/15/32

...................

522

491,644

4.25%

,

12/15/42

...................

162

130,183

4.90%

,

07/29/45

...................

240

202,351

4.10%

,

05/19/46

...................

52

38,980

4.10%

,

05/11/47

...................

100

74,610

5.70%

,

02/10/53

...................

191

175,866

3.10%

,

02/15/60

...................

444

245,273

4.95%

,

03/25/60

...................

123

98,859

5.05%

,

08/05/62

...................

100

80,838

KLA

Corp.

4.70%

,

02/01/34

...................

132

130,828

4.95%

,

07/15/52

...................

117

104,725

Micron

Technology,

Inc.

5.65%

,

11/01/32

...................

100

105,563

5.88%

,

09/15/33

...................

100

106,880

5.80%

,

01/15/35

...................

100

106,474

NVIDIA

Corp.,

3.50%,

04/01/40

..........

231

192,341

NXP

BV

2.50%

,

05/11/31

...................

137

123,089

5.00%

,

01/15/33

...................

141

140,059

3.25%

,

05/11/41

...................

120

88,231

QUALCOMM,

Inc.

1.65%

,

05/20/32

...................

100

84,697

4.65%

,

05/20/35

...................

154

151,655

4.30%

,

05/20/47

...................

200

162,348

4.50%

,

05/20/52

...................

200

163,848

Texas

Instruments,

Inc.

4.50%

,

05/23/30

...................

100

100,460

4.85%

,

02/08/34

...................

180

181,631

3.88%

,

03/15/39

...................

37

32,295

4.10%

,

08/16/52

...................

130

100,989

5.00%

,

03/14/53

...................

112

101,026

5.05%

,

05/18/63

...................

147

129,154

11,936,298

Software

—

1.4%

AppLovin

Corp.

5.13%

,

12/01/29

...................

1,927

1,938,181

5.38%

,

12/01/31

...................

6,595

6,659,709

5.95%

,

12/01/54

...................

1,882

1,709,492

Intuit,

Inc.,

5.20%,

09/15/33

.............

100

101,734

Microsoft

Corp.

5.20%

,

06/01/39

...................

690

714,947

2.53%

,

06/01/50

...................

418

250,635

Security

Par

(000)

Par

(000)

Value

Software

(continued)

2.92%

,

03/17/52

...................

USD

3,763

$

2,420,092

4.00%

,

02/12/55

...................

100

78,009

3.95%

,

08/08/56

...................

100

76,445

Oracle

Corp.

2.80%

,

04/01/27

...................

111

109,095

4.80%

,

08/03/28

...................

172

172,073

3.25%

,

05/15/30

...................

117

108,151

4.45%

,

09/26/30

...................

283

272,722

4.95%

,

02/04/31

...................

464

453,996

4.80%

,

09/26/32

...................

611

581,885

4.70%

,

09/27/34

...................

188

171,572

3.90%

,

05/15/35

...................

971

822,074

5.70%

,

02/04/36

...................

295

283,639

6.55%

,

02/04/46

...................

589

549,511

4.00%

,

11/15/47

...................

827

547,304

6.90%

,

11/09/52

...................

932

879,928

5.55%

,

02/06/53

...................

659

525,790

5.38%

,

09/27/54

...................

187

144,649

6.00%

,

08/03/55

...................

1,173

983,423

5.95%

,

09/26/55

...................

6,336

5,330,291

6.70%

,

02/04/56

...................

1,203

1,116,508

4.10%

,

03/25/61

...................

1,477

908,214

6.13%

,

08/03/65

...................

2,171

1,805,978

6.10%

,

09/26/65

...................

3,414

2,830,826

6.85%

,

02/04/66

...................

216

198,574

Roper

Technologies,

Inc.

4.20%

,

09/15/28

...................

170

168,953

4.45%

,

09/15/30

...................

116

114,236

4.90%

,

10/15/34

...................

127

122,624

Salesforce,

Inc.

4.50%

,

03/15/28

...................

2,248

2,248,579

4.90%

,

09/15/31

...................

588

587,167

5.20%

,

03/15/33

...................

5,238

5,229,055

5.55%

,

03/15/36

...................

3,051

3,041,510

6.40%

,

03/15/46

...................

60

60,415

6.55%

,

03/15/56

...................

876

879,039

6.70%

,

03/15/66

...................

876

890,377

Synopsys,

Inc.

4.65%

,

04/01/28

...................

747

749,740

4.85%

,

04/01/30

...................

30

30,221

5.15%

,

04/01/35

...................

100

100,191

5.70%

,

04/01/55

...................

100

95,608

Workday,

Inc.,

3.80%,

04/01/32

..........

174

161,518

47,224,680

Specialized

REITs

—

0.2%

American

Tower

Corp.

1.88%

,

10/15/30

...................

787

694,580

4.63%

,

05/16/31

...................

EUR

1,027

1,226,027

5.45%

,

02/15/34

...................

USD

405

411,708

Crown

Castle,

Inc.

3.65%

,

09/01/27

...................

140

138,324

5.00%

,

01/11/28

...................

116

116,832

4.30%

,

02/15/29

...................

151

149,202

5.60%

,

06/01/29

...................

220

225,209

2.10%

,

04/01/31

...................

100

87,128

2.50%

,

07/15/31

...................

499

439,591

5.10%

,

05/01/33

...................

100

98,586

CubeSmart

LP,

4.38%,

02/15/29

..........

183

181,731

Equinix,

Inc.

2.50%

,

05/15/31

...................

1,507

1,345,101

3.40%

,

02/15/52

...................

121

79,775

Extra

Space

Storage

LP

4.00%

,

06/15/29

...................

189

185,983

5.50%

,

07/01/30

...................

470

482,124

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialized

REITs

(continued)

Public

Storage

Operating

Co.

1.85%

,

05/01/28

...................

USD

146

$

139,092

2.30%

,

05/01/31

...................

129

115,757

Weyerhaeuser

Co.,

3.38%,

03/09/33

.......

100

90,034

6,206,784

Specialty

Retail

—

0.1%

AutoNation,

Inc.,

2.40%,

08/01/31

.........

100

87,373

AutoZone,

Inc.,

6.55%,

11/01/33

..........

100

108,841

Home

Depot,

Inc.

(The),

5.40%,

09/15/40

....

488

489,442

Lowe's

Cos.,

Inc.

3.10%

,

05/03/27

...................

1,288

1,272,638

6.50%

,

03/15/29

...................

282

297,629

2.63%

,

04/01/31

...................

274

248,959

4.50%

,

10/15/32

...................

113

111,057

5.15%

,

07/01/33

...................

221

223,526

4.85%

,

10/15/35

...................

61

59,404

5.00%

,

04/15/40

...................

134

126,643

3.70%

,

04/15/46

...................

99

72,918

4.55%

,

04/05/49

...................

114

93,375

5.13%

,

04/15/50

...................

100

88,355

4.25%

,

04/01/52

...................

96

73,581

5.63%

,

04/15/53

...................

18

17,017

4.45%

,

04/01/62

...................

126

95,364

3,466,122

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Apple,

Inc.

4.20%

,

05/12/30

...................

663

666,428

1.25%

,

08/20/30

...................

228

201,922

3.45%

,

02/09/45

...................

534

408,049

4.25%

,

02/09/47

...................

100

83,746

3.75%

,

09/12/47

...................

599

463,176

2.95%

,

09/11/49

...................

1,034

677,238

2.65%

,

02/08/51

...................

1,467

887,827

2.70%

,

08/05/51

...................

106

64,919

4.10%

,

08/08/62

...................

178

135,542

Dell

International

LLC

4.50%

,

02/15/31

...................

128

126,487

5.40%

,

04/15/34

...................

347

350,124

8.10%

,

07/15/36

...................

260

309,053

8.35%

,

07/15/46

...................

134

165,863

Hewlett

Packard

Enterprise

Co.

4.40%

,

09/25/27

...................

100

99,852

4.85%

,

10/15/31

...................

221

219,510

6.20%

,

10/15/35

(c)

..................

50

53,014

6.35%

,

10/15/45

(c)

..................

122

121,803

5.60%

,

10/15/54

...................

107

95,515

HP,

Inc.

4.00%

,

04/15/29

...................

164

161,139

5.40%

,

04/25/30

...................

100

102,101

2.65%

,

06/17/31

...................

113

100,497

4.20%

,

04/15/32

...................

131

124,572

NetApp,

Inc.,

5.50%,

03/17/32

...........

100

102,317

5,720,694

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

NIKE,

Inc.

3.88%

,

11/01/45

...................

100

78,262

3.38%

,

11/01/46

...................

116

83,115

161,377

Tobacco

—

0.1%

Altria

Group,

Inc.

5.80%

,

02/14/39

...................

111

111,438

4.25%

,

08/09/42

...................

519

422,782

4.45%

,

05/06/50

...................

200

156,265

Security

Par

(000)

Par

(000)

Value

Tobacco

(continued)

3.70%

,

02/04/51

...................

USD

170

$

117,020

BAT

Capital

Corp.,

5.65%,

03/16/52

.......

1,099

1,018,073

Philip

Morris

International,

Inc.

4.88%

,

02/15/28

...................

425

429,348

5.13%

,

02/15/30

...................

208

212,231

1.75%

,

11/01/30

...................

232

205,432

4.75%

,

11/01/31

...................

153

153,696

4.25%

,

10/29/32

...................

148

143,371

5.38%

,

02/15/33

...................

100

102,774

5.63%

,

09/07/33

...................

108

112,682

6.38%

,

05/16/38

...................

251

273,592

3.88%

,

08/21/42

...................

100

80,249

4.25%

,

11/10/44

...................

207

171,442

Reynolds

American,

Inc.

8.13%

,

05/01/40

...................

202

240,401

7.00%

,

08/04/41

...................

345

362,566

4,313,362

Trading

Companies

&

Distributors

—

0.1%

Air

Lease

Corp.

4.63%

,

10/01/28

...................

377

375,281

5.20%

,

07/15/31

...................

101

101,216

GATX

Corp.

4.70%

,

04/01/29

...................

100

100,158

6.05%

,

03/15/34

...................

100

105,014

6.90%

,

05/01/34

...................

228

249,959

IMCD

NV,

4.88%,

09/18/28

(d)

............

EUR

1,395

1,648,061

2,579,689

Transportation

Infrastructure

—

0.0%

DP

World

Ltd.,

6.85%,

07/02/37

(d)

.........

USD

1,160

1,232,349

Water

Utilities

—

0.0%

American

Water

Capital

Corp.

2.95%

,

09/01/27

...................

245

240,671

5.25%

,

03/01/35

...................

149

151,396

3.75%

,

09/01/47

...................

105

78,124

5.70%

,

09/01/55

...................

190

185,893

Severn

Trent

Utilities

Finance

plc,

4.25%,

01/29/40

(d)

......................

EUR

370

415,794

1,071,878

Wireless

Telecommunication

Services

—

0.1%

Rogers

Communications,

Inc.

3.20%

,

03/15/27

...................

USD

100

98,765

3.80%

,

03/15/32

...................

100

93,348

7.50%

,

08/15/38

...................

295

336,484

4.50%

,

03/15/42

...................

153

129,023

Telefonica

Europe

BV,

8.25%,

09/15/30

.....

172

194,973

T-Mobile

USA,

Inc.

2.05%

,

02/15/28

...................

113

108,387

2.40%

,

03/15/29

...................

159

150,022

3.50%

,

04/15/31

...................

544

514,504

5.75%

,

01/15/34

...................

669

697,638

5.30%

,

05/15/35

...................

215

216,777

4.38%

,

04/15/40

...................

100

87,901

5.50%

,

01/15/55

...................

100

91,713

3.60%

,

11/15/60

...................

1,601

1,039,107

Vodafone

Group

plc

6.25%

,

11/30/32

...................

100

106,882

5.00%

,

05/30/38

...................

48

46,871

4.38%

,

02/19/43

...................

100

83,678

4.25%

,

09/17/50

...................

308

236,551

5.63%

,

02/10/53

...................

142

132,604

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

5.88%

,

06/28/64

...................

USD

106

$

100,624

4,465,852

Total

Corporate

Bonds

—

22

.2

%

(Cost:

$

772,056,116

)

..............................

764,441,651

Fixed

Rate

Loan

Interests

IT

Services

—

0.3%

Indigo,

Delayed

Draw

1st

Lien

Term

Loan

,

0.00

%

,

03/18/32

...................

9,943

9,918,142

Total

Fixed

Rate

Loan

Interests

—

0

.3

%

(Cost:

$

9,843,570

)

...............................

9,918,142

Foreign

Agency

Obligations

Australia

—

0.0%

NBN

Co.

Ltd.

,

5.85

%

,

03/19/36

(d)

..........

AUD

260

177,534

Chile

—

0.1%

Corp.

Nacional

del

Cobre

de

Chile

,

6.44

%

,

01/26/36

(d)

.......................

USD

1,224

1,288,168

Hungary

—

0.0%

MVM

Energetika

Zrt.

,

6.50

%

,

03/13/31

(d)

.....

1,244

1,283,653

Total

Foreign

Agency

Obligations

—

0

.1

%

(Cost:

$

2,740,907

)

...............................

2,749,355

Foreign

Government

Obligations

Indonesia

—

0.1%

Republic

of

Indonesia

2.85

%

,

02/14/30

...................

1,918

1,779,904

3.05

%

,

03/12/51

...................

2,624

1,640,000

3,419,904

Mexico

—

0.6%

United

Mexican

States

2.66

%

,

05/24/31

...................

4,749

4,190,993

4.88

%

,

05/19/33

...................

666

631,035

3.50

%

,

02/12/34

...................

5,414

4,609,317

6.35

%

,

02/09/35

...................

4,064

4,155,440

6.88

%

,

05/13/37

...................

4,142

4,334,603

4.50

%

,

01/31/50

...................

5,805

4,272,480

22,193,868

Panama

—

0.0%

Republic

of

Panama

,

3.88

%

,

03/17/28

.......

1,275

1,253,325

Peru

—

0.1%

Republic

of

Peru

,

3.55

%

,

03/10/51

.........

2,839

1,933,359

Philippines

—

0.1%

Republic

of

Philippines

3.00

%

,

02/01/28

...................

3,147

3,065,304

3.20

%

,

07/06/46

...................

2,747

1,887,189

4,952,493

Spain

—

0.1%

Bonos

y

Obligaciones

del

Estado

,

2.60

%

,

05/31/31

........................

EUR

1,564

1,773,098

Uruguay

—

0.1%

Oriental

Republic

of

Uruguay

4.38

%

,

10/27/27

...................

USD

1,209

1,213,707

5.10

%

,

06/18/50

...................

2,079

1,907,467

3,121,174

Total

Foreign

Government

Obligations

—

1

.1

%

(Cost:

$

44,168,494

)

...............................

38,647,221

Security

Shares

Shares

Value

Investment

Companies

(h)

iShares

AAA

CLO

Active

ETF

.............

100,000

$

5,183,500

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(i)

.......................

430,500

46,920,195

Total

Investment

Companies

—

1

.5

%

(Cost:

$

52,004,426

)

...............................

52,103,695

Par

(000)

Par

(000)

Municipal

Bonds

California

—

0

.3

%

Bay

Area

Toll

Authority

,

Series

2010S-1

,

RB

,

7.04

%

,

04/01/50

...................

USD

1,037

1,166,712

Los

Angeles

Community

College

District

,

Series

2010E

,

GO

,

6.60

%

,

08/01/42

...........

980

1,058,464

State

of

California

Series

2018

,

GO

,

4.60

%

,

04/01/38

.......

4,110

4,157,870

Series

2009

,

GO

,

7.55

%

,

04/01/39

.......

1,300

1,543,194

University

of

California

,

Series

2012AD

,

RB

,

4.86

%

,

05/15/2112

..................

425

346,672

8,272,912

Georgia

—

0.0

%

Municipal

Electric

Authority

of

Georgia

,

Series

2010-A

,

RB

,

6.64

%

,

04/01/57

..........

649

695,750

Illinois

—

0

.1

%

State

of

Illinois

,

Series

2003

,

GO

,

5.10

%

,

06/01/33

...................

3,290

3,350,722

New

Jersey

—

0.0

%

New

Jersey

Turnpike

Authority

,

Series

2009F

,

RB

,

7.41

%

,

01/01/40

................

665

786,047

New

York

—

0.0

%

Metropolitan

Transportation

Authority

Series

2010A

,

RB

,

6.67

%

,

11/15/39

......

270

288,408

Series

2010E

,

RB

,

6.81

%

,

11/15/40

......

360

392,852

New

York

City

Municipal

Water

Finance

Authority

,

Series

2011CC

,

RB

,

5.88

%

,

06/15/44

.....

440

442,697

New

York

State

Dormitory

Authority

,

Series

2010H

,

RB

,

5.39

%

,

03/15/40

...........

320

318,643

Port

Authority

of

New

York

&

New

Jersey

,

Series

2014-181

,

RB

,

4.96

%

,

08/01/46

.........

1,035

970,209

2,412,809

Ohio

—

0.0

%

American

Municipal

Power,

Inc.

,

Series

2010A

,

RB

,

8.08

%

,

02/15/50

................

765

954,437

Texas

—

0

.2

%

City

of

San

Antonio

Electric

&

Gas

Systems

,

Series

2010A

,

RB

,

5.81

%

,

02/01/41

......

1,095

1,119,755

State

of

Texas

,

Series

2009A

,

GO

,

5.52

%

,

04/01/39

...................

1,158

1,185,847

2,305,602

Total

Municipal

Bonds

—

0

.6

%

(Cost:

$

20,931,951

)

...............................

18,778,279

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

8.4%

A&D

Mortgage

Trust

(b)

Series

2023-NQM5,

Class

A1,

7.05%,

11/25/68

(c)

.....................

1,354

1,364,081

Series

2024-NQM5,

Class

A1,

5.70%,

11/25/69

......................

436

437,611

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2024-NQM5,

Class

M1,

6.52%,

11/25/69

(a)

.....................

USD

380

$

381,662

Series

2026-NQM1,

Class

A1,

4.91%,

02/25/71

(a)

.....................

2,085

2,065,298

Series

2026-NQM2,

Class

A1,

4.81%,

03/25/71

(a)

.....................

5,970

5,906,217

Angel

Oak

Mortgage

Trust

(b)

Series

2020-3,

Class

A3,

2.87%,

04/25/65

(a)

.

259

252,213

Series

2020-4,

Class

A3,

2.81%,

06/25/65

(a)

.

73

71,923

Series

2021-2,

Class

A1,

0.98%,

04/25/66

(a)

.

552

478,149

Series

2022-2,

Class

A1,

4.04%,

01/25/67

(a)

.

69

66,070

Series

2023-7,

Class

A1,

4.80%,

11/25/67

(c)

.

2,016

2,004,699

Series

2024-1,

Class

A1,

5.21%,

08/25/68

(c)

.

608

606,990

Series

2024-10,

Class

A1,

5.35%,

10/25/69

(c)

350

349,781

Series

2024-11,

Class

A1,

5.70%,

08/25/69

(c)

578

580,868

Series

2025-1,

Class

A1,

5.69%,

01/25/70

(c)

.

1,458

1,465,565

Series

2025-2,

Class

A1,

5.64%,

02/25/70

(c)

.

3,528

3,544,714

Series

2025-8,

Class

A1,

5.41%,

07/25/70

(c)

.

1,470

1,473,334

Series

2026-2,

Class

A1LC,

4.80%,

02/25/71

(c)

938

925,558

Arroyo

Mortgage

Trust,

Series

2022-1,

Class

A3,

3.65%,

12/25/56

(b)

..................

3,785

3,089,245

Aspire

Mortgage

Trust,

Series

2026-1,

Class

A1,

4.85%,

01/25/66

(a)

(b)

.................

6,000

5,958,443

Atlas

Funding

plc

(a)(d)

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.55%),

5.28%,

09/20/61

.................

GBP

103

136,816

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.20%),

5.93%,

09/20/61

.................

100

134,588

Barclays

Mortgage

Loan

Trust

(b)

Series

2022-NQM1,

Class

A1,

4.55%,

07/25/52

(c)

.....................

USD

1,586

1,574,020

Series

2025-NQM1,

Class

A1,

5.66%,

01/25/65

(c)

.....................

6,858

6,901,266

Series

2026-NQM2,

Class

A1,

4.70%,

12/25/65

(a)

.....................

5,172

5,102,461

Bletchley

Park

Funding

plc,

Series

2025-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.88%),

5.61%,

01/27/70

(a)

(d)

......

GBP

176

232,143

Braccan

Mortgage

Funding

plc

(a)(d)

Series

2025-2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

5.28%,

01/17/68

.................

100

132,244

Series

2025-2X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.90%),

5.68%,

01/17/68

.................

100

132,283

Series

2026-1X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.85%),

5.58%,

04/17/68

.................

100

132,359

BRAVO

Residential

Funding

Trust,

Series

2025-

NQM2,

Class

A1,

5.68%,

11/25/64

(b)

(c)

.....

USD

4,240

4,262,666

Castell

plc

(a)(d)

Series

2025-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.55%),

5.28%,

01/27/62

.................

GBP

100

132,821

Series

2025-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.00%),

5.73%,

01/27/62

.................

100

133,311

Series

2026-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

1.00%,

12/27/62

.................

100

132,124

CFMT

LLC,

Series

2024-R1,

Class

A1,

4.00%,

10/25/54

(b)

(c)

......................

USD

194

190,641

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Cheshire

plc,

Series

2025-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.35%),

5.08%,

06/28/48

(a)

(d)

...........

GBP

180

$

237,390

CHL

Mortgage

Pass-Through

Trust,

Series

2004-29,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.54%

Floor

and

11.50%

Cap

+

0.65%),

4.33%,

02/25/35

(a)

..................

USD

62

60,735

CIM

Trust

(b)

Series

2025-I1,

Class

A1,

5.65%,

10/25/69

(c)

2,773

2,790,741

Series

2025-I1,

Class

M1,

6.44%,

10/25/69

(a)

2,739

2,754,353

Citadel

plc

(a)(d)

Series

2024-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.45%),

5.18%,

04/28/60

.................

GBP

100

132,860

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.75%),

5.48%,

04/28/60

.................

100

132,873

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.45%),

6.18%,

04/28/60

.................

109

145,649

COLT

Mortgage

Loan

Trust

(b)

Series

2021-5,

Class

A1,

1.73%,

11/26/66

(a)

.

USD

773

701,988

Series

2024-6,

Class

A1,

5.39%,

11/25/69

(c)

.

490

491,040

Series

2025-11,

Class

A1,

5.05%,

11/25/70

(a)

1,161

1,157,507

Series

2025-7,

Class

A1,

5.47%,

06/25/70

(c)

.

1,505

1,509,272

Series

2025-8,

Class

A1,

5.48%,

08/25/70

(c)

.

843

845,547

Cross

Mortgage

Trust

(b)

Series

2024-H7,

Class

A1,

5.59%,

11/25/69

(a)

1,086

1,089,303

Series

2025-H1,

Class

A1,

5.74%,

02/25/70

(a)

9,433

9,484,635

Series

2025-H1,

Class

M1,

6.48%,

02/25/70

(a)

2,901

2,917,191

Series

2025-H2,

Class

A1,

5.36%,

03/25/70

(a)

963

963,713

Series

2025-H2,

Class

M1,

6.13%,

03/25/70

(a)

3,345

3,348,271

Series

2025-H8,

Class

A1A,

5.00%,

11/25/70

(c)

.....................

871

866,975

CSMC

Trust

(a)(b)

Series

2021-NQM8,

Class

M1,

3.26%,

10/25/66

......................

175

133,730

Series

2022-NQM3,

Class

A1B,

4.26%,

03/25/67

......................

1,589

1,572,727

Deephaven

Residential

Mortgage

Trust

(b)

Series

2022-2,

Class

A1,

5.30%,

03/25/67

(a)

.

2,890

2,817,735

Series

2022-2,

Class

M1,

4.30%,

03/25/67

(a)

312

279,200

Series

2022-3,

Class

M1,

5.27%,

07/25/67

(a)

634

610,900

Series

2024-1,

Class

A1,

5.74%,

07/25/69

(c)

.

359

362,034

Series

2025-INV1,

Class

A1,

5.09%,

11/25/60

(a)

.....................

1,037

1,033,845

Series

2026-INV1,

Class

A1,

4.80%,

12/25/70

(a)

.....................

3,457

3,428,901

East

One

plc

(a)(d)

Series

2025-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.40%),

5.13%,

02/25/58

.................

GBP

100

132,048

Series

2025-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.90%),

5.63%,

02/25/58

.................

139

184,175

Edenbrook

Mortgage

Funding

plc

(a)(d)

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.95%),

5.68%,

03/22/57

.................

330

442,206

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.55%),

6.28%,

03/22/57

.................

191

256,766

Ellington

Financial

Mortgage

Trust

(b)

Series

2024-INV2,

Class

A1,

5.03%,

10/25/69

(c)

.....................

USD

5,043

5,025,947

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2024-NQM1,

Class

A1A,

5.71%,

11/25/69

(c)

.....................

USD

643

$

646,622

Series

2025-INV1,

Class

A1,

5.63%,

03/25/70

(c)

.....................

4,912

4,931,682

Series

2025-INV3,

Class

A1,

5.44%,

07/25/70

(c)

.....................

2,260

2,264,709

Series

2025-NQM5,

Class

A1,

5.03%,

11/25/70

(a)

.....................

878

873,275

Series

2026-INV2,

Class

A1,

4.68%,

02/25/71

(a)

.....................

2,481

2,448,593

Series

2026-NQM1,

Class

A1,

4.77%,

02/25/71

(a)

.....................

3,967

3,928,110

Series

2026-NQM1,

Class

A1LC,

4.96%,

02/25/71

(c)

.....................

481

477,527

Series

2026-NQM3,

Class

A1,

5.03%,

03/25/71

(a)

.....................

7,500

7,451,760

Elstree

Mix

plc,

Series

261-MIX,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

0.00%,

09/21/66

(a)

(d)

......

GBP

100

131,999

Exmoor

Funding

plc

(a)(d)

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.90%),

5.63%,

03/25/94

.................

110

146,405

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.80%),

6.53%,

03/25/94

.................

100

133,694

Series

2025-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.38%),

6.11%,

03/25/95

.................

104

137,362

Fairbridge

BV,

Series

2025-1,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.80%),

3.82%,

02/24/62

(a)

(d)

......................

EUR

90

104,131

GCAT

Trust

(b)

Series

2021-NQM3,

Class

B1,

3.47%,

05/25/66

(a)

.....................

USD

328

246,561

Series

2023-NQM4,

Class

A1,

4.25%,

05/25/67

(a)

.....................

1,101

1,038,375

Series

2025-NQM4,

Class

A1,

0.00%,

06/25/70

(c)

.....................

1,069

1,072,304

Series

2026-NQM1,

Class

A1A,

4.79%,

12/25/70

(c)

.....................

5,312

5,258,043

GS

Mortgage-Backed

Securities

Trust

(b)

Series

2022-NQM1,

Class

A4,

4.00%,

05/25/62

(a)

.....................

113

105,499

Series

2025-DSC2,

Class

A1,

5.04%,

01/25/66

(c)

.....................

340

339,032

Series

2025-NQM5,

Class

A1,

5.01%,

07/25/65

(c)

.....................

602

599,230

Series

2026-DSC1,

Class

A1,

4.73%,

05/25/66

(c)

.....................

4,941

4,895,270

Series

2026-NQM1,

Class

A1,

4.87%,

03/25/66

(a)

.....................

731

726,152

Series

2026-NQM2,

Class

ALCF,

5.00%,

11/25/61

(c)

.....................

134

132,693

Homes

Trust

(b)

Series

2024-NQM2,

Class

A1,

5.72%,

10/25/69

(c)

.....................

734

737,172

Series

2025-AFC1,

Class

A1,

5.73%,

01/25/60

(c)

.....................

6,964

6,994,552

Series

2025-NQM1,

Class

M1,

6.52%,

01/25/70

(a)

.....................

3,600

3,622,000

Series

2025-NQM2,

Class

A1,

5.42%,

02/25/70

(c)

.....................

1,117

1,119,035

Series

2025-NQM5,

Class

A1,

5.03%,

09/25/70

(a)

.....................

962

956,866

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Impac

CMB

Trust,

Series

2007-A,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

and

11.50%

Cap

+

0.61%),

4.29%,

05/25/37

(a)

(b)

.

USD

354

$

348,546

J.P.

Morgan

Mortgage

Trust

(b)

Series

2021-11,

Class

A5,

2.50%,

01/25/52

(a)

3,300

2,256,817

Series

2021-INV7,

Class

A3A,

2.50%,

02/25/52

(a)

.....................

7,755

6,987,322

Series

2021-INV7,

Class

A4A,

2.50%,

02/25/52

(a)

.....................

4,034

2,768,488

Series

2021-INV7,

Class

A5A,

2.50%,

02/25/52

(a)

.....................

1,792

1,478,061

Series

2025-NQM5,

Class

A1LC,

5.02%,

05/25/66

(c)

.....................

297

294,775

Series

2025-VIS1,

Class

M1,

6.41%,

08/25/55

(a)

.....................

3,151

3,167,699

Series

2026-NQM1,

Class

A1LC,

4.93%,

06/25/66

(c)

.....................

1,934

1,917,778

Series

2026-VIS1,

Class

A1LC,

4.90%,

06/25/66

(c)

.....................

659

652,685

Jupiter

Mortgage

No.

1

plc,

Series

1X,

Class

DR,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.00%),

6.75%,

07/20/55

(a)

(d)

......

GBP

349

464,851

Mello

Mortgage

Capital

Acceptance,

Series

2021-

MTG3,

Class

A22,

2.50%,

07/01/51

(a)

(b)

....

USD

2,000

1,384,448

Meridian

Funding

plc,

Series

2025-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.05%),

5.78%,

02/20/68

(a)

(d)

......

GBP

159

210,070

MFA

Trust

(b)

Series

2020-NQM1,

Class

A3,

3.30%,

08/25/49

(a)

.....................

USD

111

107,680

Series

2022-NQM1,

Class

M1,

4.30%,

12/25/66

(a)

.....................

597

535,373

Series

2025-NQM3,

Class

A1,

5.26%,

08/25/70

(c)

.....................

2,101

2,099,168

Series

2026-NQM1,

Class

A1,

5.05%,

02/25/71

(a)

.....................

6,873

6,830,832

Miltonia

Mortgage

Finance

SRL,

Series

1,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.30%),

3.34%,

04/28/62

(a)

(d)

.................

EUR

351

406,083

Morgan

Stanley

Residential

Mortgage

Loan

Trust

(b)

Series

2014-1A,

Class

B3,

5.88%,

06/25/44

(a)

USD

121

122,104

Series

2024-NQM3,

Class

A1,

5.04%,

07/25/69

(a)

.....................

3,781

3,769,915

Series

2025-DSC2,

Class

A1,

(SOFR

30

day

Average

+

0.00%),

5.44%,

07/25/70

(a)

...

2,758

2,765,489

Series

2025-NQM1,

Class

A1,

5.74%,

11/25/69

(a)

.....................

4,502

4,541,572

Series

2025-NQM1,

Class

M1,

6.50%,

11/25/69

(a)

.....................

2,122

2,141,071

Series

2026-DSC1,

Class

A1LC,

4.93%,

01/25/71

(c)

.....................

2,000

1,987,937

Series

2026-NQM2,

Class

A1,

4.73%,

01/26/71

(a)

.....................

1,417

1,403,425

Series

2026-NQM3,

Class

A1LC,

5.28%,

03/25/71

(c)

.....................

3,350

3,349,980

Mortgage

Loan

Resecuritization

Trust,

Series

2009-RS1,

Class

A85,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

and

9.00%

Cap

+

0.45%),

4.12%,

04/16/36

(a)

(b)

...........

843

831,170

MortgageIT

Trust,

Series

2004-1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.78%

Floor

and

11.50%

Cap

+

0.89%),

4.57%,

11/25/34

(a)

..

149

146,058

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Mortimer

2024-Mix

plc

(a)(d)

Series

2024-MIX,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.55%),

5.28%,

09/22/67

.................

GBP

110

$

145,777

Series

2024-MIX,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.10%),

5.83%,

09/22/67

.................

100

133,370

Mortimer

plc,

Series

2025-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.85%),

5.58%,

09/22/70

(a)

(d)

...........

100

132,476

New

Residential

Mortgage

Loan

Trust

(b)

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)

USD

113

110,319

Series

2025-NQM1,

Class

A1,

5.64%,

01/25/65

(c)

.....................

3,136

3,167,749

Series

2025-NQM1,

Class

M1,

6.47%,

01/25/65

(a)

.....................

1,671

1,695,711

Series

2025-NQM4,

Class

A1,

5.35%,

07/25/65

(a)

.....................

1,000

1,000,292

Series

2025-NQM5,

Class

A1,

5.11%,

08/25/65

(a)

.....................

566

564,133

Series

2026-NQM1,

Class

A1,

4.82%,

11/25/65

(a)

.....................

970

961,230

Series

2026-NQM3,

Class

A1,

4.83%,

02/25/66

(a)

.....................

5,507

5,455,341

NYMT

Loan

Trust

(b)

Series

2024-INV1,

Class

A1,

5.38%,

06/25/69

(a)

.....................

127

127,579

Series

2026-INV1,

Class

A1,

4.77%,

02/25/61

(a)

.....................

2,723

2,706,766

Series

2026-INV1,

Class

A1LC,

4.94%,

02/25/61

(c)

.....................

792

788,666

OBX

Trust

(b)(c)

Series

2024-NQM14,

Class

A1,

4.94%,

09/25/64

......................

1,841

1,836,981

Series

2025-NQM3,

Class

A1,

5.65%,

12/01/64

......................

2,338

2,350,423

Pierpont

BTL

plc

(a)(d)

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.20%),

5.93%,

09/21/61

.................

GBP

100

132,576

Series

2025-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.85%),

5.58%,

03/21/62

.................

100

133,139

Polaris

plc

(a)(d)

Series

2025-3X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.40%),

5.13%,

10/27/69

.................

100

131,932

Series

2025-3X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.65%),

5.38%,

10/27/69

.................

100

131,944

PRET

Trust,

Series

2025-RPL1,

Class

A1,

4.00%,

07/25/69

(b)

(c)

.................

USD

6,271

6,096,012

PRKCM

Trust

(a)(b)

Series

2021-AFC2,

Class

A1,

2.07%,

11/25/56

218

192,817

Series

2022-AFC1,

Class

A1A,

4.10%,

04/25/57

......................

211

210,500

Series

2022-AFC2,

Class

A1,

5.33%,

08/25/57

......................

1,482

1,477,456

PRPM

Trust

(b)

Series

2025-NQM1,

Class

A1,

5.80%,

11/25/69

(c)

.....................

3,553

3,572,144

Series

2025-NQM1,

Class

M1A,

6.64%,

11/25/69

(a)

.....................

1,878

1,894,531

Series

2025-NQM3,

Class

A1,

5.61%,

05/25/70

(a)

.....................

2,230

2,238,228

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2025-NQM5,

Class

A1A,

5.18%,

10/25/70

(c)

.....................

USD

862

$

860,023

Series

2025-NQM6,

Class

A1,

4.99%,

12/25/70

(a)

.....................

971

964,215

Series

2026-NQM1,

Class

A1,

5.13%,

02/25/71

(a)

.....................

7,375

7,346,924

Series

2026-NQM1,

Class

A1LC,

5.22%,

02/25/71

(c)

.....................

2,000

1,975,729

Rate

Mortgage

Trust,

Series

2021-J1,

Class

A7,

2.50%,

07/25/51

(a)

(b)

.................

6,442

5,762,920

RCKT

Mortgage

Trust,

Series

2024-CES8,

Class

A1A,

5.49%,

11/25/44

(b)

(c)

.............

281

281,786

Residential

Mortgage

Loan

Trust,

Series

2020-2,

Class

M1,

3.57%,

05/25/60

(a)

(b)

..........

1,680

1,622,792

Santander

Mortgage

Asset

Receivable

Trust

(a)(b)

Series

2025-NQM6,

Class

A1,

5.14%,

11/25/65

......................

666

663,658

Series

2026-NQM1,

Class

A1,

4.95%,

11/25/65

......................

482

478,378

Sequoia

Mortgage

Trust,

Series

2026-HYB1,

Class

A1A,

4.67%,

04/25/56

(a)

(b)

.........

2,500

2,456,764

SG

Residential

Mortgage

Trust

(b)

Series

2021-1,

Class

A1,

1.16%,

07/25/61

(a)

.

736

619,335

Series

2025-1,

Class

A1,

5.10%,

12/25/65

(a)

.

943

939,260

Series

2025-1,

Class

ALCF,

5.23%,

12/25/65

185

184,719

Series

2026-1,

Class

A1,

4.78%,

01/25/66

(a)

.

1,877

1,859,531

Series

2026-2,

Class

A1,

5.25%,

04/25/66

(a)

.

4,736

4,732,016

Spruce

Hill

Mortgage

Loan

Trust,

Series

2022-

SH1,

Class

A3,

4.10%,

07/25/57

(b)

(c)

......

408

399,368

Stratton

Mortgage

Funding

plc,

Series

2024-3,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

5.23%,

06/25/49

(a)

(d)

.

GBP

100

132,373

Structured

Asset

Securities

Corp.

Assistance

Loan

Trust,

Series

2003-AL1,

Class

A,

3.36%,

04/25/31

(b)

.......................

USD

21

21,091

Together

Asset-Backed

Securitisation

plc

(a)(d)

Series

2025-2ND1X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.95%),

5.68%,

09/12/56

...........

GBP

100

132,144

Series

2025-CRE1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

5.23%,

01/15/57

...........

158

210,244

Series

2025-CRE1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.80%),

5.53%,

01/15/57

...........

100

133,603

Tower

Bridge

Funding

plc

(a)(d)

Series

2024-3X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.40%),

5.13%,

12/20/66

.................

100

132,336

Series

2024-3X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.90%),

5.63%,

12/20/66

.................

100

132,777

Turquoise

V

Trust

(a)(d)

Series

2026-1,

Class

C,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.60%),

5.55%,

06/12/67

......

AUD

500

343,813

Series

2026-1,

Class

D,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.85%),

5.80%,

06/12/67

......

500

343,243

UWM

Mortgage

Trust,

Series

2021-1,

Class

A4,

2.50%,

06/25/51

(a)

(b)

.................

USD

3,497

3,137,244

Verus

Securitization

Trust

(b)

Series

2021-6,

Class

M1,

2.94%,

10/25/66

(a)

165

127,578

Series

2021-8,

Class

A1,

2.82%,

11/25/66

(a)

.

723

661,965

Series

2025-12,

Class

A1LC,

5.11%,

12/25/70

(c)

.....................

1,130

1,122,846

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2025-2,

Class

M1,

6.12%,

03/25/70

(a)

USD

4,000

$

4,016,233

Series

2025-5,

Class

A1,

5.43%,

06/25/70

(c)

.

1,500

1,504,960

Series

2025-6,

Class

A1,

5.42%,

07/25/70

(c)

.

3,502

3,513,575

Series

2026-1,

Class

A1LC,

5.02%,

01/25/71

(c)

311

309,916

Series

2026-R1,

Class

A1,

4.83%,

10/25/67

(a)

532

527,010

Series

2026-R1,

Class

A1LC,

4.94%,

10/25/67

(c)

.....................

820

815,895

Visio

Trust,

Series

2020-1,

Class

M1,

4.45%,

08/25/55

(a)

(b)

......................

2,000

1,940,916

Vista

Point

Securitization

Trust,

Series

2020-2,

Class

A3,

2.50%,

04/25/65

(a)

(b)

..........

160

155,827

Winchester

1

plc

(a)(d)

Series

1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.55%),

5.30%,

10/21/56

......................

GBP

100

132,164

Series

1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.00%),

5.75%,

10/21/56

......................

100

132,361

288,966,095

Commercial

Mortgage-Backed

Securities

—

6.5%

1211

Avenue

of

the

Americas

Trust

(a)(b)

Series

2015-1211,

Class

C,

4.14%,

08/10/35

USD

100

93,500

Series

2015-1211,

Class

D,

4.14%,

08/10/35

1,131

1,023,555

1301

Trust,

Series

2025-1301,

Class

A,

5.06%,

08/11/42

(a)

(b)

......................

395

395,937

1345T,

Series

2025-AOA,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

06/15/42

(a)

(b)

......................

2,660

2,651,688

280

Park

Avenue

Mortgage

Trust

(a)(b)

Series

2017-280P,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.18%),

4.85%,

09/15/34

......................

181

180,095

Series

2017-280P,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.38%),

5.05%,

09/15/34

......................

204

201,960

Series

2017-280P,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.79%

Floor

+

1.84%),

5.51%,

09/15/34

......................

640

630,400

ALA

Trust,

Series

2025-OANA,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.42%,

06/15/40

(a)

(b)

.................

1,113

1,115,782

Alen

Mortgage

Trust,

Series

2021-ACEN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

4.94%,

04/15/34

(a)

(b)

...........

231

218,295

Arbor

Multifamily

Mortgage

Securities

Trust

(b)

Series

2020-MF1,

Class

D,

1.75%,

05/15/53

1,080

917,977

Series

2020-MF1,

Class

E,

1.75%,

05/15/53

600

492,603

Series

2021-MF3,

Class

A5,

2.57%,

10/15/54

137

122,693

AREIT

LLC,

Series

2022-CRE7,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.24%),

5.92%,

06/17/39

(a)

(b)

.................

241

240,730

ARES

Commercial

Mortgage

Trust

(a)(b)

Series

2024-IND,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

5.36%,

07/15/41

......................

3,630

3,631,135

Series

2026-GCP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

02/15/43

......................

117

116,488

Series

2026-GCP,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

6.02%,

02/15/43

......................

1,250

1,243,750

ARES1,

Series

2024-IND2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.12%,

10/15/34

(a)

(b)

......................

2,590

2,590,000

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.23%

Floor

+

2.27%),

5.95%,

04/15/35

(a)

(b)

......

USD

174

$

171,607

Atrium

Hotel

Portfolio

Trust

(a)(b)

Series

2017-ATRM,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.25%),

5.92%,

12/15/36

.................

2,736

2,612,880

Series

2024-ATRM,

Class

A,

5.05%,

11/10/29

1,420

1,433,761

Series

2025-ATRM,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

08/15/42

.................

529

529,416

BAMLL

Trust,

Series

2024-BHP,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

6.02%,

08/15/39

(a)

(b)

.................

1,190

1,190,165

BANK,

Series

2021-BN35,

Class

C,

2.90%,

06/15/64

(a)

.......................

312

262,830

BAY

Mortgage

Trust,

Series

2025-LIVN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

05/15/35

(a)

(b)

...........

3,058

3,041,760

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

and

10.80%

Cap

+

0.59%),

4.27%,

11/25/35

............

128

125,288

Series

2005-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.56%),

4.24%,

01/25/36

......................

875

836,940

Series

2006-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.46%),

4.14%,

12/25/36

......................

182

175,040

BBCMS

Mortgage

Trust

Series

2017-C1,

Class

B,

4.09%,

02/15/50

..

2,000

1,914,091

Series

2018-TALL,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.87%

Floor

+

0.92%),

4.59%,

03/15/37

(a)

(b)

....................

969

918,163

Series

2018-TALL,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.17%),

4.84%,

03/15/37

(a)

(b)

....................

280

257,615

Series

2022-C17,

Class

A5,

4.44%,

09/15/55

122

119,163

Series

2023-5C23,

Class

D,

7.41%,

12/15/56

(a)

(b)

....................

115

109,567

Series

2025-C35,

Class

AS,

5.84%,

07/15/58

(a)

.....................

255

262,788

Series

2025-C35,

Class

D,

4.50%,

07/15/58

(b)

282

219,740

Series

2025-C39,

Class

A5,

5.30%,

12/15/58

78

79,108

BBCMS

Trust,

Series

2015-SRCH,

Class

A1,

3.31%,

08/10/35

(b)

..................

260

255,545

Benchmark

Mortgage

Trust,

Series

2020-B21,

Class

A5,

1.98%,

12/17/53

............

175

154,923

BFLD

Commercial

Mortgage

Trust

(a)(b)

Series

2024-UNIV,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.17%,

11/15/41

......................

730

730,228

Series

2025-660F,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

11/15/42

......................

2,277

2,274,160

Series

2025-660F,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.75%),

6.42%,

11/15/42

......................

66

65,835

BFLD

Trust,

Series

2025-EWEST,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

06/15/42

(a)

(b)

...........

1,977

1,970,693

BLP

Commercial

Mortgage

Trust,

Series

2024-

IND2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.34%

Floor

+

1.34%),

5.01%,

03/15/41

(a)

(b)

.

231

231,351

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

BMP,

Series

2024-MF23,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

06/15/41

(a)

(b)

......................

USD

1,088

$

1,087,320

BOCA

Commercial

Mortgage

Trust,

Series

2025-

BOCA,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

12/15/42

(a)

(b)

.

1,850

1,851,156

BPR

Commercial

Mortgage

Trust,

Series

2024-

PARK,

Class

A,

4.87%,

11/05/39

(a)

(b)

......

370

373,909

BPR

Mortgage

Trust,

Series

2023-STON,

Class

A,

7.50%,

12/05/39

(b)

................

1,954

2,001,196

BPR

Trust,

Series

2024-PMDW,

Class

A,

5.36%,

11/05/41

(a)

(b)

......................

120

121,500

BRCK

Trust,

Series

2025-830B,

Class

A,

4.48%,

12/10/42

(a)

(b)

......................

1,109

1,097,996

BRES

Commercial

Mortgage

Trust,

Series

2025-ATCAP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.17%,

11/15/42

(a)

(b)

......................

908

905,870

BWAY

Mortgage

Trust

(b)

Series

2013-1515,

Class

A2,

3.45%,

03/10/33

253

242,696

Series

2013-1515,

Class

C,

3.45%,

03/10/33

2,810

2,568,844

Series

2013-1515,

Class

E,

3.72%,

03/10/33

100

87,564

BWAY

Trust,

Series

2025-1535,

Class

A,

5.89%,

05/05/42

(a)

(b)

......................

173

175,057

BX

Commercial

Mortgage

Trust

(b)

Series

2020-VIV2,

Class

C,

3.54%,

03/09/44

(a)

1,450

1,351,137

Series

2020-VIV3,

Class

B,

3.54%,

03/09/44

(a)

902

849,772

Series

2020-VIV4,

Class

A,

2.84%,

03/09/44

2,452

2,271,504

Series

2021-VIV5,

Class

A,

2.84%,

03/09/44

(a)

914

843,986

Series

2024-AIR2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.17%,

10/15/41

(a)

.....................

1,976

1,977,764

Series

2024-AIRC,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

5.36%,

08/15/41

(a)

.....................

3,296

3,298,644

Series

2024-BRBK,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.88%

Floor

+

2.88%),

6.56%,

10/15/41

(a)

................

1,740

1,735,650

Series

2024-BRBK,

Class

B,

(1-mo.

CME

Term

SOFR

at

3.93%

Floor

+

3.93%),

7.60%,

10/15/41

(a)

................

193

191,794

Series

2024-GPA3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.97%,

12/15/39

(a)

................

815

815,490

Series

2024-GPA3,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.31%,

12/15/39

(a)

................

243

243,079

Series

2024-KING,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.21%,

05/15/34

(a)

.....................

859

858,695

Series

2024-MDHS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.31%,

05/15/41

(a)

................

2,899

2,898,768

Series

2024-MF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.11%,

02/15/39

(a)

.....................

186

185,887

Series

2024-PALM,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.21%,

06/15/37

(a)

................

2,654

2,652,476

Series

2024-PURE,

Class

A,

(CAONREPO

at

1.90%

Floor

+

1.90%),

4.16%,

11/15/41

(a)

CAD

257

186,631

Series

2024-XL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

03/15/41

(a)

.....................

USD

61

61,199

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2025-BCAT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

08/15/42

(a)

.....................

USD

796

$

796,334

Series

2025-BCAT,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

08/15/42

(a)

.....................

209

208,384

Series

2025-BCAT,

Class

C,

(1-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

5.57%,

08/15/42

(a)

................

168

167,490

Series

2025-JDI,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

11/15/42

(a)

.....................

2,429

2,430,058

Series

2025-SPOT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.12%,

04/15/40

(a)

................

2,105

2,105,550

Series

2026-VLT9,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

03/15/45

(a)

.....................

1,873

1,863,934

BX

Trust

(a)(b)

Series

2019-OC11,

Class

D,

3.94%,

12/09/41

1,832

1,731,862

Series

2021-LBA,

Class

AJV,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

1.16%),

4.84%,

02/15/36

.................

519

518,835

Series

2021-LBA,

Class

AV,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

1.16%),

4.84%,

02/15/36

......................

192

192,047

Series

2022-LBA6,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

5.67%,

01/15/39

......................

530

529,669

Series

2022-VAMF,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

4.95%,

01/15/39

.................

101

101,153

Series

2024-CNYN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.11%,

04/15/41

.................

832

832,295

Series

2024-CNYN,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.69%

Floor

+

2.69%),

6.36%,

04/15/41

.................

321

320,632

Series

2024-VLT4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.16%,

06/15/41

......................

4,139

4,113,131

Series

2025-ARIA,

Class

A,

5.03%,

12/13/42

845

849,449

Series

2025-LIFE,

Class

A,

5.88%,

06/13/47

1,863

1,868,353

Series

2025-LUNR,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

06/15/40

.................

178

178,388

Series

2025-TAIL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

06/15/35

......................

210

210,000

Series

2025-VLT6,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.12%,

03/15/42

......................

4,767

4,734,206

Series

2025-VOLT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

12/15/44

......................

1,049

1,045,722

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

3.55%,

08/13/37

.

210

174,873

Series

2017-GM,

Class

D,

3.42%,

06/13/39

.

140

136,400

Series

2021-601L,

Class

D,

2.78%,

01/15/44

758

620,354

Cali,

Series

2024-SUN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.89%

Floor

+

1.89%),

5.56%,

07/15/41

(a)

(b)

......................

1,370

1,370,000

Cassia

SRL,

Series

2022-1A,

Class

A,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

4.52%,

05/22/34

(a)

(b)

......................

EUR

1,394

1,619,076

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

CD

Mortgage

Trust

Series

2017-CD3,

Class

A4,

3.63%,

02/10/50

USD

280

$

273,939

Series

2017-CD5,

Class

B,

3.96%,

08/15/50

(a)

446

433,286

Series

2017-CD6,

Class

B,

3.91%,

11/13/50

(a)

121

114,560

CENT,

Series

2025-CITY,

Class

A,

4.92%,

07/10/40

(a)

(b)

......................

1,160

1,168,319

CFCRE

Commercial

Mortgage

Trust,

Series

2017-C8,

Class

B,

4.20%,

06/15/50

(a)

.....

667

646,914

CHI

Commercial

Mortgage

Trust,

Series

2025-

110W,

Class

D,

6.63%,

12/13/40

(a)

(b)

......

489

478,234

CIP

Commercial

Mortgage

Trust,

Series

2025-

SBAY,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/15/37

(a)

(b)

.

2,149

2,147,657

Citigroup

Commercial

Mortgage

Trust,

Series

2015-P1,

Class

D,

3.23%,

09/15/48

(b)

.....

3

2,980

COAST

Commercial

Mortgage

Trust,

Series

2023-2HTL,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

8.11%,

08/15/36

(a)

(b)

748

744,280

Commercial

Mortgage

Trust

(a)(b)

Series

2016-667M,

Class

D,

3.18%,

10/10/36

218

167,426

Series

2024-WCL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

5.51%,

06/15/41

.................

2,160

2,152,570

Series

2024-WCL1,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.59%

Floor

+

2.59%),

6.26%,

06/15/41

.................

635

632,815

CONE

Trust,

Series

2024-DFW1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.31%,

08/15/41

(a)

(b)

.................

1,350

1,340,297

CRSNT

Trust,

Series

2026-MOON,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.40%),

5.07%,

02/15/31

(a)

(b)

...........

1,725

1,717,453

CRSO

Trust,

7.12%,

07/10/28

(b)

...........

458

471,636

CSAIL

Commercial

Mortgage

Trust

Series

2016-C5,

Class

C,

4.40%,

11/15/48

(a)

86

84,155

Series

2018-CX12,

Class

C,

4.72%,

08/15/51

(a)

.....................

268

252,361

Series

2019-C18,

Class

D,

2.50%,

12/15/52

(b)

2,849

2,397,096

CSMC

Trust

(b)

Series

2017-CALI,

Class

C,

3.61%,

11/10/32

(a)

370

109,143

Series

2017-TIME,

Class

A,

3.65%,

11/13/39

230

218,861

Series

2021-BHAR,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.61%),

5.29%,

11/15/38

(a)

................

465

460,497

CSTL

Commercial

Mortgage

Trust

(a)(b)

Series

2024-GATE,

Class

A,

4.76%,

11/10/41

593

591,427

Series

2025-GATE2,

Class

A,

4.56%,

11/10/42

......................

250

245,780

Series

2025-GATE2,

Class

D,

5.63%,

11/10/42

......................

460

452,266

DBC

Mortgage

Trust,

Series

2025-DBC,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

11/15/42

(a)

(b)

...........

5,719

5,715,432

DBGS,

Series

2024-SBL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.88%

Floor

+

1.88%),

5.56%,

08/15/34

(a)

(b)

......................

2,630

2,626,712

DBJPM

Mortgage

Trust,

Series

2016-C1,

Class

A4,

3.28%,

05/10/49

................

36

36,130

DBMS

DAC,

Series

2025-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.80%),

5.56%,

02/18/36

(a)

(d)

...........

GBP

100

132,313

DBWF

Mortgage

Trust,

Series

2024-LCRS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.41%,

04/15/37

(a)

(b)

...........

USD

139

138,566

DC

Trust,

Series

2024-HLTN,

Class

A,

5.73%,

04/13/40

(a)

(b)

......................

170

170,678

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

DGWD

Trust,

Series

2025-INFL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

08/15/35

(a)

(b)

.................

USD

989

$

989,778

DK

Trust

(a)(b)

Series

2024-SPBX,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

03/15/34

.................

970

969,697

Series

2025-LXP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.59%

Floor

+

1.59%),

5.27%,

08/15/37

......................

313

313,000

Series

2025-LXP,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.89%

Floor

+

2.89%),

6.57%,

08/15/37

......................

190

190,000

Durst

Commercial

Mortgage

Trust

(a)(b)

Series

2025-151,

Class

A,

4.80%,

08/10/42

.

346

349,193

Series

2025-151,

Class

D,

6.34%,

08/10/42

.

332

339,184

ELM

Trust

(a)(b)

Series

2024-ELM,

Class

A10,

5.41%,

06/10/39

......................

960

961,893

Series

2024-ELM,

Class

A15,

5.41%,

06/10/39

......................

960

961,894

Series

2024-ELM,

Class

D10,

6.18%,

06/10/39

......................

250

250,089

EQT

Trust,

Series

2024-EXTR,

Class

A,

5.33%,

07/05/41

(b)

.......................

3,434

3,472,465

Fashion

Show

Mall

LLC,

Series

2024-SHOW,

Class

A,

4.76%,

10/10/41

(a)

(b)

...........

520

522,763

Fontainebleau

Miami

Beach

Mortgage

Trust,

Series

2024-FBLU,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.12%,

12/15/39

(a)

(b)

......................

627

626,804

GGP,

Series

2026-TY,

Class

A,

4.67%,

03/05/43

(a)

(b)

......................

2,000

1,975,716

Great

Wolf

Trust

(a)(b)

Series

2024-WLF2,

Class

A,

(1-mo.

CME

Term

SOFR

+

1.69%),

5.36%,

05/15/41

..

1,874

1,874,000

Series

2024-WOLF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.21%,

03/15/39

.................

125

124,961

GS

Mortgage

Securities

Corp.

Trust

(b)

Series

2017-GPTX,

Class

A,

2.86%,

05/10/34

484

436,869

Series

2023-FUN,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.09%

Floor

+

2.09%),

5.76%,

03/15/28

(a)

.....................

3,235

3,244,098

GS

Mortgage

Securities

Trust,

Series

2019-

GSA1,

Class

C,

3.80%,

11/10/52

(a)

.......

60

54,071

GSAT

Trust,

Series

2025-BMF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

07/15/40

(a)

(b)

.................

338

337,670

HIH

Trust

(a)(b)

Series

2024-61P,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

5.51%,

10/15/41

......................

620

620,377

Series

2024-61P,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.64%

Floor

+

3.64%),

7.31%,

10/15/41

......................

231

231,484

HILT

Commercial

Mortgage

Trust

(a)(b)

Series

2024-ORL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.21%,

05/15/37

......................

1,535

1,534,041

Series

2024-ORL,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.19%

Floor

+

3.19%),

6.86%,

05/15/37

......................

1,180

1,179,262

HLTN

Commercial

Mortgage

Trust,

Series

2024-

DPLO,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.31%,

06/15/41

(a)

(b)

.

640

640,000

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

HTL

Commercial

Mortgage

Trust,

Series

2024-

T53,

Class

A,

5.88%,

05/10/39

(a)

(b)

.......

USD

370

$

372,861

ILPT

Commercial

Mortgage

Trust,

Series

2025-

LPF2,

Class

A,

5.29%,

07/13/42

(a)

(b)

......

2,027

2,053,674

INT

Commercial

Mortgage

Trust,

Series

2025-PLAZA,

Class

A,

4.55%,

11/05/37

(a)

(b)

.

583

581,046

INV

Mortgage

Trust,

Series

2024-IND,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.41%,

11/15/41

(a)

(b)

...........

960

947,400

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2016-NINE,

Class

B,

2.85%,

09/06/38

644

638,395

Series

2018-PHH,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.41%

Floor

+

1.26%),

4.93%,

06/15/35

......................

618

401,892

Series

2022-OPO,

Class

D,

3.45%,

01/05/39

564

436,254

Series

2024-IGLG,

Class

A,

5.17%,

11/09/39

1,600

1,603,353

Series

2024-IGLG,

Class

D,

6.48%,

11/09/39

450

449,244

Series

2024-OMNI,

Class

A,

5.80%,

10/05/39

2,330

2,351,249

Series

2025-BHR5,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

5.37%,

03/15/40

.................

490

490,088

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2015-C33,

Class

D1,

4.30%,

12/15/48

(a)

(b)

......................

233

203,877

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2019-COR5,

Class

A3,

3.12%,

06/13/52

........................

390

374,801

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2018-C8,

Class

AS,

4.42%,

06/15/51

.

40

39,289

JW

Commercial

Mortgage

Trust

(a)(b)

Series

2024-MRCO,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

5.29%,

06/15/39

.................

1,451

1,451,000

Series

2024-MRCO,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.19%

Floor

+

3.19%),

6.86%,

06/15/39

.................

577

575,557

KSL

Commercial

Mortgage

Trust,

Series

2024-

HT2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.21%,

12/15/39

(a)

(b)

.

1,392

1,389,459

KSL

Trust,

(1M

Sofr

FWD

+

1.89%),

5.57%,

06/15/30

(a)

(b)

......................

2,461

2,460,296

Lagarino

European

Loan

Conduit

No.

40

DAC

(a)(d)

Series

40X,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.15%),

4.26%,

06/22/37

.

EUR

644

741,995

Series

40X,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.65%),

4.76%,

06/22/37

.

409

471,254

Series

40X,

Class

D,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.55%),

5.66%,

06/22/37

.

1,162

1,338,702

Last

Mile

Securities

PE

DAC,

Series

2021-1X,

Class

D,

(3-mo.

EURIBOR

at

2.35%

Floor

+

2.35%),

4.35%,

08/17/31

(a)

(d)

...........

873

1,008,738

LBA

Trust

(a)(b)

Series

2024-7IND,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.12%,

10/15/41

......................

USD

462

461,337

Series

2024-7IND,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.64%

Floor

+

2.64%),

6.31%,

10/15/41

......................

118

117,818

LEX

Trust,

Series

2026-450,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

03/15/43

(a)

(b)

.................

596

593,392

LoanCore

2025

Issuer

LLC,

Series

2025-CRE8,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

08/17/42

(a)

(b)

......

313

312,415

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

LQR

Trust,

Series

2025-CALI,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

01/15/43

(a)

(b)

.................

USD

348

$

345,618

LUX

Trust,

Series

2023-LION,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.69%

Floor

+

2.69%),

6.36%,

08/15/40

(a)

(b)

.................

462

463,940

MCR

Mortgage

Trust

(b)

Series

2024-HF1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.79%

Floor

+

1.79%),

5.47%,

12/15/41

(a)

.....................

683

683,119

Series

2024-HTL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.76%

Floor

+

1.76%),

5.43%,

02/15/37

(a)

.....................

81

80,469

Series

2024-TWA,

Class

A,

5.92%,

06/12/39

710

715,057

MIRA

Trust,

Series

2023-MILE,

Class

A,

6.75%,

06/10/38

(b)

.......................

694

712,394

MLTI

Trust,

Series

2026-SF75,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

03/15/31

(a)

(b)

.................

830

825,850

Morgan

Stanley

Capital

I

Trust

Series

2017-H1,

Class

B,

4.08%,

06/15/50

..

3,302

3,228,931

Series

2018-MP,

Class

A,

4.28%,

07/11/40

(a)

(b)

3,761

3,476,771

Series

2019-H6,

Class

D,

3.00%,

06/15/52

(b)

137

112,956

Series

2024-NSTB,

Class

A,

3.90%,

09/24/57

(a)

(b)

....................

2,897

2,857,605

Natixis

Commercial

Mortgage

Securities

Trust

(b)

Series

2018-SOX,

Class

A,

4.40%,

06/17/38

886

868,089

Series

2019-LVL,

Class

D,

4.44%,

08/15/38

.

310

284,919

NCMF

Trust,

Series

2025-MFS,

Class

A,

4.88%,

06/10/33

(a)

(b)

......................

1,129

1,124,882

NJ

Trust,

Series

2023-GSP,

Class

A,

6.48%,

01/06/29

(a)

(b)

......................

490

507,796

NY

Commercial

Mortgage

Trust,

Series

2025-

299P,

Class

B,

5.93%,

02/10/47

(a)

(b)

.......

176

180,520

NYC

Commercial

Mortgage

Trust

(a)(b)

Series

2025-11X,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.42%,

10/15/40

......................

1,791

1,791,560

Series

2025-28L,

Class

A,

4.67%,

11/05/38

.

952

947,976

NYC

Trust,

Series

2024-3ELV,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.99%

Floor

+

1.99%),

5.66%,

08/15/29

(a)

(b)

.................

1,256

1,258,333

One

Bryant

Park

Trust,

Series

2019-OBP,

Class

A,

2.52%,

09/15/54

(b)

................

324

299,357

One

New

York

Plaza

Trust,

Series

2020-1NYP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.06%),

4.74%,

01/15/36

(a)

(b)

......

349

336,149

ONNI

Commerical

Mortgage

Trust,

Series

2024-

APT,

Class

A,

5.20%,

07/15/39

(a)

(b)

.......

158

159,906

ORL

Trust,

Series

2024-GLKS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.17%,

12/15/39

(a)

(b)

.................

810

810,000

PENN

Commercial

Mortgage

Trust,

Series

2025-

P11,

Class

A,

5.34%,

08/10/42

(a)

(b)

........

238

241,826

PGA

Trust,

Series

2024-RSR2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.89%

Floor

+

1.89%),

5.56%,

06/15/39

(a)

(b)

.................

2,169

2,161,544

PLYM

Commercial

Mortgage

Trust,

Series

2026-

IND,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.15%),

5.82%,

03/15/43

(a)

(b)

.

436

431,659

PRM5

Trust,

Series

2025-PRM5,

Class

D,

5.25%,

03/10/33

(a)

(b)

.................

383

379,812

ROCK

Trust,

Series

2024-CNTR,

Class

A,

5.39%,

11/13/41

(b)

..................

167

169,499

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Sage

AR

Funding

(a)(d)

Series

2025-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.40%),

6.14%,

05/17/37

.................

GBP

319

$

420,094

Series

2025-1X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.90%),

7.64%,

05/17/37

.................

275

362,333

Series

2026-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.75%),

5.49%,

05/18/38

.................

944

1,241,405

Series

2026-1X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.50%),

6.24%,

05/18/38

.................

404

531,025

SCG

Commercial

Mortgage

Trust

(a)(b)

Series

2025-DLFN,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.15%),

5.82%,

03/15/35

.................

USD

101

100,874

Series

2025-FLWR,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

08/15/42

.................

346

345,351

SCG

Mortgage

Trust,

Series

2024-MSP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.41%,

04/15/41

(a)

(b)

...........

571

571,000

SDAL

Trust,

Series

2025-DAL,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.44%

Floor

+

2.44%),

6.11%,

04/15/42

(a)

(b)

.................

380

380,843

SELF

Commercial

Mortgage

Trust,

Series

2024-

STRG,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.21%,

11/15/34

(a)

(b)

.

58

58,257

SG

Commercial

Mortgage

Securities

Trust,

Series

2019-PREZ,

Class

D,

3.48%,

09/15/39

(a)

(b)

......................

460

407,352

SHR

Trust

(a)(b)

Series

2024-LXRY,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

10/15/41

......................

1,888

1,885,640

Series

2024-LXRY,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.60%

Floor

+

3.60%),

7.27%,

10/15/41

.................

358

357,107

SLG

Commercial

Mortgage

Trust,

Series

2026-

PAT,

Class

A,

4.45%,

02/15/39

(a)

(b)

........

1,215

1,205,019

SLG

Office

Trust,

Series

2026-OMA,

Class

A,

1.00%,

04/15/41

(a)

(b)

.................

1,250

1,253,672

Taurus

UK

DAC

(a)(d)

Series

2025-UK2X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.00%),

5.74%,

02/18/35

...........

GBP

313

412,712

Series

2025-UK2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.50%),

6.24%,

02/18/35

...........

387

510,393

Series

2025-UK2X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.20%),

6.94%,

02/18/35

...........

854

1,126,794

Series

2025-UK4,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.60%),

5.34%,

08/18/35

.................

100

131,940

Series

2025-UK4,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.95%),

5.69%,

08/18/35

.................

155

204,313

TCO

Commercial

Mortgage

Trust,

Series

2024-

DPM,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.74%

Floor

+

2.74%),

6.41%,

12/15/39

(a)

(b)

.

USD

203

202,746

THPT

Mortgage

Trust,

Series

2023-THL,

Class

A,

7.00%,

12/10/34

(a)

(b)

.................

281

282,935

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Thunder

Logistics

DAC,

Series

2024-1X,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.05%),

4.05%,

11/17/36

(a)

(d)

.................

EUR

82

$

94,271

TYSN

Mortgage

Trust,

Series

2023-CRNR,

Class

A,

6.58%,

12/10/33

(a)

(b)

...............

USD

460

478,042

UK

Logistics

DAC

(a)(d)

Series

2024-1X,

Class

A,

(Sterling

Overnight

Index

Average

at

1.65%

Floor

+

1.65%),

5.39%,

05/17/34

.................

GBP

140

185,650

Series

2024-2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.10%),

5.84%,

02/17/35

.................

99

131,029

Series

2024-2X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.10%),

6.84%,

02/17/35

.................

229

299,748

Series

2025-1X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

4.00%),

7.74%,

05/17/35

.................

861

1,135,681

Series

2025-2X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.65%),

5.39%,

08/17/35

.................

302

401,228

Series

2025-2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.95%),

5.69%,

08/17/35

.................

125

166,483

UNIV

Trust

(a)(b)

Series

2025-APTS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

11/15/42

.................

USD

1,738

1,731,895

Series

2025-APTS,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

5.92%,

11/15/42

.................

191

190,332

Vanir

Logistics

Finance

SARL,

Series

1X,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.90%),

3.97%,

07/23/37

(a)

(d)

.................

EUR

160

184,249

VEGAS,

Series

2024-GCS,

Class

C,

6.22%,

07/10/36

(a)

(b)

......................

USD

1,440

1,454,983

VEGAS

Trust,

Series

2024-GCS,

Class

D,

6.22%,

07/10/36

(a)

(b)

.................

2,113

2,102,279

VNDO

Trust,

Series

2016-350P,

Class

D,

3.90%,

01/10/35

(a)

(b)

......................

710

708,794

Wells

Fargo

Commercial

Mortgage

Trust

Series

2018-1745,

Class

A,

3.75%,

06/15/36

(a)

(b)

....................

110

103,664

Series

2018-C46,

Class

B,

4.63%,

08/15/51

.

429

411,832

Series

2019-C49,

Class

B,

4.55%,

03/15/52

.

1,688

1,643,035

Series

2019-C49,

Class

D,

3.00%,

03/15/52

(b)

103

84,247

Series

2019-C50,

Class

B,

4.19%,

05/15/52

.

2,639

2,502,356

Series

2021-FCMT,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.61%),

7.29%,

05/15/31

(a)

(b)

...............

1,890

1,888,356

Series

2024-1CHI,

Class

A,

4.95%,

07/15/35

(a)

(b)

....................

577

579,459

Series

2024-BPRC,

Class

B,

6.22%,

07/15/43

(b)

.....................

1,759

1,797,818

Series

2024-BPRC,

Class

C,

6.43%,

07/15/43

(b)

.....................

1,120

1,122,206

Series

2024-BPRC,

Class

D,

7.08%,

07/15/43

(b)

.....................

480

480,117

WEST

Trust,

Series

2025-ROSE,

Class

A,

5.28%,

04/10/35

(a)

(b)

.................

438

439,827

WHARF

Commercial

Mortgage

Trust,

Series

2025-DC,

Class

A,

4.99%,

07/15/40

(a)

(b)

....

913

933,346

224,350,771

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.2%

245

Park

Avenue

Trust,

Series

2017-245P,

Class

XA,

0.15%,

06/05/37

(a)

(b)

..............

USD

11,000

$

18,909

BANK

(a)

Series

2019-BN20,

Class

XB,

0.36%,

09/15/62

......................

8,371

97,595

Series

2021-BN33,

Class

XA,

1.02%,

05/15/64

......................

11,981

418,427

Series

2021-BN33,

Class

XB,

0.47%,

05/15/64

......................

81,230

1,797,945

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust,

Series

2017-BNK3,

Class

XB,

0.59%,

02/15/50

(a)

..................

4,185

14,436

BBCMS

Trust,

Series

2015-SRCH,

Class

XA,

0.82%,

08/10/35

(a)

(b)

.................

6,033

44,016

Benchmark

Mortgage

Trust

(a)

Series

2019-B9,

Class

XA,

1.00%,

03/15/52

.

2,725

61,980

Series

2020-B17,

Class

XB,

0.52%,

03/15/53

1,560

25,251

Series

2021-B23,

Class

XA,

1.25%,

02/15/54

5,670

243,918

Series

2021-B24,

Class

XA,

1.13%,

03/15/54

18,091

675,753

BMO

Mortgage

Trust,

Series

2023-C5,

Class

XA,

0.73%,

06/15/56

(a)

..................

5,669

221,381

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XB,

0.57%,

05/10/58

(a)

....

2,030

32

Citigroup

Commercial

Mortgage

Trust,

Series

2020-420K,

Class

X,

0.80%,

11/10/42

(a)

(b)

...

10,100

324,872

Commercial

Mortgage

Trust,

Series

2018-COR3,

Class

XD,

1.75%,

05/10/51

(a)

(b)

..........

770

23,474

CSAIL

Commercial

Mortgage

Trust

(a)

Series

2017-CX10,

Class

XB,

0.23%,

11/15/50

......................

3,170

14,668

Series

2019-C16,

Class

XA,

1.53%,

06/15/52

6,306

242,851

Series

2019-C17,

Class

XA,

1.31%,

09/15/52

1,816

60,763

Series

2019-C17,

Class

XB,

0.52%,

09/15/52

4,040

62,230

DBGS

Mortgage

Trust,

Series

2019-1735,

Class

X,

0.29%,

04/10/37

(a)

(b)

...............

5,975

49,109

DBJPM

Mortgage

Trust,

Series

2017-C6,

Class

XD,

1.00%,

06/10/50

(a)

(b)

..............

3,040

29,742

ELM

Trust

(a)(b)

Series

2024-ELM,

Class

XP10,

0.22%,

06/10/39

......................

10,185

4,009

Series

2024-ELM,

Class

XP15,

1.46%,

06/10/39

......................

9,225

24,156

GS

Mortgage

Securities

Trust

(a)

Series

2019-GSA1,

Class

XA,

0.80%,

11/10/52

......................

5,091

118,877

Series

2020-GSA2,

Class

XA,

1.65%,

12/12/53

(b)

.....................

3,823

220,954

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

(a)

Series

2013-LC11,

Class

XB,

0.02%,

04/15/46

1,619

844

Series

2016-JP3,

Class

XC,

0.75%,

08/15/49

(b)

.....................

4,330

5,679

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C22,

Class

XA,

0.40%,

09/15/47

(a)

.......................

42

—

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(a)

(b)

......................

1,800

4,675

Ladder

Capital

Commercial

Mortgage

Mortgage

Trust,

Series

2013-GCP,

Class

XA,

1.13%,

02/15/36

(a)

(b)

......................

2,587

54,996

MCR

Mortgage

Trust,

Series

2024-TWA,

Class

XA,

0.92%,

06/12/39

(b)

...............

3,312

19,797

Morgan

Stanley

Capital

I

Trust

(a)

Series

2017-H1,

Class

XD,

2.12%,

06/15/50

(b)

3,030

67,547

Series

2019-H6,

Class

XB,

0.72%,

06/15/52

.

5,210

109,637

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

Series

2019-L2,

Class

XA,

0.97%,

03/15/52

.

USD

1,845

$

43,767

MSWF

Commercial

Mortgage

Trust,

Series

2023-

2,

Class

XA,

0.92%,

12/15/56

(a)

.........

11,207

604,340

Olympic

Tower

Mortgage

Trust,

Series

2017-OT,

Class

XA,

0.38%,

05/10/39

(a)

(b)

..........

10,700

27,815

One

Market

Plaza

Trust

(a)(b)

Series

2017-1MKT,

Class

XCP,

0.00%,

02/10/32

......................

14,166

44,104

Series

2017-1MKT,

Class

XNCP,

0.09%,

02/10/32

......................

2,833

7,410

UBS

Commercial

Mortgage

Trust

(a)

Series

2019-C17,

Class

XA,

1.44%,

10/15/52

3,791

154,785

Series

2019-C18,

Class

XA,

0.98%,

12/15/52

6,641

171,640

Wells

Fargo

Commercial

Mortgage

Trust

(a)

Series

2016-BNK1,

Class

XD,

1.41%,

08/15/49

(b)

.....................

1,180

6,230

Series

2019-C50,

Class

XA,

1.39%,

05/15/52

11,169

355,691

Series

2024-BPRC,

Class

X,

0.09%,

07/15/43

(b)

.....................

13,882

111,546

6,585,851

Total

Non-Agency

Mortgage-Backed

Securities

—

15

.1

%

(Cost:

$

525,744,793

)

..............................

519,902,717

Beneficial

Interest

(000)

Other

Interests

(j)

Capital

Markets

—

0.0%

(e)(k)(l)

Lehman

Brothers

Holdings,

Inc.

...........

14,400

2

Lehman

Brothers

Holdings,

Inc.,

Capital

Trust

VII

1,630

—

Total

Other

Interests

—

0.0

%

(Cost:

$

—

)

.....................................

2

Par

(000)

Pa

r

(

000)

Preferred

Securities

Capital

Trusts

—

0.5%

Banks

—

0.0%

Goldman

Sachs

Capital

I

,

6.35

%

,

02/15/34

...

100

104,169

Capital

Markets

—

0.0%

UBS

Group

AG

,

(ADSWAP5

+

2.60%),

7.13

%

(a)

(d)

(m)

.............................

AUD

345

230,787

Consumer

Finance

—

0.0%

AerCap

Ireland

Capital

DAC

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.44%),

6.50

%

,

01/31/56

(a)

.....

USD

590

590,608

Electric

Utilities

—

0.2%

(a)

Alliant

Energy

Corp.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.08%),

5.75

%

,

04/01/56

..............

715

695,163

Entergy

Corp.

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.67%),

7.13

%

,

12/01/54

.................

782

801,298

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.18%),

5.88

%

,

06/15/56

.................

398

392,698

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.01%),

6.10

%

,

06/15/56

.................

168

165,805

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Evergy,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.56%),

6.65

%

,

06/01/55

...................

USD

517

$

520,486

Eversource

Energy

Series

A

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.52%),

6.10

%

,

08/15/56

.................

611

603,447

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.33%),

6.35

%

,

08/15/56

.................

213

210,115

Exelon

Corp.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.98%),

6.50

%

,

03/15/55

...................

100

101,956

Nevada

Power

Co.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.94%),

6.25

%

,

05/15/55

..............

286

285,888

NextEra

Energy

Capital

Holdings,

Inc.

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.75

%

,

06/15/54

.................

592

612,444

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.36%),

6.70

%

,

09/01/54

.................

227

231,845

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.05%),

6.38

%

,

08/15/55

.................

362

368,788

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.98%),

6.50

%

,

08/15/55

.................

157

162,013

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.59%),

4.00

%

,

05/15/56

.................

EUR

3,000

3,338,606

Sierra

Pacific

Power

Co.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.55%),

6.20

%

,

12/15/55

..............

USD

592

575,792

9,066,344

Financial

Services

—

0.0%

(a)

Apollo

Global

Management,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.17%),

6.00

%

,

12/15/54

......

262

245,651

Corebridge

Financial,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

6.38

%

,

09/15/54

..............

208

204,429

Equitable

Holdings,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.39%),

6.70

%

,

03/28/55

..............

100

100,919

550,999

Gas

Utilities

—

0.0%

Spire,

Inc.

(a)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.56%),

6.25

%

,

06/01/56

.................

102

100,862

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.33%),

6.45

%

,

06/01/56

.................

166

165,568

266,430

Insurance

—

0.0%

Athene

Holding

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.58%),

6.88

%

,

06/28/55

(a)

............

408

381,461

Multi-Utilities

—

0.3%

(a)

CenterPoint

Energy,

Inc.

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.95%),

6.85

%

,

02/15/55

.................

150

157,165

Security

Par

(000)

Par

(000)

Value

Multi-Utilities

(continued)

Series

A

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.25%),

7.00

%

,

02/15/55

.................

USD

424

$

436,350

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.59%),

6.70

%

,

05/15/55

.................

472

477,282

Dominion

Energy,

Inc.

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.51%),

7.00

%

,

06/01/54

.................

653

690,671

Series

A

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.39%),

6.88

%

,

02/01/55

.................

180

185,251

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.26%),

6.00

%

,

02/15/56

.................

258

256,356

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.01%),

6.20

%

,

02/15/56

.................

302

299,344

NiSource,

Inc.

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.45%),

6.95

%

,

11/30/54

.................

755

776,366

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.53%),

6.38

%

,

03/31/55

.................

100

102,185

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.04%),

5.75

%

,

07/15/56

.................

414

407,701

Sempra

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.79%),

6.88

%

,

10/01/54

.................

822

830,851

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.14%),

6.55

%

,

04/01/55

.................

373

371,333

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.35%),

6.63

%

,

04/01/55

.................

223

222,993

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.63%),

6.38

%

,

04/01/56

.................

179

179,806

WEC

Energy

Group,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.91%),

5.63

%

,

05/15/56

..............

208

203,805

5,597,459

Oil,

Gas

&

Consumable

Fuels

—

0.0%

Phillips

66

Co.

(a)

Series

A

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.28%),

5.88

%

,

03/15/56

.................

585

576,083

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.17%),

6.20

%

,

03/15/56

.................

183

182,178

758,261

Total

Preferred

Securities

—

0

.5

%

(Cost:

$

17,813,429

)

...............................

17,546,518

U.S.

Government

Sponsored

Agency

Securities

Agency

Obligations

—

0.0%

Federal

National

Mortgage

Association

,

6.63

%

,

11/15/30

...................

1,500

1,667,278

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

—

1.9%

Federal

Home

Loan

Mortgage

Corp.

,

Series

2996

,

Class

MK

,

5.50

%

,

06/15/35

........

USD

1

$

989

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)

Class

FH

,

(SOFR

30

day

Average

at

1.50%

Floor

and

6.50%

Cap

+

1.50%),

5.16

%

,

06/25/55

.................

1,106

1,118,285

Series

5468

,

Class

WF

,

(SOFR

30

day

Average

at

1.10%

Floor

and

6.50%

Cap

+

1.10%),

4.76

%

,

11/25/54

............

1,269

1,272,828

Series

5478

,

Class

FD

,

(SOFR

30

day

Average

at

1.40%

Floor

and

6.50%

Cap

+

1.40%),

5.06

%

,

02/25/54

...........

775

780,558

Series

5479

,

Class

FB

,

(SOFR

30

day

Average

at

1.40%

Floor

and

6.50%

Cap

+

1.40%),

5.06

%

,

12/25/54

...........

642

647,265

Series

5482

,

Class

FB

,

(SOFR

30

day

Average

at

1.50%

Floor

and

6.50%

Cap

+

1.50%),

5.16

%

,

12/25/54

...........

1,407

1,422,560

Series

5500

,

Class

DF

,

(SOFR

30

day

Average

at

1.35%

Floor

and

6.50%

Cap

+

1.35%),

5.01

%

,

10/25/54

...........

1,008

1,015,260

Series

5502

,

Class

EF

,

(SOFR

30

day

Average

at

1.40%

Floor

and

6.50%

Cap

+

1.40%),

5.06

%

,

02/25/55

...........

796

802,864

Series

5503

,

Class

FB

,

(SOFR

30

day

Average

at

1.35%

Floor

and

6.50%

Cap

+

1.35%),

5.01

%

,

02/25/55

...........

842

847,512

Series

5508

,

Class

FE

,

(SOFR

30

day

Average

at

1.60%

Floor

and

6.50%

Cap

+

1.60%),

5.26

%

,

02/25/55

...........

1,084

1,095,978

Series

5513

,

Class

FD

,

(SOFR

30

day

Average

at

1.35%

Floor

and

6.50%

Cap

+

1.35%),

5.01

%

,

01/25/55

...........

8,388

8,446,567

Series

5515

,

Class

FB

,

(SOFR

30

day

Average

at

1.40%

Floor

and

6.50%

Cap

+

1.40%),

5.06

%

,

03/25/55

...........

854

860,941

Series

5516

,

Class

FC

,

(SOFR

30

day

Average

at

1.40%

Floor

and

6.50%

Cap

+

1.40%),

5.06

%

,

03/25/55

...........

19,757

19,921,903

Series

5539

,

Class

FC

,

(SOFR

30

day

Average

at

1.50%

Floor

and

6.50%

Cap

+

1.50%),

5.16

%

,

05/25/55

...........

1,110

1,121,536

Series

5543

,

Class

FC

,

(SOFR

30

day

Average

at

1.50%

Floor

and

6.50%

Cap

+

1.50%),

5.16

%

,

06/25/55

...........

846

854,643

Series

5543

,

Class

FG

,

(SOFR

30

day

Average

at

1.50%

Floor

and

6.50%

Cap

+

1.50%),

5.16

%

,

06/25/55

...........

859

868,040

Series

5543

,

Class

FM

,

(SOFR

30

day

Average

at

1.50%

Floor

and

6.50%

Cap

+

1.50%),

5.16

%

,

06/25/55

...........

1,136

1,148,193

Series

5563

,

Class

FA

,

(SOFR

30

day

Average

at

1.35%

Floor

and

6.50%

Cap

+

1.35%),

5.01

%

,

08/25/55

...........

2,023

2,037,629

Series

5570

,

Class

FA

,

(SOFR

30

day

Average

at

1.40%

Floor

and

6.50%

Cap

+

1.40%),

5.06

%

,

05/25/55

...........

1,233

1,243,223

Series

5574

,

Class

FB

,

(SOFR

30

day

Average

at

1.35%

Floor

and

6.50%

Cap

+

1.35%),

5.01

%

,

09/25/55

...........

967

974,524

Federal

National

Mortgage

Association

,

Series

2005-29

,

Class

WB

,

4.75

%

,

04/25/35

.....

1

918

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Federal

National

Mortgage

Association

Variable

Rate

Notes

(a)

Series

2023-35

,

Class

FC

,

(SOFR

30

day

Average

at

1.10%

Floor

and

7.00%

Cap

+

1.10%),

4.76

%

,

08/25/53

...........

USD

1,618

$

1,627,336

Series

2023-68

,

Class

FB

,

(SOFR

30

day

Average

at

1.05%

Floor

and

7.00%

Cap

+

1.05%),

4.71

%

,

01/25/54

...........

1,595

1,601,993

Series

2024-63

,

Class

FH

,

(SOFR

30

day

Average

at

1.10%

Floor

and

7.00%

Cap

+

1.10%),

4.76

%

,

09/25/54

...........

1,148

1,154,748

Series

2024-88

,

Class

FC

,

(SOFR

30

day

Average

at

1.40%

Floor

and

6.50%

Cap

+

1.40%),

5.06

%

,

12/25/54

...........

945

952,201

Series

2024-95

,

Class

FC

,

(SOFR

30

day

Average

at

1.40%

Floor

and

6.50%

Cap

+

1.40%),

5.06

%

,

12/25/54

...........

335

338,146

Series

2024-96

,

Class

FA

,

(SOFR

30

day

Average

at

1.40%

Floor

and

6.50%

Cap

+

1.40%),

5.06

%

,

12/25/54

...........

1,591

1,603,686

Series

2025-1

,

Class

FX

,

(SOFR

30

day

Average

at

1.35%

Floor

and

6.50%

Cap

+

1.35%),

5.01

%

,

02/25/55

...........

1,070

1,077,674

Series

2025-2

,

Class

FG

,

(SOFR

30

day

Average

at

1.45%

Floor

and

6.50%

Cap

+

1.45%),

5.11

%

,

02/25/55

............

2,146

2,164,561

Series

2025-9

,

Class

FG

,

(SOFR

30

day

Average

at

1.35%

Floor

and

6.50%

Cap

+

1.35%),

5.01

%

,

03/25/55

...........

633

637,280

Series

2025-13

,

Class

FB

,

(SOFR

30

day

Average

at

1.30%

Floor

and

6.50%

Cap

+

1.30%),

4.96

%

,

03/25/55

...........

1,182

1,190,040

Series

2025-18

,

Class

FH

,

(SOFR

30

day

Average

at

1.40%

Floor

and

6.50%

Cap

+

1.40%),

5.06

%

,

08/25/54

...........

580

584,658

Series

2025-35

,

Class

FJ

,

(SOFR

30

day

Average

at

1.60%

Floor

and

6.50%

Cap

+

1.60%),

5.26

%

,

05/25/55

...........

1,346

1,362,873

Series

2025-42

,

Class

FA

,

(SOFR

30

day

Average

at

1.50%

Floor

and

6.50%

Cap

+

1.50%),

5.16

%

,

06/25/55

...........

800

808,529

Series

2025-42

,

Class

FE

,

(SOFR

30

day

Average

at

1.55%

Floor

and

6.50%

Cap

+

1.55%),

5.21

%

,

06/25/55

...........

1,488

1,505,656

Series

2025-63

,

Class

DF

,

(SOFR

30

day

Average

at

1.40%

Floor

and

6.50%

Cap

+

1.40%),

5.06

%

,

08/25/55

...........

781

787,896

Government

National

Mortgage

Association

Variable

Rate

Notes

,

Series

2025-9

,

Class

FE

,

(SOFR

30

day

Average

at

1.25%

Floor

and

6.50%

Cap

+

1.25%),

4.92

%

,

01/20/55

(a)

...

951

956,524

64,836,017

Commercial

Mortgage-Backed

Securities

—

0.1%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

,

Series

2018-K80

,

Class

B

,

4.23

%

,

08/25/50

(a)

(b)

.................

235

229,973

Federal

National

Mortgage

Association

ACES

Variable

Rate

Notes

,

Series

2006-M2

,

Class

A2A

,

5.27

%

,

10/25/32

(a)

..............

296

296,277

Federal

National

Mortgage

Association

Variable

Rate

Notes

,

Series

2024-P015

,

Class

A1

,

4.30

%

,

11/25/32

(a)

..................

236

233,472

Government

National

Mortgage

Association

Series

2025-88

,

Class

AT

,

5.00

%

,

06/16/58

.

428

428,201

Series

2025-126

,

Class

AD

,

5.00

%

,

05/16/65

384

382,765

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2025-128

,

Class

AD

,

5.00

%

,

10/16/56

USD

892

$

895,506

Series

2025-129

,

Class

AB

,

4.75

%

,

09/16/54

282

279,872

Series

2025-130

,

Class

AL

,

4.75

%

,

08/16/56

282

279,914

Government

National

Mortgage

Association

Variable

Rate

Notes

(a)

Series

2023-50

,

Class

AC

,

3.25

%

,

09/16/63

.

223

199,994

Series

2023-118

,

Class

BA

,

3.75

%

,

05/16/65

280

251,898

3,477,872

Interest

Only

Collateralized

Mortgage

Obligations

—

0.0%

Government

National

Mortgage

Association

,

Series

2022-78

,

Class

D

,

3.00

%

,

08/20/51

..

1,016

169,955

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

(a)

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

Variable

Rate

Notes

Series

K120

,

Class

X1

,

1.03

%

,

10/25/30

...

40,028

1,513,052

Series

K121

,

Class

X1

,

1.01

%

,

10/25/30

...

2,982

110,171

Series

KL05

,

Class

X1P

,

0.89

%

,

06/25/29

..

13,486

349,055

Series

KL06

,

Class

XFX

,

1.36

%

,

12/25/29

..

1,445

60,684

Series

KW09

,

Class

X1

,

0.76

%

,

05/25/29

..

8,554

153,738

Government

National

Mortgage

Association

Variable

Rate

Notes

Series

2013-30

,

0.53

%

,

09/16/53

........

533

7,572

Series

2016-96

,

0.77

%

,

12/16/57

........

700

25,731

2,220,003

Mortgage-Backed

Securities

—

38.4%

Federal

Home

Loan

Mortgage

Corp.

2.50

%

,

01/01/29

-

04/01/31

............

1,269

1,231,478

3.00

%

,

09/01/27

-

12/01/46

............

1,966

1,857,628

3.50

%

,

04/01/42

-

01/01/48

............

2,815

2,655,643

4.00

%

,

08/01/40

-

12/01/45

............

1,050

1,015,625

4.50

%

,

02/01/39

-

04/01/49

............

8,978

8,843,859

5.00

%

,

07/01/35

-

11/01/48

............

1,208

1,222,794

5.50

%

,

05/01/36

-

06/01/41

............

807

832,416

6.00

%

,

11/01/29

-

12/01/32

............

1

1,209

Federal

National

Mortgage

Association

4.00

%

,

01/01/41

...................

51

49,071

5.81

%

,

06/01/31

...................

1,084

1,101,403

7.00

%

,

06/01/32

...................

5

5,148

Government

National

Mortgage

Association

2.00

%

,

08/20/50

-

02/20/51

............

22,224

18,369,802

2.00

%

,

04/15/56

(n)

..................

10,813

8,930,017

2.50

%

,

04/20/51

-

01/20/53

............

25,345

21,823,534

2.50

%

,

04/15/56

(n)

..................

7,763

6,677,393

3.00

%

,

12/20/44

-

01/20/52

............

17,868

15,971,799

3.00

%

,

04/15/56

(n)

..................

5,944

5,305,576

3.50

%

,

01/15/42

-

10/20/52

............

17,944

16,723,312

3.50

%

,

04/15/56

(n)

..................

1,462

1,340,735

4.00

%

,

04/20/39

-

12/20/52

............

10,958

10,413,526

4.00

%

,

04/15/56

(n)

..................

2,963

2,775,075

4.50

%

,

12/20/39

-

04/20/50

............

4,554

4,485,287

4.50

%

,

04/15/56

(n)

..................

12,488

12,062,174

5.00

%

,

12/15/38

-

11/20/52

............

10,868

10,870,717

5.00

%

,

04/15/56

(n)

..................

14,067

13,930,583

5.50

%

,

03/15/32

-

11/15/33

............

1

961

5.50

%

,

04/15/56

(n)

..................

25,461

25,623,154

6.00

%

,

12/15/36

...................

33

33,844

6.00

%

,

04/15/56

(n)

..................

14,476

14,719,287

6.50

%

,

04/15/56

(n)

..................

6,127

6,367,368

7.50

%

,

11/15/29

...................

—

(f)

165

Uniform

Mortgage-Backed

Securities

1.50

%

,

12/01/35

-

04/01/52

............

28,532

23,738,754

1.50

%

,

04/25/41

(n)

..................

218

195,939

1.50

%

,

11/01/41

(o)

..................

17,800

14,987,556

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

2.00

%

,

10/01/31

-

04/01/52

............

USD

156,927

$

131,311,823

2.00

%

,

04/25/41

-

04/25/56

(n)

...........

12,438

10,044,570

2.50

%

,

09/01/27

-

04/01/52

............

106,159

92,209,859

2.50

%

,

04/25/41

-

04/25/56

(n)

...........

44,958

37,796,204

3.00

%

,

04/01/28

-

08/01/52

............

61,860

56,037,007

3.00

%

,

04/25/41

-

04/25/56

(n)

...........

76,584

67,256,447

3.50

%

,

08/01/27

-

01/01/51

............

21,452

20,155,902

3.50

%

,

04/25/41

-

05/25/56

(n)

...........

181,699

166,489,396

4.00

%

,

08/01/33

-

06/01/52

............

34,563

33,195,628

4.00

%

,

04/25/41

-

04/25/56

(n)

...........

2,056

1,949,953

4.50

%

,

06/01/26

-

07/01/52

............

25,212

24,819,317

4.50

%

,

04/25/41

-

04/25/56

(n)

...........

8,848

8,756,895

5.00

%

,

03/01/30

-

03/01/56

............

44,060

43,779,841

5.00

%

,

04/25/56

(n)

..................

70,860

69,877,014

5.50

%

,

12/01/31

-

04/01/55

............

28,266

28,645,610

5.50

%

,

06/01/53

(o)

..................

16,537

16,674,483

5.50

%

,

04/25/56

(n)

..................

71,777

72,107,344

6.00

%

,

07/01/29

-

11/01/55

............

37,844

38,906,063

6.00

%

,

04/25/56

-

05/25/56

(n)

...........

120,803

123,052,940

6.50

%

,

05/01/40

-

07/01/54

............

12,509

12,972,483

6.50

%

,

04/25/56

(n)

..................

12,166

12,585,773

1,322,787,384

Total

U.S.

Government

Sponsored

Agency

Securities

—

40

.5

%

(Cost:

$

1,443,388,134

)

............................

1,395,158,509

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

4.25

%

,

05/15/39

-

11/15/40

............

3,407

3,271,392

4.50

%

,

08/15/39

...................

14,200

14,064,260

4.38

%

,

11/15/39

...................

1,343

1,309,845

4.63

%

,

02/15/40

...................

2,064

2,062,549

1.13

%

,

05/15/40

-

08/15/40

............

20,816

13,044,558

3.88

%

,

08/15/40

-

02/15/43

............

3,803

3,436,982

1.38

%

,

11/15/40

...................

10,408

6,704,215

1.88

%

,

02/15/41

-

11/15/51

............

15,025

8,517,272

3.75

%

,

08/15/41

-

11/15/43

............

12,973

11,263,835

3.00

%

,

05/15/42

-

08/15/52

............

74,869

54,841,889

3.13

%

,

02/15/43

-

08/15/44

............

11,781

9,321,889

3.63

%

,

08/15/43

-

05/15/53

............

32,630

26,800,532

4.75

%

,

11/15/43

...................

26,996

26,671,204

4.13

%

,

08/15/44

...................

326

295,496

2.50

%

,

02/15/45

(p)

..................

29,908

20,974,153

2.75

%

,

11/15/47

(o)

(p)

.................

27,458

19,367,543

2.25

%

,

08/15/49

-

02/15/52

............

18,580

11,462,217

1.63

%

,

11/15/50

...................

3,317

1,730,514

2.38

%

,

05/15/51

...................

4,132

2,584,921

2.00

%

,

08/15/51

...................

4,760

2,710,039

4.75

%

,

11/15/53

(o)

(p)

.................

36,013

35,015,317

U.S.

Treasury

Inflation

Linked

Notes

,

1.63

%

,

04/15/30

...................

38,743

39,128,019

U.S.

Treasury

Notes

4.88

%

,

04/30/26

-

10/31/30

............

24,373

25,111,612

0.75

%

,

05/31/26

...................

9,720

9,670,925

2.00

%

,

11/15/26

...................

12,253

12,120,476

4.38

%

,

12/15/26

-

08/31/28

............

22,269

22,463,917

4.00

%

,

01/15/27

-

02/15/34

............

36,365

36,264,333

2.38

%

,

05/15/27

-

03/31/29

............

15,675

15,240,629

0.50

%

,

05/31/27

-

08/31/27

............

29,728

28,472,905

2.25

%

,

08/15/27

...................

21,450

20,997,050

0.38

%

,

09/30/27

...................

8,216

7,804,879

3.88

%

,

03/15/28

...................

26,944

26,974,522

1.25

%

,

03/31/28

-

05/31/28

............

16,370

15,519,202

1.13

%

,

08/31/28

...................

3,519

3,301,812

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

3.75

%

,

12/31/28

-

05/31/30

............

USD

36,464

$

36,324,182

2.88

%

,

04/30/29

-

05/15/32

............

9,210

8,919,069

3.25

%

,

06/30/29

...................

15,923

15,633,970

3.13

%

,

08/31/29

...................

17,728

17,310,032

4.13

%

,

11/30/29

...................

17,932

18,080,499

3.50

%

,

01/31/30

...................

32,059

31,612,982

1.50

%

,

02/15/30

...................

10,431

9,545,180

3.63

%

,

08/31/30

-

09/30/31

............

62,908

62,037,615

4.25

%

,

06/30/31

...................

15,747

15,945,987

4.50

%

,

12/31/31

...................

14,308

14,647,713

2.75

%

,

08/15/32

(p)

..................

37,111

34,323,511

Total

U.S.

Treasury

Obligations

—

23

.3

%

(Cost:

$

872,696,558

)

..............................

802,901,643

Total

Long-Term

Investments

—

116.2%

(Cost:

$

4,139,298,963

)

............................

3,999,138,798

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

3.2%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

3.55

%

(h)

(q)

...................

110,682,401

110,682,401

Total

Short-Term

Securities

—

3

.2

%

(Cost:

$

110,682,401

)

..............................

110,682,401

Security

Shares

Shares

Value

Total

Options

Purchased

—

0.0

%

(

Cost:

$

1,594,864

)

...............................

$

1,030,607

Total

Investments

Before

Options

Written

and

TBA

Sale

Commitments

—

119

.4

%

(Cost:

$

4,251,576,228

)

............................

4,110,851,806

Total

Options

Written

—

(

0

.2

)

%

(Premium

Received

—

$

(

5,686,360

)

)

...................

(

7,123,419

)

Par

(000)

Pa

r

(

000)

TBA

Sale

Commitments

(n)

Mortgage-Backed

Securities

—

(

9

.4

)

%

Government

National

Mortgage

Association

6.00

%

,

04/15/56

...................

USD

(

340

)

(

345,714

)

6.50

%

,

04/15/56

...................

(

170

)

(

176,669

)

Uniform

Mortgage-Backed

Securities

2.00

%

,

04/25/41

...................

(

6,047

)

(

5,561,200

)

2.50

%

,

04/25/41

-

04/25/56

............

(

3,022

)

(

2,597,492

)

3.00

%

,

04/25/41

-

04/25/56

............

(

75,241

)

(

66,173,310

)

3.50

%

,

04/25/41

-

04/25/56

............

(

32,789

)

(

30,101,749

)

4.50

%

,

04/25/56

...................

(

6,814

)

(

6,575,549

)

5.00

%

,

04/25/56

-

05/25/56

............

(

179,776

)

(

177,156,251

)

5.50

%

,

04/25/56

...................

(

128

)

(

128,590

)

6.00

%

,

04/25/56

...................

(

33,700

)

(

34,351,354

)

6.50

%

,

04/25/56

...................

(

231

)

(

238,970

)

Total

TBA

Sale

Commitments

—

(

9

.4

)

%

(Proceeds:

$

(

324,899,038

)

)

.........................

(

323,406,848

)

Total

Investments

Net

of

Options

Written

and

TBA

Sale

Commitments

—

109

.8

%

(Cost:

$

3,920,990,830

)

............................

3,780,321,539

Liabilities

in

Excess

of

Other

Assets

—

(

9.8

)

%

.............

(

337,649,007

)

Net

Assets

—

100.0%

...............................

$

3,442,672,532

(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)

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.

(d)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(e)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(f)

Rounds

to

less

than

1,000.

(g)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$4,522,612,

representing

0.13%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$4,402,000.

(h)

Affiliate

of

the

Fund.

(i)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(j)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(k)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(l)

Non-income

producing

security.

(m)

Perpetual

security

with

no

stated

maturity

date.

(n)

Represents

or

includes

a

TBA

transaction.

(o)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

TBA

commitments.

(p)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(q)

Annualized

7-day

yield

as

of

period

end.

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

51

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

March

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

09/30/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/26

Shares

Held

at

03/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

42,126,671

$

68,555,730

(a)

$

—

$

—

$

—

$

110,682,401

110,682,401

$

1,559,594

$

—

iShares

AAA

CLO

Active

ETF

.

5,196,500

—

—

—

(

13,000

)

5,183,500

100,000

129,343

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

—

82,165,108

(

34,491,961

)

(

856,721

)

103,769

46,920,195

430,500

119,482

—

$

(

856,721

)

$

90,769

$

162,786,096

$

1,808,419

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

52

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

Short

Euro-BTP

...........................................................

32

06/08/26

$

3,915

$

(

27,565

)

Australia

10-Year

Bond

......................................................

186

06/15/26

13,828

(

139,853

)

Australia

3-Year

Bond

.......................................................

473

06/15/26

33,827

(

181,583

)

U.S.

Treasury

10-Year

Note

...................................................

443

06/18/26

49,166

257,145

U.S.

Treasury

10-Year

Ultra

Note

...............................................

561

06/18/26

63,638

(

734,469

)

U.S.

Treasury

Long

Bond

.....................................................

118

06/18/26

13,408

81,489

U.S.

Treasury

Ultra

Bond

.....................................................

331

06/18/26

38,499

(

424,549

)

U.S.

Treasury

2-Year

Note

....................................................

1,463

06/30/26

303,527

(

375,023

)

3-mo.

SOFR

.............................................................

716

03/16/27

172,511

(

827,342

)

3-mo.

SOFR

.............................................................

192

03/14/28

46,368

(

45,519

)

3-mo.

SOFR

.............................................................

192

03/20/29

46,318

9,727

(

2,407,542

)

Short

Contracts

Euro-Bobl

...............................................................

103

06/08/26

13,742

202,891

Euro-Bund

..............................................................

166

06/08/26

24,059

407,117

Euro-Buxl

...............................................................

25

06/08/26

3,186

30,066

Euro-Schatz

.............................................................

32

06/08/26

3,911

33,450

U.S.

Treasury

5-Year

Note

....................................................

163

06/30/26

17,632

36

673,560

$

(

1,733,982

)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

AUD

3,963,000

USD

2,724,588

JPMorgan

Chase

Bank

NA

06/17/26

$

6,600

BRL

25,517,581

USD

4,783,500

Goldman

Sachs

International

06/17/26

59,626

BRL

18,449,105

USD

3,443,025

HSBC

Bank

plc

06/17/26

58,534

COP

6,059,622,500

USD

1,577,000

Morgan

Stanley

&

Co.

International

plc

06/17/26

43,319

EUR

1,212,000

USD

1,400,554

State

Street

Bank

and

Trust

Co.

06/17/26

5,265

JPY

212,357,000

USD

1,340,766

JPMorgan

Chase

Bank

NA

06/17/26

5,948

USD

182,872

AUD

259,000

Barclays

Bank

plc

06/17/26

4,377

USD

4,478,284

AUD

6,345,000

JPMorgan

Chase

Bank

NA

06/17/26

105,491

USD

4,233,172

EUR

3,639,750

State

Street

Bank

and

Trust

Co.

06/17/26

11,366

USD

128,322

GBP

96,000

JPMorgan

Chase

Bank

NA

06/17/26

1,286

USD

17,951,150

GBP

13,514,000

Standard

Chartered

Bank

06/17/26

68,152

USD

3,096,834

GBP

2,318,000

Wells

Fargo

Bank

NA

06/17/26

29,438

USD

3,406,500

IDR

57,926,851,200

Barclays

Bank

plc

06/17/26

1,791

USD

1,206,996

MXN

21,742,223

Citibank

NA

06/17/26

1,981

403,174

IDR

26,816,569,600

USD

1,577,000

Barclays

Bank

plc

06/17/26

(

829

)

MXN

92,987,507

USD

5,164,538

Bank

of

America

NA

06/17/26

(

10,911

)

MXN

50,330,387

USD

2,798,000

Goldman

Sachs

International

06/17/26

(

8,549

)

USD

292,564

AUD

427,000

UBS

AG

06/17/26

(

1,712

)

USD

6,623,000

BRL

35,135,015

Citibank

NA

06/17/26

(

45,473

)

USD

8,997,750

BRL

47,998,497

Goldman

Sachs

International

06/17/26

(

112,155

)

USD

7,412,000

BRL

39,405,898

UBS

AG

06/17/26

(

67,068

)

USD

51,067,085

EUR

44,295,000

Societe

Generale

SA

06/17/26

(

311,415

)

USD

16,955,953

EUR

14,700,000

Toronto

Dominion

Bank

06/17/26

(

94,819

)

USD

83,346

GBP

63,000

State

Street

Bank

and

Trust

Co.

06/17/26

(

22

)

USD

1,224,069

JPY

193,304,000

UBS

AG

06/17/26

(

1,816

)

USD

1,206,996

ZAR

20,663,409

Morgan

Stanley

&

Co.

International

plc

06/17/26

(

7,058

)

ZAR

87,327,173

USD

5,164,538

Citibank

NA

06/17/26

(

33,736

)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

53

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

ZAR

72,363,972

USD

4,315,500

State

Street

Bank

and

Trust

Co.

06/17/26

$

(

63,842

)

(

759,405

)

$

(

356,231

)

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

USD

Currency

...........................

HSBC

Bank

plc

05/04/26

IDR

16,400.00

USD

1,397

$

223

$

—

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.55%

Annual

Bank

of

America

NA

04/30/26

3

.55

%

USD

29,513

$

4,834

1-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

At

Termination

3.00%

At

Termination

Goldman

Sachs

International

06/08/26

3

.00

USD

146,701

40,180

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.11%

Annual

Deutsche

Bank

AG

03/27/28

4

.11

USD

6,728

263,437

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.05%

Annual

Deutsche

Bank

AG

03/30/28

4

.05

USD

6,728

246,642

555,093

Put

10-Year

Interest

Rate

Swap

(a)

4.11%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

03/27/28

4

.11

USD

6,728

230,056

10-Year

Interest

Rate

Swap

(a)

4.05%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

03/30/28

4

.05

USD

6,728

245,235

475,291

$

1,030,384

(a)

Forward

settling

swaption.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...

1,184

06/18/26

USD

111.00

USD

12,904

$

(

81,482

)

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

.............................

Bank

of

America

NA

05/04/26

ZAR

16.74

USD

3,726

$

(

94,977

)

USD

Currency

.............................

Barclays

Bank

plc

05/04/26

BRL

5.65

USD

3,724

(

10,240

)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

05/04/26

MXN

18.05

USD

3,724

(

51,880

)

EUR

Currency

.............................

Deutsche

Bank

AG

05/15/26

MXN

20.55

EUR

1,899

(

43,992

)

USD

Currency

.............................

HSBC

Bank

plc

05/15/26

CLP

905.00

USD

950

(

32,991

)

USD

Currency

.............................

HSBC

Bank

plc

05/15/26

ZAR

17.50

USD

1,425

(

17,452

)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

54

OTC

Currency

Options

Written

(continued)

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

06/29/26

BRL

5.35

USD

2,420

$

(

57,366

)

–

(

308,898

)

–

Put

USD

Currency

.............................

Barclays

Bank

plc

05/04/26

COP

3,520.00

USD

931

(

1,420

)

USD

Currency

.............................

Barclays

Bank

plc

05/04/26

IDR

16,400.00

USD

1,397

(

223

)

USD

Currency

.............................

Barclays

Bank

plc

05/04/26

BRL

5.15

USD

3,724

(

39,876

)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

05/14/26

ZAR

16.30

USD

6,209

(

32,901

)

USD

Currency

.............................

UBS

AG

05/14/26

MXN

17.55

USD

6,209

(

38,877

)

EUR

Currency

.............................

Deutsche

Bank

AG

05/15/26

MXN

20.55

EUR

1,899

(

14,482

)

USD

Currency

.............................

HSBC

Bank

plc

05/15/26

CLP

905.00

USD

950

(

11,902

)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

06/29/26

BRL

5.35

USD

2,420

(

86,817

)

–

(

226,498

)

–

$

(

535,396

)

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

30-Year

Interest

Rate

Swap

(a)

3.25%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

04/30/26

3

.25

%

USD

29,513

$

(

503

)

1-Year

Interest

Rate

Swap

(a)

.

2.50%

At

Termination

1-day

SOFR

At

Termination

Goldman

Sachs

International

06/08/26

2

.50

USD

146,701

(

12,226

)

10-Year

Interest

Rate

Swap

(a)

3.20%

Annual

1-day

SOFR

Annual

Citibank

NA

12/16/26

3

.20

USD

5,779

(

30,507

)

10-Year

Interest

Rate

Swap

(a)

3.71%

Annual

1-day

SOFR

Annual

Citibank

NA

03/04/27

3

.71

USD

3,295

(

58,939

)

10-Year

Interest

Rate

Swap

(a)

3.87%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

03/15/27

3

.87

USD

9,821

(

234,675

)

10-Year

Interest

Rate

Swap

(a)

3.87%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

11/08/27

3

.87

USD

5,145

(

146,364

)

10-Year

Interest

Rate

Swap

(a)

3.86%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

11/26/27

3

.86

USD

3,190

(

89,432

)

10-Year

Interest

Rate

Swap

(a)

4.03%

Annual

1-day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

12/16/27

4

.03

USD

3,004

(

105,175

)

10-Year

Interest

Rate

Swap

(a)

4.10%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

01/31/28

4

.10

USD

3,363

(

129,497

)

10-Year

Interest

Rate

Swap

(a)

4.14%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

02/04/28

4

.14

USD

10,097

(

404,932

)

10-Year

Interest

Rate

Swap

(a)

3.94%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

03/20/28

3

.94

USD

3,125

(

101,009

)

(

1,313,259

)

Put

1-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

At

Termination

3.50%

At

Termination

Goldman

Sachs

International

06/08/26

3

.50

USD

146,701

(

431,021

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.70%

Annual

Morgan

Stanley

&

Co.

International

plc

08/03/26

3

.70

USD

56,089

(

219,674

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.80%

Annual

Deutsche

Bank

AG

09/14/26

3

.80

USD

56,885

(

212,381

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.85%

Annual

Goldman

Sachs

International

10/21/26

3

.85

USD

134,714

(

512,501

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.60%

Annual

Citibank

NA

12/16/26

4

.60

USD

2,890

(

20,012

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.71%

Annual

Citibank

NA

03/04/27

3

.71

USD

3,295

(

120,001

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.87%

Annual

Bank

of

America

NA

03/15/27

3

.87

USD

9,821

(

289,772

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.30%

Annual

Goldman

Sachs

International

09/20/27

4

.30

USD

157,097

(

611,720

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.05%

Annual

Goldman

Sachs

International

10/04/27

4

.05

USD

210,569

(

1,097,014

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.87%

Annual

Bank

of

America

NA

11/08/27

3

.87

USD

5,145

(

198,275

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.86%

Annual

Deutsche

Bank

AG

11/26/27

3

.86

USD

3,190

(

127,276

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.00%

Annual

Nomura

International

plc

12/08/27

4

.00

USD

61,769

(

363,697

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.03%

Annual

Morgan

Stanley

&

Co.

International

plc

12/16/27

4

.03

USD

3,004

(

101,378

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.50%

Annual

Deutsche

Bank

AG

12/16/27

4

.50

USD

93,231

(

334,204

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.10%

Annual

Deutsche

Bank

AG

01/31/28

4

.10

USD

3,363

(

109,873

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.14%

Annual

Bank

of

America

NA

02/04/28

4

.14

USD

10,097

(

318,709

)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

55

OTC

Interest

Rate

Swaptions

Written

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.94%

Annual

Bank

of

America

NA

03/20/28

3

.94

%

USD

3,125

$

(

125,774

)

(

5,193,282

)

$

(

6,506,541

)

(a)

Forward

settling

swaption.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

At

Termination

3.80%

At

Termination

N/A

05/16/26

USD

72,520

$

(

200,543

)

$

—

$

(

200,543

)

1-day

SOFR

At

Termination

3.90%

At

Termination

N/A

05/16/26

USD

55,653

(

97,452

)

—

(

97,452

)

3.79%

At

Termination

1-day

SOFR

At

Termination

N/A

05/16/26

USD

72,520

205,177

—

205,177

3.81%

At

Termination

1-day

SOFR

At

Termination

N/A

05/16/26

USD

55,653

145,997

4,940

141,057

1-day

SOFR

At

Termination

3.23%

At

Termination

12/11/26

(a)

12/11/27

USD

72,772

(

271,976

)

—

(

271,976

)

$

(

218,797

)

$

4,940

$

(

223,737

)

(a)

Forward

swap.

Centrally

Cleared

Inflation

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

2.43%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

04/15/30

USD

5,082

$

20,150

$

—

$

20,150

2.43%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

04/15/30

USD

5,518

28,024

—

28,024

2.63%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

09/09/30

USD

20,828

(

71,977

)

—

(

71,977

)

$

(

23,803

)

$

—

$

(

23,803

)

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)

American

Electric

Power

Co.,

Inc.

.................

1

.00

%

Quarterly

Bank

of

America

NA

12/20/29

USD

8,075

$

(

206,206

)

$

(

167,368

)

$

(

38,838

)

American

Express

Co.

......

1

.00

Quarterly

Goldman

Sachs

International

12/20/29

USD

4,059

(

93,541

)

(

85,946

)

(

7,595

)

Dominion

Energy,

Inc.

.......

1

.00

Quarterly

Goldman

Sachs

International

12/20/29

USD

4,050

(

97,824

)

(

81,386

)

(

16,438

)

CMBX.NA.9.AAA

..........

0

.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

25

(

2

)

8,313

(

8,315

)

CMBX.NA.9.AAA

..........

0

.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

1

—

188

(

188

)

CMBX.NA.9.BBB-

.........

3

.00

Monthly

Citigroup

Global

Markets,

Inc.

09/17/58

USD

334

104,036

12,612

91,424

CMBX.NA.9.BBB-

.........

3

.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

219

68,096

13,496

54,600

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

56

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

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)

CMBX.NA.6.AAA

..........

0

.50

%

Monthly

Deutsche

Bank

AG

05/11/63

USD

2

$

—

$

(

980

)

$

980

$

–

$

–

$

–

$

(

225,441

)

$

(

301,071

)

$

75,630

$

–

$

–

$

–

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)

PacifiCorp

..........

0

.13

%

Monthly

JPMorgan

Chase

Bank

NA

09/29/27

BBB+

USD

1,320

$

(

853

)

$

(

99

)

$

(

754

)

CMBX.NA.9.BBB-

.....

3

.00

Monthly

Deutsche

Bank

AG

09/17/58

BBB-

USD

150

(

46,580

)

(

17,065

)

(

29,515

)

CMBX.NA.9.BBB-

.....

3

.00

Monthly

Deutsche

Bank

AG

09/17/58

BBB-

USD

403

(

125,552

)

(

51,874

)

(

73,678

)

CMBX.NA.10.BBB-

....

3

.00

Monthly

JPMorgan

Securities

LLC

11/17/59

BBB-

USD

35

(

9,573

)

—

(

9,573

)

$

(

182,558

)

$

(

69,038

)

$

(

113,520

)

(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.

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

3

.65

%

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)

............................................

$

4,940

$

—

$

394,408

$

(

641,948

)

$

—

OTC

Swaps

.....................................................

34,609

(

404,718

)

147,004

(

184,894

)

—

Options

Written

...................................................

N/A

N/A

493,608

(

1,930,667

)

(

7,123,419

)

(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.

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

57

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)

......

$

—

$

—

$

—

$

—

$

1,021,921

$

—

$

1,021,921

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

403,174

—

—

403,174

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

............

—

—

—

223

1,030,384

—

1,030,607

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

346,234

48,174

394,408

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

181,613

—

—

—

—

181,613

$

—

$

181,613

$

—

$

403,397

$

2,398,539

$

48,174

$

3,031,723

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

—

$

2,755,903

$

—

$

2,755,903

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

759,405

—

—

759,405

Options

written

(b)

Options

written

at

value

.....................

—

—

81,482

535,396

6,506,541

—

7,123,419

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

569,971

71,977

641,948

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

589,612

—

—

—

—

589,612

$

—

$

589,612

$

81,482

$

1,294,801

$

9,832,415

$

71,977

$

11,870,287

(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

forward

settling

swaptions.

(c)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

For

the

period

ended

March

31,

2026,

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

.......................

$

—

$

—

$

—

$

—

$

(

8,653,332

)

$

—

$

(

8,653,332

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

4,483,406

—

—

4,483,406

Options

purchased

(a)

.....................

—

—

—

(

113,120

)

(

1,616,948

)

—

(

1,730,068

)

Options

written

........................

—

—

117,204

552,679

1,211,972

—

1,881,855

Swaps

..............................

—

494,072

(

2,385,715

)

—

66,398

1,155,135

(

670,110

)

$

—

$

494,072

$

(2,268,511)

$

4,922,965

$

(8,991,910)

$

1,155,135

$

(4,688,249)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

—

$

—

$

(

2,450,304

)

$

—

$

(

2,450,304

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

861,905

)

—

—

(

861,905

)

Options

purchased

(b)

.....................

—

—

—

74,825

869,612

—

944,437

Options

written

........................

—

—

(

2,406

)

(

19,255

)

(

1,562,440

)

—

(

1,584,101

)

Swaps

..............................

—

18,381

—

—

(

498,814

)

(

304,883

)

(

785,316

)

$

—

$

18,381

$

(2,406)

$

(806,335)

$

(3,641,946)

$

(304,883)

$

(4,737,189)

(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.

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

58

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

..................................................................................

$

900,731,642

Average

notional

value

of

contracts

—

short

.................................................................................

62,866,198

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

121,898,830

Average

amounts

sold

—

in

USD

........................................................................................

40,466,705

Options

Average

value

of

option

contracts

purchased

................................................................................

1,011

Average

value

of

option

contracts

written

...................................................................................

308,439

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

194,537,297

Average

notional

value

of

swaption

contracts

written

...........................................................................

1,124,046,265

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

16,776,489

Average

notional

value

—

sell

protection

...................................................................................

1,919,838

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

666,377,647

Average

notional

value

—

receives

fixed

rate

................................................................................

766,240,649

Inflation

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

34,488,298

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

843,148

$

246,838

Forward

f

oreign

currency

exchange

contracts

.................................................................

403,174

759,405

Options

(a)

(b)

........................................................................................

1,030,607

7,123,419

Swaps

—

centrally

cleared

..............................................................................

81,444

—

Swaps

—

OTC

(c)

.....................................................................................

181,613

589,612

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

2,539,986

$

8,719,274

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(

924,592

)

(

328,320

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

1,615,394

$

8,390,954

(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

forward

settling

swaptions.

(c)

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

...............................

$

4,834

$

(

4,834

)

$

—

$

—

$

—

Barclays

Bank

plc

................................

6,168

(

6,168

)

—

—

—

Citibank

NA

.....................................

1,981

(

1,981

)

—

—

—

Citigroup

Global

Markets,

Inc.

........................

104,036

—

—

—

104,036

Deutsche

Bank

AG

................................

986,350

(

986,350

)

—

—

—

Goldman

Sachs

International

.........................

99,806

(

99,806

)

—

—

—

HSBC

Bank

plc

..................................

58,757

(

58,757

)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

119,325

(

853

)

—

—

118,472

Morgan

Stanley

&

Co.

International

plc

..................

119,916

(

119,916

)

—

—

—

Standard

Chartered

Bank

...........................

68,152

—

—

—

68,152

State

Street

Bank

and

Trust

Co.

.......................

16,631

(

16,631

)

—

—

—

Wells

Fargo

Bank

NA

..............................

29,438

—

—

—

29,438

$

1,615,394

$

(

1,295,296

)

$

—

$

—

$

320,098

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

59

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

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

(d)

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(b)(e)

Bank

of

America

NA

...............................

$

2,132,107

$

(

4,834

)

$

(

1,892,132

)

$

—

$

235,141

Barclays

Bank

plc

................................

52,588

(

6,168

)

—

—

46,420

Citibank

NA

.....................................

308,668

(

1,981

)

(

261,067

)

—

45,620

Deutsche

Bank

AG

................................

1,234,249

(

986,350

)

(

247,899

)

—

—

Goldman

Sachs

International

.........................

2,976,551

(

99,806

)

(

2,876,745

)

—

—

HSBC

Bank

plc

..................................

62,345

(

58,757

)

—

—

3,588

JPMorgan

Chase

Bank

NA

..........................

853

(

853

)

—

—

—

JPMorgan

Securities

LLC

...........................

9,573

—

—

—

9,573

Morgan

Stanley

&

Co.

International

plc

..................

670,752

(

119,916

)

(

402,604

)

—

148,232

Nomura

International

plc

............................

363,697

—

(

363,697

)

—

—

Societe

Generale

SA

..............................

311,415

—

—

—

311,415

State

Street

Bank

and

Trust

Co.

.......................

63,864

(

16,631

)

—

—

47,233

Toronto

Dominion

Bank

.............................

94,819

—

—

—

94,819

UBS

AG

.......................................

109,473

—

—

—

109,473

$

8,390,954

$

(

1,295,296

)

$

(

6,044,144

)

$

—

$

1,051,514

(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)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Net

amount

may

be

offset

further

by

the

options

receivable/payable

on

the

Statements

of

Assets

and

Liabilities.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

....................................

$

—

$

374,621,804

$

2,369,262

$

376,991,066

Corporate

Bonds

Aerospace

&

Defense

....................................

—

8,732,870

—

8,732,870

Air

Freight

&

Logistics

....................................

—

433,309

—

433,309

Automobile

Components

..................................

—

368,081

—

368,081

Automobiles

..........................................

—

1,844,349

—

1,844,349

Banks

...............................................

—

94,480,456

—

94,480,456

Beverages

...........................................

—

9,406,671

—

9,406,671

Biotechnology

.........................................

—

9,129,965

—

9,129,965

Broadline

Retail

........................................

—

12,303,127

—

12,303,127

Building

Products

.......................................

—

1,281,442

—

1,281,442

Capital

Markets

........................................

—

64,263,297

—

64,263,297

Chemicals

............................................

—

6,331,825

—

6,331,825

Commercial

Services

&

Supplies

.............................

—

1,701,832

—

1,701,832

Communications

Equipment

................................

—

1,711,572

—

1,711,572

Construction

&

Engineering

................................

—

332,402

—

332,402

Construction

Materials

....................................

—

431,283

—

431,283

Consumer

Finance

......................................

—

22,933,266

—

22,933,266

Consumer

Staples

Distribution

&

Retail

........................

—

2,749,414

—

2,749,414

Containers

&

Packaging

..................................

—

904,339

—

904,339

Distributors

...........................................

—

103,020

—

103,020

Diversified

REITs

.......................................

—

4,148,553

—

4,148,553

Diversified

Telecommunication

Services

........................

—

14,719,589

—

14,719,589

Electric

Utilities

........................................

—

72,771,867

1,890,262

74,662,129

Electrical

Equipment

.....................................

—

1,016,779

—

1,016,779

Electronic

Equipment,

Instruments

&

Components

.................

—

1,488,224

—

1,488,224

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

60

Level

1

Level

2

Level

3

Total

Energy

Equipment

&

Services

..............................

$

—

$

1,532,629

$

—

$

1,532,629

Entertainment

.........................................

—

7,942,856

—

7,942,856

Financial

Services

......................................

—

9,777,957

168,521

9,946,478

Food

Products

.........................................

—

3,405,438

—

3,405,438

Gas

Utilities

...........................................

—

3,856,732

—

3,856,732

Ground

Transportation

...................................

—

7,723,392

—

7,723,392

Health

Care

Equipment

&

Supplies

...........................

—

5,192,319

—

5,192,319

Health

Care

Providers

&

Services

............................

—

15,701,491

—

15,701,491

Health

Care

REITs

......................................

—

2,056,856

—

2,056,856

Hotel

&

Resort

REITs

....................................

—

236,458

—

236,458

Hotels,

Restaurants

&

Leisure

..............................

—

3,748,934

—

3,748,934

Household

Durables

.....................................

—

654,454

—

654,454

Household

Products

.....................................

—

823,316

—

823,316

Independent

Power

and

Renewable

Electricity

Producers

............

—

1,737,217

—

1,737,217

Industrial

Conglomerates

..................................

—

948,776

—

948,776

Industrial

REITs

........................................

—

1,378,639

—

1,378,639

Insurance

............................................

—

11,267,230

—

11,267,230

Interactive

Media

&

Services

...............................

—

16,110,708

—

16,110,708

IT

Services

...........................................

—

21,029,558

—

21,029,558

Leisure

Products

.......................................

—

104,231

—

104,231

Life

Sciences

Tools

&

Services

..............................

—

753,824

—

753,824

Machinery

............................................

—

1,862,367

—

1,862,367

Media

...............................................

—

10,499,124

—

10,499,124

Metals

&

Mining

........................................

—

5,409,147

—

5,409,147

Multi-Utilities

..........................................

—

4,863,319

—

4,863,319

Office

REITs

..........................................

—

906,146

—

906,146

Oil,

Gas

&

Consumable

Fuels

...............................

—

174,190,716

—

174,190,716

Paper

&

Forest

Products

..................................

—

1,298,973

—

1,298,973

Personal

Care

Products

..................................

—

923,957

—

923,957

Pharmaceuticals

.......................................

—

15,965,179

—

15,965,179

Professional

Services

....................................

—

237,270

—

237,270

Residential

REITs

.......................................

—

5,981,040

—

5,981,040

Retail

REITs

..........................................

—

2,295,998

—

2,295,998

Semiconductors

&

Semiconductor

Equipment

....................

—

9,303,948

2,632,350

11,936,298

Software

.............................................

—

47,224,680

—

47,224,680

Specialized

REITs

......................................

—

6,206,784

—

6,206,784

Specialty

Retail

........................................

—

3,466,122

—

3,466,122

Technology

Hardware,

Storage

&

Peripherals

....................

—

5,720,694

—

5,720,694

Textiles,

Apparel

&

Luxury

Goods

............................

—

161,377

—

161,377

Tobacco

.............................................

—

4,313,362

—

4,313,362

Trading

Companies

&

Distributors

............................

—

2,579,689

—

2,579,689

Transportation

Infrastructure

...............................

—

1,232,349

—

1,232,349

Water

Utilities

.........................................

—

1,071,878

—

1,071,878

Wireless

Telecommunication

Services

.........................

—

4,465,852

—

4,465,852

Fixed

Rate

Loan

Interests

...................................

—

9,918,142

—

9,918,142

Foreign

Agency

Obligations

.................................

—

2,749,355

—

2,749,355

Foreign

Government

Obligations

..............................

—

38,647,221

—

38,647,221

Investment

Companies

....................................

52,103,695

—

—

52,103,695

Municipal

Bonds

.........................................

—

18,778,279

—

18,778,279

Non-Agency

Mortgage-Backed

Securities

........................

—

519,902,717

—

519,902,717

Other

Interests

..........................................

—

—

2

2

Preferred

Securities

.......................................

—

17,546,518

—

17,546,518

U.S.

Government

Sponsored

Agency

Securities

....................

—

1,395,158,509

—

1,395,158,509

U.S.

Treasury

Obligations

...................................

—

802,901,643

—

802,901,643

Short-Term

Securities

Money

Market

Funds

......................................

110,682,401

—

—

110,682,401

Options

Purchased

Foreign

currency

exchange

contracts

...........................

—

223

—

223

Interest

rate

contracts

......................................

—

1,030,384

—

1,030,384

Liabilities

Investments

TBA

Sale

Commitments

....................................

—

(

323,406,848

)

—

(

323,406,848

)

$

162,786,096

$

3,617,598,465

$

7,060,397

$

3,787,444,958

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Core

Bond

Portfolio

Schedules

of

Investments

61

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

$

—

$

147,004

$

—

$

147,004

Foreign

currency

exchange

contracts

............................

—

403,174

—

403,174

Interest

rate

contracts

.......................................

1,021,921

346,234

—

1,368,155

Other

contracts

...........................................

—

48,174

—

48,174

Liabilities

Credit

contracts

...........................................

—

(

184,894

)

—

(

184,894

)

Equity

contracts

...........................................

—

(

81,482

)

—

(

81,482

)

Foreign

currency

exchange

contracts

............................

—

(

1,294,801

)

—

(

1,294,801

)

Interest

rate

contracts

.......................................

(

2,755,903

)

(

7,076,512

)

—

(

9,832,415

)

Other

contracts

...........................................

—

(

71,977

)

—

(

71,977

)

$

(

1,733,982

)

$

(

7,765,080

)

$

—

$

(

9,499,062

)

(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)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

March

31,

2026

BlackRock

High

Yield

Portfolio

62

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

AB

Carval

Euro

CLO

II-C

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

5.73%,

02/15/37

(a)

(b)

.................

EUR

490‌

$

569,198‌

Arbour

CLO

VI

DAC,

Series

6X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.18%,

11/15/37

(a)

(b)

.................

1,020‌

1,167,793‌

Arcano

Euro

CLO

II

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

5.33%,

07/25/39

(a)

(b)

.................

620‌

713,126‌

Arini

European

CLO

IV

DAC,

Series

4X,

Class

D,

(3-mo.

EURIBOR

at

3.50%

Floor

+

3.50%),

5.52%,

01/15/38

(a)

(b)

.................

1,460‌

1,689,995‌

Arini

European

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

4.82%,

01/15/39

(a)

(b)

.................

890‌

1,006,576‌

Aurium

CLO

XIII

DAC,

Series

13X,

Class

D,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

4.82%,

04/15/38

(a)

(b)

.................

620‌

700,101‌

Avoca

CLO

XVIII

DAC,

Series

18X,

Class

DR,

(3-mo.

EURIBOR

at

3.05%

Floor

+

3.05%),

5.07%,

01/15/38

(a)

(b)

.................

670‌

763,067‌

Capital

Four

CLO

VIII

DAC,

Series

8X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

5.28%,

10/25/37

(a)

(b)

.................

1,200‌

1,374,648‌

Contego

CLO

V

DAC,

Series

5X,

Class

DR,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.12%,

10/15/37

(a)

(b)

.................

890‌

1,020,477‌

Contego

CLO

XI

DAC,

Series

11X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.21%,

11/20/38

(a)

(b)

.................

750‌

852,515‌

CVC

Cordatus

Loan

Fund

XXII

DAC,

Series

22X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

5.30%,

12/15/34

(a)

(b)

...........

300‌

343,980‌

Fidelity

Grand

Harbour

CLO

DAC,

Series

2023-

1X,

Class

DR,

(3-mo.

EURIBOR

at

2.70%

Floor

+

2.70%),

4.68%,

02/15/38

(a)

(b)

......

1,170‌

1,311,602‌

Greene

King

Finance

plc,

Series

B2,

(Sterling

Overnight

Index

Average

at

2.08%

Floor

+

2.20%),

5.93%,

03/15/36

(a)

(b)

...........

GBP

100‌

121,949‌

Henley

CLO

XI

DAC,

Series

11X,

Class

D,

(3-mo.

EURIBOR

at

2.60%

Floor

+

2.60%),

4.63%,

04/25/39

(a)

(b)

......................

EUR

1,300‌

1,450,027‌

Henley

CLO

XII

DAC,

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.12%,

01/15/38

(a)

(b)

.................

750‌

862,070‌

Jamestown

CLO

IV

Ltd.,

Series

2014-4A,

Class

SUB,

0.00%,

07/15/26

(a)

(c)

(d)

(e)

(f)

..........

USD

2,000‌

—‌

Jubilee

CLO

DAC,

Series

2024-29X,

Class

D,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.22%,

01/15/39

(a)

(b)

.................

EUR

1,260‌

1,433,651‌

Palmer

Square

European

Loan

Funding

DAC

(a)(b)

Series

2024-2X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

5.13%,

05/15/34

.

490‌

566,901‌

Series

2024-3X,

Class

D,

(3-mo.

EURIBOR

at

3.05%

Floor

+

3.05%),

5.03%,

05/15/34

.

750‌

868,274‌

Providus

CLO

II

DAC,

Series

2X,

Class

DRR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.22%,

10/15/38

(a)

(b)

.................

800‌

916,058‌

Rockfield

Park

CLO

DAC,

Series

1X,

Class

C,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

5.02%,

07/16/34

(a)

(b)

.................

980‌

1,125,847‌

Rockford

Tower

Europe

CLO

DAC,

Series

2025-

1X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

5.03%,

10/25/37

(a)

(b)

..........

1,130‌

1,296,761‌

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Sona

Fios

CLO

III

DAC,

Series

3X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

5.28%,

04/20/37

(a)

(b)

.................

EUR

1,600‌

$

1,840,114‌

Tikehau

CLO

XII

DAC,

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

5.28%,

10/20/38

(a)

(b)

.................

870‌

1,000,562‌

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%,

03/30/32

(b)

..................

GBP

1,648‌

2,239,785‌

Victory

Street

CLO

I

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

3.45%

Floor

+

3.45%),

5.47%,

01/15/38

(a)

(b)

.................

EUR

1,110‌

1,281,287‌

Total

Asset-Backed

Securities

—

0

.1

%

(Cost:

$

26,969,437

)

...............................

26,516,364‌

Shares

Shares

Common

Stocks

Commercial

Services

&

Supplies

—

0.0%

FreedomPay,

Inc.

(d)

(e)

..................

314,534

4,491,546‌

Construction

&

Engineering

—

0.0%

United

Site

Services

(d)

(e)

.................

202,610

1,468,922‌

Energy

Equipment

&

Services

—

0.0%

Nine

Energy

Service,

Inc.

(d)

..............

24,780

—‌

Financial

Services

—

0.0%

New

Kleo

Holdco

(d)

(e)

...................

238,435

358,274‌

Food

Products

—

0.1%

Lamb

Weston

Holdings,

Inc.

.............

304,382

12,863,183‌

Health

Care

Equipment

&

Supplies

—

0.0%

Medline,

Inc.

,

Class

A

(d)

.................

73,694

3,279,383‌

Health

Care

Providers

&

Services

—

0.0%

Quorum

Group

(d)

(e)

....................

185,984

92,992‌

Hotels,

Restaurants

&

Leisure

—

0.0%

New

Topco

(d)

(e)

.......................

33,509

—‌

Life

Sciences

Tools

&

Services

—

0.1%

IQVIA

Holdings,

Inc.

(d)

..................

80,886

13,794,298‌

Metals

&

Mining

—

0.1%

Constellium

SE

,

Class

A

(d)

...............

1,458,030

35,838,377‌

Oil,

Gas

&

Consumable

Fuels

—

0.3%

Energy

Transfer

LP

...................

3,044,211

58,753,272‌

Enterprise

Products

Partners

LP

...........

575,635

21,782,029‌

80,535,301‌

Real

Estate

Management

&

Development

—

0.0%

ADLER

Group

SA

(d)

(e)

..................

782,267

9‌

Semiconductors

&

Semiconductor

Equipment

—

0.0%

Maxeon

Solar

Technologies

Ltd.

(d)

..........

1

2‌

Specialized

REITs

—

0.2%

VICI

Properties,

Inc.

...................

1,996,730

54,550,664‌

Wireless

Telecommunication

Services

—

0.1%

Altice

France

Lux

3

(d)

..................

805,431

13,405,787‌

Total

Common

Stocks

—

0

.9

%

(Cost:

$

188,151,380

)

..............................

220,678,738‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

Consolidated

Schedule

of

Investments

63

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Corporate

Bonds

Aerospace

&

Defense

—

2.8%

AAR

Escrow

Issuer

LLC,

6.75%,

03/15/29

(f)

...

USD

17,219‌

$

17,525,533‌

ATI,

Inc.

5.88%

,

12/01/27

...................

6,041‌

6,039,832‌

4.88%

,

10/01/29

...................

7,847‌

7,742,337‌

7.25%

,

08/15/30

...................

21,800‌

22,605,924‌

5.13%

,

10/01/31

...................

17,354‌

17,145,401‌

Axon

Enterprise,

Inc.,

6.25%,

03/15/33

(f)

.....

2,600‌

2,653,939‌

Bombardier,

Inc.

(f)

8.75%

,

11/15/30

...................

2,995‌

3,185,308‌

7.25%

,

07/01/31

...................

2,376‌

2,489,851‌

7.00%

,

06/01/32

...................

13,766‌

14,286,933‌

6.75%

,

06/15/33

...................

20,587‌

21,260,360‌

BWX

Technologies,

Inc.,

4.13%,

06/30/28

(f)

...

10,804‌

10,504,960‌

Carpenter

Technology

Corp.,

5.63%,

03/01/34

(f)

17,875‌

17,710,353‌

Czechoslovak

Group

A/S,

5.25%,

01/10/31

(b)

..

EUR

1,214‌

1,437,405‌

Efesto

Bidco

SpA

Efesto

US

LLC,

Series

XR,

7.50%,

02/15/32

(f)

.................

USD

75,122‌

74,741,212‌

Goat

Holdco

LLC,

6.75%,

02/01/32

(f)

.......

10,250‌

10,312,822‌

Moog,

Inc.

(f)

4.25%

,

12/15/27

...................

1,159‌

1,158,327‌

5.50%

,

10/15/34

...................

8,514‌

8,540,748‌

TransDigm,

Inc.

(f)

6.75%

,

08/15/28

...................

28,536‌

28,882,427‌

6.38%

,

03/01/29

...................

76,249‌

77,672,035‌

6.63%

,

03/01/32

...................

41,802‌

42,632,606‌

6.00%

,

01/15/33

...................

49,294‌

49,266,326‌

6.38%

,

05/31/33

...................

97,196‌

96,677,780‌

6.25%

,

01/31/34

...................

14,206‌

14,362,706‌

6.75%

,

01/31/34

...................

97,686‌

98,966,175‌

6.13%

,

07/31/34

...................

80,094‌

78,775,845‌

726,577,145‌

Air

Freight

&

Logistics

—

0.1%

(f)

Rand

Parent

LLC,

8.50%,

02/15/30

........

18,467‌

18,956,837‌

Stonepeak

Nile

Parent

LLC,

7.25%,

03/15/32

..

3,002‌

3,122,371‌

22,079,208‌

Automobile

Components

—

1.3%

Allison

Transmission,

Inc.,

5.88%,

12/01/33

(f)

..

10,676‌

10,610,550‌

American

Axle

&

Manufacturing,

Inc.

(f)

6.38%

,

10/15/32

...................

10,017‌

9,914,256‌

7.75%

,

10/15/33

...................

1,455‌

1,416,439‌

Clarios

Global

LP

6.75%

,

05/15/28

(f)

..................

39,243‌

39,624,874‌

6.75%

,

02/15/30

(f)

..................

23,729‌

24,262,902‌

4.75%

,

06/15/31

(f)

..................

EUR

20,185‌

22,907,810‌

4.75%

,

06/15/31

(b)

..................

1,893‌

2,148,352‌

6.75%

,

09/15/32

(f)

..................

USD

47,805‌

48,187,440‌

Cyprium

Corp.,

6.13%,

04/15/31

(f)

.........

12,681‌

12,501,151‌

Dana,

Inc.

4.25%

,

09/01/30

...................

3,286‌

3,108,728‌

4.50%

,

02/15/32

...................

5,364‌

5,005,702‌

Dometic

Group

AB,

5.00%,

09/11/30

(b)

......

EUR

1,071‌

1,181,867‌

Forvia

SE

2.75%

,

02/15/27

(b)

..................

117‌

133,420‌

3.75%

,

06/15/28

(b)

..................

626‌

710,390‌

5.63%

,

06/15/30

(b)

..................

177‌

206,204‌

5.50%

,

06/15/31

(b)

..................

1,512‌

1,730,333‌

6.75%

,

09/15/33

(f)

..................

USD

975‌

951,980‌

Garrett

Motion

Holdings,

Inc.,

7.75%,

05/31/32

(f)

5,514‌

5,709,333‌

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%

,

07/15/29

...................

2,350‌

2,223,833‌

6.63%

,

07/15/30

...................

8,888‌

8,691,393‌

Icahn

Enterprises

LP

5.25%

,

05/15/27

...................

51,008‌

49,983,116‌

Security

Par

(000)

Par

(000)

Value

Automobile

Components

(continued)

9.75%

,

01/15/29

...................

USD

19,698‌

$

19,366,136‌

4.38%

,

02/01/29

...................

3,368‌

2,874,118‌

10.00%

,

11/15/29

(f)

.................

19,439‌

19,150,296‌

IHO

Verwaltungs

GmbH

(b)(g)

8.75%

,

(

8.75

%

Cash

or

9.50

%

PIK),

05/15/28

(a)

.....................

EUR

1,305‌

1,543,760‌

6.75%

,

(

6.75

%

Cash

or

7.50

%

PIK),

11/15/29

483‌

578,920‌

7.00%

,

(

7.00

%

Cash

or

7.75

%

PIK),

11/15/31

769‌

929,294‌

Mahle

GmbH

(b)

2.38%

,

05/14/28

...................

500‌

551,990‌

6.50%

,

05/02/31

...................

733‌

856,676‌

Schaeffler

AG

(b)

4.25%

,

04/01/28

...................

1,200‌

1,370,787‌

5.38%

,

04/01/31

...................

700‌

817,977‌

Tenneco,

Inc.,

8.00%,

11/17/28

(f)

..........

USD

28,371‌

28,270,093‌

ZF

Europe

Finance

BV

(b)

2.50%

,

10/23/27

...................

EUR

2,100‌

2,368,324‌

6.13%

,

03/13/29

...................

900‌

1,044,558‌

3.00%

,

10/23/29

...................

300‌

315,218‌

7.00%

,

06/12/30

...................

2,200‌

2,593,912‌

5.50%

,

02/17/32

...................

1,300‌

1,417,616‌

335,259,748‌

Automobiles

—

0.5%

Aston

Martin

Capital

Holdings

Ltd.,

10.38%,

03/31/29

(b)

......................

GBP

2,469‌

2,507,839‌

Nissan

Motor

Acceptance

Co.

LLC,

6.13%,

09/30/30

(f)

......................

USD

28,547‌

27,434,837‌

Nissan

Motor

Co.

Ltd.

5.25%

,

07/17/29

(b)

..................

EUR

2,452‌

2,805,488‌

7.75%

,

07/17/32

(f)

..................

USD

10,722‌

10,857,042‌

6.38%

,

07/17/33

(b)

..................

EUR

600‌

689,998‌

6.38%

,

07/17/33

(f)

..................

10,750‌

12,362,471‌

8.13%

,

07/17/35

(f)

..................

USD

52,173‌

53,677,739‌

RCI

Banque

SA

(b)

4.25%

,

05/23/34

...................

EUR

1,800‌

2,046,257‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.75%),

5.50%

,

10/09/34

(a)

................

3,100‌

3,631,761‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.20%),

4.75%

,

03/24/37

(a)

................

1,500‌

1,678,164‌

Rivian

Holdings

LLC,

10.00%,

01/15/31

(f)

....

USD

17,060‌

16,576,781‌

134,268,377‌

Banks

—

0.2%

Banca

Monte

dei

Paschi

di

Siena

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.15%),

4.38%,

10/02/35

(a)

(b)

.....................

EUR

2,168‌

2,487,409‌

Banco

Espirito

Santo

SA

(b)(c)(d)

2.63%

,

05/08/17

...................

10,400‌

2,644,585‌

4.75%

,

01/15/18

...................

12,300‌

3,127,730‌

4.00%

,

01/21/25

...................

12,000‌

3,051,444‌

Eurobank

SA

(a)(b)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.00%),

4.25%

,

04/30/35

.................

1,300‌

1,469,292‌

(1-Year

EURIBOR

ICE

Swap

Rate

+

1.70%),

4.00%

,

02/07/36

.................

1,233‌

1,384,649‌

First-Citizens

Bank

&

Trust

Co.,

6.00%,

04/01/36

USD

23,131‌

23,163,346‌

National

Bank

of

Greece

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.15%),

5.88%,

06/28/35

(a)

(b)

EUR

2,675‌

3,233,577‌

40,562,032‌

Biotechnology

—

0.3%

BioMarin

Pharmaceutical,

Inc.,

5.50%,

02/15/34

(f)

USD

21,228‌

20,900,166‌

Genmab

A/S

(f)

6.25%

,

12/15/32

...................

10,972‌

11,248,846‌

7.25%

,

12/15/33

...................

28,415‌

29,742,861‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

64

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Biotechnology

(continued)

Grifols

SA

2.25%

,

11/15/27

(b)

..................

EUR

16,848‌

$

19,229,437‌

4.75%

,

10/15/28

(f)

..................

USD

200‌

195,894‌

7.13%

,

05/01/30

(b)

..................

EUR

1,603‌

1,915,248‌

7.50%

,

05/01/30

(b)

..................

615‌

735,223‌

83,967,675‌

Broadline

Retail

—

0.4%

B&M

European

Value

Retail

plc

6.50%

,

11/27/31

(b)

..................

GBP

1,397‌

1,746,884‌

Getty

Images,

Inc.

(f)

11.25%

,

02/21/30

..................

USD

13,283‌

11,962,537‌

10.50%

,

11/15/30

..................

8,526‌

7,646,282‌

Match

Group

Holdings

II

LLC

(f)

4.63%

,

06/01/28

...................

5,285‌

5,166,805‌

4.13%

,

08/01/30

...................

2,949‌

2,732,931‌

3.63%

,

10/01/31

...................

6,416‌

5,704,372‌

6.13%

,

09/15/33

...................

13,376‌

12,998,977‌

Rakuten

Group,

Inc.

(f)

11.25%

,

02/15/27

..................

13,502‌

13,974,802‌

9.75%

,

04/15/29

...................

33,310‌

35,495,071‌

97,428,661‌

Building

Products

—

1.7%

Advanced

Drainage

Systems,

Inc.,

6.38%,

06/15/30

(f)

......................

8,776‌

8,852,246‌

AmeriTex

HoldCo

Intermediate

LLC,

7.63%,

08/15/33

(f)

......................

15,425‌

15,922,410‌

Builders

FirstSource,

Inc.

(f)

6.38%

,

03/01/34

...................

3,116‌

3,076,168‌

6.75%

,

05/15/35

...................

9,586‌

9,576,814‌

EMRLD

Borrower

LP

6.38%

,

12/15/30

(b)

..................

EUR

1,929‌

2,269,483‌

6.63%

,

12/15/30

(f)

..................

USD

125,330‌

127,468,004‌

6.75%

,

07/15/31

(f)

..................

14,292‌

14,698,693‌

HT

Troplast

GmbH,

9.38%,

07/15/28

(b)

......

EUR

2,163‌

2,530,976‌

JELD-WEN

Holding,

Inc.,

7.00%,

09/01/32

(f)

...

USD

4,627‌

2,157,170‌

JELD-WEN,

Inc.,

4.88%,

12/15/27

(f)

........

18,892‌

12,809,386‌

New

Enterprise

Stone

&

Lime

Co.,

Inc.

(f)

5.25%

,

07/15/28

...................

9,760‌

9,615,502‌

9.75%

,

07/15/28

...................

13,004‌

12,990,835‌

Quikrete

Holdings,

Inc.

(f)

6.38%

,

03/01/32

...................

73,375‌

74,402,470‌

6.75%

,

03/01/33

...................

15,764‌

16,010,549‌

Smyrna

Ready

Mix

Concrete

LLC,

6.00%,

11/01/28

(f)

......................

1,811‌

1,797,342‌

Standard

Building

Solutions,

Inc.

(f)

6.50%

,

08/15/32

...................

23,167‌

23,178,977‌

6.25%

,

08/01/33

...................

36,810‌

36,396,089‌

5.88%

,

03/15/34

...................

18,967‌

18,287,775‌

Standard

Industries,

Inc.

(f)

4.75%

,

01/15/28

...................

150‌

148,272‌

4.38%

,

07/15/30

...................

23,100‌

21,773,249‌

3.38%

,

01/15/31

...................

8,765‌

7,856,653‌

Wilsonart

LLC,

11.00%,

08/15/32

(f)

........

24,186‌

17,531,994‌

439,351,057‌

Capital

Markets

—

0.6%

Apollo

Debt

Solutions

BDC

5.88%

,

08/30/30

...................

11,997‌

11,808,258‌

6.70%

,

07/29/31

...................

5,018‌

5,076,600‌

6.55%

,

03/15/32

...................

9,236‌

9,271,422‌

Ares

Strategic

Income

Fund,

5.80%,

09/09/30

(f)

.

13,485‌

13,112,646‌

Bain

Capital

Specialty

Finance,

Inc.,

5.95%,

03/15/30

.......................

4,175‌

4,042,037‌

Blue

Owl

Capital

Corp.,

6.20%,

07/15/30

....

16,068‌

15,835,795‌

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(f)

.................

USD

6,480‌

$

6,026,190‌

Focus

Financial

Partners

LLC,

6.75%,

09/15/31

(f)

23,401‌

23,240,620‌

Jane

Street

Group

(f)

6.13%

,

11/01/32

...................

5,479‌

5,418,121‌

6.75%

,

05/01/33

...................

16,456‌

16,695,731‌

Lehman

Brothers

Holdings,

Inc.

0.00%

,

12/30/16

...................

1,000‌

100‌

5.38%

,

10/17/17

(c)

(d)

.................

EUR

4,550‌

14,200‌

4.75%

,

01/16/18

(c)

(d)

.................

14,545‌

45,392‌

(3-mo.

EURIBOR

+

0.30%),

0.00%

,

02/05/18

(a)

(c)

(d)

...................

22,800‌

71,154‌

Osaic

Holdings,

Inc.

(f)

6.75%

,

08/01/32

...................

USD

20,724‌

20,726,588‌

8.00%

,

08/01/33

...................

33,497‌

33,068,314‌

164,453,168‌

Chemicals

—

2.6%

Advancion

Sciences,

Inc.,

9.25%,

(9.25%

Cash

or

10.00%

PIK),

11/01/26

(f)

(g)

...........

21,028‌

16,203,253‌

Avient

Corp.,

6.25%,

11/01/31

(f)

..........

3,656‌

3,681,534‌

Celanese

US

Holdings

LLC

7.00%

,

02/15/31

...................

1,705‌

1,750,684‌

6.75%

,

04/15/33

...................

13,403‌

13,750,981‌

7.38%

,

02/15/34

...................

12,485‌

12,791,182‌

Chemours

Co.

(The)

(f)

5.75%

,

11/15/28

...................

35,428‌

35,078,131‌

4.63%

,

11/15/29

...................

26,117‌

24,491,352‌

7.88%

,

03/15/34

...................

11,682‌

11,678,604‌

Consolidated

Energy

Finance

SA,

5.63%,

10/15/28

(f)

......................

4,900‌

4,563,125‌

Element

Solutions,

Inc.,

3.88%,

09/01/28

(f)

....

84,959‌

82,718,869‌

FIS

Fabbrica

Italiana

Sintetici

SpA,

(3-mo.

EURIBOR

+

3.25%),

5.28%,

02/05/31

(a)

(b)

...

EUR

796‌

902,050‌

FMC

Corp.

3.45%

,

10/01/29

...................

USD

12,895‌

11,518,393‌

4.50%

,

10/01/49

...................

3,816‌

2,361,412‌

6.38%

,

05/18/53

...................

2,716‌

2,046,410‌

HB

Fuller

Co.,

4.25%,

10/15/28

..........

4,039‌

3,900,408‌

Herens

Holdco

SARL,

4.75%,

05/15/28

(f)

.....

6,800‌

5,714,720‌

Ingevity

Corp.,

3.88%,

11/01/28

(f)

.........

4,329‌

4,155,620‌

Italmatch

Chemicals

SpA

(b)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

6.15%

,

02/05/31

(a)

................

EUR

629‌

701,081‌

6.25%

,

02/05/31

...................

172‌

188,602‌

Itelyum

Regeneration

SpA,

5.75%,

04/15/30

(b)

.

1,164‌

1,327,102‌

Kronos

International,

Inc.

9.50%

,

03/15/29

(b)

..................

3,271‌

3,248,042‌

Lune

Holdings

SARL,

5.63%,

11/15/28

(b)

.....

1,874‌

46,283‌

Maxam

Prill

SARL,

6.00%,

07/15/30

(b)

......

3,898‌

4,452,585‌

Methanex

US

Operations,

Inc.,

6.25%,

03/15/32

(f)

USD

5,889‌

6,024,836‌

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(f)

.

7,620‌

7,490,795‌

Olympus

Water

US

Holding

Corp.

5.38%

,

10/01/29

(b)

..................

EUR

1,126‌

1,201,872‌

6.25%

,

10/01/29

(f)

..................

USD

6,857‌

6,480,153‌

7.25%

,

06/15/31

(f)

..................

47,118‌

46,020,282‌

6.75%

,

08/01/32

(f)

..................

47,247‌

44,994,433‌

6.13%

,

02/15/33

(b)

..................

EUR

1,536‌

1,706,513‌

7.25%

,

02/15/33

(f)

..................

USD

87,262‌

83,256,779‌

Perimeter

Holdings

LLC,

6.25%,

01/15/34

(f)

...

33,847‌

33,195,459‌

Scotts

Miracle-Gro

Co.

(The)

4.50%

,

10/15/29

...................

2,027‌

1,981,541‌

4.00%

,

04/01/31

...................

3,126‌

2,887,930‌

4.38%

,

02/01/32

...................

3,362‌

3,139,986‌

SK

Invictus

Intermediate

II

SARL,

5.00%,

10/30/29

(f)

......................

27,757‌

27,073,320‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

Consolidated

Schedule

of

Investments

65

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Solstice

Advanced

Materials,

Inc.,

5.63%,

09/30/33

(f)

......................

USD

27,658‌

$

27,271,955‌

WR

Grace

Holdings

LLC

(f)

5.63%

,

08/15/29

...................

87,608‌

80,574,780‌

7.38%

,

03/01/31

...................

10,111‌

10,137,087‌

6.63%

,

08/15/32

...................

26,520‌

25,839,903‌

7.00%

,

08/01/33

...................

20,447‌

19,857,615‌

676,405,662‌

Commercial

Services

&

Supplies

—

4.0%

ADT

Security

Corp.

(The)

(f)

4.88%

,

07/15/32

...................

5,300‌

4,950,617‌

5.88%

,

10/15/33

...................

20,963‌

20,302,865‌

Allied

Universal

Holdco

LLC

4.63%

,

06/01/28

(f)

..................

93,898‌

91,709,985‌

4.88%

,

06/01/28

(b)

..................

GBP

3,573‌

4,576,617‌

6.00%

,

06/01/29

(f)

..................

USD

106,951‌

103,344,270‌

6.88%

,

06/15/30

(f)

..................

39,556‌

40,097,205‌

7.88%

,

02/15/31

(f)

..................

135,075‌

139,291,366‌

Amber

Finco

plc,

6.63%,

07/15/29

(b)

........

EUR

3,278‌

3,888,064‌

APCOA

GmbH,

6.00%,

04/15/31

(b)

........

2,568‌

2,906,939‌

APi

Group

DE,

Inc.

(f)

4.13%

,

07/15/29

...................

USD

9,298‌

8,854,312‌

4.75%

,

10/15/29

...................

6,702‌

6,486,757‌

Aramark

Services,

Inc.,

5.00%,

02/01/28

(f)

....

9,373‌

9,317,683‌

Arena

Luxembourg

Finance

SARL,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.50%),

4.52%,

05/01/30

(a)

(b)

.....................

EUR

1,136‌

1,309,245‌

Biffa

Group

Holdings

Ltd.

(b)

5.25%

,

06/15/31

...................

1,273‌

1,423,406‌

7.38%

,

06/15/31

...................

GBP

1,250‌

1,615,607‌

Brink's

Co.

(The)

(f)

4.63%

,

10/15/27

...................

USD

304‌

300,022‌

6.50%

,

06/15/29

...................

9,747‌

9,897,893‌

6.75%

,

06/15/32

...................

16,763‌

16,967,777‌

Clean

Harbors,

Inc.,

5.13%,

07/15/29

(f)

......

2,198‌

2,171,012‌

Currenta

Group

Holdings

SARL

(b)

5.50%

,

05/15/30

...................

EUR

1,163‌

1,334,092‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

5.98%

,

05/15/32

(a)

................

358‌

409,780‌

Deluxe

Corp.,

8.13%,

09/15/29

(f)

..........

USD

8,581‌

8,907,799‌

Garda

World

Security

Corp.

(f)

7.75%

,

02/15/28

...................

25,383‌

25,821,288‌

6.00%

,

06/01/29

...................

4,026‌

3,832,045‌

8.25%

,

08/01/32

...................

47,500‌

47,002,856‌

8.38%

,

11/15/32

...................

99,408‌

99,475,498‌

GFL

Environmental

Holdings

US,

Inc.,

5.50%,

02/01/34

(f)

......................

34,099‌

33,444,159‌

GFL

Environmental,

Inc.

(f)

4.00%

,

08/01/28

...................

11,119‌

10,809,015‌

4.75%

,

06/15/29

...................

18,553‌

18,203,341‌

4.38%

,

08/15/29

...................

13,187‌

12,829,934‌

6.75%

,

01/15/31

...................

15,593‌

16,136,063‌

Group

Laboratories

South

Africa

Pty.

Ltd.

(c)(d)(f)

5.88%

,

11/01/28

...................

3,943‌

2,030,645‌

9.50%

,

11/01/28

...................

29,843‌

15,369,145‌

8.63%

,

10/01/31

...................

11,520‌

5,932,800‌

Luna

1.5

SARL

(g)

10.50%

,

(

10.50

%

Cash

or

10.50

%

PIK),

07/01/32

(f)

.....................

EUR

7,695‌

9,427,922‌

10.50%

,

(

10.50

%

Cash

or

11.25

%

PIK),

07/01/32

(b)

.....................

1,091‌

1,336,694‌

Luna

2.5

SARL,

5.50%,

07/01/32

(b)

........

656‌

745,807‌

Madison

IAQ

LLC

(f)

4.13%

,

06/30/28

...................

USD

3,530‌

3,447,375‌

5.88%

,

06/30/29

...................

37,970‌

37,235,645‌

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Paprec

Holding

SA,

4.13%,

07/15/30

(b)

......

EUR

1,760‌

$

1,994,915‌

Reworld

Holding

Corp.,

4.88%,

12/01/29

(f)

....

USD

5,084‌

4,766,051‌

RR

Donnelley

&

Sons

Co.,

9.50%,

08/01/29

(f)

..

41,413‌

41,918,404‌

Sabre

Financial

Borrower

LLC,

11.13%,

06/15/29

(f)

......................

50,456‌

51,632,785‌

Techem

Verwaltungsgesellschaft

675

mbH

(b)

4.63%

,

07/15/32

...................

EUR

500‌

561,256‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

5.03%

,

07/15/32

(a)

................

326‌

375,097‌

Veritiv

Operating

Co.,

10.50%,

11/30/30

(f)

....

USD

7,559‌

7,855,676‌

Waste

Pro

USA,

Inc.,

7.00%,

02/01/33

(f)

.....

70,519‌

71,312,409‌

Williams

Scotsman,

Inc.

(f)

4.63%

,

08/15/28

...................

614‌

604,023‌

6.63%

,

06/15/29

...................

2,344‌

2,370,356‌

6.63%

,

04/15/30

...................

13,186‌

13,394,194‌

7.38%

,

10/01/31

...................

8,434‌

8,648,038‌

1,028,576,749‌

Communications

Equipment

—

0.0%

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

(f)

......

6,762‌

6,344,315‌

Construction

&

Engineering

—

0.5%

AECOM,

6.00%,

08/01/33

(f)

.............

33,647‌

33,610,032‌

Arcosa,

Inc.

(f)

4.38%

,

04/15/29

...................

9,593‌

9,254,753‌

6.88%

,

08/15/32

...................

6,388‌

6,545,419‌

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

(f)

......................

51,587‌

47,146,020‌

Dycom

Industries,

Inc.,

4.50%,

04/15/29

(f)

....

5,838‌

5,662,777‌

Heathrow

Finance

plc

(b)

3.88%

,

03/01/27

(h)

..................

GBP

272‌

353,087‌

4.13%

,

09/01/29

(h)

..................

817‌

1,008,482‌

6.63%

,

03/01/31

...................

1,355‌

1,778,702‌

Weekley

Homes

LLC,

6.75%,

01/15/34

(f)

.....

USD

11,326‌

10,847,441‌

116,206,713‌

Consumer

Finance

—

1.2%

Azorra

Finance

Ltd.

(f)

7.75%

,

04/15/30

...................

7,735‌

7,972,619‌

7.25%

,

01/15/31

...................

6,356‌

6,417,590‌

6.25%

,

02/15/34

...................

7,874‌

7,318,358‌

GGAM

Finance

Ltd.

(f)

8.00%

,

06/15/28

...................

5,162‌

5,357,418‌

6.88%

,

04/15/29

...................

13,841‌

14,148,893‌

5.88%

,

03/15/30

...................

12,123‌

12,077,538‌

Global

Aircraft

Leasing

Co.

Ltd.,

8.75%,

09/01/27

(f)

......................

23,347‌

23,690,201‌

Navient

Corp.

9.38%

,

07/25/30

...................

4,377‌

4,266,889‌

7.88%

,

06/15/32

...................

9,350‌

8,335,970‌

OneMain

Finance

Corp.

6.63%

,

05/15/29

...................

11,987‌

11,998,639‌

5.38%

,

11/15/29

...................

17,353‌

16,733,724‌

7.88%

,

03/15/30

...................

15,128‌

15,611,752‌

6.13%

,

05/15/30

...................

24,244‌

23,706,775‌

4.00%

,

09/15/30

...................

9,679‌

8,740,940‌

7.50%

,

05/15/31

...................

5,408‌

5,436,879‌

7.13%

,

11/15/31

...................

12,307‌

12,193,735‌

6.75%

,

03/15/32

...................

26,373‌

25,588,069‌

7.13%

,

09/15/32

...................

10,053‌

9,900,761‌

6.50%

,

03/15/33

...................

23,223‌

22,199,469‌

6.75%

,

09/15/33

...................

25,365‌

24,321,296‌

Phoenix

Aviation

Capital

Ltd.,

9.25%,

07/15/30

(f)

44,290‌

44,568,584‌

310,586,099‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

66

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Staples

Distribution

&

Retail

—

0.9%

Albertsons

Cos.,

Inc.

(f)

5.50%

,

03/31/31

...................

USD

9,258‌

$

9,153,125‌

5.63%

,

03/31/32

...................

9,496‌

9,348,965‌

6.25%

,

03/15/33

...................

11,092‌

11,166,372‌

5.75%

,

03/31/34

...................

38,919‌

38,076,260‌

Bellis

Acquisition

Co.

plc

(b)

8.13%

,

05/14/30

...................

GBP

1,932‌

2,358,169‌

8.00%

,

07/01/31

...................

EUR

160‌

174,243‌

Boots

Group

Finco

LP

5.38%

,

08/31/32

(f)

..................

26,690‌

30,693,046‌

5.38%

,

08/31/32

(b)

..................

839‌

964,836‌

7.38%

,

08/31/32

(b)

..................

GBP

407‌

535,000‌

7.38%

,

08/31/32

(f)

..................

11,670‌

15,340,172‌

FR

Bondco

SAS,

6.88%,

10/31/32

(b)

.......

EUR

276‌

303,657‌

KeHE

Distributors

LLC,

9.00%,

02/15/29

(f)

....

USD

11,150‌

11,607,707‌

Lion/Polaris

Lux

4

SA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.63%),

5.64%,

07/01/29

(a)

(b)

..

EUR

1,208‌

1,393,408‌

Market

Bidco

Finco

plc,

6.75%,

01/31/31

(b)

...

1,372‌

1,523,395‌

New

Immo

Holding

SA

(b)

3.25%

,

07/23/27

...................

1,800‌

2,039,484‌

5.88%

,

04/17/28

...................

200‌

231,598‌

4.88%

,

12/08/28

...................

1,400‌

1,580,402‌

4.95%

,

11/14/30

...................

200‌

222,236‌

Ocado

Group

plc

(b)

6.25%

,

08/06/29

(i)

..................

GBP

1,100‌

1,270,439‌

11.00%

,

06/15/30

..................

785‌

1,035,960‌

Performance

Food

Group,

Inc.

(f)

4.25%

,

08/01/29

...................

USD

4,029‌

3,870,114‌

6.13%

,

09/15/32

...................

21,310‌

21,349,359‌

5.63%

,

03/01/34

...................

40,335‌

38,902,801‌

Picard

Groupe

SAS,

6.38%,

07/01/29

(b)

.....

EUR

651‌

760,610‌

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(f)

..

USD

15,371‌

15,383,112‌

US

Foods,

Inc.

(f)

4.75%

,

02/15/29

...................

1,219‌

1,202,792‌

7.25%

,

01/15/32

...................

5,402‌

5,589,814‌

226,077,076‌

Containers

&

Packaging

—

2.3%

Ardagh

Group

SA

9.50%

,

12/01/30

(b)

..................

2,921‌

3,063,278‌

9.50%

,

12/01/30

(f)

..................

52,891‌

55,459,266‌

12.00%

,

(

12.00

%

Cash

or

7.50

%

PIK),

12/01/30

(b)

(g)

....................

EUR

13,764‌

12,661,119‌

12.00%

,

(

12.00

%

Cash

or

6.50

%

PIK),

12/01/30

(a)

(f)

(g)

...................

USD

36,605‌

29,955,000‌

Ardagh

Metal

Packaging

Finance

USA

LLC

3.00%

,

09/01/29

(b)

..................

EUR

5,083‌

5,300,345‌

4.00%

,

09/01/29

(f)

..................

USD

72,836‌

66,696,027‌

6.25%

,

01/30/31

(f)

..................

20,272‌

20,097,922‌

Ball

Corp.

4.25%

,

07/01/32

...................

EUR

10,255‌

11,714,417‌

5.50%

,

09/15/33

...................

USD

7,462‌

7,466,283‌

Canpack

SA,

2.38%,

11/01/27

(b)

..........

EUR

9,300‌

10,421,226‌

Clydesdale

Acquisition

Holdings,

Inc.

(f)

6.63%

,

04/15/29

...................

USD

15,239‌

14,965,664‌

6.88%

,

01/15/30

...................

25,899‌

25,173,119‌

6.75%

,

04/15/32

...................

28,513‌

26,977,393‌

Crown

Americas

LLC,

5.88%,

06/01/33

.....

36,944‌

36,926,936‌

Fiber

Midco

SpA,

10.75%,

(10.75%

Cash

or

10.75%

PIK),

06/15/29

(b)

(g)

............

EUR

1,289‌

1,019,350‌

Kleopatra

Finco

SARL,

(1M

EURIBOR

+

2.00%),

6.00%,

01/30/31

(a)

.................

2,444‌

2,501,331‌

Mauser

Packaging

Solutions

Holding

Co.

(f)

7.88%

,

04/15/30

...................

USD

159,562‌

159,562,000‌

9.25%

,

04/15/30

...................

16,185‌

15,038,581‌

OI

European

Group

BV,

5.25%,

06/01/29

(b)

...

EUR

1,747‌

1,991,963‌

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

Owens-Brockway

Glass

Container,

Inc.,

6.63%,

05/13/27

(f)

......................

USD

1,272‌

$

1,274,632‌

Sealed

Air

Corp.

(f)

4.00%

,

12/01/27

...................

5,348‌

5,334,620‌

7.25%

,

02/15/31

...................

5,117‌

5,365,816‌

6.50%

,

07/15/32

...................

7,131‌

7,480,130‌

Silgan

Holdings,

Inc.,

4.25%,

02/15/31

(f)

.....

EUR

22,470‌

25,136,767‌

Trivium

Packaging

Finance

BV

6.63%

,

07/15/30

(b)

..................

6,190‌

7,189,866‌

6.63%

,

07/15/30

(f)

..................

6,040‌

7,015,637‌

8.25%

,

07/15/30

(f)

..................

USD

8,932‌

9,345,400‌

12.25%

,

01/15/31

(f)

.................

6,324‌

6,847,051‌

581,981,139‌

Distributors

—

0.2%

American

Builders

&

Contractors

Supply

Co.,

Inc.,

3.88%,

11/15/29

(f)

..............

1,197‌

1,134,629‌

Azelis

Finance

NV,

4.13%,

03/10/31

(b)

......

EUR

682‌

767,356‌

Gates

Corp.,

6.88%,

07/01/29

(f)

..........

USD

15,663‌

16,070,849‌

Resideo

Funding,

Inc.

(f)

4.00%

,

09/01/29

...................

3,756‌

3,549,558‌

6.50%

,

07/15/32

...................

17,867‌

17,603,937‌

39,126,329‌

Diversified

Consumer

Services

—

0.7%

Belron

UK

Finance

plc,

5.75%,

10/15/29

(f)

....

28,184‌

28,361,982‌

Multiversity

SpA

(b)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.28%

,

05/17/31

(a)

................

EUR

863‌

993,313‌

7.13%

,

05/17/31

...................

1,090‌

1,260,398‌

Service

Corp.

International

3.38%

,

08/15/30

...................

USD

4,902‌

4,522,692‌

4.00%

,

05/15/31

...................

20,862‌

19,446,211‌

5.75%

,

10/15/32

...................

42,266‌

42,184,689‌

Sotheby's

(f)

7.38%

,

10/15/27

...................

39,528‌

39,338,645‌

5.88%

,

06/01/29

...................

10,717‌

10,061,737‌

Wand

NewCo

3,

Inc.,

7.63%,

01/30/32

(f)

.....

26,441‌

27,035,842‌

173,205,509‌

Diversified

REITs

—

0.3%

(f)

Digital

Realty

Trust,

Inc.,

1.88%,

11/15/29

(i)

...

5,773‌

6,111,472‌

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

...............

11,115‌

10,493,238‌

Uniti

Group

LP

6.50%

,

02/15/29

...................

5,914‌

5,743,905‌

6.00%

,

01/15/30

...................

7,182‌

6,755,221‌

8.63%

,

06/15/32

...................

53,438‌

54,425,843‌

83,529,679‌

Diversified

Telecommunication

Services

—

6.5%

Altice

France

SA

4.75%

,

10/15/30

(b)

..................

EUR

2,853‌

3,121,372‌

6.88%

,

10/15/30

(f)

..................

USD

4,706‌

4,501,702‌

5.50%

,

10/15/31

(b)

..................

EUR

288‌

317,356‌

6.50%

,

10/15/31

(f)

..................

USD

21,331‌

20,229,536‌

6.50%

,

04/15/32

(f)

..................

76,132‌

72,133,686‌

5.63%

,

07/15/32

(b)

..................

EUR

1,367‌

1,504,576‌

6.88%

,

07/15/32

(f)

..................

USD

41,972‌

39,769,766‌

APLD

ComputeCo

2

LLC,

6.75%,

03/15/31

(f)

..

53,863‌

53,470,829‌

APLD

ComputeCo

LLC,

9.25%,

12/15/30

(f)

...

15,244‌

15,706,229‌

Black

Pearl

Compute

LLC,

6.13%,

02/15/31

(f)

..

54,616‌

55,588,001‌

CCO

Holdings

LLC

5.38%

,

06/01/29

(f)

..................

13,241‌

13,058,972‌

6.38%

,

09/01/29

(f)

..................

32,929‌

33,030,059‌

4.75%

,

03/01/30

(f)

..................

5,289‌

5,018,595‌

4.50%

,

08/15/30

(f)

..................

7,671‌

7,168,385‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

Consolidated

Schedule

of

Investments

67

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

4.25%

,

02/01/31

(f)

..................

USD

39,670‌

$

36,157,404‌

4.75%

,

02/01/32

(f)

..................

30,555‌

27,626,823‌

4.50%

,

05/01/32

...................

1,056‌

943,294‌

7.00%

,

02/01/33

(f)

..................

21,131‌

21,189,201‌

4.50%

,

06/01/33

(f)

..................

22,074‌

19,218,143‌

4.25%

,

01/15/34

(f)

..................

44,975‌

38,475,825‌

7.38%

,

02/01/36

(f)

..................

64,807‌

64,537,835‌

Cipher

Compute

LLC,

7.13%,

11/15/30

(f)

.....

30,654‌

31,758,433‌

eircom

Finance

DAC,

5.00%,

04/30/31

(b)

.....

EUR

2,790‌

3,203,361‌

Fibercop

SpA

4.75%

,

06/30/30

(b)

..................

1,761‌

2,018,799‌

5.13%

,

06/30/32

(b)

..................

410‌

469,161‌

Series

2033

,

6.38%

,

11/15/33

(f)

.........

USD

5,637‌

5,570,032‌

Series

2034

,

6.00%

,

09/30/34

(f)

.........

11,006‌

10,469,855‌

Series

2036

,

7.20%

,

07/18/36

(f)

.........

12,914‌

12,820,632‌

Series

2038

,

7.72%

,

06/04/38

(f)

.........

6,228‌

6,243,047‌

5.25%

,

03/17/55

...................

EUR

400‌

374,059‌

Flash

Compute

LLC,

7.25%,

12/31/30

(f)

.....

USD

62,599‌

63,024,110‌

Frontier

Communications

Holdings

LLC

5.00%

,

05/01/28

(f)

..................

28,027‌

28,022,608‌

6.75%

,

05/01/29

(f)

..................

7,956‌

7,965,953‌

5.88%

,

11/01/29

...................

13,081‌

13,159,683‌

6.00%

,

01/15/30

(f)

..................

17,055‌

17,157,023‌

8.75%

,

05/15/30

(f)

..................

63,368‌

65,021,018‌

Iliad

SA

(b)

5.38%

,

02/15/29

...................

EUR

200‌

238,401‌

4.25%

,

01/09/32

...................

1,600‌

1,810,951‌

Kaixo

Bondco

Telecom

SA,

5.13%,

09/30/29

(b)

.

1,487‌

1,723,056‌

Level

3

Financing,

Inc.

(f)

3.63%

,

01/15/29

...................

USD

4,415‌

4,139,063‌

6.88%

,

06/30/33

...................

139,236‌

141,786,816‌

7.00%

,

03/31/34

...................

132,210‌

135,327,811‌

8.50%

,

01/15/36

...................

128,281‌

133,849,864‌

Lorca

Telecom

Bondco

SA,

4.00%,

09/18/27

(b)

.

EUR

415‌

479,793‌

Maya

SAS

5.38%

,

04/15/30

(b)

..................

392‌

458,407‌

7.00%

,

04/15/32

(f)

..................

USD

25,502‌

25,532,551‌

Sable

International

Finance

Ltd.,

7.13%,

10/15/32

(f)

......................

20,049‌

19,730,387‌

SV

RNO

Property

Owner

1

LLC,

5.88%,

03/01/31

(f)

......................

140,623‌

139,004,789‌

Telecom

Italia

Capital

SA,

7.72%,

06/04/38

...

27,421‌

30,538,411‌

Virgin

Media

Secured

Finance

plc

5.25%

,

05/15/29

(b)

..................

GBP

777‌

980,025‌

4.25%

,

01/15/30

(b)

..................

1,584‌

1,852,622‌

4.13%

,

08/15/30

(b)

..................

635‌

728,121‌

4.50%

,

08/15/30

(f)

..................

USD

2,507‌

2,223,329‌

Windstream

Services

LLC

(f)

8.25%

,

10/01/31

...................

79,089‌

82,660,422‌

7.50%

,

10/15/33

...................

28,323‌

29,446,054‌

WULF

Compute

LLC,

7.75%,

10/15/30

(f)

.....

62,976‌

66,545,480‌

Zayo

Group

Holdings,

Inc.

(a)(f)(g)

6.25%

,

(

6.25

%

Cash

or

0.50

%

PIK),

03/09/30

37,090‌

36,871,463‌

9.00%

,

(

9.00

%

Cash

or

1.88

%

PIK),

09/09/30

20,069‌

18,741,521‌

1,674,714,700‌

Electric

Utilities

—

2.0%

Alpha

Generation

LLC,

6.75%,

10/15/32

(f)

....

16,361‌

16,600,405‌

California

Buyer

Ltd.

5.63%

,

02/15/32

(b)

..................

EUR

2,053‌

2,293,763‌

6.38%

,

02/15/32

(f)

..................

USD

12,680‌

12,389,303‌

ContourGlobal

Power

Holdings

SA

5.00%

,

02/28/30

(b)

..................

EUR

1,463‌

1,690,923‌

6.75%

,

02/28/30

(f)

..................

USD

23,264‌

23,525,487‌

4.38%

,

07/31/31

(b)

..................

EUR

1,480‌

1,619,957‌

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

NRG

Energy,

Inc.

(f)

5.75%

,

07/15/29

...................

USD

5,972‌

$

5,963,072‌

6.00%

,

02/01/33

...................

54,984‌

54,998,021‌

5.75%

,

01/15/34

...................

44,029‌

43,431,280‌

6.25%

,

11/01/34

...................

31,308‌

31,557,593‌

6.00%

,

01/15/36

...................

101,886‌

100,959,561‌

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(f)

2,273‌

2,219,481‌

Public

Power

Corp.

SA,

4.25%,

10/31/30

(b)

...

EUR

709‌

809,950‌

Vistra

Operations

Co.

LLC

(f)

7.75%

,

10/15/31

...................

USD

10,684‌

11,191,294‌

6.88%

,

04/15/32

...................

14,402‌

14,905,312‌

VoltaGrid

LLC,

7.38%,

11/01/30

(f)

.........

91,247‌

94,240,723‌

XPLR

Infrastructure

Operating

Partners

LP

(f)

8.38%

,

01/15/31

...................

39,519‌

41,601,691‌

8.63%

,

03/15/33

...................

5,922‌

6,256,113‌

7.75%

,

04/15/34

...................

47,210‌

48,756,222‌

515,010,151‌

Electrical

Equipment

—

0.0%

Sensata

Technologies

BV,

4.00%,

04/15/29

(f)

..

2,893‌

2,791,628‌

Electronic

Equipment,

Instruments

&

Components

—

0.3%

(f)

Coherent

Corp.,

5.00%,

12/15/29

.........

14,976‌

14,688,802‌

Sensata

Technologies,

Inc.

4.38%

,

02/15/30

...................

26,550‌

25,390,652‌

3.75%

,

02/15/31

...................

5,654‌

5,244,199‌

6.63%

,

07/15/32

...................

31,493‌

32,122,356‌

Zebra

Technologies

Corp.,

6.50%,

06/01/32

...

5,493‌

5,530,441‌

82,976,450‌

Energy

Equipment

&

Services

—

1.8%

Archrock

Partners

LP

(f)

6.25%

,

04/01/28

...................

40,491‌

40,491,000‌

6.63%

,

09/01/32

...................

28,431‌

28,989,811‌

Archrock

Services

LP,

6.00%,

02/01/34

(f)

.....

20,416‌

20,213,127‌

Deepocean

Ltd.,

6.00%,

04/08/31

(b)

........

EUR

1,828‌

2,148,920‌

Diamond

Foreign

Asset

Co.,

8.50%,

10/01/30

(f)

.

USD

5,201‌

5,494,555‌

Enerflex,

Inc.,

6.88%,

01/15/31

(f)

..........

2,542‌

2,595,444‌

Kodiak

Gas

Services

LLC

(f)

7.25%

,

02/15/29

...................

35,831‌

37,122,887‌

5.88%

,

04/01/31

...................

33,962‌

34,130,192‌

6.50%

,

10/01/33

...................

23,167‌

23,417,250‌

6.75%

,

10/01/35

...................

21,467‌

21,808,583‌

Nabors

Industries,

Inc.,

7.63%,

11/15/32

(f)

....

11,496‌

11,767,852‌

Noble

Finance

II

LLC,

8.00%,

04/15/30

(f)

.....

3,087‌

3,178,334‌

Oceaneering

International,

Inc.,

6.00%,

02/01/28

4,248‌

4,265,277‌

OEG

Finance

plc,

7.25%,

09/27/29

(b)

.......

EUR

3,228‌

3,842,960‌

Star

Holding

LLC,

8.75%,

08/01/31

(f)

.......

USD

16,420‌

16,658,665‌

Tidewater,

Inc.,

9.13%,

07/15/30

(f)

.........

14,133‌

15,056,337‌

Transocean

International

Ltd.

(f)

8.25%

,

05/15/29

...................

6,102‌

6,304,916‌

8.75%

,

02/15/30

...................

15,830‌

16,466,047‌

8.50%

,

05/15/31

...................

12,218‌

12,814,214‌

7.88%

,

10/15/32

...................

13,228‌

14,134,118‌

USA

Compression

Partners

LP

(f)

7.13%

,

03/15/29

...................

16,178‌

16,552,944‌

6.25%

,

10/01/33

...................

39,714‌

39,589,100‌

Valaris

Ltd.,

8.38%,

04/30/30

(f)

...........

11,314‌

11,723,465‌

Vallourec

SACA,

7.50%,

04/15/32

(f)

........

19,774‌

20,723,409‌

Weatherford

International

Ltd.,

6.75%,

10/15/33

(f)

39,738‌

40,603,056‌

450,092,463‌

Entertainment

—

0.5%

Banijay

Entertainment

SAS,

7.00%,

05/01/29

(b)

.

EUR

1,169‌

1,385,174‌

Cinemark

USA,

Inc.,

7.00%,

08/01/32

(f)

......

USD

883‌

907,271‌

Discovery

Global

Holdings,

Inc.,

5.05%,

03/15/42

88,338‌

58,197,580‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

68

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Entertainment

(continued)

Live

Nation

Entertainment,

Inc.

(f)

4.75%

,

10/15/27

...................

USD

6,812‌

$

6,769,659‌

3.75%

,

01/15/28

...................

5,495‌

5,358,902‌

Odeon

Finco

plc,

12.75%,

11/01/27

(f)

.......

12,723‌

13,096,152‌

Pinewood

Finco

plc

(b)

3.63%

,

11/15/27

...................

GBP

311‌

397,129‌

6.00%

,

03/27/30

...................

3,314‌

4,279,391‌

Playtika

Holding

Corp.,

4.25%,

03/15/29

(f)

....

USD

4,614‌

3,600,304‌

Starz

Capital

Holdings

1,

Inc.,

6.00%,

04/15/30

(f)

(h)

.....................

13,501‌

12,387,167‌

Warnermedia

Holdings,

Inc.,

4.28%,

03/15/32

.

29,824‌

26,394,240‌

132,772,969‌

Financial

Services

—

2.4%

Block,

Inc.

2.75%

,

06/01/26

...................

16,670‌

16,593,996‌

5.63%

,

08/15/30

(f)

..................

25,170‌

25,030,913‌

6.50%

,

05/15/32

...................

37,489‌

37,831,312‌

6.00%

,

08/15/33

(f)

..................

29,028‌

28,548,560‌

Bracken

MidCo1

plc,

6.75%,

(6.75%

Cash

or

7.50%

PIK),

11/01/27

(b)

(g)

.............

GBP

1,674‌

2,186,956‌

CrossCountry

Intermediate

HoldCo

LLC

(f)

6.50%

,

10/01/30

...................

USD

5,804‌

5,532,017‌

6.75%

,

12/01/32

...................

3,316‌

3,120,192‌

Freedom

Mortgage

Holdings

LLC

(f)

6.88%

,

05/01/31

...................

4,316‌

4,035,063‌

9.13%

,

05/15/31

...................

15,805‌

16,065,783‌

8.38%

,

04/01/32

...................

1,059‌

1,041,732‌

Garfunkelux

Holdco

3

SA,

9.00%,

09/01/28

(b)

..

EUR

2,848‌

3,308,133‌

Garfunkelux

Holdco

4

SA,

10.50%,

(10.50%

Cash

or

10.50%

PIK),

05/01/30

(b)

(c)

(d)

(g)

.....

218‌

—‌

Intrum

Investments

&

Financing

AB,

8.00%,

09/11/27

(b)

......................

1,371‌

1,575,453‌

ION

Platform

Finance

SARL

(b)

7.88%

,

05/01/29

...................

2,747‌

2,949,846‌

6.50%

,

09/30/30

...................

1,099‌

1,052,775‌

6.88%

,

09/30/32

...................

846‌

780,047‌

Midcap

Financial

Issuer

Trust

(f)

6.50%

,

05/01/28

...................

USD

24,807‌

24,072,318‌

5.63%

,

01/15/30

...................

19,188‌

17,880,530‌

PennyMac

Financial

Services,

Inc.

(f)

7.88%

,

12/15/29

...................

8,777‌

8,978,573‌

7.13%

,

11/15/30

...................

11,269‌

11,198,848‌

6.88%

,

05/15/32

...................

18,572‌

17,921,838‌

6.75%

,

02/15/34

...................

10,360‌

9,695,286‌

PRA

Group

Europe

Holding

II

SARL,

6.25%,

09/30/32

(b)

......................

EUR

2,477‌

2,707,852‌

Progroup

AG

5.38%

,

04/15/31

(b)

..................

1,433‌

1,621,288‌

Rocket

Cos.,

Inc.

(f)

6.50%

,

08/01/29

...................

USD

33,598‌

33,976,160‌

6.13%

,

08/01/30

...................

60,915‌

61,477,063‌

7.13%

,

02/01/32

...................

50,627‌

52,182,919‌

6.38%

,

08/01/33

...................

66,326‌

67,038,606‌

Rocket

Mortgage

LLC

(f)

2.88%

,

10/15/26

...................

22,344‌

22,102,294‌

3.88%

,

03/01/31

...................

2,642‌

2,437,979‌

4.00%

,

10/15/33

...................

2,313‌

2,073,297‌

Shift4

Payments

LLC

6.75%

,

08/15/32

(f)

..................

39,614‌

38,954,230‌

5.50%

,

05/15/33

(b)

..................

EUR

2,728‌

2,972,661‌

5.50%

,

05/15/33

(f)

..................

19,120‌

20,834,776‌

Stena

International

SA,

7.25%,

01/15/31

(b)

....

USD

1,500‌

1,515,794‌

Titanium

2l

Bondco

SARL,

6.25%,

(6.25%

Cash

or

6.25%

PIK),

01/14/31

(g)

............

EUR

5,120‌

858,152‌

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

UWM

Holdings

LLC

(f)

6.63%

,

02/01/30

...................

USD

22,012‌

$

20,761,099‌

6.25%

,

03/15/31

...................

19,590‌

17,840,329‌

Walker

&

Dunlop,

Inc.,

6.63%,

04/01/33

(f)

....

8,136‌

7,954,410‌

WEX,

Inc.,

6.50%,

03/15/33

(f)

............

25,183‌

24,668,559‌

Worldline

SA

(b)

0.00%

,

07/30/26

(i)

(j)

.................

EUR

172‌

200,841‌

0.88%

,

06/30/27

...................

900‌

974,974‌

4.13%

,

09/12/28

...................

300‌

315,084‌

622,868,538‌

Food

Products

—

1.3%

B&G

Foods,

Inc.,

8.00%,

09/15/28

(f)

........

USD

5,501‌

5,416,869‌

Chobani

Holdco

II

LLC,

9.50%,

(9.50%

Cash

or

9.50%

PIK),

10/01/29

(f)

(g)

.............

86,888‌

88,266,809‌

Chobani

LLC

(f)

4.63%

,

11/15/28

...................

39,717‌

39,042,852‌

7.63%

,

07/01/29

...................

63,021‌

64,398,450‌

Darling

Global

Finance

BV

4.50%

,

07/15/32

(b)

..................

EUR

1,780‌

2,047,255‌

4.50%

,

07/15/32

(f)

..................

9,510‌

10,937,865‌

Darling

Ingredients,

Inc.,

6.00%,

06/15/30

(f)

...

USD

9,051‌

9,114,248‌

Fiesta

Purchaser,

Inc.

(f)

7.88%

,

03/01/31

...................

1,162‌

1,182,989‌

9.63%

,

09/15/32

...................

5,820‌

5,927,501‌

Froneri

Lux

FinCo

SARL,

4.75%,

08/01/32

(b)

..

EUR

3,577‌

3,905,533‌

Irca

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.90%,

12/15/29

(a)

(b)

...........

1,000‌

1,157,682‌

Lamb

Weston

Holdings,

Inc.

(f)

4.88%

,

05/15/28

...................

USD

5,545‌

5,479,930‌

4.13%

,

01/31/30

...................

5,961‌

5,675,151‌

4.38%

,

01/31/32

...................

7,862‌

7,303,422‌

Post

Holdings,

Inc.

(f)

4.63%

,

04/15/30

...................

1,289‌

1,237,446‌

4.50%

,

09/15/31

...................

2,107‌

1,959,113‌

6.25%

,

02/15/32

...................

327‌

330,381‌

6.38%

,

03/01/33

...................

5,094‌

5,018,317‌

6.25%

,

10/15/34

...................

19,028‌

18,632,335‌

6.50%

,

03/15/36

...................

34,816‌

34,096,037‌

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(f)

.....

6,955‌

6,693,395‌

Tereos

Finance

Groupe

I

SA

(b)

4.75%

,

04/30/27

...................

EUR

252‌

291,232‌

7.25%

,

04/15/28

...................

1,933‌

2,251,075‌

320,365,887‌

Gas

Utilities

—

0.1%

(f)

AmeriGas

Partners

LP,

9.50%,

06/01/30

.....

USD

6,129‌

6,493,167‌

Ferrellgas

LP,

9.25%,

01/15/31

..........

11,680‌

12,169,859‌

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

1,615‌

1,519,519‌

20,182,545‌

Ground

Transportation

—

0.4%

Albion

Financing

1

SARL

5.38%

,

05/21/30

(b)

..................

EUR

987‌

1,143,342‌

7.00%

,

05/21/30

(f)

..................

USD

32,119‌

32,826,806‌

BCP

V

Modular

Services

Finance

II

plc

(b)

4.75%

,

11/30/28

...................

EUR

2,068‌

2,248,610‌

6.13%

,

11/30/28

...................

GBP

1,929‌

2,386,943‌

6.50%

,

07/10/31

...................

EUR

1,037‌

1,018,421‌

BCP

V

Modular

Services

Finance

plc,

6.75%,

11/30/29

(b)

......................

1,212‌

957,961‌

Boels

Topholding

BV

(b)

6.25%

,

02/15/29

...................

1,589‌

1,876,024‌

5.75%

,

05/15/30

...................

1,399‌

1,624,666‌

EC

Finance

plc,

3.25%,

10/15/26

(b)

(h)

.......

1,391‌

1,575,779‌

Edge

Finco

plc,

8.13%,

08/15/31

(b)

........

GBP

3,691‌

5,039,496‌

Genesee

&

Wyoming,

Inc.,

6.25%,

04/15/32

(f)

..

USD

23,546‌

23,827,375‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

Consolidated

Schedule

of

Investments

69

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

(continued)

Kapla

Holding

SAS

(b)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.65%

,

07/31/30

(a)

................

EUR

1,711‌

$

1,970,131‌

5.00%

,

04/30/31

...................

2,395‌

2,722,028‌

Loxam

SAS

(b)

6.38%

,

05/15/28

...................

1,768‌

2,077,953‌

4.25%

,

02/15/31

...................

1,340‌

1,502,970‌

Mobico

Group

plc,

4.88%,

09/26/31

(b)

.......

998‌

892,982‌

RXO,

Inc.,

6.38%,

05/15/31

(f)

............

USD

8,082‌

7,754,743‌

SGL

Group

ApS

(a)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.75%),

6.78%

,

04/22/30

.................

EUR

2,390‌

2,569,160‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.27%

,

02/24/31

(b)

(f)

...............

413‌

438,767‌

Watco

Cos.

LLC,

7.13%,

08/01/32

(f)

........

USD

11,660‌

11,974,995‌

106,429,152‌

Health

Care

Equipment

&

Supplies

—

1.0%

Avantor

Funding,

Inc.

3.88%

,

07/15/28

(b)

..................

EUR

1,235‌

1,415,405‌

4.63%

,

07/15/28

(f)

..................

USD

16,413‌

16,019,309‌

3.88%

,

11/01/29

(f)

..................

10,639‌

9,981,436‌

Bausch

+

Lomb

Corp.

8.38%

,

10/01/28

(f)

..................

76,480‌

78,965,600‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

5.89%

,

01/15/31

(a)

(b)

...............

EUR

810‌

936,261‌

Hologic,

Inc.,

3.25%,

02/15/29

(f)

..........

USD

1,032‌

1,030,207‌

Insulet

Corp.,

6.50%,

04/01/33

(f)

..........

6,770‌

6,910,153‌

Medline

Borrower

LP

(f)

6.25%

,

04/01/29

...................

27,565‌

28,088,263‌

5.25%

,

10/01/29

...................

99,438‌

98,562,279‌

Neogen

Food

Safety

Corp.,

8.63%,

07/20/30

(f)

.

9,072‌

9,528,539‌

Sotera

Health

Holdings

LLC,

7.38%,

06/01/31

(f)

.

10,636‌

10,986,701‌

262,424,153‌

Health

Care

Providers

&

Services

—

2.1%

Acadia

Healthcare

Co.,

Inc.,

7.38%,

03/15/33

(f)

.

2,923‌

2,992,639‌

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(f)

..

25,769‌

25,483,572‌

Clariane

SE,

7.88%,

06/27/30

(b)

..........

EUR

1,600‌

1,913,504‌

Community

Health

Systems,

Inc.

(f)

5.25%

,

05/15/30

...................

USD

40,694‌

38,353,376‌

4.75%

,

02/15/31

...................

18,580‌

17,129,344‌

10.88%

,

01/15/32

..................

16,444‌

17,642,126‌

9.75%

,

01/15/34

...................

96,450‌

100,102,380‌

Concentra

Health

Services,

Inc.,

6.88%,

07/15/32

(f)

......................

20,645‌

21,344,122‌

DaVita,

Inc.

(f)

6.88%

,

09/01/32

...................

819‌

839,006‌

6.75%

,

07/15/33

...................

4,583‌

4,661,612‌

Ephios

Subco

3

SARL,

7.88%,

01/31/31

(b)

....

EUR

1,258‌

1,522,794‌

HAH

Group

Holding

Co.

LLC,

9.75%,

10/01/31

(f)

USD

9,639‌

8,444,385‌

HealthEquity,

Inc.,

4.50%,

10/01/29

(f)

.......

31,704‌

30,673,205‌

LifePoint

Health,

Inc.

(f)

9.88%

,

08/15/30

...................

6,567‌

6,944,681‌

11.00%

,

10/15/30

..................

29,822‌

32,072,667‌

8.38%

,

02/15/32

...................

11,945‌

12,756,328‌

10.00%

,

06/01/32

..................

19,242‌

19,650,512‌

Mehilainen

Yhtiot

Oy

(b)

5.13%

,

06/30/32

...................

EUR

1,754‌

2,020,301‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.38%),

5.51%

,

06/30/32

(a)

................

328‌

378,446‌

Molina

Healthcare,

Inc.

(f)

3.88%

,

11/15/30

...................

USD

11,950‌

10,683,656‌

6.50%

,

02/15/31

...................

23,373‌

22,978,120‌

6.25%

,

01/15/33

...................

6,532‌

6,333,366‌

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(f)

...

7,456‌

7,186,079‌

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Prime

Healthcare

Services,

Inc.,

9.38%,

09/01/29

(f)

......................

USD

516‌

$

535,092‌

Star

Parent,

Inc.,

9.00%,

10/01/30

(f)

........

14,975‌

15,514,115‌

Surgery

Center

Holdings,

Inc.,

7.25%,

04/15/32

(f)

61,879‌

60,775,901‌

Tenet

Healthcare

Corp.

6.75%

,

05/15/31

...................

33,821‌

34,569,560‌

5.50%

,

11/15/32

(f)

..................

9,488‌

9,400,489‌

6.00%

,

11/15/33

(f)

..................

5,119‌

5,179,640‌

US

Acute

Care

Solutions

LLC,

9.75%,

05/15/29

(f)

20,467‌

19,772,113‌

537,853,131‌

Health

Care

REITs

—

0.4%

Diversified

Healthcare

Trust,

7.25%,

10/15/30

(f)

.

9,707‌

9,790,412‌

MPT

Operating

Partnership

LP

0.99%

,

10/15/26

...................

EUR

774‌

856,260‌

7.00%

,

02/15/32

(f)

..................

19,230‌

21,873,932‌

7.00%

,

02/15/32

(b)

..................

2,189‌

2,489,965‌

8.50%

,

02/15/32

(f)

..................

USD

55,857‌

56,628,497‌

91,639,066‌

Health

Care

Technology

—

0.1%

IQVIA,

Inc.,

6.25%,

06/01/32

(f)

...........

35,553‌

36,103,751‌

Hotel

&

Resort

REITs

—

1.0%

Park

Intermediate

Holdings

LLC,

7.00%,

02/01/30

(f)

......................

12,761‌

12,917,246‌

Pebblebrook

Hotel

LP,

6.38%,

10/15/29

(f)

....

6,394‌

6,405,596‌

RHP

Hotel

Properties

LP

(f)

4.50%

,

02/15/29

...................

11,328‌

10,981,318‌

6.50%

,

04/01/32

...................

31,199‌

31,764,201‌

6.50%

,

06/15/33

...................

15,538‌

15,821,973‌

5.75%

,

03/15/34

...................

36,901‌

36,415,888‌

RLJ

Lodging

Trust

LP

(f)

3.75%

,

07/01/26

...................

3,645‌

3,627,221‌

4.00%

,

09/15/29

...................

2,470‌

2,313,368‌

Service

Properties

Trust

0.00%

,

09/30/27

(f)

(j)

.................

19,106‌

17,382,548‌

8.63%

,

11/15/31

(f)

..................

84,667‌

88,419,611‌

8.88%

,

06/15/32

...................

11,108‌

11,009,563‌

XHR

LP,

6.63%,

05/15/30

(f)

.............

6,715‌

6,779,497‌

243,838,030‌

Hotels,

Restaurants

&

Leisure

—

3.5%

1011778

BC

ULC

(f)

3.88%

,

01/15/28

...................

1,368‌

1,337,191‌

4.38%

,

01/15/28

...................

7,054‌

6,955,186‌

5.63%

,

09/15/29

...................

217‌

217,473‌

4.00%

,

10/15/30

...................

3,993‌

3,753,121‌

Acushnet

Co.,

5.63%,

12/01/33

(f)

.........

7,097‌

7,042,083‌

Allwyn

Entertainment

Financing

UK

plc

(b)

7.25%

,

04/30/30

...................

EUR

2,315‌

2,765,862‌

4.13%

,

02/15/31

...................

730‌

793,886‌

4.63%

,

08/15/31

...................

888‌

983,710‌

Aramark

International

Finance

SARL,

4.38%,

04/15/33

(b)

......................

1,281‌

1,410,414‌

Betclic

Everest

Group

SAS,

5.13%,

12/10/31

(b)

.

698‌

797,362‌

Boyne

USA,

Inc.,

4.75%,

05/15/29

(f)

........

USD

10,872‌

10,545,800‌

Brightstar

Lottery

plc,

5.75%,

01/15/33

(f)

.....

14,417‌

14,014,433‌

Caesars

Entertainment,

Inc.

(f)

4.63%

,

10/15/29

...................

19,608‌

18,860,837‌

7.00%

,

02/15/30

...................

25,840‌

26,159,124‌

6.50%

,

02/15/32

...................

24,489‌

24,203,902‌

Carnival

Corp.

(f)

5.88%

,

06/15/31

...................

7,993‌

8,091,242‌

5.75%

,

08/01/32

...................

11,409‌

11,405,290‌

6.13%

,

02/15/33

...................

36,359‌

36,723,499‌

Carnival

plc,

4.13%,

07/15/31

(f)

...........

EUR

16,219‌

18,252,573‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

70

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Churchill

Downs,

Inc.

(f)

4.75%

,

01/15/28

...................

USD

25,101‌

$

24,762,596‌

5.75%

,

04/01/30

...................

34,345‌

33,965,920‌

6.75%

,

05/01/31

...................

18,976‌

19,332,768‌

Cirsa

Finance

International

SARL

(b)

7.88%

,

07/31/28

...................

EUR

494‌

582,825‌

6.50%

,

03/15/29

...................

587‌

690,396‌

4.88%

,

10/15/31

...................

516‌

587,148‌

(3-mo.

EURIBOR

+

3.00%),

5.15%

,

10/15/32

(a)

.....................

757‌

870,900‌

Deuce

Finco

plc

(b)

7.00%

,

11/20/31

...................

GBP

1,184‌

1,543,203‌

(3-mo.

EURIBOR

+

3.50%),

5.65%

,

11/20/32

(a)

.....................

EUR

807‌

930,503‌

Elior

Group

SA,

5.63%,

03/15/30

(b)

........

3,081‌

3,594,283‌

Entain

plc,

4.88%,

11/30/31

(b)

............

2,799‌

3,175,748‌

Essendi

SA

(b)

5.38%

,

05/15/30

...................

481‌

544,268‌

5.50%

,

11/15/31

...................

778‌

879,226‌

5.63%

,

05/15/32

...................

1,747‌

1,953,464‌

(3-mo.

EURIBOR

+

3.75%),

5.73%

,

05/15/32

(a)

.....................

552‌

632,727‌

Fertitta

Entertainment

LLC

(f)

4.63%

,

01/15/29

...................

USD

10,151‌

9,701,587‌

6.75%

,

01/15/30

...................

7,122‌

6,652,321‌

gategroup

Finance

Luxembourg

SA,

3.00%,

02/28/27

(b)

......................

CHF

3,660‌

4,594,089‌

Great

Canadian

Gaming

Corp.,

8.75%,

11/15/29

(f)

USD

16,307‌

15,909,215‌

Hilton

Domestic

Operating

Co.,

Inc.

(f)

6.13%

,

04/01/32

...................

2,748‌

2,789,228‌

5.88%

,

03/15/33

...................

17,391‌

17,497,172‌

5.75%

,

09/15/33

...................

2,628‌

2,616,135‌

5.50%

,

03/31/34

...................

16,428‌

16,049,777‌

Light

&

Wonder

International,

Inc.

(f)

7.25%

,

11/15/29

...................

3,781‌

3,854,351‌

7.50%

,

09/01/31

...................

2,853‌

2,928,034‌

6.25%

,

10/01/33

...................

11,791‌

11,551,525‌

Lindblad

Expeditions

LLC,

7.00%,

09/15/30

(f)

..

21,852‌

22,310,695‌

Lottomatica

Group

SpA

(b)

4.88%

,

01/31/31

...................

EUR

1,243‌

1,448,067‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.26%

,

06/01/31

(a)

................

933‌

1,080,394‌

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(f)

.

USD

18,552‌

13,722,267‌

Melco

Resorts

Finance

Ltd.

(f)

5.63%

,

07/17/27

...................

800‌

792,520‌

5.75%

,

07/21/28

...................

3,400‌

3,338,562‌

5.38%

,

12/04/29

...................

24,553‌

23,540,189‌

7.63%

,

04/17/32

...................

17,566‌

17,833,618‌

6.50%

,

09/24/33

...................

3,635‌

3,487,528‌

Merlin

Entertainments

Group

US

Holdings,

Inc.,

7.38%,

02/15/31

(f)

.................

25,407‌

21,203,958‌

MGM

China

Holdings

Ltd.,

7.13%,

06/26/31

(f)

..

4,271‌

4,358,556‌

MGM

Resorts

International,

6.13%,

09/15/29

..

15,472‌

15,563,672‌

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(f)

......................

70‌

67,887‌

Mohegan

Tribal

Gaming

Authority,

8.25%,

04/15/30

(f)

......................

17,501‌

17,916,299‌

Motion

Bondco

DAC,

6.63%,

11/15/27

(f)

.....

8,099‌

7,752,506‌

Motion

Finco

SARL,

7.38%,

06/15/30

(b)

......

EUR

668‌

666,768‌

NCL

Corp.

Ltd.

(f)

5.88%

,

01/15/31

...................

USD

3,127‌

3,038,086‌

6.75%

,

02/01/32

...................

3,001‌

2,978,231‌

6.25%

,

09/15/33

...................

44,859‌

43,528,410‌

Pinnacle

Bidco

plc,

10.00%,

10/11/28

(b)

......

GBP

693‌

951,218‌

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Premier

Entertainment

Sub

LLC

(f)

5.63%

,

09/01/29

...................

USD

5,317‌

$

3,243,370‌

5.88%

,

09/01/31

...................

9,034‌

4,968,700‌

Rivers

Enterprise

Borrower

LLC

(f)

6.25%

,

10/15/30

...................

10,158‌

10,132,363‌

6.63%

,

02/01/33

...................

6,376‌

6,328,000‌

Scientific

Games

Holdings

LP,

6.63%,

03/01/30

(f)

8,550‌

7,355,326‌

Six

Flags

Entertainment

Corp.

5.25%

,

07/15/29

...................

1,701‌

1,627,047‌

8.63%

,

01/15/32

(f)

..................

7,548‌

7,560,178‌

Station

Casinos

LLC

(f)

4.50%

,

02/15/28

...................

8,194‌

8,031,249‌

4.63%

,

12/01/31

...................

152‌

141,921‌

6.63%

,

03/15/32

...................

6,652‌

6,677,810‌

Stonegate

Pub

Co.

Financing

plc

(b)

(3-mo.

EURIBOR

+

6.63%),

8.62%

,

07/31/29

(a)

.....................

EUR

1,868‌

2,112,101‌

10.75%

,

07/31/29

..................

GBP

458‌

600,209‌

TUI

AG,

5.88%,

03/15/29

(b)

.............

EUR

1,527‌

1,758,579‌

TUI

Cruises

GmbH

(b)

6.25%

,

04/15/29

...................

418‌

488,012‌

5.00%

,

05/15/30

...................

1,895‌

2,132,155‌

Vail

Resorts,

Inc.

(f)

5.63%

,

07/15/30

...................

USD

10,937‌

10,846,524‌

6.50%

,

05/15/32

...................

12,238‌

12,375,922‌

Viking

Cruises

Ltd.

(f)

9.13%

,

07/15/31

...................

33,675‌

35,525,273‌

5.88%

,

10/15/33

...................

34,872‌

34,429,538‌

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(f)

......................

6,471‌

6,461,225‌

Voyager

Parent

LLC,

9.25%,

07/01/32

(f)

.....

13,387‌

13,898,571‌

Wyndham

Hotels

&

Resorts,

Inc.,

5.63%,

03/01/33

(f)

......................

6,801‌

6,692,028‌

Wynn

Macau

Ltd.

(f)

5.50%

,

10/01/27

...................

2,600‌

2,572,986‌

5.63%

,

08/26/28

...................

56,145‌

55,188,429‌

4.50%

,

03/07/29

(i)

..................

1,658‌

1,650,539‌

5.13%

,

12/15/29

...................

20,458‌

19,558,871‌

Wynn

Resorts

Finance

LLC

(f)

5.13%

,

10/01/29

...................

19,826‌

19,569,668‌

7.13%

,

02/15/31

...................

14,680‌

15,388,236‌

6.25%

,

03/15/33

...................

13,827‌

13,683,191‌

899,079,849‌

Household

Durables

—

1.0%

Ashton

Woods

USA

LLC

(f)

4.63%

,

08/01/29

...................

4,879‌

4,609,279‌

4.63%

,

04/01/30

...................

3,541‌

3,286,507‌

6.88%

,

08/01/33

...................

9,184‌

8,860,132‌

Beazer

Homes

USA,

Inc.,

5.88%,

10/15/27

...

3,979‌

3,959,740‌

Brookfield

Residential

Properties,

Inc.

(f)

5.00%

,

06/15/29

...................

18,861‌

17,895,234‌

4.88%

,

02/15/30

...................

13,025‌

11,958,669‌

Century

Communities,

Inc.,

6.63%,

09/15/33

(f)

.

11,631‌

11,394,260‌

Dream

Finders

Homes,

Inc.,

8.25%,

08/15/28

(f)

.

6,941‌

7,052,708‌

Empire

Communities

Corp.,

9.75%,

05/01/29

(f)

.

3,105‌

3,117,712‌

Installed

Building

Products,

Inc.,

5.63%,

02/01/34

(f)

......................

14,747‌

14,390,064‌

K.

Hovnanian

Enterprises,

Inc.

(f)

8.00%

,

04/01/31

...................

22,846‌

22,587,498‌

8.38%

,

10/01/33

...................

22,294‌

22,046,367‌

LGI

Homes,

Inc.

(f)

8.75%

,

12/15/28

...................

1,309‌

1,339,280‌

4.00%

,

07/15/29

...................

5,385‌

4,796,325‌

7.00%

,

11/15/32

...................

6,750‌

6,258,784‌

Maison

Finco

plc,

7.25%,

04/30/32

(b)

.......

GBP

814‌

1,010,087‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

Consolidated

Schedule

of

Investments

71

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

Mattamy

Group

Corp.

(f)

4.63%

,

03/01/30

...................

USD

4,116‌

$

3,913,290‌

6.00%

,

12/15/33

...................

4,571‌

4,292,416‌

Meritage

Homes

Corp.,

1.75%,

05/15/28

(i)

....

28,161‌

27,119,043‌

Newell

Brands,

Inc.

8.50%

,

06/01/28

(f)

..................

13,656‌

14,095,723‌

6.63%

,

09/15/29

...................

4,239‌

4,137,621‌

6.38%

,

05/15/30

...................

5,289‌

5,076,988‌

6.63%

,

05/15/32

...................

7,370‌

7,052,972‌

Risewell

Homes,

Inc.

(f)

9.25%

,

10/01/29

...................

13,753‌

13,892,552‌

8.50%

,

11/01/30

...................

3,869‌

3,783,190‌

Somnigroup

International,

Inc.

(f)

4.00%

,

04/15/29

...................

2,978‌

2,863,802‌

3.88%

,

10/15/31

...................

653‌

593,677‌

STL

Holding

Co.

LLC,

8.75%,

02/15/29

(f)

.....

7,436‌

7,682,392‌

Taylor

Morrison

Communities,

Inc.,

5.75%,

11/15/32

(f)

......................

7,034‌

7,040,155‌

TRI

Pointe

Homes,

Inc.,

5.25%,

06/01/27

....

103‌

102,737‌

246,209,204‌

Household

Products

—

0.0%

Central

Garden

&

Pet

Co.,

4.13%,

10/15/30

...

608‌

572,018‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.4%

(f)

Clearway

Energy

Operating

LLC,

3.75%,

01/15/32

.......................

18,030‌

16,435,481‌

Constellation

Energy

Generation

LLC

4.63%

,

02/01/29

...................

629‌

621,392‌

5.00%

,

02/01/31

...................

7,712‌

7,732,755‌

Lightning

Power

LLC,

7.25%,

08/15/32

......

5,671‌

5,894,878‌

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

...

4,179‌

4,384,093‌

TransAlta

Corp.,

5.88%,

02/01/34

.........

13,217‌

13,128,041‌

Vistra

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

6.93%),

8.00%

(a)

(k)

......................

11,499‌

11,620,889‌

XPLR

Infrastructure

LP,

2.50%,

06/15/26

(i)

....

45,673‌

45,216,270‌

105,033,799‌

Insurance

—

5.4%

Alliant

Holdings

Intermediate

LLC

(f)

4.25%

,

10/15/27

...................

57,673‌

56,522,828‌

6.75%

,

10/15/27

...................

7,295‌

7,289,441‌

6.75%

,

04/15/28

...................

9,137‌

9,186,797‌

5.88%

,

11/01/29

...................

49,473‌

47,866,572‌

7.00%

,

01/15/31

...................

61,586‌

62,110,224‌

6.50%

,

10/01/31

...................

2,383‌

2,339,981‌

7.38%

,

10/01/32

...................

23,615‌

23,389,505‌

AmWINS

Group,

Inc.,

4.88%,

06/30/29

(f)

.....

7,012‌

6,717,239‌

Amynta

Agency

Borrower,

Inc.,

7.50%,

07/15/33

(f)

23,846‌

22,614,054‌

APH

Somerset

Investor

2

LLC,

7.88%,

11/01/29

(f)

17,239‌

15,588,710‌

Ardonagh

Finco

Ltd.

6.88%

,

02/15/31

(b)

..................

EUR

17,372‌

19,940,912‌

7.75%

,

02/15/31

(f)

..................

USD

75,612‌

76,497,946‌

Ardonagh

Group

Finance

Ltd.,

8.88%,

02/15/32

(f)

100,403‌

98,371,091‌

Asurion

LLC

(f)

8.00%

,

12/31/32

...................

55,871‌

57,963,256‌

8.38%

,

02/01/34

...................

56,304‌

54,663,438‌

Howden

UK

Refinance

plc

(f)

7.25%

,

02/15/31

...................

84,107‌

84,815,265‌

8.13%

,

02/15/32

...................

54,949‌

51,484,455‌

HUB

International

Ltd.

(f)

7.25%

,

06/15/30

...................

186,742‌

191,299,252‌

7.38%

,

01/31/32

...................

245,339‌

250,236,702‌

Jones

Deslauriers

Insurance

Management,

Inc.

(f)

8.50%

,

03/15/30

...................

28,250‌

28,714,091‌

6.88%

,

10/01/33

...................

22,484‌

20,568,805‌

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Panther

Escrow

Issuer

LLC,

7.13%,

06/01/31

(f)

.

USD

141,782‌

$

142,258,246‌

Ryan

Specialty

LLC

(f)

4.38%

,

02/01/30

...................

2,807‌

2,719,340‌

5.88%

,

08/01/32

...................

6,341‌

6,267,220‌

Unipol

Assicurazioni

SpA

4.90%

,

05/23/34

(b)

..................

EUR

1,900‌

2,245,598‌

USI,

Inc.,

7.50%,

01/15/32

(f)

............

USD

38,014‌

38,514,226‌

1,380,185,194‌

Interactive

Media

&

Services

—

0.2%

Snap,

Inc.

(f)

6.88%

,

03/01/33

...................

24,887‌

23,500,052‌

6.88%

,

03/15/34

...................

17,751‌

16,696,037‌

40,196,089‌

IT

Services

—

2.1%

Almaviva-The

Italian

Innovation

Co.

SpA,

5.00%,

10/30/30

(b)

......................

EUR

2,316‌

2,536,773‌

Atos

SE,

9.36%,

12/18/29

(b)

(h)

............

3,010‌

3,922,608‌

Beignet

Investor

LLC,

6.58%,

05/30/49

(f)

.....

USD

397,506‌

408,698,239‌

Cedacri

SpA,

(3-mo.

EURIBOR

at

4.63%

Floor

+

4.63%),

6.61%,

05/15/28

(a)

(b)

...........

EUR

2,277‌

2,549,297‌

CoreWeave,

Inc.,

9.25%,

06/01/30

(f)

.......

USD

25,482‌

24,759,825‌

Engineering

-

Ingegneria

Informatica

-

SpA,

11.13%,

05/15/28

(b)

................

EUR

231‌

270,765‌

Fortress

Intermediate

3,

Inc.,

7.50%,

06/01/31

(f)

USD

24,027‌

23,879,198‌

ION

Platform

Finance

US,

Inc.

(f)

4.63%

,

05/01/28

...................

127‌

118,430‌

5.00%

,

05/01/28

...................

29,240‌

27,311,537‌

5.75%

,

05/15/28

...................

1,416‌

1,343,578‌

8.75%

,

05/01/29

...................

9,366‌

8,709,961‌

7.88%

,

09/30/32

...................

38,723‌

29,972,600‌

United

Group

BV

(b)

3.63%

,

02/15/28

...................

EUR

1,405‌

1,586,474‌

5.25%

,

02/01/30

...................

1,067‌

1,202,849‌

536,862,134‌

Life

Sciences

Tools

&

Services

—

0.0%

(f)

Charles

River

Laboratories

International,

Inc.,

4.00%,

03/15/31

..................

USD

3,131‌

2,912,747‌

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

.....

3,687‌

3,494,170‌

6,406,917‌

Machinery

—

1.0%

Amsted

Industries,

Inc.,

6.38%,

03/15/33

(f)

....

7,122‌

7,157,254‌

ATS

Corp.,

4.13%,

12/15/28

(f)

...........

4,992‌

4,810,907‌

Chart

Industries,

Inc.

(f)

7.50%

,

01/01/30

...................

22,505‌

23,380,602‌

9.50%

,

01/01/31

...................

990‌

1,039,990‌

Columbus

McKinnon

Corp.,

7.13%,

02/01/33

(f)

.

13,734‌

13,727,682‌

CompoSecure

Holdings

LLC,

5.63%,

02/01/33

(f)

48,947‌

47,818,772‌

Enpro,

Inc.,

6.13%,

06/01/33

(f)

...........

10,543‌

10,663,886‌

Esab

Corp.

(f)

6.25%

,

04/15/29

...................

5,826‌

5,912,802‌

5.63%

,

04/01/31

...................

35,531‌

35,780,072‌

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/23/29

(f)

......................

8,471‌

5,410,396‌

IMA

Industria

Macchine

Automatiche

SpA

(b)

3.75%

,

01/15/28

...................

EUR

303‌

343,949‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.77%

,

04/15/29

(a)

................

2,563‌

2,962,795‌

King

US

Bidco,

Inc.,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.31%,

12/01/32

(a)

(b)

......

1,121‌

1,289,356‌

LSF12

Helix

Parent

LLC,

7.13%,

02/01/33

(f)

...

USD

33,575‌

32,312,785‌

Manitowoc

Co.,

Inc.

(The),

9.25%,

10/01/31

(f)

..

8,672‌

9,055,979‌

Terex

Corp.

(f)

5.00%

,

05/15/29

...................

11,833‌

11,657,939‌

6.25%

,

10/15/32

...................

15,692‌

15,794,284‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

72

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

TK

Elevator

Midco

GmbH

4.38%

,

07/15/27

(b)

..................

EUR

2,680‌

$

3,094,092‌

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(f)

.

USD

19,473‌

19,422,098‌

251,635,640‌

Media

—

5.7%

Adelphia

Communications

Corp.,

Escrow,

Series

B,

10.50%,

07/15/04

(c)

(d)

(e)

............

800‌

—‌

Block

Communications,

Inc.,

10.25%,

03/01/31

(f)

5,496‌

5,028,515‌

Cable

One,

Inc.,

1.13%,

03/15/28

(i)

........

30,189‌

22,702,128‌

Century

Communications

Corp.

Escrow,

0.00%,

03/15/13

(c)

(d)

(e)

....................

625‌

—‌

Clear

Channel

Outdoor

Holdings,

Inc.

(f)

7.75%

,

04/15/28

...................

18,692‌

18,780,693‌

7.50%

,

06/01/29

...................

37,632‌

37,790,807‌

7.88%

,

04/01/30

...................

61,419‌

64,275,168‌

7.13%

,

02/15/31

...................

56,746‌

59,452,515‌

7.50%

,

03/15/33

...................

41,480‌

43,927,237‌

CMG

Media

Corp.,

8.88%,

06/18/29

(f)

.......

11,015‌

9,524,318‌

CSC

Holdings

LLC

(f)

5.50%

,

04/15/27

...................

24,186‌

20,978,794‌

5.38%

,

02/01/28

...................

18,753‌

13,868,804‌

11.25%

,

05/15/28

..................

73,781‌

60,289,701‌

11.75%

,

01/31/29

..................

43,488‌

31,448,130‌

DirecTV

Financing

LLC

(f)

5.88%

,

08/15/27

...................

27,522‌

27,492,997‌

8.88%

,

02/01/30

...................

33,361‌

33,286,782‌

10.00%

,

02/15/31

..................

28,457‌

29,049,738‌

Discovery

Communications

LLC,

3.95%,

03/20/28

.......................

16,557‌

16,220,893‌

DISH

DBS

Corp.

(f)

5.25%

,

12/01/26

...................

57,865‌

57,368,713‌

5.75%

,

12/01/28

...................

74,180‌

71,746,342‌

DISH

Network

Corp.,

11.75%,

11/15/27

(f)

.....

117,801‌

121,363,891‌

EchoStar

Corp.

10.75%

,

11/30/29

..................

94,229‌

101,790,999‌

6.75%

,

11/30/30

...................

143,869‌

145,273,252‌

Gray

Media,

Inc.

(f)

10.50%

,

07/15/29

..................

6,520‌

6,928,481‌

9.63%

,

07/15/32

...................

40,345‌

40,342,438‌

7.25%

,

08/15/33

...................

34,963‌

35,231,201‌

Lamar

Media

Corp.

3.63%

,

01/15/31

...................

3,635‌

3,363,766‌

5.38%

,

11/01/33

(f)

..................

12,594‌

12,326,048‌

LCPR

Senior

Secured

Financing

DAC,

6.75%,

10/15/27

(f)

......................

27,264‌

18,190,150‌

Midcontinent

Communications,

8.00%,

08/15/32

(f)

12,450‌

11,595,304‌

Neptune

Bidco

US,

Inc.

(f)

9.29%

,

04/15/29

...................

16,109‌

16,153,751‌

10.38%

,

05/15/31

..................

11,417‌

11,519,844‌

9.50%

,

02/15/33

...................

24,665‌

23,930,945‌

Outfront

Media

Capital

LLC

(f)

5.00%

,

08/15/27

...................

6,618‌

6,602,399‌

4.25%

,

01/15/29

...................

15,903‌

15,330,498‌

4.63%

,

03/15/30

...................

11,275‌

10,878,413‌

7.38%

,

02/15/31

...................

8,025‌

8,367,772‌

SES

SA,

4.88%,

06/24/33

(b)

.............

EUR

387‌

439,437‌

Sinclair

Television

Group,

Inc.,

8.13%,

02/15/33

(f)

USD

39,872‌

40,532,480‌

Sirius

XM

Radio

LLC

(f)

5.00%

,

08/01/27

...................

24,907‌

24,872,232‌

4.00%

,

07/15/28

...................

10,187‌

9,833,113‌

Stagwell

Global

LLC,

5.63%,

08/15/29

(f)

.....

3,605‌

3,432,149‌

Summer

BC

Holdco

B

SARL

(b)

5.88%

,

02/15/30

...................

EUR

1,411‌

1,402,843‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.23%

,

02/15/30

(a)

................

1,483‌

1,489,425‌

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Sunrise

FinCo.

I

BV

4.88%

,

07/15/31

(f)

..................

USD

17,805‌

$

16,951,072‌

4.63%

,

05/15/32

(b)

..................

EUR

1,589‌

1,794,561‌

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(f)

.................

USD

7,200‌

7,065,504‌

Univision

Communications,

Inc.

(f)

8.00%

,

08/15/28

...................

45,990‌

46,679,482‌

8.50%

,

07/31/31

...................

37,761‌

37,945,274‌

9.38%

,

08/01/32

...................

12,985‌

13,382,538‌

Versant

Media

Group,

Inc.,

7.25%,

01/30/31

(f)

..

7,931‌

8,116,593‌

Virgin

Media

O2

Vendor

Financing

Notes

V

DAC,

7.88%,

03/15/32

(b)

.................

GBP

1,318‌

1,545,310‌

Virgin

Media

O2

Vendor

Financing

Notes

VII

DAC,

7.50%,

07/15/33

(b)

.............

EUR

352‌

356,549‌

Virgin

Media

O2

Vendor

Financing

Notes

VIII

DAC,

8.88%,

07/15/33

(b)

.............

GBP

578‌

675,088‌

VZ

Secured

Financing

BV

5.00%

,

01/15/32

(f)

..................

USD

3,769‌

3,230,772‌

5.25%

,

01/15/33

(b)

..................

EUR

5,280‌

5,626,317‌

Ziggo

Bond

Co.

BV

3.38%

,

02/28/30

(b)

..................

866‌

844,237‌

5.13%

,

02/28/30

(f)

..................

USD

4,786‌

4,106,795‌

6.13%

,

11/15/32

(b)

..................

EUR

938‌

920,100‌

Ziggo

BV

2.88%

,

01/15/30

(b)

..................

1,250‌

1,326,997‌

4.88%

,

01/15/30

(f)

..................

USD

13,309‌

12,429,064‌

1,457,419,359‌

Metals

&

Mining

—

2.4%

Aris

Mining

Corp.,

8.00%,

10/31/29

(f)

.......

4,849‌

4,998,107‌

Arsenal

AIC

Parent

LLC

(f)

8.00%

,

10/01/30

...................

8,910‌

9,276,798‌

11.50%

,

10/01/31

..................

65,118‌

70,360,129‌

Big

River

Steel

LLC,

6.63%,

01/31/29

(f)

......

62,688‌

62,542,927‌

Cleveland-Cliffs,

Inc.,

6.88%,

11/01/29

(f)

.....

25,783‌

25,780,694‌

Commercial

Metals

Co.

(f)

5.75%

,

11/15/33

...................

19,779‌

19,571,053‌

6.00%

,

12/15/35

...................

22,443‌

22,125,331‌

Constellium

SE

(f)

5.63%

,

06/15/28

...................

21,765‌

21,657,692‌

3.75%

,

04/15/29

...................

40,739‌

38,855,400‌

6.38%

,

08/15/32

...................

18,892‌

19,096,789‌

ERO

Copper

Corp.,

6.50%,

02/15/30

(f)

......

21,229‌

21,014,375‌

First

Quantum

Minerals

Ltd.

(f)

8.00%

,

03/01/33

...................

12,699‌

13,120,226‌

7.25%

,

02/15/34

...................

13,726‌

13,896,477‌

6.38%

,

02/15/36

...................

52,701‌

50,424,580‌

Kaiser

Aluminum

Corp.

(f)

4.50%

,

06/01/31

...................

50,476‌

47,686,530‌

5.88%

,

03/01/34

...................

28,704‌

28,183,539‌

New

Gold,

Inc.,

6.88%,

04/01/32

(f)

.........

22,690‌

23,451,431‌

Novelis

Corp.

(f)

4.75%

,

01/30/30

...................

11,641‌

10,971,643‌

6.88%

,

01/30/30

...................

25,175‌

25,393,292‌

3.88%

,

08/15/31

...................

24,085‌

21,451,293‌

6.38%

,

08/15/33

...................

42,512‌

41,699,711‌

Novelis

Sheet

Ingot

GmbH,

3.38%,

04/15/29

(b)

.

EUR

13,100‌

14,367,680‌

605,925,697‌

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.2%

(f)

Blackstone

Mortgage

Trust,

Inc.,

3.75%,

01/15/27

USD

22,907‌

22,514,498‌

Starwood

Property

Trust,

Inc.

7.25%

,

04/01/29

...................

7,397‌

7,616,166‌

6.00%

,

04/15/30

...................

8,849‌

8,831,838‌

6.50%

,

07/01/30

...................

7,490‌

7,649,304‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

Consolidated

Schedule

of

Investments

73

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

6.50%

,

10/15/30

...................

USD

16,429‌

$

16,662,522‌

63,274,328‌

Office

REITs

—

0.0%

Alstria

Office

AG

(b)

4.25%

,

10/15/29

...................

EUR

300‌

330,804‌

5.50%

,

03/20/31

...................

1,000‌

1,144,474‌

1,475,278‌

Oil,

Gas

&

Consumable

Fuels

—

6.1%

Aethon

United

BR

LP,

7.50%,

10/01/29

(f)

.....

USD

22,004‌

22,949,402‌

Antero

Midstream

Partners

LP

(f)

5.38%

,

06/15/29

...................

3,148‌

3,137,906‌

6.63%

,

02/01/32

...................

9,584‌

9,795,222‌

Ascent

Resources

Utica

Holdings

LLC

9.00%

,

11/01/27

(f)

..................

10,223‌

11,935,250‌

9.00%

,

11/01/27

(b)

..................

215‌

251,011‌

5.88%

,

06/30/29

(f)

..................

403‌

402,627‌

6.63%

,

07/15/33

(f)

..................

12,509‌

12,723,804‌

Azule

Energy

Finance

plc,

8.25%,

01/22/31

(f)

..

1,182‌

1,193,276‌

Blue

Racer

Midstream

LLC

(f)

7.00%

,

07/15/29

...................

13,122‌

13,555,945‌

7.25%

,

07/15/32

...................

11,101‌

11,531,530‌

Breakwater

Energy

Holdings

SARL,

9.25%,

11/15/30

(f)

......................

16,425‌

17,249,272‌

Buckeye

Partners

LP

6.88%

,

07/01/29

(f)

..................

1,239‌

1,275,216‌

6.75%

,

02/01/30

(f)

..................

3,052‌

3,149,698‌

5.85%

,

11/15/43

...................

4,622‌

4,183,384‌

5.60%

,

10/15/44

...................

5,428‌

4,759,117‌

California

Resources

Corp.,

7.00%,

01/15/34

(f)

.

8,566‌

8,635,915‌

Caturus

Energy

LLC,

8.50%,

02/15/30

(f)

.....

45,136‌

46,833,791‌

Chord

Energy

Corp.,

6.75%,

03/15/33

(f)

.....

6,213‌

6,414,563‌

CITGO

Petroleum

Corp.,

8.38%,

01/15/29

(f)

...

31,613‌

32,646,239‌

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(f)

4,771‌

4,535,988‌

CNX

Resources

Corp.

(f)

7.25%

,

03/01/32

...................

4,090‌

4,214,565‌

5.88%

,

03/01/34

...................

19,873‌

19,353,850‌

Comstock

Resources,

Inc.

(f)

6.75%

,

03/01/29

...................

28,908‌

28,543,560‌

5.88%

,

01/15/30

...................

34,158‌

33,050,232‌

CQP

Holdco

LP,

5.50%,

06/15/31

(f)

........

59,763‌

58,283,423‌

Crescent

Energy

Finance

LLC

(f)

7.75%

,

07/31/29

...................

4,891‌

4,927,682‌

9.75%

,

10/15/30

...................

7,726‌

8,266,820‌

7.63%

,

04/01/32

...................

20,323‌

20,624,370‌

7.88%

,

04/15/32

...................

13,817‌

14,116,235‌

7.38%

,

01/15/33

...................

17,600‌

17,595,588‌

8.38%

,

01/15/34

...................

9,335‌

9,758,809‌

CVR

Energy,

Inc.

(f)

7.50%

,

02/15/31

...................

8,589‌

8,653,134‌

7.88%

,

02/15/34

...................

5,845‌

5,865,484‌

DBR

Land

Holdings

LLC,

6.25%,

12/01/30

(f)

...

11,662‌

11,807,658‌

Delek

Logistics

Partners

LP,

7.38%,

06/30/33

(f)

.

20,442‌

20,610,994‌

Energean

plc,

5.63%,

05/12/31

(b)

.........

EUR

1,781‌

2,002,818‌

Genesis

Energy

LP

8.00%

,

05/15/33

...................

USD

11,222‌

11,595,603‌

6.75%

,

03/15/34

(f)

..................

36,542‌

36,369,361‌

Global

Partners

LP,

7.13%,

07/01/33

(f)

......

9,184‌

9,258,969‌

Gulfport

Energy

Operating

Corp.,

6.75%,

09/01/29

(f)

......................

7,269‌

7,434,152‌

Harvest

Midstream

I

LP,

7.50%,

05/15/32

(f)

...

3,498‌

3,565,424‌

Hess

Midstream

Operations

LP

(f)

6.50%

,

06/01/29

...................

8,152‌

8,327,473‌

4.25%

,

02/15/30

...................

8,267‌

7,944,069‌

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Hilcorp

Energy

I

LP

(f)

6.25%

,

11/01/28

...................

USD

2,536‌

$

2,541,082‌

5.75%

,

02/01/29

...................

10,274‌

10,130,283‌

6.00%

,

04/15/30

...................

1,223‌

1,190,424‌

6.25%

,

04/15/32

...................

1,027‌

993,960‌

8.38%

,

11/01/33

...................

23,661‌

24,686,278‌

6.88%

,

05/15/34

...................

11,422‌

11,159,181‌

7.25%

,

02/15/35

...................

2,274‌

2,266,984‌

Howard

Midstream

Energy

Partners

LLC

(f)

7.38%

,

07/15/32

...................

5,910‌

6,111,218‌

6.63%

,

01/15/34

...................

21,667‌

21,749,378‌

Infinity

Natural

Resources

LLC,

7.63%,

04/01/31

(f)

......................

13,521‌

13,592,391‌

Ithaca

Energy

North

Sea

plc,

5.50%,

10/01/31

(b)

EUR

1,201‌

1,388,446‌

ITT

Holdings

LLC,

6.50%,

08/01/29

(f)

.......

USD

41,101‌

39,964,072‌

Kinetik

Holdings

LP

(f)

6.63%

,

12/15/28

...................

1,551‌

1,577,247‌

5.88%

,

06/15/30

...................

496‌

497,825‌

Magnolia

Oil

&

Gas

Operating

LLC,

6.88%,

12/01/32

(f)

......................

11,788‌

12,131,585‌

Matador

Resources

Co.

(f)

6.50%

,

04/15/32

...................

13,594‌

13,742,039‌

6.00%

,

04/15/34

...................

17,367‌

17,257,191‌

Murphy

Oil

Corp.,

5.88%,

12/01/42

(h)

.......

1,714‌

1,454,456‌

NGL

Energy

Operating

LLC

(f)

8.13%

,

02/15/29

...................

20,823‌

21,450,772‌

8.38%

,

02/15/32

...................

44,300‌

45,653,099‌

Northern

Oil

&

Gas,

Inc.,

7.88%,

10/15/33

(f)

...

26,443‌

27,359,329‌

Northriver

Midstream

Finance

LP,

6.75%,

07/15/32

(f)

......................

5,201‌

5,216,348‌

PBF

Holding

Co.

LLC,

7.88%,

09/15/30

(f)

....

5,583‌

5,733,250‌

Permian

Resources

Operating

LLC

(f)

8.00%

,

04/15/27

...................

9,732‌

9,740,299‌

5.88%

,

07/01/29

...................

20,758‌

20,781,685‌

7.00%

,

01/15/32

...................

6,101‌

6,317,555‌

6.25%

,

02/01/33

...................

25,760‌

26,240,063‌

Prairie

Acquiror

LP,

9.00%,

08/01/29

(f)

......

11,288‌

11,660,346‌

Rockies

Express

Pipeline

LLC,

4.95%,

07/15/29

(f)

239‌

233,040‌

SM

Energy

Co.

(f)

8.75%

,

07/01/31

...................

3,811‌

3,983,608‌

6.63%

,

04/15/34

...................

39,808‌

39,695,527‌

Sunoco

LP

(f)

5.63%

,

03/15/31

...................

9,001‌

8,959,715‌

6.63%

,

08/15/32

...................

9,273‌

9,418,280‌

6.25%

,

07/01/33

...................

11,068‌

11,116,224‌

5.88%

,

03/15/34

...................

9,127‌

9,026,182‌

Tallgrass

Energy

Partners

LP

(f)

5.50%

,

01/15/28

...................

1,975‌

1,958,293‌

7.38%

,

02/15/29

...................

38,231‌

39,329,644‌

6.00%

,

09/01/31

...................

4,680‌

4,618,315‌

TGNR

Intermediate

Holdings

LLC,

5.50%,

10/15/29

(f)

......................

13,898‌

13,588,799‌

TransMontaigne

Partners

LLC,

8.50%,

06/15/30

(f)

4,133‌

4,178,219‌

Venture

Global

LNG,

Inc.

(f)

9.50%

,

02/01/29

...................

58,197‌

62,928,090‌

8.38%

,

06/01/31

...................

39,723‌

41,310,941‌

9.88%

,

02/01/32

...................

88,910‌

95,488,273‌

Venture

Global

Plaquemines

LNG

LLC

(f)

6.13%

,

12/15/30

...................

39,522‌

40,645,452‌

7.50%

,

05/01/33

...................

20,400‌

22,423,762‌

6.50%

,

01/15/34

...................

63,611‌

66,310,923‌

7.75%

,

05/01/35

...................

34,581‌

38,757,624‌

6.75%

,

01/15/36

...................

74,469‌

78,873,990‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

74

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Wildfire

Intermediate

Holdings

LLC,

7.50%,

10/15/29

(f)

......................

USD

24,497‌

$

24,822,026‌

1,549,583,142‌

Paper

&

Forest

Products

—

0.0%

Ahlstrom

Holding

3

Oy,

4.88%,

02/04/28

(f)

....

2,104‌

2,046,842‌

Fedrigoni

SpA,

6.13%,

06/15/31

(b)

.........

EUR

2,320‌

2,470,485‌

Sappi

Papier

Holding

GmbH,

4.50%,

03/15/32

(b)

2,021‌

2,084,309‌

6,601,636‌

Passenger

Airlines

—

0.2%

American

Airlines,

Inc.,

5.75%,

04/20/29

(f)

....

USD

2,734‌

2,718,549‌

JetBlue

Airways

Corp.,

9.88%,

09/20/31

(f)

....

23,544‌

22,250,454‌

OneSky

Flight

LLC,

8.88%,

12/15/29

(f)

......

12,332‌

12,729,275‌

United

Airlines

Holdings,

Inc.,

5.38%,

03/01/31

.

19,297‌

18,897,874‌

56,596,152‌

Personal

Care

Products

—

0.1%

Opal

Bidco

SAS

5.50%

,

03/31/32

(b)

..................

EUR

2,016‌

2,274,340‌

6.50%

,

03/31/32

(f)

..................

USD

10,276‌

10,285,906‌

Perrigo

Finance

Unlimited

Co.

5.38%

,

09/30/32

...................

EUR

1,056‌

1,140,557‌

6.13%

,

09/30/32

...................

USD

15,059‌

13,740,296‌

27,441,099‌

Pharmaceuticals

—

1.8%

1261229

BC

Ltd.,

10.00%,

04/15/32

(f)

.......

324,409‌

332,144,208‌

Amneal

Pharmaceuticals

LLC,

6.88%,

08/01/32

(f)

11,051‌

11,376,430‌

Bausch

Health

Cos.,

Inc.

(f)

4.88%

,

06/01/28

...................

3,011‌

2,757,203‌

11.00%

,

09/30/28

..................

47,125‌

48,069,315‌

Dolcetto

Holdco

SpA

(b)

5.63%

,

07/14/32

...................

EUR

1,712‌

1,965,543‌

(3-mo.

EURIBOR

+

3.63%),

5.78%

,

07/14/32

(a)

.....................

212‌

244,810‌

Gruenenthal

GmbH,

4.63%,

11/15/31

(b)

......

2,136‌

2,419,451‌

Nidda

Healthcare

Holding

GmbH

(b)

7.00%

,

02/21/30

...................

4,078‌

4,793,360‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.23%

,

10/15/32

(a)

................

3,016‌

3,458,296‌

Organon

&

Co.

(f)

4.13%

,

04/30/28

...................

USD

4,094‌

3,972,627‌

6.75%

,

05/15/34

...................

4,400‌

3,919,629‌

Rossini

SARL

(b)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

6.00%

,

12/31/29

(a)

................

EUR

849‌

983,395‌

6.75%

,

12/31/29

...................

1,997‌

2,372,309‌

Teva

Pharmaceutical

Finance

Netherlands

II

BV,

4.38%,

05/09/30

..................

1,652‌

1,913,799‌

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.15%

,

10/01/26

...................

USD

25,985‌

25,733,725‌

4.75%

,

05/09/27

...................

4,335‌

4,313,325‌

6.75%

,

03/01/28

...................

9,300‌

9,506,460‌

6.00%

,

12/01/32

...................

7,490‌

7,677,400‌

467,621,285‌

Professional

Services

—

0.5%

Amentum

Holdings,

Inc.,

7.25%,

08/01/32

(f)

...

6,018‌

6,227,487‌

CACI

International,

Inc.,

6.38%,

06/15/33

(f)

...

20,295‌

20,658,808‌

CoreLogic,

Inc.,

4.50%,

05/01/28

(f)

........

64,055‌

60,133,476‌

KBR,

Inc.,

4.75%,

09/30/28

(f)

............

19,277‌

18,849,533‌

La

Financiere

Atalian

SAS,

8.50%,

(8.50%

Cash

or

5.00%

PIK),

06/30/28

(b)

(g)

...........

EUR

1,972‌

388,056‌

Science

Applications

International

Corp.

(f)

4.88%

,

04/01/28

...................

USD

4,774‌

4,698,221‌

5.88%

,

11/01/33

...................

14,551‌

14,199,934‌

125,155,515‌

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

—

0.3%

ADLER

Financing

SARL,

8.25%,

(8.25%

Cash

or

8.25%

PIK),

12/31/28

(g)

..............

EUR

4,942‌

$

5,799,318‌

Alexandrite

Lake

Lux

Holdings

SARL,

6.75%,

07/30/30

(b)

......................

2,027‌

2,290,192‌

Anywhere

Real

Estate

Group

LLC

(f)

7.00%

,

04/15/30

...................

USD

10,850‌

10,865,043‌

9.75%

,

04/15/30

...................

9,744‌

10,343,880‌

Aroundtown

SA,

0.00%,

07/16/26

(b)

........

EUR

500‌

572,857‌

BRANICKS

Group

AG,

2.25%,

09/22/26

(b)

....

1,100‌

700,891‌

Citycon

Treasury

BV

(b)

1.63%

,

03/12/28

...................

1,360‌

1,458,778‌

5.38%

,

07/08/31

...................

425‌

452,585‌

Cushman

&

Wakefield

US

Borrower

LLC,

8.88%,

09/01/31

(f)

......................

USD

7,273‌

7,704,108‌

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

5.00%,

12/31/27

(b)

(h)

................

EUR

1,850‌

1,953,817‌

Five

Point

Operating

Co.

LP,

8.00%,

10/01/30

(f)

.

USD

6,078‌

6,063,697‌

Howard

Hughes

Corp.

(The)

(f)

4.13%

,

02/01/29

...................

6,258‌

5,919,372‌

4.38%

,

02/01/31

...................

6,755‌

6,201,429‌

5.88%

,

03/01/32

...................

9,637‌

9,273,548‌

6.13%

,

03/01/34

...................

9,637‌

9,254,700‌

Vivion

Investments

SARL

(b)

8.25%

,

(

8.25

%

Cash

or

8.25

%

PIK),

08/31/28

(g)

.....................

EUR

549‌

632,378‌

8.25%

,

(

8.25

%

Cash

or

8.00

%

PIK),

02/28/29

(g)

.....................

2,696‌

3,107,322‌

5.63%

,

06/08/30

...................

2,021‌

2,183,272‌

84,777,187‌

Retail

REITs

—

0.1%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(f)

USD

20,387‌

19,997,060‌

Semiconductors

&

Semiconductor

Equipment

—

0.3%

Amkor

Technology,

Inc.,

5.88%,

10/01/33

(f)

...

4,021‌

4,004,550‌

ams-OSRAM

AG,

10.50%,

03/30/29

(b)

......

EUR

1,573‌

1,903,524‌

Kioxia

Holdings

Corp.,

6.63%,

07/24/33

(f)

....

USD

6,524‌

6,705,529‌

Microchip

Technology,

Inc.,

0.00%,

02/15/30

(f)

(i)

(j)

5,136‌

5,010,168‌

MKS,

Inc.,

4.25%,

02/15/34

(b)

............

EUR

2,069‌

2,284,812‌

ON

Semiconductor

Corp.,

0.50%,

03/01/29

(i)

..

USD

16,944‌

16,562,760‌

Qnity

Electronics,

Inc.

(f)

5.75%

,

08/15/32

...................

18,335‌

18,356,837‌

6.25%

,

08/15/33

...................

13,108‌

13,253,984‌

68,082,164‌

Software

—

3.1%

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

(f)

..

100,375‌

94,214,354‌

Capstone

Borrower,

Inc.,

8.00%,

06/15/30

(f)

...

19,233‌

18,376,745‌

Central

Parent

LLC,

8.00%,

06/15/29

(f)

......

2,915‌

2,166,378‌

Central

Parent,

Inc.,

7.25%,

06/15/29

(f)

......

18,979‌

13,659,431‌

Clarivate

Science

Holdings

Corp.

(f)

3.88%

,

07/01/28

...................

22,253‌

21,000,537‌

4.88%

,

07/01/29

...................

36,766‌

31,901,347‌

Cloud

Software

Group,

Inc.

(f)

6.50%

,

03/31/29

...................

88,399‌

86,239,439‌

9.00%

,

09/30/29

...................

129,441‌

124,868,316‌

8.25%

,

06/30/32

...................

585‌

554,834‌

Ellucian

Holdings,

Inc.,

6.50%,

12/01/29

(f)

....

20,721‌

20,239,523‌

Fair

Isaac

Corp.

(f)

4.00%

,

06/15/28

...................

15,568‌

15,107,575‌

6.00%

,

05/15/33

...................

55,826‌

54,777,666‌

IPD

3

BV

5.50%

,

06/15/31

(b)

..................

EUR

1,400‌

1,519,711‌

Oak-Eagle

AcquireCo,

Inc.

6.25%

,

07/01/33

(b)

..................

2,249‌

2,655,154‌

7.25%

,

07/01/33

(f)

..................

USD

74,751‌

77,449,095‌

8.75%

,

07/01/34

(f)

..................

73,357‌

76,796,832‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

Consolidated

Schedule

of

Investments

75

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Oracle

Corp.

5.70%

,

02/04/36

...................

USD

19,185‌

$

18,446,153‌

5.88%

,

09/26/45

...................

5,180‌

4,468,998‌

5.95%

,

09/26/55

...................

6,893‌

5,798,879‌

6.70%

,

02/04/56

...................

31,030‌

28,799,053‌

6.10%

,

09/26/65

...................

6,893‌

5,715,548‌

6.85%

,

02/04/66

...................

11,675‌

10,733,084‌

SS&C

Technologies,

Inc.,

6.50%,

06/01/32

(f)

..

24,108‌

24,108,820‌

TeamSystem

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.27%,

07/01/32

(a)

(b)

......

EUR

545‌

592,120‌

UKG,

Inc.,

6.88%,

02/01/31

(f)

............

USD

43,422‌

42,436,990‌

782,626,582‌

Specialized

REITs

—

0.5%

Iron

Mountain,

Inc.

5.63%

,

07/15/32

(f)

..................

2,216‌

2,151,228‌

6.25%

,

01/15/33

(f)

..................

10,639‌

10,604,980‌

4.75%

,

01/15/34

(b)

..................

EUR

2,995‌

3,221,233‌

4.75%

,

01/15/34

(f)

..................

30,585‌

32,895,297‌

Millrose

Properties,

Inc.

(f)

6.38%

,

08/01/30

...................

USD

37,742‌

37,730,259‌

6.25%

,

09/15/32

...................

24,765‌

24,309,517‌

SBA

Communications

Corp.,

3.13%,

02/01/29

.

28,417‌

26,927,119‌

137,839,633‌

Specialty

Retail

—

1.5%

Advance

Auto

Parts,

Inc.,

7.00%,

08/01/30

(f)

...

10,548‌

10,685,618‌

Asbury

Automotive

Group,

Inc.

4.75%

,

03/01/30

...................

412‌

397,021‌

5.00%

,

02/15/32

(f)

..................

1,280‌

1,212,176‌

Bubbles

Bidco

SpA

(b)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.38%

,

09/30/31

(a)

................

EUR

1,608‌

1,859,297‌

6.50%

,

09/30/31

...................

962‌

1,111,224‌

Carvana

Co.

(f)(g)

9.00%

,

(

9.00

%

Cash

or

13.00

%

PIK),

06/01/30

......................

USD

45,725‌

47,565,220‌

9.00%

,

(

9.00

%

Cash

or

14.00

%

PIK),

06/01/31

......................

100,563‌

108,739,656‌

CD&R

Firefly

Bidco

plc,

8.63%,

04/30/29

(b)

...

GBP

4,047‌

5,445,628‌

Cougar

JV

Subsidiary

LLC,

8.00%,

05/15/32

(f)

.

USD

12,866‌

13,304,139‌

Duomo

Bidco

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.31%,

01/15/32

(a)

(b)

......

EUR

1,117‌

1,269,875‌

Global

Auto

Holdings

Ltd.,

11.50%,

08/15/29

(f)

.

USD

8,514‌

8,470,689‌

Goldstory

SAS,

6.75%,

02/01/30

(b)

........

EUR

2,343‌

2,647,552‌

Group

1

Automotive,

Inc.,

6.38%,

01/15/30

(f)

..

USD

7,466‌

7,516,082‌

LCM

Investments

Holdings

II

LLC

(f)

4.88%

,

05/01/29

...................

4,394‌

4,275,829‌

8.25%

,

08/01/31

...................

11,784‌

12,240,571‌

Lithia

Motors,

Inc.,

5.50%,

10/01/30

(f)

.......

9,820‌

9,622,916‌

Michaels

Cos.,

Inc.

(The),

8.50%,

03/15/33

(f)

..

31,341‌

30,510,275‌

PetSmart

LLC,

7.50%,

09/15/32

(f)

.........

3,857‌

3,875,784‌

Staples,

Inc.,

10.75%,

09/01/29

(f)

.........

11,650‌

10,774,145‌

White

Cap

Supply

Holdings

LLC,

7.38%,

11/15/30

(f)

......................

118,203‌

114,656,059‌

396,179,756‌

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Seagate

Data

Storage

Technology

Pte.

Ltd.

(f)

8.25%

,

12/15/29

...................

10,658‌

11,192,904‌

5.88%

,

07/15/30

...................

9,318‌

9,471,188‌

8.50%

,

07/15/31

...................

15,928‌

16,699,648‌

5.75%

,

12/01/34

...................

5,484‌

5,463,432‌

42,827,172‌

Textiles,

Apparel

&

Luxury

Goods

—

0.5%

Beach

Acquisition

Bidco

LLC

5.25%

,

07/15/32

(f)

..................

EUR

29,493‌

32,694,946‌

Security

Par

(000)

Par

(000)

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

5.25%

,

07/15/32

(b)

..................

EUR

1,157‌

$

1,282,611‌

10.00%

,

(

10.00

%

Cash

or

10.75

%

PIK),

07/15/33

(f)

(g)

....................

USD

56,678‌

59,076,600‌

Crocs,

Inc.

(f)

4.25%

,

03/15/29

...................

513‌

492,385‌

4.13%

,

08/15/31

...................

3,874‌

3,485,954‌

European

TopSoho

SARL,

Series

SMCP,

4.00%,

10/14/24

(b)

(c)

(d)

(i)

...................

EUR

2,700‌

2,337,652‌

Levi

Strauss

&

Co.

(f)

4.00%

,

08/15/30

...................

8,865‌

10,178,342‌

3.50%

,

03/01/31

...................

USD

11,953‌

10,944,523‌

PrestigeBidCo

GmbH

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.77%

,

07/01/29

(a)

(b)

...............

EUR

1,958‌

2,260,315‌

VF

Corp.,

4.25%,

03/07/29

.............

1,272‌

1,454,050‌

124,207,378‌

Trading

Companies

&

Distributors

—

1.6%

(f)

FTAI

Aviation

Investors

LLC

5.50%

,

05/01/28

...................

USD

40,199‌

40,184,798‌

7.88%

,

12/01/30

...................

45,177‌

47,173,597‌

7.00%

,

05/01/31

...................

59,932‌

61,438,091‌

7.00%

,

06/15/32

...................

37,642‌

38,587,417‌

5.88%

,

04/15/33

...................

31,292‌

30,615,733‌

Herc

Holdings,

Inc.

7.00%

,

06/15/30

...................

25,975‌

26,633,960‌

5.75%

,

03/15/31

...................

10,022‌

9,870,337‌

7.25%

,

06/15/33

...................

17,074‌

17,496,445‌

6.00%

,

03/15/34

...................

10,355‌

10,010,684‌

QXO

Building

Products,

Inc.,

6.75%,

04/30/32

.

57,967‌

59,125,818‌

United

Rentals

North

America,

Inc.,

5.38%,

11/15/33

.......................

34,397‌

33,446,941‌

WESCO

Distribution,

Inc.

5.25%

,

04/15/31

...................

13,274‌

13,194,766‌

6.63%

,

03/15/32

...................

2,208‌

2,259,954‌

6.38%

,

03/15/33

...................

6,907‌

7,036,589‌

5.50%

,

04/15/34

...................

19,105‌

18,815,540‌

415,890,670‌

Wireless

Telecommunication

Services

—

0.9%

Connect

Finco

SARL,

9.00%,

09/15/29

(f)

.....

13,667‌

14,357,730‌

Digicel

International

Finance

Ltd.,

8.63%,

08/01/32

(f)

......................

69,498‌

70,526,403‌

Eutelsat

SA

(b)

2.25%

,

07/13/27

...................

EUR

100‌

115,304‌

1.50%

,

10/13/28

...................

1,500‌

1,645,291‌

Maya

SAS

7.00%

,

10/15/28

(f)

..................

USD

7,590‌

7,638,978‌

5.38%

,

04/15/30

(b)

..................

EUR

1,608‌

1,880,402‌

6.88%

,

04/15/31

(b)

..................

1,613‌

1,942,300‌

8.50%

,

04/15/31

(f)

..................

USD

30,115‌

31,509,716‌

SoftBank

Group

Corp.

(b)

5.38%

,

01/08/29

...................

EUR

1,698‌

1,970,249‌

3.38%

,

07/06/29

...................

442‌

481,030‌

5.25%

,

10/10/29

...................

891‌

1,013,007‌

5.88%

,

07/10/31

...................

1,489‌

1,676,428‌

5.75%

,

07/08/32

...................

2,412‌

2,644,915‌

6.38%

,

07/10/33

...................

1,674‌

1,856,469‌

Vmed

O2

UK

Financing

I

plc

4.00%

,

01/31/29

(b)

..................

GBP

2,463‌

3,049,832‌

4.25%

,

01/31/31

(f)

..................

USD

33,738‌

28,975,514‌

4.50%

,

07/15/31

(b)

..................

GBP

1,593‌

1,767,076‌

4.75%

,

07/15/31

(f)

..................

USD

17,982‌

15,471,107‌

5.63%

,

04/15/32

(b)

..................

EUR

677‌

716,836‌

5.63%

,

04/15/32

(b)

..................

702‌

743,308‌

7.75%

,

04/15/32

(f)

..................

USD

200‌

191,709‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

76

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

6.75%

,

01/15/33

(f)

..................

USD

28,258‌

$

25,246,977‌

Zegona

Finance

plc

6.75%

,

07/15/29

(b)

..................

EUR

3,423‌

4,106,325‌

219,526,906‌

Total

Corporate

Bonds

—

80

.1

%

(Cost:

$

20,466,369,741

)

............................

20,505,277,798‌

Fixed

Rate

Loan

Interests

Health

Care

Technology

—

0.3%

Cotiviti,

Inc.,

1st

Lien

Term

Loan

,

7.63

%

,

05/01/31

...................

USD

97,728‌

90,887,406‌

Software

—

0.4%

Clover

Holdings

2

LLC,

1st

Lien

Term

Loan

,

7.75

%

,

12/09/31

...................

104,967‌

98,799,924‌

Total

Fixed

Rate

Loan

Interests

—

0

.7

%

(Cost:

$

202,695,112

)

..............................

189,687,330‌

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

0.1%

(a)

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.50%),

8.43

%

,

05/25/29

.............

13,303‌

2,642,026‌

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

1.00%),

4.93

%

,

05/25/29

.............

1,935‌

374,720‌

Kaman

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

02/26/32

...................

10,888‌

10,885,807‌

Kaman

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.15

%

,

02/26/32

.............

79‌

79,067‌

Propulsion

BC

Finco

SARL,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.20

%

,

12/01/32

.............

4,240‌

4,239,465‌

Signia

Aerospace

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

-

6.44

%

,

12/11/31

........

10,104‌

10,116,643‌

28,337,728‌

Automobile

Components

—

0.2%

(a)

Champions

Financing,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.42

%

,

02/06/29

.............

21,483‌

18,583,093‌

Clarios

Global

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

01/28/32

...................

17,253‌

17,193,033‌

Tenneco,

Inc.,

1st

Lien

Term

Loan

A

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

8.51

%

,

11/17/28

...................

2,157‌

2,096,417‌

Tenneco,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

8.76

%

-

8.80

%

,

11/17/28

...................

13,778‌

13,408,679‌

51,281,222‌

Automobiles

—

0.0%

MajorDrive

Holdings

IV

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

7.96

%

,

06/01/28

(a)

............

3,372‌

3,050,530‌

Security

Par

(000)

Par

(000)

Value

Broadline

Retail

—

0.2%

Boots

Group

Finco

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

08/30/32

(a)

............

USD

59,138‌

$

59,285,629‌

Building

Products

—

0.1%

(a)

Chariot

Buyer

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

09/08/32

...................

3,211‌

3,177,717‌

CP

Atlas

Buyer,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

8.92

%

,

07/08/30

.............

7,058‌

6,469,431‌

Wilsonart

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.95

%

,

08/05/31

...................

10,406‌

9,026,818‌

18,673,966‌

Capital

Markets

—

0.1%

(a)

Ardonagh

Group

Finco

Pty.

Ltd.,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%;

6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%

at

0.00%

Floor

+

0.00%),

6.37

%

-

6.45

%

,

02/18/31

........

3,274‌

3,194,093‌

Jupiter

Borrower,

Inc.,

1st

Lien

Term

Loan

B

,

03/25/33

(e)

(l)

.......................

7,268‌

7,249,830‌

Ovg

Business

Services

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

06/25/31

.............

756‌

754,576‌

11,198,499‌

Chemicals

—

0.4%

(a)

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.77

%

,

11/24/27

............

3,808‌

3,631,755‌

Aruba

Investments

Holdings

LLC,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.75%),

11.42

%

,

11/24/28

............

5,230‌

4,687,388‌

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42

%

,

10/04/29

.............

29,303‌

28,782,616‌

Lonza

Group

AG,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.93%),

7.72

%

,

07/03/28

.............

24,892‌

21,676,433‌

Olympus

Water

US

Holding

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.95

%

,

11/03/32

............

15,221‌

14,633,480‌

OQ

Chemicals

International

Holding

GmbH,

1st

Lien

Term

Loan

B2

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.00

%

,

04/08/31

..

10,632‌

7,283,228‌

WR

Grace

Holdings

LLC,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.70

%

,

08/19/32

.............

10,448‌

10,399,650‌

91,094,550‌

Commercial

Services

&

Supplies

—

0.2%

(a)

Allied

Universal

Holdco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

08/20/32

.............

26,360‌

26,345,932‌

Jupiter

Buyer,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.70

%

,

11/03/31

...................

4,728‌

4,724,935‌

LABL,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.75%),

10.41

%

,

11/03/26

..................

3,751‌

3,741,775‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

Consolidated

Schedule

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

LABL,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

8.77

%

,

10/30/28

(c)

(d)

(e)

................

USD

17,968‌

$

8,984,201‌

Summer

BC

Holdco

B

SARL,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.00%),

8.96

%

,

02/15/29

...

6,077‌

5,159,708‌

48,956,551‌

Construction

&

Engineering

—

0.2%

(a)

Azuria

Water

Solutions,

Inc.,

1st

Lien

Term

Loan

B

,

01/27/33

(l)

......................

11,855‌

11,721,782‌

Azuria

Water

Solutions,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

,

01/27/33

(l)

............

1,581‌

1,562,904‌

Brand

Industrial

Services,

Inc.,

1st

Lien

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.16

%

,

08/01/30

........

56,081‌

47,995,670‌

61,280,356‌

Construction

Materials

—

0.1%

(a)

White

Cap

Supply

Holdings

LLC,

1st

Lien

Term

Loan

D

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

02/10/33

........

11,047‌

10,485,481‌

White

Cap

Supply

Holdings

LLC,

Facility

1st

Lien

Term

Loan

C

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

10/19/29

...

21,725‌

20,848,009‌

31,333,490‌

Consumer

Staples

Distribution

&

Retail

—

0.1%

BCPE

Empire

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

7.17

%

,

12/29/32

(a)

............

26,619‌

26,169,937‌

Containers

&

Packaging

—

0.1%

Mauser

Packaging

Solutions

Holding

Co.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.16

%

,

04/15/30

(a)

..

33,829‌

32,632,807‌

Diversified

Consumer

Services

—

0.1%

Wand

NewCo

3,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

01/30/31

(a)

..................

16,720‌

16,563,018‌

Diversified

Telecommunication

Services

—

0.8%

(a)

Coral-US

Co-Borrower

LLC,

1st

Lien

Term

Loan

B7

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

02/02/32

.............

15,425‌

15,134,265‌

Level

3

Financing,

Inc.,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

03/29/32

.............

65,357‌

65,289,029‌

Radiate

Holdco

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

4.00%),

7.67

%

,

06/26/29

...........

161‌

160,790‌

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.28

%

,

09/25/29

...........

14,479‌

12,823,956‌

Radiate

Holdco

LLC,

Delayed

Draw

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

4.00%),

7.67

%

,

06/26/29

........

161‌

160,789‌

Virgin

Media

Bristol

LLC,

Facility

1st

Lien

Term

Loan

Q

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.04

%

,

01/31/29

........

4,260‌

4,096,246‌

Zayo

Group

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.79

%

03/11/30

..............

102,660‌

100,641,804‌

198,306,879‌

Security

Par

(000)

Par

(000)

Value

Electrical

Equipment

—

0.0%

GrafTech

Global

Enterprises,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.00%),

9.67

%

,

12/21/29

(a)

...........

USD

6,137‌

$

5,795,798‌

Entertainment

—

0.1%

City

Football

Group

Ltd.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.28

%

,

07/22/30

(a)

............

11,101‌

11,059,420‌

Financial

Services

—

0.1%

(a)

Acuren

Delaware

Holdco,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

07/30/31

............

3,247‌

3,240,225‌

LBM

Acquisition

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.53

%

,

06/06/31

...................

19,798‌

15,786,230‌

Summit

Acquisition,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

10/16/31

(e)

............

9,448‌

9,424,653‌

28,451,108‌

Gas

Utilities

—

0.0%

NGL

Energy

Operating

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.18

%

,

03/11/33

(a)

............

8,043‌

8,043,000‌

Ground

Transportation

—

0.0%

(a)

Hertz

Corp.

(The),

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.28

%

,

06/30/28

...................

8,389‌

6,186,881‌

Hertz

Corp.

(The),

1st

Lien

Term

Loan

C

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.28

%

,

06/30/28

...................

1,667‌

1,229,406‌

7,416,287‌

Health

Care

Equipment

&

Supplies

—

0.3%

(a)

Bausch

+

Lomb

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42

%

,

01/15/31

.............

44,549‌

44,605,125‌

Hologic,

Inc.,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.75

%

,

01/14/33

...................

43,487‌

42,943,412‌

87,548,537‌

Health

Care

Providers

&

Services

—

0.1%

(a)

LifePoint

Health,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.15

%

,

05/19/31

...................

9,606‌

9,590,537‌

LifePoint

Health,

Inc.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42

%

,

05/19/31

.............

14,507‌

14,503,775‌

Quorum

Health

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.50%),

10.25

%

,

01/31/28

.............

16,084‌

10,695,573‌

34,789,885‌

Health

Care

Technology

—

0.1%

AthenaHealth

Group,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

02/15/29

(a)

............

16,656‌

16,322,553‌

Hotels,

Restaurants

&

Leisure

—

0.0%

Great

Canadian

Gaming

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.44

%

,

11/01/29

(a)

.......

7,297‌

7,169,709‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

78

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Household

Durables

—

0.0%

(a)

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan

A1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.17

%

,

12/19/29

.............

USD

2,445‌

$

2,420,570‌

SWF

Holdings

I

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

4.50%),

8.17

%

,

12/19/29

........

1,630‌

1,613,713‌

4,034,283‌

Industrial

Conglomerates

—

0.2%

(a)

Arcwood

Environmental,

Inc.,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.72

%

,

03/21/33

(e)

............

4,927‌

4,927,000‌

LSF12

Crown

US

Commercial

Bidco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

12/02/31

...

16,318‌

16,318,072‌

Resilience

Parent

LLC,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.13

%

,

02/28/33

.............

18,451‌

18,341,401‌

39,586,473‌

Insurance

—

0.1%

(a)

Hyperion

Refinance

SARL,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

04/18/30

.............

2,205‌

2,148,046‌

Jones

DesLauriers

Insurance

Management,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.66

%

,

02/02/33

..

13,653‌

13,243,346‌

Truist

Insurance

Holdings

LLC,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.45

%

,

05/06/32

............

17,765‌

17,559,846‌

32,951,238‌

Interactive

Media

&

Services

—

0.1%

Camelot

US

Acquisition

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

01/31/31

(a)

............

18,399‌

15,930,695‌

IT

Services

—

0.1%

(a)

Asurion

LLC,

1st

Lien

Term

Loan

B13

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

09/19/30

...................

19,612‌

19,362,884‌

Neptune

Bidco

US,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

8.76

%

,

02/03/33

.............

11,320‌

10,787,960‌

30,150,844‌

Life

Sciences

Tools

&

Services

—

0.1%

Star

Parent,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.70

%

,

09/27/30

(a)

..................

18,569‌

18,340,360‌

Machinery

—

0.2%

(a)

CompoSecure

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.93

%

,

01/14/33

............

19,511‌

19,425,737‌

LSF12

Helix

Parent

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

02/10/33

.............

15,380‌

15,156,736‌

PECF

USS

Intermediate

Holding

III

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

7.50%),

11.17

%

,

03/03/33

...

861‌

823,040‌

Tega

Mc

Australia

Holdings

Pty.

Ltd.,

1st

Lien

Term

Loan

B

,

03/24/33

(e)

(l)

.............

5,826‌

5,782,305‌

41,187,818‌

Security

Par

(000)

Par

(000)

Value

Media

—

0.6%

(a)

Altice

France

SA,

1st

Lien

Term

Loan

B14

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.88%),

10.55

%

,

05/30/31

.............

USD

21,505‌

$

21,518,295‌

Clear

Channel

Outdoor

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.93

%

,

08/23/28

........

28,227‌

28,261,852‌

CMG

Media

Corp.,

Facility

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.30

%

,

06/18/29

.............

16,472‌

15,385,074‌

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5

,

(US

Prime

Rate

at

0.00%

Floor

+

1.50%),

8.25

%

,

04/15/27

...................

27,175‌

23,888,213‌

DirecTV

Financing

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.50%),

9.17

%

,

02/17/31

.............

42,482‌

42,467,706‌

Gray

Media,

Inc.,

1st

Lien

Term

Loan

D

,

6.78

%

,

12/01/28

...................

8,062‌

8,056,513‌

Gray

Television,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

8.92

%

,

05/23/29

.............

72‌

71,669‌

139,649,322‌

Pharmaceuticals

—

0.1%

(a)

Amneal

Pharmaceuticals

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

08/02/32

............

20,584‌

20,635,912‌

Endo

Finance

Holdings

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42

%

,

04/23/31

.............

12,675‌

12,595,853‌

33,231,765‌

Professional

Services

—

0.1%

(a)

Celestial-Saturn

Parent,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.50%),

10.29

%

,

06/04/29

...........

6,570‌

6,106,184‌

CoreLogic,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.28

%

,

06/02/28

...................

12,032‌

11,483,129‌

Galaxy

US

Opco,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.50%),

5.17

%

,

07/31/30

.............

13,967‌

11,996,403‌

29,585,716‌

Software

—

0.1%

(a)

McAfee

Corp.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

03/01/29

...................

24,442‌

21,753,488‌

Sabre

GLBL,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

9.77

%

,

11/15/29

...................

3,938‌

3,079,350‌

Sabre

GLBL,

Inc.,

1st

Lien

Term

Loan

B2

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.25%),

10.02

%

,

07/30/29

...........

1,201‌

936,559‌

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

6.00%),

9.77

%

,

11/15/29

............

1,971‌

1,542,241‌

27,311,638‌

Specialty

Retail

—

0.0%

Hunter

Douglas,

Inc.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.70

%

,

01/16/32

(a)

............

4,604‌

4,577,503‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

Consolidated

Schedule

of

Investments

79

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

—

0.1%

(a)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

8.92

%

,

08/09/32

............

USD

20,845‌

$

20,797,023‌

Windstream

Services

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

10/06/32

.............

15,566‌

15,556,337‌

36,353,360‌

Total

Floating

Rate

Loan

Interests

—

5

.2

%

(Cost:

$

1,384,707,838

)

............................

1,337,652,474‌

Foreign

Agency

Obligations

France

—

0.0%

Electricite

de

France

SA

(a)(b)(k)

(5-Year

EUR

Swap

Annual

+

3.97%),

3.38

%

.

EUR

4,000‌

4,347,800‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.28%),

5.63

%

........................

600‌

709,173‌

5,056,973‌

Total

Foreign

Agency

Obligations

—

0.0

%

(Cost:

$

5,199,436

)

...............................

5,056,973‌

Shares

Shares

Investment

Companies

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

(m)

(n)

(o)

........................

6,710,891

247,229,225‌

Total

Investment

Companies

—

1

.0

%

(Cost:

$

239,598,765

)

..............................

247,229,225‌

Beneficial

Interest

(000)

Other

Interests

(p)

Capital

Markets

—

0.0%

(c)

Lehman

Brothers

Holdings

Capital

Trust

Escrow

Bonds

(d)

.........................

USD

11,550‌

1,155‌

Lehman

Brothers

Holdings

Capital

Trust

Escrow

Bonds

(a)

.........................

5,500‌

550‌

Lehman

Brothers

Holdings,

Inc.

(d)

..........

5,675‌

567‌

2,272‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

(a)(c)(d)(e)

GenOn

Energy

Holdings

LLC

.............

1,864‌

—‌

GenOn

Energy

Holdings

LLC

(n)

............

3,270‌

1‌

1‌

Media

—

0.0%

Adelphia

Communications

Corp.,

Escrow

(c)

(d)

(e)

.

325‌

—‌

Total

Other

Interests

—

0.0

%

(Cost:

$

—

)

.....................................

2,273‌

Par

(000)

Pa

r

(

000)

Preferred

Securities

Capital

Trusts

—

4.8%

Automobile

Components

—

0.1%

Aptiv

Swiss

Holdings

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.39%),

6.88

%

,

12/15/54

(a)

............

15,698‌

15,844,269‌

Security

Par

(000)

Par

(000)

Value

Automobiles

—

0.0%

(b)

Stellantis

NV

(a)(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.77%),

6.25

%

(b)

.......................

EUR

1,900‌

$

2,096,162‌

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.08%),

8.25

%

(b)

.........

GBP

1,500‌

1,897,351‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.24%),

6.88

%

(b)

.......................

EUR

1,600‌

1,743,308‌

5,736,821‌

Banks

—

1.4%

(a)

AIB

Group

plc

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.71%),

6.00

%

(b)

(k)

.................

1,775‌

2,042,514‌

Banco

Bilbao

Vizcaya

Argentaria

SA

(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.54%),

8.38

%

(b)

.......................

1,000‌

1,233,870‌

(5-Year

EUR

Swap

Annual

+

4.27%),

6.88

%

(b)

1,600‌

1,933,803‌

Bank

of

America

Corp.

(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.68%),

6.63

%

....

USD

57,974‌

59,437,554‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.35%),

6.25

%

....

22,053‌

22,185,825‌

Barclays

plc

(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.41%),

4.38

%

....

7,593‌

7,199,727‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.43%),

8.00

%

....

7,730‌

7,998,685‌

(USISSO05

+

5.78%),

9.63

%

...........

61,834‌

67,445,745‌

(USISSO05

+

3.69%),

7.63

%

...........

13,780‌

13,913,673‌

BPER

Banca

SpA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.35%),

6.50

%

(b)

(k)

.............

EUR

395‌

458,546‌

CaixaBank

SA

(k)

(5-Year

EUR

Swap

Annual

+

6.35%),

5.88

%

(b)

600‌

703,057‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.30%),

7.50

%

(b)

.......................

1,200‌

1,484,236‌

Citigroup,

Inc.

(k)

Series

CC

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.69%),

7.13

%

........................

USD

35,370‌

35,717,758‌

Series

EE

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.57%),

6.75

%

........................

27,580‌

27,567,578‌

Series

FF

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.73%),

6.95

%

........................

10,870‌

10,950,722‌

Series

GG

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.89%),

6.88

%

........................

13,077‌

13,169,297‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.00%),

6.63

%

....

17,060‌

17,072,799‌

Series

DD

,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.76%),

7.00

%

........................

11,114‌

11,438,329‌

Commerzbank

AG

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.13%),

7.88

%

(b)

(k)

.............

EUR

400‌

501,471‌

National

Bank

of

Greece

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.32%),

5.80

%

(b)

(k)

......

525‌

579,075‌

NatWest

Group

plc

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.75%),

8.13

%

(k)

...................

USD

13,447‌

14,556,741‌

PNC

Financial

Services

Group,

Inc.

(The)

,

Series

W

,

(7-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.81%),

6.25

%

(k)

..

7,413‌

7,478,042‌

Toronto-Dominion

Bank

(The)

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.98%),

7.25

%

,

07/31/84

......

26,112‌

26,561,649‌

351,630,696‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

80

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Broadline

Retail

—

0.0%

(b)

Rakuten

Group,

Inc.

(a)(k)

(5-Year

EUR

Swap

Annual

+

4.74%),

4.25

%

(b)

EUR

2,000‌

$

2,241,456‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.25%),

8.13

%

(f)

....

USD

6,769‌

6,712,944‌

8,954,400‌

Capital

Markets

—

1.0%

(a)

Brookfield

Finance,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.08%),

6.30

%

,

01/15/55

..............

37,011‌

35,450,505‌

Deutsche

Bank

AG

(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.75%),

4.63

%

(b)

.......................

EUR

1,800‌

2,011,492‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.26%),

8.13

%

(b)

.......................

800‌

971,013‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.60%),

7.13

%

(b)

.......................

1,400‌

1,645,641‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.11%),

7.38

%

(b)

.......................

1,600‌

1,914,716‌

Goldman

Sachs

Group,

Inc.

(The)

(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.85

%

....

USD

13,302‌

13,558,901‌

Series

Y

,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.40%),

6.13

%

........................

33,864‌

33,687,812‌

UBS

Group

AG

(f)(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.75%),

9.25

%

....

5,599‌

5,967,555‌

(USISSO05

+

3.63%),

6.85

%

...........

3,182‌

3,153,456‌

(USISSO05

+

3.08%),

7.00

%

...........

11,093‌

10,986,210‌

(USISSO05

+

3.12%),

6.60

%

...........

10,484‌

10,232,744‌

(USISSO05

+

3.24%),

6.63

%

...........

14,585‌

14,202,492‌

(USISSO05

+

4.16%),

7.75

%

...........

22,518‌

23,203,020‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.76%),

9.25

%

....

28,238‌

31,802,737‌

(USISSO05

+

3.18%),

7.13

%

...........

14,202‌

13,930,316‌

(USISSO05

+

3.30%),

7.00

%

...........

22,107‌

21,489,728‌

(USISSO05

+

3.32%),

7.00

%

...........

17,460‌

16,878,940‌

241,087,278‌

Consumer

Finance

—

0.0%

(b)

Volkswagen

International

Finance

NV

(a)(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.17%),

5.49

%

(b)

.......................

EUR

300‌

346,077‌

(EUAMDB08

+

3.49%),

5.99

%

(b)

.........

900‌

1,039,750‌

1,385,827‌

Diversified

REITs

—

0.0%

Unibail-Rodamco-Westfield

SE

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.43%),

4.75

%

(a)

(

b)

(k)

.............................

2,000‌

2,286,732‌

Diversified

Telecommunication

Services

—

0.0%

(a)

British

Telecommunications

plc

,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.82%),

8.38

%

,

12/20/83

(b)

............

GBP

1,835‌

2,548,370‌

Telefonica

Emisiones

SA

(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.84%),

4.38

%

(b)

.......................

EUR

400‌

446,574‌

(EUAMDB08

+

2.13%),

4.88

%

(b)

.........

400‌

439,174‌

3,434,118‌

Electric

Utilities

—

0.3%

(a)

Duke

Energy

Corp.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.59%),

6.45

%

,

09/01/54

..............

USD

8,431‌

8,706,205‌

EDP

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.05%),

4.75

%

,

05/29/54

(b)

............

EUR

1,700‌

1,975,104‌

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Electricite

de

France

SA

(k)

(5-Year

EUR

Swap

Annual

+

3.20%),

3.00

%

(b)

EUR

400‌

$

454,827‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.94%),

5.13

%

(b)

.......................

600‌

699,375‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.07%),

4.38

%

(b)

.......................

2,200‌

2,464,875‌

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.78%),

7.38

%

(b)

.........

GBP

700‌

932,830‌

NextEra

Energy

Capital

Holdings,

Inc.

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.75

%

,

06/15/54

.................

USD

8,923‌

9,231,147‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.05%),

6.38

%

,

08/15/55

.................

16,146‌

16,448,770‌

NRG

Energy,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.92%),

10.25

%

(f)

(k)

..................

30,593‌

33,001,312‌

PG&E

Corp.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.23%),

6.85

%

,

09/15/56

...................

21,294‌

21,041,204‌

94,955,649‌

Electrical

Equipment

—

0.0%

Prysmian

SpA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.01%),

5.25

%

(a)

(b)

(k)

............

EUR

1,540‌

1,807,219‌

Financial

Services

—

0.2%

(a)(b)

Apollo

Global

Management,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.17%),

6.00

%

,

12/15/54

......

USD

22,671‌

21,256,321‌

Corebridge

Financial,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

6.38

%

,

09/15/54

..............

15,042‌

14,783,763‌

Nationwide

Building

Society

(k)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.85%),

7.50

%

(b)

.........

GBP

1,000‌

1,325,583‌

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.59%),

7.88

%

(b)

.........

325‌

432,230‌

37,797,897‌

Gas

Utilities

—

0.1%

AltaGas

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.57%),

7.20

%

,

10/15/54

(a)

(f)

.................

USD

13,074‌

13,256,735‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.4%

(a)(b)

AES

Corp.

(The)

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.20%),

7.60

%

,

01/15/55

..............

18,967‌

18,813,711‌

Orsted

A/S

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.14%),

2.50

%

,

02/18/3021

(b)

.

GBP

1,308‌

1,311,700‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.59%),

5.13

%

,

03/14/3024

(b)

..............

EUR

550‌

635,604‌

Vistra

Corp.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.74%),

7.00

%

(f)

(k)

........................

USD

63,284‌

63,365,128‌

84,126,143‌

Insurance

—

0.0%

(a)(b)(k)

Ageas

SA/NV

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.04%),

5.88

%

...................

EUR

600‌

671,838‌

BNP

Paribas

Cardif

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.37%),

6.00

%

...........

2,500‌

2,795,495‌

NN

Group

NV

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.45%),

5.75

%

...................

1,225‌

1,377,449‌

4,844,782‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

Consolidated

Schedule

of

Investments

81

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Multi-Utilities

—

0.0%

(a)

CenterPoint

Energy,

Inc.

,

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.95%),

6.85

%

,

02/15/55

......

USD

4,971‌

$

5,208,430‌

Centrica

plc

,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.51%),

6.50

%

,

05/21/55

(b)

..................

GBP

1,039‌

1,378,658‌

Dominion

Energy,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.21%),

6.63

%

,

05/15/55

..............

USD

4,357‌

4,423,697‌

Veolia

Environnement

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.84%),

4.32

%

(b)

(k)

.........

EUR

800‌

896,940‌

11,907,725‌

Oil,

Gas

&

Consumable

Fuels

—

1.3%

(a)

Enbridge,

Inc.

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.97%),

7.20

%

,

06/27/54

.................

USD

11,076‌

11,649,327‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.12%),

7.38

%

,

03/15/55

.................

13,972‌

14,678,033‌

Energy

Transfer

LP

Series

H

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.69%),

6.50

%

(k)

.......................

26,592‌

26,538,639‌

Series

G

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.31%),

7.13

%

(k)

.......................

13,997‌

14,246,497‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.02%),

8.00

%

,

05/15/54

.................

26,422‌

27,674,244‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.83%),

7.13

%

,

10/01/54

.................

19,394‌

19,697,865‌

Eni

SpA

,

(5-Year

EUR

Swap

Annual

+

2.08%),

4.50

%

(b)

(k)

........................

EUR

900‌

1,029,020‌

Sunoco

LP

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.23%),

7.88

%

(f)

(k)

........................

USD

108,680‌

110,965,106‌

Var

Energi

ASA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.77%),

7.86

%

,

11/15/83

(b)

........

EUR

1,244‌

1,550,833‌

Venture

Global

LNG,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.44%),

9.00

%

(f)

(k)

..................

USD

97,274‌

96,889,395‌

Wintershall

Dea

Finance

2

BV

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.94%),

6.12

%

(b)

(k)

......

EUR

1,687‌

1,970,520‌

326,889,479‌

Passenger

Airlines

—

0.0%

(a)(b)

Air

France-KLM

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.58%),

5.75

%

(k)

..............

1,000‌

1,124,621‌

Deutsche

Lufthansa

AG

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.86%),

5.25

%

,

01/15/55

....

1,100‌

1,244,843‌

2,369,464‌

Pharmaceuticals

—

0.0%

(b)

Bayer

AG

(a)

Series

NC5

,

(5-Year

EUR

Swap

Annual

+

3.43%),

6.63

%

,

09/25/83

(b)

..........

2,900‌

3,477,000‌

(5-Year

EUR

Swap

Annual

+

3.90%),

7.00

%

,

09/25/83

(b)

................

500‌

612,668‌

4,089,668‌

Real

Estate

Management

&

Development

—

0.0%

Aroundtown

Finance

SARL

(a)(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.43%),

5.25

%

(b)

.......................

4,336‌

4,560,530‌

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.04%),

5.13

%

(b)

.......................

EUR

650‌

$

677,712‌

Grand

City

Properties

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.18%),

1.50

%

(a)

(b)

(k)

........

900‌

1,019,268‌

Heimstaden

Bostad

AB

,

(5-Year

EUR

Swap

Annual

+

3.15%),

2.63

%

(a)

(b)

(k)

...........

5,725‌

6,404,343‌

Vivion

Investments

SARL

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.16%),

8.13

%

(a)

(b)

(k)

.....................

1,400‌

1,354,196‌

14,016,049‌

Wireless

Telecommunication

Services

—

0.0%

(a)

Telefonica

Europe

BV

(k)

(7-Year

EUR

Swap

Annual

+

3.35%),

6.14

%

(b)

2,100‌

2,520,982‌

(EUAMDB08

+

3.12%),

5.75

%

(b)

.........

1,000‌

1,181,214‌

Vodafone

Group

plc

,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.84%),

8.00

%

,

08/30/86

(b)

..................

GBP

1,219‌

1,688,214‌

5,390,410‌

Total

Capital

Trusts

—

4

.8

%

(Cost:

$

1,212,128,742

)

............................

1,231,811,361‌

Shares

Shares

Preferred

Stocks

—

0.4%

Financial

Services

—

0.0%

Shift4

Payments,

Inc.

,

6.00

%

,

05/01/28

(i)

.....

91,000

4,881,240‌

Insurance

—

0.3%

Alliant

Cali,

Inc.

,

(Acquired

09/25/24

,

cost

$

75,143,253

)

,

10.00

%

(e)

(q)

.............

78,378

78,155,406‌

IT

Services

—

0.0%

(d)(e)

Veritas

Newco

.......................

17,522

332,914‌

Veritas

Newco,

Series

G-1

...............

12,095

229,799‌

562,713‌

Semiconductors

&

Semiconductor

Equipment

—

0.1%

Microchip

Technology,

Inc.

,

7.50

%

,

03/15/28

(i)

..

441,100

25,129,467‌

Wireless

Telecommunication

Services

—

0.0%

Ligado

Networks

LLC

(d)

(e)

................

3,874,187

39‌

Total

Preferred

Stocks

—

0

.4

%

(Cost:

$

110,686,508

)

..............................

108,728,865‌

Total

Preferred

Securities

—

5

.2

%

(Cost:

$

1,322,815,250

)

............................

1,340,540,226‌

Total

Long-Term

Investments

—

93.2%

(Cost:

$

23,836,506,959

)

............................

23,872,641,401‌

Short-Term

Securities

Money

Market

Funds

—

6.2%

(m)(r)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.77

%

(s)

...................

63,146,726

63,159,355‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

3.55

%

.....................

1,522,720,920

1,522,720,920‌

Total

Short-Term

Securities

—

6

.2

%

(Cost:

$

1,585,882,944

)

............................

1,585,880,275‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

82

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Total

Options

Purchased

—

0.0

%

(

Cost:

$

322,215

)

.................................

$

39,056‌

Total

Investments

Before

Investments

Sold

Short

—

99

.4

%

(Cost:

$

25,422,712,118

)

............................

25,458,560,732‌

Investments

Sold

Short

Common

Stocks

Diversified

Telecommunication

Services

—

(0.0)%

Telesat

Corp.

(d)

......................

(388)

(

14,046‌

)

Total

Common

Stocks

—

(0.0)

%

(Proceeds:

$

(

5,919

)

)

..............................

(

14,046‌

)

Total

Investments

Sold

Short

—

(0.0)

%

(Proceeds:

$

(

5,919

)

)

..............................

(

14,046‌

)

Total

Investments

Net

of

Investments

Sold

Short

—

99

.4

%

(Cost:

$

25,422,706,199

)

............................

25,458,546,686‌

Other

Assets

Less

Liabilities

—

0.6

%

....................

142,389,656‌

Net

Assets

—

100.0%

...............................

$

25,600,936,342‌

(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)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(c)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(d)

Non-income

producing

security.

(e)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(f)

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.

(g)

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.

(h)

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.

(i)

Convertible

security.

(j)

Zero-coupon

bond.

(k)

Perpetual

security

with

no

stated

maturity

date.

(l)

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.

(m)

Affiliate

of

the

Fund.

(n)

All

or

a

portion

of

this

security

is

on

loan.

(o)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(p)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(q)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$78,155,406,

representing

0.31%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$75,143,253.

(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.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

Consolidated

Schedule

of

Investments

83

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

March

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

09/30/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/26

Shares

Held

at

03/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

112,658,849

$

—

$

(

49,421,645

)

(a)

$

(

52,806

)

$

(

25,043

)

$

63,159,355

63,146,726

$

74,827

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

646,648,204

876,072,716

(a)

—

—

—

1,522,720,920

1,522,720,920

20,638,532

—

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

....

606,249,842

1,333,806,781

(

1,675,094,278

)

599,746

(

18,332,866

)

247,229,225

6,710,891

13,255,053

—

$

546,940

$

(

18,357,909

)

$

1,833,109,500

$

33,968,412

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

84

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Short

Contracts

U.S.

Treasury

10-Year

Ultra

Note

...............................................

2,300

06/18/26

$

260,906

$

5,410,030

U.S.

Treasury

Long

Bond

.....................................................

1,423

06/18/26

161,688

5,021,155

U.S.

Treasury

Ultra

Bond

.....................................................

367

06/18/26

42,687

1,493,811

$

11,924,996

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

4,519,913

CHF

3,520,000

UBS

AG

06/17/26

$

80,523

USD

88,848,582

GBP

66,897,000

State

Street

Bank

and

Trust

Co.

06/17/26

324,169

404,692

USD

688,566,811

EUR

596,893,000

Barclays

Bank

plc

06/17/26

(

3,779,208

)

USD

228,732,348

EUR

198,300,000

Toronto

Dominion

Bank

06/17/26

(

1,279,088

)

(

5,058,296

)

$

(

4,653,604

)

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Nasdaq-100

E-Mini

Index

......................

8

09/18/26

USD

29,500.00

USD

3,860

$

9,320

Nasdaq-100

Index

...........................

5

09/18/26

USD

29,500.00

USD

11,870

29,736

$

39,056

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

High

Yield

Index

Series

46.V1

...........

5

.00

%

Quarterly

06/20/31

B+

USD

872,077

$

43,235,297

$

35,765,876

$

7,469,421

(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.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

Consolidated

Schedule

of

Investments

85

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

NR

EUR

100

$

824

$

(

219

)

$

1,043

CMA

CGM

SA

........

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

BB+

EUR

1,725

107,347

99,221

8,126

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Bank

of

America

NA

12/20/27

NR

EUR

491

25,177

(

30,704

)

55,881

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Barclays

Bank

plc

12/20/27

NR

EUR

830

42,537

(

47,217

)

89,754

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Barclays

Bank

plc

12/20/27

NR

EUR

295

15,133

(

16,798

)

31,931

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Citibank

NA

12/20/27

NR

EUR

241

12,343

(

14,104

)

26,447

ADLER

Real

Estate

GmbH

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

NR

EUR

504

25,831

(

31,325

)

57,156

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

NR

EUR

365

18,729

(

22,614

)

41,343

Altice

France

SA

......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC+

EUR

513

25,816

19,276

6,540

Altice

France

SA

......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC+

EUR

587

29,540

24,396

5,144

Altice

France

SA

......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC+

EUR

1,012

50,928

48,591

2,337

Altice

France

SA

......

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

CCC+

EUR

547

27,527

20,864

6,663

Virgin

Media

Finance

plc

.

5

.00

Quarterly

Goldman

Sachs

International

12/20/28

B-

EUR

412

24,927

32,704

(

7,777

)

Virgin

Media

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

B-

EUR

897

54,270

73,895

(

19,625

)

iTraxx

Europe

Crossover

Index

Series

42.V3

..

5

.00

Quarterly

BNP

Paribas

SA

12/20/29

BB-

EUR

2,467

298,368

248,617

49,751

iTraxx

Europe

Crossover

Index

Series

42.V3

..

5

.00

Quarterly

BNP

Paribas

SA

12/20/29

BB-

EUR

1,923

232,574

168,606

63,968

iTraxx

Europe

Crossover

Index

Series

42.V3

..

5

.00

Quarterly

Goldman

Sachs

International

12/20/29

BB-

EUR

1,329

160,734

189,206

(

28,472

)

Zegona

Finance

plc

....

5

.00

Quarterly

BNP

Paribas

SA

06/20/30

BB

EUR

561

93,220

83,583

9,637

Zegona

Finance

plc

....

5

.00

Quarterly

Deutsche

Bank

AG

06/20/30

BB

EUR

552

91,722

65,196

26,526

Eutelsat

SA

..........

5

.00

Quarterly

Deutsche

Bank

AG

12/20/30

NR

EUR

509

84,738

70,810

13,928

Forvia

SE

...........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

BB-

EUR

2,268

217,399

206,533

10,866

$

1,639,684

$

1,188,517

$

451,167

(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

minus

1.00%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

Morgan

Stanley

&

Co.

International

plc

04/06/26

USD

1,000

$

(

983,823

)

$

—

$

(

983,823

)

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

Goldman

Sachs

International

06/20/26

USD

150,000

1,161,058

(

473,485

)

1,634,543

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

06/20/26

USD

39,915

493,707

(

111,149

)

604,856

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

86

OTC

Total

Return

Swaps

(continued)

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

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

06/20/26

USD

106,197

$

1,568,018

$

(

300,687

)

$

1,868,705

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

06/20/26

USD

79,871

1,219,385

(

209,842

)

1,429,227

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

06/20/26

USD

93,517

(

67,606

)

(

245,694

)

178,088

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

BNP

Paribas

SA

09/20/26

USD

46,509

(

134,474

)

(

318,607

)

184,133

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

09/20/26

USD

48,258

(

77,884

)

(

280,431

)

202,547

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

09/20/26

USD

64,358

(

128,554

)

(

388,615

)

260,061

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

JPMorgan

Chase

Bank

NA

09/21/26

USD

78,871

(

217,980

)

(

452,333

)

234,353

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

09/21/26

USD

54,943

(

15,489

)

(

298,747

)

283,258

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

BNP

Paribas

SA

12/20/26

USD

33,999

(

356,077

)

(

237,948

)

(

118,129

)

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

BNP

Paribas

SA

12/20/26

USD

69,492

(

464,551

)

(

494,674

)

30,123

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

JPMorgan

Chase

Bank

NA

12/20/26

USD

36,172

(

301,315

)

(

257,488

)

(

43,827

)

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

JPMorgan

Chase

Bank

NA

12/20/26

USD

96,825

(

544,068

)

(

748,266

)

204,198

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

12/20/26

USD

48,258

(

698,882

)

(

298,284

)

(

400,598

)

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

12/20/26

USD

100,000

(

946,579

)

(

699,865

)

(

246,714

)

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

12/20/26

USD

94,257

(

1,176,491

)

(

659,673

)

(

516,818

)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

12/20/26

USD

118,675

(

1,896,994

)

(

525,934

)

(

1,371,060

)

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

03/20/27

USD

67,134

16,243

(

562,387

)

578,630

$

(

3,552,356

)

$

(

7,564,109

)

$

4,011,753

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

Consolidated

Schedule

of

Investments

87

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

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

3

.65

%

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

and

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

..........................................................

$

35,765,876

$

—

$

7,469,421

$

—

OTC

Swaps

...................................................................

1,351,498

(

7,727,090

)

8,199,763

(

3,736,843

)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Consolidated

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.

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)

......

$

—

$

—

$

—

$

—

$

11,924,996

$

—

$

11,924,996

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

404,692

—

—

404,692

Options

purchased

Investments

at

value

—

unaffiliated

(b)

............

—

—

39,056

—

—

—

39,056

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

7,469,421

—

—

—

—

7,469,421

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

1,858,539

—

—

7,692,722

—

9,551,261

$

—

$

9,327,960

$

39,056

$

404,692

$

19,617,718

$

—

$

29,389,426

Liabilities

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

$

—

$

—

$

—

$

5,058,296

$

—

$

—

$

5,058,296

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

218,855

983,823

—

10,261,255

—

11,463,933

$

—

$

218,855

$

983,823

$

5,058,296

$

10,261,255

$

—

$

16,522,229

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Consolidated

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

Consolidated

Schedule

of

Investments.

For

the

period

ended

March

31,

2026,

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

.......................

$

—

$

—

$

—

$

—

$

1,683,581

$

—

$

1,683,581

Forward

foreign

currency

exchange

contracts

....

—

—

—

36,378,980

—

—

36,378,980

Options

written

........................

—

—

102,625

—

—

—

102,625

Swaps

..............................

—

(

7,422,175

)

(

1,724,092

)

—

24,415,953

—

15,269,686

$

—

$

(7,422,175)

$

(1,621,467)

$

36,378,980

$

26,099,534

$

—

$

53,434,872

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

88

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

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

—

$

—

$

11,989,209

$

—

$

11,989,209

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

7,508,097

)

—

—

(

7,508,097

)

Options

purchased

(a)

.....................

—

—

(

283,159

)

—

—

—

(

283,159

)

Swaps

..............................

—

6,854,532

(

1,089,334

)

—

(

43,742,123

)

—

(

37,976,925

)

$

—

$

6,854,532

$

(1,372,493)

$

(7,508,097)

$

(31,752,914)

$

—

$

(33,778,972)

(a)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

short

.................................................................................

$

509,054,852

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

1,021,303,432

Options

Average

value

of

option

contracts

purchased

................................................................................

19,528

Average

value

of

option

contracts

written

...................................................................................

—

(a)

Credit

default

swaps

Average

notional

value

—

sell

protection

...................................................................................

784,463,384

Total

return

swaps

Average

notional

value

...............................................................................................

1,428,501,000

(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

....................................................................................

$

—

$

669,523

Forward

f

oreign

currency

exchange

contracts

.................................................................

404,692

5,058,296

Options

(a)

.........................................................................................

39,056

—

Swaps

—

centrally

cleared

..............................................................................

7,825,323

—

Swaps

—

OTC

(b)

.....................................................................................

9,551,261

11,463,933

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

17,820,332

$

17,191,752

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(

7,864,379

)

(

669,523

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

9,955,953

$

16,522,229

(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

Consolidated

Schedule

of

Investments.

(b)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

Consolidated

Schedule

of

Investments

89

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

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 Consolidated

Schedule

of

Investments

above.

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

...............................

$

55,881

$

(

30,704

)

$

—

$

—

$

25,177

Barclays

Bank

plc

................................

121,685

(

121,685

)

—

—

—

BNP

Paribas

SA

.................................

838,418

(

838,418

)

—

—

—

Citibank

NA

.....................................

26,447

(

14,104

)

—

—

12,343

Deutsche

Bank

AG

................................

176,460

—

—

—

176,460

Goldman

Sachs

International

.........................

1,857,496

(

509,953

)

—

—

1,347,543

JPMorgan

Chase

Bank

NA

..........................

893,285

(

893,285

)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

5,581,589

(

5,581,589

)

—

—

—

State

Street

Bank

and

Trust

Co.

.......................

324,169

—

—

—

324,169

UBS

AG

.......................................

80,523

—

—

—

80,523

$

9,955,953

$

(

7,989,738

)

$

—

$

—

$

1,966,215

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(d)

Net

Amount

of

Derivative

Liabilities

(b)(e)

Bank

of

America

NA

...............................

$

30,704

$

(

30,704

)

$

—

$

—

$

—

Barclays

Bank

plc

................................

3,843,223

(

121,685

)

—

—

3,721,538

BNP

Paribas

SA

.................................

1,169,358

(

838,418

)

—

(

330,940

)

—

Citibank

NA

.....................................

14,104

(

14,104

)

—

—

—

Goldman

Sachs

International

.........................

509,953

(

509,953

)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

1,552,864

(

893,285

)

—

(

659,579

)

—

Morgan

Stanley

&

Co.

International

plc

..................

8,122,935

(

5,581,589

)

—

(

2,541,346

)

—

Toronto

Dominion

Bank

.............................

1,279,088

—

—

—

1,279,088

$

16,522,229

$

(

7,989,738

)

$

—

$

(

3,531,865

)

$

5,000,626

(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)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(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

....................................

$

—

$

26,516,364

$

—

$

26,516,364

Common

Stocks

Commercial

Services

&

Supplies

.............................

—

—

4,491,546

4,491,546

Construction

&

Engineering

................................

—

—

1,468,922

1,468,922

Energy

Equipment

&

Services

..............................

—

—

—

—

Financial

Services

......................................

—

—

358,274

358,274

Food

Products

.........................................

12,863,183

—

—

12,863,183

Health

Care

Equipment

&

Supplies

...........................

3,279,383

—

—

3,279,383

Health

Care

Providers

&

Services

............................

—

—

92,992

92,992

Hotels,

Restaurants

&

Leisure

..............................

—

—

—

—

Life

Sciences

Tools

&

Services

..............................

13,794,298

—

—

13,794,298

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

90

Level

1

Level

2

Level

3

Total

Metals

&

Mining

........................................

$

35,838,377

$

—

$

—

$

35,838,377

Oil,

Gas

&

Consumable

Fuels

...............................

80,535,301

—

—

80,535,301

Real

Estate

Management

&

Development

.......................

—

—

9

9

Semiconductors

&

Semiconductor

Equipment

....................

2

—

—

2

Specialized

REITs

......................................

54,550,664

—

—

54,550,664

Wireless

Telecommunication

Services

.........................

—

13,405,787

—

13,405,787

Corporate

Bonds

Aerospace

&

Defense

....................................

—

726,577,145

—

726,577,145

Air

Freight

&

Logistics

....................................

—

22,079,208

—

22,079,208

Automobile

Components

..................................

—

335,259,748

—

335,259,748

Automobiles

..........................................

—

134,268,377

—

134,268,377

Banks

...............................................

—

40,562,032

—

40,562,032

Biotechnology

.........................................

—

83,967,675

—

83,967,675

Broadline

Retail

........................................

—

97,428,661

—

97,428,661

Building

Products

.......................................

—

439,351,057

—

439,351,057

Capital

Markets

........................................

—

164,453,168

—

164,453,168

Chemicals

............................................

—

676,405,662

—

676,405,662

Commercial

Services

&

Supplies

.............................

—

1,028,576,749

—

1,028,576,749

Communications

Equipment

................................

—

6,344,315

—

6,344,315

Construction

&

Engineering

................................

—

116,206,713

—

116,206,713

Consumer

Finance

......................................

—

310,586,099

—

310,586,099

Consumer

Staples

Distribution

&

Retail

........................

—

226,077,076

—

226,077,076

Containers

&

Packaging

..................................

—

581,981,139

—

581,981,139

Distributors

...........................................

—

39,126,329

—

39,126,329

Diversified

Consumer

Services

..............................

—

173,205,509

—

173,205,509

Diversified

REITs

.......................................

—

83,529,679

—

83,529,679

Diversified

Telecommunication

Services

........................

—

1,674,714,700

—

1,674,714,700

Electric

Utilities

........................................

—

515,010,151

—

515,010,151

Electrical

Equipment

.....................................

—

2,791,628

—

2,791,628

Electronic

Equipment,

Instruments

&

Components

.................

—

82,976,450

—

82,976,450

Energy

Equipment

&

Services

..............................

—

450,092,463

—

450,092,463

Entertainment

.........................................

—

132,772,969

—

132,772,969

Financial

Services

......................................

—

622,868,538

—

622,868,538

Food

Products

.........................................

—

320,365,887

—

320,365,887

Gas

Utilities

...........................................

—

20,182,545

—

20,182,545

Ground

Transportation

...................................

—

106,429,152

—

106,429,152

Health

Care

Equipment

&

Supplies

...........................

—

262,424,153

—

262,424,153

Health

Care

Providers

&

Services

............................

—

537,853,131

—

537,853,131

Health

Care

REITs

......................................

—

91,639,066

—

91,639,066

Health

Care

Technology

..................................

—

36,103,751

—

36,103,751

Hotel

&

Resort

REITs

....................................

—

243,838,030

—

243,838,030

Hotels,

Restaurants

&

Leisure

..............................

—

899,079,849

—

899,079,849

Household

Durables

.....................................

—

246,209,204

—

246,209,204

Household

Products

.....................................

—

572,018

—

572,018

Independent

Power

and

Renewable

Electricity

Producers

............

—

105,033,799

—

105,033,799

Insurance

............................................

—

1,380,185,194

—

1,380,185,194

Interactive

Media

&

Services

...............................

—

40,196,089

—

40,196,089

IT

Services

...........................................

—

536,862,134

—

536,862,134

Life

Sciences

Tools

&

Services

..............................

—

6,406,917

—

6,406,917

Machinery

............................................

—

251,635,640

—

251,635,640

Media

...............................................

—

1,457,419,359

—

1,457,419,359

Metals

&

Mining

........................................

—

605,925,697

—

605,925,697

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

63,274,328

—

63,274,328

Office

REITs

..........................................

—

1,475,278

—

1,475,278

Oil,

Gas

&

Consumable

Fuels

...............................

—

1,549,583,142

—

1,549,583,142

Paper

&

Forest

Products

..................................

—

6,601,636

—

6,601,636

Passenger

Airlines

......................................

—

56,596,152

—

56,596,152

Personal

Care

Products

..................................

—

27,441,099

—

27,441,099

Pharmaceuticals

.......................................

—

467,621,285

—

467,621,285

Professional

Services

....................................

—

125,155,515

—

125,155,515

Real

Estate

Management

&

Development

.......................

—

84,777,187

—

84,777,187

Retail

REITs

..........................................

—

19,997,060

—

19,997,060

Semiconductors

&

Semiconductor

Equipment

....................

—

68,082,164

—

68,082,164

Software

.............................................

—

782,626,582

—

782,626,582

Fair

Value

Hierarchy

as

of Period

End

(continued)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

Consolidated

Schedule

of

Investments

91

Level

1

Level

2

Level

3

Total

Specialized

REITs

......................................

$

—

$

137,839,633

$

—

$

137,839,633

Specialty

Retail

........................................

—

396,179,756

—

396,179,756

Technology

Hardware,

Storage

&

Peripherals

....................

—

42,827,172

—

42,827,172

Textiles,

Apparel

&

Luxury

Goods

............................

—

124,207,378

—

124,207,378

Trading

Companies

&

Distributors

............................

—

415,890,670

—

415,890,670

Wireless

Telecommunication

Services

.........................

—

219,526,906

—

219,526,906

Fixed

Rate

Loan

Interests

...................................

—

189,687,330

—

189,687,330

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

28,337,728

—

28,337,728

Automobile

Components

..................................

—

51,281,222

—

51,281,222

Automobiles

..........................................

—

3,050,530

—

3,050,530

Broadline

Retail

........................................

—

59,285,629

—

59,285,629

Building

Products

.......................................

—

18,673,966

—

18,673,966

Capital

Markets

........................................

—

3,948,669

7,249,830

11,198,499

Chemicals

............................................

—

91,094,550

—

91,094,550

Commercial

Services

&

Supplies

.............................

—

39,972,350

8,984,201

48,956,551

Construction

&

Engineering

................................

—

61,280,356

—

61,280,356

Construction

Materials

....................................

—

31,333,490

—

31,333,490

Consumer

Staples

Distribution

&

Retail

........................

—

26,169,937

—

26,169,937

Containers

&

Packaging

..................................

—

32,632,807

—

32,632,807

Diversified

Consumer

Services

..............................

—

16,563,018

—

16,563,018

Diversified

Telecommunication

Services

........................

—

198,306,879

—

198,306,879

Electrical

Equipment

.....................................

—

5,795,798

—

5,795,798

Entertainment

.........................................

—

11,059,420

—

11,059,420

Financial

Services

......................................

—

19,026,455

9,424,653

28,451,108

Gas

Utilities

...........................................

—

8,043,000

—

8,043,000

Ground

Transportation

...................................

—

7,416,287

—

7,416,287

Health

Care

Equipment

&

Supplies

...........................

—

87,548,537

—

87,548,537

Health

Care

Providers

&

Services

............................

—

34,789,885

—

34,789,885

Health

Care

Technology

..................................

—

16,322,553

—

16,322,553

Hotels,

Restaurants

&

Leisure

..............................

—

7,169,709

—

7,169,709

Household

Durables

.....................................

—

4,034,283

—

4,034,283

Industrial

Conglomerates

..................................

—

34,659,473

4,927,000

39,586,473

Insurance

............................................

—

32,951,238

—

32,951,238

Interactive

Media

&

Services

...............................

—

15,930,695

—

15,930,695

IT

Services

...........................................

—

30,150,844

—

30,150,844

Life

Sciences

Tools

&

Services

..............................

—

18,340,360

—

18,340,360

Machinery

............................................

—

35,405,513

5,782,305

41,187,818

Media

...............................................

—

139,649,322

—

139,649,322

Pharmaceuticals

.......................................

—

33,231,765

—

33,231,765

Professional

Services

....................................

—

29,585,716

—

29,585,716

Software

.............................................

—

27,311,638

—

27,311,638

Specialty

Retail

........................................

—

4,577,503

—

4,577,503

Wireless

Telecommunication

Services

.........................

—

36,353,360

—

36,353,360

Foreign

Agency

Obligations

.................................

—

5,056,973

—

5,056,973

Investment

Companies

....................................

247,229,225

—

—

247,229,225

Other

Interests

..........................................

—

2,272

1

2,273

Preferred

Securities

Automobile

Components

..................................

—

15,844,269

—

15,844,269

Automobiles

..........................................

—

5,736,821

—

5,736,821

Banks

...............................................

—

351,630,696

—

351,630,696

Broadline

Retail

........................................

—

8,954,400

—

8,954,400

Capital

Markets

........................................

—

241,087,278

—

241,087,278

Consumer

Finance

......................................

—

1,385,827

—

1,385,827

Diversified

REITs

.......................................

—

2,286,732

—

2,286,732

Diversified

Telecommunication

Services

........................

—

3,434,118

—

3,434,118

Electric

Utilities

........................................

—

94,955,649

—

94,955,649

Electrical

Equipment

.....................................

—

1,807,219

—

1,807,219

Financial

Services

......................................

—

42,679,137

—

42,679,137

Gas

Utilities

...........................................

—

13,256,735

—

13,256,735

Independent

Power

and

Renewable

Electricity

Producers

............

—

84,126,143

—

84,126,143

Insurance

............................................

—

4,844,782

78,155,406

83,000,188

IT

Services

...........................................

—

—

562,713

562,713

Multi-Utilities

..........................................

—

11,907,725

—

11,907,725

Fair

Value

Hierarchy

as

of Period

End

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

High

Yield

Portfolio

92

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Oil,

Gas

&

Consumable

Fuels

...............................

$

—

$

326,889,479

$

—

$

326,889,479

Passenger

Airlines

......................................

—

2,369,464

—

2,369,464

Pharmaceuticals

.......................................

—

4,089,668

—

4,089,668

Real

Estate

Management

&

Development

.......................

—

14,016,049

—

14,016,049

Semiconductors

&

Semiconductor

Equipment

....................

—

25,129,467

—

25,129,467

Wireless

Telecommunication

Services

.........................

—

5,390,410

39

5,390,449

Short-Term

Securities

Money

Market

Funds

......................................

1,585,880,275

—

—

1,585,880,275

Options

Purchased

Equity

contracts

..........................................

9,320

29,736

—

39,056

Unfunded

Floating

Rate

Loan

Interests

(a)

...........................

—

2,860

—

2,860

Liabilities

Investment

Sold

Short

Common

Stocks

.........................................

(

14,046

)

—

—

(

14,046

)

Unfunded

Floating

Rate

Loan

Interests

(a)

...........................

—

(

211,894

)

—

(

211,894

)

$

2,033,965,982

$

23,302,873,779

$

121,497,891

$

25,458,337,652

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

7,976,462

$

—

$

7,976,462

Foreign

currency

exchange

contracts

............................

—

404,692

—

404,692

Interest

rate

contracts

.......................................

11,924,996

7,692,722

—

19,617,718

Liabilities

Credit

contracts

...........................................

—

(

55,874

)

—

(

55,874

)

Equity

contracts

...........................................

—

(

983,823

)

—

(

983,823

)

Foreign

currency

exchange

contracts

............................

—

(

5,058,296

)

—

(

5,058,296

)

Interest

rate

contracts

.......................................

—

(

2,697,146

)

—

(

2,697,146

)

$

11,924,996

$

7,278,737

$

—

$

19,203,733

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(unaudited)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

Schedules

of

Investments

93

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

AB

BSL

CLO

1

Ltd.,

Series

2020-1A,

Class

C1R2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

5.57%,

10/15/38

(a)

(b)

......

USD

470‌

$

470,628‌

Affirm

Asset

Securitization

Trust

(b)

Series

2025-X1,

Class

A,

5.08%,

04/15/30

..

446‌

446,005‌

Series

2025-X2,

Class

A,

4.45%,

10/15/30

..

1,248‌

1,248,624‌

Ajax

Mortgage

Loan

Trust,

Series

2021-C,

Class

A,

6.11%,

01/25/61

(b)

(c)

...............

839‌

839,852‌

Anchorage

Capital

CLO

15

Ltd.,

Series

2020-

15A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

5.08%,

07/20/38

(a)

(b)

.

3,700‌

3,701,359‌

Anchorage

Capital

CLO

19

Ltd.,

Series

2021-

19A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/15/38

(a)

(b)

.

3,690‌

3,693,192‌

Anchorage

Capital

CLO

7

Ltd.,

Series

2015-7A,

Class

BR3,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

5.72%,

04/28/37

(a)

(b)

......

1,500‌

1,502,253‌

Aqua

Finance

Trust,

Series

2021-A,

Class

A,

1.54%,

07/17/46

(b)

..................

655‌

601,199‌

ARI

Fleet

Lease

Trust,

Series

2025-B,

Class

A3,

4.60%,

03/15/34

(b)

..................

386‌

388,631‌

Asimi

Funding

plc

(a)(d)

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.95%),

5.68%,

09/16/31

GBP

61‌

81,008‌

Series

2025-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.95%),

4.68%,

05/16/32

.................

673‌

892,225‌

Asset-Backed

European

Securitisation

Transaction

Twenty-Three

SARL

(a)(d)

Series

23,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.60%),

3.52%,

03/21/34

.

EUR

79‌

92,049‌

Series

23,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.90%),

3.82%,

03/21/34

.

79‌

92,088‌

Series

23,

Class

E,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.40%),

4.32%,

03/21/34

.

79‌

92,320‌

Auto

ABS

Italian

Stella

Loans

SRL

(a)(d)

Series

2024-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.70%),

3.61%,

12/29/36

.

66‌

76,425‌

Series

2024-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.30%),

4.21%,

12/29/36

.

66‌

76,639‌

Series

2025-1,

Class

A1,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.73%),

2.64%,

12/28/40

.

1,017‌

1,175,150‌

Series

2025-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.00%),

2.91%,

12/28/40

.

716‌

828,998‌

Auto

ABS

Spanish

Loans

(a)(d)

Series

2026-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.05%),

3.23%,

12/28/38

.

100‌

115,073‌

Series

2026-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.60%),

3.78%,

12/28/38

.

100‌

115,581‌

Auto

ABS

Spanish

Loans

FT,

Series

2024-1,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.85%),

2.76%,

09/28/38

(a)

(d)

...........

607‌

702,583‌

Auto1

Car

Funding

SARL

(a)(d)

Series

2024-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.44%,

12/15/33

.

100‌

116,324‌

Series

2024-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.44%,

12/15/33

.

100‌

118,759‌

AutoFlorence

2

SRL

(a)(d)

Series

2,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.15%),

3.07%,

12/24/44

......

55‌

63,980‌

Series

2,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.35%),

4.27%,

12/24/44

......

30‌

34,368‌

AutoNation

Finance

Trust,

Series

2025-1A,

Class

A3,

4.62%,

11/13/29

(b)

................

USD

570‌

572,527‌

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

AutoNoria

Spain

FT

(a)(d)

Series

2021-SP,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.05%),

2.99%,

01/31/39

.

EUR

342‌

$

394,691‌

Series

2021-SP,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.55%),

3.49%,

01/31/39

.

130‌

150,708‌

Series

2021-SP,

Class

E,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.65%),

4.59%,

01/31/39

.

98‌

113,026‌

Series

2021-SP,

Class

F,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.90%),

5.84%,

01/31/39

.

16‌

18,786‌

Barings

Equipment

Finance

LLC,

Series

2025-A,

Class

A3,

4.82%,

08/13/32

(b)

...........

USD

4,585‌

4,649,738‌

BBVA

Consumer

Fondo

de

Titulizacion

(a)(d)

Series

2026-1,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.95%),

2.96%,

05/20/39

.

EUR

600‌

690,678‌

Series

2026-1,

Class

D,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.50%),

4.51%,

05/20/39

.

300‌

342,816‌

Series

2026-1,

Class

E,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.51%,

05/20/39

.

200‌

230,649‌

Series

2026-1,

Class

F,

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.10%),

7.11%,

05/20/39

.

400‌

458,075‌

Benefit

Street

Partners

CLO

X

Ltd.

(a)(b)

Series

2016-10A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

07/20/38

.................

USD

4,275‌

4,276,081‌

Series

2016-10A,

Class

BR3,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

07/20/38

.................

750‌

750,446‌

BHG

Securitization

Trust,

Series

2021-A,

Class

A,

1.42%,

11/17/33

(b)

................

20‌

20,329‌

Birch

Grove

CLO

13

Ltd.,

Series

2025-13A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

5.47%,

10/23/38

(a)

(b)

......

3,300‌

3,300,454‌

Birch

Grove

CLO

16

Ltd.,

Series

2026-16A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

2.95%),

0.00%,

04/23/39

(a)

(b)

......

920‌

920,000‌

Birch

Grove

CLO

3

Ltd.,

Series

2021-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

4.93%,

01/19/38

(a)

(b)

..........

1,940‌

1,938,276‌

BlueMountain

CLO

Ltd.

(a)(b)

Series

2018-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

5.61%,

08/15/31

......................

500‌

500,124‌

Series

2018-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.19%

Floor

+

1.19%),

4.86%,

10/25/30

......................

2,129‌

2,127,970‌

Brignole

Co.

(a)(d)

Series

2024,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.00%),

3.92%,

02/24/42

.

EUR

47‌

54,638‌

Series

2024,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

5.92%,

02/24/42

.

47‌

54,928‌

Bryant

Park

Funding

Ltd.,

Series

2024-22A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

5.29%,

04/15/37

(a)

(b)

......

USD

1,500‌

1,500,333‌

Capital

One

Multi-Asset

Execution

Trust,

Series

2023-A1,

Class

A,

4.42%,

05/15/28

.......

100‌

100,038‌

Cardiff

Auto

Receivables

Securitisation

plc

(a)(d)

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.90%),

5.63%,

08/20/31

.................

GBP

345‌

458,699‌

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.60%),

6.33%,

08/20/31

.................

262‌

349,181‌

Carlyle

US

CLO

Ltd.,

Series

2026-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.00%),

0.00%,

04/15/39

(a)

(b)

...........

USD

1,050‌

1,050,000‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

94

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

CarVal

CLO

IX-C

Ltd.,

Series

2024-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.68%

Floor

+

1.68%),

5.35%,

04/20/37

(a)

(b)

...........

USD

1,000‌

$

1,000,947‌

Cascade

MH

Asset

Trust,

Series

2021-MH1,

Class

A1,

1.75%,

02/25/46

(b)

...........

1,434‌

1,307,939‌

Cedar

Funding

XI

CLO

Ltd.

(a)(b)

Series

2019-11A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.06%

Floor

+

1.06%),

4.73%,

05/29/32

.................

433‌

432,099‌

Series

2019-11A,

Class

A2R2,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

05/29/32

.................

1,100‌

1,097,244‌

CIFC

Funding

Ltd.,

Series

2021-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

4.93%,

01/15/38

(a)

(b)

...........

1,000‌

999,511‌

College

Ave

Student

Loans

Trust,

Series

2024-A,

Class

A1B,

(SOFR

30

day

Average

at

1.75%

Floor

+

1.75%),

5.41%,

06/25/54

(a)

(b)

......

8,443‌

8,562,091‌

College

Avenue

Student

Loans

LLC

(a)(b)

Series

2021-A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.21%),

4.89%,

07/25/51

......................

182‌

181,321‌

Series

2021-B,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

4.59%,

06/25/52

......................

2,655‌

2,621,209‌

Series

2023-A,

Class

A1,

(SOFR

30

day

Average

at

1.90%

Floor

+

1.90%),

5.56%,

05/25/55

......................

4,785‌

4,866,556‌

Compartment

BL

Consumer

Credit,

Series

2024-

1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.90%),

2.84%,

09/25/41

(a)

(d)

...........

EUR

308‌

355,752‌

Compartment

Driver

UK

Eight,

Series

8,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.60%),

4.33%,

09/25/31

(a)

(d)

......

GBP

474‌

627,234‌

Compass

Datacenters

Issuer

II

LLC,

Series

2025-2A,

Class

A1,

4.93%,

11/25/50

(b)

.....

USD

1,504‌

1,480,220‌

Compass

Datacenters

Issuer

III

LLC,

Series

2026-1A,

Class

A21,

4.90%,

02/25/56

(b)

....

2,341‌

2,321,533‌

Concord

Music

Royalties

LLC,

Series

2024-1A,

Class

A,

5.64%,

10/20/74

(b)

............

1,137‌

1,141,407‌

Consolidated

Communications

LLC,

Series

2025-

4A,

Class

B,

5.77%,

12/20/55

(b)

.........

3,490‌

3,503,390‌

Crown

Point

CLO

8

Ltd.,

Series

2019-8A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.12%,

10/20/34

(a)

(b)

...........

8,840‌

8,841,759‌

Dowson

plc

(a)(d)

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.60%),

5.33%,

08/20/31

.................

GBP

160‌

211,870‌

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.35%),

6.08%,

08/20/31

.................

100‌

131,921‌

Series

2024-1,

Class

E,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.95%),

7.68%,

08/20/31

.................

100‌

132,168‌

Series

2024-1,

Class

F,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

6.95%),

10.68%,

08/20/31

................

100‌

131,047‌

Dryden

43

Senior

Loan

Fund,

Series

2016-43A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.07%),

4.74%,

04/20/34

(a)

(b)

......

USD

8,340‌

8,323,646‌

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

5.53%,

07/18/30

(a)

(b)

......

3,250‌

3,248,699‌

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Dryden

61

CLO

Ltd.,

Series

2018-61A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

7.03%,

01/17/32

(a)

(b)

...........

USD

1,000‌

$

1,000,002‌

Dryden

64

CLO

Ltd.,

Series

2018-64A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.23%),

4.90%,

04/18/31

(a)

(b)

...........

1,407‌

1,407,096‌

Dryden

65

CLO

Ltd.,

Series

2018-65A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

5.53%,

07/18/30

(a)

(b)

...........

500‌

499,714‌

ECARAT

DE

SA

Compartment

Lease,

Series

2025-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.00%),

2.94%,

05/25/34

(a)

(d)

......

EUR

600‌

693,719‌

Edgeconnex

Data

Centers

Europe

BV,

Series

2026-1X,

Class

A2,

4.50%,

04/30/56

(c)

(d)

....

625‌

703,907‌

EDvestinU

Private

Education

Loan

Issue

No.

1

LLC,

Series

2019-A,

Class

A,

3.58%,

11/25/38

(b)

.......................

USD

1,169‌

1,156,389‌

EDvestinU

Private

Education

Loan

Issue

No.

3

LLC,

Series

2021-A,

Class

B,

3.50%,

11/25/50

(b)

.......................

640‌

544,640‌

Elevation

CLO

Ltd.,

Series

2013-1A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

07/25/38

(a)

(b)

...........

2,000‌

2,000,755‌

ELFI

Graduate

Loan

Program

LLC

(b)

Series

2022-A,

Class

A,

4.51%,

08/26/47

...

6,034‌

5,898,136‌

Series

2023-A,

Class

A,

6.37%,

02/04/48

...

4,642‌

4,785,423‌

Elmwood

CLO

26

Ltd.,

Series

2024-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

6.07%,

04/18/37

(a)

(b)

...........

3,700‌

3,700,000‌

Elmwood

CLO

29

Ltd.,

Series

2024-5A,

Class

AR1,

(3-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.52%),

5.19%,

04/20/37

(a)

(b)

..........

1,755‌

1,755,502‌

Elmwood

CLO

IV

Ltd.,

Series

2020-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

04/18/37

(a)

(b)

...........

1,000‌

1,000,000‌

Enterprise

Fleet

Financing

LLC

(b)

Series

2024-1,

Class

A3,

5.16%,

09/20/30

..

338‌

342,563‌

Series

2024-3,

Class

A4,

5.06%,

03/20/31

..

713‌

723,384‌

Fairstone

Financial

Issuance

Trust

I,

Series

2020-1A,

Class

A,

2.51%,

10/20/39

(b)

(e)

....

CAD

—‌

(f)

1‌

FCT

Noria

(a)(d)

Series

2021-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.44%,

10/25/49

.

EUR

154‌

177,552‌

Series

2025-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.90%),

2.84%,

07/25/43

.

400‌

460,899‌

Series

2025-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.15%),

3.09%,

07/25/43

.

200‌

230,401‌

Series

2025-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.40%),

3.34%,

07/25/43

.

100‌

115,322‌

Series

2025-1,

Class

E,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.75%),

4.69%,

07/25/43

.

100‌

115,739‌

FIGRE

Trust

(a)(b)

Series

2025-HE3,

Class

A,

5.56%,

05/25/55

.

USD

3,274‌

3,285,156‌

Series

2026-HE2,

Class

A,

5.05%,

01/25/56

.

1,520‌

1,507,438‌

Finance

Ireland

Auto

Receivables

No.2

DAC

(a)(d)

Series

2,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.68%),

2.62%,

11/14/34

......

EUR

2,581‌

2,986,027‌

Series

2,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.90%),

2.84%,

11/14/34

......

195‌

225,487‌

First

Mobility

SARL,

Series

2025-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.90%),

2.84%,

10/14/32

(a)

(d)

.................

300‌

345,367‌

Flatiron

CLO

21

Ltd.,

Series

2021-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/19/37

(a)

(b)

...........

USD

1,805‌

1,805,652‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

Schedules

of

Investments

95

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Flatiron

CLO

23

LLC,

Series

2023-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.91%,

04/17/36

(a)

(b)

...........

USD

1,705‌

$

1,703,944‌

FNA

8

LLC,

Series

2025-1,

Class

A,

5.62%,

03/15/45

(a)

(b)

......................

1,676‌

1,668,946‌

FNA

VI

LLC,

Series

2021-1A,

Class

A,

1.35%,

01/10/32

(b)

.......................

101‌

94,198‌

Fortuna

Consumer

Loan

ABS

DAC

(a)(d)

Series

2024-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.35%),

3.30%,

02/18/34

.

EUR

132‌

153,445‌

Series

2024-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.30%),

4.25%,

02/18/34

.

88‌

103,069‌

Series

2024-2,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.30%),

3.25%,

10/18/34

.

73‌

85,017‌

Series

2024-2,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.65%),

3.60%,

10/18/34

.

73‌

85,049‌

Series

2024-2,

Class

E,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.10%),

6.05%,

10/18/34

.

293‌

343,159‌

Series

2025-1,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.70%),

2.65%,

04/18/35

.

1,600‌

1,849,942‌

Series

2026-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.30%),

0.00%,

10/18/37

.

100‌

115,426‌

Series

2026-1,

Class

E,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

0.00%,

10/18/37

.

300‌

345,377‌

Foundation

Finance

Trust

(b)

Series

2021-2A,

Class

A,

2.19%,

01/15/42

..

USD

606‌

577,118‌

Series

2024-1A,

Class

A,

5.50%,

12/15/49

..

2,664‌

2,715,412‌

Series

2024-1A,

Class

B,

5.95%,

12/15/49

..

380‌

388,000‌

Series

2025-3A,

Class

A,

4.56%,

08/15/52

..

1,187‌

1,178,151‌

Series

2025-3A,

Class

B,

4.87%,

08/15/52

..

932‌

923,603‌

FS

Rialto

Issuer

LLC,

Series

2026-FL11,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.13%,

01/19/44

(a)

(b)

...........

3,719‌

3,707,018‌

FTA

Consumo

Santander

(a)(d)

Series

7,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.30%),

3.33%,

07/20/38

......

EUR

128‌

148,080‌

Series

7,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.65%),

3.68%,

07/20/38

......

128‌

147,934‌

GAMMA

Sociedade

de

Titularizacao

de

Creditos

SA

Consumer

Totta

3

(a)(d)

Series

3,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.53%,

10/25/35

......

92‌

105,741‌

Series

3,

Class

D,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.65%),

4.68%,

10/25/35

......

92‌

105,744‌

Garnet

CLO

2

Ltd.,

Series

2025-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.43%,

10/20/38

(a)

(b)

...........

USD

5,380‌

5,384,360‌

Golden

Bar

Securitisation

SRL

(a)(d)

Series

2024-1,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.61%,

09/22/43

.

EUR

201‌

233,372‌

Series

2025-1,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.00%),

3.12%,

12/20/44

.

484‌

559,067‌

Series

2025-1,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.25%),

3.37%,

12/20/44

.

197‌

227,208‌

Series

2025-1,

Class

D,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.90%),

4.02%,

12/20/44

.

93‌

107,764‌

Series

2025-2,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.20%),

3.32%,

12/22/44

.

135‌

155,976‌

Series

2025-2,

Class

D,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.60%),

3.72%,

12/22/44

.

116‌

134,261‌

Golden

Ray

SA

Compartment

1

(a)(d)

Series

1,

Class

A2,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.80%),

2.75%,

12/27/57

.

413‌

476,696‌

Series

1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.45%,

12/27/57

......

100‌

114,849‌

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

GoldenTree

Loan

Management

US

CLO

8

Ltd.,

Series

2020-8A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

4.82%,

10/20/34

(a)

(b)

......................

USD

1,945‌

$

1,941,631‌

Goldman

Home

Improvement

Trust

Issuer

Trust

(b)

Series

2021-GRN2,

Class

A,

1.15%,

06/25/51

542‌

533,044‌

Series

2022-GRN2,

Class

A,

6.80%,

10/25/52

941‌

962,194‌

Golub

Capital

Partners

CLO

43B

Ltd.,

Series

2019-43A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.34%

Floor

+

1.34%),

5.01%,

10/20/37

(a)

(b)

......................

250‌

250,067‌

Golub

Capital

Partners

CLO

66B

Ltd.,

Series

2023-66A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.12%,

07/25/38

(a)

(b)

2,210‌

2,211,776‌

GoodLeap

Home

Improvement

Solutions

Trust

(b)

Series

2024-1A,

Class

A,

5.35%,

10/20/46

..

2,021‌

2,036,464‌

Series

2025-1A,

Class

A,

5.38%,

02/20/49

..

1,770‌

1,775,359‌

Series

2025-2A,

Class

A,

5.32%,

06/20/49

..

3,300‌

3,318,518‌

Series

2025-2A,

Class

B,

5.98%,

06/20/49

..

331‌

334,463‌

Series

2025-3A,

Class

A,

5.00%,

10/20/49

..

2,497‌

2,485,713‌

GreenSky

Home

Improvement

Issuer

Trust

(b)

Series

2024-2,

Class

A4,

5.15%,

10/27/59

..

440‌

442,242‌

Series

2025-1A,

Class

A2,

5.12%,

03/25/60

.

831‌

832,637‌

Series

2025-2A,

Class

A4,

4.89%,

06/25/60

.

1,313‌

1,311,603‌

GreenSky

Home

Improvement

Trust,

Series

2024-1,

Class

A2,

5.88%,

06/25/59

(b)

......

225‌

225,668‌

Henley

CLO

VII

DAC,

Series

7X,

Class

ARR,

(3-mo.

EURIBOR

at

1.24%

Floor

+

1.24%),

3.23%,

04/25/39

(a)

(d)

.................

EUR

490‌

564,711‌

Hermitage

2024

plc

(a)(d)

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.60%),

5.33%,

04/21/33

.................

GBP

66‌

87,730‌

Series

2024-1,

Class

E,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.90%),

7.63%,

04/21/33

.................

68‌

90,930‌

Hermitage

plc

(a)(d)

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.35%),

6.08%,

04/21/33

.................

42‌

55,387‌

Series

2025-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.10%),

4.83%,

04/21/33

.................

332‌

438,704‌

Higley

Park

CLO

Ltd.,

Series

2025-1A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

07/24/38

(a)

(b)

...........

USD

600‌

599,544‌

Hill

FL

BV

(a)(d)

Series

2024-1FL,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.10%),

3.06%,

02/18/32

EUR

119‌

138,092‌

Series

2024-1FL,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.05%),

4.01%,

02/18/32

60‌

69,314‌

Series

2024-1FL,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.20%),

5.16%,

02/18/32

60‌

69,313‌

Series

2024-2FL,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.72%),

2.68%,

10/18/32

429‌

495,186‌

Series

2024-2FL,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.95%),

3.91%,

10/18/32

80‌

91,693‌

INCREF

LLC,

Series

2025-FL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.73%),

5.41%,

10/19/42

(a)

(b)

.................

USD

4,840‌

4,836,681‌

KKR

CLO

27

Ltd.,

Series

27A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.11%

Floor

+

1.11%),

4.78%,

01/15/35

(a)

(b)

...........

3,690‌

3,684,524‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

96

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Koromo

Italy

Compartment

2.,

Series

2,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.68%),

2.64%,

02/26/32

(a)

(d)

.................

EUR

1,515‌

$

1,750,574‌

Latitude

Australia

Credit

Card

Master

Trust

(a)(d)

Series

2025-1,

Class

B,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.40%),

5.45%,

11/23/37

......

AUD

500‌

344,961‌

Series

2026-1,

Class

D,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.85%),

1.00%,

09/22/38

......

500‌

343,833‌

LendingClub

Structured

Loan

Certificate

Issuer

Trust,

Series

2025-P16,

Class

A,

5.19%,

12/15/32

(b)

.......................

USD

1,594‌

1,593,043‌

Loanpal

Solar

Loan

Ltd.

(b)

Series

2020-2GF,

Class

A,

2.75%,

07/20/47

.

1,385‌

1,151,780‌

Series

2021-1GS,

Class

A,

2.29%,

01/20/48

.

2,099‌

1,737,309‌

Series

2021-2GS,

Class

A,

2.22%,

03/20/48

.

4,303‌

3,388,321‌

London

Cards

No.

2

plc

(a)(d)

Series

2,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.40%),

5.13%,

03/28/34

......................

GBP

381‌

506,756‌

Series

2,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.50%),

6.23%,

03/28/34

......................

130‌

173,005‌

Series

2,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.45%),

7.18%,

03/28/34

......................

117‌

156,863‌

Series

2,

Class

E,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

5.50%),

9.23%,

03/28/34

......................

135‌

182,006‌

London

Cards

No.

3

plc,

Series

3X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.00%),

5.73%,

12/15/35

(a)

(d)

......

609‌

805,181‌

LT

Autorahoitus

V

DAC,

Series

5,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.90%),

2.86%,

05/18/35

(a)

(d)

......................

EUR

400‌

462,107‌

LT

Rahoitus

DAC

(a)(d)

Series

6,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.54%),

2.49%,

07/18/36

......

1,476‌

1,706,992‌

Series

6,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.90%),

2.85%,

07/18/36

......

200‌

230,930‌

Lyra

Music

Assets

Delaware

LP,

Series

2025-1A,

Class

A2,

5.60%,

09/20/65

(b)

...........

USD

1,165‌

1,172,116‌

M&T

Bank

RV

Trust,

Series

2026-1A,

Class

A,

4.35%,

01/15/46

(b)

..................

2,087‌

2,063,811‌

M&T

Equipment

Notes,

Series

2025-1A,

Class

A2,

4.70%,

12/16/27

(b)

...............

793‌

795,850‌

Madison

Park

Funding

LVII

Ltd.,

Series

2022-

57A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

4.95%,

07/27/34

(a)

(b)

.

2,365‌

2,364,339‌

Marzio

Finance

SRL,

Series

2024-14,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.88%),

2.79%,

05/28/49

(a)

(d)

.................

EUR

278‌

322,282‌

Metro

Finance

Trust

(a)(d)

Series

2024-1,

Class

A,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.25%),

5.20%,

09/17/30

......

AUD

3,552‌

2,457,617‌

Series

2025-1,

Class

A,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.17%),

5.12%,

10/15/31

......

4,838‌

3,345,132‌

Series

2025-1,

Class

B,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.55%),

5.50%,

10/15/31

......

610‌

421,686‌

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

MF1

LLC,

Series

2026-FL21,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.03%,

02/18/41

(a)

(b)

.................

USD

6,900‌

$

6,874,344‌

Mila

BV

(a)(d)

Series

2024-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.45%),

3.39%,

09/16/41

.

EUR

72‌

83,344‌

Series

2024-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.00%),

3.94%,

09/16/41

.

72‌

83,455‌

Mill

City

Solar

Loan

Ltd.,

Series

2019-2GS,

Class

A,

3.69%,

07/20/43

(b)

................

USD

5,977‌

5,409,540‌

MMAF

Equipment

Finance

LLC,

Series

2024-A,

Class

A3,

4.95%,

07/14/31

(b)

...........

1,796‌

1,812,807‌

Mosaic

Solar

Loan

Trust

(b)

Series

2019-2A,

Class

A,

2.88%,

09/20/40

..

156‌

138,005‌

Series

2020-2A,

Class

B,

2.21%,

08/20/46

..

630‌

509,998‌

Series

2021-1A,

Class

B,

2.05%,

12/20/46

..

414‌

323,583‌

Series

2022-1A,

Class

B,

3.16%,

01/20/53

..

3,143‌

2,164,034‌

Series

2022-2A,

Class

A,

4.38%,

01/21/53

..

350‌

324,338‌

Navient

Private

Education

Loan

Trust,

Series

2020-A,

Class

A2B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.01%),

4.69%,

11/15/68

(a)

(b)

439‌

438,055‌

Navient

Private

Education

Refi

Loan

Trust

(b)

Series

2019-CA,

Class

A2,

3.13%,

02/15/68

.

437‌

432,840‌

Series

2019-EA,

Class

A2B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.03%),

4.71%,

05/15/68

(a)

.....................

1,858‌

1,858,376‌

Series

2019-GA,

Class

A,

2.40%,

10/15/68

.

261‌

254,729‌

Series

2020-IA,

Class

A1B,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.11%),

4.79%,

04/15/69

(a)

.....................

3,666‌

3,645,935‌

Series

2021-DA,

Class

A,

(US

Prime

Rate

at

0.00%

Floor

-

1.99%),

4.76%,

04/15/60

(a)

.

4,742‌

4,623,859‌

Navient

Student

Loan

Trust

(b)

Series

2018-EA,

Class

A2,

4.00%,

12/15/59

.

11‌

11,257‌

Series

2023-BA,

Class

A1B,

(SOFR

30

day

Average

at

0.00%

Floor

+

1.70%),

5.37%,

03/15/72

(a)

.....................

1,592‌

1,600,390‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust,

Series

2024-1,

Class

A,

5.59%,

04/25/29

(b)

.......................

4,294‌

4,297,653‌

Nelnet

Student

Loan

Trust

(b)

Series

2021-A,

Class

D,

4.93%,

04/20/62

..

1,150‌

1,048,671‌

Series

2021-BA,

Class

AFL,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.89%),

4.57%,

04/20/62

(a)

.....................

3,999‌

3,989,349‌

Series

2021-BA,

Class

AFX,

1.42%,

04/20/62

3,243‌

3,072,435‌

Series

2021-CA,

Class

AFL,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.85%),

4.53%,

04/20/62

(a)

.....................

4,451‌

4,428,641‌

Series

2023-PL1A,

Class

A1B,

7.15%,

11/25/53

......................

1,972‌

2,021,408‌

Series

2025-1A,

Class

A1,

(SOFR

30

day

Average

at

0.00%

Floor

+

0.75%),

4.41%,

10/25/33

(a)

.....................

5,050‌

5,049,607‌

Series

2025-AA,

Class

A1B,

(SOFR

30

day

Average

at

0.00%

Floor

+

1.10%),

4.77%,

03/15/57

(a)

.....................

3,210‌

3,201,969‌

Series

2025-BA,

Class

A1B,

(SOFR

30

day

Average

at

0.00%

Floor

+

1.35%),

5.02%,

05/17/55

(a)

.....................

3,737‌

3,755,283‌

Series

2025-BA,

Class

D,

6.04%,

05/17/55

.

1,425‌

1,401,702‌

Series

2025-CA,

Class

A1B,

(SOFR

30

day

Average

at

1.35%

Floor

+

1.35%),

5.02%,

06/22/65

(a)

.....................

10,102‌

10,173,208‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

Schedules

of

Investments

97

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Newbridge

Park

CLO

DAC,

Series

1X,

Class

A,

(3-mo.

EURIBOR

at

1.22%

Floor

+

1.22%),

3.42%,

04/15/40

(a)

(d)

.................

EUR

756‌

$

873,823‌

Newday

Funding

(a)(d)

Series

2024-1X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.18%),

4.91%,

03/15/32

.................

GBP

534‌

709,102‌

Series

2024-1X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.65%),

5.38%,

03/15/32

.................

208‌

276,282‌

Series

2024-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.40%),

6.13%,

03/15/32

.................

147‌

195,890‌

Newday

Funding

Master

Issuer

plc

(a)(d)

Series

2024-2X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.40%),

5.13%,

07/15/32

.................

132‌

175,428‌

Series

2024-2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.90%),

5.63%,

07/15/32

.................

154‌

204,369‌

Series

2024-2X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.65%),

6.38%,

07/15/32

.................

331‌

441,554‌

Series

2024-3X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.60%),

5.33%,

11/15/32

.................

184‌

244,308‌

Series

2025-1X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.85%),

4.58%,

04/15/33

.................

2,000‌

2,646,935‌

Series

2025-2X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.80%),

4.53%,

07/15/33

.................

1,593‌

2,105,798‌

Series

2025-2X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.05%),

4.78%,

07/15/33

.................

507‌

669,658‌

Series

2025-2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

5.23%,

07/15/33

.................

195‌

257,321‌

Series

2026-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.45%),

1.00%,

03/15/34

.................

100‌

132,266‌

Noria

DE

(a)(d)

Series

2024-DE1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.65%),

3.59%,

02/25/43

EUR

73‌

84,099‌

Series

2024-DE1,

Class

E,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.55%),

5.49%,

02/25/43

73‌

84,675‌

Series

2024-DE1,

Class

F,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

6.44%,

02/25/43

73‌

84,223‌

Oaktree

CLO

Ltd.,

Series

2019-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.26%,

01/20/38

(a)

(b)

...........

USD

1,000‌

1,000,624‌

OCP

CLO

Ltd.,

Series

2020-18A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

07/20/37

(a)

(b)

...........

2,500‌

2,501,099‌

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/20/38

(a)

(b)

......

1,500‌

1,500,450‌

OHA

Credit

Funding

7

Ltd.,

Series

2020-7A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

4.95%,

07/19/38

(a)

(b)

.

515‌

514,993‌

OHS

Issuer

LLC,

Series

2026-1,

Class

A2,

5.98%,

02/25/61

(b)

..................

1,800‌

1,765,248‌

Pagaya

AI

Technology

in

Housing

Trust,

Series

2023-1,

Class

A,

3.60%,

10/25/40

(b)

......

4,911‌

4,747,283‌

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Palmer

Square

Loan

Funding

Ltd.,

Series

2024-

3A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

4.81%,

08/08/32

(a)

(b)

.

USD

3,225‌

$

3,212,418‌

Panorama

Auto

Trust

(a)(d)

Series

2025-1,

Class

A,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

0.97%),

4.92%,

03/15/33

......

AUD

2,433‌

1,677,610‌

Series

2026-1,

Class

C,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.50%),

5.62%,

03/15/34

......

500‌

344,006‌

Park

Blue

CLO

Ltd.

(a)(b)

Series

2023-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.48%

Floor

+

1.48%),

5.15%,

04/20/37

......................

USD

1,070‌

1,071,150‌

Series

2025-9A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

6.08%,

10/20/38

......................

1,500‌

1,504,333‌

Pavillion

Consumer

plc,

Series

2025-1X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.20%),

4.93%,

01/25/36

(a)

(d)

......

GBP

1,272‌

1,679,185‌

PCL

Funding

IX

plc

(a)(d)

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.90%),

4.63%,

07/16/29

.................

636‌

842,981‌

Series

2024-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.30%),

5.03%,

07/16/29

.................

140‌

185,777‌

Peace

Park

CLO

Ltd.,

Series

2021-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

10/20/38

(a)

(b)

...........

USD

3,870‌

3,866,043‌

Penta

CLO

17

DAC,

Series

2024-17X,

Class

AR,

(3-mo.

EURIBOR

at

1.21%

Floor

+

1.21%),

3.23%,

02/15/39

(a)

(d)

.................

EUR

950‌

1,092,074‌

PFS

Financing

Corp.

(b)

  5.54%,

10/16/28

(e)

.................

USD

2,000‌

2,008,200‌

Series

2024-D,

Class

A,

5.34%,

04/15/29

...

2,087‌

2,109,991‌

Pikes

Peak

CLO

11

Ltd.,

Series

2022-11A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

07/25/37

(a)

(b)

...........

3,000‌

3,001,314‌

Pikes

Peak

CLO

16

Ltd.,

Series

2024-16A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.46%

Floor

+

1.46%),

5.13%,

07/25/37

(a)

(b)

...........

2,000‌

2,000,449‌

Pikes

Peak

CLO

6,

Series

2020-6A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

2.50%),

6.16%,

05/18/34

(a)

(b)

...........

1,285‌

1,227,244‌

Planet

Fitness

Master

Issuer

LLC,

Series

2025-

1A,

Class

A2II,

5.65%,

12/06/55

(b)

........

1,249‌

1,233,054‌

Point

Broadband

Funding

LLC

(b)

Series

2025-1A,

Class

A2,

5.34%,

07/20/55

.

758‌

758,558‌

Series

2025-1A,

Class

C,

8.16%,

07/20/55

..

964‌

982,594‌

Pony

SA

(a)(d)

Series

2024-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.20%),

3.14%,

01/14/33

.

EUR

82‌

94,881‌

Series

2024-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.65%),

3.59%,

01/14/33

.

82‌

95,257‌

Post

CLO

Ltd.,

Series

2021-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

10/15/34

(a)

(b)

.................

USD

3,000‌

2,997,065‌

Prodigy

Finance

DAC,

Series

2021-1A,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.36%),

5.04%,

07/25/51

(a)

(b)

...........

494‌

492,730‌

Progress

Residential

Trust,

Series

2021-SFR10,

Class

A,

2.39%,

12/17/40

(b)

............

2,933‌

2,775,919‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

98

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

PRPM

Issuer

LLC,

Series

2026-CRE1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.67%

Floor

+

1.67%),

5.35%,

03/19/43

(a)

(b)

...........

USD

3,020‌

$

3,010,490‌

QTS

Issuer

ABS

II

LLC

(b)

Series

2025-1A,

Class

A2,

5.04%,

10/05/55

.

4,330‌

4,241,311‌

Series

2026-1A,

Class

A2,

5.36%,

01/05/56

.

3,409‌

3,331,656‌

Series

2026-1A,

Class

B,

6.73%,

01/05/56

..

1,095‌

1,083,731‌

Series

2026-4A,

Class

A2,

5.70%,

03/05/56

.

3,448‌

3,422,005‌

Quarzo

SRL

(a)(d)

Series

2024-1,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.30%),

4.45%,

06/15/41

.

EUR

60‌

69,445‌

Series

2024-1,

Class

D,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.70%),

5.85%,

06/15/41

.

60‌

69,323‌

Series

2025-1,

Class

A,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.81%),

2.96%,

03/15/42

.

2,118‌

2,451,526‌

RCKT

Mortgage

Trust

(b)

Series

2023-CES3,

Class

A1A,

7.11%,

11/25/43

(a)

.....................

USD

1,079‌

1,086,713‌

Series

2024-CES1,

Class

A1A,

6.02%,

02/25/44

(a)

.....................

5,220‌

5,241,105‌

Series

2024-CES5,

Class

A2,

6.04%,

08/25/44

(c)

.....................

2,380‌

2,395,298‌

Series

2025-CES4,

Class

A1A,

5.81%,

04/25/55

(c)

.....................

3,909‌

3,937,941‌

Regatta

30

Funding

Ltd.,

Series

2024-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/25/38

(a)

(b)

...........

2,180‌

2,180,627‌

Regatta

36

Funding

Ltd.,

Series

2026-1A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.00%),

0.00%,

04/15/39

(a)

(b)

...........

250‌

250,000‌

Regatta

VIII

Funding

Ltd.,

Series

2017-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

04/17/37

(a)

(b)

..........

1,110‌

1,110,519‌

Regatta

XVIII

Funding

Ltd.,

Series

2021-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.16%),

4.83%,

04/15/38

(a)

(b)

......

575‌

573,684‌

Regional

Management

Issuance

Trust,

Series

2024-2,

Class

A,

5.11%,

12/15/33

(b)

.......

915‌

918,511‌

Republic

Finance

Issuance

Trust,

Series

2024-A,

Class

A,

5.91%,

08/20/32

(b)

............

3,670‌

3,683,725‌

RevoCar

UG,

Series

2024-1,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.56%),

2.48%,

02/21/37

(a)

(d)

......................

EUR

334‌

386,746‌

RMIT

Cash

Management

LLC,

Series

2021-3,

Class

A,

3.88%,

10/17/33

(b)

(e)

...........

USD

4,470‌

4,391,775‌

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2017-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.45%),

5.12%,

10/20/30

......................

—‌

(f)

300‌

Series

2021-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

5.10%,

07/20/34

......................

10,750‌

10,751,994‌

Series

2024-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.61%

Floor

+

1.61%),

5.28%,

04/20/37

......................

5,000‌

5,001,625‌

RR

32

Ltd.,

Series

2024-32RA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/15/39

(a)

(b)

...........

1,355‌

1,355,491‌

RR

36

Ltd.,

Series

2024-36RA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.96%,

01/15/40

(a)

(b)

...........

1,750‌

1,750,012‌

RR

43

Ltd.,

Series

2026-43A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.35%,

10/15/39

(a)

(b)

.................

1,190‌

1,186,746‌

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Sagard-HalseyPoint

CLO

10

Ltd.,

Series

2025-

10A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/20/38

(a)

(b)

.

USD

2,750‌

$

2,752,376‌

SAIF

Securitization

Trust,

Series

2026-CES1,

Class

A1A,

5.40%,

02/25/56

(b)

(c)

.........

1,895‌

1,893,734‌

Santander

Consumo

10

FT

(a)(d)

Series

10,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.74%,

05/22/41

.

EUR

300‌

346,768‌

Series

10,

Class

D,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.90%),

4.14%,

05/22/41

.

300‌

346,767‌

Santander

Drive

Auto

Receivables

Trust,

Series

2023-5,

Class

A3,

6.02%,

09/15/28

.......

USD

783‌

783,087‌

Satus

plc

(a)(d)

Series

2024-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.25%),

4.98%,

01/17/31

.................

GBP

141‌

186,683‌

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.05%),

5.78%,

01/17/31

.................

137‌

180,767‌

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.30%),

7.03%,

01/17/31

.................

100‌

131,043‌

Series

2024-1,

Class

E,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

5.30%),

9.03%,

01/17/31

.................

100‌

132,159‌

SC

Germany

SA

Compartment

Consumer

(a)(d)

Series

2020-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.75%),

3.69%,

11/14/34

.

EUR

325‌

375,434‌

Series

2020-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.50%),

4.44%,

11/14/34

.

133‌

154,034‌

Series

2024-1,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.65%),

2.59%,

01/14/38

.

518‌

599,165‌

Series

2024-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.00%),

2.94%,

01/14/38

.

256‌

295,444‌

Series

2024-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.30%),

3.24%,

01/14/38

.

426‌

491,696‌

Series

2024-2,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.40%),

3.34%,

05/14/38

.

100‌

115,658‌

Series

2024-2,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.70%),

3.64%,

05/14/38

.

100‌

115,825‌

Series

2025-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.95%),

2.89%,

12/14/38

.

1,000‌

1,150,771‌

Service

Experts

Issuer

LLC

(b)

Series

2021-1A,

Class

A,

2.67%,

02/02/32

..

USD

385‌

379,072‌

Series

2024-1A,

Class

A,

6.39%,

11/20/35

..

510‌

520,638‌

Sesac

Finance

LLC,

Series

2025-1,

Class

A2,

5.50%,

07/25/55

(b)

..................

1,625‌

1,592,952‌

Signal

Peak

CLO

12

Ltd.,

Series

2022-12A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

07/18/37

(a)

(b)

......

540‌

540,394‌

Signal

Peak

CLO

3

Ltd.,

Series

2016-3A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.59%

Floor

+

1.59%),

5.26%,

01/23/37

(a)

(b)

..........

800‌

800,356‌

Silver

Point

CLO

8

Ltd.,

Series

2025-8A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.21%

Floor

+

1.21%),

4.88%,

04/15/38

(a)

(b)

...........

1,000‌

998,676‌

Sixth

Street

CLO

XX

Ltd.,

Series

2021-20A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

07/17/38

(a)

(b)

......

1,000‌

1,001,250‌

SLM

Private

Credit

Student

Loan

Trust

(a)

Series

2004-A,

Class

A3,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.66%),

4.34%,

06/15/33

......................

100‌

99,833‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

Schedules

of

Investments

99

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2005-A,

Class

A4,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.57%),

4.25%,

12/15/38

......................

USD

2,422‌

$

2,400,961‌

Series

2005-B,

Class

A4,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.59%),

4.27%,

06/15/39

......................

2,383‌

2,335,975‌

Series

2007-A,

Class

A4A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.50%),

4.18%,

12/16/41

......................

1,381‌

1,362,649‌

SLM

Private

Education

Loan

Trust,

Series

2010-C,

Class

A5,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.86%),

8.54%,

10/15/41

(a)

(b)

.

9,329‌

9,785,239‌

SLM

Student

Loan

Trust,

Series

2013-4,

Class

A,

(SOFR

30

day

Average

at

0.00%

Floor

+

0.66%),

4.33%,

06/25/43

(a)

............

2,256‌

2,225,390‌

SMB

Private

Education

Loan

Trust

(b)

Series

2020-A,

Class

A2B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.94%),

4.62%,

09/15/37

(a)

.....................

338‌

337,720‌

Series

2021-A,

Class

APL,

(1M

Sofr

FWD

+

0.84%),

4.50%,

01/15/53

(a)

..........

6,805‌

6,742,474‌

Series

2021-C,

Class

APT1,

1.39%,

01/15/53

2,941‌

2,695,926‌

Series

2021-C,

Class

D,

3.93%,

01/15/53

..

134‌

119,706‌

SoFi

Consumer

Loan

Program

Trust

(b)

Series

2025-1,

Class

A,

4.80%,

02/27/34

...

1,101‌

1,103,363‌

Series

2026-B,

Class

A,

4.40%,

02/25/36

...

1,761‌

1,760,845‌

Series

2026-B,

Class

B,

4.90%,

02/25/36

...

1,760‌

1,758,089‌

Series

2026-B,

Class

C,

5.20%,

02/25/36

..

1,680‌

1,677,745‌

Series

2026-B,

Class

D,

5.56%,

02/25/36

..

1,649‌

1,647,067‌

SoFi

Personal

Loan

Trust

(b)

Series

2023-1,  0.00%,

10/15/30

(g)

.......

47‌

621,168‌

Series

2023-1A,

Class

A,

6.00%,

11/12/30

..

376‌

377,711‌

Series

2024-1A,

Class

A,

6.06%,

02/12/31

..

734‌

734,872‌

SoFi

Professional

Loan

Program

LLC,

Series

2019-A,

Class

A2FX,

3.69%,

06/15/48

(b)

...

509‌

506,486‌

SoFi

Professional

Loan

Program

Trust

(b)

Series

2018-C,

Class

A2FX,

3.59%,

01/25/48

252‌

250,815‌

Series

2021-A,

Class

AFX,

1.03%,

08/17/43

.

356‌

316,715‌

Sound

Point

CLO

XXVIII

Ltd.,

Series

2020-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

4.95%,

01/25/32

(a)

(b)

......

4,181‌

4,181,179‌

SpringCastle

America

Funding

LLC,

Series

2020-

AA,

Class

A,

1.97%,

09/25/37

(b)

.........

1,889‌

1,779,995‌

Stream

Innovations

Issuer

Trust,

Series

2025-1A,

Class

A,

5.05%,

09/15/45

(b)

............

330‌

331,271‌

Summit

Issuer

LLC,

Series

2025-1A,

Class

A2,

5.21%,

11/20/55

(b)

..................

2,607‌

2,600,455‌

Sunrise

Spv

95

SRL,

Series

2024-1,

Class

A1,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.80%),

2.75%,

03/27/49

(a)

(d)

.................

EUR

170‌

197,173‌

Sunrise

Spv

98

Srl

(a)(d)

Series

2026-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.25%),

3.27%,

04/27/51

.

375‌

433,468‌

Series

2026-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.52%,

04/27/51

.

173‌

199,970‌

Series

2026-1,

Class

E,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.85%),

4.87%,

04/27/51

.

183‌

211,531‌

TAGUS

-

Sociedade

de

Titularizacao

de

Creditos

SA

(a)(d)

Series

2,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.80%),

3.75%,

10/27/42

......

70‌

81,222‌

Series

2,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.60%),

4.55%,

10/27/42

......

70‌

81,515‌

Series

2,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.85%),

4.77%,

09/23/38

......

267‌

303,523‌

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

5.95%,

10/27/42

......

EUR

70‌

$

81,634‌

Series

3,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.40%),

3.35%,

10/27/43

......

100‌

115,398‌

Series

3,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.65%),

3.60%,

10/27/43

......

100‌

115,398‌

Series

3,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

4.95%,

10/27/43

......

200‌

230,752‌

Series

3,

Class

E,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.40%),

6.35%,

10/27/43

......

200‌

231,203‌

Series

6,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.20%),

3.33%,

12/25/39

......

400‌

462,962‌

TCW

CLO

Ltd.,

Series

2023-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

03/31/38

(a)

(b)

...........

USD

825‌

825,306‌

TICP

CLO

XI

Ltd.,

Series

2018-11A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

5.20%,

04/25/37

(a)

(b)

...........

1,420‌

1,420,599‌

Tikehau

US

CLO

IV

Ltd.,

Series

2023-1A,

Class

C1R,

(3-mo.

CME

Term

SOFR

at

2.30%

Floor

+

2.30%),

5.97%,

03/15/38

(a)

(b)

..........

1,000‌

1,003,250‌

Trestles

CLO

III

Ltd.,

Series

2020-3A,

Class

X,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

4.67%,

10/20/37

(a)

(b)

...........

634‌

634,281‌

Trinitas

CLO

XII

Ltd.

(a)(b)

Series

2020-12A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.05%),

4.72%,

04/25/33

.................

1,666‌

1,666,313‌

Series

2020-12A,

Class

B1R2,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

04/25/33

.................

3,500‌

3,493,309‌

UPG

HI

Issuer

Trust,

Series

2025-2,

Class

A,

5.00%,

09/25/47

(b)

..................

1,202‌

1,194,609‌

Upgrade

Master

Pass-Thru

Trust

(b)

Series

2025-ST4,

Class

A,

5.50%,

08/16/32

.

718‌

719,530‌

Series

2025-ST5,

Class

A,

4.79%,

09/15/32

.

4,399‌

4,402,669‌

Series

2025-ST6,

Class

A,

4.61%,

10/15/32

.

2,075‌

2,075,037‌

Series

2025-ST7,

Class

A,

4.55%,

11/15/32

.

1,640‌

1,640,579‌

Series

2025-ST7,

Class

B,

4.98%,

11/15/32

.

927‌

926,548‌

Series

2025-ST8,

Class

D,

5.91%,

12/15/33

.

642‌

638,474‌

Series

2026-ST1,

Class

A,

4.24%,

03/15/34

.

1,347‌

1,344,514‌

UPX

HIL

Issuer

Trust,

Series

2025-1,

Class

A,

5.16%,

01/25/47

(b)

..................

1,597‌

1,590,447‌

US

Bank

NA,

Series

2026-RVM1,

Class

B1,

4.96%,

12/25/46

(b)

..................

2,921‌

2,907,407‌

Vantage

Data

Centers

Germany

Borrower

Lux

SARL,

Series

2025-1X,

Class

A2,

4.29%,

06/28/50

(d)

.......................

EUR

822‌

937,872‌

Vantage

Data

Centers

Issuer

LLC,

Series

2025-

2A,

Class

A2,

5.24%,

11/15/55

(b)

.........

USD

1,613‌

1,588,524‌

Vantage

Data

Centers

Jersey

Borrower

Spv

Ltd.,

Series

2024-1X,

6.17%,

05/28/39

(d)

.......

GBP

867‌

1,150,104‌

VB-S1

Issuer

LLC,

Series

2026-1A,

Class

F,

6.84%,

03/15/56

(b)

..................

USD

2,142‌

2,151,041‌

Velocity

plc

(a)(d)

Series

2026-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.55%),

5.28%,

02/25/37

.................

GBP

100‌

132,363‌

Series

2026-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.80%),

5.53%,

02/25/37

.................

100‌

132,362‌

Series

2026-1,

Class

E,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.20%),

6.93%,

02/25/37

.................

100‌

132,363‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

100

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Venture

31

CLO

Ltd.,

Series

2018-31A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.03%

Floor

+

1.29%),

4.96%,

04/20/31

(a)

(b)

...........

USD

271‌

$

270,985‌

Vista

Point

Securitization

Trust

(b)(c)

Series

2024-CES1,

Class

A2,

6.84%,

05/25/54

......................

2,370‌

2,402,960‌

Series

2024-CES1,

Class

A3,

7.18%,

05/25/54

......................

1,192‌

1,211,096‌

Voya

Euro

CLO

III

DAC,

Series

3X,

Class

AR,

(3-mo.

EURIBOR

at

1.25%

Floor

+

1.25%),

3.19%,

03/16/38

(a)

(d)

.................

EUR

310‌

356,702‌

Warwick

Capital

CLO

6

Ltd.,

Series

2025-6A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.43%

Floor

+

1.43%),

5.10%,

07/20/38

(a)

(b)

......

USD

825‌

825,481‌

Whitebox

CLO

I

Ltd.,

Series

2019-1A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

01/24/37

(a)

(b)

......

4,450‌

4,440,652‌

Whitebox

CLO

II

Ltd.,

Series

2020-2A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

10/24/37

(a)

(b)

......

760‌

760,472‌

Youni

Italy

SRL

(a)(d)

Series

2024-1,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.88%),

2.82%,

04/25/34

.

EUR

269‌

311,510‌

Series

2024-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.70%),

3.64%,

04/25/34

.

74‌

85,605‌

Total

Asset-Backed

Securities

—

12

.8

%

(Cost:

$

520,291,188

)

..............................

516,008,432‌

Corporate

Bonds

Aerospace

&

Defense

—

1.2%

AAR

Escrow

Issuer

LLC,

6.75%,

03/15/29

(b)

...

USD

137‌

139,439‌

ATI,

Inc.

5.88%

,

12/01/27

...................

1,774‌

1,773,657‌

4.88%

,

10/01/29

...................

77‌

75,973‌

7.25%

,

08/15/30

...................

426‌

441,749‌

Boeing

Co.

(The)

6.30%

,

05/01/29

...................

5,045‌

5,296,420‌

5.15%

,

05/01/30

...................

2,982‌

3,031,919‌

Bombardier,

Inc.

(b)

8.75%

,

11/15/30

...................

2,117‌

2,251,518‌

7.25%

,

07/01/31

...................

175‌

183,386‌

BWX

Technologies,

Inc.,

4.13%,

06/30/28

(b)

...

444‌

431,711‌

Efesto

Bidco

SpA

Efesto

US

LLC,

Series

XR,

7.50%,

02/15/32

(b)

.................

2,000‌

1,989,862‌

Goat

Holdco

LLC,

6.75%,

02/01/32

(b)

.......

355‌

357,176‌

Honeywell

Aerospace,

Inc.,

4.30%,

03/16/31

(b)

.

4,420‌

4,372,196‌

L3Harris

Technologies,

Inc.,

4.40%,

06/15/28

..

901‌

901,558‌

Lockheed

Martin

Corp.,

5.10%,

11/15/27

.....

989‌

1,005,913‌

Moog,

Inc.

(b)

4.25%

,

12/15/27

...................

16‌

15,991‌

5.50%

,

10/15/34

...................

114‌

114,358‌

RTX

Corp.

2.65%

,

11/01/26

...................

1,150‌

1,140,807‌

3.50%

,

03/15/27

...................

2,522‌

2,504,088‌

3.13%

,

05/04/27

...................

5,802‌

5,726,991‌

4.13%

,

11/16/28

...................

6,351‌

6,324,338‌

5.75%

,

01/15/29

...................

900‌

933,663‌

2.25%

,

07/01/30

...................

340‌

310,845‌

TransDigm,

Inc.

(b)

6.75%

,

08/15/28

...................

882‌

892,707‌

6.38%

,

03/01/29

...................

4,159‌

4,236,619‌

6.63%

,

03/01/32

...................

1,031‌

1,051,486‌

6.38%

,

05/31/33

...................

232‌

230,763‌

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

6.13%

,

07/31/34

...................

USD

1,113‌

$

1,094,683‌

46,829,816‌

Air

Freight

&

Logistics

—

0.0%

(b)

Rand

Parent

LLC,

8.50%,

02/15/30

........

103‌

105,732‌

Stonepeak

Nile

Parent

LLC,

7.25%,

03/15/32

..

53‌

55,125‌

160,857‌

Automobile

Components

—

0.2%

American

Axle

&

Manufacturing,

Inc.,

6.38%,

10/15/32

(b)

......................

141‌

139,554‌

Aptiv

Swiss

Holdings

Ltd.,

4.65%,

09/13/29

...

4,075‌

4,154,405‌

Clarios

Global

LP

(b)

6.75%

,

05/15/28

...................

781‌

788,600‌

6.75%

,

02/15/30

...................

756‌

773,010‌

4.75%

,

06/15/31

...................

EUR

205‌

232,653‌

Cyprium

Corp.,

6.13%,

04/15/31

(b)

.........

USD

186‌

183,362‌

Dana,

Inc.

4.25%

,

09/01/30

...................

27‌

25,543‌

4.50%

,

02/15/32

...................

44‌

41,061‌

Goodyear

Tire

&

Rubber

Co.

(The),

6.63%,

07/15/30

.......................

174‌

170,151‌

Icahn

Enterprises

LP

5.25%

,

05/15/27

...................

2,119‌

2,076,424‌

9.75%

,

01/15/29

...................

56‌

55,056‌

4.38%

,

02/01/29

...................

128‌

109,230‌

10.00%

,

11/15/29

(b)

.................

409‌

402,926‌

Tenneco,

Inc.,

8.00%,

11/17/28

(b)

.........

267‌

266,050‌

9,418,025‌

Automobiles

—

0.1%

Nissan

Motor

Acceptance

Co.

LLC,

6.13%,

09/30/30

(b)

......................

512‌

492,053‌

Nissan

Motor

Co.

Ltd.

(b)

7.75%

,

07/17/32

...................

920‌

931,587‌

8.13%

,

07/17/35

...................

480‌

493,844‌

Stellantis

NV,

3.38%,

11/19/28

(d)

..........

EUR

2,300‌

2,620,596‌

4,538,080‌

Banks

—

9.4%

Bank

of

America

Corp.

(a)

(1-day

SOFR

+

1.34%),

5.93%

,

09/15/27

..

USD

18,162‌

18,288,087‌

Series

FIX

,

(1-day

SOFR

+

0.83%),

4.98%

,

01/24/29

......................

4,583‌

4,618,706‌

(1-day

SOFR

+

1.11%),

4.62%

,

05/09/29

..

17,994‌

18,072,229‌

(1-day

SOFR

+

1.06%),

2.09%

,

06/14/29

..

305‌

290,189‌

(3-mo.

CME

Term

SOFR

+

1.47%),

3.97%

,

02/07/30

......................

895‌

882,686‌

Series

FIX

,

(1-day

SOFR

+

1.00%),

5.16%

,

01/24/31

......................

6,459‌

6,582,056‌

(1-day

SOFR

+

0.87%),

4.46%

,

02/06/32

..

6,229‌

6,151,041‌

(1-day

SOFR

+

1.32%),

2.69%

,

04/22/32

..

3,369‌

3,053,050‌

Citibank

NA

4.58%

,

05/29/27

...................

4,808‌

4,827,128‌

5.80%

,

09/29/28

...................

663‌

688,454‌

4.91%

,

05/29/30

...................

3,712‌

3,769,869‌

Citigroup,

Inc.

3.20%

,

10/21/26

...................

9,984‌

9,928,998‌

(1-day

SOFR

+

1.14%),

4.64%

,

05/07/28

(a)

.

15,767‌

15,793,083‌

(3-mo.

CME

Term

SOFR

+

1.41%),

3.52%

,

10/27/28

(a)

.....................

5,000‌

4,925,600‌

(3-mo.

CME

Term

SOFR

+

1.45%),

4.08%

,

04/23/29

(a)

.....................

1,954‌

1,939,626‌

(1-day

SOFR

+

1.36%),

5.17%

,

02/13/30

(a)

.

8,354‌

8,482,782‌

(3-mo.

CME

Term

SOFR

+

1.60%),

3.98%

,

03/20/30

(a)

.....................

5,090‌

5,007,849‌

(1-day

SOFR

+

1.34%),

4.54%

,

09/19/30

(a)

.

8,815‌

8,784,415‌

(1-day

SOFR

+

1.46%),

4.95%

,

05/07/31

(a)

.

12,134‌

12,212,647‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

Schedules

of

Investments

101

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(1-day

SOFR

+

1.17%),

4.50%

,

09/11/31

(a)

.

USD

8,023‌

$

7,931,811‌

Fifth

Third

Bancorp,

(1-day

SOFR

+

0.95%),

4.57%,

04/29/32

(a)

.................

2,285‌

2,239,872‌

JPMorgan

Chase

&

Co.

(a)

(1-day

SOFR

+

0.77%),

1.47%

,

09/22/27

..

2,330‌

2,298,115‌

(1-day

SOFR

+

1.33%),

6.07%

,

10/22/27

..

9,500‌

9,590,568‌

(1-day

SOFR

+

0.93%),

4.98%

,

07/22/28

..

18,135‌

18,256,893‌

(1-day

SOFR

+

0.80%),

4.92%

,

01/24/29

..

10,987‌

11,080,575‌

(1-day

SOFR

+

1.02%),

2.07%

,

06/01/29

..

1,200‌

1,141,794‌

(1-day

SOFR

+

1.45%),

5.30%

,

07/24/29

..

3,020‌

3,076,362‌

(1-day

SOFR

+

1.31%),

5.01%

,

01/23/30

..

4,254‌

4,313,516‌

(3-mo.

CME

Term

SOFR

+

1.42%),

3.70%

,

05/06/30

......................

15,870‌

15,476,908‌

(1-day

SOFR

+

1.13%),

5.00%

,

07/22/30

..

8,045‌

8,159,214‌

(1-day

SOFR

+

1.01%),

5.14%

,

01/24/31

..

10,129‌

10,314,374‌

(1-day

SOFR

+

1.44%),

5.10%

,

04/22/31

..

1,484‌

1,510,945‌

(1-day

SOFR

+

0.93%),

4.26%

,

10/22/31

..

5,025‌

4,946,511‌

(1-day

SOFR

+

0.84%),

4.35%

,

01/22/32

..

3,425‌

3,376,664‌

(1-day

SOFR

+

1.07%),

1.95%

,

02/04/32

..

4,580‌

4,032,678‌

KeyCorp,

(SOFR

Index

+

1.23%),

5.12%,

04/04/31

(a)

......................

187‌

188,845‌

Morgan

Stanley

Bank

NA,

(1-day

SOFR

+

0.93%),

4.97%,

07/14/28

(a)

............

17,587‌

17,691,312‌

Morgan

Stanley

Private

Bank

NA

(a)

(1-day

SOFR

+

0.77%),

4.47%

,

07/06/28

..

10,000‌

9,999,629‌

(1-day

SOFR

+

0.78%),

4.20%

,

11/17/28

..

2,965‌

2,954,732‌

(1-day

SOFR

+

1.08%),

4.73%

,

07/18/31

..

13,844‌

13,801,119‌

(1-day

SOFR

+

1.02%),

4.47%

,

11/19/31

..

3,950‌

3,888,700‌

PNC

Bank

NA,

(1-day

SOFR

+

0.63%),

4.54%,

05/13/27

(a)

......................

11,240‌

11,240,448‌

Truist

Financial

Corp.

(a)

(1-day

SOFR

+

2.05%),

6.05%

,

06/08/27

..

3,943‌

3,952,933‌

(1-day

SOFR

+

0.86%),

1.89%

,

06/07/29

..

1,317‌

1,246,463‌

(1-day

SOFR

+

1.62%),

5.44%

,

01/24/30

..

1,627‌

1,665,330‌

Wells

Fargo

&

Co.

(a)

Series

W

,

(1-day

SOFR

+

0.78%),

4.90%

,

01/24/28

......................

946‌

949,431‌

(1-day

SOFR

+

1.07%),

5.71%

,

04/22/28

..

16,506‌

16,718,918‌

(1-day

SOFR

+

1.37%),

4.97%

,

04/23/29

..

8,903‌

8,980,196‌

(1-day

SOFR

+

1.74%),

5.57%

,

07/25/29

..

4,410‌

4,511,309‌

(1-day

SOFR

+

0.88%),

4.08%

,

09/15/29

..

9,960‌

9,850,428‌

(1-day

SOFR

+

0.74%),

4.18%

,

01/23/30

..

3,370‌

3,340,141‌

(3-mo.

CME

Term

SOFR

+

1.43%),

2.88%

,

10/30/30

......................

4,150‌

3,915,438‌

(1-day

SOFR

+

1.50%),

5.15%

,

04/23/31

..

4,136‌

4,206,667‌

Westpac

Banking

Corp.,

4.18%,

05/22/28

(b)

...

17,040‌

17,083,968‌

378,231,302‌

Biotechnology

—

0.5%

AbbVie,

Inc.

4.80%

,

03/15/29

...................

2,864‌

2,910,015‌

3.20%

,

11/21/29

...................

636‌

613,146‌

4.88%

,

03/15/30

...................

1,783‌

1,818,569‌

4.13%

,

03/15/31

...................

2,225‌

2,192,713‌

Amgen,

Inc.

2.20%

,

02/21/27

...................

1,323‌

1,298,836‌

5.15%

,

03/02/28

...................

5,257‌

5,334,039‌

1.65%

,

08/15/28

...................

817‌

770,340‌

4.05%

,

08/18/29

...................

3,680‌

3,645,547‌

5.25%

,

03/02/30

...................

208‌

213,582‌

BioMarin

Pharmaceutical,

Inc.,

5.50%,

02/15/34

(b)

321‌

316,043‌

Genmab

A/S,

6.25%,

12/15/32

(b)

..........

201‌

206,071‌

19,318,901‌

Security

Par

(000)

Par

(000)

Value

Broadline

Retail

—

0.4%

Amazon.com,

Inc.,

4.00%,

03/13/29

.......

USD

13,380‌

$

13,312,365‌

Getty

Images,

Inc.,

10.50%,

11/15/30

(b)

......

127‌

113,896‌

Match

Group

Holdings

II

LLC

(b)

4.63%

,

06/01/28

...................

812‌

793,840‌

4.13%

,

08/01/30

...................

47‌

43,556‌

3.63%

,

10/01/31

...................

19‌

16,893‌

Rakuten

Group,

Inc.,

9.75%,

04/15/29

(b)

.....

400‌

426,239‌

14,706,789‌

Building

Products

—

0.3%

(b)

Advanced

Drainage

Systems,

Inc.

6.38%

,

06/15/30

...................

427‌

430,710‌

5.38%

,

03/01/34

...................

490‌

476,829‌

EMRLD

Borrower

LP

6.63%

,

12/15/30

...................

3,289‌

3,345,107‌

6.75%

,

07/15/31

...................

735‌

755,915‌

New

Enterprise

Stone

&

Lime

Co.,

Inc.,

5.25%,

07/15/28

.......................

111‌

109,357‌

Quikrete

Holdings,

Inc.,

6.38%,

03/01/32

....

1,849‌

1,874,891‌

Smyrna

Ready

Mix

Concrete

LLC,

6.00%,

11/01/28

.......................

1,170‌

1,161,176‌

Standard

Building

Solutions,

Inc.,

6.50%,

08/15/32

.......................

1,054‌

1,054,545‌

Standard

Industries,

Inc.

4.75%

,

01/15/28

...................

1,647‌

1,628,029‌

4.38%

,

07/15/30

...................

605‌

570,252‌

11,406,811‌

Capital

Markets

—

4.7%

Deutsche

Bank

AG

(a)

(1-day

SOFR

+

1.21%),

5.37%

,

01/10/29

..

6,177‌

6,248,136‌

(1-day

SOFR

+

2.51%),

6.82%

,

11/20/29

..

699‌

733,928‌

(1-day

SOFR

+

1.10%),

4.47%

,

12/10/31

..

930‌

914,407‌

Focus

Financial

Partners

LLC,

6.75%,

09/15/31

(b)

146‌

144,999‌

Goldman

Sachs

Group,

Inc.

(The)

(a)

(1-day

SOFR

+

0.82%),

1.54%

,

09/10/27

..

10,630‌

10,492,236‌

(1-day

SOFR

+

0.91%),

1.95%

,

10/21/27

..

13,057‌

12,878,798‌

(1-day

SOFR

+

1.11%),

2.64%

,

02/24/28

..

1,348‌

1,326,279‌

(1-day

SOFR

+

1.32%),

4.94%

,

04/23/28

..

10,550‌

10,601,544‌

(1-day

SOFR

+

0.71%),

4.15%

,

01/21/29

..

8,790‌

8,735,761‌

(3-mo.

CME

Term

SOFR

+

1.56%),

4.22%

,

05/01/29

......................

3,000‌

2,983,072‌

(1-day

SOFR

+

0.90%),

4.15%

,

10/21/29

..

12,750‌

12,631,026‌

(1-day

SOFR

+

1.77%),

6.48%

,

10/24/29

..

1,390‌

1,454,141‌

(1-day

SOFR

+

1.27%),

5.73%

,

04/25/30

..

177‌

182,609‌

(1-day

SOFR

+

1.21%),

5.05%

,

07/23/30

..

12,717‌

12,870,207‌

(1-day

SOFR

+

1.58%),

5.22%

,

04/23/31

..

11,792‌

11,990,873‌

(1-day

SOFR

+

1.06%),

4.37%

,

10/21/31

..

8,540‌

8,373,694‌

(1-day

SOFR

+

0.96%),

4.52%

,

01/21/32

..

5,000‌

4,924,210‌

Morgan

Stanley

3.95%

,

04/23/27

...................

6,690‌

6,650,350‌

(SOFR

6

Month

+

1.00%),

2.48%

,

01/21/28

(a)

4,791‌

4,715,907‌

(1-day

SOFR

+

1.38%),

4.99%

,

04/12/29

(a)

.

13,689‌

13,814,499‌

(1-day

SOFR

+

0.80%),

4.24%

,

01/09/30

(a)

.

3,170‌

3,138,010‌

(1-day

SOFR

+

1.45%),

5.17%

,

01/16/30

(a)

.

3,570‌

3,620,211‌

(1-day

SOFR

+

1.26%),

5.66%

,

04/18/30

(a)

.

8,499‌

8,743,103‌

(1-day

SOFR

+

1.22%),

5.04%

,

07/19/30

(a)

.

10,557‌

10,679,117‌

(1-day

SOFR

+

1.10%),

4.65%

,

10/18/30

(a)

.

3,520‌

3,518,548‌

(1-day

SOFR

+

1.51%),

5.19%

,

04/17/31

(a)

.

2,335‌

2,369,775‌

(1-day

SOFR

+

0.95%),

4.49%

,

01/16/32

(a)

.

4,725‌

4,645,565‌

(1-day

SOFR

+

1.20%),

4.71%

,

03/12/32

(a)

.

3,770‌

3,744,616‌

Osaic

Holdings,

Inc.,

6.75%,

08/01/32

(b)

.....

380‌

380,048‌

UBS

Group

AG

(b)

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.85%),

1.49%

,

08/10/27

(a)

.....................

8,065‌

7,978,073‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

102

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

4.28%

,

01/09/28

...................

USD

875‌

$

871,833‌

(1-day

SOFR

+

1.06%),

4.40%

,

09/23/31

(a)

.

1,770‌

1,737,676‌

(1-day

SOFR

+

1.05%),

4.59%

,

08/10/32

(a)

.

3,460‌

3,400,760‌

187,494,011‌

Chemicals

—

0.3%

Axalta

Coating

Systems

LLC,

4.75%,

06/15/27

(b)

666‌

661,494‌

Celanese

US

Holdings

LLC,

7.00%,

02/15/31

..

28‌

28,750‌

Chemours

Co.

(The)

(b)

5.75%

,

11/15/28

...................

342‌

338,623‌

4.63%

,

11/15/29

...................

319‌

299,144‌

7.88%

,

03/15/34

...................

201‌

200,941‌

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

...

1,931‌

1,880,085‌

FMC

Corp.

3.45%

,

10/01/29

...................

157‌

140,239‌

4.50%

,

10/01/49

...................

46‌

28,466‌

6.38%

,

05/18/53

...................

33‌

24,864‌

LYB

International

Finance

III

LLC,

5.13%,

01/15/31

.......................

1,060‌

1,061,290‌

Olympus

Water

US

Holding

Corp.

(b)

7.25%

,

06/15/31

...................

535‌

522,536‌

6.75%

,

08/01/32

...................

1,200‌

1,142,789‌

7.25%

,

02/15/33

...................

1,000‌

954,101‌

Perimeter

Holdings

LLC,

6.25%,

01/15/34

(b)

...

611‌

599,239‌

Scotts

Miracle-Gro

Co.

(The),

4.50%,

10/15/29

.

23‌

22,484‌

SK

Invictus

Intermediate

II

SARL,

5.00%,

10/30/29

(b)

......................

231‌

225,310‌

WR

Grace

Holdings

LLC

(b)

5.63%

,

08/15/29

...................

955‌

878,332‌

7.38%

,

03/01/31

...................

532‌

533,373‌

6.63%

,

08/15/32

...................

811‌

790,202‌

7.00%

,

08/01/33

...................

275‌

267,073‌

10,599,335‌

Commercial

Services

&

Supplies

—

0.4%

(b)

ADT

Security

Corp.

(The),

5.88%,

10/15/33

...

313‌

303,143‌

Allied

Universal

Holdco

LLC

4.63%

,

06/01/28

...................

1,355‌

1,323,305‌

6.88%

,

06/15/30

...................

1,355‌

1,373,539‌

7.88%

,

02/15/31

...................

4,148‌

4,277,480‌

Aramark

Services,

Inc.,

5.00%,

02/01/28

.....

610‌

606,400‌

Brink's

Co.

(The),

6.50%,

06/15/29

........

258‌

261,994‌

Deluxe

Corp.,

8.13%,

09/15/29

..........

56‌

58,133‌

Garda

World

Security

Corp.,

7.75%,

02/15/28

.

2,007‌

2,041,655‌

GFL

Environmental

Holdings

US,

Inc.,

5.50%,

02/01/34

.......................

421‌

412,915‌

GFL

Environmental,

Inc.

4.00%

,

08/01/28

...................

675‌

656,182‌

4.38%

,

08/15/29

...................

45‌

43,782‌

6.75%

,

01/15/31

...................

165‌

170,746‌

Group

Laboratories

South

Africa

Pty.

Ltd.

(h)(i)

5.88%

,

11/01/28

...................

263‌

135,445‌

9.50%

,

11/01/28

...................

438‌

225,570‌

8.63%

,

10/01/31

...................

259‌

133,385‌

Luna

1.5

SARL,

10.50%,

07/01/32

........

EUR

135‌

165,402‌

RR

Donnelley

&

Sons

Co.,

9.50%,

08/01/29

...

USD

659‌

667,042‌

Sabre

Financial

Borrower

LLC,

11.13%,

06/15/29

712‌

728,606‌

Veritiv

Operating

Co.,

10.50%,

11/30/30

.....

78‌

81,061‌

Waste

Pro

USA,

Inc.,

7.00%,

02/01/33

......

749‌

757,427‌

Williams

Scotsman,

Inc.

6.63%

,

06/15/29

...................

314‌

317,531‌

6.63%

,

04/15/30

...................

379‌

384,984‌

15,125,727‌

Communications

Equipment

—

0.0%

Motorola

Solutions,

Inc.

4.60%

,

02/23/28

...................

233‌

233,892‌

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

(continued)

5.00%

,

04/15/29

...................

USD

183‌

$

185,396‌

2.30%

,

11/15/30

...................

480‌

432,649‌

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

(b)

.....

36‌

33,776‌

885,713‌

Construction

&

Engineering

—

0.0%

(b)

Arcosa,

Inc.,

4.38%,

04/15/29

...........

280‌

270,128‌

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

1,478‌

1,350,763‌

Dycom

Industries,

Inc.,

4.50%,

04/15/29

.....

55‌

53,349‌

Weekley

Homes

LLC,

6.75%,

01/15/34

......

185‌

177,183‌

1,851,423‌

Consumer

Finance

—

1.7%

AerCap

Ireland

Capital

DAC,

4.38%,

11/15/30

.

3,285‌

3,226,325‌

Ally

Financial,

Inc.,

(SOFR

Index

+

1.96%),

5.74%,

05/15/29

(a)

.................

1,097‌

1,114,109‌

American

Express

Co.,

(1-day

SOFR

+

0.87%),

4.46%,

02/10/32

(a)

.................

3,705‌

3,666,634‌

Azorra

Finance

Ltd.

(b)

7.75%

,

04/15/30

...................

199‌

205,113‌

7.25%

,

01/15/31

...................

328‌

331,178‌

6.25%

,

02/15/34

...................

108‌

100,379‌

Capital

One

Financial

Corp.

3.75%

,

03/09/27

...................

1,171‌

1,164,108‌

(1-day

SOFR

+

0.86%),

1.88%

,

11/02/27

(a)

.

4,734‌

4,655,774‌

3.80%

,

01/31/28

...................

746‌

737,239‌

(1-day

SOFR

+

2.64%),

6.31%

,

06/08/29

(a)

.

731‌

755,864‌

(1-day

SOFR

+

1.91%),

5.70%

,

02/01/30

(a)

.

3,143‌

3,224,454‌

(1-day

SOFR

+

1.25%),

4.49%

,

09/11/31

(a)

.

3,225‌

3,166,514‌

Ford

Motor

Credit

Co.

LLC

5.80%

,

03/05/27

...................

5,084‌

5,112,038‌

4.95%

,

05/28/27

...................

1,795‌

1,794,460‌

7.35%

,

11/04/27

...................

4,112‌

4,243,779‌

4.97%

,

04/06/29

...................

3,030‌

2,992,617‌

5.88%

,

11/07/29

...................

5,477‌

5,545,410‌

General

Motors

Financial

Co.,

Inc.

5.80%

,

01/07/29

...................

2,385‌

2,454,620‌

4.60%

,

01/08/31

...................

2,315‌

2,281,591‌

GGAM

Finance

Ltd.

(b)

8.00%

,

06/15/28

...................

45‌

46,704‌

6.88%

,

04/15/29

...................

833‌

851,530‌

5.88%

,

03/15/30

...................

312‌

310,830‌

Global

Aircraft

Leasing

Co.

Ltd.,

8.75%,

09/01/27

(b)

......................

511‌

518,512‌

Navient

Corp.

9.38%

,

07/25/30

...................

570‌

555,661‌

7.88%

,

06/15/32

...................

376‌

335,222‌

OneMain

Finance

Corp.

3.50%

,

01/15/27

...................

146‌

143,243‌

6.63%

,

05/15/29

...................

514‌

514,499‌

7.88%

,

03/15/30

...................

1,420‌

1,465,408‌

6.13%

,

05/15/30

...................

484‌

473,275‌

4.00%

,

09/15/30

...................

13‌

11,740‌

7.50%

,

05/15/31

...................

208‌

209,110‌

6.75%

,

03/15/32

...................

152‌

147,476‌

Phoenix

Aviation

Capital

Ltd.,

9.25%,

07/15/30

(b)

840‌

845,284‌

SLM

Corp.,

3.13%,

11/02/26

............

108‌

107,004‌

Synchrony

Financial

5.15%

,

03/19/29

...................

2,700‌

2,706,547‌

(1-day

SOFR

+

1.40%),

5.02%

,

07/29/29

(a)

.

1,685‌

1,683,346‌

(SOFR

Index

+

2.13%),

5.94%

,

08/02/30

(a)

.

1,345‌

1,366,580‌

(1-day

SOFR

+

1.68%),

5.45%

,

03/06/31

(a)

.

8,035‌

8,028,347‌

67,092,524‌

Consumer

Staples

Distribution

&

Retail

—

0.1%

(b)

Albertsons

Cos.,

Inc.

5.50%

,

03/31/31

...................

154‌

152,255‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

Schedules

of

Investments

103

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Staples

Distribution

&

Retail

(continued)

5.63%

,

03/31/32

...................

USD

133‌

$

130,941‌

5.75%

,

03/31/34

...................

271‌

265,132‌

Boots

Group

Finco

LP

5.38%

,

08/31/32

...................

EUR

385‌

442,743‌

7.38%

,

08/31/32

...................

GBP

165‌

216,892‌

KeHE

Distributors

LLC,

9.00%,

02/15/29

.....

USD

96‌

99,941‌

Performance

Food

Group,

Inc.

4.25%

,

08/01/29

...................

6‌

5,764‌

5.63%

,

03/01/34

...................

571‌

550,725‌

US

Foods,

Inc.

4.75%

,

02/15/29

...................

54‌

53,282‌

4.63%

,

06/01/30

...................

35‌

34,079‌

1,951,754‌

Containers

&

Packaging

—

0.2%

Ardagh

Group

SA

(b)

9.50%

,

12/01/30

...................

166‌

174,263‌

12.00%

,

(

12.00

%

Cash

or

6.50

%

PIK),

12/01/30

(a)

(j)

....................

200‌

163,665‌

Ardagh

Metal

Packaging

Finance

USA

LLC

(b)

3.25%

,

09/01/28

...................

200‌

190,215‌

4.00%

,

09/01/29

...................

200‌

183,140‌

6.25%

,

01/30/31

...................

362‌

358,892‌

Canpack

SA,

2.38%,

11/01/27

(d)

..........

EUR

100‌

112,056‌

Clydesdale

Acquisition

Holdings,

Inc.

(b)

6.63%

,

04/15/29

...................

USD

1,275‌

1,252,131‌

6.88%

,

01/15/30

...................

416‌

404,340‌

6.75%

,

04/15/32

...................

927‌

877,075‌

Mauser

Packaging

Solutions

Holding

Co.,

7.88%,

04/15/30

(b)

......................

3,668‌

3,668,000‌

Sealed

Air

Corp.

(b)

4.00%

,

12/01/27

...................

223‌

222,442‌

5.00%

,

04/15/29

...................

36‌

36,270‌

Silgan

Holdings,

Inc.,

4.25%,

02/15/31

(b)

.....

EUR

280‌

313,231‌

Trivium

Packaging

Finance

BV

(b)

6.63%

,

07/15/30

...................

100‌

116,153‌

8.25%

,

07/15/30

...................

USD

180‌

188,331‌

8,260,204‌

Distributors

—

0.0%

(b)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

3.88%,

11/15/29

...............

45‌

42,655‌

Gates

Corp.,

6.88%,

07/01/29

...........

190‌

194,947‌

Resideo

Funding,

Inc.,

6.50%,

07/15/32

.....

581‌

572,446‌

810,048‌

Diversified

Consumer

Services

—

0.1%

Belron

UK

Finance

plc,

5.75%,

10/15/29

(b)

....

1,361‌

1,369,594‌

Service

Corp.

International

3.38%

,

08/15/30

...................

4‌

3,691‌

4.00%

,

05/15/31

...................

785‌

731,726‌

Sotheby's

(b)

7.38%

,

10/15/27

...................

669‌

665,795‌

5.88%

,

06/01/29

...................

200‌

187,772‌

Wand

NewCo

3,

Inc.,

7.63%,

01/30/32

(b)

.....

736‌

752,558‌

3,711,136‌

Diversified

REITs

—

1.6%

Equinix

Asia

Financing

Corp.

Pte.

Ltd.,

4.40%,

03/15/31

.......................

6,235‌

6,102,756‌

Equinix

Europe

2

Financing

Corp.

LLC,

4.60%,

11/15/30

.......................

4,790‌

4,745,332‌

GLP

Capital

LP

5.75%

,

06/01/28

...................

1,861‌

1,889,339‌

5.30%

,

01/15/29

...................

3,518‌

3,548,512‌

4.00%

,

01/15/30

...................

2,010‌

1,929,300‌

VICI

Properties

LP

4.50%

,

09/01/26

(b)

..................

5,266‌

5,259,844‌

Security

Par

(000)

Par

(000)

Value

Diversified

REITs

(continued)

4.25%

,

12/01/26

(b)

..................

USD

7,154‌

$

7,134,448‌

5.75%

,

02/01/27

(b)

..................

3,780‌

3,801,755‌

4.50%

,

01/15/28

(b)

..................

1,090‌

1,083,559‌

4.75%

,

02/15/28

...................

7,230‌

7,236,533‌

4.75%

,

04/01/28

...................

10,595‌

10,605,789‌

4.63%

,

12/01/29

(b)

..................

3,255‌

3,200,103‌

4.95%

,

02/15/30

...................

8,687‌

8,673,106‌

4.13%

,

08/15/30

(b)

..................

900‌

861,884‌

66,072,260‌

Diversified

Telecommunication

Services

—

0.8%

APLD

ComputeCo

2

LLC,

6.75%,

03/15/31

(b)

..

731‌

725,678‌

APLD

ComputeCo

LLC,

9.25%,

12/15/30

(b)

...

286‌

294,672‌

AT&T,

Inc.

1.65%

,

02/01/28

...................

3,528‌

3,361,735‌

4.35%

,

03/01/29

...................

3,313‌

3,315,968‌

Black

Pearl

Compute

LLC,

6.13%,

02/15/31

(b)

..

748‌

761,312‌

CCO

Holdings

LLC

(b)

5.13%

,

05/01/27

...................

47‌

46,947‌

5.38%

,

06/01/29

...................

1,257‌

1,239,720‌

6.38%

,

09/01/29

...................

994‌

997,050‌

4.75%

,

03/01/30

...................

2,843‌

2,697,649‌

4.25%

,

02/01/31

...................

220‌

200,520‌

7.38%

,

03/01/31

...................

309‌

314,554‌

7.00%

,

02/01/33

...................

468‌

469,289‌

7.38%

,

02/01/36

...................

893‌

889,291‌

Cipher

Compute

LLC,

7.13%,

11/15/30

(b)

.....

638‌

660,986‌

Flash

Compute

LLC,

7.25%,

12/31/30

(b)

.....

948‌

954,438‌

Frontier

Communications

Holdings

LLC

(b)

5.00%

,

05/01/28

...................

538‌

537,916‌

8.75%

,

05/15/30

...................

580‌

595,130‌

Level

3

Financing,

Inc.

(b)

6.88%

,

06/30/33

...................

1,516‌

1,543,775‌

7.00%

,

03/31/34

...................

1,466‌

1,500,577‌

8.50%

,

01/15/36

...................

1,662‌

1,734,150‌

Maya

SAS,

7.00%,

04/15/32

(b)

...........

400‌

400,479‌

Sable

International

Finance

Ltd.,

7.13%,

10/15/32

(b)

......................

400‌

393,643‌

SV

RNO

Property

Owner

1

LLC,

5.88%,

03/01/31

(b)

......................

2,013‌

1,989,836‌

Telecom

Italia

Capital

SA,

7.72%,

06/04/38

...

200‌

222,737‌

Virgin

Media

Secured

Finance

plc,

5.50%,

05/15/29

(b)

......................

1,269‌

1,217,072‌

Windstream

Services

LLC

(b)

8.25%

,

10/01/31

...................

2,316‌

2,420,584‌

7.50%

,

10/15/33

...................

33‌

34,308‌

WULF

Compute

LLC,

7.75%,

10/15/30

(b)

.....

870‌

919,312‌

Zayo

Group

Holdings,

Inc.,

6.25%,

(6.25%

Cash

or

0.50%

PIK),

03/09/30

(a)

(b)

(j)

..........

1,655‌

1,645,631‌

32,084,959‌

Electric

Utilities

—

3.3%

Alpha

Generation

LLC,

6.75%,

10/15/32

(b)

....

297‌

301,346‌

ContourGlobal

Power

Holdings

SA,

6.75%,

02/28/30

(b)

......................

200‌

202,248‌

Duke

Energy

Carolinas

LLC

2.45%

,

02/01/30

...................

1,085‌

1,009,232‌

4.85%

,

03/15/30

...................

3,392‌

3,453,778‌

Duke

Energy

Corp.

2.65%

,

09/01/26

...................

7,257‌

7,206,143‌

4.85%

,

01/05/27

...................

332‌

333,474‌

3.15%

,

08/15/27

...................

1,426‌

1,404,709‌

4.30%

,

03/15/28

...................

1,238‌

1,235,825‌

4.85%

,

01/05/29

...................

3,971‌

4,019,669‌

3.40%

,

06/15/29

...................

2,376‌

2,300,611‌

2.45%

,

06/01/30

...................

500‌

460,696‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

104

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Emera

US

Finance

LLC,

4.50%,

04/01/29

....

USD

4,904‌

$

4,898,160‌

Eversource

Energy,

4.75%,

05/15/26

.......

309‌

309,166‌

FirstEnergy

Corp.

Series

B

,

3.90%

,

07/15/27

(c)

............

3,904‌

3,872,208‌

2.65%

,

03/01/30

...................

3,070‌

2,842,185‌

Series

B

,

2.25%

,

09/01/30

.............

2,029‌

1,828,172‌

FirstEnergy

Pennsylvania

Electric

Co.,

4.55%,

03/15/31

(b)

......................

2,470‌

2,461,407‌

FirstEnergy

Transmission

LLC

2.87%

,

09/15/28

(b)

..................

1,662‌

1,597,110‌

4.55%

,

01/15/30

...................

593‌

592,071‌

NextEra

Energy

Capital

Holdings,

Inc.

4.63%

,

07/15/27

...................

1,846‌

1,852,600‌

4.69%

,

09/01/27

...................

4,382‌

4,403,140‌

4.85%

,

02/04/28

...................

1,745‌

1,761,135‌

1.90%

,

06/15/28

...................

546‌

517,741‌

4.90%

,

03/15/29

...................

553‌

561,038‌

5.05%

,

03/15/30

...................

1,280‌

1,303,713‌

2.25%

,

06/01/30

...................

549‌

500,283‌

NRG

Energy,

Inc.

2.45%

,

12/02/27

(b)

..................

2,395‌

2,307,020‌

5.75%

,

01/15/28

...................

45‌

45,084‌

4.73%

,

10/15/30

(b)

..................

2,965‌

2,936,170‌

Ohio

Edison

Co.,

4.95%,

12/15/29

(b)

.......

1,576‌

1,592,006‌

Pacific

Gas

&

Electric

Co.

3.30%

,

12/01/27

...................

7,291‌

7,139,963‌

5.55%

,

05/15/29

...................

8,990‌

9,203,532‌

4.55%

,

07/01/30

...................

9,858‌

9,724,385‌

2.50%

,

02/01/31

...................

4,450‌

3,988,113‌

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

217‌

211,891‌

PG&E

Corp.

5.00%

,

07/01/28

...................

1,000‌

992,173‌

5.25%

,

07/01/30

...................

548‌

540,762‌

Southern

California

Edison

Co.

5.65%

,

10/01/28

...................

1,058‌

1,083,800‌

5.15%

,

06/01/29

...................

264‌

267,709‌

Southern

Co.

(The)

3.25%

,

07/01/26

...................

652‌

650,759‌

Series

21-B

,

1.75%

,

03/15/28

..........

5,686‌

5,409,800‌

5.50%

,

03/15/29

...................

3,736‌

3,849,389‌

Texas

Electric

Market

Stabilization

Funding

N

LLC,

Series

A-1,

4.27%,

08/01/34

(b)

......

4,409‌

4,378,248‌

Vistra

Operations

Co.

LLC

(b)

5.05%

,

12/30/26

...................

1,355‌

1,359,096‌

3.70%

,

01/30/27

...................

2,565‌

2,541,530‌

5.63%

,

02/15/27

...................

102‌

102,000‌

4.30%

,

10/15/28

...................

4,040‌

3,991,583‌

4.30%

,

07/15/29

...................

8,134‌

7,993,672‌

4.60%

,

10/15/30

...................

4,830‌

4,734,316‌

4.70%

,

01/31/31

...................

4,705‌

4,629,247‌

7.75%

,

10/15/31

...................

160‌

167,597‌

VoltaGrid

LLC,

7.38%,

11/01/30

(b)

.........

1,502‌

1,551,279‌

XPLR

Infrastructure

Operating

Partners

LP

(b)

8.38%

,

01/15/31

...................

733‌

771,630‌

8.63%

,

03/15/33

...................

307‌

324,320‌

7.75%

,

04/15/34

...................

69‌

71,260‌

133,786,194‌

Electrical

Equipment

—

0.2%

Eaton

Corp.,

4.20%,

03/06/31

...........

1,735‌

1,709,897‌

GE

Vernova,

Inc.,

4.25%,

02/04/31

........

4,865‌

4,809,732‌

Sensata

Technologies

BV,

4.00%,

04/15/29

(b)

..

211‌

203,607‌

6,723,236‌

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

—

0.1%

Jabil,

Inc.,

4.20%,

02/01/29

.............

USD

3,155‌

$

3,116,726‌

Sensata

Technologies,

Inc.,

4.38%,

02/15/30

(b)

.

2,022‌

1,933,706‌

5,050,432‌

Energy

Equipment

&

Services

—

0.2%

Archrock

Partners

LP,

6.25%,

04/01/28

(b)

.....

472‌

472,000‌

Archrock

Services

LP,

6.00%,

02/01/34

(b)

....

328‌

324,741‌

Baker

Hughes

Holdings

LLC,

4.35%,

06/15/31

.

4,660‌

4,598,902‌

Diamond

Foreign

Asset

Co.,

8.50%,

10/01/30

(b)

.

50‌

52,822‌

Enerflex,

Inc.,

6.88%,

01/15/31

(b)

.........

42‌

42,883‌

Kodiak

Gas

Services

LLC

(b)

7.25%

,

02/15/29

...................

489‌

506,631‌

5.88%

,

04/01/31

...................

446‌

448,209‌

6.75%

,

10/01/35

...................

65‌

66,034‌

Nabors

Industries,

Inc.,

7.63%,

11/15/32

(b)

....

155‌

158,665‌

Noble

Finance

II

LLC,

8.00%,

04/15/30

(b)

....

43‌

44,272‌

Oceaneering

International,

Inc.,

6.00%,

02/01/28

32‌

32,130‌

Star

Holding

LLC,

8.75%,

08/01/31

(b)

.......

234‌

237,401‌

Tidewater,

Inc.,

9.13%,

07/15/30

(b)

.........

191‌

203,478‌

Transocean

International

Ltd.

(b)

8.75%

,

02/15/30

...................

95‌

99,026‌

7.88%

,

10/15/32

...................

195‌

208,358‌

USA

Compression

Partners

LP,

7.13%,

03/15/29

(b)

......................

661‌

676,320‌

Valaris

Ltd.,

8.38%,

04/30/30

(b)

...........

174‌

180,297‌

Vallourec

SACA,

7.50%,

04/15/32

(b)

........

823‌

862,515‌

9,214,684‌

Entertainment

—

0.3%

Discovery

Global

Holdings,

Inc.,

5.05%,

03/15/42

1,168‌

769,485‌

Live

Nation

Entertainment,

Inc.

(b)

4.75%

,

10/15/27

...................

243‌

241,490‌

3.75%

,

01/15/28

...................

345‌

336,455‌

Netflix,

Inc.

4.88%

,

04/15/28

...................

2,330‌

2,360,551‌

5.88%

,

11/15/28

...................

2,903‌

3,020,171‌

4.88%

,

06/15/30

(b)

..................

2,613‌

2,650,333‌

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

....

28‌

21,849‌

Starz

Capital

Holdings

1,

Inc.,

6.00%,

04/15/30

(b)

(c)

.....................

90‌

82,575‌

Warnermedia

Holdings,

Inc.

3.76%

,

03/15/27

...................

1,784‌

1,762,128‌

4.28%

,

03/15/32

...................

394‌

348,690‌

11,593,727‌

Financial

Services

—

0.8%

Block,

Inc.

2.75%

,

06/01/26

...................

556‌

553,465‌

5.63%

,

08/15/30

(b)

..................

317‌

315,248‌

6.50%

,

05/15/32

...................

8‌

8,073‌

CrossCountry

Intermediate

HoldCo

LLC

(b)

6.50%

,

10/01/30

...................

105‌

100,079‌

6.75%

,

12/01/32

...................

43‌

40,461‌

Fidelity

National

Information

Services,

Inc.,

4.45%,

03/10/28

..................

9,690‌

9,662,872‌

Freedom

Mortgage

Holdings

LLC

(b)

6.88%

,

05/01/31

...................

58‌

54,225‌

9.13%

,

05/15/31

...................

437‌

444,210‌

8.38%

,

04/01/32

...................

25‌

24,592‌

Global

Payments,

Inc.

4.80%

,

04/01/26

...................

3,082‌

3,082,000‌

2.15%

,

01/15/27

...................

613‌

601,868‌

4.45%

,

06/01/28

...................

424‌

420,474‌

4.88%

,

11/15/30

...................

2,576‌

2,529,737‌

Midcap

Financial

Issuer

Trust,

6.50%,

05/01/28

(b)

400‌

388,154‌

National

Rural

Utilities

Cooperative

Finance

Corp.,

4.75%,

02/07/28

..............

1,057‌

1,064,825‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

Schedules

of

Investments

105

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

NTT

Finance

Corp.

(b)

4.57%

,

07/16/27

...................

USD

1,439‌

$

1,442,276‌

4.37%

,

07/27/27

...................

3,470‌

3,471,754‌

4.62%

,

07/16/28

...................

3,018‌

3,029,473‌

4.88%

,

07/16/30

...................

689‌

693,356‌

PennyMac

Financial

Services,

Inc.

(b)

7.88%

,

12/15/29

...................

109‌

111,503‌

7.13%

,

11/15/30

...................

504‌

500,862‌

6.88%

,

05/15/32

...................

565‌

545,221‌

Rocket

Cos.,

Inc.

(b)

6.50%

,

08/01/29

...................

1,209‌

1,222,608‌

6.13%

,

08/01/30

...................

1,727‌

1,742,935‌

7.13%

,

02/01/32

...................

27‌

27,830‌

Rocket

Mortgage

LLC,

2.88%,

10/15/26

(b)

....

255‌

252,242‌

Shift4

Payments

LLC,

5.50%,

05/15/33

(b)

....

EUR

250‌

272,421‌

UWM

Holdings

LLC

(b)

6.63%

,

02/01/30

...................

USD

563‌

531,006‌

6.25%

,

03/15/31

...................

547‌

498,145‌

WEX,

Inc.,

6.50%,

03/15/33

(b)

...........

308‌

301,708‌

33,933,623‌

Food

Products

—

0.1%

(b)

B&G

Foods,

Inc.,

8.00%,

09/15/28

........

50‌

49,235‌

Chobani

LLC,

4.63%,

11/15/28

...........

1,474‌

1,448,981‌

Darling

Global

Finance

BV,

4.50%,

07/15/32

..

EUR

170‌

195,524‌

Fiesta

Purchaser,

Inc.,

7.88%,

03/01/31

.....

USD

50‌

50,903‌

Lamb

Weston

Holdings,

Inc.

4.88%

,

05/15/28

...................

240‌

237,184‌

4.13%

,

01/31/30

...................

1,264‌

1,203,387‌

Post

Holdings,

Inc.

4.63%

,

04/15/30

...................

190‌

182,401‌

4.50%

,

09/15/31

...................

1,391‌

1,293,368‌

6.25%

,

10/15/34

...................

354‌

346,639‌

Simmons

Foods,

Inc.,

4.63%,

03/01/29

.....

97‌

93,351‌

5,100,973‌

Gas

Utilities

—

0.1%

AmeriGas

Partners

LP,

9.50%,

06/01/30

(b)

....

131‌

138,784‌

Ferrellgas

LP,

9.25%,

01/15/31

(b)

.........

183‌

190,675‌

Spire,

Inc.,

4.60%,

09/01/31

............

3,300‌

3,260,857‌

3,590,316‌

Ground

Transportation

—

1.1%

Albion

Financing

1

SARL,

7.00%,

05/21/30

(b)

..

1,042‌

1,064,963‌

Genesee

&

Wyoming,

Inc.,

6.25%,

04/15/32

(b)

.

511‌

517,107‌

Hertz

Corp.

(The),

12.63%,

07/15/29

(b)

......

65‌

57,035‌

Norfolk

Southern

Corp.,

2.90%,

06/15/26

....

1,660‌

1,655,743‌

RXO,

Inc.,

6.38%,

05/15/31

(b)

............

111‌

106,505‌

Ryder

System,

Inc.

1.75%

,

09/01/26

...................

777‌

768,202‌

2.85%

,

03/01/27

...................

5,131‌

5,059,729‌

4.30%

,

06/15/27

...................

267‌

266,455‌

5.25%

,

06/01/28

...................

537‌

545,572‌

5.38%

,

03/15/29

...................

354‌

362,266‌

5.00%

,

03/15/30

...................

1,462‌

1,478,115‌

Uber

Technologies,

Inc.

4.50%

,

08/15/29

(b)

..................

17,815‌

17,664,073‌

4.30%

,

01/15/30

...................

5,745‌

5,696,598‌

4.15%

,

01/15/31

...................

8,112‌

7,931,865‌

Watco

Cos.

LLC,

7.13%,

08/01/32

(b)

.......

86‌

88,323‌

43,262,551‌

Health

Care

Equipment

&

Supplies

—

0.3%

Abbott

Laboratories,

4.00%,

03/15/31

......

3,240‌

3,188,672‌

Avantor

Funding,

Inc.

(b)

4.63%

,

07/15/28

...................

1,684‌

1,643,607‌

3.88%

,

11/01/29

...................

11‌

10,320‌

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

&

Supplies

(continued)

Bausch

+

Lomb

Corp.,

8.38%,

10/01/28

(b)

....

USD

2,115‌

$

2,183,738‌

Hologic,

Inc.,

3.25%,

02/15/29

(b)

..........

12‌

11,979‌

Medline

Borrower

LP

(b)

6.25%

,

04/01/29

...................

1,029‌

1,048,533‌

5.25%

,

10/01/29

...................

1,990‌

1,972,475‌

Sotera

Health

Holdings

LLC,

7.38%,

06/01/31

(b)

110‌

113,627‌

Teleflex,

Inc.,

4.25%,

06/01/28

(b)

..........

501‌

487,173‌

10,660,124‌

Health

Care

Providers

&

Services

—

1.9%

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

..

320‌

316,456‌

Community

Health

Systems,

Inc.

(b)

6.00%

,

01/15/29

...................

135‌

133,481‌

5.25%

,

05/15/30

...................

1,592‌

1,500,432‌

4.75%

,

02/15/31

...................

280‌

258,139‌

9.75%

,

01/15/34

...................

189‌

196,157‌

Concentra

Health

Services,

Inc.,

6.88%,

07/15/32

(b)

......................

471‌

486,950‌

Elevance

Health,

Inc.

3.65%

,

12/01/27

...................

2,986‌

2,951,703‌

4.10%

,

03/01/28

...................

3,043‌

3,022,711‌

4.00%

,

09/15/28

...................

586‌

580,911‌

5.15%

,

06/15/29

...................

181‌

184,384‌

4.75%

,

02/15/30

...................

1,286‌

1,294,266‌

HAH

Group

Holding

Co.

LLC,

9.75%,

10/01/31

(b)

100‌

87,606‌

HCA,

Inc.

5.25%

,

06/15/26

...................

9,751‌

9,756,635‌

5.00%

,

03/01/28

...................

11,022‌

11,130,088‌

5.20%

,

06/01/28

...................

11,399‌

11,570,498‌

5.88%

,

02/01/29

...................

4,110‌

4,229,948‌

4.13%

,

06/15/29

...................

1,107‌

1,091,696‌

5.25%

,

03/01/30

...................

7,824‌

7,984,195‌

3.50%

,

09/01/30

...................

6,984‌

6,632,294‌

4.30%

,

11/15/30

...................

4,390‌

4,317,487‌

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

.......

623‌

602,744‌

Humana,

Inc.

3.70%

,

03/23/29

...................

952‌

925,362‌

5.38%

,

04/15/31

...................

690‌

697,416‌

LifePoint

Health,

Inc.

(b)

9.88%

,

08/15/30

...................

25‌

26,438‌

11.00%

,

10/15/30

..................

1,710‌

1,839,053‌

8.38%

,

02/15/32

...................

888‌

948,315‌

Molina

Healthcare,

Inc.

(b)

3.88%

,

11/15/30

...................

154‌

137,681‌

6.50%

,

02/15/31

...................

324‌

318,526‌

Prime

Healthcare

Services,

Inc.,

9.38%,

09/01/29

(b)

......................

129‌

133,773‌

Star

Parent,

Inc.,

9.00%,

10/01/30

(b)

........

859‌

889,925‌

Tenet

Healthcare

Corp.

6.13%

,

06/15/30

...................

241‌

242,567‌

6.75%

,

05/15/31

...................

1,559‌

1,593,505‌

US

Acute

Care

Solutions

LLC,

9.75%,

05/15/29

(b)

287‌

277,256‌

76,358,598‌

Health

Care

REITs

—

0.0%

(b)

Diversified

Healthcare

Trust,

7.25%,

10/15/30

.

141‌

142,211‌

MPT

Operating

Partnership

LP,

8.50%,

02/15/32

805‌

816,119‌

958,330‌

Health

Care

Technology

—

0.0%

IQVIA,

Inc.

(b)

5.00%

,

05/15/27

...................

723‌

720,267‌

6.25%

,

06/01/32

...................

832‌

844,888‌

1,565,155‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

106

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotel

&

Resort

REITs

—

0.1%

(b)

Park

Intermediate

Holdings

LLC,

7.00%,

02/01/30

.......................

USD

382‌

$

386,677‌

Pebblebrook

Hotel

LP,

6.38%,

10/15/29

.....

71‌

71,129‌

RHP

Hotel

Properties

LP

7.25%

,

07/15/28

...................

384‌

392,058‌

4.50%

,

02/15/29

...................

913‌

885,059‌

6.50%

,

04/01/32

...................

706‌

718,790‌

5.75%

,

03/15/34

...................

484‌

477,637‌

RLJ

Lodging

Trust

LP,

3.75%,

07/01/26

.....

192‌

191,063‌

Service

Properties

Trust,

8.63%,

11/15/31

....

2,014‌

2,103,265‌

XHR

LP,

6.63%,

05/15/30

..............

64‌

64,615‌

5,290,293‌

Hotels,

Restaurants

&

Leisure

—

0.6%

1011778

BC

ULC

(b)

3.88%

,

01/15/28

...................

310‌

303,019‌

4.38%

,

01/15/28

...................

929‌

915,986‌

5.63%

,

09/15/29

...................

100‌

100,218‌

4.00%

,

10/15/30

...................

450‌

422,966‌

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

.......

311‌

301,669‌

Caesars

Entertainment,

Inc.

(b)

4.63%

,

10/15/29

...................

289‌

277,987‌

7.00%

,

02/15/30

...................

2,454‌

2,484,307‌

6.50%

,

02/15/32

...................

86‌

84,999‌

Carnival

Corp.

(b)

5.88%

,

06/15/31

...................

325‌

328,995‌

5.75%

,

08/01/32

...................

937‌

936,695‌

Carnival

plc,

4.13%,

07/15/31

(b)

..........

EUR

165‌

185,688‌

Churchill

Downs,

Inc.

(b)

5.50%

,

04/01/27

...................

USD

987‌

985,742‌

4.75%

,

01/15/28

...................

328‌

323,578‌

5.75%

,

04/01/30

...................

1,682‌

1,663,435‌

6.75%

,

05/01/31

...................

8‌

8,150‌

Fertitta

Entertainment

LLC,

4.63%,

01/15/29

(b)

.

1,010‌

965,284‌

Flutter

Treasury

DAC,

5.88%,

06/04/31

(b)

....

600‌

594,414‌

Great

Canadian

Gaming

Corp.,

8.75%,

11/15/29

(b)

......................

135‌

131,707‌

Hilton

Domestic

Operating

Co.,

Inc.,

6.13%,

04/01/32

(b)

......................

1,397‌

1,417,959‌

Lindblad

Expeditions

LLC,

7.00%,

09/15/30

(b)

..

343‌

350,200‌

Melco

Resorts

Finance

Ltd.,

5.38%,

12/04/29

(b)

.

1,488‌

1,426,620‌

Merlin

Entertainments

Group

US

Holdings,

Inc.,

7.38%,

02/15/31

(b)

.................

600‌

500,743‌

MGM

Resorts

International,

6.13%,

09/15/29

..

231‌

232,369‌

Mohegan

Tribal

Gaming

Authority,

8.25%,

04/15/30

(b)

......................

189‌

193,485‌

NCL

Corp.

Ltd.

(b)

5.88%

,

01/15/31

...................

545‌

529,503‌

6.75%

,

02/01/32

...................

663‌

657,970‌

6.25%

,

09/15/33

...................

38‌

36,873‌

Rivers

Enterprise

Borrower

LLC,

6.25%,

10/15/30

(b)

......................

134‌

133,662‌

Station

Casinos

LLC

(b)

4.50%

,

02/15/28

...................

957‌

937,992‌

4.63%

,

12/01/31

...................

44‌

41,082‌

6.63%

,

03/15/32

...................

295‌

296,145‌

Vail

Resorts,

Inc.,

5.63%,

07/15/30

(b)

.......

190‌

188,428‌

Viking

Cruises

Ltd.,

9.13%,

07/15/31

(b)

......

664‌

700,484‌

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

......................

51‌

50,923‌

Voyager

Parent

LLC,

9.25%,

07/01/32

(b)

.....

426‌

442,279‌

Wyndham

Hotels

&

Resorts,

Inc.,

5.63%,

03/01/33

(b)

......................

133‌

130,869‌

Wynn

Macau

Ltd.

(b)

5.63%

,

08/26/28

...................

1,630‌

1,602,229‌

5.13%

,

12/15/29

...................

200‌

191,210‌

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Wynn

Resorts

Finance

LLC

(b)

5.13%

,

10/01/29

...................

USD

914‌

$

902,183‌

7.13%

,

02/15/31

...................

439‌

460,179‌

Yum!

Brands,

Inc.,

4.75%,

01/15/30

(b)

.......

4‌

3,933‌

22,442,159‌

Household

Durables

—

0.1%

Beazer

Homes

USA,

Inc.,

5.88%,

10/15/27

...

23‌

22,889‌

Brookfield

Residential

Properties,

Inc.,

5.00%,

06/15/29

(b)

......................

369‌

350,106‌

Dream

Finders

Homes,

Inc.,

8.25%,

08/15/28

(b)

.

45‌

45,724‌

Empire

Communities

Corp.,

9.75%,

05/01/29

(b)

.

28‌

28,115‌

Installed

Building

Products,

Inc.,

5.63%,

02/01/34

(b)

......................

237‌

231,264‌

K.

Hovnanian

Enterprises,

Inc.

(b)

8.00%

,

04/01/31

...................

557‌

550,697‌

8.38%

,

10/01/33

...................

244‌

241,290‌

LGI

Homes,

Inc.,

8.75%,

12/15/28

(b)

........

49‌

50,133‌

Mattamy

Group

Corp.,

4.63%,

03/01/30

(b)

....

39‌

37,079‌

Newell

Brands,

Inc.

8.50%

,

06/01/28

(b)

..................

224‌

231,213‌

6.63%

,

09/15/29

...................

61‌

59,541‌

6.38%

,

05/15/30

...................

74‌

71,034‌

6.63%

,

05/15/32

...................

94‌

89,956‌

Risewell

Homes,

Inc.

(b)

9.25%

,

10/01/29

...................

100‌

101,015‌

8.50%

,

11/01/30

...................

66‌

64,536‌

Somnigroup

International,

Inc.

(b)

4.00%

,

04/15/29

...................

158‌

151,941‌

3.88%

,

10/15/31

...................

138‌

125,463‌

STL

Holding

Co.

LLC,

8.75%,

02/15/29

(b)

....

47‌

48,557‌

Taylor

Morrison

Communities,

Inc.,

5.75%,

11/15/32

(b)

......................

210‌

210,184‌

2,710,737‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Clearway

Energy

Operating

LLC,

4.75%,

03/15/28

(b)

......................

240‌

236,798‌

Constellation

Energy

Generation

LLC,

4.40%,

01/15/31

.......................

4,230‌

4,174,850‌

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

(b)

..

56‌

58,748‌

TransAlta

Corp.,

5.88%,

02/01/34

(b)

........

232‌

230,439‌

4,700,835‌

Insurance

—

0.6%

Alliant

Holdings

Intermediate

LLC

(b)

4.25%

,

10/15/27

...................

3,105‌

3,043,077‌

6.75%

,

04/15/28

...................

227‌

228,237‌

7.00%

,

01/15/31

...................

1,508‌

1,520,836‌

6.50%

,

10/01/31

...................

60‌

58,917‌

AmWINS

Group,

Inc.

(b)

6.38%

,

02/15/29

...................

47‌

47,272‌

4.88%

,

06/30/29

...................

617‌

591,064‌

APH

Somerset

Investor

2

LLC,

7.88%,

11/01/29

(b)

199‌

179,950‌

Ardonagh

Finco

Ltd.,

7.75%,

02/15/31

(b)

.....

3,452‌

3,492,447‌

Asurion

LLC

(b)

8.00%

,

12/31/32

...................

988‌

1,024,999‌

8.38%

,

02/01/34

...................

834‌

809,699‌

Howden

UK

Refinance

plc,

7.25%,

02/15/31

(b)

.

3,105‌

3,131,147‌

HUB

International

Ltd.,

7.25%,

06/15/30

(b)

....

5,029‌

5,151,728‌

Jones

Deslauriers

Insurance

Management,

Inc.,

8.50%,

03/15/30

(b)

.................

447‌

454,343‌

Panther

Escrow

Issuer

LLC,

7.13%,

06/01/31

(b)

.

3,669‌

3,681,324‌

Progressive

Corp.

(The),

4.60%,

03/26/31

....

1,255‌

1,257,866‌

Ryan

Specialty

LLC,

4.38%,

02/01/30

(b)

.....

42‌

40,688‌

24,713,594‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

Schedules

of

Investments

107

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Interactive

Media

&

Services

—

0.2%

Alphabet,

Inc.,

3.70%,

02/15/29

..........

USD

8,090‌

$

8,020,471‌

Snap,

Inc.

(b)

6.88%

,

03/01/33

...................

514‌

485,355‌

6.88%

,

03/15/34

...................

306‌

287,814‌

8,793,640‌

IT

Services

—

0.4%

(b)

Beignet

Investor

LLC,

6.58%,

05/30/49

......

6,660‌

6,847,520‌

CoreWeave,

Inc.,

9.25%,

06/01/30

........

355‌

344,939‌

Fortress

Intermediate

3,

Inc.,

7.50%,

06/01/31

.

1,226‌

1,218,458‌

Gartner,

Inc.,

4.50%,

07/01/28

...........

6,645‌

6,532,938‌

ION

Platform

Finance

US,

Inc.

5.00%

,

05/01/28

...................

184‌

171,865‌

7.88%

,

09/30/32

...................

586‌

453,579‌

15,569,299‌

Life

Sciences

Tools

&

Services

—

0.0%

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

(b)

....

28‌

26,535‌

Thermo

Fisher

Scientific,

Inc.,

4.22%,

02/12/31

.

1,200‌

1,187,393‌

1,213,928‌

Machinery

—

0.1%

(b)

Chart

Industries,

Inc.,

7.50%,

01/01/30

......

1,350‌

1,402,524‌

Columbus

McKinnon

Corp.,

7.13%,

02/01/33

..

184‌

183,915‌

CompoSecure

Holdings

LLC,

5.63%,

02/01/33

.

669‌

653,580‌

Esab

Corp.

6.25%

,

04/15/29

...................

103‌

104,534‌

5.63%

,

04/01/31

...................

473‌

476,316‌

LSF12

Helix

Parent

LLC,

7.13%,

02/01/33

....

548‌

527,399‌

Manitowoc

Co.,

Inc.

(The),

9.25%,

10/01/31

...

79‌

82,498‌

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

.

91‌

87,669‌

Terex

Corp.,

5.00%,

05/15/29

...........

169‌

166,500‌

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

.

608‌

606,411‌

4,291,346‌

Media

—

1.0%

Block

Communications,

Inc.,

10.25%,

03/01/31

(b)

76‌

69,536‌

Charter

Communications

Operating

LLC

4.20%

,

03/15/28

...................

9,810‌

9,724,325‌

2.25%

,

01/15/29

...................

6,871‌

6,421,806‌

5.05%

,

03/30/29

...................

639‌

642,231‌

6.10%

,

06/01/29

...................

6,700‌

6,940,203‌

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

7.88%

,

04/01/30

...................

3,656‌

3,826,015‌

7.13%

,

02/15/31

...................

1,478‌

1,548,494‌

DirecTV

Financing

LLC

(b)

5.88%

,

08/15/27

...................

339‌

338,643‌

8.88%

,

02/01/30

...................

512‌

510,861‌

10.00%

,

02/15/31

..................

1,654‌

1,688,451‌

Discovery

Communications

LLC,

3.95%,

03/20/28

.......................

202‌

197,899‌

Gray

Media,

Inc.,

10.50%,

07/15/29

(b)

.......

262‌

278,414‌

Midcontinent

Communications,

8.00%,

08/15/32

(b)

......................

161‌

149,947‌

Neptune

Bidco

US,

Inc.

(b)

9.29%

,

04/15/29

...................

299‌

299,831‌

10.38%

,

05/15/31

..................

232‌

234,090‌

9.50%

,

02/15/33

...................

356‌

345,405‌

Outfront

Media

Capital

LLC

(b)

5.00%

,

08/15/27

...................

218‌

217,486‌

4.25%

,

01/15/29

...................

1,878‌

1,810,393‌

4.63%

,

03/15/30

...................

162‌

156,302‌

Sirius

XM

Radio

LLC

(b)

5.00%

,

08/01/27

...................

690‌

689,037‌

4.00%

,

07/15/28

...................

35‌

33,784‌

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

.................

200‌

196,264‌

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Univision

Communications,

Inc.

(b)

8.00%

,

08/15/28

...................

USD

1,824‌

$

1,851,346‌

8.50%

,

07/31/31

...................

448‌

450,186‌

9.38%

,

08/01/32

...................

272‌

280,327‌

Versant

Media

Group,

Inc.,

7.25%,

01/30/31

(b)

.

128‌

130,995‌

39,032,271‌

Metals

&

Mining

—

1.3%

Arsenal

AIC

Parent

LLC

(b)

8.00%

,

10/01/30

...................

461‌

479,978‌

11.50%

,

10/01/31

..................

1,396‌

1,508,381‌

Big

River

Steel

LLC,

6.63%,

01/31/29

(b)

.....

1,293‌

1,290,008‌

Cleveland-Cliffs,

Inc.,

6.88%,

11/01/29

(b)

.....

149‌

148,987‌

Constellium

SE

(b)

5.63%

,

06/15/28

...................

637‌

633,859‌

3.75%

,

04/15/29

...................

1,751‌

1,670,041‌

ERO

Copper

Corp.,

6.50%,

02/15/30

(b)

......

369‌

365,269‌

First

Quantum

Minerals

Ltd.,

6.38%,

02/15/36

(b)

528‌

505,193‌

Freeport

Indonesia

PT,

4.76%,

04/14/27

(d)

....

3,625‌

3,617,315‌

Glencore

Funding

LLC

(b)

4.00%

,

03/27/27

...................

8,952‌

8,912,606‌

3.88%

,

10/27/27

...................

691‌

684,002‌

4.91%

,

04/01/28

...................

8,185‌

8,246,658‌

5.40%

,

05/08/28

...................

2,930‌

2,974,801‌

6.13%

,

10/06/28

...................

4,402‌

4,555,705‌

5.19%

,

04/01/30

...................

8,721‌

8,841,931‌

2.50%

,

09/01/30

...................

303‌

275,531‌

Kaiser

Aluminum

Corp.,

4.50%,

06/01/31

(b)

...

838‌

791,689‌

New

Gold,

Inc.,

6.88%,

04/01/32

(b)

........

383‌

395,853‌

Novelis

Corp.

(b)

4.75%

,

01/30/30

...................

373‌

351,552‌

6.88%

,

01/30/30

...................

1,451‌

1,463,582‌

Steel

Dynamics,

Inc.,

4.00%,

12/15/28

......

3,850‌

3,808,164‌

51,521,105‌

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

(b)

Blackstone

Mortgage

Trust,

Inc.,

3.75%,

01/15/27

170‌

167,087‌

Starwood

Property

Trust,

Inc.

4.38%

,

01/15/27

...................

44‌

43,777‌

7.25%

,

04/01/29

...................

203‌

209,015‌

6.00%

,

04/15/30

...................

96‌

95,814‌

6.50%

,

07/01/30

...................

202‌

206,296‌

6.50%

,

10/15/30

...................

558‌

565,932‌

1,287,921‌

Multi-Utilities

—

0.3%

Consumers

Energy

Co.

4.70%

,

01/15/30

...................

363‌

366,595‌

4.50%

,

01/15/31

...................

3,950‌

3,954,837‌

Dominion

Energy,

Inc.

4.25%

,

06/01/28

...................

436‌

434,308‌

5.00%

,

06/15/30

...................

2,769‌

2,806,166‌

NiSource,

Inc.,

5.25%,

03/30/28

..........

700‌

711,035‌

Public

Service

Enterprise

Group,

Inc.

5.20%

,

04/01/29

...................

297‌

302,638‌

4.90%

,

03/15/30

...................

2,687‌

2,713,665‌

11,289,244‌

Oil,

Gas

&

Consumable

Fuels

—

4.8%

Aethon

United

BR

LP,

7.50%,

10/01/29

(b)

.....

227‌

236,753‌

Antero

Midstream

Partners

LP

(b)

5.75%

,

01/15/28

...................

48‌

48,000‌

5.38%

,

06/15/29

...................

231‌

230,259‌

Ascent

Resources

Utica

Holdings

LLC,

5.88%,

06/30/29

(b)

......................

254‌

253,765‌

Blue

Racer

Midstream

LLC,

7.00%,

07/15/29

(b)

.

211‌

217,978‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

108

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Buckeye

Partners

LP

(b)

6.88%

,

07/01/29

...................

USD

10‌

$

10,292‌

6.75%

,

02/01/30

...................

40‌

41,281‌

California

Resources

Corp.,

7.00%,

01/15/34

(b)

.

115‌

115,939‌

Caturus

Energy

LLC,

8.50%,

02/15/30

(b)

.....

608‌

630,870‌

Cheniere

Corpus

Christi

Holdings

LLC

5.13%

,

06/30/27

...................

5,254‌

5,281,123‌

3.70%

,

11/15/29

...................

6,688‌

6,497,739‌

Cheniere

Energy

Partners

LP

4.50%

,

10/01/29

...................

21,066‌

20,973,857‌

4.00%

,

03/01/31

...................

7,797‌

7,484,532‌

CITGO

Petroleum

Corp.,

8.38%,

01/15/29

(b)

...

335‌

345,949‌

CNX

Resources

Corp.,

5.88%,

03/01/34

(b)

....

272‌

264,894‌

Comstock

Resources,

Inc.

(b)

6.75%

,

03/01/29

...................

587‌

579,458‌

5.88%

,

01/15/30

...................

8‌

7,740‌

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

........

750‌

731,432‌

Crescent

Energy

Finance

LLC

(b)

9.75%

,

10/15/30

...................

653‌

698,710‌

7.63%

,

04/01/32

...................

261‌

264,870‌

7.88%

,

04/15/32

...................

22‌

22,477‌

CVR

Energy,

Inc.

(b)

7.50%

,

02/15/31

...................

126‌

126,941‌

7.88%

,

02/15/34

...................

84‌

84,294‌

DBR

Land

Holdings

LLC,

6.25%,

12/01/30

(b)

..

196‌

198,448‌

Diamondback

Energy,

Inc.

3.50%

,

12/01/29

...................

4,817‌

4,647,960‌

5.15%

,

01/30/30

...................

9,497‌

9,690,343‌

Enbridge,

Inc.

5.25%

,

04/05/27

...................

1,985‌

2,001,582‌

3.70%

,

07/15/27

...................

734‌

727,017‌

5.30%

,

04/05/29

...................

523‌

533,764‌

Energy

Transfer

LP

4.20%

,

04/15/27

...................

1,344‌

1,341,099‌

5.55%

,

02/15/28

...................

2,587‌

2,636,468‌

4.95%

,

05/15/28

...................

3,636‌

3,667,010‌

6.10%

,

12/01/28

...................

7,120‌

7,400,206‌

6.00%

,

02/01/29

(b)

..................

2,011‌

2,026,682‌

5.25%

,

07/01/29

...................

3,105‌

3,172,906‌

5.20%

,

04/01/30

...................

1,560‌

1,594,823‌

3.75%

,

05/15/30

...................

902‌

871,925‌

EOG

Resources,

Inc.,

4.40%,

01/15/31

.....

2,040‌

2,025,468‌

EQT

Corp.

3.13%

,

05/15/26

(b)

..................

1,078‌

1,075,831‌

3.90%

,

10/01/27

...................

2,751‌

2,717,468‌

5.70%

,

04/01/28

...................

1,078‌

1,102,909‌

4.50%

,

01/15/29

...................

2,539‌

2,533,062‌

5.00%

,

01/15/29

...................

5,580‌

5,613,191‌

7.00%

,

02/01/30

(c)

..................

3,875‌

4,145,769‌

7.50%

,

06/01/30

...................

12,240‌

13,329,099‌

4.75%

,

01/15/31

...................

6,505‌

6,470,748‌

Expand

Energy

Corp.

5.38%

,

02/01/29

...................

6,898‌

6,891,879‌

5.38%

,

03/15/30

...................

10,874‌

10,964,369‌

Genesis

Energy

LP

8.00%

,

05/15/33

...................

36‌

37,199‌

6.75%

,

03/15/34

(b)

..................

505‌

502,614‌

Gulfport

Energy

Operating

Corp.,

6.75%,

09/01/29

(b)

......................

96‌

98,181‌

Hess

Midstream

Operations

LP

(b)

6.50%

,

06/01/29

...................

143‌

146,078‌

4.25%

,

02/15/30

...................

95‌

91,289‌

Hilcorp

Energy

I

LP

(b)

6.25%

,

11/01/28

...................

120‌

120,240‌

5.75%

,

02/01/29

...................

454‌

447,649‌

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

6.00%

,

04/15/30

...................

USD

856‌

$

833,200‌

6.25%

,

04/15/32

...................

36‌

34,842‌

Infinity

Natural

Resources

LLC,

7.63%,

04/01/31

(b)

......................

204‌

205,077‌

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

.......

549‌

533,814‌

Kinetik

Holdings

LP,

6.63%,

12/15/28

(b)

......

36‌

36,609‌

Matador

Resources

Co.

(b)

6.50%

,

04/15/32

...................

224‌

226,439‌

6.00%

,

04/15/34

...................

236‌

234,508‌

NGL

Energy

Operating

LLC,

8.13%,

02/15/29

(b)

1,077‌

1,109,469‌

Northern

Oil

&

Gas,

Inc.,

7.88%,

10/15/33

(b)

...

317‌

327,985‌

PBF

Holding

Co.

LLC,

7.88%,

09/15/30

(b)

....

63‌

64,695‌

Permian

Resources

Operating

LLC

(b)

8.00%

,

04/15/27

...................

163‌

163,139‌

5.88%

,

07/01/29

...................

758‌

758,865‌

9.88%

,

07/15/31

...................

175‌

185,726‌

Prairie

Acquiror

LP,

9.00%,

08/01/29

(b)

......

84‌

86,771‌

Rockies

Express

Pipeline

LLC,

4.95%,

07/15/29

(b)

......................

88‌

85,806‌

Sabine

Pass

Liquefaction

LLC

5.00%

,

03/15/27

...................

5,298‌

5,307,916‌

4.20%

,

03/15/28

...................

2,907‌

2,894,930‌

4.50%

,

05/15/30

...................

5,900‌

5,857,164‌

SM

Energy

Co.

(b)

8.75%

,

07/01/31

...................

50‌

52,265‌

6.63%

,

04/15/34

...................

541‌

539,471‌

Sunoco

LP,

5.63%,

03/15/31

(b)

...........

115‌

114,473‌

Tallgrass

Energy

Partners

LP

(b)

5.50%

,

01/15/28

...................

141‌

139,807‌

7.38%

,

02/15/29

...................

449‌

461,903‌

Targa

Resources

Partners

LP

5.00%

,

01/15/28

...................

2,324‌

2,322,641‌

5.50%

,

03/01/30

...................

2,875‌

2,901,265‌

TGNR

Intermediate

Holdings

LLC,

5.50%,

10/15/29

(b)

......................

51‌

49,865‌

TransCanada

PipeLines

Ltd.,

4.25%,

05/15/28

.

463‌

460,916‌

Venture

Global

LNG,

Inc.

(b)

9.50%

,

02/01/29

...................

3,493‌

3,776,961‌

8.38%

,

06/01/31

...................

934‌

971,337‌

9.88%

,

02/01/32

...................

854‌

917,186‌

Venture

Global

Plaquemines

LNG

LLC

(b)

6.13%

,

12/15/30

...................

1,247‌

1,282,447‌

7.75%

,

05/01/35

...................

250‌

280,195‌

6.75%

,

01/15/36

...................

112‌

118,625‌

Viper

Energy

Partners

LLC,

4.90%,

08/01/30

..

14,215‌

14,205,618‌

Wildfire

Intermediate

Holdings

LLC,

7.50%,

10/15/29

(b)

......................

235‌

238,118‌

Williams

Cos.,

Inc.

(The)

5.30%

,

08/15/28

...................

1,208‌

1,233,403‌

4.90%

,

03/15/29

...................

101‌

102,186‌

193,088,066‌

Passenger

Airlines

—

0.3%

American

Airlines,

Inc.,

5.75%,

04/20/29

(b)

....

17‌

16,907‌

AS

Mileage

Plan

IP

Ltd.,

5.02%,

10/20/29

(b)

...

7,240‌

7,166,812‌

JetBlue

Airways

Corp.,

9.88%,

09/20/31

(b)

....

223‌

210,748‌

OneSky

Flight

LLC,

8.88%,

12/15/29

(b)

......

198‌

204,378‌

United

Airlines

Holdings,

Inc.,

5.38%,

03/01/31

.

280‌

274,209‌

United

Airlines

Pass-Through

Trust,

Series

2020-

1,

Class

A,

5.88%,

10/15/27

...........

1,636‌

1,663,504‌

United

Airlines,

Inc.,

4.63%,

04/15/29

(b)

......

1,217‌

1,194,028‌

10,730,586‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

Schedules

of

Investments

109

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Personal

Care

Products

—

0.0%

Opal

Bidco

SAS,

6.50%,

03/31/32

(b)

........

USD

254‌

$

254,245‌

Perrigo

Finance

Unlimited

Co.,

6.13%,

09/30/32

347‌

316,613‌

570,858‌

Pharmaceuticals

—

0.4%

1261229

BC

Ltd.,

10.00%,

04/15/32

(b)

......

3,400‌

3,481,070‌

Amneal

Pharmaceuticals

LLC,

6.88%,

08/01/32

(b)

185‌

190,448‌

Bausch

Health

Cos.,

Inc.

(b)

4.88%

,

06/01/28

...................

13‌

11,904‌

11.00%

,

09/30/28

..................

107‌

109,144‌

Merck

&

Co.,

Inc.,

4.15%,

03/15/31

........

2,850‌

2,818,146‌

Novartis

Capital

Corp.,

4.40%,

03/18/31

.....

2,415‌

2,414,481‌

Organon

&

Co.,

4.13%,

04/30/28

(b)

........

200‌

194,071‌

Pfizer

Investment

Enterprises

Pte.

Ltd.,

4.45%,

05/19/28

.......................

1,858‌

1,869,027‌

Pfizer,

Inc.,

4.20%,

11/15/30

............

4,276‌

4,246,296‌

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

3.15%,

10/01/26

..................

385‌

381,277‌

15,715,864‌

Professional

Services

—

0.2%

Amentum

Holdings,

Inc.,

7.25%,

08/01/32

(b)

...

147‌

152,117‌

CACI

International,

Inc.,

6.38%,

06/15/33

(b)

...

99‌

100,775‌

CoreLogic,

Inc.,

4.50%,

05/01/28

(b)

........

1,784‌

1,674,781‌

KBR,

Inc.,

4.75%,

09/30/28

(b)

............

16‌

15,645‌

Paychex,

Inc.,

5.10%,

04/15/30

..........

7,271‌

7,336,176‌

9,279,494‌

Real

Estate

Management

&

Development

—

0.0%

Anywhere

Real

Estate

Group

LLC

(b)

7.00%

,

04/15/30

...................

84‌

84,607‌

9.75%

,

04/15/30

...................

223‌

236,729‌

Cushman

&

Wakefield

US

Borrower

LLC,

8.88%,

09/01/31

(b)

......................

140‌

148,299‌

Fantasia

Holdings

Group

Co.

Ltd.

(d)(h)(i)

11.88%

,

06/01/24

..................

667‌

7,504‌

9.25%

,

07/28/24

...................

667‌

7,504‌

9.88%

,

10/19/24

...................

333‌

2,997‌

10.88%

,

01/09/25

..................

1,167‌

13,128‌

Five

Point

Operating

Co.

LP,

8.00%,

10/01/30

(b)

88‌

87,793‌

Howard

Hughes

Corp.

(The)

(b)

4.38%

,

02/01/31

...................

99‌

90,887‌

5.88%

,

03/01/32

...................

132‌

127,022‌

6.13%

,

03/01/34

...................

132‌

126,763‌

933,233‌

Retail

REITs

—

0.1%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(b)

218‌

213,830‌

Realty

Income

Corp.

4.88%

,

06/01/26

...................

351‌

351,059‌

3.00%

,

01/15/27

...................

520‌

514,395‌

3.25%

,

06/15/29

...................

1,874‌

1,802,441‌

2,881,725‌

Semiconductors

&

Semiconductor

Equipment

—

1.1%

Broadcom,

Inc.

4.00%

,

04/15/29

(b)

..................

3,583‌

3,547,465‌

4.75%

,

04/15/29

...................

365‌

369,072‌

5.05%

,

07/12/29

...................

13,583‌

13,863,828‌

4.60%

,

07/15/30

...................

2,665‌

2,678,258‌

4.20%

,

10/15/30

...................

1,410‌

1,393,615‌

4.15%

,

11/15/30

...................

3,381‌

3,328,230‌

4.30%

,

01/15/31

...................

1,870‌

1,853,932‌

2.45%

,

02/15/31

...................

4,010‌

3,641,841‌

Foundry

JV

Holdco

LLC,

5.50%,

01/25/31

(b)

...

4,590‌

4,686,734‌

Micron

Technology,

Inc.,

5.30%,

01/15/31

....

4,880‌

5,107,972‌

NXP

BV,

3.40%,

05/01/30

..............

605‌

575,906‌

Qnity

Electronics,

Inc.,

5.75%,

08/15/32

(b)

....

592‌

592,705‌

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

QUALCOMM,

Inc.,

4.50%,

05/20/30

.......

USD

650‌

$

653,790‌

42,293,348‌

Software

—

1.5%

AppLovin

Corp.,

5.13%,

12/01/29

.........

23,688‌

23,825,445‌

Capstone

Borrower,

Inc.,

8.00%,

06/15/30

(b)

...

282‌

269,445‌

Clarivate

Science

Holdings

Corp.

(b)

3.88%

,

07/01/28

...................

840‌

792,722‌

4.88%

,

07/01/29

...................

53‌

45,988‌

Cloud

Software

Group,

Inc.,

6.50%,

03/31/29

(b)

.

3,979‌

3,881,794‌

Ellucian

Holdings,

Inc.,

6.50%,

12/01/29

(b)

....

464‌

453,218‌

Fair

Isaac

Corp.,

4.00%,

06/15/28

(b)

........

200‌

194,085‌

Gen

Digital,

Inc.,

6.75%,

09/30/27

(b)

........

181‌

181,183‌

Oak-Eagle

AcquireCo,

Inc.

(b)

7.25%

,

07/01/33

...................

1,014‌

1,050,600‌

8.75%

,

07/01/34

...................

1,082‌

1,132,737‌

Oracle

Corp.

2.80%

,

04/01/27

...................

1,870‌

1,837,906‌

3.25%

,

11/15/27

...................

3,700‌

3,610,737‌

4.80%

,

08/03/28

...................

3,082‌

3,083,309‌

4.20%

,

09/27/29

...................

2,313‌

2,241,603‌

2.95%

,

04/01/30

...................

3,141‌

2,867,221‌

4.45%

,

09/26/30

...................

3,280‌

3,160,875‌

4.95%

,

02/04/31

...................

7,555‌

7,392,113‌

Salesforce,

Inc.,

4.90%,

09/15/31

.........

3,790‌

3,784,632‌

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

(b)

..

1,308‌

1,308,880‌

UKG,

Inc.,

6.88%,

02/01/31

(b)

............

629‌

614,732‌

VMware

LLC,

1.80%,

08/15/28

...........

136‌

128,059‌

61,857,284‌

Specialized

REITs

—

1.6%

American

Tower

Corp.

3.55%

,

07/15/27

...................

6,349‌

6,281,034‌

3.60%

,

01/15/28

...................

6,128‌

6,036,546‌

5.50%

,

03/15/28

...................

844‌

858,717‌

5.20%

,

02/15/29

...................

4,529‌

4,605,764‌

3.95%

,

03/15/29

...................

2,804‌

2,757,625‌

3.80%

,

08/15/29

...................

4,000‌

3,904,166‌

5.00%

,

01/31/30

...................

900‌

910,490‌

4.90%

,

03/15/30

...................

4,790‌

4,833,252‌

Crown

Castle,

Inc.

1.05%

,

07/15/26

...................

3,027‌

2,997,981‌

3.65%

,

09/01/27

...................

3,135‌

3,097,480‌

Equinix,

Inc.

2.90%

,

11/18/26

...................

3,386‌

3,355,165‌

1.80%

,

07/15/27

...................

6,942‌

6,706,993‌

1.55%

,

03/15/28

...................

1,929‌

1,826,041‌

3.20%

,

11/18/29

...................

13,080‌

12,453,372‌

2.15%

,

07/15/30

...................

779‌

700,105‌

Iron

Mountain,

Inc.

(b)

7.00%

,

02/15/29

...................

1,431‌

1,458,491‌

5.25%

,

07/15/30

...................

352‌

341,988‌

Millrose

Properties,

Inc.

(b)

6.38%

,

08/01/30

...................

534‌

533,834‌

6.25%

,

09/15/32

...................

448‌

439,760‌

SBA

Communications

Corp.,

3.13%,

02/01/29

.

495‌

469,048‌

64,567,852‌

Specialty

Retail

—

0.1%

Advance

Auto

Parts,

Inc.,

7.00%,

08/01/30

(b)

..

156‌

158,035‌

Asbury

Automotive

Group,

Inc.

4.50%

,

03/01/28

...................

6‌

5,892‌

4.75%

,

03/01/30

...................

91‌

87,692‌

Carvana

Co.,

9.00%,

(9.00%

Cash

or

14.00%

PIK),

06/01/31

(b)

(j)

.................

1,317‌

1,423,726‌

Group

1

Automotive,

Inc.,

6.38%,

01/15/30

(b)

..

70‌

70,469‌

LBM

Acquisition

LLC,

9.50%,

06/15/31

(b)

.....

149‌

129,696‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

110

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

LCM

Investments

Holdings

II

LLC,

4.88%,

05/01/29

(b)

......................

USD

806‌

$

784,324‌

Lithia

Motors,

Inc.,

5.50%,

10/01/30

(b)

.......

162‌

158,749‌

Michaels

Cos.,

Inc.

(The),

8.50%,

03/15/33

(b)

..

471‌

458,516‌

Staples,

Inc.,

10.75%,

09/01/29

(b)

.........

96‌

88,783‌

3,365,882‌

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Dell

International

LLC,

4.50%,

02/15/31

.....

2,900‌

2,865,721‌

Hewlett

Packard

Enterprise

Co.,

4.60%,

03/23/29

4,410‌

4,405,948‌

Seagate

Data

Storage

Technology

Pte.

Ltd.

(b)

8.25%

,

12/15/29

...................

420‌

441,079‌

5.88%

,

07/15/30

...................

231‌

234,798‌

8.50%

,

07/15/31

...................

245‌

256,869‌

5.75%

,

12/01/34

...................

73‌

72,726‌

8,277,141‌

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

(b)

Beach

Acquisition

Bidco

LLC,

5.25%,

07/15/32

.

EUR

365‌

404,627‌

Crocs,

Inc.,

4.25%,

03/15/29

............

USD

122‌

117,098‌

Levi

Strauss

&

Co.

4.00%

,

08/15/30

...................

EUR

115‌

132,037‌

3.50%

,

03/01/31

...................

USD

121‌

110,791‌

764,553‌

Tobacco

—

1.9%

Altria

Group,

Inc.

2.63%

,

09/16/26

...................

2,202‌

2,187,160‌

6.20%

,

11/01/28

...................

6,163‌

6,427,953‌

4.80%

,

02/14/29

...................

6,256‌

6,306,595‌

3.40%

,

05/06/30

...................

848‌

810,365‌

4.50%

,

08/06/30

...................

4,096‌

4,078,301‌

BAT

Capital

Corp.

3.22%

,

09/06/26

...................

3,673‌

3,653,761‌

3.56%

,

08/15/27

...................

8,327‌

8,235,618‌

2.26%

,

03/25/28

...................

412‌

395,438‌

6.34%

,

08/02/30

...................

5,672‌

6,054,745‌

5.83%

,

02/20/31

...................

2,771‌

2,899,791‌

BAT

International

Finance

plc

4.45%

,

03/16/28

...................

3,019‌

3,020,205‌

5.93%

,

02/02/29

...................

6,963‌

7,223,306‌

Philip

Morris

International,

Inc.

4.88%

,

02/15/28

...................

6,991‌

7,062,520‌

3.13%

,

03/02/28

...................

1,448‌

1,418,303‌

3.88%

,

10/27/28

...................

1,913‌

1,896,799‌

5.13%

,

02/15/30

...................

2,710‌

2,765,125‌

4.38%

,

04/30/30

...................

3,762‌

3,741,899‌

4.00%

,

10/29/30

...................

4,513‌

4,417,375‌

5.13%

,

02/13/31

...................

3,300‌

3,375,160‌

75,970,419‌

Trading

Companies

&

Distributors

—

0.2%

(b)

FTAI

Aviation

Investors

LLC

5.50%

,

05/01/28

...................

252‌

251,911‌

7.88%

,

12/01/30

...................

765‌

798,809‌

7.00%

,

05/01/31

...................

2,992‌

3,067,189‌

Herc

Holdings,

Inc.

6.63%

,

06/15/29

...................

705‌

716,581‌

7.00%

,

06/15/30

...................

505‌

517,812‌

5.75%

,

03/15/31

...................

163‌

160,533‌

QXO

Building

Products,

Inc.,

6.75%,

04/30/32

.

1,564‌

1,595,266‌

WESCO

Distribution,

Inc.

5.25%

,

04/15/31

...................

181‌

179,919‌

6.63%

,

03/15/32

...................

410‌

419,647‌

5.50%

,

04/15/34

...................

287‌

282,652‌

7,990,319‌

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

—

0.8%

Connect

Finco

SARL,

9.00%,

09/15/29

(b)

.....

USD

200‌

$

210,108‌

Digicel

International

Finance

Ltd.,

8.63%,

08/01/32

(b)

......................

988‌

1,002,620‌

Maya

SAS

(b)

7.00%

,

10/15/28

...................

1,685‌

1,695,873‌

8.50%

,

04/15/31

...................

650‌

680,104‌

Rogers

Communications,

Inc.,

2.90%,

11/15/26

1,710‌

1,692,929‌

T-Mobile

USA,

Inc.

3.75%

,

04/15/27

...................

4,438‌

4,410,528‌

2.05%

,

02/15/28

...................

5,267‌

5,051,962‌

4.95%

,

03/15/28

...................

490‌

495,091‌

4.85%

,

01/15/29

...................

922‌

932,681‌

2.63%

,

02/15/29

...................

2‌

1,902‌

3.38%

,

04/15/29

...................

5,165‌

5,005,520‌

3.88%

,

04/15/30

...................

11,731‌

11,424,480‌

Vmed

O2

UK

Financing

I

plc,

4.25%,

01/31/31

(b)

200‌

171,768‌

32,775,566‌

Total

Corporate

Bonds

—

48

.4

%

(Cost:

$

1,941,259,569

)

............................

1,946,266,180‌

Floating

Rate

Loan

Interests

Commercial

Services

&

Supplies

—

0.0%

LABL,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.75%),

10.41

%

,

11/03/26

(a)

.................

57‌

56,704‌

Total

Floating

Rate

Loan

Interests

—

0.0

%

(Cost:

$

53,549

)

.................................

56,704‌

Foreign

Agency

Obligations

Canada

—

0.8%

(b)

CDP

Financial,

Inc.

,

3.88

%

,

01/22/31

.......

5,230‌

5,178,484‌

CPPIB

Capital,

Inc.

,

3.88

%

,

02/15/31

.......

9,560‌

9,487,198‌

OMERS

Finance

Trust

,

4.38

%

,

03/20/30

.....

5,195‌

5,250,133‌

Ontario

Teachers'

Finance

Trust

,

4.25

%

,

04/25/28

........................

13,860‌

13,941,472‌

33,857,287‌

France

—

0.3%

Caisse

d'Amortissement

de

la

Dette

Sociale

,

4.00

%

,

02/12/31

(b)

..................

11,055‌

10,941,496‌

Total

Foreign

Agency

Obligations

—

1

.1

%

(Cost:

$

44,727,571

)

...............................

44,798,783‌

Foreign

Government

Obligations

Morocco

—

0.1%

Kingdom

of

Morocco

(b)

2.38

%

,

12/15/27

...................

2,536‌

2,434,940‌

5.95

%

,

03/08/28

...................

964‌

980,099‌

3,415,039‌

Oman

—

0.1%

Oman

Government

Bond

,

6.75

%

,

10/28/27

(b)

..

3,500‌

3,594,115‌

Romania

—

0.1%

Romania

Government

Bond

,

3.00

%

,

02/27/27

(d)

3,700‌

3,623,225‌

South

Africa

—

0.1%

Republic

of

South

Africa

,

4.85

%

,

09/27/27

....

3,600‌

3,590,100‌

Total

Foreign

Government

Obligations

—

0

.4

%

(Cost:

$

14,323,860

)

...............................

14,222,479‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

Schedules

of

Investments

111

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Municipal

Bonds

Arizona

—

0.0

%

Maricopa

County

Industrial

Development

Authority

,

Series

2024

,

RB

,

7.38

%

,

10/01/29

(b)

USD

1,270‌

$

1,338,880‌

Massachusetts

—

0

.1

%

Massachusetts

Educational

Financing

Authority

,

Series

2024A

,

RB

,

6.35

%

,

07/01/49

......

2,035‌

2,112,102‌

Total

Municipal

Bonds

—

0

.1

%

(Cost:

$

3,305,000

)

...............................

3,450,982‌

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

8.2%

A&D

Mortgage

Trust

(b)

Series

2023-NQM5,

Class

A1,

7.05%,

11/25/68

(c)

.....................

967‌

974,483‌

Series

2026-NQM1,

Class

A1,

4.91%,

02/25/71

(a)

.....................

1,789‌

1,772,979‌

ACRA

Trust,

Series

2024-NQM1,

Class

A1,

5.61%,

10/25/64

(b)

(c)

.................

3,147‌

3,154,754‌

AFG

Trust

(a)(d)

Series

2026-1,

Class

A1L,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

0.95%),

4.79%,

10/10/57

.

AUD

3,916‌

2,687,633‌

Series

2026-1,

Class

A2,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.08%),

4.92%,

10/10/57

......

848‌

580,122‌

Angel

Oak

Mortgage

Trust

(b)(c)

Series

2023-6,

Class

A1,

6.50%,

12/25/67

..

USD

1,510‌

1,515,396‌

Series

2024-1,

Class

A1,

5.21%,

08/25/68

..

4,686‌

4,677,350‌

Arroyo

Mortgage

Trust,

Series

2022-2,

Class

A1,

4.95%,

07/25/57

(b)

(c)

.................

3,268‌

3,259,260‌

Atlas

Funding

plc

(a)(d)

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.85%),

4.58%,

09/20/61

.................

GBP

376‌

497,886‌

Series

2024-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.30%),

5.03%,

09/20/61

.................

100‌

132,793‌

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.55%),

5.28%,

09/20/61

.................

104‌

138,145‌

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.20%),

5.93%,

09/20/61

.................

100‌

134,587‌

Auburn

15

plc,

Series

15,

Class

A2,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.10%),

4.83%,

07/20/45

(a)

(d)

...........

600‌

796,280‌

Banc

of

America

Mortgage

Trust,

Series

2003-J,

Class

2A1,

5.12%,

11/25/33

(a)

..........

USD

96‌

85,249‌

Barclays

Mortgage

Loan

Trust

(b)

Series

2024-NQM1,

Class

A1,

5.90%,

01/25/64

(c)

.....................

2,982‌

2,994,632‌

Series

2025-NQM3,

Class

A1,

5.64%,

05/25/65

(a)

.....................

2,416‌

2,426,158‌

Barley

Hill

No.

2

plc,

Series

2,

Class

C,

(Sterling

Overnight

Index

Average

+

2.55%),

6.28%,

08/27/58

(a)

(d)

......................

GBP

520‌

688,412‌

Bear

Stearns

ARM

Trust,

Series

2004-5,

Class

2A,

3.80%,

07/25/34

(a)

...............

USD

135‌

127,841‌

Bletchley

Park

Funding

plc,

Series

2025-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.20%),

4.93%,

01/27/70

(a)

(d)

......

GBP

416‌

551,114‌

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Braccan

Mortgage

Funding

plc

(a)(d)

Series

2025-1X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.84%),

4.58%,

05/17/67

.................

GBP

1,029‌

$

1,362,446‌

Series

2025-1X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.10%),

4.84%,

05/17/67

.................

215‌

283,925‌

Series

2026-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.45%),

5.18%,

04/17/68

.................

152‌

201,186‌

Series

2026-1X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.85%),

5.58%,

04/17/68

.................

105‌

138,977‌

BRAVO

Residential

Funding

Trust

(b)

Series

2023-NQM6,

Class

A1,

6.60%,

09/25/63

(c)

.....................

USD

2,720‌

2,726,443‌

Series

2023-NQM6,

Class

A3,

7.06%,

09/25/63

(c)

.....................

1,774‌

1,778,903‌

Series

2025-NQM10,

Class

A1,

4.87%,

09/25/65

(a)

.....................

3,069‌

3,048,556‌

Series

2025-NQM3,

Class

A1,

5.57%,

03/25/65

(c)

.....................

971‌

975,295‌

Canada

Square

Funding

plc

(a)(d)

Series

6,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.45%),

5.20%,

01/17/59

......................

GBP

318‌

421,170‌

Series

6,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.85%),

5.60%,

01/17/59

......................

178‌

235,272‌

Castell

plc

(a)(d)

Series

2025-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.97%),

4.70%,

01/27/62

.................

718‌

952,663‌

Series

2026-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

1.00%,

12/27/62

.................

100‌

132,125‌

Chase

Home

Lending

Mortgage

Trust

(a)(b)

Series

2019-ATR2,

Class

A11,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

and

6.50%

Cap

+

1.01%),

4.69%,

07/25/49

.......

USD

538‌

525,348‌

Series

2025-11,

Class

A11,

(SOFR

30

day

Average

at

0.00%

Floor

and

7.50%

Cap

+

1.30%),

4.96%,

02/25/56

...........

5,113‌

5,101,164‌

Series

2025-2,

Class

A11,

(SOFR

30

day

Average

at

0.00%

Floor

and

7.50%

Cap

+

1.20%),

4.86%,

12/25/55

...........

2,723‌

2,729,246‌

Series

2025-3,

Class

A11,

(SOFR

30

day

Average

at

0.00%

Floor

and

7.50%

Cap

+

1.30%),

4.96%,

02/25/56

...........

4,205‌

4,195,610‌

Series

2025-5,

Class

A11,

(SOFR

30

day

Average

at

0.00%

Floor

and

7.50%

Cap

+

1.50%),

5.16%,

04/25/56

...........

5,003‌

5,024,943‌

CHL

Mortgage

Pass-Through

Trust

Series

2005-17,

Class

1A6,

5.50%,

09/25/35

149‌

146,643‌

Series

2005-HYB8,

Class

2A1,

4.10%,

12/20/35

(a)

.....................

387‌

359,033‌

CIM

Trust,

Series

2021-R6,

Class

A1,

1.42%,

07/25/61

(a)

(b)

......................

2,503‌

2,305,432‌

Citadel

plc

(a)(d)

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.02%),

4.75%,

04/28/60

.................

GBP

565‌

748,171‌

Series

2024-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.45%),

5.18%,

04/28/60

.................

100‌

132,860‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

112

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.75%),

5.48%,

04/28/60

.................

GBP

100‌

$

132,873‌

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.45%),

6.18%,

04/28/60

.................

100‌

133,623‌

Series

2024-1,

Class

E,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.75%),

7.48%,

04/28/60

.................

100‌

133,800‌

COLT

Mortgage

Loan

Trust

(b)

Series

2022-3,

Class

A1,

3.90%,

02/25/67

(a)

.

USD

1,937‌

1,895,237‌

Series

2023-1,

Class

A1,

6.05%,

04/25/68

(c)

.

1,624‌

1,619,815‌

Series

2025-4,

Class

A1,

5.79%,

04/25/70

(c)

.

3,813‌

3,839,930‌

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2022-ATH1,

Class

A1A,

3.87%,

01/25/67

(a)

(b)

......................

3,972‌

3,878,631‌

Cross

Mortgage

Trust

(b)

Series

2025-H3,

Class

A1,

5.88%,

04/25/70

(a)

5,230‌

5,272,752‌

Series

2026-NQM4,

Class

A2,

5.69%,

04/25/71

(c)

.....................

3,345‌

3,344,976‌

CSMC

Trust

(a)(b)

Series

2015-1,

Class

A1,

2.50%,

01/25/45

..

4,196‌

3,732,127‌

Series

2015-3,

Class

A9,

3.50%,

03/25/45

..

644‌

605,698‌

Series

2017-RPL1,

Class

A1,

2.75%,

07/25/57

257‌

251,497‌

Dilosk

Rmbs

No.

8

Sts

DAC

(a)(d)

Series

8-STS,

Class

A,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.65%),

2.66%,

05/20/62

.

EUR

358‌

413,191‌

Series

8-STS,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.90%),

2.91%,

05/20/62

.

131‌

150,932‌

Dilosk

Rmbs

No.

9

Dac,

Series

9,

Class

A,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.68%),

2.71%,

01/25/63

(a)

(d)

......................

238‌

274,923‌

Domi

(a)(d)

Series

2026-1,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.90%),

2.89%,

02/15/57

.

181‌

207,905‌

Series

2026-1,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.10%),

3.09%,

02/15/57

.

100‌

114,866‌

Domi

BV,

Series

2025-1,

Class

A,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.71%),

2.73%,

04/16/57

(a)

(d)

......................

1,432‌

1,655,930‌

Driver

Australia

Ten,

Series

10,

Class

B,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.50%),

5.55%,

02/21/33

(a)

(d)

AUD

70‌

48,549‌

Dutch

Property

Finance

BV

(a)(d)

Series

2021-2,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.80%),

2.84%,

04/28/59

.

EUR

820‌

947,758‌

Series

2021-2,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.05%),

3.09%,

04/28/59

.

503‌

581,422‌

Series

2023-1,

Class

A,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.90%),

2.94%,

04/28/64

.

2,591‌

3,004,638‌

East

One

plc

(a)(d)

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.40%),

5.13%,

12/27/55

.................

GBP

247‌

327,876‌

Series

2024-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.70%),

5.43%,

12/27/55

.................

231‌

306,516‌

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.00%),

5.73%,

12/27/55

.................

375‌

498,296‌

Edenbrook

Mortgage

Funding

plc

(a)(d)

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.95%),

5.68%,

03/22/57

.................

330‌

442,206‌

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.55%),

6.28%,

03/22/57

.................

GBP

191‌

$

256,766‌

Ellington

Financial

Mortgage

Trust

(b)(c)

Series

2025-CES2,

Class

A1A,

5.65%,

02/25/60

......................

USD

5,374‌

5,399,815‌

Series

2025-NQM3,

Class

A1,

5.49%,

08/25/70

......................

4,671‌

4,682,686‌

Elstree

Funding,

Series

251-1ST,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.72%),

4.45%,

01/21/65

(a)

(d)

......

GBP

1,188‌

1,570,061‌

Elstree

Funding

No.

4

plc,

Series

4,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.12%),

4.85%,

10/21/55

(a)

(d)

......

263‌

348,765‌

Exmoor

Funding

plc

(a)(d)

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.88%),

4.61%,

03/25/94

.................

395‌

523,710‌

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.90%),

5.63%,

03/25/94

.................

112‌

149,067‌

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.80%),

6.53%,

03/25/94

.................

100‌

133,694‌

Finsbury

Square

Green

plc,

Series

2021-1GRX,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.25%),

4.98%,

12/16/67

(a)

(d)

.

1,045‌

1,384,815‌

Finsbury

Square

plc

(a)(d)

Series

2021-2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.40%),

5.13%,

12/16/71

.................

371‌

492,158‌

Series

2021-2X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.70%),

5.43%,

12/16/71

.................

200‌

264,058‌

Firstmac

Mortgage

Funding

Trust,

Series

2024-4,

Class

A1,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.08%),

5.14%,

02/18/56

(a)

(d)

.................

AUD

2,629‌

1,814,464‌

Flagstar

Mortgage

Trust,

Series

2018-2,

Class

A4,

3.50%,

04/25/48

(a)

(b)

..............

USD

712‌

682,281‌

Frontier

Mortgage

Funding

plc,

Series

2025-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.00%),

4.73%,

12/20/66

(a)

(d)

.

GBP

1,493‌

1,966,798‌

GCAT

Trust,

Series

2025-NQM6,

Class

A1,

4.93%,

10/25/70

(a)

(b)

.................

USD

2,102‌

2,088,550‌

Gemgarto

plc,

Series

2021-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.95%),

5.68%,

12/16/67

(a)

(d)

...........

GBP

218‌

288,907‌

GS

Mortgage-Backed

Securities

Corp.

Trust,

Series

2019-PJ1,

Class

B1,

4.01%,

08/25/49

(a)

(b)

......................

USD

1,275‌

1,242,731‌

GS

Mortgage-Backed

Securities

Trust

(b)

Series

2025-DSC2,

Class

A1,

5.04%,

01/25/66

(c)

.....................

2,240‌

2,233,032‌

Series

2025-NQM5,

Class

A1,

5.01%,

07/25/65

(c)

.....................

1,673‌

1,664,153‌

Series

2025-PJ10,

Class

A27,

(SOFR

30

day

Average

at

0.00%

Floor

and

7.50%

Cap

+

1.35%),

5.01%,

04/25/56

(a)

..........

3,242‌

3,244,340‌

Series

2026-R1,

Class

A1,

5.53%,

04/25/63

(c)

5,405‌

5,404,935‌

Harben

Finance

(a)(d)

Series

2017-1RX,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.15%),

4.88%,

09/28/55

.................

GBP

741‌

979,250‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

Schedules

of

Investments

113

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2017-1RX,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

5.23%,

09/28/55

.................

GBP

441‌

$

581,687‌

Holmes

Master

Issuer

plc,

Series

2025-1,

Class

A1,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.53%),

4.29%,

10/15/72

(a)

(d)

.

2,995‌

3,961,847‌

Homes

Trust

(b)(c)

Series

2023-NQM2,

Class

A1,

6.46%,

02/25/68

......................

USD

1,468‌

1,465,124‌

Series

2024-NQM2,

Class

A1,

5.72%,

10/25/69

......................

4,008‌

4,026,305‌

Hops

Hill

No.

4

plc

(a)(d)

Series

4,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.88%),

4.61%,

04/21/56

......................

GBP

466‌

617,938‌

Series

4,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.30%),

5.03%,

04/21/56

......................

265‌

352,370‌

Series

4,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.70%),

5.43%,

04/21/56

......................

214‌

284,865‌

Series

4,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.30%),

6.03%,

04/21/56

......................

215‌

284,986‌

Hops

Hill

No.

5

plc,

Series

5,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.45%),

5.18%,

06/21/56

(a)

(d)

...........

100‌

132,361‌

J.P.

Morgan

Mortgage

Trust

(a)(b)

Series

2020-LTV1,

Class

A11,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

and

6.00%

Cap

+

1.11%),

4.79%,

06/25/50

.......

USD

32‌

32,073‌

Series

2021-3,

Class

A12,

5.50%,

07/25/51

.

6,818‌

6,827,951‌

Series

2021-6,

Class

A12,

5.00%,

10/25/51

.

6,817‌

6,636,637‌

Series

2021-7,

Class

A12,

5.00%,

11/25/51

.

3,890‌

3,822,041‌

Series

2023-DSC1,

Class

A1,

4.62%,

07/25/63

......................

3,752‌

3,649,240‌

Series

2024-2,

Class

A3,

6.00%,

08/25/54

..

979‌

985,066‌

Series

2025-NQM3,

Class

A1,

5.50%,

11/25/65

......................

1,802‌

1,807,663‌

Series

2025-NQM4,

Class

A1,

4.95%,

03/25/66

......................

5,426‌

5,403,152‌

Jubilee

Place

BV

(a)(d)

Series

7,

Class

A,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.72%),

2.88%,

09/18/62

......

EUR

1,225‌

1,416,739‌

Series

7,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.05%),

3.21%,

09/18/62

......

310‌

357,429‌

Series

9,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.10%),

3.08%,

10/17/61

......

100‌

113,988‌

Jupiter

Mortgage

No.

1

plc

(a)(d)

Series

1X,

Class

AR,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.00%),

4.75%,

07/20/55

.................

GBP

452‌

599,067‌

Series

1X,

Class

BR,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.70%),

5.45%,

07/20/55

.................

1,362‌

1,812,719‌

Series

1X,

Class

CR,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.25%),

6.00%,

07/20/55

.................

430‌

572,654‌

Series

1X,

Class

DR,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.00%),

6.75%,

07/20/55

.................

293‌

390,262‌

La

Trobe

Financial

Capital

Markets

Trust

(a)

Series

2024-3,

Class

A1L,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.30%),

5.25%,

11/13/55

(d)

AUD

600‌

414,801‌

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2025-1,

Class

A1L,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.05%),

5.00%,

05/15/57

.

AUD

2,395‌

$

1,646,868‌

Lanark

Master

Issuer

plc,

Series

2025-1X,

Class

1A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.47%),

4.21%,

12/22/69

(a)

(d)

.

GBP

989‌

1,307,012‌

Lanebrook

Mortgage

Transaction

plc

(a)(d)

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.25%),

5.00%,

07/20/58

.................

158‌

208,891‌

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.80%),

4.53%,

03/15/61

.................

276‌

364,623‌

Liberty,

Series

2025-1,

Class

A1B,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.10%),

5.15%,

09/25/56

(a)

(d)

.

AUD

417‌

287,948‌

London

Bridge

Mortgages

plc,

Series

2025-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.05%),

4.78%,

03/20/67

(a)

(d)

.

GBP

356‌

469,097‌

Meridian

Funding

plc

(a)(d)

Series

2025-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.85%),

4.58%,

02/20/68

.................

3,978‌

5,257,260‌

Series

2025-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.60%),

5.33%,

02/20/68

.................

335‌

442,220‌

Series

2025-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.05%),

5.78%,

02/20/68

.................

356‌

470,346‌

Series

2025-1,

Class

E,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.25%),

6.98%,

02/20/68

.................

384‌

505,576‌

MFA

Trust

(b)(c)

Series

2023-INV2,

Class

A1,

6.77%,

10/25/58

USD

1,427‌

1,435,198‌

Series

2023-NQM3,

Class

A1,

6.62%,

07/25/68

......................

3,327‌

3,333,972‌

Series

2023-NQM4,

Class

A1,

6.10%,

12/25/68

......................

4,641‌

4,663,755‌

Mill

City

Mortgage

Loan

Trust

(a)(b)

Series

2018-1,

Class

A1,

3.25%,

05/25/62

..

199‌

198,114‌

Series

2018-3,

Class

A1,

3.50%,

08/25/58

..

847‌

838,331‌

Miltonia

Mortgage

Finance

SRL,

Series

1,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.30%),

3.34%,

04/28/62

(a)

(d)

.................

EUR

355‌

410,711‌

Molossus

BTL

plc,

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.95%),

4.70%,

04/18/61

(a)

(d)

......

GBP

575‌

762,264‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust

(b)

Series

2025-DSC1,

Class

A1,

5.56%,

03/25/70

(c)

.....................

USD

3,784‌

3,796,872‌

Series

2025-HX1,

Class

A1,

5.96%,

03/25/70

(a)

.....................

2,381‌

2,401,823‌

Series

2026-NQM1,

Class

A1,

4.81%,

12/25/70

(a)

.....................

3,036‌

3,007,708‌

Mortgage

House

RMBS

Prime,

Series

2024-2,

Class

A1L,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.10%),

5.05%,

05/13/57

(a)

(d)

...........

AUD

713‌

492,773‌

MortgageIT

Trust,

Series

2004-1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.78%

Floor

and

11.50%

Cap

+

0.89%),

4.57%,

11/25/34

(a)

..

USD

275‌

269,111‌

Mortimer

BTL

plc,

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.45%),

5.18%,

06/23/53

(a)

(d)

......

GBP

111‌

146,961‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

114

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

National

RMBS

Trust,

Series

2026-1,

Class

C,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.75%),

5.89%,

10/20/57

(a)

(d)

......................

AUD

500‌

$

342,815‌

New

Residential

Mortgage

Loan

Trust

(b)

Series

2016-3A,

Class

A1B,

3.25%,

09/25/56

(a)

.....................

USD

719‌

680,953‌

Series

2018-1A,

Class

A1A,

4.00%,

12/25/57

(a)

.....................

2,497‌

2,435,008‌

Series

2020-1A,

Class

A1B,

3.50%,

10/25/59

(a)

.....................

6,159‌

5,767,415‌

Series

2024-NQM1,

Class

A1,

6.13%,

03/25/64

(c)

.....................

2,630‌

2,647,380‌

OAK

NO

5

plc,

Series

5,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.51%),

4.26%,

07/28/72

(a)

(d)

...........

GBP

1,079‌

1,426,193‌

OBX

Trust

(b)(c)

Series

2023-NQM4,

Class

A1,

6.11%,

03/25/63

......................

USD

6,667‌

6,652,914‌

Series

2023-NQM5,

Class

A1A,

6.57%,

06/25/63

......................

1,691‌

1,691,623‌

Series

2023-NQM6,

Class

A1,

6.52%,

07/25/63

......................

3,648‌

3,651,349‌

Permanent

Master

Issuer

plc,

Series

2024-1X,

Class

1A1,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.55%),

4.31%,

07/15/73

(a)

(d)

GBP

876‌

1,157,747‌

Pierpont

BTL

plc

(a)(d)

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.20%),

5.93%,

09/21/61

.................

100‌

132,575‌

Series

2025-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.80%),

4.53%,

03/21/62

.................

637‌

843,679‌

Series

2025-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.05%),

4.78%,

03/21/62

.................

336‌

443,559‌

Series

2026-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.77%),

4.52%,

12/21/62

.................

1,793‌

2,363,781‌

PMF

plc,

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.98%),

4.71%,

07/16/60

(a)

(d)

...........

415‌

549,975‌

Polaris

plc

(a)(d)

Series

2024-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.35%),

5.08%,

02/26/61

.................

421‌

559,672‌

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.70%),

5.43%,

02/26/61

.................

144‌

191,683‌

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.70%),

6.43%,

02/26/61

.................

105‌

141,367‌

Series

2024-1,

Class

E,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

4.00%),

7.73%,

02/26/61

.................

100‌

134,674‌

Series

2025-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.82%),

4.55%,

02/26/68

.................

2,010‌

2,657,393‌

Series

2025-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.05%),

4.78%,

02/26/68

.................

487‌

642,097‌

Series

2025-2,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.05%),

4.78%,

08/25/68

.................

206‌

271,698‌

PRET

Trust,

Series

2025-RPL2,

Class

A1,

4.00%,

08/25/64

(b)

(c)

.................

USD

749‌

726,190‌

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

PRKCM

Trust,

Series

2023-AFC1,

Class

A1,

6.60%,

02/25/58

(b)

(c)

.................

USD

1,953‌

$

1,947,757‌

Provident

Funding

Mortgage

Trust,

Series

2021-

INV2,

Class

1A3,

2.50%,

11/25/51

(a)

(b)

.....

2,243‌

1,991,881‌

PRPM

LLC,

Series

2024-RCF1,

Class

A1,

4.00%,

01/25/54

(b)

(c)

.................

865‌

853,620‌

PRPM

Trust

(b)

Series

2025-NQM2,

Class

A1,

5.69%,

04/25/70

(c)

.....................

3,906‌

3,922,351‌

Series

2026-NQM1,

Class

A1,

5.13%,

02/25/71

(a)

.....................

4,725‌

4,706,622‌

Residential

Mortgage

Loan

Trust,

Series

2019-3,

Class

M1,

3.26%,

09/25/59

(a)

(b)

..........

1,509‌

1,498,712‌

RESIMAC

Premier,

Series

2024-2,

Class

A2,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.10%),

5.05%,

02/12/56

(a)

(d)

......................

AUD

354‌

244,358‌

RMAC

Securities

No.1

plc,

Series

2007-NS1X,

Class

A2A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.27%),

4.00%,

06/12/44

(a)

(d)

GBP

185‌

240,067‌

Santander

Mortgage

Asset

Receivable

Trust,

Series

2026-NQM1,

Class

A1,

4.95%,

11/25/65

(a)

(b)

......................

USD

2,184‌

2,170,082‌

Sapphire

XXXII

Trust,

Series

2025-1,

Class

A1L,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.10%),

5.05%,

06/14/66

(a)

(d)

......................

AUD

4,757‌

3,281,223‌

Sequoia

Mortgage

Trust

(a)(b)

Series

2017-CH1,

Class

A2,

3.50%,

08/25/47

USD

101‌

93,815‌

Series

2024-HYB1,

Class

A1A,

4.44%,

11/25/63

......................

3,081‌

3,076,579‌

Series

2025-9,

Class

A26F,

(SOFR

30

day

Average

at

0.00%

Floor

and

7.50%

Cap

+

1.30%),

4.96%,

10/25/55

...........

1,928‌

1,931,568‌

Series

2026-HYB1,

Class

A1A,

4.67%,

04/25/56

......................

3,655‌

3,591,788‌

Series

2026-MED1,

Class

A1A,

5.12%,

04/25/56

......................

3,360‌

3,309,487‌

Silverstone

Master

Issuer

plc,

Series

2023-1,

Class

2A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.50%),

4.25%,

01/21/70

(a)

(d)

GBP

635‌

840,317‌

Starwood

Mortgage

Residential

Trust,

Series

2020-INV1,

Class

A1,

1.03%,

11/25/55

(a)

(b)

..

USD

704‌

676,576‌

Stratton

Mortgage

Funding

plc

(a)(d)

Series

2024-2X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.35%),

5.08%,

06/28/50

.................

GBP

315‌

417,318‌

Series

2024-2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

5.23%,

06/28/50

.................

242‌

320,489‌

Series

2024-3,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.35%),

5.08%,

06/25/49

.................

459‌

607,816‌

Series

2024-3,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

5.23%,

06/25/49

.................

100‌

132,373‌

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2004-13,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

4.09%,

09/25/34

(a)

.......................

USD

372‌

349,854‌

Together

Asset-Backed

Securitisation

plc

(a)(d)

Series

2024-1ST1X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.95%),

4.68%,

08/15/64

...........

GBP

365‌

484,231‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

Schedules

of

Investments

115

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2024-2ND1X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.70%),

5.43%,

08/20/55

...........

GBP

156‌

$

207,581‌

Series

2024-2ND1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.50%),

6.23%,

08/20/55

...........

103‌

136,869‌

Series

2024-2ND1X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.50%),

7.23%,

08/20/55

...........

119‌

159,629‌

Series

2025-2ND1X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.93%),

4.66%,

09/12/56

...........

778‌

1,030,289‌

Series

2025-2ND1X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.20%),

4.93%,

09/12/56

...........

500‌

661,798‌

Series

2025-CRE1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.20%),

4.93%,

01/15/57

...........

3,216‌

4,269,828‌

Towd

Point

Mortgage

Trust

(b)

Series

2015-1,

Class

A5,

4.53%,

10/25/53

(a)

.

USD

1,205‌

1,201,109‌

Series

2016-2,

Class

M1,

3.00%,

08/25/55

(a)

1,119‌

1,107,175‌

Series

2017-4,

Class

A1,

2.75%,

06/25/57

(a)

.

3,665‌

3,605,511‌

Series

2017-6,

Class

A1,

2.75%,

10/25/57

(a)

.

2,269‌

2,241,253‌

Series

2018-1,

Class

A1,

3.00%,

01/25/58

(a)

.

432‌

429,818‌

Series

2018-2,

Class

A1,

3.25%,

03/25/58

(a)

.

1,021‌

1,012,671‌

Series

2018-6,

Class

A1A,

3.75%,

03/25/58

(a)

820‌

816,719‌

Series

2020-4,

Class

A1,

1.75%,

10/25/60

..

623‌

568,239‌

Series

2022-1,

Class

A1,

3.75%,

07/25/62

(a)

.

5,650‌

5,353,830‌

Tower

Bridge

Funding

plc

(a)(d)

Series

2024-2X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.20%),

4.94%,

05/20/66

.................

GBP

100‌

132,647‌

Series

2024-3X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.40%),

5.13%,

12/20/66

.................

100‌

132,336‌

Series

2024-3X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.90%),

5.63%,

12/20/66

.................

100‌

132,777‌

Series

2026-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.75%),

4.50%,

01/20/73

.................

816‌

1,077,472‌

Trinity

Square

plc,

Series

2021-1X,

Class

AR,

(Sterling

Overnight

Index

Average

+

0.90%),

4.66%,

07/15/59

(a)

(d)

.................

516‌

683,181‌

Triton

Bond

Trust

in

respect

of,

Series

2026-1,

Class

A2,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.15%),

4.99%,

02/15/58

(a)

(d)

.................

AUD

2,942‌

2,009,108‌

Turquoise

V

Trust

(a)(d)

Series

2026-1,

Class

A1L,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.05%),

5.00%,

06/12/67

.

2,040‌

1,405,325‌

Series

2026-1,

Class

A2,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.20%),

5.15%,

06/12/67

......

1,130‌

778,443‌

Series

2026-1,

Class

B,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.45%),

5.40%,

06/12/67

......

990‌

680,744‌

Series

2026-1,

Class

C,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.60%),

5.55%,

06/12/67

......

500‌

343,813‌

Series

2026-1,

Class

D,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.85%),

5.80%,

06/12/67

......

500‌

343,242‌

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Twin

Bridges

plc

(a)(d)

Series

2021-2,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.15%),

4.88%,

09/12/55

.................

GBP

435‌

$

575,302‌

Series

2021-2,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

5.23%,

09/12/55

.................

187‌

247,226‌

Series

2022-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.70%),

5.43%,

12/12/55

.................

365‌

481,768‌

UWM

Mortgage

Trust,

Series

2021-INV5,

Class

A10,

5.00%,

01/25/52

(a)

(b)

.............

USD

4,248‌

4,149,162‌

Verus

Securitization

Trust

(b)

Series

2024-INV1,

Class

A3,

6.47%,

03/25/69

(c)

.....................

1,499‌

1,508,252‌

Series

2025-11,

Class

B1,

6.41%,

11/25/70

(a)

1,350‌

1,331,270‌

Series

2026-1,

Class

A1,

4.86%,

01/25/71

(a)

.

3,661‌

3,642,202‌

Series

2026-1,

Class

A2,

5.12%,

01/25/71

(c)

.

1,626‌

1,615,465‌

Walsh

Acceptance,

Series

1997-2,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.11%),

5.81%,

03/01/27

(a)

(b)

...........

—‌

(f)

393‌

Wells

Fargo

Mortgage

Backed

Securities

Trust

(a)

(b)

Series

2019-4,

Class

A2,

3.00%,

09/25/49

..

610‌

533,884‌

Series

2020-RR1,

Class

A1,

3.00%,

05/25/50

1,084‌

956,815‌

Winchester

1

plc

(a)(d)

Series

1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.55%),

5.30%,

10/21/56

......................

GBP

100‌

132,164‌

Series

1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.00%),

5.75%,

10/21/56

......................

100‌

132,361‌

WST

Trust,

Series

2026-1,

Class

A,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

0.83%),

4.88%,

09/19/57

(a)

(d)

.

AUD

3,371‌

2,316,839‌

331,563,021‌

Commercial

Mortgage-Backed

Securities

—

8.4%

1345T,

Series

2025-AOA,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

06/15/42

(a)

(b)

......................

USD

2,700‌

2,691,562‌

Aesir

European

Loan

Conduit

No.

41

DAC

(a)(d)

Series

41X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.23%),

4.97%,

01/23/36

......................

GBP

1,222‌

1,613,611‌

Series

41X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.40%),

5.14%,

01/23/36

......................

293‌

383,270‌

ALA

Trust

(a)(b)

Series

2025-OANA,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.42%,

06/15/40

.................

USD

2,991‌

2,998,477‌

Series

2025-OANA,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.09%

Floor

+

3.09%),

6.76%,

06/15/40

.................

601‌

601,751‌

Alen

Mortgage

Trust,

Series

2021-ACEN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

4.94%,

04/15/34

(a)

(b)

...........

5,530‌

5,225,850‌

ARES

Commercial

Mortgage

Trust

(a)(b)

Series

2026-AZURE,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.25%,

03/15/38

.................

1,035‌

1,035,000‌

Series

2026-AZURE,

Class

C,

(1-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

5.55%,

03/15/38

.................

420‌

420,000‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

116

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

ARES

Trust,

Series

2025-IND3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

04/15/42

(a)

(b)

.................

USD

2,867‌

$

2,867,000‌

BAHA

Trust,

Series

2024-MAR,

Class

B,

6.39%,

12/10/41

(a)

(b)

......................

2,275‌

2,344,137‌

BANK

Series

2018-BN14,

Class

A2,

4.13%,

09/15/60

1,961‌

1,943,000‌

Series

2019-BN16,

Class

A2,

3.93%,

02/15/52

292‌

290,333‌

Series

2019-BN18,

Class

A2,

3.47%,

05/15/62

5,000‌

4,859,654‌

BAY

Mortgage

Trust,

Series

2025-LIVN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

05/15/35

(a)

(b)

...........

4,147‌

4,124,977‌

BBCMS

Mortgage

Trust

(b)

Series

2018-TALL,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.87%

Floor

+

0.92%),

4.59%,

03/15/37

(a)

.....................

1,324‌

1,254,539‌

Series

2025-C35,

Class

D,

4.50%,

07/15/58

.

1,586‌

1,235,845‌

Benchmark

Mortgage

Trust,

Series

2025-V18,

Class

B,

5.94%,

10/15/58

.............

2,780‌

2,818,444‌

BFLD

Commercial

Mortgage

Trust

(a)(b)

Series

2024-UNIV,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.17%,

11/15/41

......................

1,030‌

1,030,322‌

Series

2024-UNIV,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

5.51%,

11/15/41

......................

760‌

760,238‌

Series

2025-660F,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

11/15/42

......................

1,862‌

1,859,677‌

Series

2025-660F,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.75%),

6.42%,

11/15/42

......................

1,140‌

1,137,150‌

BFLD

Mortgage

Trust,

Series

2024-WRHS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.16%,

07/15/39

(a)

(b)

...........

3,068‌

3,068,360‌

BFLD

Trust

(a)(b)

Series

2025-EWEST,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

5.57%,

06/15/42

.................

2,640‌

2,631,491‌

Series

2025-FPM,

Class

A,

4.68%,

10/10/40

1,756‌

1,762,097‌

Series

2025-FPM,

Class

B,

5.22%,

10/10/40

2,961‌

2,976,875‌

BHMS

Commercial

Mortgage

Trust,

Series

2025-

ATLS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

08/15/42

(a)

(b)

.

2,946‌

2,947,892‌

BLP

Commercial

Mortgage

Trust,

Series

2024-

IND2,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.59%

Floor

+

2.59%),

6.26%,

03/15/41

(a)

(b)

.

514‌

512,708‌

BMO

Mortgage

Trust

Series

2025-5C9,

Class

AS,

6.16%,

04/15/58

(a)

.....................

1,483‌

1,537,576‌

Series

2025-C11,

Class

ASB,

5.68%,

02/15/58

1,798‌

1,879,366‌

BPR

Commercial

Mortgage

Trust,

Series

2025-

STAR,

Class

B,

5.02%,

11/05/42

(a)

(b)

......

2,180‌

2,165,940‌

BPR

Mortgage

Trust,

Series

2025-ALDR,

Class

A,

5.67%,

06/05/42

(b)

................

2,555‌

2,616,540‌

BRCK

Trust

(a)(b)

Series

2025-830B,

Class

E,

6.78%,

12/10/42

1,114‌

1,136,832‌

Series

2025-830B,

Class

F,

7.59%,

12/10/42

500‌

512,941‌

BSTN

Commercial

Mortgage

Trust

(a)(b)

Series

2025-1C,

Class

A,

5.01%,

06/15/44

..

2,145‌

2,181,423‌

Series

2025-HUB,

Class

A,

4.57%,

04/13/41

1,625‌

1,622,912‌

BWAY

Mortgage

Trust,

Series

2013-1515,

Class

C,

3.45%,

03/10/33

(b)

................

375‌

342,817‌

BWAY

Trust,

Series

2025-1535,

Class

A,

5.89%,

05/05/42

(a)

(b)

......................

2,628‌

2,659,253‌

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2022-AHP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.99%

Floor

+

0.99%),

4.66%,

01/17/39

......................

USD

2,165‌

$

2,163,939‌

Series

2024-AIRC,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

5.36%,

08/15/41

......................

3,122‌

3,125,031‌

Series

2024-AIRC,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.14%

Floor

+

2.14%),

5.81%,

08/15/41

......................

3,170‌

3,172,775‌

Series

2024-BRBK,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.88%

Floor

+

2.88%),

6.56%,

10/15/41

.................

2,232‌

2,226,730‌

Series

2024-GPA3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.97%,

12/15/39

.................

1,666‌

1,666,266‌

Series

2024-MF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.11%,

02/15/39

......................

1,926‌

1,925,262‌

Series

2024-MF,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

5.36%,

02/15/39

......................

1,470‌

1,469,395‌

Series

2024-XL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.11%,

02/15/39

......................

3,253‌

3,256,376‌

Series

2026-VLT9,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

03/15/45

......................

4,301‌

4,280,181‌

BX

Trust

(a)(b)

Series

2024-BIO,

Class

A,

(1-mo.

CME

Term

SOFR

+

1.64%),

5.31%,

02/15/41

.....

6,073‌

6,057,772‌

Series

2024-CNYN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.11%,

04/15/41

.................

2,068‌

2,068,280‌

Series

2024-VLT4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.16%,

06/15/41

......................

3,830‌

3,806,063‌

Series

2025-LIFE,

Class

A,

5.88%,

06/13/47

4,788‌

4,801,757‌

Series

2025-LUNR,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

06/15/40

.................

5,969‌

5,974,833‌

Series

2025-VOLT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

12/15/44

......................

1,405‌

1,400,609‌

Cassia

SRL

(a)(d)

Series

2022-1X,

Class

A,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

4.52%,

05/22/34

.

EUR

4,352‌

5,054,276‌

Series

2022-1X,

Class

B,

(3-mo.

EURIBOR

at

3.50%

Floor

+

3.50%),

5.52%,

05/22/34

.

2,110‌

2,449,338‌

CHI

Commercial

Mortgage

Trust,

Series

2025-

110W,

Class

D,

6.63%,

12/13/40

(a)

(b)

......

USD

890‌

870,405‌

Commercial

Mortgage

Trust

(b)

Series

2024-WCL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

5.51%,

06/15/41

(a)

................

3,810‌

3,796,894‌

Series

2025-167G,

Class

A,

5.50%,

08/10/40

2,477‌

2,467,199‌

Series

2025-167G,

Class

B,

5.93%,

08/10/40

1,085‌

1,078,499‌

CONE

Trust,

Series

2024-DFW1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.31%,

08/15/41

(a)

(b)

.................

2,462‌

2,444,304‌

CSMC

Trust,

Series

2021-BHAR,

Class

C,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.11%),

5.79%,

11/15/38

(a)

(b)

.................

2,500‌

2,466,736‌

CSTL

Commercial

Mortgage

Trust

(a)(b)

Series

2026-GATE3,

Class

D,

5.52%,

02/10/43

......................

403‌

396,302‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

Schedules

of

Investments

117

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2026-GATE3,

Class

E,

6.34%,

02/10/43

......................

USD

1,510‌

$

1,491,495‌

DBC

Mortgage

Trust

(a)(b)

Series

2025-DBC,

Class

C,

(1-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

5.72%,

11/15/42

......................

5,605‌

5,583,992‌

Series

2025-DBC,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.60%),

6.27%,

11/15/42

......................

2,250‌

2,241,567‌

DBSG

Mortgage

Trust,

Series

2024-ALTA,

Class

A,

5.95%,

06/10/37

(a)

(b)

...............

5,145‌

5,193,164‌

DK

Trust

(a)(b)

Series

2025-LXP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.59%

Floor

+

1.59%),

5.27%,

08/15/37

......................

1,445‌

1,445,000‌

Series

2025-LXP,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

5.52%,

08/15/37

......................

1,177‌

1,177,000‌

Series

2025-LXP,

Class

C,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.24%),

5.92%,

08/15/37

......................

1,261‌

1,261,000‌

ELM

Trust,

Series

2024-ELM,

Class

D10,

6.18%,

06/10/39

(a)

(b)

......................

2,840‌

2,841,009‌

FS

ORL

(a)(b)

Series

2026-ORL,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

02/15/41

......................

2,335‌

2,330,622‌

Series

2026-ORL,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.25%),

6.92%,

02/15/41

......................

1,125‌

1,123,161‌

GS

Mortgage

Securities

Corp.

Trust

(a)(b)

Series

2017-375H,

Class

C,

3.48%,

09/10/37

590‌

557,595‌

Series

2023-FUN,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.09%

Floor

+

2.09%),

5.76%,

03/15/28

......................

3,690‌

3,700,378‌

Series

2023-FUN,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.79%

Floor

+

2.79%),

6.46%,

03/15/28

......................

3,065‌

3,074,578‌

Series

2025-800D,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.65%),

6.33%,

11/25/41

......................

2,453‌

2,450,414‌

HONO

Mortgage

Trust,

Series

2021-LULU,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

4.94%,

10/15/36

(a)

(b)

...........

5,557‌

5,497,957‌

Hudson

Yards

Mortgage

Trust,

Series

2025-

SPRL,

Class

A,

5.47%,

01/13/40

(a)

(b)

......

2,870‌

2,936,778‌

INT

Commercial

Mortgage

Trust,

Series

2025-PLAZA,

Class

A,

4.55%,

11/05/37

(a)

(b)

.

699‌

696,657‌

INTOWN

Mortgage

Trust,

Series

2025-STAY,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

03/15/42

(a)

(b)

......

3,512‌

3,503,220‌

INV

Mortgage

Trust,

Series

2024-IND,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.41%,

11/15/41

(a)

(b)

...........

1,580‌

1,559,262‌

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2019-BKWD,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.61%),

5.29%,

09/15/29

.................

720‌

698,341‌

Series

2022-OPO,

Class

D,

3.45%,

01/05/39

1,000‌

773,500‌

Series

2024-IGLG,

Class

A,

5.17%,

11/09/39

2,720‌

2,725,700‌

Series

2025-BHR5,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

5.37%,

03/15/40

.................

678‌

677,580‌

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Lagarino

European

Loan

Conduit

No.

40

DAC

(a)(d)

Series

40X,

Class

A,

(3-mo.

EURIBOR

at

0.00%

Floor

and

5.50%

Cap

+

1.50%),

3.61%,

06/22/37

.................

EUR

2,006‌

$

2,317,498‌

Series

40X,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.15%),

4.26%,

06/22/37

.

659‌

758,646‌

Series

40X,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.65%),

4.76%,

06/22/37

.

418‌

481,657‌

Series

40X,

Class

D,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.55%),

5.66%,

06/22/37

.

1,189‌

1,368,891‌

Last

Mile

Logistics

Pan

Euro

Finance

DAC

(a)(d)

Series

1X,

Class

C,

(3-mo.

EURIBOR

at

1.40%

Floor

+

1.40%),

3.40%,

08/17/33

.

1,316‌

1,520,284‌

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

1.90%

Floor

+

1.90%),

3.90%,

08/17/33

.

1,019‌

1,177,054‌

Last

Mile

Securities

PE

DAC

(a)(d)

Series

2021-1X,

Class

B,

(3-mo.

EURIBOR

at

1.20%

Floor

+

1.20%),

3.20%,

08/17/31

.

939‌

1,084,944‌

Series

2021-1X,

Class

C,

(3-mo.

EURIBOR

at

1.60%

Floor

+

1.60%),

3.60%,

08/17/31

.

1,061‌

1,225,821‌

LBA

Trust,

Series

2024-7IND,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.12%,

10/15/41

(a)

(b)

.................

USD

2,447‌

2,445,083‌

LEX

Trust

(a)(b)

Series

2026-450,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

03/15/43

......................

1,307‌

1,298,003‌

Series

2026-450,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

6.02%,

03/15/43

......................

642‌

636,176‌

Series

2026-450,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.70%),

7.37%,

03/15/43

......................

2,665‌

2,639,120‌

LQR

Trust,

Series

2025-CALI,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.95%

Floor

+

3.95%),

7.62%,

01/15/43

(a)

(b)

.................

2,394‌

2,393,974‌

LUX

Trust,

Series

2023-LION,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.69%

Floor

+

2.69%),

6.36%,

08/15/40

(a)

(b)

.................

2,329‌

2,339,492‌

MAC

Trust,

Series

2025-801B,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/15/40

(a)

(b)

.................

2,500‌

2,493,753‌

MAIN

Trust

(a)(b)

Series

2026-OLAS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

01/15/41

.................

3,825‌

3,824,980‌

Series

2026-OLAS,

Class

E,

(1-mo.

CME

Term

SOFR

at

4.25%

Floor

+

4.25%),

7.92%,

01/15/41

.................

1,035‌

1,034,988‌

Series

2026-OLAS,

Class

F,

(1-mo.

CME

Term

SOFR

at

5.25%

Floor

+

5.25%),

8.92%,

01/15/41

......................

1,130‌

1,129,983‌

Manhattan

West

Mortgage

Trust,

Series

2020-

1MW,

Class

A,

2.13%,

09/10/39

(b)

........

1,945‌

1,874,160‌

MCR

Mortgage

Trust

(b)

Series

2024-HF1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.79%

Floor

+

1.79%),

5.47%,

12/15/41

(a)

.....................

407‌

406,984‌

Series

2024-TWA,

Class

E,

8.73%,

06/12/39

2,038‌

2,044,149‌

MIC

Trust

(The)

(a)(b)

Series

2023-MIC,

Class

A,

8.44%,

12/05/38

.

4,480‌

4,767,660‌

Series

2023-MIC,

Class

B,

9.53%,

12/05/38

.

1,436‌

1,534,964‌

MLTI

Trust

(a)(b)

Series

2026-SF75,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

03/15/31

......................

2,791‌

2,777,045‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

118

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2026-SF75,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.25%),

6.92%,

03/15/31

......................

USD

1,225‌

$

1,218,135‌

Morgan

Stanley

Capital

I

Trust

Series

2018-BOP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.85%

Floor

+

0.90%),

4.57%,

08/15/33

(a)

(b)

....................

1,799‌

1,463,277‌

Series

2019-H7,

Class

A4,

3.26%,

07/15/52

.

470‌

450,402‌

Series

2021-L5,

Class

A2,

1.52%,

05/15/54

.

2,996‌

2,976,156‌

Series

2024-NSTB,

Class

A,

3.90%,

09/24/57

(a)

(b)

....................

1,404‌

1,384,974‌

NCMF

Trust

(a)(b)

Series

2025-MFS,

Class

A,

4.88%,

06/10/33

4,305‌

4,289,298‌

Series

2025-MFS,

Class

B,

5.51%,

06/10/33

2,622‌

2,630,629‌

Series

2025-MFS,

Class

E,

7.53%,

06/10/33

2,025‌

2,036,024‌

NRTH

Commercial

Mortgage

Trust,

Series

2025-

PARK,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.07%,

10/15/40

(a)

(b)

.

1,400‌

1,398,688‌

NY

Commercial

Mortgage

Trust

(a)(b)

Series

2025-299P,

Class

A,

5.66%,

02/10/47

1,815‌

1,880,932‌

Series

2025-299P,

Class

C,

6.17%,

02/10/47

1,300‌

1,323,559‌

NYC

Commercial

Mortgage

Trust

(a)(b)

Series

2025-11X,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.42%,

10/15/40

......................

2,460‌

2,460,769‌

Series

2025-3BP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.21%

Floor

+

1.21%),

4.89%,

02/15/42

......................

1,562‌

1,552,237‌

One

New

York

Plaza

Trust

(a)(b)

Series

2020-1NYP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.06%),

4.74%,

01/15/36

......................

2,718‌

2,616,514‌

Series

2020-1NYP,

Class

AJ,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.36%),

5.04%,

01/15/36

.................

1,117‌

1,052,773‌

PENN

Commercial

Mortgage

Trust,

Series

2025-

P11,

Class

A,

5.34%,

08/10/42

(a)

(b)

........

1,257‌

1,277,205‌

PKHL

Commercial

Mortgage

Trust,

Series

2021-MF,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.88%

Floor

+

0.99%),

4.67%,

07/15/38

(a)

(b)

.

3,047‌

2,880,969‌

PRM5

Trust,

Series

2025-PRM5,

Class

A,

4.17%,

03/10/33

(a)

(b)

......................

1,402‌

1,393,370‌

Sage

AR

Funding

(a)(d)

Series

2025-1X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.00%),

5.74%,

05/17/37

.................

GBP

1,133‌

1,494,586‌

Series

2026-1X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.25%),

4.99%,

05/18/38

.................

1,811‌

2,388,439‌

Series

2026-1X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

5.24%,

05/18/38

.................

2,058‌

2,707,843‌

Series

2026-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.75%),

5.49%,

05/18/38

.................

1,208‌

1,588,578‌

Series

2026-1X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.50%),

6.24%,

05/18/38

.................

516‌

678,240‌

SDAL

Trust,

Series

2025-DAL,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.44%

Floor

+

2.44%),

6.11%,

04/15/42

(a)

(b)

.................

USD

4,256‌

4,265,443‌

SG

Commercial

Mortgage

Securities

Trust,

Series

2016-C5,

Class

A3,

2.78%,

10/10/48

.

2,773‌

2,768,603‌

Sirius

Logistics

UK

DAC,

Series

2026-1X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.25%),

5.00%,

11/17/35

(a)

(d)

......

GBP

1,283‌

1,695,803‌

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

SLG

Commercial

Mortgage

Trust,

Series

2026-

PAT,

Class

A,

4.45%,

02/15/39

(a)

(b)

........

USD

2,156‌

$

2,138,289‌

SLG

Office

Trust

(a)(b)

Series

2026-OMA,

Class

E,

1.00%,

04/15/41

760‌

761,484‌

Series

2026-OMA,

Class

F,

1.00%,

04/15/41

1,300‌

1,302,472‌

Taurus

UK

DAC

(a)(d)

Series

2025-UK2X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

5.24%,

02/18/35

...........

GBP

1,802‌

2,383,154‌

Series

2025-UK4,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.25%),

4.99%,

08/18/35

.................

803‌

1,060,726‌

TEXAS

Commercial

Mortgage

Trust,

Series

2025-TWR,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.59%

Floor

+

1.59%),

5.27%,

04/15/42

(a)

(b)

USD

2,961‌

2,942,505‌

Think

Tank

Commercial

Trust,

Series

2025-3,

Class

A1,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.10%),

4.95%,

12/10/57

(a)

(d)

.................

AUD

2,612‌

1,802,360‌

Thunder

Logistics

DAC

(a)(d)

Series

2024-1X,

Class

A,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

3.50%,

11/17/36

.

EUR

265‌

305,704‌

Series

2024-1X,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.05%),

4.05%,

11/17/36

.

80‌

92,095‌

UBS

Commercial

Mortgage

Trust,

Series

2019-

C18,

Class

A4,

3.04%,

12/15/52

.........

USD

283‌

266,438‌

UK

Logistics

DAC

(a)(d)

Series

2024-1X,

Class

A,

(Sterling

Overnight

Index

Average

at

1.65%

Floor

+

1.65%),

5.39%,

05/17/34

.................

GBP

123‌

163,049‌

Series

2024-2X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.35%),

5.09%,

02/17/35

.................

471‌

624,989‌

Series

2025-1X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

4.00%),

7.74%,

05/17/35

.................

708‌

933,930‌

Series

2025-2X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.33%),

5.07%,

08/17/35

.................

3,678‌

4,880,679‌

Series

2025-2X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.65%),

5.39%,

08/17/35

.................

676‌

897,073‌

Series

2025-2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.95%),

5.69%,

08/17/35

.................

281‌

372,491‌

VEGAS

Trust,

Series

2024-GCS,

Class

D,

6.22%,

07/10/36

(a)

(b)

.................

USD

2,868‌

2,853,448‌

Velocity

Commercial

Capital

Loan

Trust

(b)

Series

2018-1,

Class

A,

3.59%,

04/25/48

...

33‌

33,112‌

Series

2019-3,

Class

A,

3.03%,

10/25/49

(a)

..

1,263‌

1,233,936‌

Series

2023-3,

Class

A,

7.10%,

08/25/53

(a)

..

2,820‌

2,857,541‌

Series

2024-2,

Class

A,

6.58%,

04/25/54

(a)

..

1,419‌

1,435,649‌

Series

2025-3,

Class

A,

5.87%,

06/25/55

(a)

..

4,344‌

4,356,346‌

Series

2026-1,

Class

A,

5.10%,

02/25/56

(a)

..

1,877‌

1,850,807‌

VRTX

Trust,

Series

2025-HQ,

Class

B,

5.49%,

08/05/42

(a)

(b)

......................

3,109‌

3,091,765‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2025-VTT,

Class

A,

4.76%,

03/15/38

(a)

(b)

...

2,897‌

2,896,224‌

WEST

Trust,

Series

2025-ROSE,

Class

A,

5.28%,

04/10/35

(a)

(b)

.................

2,862‌

2,873,939‌

WHARF

Commercial

Mortgage

Trust,

Series

2025-DC,

Class

D,

6.17%,

07/15/40

(a)

(b)

....

2,130‌

2,159,171‌

336,027,183‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

Schedules

of

Investments

119

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Interest

Only

Collateralized

Mortgage

Obligations

—

0.0%

BlackRock

Capital

Finance

LP,

Series

1997-R2,

Class

AP,

0.00%,

12/25/35

(a)

(b)

(e)

(k)

........

USD

5‌

$

—‌

Total

Non-Agency

Mortgage-Backed

Securities

—

16

.6

%

(Cost:

$

666,406,782

)

..............................

667,590,204‌

U.S.

Government

Sponsored

Agency

Securities

Agency

Obligations

—

1.6%

Federal

Farm

Credit

Bank

Bonds

1.63

%

,

03/17/31

...................

450‌

401,269‌

1.68

%

,

09/17/35

...................

30,000‌

23,300,777‌

2.25

%

,

08/15/29

...................

23,500‌

22,249,590‌

2.78

%

,

12/01/36

...................

3,525‌

2,931,070‌

Federal

Home

Loan

Bank

Bonds

2.18

%

,

11/06/29

...................

9,700‌

9,114,150‌

2.50

%

,

11/05/36

...................

3,525‌

2,856,574‌

Federal

National

Mortgage

Association

,

1.63

%

,

08/24/35

...................

1,000‌

773,274‌

61,626,704‌

Collateralized

Mortgage

Obligations

—

6.7%

Federal

Home

Loan

Mortgage

Corp.

Series

3959

,

Class

MA

,

4.50

%

,

11/15/41

...

318‌

319,425‌

Series

4569

,

Class

JA

,

3.00

%

,

03/15/42

...

924‌

919,483‌

Series

4752

,

Class

PL

,

3.00

%

,

09/15/46

...

3,392‌

3,266,449‌

Series

5000

,

Class

MA

,

2.00

%

,

06/25/44

...

2,308‌

2,168,354‌

Federal

Home

Loan

Mortgage

Corp.

Seasoned

Credit

Risk

Transfer

Trust

Variable

Rate

Notes

,

Series

2018-3

,

Class

MA

,

3.50

%

,

08/25/57

(a)

..................

7,149‌

6,967,886‌

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)

Series

5478

,

Class

FH

,

(SOFR

30

day

Average

at

1.45%

Floor

and

6.50%

Cap

+

1.45%),

5.11

%

,

04/25/54

............

6,555‌

6,611,624‌

Series

5480

,

Class

FA

,

(SOFR

30

day

Average

at

1.45%

Floor

and

6.50%

Cap

+

1.45%),

5.11

%

,

03/25/54

............

6,348‌

6,402,865‌

Series

5547

,

Class

FH

,

(SOFR

30

day

Average

at

1.40%

Floor

and

6.50%

Cap

+

1.40%),

5.06

%

,

06/25/55

...........

48,623‌

49,047,606‌

Federal

National

Mortgage

Association

,

Series

2011-84

,

Class

MG

,

4.00

%

,

09/25/26

(c)

....

18‌

17,932‌

Federal

National

Mortgage

Association

Variable

Rate

Notes

(a)

Series

2024-91

,

Class

FA

,

(SOFR

30

day

Average

at

1.20%

Floor

and

7.00%

Cap

+

1.20%),

4.86

%

,

12/25/54

...........

10,140‌

10,222,123‌

Series

2024-94

,

Class

FB

,

(SOFR

30

day

Average

at

1.42%

Floor

and

6.50%

Cap

+

1.42%),

5.08

%

,

12/25/54

...........

2,264‌

2,282,904‌

Series

2025-40

,

Class

GF

,

(SOFR

30

day

Average

at

1.45%

Floor

and

6.50%

Cap

+

1.45%),

5.11

%

,

06/25/55

............

72,326‌

72,973,724‌

Series

2025-44

,

Class

FB

,

(SOFR

30

day

Average

at

1.40%

Floor

and

6.50%

Cap

+

1.40%),

5.06

%

,

06/25/55

...........

103,266‌

104,161,385‌

Government

National

Mortgage

Association

Series

2017-136

,

Class

GB

,

3.00

%

,

03/20/47

2,580‌

2,468,129‌

Series

2020-127

,

Class

LP

,

1.50

%

,

06/20/50

3,052‌

2,456,063‌

270,285,952‌

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

—

0.1%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

,

Series

KIR2

,

Class

A1

,

2.75

%

,

03/25/27

........

USD

1,137‌

$

1,127,821‌

Federal

National

Mortgage

Association

ACES

Variable

Rate

Notes

,

Series

2023-M1

,

Class

1A

,

3.43

%

,

04/25/32

(a)

...............

980‌

948,725‌

2,076,546‌

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

(a)

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

Variable

Rate

Notes

,

Series

K121

,

Class

X1

,

1.01

%

,

10/25/30

...................

11,544‌

426,468‌

Government

National

Mortgage

Association

Variable

Rate

Notes

,

Series

2012-120

,

0.64

%

,

02/16/53

...................

7,812‌

114,646‌

541,114‌

Mortgage-Backed

Securities

—

0.8%

Federal

Home

Loan

Mortgage

Corp.

3.00

%

,

09/01/32

...................

93‌

90,946‌

4.00

%

,

11/01/36

...................

179‌

175,976‌

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

,

(RFUCCT1Y

at

1.63%

Floor

and

7.88%

Cap

+

1.63%),

6.13

%

,

10/01/45

(a)

...

244‌

251,594‌

Federal

National

Mortgage

Association

,

5.81

%

,

06/01/31

...................

12,515‌

12,715,916‌

Federal

National

Mortgage

Association

Variable

Rate

Notes

(a)

(RFUCCT1Y

at

1.59%

Floor

and

7.97%

Cap

+

1.59%),

6.09

%

,

11/01/45

............

34‌

35,488‌

(RFUCCT1Y

at

1.59%

Floor

and

8.10%

Cap

+

1.59%),

6.27

%

,

09/01/45

...........

922‌

955,652‌

(RFUCCT1Y

at

1.73%

Floor

and

8.86%

Cap

+

1.72%),

6.41

%

,

09/01/42

...........

517‌

537,043‌

(RFUCCT1Y

at

1.59%

Floor

and

7.81%

Cap

+

1.59%),

6.55

%

,

06/01/45

...........

533‌

557,359‌

Uniform

Mortgage-Backed

Securities

2.50

%

,

07/01/31

-

04/01/32

............

1,871‌

1,805,284‌

3.00

%

,

12/01/26

-

02/01/34

............

10,677‌

10,371,845‌

3.50

%

,

04/01/34

...................

1,219‌

1,194,448‌

4.00

%

,

05/01/27

-

03/01/38

............

4,314‌

4,251,810‌

32,943,361‌

Total

U.S.

Government

Sponsored

Agency

Securities

—

9

.2

%

(Cost:

$

366,149,375

)

..............................

367,473,677‌

U.S.

Treasury

Obligations

U.S.

Treasury

Notes

4.13

%

,

10/31/26

...................

9,500‌

9,516,699‌

4.63

%

,

11/15/26

...................

50,000‌

50,255,078‌

3.50

%

,

10/15/28

-

02/15/29

............

292,380‌

289,930,758‌

Total

U.S.

Treasury

Obligations

—

8

.7

%

(Cost:

$

352,426,536

)

..............................

349,702,535‌

Total

Long-Term

Investments

—

97.3%

(Cost:

$

3,908,943,430

)

............................

3,909,569,976‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

120

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

March

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

1.0%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

3.55

%

(k)

(l)

....................

39,331,061

$

39,331,061‌

Total

Short-Term

Securities

—

1

.0

%

(Cost:

$

39,331,061

)

...............................

39,331,061‌

Total

Investments

—

98

.3

%

(Cost:

$

3,948,274,491

)

............................

3,948,901,037‌

Other

Assets

Less

Liabilities

—

1.7

%

....................

69,650,915‌

Net

Assets

—

100.0%

...............................

$

4,018,551,952‌

(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)

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.

(d)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(e)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(f)

Rounds

to

less

than

1,000.

(g)

Zero-coupon

bond.

(h)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(i)

Non-income

producing

security.

(j)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(k)

Affiliate

of

the

Fund.

(l)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

09/30/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/26

Par/Shares

Held

at

03/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

12,456,843

$

26,874,218

(a)

$

—

$

—

$

—

$

39,331,061

39,331,061

$

1,268,834

$

—

BlackRock

Capital

Finance

LP

,

Series

1997-R2

,

Class

AP

.

—

—

—

—

—

—

4,564

2,105

—

$

—

$

—

$

39,331,061

$

1,270,939

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

Schedules

of

Investments

121

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

U.S.

Treasury

2-Year

Note

....................................................

11,905

06/30/26

$

2,469,915

$

(

15,948,360

)

Short

Contracts

U.S.

Treasury

10-Year

Note

...................................................

951

06/18/26

105,546

2,102,673

U.S.

Treasury

10-Year

Ultra

Note

...............................................

803

06/18/26

91,090

1,511,043

U.S.

Treasury

Long

Bond

.....................................................

286

06/18/26

32,497

1,056,780

U.S.

Treasury

Ultra

Bond

.....................................................

15

06/18/26

1,745

61,731

U.S.

Treasury

5-Year

Note

....................................................

4,877

06/30/26

527,554

5,353,372

10,085,599

$

(

5,862,761

)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

29,684,473

AUD

42,058,000

ANZ

Banking

Group

Ltd.

06/17/26

$

699,299

USD

690,457

AUD

995,000

Westpac

Banking

Corp.

06/17/26

4,731

USD

172,447

EUR

148,000

Morgan

Stanley

&

Co.

International

plc

06/17/26

779

USD

544,039

EUR

469,000

Natwest

Markets

plc

06/17/26

38

USD

206,558

EUR

178,000

Wells

Fargo

Bank

NA

06/17/26

93

USD

227,146

GBP

171,000

JPMorgan

Chase

Bank

NA

06/17/26

863

USD

101,711,618

GBP

76,582,000

State

Street

Bank

and

Trust

Co.

06/17/26

371,102

1,076,905

AUD

1,220,000

USD

854,833

Canadian

Imperial

Bank

of

Commerce

06/17/26

(

14,044

)

USD

326,137

AUD

476,000

UBS

AG

06/17/26

(

1,909

)

USD

3,274,756

EUR

2,840,000

Barclays

Bank

plc

06/17/26

(

19,407

)

USD

47,506,973

EUR

41,207,000

Societe

Generale

SA

06/17/26

(

289,704

)

USD

15,802,487

EUR

13,700,000

Toronto

Dominion

Bank

06/17/26

(

88,369

)

USD

735,448

EUR

636,000

Wells

Fargo

Bank

NA

06/17/26

(

2,259

)

(

415,692

)

$

661,213

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

High

Yield

Index

Series

46.V1

...........

5

.00

%

Quarterly

06/20/31

B+

USD

115,495

$

5,725,944

$

4,649,570

$

1,076,374

(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.

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

122

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

..........................................................

$

4,649,570

$

—

$

1,076,374

$

—

(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.

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)

......

$

—

$

—

$

—

$

—

$

10,085,599

$

—

$

10,085,599

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

1,076,905

—

—

1,076,905

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

1,076,374

—

—

—

—

1,076,374

$

—

$

1,076,374

$

—

$

1,076,905

$

10,085,599

$

—

$

12,238,878

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

—

$

15,948,360

$

—

$

15,948,360

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

415,692

—

—

415,692

$

—

$

—

$

—

$

415,692

$

15,948,360

$

—

$

16,364,052

(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).

For

the

period

ended

March

31,

2026,

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

.......................

$

—

$

—

$

—

$

—

$

(

4,875,908

)

$

—

$

(

4,875,908

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

4,664,539

—

—

4,664,539

Swaps

..............................

—

(

1,118,333

)

(

16,174

)

—

—

—

(

1,134,507

)

$

—

$

(1,118,333)

$

(16,174)

$

4,664,539

$

(4,875,908)

$

—

$

(1,345,876)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

—

$

—

$

(

4,577,550

)

$

—

$

(

4,577,550

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

628,505

)

—

—

(

628,505

)

Swaps

..............................

—

1,068,081

—

—

—

—

1,068,081

$

—

$

1,068,081

$

—

$

(628,505)

$

(4,577,550)

$

—

$

(4,137,974)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

2,573,245,198

Average

notional

value

of

contracts

—

short

.................................................................................

654,515,142

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

189,381,371

Average

amounts

sold

—

in

USD

........................................................................................

427,417

Credit

default

swaps

Average

notional

value

—

sell

protection

...................................................................................

65,760,000

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

Schedules

of

Investments

123

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

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

930,019

$

840,772

Forward

f

oreign

currency

exchange

contracts

.................................................................

1,076,905

415,692

Swaps

—

centrally

cleared

..............................................................................

1,036,834

—

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

3,043,758

$

1,256,464

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(

1,966,853

)

(

840,772

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

1,076,905

$

415,692

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)

ANZ

Banking

Group

Ltd.

............................

$

699,299

$

—

$

—

$

—

$

699,299

JPMorgan

Chase

Bank

NA

..........................

863

—

—

—

863

Morgan

Stanley

&

Co.

International

plc

..................

779

—

—

—

779

Natwest

Markets

plc

...............................

38

—

—

—

38

State

Street

Bank

and

Trust

Co.

.......................

371,102

—

—

—

371,102

Wells

Fargo

Bank

NA

..............................

93

(

93

)

—

—

—

Westpac

Banking

Corp.

............................

4,731

—

—

—

4,731

$

1,076,905

$

(

93

)

$

—

$

—

$

1,076,812

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

................................

$

19,407

$

—

$

—

$

—

$

19,407

Canadian

Imperial

Bank

of

Commerce

..................

14,044

—

—

—

14,044

Societe

Generale

SA

..............................

289,704

—

—

—

289,704

Toronto

Dominion

Bank

.............................

88,369

—

—

—

88,369

UBS

AG

.......................................

1,909

—

—

—

1,909

Wells

Fargo

Bank

NA

..............................

2,259

(

93

)

—

—

2,166

$

415,692

$

(

93

)

$

—

$

—

$

415,599

(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

....................................

$

—

$

509,608,456

$

6,399,976

$

516,008,432

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Low

Duration

Bond

Portfolio

124

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Corporate

Bonds

........................................

$

—

$

1,946,266,180

$

—

$

1,946,266,180

Floating

Rate

Loan

Interests

.................................

—

56,704

—

56,704

Foreign

Agency

Obligations

.................................

—

44,798,783

—

44,798,783

Foreign

Government

Obligations

..............................

—

14,222,479

—

14,222,479

Municipal

Bonds

.........................................

—

3,450,982

—

3,450,982

Non-Agency

Mortgage-Backed

Securities

........................

—

667,590,204

—

667,590,204

U.S.

Government

Sponsored

Agency

Securities

....................

—

367,473,677

—

367,473,677

U.S.

Treasury

Obligations

...................................

—

349,702,535

—

349,702,535

Short-Term

Securities

Money

Market

Funds

......................................

39,331,061

—

—

39,331,061

$

39,331,061

$

3,903,170,000

$

6,399,976

$

3,948,901,037

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

$

—

$

1,076,374

$

—

$

1,076,374

Foreign

currency

exchange

contracts

............................

—

1,076,905

—

1,076,905

Interest

rate

contracts

.......................................

10,085,599

—

—

10,085,599

Liabilities

Foreign

currency

exchange

contracts

............................

—

(

415,692

)

—

(

415,692

)

Interest

rate

contracts

.......................................

(

15,948,360

)

—

—

(

15,948,360

)

$

(

5,862,761

)

$

1,737,587

$

—

$

(

4,125,174

)

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Statements

of

Assets

and

Liabilities

(unaudited)

March

31,

2026

125

Statements

of

Assets

and

Liabilities

BlackRock

Core

Bond

Portfolio

BlackRock

High

Yield

Portfolio

(a)

BlackRock

Low

Duration

Bond

Portfolio

ASSETS

Investments,

at

value

—

unaffiliated

(b)

(c)

.........................................................

$

3,948,065,710‌

$

23,625,451,232‌

$

3,909,569,976‌

Investments,

at

value

—

affiliated

(d)

............................................................

162,786,096‌

1,833,109,500‌

39,331,061‌

Cash

...............................................................................

—‌

1,917,271‌

—‌

Cash

pledged:

Collateral

—

OTC

derivatives

..............................................................

—‌

14,792,626‌

—‌

Futures

contracts

......................................................................

8,773,958‌

14,465,000‌

15,022,000‌

Centrally

cleared

swaps

..................................................................

1,839,777‌

73,120,000‌

9,714,000‌

Foreign

currency,

at

value

(e)

.................................................................

4,088,790‌

38,217,936‌

1,840,130‌

Receivables:

–‌

–‌

–‌

Investment

s

sold

......................................................................

5,277,110‌

51,994,361‌

101,041‌

Options

written

........................................................................

141,631‌

—‌

—‌

Securities

lending

income

—

affiliated

........................................................

—‌

26,573‌

—‌

Swaps  

............................................................................

33‌

—‌

—‌

TBA

sale

commitments

..................................................................

324,899,038‌

—‌

—‌

Capital

shares

sold

.....................................................................

6,642,127‌

72,105,828‌

34,392,280‌

Dividends

—

unaffiliated

.................................................................

—‌

2,915,347‌

959‌

Dividends

—

affiliated

...................................................................

289,310‌

3,224,461‌

79,699‌

Interest

—

unaffiliated

...................................................................

23,975,705‌

391,467,409‌

33,560,852‌

From

the

Manager

.....................................................................

119,962‌

—‌

131,538‌

Variation

margin

on

futures

contracts

.........................................................

843,148‌

—‌

930,019‌

Variation

margin

on

centrally

cleared

swaps

....................................................

81,444‌

7,825,323‌

1,036,834‌

Swap

premiums

paid

.....................................................................

34,609‌

1,351,498‌

—‌

Unrealized

appreciation

on:

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................................

403,174‌

404,692‌

1,076,905‌

OTC

swaps

..........................................................................

147,004‌

8,199,763‌

—‌

Unfunded

floating

rate

loan

interests

.........................................................

—‌

2,860‌

—‌

Prepaid

e

xpenses

.......................................................................

164,773‌

884,456‌

142,851‌

Total

a

ssets

...........................................................................

4,488,573,399‌

26,141,476,136‌

4,046,930,145‌

LIABILITIES

Investments

sold

short,

at

value

(f)

.............................................................

—‌

14,046‌

—‌

Bank

overdraft

..........................................................................

94,776‌

—‌

1,189,556‌

Collateral

on

securities

loaned

...............................................................

—‌

63,225,323‌

—‌

Options

written,

at

value

(g)

..................................................................

7,123,419‌

—‌

—‌

TBA

sale

commitments,

at

value

(h)

............................................................

323,406,848‌

—‌

—‌

Payables:

–‌

–‌

–‌

Investments

purchased

..................................................................

703,372,170‌

286,807,756‌

11,667,548‌

Swaps  

............................................................................

—‌

3,557‌

473‌

Accounting

services

fees

.................................................................

39,341‌

252,674‌

37,250‌

Administration

fees

.....................................................................

109,905‌

1,149,389‌

126,197‌

Capital

shares

redeemed

.................................................................

6,265,789‌

144,197,421‌

9,987,842‌

Custodian

fees

........................................................................

13,953‌

27,462‌

9,014‌

Income

dividend

distributions

..............................................................

1,238,844‌

12,824,916‌

1,536,403‌

Interest

expense

......................................................................

496,365‌

22,649‌

3,248‌

Investment

advisory

fees

.................................................................

935,916‌

8,740,184‌

987,879‌

Trustees'

and

Officer's

fees

...............................................................

—‌

633,835‌

170,586‌

Other

affiliate

fees

.....................................................................

213‌

56,438‌

—‌

Professional

fees

......................................................................

76,266‌

79,804‌

37,741‌

Registration

fees

......................................................................

36‌

1,938‌

193,137‌

Service

and

distribution

fees

...............................................................

82,184‌

411,569‌

131,946‌

Transfer

agent

fees

....................................................................

1,043,729‌

4,612,120‌

1,042,909‌

Other

accrued

expenses

.................................................................

5,258‌

75,067‌

—‌

Variation

margin

on

futures

contracts

.........................................................

246,838‌

669,523‌

840,772‌

Swap

premiums

received

..................................................................

404,718‌

7,727,090‌

—‌

Unrealized

depreciation

on:

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................................

759,405‌

5,058,296‌

415,692‌

OTC

swaps

..........................................................................

184,894‌

3,736,843‌

—‌

Unfunded

floating

rate

loan

interests

.........................................................

—‌

211,894‌

—‌

Total

li

abilities

..........................................................................

1,045,900,867‌

540,539,794‌

28,378,193‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

NET

ASSETS

..........................................................................

$

3,442,672,532‌

$

25,600,936,342‌

$

4,018,551,952‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

March

31,

2026

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

126

See

notes

to

financial

statements.

BlackRock

Core

Bond

Portfolio

BlackRock

High

Yield

Portfolio

(a)

BlackRock

Low

Duration

Bond

Portfolio

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................................

$

4,059,882,632‌

$

26,994,699,913‌

$

4,543,631,039‌

Accumulated

loss

.......................................................................

(

617,210,100‌

)

(

1,393,763,571‌

)

(

525,079,087‌

)

NET

ASSETS

..........................................................................

$

3,442,672,532‌

$

25,600,936,342‌

$

4,018,551,952‌

(a)

  Consolidated

Statement

of

Assets

and

Liabilities.

(b)

  Investments,

at

cost

—

unaffiliated

.....................................................

$

4,088,889,401‌

$

23,597,230,409‌

$

3,908,938,887‌

(c)

  Securities

loaned,

at

value

..........................................................

$

—‌

$

62,143,628‌

$

—‌

(d)

  Investments,

at

cost

—

affiliated

.......................................................

$

162,686,827‌

$

1,825,481,709‌

$

39,335,604‌

(e)

  Foreign

currency,

at

cost

...........................................................

$

4,104,043‌

$

38,132,483‌

$

1,841,416‌

(f)

  Proceeds

received

from

short

sales

....................................................

$

—‌

$

5,919‌

$

—‌

(g)

  Premiums

received

...............................................................

$

5,686,360‌

$

—‌

$

—‌

(h)

  Proceeds

received

from

TBA

sale

commitments

.............................................

$

324,899,038‌

$

—‌

$

—‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

March

31,

2026

127

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

BlackRock

Core

Bond

Portfolio

BlackRock

High

Yield

Portfolio

(a)

BlackRock

Low

Duration

Bond

Portfolio

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................

$

2,249,336,905‌

$

12,230,440,052‌

$

2,721,969,520‌

Shares

outstanding

...................................................................

272,320,338‌

1,729,866,137‌

299,119,778‌

Net

asset

value

.....................................................................

$

8.26‌

$

7.07‌

$

9.10‌

Shares

authorized

...................................................................

Unlimited

Unlimited

Unlimited

Par

value

.........................................................................

$

0.001‌

$

0.001‌

$

0.001‌

Service

Net

assets

.........................................................................

$

—‌

$

73,569,210‌

$

—‌

Shares

outstanding

...................................................................

—‌

10,399,514‌

—‌

Net

asset

value

.....................................................................

$

—‌

$

7.07‌

$

—‌

Shares

authorized

...................................................................

—

Unlimited

—

Par

value

.........................................................................

$

—‌

$

0.001‌

$

—‌

Investor

A

Net

assets

.........................................................................

$

317,796,544‌

$

1,100,374,489‌

$

515,202,504‌

Shares

outstanding

...................................................................

38,420,879‌

155,711,222‌

56,629,306‌

Net

asset

value

.....................................................................

$

8.27‌

$

7.07‌

$

9.10‌

Shares

authorized

...................................................................

Unlimited

Unlimited

Unlimited

Par

value

.........................................................................

$

0.001‌

$

0.001‌

$

0.001‌

Investor

A1

Net

assets

.........................................................................

$

—‌

$

—‌

$

3,677,013‌

Shares

outstanding

...................................................................

—‌

—‌

403,831‌

Net

asset

value

.....................................................................

$

—‌

$

—‌

$

9.11‌

Shares

authorized

...................................................................

—

—

Unlimited

Par

value

.........................................................................

$

—‌

$

—‌

$

0.001‌

Investor

C

Net

assets

.........................................................................

$

12,019,316‌

$

78,772,560‌

$

16,421,110‌

Shares

outstanding

...................................................................

1,459,901‌

11,128,862‌

1,805,755‌

Net

asset

value

.....................................................................

$

8.23‌

$

7.08‌

$

9.09‌

Shares

authorized

...................................................................

Unlimited

Unlimited

Unlimited

Par

value

.........................................................................

$

0.001‌

$

0.001‌

$

0.001‌

Class

K

Net

assets

.........................................................................

$

860,913,754‌

$

12,007,139,702‌

$

759,740,266‌

Shares

outstanding

...................................................................

103,904,575‌

1,697,484,303‌

83,561,541‌

Net

asset

value

.....................................................................

$

8.29‌

$

7.07‌

$

9.09‌

Shares

authorized

...................................................................

Unlimited

Unlimited

Unlimited

Par

value

.........................................................................

$

0.001‌

$

0.001‌

$

0.001‌

Class

R

Net

assets

.........................................................................

$

2,606,013‌

$

110,640,329‌

$

1,541,539‌

Shares

outstanding

...................................................................

314,996‌

15,653,234‌

169,492‌

Net

asset

value

.....................................................................

$

8.27‌

$

7.07‌

$

9.10‌

Shares

authorized

...................................................................

Unlimited

Unlimited

Unlimited

Par

value

.........................................................................

$

0.001‌

$

0.001‌

$

0.001‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

March

31,

2026

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

128

BlackRock

Core

Bond

Portfolio

BlackRock

High

Yield

Portfolio

(a)

BlackRock

Low

Duration

Bond

Portfolio

INVESTMENT

INCOME

–

–

–

Dividends

—

unaffiliated

............................................................

$

7,639‌

$

10,672,417‌

$

—‌

Dividends

—

affiliated

..............................................................

1,808,419‌

33,893,585‌

1,268,833‌

Interest

—

affiliated

...............................................................

—‌

—‌

2,106‌

Interest

—

unaffiliated

..............................................................

75,891,150‌

876,979,740‌

99,594,312‌

Securities

lending

income

—

affiliated

—

net

..............................................

—‌

74,827‌

—‌

Payment-in-kind

interest

—

unaffiliated

..................................................

—‌

11,325,627‌

6,529‌

Foreign

taxes

withheld

.............................................................

—‌

(

27,174‌

)

—‌

Total

investment

income

..............................................................

77,707,208‌

932,919,022‌

100,871,780‌

EXPENSES

Investment

advisory

...............................................................

5,803,149‌

53,683,272‌

5,933,077‌

Transfer

agent

—

class

specific

.......................................................

1,417,637‌

8,941,407‌

1,602,672‌

Administration

..................................................................

645,627‌

4,231,086‌

753,190‌

Service

and

distribution

—

class

specific

.................................................

484,651‌

2,191,450‌

740,870‌

Administration

—

class

specific

.......................................................

343,998‌

2,650,359‌

405,983‌

Accounting

services

...............................................................

119,082‌

774,163‌

122,086‌

Professional

....................................................................

72,429‌

267,711‌

81,646‌

Registration

....................................................................

62,144‌

215,189‌

109,466‌

Custodian

......................................................................

41,245‌

82,711‌

22,550‌

Trustees

and

Officer

...............................................................

29,350‌

188,574‌

32,852‌

Printing

and

postage

..............................................................

19,796‌

46,666‌

21,381‌

Miscellaneous

...................................................................

55,345‌

186,063‌

52,723‌

Total

expenses

excluding

interest

expense

..................................................

9,094,453‌

73,458,651‌

9,878,496‌

Interest

expense

.................................................................

7,535‌

49,732‌

7,835‌

Total

e

xpenses

....................................................................

9,101,988‌

73,508,383‌

9,886,331‌

Less:

–‌

–‌

–‌

Administration

fees

waived

by

the

Manager

—

class

specific

....................................

(

343,998‌

)

(

161‌

)

(

404,786‌

)

Fees

waived

and/or

reimbursed

by

the

Manager

............................................

(

308,113‌

)

(

1,170,555‌

)

(

41,733‌

)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

.......................

(

770,303‌

)

—‌

(

748,309‌

)

Total

ex

penses

after

fees

waived

and/or

reimbursed

...........................................

7,679,574‌

72,337,667‌

8,691,503‌

Net

investment

income

...............................................................

70,027,634‌

860,581,355‌

92,180,277‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(

44,412,086‌

)

$

(

555,818,842‌

)

$

(

35,208,972‌

)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

........................................................

$

(

336,627‌

)

$

111,786,390‌

$

12,031,261‌

Investments

—

affiliated

..........................................................

(

856,721‌

)

546,940‌

—‌

Forward

foreign

currency

exchange

contracts

............................................

4,483,406‌

36,378,980‌

4,664,539‌

Foreign

currency

transactions

......................................................

(

1,255,785‌

)

(

2,764,647‌

)

(

391,323‌

)

Futures

contracts

...............................................................

(

8,653,332‌

)

1,683,581‌

(

4,875,908‌

)

Options

written

................................................................

1,881,855‌

102,625‌

—‌

Short

sales

—

unaffiliated

.........................................................

1,901‌

(

60,445‌

)

—‌

Swaps  

.....................................................................

(

670,110‌

)

15,269,686‌

(

1,134,507‌

)

(5,405,413‌)

162,943,110‌

10,294,062‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

........................................................

(

33,481,508‌

)

(

666,461,116‌

)

(

41,342,160‌

)

Investments

—

affiliated

..........................................................

90,769‌

(

18,357,909‌

)

—‌

Forward

foreign

currency

exchange

contracts

............................................

(

861,905‌

)

(

7,508,097‌

)

(

628,505‌

)

Foreign

currency

translations

.......................................................

65,692‌

(

169,491‌

)

(

22,899‌

)

Futures

contracts

...............................................................

(

2,450,304‌

)

11,989,209‌

(

4,577,550‌

)

Options

written

................................................................

(

1,584,101‌

)

—‌

—‌

Short

sales

—

unaffiliated

.........................................................

—‌

(

3,764‌

)

—‌

Swaps  

.....................................................................

(

785,316‌

)

(

37,976,925‌

)

1,068,081‌

Unfunded

floating

rate

loan

interests

..................................................

—‌

(

273,859‌

)

—‌

(39,006,673‌)

(718,761,952‌)

(45,503,033‌)

Net

realized

and

unrealized

loss

.........................................................

(44,412,086‌)

(555,818,842‌)

(35,208,971‌)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................

$

25,615,548‌

$

304,762,513‌

$

56,971,306‌

(a)

  Consolidated

Statement

of

Operations.

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

129

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

BlackRock

Core

Bond

Portfolio

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

70,027,634‌

$

153,921,605‌

Net

realized

loss

..................................................................................

(

5,405,413‌

)

(

51,481,737‌

)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(

39,006,673‌

)

(

11,558,398‌

)

Net

increase

in

net

assets

resulting

from

operations

.............................................................

25,615,548‌

90,881,470‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

.....................................................................................

(

54,263,619‌

)

(

100,721,078‌

)

Investor

A

......................................................................................

(

7,642,670‌

)

(

12,421,282‌

)

Investor

C

......................................................................................

(

245,592‌

)

(

386,375‌

)

Class

K

........................................................................................

(

20,792,684‌

)

(

31,062,005‌

)

Class

R

........................................................................................

(

43,088‌

)

(

55,038‌

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(82,987,653‌)

(144,645,778‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

51,442,974‌

(513,118,563‌)

NET

ASSETS

Total

decrease

in

net

assets

............................................................................

(

5,929,131‌

)

(

566,882,871‌

)

Beginning

of

period

..................................................................................

3,448,601,663‌

4,015,484,534‌

End

of

period

......................................................................................

$

3,442,672,532‌

$

3,448,601,663‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

130

See

notes

to

financial

statements.

BlackRock

High

Yield

Portfolio

(a)

BlackRock

Low

Duration

Bond

Portfolio

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

860,581,355‌

$

1,798,902,557‌

$

92,180,277‌

$

178,807,220‌

Net

realized

gain

................................................

162,943,110‌

111,586,820‌

10,294,062‌

11,774,687‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

(

718,761,952‌

)

58,027,530‌

(

45,503,033‌

)

(

1,994,911‌

)

Net

increase

in

net

assets

resulting

from

operations

...........................

304,762,513‌

1,968,516,907‌

56,971,306‌

188,586,996‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

From

net

investment

income:

Institutional

...................................................

(

476,999,559‌

)

(

915,559,140‌

)

(

64,221,662‌

)

(

121,872,005‌

)

Service

......................................................

(

2,896,561‌

)

(

6,200,107‌

)

—‌

—‌

Investor

A

....................................................

(

39,388,566‌

)

(

76,767,198‌

)

(

11,331,983‌

)

(

22,173,874‌

)

Investor

A1

...................................................

—‌

—‌

(

84,449‌

)

(

170,418‌

)

Investor

C

....................................................

(

2,542,723‌

)

(

4,957,887‌

)

(

299,361‌

)

(

597,989‌

)

Class

K

......................................................

(

449,866,899‌

)

(

917,554,991‌

)

(

16,811,444‌

)

(

27,582,917‌

)

Class

R

......................................................

(

3,837,125‌

)

(

7,370,377‌

)

(

33,929‌

)

(

64,840‌

)

Return

of

capital:

–

–

–

–

Institutional

...................................................

—‌

—‌

—‌

(

4,844,300‌

)

Investor

A

....................................................

—‌

—‌

—‌

(

881,391‌

)

Investor

A1

...................................................

—‌

—‌

—‌

(

6,774‌

)

Investor

C

....................................................

—‌

—‌

—‌

(

23,770‌

)

Class

K

......................................................

—‌

—‌

—‌

(

1,096,395‌

)

Class

R

......................................................

—‌

—‌

—‌

(

2,577‌

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(975,531,433‌)

(1,928,409,700‌)

(92,782,828‌)

(179,317,250‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(1,575,704,510‌)

2,390,885,504‌

(243,009,924‌)

(245,238,914‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

(

2,246,473,430‌

)

2,430,992,711‌

(

278,821,446‌

)

(

235,969,168‌

)

Beginning

of

period

................................................

27,847,409,772‌

25,416,417,061‌

4,297,373,398‌

4,533,342,566‌

End

of

period

....................................................

$

25,600,936,342‌

$

27,847,409,772‌

$

4,018,551,952‌

$

4,297,373,398‌

(a)

Consolidated

Statements

of

Changes

in

Net

Assets.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(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)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Core

Bond

Portfolio

Institutional

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

...........

$

8.40

‌

$

8.49

‌

$

7.94

‌

$

8.12

‌

$

9.88

‌

$

10.43

‌

Net

investment

income

(a)

...................

0

.17

‌

0

.34

‌

0

.34

‌

0

.29

‌

0

.17

‌

0

.14

‌

Net

realized

and

unrealized

gain

(loss)

..........

(

0

.11

)

(

0

.11

)

0

.56

‌

(

0

.18

)

(

1

.69

)

(

0

.14

)

Net

increase

(decrease)

from

investment

operations

..

0.06

‌

0.23

‌

0.90

‌

0.11

‌

(1.52

)

0.00

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.20

)

(

0

.32

)

(

0

.35

)

(

0

.28

)

(

0

.16

)

(

0

.19

)

From

net

realized

gain

.....................

—

‌

—

‌

—

‌

—

‌

(

0

.06

)

(

0

.36

)

Return

of

capital

.........................

—

‌

—

‌

—

‌

(

0

.01

)

(

0

.02

)

—

‌

Total

distributions

..........................

(0.20

)

(0.32

)

(0.35

)

(0.29

)

(0.24

)

(0.55

)

Net

asset

value,

end

of

period

................

$

8.26

‌

$

8.40

‌

$

8.49

‌

$

7.94

‌

$

8.12

‌

$

9.88

‌

Total

Return

(c)

Based

on

net

asset

value

....................

0.73

%

(d)

2.82

%

11.56

%

1.30

%

(15.67

)%

(0.04

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...........................

0.53

%

(f)

0.53

%

0.55

%

0.54

%

0.54

%

0.53

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.43

%

(f)

0.43

%

0.43

%

0.43

%

0.44

%

0.44

%

Net

investment

income

.....................

4.09

%

(f)

4.12

%

4.13

%

3.51

%

1.82

%

1.35

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

2,249,337

‌

$

2,250,746

‌

$

2,836,345

‌

$

2,742,791

‌

$

2,350,703

‌

$

2,892,879

‌

Portfolio

turnover

rate

(g)

......................

299

%

587

%

583

%

467

%

533

%

585

%

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Portfolio

turnover

rate

(excluding

MDRs)

...............................

189%

412%

436%

336%

337%

387%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

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,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Core

Bond

Portfolio

Investor

A

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

...........

$

8.41

‌

$

8.50

‌

$

7.95

‌

$

8.13

‌

$

9.89

‌

$

10.44

‌

Net

investment

income

(a)

...................

0

.16

‌

0

.32

‌

0

.32

‌

0

.27

‌

0

.14

‌

0

.11

‌

Net

realized

and

unrealized

gain

(loss)

..........

(

0

.11

)

(

0

.11

)

0

.56

‌

(

0

.18

)

(

1

.69

)

(

0

.14

)

Net

increase

(decrease)

from

investment

operations

..

0.05

‌

0.21

‌

0.88

‌

0.09

‌

(1.55

)

(0.03

)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.19

)

(

0

.30

)

(

0

.33

)

(

0

.26

)

(

0

.13

)

(

0

.16

)

From

net

realized

gain

.....................

—

‌

—

‌

—

‌

—

‌

(

0

.06

)

(

0

.36

)

Return

of

capital

.........................

—

‌

—

‌

—

‌

(

0

.01

)

(

0

.02

)

—

‌

Total

distributions

..........................

(0.19

)

(0.30

)

(0.33

)

(0.27

)

(0.21

)

(0.52

)

Net

asset

value,

end

of

period

................

$

8.27

‌

$

8.41

‌

$

8.50

‌

$

7.95

‌

$

8.13

‌

$

9.89

‌

Total

Return

(c)

Based

on

net

asset

value

....................

0.61

%

(d)

2.57

%

11.28

%

1.05

%

(15.86

)%

(0.29

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...........................

0.79

%

(f)

0.79

%

0.79

%

0.77

%

0.81

%

0.80

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.68

%

(f)

0.68

%

0.68

%

0.68

%

0.69

%

0.69

%

Net

investment

income

.....................

3.84

%

(f)

3.87

%

3.89

%

3.26

%

1.56

%

1.10

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

317,797

‌

$

343,321

‌

$

361,556

‌

$

359,256

‌

$

358,179

‌

$

451,800

‌

Portfolio

turnover

rate

(g)

......................

299

%

587

%

583

%

467

%

533

%

585

%

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Portfolio

turnover

rate

(excluding

MDRs)

...............................

189%

412%

436%

336%

337%

387%

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)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Core

Bond

Portfolio

Investor

C

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

...........

$

8.37

‌

$

8.46

‌

$

7.91

‌

$

8.09

‌

$

9.84

‌

$

10.40

‌

Net

investment

income

(a)

...................

0

.13

‌

0

.26

‌

0

.26

‌

0

.21

‌

0

.07

‌

0

.04

‌

Net

realized

and

unrealized

gain

(loss)

..........

(

0

.11

)

(

0

.12

)

0

.56

‌

(

0

.18

)

(

1

.68

)

(

0

.16

)

Net

increase

(decrease)

from

investment

operations

..

0.02

‌

0.14

‌

0.82

‌

0.03

‌

(1.61

)

(0.12

)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.16

)

(

0

.23

)

(

0

.27

)

(

0

.20

)

(

0

.06

)

(

0

.08

)

From

net

realized

gain

.....................

—

‌

—

‌

—

‌

—

‌

(

0

.06

)

(

0

.36

)

Return

of

capital

.........................

—

‌

—

‌

—

‌

(

0

.01

)

(

0

.02

)

—

‌

Total

distributions

..........................

(0.16

)

(0.23

)

(0.27

)

(0.21

)

(0.14

)

(0.44

)

Net

asset

value,

end

of

period

................

$

8.23

‌

$

8.37

‌

$

8.46

‌

$

7.91

‌

$

8.09

‌

$

9.84

‌

Total

Return

(c)

Based

on

net

asset

value

....................

0.23

%

(d)

1.80

%

10.49

%

0.28

%

(16.48

)%

(1.14

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...........................

1.51

%

(f)

1.50

%

1.52

%

1.54

%

1.56

%

1.53

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

1.43

%

(f)

1.43

%

1.43

%

1.43

%

1.44

%

1.44

%

Net

investment

income

.....................

3.09

%

(f)

3.12

%

3.13

%

2.50

%

0.77

%

0.36

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

12,019

‌

$

13,542

‌

$

13,666

‌

$

13,803

‌

$

14,300

‌

$

25,319

‌

Portfolio

turnover

rate

(g)

......................

299

%

587

%

583

%

467

%

533

%

585

%

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Portfolio

turnover

rate

(excluding

MDRs)

...............................

189%

412%

436%

336%

337%

387%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

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,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Core

Bond

Portfolio

Class

K

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

8.42

‌

$

8.52

‌

$

7.96

‌

$

8.14

‌

$

9.91

‌

$

10.46

‌

Net

investment

income

(a)

....................

0

.17

‌

0

.34

‌

0

.34

‌

0

.30

‌

0

.17

‌

0

.14

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.09

)

(

0

.12

)

0

.57

‌

(

0

.18

)

(

1

.70

)

(

0

.14

)

Net

increase

(decrease)

from

investment

operations

...

0.08

‌

0.22

‌

0.91

‌

0.12

‌

(1.53

)

0.00

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.21

)

(

0

.32

)

(

0

.35

)

(

0

.28

)

(

0

.16

)

(

0

.19

)

From

net

realized

gain

......................

—

‌

—

‌

—

‌

—

‌

(

0

.06

)

(

0

.36

)

Return

of

capital

..........................

—

‌

—

‌

—

‌

(

0

.02

)

(

0

.02

)

—

‌

Total

distributions

...........................

(0.21

)

(0.32

)

(0.35

)

(0.30

)

(0.24

)

(0.55

)

Net

asset

value,

end

of

period

.................

$

8.29

‌

$

8.42

‌

$

8.52

‌

$

7.96

‌

$

8.14

‌

$

9.91

‌

Total

Return

(c)

Based

on

net

asset

value

.....................

0.88

%

(d)

2.75

%

11.73

%

1.35

%

(15.68

)%

0.02

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

............................

0.42

%

(f)

0.42

%

0.43

%

0.43

%

0.43

%

0.42

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.38

%

(f)

0.38

%

0.38

%

0.38

%

0.39

%

0.39

%

Net

investment

income

......................

4.14

%

(f)

4.17

%

4.18

%

3.56

%

1.81

%

1.40

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

860,914

‌

$

839,212

‌

$

802,248

‌

$

674,059

‌

$

584,718

‌

$

952,547

‌

Portfolio

turnover

rate

(g)

.......................

299

%

587

%

583

%

467

%

533

%

585

%

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Portfolio

turnover

rate

(excluding

MDRs)

...............................

189%

412%

436%

336%

337%

387%

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)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Core

Bond

Portfolio

Class

R

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

...........

$

8.41

‌

$

8.51

‌

$

7.95

‌

$

8.13

‌

$

9.89

‌

$

10.45

‌

Net

investment

income

(a)

...................

0

.15

‌

0

.30

‌

0

.30

‌

0

.25

‌

0

.12

‌

0

.09

‌

Net

realized

and

unrealized

gain

(loss)

..........

(

0

.11

)

(

0

.12

)

0

.57

‌

(

0

.18

)

(

1

.69

)

(

0

.15

)

Net

increase

(decrease)

from

investment

operations

..

0.04

‌

0.18

‌

0.87

‌

0.07

‌

(1.57

)

(0.06

)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.18

)

(

0

.28

)

(

0

.31

)

(

0

.24

)

(

0

.11

)

(

0

.14

)

From

net

realized

gain

.....................

—

‌

—

‌

—

‌

—

‌

(

0

.06

)

(

0

.36

)

Return

of

capital

.........................

—

‌

—

‌

—

‌

(

0

.01

)

(

0

.02

)

—

‌

Total

distributions

..........................

(0.18

)

(0.28

)

(0.31

)

(0.25

)

(0.19

)

(0.50

)

Net

asset

value,

end

of

period

................

$

8.27

‌

$

8.41

‌

$

8.51

‌

$

7.95

‌

$

8.13

‌

$

9.89

‌

Total

Return

(c)

Based

on

net

asset

value

....................

0.49

%

(d)

2.19

%

11.13

%

0.79

%

(16.07

)%

(0.64

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...........................

1.12

%

(f)

1.14

%

1.16

%

1.15

%

1.20

%

1.13

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.93

%

(f)

0.93

%

0.93

%

0.93

%

0.94

%

0.94

%

Net

investment

income

.....................

3.58

%

(f)

3.61

%

3.64

%

3.02

%

1.32

%

0.87

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

2,606

‌

$

1,780

‌

$

1,669

‌

$

1,309

‌

$

1,084

‌

$

1,249

‌

Portfolio

turnover

rate

(g)

......................

299

%

587

%

583

%

467

%

533

%

585

%

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Portfolio

turnover

rate

(excluding

MDRs)

...............................

189%

412%

436%

336%

337%

387%

See

notes

to

financial

statements.

Consolidated

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

136

BlackRock

High

Yield

Portfolio

Institutional

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

7.25

‌

$

7.23

‌

$

6.71

‌

$

6.48

‌

$

7.89

‌

$

7.42

‌

Net

investment

income

(a)

....................

0

.23

‌

0

.48

‌

0

.49

‌

0

.45

‌

0

.37

‌

0

.37

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.15

)

0

.06

‌

0

.53

‌

0

.23

‌

(

1

.38

)

0

.48

‌

Net

increase

(decrease)

from

investment

operations

...

0.08

‌

0.54

‌

1.02

‌

0.68

‌

(1.01

)

0.85

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.26

)

(

0

.52

)

(

0

.50

)

(

0

.45

)

(

0

.38

)

(

0

.38

)

From

net

realized

gain

......................

—

‌

—

‌

—

‌

—

‌

(

0

.00

)

(c)

—

‌

Return

of

capital

..........................

—

‌

—

‌

—

‌

(

0

.00

)

(c)

(

0

.02

)

—

‌

Total

distributions

...........................

(0.26

)

(0.52

)

(0.50

)

(0.45

)

(0.40

)

(0.38

)

Net

asset

value,

end

of

period

.................

$

7.07

‌

$

7.25

‌

$

7.23

‌

$

6.71

‌

$

6.48

‌

$

7.89

‌

Total

Return

(d)

Based

on

net

asset

value

.....................

1.14

%

(e)

7.79

%

15.65

%

10.70

%

(13.21

)%

11.58

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

............................

0.58

%

(g)

0.57

%

0.58

%

0.58

%

0.58

%

0.57

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.58

%

(g)

0.56

%

0.57

%

0.57

%

0.57

%

0.56

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.

..................

0.58

%

(g)

0.56

%

0.57

%

0.57

%

0.57

%

0.56

%

Net

investment

income

......................

6.46

%

(g)

6.76

%

6.99

%

6.62

%

5.03

%

4.73

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

12,230,440

‌

$

13,303,930

‌

$

12,561,460

‌

$

10,888,212

‌

$

10,232,728

‌

$

14,197,255

‌

Portfolio

turnover

rate

........................

31

%

64

%

74

%

66

%

67

%

76

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

See

notes

to

financial

statements.

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

137

Financial

Highlights

BlackRock

High

Yield

Portfolio

Service

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

7.25

‌

$

7.24

‌

$

6.71

‌

$

6.48

‌

$

7.89

‌

$

7.43

‌

Net

investment

income

(a)

....................

0

.22

‌

0

.46

‌

0

.47

‌

0

.43

‌

0

.34

‌

0

.35

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.14

)

0

.04

‌

0

.54

‌

0

.23

‌

(

1

.37

)

0

.46

‌

Net

increase

(decrease)

from

investment

operations

...

0.08

‌

0.50

‌

1.01

‌

0.66

‌

(1.03

)

0.81

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.26

)

(

0

.49

)

(

0

.48

)

(

0

.43

)

(

0

.36

)

(

0

.35

)

From

net

realized

gain

......................

—

‌

—

‌

—

‌

—

‌

(

0

.00

)

(c)

—

‌

Return

of

capital

..........................

—

‌

—

‌

—

‌

(

0

.00

)

(c)

(

0

.02

)

—

‌

Total

distributions

...........................

(0.26

)

(0.49

)

(0.48

)

(0.43

)

(0.38

)

(0.35

)

Net

asset

value,

end

of

period

.................

$

7.07

‌

$

7.25

‌

$

7.24

‌

$

6.71

‌

$

6.48

‌

$

7.89

‌

Total

Return

(d)

Based

on

net

asset

value

.....................

1.03

%

(e)

7.27

%

15.49

%

10.40

%

(13.46

)%

11.11

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

............................

0.81

%

(g)

0.92

%

0.86

%

0.85

%

0.87

%

0.86

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.80

%

(g)

0.90

%

0.85

%

0.84

%

0.86

%

0.85

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.

..................

0.80

%

(g)

0.90

%

0.85

%

0.84

%

0.86

%

0.85

%

Net

investment

income

......................

6.24

%

(g)

6.41

%

6.71

%

6.35

%

4.64

%

4.45

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

73,569

‌

$

80,881

‌

$

98,822

‌

$

81,439

‌

$

80,995

‌

$

133,295

‌

Portfolio

turnover

rate

........................

31

%

64

%

74

%

66

%

67

%

76

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

See

notes

to

financial

statements.

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

138

BlackRock

High

Yield

Portfolio

Investor

A

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

7.25

‌

$

7.23

‌

$

6.71

‌

$

6.47

‌

$

7.88

‌

$

7.42

‌

Net

investment

income

(a)

....................

0

.22

‌

0

.46

‌

0

.46

‌

0

.42

‌

0

.35

‌

0

.34

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.15

)

0

.05

‌

0

.53

‌

0

.25

‌

(

1

.38

)

0

.47

‌

Net

increase

(decrease)

from

investment

operations

...

0.07

‌

0.51

‌

0.99

‌

0.67

‌

(1.03

)

0.81

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.25

)

(

0

.49

)

(

0

.47

)

(

0

.43

)

(

0

.36

)

(

0

.35

)

From

net

realized

gain

......................

—

‌

—

‌

—

‌

—

‌

(

0

.00

)

(c)

—

‌

Return

of

capital

..........................

—

‌

—

‌

—

‌

(

0

.00

)

(c)

(

0

.02

)

—

‌

Total

distributions

...........................

(0.25

)

(0.49

)

(0.47

)

(0.43

)

(0.38

)

(0.35

)

Net

asset

value,

end

of

period

.................

$

7.07

‌

$

7.25

‌

$

7.23

‌

$

6.71

‌

$

6.47

‌

$

7.88

‌

Total

Return

(d)

Based

on

net

asset

value

.....................

0.98

%

(e)

7.42

%

15.24

%

10.49

%

(13.52

)%

11.06

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

............................

0.91

%

(g)

0.92

%

0.94

%

0.94

%

0.92

%

0.91

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.91

%

(g)

0.91

%

0.92

%

0.92

%

0.91

%

0.90

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.

..................

0.91

%

(g)

0.90

%

0.92

%

0.92

%

0.91

%

0.90

%

Net

investment

income

......................

6.13

%

(g)

6.41

%

6.64

%

6.27

%

4.72

%

4.40

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

1,100,374

‌

$

1,130,232

‌

$

1,137,425

‌

$

1,069,375

‌

$

1,088,100

‌

$

1,408,666

‌

Portfolio

turnover

rate

........................

31

%

64

%

74

%

66

%

67

%

76

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

See

notes

to

financial

statements.

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

139

Financial

Highlights

BlackRock

High

Yield

Portfolio

Investor

C

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

7.26

‌

$

7.24

‌

$

6.72

‌

$

6.48

‌

$

7.90

‌

$

7.43

‌

Net

investment

income

(a)

....................

0

.20

‌

0

.41

‌

0

.42

‌

0

.38

‌

0

.29

‌

0

.29

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.15

)

0

.06

‌

0

.53

‌

0

.25

‌

(

1

.38

)

0

.48

‌

Net

increase

(decrease)

from

investment

operations

...

0.05

‌

0.47

‌

0.95

‌

0.63

‌

(1.09

)

0.77

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.23

)

(

0

.45

)

(

0

.43

)

(

0

.39

)

(

0

.31

)

(

0

.30

)

From

net

realized

gain

......................

—

‌

—

‌

—

‌

—

‌

(

0

.00

)

(c)

—

‌

Return

of

capital

..........................

—

‌

—

‌

—

‌

(

0

.00

)

(c)

(

0

.02

)

—

‌

Total

distributions

...........................

(0.23

)

(0.45

)

(0.43

)

(0.39

)

(0.33

)

(0.30

)

Net

asset

value,

end

of

period

.................

$

7.08

‌

$

7.26

‌

$

7.24

‌

$

6.72

‌

$

6.48

‌

$

7.90

‌

Total

Return

(d)

Based

on

net

asset

value

.....................

0.65

%

(e)

6.72

%

14.50

%

9.76

%

(14.18

)%

10.46

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

............................

1.58

%

(g)

1.58

%

1.58

%

1.58

%

1.58

%

1.57

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

1.57

%

(g)

1.56

%

1.56

%

1.58

%

1.58

%

1.56

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.

..................

1.57

%

(g)

1.56

%

1.56

%

1.58

%

1.58

%

1.56

%

Net

investment

income

......................

5.46

%

(g)

5.75

%

6.00

%

5.61

%

3.98

%

3.74

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

78,773

‌

$

80,859

‌

$

80,867

‌

$

80,427

‌

$

95,815

‌

$

159,580

‌

Portfolio

turnover

rate

........................

31

%

64

%

74

%

66

%

67

%

76

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

See

notes

to

financial

statements.

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

140

BlackRock

High

Yield

Portfolio

Class

K

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

7.25

‌

$

7.24

‌

$

6.71

‌

$

6.48

‌

$

7.89

‌

$

7.43

‌

Net

investment

income

(a)

....................

0

.24

‌

0

.49

‌

0

.50

‌

0

.45

‌

0

.37

‌

0

.38

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.15

)

0

.05

‌

0

.53

‌

0

.24

‌

(

1

.37

)

0

.46

‌

Net

increase

(decrease)

from

investment

operations

...

0.09

‌

0.54

‌

1.03

‌

0.69

‌

(1.00

)

0.84

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.27

)

(

0

.53

)

(

0

.50

)

(

0

.46

)

(

0

.39

)

(

0

.38

)

From

net

realized

gain

......................

—

‌

—

‌

—

‌

—

‌

(

0

.00

)

(c)

—

‌

Return

of

capital

..........................

—

‌

—

‌

—

‌

(

0

.00

)

(c)

(

0

.02

)

—

‌

Total

distributions

...........................

(0.27

)

(0.53

)

(0.50

)

(0.46

)

(0.41

)

(0.38

)

Net

asset

value,

end

of

period

.................

$

7.07

‌

$

7.25

‌

$

7.24

‌

$

6.71

‌

$

6.48

‌

$

7.89

‌

Total

Return

(d)

Based

on

net

asset

value

.....................

1.20

%

(e)

7.75

%

15.92

%

10.81

%

(13.12

)%

11.53

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

............................

0.48

%

(g)

0.47

%

0.48

%

0.48

%

0.49

%

0.48

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.47

%

(g)

0.46

%

0.47

%

0.48

%

0.48

%

0.47

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.

..................

0.47

%

(g)

0.46

%

0.47

%

0.48

%

0.48

%

0.47

%

Net

investment

income

......................

6.58

%

(g)

6.85

%

7.07

%

6.72

%

5.09

%

4.86

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

12,007,140

‌

$

13,139,780

‌

$

11,427,594

‌

$

7,249,086

‌

$

6,116,737

‌

$

7,883,370

‌

Portfolio

turnover

rate

........................

31

%

64

%

74

%

66

%

67

%

76

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

See

notes

to

financial

statements.

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

141

Financial

Highlights

BlackRock

High

Yield

Portfolio

Class

R

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

7.25

‌

$

7.23

‌

$

6.71

‌

$

6.47

‌

$

7.89

‌

$

7.42

‌

Net

investment

income

(a)

....................

0

.21

‌

0

.44

‌

0

.45

‌

0

.41

‌

0

.33

‌

0

.32

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.15

)

0

.06

‌

0

.53

‌

0

.24

‌

(

1

.39

)

0

.48

‌

Net

increase

(decrease)

from

investment

operations

...

0.06

‌

0.50

‌

0.98

‌

0.65

‌

(1.06

)

0.80

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.24

)

(

0

.48

)

(

0

.46

)

(

0

.41

)

(

0

.34

)

(

0

.33

)

From

net

realized

gain

......................

—

‌

—

‌

—

‌

—

‌

(

0

.00

)

(c)

—

‌

Return

of

capital

..........................

—

‌

—

‌

—

‌

(

0

.00

)

(c)

(

0

.02

)

—

‌

Total

distributions

...........................

(0.24

)

(0.48

)

(0.46

)

(0.41

)

(0.36

)

(0.33

)

Net

asset

value,

end

of

period

.................

$

7.07

‌

$

7.25

‌

$

7.23

‌

$

6.71

‌

$

6.47

‌

$

7.89

‌

Total

Return

(d)

Based

on

net

asset

value

.....................

0.86

%

(e)

7.19

%

14.97

%

10.22

%

(13.84

)%

10.94

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

............................

1.14

%

(g)

1.14

%

1.17

%

1.17

%

1.16

%

1.15

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

1.14

%

(g)

1.13

%

1.16

%

1.17

%

1.16

%

1.14

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.

..................

1.14

%

(g)

1.12

%

1.16

%

1.17

%

1.16

%

1.14

%

Net

investment

income

......................

5.90

%

(g)

6.19

%

6.40

%

6.03

%

4.51

%

4.16

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

110,640

‌

$

111,727

‌

$

110,249

‌

$

91,412

‌

$

91,124

‌

$

109,138

‌

Portfolio

turnover

rate

........................

31

%

64

%

74

%

66

%

67

%

76

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

142

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

less

than

$0.005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Low

Duration

Bond

Portfolio

Institutional

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

9.18

‌

$

9.16

‌

$

8.82

‌

$

8.91

‌

$

9.72

‌

$

9.71

‌

Net

investment

income

(a)

....................

0

.21

‌

0

.41

‌

0

.40

‌

0

.33

‌

0

.15

‌

0

.12

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.08

)

0

.03

‌

0

.34

‌

0

.00

(b)

(

0

.79

)

0

.02

‌

Net

increase

(decrease)

from

investment

operations

...

0.13

‌

0.44

‌

0.74

‌

0.33

‌

(0.64

)

0.14

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.21

)

(

0

.40

)

(

0

.33

)

(

0

.42

)

(

0

.17

)

(

0

.13

)

Return

of

capital

..........................

—

‌

(

0

.02

)

(

0

.07

)

—

‌

—

‌

—

‌

Total

distributions

...........................

(0.21

)

(0.42

)

(0.40

)

(0.42

)

(0.17

)

(0.13

)

Net

asset

value,

end

of

period

.................

$

9.10

‌

$

9.18

‌

$

9.16

‌

$

8.82

‌

$

8.91

‌

$

9.72

‌

Total

Return

(d)

Based

on

net

asset

value

.....................

1.42

%

(e)

4.88

%

8.63

%

3.77

%

(6.61

)%

1.47

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

............................

0.47

%

(g)

0.46

%

0.45

%

0.43

%

0.43

%

0.44

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.40

%

(g)

0.40

%

0.40

%

0.40

%

0.40

%

0.40

%

Net

investment

income

......................

4.57

%

(g)

4.55

%

4.49

%

3.71

%

1.58

%

1.20

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

2,721,970

‌

$

3,059,208

‌

$

3,407,604

‌

$

3,599,334

‌

$

4,789,552

‌

$

6,395,606

‌

Portfolio

turnover

rate

(h)

.......................

40

%

182

%

134

%

212

%

163

%

129

%

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Portfolio

turnover

rate

(excluding

MDRs)

...............................

N/A  

175%

121%

183%

153%

125%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

143

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)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Low

Duration

Bond

Portfolio

Investor

A

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

9.18

‌

$

9.15

‌

$

8.82

‌

$

8.90

‌

$

9.72

‌

$

9.71

‌

Net

investment

income

(a)

....................

0

.20

‌

0

.39

‌

0

.38

‌

0

.31

‌

0

.13

‌

0

.09

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.08

)

0

.03

‌

0

.33

‌

0

.01

‌

(

0

.80

)

0

.03

‌

Net

increase

(decrease)

from

investment

operations

...

0.12

‌

0.42

‌

0.71

‌

0.32

‌

(0.67

)

0.12

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.20

)

(

0

.37

)

(

0

.31

)

(

0

.40

)

(

0

.15

)

(

0

.11

)

Return

of

capital

..........................

—

‌

(

0

.02

)

(

0

.07

)

—

‌

—

‌

—

‌

Total

distributions

...........................

(0.20

)

(0.39

)

(0.38

)

(0.40

)

(0.15

)

(0.11

)

Net

asset

value,

end

of

period

.................

$

9.10

‌

$

9.18

‌

$

9.15

‌

$

8.82

‌

$

8.90

‌

$

9.72

‌

Total

Return

(c)

Based

on

net

asset

value

.....................

1.30

%

(d)

4.73

%

8.24

%

3.63

%

(6.95

)%

1.22

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

............................

0.72

%

(f)

0.72

%

0.71

%

0.69

%

0.74

%

0.74

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.65

%

(f)

0.65

%

0.65

%

0.65

%

0.65

%

0.65

%

Net

investment

income

......................

4.32

%

(f)

4.30

%

4.24

%

3.46

%

1.34

%

0.96

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

515,203

‌

$

527,308

‌

$

561,166

‌

$

676,646

‌

$

916,865

‌

$

1,199,702

‌

Portfolio

turnover

rate

(g)

.......................

40

%

182

%

134

%

212

%

163

%

129

%

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Portfolio

turnover

rate

(excluding

MDRs)

...............................

N/A  

175%

121%

183%

153%

125%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

144

(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)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Low

Duration

Bond

Portfolio

Investor

A1

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

9.19

‌

$

9.16

‌

$

8.83

‌

$

8.91

‌

$

9.73

‌

$

9.71

‌

Net

investment

income

(a)

....................

0

.20

‌

0

.40

‌

0

.39

‌

0

.32

‌

0

.14

‌

0

.11

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.07

)

0

.04

‌

0

.34

‌

0

.01

‌

(

0

.80

)

0

.03

‌

Net

increase

(decrease)

from

investment

operations

...

0.13

‌

0.44

‌

0.73

‌

0.33

‌

(0.66

)

0.14

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.21

)

(

0

.39

)

(

0

.33

)

(

0

.41

)

(

0

.16

)

(

0

.12

)

Return

of

capital

..........................

—

‌

(

0

.02

)

(

0

.07

)

—

‌

—

‌

—

‌

Total

distributions

...........................

(0.21

)

(0.41

)

(0.40

)

(0.41

)

(0.16

)

(0.12

)

Net

asset

value,

end

of

period

.................

$

9.11

‌

$

9.19

‌

$

9.16

‌

$

8.83

‌

$

8.91

‌

$

9.73

‌

Total

Return

(c)

Based

on

net

asset

value

.....................

1.37

%

(d)

4.89

%

8.39

%

3.78

%

(6.80

)%

1.48

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

............................

0.61

%

(f)

0.63

%

0.63

%

0.63

%

0.62

%

0.59

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.50

%

(f)

0.50

%

0.50

%

0.50

%

0.50

%

0.50

%

Net

investment

income

......................

4.47

%

(f)

4.44

%

4.39

%

3.62

%

1.50

%

1.13

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

3,677

‌

$

3,818

‌

$

4,170

‌

$

4,532

‌

$

5,134

‌

$

6,710

‌

Portfolio

turnover

rate

(g)

.......................

40

%

182

%

134

%

212

%

163

%

129

%

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Portfolio

turnover

rate

(excluding

MDRs)

...............................

N/A  

175%

121%

183%

153%

125%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

145

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)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Low

Duration

Bond

Portfolio

Investor

C

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

9.18

‌

$

9.15

‌

$

8.82

‌

$

8.90

‌

$

9.72

‌

$

9.70

‌

Net

investment

income

(a)

....................

0

.16

‌

0

.32

‌

0

.31

‌

0

.24

‌

0

.05

‌

0

.02

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.09

)

0

.03

‌

0

.33

‌

0

.01

‌

(

0

.79

)

0

.04

‌

Net

increase

(decrease)

from

investment

operations

...

0.07

‌

0.35

‌

0.64

‌

0.25

‌

(0.74

)

0.06

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.16

)

(

0

.31

)

(

0

.26

)

(

0

.33

)

(

0

.08

)

(

0

.04

)

Return

of

capital

..........................

—

‌

(

0

.01

)

(

0

.05

)

—

‌

—

‌

—

‌

Total

distributions

...........................

(0.16

)

(0.32

)

(0.31

)

(0.33

)

(0.08

)

(0.04

)

Net

asset

value,

end

of

period

.................

$

9.09

‌

$

9.18

‌

$

9.15

‌

$

8.82

‌

$

8.90

‌

$

9.72

‌

Total

Return

(c)

Based

on

net

asset

value

.....................

0.81

%

(d)

3.95

%

7.43

%

2.86

%

(7.65

)%

0.57

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

............................

1.46

%

(f)

1.46

%

1.46

%

1.45

%

1.45

%

1.45

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

1.40

%

(f)

1.40

%

1.40

%

1.40

%

1.40

%

1.40

%

Net

investment

income

......................

3.57

%

(f)

3.54

%

3.49

%

2.70

%

0.58

%

0.23

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

16,421

‌

$

16,497

‌

$

19,857

‌

$

26,808

‌

$

36,103

‌

$

51,625

‌

Portfolio

turnover

rate

(g)

.......................

40

%

182

%

134

%

212

%

163

%

129

%

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Portfolio

turnover

rate

(excluding

MDRs)

...............................

N/A  

175%

121%

183%

153%

125%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

146

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

less

than

$0.005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Low

Duration

Bond

Portfolio

Class

K

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

9.17

‌

$

9.15

‌

$

8.81

‌

$

8.90

‌

$

9.72

‌

$

9.70

‌

Net

investment

income

(a)

....................

0

.21

‌

0

.42

‌

0

.41

‌

0

.33

‌

0

.15

‌

0

.12

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.08

)

0

.02

‌

0

.34

‌

0

.00

(b)

(

0

.79

)

0

.04

‌

Net

increase

(decrease)

from

investment

operations

...

0.13

‌

0.44

‌

0.75

‌

0.33

‌

(0.64

)

0.16

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.21

)

(

0

.40

)

(

0

.34

)

(

0

.42

)

(

0

.18

)

(

0

.14

)

Return

of

capital

..........................

—

‌

(

0

.02

)

(

0

.07

)

—

‌

—

‌

—

‌

Total

distributions

...........................

(0.21

)

(0.42

)

(0.41

)

(0.42

)

(0.18

)

(0.14

)

Net

asset

value,

end

of

period

.................

$

9.09

‌

$

9.17

‌

$

9.15

‌

$

8.81

‌

$

8.90

‌

$

9.72

‌

Total

Return

(d)

Based

on

net

asset

value

.....................

1.45

%

(e)

4.93

%

8.68

%

3.82

%

(6.67

)%

1.63

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

............................

0.37

%

(g)

0.37

%

0.38

%

0.37

%

0.37

%

0.37

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.35

%

(g)

0.35

%

0.35

%

0.35

%

0.35

%

0.36

%

Net

investment

income

......................

4.61

%

(g)

4.60

%

4.54

%

3.76

%

1.65

%

1.23

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

759,740

‌

$

688,946

‌

$

538,692

‌

$

617,831

‌

$

814,127

‌

$

943,607

‌

Portfolio

turnover

rate

(h)

.......................

40

%

182

%

134

%

212

%

163

%

129

%

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Portfolio

turnover

rate

(excluding

MDRs)

...............................

N/A  

175%

121%

183%

153%

125%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

147

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)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Low

Duration

Bond

Portfolio

Class

R

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

9.18

‌

$

9.15

‌

$

8.82

‌

$

8.90

‌

$

9.72

‌

$

9.70

‌

Net

investment

income

(a)

....................

0

.19

‌

0

.37

‌

0

.36

‌

0

.29

‌

0

.11

‌

0

.07

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.08

)

0

.03

‌

0

.33

‌

0

.01

‌

(

0

.80

)

0

.03

‌

Net

increase

(decrease)

from

investment

operations

...

0.11

‌

0.40

‌

0.69

‌

0.30

‌

(0.69

)

0.10

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.19

)

(

0

.36

)

(

0

.30

)

(

0

.38

)

(

0

.13

)

(

0

.08

)

Return

of

capital

..........................

—

‌

(

0

.01

)

(

0

.06

)

—

‌

—

‌

—

‌

Total

distributions

...........................

(0.19

)

(0.37

)

(0.36

)

(0.38

)

(0.13

)

(0.08

)

Net

asset

value,

end

of

period

.................

$

9.10

‌

$

9.18

‌

$

9.15

‌

$

8.82

‌

$

8.90

‌

$

9.72

‌

Total

Return

(c)

Based

on

net

asset

value

.....................

1.17

%

(d)

4.47

%

7.97

%

3.37

%

(7.18

)%

1.07

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

............................

1.11

%

(f)

1.12

%

1.09

%

1.05

%

1.09

%

1.07

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.90

%

(f)

0.90

%

0.90

%

0.90

%

0.90

%

0.91

%

Net

investment

income

......................

4.07

%

(f)

4.04

%

3.98

%

3.21

%

1.17

%

0.72

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

1,542

‌

$

1,596

‌

$

1,854

‌

$

2,154

‌

$

2,721

‌

$

2,153

‌

Portfolio

turnover

rate

(g)

.......................

40

%

182

%

134

%

212

%

163

%

129

%

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Portfolio

turnover

rate

(excluding

MDRs)

...............................

N/A  

175%

121%

183%

153%

125%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

148

1.

ORGANIZATION 

BlackRock

Funds

V (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,

Service

and

Class

K

Shares

are

sold

only

to

certain

eligible

investors.

Service,

Investor

A,

Investor

A1,

Investor C

and

Class

R

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

and

Class R

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Investor

A1

Shares

are

only

available

for

dividend

and

capital

gain

reinvestment

by

existing

shareholders,

and

for

purchase

by

certain

employer-

sponsored

retirement

plans.

Class

R

Shares

are

sold

without

a

sales

charge

and

only

to

certain

employer-sponsored

retirement

plans.

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).

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

Fixed-Income

Complex.

Basis

of

Consolidation:

 The

accompanying

consolidated

financial

statements

of

High

Yield 

include

the

accounts

of

BR-HIYLD

Subsidiary

II,

LLC

(the

“Taxable

Subsidiary”),

which

is

a

wholly-owned

taxable

subsidiary

of

High

Yield.

The

Taxable

Subsidiary

enables

High

Yield

to

hold

certain

pass-through

investments and satisfy

regulated

investment

company

tax

requirements.

Income

earned

and

gains

realized

on

the

investments

held

by

the

Taxable

Subsidiary

are

taxable

to

such

subsidiary.

A

tax

provision

for

income,

if

any,

is

shown

as

income

tax

in

the

Consolidated

Statement

of

Operations

for

High

Yield.

A

tax

provision

for

realized

and

unrealized

gains,

if

any,

is

included

as

a

reduction

of

realized

and/or

unrealized

gain

(loss)

in

the

Consolidated

Statement

of

Operations

for

High

Yield.

Taxes

payable

or

deferred

as

of

March

31,

2026

,

if

any,

are

disclosed

in

the

Consolidated

Statement

of

Assets

and

Liabilities

for

High

Yield.

High

Yield

may

invest

up

to

25%

of

its

total

assets

in

the

Taxable

Subsidiary.

The

net

assets

of

the

Taxable

Subsidiary

as

of

period

end

were

$0,

which

is

0.00%

of

High

Yield’s

consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

On

February

27,

2026,

the

Board

of

Trustees

of

the

Trust

(the

“Board”)

approved

the

dissolution

of

the

Taxable

Subsidiary,

which

was

effective

on

May

6,

2026.

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

(the

“trade

dates”)

.

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.

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

Fund

Name

Herein

Referred

To

As

Diversification

Classification

BlackRock

Core

Bond

Portfolio

...............................................

Core

Bond

Diversified

BlackRock

High

Yield

Portfolio

................................................

High

Yield

Diversified

BlackRock

Low

Duration

Bond

Portfolio

..........................................

Low

Duration

Bond

Diversified

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charge

("CDSC")

Conversion

Privilege

Institutional,

Service,

Class

K

and

Class

R

Shares

..........................

No

No

None

Investor

A

Shares

..............................................

Yes

No

(a)

None

Investor

A1

Shares

.............................................

No

(b)

No

(c)

None

Investor

C

Shares

.............................................

No

Yes

(d)

To

Investor

A

Shares

after

approximately

8

years

(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)

Investor

A1

Shares

are

subject

to

a

maximum

sales

charge

on

purchases

of

1.00%.

The

sales

charge

does

not

apply

to

dividend

and

capital

gain

reinvestments

by

existing

shareholders

and

new

purchases

for

certain

employer-sponsored

retirement

plans,

which

are

currently

the

only

investors

who

may

invest

in

Investor

A1

Shares.

(c)

Investor

A1

Shares

may

be

subject

to

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

However,

the

CDSC

does

not

apply

to

redemptions

by

certain

employer-sponsored

retirement

plans

or

to

redemptions

of

shares

acquired

through

reinvestment

of

dividends

and

capital

gains

by

existing

shareholders.

(d)

A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

Notes

to

Financial

Statements

(unaudited)

(continued)

149

Notes

to

Financial

Statements

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.

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

March

31,

2026

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities. 

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. 

Cash:

The

Funds

may

maintain

cash

at

their

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

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

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

portion

of

distributions,

if

any,

that

exceeds

a

fund’s

current

and

accumulated

earnings

and

profits,

as

measured

on

a

tax

basis,

constitute

a

non-taxable

return

of

capital.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP

.

Deferred

Compensation

Plan:

Under

the

Deferred

Compensation

Plan

(the

“Plan”)

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board”), the 

trustees

who

are

not

“interested

persons”

of

the

Funds,

as

defined

in

the

1940

Act

(“Independent

Trustees

”),

may

defer

a

portion

of

their

annual

complex-wide

compensation.

Deferred

amounts

earn

an

approximate

return

as

though

equivalent

dollar

amounts

had

been

invested

in

common

shares

of

certain

funds

in

the

BlackRock

Fixed-Income

Complex

selected

by

the

Independent

Trustees

.

This

has

the

same

economic

effect

for

the

Independent 

Trustees

as

if

the

Independent 

Trustees

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-Income

Complex.  

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

each

Fund,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the

Trustees’

and

Officer’s

fees

payable

in

the

Statements

of

Assets

and

Liabilities

and

will

remain

as

a

liability

of

the

Funds

until

such

amounts

are

distributed

in

accordance

with

the

Plan. Net

appreciation

(depreciation)

in

the

value

of

participants’

deferral

accounts

is

allocated

among

the

participating

funds

in

the

BlackRock

Fixed-Income

Complex

and

reflected

as

Trustee

and

Officer

expense

on

the Statements

of

Operations.

The

Trustee

and

Officer

expense

may

be

negative

as

a

result

of

a

decrease

in

value

of

the

deferred

accounts.

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. 

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Funds'

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since

each

Fund has

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within each

Fund's

financial

statements. 

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

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:

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

150

Equity

investments

(except

ETF

options,

equity

index

options

or

those

that

are

customized) 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

or,

if

a

reported

closing

price

is

not

available,

the

last

traded

price

on

the

exchange

or

market

on

which

the

security

or

instrument

is

primarily

traded

at

the

time

of

valuation

or

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

and

certain

derivative

instruments for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

(including

evaluated

prices) 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

of

securities

in

certain

asset

classes

may

trade

at

lower

prices

than

institutional

round

lots,

and

the

value

ultimately

realized

when

the

securities

are

sold

could

differ

from

the

prices

used

by

a

fund.

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.

Shares

of

underlying

exchange-traded

closed-end

funds

or

other

exchange-traded

funds

(“ETFs”)

are

valued

at

their

most

recent

closing

price.

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

trade

or 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

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

(except

ETF

options,

equity

index

options

or

those

that

are

customized)

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.

Customized

exchange-traded

equity

options,

ETF

options,

equity

index

options

and

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.

Interest

rate,

credit

default,

inflation

and

currency

swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

market

data

and discounted

cash

flows.

Total

return

and

equity swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent

pricing

services

or

through

brokers,

which

are

derived

using

models

that

incorporate

market

trades

and

fair

value

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 occurs

after

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

as

of

the

measurement

date.

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:

(i)

recent

market

transactions,

including

secondary

market

transactions,

merger

or

acquisition

activity

and

subsequent

rounds

of

financing

in

the

underlying investment

or

comparable

issuers

(ii)

recapitalizations

and

other

transactions

across

the

capital

structure

(iii)

market

or

relevant

indices

multiples

of

comparable

issuers

(iv)

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks

(v)

quoted

prices

for

similar

investments

or

assets

in

active

markets

Notes

to

Financial

Statements

(unaudited)

(continued)

151

Notes

to

Financial

Statements

(vi)

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

recovery

rates,

liquidation

amounts

and/

or default

rates

(vii) audited

or

unaudited

financial

statements,

investor

communications

and

Private

Company

financial

or

operational

metrics

(viii) relevant

market

news

and

other

public

sources.

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

a

market

approach to

determine 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. 

Private

Companies

are

not

subject

to

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by

a

Fund. Certain

information

made

available

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

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

that

each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3 —

Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for the

asset

or

liability

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

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.

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. 

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

152

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. 

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. 

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

Notes

to

Financial

Statements

(unaudited)

(continued)

153

Notes

to

Financial

Statements

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: 

=

TBA

Commitments:

TBA

commitments

are

forward

agreements

for

the

purchase

or

sale

of

securities,

including

mortgage-backed

securities

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate

and

mortgage

terms.

When

entering

into

TBA

commitments,

a

fund

may

take

possession

of

or

deliver

the

underlying

mortgage-backed

securities

but

can

extend

the

settlement

or

roll

the

transaction.

TBA

commitments

involve

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

or

sold

declines

or

increases,

respectively,

prior

to

settlement

date,

if

there

are

expenses

or

delays

in

connection

with

the

TBA

transactions,

or

if

the

counterparty

fails

to

complete

the

transaction.

In

order

to

better

define

contractual

rights

and

to

secure

rights

that

will

help

a

fund

mitigate its

counterparty

risk,

TBA

commitments

may

be

entered

into

by

a

fund

under

Master

Securities

Forward

Transaction

Agreements

(each,

an

“MSFTA”).

An

MSFTA

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

default

and/or

termination

event. 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

the

collateral

currently

pledged

by

a

fund

and

the

counterparty. Cash

collateral

that

has

been

pledged

to

cover

the

obligations

of

a

fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

for

TBA

commitments

or

cash

received

as

collateral

for

TBA

commitments,

respectively.

Non-cash

collateral

pledged

by

a

fund,

if

any,

is

noted

in

the Schedules

of

Investments. Typically,

a

fund

is

permitted

to

sell,

re-pledge

or

use

the

collateral

it

receives;

however,

the

counterparty

is

not

permitted

to

do

so.

To

the

extent

amounts

due

to

a

fund

are

not

fully

collateralized,

contractually

or

otherwise,

a

fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Mortgage

Dollar

Roll

Transactions

:

The

Funds

may

sell

TBA

mortgage-backed

securities

and

simultaneously

contract

to

repurchase

substantially

similar

(i.e.,

same

type,

coupon

and

maturity)

securities

on

a

specific

future

date

at

an

agreed

upon

price.

During

the

period

between

the

sale

and

repurchase,

a

fund

is

not

entitled

to

receive

interest

and

principal

payments

on

the

securities

sold.

Mortgage

dollar

roll

transactions

are

treated

as

purchases

and

sales

and

a

fund realizes

gains

and

losses

on

these

transactions.

Mortgage

dollar

rolls

involve

the

risk

that

the

market

value

of

the

securities

that

a

fund

is

required

to

purchase

may

decline

below

the

agreed

upon

repurchase

price

of

those

securities. 

Short

Sale

Transactions:

In

short

sale

transactions,

a

fund

sells

a

security

it

does

not

hold

in

anticipation

of

a

decline

in

the

market

price

of

that

security.

When

a

fund

makes

a

short

sale,

it

will

borrow

the

security

sold

short

from

a

broker/counterparty

and

deliver

the

security

to

the

purchaser.

To

close

out

a

short

position,

a

fund

delivers

the

same

security

to

the

broker

and

records

a

liability

to

reflect

the

obligation

to

return

the

security

to

the

broker.

The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale.

A

fund

maintains

a

segregated

account

of

securities

or

deposits

cash

with

the

broker-dealer

as

collateral

for

the

short

sales.

Cash

deposited

with

the

broker

is

recorded

as

an

asset

in

the

Statements

of

Assets

and

Liabilities.

Securities

segregated

as

collateral

are

denoted

in

the

Schedules

of

Investments.

A

fund

may

pay

a

financing

fee

for

the

difference

between

the

market

value

of

the

short

position

and

the

cash

collateral

deposited

with

the

broker

which

would

be

recorded

as

interest

expense.

A

fund

is

required

to

repay

the

counterparty

any

dividends

received

on

the

security

sold

short,

which,

if

applicable,

is

shown

as

dividend

expense

in

the

Statements

of

Operations.

A

fund

may

pay

a

fee

on

the

assets

borrowed

from

the

counterparty,

which,

if

applicable,

is

shown

as

broker

fees

and

expenses

on

short

sales

in

the

Statements

of

Operations.

A

fund

is

exposed

to

market

risk

based

on

the

amount,

if

any,

that

the

market

value

of

the

security

increases

beyond

the

market

value

at

which

the

position

was

sold.

Thus,

a

short

sale

of

a

security

involves

the

risk

that

instead

of

declining,

the

price

of

the

security

sold

short

will

rise.

The

short

sale

of

securities

involves

the

possibility

of

an

unlimited

loss

since

there

is

an

unlimited

potential

for

the

market

price

of

the

security

sold

short

to

increase.

A

gain

is limited

to

the

price

at

which

a

fund

sold

the

security

short.

A

realized

gain

or

loss

is

recognized

upon

the

termination

of

a

short

sale

if

the

market

price

is

either

less

than

or

greater

than

the

proceeds

originally

received.

There

is

no

assurance

that

a

fund

will

be

able

to

close

out

a

short

position

at

a

particular

time

or

at

an

acceptable

price.

Securities

Lending:

 Certain

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 an

approved 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

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund,

or

excess

collateral is

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

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

High

Yield

GrafTech

Global

Enterprises,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

.........................................

$

3,506,941‌

$

3,506,941‌

$

3,311,885‌

$

(195,056‌)

High

Yield

Kaman

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

............

955,243‌

954,049‌

955,062‌

1,013‌

High

Yield

Radiate

Holdco

LLC,

Delayed

Draw

1st

Lien

Term

Loan

.......

322,117‌

322,117‌

321,579‌

(538‌)

High

Yield

Signia

Aerospace

LLC,

Delayed

Draw

1st

Lien

Term

Loan

.....

492,569‌

491,338‌

493,185‌

1,847‌

High

Yield

SWF

Holdings

I

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

......

1,630,013‌

1,630,013‌

1,613,713‌

(16,300‌)

$

(209,034‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

154

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, each

Fund benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the 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 each

Fund.

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)

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.

As

of

period

end,

the

following

table

is

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

High

Yield

Barclays

Capital,

Inc.

..........................

$

62,143,628‌

$

(62,143,628‌)

$

—‌

$

—‌

Goldman

Sachs

&

Co.

LLC

......................

—‌

—‌

—‌

—‌

$

62,143,628‌

$

(62,143,628‌)

$

—‌

$

—‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund’s

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

155

Notes

to

Financial

Statements

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.

Swaptions

–

The

Funds

may purchase

and

write options

on

swaps

(“swaptions”)

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

the

Funds’

holdings,

as

a

duration

management

technique

or

to

protect

against

an

increase

in

the

price

of

securities

it

anticipates

purchasing

at

a

later

date.

The

purchaser

and

writer

of

a

swaption

is

buying

or

granting

the

right

to

enter

into

a

previously

agreed

upon

interest

rate

or

credit

default

swap

agreement

(interest

rate

risk

and/or

credit

risk)

at

any

time

before

the

expiration

of

the

option.

Foreign

currency

options - The

Funds

may purchase

and

write

foreign

currency

options,

foreign

currency

futures

and

options

on

foreign

currency

futures

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

Foreign

currency

options

give

the

purchaser

the

right

to

buy

from

or

sell

to

the

writer

a

foreign

currency

at

any

time

before

the

expiration

of

the

option.

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

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

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

156

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.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Forward

swaps

— The

Funds

may enter

into

forward

interest

rate

swaps

and

forward

total

return

swaps.

In

a

forward

swap,

each

Fund

and

the

counterparty

agree

to

make

periodic

net

payments

beginning

on

a

specified

date

or

a

net

payment

at

termination.

Inflation

swaps

—

Inflation

swaps

are

entered

into

to

gain

or

reduce

exposure

to

inflation

(inflation

risk).

In

an

inflation

swap,

one

party

makes

fixed

interest

payments

on

a

notional

principal

amount

in

exchange

for

another

party’s

variable

payments

based

on

an

inflation

index,

such

as

the

Consumer

Price

Index.

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

157

Notes

to

Financial

Statements

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,

majority-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

For

such

services,

each

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

each

Fund’s

net

assets:

The

Manager

provides

investment

management

and

other

services

to

the

Taxable

Subsidiary.

The

Manager

does

not

receive

separate

compensation

from

the

Taxable

Subsidiary

for

providing

investment

management

or

administrative

services.

However, High

Yield

pays

the

Manager

based

on

the

Fund's

net

assets,

which

includes

the

assets

of

the

Taxable

Subsidiary.

With

respect

to

High

Yield,

the

Manager

entered

into

a

sub-advisory

agreement

with

BlackRock

International

Limited

(“BIL”)

(the

"Sub-Adviser"),

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

for

services

it

provides

for

that

portion

of the Fund

for

which

BIL

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by the

Fund

to

the

Manager.

With

respect

to Core

Bond

and

Low

Duration

Bond,

the

Manager

entered

into

separate

sub-advisory

agreements

with

each

of BIL

and

BlackRock

(Singapore)

Limited

(“BSL”)

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

and

BSL

for

services

they

provide

for

that

portion

of

each

Fund

for

which

BIL

and

BSL,

as

applicable,

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 each

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

each

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

each

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services

to

the

Funds.

The

ongoing

service

and/or

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

For

the six-months

ended

March

31,

2026,

the

following

table

shows

the

class

specific service

and

distribution fees

borne

directly

by

each

share

class

of

each

Fund:

Core

Bond

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.350%

$1

billion

-

$2

billion

.....................................................................................................

0.340

$2

billion

-

$3

billion

.....................................................................................................

0.330

Greater

than

$3

billion

...................................................................................................

0.320

High

Yield

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.500%

$1

billion

-

$2

billion

.....................................................................................................

0.450

$2

billion

-

$3

billion

.....................................................................................................

0.425

$3

billion

-

$25

billion

....................................................................................................

0.400

$25

billion

-

$30

billion

...................................................................................................

0.375

Greater

than

$30

billion

...................................................................................................

0.350

Low

Duration

Bond

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.310%

$1

billion

-

$3

billion

.....................................................................................................

0.290

$3

billion

-

$5

billion

.....................................................................................................

0.280

$5

billion

-

$10

billion

....................................................................................................

0.270

Greater

than

$10

billion

...................................................................................................

0.260

Share

Class

Service

Fees

Distribution

Fees

Service

..................................................................................................

0.25‌

%

—‌

%

Investor

A

.................................................................................................

0.25‌

—‌

Investor

A1

................................................................................................

0.10‌

—‌

Investor

C

.................................................................................................

0.25‌

0.75‌

Class

R

..................................................................................................

0.25‌

0.25‌

Fund

Name

Service

Investor

A

Investor

A1

Investor

C

Class

R

Total

Core

Bond

..................................................

$

—‌

$

415,790‌

$

—‌

$

63,869‌

$

4,992‌

$

484,651‌

High

Yield

...................................................

101,685‌

1,404,914‌

—‌

401,649‌

283,202‌

2,191,450‌

Low

Duration

Bond

............................................

—‌

651,607‌

1,878‌

83,245‌

4,140‌

740,870‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

158

Administration:

The

Trust,

on

behalf

of each

Fund, entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

majority-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statements

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statements

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

six

months

ended

March

31,

2026, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

each

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Funds

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the 

six

months

 ended March

31,

2026,

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:

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Funds.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

March

31,

2026,

each

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

For

the

six

months ended

March

31,

2026,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

each

Fund:

Other

Fees:

For

the 

six

months

ended 

March

31,

2026

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of each

Fund’s Investor

A

Shares as

follows:

For

the six

months

ended

March

31,

2026,

affiliates

received

CDSCs

as

follows:

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

......................................................................................................

0.0425%

$500

million

-

$1

billion

..................................................................................................

0.0400

$1

billion

-

$2

billion

....................................................................................................

0.0375

$2

billion

-

$4

billion

....................................................................................................

0.0350

$4

billion

-

$13

billion

...................................................................................................

0.0325

Greater

than

$13

billion

..................................................................................................

0.0300

Fund

Name

Institutional

Service

Investor

A

Investor

A1

Investor

C

Class

K

Class

R

Total

Core

Bond

....................................

$

224,169‌

$

—‌

$

33,263‌

$

—‌

$

1,277‌

$

85,089‌

$

200‌

$

343,998‌

High

Yield

.....................................

1,300,012‌

8,135‌

112,393‌

—‌

8,033‌

1,210,458‌

11,328‌

2,650,359‌

Low

Duration

Bond

..............................

279,238‌

—‌

52,129‌

376‌

1,665‌

72,409‌

166‌

405,983‌

Fund

Name

Institutional

High

Yield

...............................................................................................................

$

37,991‌

Low

Duration

Bond

........................................................................................................

188,751‌

Fund

Name

Institutional

Service

Investor

A

Investor

A1

Investor

C

Class

K

Class

R

Total

Core

Bond

....................................

$

2,432‌

$

—‌

$

4,703‌

$

—‌

$

159‌

$

750‌

$

47‌

$

8,091‌

High

Yield

.....................................

16,972‌

215‌

27,139‌

—‌

2,296‌

14,378‌

1,209‌

62,209‌

Low

Duration

Bond

..............................

2,344‌

—‌

3,146‌

135‌

497‌

688‌

59‌

6,869‌

Fund

Name

Institutional

Service

Investor

A

Investor

A1

Investor

C

Class

K

Class

R

Total

Core

Bond

....................................

$

1,198,529‌

$

—‌

$

195,458‌

$

—‌

$

6,113‌

$

15,494‌

$

2,043‌

$

1,417,637‌

High

Yield

.....................................

7,403,009‌

35,743‌

1,089,377‌

—‌

44,419‌

270,110‌

98,749‌

8,941,407‌

Low

Duration

Bond

..............................

1,314,151‌

—‌

267,626‌

2,587‌

7,091‌

9,234‌

1,983‌

1,602,672‌

Fund

Name

Other

Fees

Core

Bond

.............................................................................................................

$

5,488‌

High

Yield

..............................................................................................................

28,371‌

Low

Duration

Bond

.......................................................................................................

9,949‌

Fund

Name

Investor

A

Investor

C

Core

Bond

..................................................................................................

$

149‌

$

240‌

High

Yield

...................................................................................................

3,255‌

6,061‌

Low

Duration

Bond

............................................................................................

3,589‌

1,963‌

Notes

to

Financial

Statements

(unaudited)

(continued)

159

Notes

to

Financial

Statements

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,

2027.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the six

months

ended

March

31,

2026

,

the

amounts

waived

were

as

follows:

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of each

Fund’s

assets

invested

in

affiliated

equity

and

fixed-

income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2027.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations. These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

six

months

ended

March

31,

2026,

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

net

total

annual

operating expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses, and

certain

other

fund

expenses

(“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,

2027

, unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

For

the six

months

ended

March

31,

2026,

the

amounts

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations

were

as

follows:

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

Core

Bond

.............................................................................................................

$

32,678‌

High

Yield

..............................................................................................................

415,742‌

Low

Duration

Bond

.......................................................................................................

26,375‌

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

Core

Bond

.............................................................................................................

$

19,804‌

High

Yield

..............................................................................................................

754,813‌

Fund

Name

Institutional

Service

Investor

A

Investor

A1

Investor

C

Class

K

Class

R

Core

Bond

.......................................

0.43‌

%

N/A‌

0.68‌

%

N/A‌

1.43‌

%

0.38‌

%

0.93‌

%

High

Yield

........................................

0.67‌

1.02‌

%

0.92‌

N/A‌

1.72‌

0.58‌

1.28‌

Low

Duration

Bond

.................................

0.40‌

N/A‌

0.65‌

0.50‌

%

1.40‌

0.35‌

0.90‌

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

Core

Bond

...............................................................................................................

$

255,631‌

Low

Duration

Bond

.........................................................................................................

15,358‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

160

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

six

months ended

March

31,

2026,

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,

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%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

the

money

market

fund

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund's

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund's

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

The

money

market

fund

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

the

money

market

fund

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day.

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

securities

lending

agreement

effective

as

of

January

1,

2026,

High

Yield 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 Fixed-Income

Complex

in

a

calendar

year

exceeds

a

specific

threshold, High

Yield,

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. 

Pursuant

to

the

securities

lending

agreement

effective

as

of

January

1,

2025,

identical

securities

lending

agreements

were

in

place

for

the

Fund

for

the

calendar

year

ended

December

31,

2025.

The

share

of

securities

lending

income

earned

by

High

Yield is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statements

of

Operation.

For

the six

months

ended March

31,

2026,

the

Fund

paid

BIM $14,928

for

securities

lending agent

services. 

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

Core

Bond

Institutional

....................................................................................

$

224,169‌

$

637,888‌

Investor

A

.....................................................................................

33,263‌

112,469‌

Investor

C

.....................................................................................

1,277‌

2,913‌

Class

K

......................................................................................

85,089‌

15,493‌

Class

R

......................................................................................

200‌

1,540‌

$

343,998‌

$

770,303‌

High

Yield

Investor

A

.....................................................................................

161‌

—‌

$

161‌

$

—‌

Low

Duration

Bond

Institutional

....................................................................................

279,238‌

602,104‌

Investor

A

.....................................................................................

52,129‌

134,430‌

Investor

A1

....................................................................................

376‌

1,622‌

Investor

C

.....................................................................................

1,665‌

2,824‌

Class

K

......................................................................................

71,212‌

5,773‌

Class

R

......................................................................................

166‌

1,556‌

$

404,786‌

$

748,309‌

$

—‌

$

—‌

Notes

to

Financial

Statements

(unaudited)

(continued)

161

Notes

to

Financial

Statements

7.

PURCHASES

AND

SALES 

For

the

six

months ended

March

31,

2026,

purchases

and

sales

of

investments,

including

paydowns/payups,

mortgage

dollar

rolls

and

excluding

short-term

securities,

were

as

follows:

For

the six

months ended

March

31,

2026,

purchases

and

sales

related

to

mortgage

dollar

rolls

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

March

31,

2026,

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.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

As

of

September

30,

2025, the

Funds

had

non-expiring

capital

loss

carryforwards

and

qualified

late-year

losses as

follows: 

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

Fund

has

elected

to

defer

these

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

As

of

March

31,

2026, 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

each

Fund,

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

2026

unless

extended

or

renewed. These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

March

31,

2026,

the

Funds

did

not

borrow

under

the

credit

agreement.

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

Core

Bond

..........................................................

$

10,396,273,465‌

$

10,452,339,200‌

$

1,169,037,185‌

$

1,276,268,730‌

High

Yield

...........................................................

—‌

—‌

7,774,691,610‌

10,482,319,228‌

Low

Duration

Bond

....................................................

509,367,001‌

604,867,827‌

1,060,627,045‌

1,226,965,874‌

Fund

Name

Purchases

Sales

Core

Bond

..........................................................................................

$

4,278,678,127‌

$

4,280,687,359‌

Fund

Name

Non-Expiring

Capital

Loss

Carryforwards

(a)

Qualified

Late-Year

Ordinary

Losses

(b)

Core

Bond

..........................................................................................

$

(451,719,650‌)

$

—‌

High

Yield

...........................................................................................

(1,389,532,051‌)

—‌

Low

Duration

Bond

....................................................................................

(516,682,052‌)

(596,979‌)

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Core

Bond

......................................................

$

4,255,130,425‌

$

15,269,139‌

$

(161,868,270‌)

$

(146,599,131‌)

High

Yield

......................................................

25,475,049,184‌

443,868,098‌

(441,160,944‌)

2,707,154‌

Low

Duration

Bond

................................................

3,951,991,057‌

38,997,692‌

(46,212,886‌)

(7,215,194‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

162

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

each

Fund

invests

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,

tariffs or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

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

mandatory

and

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.

Municipal

securities

are

subject

to

the

risk

that

litigation,

legislation

or

other

political

events,

local

business

or

economic

conditions,

credit

rating

downgrades,

or

the

bankruptcy

of

the

issuer

could

have

a

significant

effect

on

an

issuer’s

ability

to

make

payments

of

principal

and/or

interest

or

otherwise

affect

the

value

of

such

securities.

Municipal

securities

can

be

significantly

affected

by

political

or

economic

changes,

including

changes

made

in

the

law

after

issuance

of

the

securities,

as

well

as

uncertainties

in

the

municipal

market

related

to,

taxation,

legislative

changes

or

the

rights

of

municipal

security

holders,

including

in

connection

with

an

issuer

insolvency.

Municipal

securities

backed

by

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

can

be

negatively

affected

by

the

discontinuance

of

the

tax

benefits

supporting

the

project

or

assets

or

the

inability

to

collect

revenues

for

the

project

or

from

the

assets.

Municipal

securities

may

be

less

liquid

than

taxable

bonds,

and

there

may

be

less

publicly

available

information

on

the

financial

condition

of

municipal

security

issuers

than

for

issuers

of

other

securities.

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.

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.

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.

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. 

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

options

purchased

and

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. 

Notes

to

Financial

Statements

(unaudited)

(continued)

163

Notes

to

Financial

Statements

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. 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. 

Certain

Funds

invest

a

significant

portion

of their

assets

in

securities

backed

by

commercial

or

residential

mortgage

loans

or

in

issuers

that

hold

mortgage

and

other

asset-

backed

securities.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

a

greater

risk

of

prepayment

or

payment

extension

by

securities

issuers.

Changes

in

economic

conditions,

including

delinquencies

and/or

defaults

on

assets

underlying

these

securities,

can

affect

the

value,

income

and/or

liquidity

of

such

positions.

Investment

percentages

in

these

securities

are

presented

in

the

Schedules

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

164

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

d

Six

Months

Ended

03/31/26

Year

Ended

09/30/25

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Core

Bond

Institutional

Shares

sold

..........................................

29,214,023‌

$

244,868,176‌

65,204,228‌

$

536,666,865‌

Shares

issued

in

reinvestment

of

distributions

.....................

5,994,522‌

50,256,717‌

10,064,657‌

83,067,986‌

Shares

redeemed

......................................

(30,899,011‌)

(259,166,962‌)

(141,306,716‌)

(1,164,455,894‌)

4,309,534‌

$

35,957,931‌

(66,037,831‌)

$

(544,721,043‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

3,170,972‌

$

26,629,131‌

7,966,158‌

$

65,672,728‌

Shares

issued

in

reinvestment

of

distributions

.....................

872,143‌

7,321,433‌

1,417,955‌

11,722,421‌

Shares

redeemed

......................................

(6,447,063‌)

(54,108,062‌)

(11,082,415‌)

(91,288,577‌)

(2,403,948‌)

$

(20,157,498‌)

(1,698,302‌)

$

(13,893,428‌)

Investor

C

Shares

sold

..........................................

122,115‌

$

1,019,179‌

417,367‌

$

3,427,893‌

Shares

issued

in

reinvestment

of

distributions

.....................

28,476‌

237,955‌

45,074‌

370,810‌

Shares

redeemed

and

automatic

conversion

of

shares

...............

(308,510‌)

(2,574,757‌)

(459,520‌)

(3,773,385‌)

(157,919‌)

$

(1,317,623‌)

2,921‌

$

25,318‌

Class

K

Shares

sold

..........................................

11,423,519‌

$

96,130,102‌

27,038,040‌

$

223,509,088‌

Shares

issued

in

reinvestment

of

distributions

.....................

2,265,030‌

19,044,582‌

3,354,059‌

27,777,773‌

Shares

redeemed

......................................

(9,403,479‌)

(79,076,432‌)

(24,961,348‌)

(205,941,894‌)

4,285,070‌

$

36,098,252‌

5,430,751‌

$

45,344,967‌

Class

R

Shares

sold

..........................................

132,380‌

$

1,104,134‌

46,232‌

$

380,274‌

Shares

issued

in

reinvestment

of

distributions

.....................

4,334‌

36,362‌

6,195‌

51,210‌

Shares

redeemed

......................................

(33,360‌)

(278,584‌)

(36,971‌)

(305,861‌)

103,354‌

$

861,912‌

15,456‌

$

125,623‌

6,136,091‌

$

51,442,974‌

(62,287,005‌)

$

(513,118,563‌)

High

Yield

Institutional

Shares

sold

..........................................

217,275,585‌

$

1,566,561,332‌

775,855,359‌

$

5,523,420,651‌

Shares

issued

in

reinvestment

of

distributions

.....................

62,209,417‌

447,700,223‌

120,668,795‌

862,403,375‌

Shares

redeemed

......................................

(384,503,696‌)

(2,762,370,640‌)

(798,279,379‌)

(5,636,963,873‌)

(105,018,694‌)

$

(748,109,085‌)

98,244,775‌

$

748,860,153‌

Service

Shares

sold

..........................................

1,398,310‌

$

10,107,656‌

6,636,782‌

$

47,341,399‌

Shares

issued

in

reinvestment

of

distributions

.....................

394,269‌

2,840,455‌

853,582‌

6,101,378‌

Shares

redeemed

......................................

(2,541,774‌)

(18,201,739‌)

(9,994,637‌)

(71,379,586‌)

(749,195‌)

$

(5,253,628‌)

(2,504,273‌)

$

(17,936,809‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

27,655,322‌

$

199,217,063‌

50,426,870‌

$

360,223,083‌

Shares

issued

in

reinvestment

of

distributions

.....................

5,047,938‌

36,320,571‌

9,729,988‌

69,500,082‌

Shares

redeemed

......................................

(32,952,615‌)

(237,346,489‌)

(61,520,911‌)

(438,852,528‌)

(249,355‌)

$

(1,808,855‌)

(1,364,053‌)

$

(9,129,363‌)

Investor

C

Shares

sold

..........................................

1,651,320‌

$

11,924,614‌

2,731,150‌

$

19,548,236‌

Shares

issued

in

reinvestment

of

distributions

.....................

342,955‌

2,471,069‌

668,758‌

4,784,659‌

Shares

redeemed

and

automatic

conversion

of

shares

...............

(2,004,941‌)

(14,446,292‌)

(3,427,512‌)

(24,452,847‌)

(10,666‌)

$

(50,609‌)

(27,604‌)

$

(119,952‌)

Class

K

Shares

sold

..........................................

246,781,244‌

$

1,781,722,287‌

687,685,149‌

$

4,916,640,396‌

Shares

issued

in

reinvestment

of

distributions

.....................

57,684,885‌

415,440,354‌

120,542,659‌

861,644,748‌

Shares

redeemed

......................................

(418,439,501‌)

(3,019,415,683‌)

(575,918,131‌)

(4,110,368,511‌)

(113,973,372‌)

$

(822,253,042‌)

232,309,677‌

$

1,667,916,633‌

Class

R

Shares

sold

..........................................

1,493,115‌

$

10,770,017‌

2,864,479‌

$

20,443,573‌

Shares

issued

in

reinvestment

of

distributions

.....................

532,961‌

3,834,689‌

1,030,409‌

7,361,731‌

Shares

redeemed

......................................

(1,786,446‌)

(12,833,997‌)

(3,727,275‌)

(26,510,462‌)

239,630‌

$

1,770,709‌

167,613‌

$

1,294,842‌

Notes

to

Financial

Statements

(unaudited)

(continued)

165

Notes

to

Financial

Statements

12.

SUBSEQUENT

EVENTS 

Management’s

evaluation

of

the

impact

of

all

subsequent

events

on

the

Funds’

financial

statements

was

completed

through

the

date

the

financial

statements

were

issued

and

the

following

items

were

noted:

Effective

April

9,

2026,

the

credit

agreement

was

extended

until

April

2027

under

substantially

similar

terms.

d

Six

Months

Ended

03/31/26

Year

Ended

09/30/25

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

(219,761,652‌)

$

(1,575,704,510‌)

326,826,135‌

$

2,390,885,504‌

Low

Duration

Bond

Institutional

Shares

sold

..........................................

39,208,484‌

$

359,776,728‌

121,390,187‌

$

1,104,825,120‌

Shares

issued

in

reinvestment

of

distributions

.....................

6,659,465‌

61,110,420‌

13,222,964‌

120,554,280‌

Shares

redeemed

......................................

(79,895,119‌)

(734,010,728‌)

(173,613,501‌)

(1,579,036,207‌)

(34,027,170‌)

$

(313,123,580‌)

(39,000,350‌)

$

(353,656,807‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

4,713,332‌

$

43,256,842‌

11,087,708‌

$

100,874,564‌

Shares

issued

in

reinvestment

of

distributions

.....................

1,143,572‌

10,491,799‌

2,286,091‌

20,834,239‌

Shares

redeemed

......................................

(6,666,282‌)

(61,168,216‌)

(17,240,894‌)

(156,869,141‌)

(809,378‌)

$

(7,419,575‌)

(3,867,095‌)

$

(35,160,338‌)

Investor

A1

Shares

sold

..........................................

14‌

$

128‌

582‌

$

5,301‌

Shares

issued

in

reinvestment

of

distributions

.....................

6,628‌

60,855‌

13,093‌

119,420‌

Shares

redeemed

......................................

(18,336‌)

(168,511‌)

(53,346‌)

(486,496‌)

(11,694‌)

$

(107,528‌)

(39,671‌)

$

(361,775‌)

Investor

C

Shares

sold

..........................................

332,688‌

$

3,049,359‌

515,734‌

$

4,686,462‌

Shares

issued

in

reinvestment

of

distributions

.....................

30,935‌

283,665‌

63,666‌

579,967‌

Shares

redeemed

and

automatic

conversion

of

shares

...............

(355,650‌)

(3,264,245‌)

(952,024‌)

(8,653,019‌)

7,973‌

$

68,779‌

(372,624‌)

$

(3,386,590‌)

Class

K

Shares

sold

..........................................

15,288,683‌

$

140,164,200‌

35,927,773‌

$

327,089,768‌

Shares

issued

in

reinvestment

of

distributions

.....................

1,748,936‌

16,033,311‌

2,994,774‌

27,281,936‌

Shares

redeemed

......................................

(8,570,354‌)

(78,585,728‌)

(22,709,438‌)

(206,785,246‌)

8,467,265‌

$

77,611,783‌

16,213,109‌

$

147,586,458‌

Class

R

Shares

sold

..........................................

26,389‌

$

242,425‌

85,257‌

$

775,606‌

Shares

issued

in

reinvestment

of

distributions

.....................

3,578‌

32,813‌

7,036‌

64,086‌

Shares

redeemed

......................................

(34,387‌)

(315,041‌)

(120,933‌)

(1,099,554‌)

(4,420‌)

$

(39,803‌)

(28,640‌)

$

(259,862‌)

(26,377,424‌)

$

(243,009,924‌)

(27,095,271‌)

$

(245,238,914‌)

Additional

Information

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

166

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,

shareholder

reports,

semi-annual

and

annual

financial

statements,

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)

167

Additional

Information

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Adviser

BlackRock

International

Limited

Edinburgh,

EH3

5PP

United

Kingdom

BlackRock

(Singapore)

Limited

(a)

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Westborough,

MA

01581

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

(a)

For

BlackRock

Core

Bond

Portfolio

and

BlackRock

Low

Duration

Bond

Portfolio.

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02110

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Willkie

Farr

&

Gallagher

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

these

Financial

Statements

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

168

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

COP

Colombian

Peso

EUR

Euro

GBP

British

Pound

IDR

Indonesian

Rupiah

JPY

Japanese

Yen

MXN

Mexican

Peso

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviation

ABS

Asset-Backed

Security

CLO

Collateralized

Loan

Obligation

CSMC

Credit

Suisse

Mortgage

Capital

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GO

General

Obligation

Bonds

JSC

Joint

Stock

Company

MSCI

Morgan

Stanley

Capital

International

Nasdaq

National

Association

of

Securities

Dealers

Automated

Quotations

OTC

Over-the-counter

PIK

Payment-In-Kind

RB

Revenue

Bonds

REIT

Real

Estate

Investment

Trust

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

TBA

To-be-announced

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.

March

31,

2026

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2026

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

BlackRock

Funds

V

BlackRock

Income

Fund

Table

of

Contents

Page

2

The

Benefits

and

Risks

of

Leveraging

..........................................................................................

3

Derivative

Financial

Instruments

.............................................................................................

3

Schedule

of

Investments

..................................................................................................

4

Statement

of

Assets

and

Liabilities

............................................................................................

49

Statement

of

Operations

..................................................................................................

52

Statements

of

Changes

in

Net

Assets

..........................................................................................

53

Financial

Highlights

.....................................................................................................

54

Notes

to

Financial

Statements

...............................................................................................

58

Additional

Information

....................................................................................................

70

Glossary

of

Terms

Used

in

these

Financial

Statements

................................................................................

72

The

Benefits

and

Risks

of

Leveraging

3

The

Benefits

and

Risks

of

Leveraging

/

Derivative

Financial

Instruments

The

Fund

may

utilize

leverage

to

seek

to

enhance

returns

and

net

asset

value

(“NAV”).

However,

there

is

no

guarantee

that

these

objectives

can

be

achieved

in

all

interest

rate

environments.  

The

Fund

may

utilize

leverage

by

entering

into

reverse

repurchase

agreements. 

In

general,

the

concept

of

leveraging

is

based

on

the

premise

that

the

financing

cost

of

leverage,

which

is

based

on

short-term

interest

rates,

is

normally

lower

than

the

income

earned

by

the

Fund

on

its

longer-term

portfolio

investments

purchased

with

the

proceeds

from

leverage.

To

the

extent

that

the

total

assets

of

the

Fund

(including

the

assets

obtained

from

leverage)

are

invested

in

higher-yielding

portfolio

investments,

the

Fund’s

shareholders

benefit

from

the

incremental

net

income.

The

interest

earned

on

securities

purchased

with

the

proceeds

from

leverage

is

distributed

to

the

Fund’s

shareholders,

and

the

value

of

these

portfolio

holdings

is

reflected

in

the

Fund’s

per

share

NAV.

However,

in

order

to

benefit

shareholders,

the

return

on

assets

purchased

with

leverage

proceeds

must

exceed

the

ongoing

costs

associated

with

the

leverage.

If

interest

and

other

ongoing

costs

of

leverage

exceed

the

Fund’s

return

on

assets

purchased

with

leverage

proceeds,

income

to

shareholders

is

lower

than

if

the

Fund

had

not

used

leverage.

Furthermore,

the

value

of

the

Fund’s

portfolio

investments

generally

varies

inversely

with

the

direction

of

long-term

interest

rates,

although

other

factors

can

also

influence

the

value

of

portfolio

investments.

As

a

result,

changes

in

interest

rates

can

influence

the

Fund’s

NAV

positively

or

negatively

in

addition

to

the

impact

on

the

Fund’s

performance

from

leverage.

Changes

in

the

direction

of

interest

rates

are

difficult

to

predict

accurately,

and

there

is

no

assurance

that

the

Fund’s

leveraging

strategy

will

be

successful.

The

use

of

leverage

also

generally

causes

greater

changes

in

the

Fund’s

NAV

and

dividend

rates

than

comparable

portfolios

without

leverage.

In

a

declining

market,

leverage

is

likely

to

cause

a

greater

decline

in

the

NAV

of the

Fund’s

shares

than

if

the

Fund

were

not

leveraged.

In

addition,

the

Fund

may

be

required

to

sell

portfolio

securities

at

inopportune

times

or

at

distressed

values

in

order

to

comply

with

regulatory

requirements

applicable

to

the

use

of

leverage

or

as

required

by

the

terms

of

the

leverage

instruments,

which

may

cause

the

Fund

to

incur

losses.

The

use

of

leverage

may

limit the

Fund’s

ability

to

invest

in

certain

types

of

securities

or

use

certain

types

of

hedging

strategies.

The

Fund

incurs

expenses

in

connection

with

the

use

of

leverage,

all

of

which

are

borne

by

the

Fund’s

shareholders

and

may

reduce

income.

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument. Pursuant

to Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Fund

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

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

March

31,

2026

BlackRock

Income

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

AGL

CLO

11

Ltd.,

Series

2021-11A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.85%),

6.52%,

10/15/38

(a)

(b)

...........

USD

1,000‌

$

960,432‌

AGL

CLO

34

Ltd.,

Series

2024-34A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.34%

Floor

+

1.34%),

5.01%,

01/22/38

(a)

(b)

...........

1,000‌

1,000,506‌

AGL

CLO

37

Ltd.,

Series

2024-37A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.91%,

04/22/38

(a)

(b)

...........

2,000‌

1,998,341‌

AIMCO

CLO,

Series

2015-AA,

Class

A1R4,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

10/17/38

(a)

(b)

...........

2,500‌

2,497,502‌

AIMCO

CLO

11

Ltd.

(a)(b)

Series

2020-11A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.34%

Floor

+

1.34%),

5.01%,

07/17/37

.................

2,000‌

2,000,262‌

Series

2020-11A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

5.57%,

07/17/37

.................

1,000‌

1,001,198‌

AIMCO

CLO

15

Ltd.,

Series

2021-15A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.75%),

6.42%,

04/17/38

(a)

(b)

..........

1,500‌

1,484,532‌

Anchorage

Capital

CLO

18

Ltd.,

Series

2021-

18A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.51%),

6.18%,

04/15/34

(a)

(b)

.

1,000‌

1,001,033‌

Anchorage

Capital

CLO

32

Ltd.,

Series

2025-

32A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.95%

Floor

+

3.95%),

7.62%,

07/15/37

(a)

(b)

.

1,000‌

999,935‌

Anchorage

Capital

CLO

Ltd.,

Series

2026-22A,

Class

AR4,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.23%),

4.81%,

01/20/39

(a)

(b)

......

4,000‌

3,997,437‌

Apidos

CLO

LI

Ltd.,

Series

2024-51A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

01/20/38

(a)

(b)

...........

3,000‌

2,998,969‌

Apidos

CLO

XLVIII

Ltd.,

Series

2024-48A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.11%,

07/25/37

(a)

(b)

...........

3,500‌

3,502,925‌

Apidos

CLO

XXXI,

Series

2019-31A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.17%),

4.84%,

04/15/39

(a)

(b)

...........

2,500‌

2,495,563‌

Apidos

CLO

XXXVII,

Series

2021-37A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

5.06%,

10/22/34

(a)

(b)

...........

6,200‌

6,200,830‌

Arbour

CLO

VI

DAC,

Series

6X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.18%,

11/15/37

(a)

(c)

.................

EUR

100‌

114,489‌

Ares

Loan

Funding

V

Ltd.,

Series

2024-ALF5A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

07/27/37

(a)

(b)

......

USD

1,000‌

1,000,590‌

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

01/25/38

(a)

(b)

......

1,500‌

1,499,015‌

Ares

LXVII

CLO

Ltd.,

Series

2022-67A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.19%

Floor

+

1.19%),

4.86%,

01/25/38

(a)

(b)

..........

3,500‌

3,493,344‌

Arini

US

CLO

IV

Ltd.,

Series

4A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

4.93%,

01/15/39

(a)

(b)

.................

2,000‌

1,999,471‌

Ballyrock

CLO

14

Ltd.,

Series

2020-14A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

07/20/37

(a)

(b)

......

1,000‌

1,000,282‌

Ballyrock

CLO

16

Ltd.,

Series

2021-16A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

4.82%,

04/20/38

(a)

(b)

..........

1,500‌

1,495,144‌

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Ballyrock

CLO

22

Ltd.,

Series

2024-22A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

04/15/37

(a)

(b)

...........

USD

1,000‌

$

1,000,251‌

Ballyrock

CLO

26

Ltd.,

Series

2024-26A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.51%

Floor

+

1.51%),

5.18%,

07/25/37

(a)

(b)

..........

1,150‌

1,150,586‌

Ballyrock

CLO

27

Ltd.,

Series

2024-27A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/25/37

(a)

(b)

..........

2,500‌

2,500,476‌

Ballyrock

CLO

Ltd.,

Series

2019-2A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.91%,

10/25/38

(a)

(b)

...........

2,000‌

1,999,000‌

BBAM

European

CLO

I

DAC,

Series

1X,

Class

DRR,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.24%,

10/22/38

(a)

(c)

...........

EUR

100‌

114,957‌

BBAM

US

CLO

III

Ltd.,

Series

2023-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.17%),

4.84%,

10/15/38

(a)

(b)

..........

USD

3,000‌

2,993,890‌

BBAM

US

CLO

VI

Ltd.,

Series

2025-6A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

5.06%,

01/27/39

(a)

(b)

...........

3,000‌

2,998,729‌

Bear

Stearns

Asset-Backed

Securities

I

Trust,

Series

2007-HE5,

Class

1A4,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

4.09%,

06/25/47

(a)

.......................

722‌

719,137‌

Benefit

Street

Partners

CLO

Ltd.

(a)(b)

Series

2015-6BR,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

04/20/38

.................

1,950‌

1,946,100‌

Series

2015-6BR,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

04/20/38

.................

1,500‌

1,499,020‌

Benefit

Street

Partners

CLO

V-B

Ltd.,

Series

2018-5BA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

5.20%,

07/20/37

(a)

(b)

......................

1,620‌

1,619,739‌

Benefit

Street

Partners

CLO

X

Ltd.,

Series

2016-

10A,

Class

BR3,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

07/20/38

(a)

(b)

.

1,250‌

1,250,744‌

Benefit

Street

Partners

CLO

XIV

Ltd.,

Series

2018-14A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

10/20/37

(a)

(b)

3,000‌

3,000,859‌

Benefit

Street

Partners

CLO

XVIII

Ltd.,

Series

2019-18A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

5.14%,

10/15/38

(a)

(b)

......................

3,000‌

2,997,779‌

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

2021-25A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

4.67%,

01/15/35

(a)

(b)

......................

3,000‌

2,992,449‌

Benefit

Street

Partners

CLO

XXXVIII

Ltd.,

Series

2024-38A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

01/25/38

(a)

(b)

2,500‌

2,499,386‌

Bethpage

Park

CLO

Ltd.,

Series

2021-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

5.06%,

01/15/35

(a)

(b)

...........

1,000‌

1,000,128‌

Birch

Grove

CLO

12

Ltd.,

Series

2025-12A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.17%),

4.84%,

04/22/38

(a)

(b)

......

1,500‌

1,496,483‌

Birch

Grove

CLO

3

Ltd.,

Series

2021-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

4.93%,

01/19/38

(a)

(b)

..........

2,950‌

2,947,379‌

Birch

Grove

CLO

9

Ltd.,

Series

2024-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/22/37

(a)

(b)

...........

1,000‌

999,677‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

BlueMountain

CLO

XXV

Ltd.,

Series

2019-25A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

01/15/38

(a)

(b)

.

USD

2,000‌

$

2,000,842‌

Bridge

Street

CLO

I

Ltd.,

Series

2020-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

07/20/37

(a)

(b)

..........

3,000‌

3,001,180‌

Bridge

Street

CLO

III

Ltd.,

Series

2022-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

5.09%,

10/20/37

(a)

(b)

..........

2,000‌

2,001,980‌

Bridge

Street

CLO

VI

Ltd.,

Series

2025-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

5.07%,

01/15/39

(a)

(b)

...........

1,500‌

1,499,565‌

Bryant

Park

Funding

Ltd.,

Series

2023-21A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

4.94%,

10/18/38

(a)

(b)

......

3,000‌

2,998,510‌

Canyon

CLO

Ltd.,

Series

2020-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/15/37

(a)

(b)

...........

1,000‌

1,000,840‌

Capital

Four

CLO

VIII

DAC,

Series

8X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

5.28%,

10/25/37

(a)

(c)

.................

EUR

100‌

114,554‌

Carlyle

US

CLO

Ltd.

(a)(b)

Series

2017-2A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.16%,

07/20/37

......................

USD

1,250‌

1,250,709‌

Series

2017-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/21/37

.................

2,500‌

2,502,637‌

Series

2019-2A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/15/37

......................

1,500‌

1,500,543‌

Series

2021-6A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.96%,

01/15/38

......................

2,000‌

1,999,551‌

Series

2021-8A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

4.94%,

10/15/38

......................

1,700‌

1,699,774‌

Series

2021-11A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

5.08%,

07/25/37

.................

2,999‌

3,000,981‌

Series

2025-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.21%

Floor

+

1.21%),

4.88%,

01/25/39

......................

1,500‌

1,498,624‌

CarVal

CLO

I

Ltd.,

Series

2018-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

07/16/31

(a)

(b)

...........

1,500‌

1,499,738‌

CarVal

CLO

VC

Ltd.,

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

6.13%,

10/15/34

(a)

(b)

...........

1,000‌

1,001,109‌

CarVal

CLO

X-C

Ltd.,

Series

2024-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.46%

Floor

+

1.46%),

5.13%,

07/20/37

(a)

(b)

...........

1,000‌

1,000,056‌

CIFC

Funding

Ltd.

(a)(b)

Series

2014-2RA,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/24/37

.................

3,000‌

3,001,099‌

Series

2017-1A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

04/21/37

.................

2,000‌

2,000,955‌

Series

2017-1A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.70%),

7.37%,

04/21/37

.................

1,000‌

981,520‌

Series

2018-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

4.94%,

10/18/38

......................

2,890‌

2,889,671‌

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2018-4A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.22%),

4.89%,

01/17/38

......................

USD

1,600‌

$

1,598,609‌

Series

2021-4A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

07/23/37

......................

2,000‌

2,001,018‌

Series

2023-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.91%,

10/15/38

......................

1,000‌

999,743‌

Series

2024-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.52%),

5.19%,

04/22/37

......................

2,000‌

2,000,584‌

Series

2024-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.48%

Floor

+

1.48%),

5.15%,

07/21/37

......................

2,000‌

2,000,812‌

Series

2024-3A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

07/21/37

......................

1,000‌

1,000,541‌

Clover

CLO

LLC

(a)(b)

Series

2018-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

5.20%,

04/20/37

.................

4,000‌

4,001,058‌

Series

2018-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

6.12%,

04/20/37

.................

1,000‌

1,000,000‌

Diameter

Capital

CLO

10

Ltd.,

Series

2025-10A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

04/20/38

(a)

(b)

......

5,500‌

5,500,830‌

Diameter

Capital

CLO

4

Ltd.,

Series

2022-4A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.23%),

4.90%,

01/15/39

(a)

(b)

......

3,000‌

2,998,058‌

Diameter

Capital

CLO

5

Ltd.,

Series

2023-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.91%,

01/15/39

(a)

(b)

......

3,500‌

3,498,209‌

Diameter

Capital

CLO

7

Ltd.,

Series

2024-7A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.48%

Floor

+

1.48%),

5.15%,

07/20/37

(a)

(b)

......

1,225‌

1,225,404‌

Diameter

Capital

CLO

9

Ltd.,

Series

2025-9A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.17%),

4.84%,

04/20/38

(a)

(b)

......

2,500‌

2,494,653‌

Eaton

Vance

CLO

Ltd.,

Series

2015-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.16%),

5.83%,

01/20/30

(a)

(b)

...........

763‌

763,160‌

Elevation

CLO

Ltd.,

Series

2026-19A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

4.94%,

03/31/38

(a)

(b)

...........

2,000‌

1,999,073‌

Elmwood

CLO

14

Ltd.,

Series

2022-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

10/20/38

(a)

(b)

..........

2,500‌

2,501,171‌

Elmwood

CLO

26

Ltd.,

Series

2024-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

04/18/37

(a)

(b)

...........

1,000‌

1,000,000‌

Elmwood

CLO

I

Ltd.,

Series

2019-1A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.12%),

4.78%,

04/20/37

(a)

(b)

......

1,700‌

1,694,720‌

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/20/37

(a)

(b)

......

2,000‌

2,000,586‌

Elmwood

CLO

VII

Ltd.,

Series

2020-4A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/17/37

(a)

(b)

......

3,000‌

3,001,100‌

Elmwood

CLO

VIII

Ltd.,

Series

2021-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

04/20/37

(a)

(b)

...........

1,750‌

1,750,840‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Elmwood

CLO

XII

Ltd.,

Series

2021-5A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/15/37

(a)

(b)

...........

USD

3,000‌

$

3,003,483‌

Fidelity

Grand

Harbour

CLO

DAC,

Series

2021-

1X,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

5.62%,

10/15/34

(a)

(c)

..........

EUR

400‌

458,690‌

Flatiron

CLO

28

Ltd.,

Series

2024-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

07/15/36

(a)

(b)

...........

USD

1,000‌

998,027‌

Golub

Capital

Partners

48

LP,

Series

2020-48A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

04/17/38

(a)

(b)

......

1,750‌

1,750,706‌

Golub

Capital

Partners

CLO

41B-R

Ltd.,

Series

2019-41A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

5.67%,

07/20/38

(a)

(b)

......................

2,000‌

2,006,354‌

Golub

Capital

Partners

CLO

58B-R

Ltd.,

Series

2021-58A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

4.95%,

10/25/37

(a)

(b)

......................

1,000‌

999,754‌

Golub

Capital

Partners

CLO

76

B

Ltd.,

Series

2024-76A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

10/25/37

(a)

(b)

1,500‌

1,500,462‌

Golub

Capital

Partners

CLO

Ltd.,

Series

2019-

41A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.00%,

07/20/38

(a)

(b)

.

2,625‌

2,626,644‌

Greene

King

Finance

plc,

Series

B1,

(Sterling

Overnight

Index

Average

+

1.92%),

5.65%,

12/15/34

(a)

.......................

GBP

100‌

122,707‌

HalseyPoint

CLO

4

Ltd.

(a)(b)

Series

2021-4A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.48%),

5.15%,

04/20/34

......................

USD

3,000‌

3,000,995‌

Series

2021-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

5.68%,

04/20/34

......................

700‌

697,881‌

HalseyPoint

CLO

5

Ltd.,

Series

2021-5A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.21%

Floor

+

1.47%),

5.14%,

01/30/35

(a)

(b)

..........

1,500‌

1,500,375‌

HalseyPoint

CLO

6

Ltd.,

Series

2022-6A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

5.72%,

01/20/38

(a)

(b)

...........

1,000‌

1,003,225‌

Henley

CLO

IV

DAC,

Series

4X,

Class

DR,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

4.98%,

07/25/38

(a)

(c)

.................

EUR

400‌

458,923‌

Kennedy

Lewis

CLO

8

Ltd.,

Series

8A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

01/20/38

(a)

(b)

......

USD

2,000‌

2,000,662‌

Kennedy

Lewis

CLO

9

Ltd.,

Series

9A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

01/20/38

(a)

(b)

...........

1,000‌

999,986‌

Legacy

Mortgage

Asset

Trust,

Series

2019-SL2,

Class

A,

3.38%,

02/25/59

(a)

(b)

...........

576‌

563,517‌

Madison

Park

Funding

LI

Ltd.,

Series

2021-51A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.23%),

4.90%,

10/19/38

(a)

(b)

......

2,000‌

1,998,697‌

Madison

Park

Funding

LXXI

Ltd.,

Series

2025-

71A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.14%),

4.81%,

04/23/38

(a)

(b)

.

2,000‌

1,993,429‌

Madison

Park

Funding

XXXVII

Ltd.,

Series

2019-

37A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

5.20%,

04/15/37

(a)

(b)

.

1,000‌

1,000,399‌

Marathon

CLO

Ltd.,

Series

2020-15A,

Class

C1R3,

(3-mo.

CME

Term

SOFR

at

3.20%

Floor

+

3.20%),

6.85%,

08/15/37

(a)

(b)

......

1,500‌

1,474,308‌

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Menlo

CLO

IV

Ltd.,

Series

2026-1A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

2.50%),

6.18%,

03/20/39

(a)

(b)

...........

USD

1,500‌

$

1,500,000‌

MidOcean

Credit

CLO

XV

Ltd.,

Series

2024-15A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

5.20%,

07/21/37

(a)

(b)

......

1,500‌

1,499,538‌

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2007-HE6,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

3.93%,

05/25/37

(a)

.

1,831‌

1,677,257‌

New

Mountain

CLO

1

Ltd.

(a)(b)

Series

CLO-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

01/15/38

.................

1,500‌

1,498,858‌

Series

CLO-1A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.85%),

6.52%,

01/15/38

.................

1,000‌

988,676‌

New

Mountain

CLO

2

Ltd.,

Series

CLO-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

01/15/38

(a)

(b)

..........

1,600‌

1,600,960‌

New

Mountain

CLO

3

Ltd.,

Series

CLO-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.00%,

10/20/38

(a)

(b)

..........

2,500‌

2,501,541‌

New

Mountain

CLO

7

Ltd.,

Series

CLO-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

4.87%,

03/31/38

(a)

(b)

...........

1,500‌

1,497,772‌

NYACK

Park

CLO

Ltd.,

Series

2021-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.23%),

4.90%,

10/20/38

(a)

(b)

..........

2,500‌

2,498,686‌

Oak

Hill

Credit

Partners

X-R

Ltd.,

Series

2014-

10RA,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.13%),

4.80%,

04/20/38

(a)

(b)

.

3,000‌

2,990,383‌

Oaktree

CLO

Ltd.

(a)(b)

Series

2019-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.26%,

01/20/38

.................

2,000‌

2,001,248‌

Series

2024-27A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

10/22/37

......................

1,000‌

999,667‌

OCP

CLO

Ltd.

(a)(b)

Series

2015-10A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

01/26/38

.................

2,000‌

1,999,646‌

Series

2016-12A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

10/18/37

.................

1,065‌

1,065,304‌

Series

2020-19A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

04/20/38

.................

2,500‌

2,494,980‌

Series

2021-21A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

01/20/38

......................

3,000‌

2,994,135‌

Series

2021-23A,

Class

D1R2,

(3-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

6.02%,

01/17/39

.................

1,000‌

967,527‌

Series

2025-44A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

10/24/38

......................

3,000‌

3,000,796‌

OHA

Credit

Funding

2

Ltd.,

Series

2019-2A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

01/21/38

(a)

(b)

......

1,000‌

999,632‌

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/20/38

(a)

(b)

......

4,330‌

4,331,299‌

OHA

Credit

Funding

4

Ltd.,

Series

2019-4A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.96%,

01/22/38

(a)

(b)

......

2,000‌

1,999,957‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

OHA

Credit

Funding

7

Ltd.,

Series

2020-7A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

4.95%,

07/19/38

(a)

(b)

.

USD

2,000‌

$

1,999,972‌

OHA

Credit

Funding

Ltd.,

Series

2023-15RA,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.96%,

07/20/38

(a)

(b)

......

2,000‌

2,000,819‌

OHA

Credit

Partners

XI

Ltd.

(a)(b)

Series

2015-11A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

5.87%,

04/20/37

.................

1,500‌

1,501,794‌

Series

2015-11A,

Class

D1R2,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.10%),

6.77%,

04/20/37

.................

1,200‌

1,204,101‌

OHA

Credit

Partners

XVI,

Series

2021-16A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/18/37

(a)

(b)

......

2,950‌

2,950,860‌

OHA

Credit

Partners

XVII

Ltd.,

Series

2024-17A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/18/38

(a)

(b)

......

2,000‌

2,001,000‌

OHA

Loan

Funding

Ltd.,

Series

2015-1A,

Class

A1R4,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

10/19/38

(a)

(b)

......

5,000‌

4,998,305‌

Option

One

Mortgage

Loan

Trust,

Series

2007-

FXD1,

Class

2A1,

5.87%,

01/25/37

(d)

......

658‌

568,805‌

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2021-2A,

Class

AR1,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

02/15/38

......................

2,000‌

1,998,603‌

Series

2021-3A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.80%),

6.47%,

10/15/38

.................

1,000‌

988,151‌

Series

2022-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

07/20/37

......................

3,000‌

3,000,730‌

Series

2024-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

07/20/37

......................

2,500‌

2,500,637‌

Series

2025-1A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

6.12%,

04/20/38

......................

2,500‌

2,417,744‌

Pikes

Peak

CLO

12

Ltd.,

Series

2023-12A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.22%),

4.89%,

04/20/38

(a)

(b)

...........

4,000‌

3,993,009‌

Pikes

Peak

CLO

3,

Series

2019-3A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

6.08%,

10/25/34

(a)

(b)

...........

1,000‌

1,001,201‌

Polen

Capital

CLO

Ltd.,

Series

2025-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.04%,

01/20/39

(a)

(b)

...........

1,500‌

1,500,817‌

PPM

CLO

Ltd.,

Series

2018-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

6.08%,

07/15/31

(a)

(b)

.................

1,000‌

1,004,475‌

Providus

CLO

II

DAC,

Series

2X,

Class

DRR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.22%,

10/15/38

(a)

(c)

.................

EUR

100‌

114,507‌

Providus

CLO

VI

DAC,

Series

6X,

Class

D,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.21%,

05/20/34

(a)

(c)

.................

400‌

458,734‌

Rad

CLO

27

Ltd.,

Series

2024-27A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/15/38

(a)

(b)

...........

USD

1,500‌

1,499,815‌

Reese

Park

CLO

Ltd.,

Series

2020-1A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/15/38

(a)

(b)

..........

2,000‌

2,001,031‌

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Regatta

XI

Funding

Ltd.,

Series

2018-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

07/17/37

(a)

(b)

...........

USD

3,500‌

$

3,501,959‌

Regatta

XIX

Funding

Ltd.,

Series

2022-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

10/20/38

(a)

(b)

...........

1,000‌

1,000,960‌

Regatta

XVIII

Funding

Ltd.

(a)(b)

Series

2021-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.16%),

4.83%,

04/15/38

......................

2,000‌

1,994,203‌

Series

2021-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

04/15/38

......................

1,100‌

1,095,070‌

Regatta

XX

Funding

Ltd.,

Series

2021-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

01/15/38

(a)

(b)

...........

3,500‌

3,493,034‌

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

6.03%,

04/20/34

.................

1,000‌

1,001,066‌

Series

2018-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

6.13%,

10/20/31

......................

500‌

502,067‌

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

5.93%,

07/20/34

......................

1,000‌

1,001,009‌

RR

21

Ltd.,

Series

2022-21A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

07/15/39

(a)

(b)

...........

1,000‌

1,000,557‌

RR

29

Ltd.,

Series

2024-29RA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

07/15/39

(a)

(b)

...........

1,000‌

1,000,500‌

RR

38

Ltd.,

Series

2025-38A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

4.82%,

04/15/40

(a)

(b)

.................

3,020‌

3,011,054‌

RR

8

Ltd.,

Series

2020-8A,

Class

A1A2,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.23%),

4.90%,

01/15/39

(a)

(b)

.................

3,000‌

2,998,487‌

Sagard-HalseyPoint

CLO

10

Ltd.,

Series

2025-

10A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/20/38

(a)

(b)

.

1,500‌

1,501,296‌

Sagard-HalseyPoint

CLO

8

Ltd.,

Series

2024-8A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

5.77%,

01/30/38

(a)

(b)

......

1,250‌

1,253,984‌

SAIF

Securitization

Trust,

Series

2026-CES1,

Class

A1A,

5.40%,

02/25/56

(b)

(d)

.........

1,000‌

999,332‌

Serenity-Peace

Park

CLO

Ltd.,

Series

2025-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

5.25%,

10/24/38

(a)

(b)

......

2,000‌

1,999,881‌

Signal

Peak

CLO

8

Ltd.,

Series

2020-8A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

10/20/37

(a)

(b)

..........

5,600‌

5,603,744‌

Silver

Point

CLO

1

Ltd.,

Series

2022-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/20/38

(a)

(b)

..........

3,000‌

2,999,687‌

Silver

Point

CLO

4

Ltd.,

Series

2024-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.63%

Floor

+

1.63%),

5.30%,

04/15/37

(a)

(b)

...........

2,000‌

2,000,771‌

Silver

Point

CLO

5

Ltd.

(a)(b)

Series

2024-5A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

10/20/37

......................

2,500‌

2,500,652‌

Series

2024-5A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

5.77%,

10/20/37

......................

1,750‌

1,755,418‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Silver

Point

CLO

7

Ltd.

(a)(b)

Series

2024-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

01/15/38

......................

USD

3,000‌

$

3,001,781‌

Series

2024-7A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

01/15/38

......................

1,000‌

1,000,613‌

Silver

Point

CLO

9

Ltd.,

Series

2025-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.52%),

5.19%,

03/31/38

(a)

(b)

...........

2,500‌

2,503,750‌

Sixth

Street

CLO

XII

Ltd.,

Series

2018-12A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

01/17/39

(a)

(b)

......

2,550‌

2,552,168‌

Sixth

Street

CLO

XIV

Ltd.,

Series

2019-14A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

01/20/38

(a)

(b)

......

2,815‌

2,817,995‌

Sixth

Street

CLO

XVI

Ltd.,

Series

2020-16A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.17%),

4.83%,

01/21/39

(a)

(b)

.

3,000‌

2,994,059‌

Sixth

Street

CLO

XVII

Ltd.,

Series

2021-17A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

4.82%,

04/17/38

(a)

(b)

......

2,500‌

2,491,953‌

Sixth

Street

CLO

XXII

Ltd.,

Series

2023-22A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.13%),

4.80%,

04/21/38

(a)

(b)

......

3,500‌

3,491,171‌

Sona

Fios

CLO

III

DAC,

Series

3X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

5.28%,

04/20/37

(a)

(c)

.................

EUR

140‌

161,010‌

Sycamore

Tree

CLO

Ltd.

(a)(b)

Series

2023-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

04/20/37

......................

USD

1,000‌

1,000,695‌

Series

2023-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.60%),

6.27%,

04/20/37

......................

2,000‌

2,001,713‌

Symetra

CLO

Ltd.,

Series

2025-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.96%,

04/20/38

(a)

(b)

...........

2,000‌

2,000,000‌

TICP

CLO

VI

Ltd.,

Series

2016-6A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

5.05%,

01/15/34

(a)

(b)

...........

2,000‌

2,000,504‌

TICP

CLO

XI

Ltd.

(a)(b)

Series

2018-11A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

2.50%),

6.17%,

04/25/37

......................

600‌

600,689‌

Series

2018-11A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.70%),

7.37%,

04/25/37

......................

1,050‌

1,029,962‌

Trestles

CLO

VI

Ltd.,

Series

2023-6A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

04/25/38

(a)

(b)

..........

2,240‌

2,235,419‌

Trestles

CLO

VII

Ltd.,

Series

2024-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

10/25/37

(a)

(b)

...........

1,240‌

1,240,283‌

Trimaran

CAVU

Ltd.

(a)(b)

Series

2021-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

5.09%,

07/23/37

......................

1,000‌

1,000,905‌

Series

2024-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

01/25/38

......................

1,250‌

1,249,745‌

Trinitas

CLO

XXIX

Ltd.,

Series

2024-29A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.16%,

07/23/37

(a)

(b)

...........

4,000‌

4,000,930‌

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Trinitas

CLO

XXXI

Ltd.,

Series

2024-31A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

01/22/38

(a)

(b)

...........

USD

1,370‌

$

1,370,506‌

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%,

03/30/32

(c)

..................

GBP

126‌

170,841‌

Voya

CLO

Ltd.,

Series

2025-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.96%,

10/15/38

(a)

(b)

.................

USD

2,000‌

2,000,207‌

Warwick

Capital

CLO

1

Ltd.,

Series

2023-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

4.95%,

10/20/38

(a)

(b)

......

3,000‌

2,999,241‌

Warwick

Capital

CLO

4

Ltd.,

Series

2024-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

07/20/37

(a)

(b)

......

5,500‌

5,504,765‌

Wellesley

Park

CLO

Ltd.,

Series

2025-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

5.11%,

01/24/39

(a)

(b)

...........

3,000‌

2,996,774‌

Whitebox

CLO

II

Ltd.

(a)(b)

Series

2020-2A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

10/24/37

.................

3,807‌

3,809,366‌

Series

2020-2A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

10/24/37

......................

1,000‌

999,795‌

Whitebox

CLO

III

Ltd.,

Series

2021-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

4.94%,

10/15/35

(a)

(b)

..........

4,100‌

4,101,047‌

Total

Asset-Backed

Securities

—

30

.2

%

(Cost:

$

380,543,209

)

..............................

380,457,990‌

Shares

Shares

Common

Stocks

Commercial

Services

&

Supplies

—

0.0%

WOM

New

Holdco

(e)

(f)

..................

416

9,568‌

Construction

&

Engineering

—

0.0%

United

Site

Services

(e)

(f)

.................

8,992

65,192‌

Financial

Services

—

0.0%

(e)(f)

Aimbridge

Topco

LLC

..................

1,261

56,745‌

New

Kleo

Holdco

.....................

18,919

28,428‌

85,173‌

Food

Products

—

0.0%

H-Food

Holdings

LLC

(e)

.................

2,065

38,203‌

Lamb

Weston

Holdings,

Inc.

.............

548

23,158‌

61,361‌

Health

Care

Equipment

&

Supplies

—

0.0%

Medline,

Inc.

,

Class

A

(e)

.................

133

5,919‌

Hotels,

Restaurants

&

Leisure

—

0.0%

(e)(f)

Fortrex

Holdings

LLC

..................

1,793

51,997‌

New

Topco

.........................

3,743

—‌

51,997‌

IT

Services

—

0.0%

Travelport

Technology

Ltd.

(e)

(f)

.............

100

102,969‌

Life

Sciences

Tools

&

Services

—

0.0%

IQVIA

Holdings,

Inc.

(e)

..................

145

24,728‌

Machinery

—

0.0%

Ameriforge

Group,

Inc.

(e)

(f)

...............

283

—‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

—

0.0%

Learfield

Communications

LLC

,

(Acquired

09/13/23

,

cost

$

0

)

(e)

(f)

(g)

...............

726

$

81,312‌

Metals

&

Mining

—

0.0%

Constellium

SE

,

Class

A

(e)

...............

2,394

58,845‌

Oil,

Gas

&

Consumable

Fuels

—

0.1%

Energy

Transfer

LP

...................

5,083

98,102‌

Enterprise

Products

Partners

LP

...........

1,023

38,710‌

136,812‌

Specialized

REITs

—

0.0%

VICI

Properties,

Inc.

...................

3,407

93,079‌

Trading

Companies

&

Distributors

—

0.0%

TMK

Hawk

Parent

Corp.

(e)

(f)

..............

5,686

39,802‌

Wireless

Telecommunication

Services

—

0.0%

Altice

France

Lux

3

(e)

..................

7,853

130,707‌

Total

Common

Stocks

—

0

.1

%

(Cost:

$

1,040,062

)

...............................

947,464‌

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

0.2%

AAR

Escrow

Issuer

LLC,

6.75%,

03/15/29

(b)

...

USD

35‌

35,623‌

ATI,

Inc.

5.88%

,

12/01/27

...................

23‌

22,996‌

7.25%

,

08/15/30

...................

19‌

19,702‌

5.13%

,

10/01/31

...................

81‌

80,026‌

Axon

Enterprise,

Inc.,

6.25%,

03/15/33

(b)

.....

10‌

10,208‌

Bombardier,

Inc.

(b)

8.75%

,

11/15/30

...................

122‌

129,752‌

7.25%

,

07/01/31

...................

4‌

4,192‌

7.00%

,

06/01/32

...................

28‌

29,060‌

6.75%

,

06/15/33

...................

40‌

41,308‌

BWX

Technologies,

Inc.,

4.13%,

06/30/28

(b)

...

13‌

12,640‌

Carpenter

Technology

Corp.,

5.63%,

03/01/34

(b)

34‌

33,687‌

Czechoslovak

Group

A/S,

5.25%,

01/10/31

(c)

..

EUR

244‌

288,902‌

Efesto

Bidco

SpA

Efesto

US

LLC,

Series

XR,

7.50%,

02/15/32

(b)

.................

USD

200‌

198,986‌

Goat

Holdco

LLC,

6.75%,

02/01/32

(b)

.......

30‌

30,184‌

Moog,

Inc.

(b)

4.25%

,

12/15/27

...................

2‌

1,999‌

5.50%

,

10/15/34

...................

16‌

16,050‌

TransDigm,

Inc.

(b)

6.75%

,

08/15/28

...................

108‌

109,311‌

6.38%

,

03/01/29

...................

122‌

124,277‌

6.63%

,

03/01/32

...................

98‌

99,947‌

6.00%

,

01/15/33

...................

91‌

90,949‌

6.38%

,

05/31/33

...................

162‌

161,136‌

6.25%

,

01/31/34

...................

23‌

23,254‌

6.75%

,

01/31/34

...................

222‌

224,909‌

6.13%

,

07/31/34

...................

145‌

142,614‌

1,931,712‌

Air

Freight

&

Logistics

—

0.0%

(b)

Rand

Parent

LLC,

8.50%,

02/15/30

........

26‌

26,690‌

Stonepeak

Nile

Parent

LLC,

7.25%,

03/15/32

..

12‌

12,481‌

39,171‌

Automobile

Components

—

0.4%

Allison

Transmission,

Inc.,

5.88%,

12/01/33

(b)

..

33‌

32,798‌

American

Axle

&

Manufacturing,

Inc.

(b)

6.38%

,

10/15/32

...................

19‌

18,805‌

7.75%

,

10/15/33

...................

19‌

18,497‌

Security

Par

(000)

Par

(000)

Value

Automobile

Components

(continued)

Clarios

Global

LP

6.75%

,

05/15/28

(b)

..................

USD

89‌

$

89,866‌

6.75%

,

02/15/30

(b)

..................

72‌

73,620‌

4.75%

,

06/15/31

(c)

..................

EUR

371‌

421,045‌

6.75%

,

09/15/32

(b)

..................

USD

116‌

116,928‌

Cyprium

Corp.,

6.13%,

04/15/31

(b)

.........

26‌

25,631‌

Dana,

Inc.

4.25%

,

09/01/30

...................

7‌

6,622‌

4.50%

,

02/15/32

...................

10‌

9,332‌

Dometic

Group

AB,

5.00%,

09/11/30

(c)

......

EUR

204‌

225,118‌

Forvia

SE

5.50%

,

06/15/31

(c)

..................

738‌

844,567‌

6.75%

,

09/15/33

(b)

..................

USD

200‌

195,278‌

Garrett

Motion

Holdings,

Inc.,

7.75%,

05/31/32

(b)

9‌

9,319‌

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%

,

07/15/29

...................

45‌

42,584‌

6.63%

,

07/15/30

...................

14‌

13,690‌

Icahn

Enterprises

LP

5.25%

,

05/15/27

...................

36‌

35,277‌

9.75%

,

01/15/29

...................

43‌

42,275‌

4.38%

,

02/01/29

...................

47‌

40,108‌

10.00%

,

11/15/29

(b)

.................

24‌

23,644‌

IHO

Verwaltungs

GmbH,

7.00%,

(7.00%

Cash

or

7.75%

PIK),

11/15/31

(c)

(h)

.............

EUR

335‌

404,829‌

Mahle

GmbH,

6.50%,

05/02/31

(c)

.........

189‌

220,889‌

Motherson

Global

Investments

BV,

5.63%,

07/11/29

(c)

......................

USD

275‌

278,910‌

Schaeffler

AG

(c)

4.25%

,

04/01/28

...................

EUR

100‌

114,232‌

4.75%

,

08/14/29

...................

600‌

689,976‌

5.38%

,

04/01/31

...................

100‌

116,854‌

Tenneco,

Inc.,

8.00%,

11/17/28

(b)

.........

USD

72‌

71,744‌

ZF

Europe

Finance

BV

(c)

7.00%

,

06/12/30

...................

EUR

700‌

825,336‌

5.50%

,

02/17/32

...................

300‌

327,142‌

5,334,916‌

Automobiles

—

0.7%

Aston

Martin

Capital

Holdings

Ltd.,

10.38%,

03/31/29

(c)

......................

GBP

532‌

540,369‌

Mercedes-Benz

Finance

North

America

LLC,

5.25%,

11/29/27

(b)

.................

USD

2,595‌

2,633,935‌

Nissan

Motor

Acceptance

Co.

LLC

6.95%

,

09/15/26

(c)

..................

75‌

75,370‌

6.95%

,

09/15/26

(b)

..................

3,055‌

3,070,052‌

6.13%

,

09/30/30

(b)

..................

54‌

51,896‌

Nissan

Motor

Co.

Ltd.

5.25%

,

07/17/29

(c)

..................

EUR

488‌

558,351‌

7.75%

,

07/17/32

(b)

..................

USD

200‌

202,519‌

6.38%

,

07/17/33

(c)

..................

EUR

100‌

115,000‌

RCI

Banque

SA

(c)

4.25%

,

05/23/34

...................

300‌

341,043‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.20%),

4.75%

,

03/24/37

(a)

................

700‌

783,143‌

Rivian

Holdings

LLC,

10.00%,

01/15/31

(b)

....

USD

29‌

28,179‌

8,399,857‌

Banks

—

3.2%

Abanca

Corp.

Bancaria

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.45%),

4.63%,

12/11/36

(a)

(c)

EUR

100‌

115,607‌

Al

Rajhi

Sukuk

Ltd.,

(6-Year

USD

Constant

Maturity

+

1.59%),

6.25%

(a)

(c)

(i)

..........

USD

673‌

658,726‌

ANB

Tier

1

Sukuk

Co.

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.60%),

6.40%

(a)

(c)

(i)

................

200‌

195,699‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Australia

&

New

Zealand

Banking

Group

Ltd.

(c)

(3-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

+

1.68%),

5.69%

,

08/14/40

(a)

..

AUD

360‌

$

235,258‌

6.17%

,

08/14/45

...................

530‌

350,209‌

Banca

Monte

dei

Paschi

di

Siena

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.15%),

4.38%,

10/02/35

(a)

(c)

.....................

EUR

325‌

372,882‌

Bank

of

America

Corp.

(a)

(3-mo.

CME

Term

SOFR

+

1.44%),

3.19%

,

07/23/30

......................

USD

850‌

815,201‌

(1-day

SOFR

+

1.83%),

4.57%

,

04/27/33

..

11,145‌

10,950,134‌

BPCE

SA,

(1-day

SOFR

+

2.61%),

6.92%,

01/14/46

(a)

(b)

.....................

3,745‌

3,829,603‌

CBQ

Finance

Ltd.,

2.00%,

05/12/26

(c)

.......

250‌

248,750‌

Citigroup,

Inc.,

4.30%,

11/20/26

..........

500‌

500,084‌

Eurobank

SA

(a)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.00%),

4.25%

,

04/30/35

.................

EUR

125‌

141,278‌

(1-Year

EURIBOR

ICE

Swap

Rate

+

1.70%),

4.00%

,

02/07/36

.................

296‌

332,406‌

HSBC

Holdings

plc,

(1-day

SOFR

+

1.57%),

5.22%,

05/13/31

(a)

.................

USD

400‌

403,180‌

ING

Groep

NV,

(1-day

SOFR

+

1.56%),

6.08%,

09/11/27

(a)

......................

7,875‌

7,923,966‌

JPMorgan

Chase

&

Co.,

3.63%,

12/01/27

....

300‌

296,638‌

KeyCorp,

(SOFR

Index

+

2.42%),

6.40%,

03/06/35

(a)

......................

1,830‌

1,940,243‌

Metropolitan

Bank

&

Trust

Co.,

5.50%,

03/06/34

(c)

275‌

278,437‌

Mizuho

Financial

Group,

Inc.,

(1-day

SOFR

+

1.25%),

4.90%,

07/08/31

(a)

............

275‌

277,358‌

Nanyang

Commercial

Bank

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.10%),

6.00%,

08/06/34

(a)

(c)

....

250‌

256,925‌

National

Australia

Bank

Ltd.,

(3-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

+

1.70%),

5.77%,

07/30/40

(a)

(c)

...........

AUD

390‌

256,541‌

National

Bank

of

Greece

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.15%),

5.88%,

06/28/35

(a)

(c)

EUR

600‌

725,288‌

Riyad

Sukuk

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.25%),

6.21%,

07/14/35

(a)

(c)

...........

USD

400‌

397,836‌

Riyad

T1

Sukuk

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.91%),

5.50%

(a)

(c)

(i)

................

200‌

194,118‌

Saudi

Awwal

Bank,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.20%),

5.95%,

09/04/35

(a)

(c)

...........

200‌

195,880‌

Standard

Chartered

plc

(a)(c)

(1-day

SOFR

+

1.68%),

5.33%

,

05/13/31

..

400‌

407,424‌

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.10%),

6.10%

,

01/11/35

......................

200‌

207,438‌

Sumitomo

Mitsui

Financial

Group,

Inc.,

(1-day

SOFR

+

1.19%),

4.84%,

07/08/31

(a)

......

200‌

201,407‌

US

Bancorp,

(1-day

SOFR

+

1.56%),

5.38%,

01/23/30

(a)

......................

1,020‌

1,044,584‌

Wells

Fargo

&

Co.

(1-day

SOFR

+

2.10%),

4.90%

,

07/25/33

(a)

.

6,713‌

6,678,670‌

5.38%

,

11/02/43

...................

500‌

467,392‌

40,899,162‌

Biotechnology

—

0.1%

(c)

Biocon

Biologics

Global

plc,

6.67%,

10/09/29

..

300‌

295,800‌

Grifols

SA

7.13%

,

05/01/30

...................

EUR

630‌

752,718‌

Security

Par

(000)

Par

(000)

Value

Biotechnology

(continued)

7.50%

,

05/01/30

...................

EUR

104‌

$

124,330‌

1,172,848‌

Broadline

Retail

—

0.1%

Alibaba

Group

Holding

Ltd.,

4.00%,

12/06/37

..

USD

200‌

180,924‌

B&M

European

Value

Retail

plc

6.50%

,

11/27/31

(c)

..................

GBP

593‌

741,519‌

Getty

Images,

Inc.

(b)

11.25%

,

02/21/30

..................

USD

107‌

96,363‌

10.50%

,

11/15/30

..................

14‌

12,556‌

Match

Group

Holdings

II

LLC

(b)

4.63%

,

06/01/28

...................

49‌

47,904‌

3.63%

,

10/01/31

...................

14‌

12,447‌

6.13%

,

09/15/33

...................

33‌

32,070‌

Prosus

NV

(c)

4.34%

,

07/15/35

...................

EUR

150‌

169,465‌

4.03%

,

08/03/50

...................

USD

532‌

354,977‌

1,648,225‌

Building

Products

—

0.2%

Advanced

Drainage

Systems,

Inc.,

6.38%,

06/15/30

(b)

......................

50‌

50,434‌

AmeriTex

HoldCo

Intermediate

LLC,

7.63%,

08/15/33

(b)

......................

27‌

27,871‌

Builders

FirstSource,

Inc.

(b)

6.38%

,

03/01/34

...................

16‌

15,795‌

6.75%

,

05/15/35

...................

20‌

19,981‌

EMRLD

Borrower

LP

6.38%

,

12/15/30

(c)

..................

EUR

619‌

728,258‌

6.63%

,

12/15/30

(b)

..................

USD

297‌

302,067‌

6.75%

,

07/15/31

(b)

..................

37‌

38,053‌

HT

Troplast

GmbH,

9.38%,

07/15/28

(c)

......

EUR

463‌

541,767‌

JELD-WEN

Holding,

Inc.,

7.00%,

09/01/32

(b)

..

USD

6‌

2,797‌

JELD-WEN,

Inc.,

4.88%,

12/15/27

(b)

.......

28‌

18,985‌

New

Enterprise

Stone

&

Lime

Co.,

Inc.

(b)

5.25%

,

07/15/28

...................

39‌

38,423‌

9.75%

,

07/15/28

...................

39‌

38,960‌

Quikrete

Holdings,

Inc.

(b)

6.38%

,

03/01/32

...................

123‌

124,723‌

6.75%

,

03/01/33

...................

52‌

52,813‌

Smyrna

Ready

Mix

Concrete

LLC,

6.00%,

11/01/28

(b)

......................

49‌

48,630‌

Standard

Building

Solutions,

Inc.

(b)

6.50%

,

08/15/32

...................

47‌

47,024‌

6.25%

,

08/01/33

...................

79‌

78,112‌

5.88%

,

03/15/34

...................

34‌

32,782‌

Standard

Industries,

Inc.

(b)

4.75%

,

01/15/28

...................

14‌

13,839‌

4.38%

,

07/15/30

...................

49‌

46,186‌

3.38%

,

01/15/31

...................

44‌

39,440‌

Wilsonart

LLC,

11.00%,

08/15/32

(b)

........

34‌

24,646‌

2,331,586‌

Capital

Markets

—

3.8%

Abu

Dhabi

Developmental

Holding

Co.

PJSC,

5.25%,

10/02/54

(c)

.................

225‌

198,619‌

Apollo

Debt

Solutions

BDC

6.90%

,

04/13/29

...................

4,265‌

4,363,912‌

5.88%

,

08/30/30

...................

20‌

19,685‌

6.70%

,

07/29/31

...................

9‌

9,105‌

6.55%

,

03/15/32

...................

16‌

16,062‌

Ares

Strategic

Income

Fund

(b)

5.45%

,

09/09/28

...................

6,000‌

5,937,561‌

5.80%

,

09/09/30

...................

25‌

24,309‌

Bain

Capital

Specialty

Finance,

Inc.,

5.95%,

03/15/30

.......................

10‌

9,682‌

Blue

Owl

Capital

Corp.,

6.20%,

07/15/30

....

5,399‌

5,320,977‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

China

Ping

An

Insurance

Overseas

Holdings

Ltd.,

6.13%,

05/16/34

(c)

.................

USD

200‌

$

211,928‌

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

.................

31‌

28,719‌

Deutsche

Bank

AG,

(1-day

SOFR

+

2.51%),

6.82%,

11/20/29

(a)

.................

3,350‌

3,517,392‌

Focus

Financial

Partners

LLC,

6.75%,

09/15/31

(b)

64‌

63,561‌

Golub

Capital

Private

Credit

Fund,

5.45%,

08/15/28

(b)

......................

9,255‌

9,127,257‌

Jane

Street

Group

(b)

6.13%

,

11/01/32

...................

9‌

8,900‌

6.75%

,

05/01/33

...................

38‌

38,554‌

Macquarie

Bank

Ltd.,

6.80%,

01/18/33

(b)

.....

6,830‌

7,374,276‌

MDGH

GMTN

RSC

Ltd.,

4.38%,

11/22/33

(b)

...

453‌

428,316‌

Morgan

Stanley

(a)

(1-day

SOFR

+

0.88%),

1.59%

,

05/04/27

..

4,373‌

4,360,859‌

(1-day

SOFR

+

1.73%),

5.47%

,

01/18/35

..

885‌

899,624‌

Nomura

Holdings,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.30%),

5.04%,

06/10/36

(a)

............

400‌

388,021‌

Osaic

Holdings,

Inc.

(b)

6.75%

,

08/01/32

...................

42‌

42,005‌

8.00%

,

08/01/33

...................

69‌

68,117‌

UBS

Group

AG,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.60%),

6.33%,

12/22/27

(a)

(b)

................

5,700‌

5,775,621‌

48,233,062‌

Chemicals

—

0.5%

Advancion

Sciences,

Inc.,

9.25%,

(9.25%

Cash

or

10.00%

PIK),

11/01/26

(b)

(h)

..........

156‌

120,588‌

Avient

Corp.,

6.25%,

11/01/31

(b)

..........

18‌

18,126‌

Celanese

US

Holdings

LLC

7.00%

,

02/15/31

...................

3‌

3,081‌

6.75%

,

04/15/33

...................

18‌

18,467‌

7.38%

,

02/15/34

...................

35‌

35,858‌

Chemours

Co.

(The)

(b)

5.75%

,

11/15/28

...................

98‌

97,032‌

4.63%

,

11/15/29

...................

47‌

44,075‌

7.88%

,

03/15/34

...................

26‌

25,992‌

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

...

142‌

138,256‌

EQUATE

Petrochemical

Co.

KSC,

4.25%,

11/03/26

(c)

......................

300‌

296,906‌

FIS

Fabbrica

Italiana

Sintetici

SpA,

(3-mo.

EURIBOR

+

3.25%),

5.28%,

02/05/31

(a)

(c)

...

EUR

200‌

226,646‌

FMC

Corp.

3.45%

,

10/01/29

...................

USD

25‌

22,331‌

4.50%

,

10/01/49

...................

7‌

4,332‌

6.38%

,

05/18/53

...................

5‌

3,767‌

INEOS

Finance

plc

(c)

6.38%

,

04/15/29

...................

EUR

220‌

239,402‌

7.25%

,

03/31/31

...................

633‌

665,059‌

INEOS

Quattro

Finance

2

plc,

8.50%,

03/15/29

(c)

452‌

431,622‌

Italmatch

Chemicals

SpA

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

6.15%

,

02/05/31

(a)

................

109‌

121,491‌

6.25%

,

02/05/31

...................

100‌

109,652‌

Itelyum

Regeneration

SpA,

5.75%,

04/15/30

(c)

.

100‌

114,012‌

Kronos

International,

Inc.,

9.50%,

03/15/29

(c)

..

683‌

678,206‌

Lune

Holdings

SARL,

5.63%,

11/15/28

(c)

.....

379‌

9,361‌

Maxam

Prill

SARL,

6.00%,

07/15/30

(c)

......

783‌

894,401‌

Methanex

US

Operations,

Inc.,

6.25%,

03/15/32

(b)

......................

USD

20‌

20,461‌

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

.

29‌

28,508‌

Olympus

Water

US

Holding

Corp.

5.38%

,

10/01/29

(c)

..................

EUR

100‌

106,738‌

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

6.75%

,

08/01/32

(b)

..................

USD

200‌

$

190,465‌

6.13%

,

02/15/33

(c)

..................

EUR

279‌

309,972‌

7.25%

,

02/15/33

(b)

..................

USD

200‌

190,820‌

Perimeter

Holdings

LLC,

6.25%,

01/15/34

(b)

...

64‌

62,768‌

Sasol

Financing

USA

LLC

4.38%

,

09/18/26

...................

200‌

198,826‌

6.50%

,

09/27/28

...................

227‌

229,059‌

8.75%

,

04/10/33

(b)

..................

200‌

200,000‌

SCIL

IV

LLC,

9.50%,

07/15/28

(c)

..........

EUR

359‌

427,560‌

Scotts

Miracle-Gro

Co.

(The)

4.50%

,

10/15/29

...................

USD

19‌

18,574‌

4.38%

,

02/01/32

...................

40‌

37,359‌

SK

Invictus

Intermediate

II

SARL,

5.00%,

10/30/29

(b)

......................

52‌

50,719‌

Solstice

Advanced

Materials,

Inc.,

5.63%,

09/30/33

(b)

......................

50‌

49,302‌

Synthomer

plc,

7.38%,

05/02/29

(c)

.........

EUR

200‌

148,046‌

WR

Grace

Holdings

LLC

(b)

5.63%

,

08/15/29

...................

USD

219‌

201,419‌

7.38%

,

03/01/31

...................

43‌

43,111‌

6.63%

,

08/15/32

...................

52‌

50,666‌

7.00%

,

08/01/33

...................

51‌

49,530‌

6,932,566‌

Commercial

Services

&

Supplies

—

0.6%

ADT

Security

Corp.

(The)

(b)

4.88%

,

07/15/32

...................

9‌

8,407‌

5.88%

,

10/15/33

...................

65‌

62,953‌

Allied

Universal

Holdco

LLC

4.63%

,

06/01/28

(b)

..................

200‌

195,284‌

4.88%

,

06/01/28

(c)

..................

GBP

500‌

640,445‌

6.00%

,

06/01/29

(b)

..................

USD

217‌

209,682‌

6.88%

,

06/15/30

(b)

..................

126‌

127,724‌

7.88%

,

02/15/31

(b)

..................

279‌

287,709‌

Amber

Finco

plc

6.63%

,

07/15/29

(c)

..................

EUR

825‌

978,540‌

APCOA

GmbH,

6.00%,

04/15/31

(c)

........

679‌

768,618‌

APi

Group

DE,

Inc.,

4.13%,

07/15/29

(b)

......

USD

52‌

49,519‌

Aramark

Services,

Inc.,

5.00%,

02/01/28

(b)

....

24‌

23,858‌

Bidvest

Group

UK

plc

(The),

6.20%,

09/17/32

(b)

.

200‌

199,460‌

Biffa

Group

Holdings

Ltd.

(c)

5.25%

,

06/15/31

...................

EUR

265‌

296,310‌

7.38%

,

06/15/31

...................

GBP

250‌

323,121‌

Brink's

Co.

(The)

(b)

6.50%

,

06/15/29

...................

USD

18‌

18,278‌

6.75%

,

06/15/32

...................

41‌

41,501‌

Clean

Harbors,

Inc.,

6.38%,

02/01/31

(b)

......

4‌

4,062‌

Currenta

Group

Holdings

SARL,

5.50%,

05/15/30

(c)

......................

EUR

173‌

198,450‌

Deluxe

Corp.,

8.13%,

09/15/29

(b)

.........

USD

13‌

13,495‌

Garda

World

Security

Corp.

(b)

7.75%

,

02/15/28

...................

20‌

20,345‌

6.00%

,

06/01/29

...................

13‌

12,374‌

8.25%

,

08/01/32

...................

60‌

59,372‌

8.38%

,

11/15/32

...................

238‌

238,162‌

GFL

Environmental

Holdings

US,

Inc.,

5.50%,

02/01/34

(b)

......................

66‌

64,733‌

GFL

Environmental,

Inc.

(b)

4.00%

,

08/01/28

...................

50‌

48,606‌

4.75%

,

06/15/29

...................

4‌

3,925‌

4.38%

,

08/15/29

...................

12‌

11,675‌

6.75%

,

01/15/31

...................

17‌

17,592‌

Group

Laboratories

South

Africa

Pty.

Ltd.

(b)(e)(j)

5.88%

,

11/01/28

...................

16‌

8,240‌

9.50%

,

11/01/28

...................

87‌

44,805‌

8.63%

,

10/01/31

...................

33‌

16,995‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Luna

1.5

SARL,

10.50%,

(10.50%

Cash

or

11.25%

PIK),

07/01/32

(c)

(h)

............

EUR

184‌

$

225,437‌

Luna

2.5

SARL,

5.50%,

07/01/32

(c)

........

122‌

138,702‌

Madison

IAQ

LLC,

5.88%,

06/30/29

(b)

.......

USD

80‌

78,453‌

Paprec

Holding

SA,

4.13%,

07/15/30

(c)

......

EUR

346‌

392,182‌

Reworld

Holding

Corp.,

4.88%,

12/01/29

(b)

....

USD

40‌

37,498‌

RR

Donnelley

&

Sons

Co.,

9.50%,

08/01/29

(b)

..

65‌

65,793‌

Sabre

Financial

Borrower

LLC,

11.13%,

06/15/29

(b)

......................

92‌

94,146‌

Techem

Verwaltungsgesellschaft

675

mbH

(c)

4.63%

,

07/15/32

...................

EUR

100‌

112,251‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

5.03%

,

07/15/32

(a)

................

100‌

115,061‌

Verisure

Holding

AB,

7.13%,

02/01/28

(c)

.....

431‌

506,607‌

Veritiv

Operating

Co.,

10.50%,

11/30/30

(b)

....

USD

18‌

18,706‌

Waste

Pro

USA,

Inc.,

7.00%,

02/01/33

(b)

.....

175‌

176,969‌

Williams

Scotsman,

Inc.

(b)

4.63%

,

08/15/28

...................

39‌

38,367‌

6.63%

,

06/15/29

...................

36‌

36,405‌

6.63%

,

04/15/30

...................

22‌

22,347‌

7.38%

,

10/01/31

...................

6‌

6,152‌

7,059,316‌

Communications

Equipment

—

0.0%

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

(b)

.....

13‌

12,197‌

Construction

&

Engineering

—

0.1%

AECOM,

6.00%,

08/01/33

(b)

............

65‌

64,928‌

Arcosa,

Inc.

(b)

4.38%

,

04/15/29

...................

43‌

41,484‌

6.88%

,

08/15/32

...................

4‌

4,098‌

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

(b)

......................

182‌

166,332‌

Dycom

Industries,

Inc.,

4.50%,

04/15/29

(b)

....

29‌

28,130‌

GMR

Hyderabad

International

Airport

Ltd.,

4.25%,

10/27/27

(c)

.................

400‌

392,444‌

Heathrow

Finance

plc,

6.63%,

03/01/31

(c)

....

GBP

500‌

656,348‌

IRB

Infrastructure

Developers

Ltd.,

7.11%,

03/11/32

(c)

......................

USD

200‌

200,000‌

Weekley

Homes

LLC,

6.75%,

01/15/34

(b)

.....

20‌

19,155‌

1,572,919‌

Consumer

Finance

—

0.6%

Ally

Financial,

Inc.

(SOFR

Index

+

1.96%),

5.74%

,

05/15/29

(a)

.

2,095‌

2,127,673‌

8.00%

,

11/01/31

...................

400‌

443,531‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.45%),

6.65%

,

01/17/40

(a)

.....................

2,210‌

2,133,163‌

Azorra

Finance

Ltd.

(b)

7.75%

,

04/15/30

...................

17‌

17,522‌

7.25%

,

01/15/31

...................

14‌

14,136‌

6.25%

,

02/15/34

...................

29‌

26,953‌

GGAM

Finance

Ltd.

(b)

8.00%

,

06/15/28

...................

41‌

42,552‌

6.88%

,

04/15/29

...................

25‌

25,556‌

5.88%

,

03/15/30

...................

38‌

37,858‌

Global

Aircraft

Leasing

Co.

Ltd.,

8.75%,

09/01/27

(b)

......................

59‌

59,867‌

Manappuram

Finance

Ltd.,

7.38%,

05/12/28

(c)

.

200‌

200,970‌

Muangthai

Capital

PCL,

7.55%,

07/21/30

(c)

...

475‌

470,250‌

Muthoot

Finance

Ltd.

(c)

7.13%

,

02/14/28

...................

450‌

452,250‌

6.38%

,

03/02/30

...................

825‌

812,625‌

Navient

Corp.

9.38%

,

07/25/30

...................

2‌

1,949‌

7.88%

,

06/15/32

...................

16‌

14,265‌

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

OneMain

Finance

Corp.

6.63%

,

05/15/29

...................

USD

18‌

$

18,017‌

5.38%

,

11/15/29

...................

45‌

43,394‌

7.88%

,

03/15/30

...................

60‌

61,919‌

6.13%

,

05/15/30

...................

39‌

38,136‌

4.00%

,

09/15/30

...................

12‌

10,837‌

7.50%

,

05/15/31

...................

5‌

5,027‌

7.13%

,

11/15/31

...................

9‌

8,917‌

6.75%

,

03/15/32

...................

67‌

65,006‌

7.13%

,

09/15/32

...................

13‌

12,803‌

6.50%

,

03/15/33

...................

43‌

41,105‌

6.75%

,

09/15/33

...................

76‌

72,873‌

Phoenix

Aviation

Capital

Ltd.,

9.25%,

07/15/30

(b)

97‌

97,610‌

7,356,764‌

Consumer

Staples

Distribution

&

Retail

—

0.2%

Albertsons

Cos.,

Inc.

(b)

5.50%

,

03/31/31

...................

20‌

19,774‌

5.63%

,

03/31/32

...................

18‌

17,721‌

6.25%

,

03/15/33

...................

52‌

52,349‌

5.75%

,

03/31/34

...................

70‌

68,484‌

Bellis

Acquisition

Co.

plc,

8.13%,

05/14/30

(c)

...

GBP

325‌

396,690‌

Boots

Group

Finco

LP

(c)

5.38%

,

08/31/32

...................

EUR

162‌

186,297‌

7.38%

,

08/31/32

...................

GBP

100‌

131,450‌

Cencosud

SA,

5.95%,

05/28/31

(b)

.........

USD

358‌

365,142‌

KeHE

Distributors

LLC,

9.00%,

02/15/29

(b)

....

18‌

18,739‌

Lion/Polaris

Lux

4

SA

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.63%),

5.64%

,

07/01/29

(a)

(c)

...............

EUR

225‌

259,534‌

Market

Bidco

Finco

plc,

6.75%,

01/31/31

(c)

....

247‌

274,256‌

New

Immo

Holding

SA

(c)

5.88%

,

04/17/28

...................

200‌

231,597‌

4.88%

,

12/08/28

...................

100‌

112,886‌

4.95%

,

11/14/30

...................

100‌

111,118‌

Ocado

Group

plc

(c)

6.25%

,

08/06/29

(k)

..................

GBP

200‌

230,989‌

11.00%

,

06/15/30

..................

266‌

351,039‌

Performance

Food

Group,

Inc.

(b)

4.25%

,

08/01/29

...................

USD

25‌

24,014‌

6.13%

,

09/15/32

...................

82‌

82,151‌

5.63%

,

03/01/34

...................

75‌

72,337‌

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(b)

.

23‌

23,018‌

US

Foods,

Inc.,

4.75%,

02/15/29

(b)

........

22‌

21,707‌

3,051,292‌

Containers

&

Packaging

—

0.2%

Ardagh

Group

SA

9.50%

,

12/01/30

(c)

..................

561‌

588,559‌

9.50%

,

12/01/30

(b)

..................

12‌

12,182‌

12.00%

,

(

12.00

%

Cash

or

7.50

%

PIK),

12/01/30

(c)

(h)

....................

EUR

423‌

389,106‌

Ardagh

Metal

Packaging

Finance

USA

LLC

3.00%

,

09/01/29

(c)

..................

266‌

277,374‌

4.00%

,

09/01/29

(b)

..................

USD

270‌

247,239‌

Ball

Corp.

3.13%

,

09/15/31

...................

29‌

26,117‌

5.50%

,

09/15/33

...................

17‌

17,010‌

Clydesdale

Acquisition

Holdings,

Inc.

(b)

6.63%

,

04/15/29

...................

42‌

41,247‌

6.88%

,

01/15/30

...................

26‌

25,271‌

6.75%

,

04/15/32

...................

48‌

45,415‌

Crown

Americas

LLC,

5.88%,

06/01/33

.....

63‌

62,971‌

Fiber

Midco

SpA,

10.75%,

(10.75%

Cash

or

10.75%

PIK),

06/15/29

(c)

(h)

............

EUR

117‌

92,500‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

Kleopatra

Finco

SARL,

(1M

EURIBOR

+

2.00%),

6.00%,

01/30/31

(a)

.................

EUR

195‌

$

199,130‌

Mauser

Packaging

Solutions

Holding

Co.

(b)

7.88%

,

04/15/30

...................

USD

410‌

410,000‌

9.25%

,

04/15/30

...................

38‌

35,308‌

OI

European

Group

BV,

5.25%,

06/01/29

(c)

...

EUR

400‌

456,088‌

Sealed

Air

Corp.

(b)

4.00%

,

12/01/27

...................

USD

22‌

21,945‌

7.25%

,

02/15/31

...................

10‌

10,486‌

6.50%

,

07/15/32

...................

6‌

6,294‌

2,964,242‌

Distributors

—

0.0%

American

Builders

&

Contractors

Supply

Co.,

Inc.,

3.88%,

11/15/29

(b)

..............

10‌

9,479‌

Azelis

Finance

NV,

4.13%,

03/10/31

(c)

......

EUR

139‌

156,397‌

Gates

Corp.,

6.88%,

07/01/29

(b)

..........

USD

34‌

34,885‌

Resideo

Funding,

Inc.

(b)

4.00%

,

09/01/29

...................

21‌

19,846‌

6.50%

,

07/15/32

...................

36‌

35,470‌

256,077‌

Diversified

Consumer

Services

—

0.1%

Multiversity

SpA

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.28%

,

05/17/31

(a)

................

EUR

100‌

115,100‌

7.13%

,

05/17/31

...................

559‌

646,387‌

Service

Corp.

International

3.38%

,

08/15/30

...................

USD

2‌

1,845‌

4.00%

,

05/15/31

...................

56‌

52,200‌

5.75%

,

10/15/32

...................

101‌

100,806‌

Sotheby's,

7.38%,

10/15/27

(b)

............

200‌

199,042‌

Wand

NewCo

3,

Inc.,

7.63%,

01/30/32

(b)

.....

85‌

86,912‌

1,202,292‌

Diversified

REITs

—

0.6%

Digital

Realty

Trust,

Inc.,

1.88%,

11/15/29

(b)

(k)

..

10‌

10,586‌

GLP

Capital

LP,

3.25%,

01/15/32

.........

1,570‌

1,399,612‌

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(b)

..............

97‌

91,574‌

Trust

Fibra

Uno,

7.70%,

01/23/32

(c)

........

334‌

352,664‌

Uniti

Group

LP

(b)

6.50%

,

02/15/29

...................

11‌

10,684‌

6.00%

,

01/15/30

...................

8‌

7,524‌

8.63%

,

06/15/32

...................

99‌

100,830‌

VICI

Properties

LP,

5.13%,

05/15/32

.......

5,900‌

5,814,209‌

7,787,683‌

Diversified

Telecommunication

Services

—

0.7%

Altice

France

SA

4.75%

,

10/15/30

(c)

..................

EUR

660‌

722,176‌

6.88%

,

10/15/30

(b)

..................

USD

8‌

7,290‌

6.50%

,

10/15/31

(b)

..................

11‌

10,325‌

6.50%

,

04/15/32

(b)

..................

43‌

40,742‌

5.63%

,

07/15/32

(c)

..................

EUR

155‌

170,988‌

6.88%

,

07/15/32

(b)

..................

USD

180‌

170,748‌

APLD

ComputeCo

2

LLC,

6.75%,

03/15/31

(b)

..

98‌

97,286‌

APLD

ComputeCo

LLC,

9.25%,

12/15/30

(b)

...

36‌

37,092‌

Black

Pearl

Compute

LLC,

6.13%,

02/15/31

(b)

..

103‌

104,833‌

CCO

Holdings

LLC

6.38%

,

09/01/29

(b)

..................

152‌

152,467‌

4.75%

,

03/01/30

(b)

..................

119‌

112,916‌

4.25%

,

02/01/31

(b)

..................

32‌

29,167‌

4.75%

,

02/01/32

(b)

..................

33‌

29,838‌

4.50%

,

05/01/32

...................

2‌

1,786‌

7.00%

,

02/01/33

(b)

..................

41‌

41,113‌

4.50%

,

06/01/33

(b)

..................

32‌

27,860‌

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

4.25%

,

01/15/34

(b)

..................

USD

122‌

$

104,370‌

7.38%

,

02/01/36

(b)

..................

108‌

107,551‌

Cipher

Compute

LLC,

7.13%,

11/15/30

(b)

.....

116‌

120,179‌

Comcast

Corp.,

4.05%,

11/01/52

.........

260‌

186,268‌

eircom

Finance

DAC,

5.00%,

04/30/31

(c)

.....

EUR

531‌

609,672‌

Fibercop

SpA

(c)

4.75%

,

06/30/30

...................

337‌

386,335‌

5.13%

,

06/30/32

...................

100‌

114,429‌

Flash

Compute

LLC,

7.25%,

12/31/30

(b)

.....

USD

153‌

154,039‌

Frontier

Communications

Holdings

LLC

5.00%

,

05/01/28

(b)

..................

165‌

164,974‌

6.75%

,

05/01/29

(b)

..................

15‌

15,019‌

5.88%

,

11/01/29

...................

22‌

21,965‌

6.00%

,

01/15/30

(b)

..................

28‌

28,167‌

8.75%

,

05/15/30

(b)

..................

41‌

42,070‌

IHS

Holding

Ltd.,

6.25%,

11/29/28

(b)

........

431‌

426,759‌

Iliad

SA,

4.25%,

01/09/32

(c)

.............

EUR

300‌

339,553‌

Kaixo

Bondco

Telecom

SA,

5.13%,

09/30/29

(c)

.

503‌

582,849‌

Level

3

Financing,

Inc.

(b)

3.63%

,

01/15/29

...................

USD

8‌

7,500‌

6.88%

,

06/30/33

...................

254‌

259,126‌

7.00%

,

03/31/34

...................

258‌

264,085‌

8.50%

,

01/15/36

...................

312‌

325,665‌

SV

RNO

Property

Owner

1

LLC,

5.88%,

03/01/31

(b)

......................

278‌

274,801‌

Telecom

Argentina

SA,

9.25%,

05/28/33

(b)

....

352‌

364,159‌

Telecom

Italia

Capital

SA,

7.72%,

06/04/38

...

173‌

192,668‌

Turk

Telekomunikasyon

A/S,

6.95%,

10/07/32

(b)

308‌

299,866‌

Verizon

Communications,

Inc.

3.88%

,

02/08/29

...................

325‌

321,892‌

4.50%

,

08/10/33

...................

500‌

484,967‌

Virgin

Media

Secured

Finance

plc

4.25%

,

01/15/30

(c)

..................

GBP

124‌

145,028‌

4.13%

,

08/15/30

(c)

..................

100‌

114,665‌

4.50%

,

08/15/30

(b)

..................

USD

200‌

177,370‌

Windstream

Services

LLC

(b)

8.25%

,

10/01/31

...................

194‌

202,760‌

7.50%

,

10/15/33

...................

79‌

82,133‌

WULF

Compute

LLC,

7.75%,

10/15/30

(b)

.....

134‌

141,595‌

Zayo

Group

Holdings,

Inc.

(a)(b)(h)

6.25%

,

(

6.25

%

Cash

or

0.50

%

PIK),

03/09/30

221‌

219,939‌

9.00%

,

(

9.00

%

Cash

or

1.88

%

PIK),

09/09/30

35‌

32,714‌

9,071,759‌

Electric

Utilities

—

0.7%

Adani

Transmission

Step-One

Ltd.,

4.00%,

08/03/26

(c)

......................

200‌

199,000‌

AES

Panama

Generation

Holdings

SRL,

4.38%,

05/31/30

(b)

......................

316‌

292,729‌

Alpha

Generation

LLC,

6.75%,

10/15/32

(b)

....

33‌

33,483‌

California

Buyer

Ltd.

5.63%

,

02/15/32

(c)

..................

EUR

477‌

532,939‌

Chugoku

Electric

Power

Co.,

Inc.

(The),

5.74%,

01/14/35

(c)

......................

USD

200‌

205,343‌

Continuum

Energy

Aura

Pte.

Ltd.,

9.50%,

02/24/27

(c)

......................

200‌

201,187‌

ContourGlobal

Power

Holdings

SA

(c)

5.00%

,

02/28/30

...................

EUR

470‌

543,222‌

4.38%

,

07/31/31

...................

299‌

327,275‌

EDP

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.40%),

4.63%,

09/16/54

(a)

(c)

...........

300‌

344,550‌

Minejesa

Capital

BV

4.63%

,

08/10/30

(c)

..................

USD

130‌

127,853‌

5.63%

,

08/10/37

(b)

..................

389‌

372,390‌

Mong

Duong

Finance

Holdings

BV,

5.13%,

05/07/29

(c)

......................

290‌

284,711‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

NRG

Energy,

Inc.

(b)

5.75%

,

07/15/29

...................

USD

71‌

$

70,894‌

6.00%

,

02/01/33

...................

76‌

76,019‌

5.75%

,

01/15/34

...................

73‌

72,009‌

6.25%

,

11/01/34

...................

82‌

82,654‌

6.00%

,

01/15/36

...................

214‌

212,054‌

Pacific

Gas

&

Electric

Co.,

4.20%,

06/01/41

...

4,040‌

3,255,548‌

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

8‌

7,812‌

Public

Power

Corp.

SA,

4.25%,

10/31/30

(c)

...

EUR

148‌

169,073‌

Renew

Treasury

Ifsc

Pvt

Ltd.,

6.50%,

02/02/31

(b)

USD

375‌

363,633‌

Star

Energy

Geothermal

Darajat

II,

4.85%,

10/14/38

(c)

......................

200‌

186,200‌

Star

Energy

Geothermal

Wayang

Windu

Ltd.,

6.75%,

04/24/33

(c)

.................

159‌

159,375‌

Texas

Competitive

Electric

Holdings

Co.

LLC,

5.03%,

12/31/49

(a)

(e)

(f)

(j)

..............

815‌

—‌

Vistra

Operations

Co.

LLC

(b)

7.75%

,

10/15/31

...................

27‌

28,282‌

6.88%

,

04/15/32

...................

38‌

39,328‌

VoltaGrid

LLC,

7.38%,

11/01/30

(b)

.........

183‌

189,004‌

XPLR

Infrastructure

Operating

Partners

LP

(b)

8.38%

,

01/15/31

...................

76‌

80,005‌

8.63%

,

03/15/33

...................

11‌

11,621‌

7.75%

,

04/15/34

...................

124‌

128,061‌

8,596,254‌

Electronic

Equipment,

Instruments

&

Components

—

0.0%

(b)

Coherent

Corp.,

5.00%,

12/15/29

.........

37‌

36,290‌

Sensata

Technologies,

Inc.

4.38%

,

02/15/30

...................

118‌

112,847‌

3.75%

,

02/15/31

...................

51‌

47,304‌

Zebra

Technologies

Corp.,

6.50%,

06/01/32

...

13‌

13,089‌

209,530‌

Energy

Equipment

&

Services

—

0.2%

Archrock

Partners

LP

(b)

6.25%

,

04/01/28

...................

28‌

28,000‌

6.63%

,

09/01/32

...................

92‌

93,808‌

Archrock

Services

LP,

6.00%,

02/01/34

(b)

....

38‌

37,622‌

Deepocean

Ltd.,

6.00%,

04/08/31

(c)

........

EUR

324‌

380,881‌

Diamond

Foreign

Asset

Co.,

8.50%,

10/01/30

(b)

.

USD

13‌

13,734‌

Enerflex,

Inc.,

6.88%,

01/15/31

(b)

.........

5‌

5,105‌

Kodiak

Gas

Services

LLC

(b)

7.25%

,

02/15/29

...................

61‌

63,200‌

5.88%

,

04/01/31

...................

62‌

62,307‌

6.50%

,

10/01/33

...................

39‌

39,421‌

6.75%

,

10/01/35

...................

47‌

47,748‌

Nabors

Industries,

Inc.,

7.63%,

11/15/32

(b)

....

21‌

21,497‌

Noble

Finance

II

LLC,

8.00%,

04/15/30

(b)

....

13‌

13,385‌

Oceaneering

International,

Inc.,

6.00%,

02/01/28

19‌

19,077‌

OEG

Finance

plc,

7.25%,

09/27/29

(c)

.......

EUR

663‌

789,307‌

Star

Holding

LLC,

8.75%,

08/01/31

(b)

.......

USD

38‌

38,552‌

Tidewater,

Inc.,

9.13%,

07/15/30

(b)

.........

25‌

26,633‌

Transocean

International

Ltd.

(b)

8.25%

,

05/15/29

...................

3‌

3,100‌

8.75%

,

02/15/30

...................

8‌

8,737‌

8.50%

,

05/15/31

...................

24‌

25,171‌

7.88%

,

10/15/32

...................

22‌

23,507‌

USA

Compression

Partners

LP

(b)

7.13%

,

03/15/29

...................

55‌

56,275‌

6.25%

,

10/01/33

...................

68‌

67,786‌

Valaris

Ltd.,

8.38%,

04/30/30

(b)

...........

24‌

24,869‌

Weatherford

International

Ltd.,

6.75%,

10/15/33

(b)

78‌

79,698‌

1,969,420‌

Security

Par

(000)

Par

(000)

Value

Entertainment

—

0.1%

Cinemark

USA,

Inc.,

7.00%,

08/01/32

(b)

.....

USD

9‌

$

9,247‌

Discovery

Global

Holdings,

Inc.,

5.05%,

03/15/42

147‌

96,844‌

Live

Nation

Entertainment,

Inc.

(b)

4.75%

,

10/15/27

...................

16‌

15,900‌

3.75%

,

01/15/28

...................

51‌

49,737‌

Pinewood

Finco

plc,

6.00%,

03/27/30

(c)

......

GBP

800‌

1,033,046‌

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

....

USD

22‌

17,167‌

Starz

Capital

Holdings

1,

Inc.,

6.00%,

04/15/30

(b)

(d)

.....................

55‌

50,463‌

Warnermedia

Holdings,

Inc.,

4.28%,

03/15/32

.

48‌

42,480‌

1,314,884‌

Financial

Services

—

1.2%

Block,

Inc.

2.75%

,

06/01/26

...................

36‌

35,836‌

5.63%

,

08/15/30

(b)

..................

41‌

40,773‌

6.50%

,

05/15/32

...................

105‌

105,959‌

6.00%

,

08/15/33

(b)

..................

54‌

53,108‌

Bracken

MidCo1

plc,

6.75%,

(6.75%

Cash

or

7.50%

PIK),

11/01/27

(c)

(h)

.............

GBP

200‌

261,285‌

CrossCountry

Intermediate

HoldCo

LLC

(b)

6.50%

,

10/01/30

...................

USD

13‌

12,391‌

6.75%

,

12/01/32

...................

4‌

3,764‌

CS

Treasury

Management

Services

P

Ltd.,

9.00%

(b)

(d)

(i)

.....................

102‌

102,191‌

Far

East

Horizon

Ltd.

(c)

6.63%

,

04/16/27

...................

290‌

291,812‌

5.88%

,

03/05/28

...................

200‌

199,250‌

Freedom

Mortgage

Holdings

LLC

(b)

6.88%

,

05/01/31

...................

11‌

10,284‌

9.13%

,

05/15/31

...................

44‌

44,726‌

8.38%

,

04/01/32

...................

2‌

1,967‌

Garfunkelux

Holdco

3

SA,

9.00%,

09/01/28

(c)

..

EUR

501‌

581,956‌

Global

Payments,

Inc.,

2.15%,

01/15/27

.....

USD

8,745‌

8,586,194‌

Intrum

Investments

&

Financing

AB,

8.00%,

09/11/27

(c)

......................

EUR

403‌

462,561‌

ION

Platform

Finance

SARL

(c)

7.88%

,

05/01/29

...................

717‌

769,945‌

6.50%

,

09/30/30

...................

210‌

201,167‌

6.88%

,

09/30/32

...................

161‌

148,449‌

NTT

Finance

Corp.,

3.68%,

07/16/33

(c)

......

175‌

199,971‌

PennyMac

Financial

Services,

Inc.

(b)

7.88%

,

12/15/29

...................

USD

22‌

22,505‌

7.13%

,

11/15/30

...................

16‌

15,900‌

6.88%

,

05/15/32

...................

51‌

49,215‌

6.75%

,

02/15/34

...................

18‌

16,845‌

Piramal

Finance

Ltd.,

7.80%,

01/29/28

(c)

.....

200‌

201,375‌

PRA

Group

Europe

Holding

II

SARL,

6.25%,

09/30/32

(c)

......................

EUR

523‌

571,743‌

Progroup

AG

(c)

5.13%

,

04/15/29

...................

129‌

148,504‌

5.38%

,

04/15/31

...................

269‌

304,345‌

Rocket

Cos.,

Inc.

(b)

6.50%

,

08/01/29

...................

USD

67‌

67,754‌

6.13%

,

08/01/30

...................

110‌

111,015‌

7.13%

,

02/01/32

...................

72‌

74,213‌

6.38%

,

08/01/33

...................

125‌

126,343‌

Rocket

Mortgage

LLC

(b)

2.88%

,

10/15/26

...................

58‌

57,373‌

4.00%

,

10/15/33

...................

14‌

12,549‌

Sammaan

Capital

Ltd.,

7.50%,

10/16/30

(c)

....

275‌

266,819‌

Shift4

Payments

LLC

6.75%

,

08/15/32

(b)

..................

129‌

126,852‌

5.50%

,

05/15/33

(c)

..................

EUR

513‌

559,008‌

UWM

Holdings

LLC

(b)

6.63%

,

02/01/30

...................

USD

33‌

31,125‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

6.25%

,

03/15/31

...................

USD

101‌

$

91,979‌

Walker

&

Dunlop,

Inc.,

6.63%,

04/01/33

(b)

....

15‌

14,665‌

WEX,

Inc.,

6.50%,

03/15/33

(b)

...........

45‌

44,081‌

Worldline

SA

(c)

0.00%

,

07/30/26

(k)

(l)

.................

EUR

33‌

38,133‌

0.88%

,

06/30/27

...................

100‌

108,330‌

4.13%

,

09/12/28

...................

100‌

105,028‌

15,279,288‌

Food

Products

—

0.2%

B&G

Foods,

Inc.,

8.00%,

09/15/28

(b)

.......

USD

10‌

9,847‌

Chobani

Holdco

II

LLC,

9.50%,

(9.50%

Cash

or

9.50%

PIK),

10/01/29

(b)

(h)

.............

189‌

191,753‌

Chobani

LLC

(b)

4.63%

,

11/15/28

...................

81‌

79,625‌

7.63%

,

07/01/29

...................

160‌

163,497‌

Darling

Global

Finance

BV,

4.50%,

07/15/32

(c)

.

EUR

337‌

387,598‌

Darling

Ingredients,

Inc.,

6.00%,

06/15/30

(b)

...

USD

47‌

47,329‌

Fiesta

Purchaser,

Inc.

(b)

7.88%

,

03/01/31

...................

3‌

3,054‌

9.63%

,

09/15/32

...................

11‌

11,203‌

Froneri

Lux

FinCo

SARL,

4.75%,

08/01/32

(c)

..

EUR

729‌

795,956‌

Irca

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.90%,

12/15/29

(a)

(c)

...........

146‌

169,022‌

Lamb

Weston

Holdings,

Inc.

(b)

4.88%

,

05/15/28

...................

USD

30‌

29,648‌

4.13%

,

01/31/30

...................

23‌

21,897‌

4.38%

,

01/31/32

...................

36‌

33,442‌

MHP

Lux

SA,

10.50%,

07/28/29

(b)

.........

200‌

201,000‌

Post

Holdings,

Inc.

(b)

4.50%

,

09/15/31

...................

11‌

10,228‌

6.25%

,

02/15/32

...................

12‌

12,124‌

6.38%

,

03/01/33

...................

17‌

16,748‌

6.25%

,

10/15/34

...................

44‌

43,085‌

6.50%

,

03/15/36

...................

56‌

54,842‌

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

....

32‌

30,796‌

Tereos

Finance

Groupe

I

SA,

7.25%,

04/15/28

(c)

EUR

289‌

336,555‌

2,649,249‌

Gas

Utilities

—

0.0%

(b)

AmeriGas

Partners

LP,

9.50%,

06/01/30

.....

USD

15‌

15,891‌

Ferrellgas

LP,

9.25%,

01/15/31

..........

21‌

21,881‌

Promigas

SA

ESP,

3.75%,

10/16/29

........

245‌

225,559‌

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

12‌

11,291‌

274,622‌

Ground

Transportation

—

0.5%

Albion

Financing

1

SARL,

5.38%,

05/21/30

(c)

..

EUR

198‌

229,364‌

BCP

V

Modular

Services

Finance

II

plc

(c)

6.13%

,

11/30/28

...................

GBP

622‌

769,662‌

6.50%

,

07/10/31

...................

EUR

393‌

385,959‌

BCP

V

Modular

Services

Finance

plc,

6.75%,

11/30/29

(c)

......................

235‌

185,743‌

Boels

Topholding

BV

5.75%

,

05/15/30

(c)

..................

914‌

1,061,433‌

EC

Finance

plc,

3.25%,

10/15/26

(c)

(d)

.......

200‌

226,568‌

Edge

Finco

plc,

8.13%,

08/15/31

(c)

........

GBP

786‌

1,073,163‌

Genesee

&

Wyoming,

Inc.,

6.25%,

04/15/32

(b)

.

USD

53‌

53,633‌

Hertz

Corp.

(The),

12.63%,

07/15/29

(b)

......

15‌

13,162‌

Kapla

Holding

SAS

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.65%

,

07/31/30

(a)

................

EUR

137‌

157,749‌

5.00%

,

04/30/31

...................

595‌

676,245‌

Loxam

SAS

(c)

6.38%

,

05/31/29

...................

90‌

106,721‌

4.25%

,

02/15/30

...................

189‌

214,389‌

4.25%

,

02/15/31

...................

256‌

287,134‌

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

(continued)

Mobico

Group

plc,

4.88%,

09/26/31

(c)

.......

EUR

261‌

$

233,535‌

RXO,

Inc.,

6.38%,

05/15/31

(b)

............

USD

15‌

14,393‌

SGL

Group

ApS

(a)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.75%),

6.78%

,

04/22/30

.................

EUR

124‌

133,295‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.27%

,

02/24/31

(b)

(c)

...............

100‌

106,239‌

Watco

Cos.

LLC,

7.13%,

08/01/32

(b)

.......

USD

26‌

26,702‌

5,955,089‌

Health

Care

Equipment

&

Supplies

—

0.1%

Avantor

Funding,

Inc.

(b)

4.63%

,

07/15/28

...................

87‌

84,913‌

3.88%

,

11/01/29

...................

36‌

33,775‌

Bausch

+

Lomb

Corp.

8.38%

,

10/01/28

(b)

..................

195‌

201,338‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

5.89%

,

01/15/31

(a)

(c)

...............

EUR

156‌

180,317‌

Hologic,

Inc.,

3.25%,

02/15/29

(b)

..........

USD

2‌

1,997‌

Insulet

Corp.,

6.50%,

04/01/33

(b)

..........

20‌

20,414‌

Medline

Borrower

LP

(b)

6.25%

,

04/01/29

...................

109‌

111,069‌

5.25%

,

10/01/29

...................

172‌

170,485‌

Neogen

Food

Safety

Corp.,

8.63%,

07/20/30

(b)

.

38‌

39,912‌

Sotera

Health

Holdings

LLC,

7.38%,

06/01/31

(b)

22‌

22,725‌

866,945‌

Health

Care

Providers

&

Services

—

0.2%

Acadia

Healthcare

Co.,

Inc.,

7.38%,

03/15/33

(b)

.

12‌

12,286‌

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

..

78‌

77,136‌

Clariane

SE,

7.88%,

06/27/30

(c)

..........

EUR

300‌

358,782‌

Community

Health

Systems,

Inc.

(b)

5.25%

,

05/15/30

...................

USD

2‌

1,885‌

4.75%

,

02/15/31

...................

94‌

86,661‌

10.88%

,

01/15/32

..................

36‌

38,623‌

9.75%

,

01/15/34

...................

180‌

186,816‌

Concentra

Health

Services,

Inc.,

6.88%,

07/15/32

(b)

......................

39‌

40,321‌

DaVita,

Inc.

(b)

6.88%

,

09/01/32

...................

8‌

8,195‌

6.75%

,

07/15/33

...................

5‌

5,086‌

Ephios

Subco

3

SARL,

7.88%,

01/31/31

(c)

....

EUR

155‌

187,626‌

Gruppo

San

Donato

SpA,

6.50%,

10/31/31

(c)

..

326‌

365,503‌

HAH

Group

Holding

Co.

LLC,

9.75%,

10/01/31

(b)

USD

19‌

16,645‌

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

.......

83‌

80,301‌

LifePoint

Health,

Inc.

(b)

9.88%

,

08/15/30

...................

13‌

13,747‌

11.00%

,

10/15/30

..................

76‌

81,736‌

8.38%

,

02/15/32

...................

37‌

39,513‌

10.00%

,

06/01/32

..................

43‌

43,913‌

Mehilainen

Yhtiot

Oy

(c)

5.13%

,

06/30/32

...................

EUR

360‌

414,657‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.38%),

5.51%

,

06/30/32

(a)

................

100‌

115,380‌

Molina

Healthcare,

Inc.

(b)

3.88%

,

11/15/30

...................

USD

25‌

22,351‌

6.50%

,

02/15/31

...................

41‌

40,307‌

6.25%

,

01/15/33

...................

9‌

8,726‌

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(b)

...

54‌

52,045‌

Prime

Healthcare

Services,

Inc.,

9.38%,

09/01/29

(b)

......................

14‌

14,518‌

Star

Parent,

Inc.,

9.00%,

10/01/30

(b)

........

84‌

87,024‌

Surgery

Center

Holdings,

Inc.,

7.25%,

04/15/32

(b)

176‌

172,863‌

Tenet

Healthcare

Corp.

6.75%

,

05/15/31

...................

125‌

127,767‌

5.50%

,

11/15/32

(b)

..................

22‌

21,797‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

6.00%

,

11/15/33

(b)

..................

USD

34‌

$

34,403‌

US

Acute

Care

Solutions

LLC,

9.75%,

05/15/29

(b)

56‌

54,099‌

2,810,712‌

Health

Care

REITs

—

0.0%

Diversified

Healthcare

Trust,

7.25%,

10/15/30

(b)

17‌

17,146‌

MPT

Operating

Partnership

LP

0.99%

,

10/15/26

...................

EUR

200‌

221,256‌

7.00%

,

02/15/32

(c)

..................

210‌

238,873‌

8.50%

,

02/15/32

(b)

..................

USD

141‌

142,947‌

620,222‌

Health

Care

Technology

—

0.0%

IQVIA,

Inc.,

6.25%,

06/01/32

(b)

...........

70‌

71,084‌

Hotel

&

Resort

REITs

—

0.0%

Park

Intermediate

Holdings

LLC,

7.00%,

02/01/30

(b)

......................

39‌

39,478‌

Pebblebrook

Hotel

LP,

6.38%,

10/15/29

(b)

....

14‌

14,025‌

RHP

Hotel

Properties

LP

(b)

4.50%

,

02/15/29

...................

44‌

42,653‌

6.50%

,

04/01/32

...................

79‌

80,431‌

6.50%

,

06/15/33

...................

49‌

49,896‌

5.75%

,

03/15/34

...................

68‌

67,106‌

RLJ

Lodging

Trust

LP,

4.00%,

09/15/29

(b)

....

52‌

48,703‌

Service

Properties

Trust

0.00%

,

09/30/27

(b)

(l)

.................

32‌

29,114‌

8.63%

,

11/15/31

(b)

..................

228‌

238,105‌

8.88%

,

06/15/32

...................

23‌

22,796‌

XHR

LP,

6.63%,

05/15/30

(b)

.............

12‌

12,115‌

644,422‌

Hotels,

Restaurants

&

Leisure

—

1.1%

1011778

BC

ULC

(b)

3.88%

,

01/15/28

...................

62‌

60,604‌

5.63%

,

09/15/29

...................

15‌

15,033‌

4.00%

,

10/15/30

...................

24‌

22,558‌

Acushnet

Co.,

5.63%,

12/01/33

(b)

.........

13‌

12,899‌

Allwyn

Entertainment

Financing

UK

plc

(c)

7.25%

,

04/30/30

...................

EUR

917‌

1,095,806‌

4.63%

,

08/15/31

...................

181‌

200,509‌

Aramark

International

Finance

SARL,

4.38%,

04/15/33

(c)

......................

100‌

110,102‌

Arcos

Dorados

BV,

6.38%,

01/29/32

(b)

......

USD

359‌

366,826‌

Betclic

Everest

Group

SAS,

5.13%,

12/10/31

(c)

.

EUR

141‌

161,072‌

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

.......

USD

45‌

43,650‌

Caesars

Entertainment,

Inc.

(b)

4.63%

,

10/15/29

...................

34‌

32,704‌

7.00%

,

02/15/30

...................

156‌

157,927‌

6.50%

,

02/15/32

...................

67‌

66,220‌

Carnival

Corp.

(b)

5.88%

,

06/15/31

...................

26‌

26,320‌

5.75%

,

08/01/32

...................

18‌

17,994‌

6.13%

,

02/15/33

...................

122‌

123,223‌

Churchill

Downs,

Inc.

(b)

4.75%

,

01/15/28

...................

44‌

43,407‌

5.75%

,

04/01/30

...................

130‌

128,565‌

6.75%

,

05/01/31

...................

76‌

77,429‌

Cirsa

Finance

International

SARL

(c)

4.88%

,

10/15/31

...................

EUR

100‌

113,788‌

(3-mo.

EURIBOR

+

3.00%),

5.15%

,

10/15/32

(a)

.....................

143‌

164,516‌

CPUK

Finance

Ltd.,

4.50%,

08/28/27

(c)

......

GBP

359‌

459,554‌

Deuce

Finco

plc

(c)

7.00%

,

11/20/31

...................

300‌

391,014‌

(3-mo.

EURIBOR

+

3.50%),

5.65%

,

11/20/32

(a)

.....................

EUR

154‌

177,568‌

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Elior

Group

SA

5.63%

,

03/15/30

(c)

..................

EUR

621‌

$

724,456‌

Entain

plc,

4.88%,

11/30/31

(c)

............

522‌

592,262‌

Essendi

SA

(c)

5.38%

,

05/15/30

...................

100‌

113,153‌

5.50%

,

11/15/31

...................

142‌

160,475‌

5.63%

,

05/15/32

...................

328‌

366,764‌

(3-mo.

EURIBOR

+

3.75%),

5.73%

,

05/15/32

(a)

.....................

109‌

124,941‌

Fertitta

Entertainment

LLC

(b)

4.63%

,

01/15/29

...................

USD

34‌

32,495‌

6.75%

,

01/15/30

...................

32‌

29,889‌

Flutter

Treasury

DAC,

4.00%,

06/04/31

(c)

.....

EUR

237‌

264,407‌

Fortune

Star

BVI

Ltd.

(c)

6.80%

,

09/09/29

...................

USD

200‌

188,985‌

5.88%

,

11/20/30

...................

EUR

275‌

294,814‌

gategroup

Finance

Luxembourg

SA,

3.00%,

02/28/27

(c)

......................

CHF

700‌

878,651‌

Great

Canadian

Gaming

Corp.,

8.75%,

11/15/29

(b)

......................

USD

35‌

34,146‌

Hilton

Domestic

Operating

Co.,

Inc.

(b)

6.13%

,

04/01/32

...................

26‌

26,390‌

5.88%

,

03/15/33

...................

47‌

47,287‌

5.75%

,

09/15/33

...................

7‌

6,969‌

5.50%

,

03/31/34

...................

29‌

28,332‌

Light

&

Wonder

International,

Inc.

(b)

7.25%

,

11/15/29

...................

43‌

43,834‌

7.50%

,

09/01/31

...................

6‌

6,158‌

6.25%

,

10/01/33

...................

18‌

17,634‌

Lindblad

Expeditions

LLC,

7.00%,

09/15/30

(b)

..

49‌

50,029‌

Lottomatica

Group

SpA

(c)

5.38%

,

06/01/30

...................

EUR

100‌

117,715‌

4.88%

,

01/31/31

...................

298‌

347,163‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.26%

,

06/01/31

(a)

................

119‌

137,800‌

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(b)

USD

61‌

45,120‌

Meituan,

4.63%,

10/02/29

(c)

.............

500‌

497,295‌

Melco

Resorts

Finance

Ltd.

5.75%

,

07/21/28

(c)

..................

200‌

196,386‌

5.38%

,

12/04/29

(b)

..................

200‌

191,750‌

7.63%

,

04/17/32

(c)

..................

200‌

203,047‌

7.63%

,

04/17/32

(b)

..................

400‌

406,094‌

6.50%

,

09/24/33

(b)

..................

415‌

398,163‌

MGM

Resorts

International,

6.13%,

09/15/29

..

42‌

42,249‌

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

......................

51‌

49,461‌

Mohegan

Tribal

Gaming

Authority,

8.25%,

04/15/30

(b)

......................

28‌

28,664‌

NCL

Corp.

Ltd.

(b)

5.88%

,

01/15/31

...................

5‌

4,858‌

6.75%

,

02/01/32

...................

9‌

8,931‌

6.25%

,

09/15/33

...................

127‌

123,233‌

Pinnacle

Bidco

plc

(c)

8.25%

,

10/11/28

...................

EUR

100‌

119,320‌

10.00%

,

10/11/28

..................

GBP

148‌

203,146‌

Premier

Entertainment

Sub

LLC,

5.88%,

09/01/31

(b)

......................

USD

55‌

30,250‌

Rivers

Enterprise

Borrower

LLC

(b)

6.25%

,

10/15/30

...................

17‌

16,957‌

6.63%

,

02/01/33

...................

18‌

17,865‌

Sands

China

Ltd.,

4.38%,

06/18/30

(d)

.......

200‌

192,824‌

Scientific

Games

Holdings

LP,

6.63%,

03/01/30

(b)

33‌

28,389‌

Six

Flags

Entertainment

Corp.,

8.63%,

01/15/32

(b)

14‌

14,023‌

Station

Casinos

LLC

(b)

4.63%

,

12/01/31

...................

20‌

18,674‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

6.63%

,

03/15/32

...................

USD

36‌

$

36,139‌

Stonegate

Pub

Co.

Financing

plc

(c)

(3-mo.

EURIBOR

+

6.63%),

8.62%

,

07/31/29

(a)

.....................

EUR

100‌

113,068‌

10.75%

,

07/31/29

..................

GBP

171‌

224,095‌

Studio

City

Co.

Ltd.,

7.00%,

02/15/27

(c)

......

USD

200‌

199,600‌

TUI

Cruises

GmbH,

5.00%,

05/15/30

(c)

......

EUR

147‌

165,397‌

Vail

Resorts,

Inc.

(b)

5.63%

,

07/15/30

...................

USD

23‌

22,810‌

6.50%

,

05/15/32

...................

37‌

37,417‌

Viking

Cruises

Ltd.

(b)

7.00%

,

02/15/29

...................

13‌

13,024‌

9.13%

,

07/15/31

...................

16‌

16,879‌

5.88%

,

10/15/33

...................

75‌

74,048‌

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

......................

41‌

40,938‌

Voyager

Parent

LLC,

9.25%,

07/01/32

(b)

.....

36‌

37,376‌

Wyndham

Hotels

&

Resorts,

Inc.,

5.63%,

03/01/33

(b)

......................

18‌

17,712‌

Wynn

Macau

Ltd.

5.63%

,

08/26/28

(b)

..................

200‌

196,592‌

5.63%

,

08/26/28

(c)

..................

268‌

263,434‌

6.75%

,

02/15/34

(b)

..................

305‌

296,613‌

6.75%

,

02/15/34

(c)

..................

350‌

340,375‌

Wynn

Resorts

Finance

LLC

(b)

5.13%

,

10/01/29

...................

27‌

26,651‌

7.13%

,

02/15/31

...................

55‌

57,653‌

6.25%

,

03/15/33

...................

43‌

42,553‌

13,763,110‌

Household

Durables

—

0.6%

Ashton

Woods

USA

LLC

(b)

4.63%

,

08/01/29

...................

25‌

23,618‌

6.88%

,

08/01/33

...................

17‌

16,400‌

Beazer

Homes

USA,

Inc.,

5.88%,

10/15/27

...

7‌

6,966‌

Brookfield

Residential

Properties,

Inc.

(b)

5.00%

,

06/15/29

...................

32‌

30,362‌

4.88%

,

02/15/30

...................

31‌

28,462‌

Century

Communities,

Inc.,

6.63%,

09/15/33

(b)

.

21‌

20,573‌

Dream

Finders

Homes,

Inc.,

8.25%,

08/15/28

(b)

.

12‌

12,193‌

Empire

Communities

Corp.,

9.75%,

05/01/29

(b)

.

7‌

7,029‌

Installed

Building

Products,

Inc.,

5.63%,

02/01/34

(b)

......................

27‌

26,346‌

K.

Hovnanian

Enterprises,

Inc.

(b)

8.00%

,

04/01/31

...................

62‌

61,298‌

8.38%

,

10/01/33

...................

48‌

47,467‌

LGI

Homes,

Inc.

(b)

8.75%

,

12/15/28

...................

24‌

24,555‌

7.00%

,

11/15/32

...................

28‌

25,963‌

Maison

Finco

plc,

7.25%,

04/30/32

(c)

.......

GBP

157‌

194,820‌

Mattamy

Group

Corp.,

6.00%,

12/15/33

(b)

....

USD

18‌

16,903‌

Meritage

Homes

Corp.,

1.75%,

05/15/28

(k)

....

47‌

45,261‌

Newell

Brands,

Inc.

8.50%

,

06/01/28

(b)

..................

24‌

24,773‌

6.63%

,

09/15/29

...................

7‌

6,832‌

6.38%

,

05/15/30

...................

10‌

9,599‌

6.63%

,

05/15/32

...................

15‌

14,355‌

7.50%

,

04/01/46

(d)

..................

8,142‌

6,533,195‌

Risewell

Homes,

Inc.

(b)

9.25%

,

10/01/29

...................

25‌

25,253‌

8.50%

,

11/01/30

...................

7‌

6,845‌

Somnigroup

International,

Inc.,

3.88%,

10/15/31

(b)

43‌

39,094‌

STL

Holding

Co.

LLC,

8.75%,

02/15/29

(b)

....

14‌

14,464‌

Taylor

Morrison

Communities,

Inc.,

5.75%,

11/15/32

(b)

......................

13‌

13,011‌

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

TRI

Pointe

Homes,

Inc.,

5.25%,

06/01/27

....

USD

2‌

$

1,995‌

7,277,632‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Andes

SA,

6.30%,

03/15/29

(b)

........

275‌

281,016‌

Clearway

Energy

Operating

LLC

(b)

4.75%

,

03/15/28

...................

50‌

49,333‌

3.75%

,

01/15/32

...................

41‌

37,374‌

Constellation

Energy

Generation

LLC

(b)

4.63%

,

02/01/29

...................

16‌

15,806‌

5.00%

,

02/01/31

...................

14‌

14,038‌

Lightning

Power

LLC,

7.25%,

08/15/32

(b)

.....

9‌

9,355‌

San

Miguel

Global

Power

Holdings

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

7.73%),

8.75%

(a)

(c)

(i)

..........

200‌

198,064‌

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

(b)

..

8‌

8,393‌

TransAlta

Corp.,

5.88%,

02/01/34

(b)

........

25‌

24,832‌

Vistra

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

6.93%),

8.00%

(a)

(b)

(i)

.....................

21‌

21,222‌

XPLR

Infrastructure

LP,

2.50%,

06/15/26

(b)

(k)

..

92‌

91,080‌

750,513‌

Industrial

REITs

—

0.0%

Trust

2401,

6.95%,

01/30/44

(b)

...........

200‌

194,176‌

Insurance

—

0.6%

Alliant

Holdings

Intermediate

LLC

(b)

4.25%

,

10/15/27

...................

128‌

125,447‌

6.75%

,

10/15/27

...................

16‌

15,988‌

6.75%

,

04/15/28

...................

145‌

145,790‌

5.88%

,

11/01/29

...................

84‌

81,273‌

7.00%

,

01/15/31

...................

26‌

26,221‌

6.50%

,

10/01/31

...................

5‌

4,910‌

7.38%

,

10/01/32

...................

145‌

143,615‌

AmWINS

Group,

Inc.

(b)

6.38%

,

02/15/29

...................

12‌

12,070‌

4.88%

,

06/30/29

...................

45‌

43,108‌

Amynta

Agency

Borrower,

Inc.,

7.50%,

07/15/33

(b)

......................

71‌

67,332‌

APH

Somerset

Investor

2

LLC,

7.88%,

11/01/29

(b)

41‌

37,075‌

Ardonagh

Finco

Ltd.

6.88%

,

02/15/31

(c)

..................

EUR

1,035‌

1,188,052‌

7.75%

,

02/15/31

(b)

..................

USD

200‌

202,344‌

Ardonagh

Group

Finance

Ltd.,

8.88%,

02/15/32

(b)

200‌

195,953‌

Asurion

LLC

(b)

8.00%

,

12/31/32

...................

130‌

134,868‌

8.38%

,

02/01/34

...................

104‌

100,970‌

Fubon

Life

Singapore

Pte.

Ltd.,

5.45%,

12/10/35

(c)

......................

400‌

393,624‌

Howden

UK

Refinance

plc

(b)

7.25%

,

02/15/31

...................

197‌

198,659‌

8.13%

,

02/15/32

...................

109‌

102,128‌

HUB

International

Ltd.

(b)

7.25%

,

06/15/30

...................

373‌

382,103‌

7.38%

,

01/31/32

...................

473‌

482,442‌

Jones

Deslauriers

Insurance

Management,

Inc.

(b)

8.50%

,

03/15/30

...................

39‌

39,641‌

6.88%

,

10/01/33

...................

75‌

68,611‌

Meiji

Yasuda

Life

Insurance

Co.

(a)(c)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.03%),

5.80%

,

09/11/54

......................

200‌

197,672‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.91%),

6.10%

,

06/11/55

......................

600‌

600,548‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Nanshan

Life

Pte.

Ltd.

(c)

5.45%

,

09/11/34

...................

USD

200‌

$

193,090‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.85%),

5.88%

,

03/17/41

(a)

.....................

200‌

193,952‌

NN

Group

NV,

(3-mo.

EURIBOR

+

4.00%),

6.00%,

11/03/43

(a)

(c)

................

EUR

619‌

781,126‌

Panther

Escrow

Issuer

LLC,

7.13%,

06/01/31

(b)

.

USD

355‌

356,192‌

RLGH

Finance

Bermuda

Ltd.,

6.75%,

07/02/35

(c)

275‌

282,894‌

Ryan

Specialty

LLC

(b)

4.38%

,

02/01/30

...................

25‌

24,219‌

5.88%

,

08/01/32

...................

32‌

31,628‌

Tongyang

Life

Insurance

Co.

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.40%),

6.25%,

05/07/35

(a)

(c)

....

400‌

411,520‌

Unipol

Assicurazioni

SpA,

4.90%,

05/23/34

(c)

..

EUR

100‌

118,189‌

USI,

Inc.,

7.50%,

01/15/32

(b)

............

USD

76‌

77,000‌

7,460,254‌

Interactive

Media

&

Services

—

0.0%

Snap,

Inc.

(b)

6.88%

,

03/01/33

...................

77‌

72,709‌

6.88%

,

03/15/34

...................

61‌

57,375‌

130,084‌

IT

Services

—

1.9%

Almaviva-The

Italian

Innovation

Co.

SpA,

5.00%,

10/30/30

(c)

......................

EUR

350‌

383,364‌

Atos

SE,

9.36%,

12/18/29

(c)

(d)

............

564‌

734,339‌

Beignet

Investor

LLC,

6.58%,

05/30/49

(b)

.....

USD

19,290‌

19,833,132‌

Cedacri

SpA,

(3-mo.

EURIBOR

at

4.63%

Floor

+

4.63%),

6.61%,

05/15/28

(a)

(c)

...........

EUR

149‌

166,818‌

CoreWeave,

Inc.,

9.25%,

06/01/30

(b)

.......

USD

40‌

38,866‌

Engineering

-

Ingegneria

Informatica

-

SpA,

11.13%,

05/15/28

(c)

................

EUR

459‌

538,014‌

Fortress

Intermediate

3,

Inc.,

7.50%,

06/01/31

(b)

USD

115‌

114,293‌

ION

Platform

Finance

US,

Inc.,

5.75%,

05/15/28

(b)

......................

735‌

697,408‌

OVH

Groupe

SA

4.75%

,

02/05/31

(c)

..................

EUR

600‌

672,556‌

United

Group

BV,

5.25%,

02/01/30

(c)

.......

238‌

268,302‌

23,447,092‌

Life

Sciences

Tools

&

Services

—

0.0%

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

(b)

....

USD

14‌

13,268‌

Machinery

—

0.1%

Amsted

Industries,

Inc.,

6.38%,

03/15/33

(b)

...

13‌

13,064‌

Chart

Industries,

Inc.

(b)

7.50%

,

01/01/30

...................

73‌

75,840‌

9.50%

,

01/01/31

...................

30‌

31,515‌

Columbus

McKinnon

Corp.,

7.13%,

02/01/33

(b)

.

25‌

24,989‌

CompoSecure

Holdings

LLC,

5.63%,

02/01/33

(b)

122‌

119,188‌

Enpro,

Inc.,

6.13%,

06/01/33

(b)

...........

19‌

19,218‌

Esab

Corp.

(b)

6.25%

,

04/15/29

...................

30‌

30,447‌

5.63%

,

04/01/31

...................

65‌

65,456‌

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/23/29

(b)

......................

41‌

26,187‌

IMA

Industria

Macchine

Automatiche

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.77%,

04/15/29

(a)

(c)

.....................

EUR

313‌

361,824‌

King

US

Bidco,

Inc.,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.31%,

12/01/32

(a)

(c)

......

218‌

250,740‌

LSF12

Helix

Parent

LLC,

7.13%,

02/01/33

(b)

...

USD

75‌

72,180‌

Manitowoc

Co.,

Inc.

(The),

9.25%,

10/01/31

(b)

..

16‌

16,708‌

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(b)

59‌

56,840‌

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Terex

Corp.

(b)

5.00%

,

05/15/29

...................

USD

2‌

$

1,970‌

6.25%

,

10/15/32

...................

42‌

42,274‌

TK

Elevator

Midco

GmbH,

4.38%,

07/15/27

(c)

..

EUR

38‌

43,662‌

1,252,102‌

Media

—

0.6%

Block

Communications,

Inc.,

10.25%,

03/01/31

(b)

USD

11‌

10,064‌

Cable

One,

Inc.,

1.13%,

03/15/28

(k)

........

36‌

27,072‌

Charter

Communications

Operating

LLC,

5.13%,

07/01/49

.......................

1,000‌

767,780‌

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

7.75%

,

04/15/28

...................

108‌

108,512‌

7.50%

,

06/01/29

...................

72‌

72,304‌

7.88%

,

04/01/30

...................

116‌

121,394‌

7.13%

,

02/15/31

...................

93‌

97,436‌

7.50%

,

03/15/33

...................

144‌

152,496‌

CMG

Media

Corp.,

8.88%,

06/18/29

(b)

......

36‌

31,128‌

CSC

Holdings

LLC,

11.25%,

05/15/28

(b)

.....

200‌

163,429‌

DirecTV

Financing

LLC

(b)

5.88%

,

08/15/27

...................

42‌

41,956‌

8.88%

,

02/01/30

...................

59‌

58,869‌

10.00%

,

02/15/31

..................

125‌

127,603‌

Discovery

Communications

LLC,

3.95%,

03/20/28

.......................

30‌

29,391‌

DISH

DBS

Corp.

(b)

5.25%

,

12/01/26

...................

118‌

116,988‌

5.75%

,

12/01/28

...................

108‌

104,457‌

DISH

Network

Corp.,

11.75%,

11/15/27

(b)

....

199‌

205,019‌

EchoStar

Corp.

10.75%

,

11/30/29

..................

159‌

171,446‌

6.75%

,

11/30/30

...................

244‌

246,165‌

Gray

Media,

Inc.

(b)

10.50%

,

07/15/29

..................

20‌

21,253‌

9.63%

,

07/15/32

...................

69‌

68,996‌

7.25%

,

08/15/33

...................

63‌

63,483‌

Lamar

Media

Corp.

4.00%

,

02/15/30

...................

4‌

3,817‌

5.38%

,

11/01/33

(b)

..................

26‌

25,447‌

Midcontinent

Communications,

8.00%,

08/15/32

(b)

......................

33‌

30,734‌

Neptune

Bidco

US,

Inc.

(b)

9.29%

,

04/15/29

...................

50‌

50,139‌

10.38%

,

05/15/31

..................

44‌

44,396‌

9.50%

,

02/15/33

...................

46‌

44,631‌

Outfront

Media

Capital

LLC

(b)

5.00%

,

08/15/27

...................

13‌

12,969‌

4.25%

,

01/15/29

...................

89‌

85,796‌

4.63%

,

03/15/30

...................

49‌

47,277‌

7.38%

,

02/15/31

...................

28‌

29,196‌

SES

SA,

4.88%,

06/24/33

(c)

.............

EUR

101‌

114,685‌

Sinclair

Television

Group,

Inc.,

8.13%,

02/15/33

(b)

USD

72‌

73,193‌

Sirius

XM

Radio

LLC

(b)

5.00%

,

08/01/27

...................

43‌

42,940‌

4.00%

,

07/15/28

...................

26‌

25,097‌

Stagwell

Global

LLC,

5.63%,

08/15/29

(b)

.....

46‌

43,794‌

Summer

BC

Holdco

B

SARL

(c)

5.88%

,

02/15/30

...................

EUR

251‌

249,549‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.23%

,

02/15/30

(a)

................

200‌

200,866‌

Sunrise

FinCo.

I

BV,

4.63%,

05/15/32

(c)

......

302‌

341,068‌

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

.................

USD

400‌

392,528‌

Univision

Communications,

Inc.

(b)

8.00%

,

08/15/28

...................

108‌

109,619‌

7.38%

,

06/30/30

...................

45‌

44,097‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

(continued)

8.50%

,

07/31/31

...................

USD

48‌

$

48,234‌

9.38%

,

08/01/32

...................

20‌

20,612‌

Versant

Media

Group,

Inc.,

7.25%,

01/30/31

(b)

.

14‌

14,328‌

Virgin

Media

O2

Vendor

Financing

Notes

V

DAC,

7.88%,

03/15/32

(c)

.................

GBP

164‌

192,284‌

Virgin

Media

O2

Vendor

Financing

Notes

VII

DAC,

7.50%,

07/15/33

(c)

.............

EUR

162‌

164,094‌

Virgin

Media

O2

Vendor

Financing

Notes

VIII

DAC,

8.88%,

07/15/33

(c)

.............

GBP

118‌

137,821‌

VZ

Secured

Financing

BV,

5.25%,

01/15/33

(c)

..

EUR

1,002‌

1,067,721‌

Ziggo

Bond

Co.

BV

3.38%

,

02/28/30

(c)

..................

109‌

106,261‌

5.13%

,

02/28/30

(b)

..................

USD

223‌

191,353‌

6.13%

,

11/15/32

(c)

..................

EUR

300‌

294,275‌

Ziggo

BV,

2.88%,

01/15/30

(c)

............

100‌

106,160‌

7,162,222‌

Metals

&

Mining

—

0.6%

ABJA

Investment

Co.

Pte.

Ltd.,

5.45%,

01/24/28

(c)

......................

USD

200‌

201,518‌

AngloGold

Ashanti

Holdings

plc,

3.38%,

11/01/28

472‌

451,940‌

Arsenal

AIC

Parent

LLC

(b)

8.00%

,

10/01/30

...................

22‌

22,906‌

11.50%

,

10/01/31

..................

166‌

179,363‌

Cleveland-Cliffs,

Inc.,

6.88%,

11/01/29

(b)

.....

49‌

48,996‌

Commercial

Metals

Co.

(b)

5.75%

,

11/15/33

...................

39‌

38,590‌

6.00%

,

12/15/35

...................

40‌

39,434‌

Constellium

SE,

5.63%,

06/15/28

(b)

........

250‌

248,768‌

Corp.

Nacional

del

Cobre

de

Chile,

5.53%,

01/30/37

(b)

......................

390‌

382,083‌

CSN

Resources

SA,

4.63%,

06/10/31

(c)

.....

224‌

136,360‌

ERO

Copper

Corp.,

6.50%,

02/15/30

(b)

......

107‌

105,918‌

Freeport

Indonesia

PT,

4.76%,

04/14/27

(b)

....

341‌

340,277‌

Freeport-McMoRan,

Inc.,

5.45%,

03/15/43

...

260‌

245,982‌

Kaiser

Aluminum

Corp.

(b)

4.50%

,

06/01/31

...................

136‌

128,484‌

5.88%

,

03/01/34

...................

117‌

114,879‌

Marcobre

SAC,

5.75%,

01/22/36

(b)

........

336‌

325,382‌

Navoi

Mining

&

Metallurgical

Combinat,

6.70%,

10/17/28

(b)

......................

237‌

241,076‌

New

Gold,

Inc.,

6.88%,

04/01/32

(b)

........

32‌

33,074‌

Nexa

Resources

SA,

6.75%,

04/09/34

(b)

.....

335‌

348,819‌

Novelis

Corp.

(b)

4.75%

,

01/30/30

...................

87‌

81,998‌

6.88%

,

01/30/30

...................

39‌

39,338‌

3.88%

,

08/15/31

...................

8‌

7,125‌

6.38%

,

08/15/33

...................

82‌

80,433‌

Novelis

Sheet

Ingot

GmbH,

3.38%,

04/15/29

(c)

.

EUR

100‌

109,677‌

Samarco

Mineracao

SA

(h)

9.00%

,

(

9.00

%

Cash

or

9.00

%

PIK),

06/30/31

(c)

.....................

USD

649‌

638,854‌

9.00%

,

(

9.00

%

Cash

or

9.00

%

PIK),

06/30/31

(b)

.....................

99‌

97,518‌

Stillwater

Mining

Co.,

4.50%,

11/16/29

(b)

.....

406‌

382,204‌

Vale

Overseas

Ltd.

6.40%

,

06/28/54

...................

165‌

166,020‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.43%),

6.00%

,

02/25/56

(a)

(b)

....................

374‌

369,100‌

Vedanta

Resources

Finance

II

plc

10.88%

,

09/17/29

(b)

.................

410‌

429,270‌

10.88%

,

09/17/29

(c)

.................

300‌

314,100‌

11.25%

,

12/03/31

(b)

.................

200‌

212,812‌

11.25%

,

12/03/31

(c)

.................

200‌

212,812‌

9.85%

,

04/24/33

(b)

..................

224‌

229,343‌

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

Volcan

Cia

Minera

SAA,

8.50%,

10/28/32

(b)

...

USD

374‌

$

380,508‌

7,384,961‌

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

(b)

Blackstone

Mortgage

Trust,

Inc.,

3.75%,

01/15/27

36‌

35,383‌

Starwood

Property

Trust,

Inc.

7.25%

,

04/01/29

...................

19‌

19,563‌

6.00%

,

04/15/30

...................

10‌

9,981‌

6.50%

,

07/01/30

...................

7‌

7,149‌

6.50%

,

10/15/30

...................

47‌

47,668‌

119,744‌

Multi-Utilities

—

0.0%

AGL

Energy

Ltd.

(c)

5.35%

,

09/30/32

...................

AUD

240‌

158,643‌

5.77%

,

09/30/35

...................

200‌

131,358‌

290,001‌

Office

REITs

—

0.1%

Alstria

Office

AG

(c)

4.25%

,

10/15/29

...................

EUR

200‌

220,536‌

5.50%

,

03/20/31

...................

600‌

686,684‌

907,220‌

Oil,

Gas

&

Consumable

Fuels

—

1.5%

Aethon

United

BR

LP,

7.50%,

10/01/29

(b)

.....

USD

44‌

45,890‌

Antero

Midstream

Partners

LP

(b)

5.38%

,

06/15/29

...................

55‌

54,824‌

6.63%

,

02/01/32

...................

6‌

6,132‌

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%

,

11/01/27

...................

19‌

22,182‌

5.88%

,

06/30/29

...................

13‌

12,988‌

6.63%

,

07/15/33

...................

21‌

21,361‌

Azule

Energy

Finance

plc,

8.25%,

01/22/31

(b)

..

325‌

328,100‌

Blue

Racer

Midstream

LLC

(b)

7.00%

,

07/15/29

...................

25‌

25,827‌

7.25%

,

07/15/32

...................

20‌

20,775‌

Breakwater

Energy

Holdings

SARL

9.25%

,

11/15/30

(c)

..................

272‌

285,650‌

9.25%

,

11/15/30

(b)

..................

250‌

262,546‌

Buckeye

Partners

LP

6.88%

,

07/01/29

(b)

..................

2‌

2,058‌

6.75%

,

02/01/30

(b)

..................

9‌

9,288‌

5.85%

,

11/15/43

...................

34‌

30,774‌

California

Resources

Corp.,

7.00%,

01/15/34

(b)

.

16‌

16,131‌

Caturus

Energy

LLC,

8.50%,

02/15/30

(b)

.....

73‌

75,746‌

Cheniere

Corpus

Christi

Holdings

LLC,

5.13%,

06/30/27

.......................

500‌

502,581‌

Chord

Energy

Corp.,

6.75%,

03/15/33

(b)

.....

9‌

9,292‌

CITGO

Petroleum

Corp.,

8.38%,

01/15/29

(b)

...

71‌

73,321‌

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

63‌

59,897‌

CNX

Resources

Corp.

(b)

7.25%

,

03/01/32

...................

12‌

12,366‌

5.88%

,

03/01/34

...................

37‌

36,033‌

Comstock

Resources,

Inc.

(b)

6.75%

,

03/01/29

...................

62‌

61,224‌

5.88%

,

01/15/30

...................

54‌

52,249‌

Crescent

Energy

Finance

LLC

(b)

7.75%

,

07/31/29

...................

6‌

6,045‌

9.75%

,

10/15/30

...................

4‌

4,280‌

7.63%

,

04/01/32

...................

31‌

31,459‌

7.88%

,

04/15/32

...................

15‌

15,325‌

7.38%

,

01/15/33

...................

21‌

20,995‌

8.38%

,

01/15/34

...................

17‌

17,772‌

CVR

Energy,

Inc.

(b)

7.50%

,

02/15/31

...................

16‌

16,119‌

7.88%

,

02/15/34

...................

11‌

11,039‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

DBR

Land

Holdings

LLC,

6.25%,

12/01/30

(b)

..

USD

21‌

$

21,262‌

Delek

Logistics

Partners

LP,

7.38%,

06/30/33

(b)

.

36‌

36,298‌

Energean

plc

5.63%

,

05/12/31

(b)

..................

EUR

221‌

248,525‌

5.63%

,

05/12/31

(c)

..................

375‌

421,705‌

Energy

Transfer

LP

5.75%

,

02/15/33

...................

USD

1,925‌

2,002,005‌

5.15%

,

02/01/43

...................

150‌

132,765‌

5.30%

,

04/15/47

...................

721‌

636,196‌

5.00%

,

05/15/50

...................

1,060‌

879,669‌

Enterprise

Products

Operating

LLC

4.80%

,

02/01/49

...................

320‌

278,767‌

3.95%

,

01/31/60

...................

320‌

231,116‌

Genesis

Energy

LP

8.00%

,

05/15/33

...................

5‌

5,167‌

6.75%

,

03/15/34

(b)

..................

66‌

65,688‌

Global

Partners

LP,

7.13%,

07/01/33

(b)

......

15‌

15,122‌

Gran

Tierra

Energy,

Inc.,

9.75%,

04/15/31

(b)

...

334‌

291,832‌

Gulfport

Energy

Operating

Corp.,

6.75%,

09/01/29

(b)

......................

22‌

22,500‌

Harvest

Midstream

I

LP,

7.50%,

05/15/32

(b)

...

13‌

13,251‌

Hess

Midstream

Operations

LP

(b)

6.50%

,

06/01/29

...................

23‌

23,495‌

4.25%

,

02/15/30

...................

14‌

13,453‌

Hilcorp

Energy

I

LP

(b)

6.25%

,

11/01/28

...................

27‌

27,054‌

5.75%

,

02/01/29

...................

30‌

29,580‌

6.00%

,

04/15/30

...................

4‌

3,893‌

6.25%

,

04/15/32

...................

3‌

2,904‌

6.88%

,

05/15/34

...................

38‌

37,126‌

7.25%

,

02/15/35

...................

7‌

6,978‌

Howard

Midstream

Energy

Partners

LLC

(b)

7.38%

,

07/15/32

...................

15‌

15,511‌

6.63%

,

01/15/34

...................

36‌

36,137‌

India

Green

Power

Holdings,

4.00%,

02/22/27

(c)

152‌

148,048‌

Infinity

Natural

Resources

LLC,

7.63%,

04/01/31

(b)

......................

26‌

26,137‌

Ithaca

Energy

North

Sea

plc,

5.50%,

10/01/31

(c)

EUR

228‌

263,585‌

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

.......

USD

104‌

101,123‌

Kinetik

Holdings

LP

(b)

6.63%

,

12/15/28

...................

25‌

25,423‌

5.88%

,

06/15/30

...................

5‌

5,018‌

Magnolia

Oil

&

Gas

Operating

LLC,

6.88%,

12/01/32

(b)

......................

16‌

16,466‌

Matador

Resources

Co.

(b)

6.50%

,

04/15/32

...................

34‌

34,370‌

6.00%

,

04/15/34

...................

32‌

31,798‌

MC

Brazil

Downstream

Trading

SARL,

7.25%,

06/30/31

(c)

......................

331‌

295,626‌

Medco

Cypress

Tree

Pte.

Ltd.,

8.63%,

05/19/30

(b)

250‌

256,875‌

Medco

Maple

Tree

Pte.

Ltd.,

8.96%,

04/27/29

(b)

250‌

256,413‌

MPLX

LP

4.95%

,

03/14/52

...................

5,499‌

4,565,046‌

5.65%

,

03/01/53

...................

930‌

849,509‌

Murphy

Oil

Corp.,

5.88%,

12/01/42

(d)

.......

16‌

13,577‌

NAK

Naftogaz

Ukraine

(h)

7.13%

,

(

7.13

%

Cash

or

7.13

%

PIK),

07/19/26

(c)

.....................

EUR

513‌

486,100‌

7.63%

,

(

7.63

%

Cash

or

7.63

%

PIK),

11/08/28

(b)

.....................

USD

235‌

183,050‌

NGL

Energy

Operating

LLC

(b)

8.13%

,

02/15/29

...................

49‌

50,477‌

8.38%

,

02/15/32

...................

58‌

59,772‌

Northern

Oil

&

Gas,

Inc.,

7.88%,

10/15/33

(b)

...

44‌

45,525‌

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Northriver

Midstream

Finance

LP,

6.75%,

07/15/32

(b)

......................

USD

19‌

$

19,056‌

PBF

Holding

Co.

LLC,

7.88%,

09/15/30

(b)

....

17‌

17,458‌

Permian

Resources

Operating

LLC

(b)

8.00%

,

04/15/27

...................

48‌

48,041‌

5.88%

,

07/01/29

...................

35‌

35,040‌

7.00%

,

01/15/32

...................

30‌

31,065‌

6.25%

,

02/01/33

...................

52‌

52,969‌

Petrobras

Global

Finance

BV,

6.75%,

01/27/41

.

363‌

353,489‌

Pluspetrol

Camisea

SA,

6.24%,

07/03/36

(b)

...

350‌

362,687‌

Prairie

Acquiror

LP,

9.00%,

08/01/29

(b)

......

23‌

23,759‌

PRIO

Luxembourg

Holding

SARL,

6.75%,

10/15/30

(b)

......................

372‌

361,863‌

Raizen

Fuels

Finance

SA

(b)

6.45%

,

03/05/34

...................

465‌

255,750‌

6.95%

,

03/05/54

...................

200‌

106,100‌

Rockies

Express

Pipeline

LLC,

4.95%,

07/15/29

(b)

......................

31‌

30,227‌

SM

Energy

Co.,

6.63%,

04/15/34

(b)

........

73‌

72,794‌

Sunoco

LP

(b)

5.63%

,

03/15/31

...................

15‌

14,931‌

6.63%

,

08/15/32

...................

20‌

20,314‌

6.25%

,

07/01/33

...................

17‌

17,074‌

5.88%

,

03/15/34

...................

16‌

15,823‌

Tallgrass

Energy

Partners

LP

(b)

5.50%

,

01/15/28

...................

66‌

65,442‌

7.38%

,

02/15/29

...................

27‌

27,776‌

6.00%

,

09/01/31

...................

15‌

14,802‌

TGNR

Intermediate

Holdings

LLC,

5.50%,

10/15/29

(b)

......................

49‌

47,910‌

TPAO

Varlik

Kiralama

ASA,

6.30%,

03/04/31

(c)

.

200‌

191,310‌

TransMontaigne

Partners

LLC,

8.50%,

06/15/30

(b)

6‌

6,066‌

Trident

Energy

Finance

plc,

12.50%,

11/30/29

(c)

313‌

332,669‌

Venture

Global

LNG,

Inc.

(b)

9.50%

,

02/01/29

...................

12‌

12,975‌

8.38%

,

06/01/31

...................

158‌

164,316‌

9.88%

,

02/01/32

...................

197‌

211,576‌

Venture

Global

Plaquemines

LNG

LLC

(b)

6.13%

,

12/15/30

...................

73‌

75,075‌

7.50%

,

05/01/33

...................

33‌

36,274‌

6.50%

,

01/15/34

...................

104‌

108,414‌

7.75%

,

05/01/35

...................

57‌

63,885‌

6.75%

,

01/15/36

...................

127‌

134,512‌

Vista

Energy

Argentina

SAU,

8.50%,

06/10/33

(b)

174‌

181,980‌

Wildfire

Intermediate

Holdings

LLC,

7.50%,

10/15/29

(b)

......................

46‌

46,610‌

18,922,238‌

Paper

&

Forest

Products

—

0.2%

Eldorado

Intl.

Finance

GmbH,

8.50%,

12/01/32

(b)

299‌

300,223‌

Fedrigoni

SpA

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

6.13%

,

01/15/30

(a)

................

EUR

100‌

109,275‌

6.13%

,

06/15/31

...................

418‌

445,113‌

LD

Celulose

International

GmbH,

7.95%,

01/26/32

(b)

......................

USD

330‌

339,232‌

Sappi

Papier

Holding

GmbH

4.50%

,

03/15/32

(c)

..................

EUR

961‌

991,104‌

WEPA

Hygieneprodukte

GmbH,

5.63%,

01/15/31

(c)

......................

448‌

520,223‌

2,705,170‌

Passenger

Airlines

—

0.1%

ABRA

Global

Finance,

14.00%,

(14.00%

Cash

or

14.00%

PIK),

10/22/29

(b)

(h)

............

USD

384‌

349,172‌

American

Airlines,

Inc.,

5.75%,

04/20/29

(b)

....

5‌

4,973‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Passenger

Airlines

(continued)

Avianca

Midco

2

plc

9.00%

,

12/01/28

(c)

..................

USD

144‌

$

138,888‌

9.50%

,

01/28/31

(b)

..................

245‌

225,167‌

JetBlue

Airways

Corp.,

9.88%,

09/20/31

(b)

....

42‌

39,692‌

OneSky

Flight

LLC,

8.88%,

12/15/29

(b)

......

23‌

23,741‌

United

Airlines

Holdings,

Inc.,

5.38%,

03/01/31

.

38‌

37,214‌

818,847‌

Personal

Care

Products

—

0.1%

Opal

Bidco

SAS,

5.50%,

03/31/32

(c)

........

EUR

385‌

434,336‌

Perrigo

Finance

Unlimited

Co.

5.38%

,

09/30/32

...................

234‌

252,737‌

6.13%

,

09/30/32

...................

USD

51‌

46,534‌

733,607‌

Pharmaceuticals

—

0.8%

1261229

BC

Ltd.,

10.00%,

04/15/32

(b)

......

600‌

614,306‌

Amneal

Pharmaceuticals

LLC,

6.88%,

08/01/32

(b)

21‌

21,618‌

Bausch

Health

Cos.,

Inc.

(b)

4.88%

,

06/01/28

...................

17‌

15,567‌

11.00%

,

09/30/28

..................

195‌

198,908‌

Bayer

US

Finance

LLC,

6.88%,

11/21/53

(b)

...

745‌

784,852‌

Dolcetto

Holdco

SpA,

5.63%,

07/14/32

(c)

.....

EUR

371‌

425,944‌

Eli

Lilly

&

Co.,

5.65%,

10/15/65

..........

USD

4,935‌

4,847,175‌

Gruenenthal

GmbH,

4.63%,

11/15/31

(c)

......

EUR

500‌

566,351‌

Nidda

Healthcare

Holding

GmbH

(c)

7.00%

,

02/21/30

...................

993‌

1,167,192‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.23%

,

10/15/32

(a)

................

571‌

654,737‌

Rossini

SARL

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

6.00%

,

12/31/29

(a)

................

103‌

118,991‌

6.75%

,

12/31/29

...................

889‌

1,056,075‌

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

3.15%,

10/01/26

..................

USD

90‌

89,130‌

10,560,846‌

Professional

Services

—

0.0%

(b)

Amentum

Holdings,

Inc.,

7.25%,

08/01/32

....

9‌

9,313‌

CACI

International,

Inc.,

6.38%,

06/15/33

....

48‌

48,861‌

CoreLogic,

Inc.,

4.50%,

05/01/28

.........

163‌

153,021‌

KBR,

Inc.,

4.75%,

09/30/28

.............

49‌

47,913‌

Science

Applications

International

Corp.

4.88%

,

04/01/28

...................

38‌

37,397‌

5.88%

,

11/01/33

...................

29‌

28,300‌

324,805‌

Real

Estate

Management

&

Development

—

0.4%

ADLER

Financing

SARL,

8.25%,

(8.25%

Cash

or

8.25%

PIK),

12/31/28

(h)

..............

EUR

939‌

1,118,862‌

Aldar

Properties

PJSC,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.04%),

6.62%,

04/15/55

(a)

(c)

...........

USD

225‌

214,380‌

Alexandrite

Lake

Lux

Holdings

SARL,

6.75%,

07/30/30

(c)

......................

EUR

472‌

533,286‌

Alpha

Star

Holding

IX

Ltd.,

7.00%,

08/26/28

(c)

..

USD

430‌

408,328‌

Anywhere

Real

Estate

Group

LLC

Series

AI

,

7.00%

,

04/15/30

............

28‌

28,439‌

7.00%

,

04/15/30

(b)

..................

2‌

2,003‌

9.75%

,

04/15/30

(b)

..................

17‌

18,047‌

Citycon

Treasury

BV,

5.38%,

07/08/31

(c)

.....

EUR

216‌

230,019‌

Cushman

&

Wakefield

US

Borrower

LLC,

8.88%,

09/01/31

(b)

......................

USD

20‌

21,186‌

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

5.00%,

12/31/27

(c)

(d)

................

EUR

352‌

372,156‌

Fantasia

Holdings

Group

Co.

Ltd.

(c)(e)(j)

15.00%

,

12/18/21

..................

USD

200‌

2,250‌

11.75%

,

04/17/24

..................

5,280‌

58,080‌

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

7.95%

,

07/05/24

...................

USD

750‌

$

8,250‌

12.25%

,

10/18/24

..................

755‌

8,305‌

10.88%

,

01/09/25

..................

330‌

3,712‌

Five

Point

Operating

Co.

LP,

8.00%,

10/01/30

(b)

11‌

10,974‌

Heimstaden

AB,

8.38%,

01/29/30

(c)

........

EUR

100‌

118,088‌

Howard

Hughes

Corp.

(The)

(b)

4.38%

,

02/01/31

...................

USD

29‌

26,624‌

5.88%

,

03/01/32

...................

18‌

17,321‌

6.13%

,

03/01/34

...................

18‌

17,286‌

Longfor

Group

Holdings

Ltd.,

3.38%,

04/13/27

(c)

200‌

183,750‌

Modernland

Overseas

Pte.

Ltd.,

6.00%,

(6.00%

Cash

or

6.00%

PIK),

04/30/27

(c)

(h)

........

1,059‌

331,774‌

Sobha

Sukuk

I

Holding

Ltd.,

7.13%,

09/11/30

(c)

.

365‌

313,900‌

Vivion

Investments

SARL

(c)

8.25%

,

(

8.25

%

Cash

or

8.00

%

PIK),

02/28/29

(h)

.....................

EUR

685‌

782,422‌

5.63%

,

06/08/30

...................

380‌

410,511‌

5,239,953‌

Retail

REITs

—

0.0%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(b)

USD

56‌

54,929‌

Semiconductors

&

Semiconductor

Equipment

—

0.4%

Amkor

Technology,

Inc.,

5.88%,

10/01/33

(b)

...

10‌

9,959‌

ams-OSRAM

AG,

10.50%,

03/30/29

(c)

......

EUR

273‌

330,364‌

Broadcom,

Inc.,

1.95%,

02/15/28

.........

USD

2,662‌

2,554,762‌

Microchip

Technology,

Inc.,

0.00%,

02/15/30

(b)

(k)

(l)

10‌

9,755‌

MKS,

Inc.,

4.25%,

02/15/34

(c)

............

EUR

422‌

466,018‌

NXP

BV,

4.40%,

06/01/27

..............

USD

1,405‌

1,404,185‌

ON

Semiconductor

Corp.,

0.50%,

03/01/29

(k)

..

29‌

28,348‌

Qnity

Electronics,

Inc.

(b)

5.75%

,

08/15/32

...................

33‌

33,039‌

6.25%

,

08/15/33

...................

27‌

27,301‌

4,863,731‌

Software

—

2.1%

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

(b)

..

246‌

230,901‌

Capstone

Borrower,

Inc.,

8.00%,

06/15/30

(b)

...

37‌

35,353‌

Central

Parent

LLC,

8.00%,

06/15/29

(b)

......

15‌

11,148‌

Clarivate

Science

Holdings

Corp.

(b)

3.88%

,

07/01/28

...................

41‌

38,692‌

4.88%

,

07/01/29

...................

83‌

72,018‌

Cloud

Software

Group,

Inc.

(b)

6.50%

,

03/31/29

...................

266‌

259,502‌

9.00%

,

09/30/29

...................

245‌

236,345‌

8.25%

,

06/30/32

...................

128‌

121,399‌

Ellucian

Holdings,

Inc.,

6.50%,

12/01/29

(b)

....

49‌

47,861‌

Fair

Isaac

Corp.

(b)

4.00%

,

06/15/28

...................

45‌

43,669‌

6.00%

,

05/15/33

...................

94‌

92,235‌

IPD

3

BV

5.50%

,

06/15/31

(c)

..................

EUR

512‌

555,780‌

McAfee

Corp.,

7.38%,

02/15/30

(b)

.........

USD

35‌

28,917‌

Oak-Eagle

AcquireCo,

Inc.

6.25%

,

07/01/33

(c)

..................

EUR

465‌

548,976‌

7.25%

,

07/01/33

(b)

..................

USD

139‌

144,017‌

8.75%

,

07/01/34

(b)

..................

137‌

143,424‌

Oracle

Corp.

5.70%

,

02/04/36

...................

100‌

96,149‌

3.95%

,

03/25/51

...................

8,055‌

5,104,096‌

5.55%

,

02/06/53

...................

1,335‌

1,065,144‌

6.70%

,

02/04/56

...................

18,470‌

17,142,072‌

PTC,

Inc.,

4.00%,

02/15/28

(b)

............

7‌

6,823‌

SS&C

Technologies,

Inc.,

6.50%,

06/01/32

(b)

..

50‌

50,002‌

TeamSystem

SpA

(a)(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.52%

,

07/31/31

.................

EUR

157‌

174,011‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

(continued)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.27%

,

07/01/32

.................

EUR

189‌

$

205,341‌

UKG,

Inc.,

6.88%,

02/01/31

(b)

............

USD

82‌

80,140‌

26,534,015‌

Specialized

REITs

—

0.7%

Equinix,

Inc.,

1.80%,

07/15/27

...........

7,864‌

7,597,781‌

Iron

Mountain,

Inc.

5.25%

,

07/15/30

(b)

..................

3‌

2,915‌

6.25%

,

01/15/33

(b)

..................

10‌

9,968‌

4.75%

,

01/15/34

(c)

..................

EUR

626‌

673,286‌

Millrose

Properties,

Inc.

(b)

6.38%

,

08/01/30

...................

USD

63‌

62,980‌

6.25%

,

09/15/32

...................

85‌

83,437‌

SBA

Communications

Corp.,

3.13%,

02/01/29

.

62‌

58,749‌

8,489,116‌

Specialty

Retail

—

0.5%

Advance

Auto

Parts,

Inc.,

7.00%,

08/01/30

(b)

..

20‌

20,261‌

Asbury

Automotive

Group,

Inc.

4.50%

,

03/01/28

...................

5‌

4,910‌

5.00%

,

02/15/32

(b)

..................

11‌

10,417‌

Bubbles

Bidco

SpA

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.38%

,

09/30/31

(a)

................

EUR

166‌

191,942‌

6.50%

,

09/30/31

...................

170‌

196,370‌

Carvana

Co.

(b)(h)

9.00%

,

(

9.00

%

Cash

or

13.00

%

PIK),

06/01/30

......................

USD

82‌

85,020‌

9.00%

,

(

9.00

%

Cash

or

14.00

%

PIK),

06/01/31

......................

186‌

200,768‌

CD&R

Firefly

Bidco

plc,

8.63%,

04/30/29

(c)

...

GBP

1,044‌

1,404,803‌

Cougar

JV

Subsidiary

LLC,

8.00%,

05/15/32

(b)

.

USD

22‌

22,749‌

Duomo

Bidco

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.31%,

01/15/32

(a)

(c)

......

EUR

222‌

252,383‌

Goldstory

SAS,

6.75%,

02/01/30

(c)

........

510‌

576,292‌

Group

1

Automotive,

Inc.,

6.38%,

01/15/30

(b)

..

USD

14‌

14,094‌

LBM

Acquisition

LLC,

9.50%,

06/15/31

(b)

.....

31‌

26,984‌

LCM

Investments

Holdings

II

LLC

(b)

4.88%

,

05/01/29

...................

52‌

50,602‌

8.25%

,

08/01/31

...................

19‌

19,736‌

Lithia

Motors,

Inc.,

5.50%,

10/01/30

(b)

.......

21‌

20,578‌

Lowe's

Cos.,

Inc.,

3.00%,

10/15/50

........

4,146‌

2,561,654‌

Michaels

Cos.,

Inc.

(The),

8.50%,

03/15/33

(b)

..

60‌

58,410‌

Staples,

Inc.,

10.75%,

09/01/29

(b)

.........

19‌

17,572‌

White

Cap

Supply

Holdings

LLC,

7.38%,

11/15/30

(b)

......................

288‌

279,358‌

6,014,903‌

Technology

Hardware,

Storage

&

Peripherals

—

0.0%

Seagate

Data

Storage

Technology

Pte.

Ltd.

(b)

5.88%

,

07/15/30

...................

19‌

19,312‌

8.50%

,

07/15/31

...................

109‌

114,281‌

5.75%

,

12/01/34

...................

10‌

9,962‌

143,555‌

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

Beach

Acquisition

Bidco

LLC,

5.25%,

07/15/32

(c)

EUR

222‌

246,102‌

Crocs,

Inc.,

4.25%,

03/15/29

(b)

...........

USD

48‌

46,071‌

European

TopSoho

SARL,

Series

SMCP,

4.00%,

10/14/24

(c)

(e)

(j)

(k)

...................

EUR

1,100‌

952,377‌

Levi

Strauss

&

Co.,

3.50%,

03/01/31

(b)

......

USD

29‌

26,553‌

PrestigeBidCo

GmbH

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.77%

,

07/01/29

(a)

(c)

...............

EUR

631‌

728,426‌

VF

Corp.,

4.25%,

03/07/29

.............

257‌

293,782‌

2,293,311‌

Security

Par

(000)

Par

(000)

Value

Tobacco

—

1.0%

BAT

Capital

Corp.,

2.26%,

03/25/28

.......

USD

12,726‌

$

12,214,427‌

Trading

Companies

&

Distributors

—

0.1%

(b)

FTAI

Aviation

Investors

LLC

5.50%

,

05/01/28

...................

51‌

50,982‌

7.88%

,

12/01/30

...................

41‌

42,812‌

7.00%

,

05/01/31

...................

198‌

202,976‌

7.00%

,

06/15/32

...................

78‌

79,959‌

5.88%

,

04/15/33

...................

62‌

60,660‌

Herc

Holdings,

Inc.

6.63%

,

06/15/29

...................

2‌

2,033‌

7.00%

,

06/15/30

...................

45‌

46,141‌

5.75%

,

03/15/31

...................

18‌

17,728‌

7.25%

,

06/15/33

...................

48‌

49,188‌

6.00%

,

03/15/34

...................

19‌

18,368‌

QXO

Building

Products,

Inc.,

6.75%,

04/30/32

.

132‌

134,639‌

United

Rentals

North

America,

Inc.,

5.38%,

11/15/33

.......................

65‌

63,205‌

WESCO

Distribution,

Inc.

5.25%

,

04/15/31

...................

25‌

24,851‌

6.63%

,

03/15/32

...................

17‌

17,400‌

6.38%

,

03/15/33

...................

22‌

22,412‌

5.50%

,

04/15/34

...................

39‌

38,409‌

871,763‌

Transportation

Infrastructure

—

0.0%

TAV

Havalimanlari

Holding

A/S,

8.50%,

12/07/28

(c)

......................

359‌

366,068‌

Wireless

Telecommunication

Services

—

1.2%

Colombia

Telecomunicaciones

SA

ESP,

4.95%,

07/17/30

(c)

......................

400‌

358,510‌

Digicel

International

Finance

Ltd.,

8.63%,

08/01/32

(b)

......................

914‌

927,525‌

Globe

Telecom,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.53%),

4.20%

(a)

(c)

(i)

................

200‌

198,592‌

Maya

SAS

7.00%

,

10/15/28

(b)

..................

200‌

201,290‌

6.88%

,

04/15/31

(c)

..................

EUR

442‌

532,236‌

Odido

Holding

BV,

3.75%,

01/15/29

(c)

.......

539‌

606,624‌

SoftBank

Group

Corp.

(c)

5.38%

,

01/08/29

...................

768‌

891,137‌

5.25%

,

10/10/29

...................

188‌

213,743‌

5.88%

,

07/10/31

...................

328‌

369,287‌

5.75%

,

07/08/32

...................

623‌

683,160‌

6.38%

,

07/10/33

...................

232‌

257,289‌

T-Mobile

USA,

Inc.

2.05%

,

02/15/28

...................

USD

1,922‌

1,843,529‌

5.05%

,

07/15/33

...................

3,500‌

3,524,240‌

Turkcell

Iletisim

Hizmetleri

A/S,

7.65%,

01/24/32

(b)

......................

334‌

339,431‌

Veon

Midco

BV,

3.38%,

11/25/27

(b)

........

380‌

359,727‌

VF

Ukraine

PAT

(d)

9.62%

,

02/11/27

(b)

..................

209‌

206,173‌

9.62%

,

02/11/27

(c)

..................

161‌

158,879‌

Vmed

O2

UK

Financing

I

plc

4.00%

,

01/31/29

(c)

..................

GBP

339‌

419,770‌

4.50%

,

07/15/31

(c)

..................

100‌

110,927‌

5.63%

,

04/15/32

(c)

..................

EUR

600‌

635,306‌

7.75%

,

04/15/32

(b)

..................

USD

494‌

473,522‌

WOM

Chile

Holdco

SpA,

5.00%,

(5.00%

Cash

or

5.00%

PIK),

04/01/32

(a)

(b)

(h)

(k)

...........

137‌

117,639‌

WOM

Mobile

SA,

12.50%,

(12.50%

Cash

or

12.50%

PIK),

04/01/31

(a)

(b)

(h)

...........

9‌

8,893‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

Zegona

Finance

plc,

6.75%,

07/15/29

(c)

.....

EUR

977‌

$

1,171,377‌

14,608,806‌

Total

Corporate

Bonds

—

30

.5

%

(Cost:

$

403,055,645

)

..............................

384,431,836‌

Fixed

Rate

Loan

Interests

Health

Care

Technology

—

0.0%

Cotiviti,

Inc.,

1st

Lien

Term

Loan

,

7.63

%

,

05/01/31

...................

USD

273‌

253,485‌

Software

—

0.1%

Clover

Holdings

2

LLC,

1st

Lien

Term

Loan

,

7.75

%

,

12/09/31

...................

395‌

371,635‌

Total

Fixed

Rate

Loan

Interests

—

0

.1

%

(Cost:

$

667,396

)

.................................

625,120‌

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

0.4%

(a)

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

6.45

%

,

06/24/30

.............

248‌

248,267‌

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.50%),

8.43

%

,

05/25/29

.............

855‌

169,905‌

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

1.00%),

4.93

%

,

05/25/29

.............

118‌

22,699‌

Bleriot

US

Bidco,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.20

%

,

10/31/30

...................

331‌

331,057‌

Cobham

Ultra

SeniorCo

SARL,

Facility

1st

Lien

Term

Loan

B

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.79

%

,

08/03/29

...

227‌

227,830‌

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

10/31/31

.............

592‌

591,346‌

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

10/31/31

.............

225‌

225,202‌

Kaman

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

02/26/32

...................

163‌

162,906‌

Kaman

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.15

%

,

02/26/32

.............

3‌

3,024‌

Peraton

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.52

%

,

02/01/28

...................

440‌

374,965‌

Propulsion

BC

Finco

SARL,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.20

%

,

12/01/32

.............

171‌

171,262‌

Setanta

Aircraft

Leasing

DAC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.45

%

,

11/06/28

........

101‌

101,722‌

TransDigm,

Inc.,

1st

Lien

Term

Loan

J

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

02/28/31

...................

1,251‌

1,251,284‌

TransDigm,

Inc.,

1st

Lien

Term

Loan

K

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

03/22/30

...................

72‌

71,694‌

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

TransDigm,

Inc.,

1st

Lien

Term

Loan

L

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

01/19/32

...................

USD

230‌

$

229,432‌

TransDigm,

Inc.,

1st

Lien

Term

Loan

M

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

08/19/32

...................

770‌

769,945‌

TransDigm,

Inc.,

1st

Lien

Term

Loan

N

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.16

%

,

02/14/33

...................

146‌

146,028‌

5,098,568‌

Automobile

Components

—

0.2%

(a)

Allison

Transmission,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

01/03/33

.............

235‌

235,587‌

Clarios

Global

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

05/06/30

...........

1,077‌

1,072,515‌

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

01/28/32

...........

398‌

396,607‌

Garrett

Motion

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67

%

,

01/30/32

............

23‌

22,905‌

Gates

Corp.,

1st

Lien

Term

Loan

B5

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

06/04/31

...................

589‌

588,245‌

RealTruck

Group,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.68

%

,

01/31/28

...........

49‌

32,745‌

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

8.93

%

,

01/31/28

...........

114‌

78,110‌

Tenneco,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

8.76

%

-

8.80

%

,

11/17/28

...................

383‌

372,747‌

2,799,461‌

Automobiles

—

0.0%

(a)

Bombardier

Recreational

Products,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

01/22/31

........

140‌

140,272‌

Dealer

Tire

Financial

LLC,

1st

Lien

Term

Loan

B5

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

07/02/31

.............

312‌

310,565‌

450,837‌

Beverages

—

0.1%

(a)

Naked

Juice

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.05

%

,

01/24/29

...........

107‌

56,507‌

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.20

%

,

01/24/29

...........

396‌

393,205‌

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.00%),

4.80

%

,

01/24/30

...........

151‌

31,275‌

Sazerac

Co.,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

07/09/32

...................

114‌

114,154‌

595,141‌

Biotechnology

—

0.1%

(a)

Biomarin

Pharmaceutical,

1st

Lien

Term

Loan

B

,

01/28/33

(m)

.......................

205‌

204,361‌

PAREXEL

International

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

12/12/31

............

832‌

828,572‌

1,032,933‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Broadline

Retail

—

0.1%

(a)

Boots

Group

Finco

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

08/30/32

.............

USD

301‌

$

301,998‌

StubHub

Holdco

Sub

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.42

%

,

03/15/30

.............

496‌

486,757‌

788,755‌

Building

Products

—

0.2%

(a)

AZZ,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

05/14/29

...................

87‌

87,191‌

Chariot

Buyer

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

09/08/32

...................

951‌

941,072‌

CP

Atlas

Buyer,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

8.92

%

,

07/08/30

.............

258‌

236,231‌

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

10/27/32

...................

371‌

367,681‌

Gibraltar

Industries,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

-

5.93

%

,

02/02/33

(f)

.......

117‌

116,192‌

Wilsonart

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.95

%

,

08/05/31

...................

836‌

724,960‌

2,473,327‌

Capital

Markets

—

0.5%

(a)

Allspring

Buyer

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.69

%

,

11/01/30

...................

145‌

144,902‌

Ardonagh

Group

Finco

Pty.

Ltd.,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%;

6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%

at

0.00%

Floor

+

0.00%),

6.37

%

-

6.45

%

,

02/18/31

........

571‌

557,383‌

Aretec

Group,

Inc.,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

08/09/30

.............

157‌

154,771‌

Ascensus

Group

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

11/25/32

........

330‌

324,327‌

Axalta

Coating

Systems

US

Holdings,

Inc.,

Facility

1st

Lien

Term

Loan

B7

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.45

%

,

12/20/29

...................

288‌

287,729‌

BCPE

Pequod

Buyer,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

11/25/31

..............

383‌

371,273‌

Chicago

US

MidCo

III

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

10/29/32

.............

424‌

418,723‌

Citadel

Securities

Global

Holdings

LLC,

Facility

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.70

%

,

10/31/31

..

576‌

576,731‌

Edelman

Financial

Engines

Center

LLC

(The),

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

04/07/28

..

347‌

346,169‌

Focus

Financial

Partners

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

09/15/31

........

728‌

703,467‌

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

GTCR

Everest

Borrower

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.20

%

,

09/05/31

............

USD

119‌

$

118,153‌

Hudson

River

Trading

LLC,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.18

%

,

03/18/30

.............

494‌

491,729‌

Jane

Street

Group

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

12/15/31

.............

1,178‌

1,154,853‌

Jupiter

Borrower,

Inc.,

1st

Lien

Term

Loan

B

,

03/25/33

(f)

(m)

......................

158‌

157,605‌

Osaic

Holdings,

Inc.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.20

%

,

07/30/32

.............

513‌

502,935‌

6,310,750‌

Chemicals

—

0.5%

(a)

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.77

%

,

11/24/27

............

174‌

165,533‌

Chemours

Co.

LLC,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

10/15/32

.............

586‌

581,214‌

Derby

Buyer

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.68

%

,

11/01/30

...................

428‌

427,078‌

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42

%

,

10/04/29

.............

305‌

299,160‌

Ecovyst

Catalyst

Technologies

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

06/12/31

........

161‌

160,765‌

Element

Solutions,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

and

0.75%

Cap

+

1.75%),

5.42

%

,

12/18/30

....

664‌

663,997‌

Fortis

333,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

03/29/32

...................

208‌

201,437‌

HB

Fuller

Co.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.53

%

,

02/15/30

...................

228‌

228,254‌

INEOS

US

Petrochem

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

10/07/31

.............

68‌

47,740‌

Lonza

Group

AG,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.93%),

7.72

%

,

07/03/28

.............

311‌

270,519‌

Minerals

Technologies,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

11/26/31

(f)

.............

195‌

195,732‌

Olympus

Water

US

Holding

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.95

%

,

11/03/32

............

383‌

368,258‌

Olympus

Water

US

Holding

Corp.,

1st

Lien

Term

Loan

B6

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.70

%

,

06/23/31

........

638‌

611,441‌

OQ

Chemicals

International

Holding

GmbH,

1st

Lien

Term

Loan

B2

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.00

%

,

04/08/31

..

397‌

272,274‌

Paint

Intermediate

III

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

10/09/31

.............

129‌

127,977‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Solstice

Advanced

Materials,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

10/29/32

........

USD

410‌

$

411,710‌

Sparta

US

HoldCo

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

6.67

%

,

08/02/30

.............

510‌

509,052‌

WR

Grace

Holdings

LLC,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.70

%

,

08/19/32

.............

411‌

409,574‌

5,951,715‌

Commercial

Services

&

Supplies

—

0.5%

(a)

Action

Environmental

Group,

Inc.

(The),

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

10/24/30

........

210‌

208,957‌

Allied

Universal

Holdco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

08/20/32

.............

1,269‌

1,267,846‌

Anticimex

Global

AB,

Facility

1st

Lien

Term

Loan

B8

,

(1-day

SOFR

at

0.00%

Floor

+

2.90%),

6.56

%

,

11/17/31

...................

162‌

162,070‌

Aramark

Services,

Inc.,

1st

Lien

Term

Loan

B10

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

06/24/30

.............

390‌

389,893‌

Aramark

Services,

Inc.,

1st

Lien

Term

Loan

B9

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

04/06/28

.............

355‌

354,974‌

Asplundh

Tree

Expert

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.52

%

,

09/06/27

.............

270‌

270,313‌

Citrin

Cooperman

Advisors

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.70

%

,

04/01/32

............

360‌

345,471‌

Clean

Harbors,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.50%),

5.17

%

,

10/11/32

...................

179‌

179,624‌

Grant

Thornton

Advisors

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

06/02/31

............

412‌

383,320‌

Innio

North

America

Holding,

Inc.,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.66

%

,

11/03/31

....

339‌

335,303‌

JFL-Tiger

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.46

%

,

10/17/30

(f)

...........

164‌

164,305‌

LABL,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.75%),

10.41

%

,

11/03/26

..................

33‌

33,249‌

LABL,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

8.77

%

,

10/30/28

(e)

(f)

(j)

................

427‌

213,322‌

Novelis,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.45

%

,

03/11/32

...................

661‌

660,314‌

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.66

%

,

10/15/30

...

188‌

186,916‌

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.41

%

,

03/08/32

...

666‌

655,993‌

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.93

%

,

01/15/31

.............

96‌

95,461‌

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.93

%

,

11/30/28

............

USD

220‌

$

219,717‌

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.93

%

,

01/15/31

...........

225‌

224,675‌

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

C

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.93

%

,

01/15/31

.............

37‌

36,510‌

Summer

BC

Holdco

B

SARL,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.00%),

8.96

%

,

02/15/29

...

69‌

58,831‌

6,447,064‌

Communications

Equipment

—

0.0%

Ciena

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43

%

,

10/24/30

(a)

..................

389‌

388,665‌

Construction

&

Engineering

—

0.1%

(a)

Azuria

Water

Solutions,

Inc.,

1st

Lien

Term

Loan

B

,

01/27/33

(m)

.....................

292‌

288,462‌

Azuria

Water

Solutions,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

,

01/27/33

(m)

............

39‌

38,462‌

Brand

Industrial

Services,

Inc.,

1st

Lien

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.16

%

,

08/01/30

........

573‌

489,998‌

Construction

Partners,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

11/03/31

..............

126‌

126,154‌

Dycom

Industries,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

01/27/33

.............

178‌

178,520‌

Legence

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

5.92

%

,

12/16/31

.............

324‌

324,550‌

1,446,146‌

Construction

Materials

—

0.2%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.52

%

,

01/31/31

...................

385‌

384,226‌

MSOF

Beacon

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

12/23/32

...................

221‌

220,631‌

NEW

AMI

I

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

9.67

%

,

03/08/29

...................

90‌

73,972‌

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

04/14/31

.............

363‌

362,241‌

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

03/19/29

.............

319‌

318,439‌

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

02/10/32

.............

174‌

173,804‌

Standard

Industries,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.43

%

,

09/22/28

.............

178‌

177,115‌

White

Cap

Supply

Holdings

LLC,

Facility

1st

Lien

Term

Loan

C

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

10/19/29

...

984‌

944,093‌

2,654,521‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Staples

Distribution

&

Retail

—

0.1%

(a)

BCPE

Empire

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

7.17

%

,

12/29/32

.............

USD

569‌

$

559,401‌

EG

America

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

02/10/31

...................

350‌

349,738‌

US

Foods,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

10/03/31

...................

303‌

305,266‌

1,214,405‌

Containers

&

Packaging

—

0.3%

(a)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.17

%

,

11/29/30

............

859‌

853,370‌

Clydesdale

Acquisition

Holdings,

Inc.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.18%),

6.84

%

,

04/13/29

...........

50‌

47,585‌

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

6.92

%

,

04/01/32

...........

457‌

425,811‌

Colossus

Acquireco

LLC,

1st

Lien

Term

Loan

,

(1-day

SOFR

at

0.00%

Floor

+

1.75%),

5.38

%

,

07/30/32

...................

705‌

702,009‌

Graham

Packaging

Co.,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

01/26/33

.............

367‌

362,820‌

Mauser

Packaging

Solutions

Holding

Co.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.16

%

,

04/15/30

...

255‌

245,983‌

Pregis

TopCo

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

02/01/29

...................

225‌

224,376‌

ProAmpac

PG

Borrower

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

02/18/33

............

274‌

263,696‌

Reynolds

Consumer

Products

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

03/04/32

............

64‌

64,637‌

Ring

Container

Technologies

Group

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

09/15/32

...

271‌

268,123‌

Trident

TPI

Holdings,

Inc.,

1st

Lien

Term

Loan

B7

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.45

%

,

09/15/28

.............

218‌

205,837‌

3,664,247‌

Diversified

Consumer

Services

—

0.1%

(a)

Bright

Horizons

Family

Solutions

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

08/23/32

...

252‌

251,419‌

OMNIA

Partners

LLC,

1st

Lien

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.43

%

,

12/31/32

.............

148‌

147,727‌

PG

Polaris

BidCo

SARL,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.95

%

,

03/26/31

.............

177‌

177,055‌

Wand

NewCo

3,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

01/30/31

...................

483‌

478,381‌

1,054,582‌

Security

Par

(000)

Par

(000)

Value

Diversified

REITs

—

0.0%

RHP

Hotel

Properties

LP,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

05/18/30

(a)

............

USD

153‌

$

152,661‌

Diversified

Telecommunication

Services

—

0.2%

(a)

Cogeco

Financing

2

LP,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.28

%

,

09/01/28

.............

50‌

47,438‌

Level

3

Financing,

Inc.,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

03/29/32

.............

872‌

871,093‌

Orbcomm,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%;

3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%

at

0.75%

Floor

+

0.04%),

8.03

%

-

8.18

%

,

09/01/28

...................

141‌

129,524‌

Radiate

Holdco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.28

%

,

09/25/29

...................

720‌

637,938‌

Sunrise

Financing

Partnership,

Facility

1st

Lien

Term

Loan

B

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.47%),

6.10

%

,

02/16/32

...

115‌

114,102‌

Virgin

Media

Bristol

LLC,

Facility

1st

Lien

Term

Loan

Q

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.04

%

,

01/31/29

........

291‌

279,592‌

Zayo

Group

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.79

%

03/11/30

..............

993‌

973,500‌

3,053,187‌

Electric

Utilities

—

0.1%

(a)

NRG

Energy,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.52

%

,

04/16/31

...................

856‌

856,968‌

Vistra

Operations

Co.

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

12/20/30

(e)

............

403‌

403,854‌

1,260,822‌

Electrical

Equipment

—

0.0%

GrafTech

Global

Enterprises,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.00%),

9.67

%

,

12/21/29

(a)

...........

30‌

28,052‌

Electronic

Equipment,

Instruments

&

Components

—

0.1%

(a)

Celestica,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43

%

,

06/20/31

(f)

..................

104‌

104,015‌

Coherent

Corp.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

07/02/29

...................

213‌

213,216‌

CoorsTek,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

10/28/32

...................

133‌

133,165‌

Sanmina

Corp.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

10/27/32

(f)

..................

245‌

244,694‌

695,090‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

&

Services

—

0.0%

(a)

Covia

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.40

%

,

02/26/32

...................

USD

328‌

$

327,000‌

Deep

Blue

Operating

I

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

10/01/32

.............

76‌

76,190‌

403,190‌

Entertainment

—

0.4%

(a)

City

Football

Group

Ltd.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.28

%

,

07/22/30

.............

318‌

316,538‌

Creative

Artists

Agency

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

10/01/31

.............

663‌

661,383‌

Delta

2

(Lux)

SARL,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.45

%

,

09/30/31

.............

637‌

635,179‌

EOC

Borrower

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

03/24/32

.............

824‌

819,663‌

Live

Nation

Entertainment,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.68

%

,

10/21/32

........

413‌

412,449‌

Motion

Finco

SARL,

Facility

1st

Lien

Term

Loan

B3

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.20

%

,

11/13/29

..............

558‌

485,526‌

OAK-Eagle

Acquireco,

Inc.,

1st

Lien

Term

Loan

B1

,

03/23/33

(m)

....................

1,010‌

1,003,687‌

TKO

Worldwide

Holdings

LLC,

1st

Lien

Term

Loan

B5

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.66

%

,

11/21/31

........

1,059‌

1,057,361‌

5,391,786‌

Financial

Services

—

0.4%

(a)

ABG

Intermediate

Holdings

2

LLC,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

12/21/28

........

325‌

324,518‌

ABG

Intermediate

Holdings

2

LLC,

Delayed

Draw

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

02/13/32

..

163‌

162,195‌

Acuren

Delaware

Holdco,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

07/30/31

............

97‌

97,048‌

Aggreko

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.66

%

,

05/21/31

.............

610‌

609,156‌

Apex

Group

Treasury

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

02/27/32

.............

510‌

462,896‌

APi

Group

DE,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

01/03/29

...................

676‌

675,045‌

CPI

Holdco

B

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

05/19/31

...................

961‌

954,116‌

Gryphon

Acquire

NewCo

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

09/13/32

............

251‌

251,063‌

Hyperion

Refinance

SARL,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

02/17/31

.............

509‌

492,361‌

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

LBM

Acquisition

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.53

%

,

06/06/31

...................

USD

199‌

$

159,071‌

Orion

US

Finco,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.15

%

,

10/08/32

...................

239‌

236,361‌

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

05/30/31

.............

516‌

516,309‌

Summit

Acquisition,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

10/16/31

(f)

.............

37‌

36,723‌

WEX,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

04/03/28

...................

79‌

78,554‌

WEX,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

03/05/32

...................

144‌

142,115‌

5,197,531‌

Food

Products

—

0.2%

(a)

Chobani

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

10/28/32

...................

994‌

993,093‌

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B4

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.88

%

,

09/30/31

........

844‌

826,212‌

Froneri

US,

Inc.,

Facility

1st

Lien

Term

Loan

B6

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.88

%

,

09/30/32

.............

236‌

231,214‌

MP

Midco

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.50%),

10.17

%

,

03/29/30

.............

33‌

33,368‌

Treehouse

Foods,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

02/11/33

..............

265‌

263,455‌

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.20

%

,

01/29/32

.............

118‌

117,426‌

2,464,768‌

Gas

Utilities

—

0.0%

(a)

Bip

Pipeco

Holding

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.65

%

,

12/05/30

.............

115‌

115,025‌

M6

ETX

Holdings

II

Midco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

04/01/32

............

136‌

136,550‌

NGL

Energy

Operating

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.18

%

,

03/11/33

..............

174‌

174,000‌

425,575‌

Ground

Transportation

—

0.1%

(a)

Genesee

&

Wyoming,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.45

%

,

04/10/31

.............

1,100‌

1,094,385‌

Hertz

Corp.

(The),

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.28

%

,

06/30/28

...................

274‌

202,218‌

Hertz

Corp.

(The),

1st

Lien

Term

Loan

C

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.28

%

,

06/30/28

...................

54‌

40,011‌

1,336,614‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

&

Supplies

—

0.2%

(a)

Bausch

+

Lomb

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42

%

,

01/15/31

.............

USD

693‌

$

694,353‌

Hologic,

Inc.,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.75

%

,

01/14/33

...................

1,419‌

1,401,262‌

QuidelOrtho

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

08/20/32

...................

321‌

319,875‌

2,415,490‌

Health

Care

Providers

&

Services

—

0.3%

(a)

ACP

Tara

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.97

%

,

12/15/32

.............

64‌

64,213‌

AHP

Health

Partners,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

09/20/32

.............

45‌

45,249‌

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

09/29/28

............

459‌

459,307‌

CNT

Holdings

I

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.17

%

,

11/08/32

...................

312‌

311,723‌

Concentra

Health

Services,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

07/28/31

........

157‌

157,570‌

Examworks

Bidco,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

02/07/33

.............

335‌

334,805‌

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

C

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.75%),

10.48

%

,

11/30/28

(e)

(f)

(j)

..........

47‌

7,867‌

LifePoint

Health,

Inc.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42

%

,

05/19/31

.............

272‌

272,337‌

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.27

%

,

11/01/28

............

—‌

(n)

18‌

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

7.00%),

10.77

%

,

11/01/29

...........

404‌

32,284‌

Medline

Borrower

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

10/23/28

...........

360‌

360,405‌

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

10/23/30

...........

623‌

623,497‌

Option

Care

Health,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

09/22/32

.............

403‌

403,896‌

Raven

Acquisition

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

11/19/31

............

140‌

136,712‌

Surgery

Center

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

12/19/30

............

389‌

389,185‌

Team

Health

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.66

%

,

06/30/28

.............

114‌

113,568‌

Vizient,

Inc.,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

08/01/31

...................

102‌

102,018‌

3,814,654‌

Security

Par

(000)

Par

(000)

Value

Health

Care

Technology

—

0.2%

(a)

AthenaHealth

Group,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

02/15/29

.............

USD

706‌

$

692,112‌

Cotiviti,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

05/01/31

...................

561‌

516,095‌

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.80

%

,

10/01/27

.............

149‌

144,241‌

PointClickCare

Technologies,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

11/03/31

............

203‌

201,442‌

Polaris

Newco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

7.93

%

,

06/02/28

...................

442‌

388,033‌

Waystar

Technologies,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

10/22/29

(f)

.............

160‌

159,324‌

2,101,247‌

Hotels,

Restaurants

&

Leisure

—

0.8%

(a)

1011778

BC

ULC,

1st

Lien

Term

Loan

B5

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

09/20/30

...................

513‌

511,659‌

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.29

%

,

03/11/30

............

55‌

54,117‌

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.61%),

11.29

%

,

03/11/30

...........

52‌

50,872‌

Alterra

Mountain

Co.,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

05/31/30

(f)

.............

305‌

304,662‌

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

02/06/30

.............

417‌

404,354‌

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

02/06/31

.............

786‌

761,315‌

Crown

Finance

US,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.17

%

,

12/02/31

.............

278‌

274,758‌

DK

Crown

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

03/04/32

.............

479‌

478,264‌

Entain

Holdings

(Gibraltar)

Ltd.,

1st

Lien

Term

Loan

B5

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.95

%

,

07/30/32

........

85‌

84,413‌

Fertitta

Entertainment

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

6.92

%

,

01/29/29

.............

759‌

743,615‌

Flutter

Financing

BV,

1st

Lien

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.45

%

,

12/02/30

...........

820‌

809,577‌

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.70

%

,

06/04/32

...........

243‌

239,938‌

Fortrex

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

4.77

%

,

03/10/31

...................

42‌

40,507‌

Four

Seasons

Hotels

Ltd.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

09/22/32

.............

842‌

846,397‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Great

Canadian

Gaming

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.44

%

,

11/01/29

........

USD

219‌

$

214,796‌

Herschend

Entertainment

Co.

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

05/27/32

............

244‌

244,321‌

Hilton

Domestic

Operating

Co.,

Inc.,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43

%

,

11/08/30

....

575‌

575,747‌

IRB

Holding

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.18

%

,

12/16/30

...................

427‌

425,884‌

Light

&

Wonder

International,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.68

%

,

04/16/29

........

398‌

397,858‌

Ontario

Gaming

GTA

LP,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

7.95

%

,

08/01/30

.............

174‌

162,546‌

Penn

Entertainment,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

05/03/29

.............

245‌

245,598‌

Scientific

Games

Holdings

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.65

%

,

04/04/29

............

251‌

247,382‌

SeaWorld

Parks

&

Entertainment,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67

%

,

12/04/31

...

112‌

110,741‌

Six

Flags

Entertainment

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

05/01/31

........

97‌

95,540‌

Station

Casinos

LLC,

Facility

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

03/14/31

.............

646‌

645,097‌

TRQ

Sales

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.94

%

,

12/30/32

...................

251‌

242,687‌

Voyager

Parent

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.95

%

,

07/01/32

.............

294‌

291,202‌

Whatabrands

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

08/03/28

...................

193‌

192,952‌

Wyndham

Hotels

&

Resorts,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

05/24/30

............

344‌

344,504‌

10,041,303‌

Household

Durables

—

0.1%

(a)

Madison

Safety

&

Flow

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.18

%

,

09/26/31

.............

120‌

119,733‌

Somnigroup

International,

Inc.,

1st

Lien

Term

Loan

B

,

(1-day

SOFR

at

0.00%

Floor

+

2.25%),

5.96

%

,

10/24/31

.............

134‌

134,058‌

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan

A1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.17

%

,

12/19/29

.............

62‌

61,148‌

SWF

Holdings

I

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

4.50%),

8.17

%

,

12/19/29

........

41‌

40,765‌

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

Weber-Stephen

Products

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.41

%

,

10/01/32

........

USD

390‌

$

380,445‌

736,149‌

Household

Products

—

0.0%

Lavender

Dutch

Borrower

Co.

BV,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.93

%

,

12/30/32

(a)

..

267‌

263,109‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

(a)

Calpine

Construction

Finance

Co.

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

07/31/30

........

554‌

553,445‌

Constellation

Renewables

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

2.00%),

5.67

%

,

12/15/27

............

245‌

245,240‌

Talen

Energy

Supply

LLC,

1st

Lien

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.15

%

,

12/15/31

...........

75‌

75,112‌

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

11/25/32

............

367‌

367,014‌

1,240,811‌

Industrial

Conglomerates

—

0.2%

(a)

Arcwood

Environmental,

Inc.,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.72

%

,

03/21/33

(f)

.............

107‌

107,000‌

Beach

Acquisition

Bidco

LLC,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.95

%

,

09/13/32

.............

162‌

161,797‌

EMRLD

Borrower

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.95

%

,

08/04/31

...................

430‌

428,909‌

EMRLD

Borrower

LP,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

05/31/30

.............

757‌

755,280‌

FCG

Acquisitions,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

03/04/33

.............

48‌

47,940‌

LSF12

Crown

US

Commercial

Bidco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

12/02/31

...

176‌

175,552‌

Pinnacle

Buyer

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.16

%

,

10/01/32

.............

220‌

220,141‌

Resideo

Funding,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

08/13/32

.............

257‌

255,747‌

Resilience

Parent

LLC,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.13

%

,

02/28/33

.............

537‌

533,810‌

2,686,176‌

Insurance

—

0.6%

(a)

Alliant

Holdings

Intermediate

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

09/19/31

............

1,700‌

1,685,385‌

AmWINS

Group,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.00%),

5.67

%

,

01/30/32

...................

823‌

816,270‌

Amynta

Agency

Borrower,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

12/29/31

........

596‌

586,158‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Baldwin

Insurance

Group

Holdings

LLC

(The),

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.18

%

,

05/26/31

...................

USD

235‌

$

230,853‌

CRC

Insurance

Group

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.45

%

,

05/06/31

.............

899‌

884,768‌

HUB

International

Ltd.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

5.92

%

,

06/20/30

.............

1,155‌

1,151,416‌

Jones

DesLauriers

Insurance

Management,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.66

%

,

02/02/33

..

557‌

540,742‌

OneDigital

Borrower

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

07/02/31

.............

115‌

111,190‌

Ryan

Specialty

LLC,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

09/15/31

.............

493‌

491,760‌

USI,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.95

%

,

09/27/30

...................

473‌

471,027‌

USI,

Inc.,

1st

Lien

Term

Loan

D

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.95

%

,

11/21/29

...................

844‌

841,658‌

7,811,227‌

Interactive

Media

&

Services

—

0.0%

Camelot

US

Acquisition

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

01/31/31

(a)

............

155‌

133,364‌

IT

Services

—

0.4%

(a)

Asurion

LLC,

1st

Lien

Term

Loan

B11

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.02

%

,

08/21/28

...................

28‌

28,246‌

Asurion

LLC,

1st

Lien

Term

Loan

B12

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

09/19/30

...................

114‌

112,716‌

Asurion

LLC,

1st

Lien

Term

Loan

B13

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

09/19/30

...................

855‌

844,372‌

Asurion

LLC,

1st

Lien

Term

Loan

B14

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42

%

,

02/23/33

...................

80‌

77,250‌

Asurion

LLC,

2nd

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.03

%

,

01/19/29

...................

168‌

166,311‌

Central

Parent

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

07/06/29

...................

566‌

402,170‌

Clearwater

Analytics

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.68

%

,

04/21/32

.............

238‌

237,508‌

Epicor

Software

Corp.,

1st

Lien

Term

Loan

E

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.17

%

,

05/30/31

.............

782‌

765,776‌

Go

Daddy

Operating

Co.

LLC,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

11/09/29

........

194‌

191,391‌

ION

Platform

Finance

US,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42

%

,

09/30/32

............

674‌

538,617‌

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Iron

Mountain,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

01/31/31

...................

USD

164‌

$

163,055‌

Mitchell

International,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

8.92

%

,

06/07/32

.............

75‌

67,279‌

Modena

Buyer

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

07/01/31

...................

133‌

119,122‌

Project

Boost

Purchaser

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.45

%

,

07/16/31

............

404‌

389,209‌

Sedgwick

Claims

Management

Services,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

07/31/31

...

828‌

812,302‌

Shift4

Payments

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.65

%

,

07/06/32

...................

149‌

148,164‌

5,063,488‌

Life

Sciences

Tools

&

Services

—

0.0%

(a)

ICON

Luxembourg

SARL,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.70

%

,

07/03/28

.............

128‌

128,154‌

PRA

Health

Sciences,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.70

%

,

07/03/28

.............

33‌

32,553‌

Star

Parent,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.70

%

,

09/27/30

...................

341‌

337,146‌

497,853‌

Machinery

—

0.4%

(a)

Chart

Industries,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.16

%

,

03/15/30

...................

113‌

112,420‌

Columbus

McKinnon

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.20

%

,

02/03/33

.............

366‌

364,156‌

CompoSecure

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.93

%

,

01/14/33

............

553‌

550,584‌

Filtration

Group

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

10/23/28

.............

657‌

656,482‌

Generac

Power

Systems,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

06/12/31

............

74‌

74,244‌

GrafTech

Global

Enterprises,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

,

12/21/29

(m)

.........

17‌

16,030‌

Indicor

LLC,

1st

Lien

Term

Loan

E

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.20

%

,

11/22/29

...................

192‌

191,332‌

LSF12

Helix

Parent

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

02/10/33

.............

342‌

337,205‌

Madison

IAQ

LLC,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.13

%

,

06/21/28

...................

828‌

826,772‌

Osmosis

Buyer

Ltd.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.5%

Floor

+

2.75%;

3-mo.

CME

Term

SOFR

at

0.5%

Floor

+

2.75%

at

0.50%

Floor

+

0.00%),

6.41

%

,

07/31/28

...................

570‌

568,198‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

PECF

USS

Intermediate

Holding

III

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

7.50%),

11.17

%

,

03/03/33

...

USD

38‌

$

36,207‌

Rexnord

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.78

%

,

10/04/28

...................

162‌

163,063‌

Tega

Mc

Australia

Holdings

Pty.

Ltd.,

1st

Lien

Term

Loan

B

,

03/24/33

(f)

(m)

.............

161‌

159,793‌

TK

Elevator

Midco

GmbH,

1st

Lien

Term

Loan

B1

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.38

%

,

04/30/30

.............

839‌

840,056‌

WEC

US

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

01/27/31

.............

708‌

706,216‌

5,602,758‌

Media

—

0.2%

(a)

Altice

France

SA,

1st

Lien

Term

Loan

B14

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.88%),

10.55

%

,

05/30/31

.............

414‌

414,473‌

Charter

Communications

Operating

LLC,

1st

Lien

Term

Loan

B4

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.66

%

,

12/09/30

...

298‌

297,124‌

Charter

Communications

Operating

LLC,

1st

Lien

Term

Loan

B5

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.91

%

,

12/15/31

...

226‌

226,277‌

Clear

Channel

Outdoor

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.93

%

,

08/23/28

........

162‌

161,913‌

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5

,

(US

Prime

Rate

at

0.00%

Floor

+

1.50%),

8.25

%

,

04/15/27

...................

743‌

652,821‌

ECL

Entertainment

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

08/30/30

.............

179‌

177,348‌

Gray

Television,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

8.92

%

,

05/23/29

.............

2‌

1,597‌

Learfield

Communications

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

4.50%),

8.17

%

,

06/30/28

............

247‌

247,012‌

NEP

Group,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.17

%

,

10/17/31

...................

395‌

356,262‌

Nexstar

Media,

Inc.,

1st

Lien

Term

Loan

B7

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.22

%

,

03/18/33

.............

223‌

220,306‌

Outfront

Media

Capital

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.68

%

,

09/24/32

.............

184‌

184,116‌

Telenet

Financing

USD

LLC,

Facility

1st

Lien

Term

Loan

AR

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.79

%

,

05/01/28

...

85‌

83,849‌

3,023,098‌

Multi-Utilities

—

0.1%

GFL

Environmental

Services,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

03/03/32

(a)

...........

604‌

603,590‌

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

—

0.2%

(a)

Blackfin

Pipeline

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.19

%

,

10/01/32

...................

USD

118‌

$

118,183‌

Buckeye

Partners

LP,

1st

Lien

Term

Loan

B7

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

11/22/32

..............

109‌

109,507‌

Freeport

LNG

Investments

LLLP,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.89

%

,

02/11/33

........

443‌

442,632‌

GIP

Pilot

Acquisition

Partners

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.65

%

,

10/04/30

............

62‌

62,110‌

Hilcorp

Energy

I

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43

%

,

02/11/30

(f)

..................

205‌

204,674‌

Meade

Pipeline

Co.

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.69

%

,

09/22/32

.............

66‌

65,890‌

Murphy

USA,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

04/07/32

...................

79‌

79,418‌

Oryx

Midstream

Services

Permian

Basin

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.93

%

,

10/05/28

...

511‌

510,998‌

TransMontaigne

Operating

Co.

LP,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

03/18/30

........

135‌

134,679‌

WhiteWater

Matterhorn

Holdings

LLC,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.44

%

,

06/16/32

...

209‌

207,535‌

1,935,626‌

Passenger

Airlines

—

0.2%

(a)

AAdvantage

Loyalty

IP

Ltd.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

04/20/28

.............

227‌

224,092‌

Air

Canada,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

03/21/31

...................

376‌

372,398‌

American

Airlines,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.52

%

,

01/29/27

...........

191‌

189,486‌

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.00

%

,

02/15/28

...........

303‌

294,859‌

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.91

%

,

06/04/29

...........

322‌

311,943‌

Jetblue

Airways

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

8.44

%

,

08/27/29

.............

390‌

354,090‌

Stonepeak

Nile

Parent

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

04/09/32

.............

203‌

201,992‌

United

Airlines,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43

%

,

02/24/31

.............

282‌

280,855‌

2,229,715‌

Personal

Care

Products

—

0.2%

Rainbow

Finco

SARL,

Facility

1st

Lien

Term

Loan

B2

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.39

%

,

02/26/29

(a)

............

EUR

2,438‌

2,815,976‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

—

0.1%

(a)

Amneal

Pharmaceuticals

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

08/02/32

............

USD

543‌

$

544,005‌

Elanco

Animal

Health,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.41

%

-

5.43

%

,

10/29/32

........

164‌

163,757‌

Endo

Finance

Holdings

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42

%

,

04/23/31

.............

129‌

128,449‌

Jazz

Financing

Lux

SARL,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

05/05/28

.............

495‌

496,133‌

Organon

&

Co.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

05/19/31

...................

87‌

82,446‌

Perrigo

Investments

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

04/20/29

.............

241‌

238,806‌

1,653,596‌

Professional

Services

—

0.3%

(a)

AlixPartners

LLP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

08/12/32

...................

225‌

223,118‌

Amentum

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

09/29/31

.............

322‌

321,708‌

CoreLogic,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.28

%

,

06/02/28

...................

484‌

461,730‌

Corpay

Technologies

Operating

Co.

LLC,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

04/28/28

..

570‌

569,422‌

Element

Materials

Technology

Group

US

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.20

%

,

06/22/29

...................

202‌

202,643‌

Galaxy

US

Opco,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.50%),

5.17

%

,

07/31/30

.............

158‌

136,137‌

Trans

Union

LLC,

1st

Lien

Term

Loan

B8

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.45

%

,

06/24/31

...................

583‌

579,104‌

Trans

Union

LLC,

1st

Lien

Term

Loan

B9

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.45

%

,

06/24/31

...................

248‌

246,022‌

Zelis

Cost

Management

Buyer,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

09/28/29

...

293‌

283,011‌

Zelis

Payments

Buyer,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

11/26/31

..............

548‌

529,428‌

3,552,323‌

Real

Estate

Management

&

Development

—

0.0%

Cushman

&

Wakefield

US

Borrower

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

01/31/30

(a)

(f)

.

117‌

117,247‌

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

—

0.1%

(a)

Entegris,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43

%

,

07/06/29

...................

USD

187‌

$

187,474‌

Galileo

Parent,

Inc.,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.12

%

,

03/03/33

...................

198‌

193,792‌

Qnity

Electronics,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

10/29/32

.............

737‌

735,310‌

1,116,576‌

Software

—

1.0%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.95

%

,

02/24/31

.............

937‌

918,031‌

Avalara,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

03/26/32

...................

303‌

295,263‌

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.17

%

,

08/15/29

.............

261‌

165,295‌

Boxer

Parent

Co.,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

07/30/31

.............

843‌

779,157‌

Capstone

Borrower,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

06/17/30

.............

166‌

157,443‌

CCC

Intelligent

Solutions,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67

%

,

01/23/32

............

418‌

414,695‌

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.01%

Floor

+

3.25%),

6.92

%

,

03/21/31

...........

687‌

626,866‌

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

08/16/32

...........

741‌

675,378‌

Cloudera,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.52

%

,

10/09/28

...................

121‌

107,717‌

Clover

Holdings

2

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.68

%

,

12/09/31

.............

331‌

316,306‌

Darktrace

Finco

US

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.90

%

,

10/09/31

.............

99‌

95,033‌

Dayforce

Bidco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.66

%

,

02/04/33

...................

630‌

595,174‌

DS

Admiral

Bidco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

06/26/31

.............

154‌

144,325‌

Ellucian

Holdings,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

10/09/29

.............

800‌

777,202‌

Ellucian

Holdings,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

8.42

%

,

11/15/32

..............

133‌

126,905‌

Gen

Digital,

Inc.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

09/12/29

...........

730‌

721,942‌

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

04/16/32

...........

217‌

213,691‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Genesys

Cloud

Services,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

01/30/32

............

USD

623‌

$

594,926‌

Kaseya,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

03/22/32

...................

918‌

854,537‌

McAfee

Corp.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

03/01/29

...................

426‌

379,446‌

MH

Sub

I

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

7.92

%

,

12/31/31

...................

146‌

96,890‌

MKS

Instruments,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.41

%

,

02/04/33

.............

354‌

354,110‌

Ping

Identity

Holding

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

11/15/32

..............

136‌

134,130‌

Proofpoint,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.70

%

,

08/31/28

...................

935‌

904,150‌

Quartz

AcquireCo

LLC,

1st

Lien

Term

Loan

B2

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.95

%

,

06/28/30

(f)

.............

242‌

201,120‌

RealPage,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.96

%

,

04/24/28

...................

422‌

403,168‌

SS&C

Technologies,

Inc.,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

05/09/31

.............

665‌

662,847‌

UKG,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

02/10/31

...................

694‌

662,640‌

VS

Buyer

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

04/14/31

...................

612‌

597,123‌

12,975,510‌

Specialty

Retail

—

0.3%

(a)

Belron

Finance

2019

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.66

%

,

10/16/31

.............

906‌

904,753‌

Hunter

Douglas,

Inc.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.70

%

,

01/16/32

.............

531‌

528,320‌

LS

Group

OpCo

Acquistion

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

04/23/31

........

239‌

238,051‌

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

6.67

%

,

05/04/28

...

791‌

789,875‌

Peer

Holding

III

BV,

Facility

1st

Lien

Term

Loan

B8

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.95

%

,

09/29/32

.............

88‌

87,120‌

Project

Aurora

US

Finco,

Inc.,

Facility

1st

Lien

Term

Loan

B2

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.45

%

,

12/06/32

...

61‌

61,000‌

Pye-Barker

Fire

&

Safety

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.21

%

,

12/16/32

............

283‌

283,002‌

Pye-Barker

Fire

&

Safety

LLC,

Delayed

Draw

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

0.00

%

,

12/16/32

...

42‌

42,288‌

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Restoration

Hardware,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.28

%

,

10/20/28

...........

USD

117‌

$

113,731‌

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.02

%

,

10/20/28

...........

66‌

65,737‌

3,113,877‌

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Finastra

USA,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

09/15/32

(a)

..................

860‌

806,250‌

Tobacco

—

0.0%

Savor

Acquisition,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

02/19/32

(a)

............

16‌

15,923‌

Trading

Companies

&

Distributors

—

0.1%

(a)

Core

&

Main

LP,

1st

Lien

Term

Loan

D

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.68

%

,

07/27/28

...................

543‌

542,225‌

Core

&

Main

LP,

1st

Lien

Term

Loan

E

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.68

%

,

02/10/31

...................

173‌

173,477‌

Gulfside

Supply,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.70

%

,

06/17/31

...................

217‌

197,957‌

Herc

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43

%

,

06/02/32

...................

72‌

71,850‌

QXO

Building

Products,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

04/30/32

.............

253‌

251,802‌

TMK

Hawk

Parent

Corp.,

1st

Lien

Term

Loan

,

(US

Prime

Rate

+

0.00%),

11.00

%

,

12/15/31

(f)

16‌

—‌

TMK

Hawk

Parent

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

7.67

%

,

06/29/29

(f)

.............

444‌

202,143‌

1,439,454‌

Transportation

Infrastructure

—

0.1%

(a)

Apple

Bidco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

09/23/31

...................

791‌

790,597‌

OLA

Netherlands

BV,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.25%),

10.02

%

,

12/15/26

(f)

.................

172‌

170,931‌

Rand

Parent

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.70

%

,

03/18/30

...................

345‌

343,852‌

1,305,380‌

Wireless

Telecommunication

Services

—

0.1%

(a)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

8.92

%

,

08/09/32

............

140‌

139,330‌

SBA

Senior

Finance

II

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

01/27/31

.............

471‌

472,237‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

Windstream

Services

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

10/06/32

.............

USD

324‌

$

323,987‌

935,554‌

Total

Floating

Rate

Loan

Interests

—

11

.3

%

(Cost:

$

146,402,366

)

..............................

142,827,717‌

Foreign

Agency

Obligations

Chile

—

0.0%

Corp.

Nacional

del

Cobre

de

Chile

,

6.44

%

,

01/26/36

(c)

.......................

227‌

238,901‌

Empresa

Nacional

del

Petroleo

,

5.95

%

,

07/30/34

(b)

.......................

245‌

247,119‌

486,020‌

Colombia

—

0.1%

Ecopetrol

SA

,

8.88

%

,

01/13/33

............

736‌

776,848‌

France

—

0.1%

Electricite

de

France

SA

(a)(c)(i)

(BPISDS15

+

3.32%),

5.88

%

...........

GBP

200‌

258,764‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.28%),

5.63

%

........................

EUR

1,200‌

1,418,345‌

1,677,109‌

Hungary

—

0.1%

(c)

Magyar

Export-Import

Bank

Zrt.

,

6.00

%

,

05/16/29

562‌

681,067‌

MVM

Energetika

Zrt.

,

7.50

%

,

06/09/28

......

USD

303‌

314,538‌

995,605‌

Indonesia

—

0.1%

(c)

Pertamina

Persero

PT

,

4.18

%

,

01/21/50

.....

200‌

147,704‌

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

1.88

%

,

11/05/31

...................

EUR

200‌

203,168‌

4.38

%

,

02/05/50

...................

USD

200‌

146,750‌

497,622‌

Mexico

—

0.1%

Petroleos

Mexicanos

5.35

%

,

02/12/28

...................

140‌

138,698‌

8.75

%

,

06/02/29

...................

680‌

714,519‌

5.95

%

,

01/28/31

...................

671‌

641,778‌

1,494,995‌

Morocco

—

0.1%

OCP

SA

5.13

%

,

06/23/51

(c)

..................

333‌

258,864‌

7.50

%

,

05/02/54

(b)

..................

538‌

563,994‌

822,858‌

Peru

—

0.0%

Corp.

Financiera

de

Desarrollo

SA

,

5.50

%

,

05/06/30

(b)

.......................

345‌

350,270‌

Republic

of

Turkiye

—

0.0%

Turkiye

Varlik

Fonu

Yonetimi

A/S

,

8.25

%

,

02/14/29

(c)

.......................

215‌

222,928‌

Total

Foreign

Agency

Obligations

—

0

.6

%

(Cost:

$

6,997,419

)

...............................

7,324,255‌

Foreign

Government

Obligations

Angola

—

0.0%

Republic

of

Angola

,

8.75

%

,

04/14/32

(b)

.......

365‌

354,232‌

Argentina

—

0.0%

Argentine

Republic

(The)

,

0.75

%

,

07/09/30

(d)

..

415‌

347,535‌

Security

Par

(000)

Par

(000)

Value

Armenia

—

0.0%

Republic

of

Armenia

,

6.75

%

,

03/12/35

(b)

......

USD

301‌

$

304,341‌

Bahrain

—

0.0%

Kingdom

of

Bahrain

,

5.45

%

,

09/16/32

(c)

......

381‌

342,471‌

Barbados

—

0.1%

Barbados

Government

Bond

,

8.00

%

,

06/26/35

(b)

699‌

713,679‌

Benin

—

0.1%

Benin

Government

Bond

,

7.96

%

,

02/13/38

(b)

...

746‌

729,831‌

Brazil

—

0.1%

Federative

Republic

of

Brazil

6.63

%

,

03/15/35

...................

344‌

351,912‌

6.25

%

,

05/22/36

...................

381‌

373,961‌

725,873‌

Bulgaria

—

0.0%

Bulgaria

Government

Bond

,

5.00

%

,

03/05/37

(c)

.

420‌

404,498‌

Cameroon

—

0.0%

Republic

of

Cameroon

,

8.88

%

,

01/30/33

(c)

....

380‌

358,340‌

Chile

—

0.1%

Republic

of

Chile

3.75

%

,

01/14/32

...................

EUR

323‌

369,841‌

4.34

%

,

03/07/42

...................

USD

610‌

534,970‌

904,811‌

Colombia

—

0.1%

Republic

of

Colombia

6.13

%

,

01/21/31

...................

205‌

201,720‌

8.00

%

,

11/14/35

...................

245‌

256,527‌

7.75

%

,

11/07/36

...................

341‌

348,860‌

6.50

%

,

11/26/38

...................

EUR

330‌

362,409‌

1,169,516‌

Costa

Rica

—

0.1%

Republic

of

Costa

Rica

6.55

%

,

04/03/34

(c)

..................

USD

297‌

313,261‌

7.30

%

,

11/13/54

(b)

..................

312‌

338,520‌

651,781‌

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

(b)

4.50

%

,

01/30/30

...................

800‌

760,000‌

7.05

%

,

02/03/31

...................

568‌

587,312‌

6.95

%

,

03/15/37

...................

347‌

352,891‌

1,700,203‌

Ecuador

—

0.0%

Republic

of

Ecuador

,

9.25

%

,

01/29/39

(b)

......

545‌

534,645‌

Egypt

—

0.1%

Arab

Republic

of

Egypt

5.63

%

,

04/16/30

(c)

..................

EUR

371‌

400,540‌

9.45

%

,

02/04/33

(b)

..................

USD

343‌

358,884‌

8.50

%

,

01/31/47

(b)

..................

301‌

259,425‌

7.50

%

,

02/16/61

(b)

..................

335‌

254,734‌

1,273,583‌

Gabon

—

0.0%

Gabon

Government

Bond

,

9.50

%

,

02/18/29

(c)

..

335‌

313,429‌

Guatemala

—

0.1%

Republic

of

Guatemala

(b)

5.25

%

,

08/10/29

...................

290‌

288,840‌

7.05

%

,

10/04/32

...................

565‌

604,550‌

6.60

%

,

06/13/36

...................

290‌

303,543‌

6.25

%

,

08/15/36

...................

355‌

360,946‌

1,557,879‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hungary

—

0.1%

Hungary

Government

Bond

5.25

%

,

06/16/29

(b)

..................

USD

596‌

$

597,177‌

6.00

%

,

09/26/35

(c)

..................

364‌

368,980‌

5.50

%

,

03/26/36

(b)

..................

218‌

212,005‌

6.75

%

,

09/23/55

(b)

..................

357‌

362,919‌

1,541,081‌

Indonesia

—

0.1%

Perusahaan

Penerbit

SBSN

Indonesia

III

,

2.55

%

,

06/09/31

(c)

.......................

200‌

177,504‌

Republic

of

Indonesia

3.88

%

,

01/15/33

...................

EUR

319‌

358,348‌

5.30

%

,

08/14/35

(c)

..................

AUD

250‌

168,175‌

4.75

%

,

07/18/47

(c)

..................

USD

200‌

175,550‌

879,577‌

Ivory

Coast

—

0.1%

Republic

of

Cote

d'Ivoire

6.38

%

,

03/03/28

(c)

..................

165‌

165,737‌

5.88

%

,

10/17/31

(c)

..................

EUR

703‌

792,655‌

8.08

%

,

04/01/36

(b)

..................

USD

397‌

403,387‌

8.25

%

,

01/30/37

(b)

..................

201‌

205,745‌

1,567,524‌

Jordan

—

0.1%

Hashemite

Kingdom

of

Jordan

7.50

%

,

01/13/29

(b)

..................

334‌

343,414‌

5.85

%

,

07/07/30

(c)

..................

377‌

369,931‌

713,345‌

Kenya

—

0.0%

Republic

of

Kenya

,

9.75

%

,

02/16/31

(b)

.......

430‌

441,159‌

Kyrgyzstan

—

0.0%

Kyrgyz

Republic

International

Bond

,

7.75

%

,

06/03/30

(b)

.......................

415‌

413,772‌

Latvia

—

0.1%

Latvia

Government

Bond

,

5.13

%

,

07/30/34

(b)

..

696‌

696,870‌

Mexico

—

1.3%

Eagle

Funding

Luxco

SARL

,

5.50

%

,

08/17/30

(b)

.

13,783‌

13,817,457‌

United

Mexican

States

5.38

%

,

03/22/33

...................

565‌

552,005‌

5.63

%

,

02/09/34

...................

510‌

500,820‌

5.63

%

,

09/22/35

...................

956‌

924,452‌

6.13

%

,

02/09/38

...................

310‌

302,870‌

5.13

%

,

03/19/38

...................

EUR

274‌

305,698‌

5.38

%

,

05/16/40

...................

197‌

219,307‌

16,622,609‌

Mongolia

—

0.0%

State

of

Mongolia

,

3.50

%

,

07/07/27

(c)

.......

USD

200‌

193,800‌

Montenegro

—

0.0%

Republic

of

Montenegro

,

2.88

%

,

12/16/27

(c)

...

EUR

315‌

354,877‌

Morocco

—

0.1%

Kingdom

of

Morocco

2.38

%

,

12/15/27

(c)

..................

USD

329‌

315,889‌

5.95

%

,

03/08/28

(b)

..................

311‌

316,194‌

4.75

%

,

04/02/35

(b)

..................

EUR

646‌

734,732‌

1,366,815‌

Nigeria

—

0.1%

Federal

Republic

of

Nigeria

(b)

10.38

%

,

12/09/34

..................

USD

398‌

455,312‌

9.13

%

,

01/13/46

...................

284‌

296,212‌

751,524‌

Security

Par

(000)

Par

(000)

Value

North

Macedonia

—

0.0%

Republic

of

North

Macedonia

,

6.96

%

,

03/13/27

(c)

EUR

269‌

$

315,454‌

Oman

—

0.1%

Oman

Government

Bond

,

6.75

%

,

01/17/48

(c)

..

USD

673‌

701,783‌

Pakistan

—

0.0%

Islamic

Republic

of

Pakistan

,

6.00

%

,

04/08/26

(c)

200‌

199,640‌

Panama

—

0.1%

Republic

of

Panama

,

6.40

%

,

02/14/35

.......

535‌

555,330‌

Paraguay

—

0.0%

Republic

of

Paraguay

(c)

2.74

%

,

01/29/33

...................

322‌

283,038‌

5.60

%

,

03/13/48

...................

237‌

217,566‌

500,604‌

Peru

—

0.1%

Republic

of

Peru

2.78

%

,

01/23/31

...................

553‌

504,875‌

1.86

%

,

12/01/32

...................

527‌

434,248‌

939,123‌

Philippines

—

0.0%

Republic

of

Philippines

,

3.70

%

,

03/01/41

.....

200‌

160,800‌

Poland

—

0.1%

Republic

of

Poland

4.88

%

,

10/04/33

...................

286‌

285,379‌

5.50

%

,

04/04/53

...................

437‌

401,804‌

687,183‌

Republic

of

Turkiye

—

0.1%

Republic

of

Turkiye

(The)

7.13

%

,

02/12/32

...................

685‌

686,027‌

6.30

%

,

03/14/33

...................

379‌

358,250‌

1,044,277‌

Romania

—

0.3%

Romania

Government

Bond

5.25

%

,

11/25/27

(b)

..................

296‌

295,772‌

2.12

%

,

07/16/31

(c)

..................

EUR

763‌

756,894‌

4.63

%

,

03/04/33

(b)

..................

488‌

526,334‌

6.25

%

,

09/10/34

(b)

..................

659‌

771,226‌

6.75

%

,

07/11/39

(b)

..................

293‌

337,438‌

6.50

%

,

10/07/45

(b)

..................

409‌

451,611‌

3,139,275‌

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia

,

5.00

%

,

01/18/53

(b)

..

USD

633‌

534,562‌

Serbia

—

0.1%

Republic

of

Serbia

6.50

%

,

09/26/33

(c)

..................

328‌

341,845‌

6.00

%

,

06/12/34

(b)

..................

408‌

408,000‌

749,845‌

South

Africa

—

0.2%

Republic

of

South

Africa

7.10

%

,

11/19/36

(b)

..................

388‌

397,557‌

5.00

%

,

10/12/46

...................

388‌

278,390‌

5.75

%

,

09/30/49

...................

792‌

613,800‌

7.95

%

,

11/19/54

(b)

..................

497‌

491,160‌

7.25

%

,

12/11/55

(b)

..................

200‌

182,900‌

1,963,807‌

Sri

Lanka

—

0.0%

Sri

Lanka

Government

Bond

(b)

4.00

%

,

04/15/28

...................

30‌

28,384‌

3.10

%

,

01/15/30

(d)

..................

33‌

30,484‌

3.35

%

,

03/15/33

(d)

..................

65‌

53,912‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Sri

Lanka

(continued)

3.60

%

,

06/15/35

(d)

..................

USD

44‌

$

33,153‌

3.60

%

,

05/15/36

(d)

..................

30‌

26,844‌

3.60

%

,

02/15/38

(d)

..................

61‌

54,317‌

227,094‌

Suriname

—

0.0%

Suriname

Government

International

Bond

,

8.50

%

,

11/06/35

(b)

..................

381‌

393,954‌

Trinidad

and

Tobago

—

0.0%

Republic

of

Trinidad

&

Tobago

,

6.50

%

,

01/28/36

(b)

379‌

375,210‌

Ukraine

—

0.0%

Ukraine

Government

Bond

(b)(d)

4.50

%

,

02/01/29

...................

100‌

69,659‌

0.00

%

,

02/01/30

...................

9‌

5,290‌

0.00

%

,

02/01/34

...................

34‌

14,422‌

4.50

%

,

02/01/34

...................

66‌

35,227‌

0.00

%

,

02/01/35

...................

29‌

13,103‌

0.00

%

,

02/01/36

...................

24‌

10,895‌

148,596‌

United

Arab

Emirates

—

0.0%

United

Arab

Emirates

Government

Bond

,

3.90

%

,

09/09/50

(c)

.......................

480‌

329,616‌

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay

,

5.25

%

,

09/10/60

.

577‌

522,762‌

Uzbekistan

—

0.1%

Republic

of

Uzbekistan

(b)

5.38

%

,

05/29/27

...................

EUR

383‌

445,465‌

7.85

%

,

10/12/28

...................

USD

296‌

308,765‌

754,230‌

Total

Foreign

Government

Obligations

—

4

.1

%

(Cost:

$

51,328,649

)

...............................

52,172,745‌

Shares

Shares

Investment

Companies

Invesco

Senior

Loan

ETF

(o)

..............

266,000

5,429,060‌

iShares

AAA

CLO

Active

ETF

(p)

...........

300,000

15,550,500‌

iShares

Floating

Rate

Bond

ETF

(p)

.........

308,079

15,696,625‌

VanEck

JPMorgan

EM

Local

Currency

Bond

ETF

1,441,682

36,200,635‌

Total

Investment

Companies

—

5

.8

%

(Cost:

$

73,234,092

)

...............................

72,876,820‌

Par

(000)

Par

(000)

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.3%

Alternative

Loan

Trust

Series

2006-OA11,

Class

A1B,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

4.17%,

09/25/46

(a)

................

1,015‌

1,004,730‌

Series

2007-3T1,

Class

1A1,

6.00%,

04/25/37

1,678‌

709,846‌

Deephaven

Residential

Mortgage

Trust,

Series

2026-INV2,

Class

A1,

5.48%,

02/25/71

(a)

(b)

..

615‌

615,182‌

Elmwood

European

CLO

1,

0.00%,

04/16/40

(a)

(c)

EUR

110‌

127,143‌

GS

Mortgage-Backed

Securities

Trust,

Series

2026-R1,

Class

A1,

5.53%,

04/25/63

(b)

(d)

...

USD

1,000‌

999,988‌

Sequoia

Mortgage

Trust,

Series

2026-MED1,

Class

A1A,

5.12%,

04/25/56

(a)

(b)

.........

1,000‌

984,966‌

4,441,855‌

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

—

0.2%

(a)(b)

Hudson

Yards

Mortgage

Trust,

Series

2019-

55HY,

Class

F,

2.94%,

12/10/41

.........

USD

1,343‌

$

1,152,906‌

Velocity

Commercial

Capital

Loan

Trust

Series

2019-3,

Class

M2,

3.28%,

10/25/49

..

1,277‌

1,181,314‌

Series

2019-3,

Class

M3,

3.38%,

10/25/49

..

393‌

358,325‌

2,692,545‌

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

(a)

Benchmark

Mortgage

Trust,

Series

2019-B13,

Class

XA,

1.08%,

08/15/57

............

23,687‌

695,078‌

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-JP3,

Class

XC,

0.75%,

08/15/49

(b)

..................

8,700‌

11,410‌

706,488‌

Total

Non-Agency

Mortgage-Backed

Securities

—

0

.6

%

(Cost:

$

8,607,749

)

...............................

7,840,888‌

Beneficial

Interest

(000)

Other

Interests

(q)

Capital

Markets

—

0.0%

Millennium

Corp.

Claim

(f)

................

811‌

—‌

Total

Other

Interests

—

0.0

%

(Cost:

$

—

)

.....................................

—‌

Par

(000)

Pa

r

(

000)

Preferred

Securities

Capital

Trusts

—

6.8%

Automobiles

—

0.1%

(c)

Stellantis

NV

(a)(i)

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.77%),

6.25

%

(c)

.......................

EUR

400‌

441,297‌

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.08%),

8.25

%

(c)

.........

GBP

325‌

411,093‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.24%),

6.88

%

(c)

.......................

EUR

325‌

354,110‌

1,206,500‌

Banks

—

3.5%

AIB

Group

plc

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.71%),

6.00

%

(a)

(c)

(i)

................

200‌

230,142‌

Banco

Bilbao

Vizcaya

Argentaria

SA

(5-Year

EUR

Swap

Annual

+

4.27%),

6.88

%

(a)

(

c)

(i)

...........................

600‌

725,176‌

Banco

Mercantil

del

Norte

SA

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.07%),

8.38

%

(a)

(b)

(i)

..........

USD

409‌

422,088‌

Bank

of

America

Corp.

(a)(i)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.68%),

6.63

%

....

124‌

127,130‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.35%),

6.25

%

....

9,984‌

10,044,134‌

Barclays

plc

(a)(i)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.43%),

8.00

%

....

8,115‌

8,397,067‌

(USISSO05

+

5.78%),

9.63

%

...........

3,035‌

3,310,441‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.56%),

6.13

%

(c)

.......................

EUR

250‌

275,962‌

BPER

Banca

SpA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.57%),

5.88

%

(a)

(c)

(i)

............

343‌

381,669‌

CaixaBank

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.35%),

5.88

%

(a)

(c)

(i)

............

200‌

223,854‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Citigroup,

Inc.

(a)(i)

Series

BB

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.91%),

7.20

%

........................

USD

7,500‌

$

7,643,002‌

Series

CC

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.69%),

7.13

%

........................

79‌

79,777‌

Series

EE

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.57%),

6.75

%

........................

6,048‌

6,045,276‌

Series

FF

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.73%),

6.95

%

........................

25‌

25,186‌

Series

GG

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.89%),

6.88

%

........................

30‌

30,212‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.00%),

6.63

%

....

40‌

40,030‌

Series

DD

,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.76%),

7.00

%

........................

25‌

25,729‌

HDFC

Bank

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.93%),

3.70

%

(a)

(c)

(i)

.................

200‌

196,878‌

HSBC

Holdings

plc

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.99%),

7.05

%

(a)

(i)

..................

200‌

201,472‌

JPMorgan

Chase

&

Co.

,

Series

W

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

4.91

%

,

05/15/47

(a)

..................

1,000‌

879,351‌

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.07%),

6.35

%

(a)

(i)

...........

400‌

393,134‌

PNC

Financial

Services

Group,

Inc.

(The)

,

Series

W

,

(7-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.81%),

6.25

%

(a)

(i)

.

5,418‌

5,465,538‌

Standard

Chartered

plc

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.02%),

7.63

%

(a)

(c)

(i)

.................

200‌

204,436‌

Sumitomo

Mitsui

Financial

Group,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.90%),

6.45

%

(a)

(i)

.....

300‌

292,075‌

Woori

Bank

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.28%),

6.38

%

(a)

(c)

(i)

.......................

300‌

309,469‌

45,969,228‌

Broadline

Retail

—

0.1%

Rakuten

Group,

Inc.

,

(5-Year

EUR

Swap

Annual

+

4.74%),

4.25

%

(a)

(c)

(i)

................

EUR

429‌

480,792‌

Capital

Markets

—

1.7%

(a)

Brookfield

Finance,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.08%),

6.30

%

,

01/15/55

..............

USD

80‌

76,627‌

Deutsche

Bank

AG

(i)

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.26%),

8.13

%

(c)

.......................

EUR

200‌

242,753‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.60%),

7.13

%

(c)

.......................

200‌

235,092‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.11%),

7.38

%

(c)

.......................

200‌

239,340‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.04%),

6.75

%

(c)

.......................

200‌

227,991‌

Goldman

Sachs

Group,

Inc.

(The)

(i)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.85

%

....

USD

7,932‌

8,085,191‌

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Series

Y

,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.40%),

6.13

%

........................

USD

62‌

$

61,677‌

Nomura

Holdings,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.08%),

7.00

%

(i)

....................

375‌

377,536‌

UBS

Group

AG

(b)(i)

(USISSO05

+

4.16%),

7.75

%

...........

5,365‌

5,528,209‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.76%),

9.25

%

....

5,410‌

6,092,953‌

21,167,369‌

Construction

Materials

—

0.0%

Cemex

SAB

de

CV

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.52%),

7.20

%

(a)

(b)

(i)

.................

310‌

314,687‌

Consumer

Finance

—

0.0%

(c)

Volkswagen

International

Finance

NV

(a)(i)

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.17%),

5.49

%

(c)

.......................

EUR

100‌

115,359‌

(EUAMDB08

+

3.49%),

5.99

%

(c)

.........

200‌

231,055‌

346,414‌

Diversified

REITs

—

0.1%

Unibail-Rodamco-Westfield

SE

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.43%),

4.75

%

(a)

(c

)

(i)

.............................

400‌

457,346‌

Diversified

Telecommunication

Services

—

0.0%

(c)

Telefonica

Emisiones

SA

(a)(i)

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.84%),

4.38

%

(c)

.......................

200‌

223,287‌

(EUAMDB08

+

2.13%),

4.88

%

(c)

.........

200‌

219,587‌

442,874‌

Electric

Utilities

—

0.1%

(a)

CLP

Power

HK

Finance

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.01%),

5.45

%

(c)

(i)

...........

USD

300‌

309,000‌

Duke

Energy

Corp.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.59%),

6.45

%

,

09/01/54

..............

17‌

17,555‌

EDP

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.05%),

4.75

%

,

05/29/54

(c)

............

EUR

200‌

232,365‌

Electricite

de

France

SA

(i)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.07%),

4.38

%

(c)

.......................

100‌

112,040‌

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.78%),

7.38

%

(c)

.........

GBP

300‌

399,784‌

NextEra

Energy

Capital

Holdings,

Inc.

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.75

%

,

06/15/54

.................

USD

19‌

19,656‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.05%),

6.38

%

,

08/15/55

.................

35‌

35,657‌

NRG

Energy,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.92%),

10.25

%

(b)

(i)

..................

88‌

94,927‌

PG&E

Corp.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.23%),

6.85

%

,

09/15/56

...................

53‌

52,371‌

1,273,355‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

—

0.1%

Apollo

Global

Management,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.17%),

6.00

%

,

12/15/54

(a)

.....

USD

40‌

$

37,504‌

Corebridge

Financial,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

6.38

%

,

09/15/54

(a)

............

28‌

27,519‌

Nationwide

Building

Society

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.85%),

7.50

%

(a)

(c)

(i)

........

GBP

400‌

530,233‌

595,256‌

Gas

Utilities

—

0.0%

AltaGas

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.57%),

7.20

%

,

10/15/54

(a)

(b)

.................

USD

25‌

25,349‌

Ground

Transportation

—

0.1%

MTR

Corp.

CI

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.46%),

5.63

%

(a)

(c)

(i)

.................

600‌

619,200‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

(a)

AES

Andes

SA

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.84%),

8.15

%

,

06/10/55

(b)

..................

495‌

518,884‌

AES

Corp.

(The)

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.20%),

7.60

%

,

01/15/55

..............

33‌

32,733‌

Orsted

A/S

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.59%),

5.13

%

,

03/14/3024

(c)

...........

EUR

100‌

115,564‌

Vistra

Corp.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.74%),

7.00

%

(b)

(i)

........................

USD

165‌

165,212‌

832,393‌

Insurance

—

0.2%

BNP

Paribas

Cardif

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.37%),

6.00

%

(a)

(c)

(i)

........

EUR

500‌

559,099‌

Dai-ichi

Life

Insurance

Co.

Ltd.

(The)

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.52%),

6.20

%

(a)

(c)

(i)

..........

USD

200‌

201,190‌

FWD

Group

Holdings

Ltd.

5.25

%

,

09/22/30

(c)

..................

475‌

471,936‌

7.64

%

,

07/02/31

(c)

..................

200‌

217,652‌

5.84

%

,

09/22/35

(c)

..................

475‌

469,576‌

NN

Group

NV

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.45%),

5.75

%

(a)

(c)

(i)

................

EUR

200‌

224,890‌

QIC

Cayman

Ltd.

,

(6-Year

USD

Constant

Maturity

+

2.20%),

6.15

%

(a)

(c)

(i)

..........

USD

200‌

191,656‌

2,335,999‌

Multi-Utilities

—

0.3%

(a)

CenterPoint

Energy,

Inc.

,

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.95%),

6.85

%

,

02/15/55

......

10‌

10,478‌

Dominion

Energy,

Inc.

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.51%),

7.00

%

,

06/01/54

.................

3,805‌

4,024,511‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.21%),

6.63

%

,

05/15/55

.................

10‌

10,153‌

Veolia

Environnement

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.84%),

4.32

%

(c)

(i)

.........

EUR

100‌

112,117‌

4,157,259‌

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

—

0.1%

(a)

Enbridge,

Inc.

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.97%),

7.20

%

,

06/27/54

.................

USD

25‌

$

26,294‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.12%),

7.38

%

,

03/15/55

.................

25‌

26,263‌

Energy

Transfer

LP

Series

H

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.69%),

6.50

%

(i)

.......................

55‌

54,890‌

Series

G

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.31%),

7.13

%

(i)

.......................

26‌

26,463‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.02%),

8.00

%

,

05/15/54

.................

58‌

60,749‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.83%),

7.13

%

,

10/01/54

.................

36‌

36,564‌

Sunoco

LP

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.23%),

7.88

%

(b)

(i)

........................

197‌

201,142‌

Var

Energi

ASA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.77%),

7.86

%

,

11/15/83

(c)

........

EUR

614‌

765,443‌

Venture

Global

LNG,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.44%),

9.00

%

(b)

(i)

..................

USD

165‌

164,348‌

Wintershall

Dea

Finance

2

BV

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.94%),

6.12

%

(c)

(i)

......

EUR

339‌

395,973‌

1,758,129‌

Passenger

Airlines

—

0.0%

(a)(c)

Air

France-KLM

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.58%),

5.75

%

(i)

...............

200‌

224,924‌

Deutsche

Lufthansa

AG

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.86%),

5.25

%

,

01/15/55

....

200‌

226,335‌

451,259‌

Pharmaceuticals

—

0.1%

(c)

Bayer

AG

(a)

(5-Year

EUR

Swap

Annual

+

4.46%),

5.38

%

,

03/25/82

(c)

................

700‌

805,143‌

Series

NC5

,

(5-Year

EUR

Swap

Annual

+

3.43%),

6.63

%

,

09/25/83

(c)

..........

200‌

239,793‌

1,044,936‌

Real

Estate

Management

&

Development

—

0.2%

(a)(i)

Aroundtown

Finance

SARL

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.43%),

5.25

%

(c)

.......................

843‌

886,653‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.04%),

5.13

%

(c)

.......................

175‌

182,461‌

Grand

City

Properties

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.18%),

1.50

%

(c)

..........

300‌

339,756‌

Heimstaden

Bostad

AB

(5-Year

EUR

Swap

Annual

+

3.15%),

2.63

%

(c)

359‌

401,600‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.53%),

5.00

%

(c)

.......................

175‌

188,279‌

Vivion

Investments

SARL

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.16%),

8.13

%

(c)

..........

200‌

193,457‌

2,192,206‌

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Transportation

Infrastructure

—

0.0%

(a)(c)(i)

Airport

Authority

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.70%),

2.10

%

....................

USD

200‌

$

198,750‌

Royal

Capital

BV

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

7.40%),

5.00

%

....................

200‌

199,500‌

398,250‌

Total

Capital

Trusts

—

6

.8

%

(Cost:

$

83,659,604

)

...............................

86,068,801‌

Shares

Shares

Preferred

Stocks

—

0.0%

Financial

Services

—

0.0%

Shift4

Payments,

Inc.

,

6.00

%

,

05/01/28

(k)

.....

193

10,352‌

IT

Services

—

0.0%

(e)(f)

Veritas

Newco

.......................

710

13,488‌

Veritas

Newco,

Series

G-1

...............

490

9,317‌

22,805‌

Semiconductors

&

Semiconductor

Equipment

—

0.0%

Microchip

Technology,

Inc.

,

7.50

%

,

03/15/28

(k)

.

700

39,879‌

Wireless

Telecommunication

Services

—

0.0%

Ligado

Networks

LLC

(e)

(f)

................

60,182

1‌

Total

Preferred

Stocks

—

0.0

%

(Cost:

$

132,891

)

.................................

73,037‌

Total

Preferred

Securities

—

6

.8

%

(Cost:

$

83,792,495

)

...............................

86,141,838‌

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Mortgage-Backed

Securities

—

19.3%

Uniform

Mortgage-Backed

Securities

(r)

2.50

%

,

04/25/56

...................

111,452‌

93,689,565‌

5.50

%

,

04/25/56

...................

93,886‌

94,318,534‌

6.00

%

,

04/25/56

...................

54,300‌

55,349,511‌

Total

U.S.

Government

Sponsored

Agency

Securities

—

19

.3

%

(Cost:

$

245,659,904

)

..............................

243,357,610‌

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)

690

—‌

Total

Warrants

—

0.0

%

(Cost:

$

—

)

.....................................

—‌

Total

Long-Term

Investments

—

109.4%

(Cost:

$

1,401,328,986

)

............................

1,379,004,283‌

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

2.6%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

3.55

%

(p)

(s)

...................

33,262,341

$

33,262,341‌

Total

Money

Market

Funds

—

2

.6

%

(Cost:

$

33,262,341

)

...............................

33,262,341‌

Par

(000)

Pa

r

(

000)

U.S.

Treasury

Obligations

—

5.6%

U.S.

Treasury

Bills

,  

3.64

%

,

04/28/26

(t)

.......

USD

70,000‌

69,809,398‌

Total

U.S.

Treasury

Obligations

—

5

.6

%

(Cost:

$

69,809,215

)

...............................

69,809,398‌

Total

Short-Term

Securities

—

8.2%

(Cost:

$

103,071,556

)

..............................

103,071,739‌

Total

Options

Purchased

—

0.0

%

(

Cost:

$

219,020

)

.................................

160,930‌

Total

Investments

Before

Options

Written

and

TBA

Sale

Commitments

—

117

.6

%

(Cost:

$

1,504,619,562

)

............................

1,482,236,952‌

Total

Options

Written

—

(0.0)

%

(Premium

Received

—

$

(

59,525

)

)

.....................

(

62,562‌

)

TBA

Sale

Commitments

Mortgage-Backed

Securities

—

(

4

.4

)

%

Uniform

Mortgage-Backed

Securities

,

6.00

%

,

04/25/56

(r)

..................

(

54,300‌

)

(

55,349,510‌

)

Total

TBA

Sale

Commitments

—

(

4

.4

)

%

(Proceeds:

$

(

55,570,535

)

)

..........................

(

55,349,510‌

)

Total

Investments

Net

of

Options

Written

and

TBA

Sale

Commitments

—

113

.2

%

(Cost:

$

1,448,989,502

)

............................

1,426,824,880‌

Liabilities

in

Excess

of

Other

Assets

—

(

13.2

)

%

............

(

166,556,970‌

)

Net

Assets

—

100.0%

...............................

$

1,260,267,910‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

40

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

March

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(e)

Non-income

producing

security.

(f)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(g)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$81,312,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$0.

(h)

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.

(i)

Perpetual

security

with

no

stated

maturity

date.

(j)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(k)

Convertible

security.

(l)

Zero-coupon

bond.

(m)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(n)

Rounds

to

less

than

1,000.

(o)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(p)

Affiliate

of

the

Fund.

(q)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(r)

Represents

or

includes

a

TBA

transaction.

(s)

Annualized

7-day

yield

as

of

period

end.

(t)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

Affiliated

Issuer

Value

at

09/30/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/26

Shares

Held

at

03/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

31,057,749

$

2,204,592

(a)

$

—

$

—

$

—

$

33,262,341

33,262,341

$

1,387,144

$

—

iShares

AAA

CLO

Active

ETF

.

15,589,500

—

—

—

(

39,000

)

15,550,500

300,000

388,029

—

iShares

Floating

Rate

Bond

ETF

................

15,738,216

—

—

—

(

41,591

)

15,696,625

308,079

353,456

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(b)

..............

24,611,946

—

(

24,893,772

)

1,913,573

(

1,631,747

)

—

—

404,687

—

iShares

MSCI

Emerging

Markets

ETF

(b)

.........

—

22,165,818

(

22,907,526

)

741,708

—

—

—

131,995

—

$

2,655,281

$

(

1,712,338

)

$

64,509,466

$

2,665,311

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

As

of

period

end,

the

entity

is

no

longer

held.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

41

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

U.S.

Treasury

10-Year

Note

...................................................

212

06/18/26

$

23,529

$

(

384,665

)

U.S.

Treasury

10-Year

Ultra

Note

...............................................

226

06/18/26

25,637

(

545,947

)

U.S.

Treasury

Long

Bond

.....................................................

477

06/18/26

54,199

(

1,744,902

)

U.S.

Treasury

Ultra

Bond

.....................................................

270

06/18/26

31,404

(

972,749

)

U.S.

Treasury

2-Year

Note

....................................................

297

06/30/26

61,618

(

395,634

)

U.S.

Treasury

5-Year

Note

....................................................

4,311

06/30/26

466,329

(

4,663,061

)

(

8,706,958

)

Short

Contracts

U.S.

Treasury

10-Year

Note

...................................................

385

06/18/26

42,729

732,839

U.S.

Treasury

10-Year

Ultra

Note

...............................................

617

06/18/26

69,991

1,332,547

U.S.

Treasury

Long

Bond

.....................................................

583

06/18/26

66,243

1,880,859

U.S.

Treasury

Ultra

Bond

.....................................................

626

06/18/26

72,812

2,485,897

6,432,142

$

(

2,274,816

)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

99,094

USD

114,471

Bank

of

America

NA

04/16/26

$

146

EUR

480,000

USD

551,280

Citibank

NA

04/16/26

3,911

USD

903,789

CHF

710,000

Bank

of

America

NA

04/16/26

14,413

USD

571,656

EUR

487,629

Citibank

NA

04/16/26

7,641

USD

9,621,167

EUR

8,199,292

Morgan

Stanley

&

Co.

International

plc

04/16/26

137,471

USD

13,791,906

GBP

10,400,000

UBS

AG

04/16/26

26,793

USD

1,406,397

AUD

1,980,000

JPMorgan

Chase

Bank

NA

06/18/26

41,862

USD

772,416

EUR

660,000

Barclays

Bank

plc

06/18/26

6,838

239,075

CHF

20,000

USD

25,455

Barclays

Bank

plc

04/16/26

(

402

)

EUR

1,673

USD

1,961

Barclays

Bank

plc

04/16/26

(

26

)

EUR

149,540

USD

179,269

JPMorgan

Chase

Bank

NA

04/16/26

(

6,304

)

USD

100,463,056

EUR

87,480,000

Bank

of

America

NA

04/16/26

(

720,530

)

USD

412,984

EUR

358,000

Barclays

Bank

plc

06/17/26

(

2,266

)

(

729,528

)

$

(

490,453

)

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Nasdaq-100

E-Mini

Index

......................

2

09/18/26

USD

29,500.00

USD

965

$

2,330

Nasdaq-100

Index

...........................

1

09/18/26

USD

29,500.00

USD

2,374

5,947

8,277

Put

State

Street

SPDR

S&P

500

ETF

Trust

.............

455

04/08/26

USD

635.00

USD

29,590

152,653

$

160,930

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

42

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

State

Street

SPDR

S&P

500

ETF

Trust

..............

455

04/08/26

USD

620.00

USD

29,590

$

(

62,562

)

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

NR

EUR

100

$

824

$

(

219

)

$

1,043

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Goldman

Sachs

International

12/20/27

NR

EUR

74

3,793

5,551

(

1,758

)

Altice

France

SA

......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC+

EUR

109

5,485

4,530

955

Altice

France

SA

......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC+

EUR

226

11,373

10,851

522

Altice

France

SA

......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC+

EUR

103

5,183

3,870

1,313

Altice

France

SA

......

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

CCC+

EUR

100

5,032

3,814

1,218

Virgin

Media

Finance

plc

.

5

.00

Quarterly

Goldman

Sachs

International

12/20/28

B-

EUR

82

4,961

6,509

(

1,548

)

Virgin

Media

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

B-

EUR

181

10,951

14,911

(

3,960

)

iTraxx

Europe

Crossover

Index

Series

42.V3

..

5

.00

Quarterly

BNP

Paribas

SA

12/20/29

BB-

EUR

195

23,584

19,652

3,932

iTraxx

Europe

Crossover

Index

Series

42.V3

..

5

.00

Quarterly

Goldman

Sachs

International

12/20/29

BB-

EUR

253

30,599

36,019

(

5,420

)

Zegona

Finance

plc

....

5

.00

Quarterly

BNP

Paribas

SA

06/20/30

BB

EUR

106

17,615

15,794

1,821

Zegona

Finance

plc

....

5

.00

Quarterly

Deutsche

Bank

AG

06/20/30

BB

EUR

106

17,591

12,503

5,088

Eutelsat

SA

..........

5

.00

Quarterly

Deutsche

Bank

AG

12/20/30

NR

EUR

100

16,648

13,911

2,737

Forvia

SE

...........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

BB-

EUR

243

23,293

22,129

1,164

ZF

Europe

Finance

BV

..

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

EUR

108

6,368

12,324

(

5,956

)

$

183,300

$

182,149

$

1,151

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Barclays

Bank

plc

06/20/26

USD

1,500

$

(

1,648

)

$

(

9,133

)

$

7,485

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

BNP

Paribas

SA

06/20/26

USD

1,000

(

2,755

)

(

4,713

)

1,958

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

BNP

Paribas

SA

06/20/26

USD

4,000

(

17,182

)

(

12,627

)

(

4,555

)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

43

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

OTC

Total

Return

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

BNP

Paribas

SA

09/20/26

USD

1,000

$

(

3,003

)

$

(

8,429

)

$

5,426

$

(

24,588

)

$

(

34,902

)

$

10,314

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

3

.65

%

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

182,368

$

(

35,121

)

$

34,662

$

(

23,197

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

—

$

6,432,142

$

—

$

6,432,142

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

239,075

—

—

239,075

Options

purchased

Investments

at

value

—

unaffiliated

(b)

............

—

—

160,930

—

—

—

160,930

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

202,161

—

—

14,869

—

217,030

$

—

$

202,161

$

160,930

$

239,075

$

6,447,011

$

—

$

7,049,177

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

—

$

8,706,958

$

—

$

8,706,958

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

729,528

—

—

729,528

Options

written

Options

written

at

value

.....................

—

—

62,562

—

—

—

62,562

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

18,861

—

—

39,457

—

58,318

$

—

$

18,861

$

62,562

$

729,528

$

8,746,415

$

—

$

9,557,366

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

44

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

For

the

period

ended

March

31,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

—

$

—

$

317,760

$

—

$

317,760

Forward

foreign

currency

exchange

contracts

....

—

—

—

2,013,687

—

—

2,013,687

Options

purchased

(a)

.....................

—

—

(

305,650

)

—

—

—

(

305,650

)

Options

written

........................

—

—

72,822

—

—

—

72,822

Swaps

..............................

—

1,466,115

47,322

—

(

32,288

)

—

1,481,149

$

—

$

1,466,115

$

(185,506)

$

2,013,687

$

285,472

$

—

$

3,579,768

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

—

$

—

$

(

2,714,754

)

$

—

$

(

2,714,754

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

687,443

)

—

—

(

687,443

)

Options

purchased

(b)

.....................

—

—

(

152,935

)

—

—

—

(

152,935

)

Options

written

........................

—

—

(

3,037

)

—

—

—

(

3,037

)

Swaps

..............................

—

(

2,661,414

)

—

—

(

95,356

)

—

(

2,756,770

)

$

—

$

(2,661,414)

$

(155,972)

$

(687,443)

$

(2,810,110)

$

—

$

(6,314,939)

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

608,176,900

Average

notional

value

of

contracts

—

short

.................................................................................

275,708,922

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

133,729,004

Average

amounts

sold

—

in

USD

........................................................................................

6,472,964

Options

Average

value

of

option

contracts

purchased

................................................................................

80,465

Average

value

of

option

contracts

written

...................................................................................

31,281

Credit

default

swaps

Average

notional

value

—

sell

protection

...................................................................................

34,939,034

Total

return

swaps

Average

notional

value

...............................................................................................

6,250,000

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

984,179

$

567,483

Forward

f

oreign

currency

exchange

contracts

.................................................................

239,075

729,528

Options

(a)

.........................................................................................

160,930

62,562

Swaps

—

centrally

cleared

..............................................................................

—

2,212,084

Swaps

—

OTC

(b)

.....................................................................................

217,030

58,318

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

.............................................

$

1,601,214

$

3,629,975

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(

1,145,109

)

(

2,842,129

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

456,105

$

787,846

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Statement

of

Assets

and

Liabilities

and

reported

in

the

Schedule

of

Investments.

(b)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statement

of

Assets

and

Liabilities.

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

45

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

The

following

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

...............................

$

26,883

$

(

26,883

)

$

—

$

—

$

—

Barclays

Bank

plc

................................

14,323

(

11,827

)

—

—

2,496

BNP

Paribas

SA

.................................

48,583

(

30,324

)

—

—

18,259

Citibank

NA

.....................................

11,552

—

—

—

11,552

Deutsche

Bank

AG

................................

34,239

—

—

—

34,239

Goldman

Sachs

International

.........................

49,122

(

8,945

)

—

—

40,177

JPMorgan

Chase

Bank

NA

..........................

102,107

(

10,264

)

—

—

91,843

Morgan

Stanley

&

Co.

International

plc

..................

142,503

—

—

—

142,503

UBS

AG

.......................................

26,793

—

—

—

26,793

$

456,105

$

(

88,243

)

$

—

$

—

$

367,862

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)

Bank

of

America

NA

...............................

$

726,486

$

(

26,883

)

$

—

$

—

$

699,603

Barclays

Bank

plc

................................

11,827

(

11,827

)

—

—

—

BNP

Paribas

SA

.................................

30,324

(

30,324

)

—

—

—

Goldman

Sachs

International

.........................

8,945

(

8,945

)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

10,264

(

10,264

)

—

—

—

$

787,846

$

(

88,243

)

$

—

$

—

$

699,603

(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.

Net

amount

may

be

offset

further

by

the

options

receivable/payable

on

the

Statement

of

Assets

and

Liabilities.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

$

—

$

380,457,990

$

—

$

380,457,990

Common

Stocks

Commercial

Services

&

Supplies

.............................

—

—

9,568

9,568

Construction

&

Engineering

................................

—

—

65,192

65,192

Financial

Services

......................................

—

—

85,173

85,173

Food

Products

.........................................

23,158

38,203

—

61,361

Health

Care

Equipment

&

Supplies

...........................

5,919

—

—

5,919

Hotels,

Restaurants

&

Leisure

..............................

—

—

51,997

51,997

IT

Services

...........................................

—

—

102,969

102,969

Life

Sciences

Tools

&

Services

..............................

24,728

—

—

24,728

Machinery

............................................

—

—

—

—

Media

...............................................

—

—

81,312

81,312

Metals

&

Mining

........................................

58,845

—

—

58,845

Oil,

Gas

&

Consumable

Fuels

...............................

136,812

—

—

136,812

Specialized

REITs

......................................

93,079

—

—

93,079

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

46

Level

1

Level

2

Level

3

Total

Trading

Companies

&

Distributors

............................

$

—

$

—

$

39,802

$

39,802

Wireless

Telecommunication

Services

.........................

—

130,707

—

130,707

Corporate

Bonds

Aerospace

&

Defense

....................................

—

1,931,712

—

1,931,712

Air

Freight

&

Logistics

....................................

—

39,171

—

39,171

Automobile

Components

..................................

—

5,334,916

—

5,334,916

Automobiles

..........................................

—

8,399,857

—

8,399,857

Banks

...............................................

—

40,899,162

—

40,899,162

Biotechnology

.........................................

—

1,172,848

—

1,172,848

Broadline

Retail

........................................

—

1,648,225

—

1,648,225

Building

Products

.......................................

—

2,331,586

—

2,331,586

Capital

Markets

........................................

—

48,233,062

—

48,233,062

Chemicals

............................................

—

6,932,566

—

6,932,566

Commercial

Services

&

Supplies

.............................

—

7,059,316

—

7,059,316

Communications

Equipment

................................

—

12,197

—

12,197

Construction

&

Engineering

................................

—

1,572,919

—

1,572,919

Consumer

Finance

......................................

—

7,356,764

—

7,356,764

Consumer

Staples

Distribution

&

Retail

........................

—

3,051,292

—

3,051,292

Containers

&

Packaging

..................................

—

2,964,242

—

2,964,242

Distributors

...........................................

—

256,077

—

256,077

Diversified

Consumer

Services

..............................

—

1,202,292

—

1,202,292

Diversified

REITs

.......................................

—

7,787,683

—

7,787,683

Diversified

Telecommunication

Services

........................

—

9,071,759

—

9,071,759

Electric

Utilities

........................................

—

8,596,254

—

8,596,254

Electronic

Equipment,

Instruments

&

Components

.................

—

209,530

—

209,530

Energy

Equipment

&

Services

..............................

—

1,969,420

—

1,969,420

Entertainment

.........................................

—

1,314,884

—

1,314,884

Financial

Services

......................................

—

15,279,288

—

15,279,288

Food

Products

.........................................

—

2,649,249

—

2,649,249

Gas

Utilities

...........................................

—

274,622

—

274,622

Ground

Transportation

...................................

—

5,955,089

—

5,955,089

Health

Care

Equipment

&

Supplies

...........................

—

866,945

—

866,945

Health

Care

Providers

&

Services

............................

—

2,810,712

—

2,810,712

Health

Care

REITs

......................................

—

620,222

—

620,222

Health

Care

Technology

..................................

—

71,084

—

71,084

Hotel

&

Resort

REITs

....................................

—

644,422

—

644,422

Hotels,

Restaurants

&

Leisure

..............................

—

13,763,110

—

13,763,110

Household

Durables

.....................................

—

7,277,632

—

7,277,632

Independent

Power

and

Renewable

Electricity

Producers

............

—

750,513

—

750,513

Industrial

REITs

........................................

—

194,176

—

194,176

Insurance

............................................

—

7,460,254

—

7,460,254

Interactive

Media

&

Services

...............................

—

130,084

—

130,084

IT

Services

...........................................

—

23,447,092

—

23,447,092

Life

Sciences

Tools

&

Services

..............................

—

13,268

—

13,268

Machinery

............................................

—

1,252,102

—

1,252,102

Media

...............................................

—

7,162,222

—

7,162,222

Metals

&

Mining

........................................

—

7,384,961

—

7,384,961

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

119,744

—

119,744

Multi-Utilities

..........................................

—

290,001

—

290,001

Office

REITs

..........................................

—

907,220

—

907,220

Oil,

Gas

&

Consumable

Fuels

...............................

—

18,922,238

—

18,922,238

Paper

&

Forest

Products

..................................

—

2,705,170

—

2,705,170

Passenger

Airlines

......................................

—

818,847

—

818,847

Personal

Care

Products

..................................

—

733,607

—

733,607

Pharmaceuticals

.......................................

—

10,560,846

—

10,560,846

Professional

Services

....................................

—

324,805

—

324,805

Real

Estate

Management

&

Development

.......................

—

5,239,953

—

5,239,953

Retail

REITs

..........................................

—

54,929

—

54,929

Semiconductors

&

Semiconductor

Equipment

....................

—

4,863,731

—

4,863,731

Software

.............................................

—

26,534,015

—

26,534,015

Specialized

REITs

......................................

—

8,489,116

—

8,489,116

Specialty

Retail

........................................

—

6,014,903

—

6,014,903

Technology

Hardware,

Storage

&

Peripherals

....................

—

143,555

—

143,555

Textiles,

Apparel

&

Luxury

Goods

............................

—

2,293,311

—

2,293,311

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

Schedule

of

Investments

47

Level

1

Level

2

Level

3

Total

Tobacco

.............................................

$

—

$

12,214,427

$

—

$

12,214,427

Trading

Companies

&

Distributors

............................

—

871,763

—

871,763

Transportation

Infrastructure

...............................

—

366,068

—

366,068

Wireless

Telecommunication

Services

.........................

—

14,608,806

—

14,608,806

Fixed

Rate

Loan

Interests

...................................

—

625,120

—

625,120

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

5,098,568

—

5,098,568

Automobile

Components

..................................

—

2,799,461

—

2,799,461

Automobiles

..........................................

—

450,837

—

450,837

Beverages

...........................................

—

595,141

—

595,141

Biotechnology

.........................................

—

1,032,933

—

1,032,933

Broadline

Retail

........................................

—

788,755

—

788,755

Building

Products

.......................................

—

2,357,135

116,192

2,473,327

Capital

Markets

........................................

—

6,153,145

157,605

6,310,750

Chemicals

............................................

—

5,755,983

195,732

5,951,715

Commercial

Services

&

Supplies

.............................

—

6,069,437

377,627

6,447,064

Communications

Equipment

................................

—

388,665

—

388,665

Construction

&

Engineering

................................

—

1,446,146

—

1,446,146

Construction

Materials

....................................

—

2,654,521

—

2,654,521

Consumer

Staples

Distribution

&

Retail

........................

—

1,214,405

—

1,214,405

Containers

&

Packaging

..................................

—

3,664,247

—

3,664,247

Diversified

Consumer

Services

..............................

—

1,054,582

—

1,054,582

Diversified

REITs

.......................................

—

152,661

—

152,661

Diversified

Telecommunication

Services

........................

—

3,053,187

—

3,053,187

Electric

Utilities

........................................

—

1,260,822

—

1,260,822

Electrical

Equipment

.....................................

—

28,052

—

28,052

Electronic

Equipment,

Instruments

&

Components

.................

—

346,381

348,709

695,090

Energy

Equipment

&

Services

..............................

—

403,190

—

403,190

Entertainment

.........................................

—

5,391,786

—

5,391,786

Financial

Services

......................................

—

5,160,808

36,723

5,197,531

Food

Products

.........................................

—

2,464,768

—

2,464,768

Gas

Utilities

...........................................

—

425,575

—

425,575

Ground

Transportation

...................................

—

1,336,614

—

1,336,614

Health

Care

Equipment

&

Supplies

...........................

—

2,415,490

—

2,415,490

Health

Care

Providers

&

Services

............................

—

3,806,787

7,867

3,814,654

Health

Care

Technology

..................................

—

1,941,923

159,324

2,101,247

Hotels,

Restaurants

&

Leisure

..............................

—

9,736,641

304,662

10,041,303

Household

Durables

.....................................

—

736,149

—

736,149

Household

Products

.....................................

—

263,109

—

263,109

Independent

Power

and

Renewable

Electricity

Producers

............

—

1,240,811

—

1,240,811

Industrial

Conglomerates

..................................

—

2,579,176

107,000

2,686,176

Insurance

............................................

—

7,811,227

—

7,811,227

Interactive

Media

&

Services

...............................

—

133,364

—

133,364

IT

Services

...........................................

—

5,063,488

—

5,063,488

Life

Sciences

Tools

&

Services

..............................

—

497,853

—

497,853

Machinery

............................................

—

5,442,965

159,793

5,602,758

Media

...............................................

—

3,023,098

—

3,023,098

Multi-Utilities

..........................................

—

603,590

—

603,590

Oil,

Gas

&

Consumable

Fuels

...............................

—

1,730,952

204,674

1,935,626

Passenger

Airlines

......................................

—

2,229,715

—

2,229,715

Personal

Care

Products

..................................

—

2,815,976

—

2,815,976

Pharmaceuticals

.......................................

—

1,653,596

—

1,653,596

Professional

Services

....................................

—

3,552,323

—

3,552,323

Real

Estate

Management

&

Development

.......................

—

—

117,247

117,247

Semiconductors

&

Semiconductor

Equipment

....................

—

1,116,576

—

1,116,576

Software

.............................................

—

12,774,390

201,120

12,975,510

Specialty

Retail

........................................

—

3,113,877

—

3,113,877

Technology

Hardware,

Storage

&

Peripherals

....................

—

806,250

—

806,250

Tobacco

.............................................

—

15,923

—

15,923

Trading

Companies

&

Distributors

............................

—

1,237,311

202,143

1,439,454

Transportation

Infrastructure

...............................

—

1,134,449

170,931

1,305,380

Wireless

Telecommunication

Services

.........................

—

935,554

—

935,554

Foreign

Agency

Obligations

.................................

—

7,324,255

—

7,324,255

Foreign

Government

Obligations

..............................

—

52,172,745

—

52,172,745

Fair

Value

Hierarchy

as

of Period

End

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2026

BlackRock

Income

Fund

48

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Investment

Companies

....................................

$

72,876,820

$

—

$

—

$

72,876,820

Non-Agency

Mortgage-Backed

Securities

........................

—

7,840,888

—

7,840,888

Other

Interests

..........................................

—

—

—

—

Preferred

Securities

Automobiles

..........................................

—

1,206,500

—

1,206,500

Banks

...............................................

—

45,969,228

—

45,969,228

Broadline

Retail

........................................

—

480,792

—

480,792

Capital

Markets

........................................

—

21,167,369

—

21,167,369

Construction

Materials

....................................

—

314,687

—

314,687

Consumer

Finance

......................................

—

346,414

—

346,414

Diversified

REITs

.......................................

—

457,346

—

457,346

Diversified

Telecommunication

Services

........................

—

442,874

—

442,874

Electric

Utilities

........................................

—

1,273,355

—

1,273,355

Financial

Services

......................................

—

605,608

—

605,608

Gas

Utilities

...........................................

—

25,349

—

25,349

Ground

Transportation

...................................

—

619,200

—

619,200

Independent

Power

and

Renewable

Electricity

Producers

............

—

832,393

—

832,393

Insurance

............................................

—

2,335,999

—

2,335,999

IT

Services

...........................................

—

—

22,805

22,805

Multi-Utilities

..........................................

—

4,157,259

—

4,157,259

Oil,

Gas

&

Consumable

Fuels

...............................

—

1,758,129

—

1,758,129

Passenger

Airlines

......................................

—

451,259

—

451,259

Pharmaceuticals

.......................................

—

1,044,936

—

1,044,936

Real

Estate

Management

&

Development

.......................

—

2,192,206

—

2,192,206

Semiconductors

&

Semiconductor

Equipment

....................

—

39,879

—

39,879

Transportation

Infrastructure

...............................

—

398,250

—

398,250

Wireless

Telecommunication

Services

.........................

—

—

1

1

U.S.

Government

Sponsored

Agency

Securities

....................

—

243,357,610

—

243,357,610

Warrants

..............................................

—

—

—

—

Short-Term

Securities

Money

Market

Funds

......................................

33,262,341

—

—

33,262,341

U.S.

Treasury

Obligations

...................................

—

69,809,398

—

69,809,398

Options

Purchased

Equity

contracts

..........................................

2,330

158,600

—

160,930

Unfunded

Floating

Rate

Loan

Interests

(a)

...........................

—

26

—

26

Liabilities

Investments

TBA

Sale

Commitments

....................................

—

(

55,349,510

)

—

(

55,349,510

)

Unfunded

Floating

Rate

Loan

Interests

(a)

...........................

—

(

1,249

)

(

5,487

)

(

6,736

)

$

106,484,032

$

1,317,076,019

$

3,320,681

$

1,426,880,732

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

19,793

$

—

$

19,793

Foreign

currency

exchange

contracts

............................

—

239,075

—

239,075

Interest

rate

contracts

.......................................

6,432,142

14,869

—

6,447,011

Liabilities

Credit

contracts

...........................................

—

(

18,642

)

—

(

18,642

)

Equity

contracts

...........................................

—

(

62,562

)

—

(

62,562

)

Foreign

currency

exchange

contracts

............................

—

(

729,528

)

—

(

729,528

)

Interest

rate

contracts

.......................................

(

8,706,958

)

(

4,555

)

—

(

8,711,513

)

$

(

2,274,816

)

$

(

541,550

)

$

—

$

(

2,816,366

)

(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.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Statement

of

Assets

and

Liabilities

(unaudited)

March

31,

2026

49

Statement

of

Assets

and

Liabilities

BlackRock

Income

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

........................................................................................

$

1,417,727,486‌

Investments,

at

value

—

affiliated

(b)

..........................................................................................

64,509,466‌

Cash

.............................................................................................................

1,356,791‌

Cash

pledged:

Collateral

—

TBA

commitments

...........................................................................................

3,000,000‌

Futures

contracts

....................................................................................................

10,003,000‌

Centrally

cleared

swaps

................................................................................................

3,758,790‌

Foreign

currency,

at

value

(c)

...............................................................................................

2,423,419‌

Receivables:

–‌

Investment

s

sold

....................................................................................................

1,739,403‌

Options

written

......................................................................................................

59,525‌

Swaps  

..........................................................................................................

2,608,869‌

TBA

sale

commitments

................................................................................................

55,570,535‌

Capital

shares

sold

...................................................................................................

2,250,872‌

Dividends

—

unaffiliated

...............................................................................................

1,533‌

Dividends

—

affiliated

.................................................................................................

93,591‌

Interest

—

unaffiliated

.................................................................................................

11,866,361‌

From

the

Manager

...................................................................................................

27,134‌

Due

from

broker

.....................................................................................................

25,000‌

Variation

margin

on

futures

contracts

.......................................................................................

984,179‌

Swap

premiums

paid

...................................................................................................

182,368‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

239,075‌

OTC

swaps

........................................................................................................

34,662‌

Unfunded

floating

rate

loan

interests

.......................................................................................

26‌

Prepaid

e

xpenses

.....................................................................................................

124,473‌

Total

a

ssets

.........................................................................................................

1,578,586,558‌

LIABILITIES

Cash

received:

Collateral

—

TBA

commitments

...........................................................................................

333,000‌

Options

written,

at

value

(d)

................................................................................................

62,562‌

TBA

sale

commitments,

at

value

(e)

..........................................................................................

55,349,510‌

Payables:

–‌

Investments

purchased

................................................................................................

253,065,281‌

Swaps  

..........................................................................................................

220‌

Accounting

services

fees

...............................................................................................

74,424‌

Administration

fees

...................................................................................................

43,550‌

Capital

shares

redeemed

...............................................................................................

4,385,228‌

Custodian

fees

......................................................................................................

9,890‌

Income

dividend

distributions

............................................................................................

384,126‌

Interest

expense

....................................................................................................

899‌

Investment

advisory

fees

...............................................................................................

491,985‌

Other

affiliate

fees

...................................................................................................

25‌

Printing

and

postage

fees

..............................................................................................

25,230‌

Professional

fees

....................................................................................................

25,061‌

Registration

fees

....................................................................................................

9,305‌

Service

and

distribution

fees

.............................................................................................

48,579‌

Transfer

agent

fees

..................................................................................................

435,624‌

Variation

margin

on

futures

contracts

.......................................................................................

567,483‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

2,212,084‌

Swap

premiums

received

................................................................................................

35,121‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

729,528‌

OTC

swaps

........................................................................................................

23,197‌

Unfunded

floating

rate

loan

interests

.......................................................................................

6,736‌

Total

li

abilities

........................................................................................................

318,318,648‌

Commitments

and

contingent

liabilities

—‌

NET

ASSETS

........................................................................................................

$

1,260,267,910‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

March

31,

2026

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

50

See

notes

to

financial

statements.

BlackRock

Income

Fund

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

1,673,232,768‌

Accumulated

loss

.....................................................................................................

(

412,964,858‌

)

NET

ASSETS

........................................................................................................

$

1,260,267,910‌

(a)

  Investments,

at

cost

—

unaffiliated

.................................................................................

$

1,440,146,485‌

(b)

  Investments,

at

cost

—

affiliated

...................................................................................

$

64,473,077‌

(c)

  Foreign

currency,

at

cost

.......................................................................................

$

2,418,353‌

(d)

  Premiums

received

...........................................................................................

$

59,525‌

(e)

  Proceeds

received

from

TBA

sale

commitments

.........................................................................

$

55,570,535‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

March

31,

2026

51

Statement

of

Assets

and

Liabilities

See

notes

to

financial

statements.

BlackRock

Income

Fund

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................................................

$

803,412,576‌

Shares

outstanding

...................................................................................................

89,588,627‌

Net

asset

value

.....................................................................................................

$

8.97‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Investor

A

Net

assets

.........................................................................................................

$

183,520,600‌

Shares

outstanding

...................................................................................................

20,464,194‌

Net

asset

value

.....................................................................................................

$

8.97‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Investor

C

Net

assets

.........................................................................................................

$

9,489,755‌

Shares

outstanding

...................................................................................................

1,057,565‌

Net

asset

value

.....................................................................................................

$

8.97‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Class

K

Net

assets

.........................................................................................................

$

263,844,979‌

Shares

outstanding

...................................................................................................

29,420,461‌

Net

asset

value

.....................................................................................................

$

8.97‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

March

31,

2026

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

52

See

notes

to

financial

statements.

BlackRock

Income

Fund

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

..............................................................................................

$

771,052‌

Dividends

—

affiliated

................................................................................................

2,665,311‌

Interest

—

unaffiliated

................................................................................................

32,706,778‌

Payment-in-kind

interest

—

unaffiliated

....................................................................................

218,189‌

Foreign

taxes

withheld

...............................................................................................

(

5,364‌

)

Total

investment

income

................................................................................................

36,355,966‌

EXPENSES

Investment

advisory

.................................................................................................

3,107,063‌

Transfer

agent

—

class

specific

.........................................................................................

413,193‌

Service

and

distribution

—

class

specific

...................................................................................

284,416‌

Administration

....................................................................................................

256,844‌

Accounting

services

.................................................................................................

232,970‌

Administration

—

class

specific

.........................................................................................

127,011‌

Professional

......................................................................................................

81,968‌

Registration

......................................................................................................

55,958‌

Custodian

........................................................................................................

28,808‌

Printing

and

postage

................................................................................................

24,498‌

Trustees

and

Officer

.................................................................................................

10,555‌

Miscellaneous

.....................................................................................................

28,695‌

Total

expenses

excluding

interest

expense

....................................................................................

4,651,979‌

Interest

expense

...................................................................................................

5,102‌

Total

expenses

......................................................................................................

4,657,081‌

Less:

–‌

Administration

fees

waived

by

the

Manager

—

class

specific

......................................................................

(

127,011‌

)

Fees

waived

and/or

reimbursed

by

the

Manager

..............................................................................

(

203,323‌

)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

.........................................................

(

160,004‌

)

Total

ex

penses

after

fees

waived

and/or

reimbursed

.............................................................................

4,166,743‌

Net

investment

income

.................................................................................................

32,189,223‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(

23,915,196‌

)

Net

realized

gain

from:

Investments

—

unaffiliated

..........................................................................................

$

2,239,447‌

Investments

—

affiliated

............................................................................................

2,655,281‌

Forward

foreign

currency

exchange

contracts

..............................................................................

2,013,687‌

Foreign

currency

transactions

........................................................................................

1,787,422‌

Futures

contracts

.................................................................................................

317,760‌

Options

written

..................................................................................................

72,822‌

Swaps  

.......................................................................................................

1,481,149‌

10,567,568‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

..........................................................................................

(

26,566,288‌

)

Investments

—

affiliated

............................................................................................

(

1,712,338‌

)

Forward

foreign

currency

exchange

contracts

..............................................................................

(

687,443‌

)

Foreign

currency

translations

.........................................................................................

(

35,013‌

)

Futures

contracts

.................................................................................................

(

2,714,754‌

)

Options

written

..................................................................................................

(

3,037‌

)

Swaps  

.......................................................................................................

(

2,756,770‌

)

Unfunded

floating

rate

loan

interests

....................................................................................

(

7,121‌

)

(34,482,764‌)

Net

realized

and

unrealized

loss

...........................................................................................

(23,915,196‌)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.................................................................

$

8,274,027‌

Statements

of

Changes

in

Net

Assets

53

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

BlackRock

Income

Fund

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

32,189,223‌

$

69,330,091‌

Net

realized

gain

..................................................................................

10,567,568‌

373,606‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(

34,482,764‌

)

4,741,945‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

8,274,027‌

74,445,642‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

.....................................................................................

(

23,423,326‌

)

(

43,932,046‌

)

Investor

A

......................................................................................

(

5,128,021‌

)

(

9,431,141‌

)

Investor

C

......................................................................................

(

249,438‌

)

(

564,958‌

)

Class

K

........................................................................................

(

7,621,857‌

)

(

13,420,223‌

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(36,422,642‌)

(67,348,368‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

33,668,132‌

(3,114,205‌)

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

5,519,517‌

3,983,069‌

Beginning

of

period

..................................................................................

1,254,748,393‌

1,250,765,324‌

End

of

period

......................................................................................

$

1,260,267,910‌

$

1,254,748,393‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

54

(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)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Income

Fund

Institutional

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

9.17

‌

$

9.11

‌

$

8.59

‌

$

8.50

‌

$

10.46

‌

$

10.22

‌

Net

investment

income

(a)

....................

0

.23

‌

0

.52

‌

0

.56

‌

0

.49

‌

0

.34

‌

0

.37

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.17

)

0

.04

‌

0

.51

‌

0

.10

‌

(

1

.75

)

0

.25

‌

Net

increase

(decrease)

from

investment

operations

...

0.06

‌

0.56

‌

1.07

‌

0.59

‌

(1.41

)

0.62

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.26

)

(

0

.50

)

(

0

.55

)

(

0

.39

)

(

0

.42

)

(

0

.38

)

From

net

realized

gain

......................

—

‌

—

‌

—

‌

—

‌

(

0

.13

)

—

‌

Return

of

capital

..........................

—

‌

—

‌

—

‌

(

0

.11

)

—

‌

—

‌

Total

distributions

...........................

(0.26

)

(0.50

)

(0.55

)

(0.50

)

(0.55

)

(0.38

)

Net

asset

value,

end

of

period

.................

$

8.97

‌

$

9.17

‌

$

9.11

‌

$

8.59

‌

$

8.50

‌

$

10.46

‌

Total

Return

(c)

Based

on

net

asset

value

.....................

0.67

%

(d)

6.39

%

12.81

%

6.98

%

(13.95

)%

6.13

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

............................

0.70

%

(f)

0.70

%

0.69

%

0.85

%

0.73

%

0.71

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.62

%

(f)

0.62

%

0.62

%

0.62

%

0.62

%

0.62

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.

..................

0.62

%

(f)

0.62

%

0.62

%

0.62

%

0.62

%

0.62

%

Net

investment

income

......................

5.10

%

(f)

5.72

%

6.28

%

5.61

%

3.57

%

3.46

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

803,413

‌

$

803,811

‌

$

831,602

‌

$

690,547

‌

$

1,370,526

‌

$

2,622,329

‌

Portfolio

turnover

rate

(g)

.......................

282

%

403

%

521

%

571

%

133

%

81

%

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Portfolio

turnover

rate

(excluding

MDRs)

...............................

183%

206%

290%

365%

133%

81%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

55

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)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Income

Fund

Investor

A

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

9.17

‌

$

9.11

‌

$

8.59

‌

$

8.50

‌

$

10.45

‌

$

10.22

‌

Net

investment

income

(a)

....................

0

.22

‌

0

.49

‌

0

.54

‌

0

.47

‌

0

.32

‌

0

.34

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.17

)

0

.05

‌

0

.51

‌

0

.10

‌

(

1

.74

)

0

.25

‌

Net

increase

(decrease)

from

investment

operations

...

0.05

‌

0.54

‌

1.05

‌

0.57

‌

(1.42

)

0.59

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.25

)

(

0

.48

)

(

0

.53

)

(

0

.37

)

(

0

.40

)

(

0

.36

)

From

net

realized

gain

......................

—

‌

—

‌

—

‌

—

‌

(

0

.13

)

—

‌

Return

of

capital

..........................

—

‌

—

‌

—

‌

(

0

.11

)

—

‌

—

‌

Total

distributions

...........................

(0.25

)

(0.48

)

(0.53

)

(0.48

)

(0.53

)

(0.36

)

Net

asset

value,

end

of

period

.................

$

8.97

‌

$

9.17

‌

$

9.11

‌

$

8.59

‌

$

8.50

‌

$

10.45

‌

Total

Return

(c)

Based

on

net

asset

value

.....................

0.54

%

(d)

6.13

%

12.53

%

6.71

%

(14.08

)%

5.77

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

............................

0.96

%

(f)

0.97

%

0.98

%

0.97

%

0.91

%

0.90

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.87

%

(f)

0.87

%

0.88

%

0.87

%

0.87

%

0.87

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.

..................

0.87

%

(f)

0.87

%

0.87

%

0.87

%

0.87

%

0.87

%

Net

investment

income

......................

4.85

%

(f)

5.48

%

6.04

%

5.43

%

3.35

%

3.23

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

183,521

‌

$

183,338

‌

$

174,220

‌

$

155,383

‌

$

161,675

‌

$

230,457

‌

Portfolio

turnover

rate

(g)

.......................

282

%

403

%

521

%

571

%

133

%

81

%

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Portfolio

turnover

rate

(excluding

MDRs)

...............................

183%

206%

290%

365%

133%

81%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

56

(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)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Income

Fund

Investor

C

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

9.17

‌

$

9.12

‌

$

8.60

‌

$

8.50

‌

$

10.46

‌

$

10.23

‌

Net

investment

income

(a)

....................

0

.19

‌

0

.43

‌

0

.47

‌

0

.40

‌

0

.25

‌

0

.27

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.17

)

0

.03

‌

0

.51

‌

0

.11

‌

(

1

.75

)

0

.24

‌

Net

increase

(decrease)

from

investment

operations

...

0.02

‌

0.46

‌

0.98

‌

0.51

‌

(1.50

)

0.51

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.22

)

(

0

.41

)

(

0

.46

)

(

0

.32

)

(

0

.33

)

(

0

.28

)

From

net

realized

gain

......................

—

‌

—

‌

—

‌

—

‌

(

0

.13

)

—

‌

Return

of

capital

..........................

—

‌

—

‌

—

‌

(

0

.09

)

—

‌

—

‌

Total

distributions

...........................

(0.22

)

(0.41

)

(0.46

)

(0.41

)

(0.46

)

(0.28

)

Net

asset

value,

end

of

period

.................

$

8.97

‌

$

9.17

‌

$

9.12

‌

$

8.60

‌

$

8.50

‌

$

10.46

‌

Total

Return

(c)

Based

on

net

asset

value

.....................

0.17

%

(d)

5.23

%

11.69

%

6.04

%

(14.81

)%

4.97

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

............................

1.72

%

(f)

1.72

%

1.73

%

1.73

%

1.67

%

1.66

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

1.62

%

(f)

1.62

%

1.63

%

1.62

%

1.62

%

1.62

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.

..................

1.62

%

(f)

1.62

%

1.62

%

1.62

%

1.62

%

1.62

%

Net

investment

income

......................

4.12

%

(f)

4.74

%

5.30

%

4.64

%

2.58

%

2.52

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

9,490

‌

$

11,171

‌

$

14,261

‌

$

15,840

‌

$

20,598

‌

$

35,555

‌

Portfolio

turnover

rate

(g)

.......................

282

%

403

%

521

%

571

%

133

%

81

%

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Portfolio

turnover

rate

(excluding

MDRs)

...............................

183%

206%

290%

365%

133%

81%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

57

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)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Income

Fund

Class

K

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Net

asset

value,

beginning

of

period

............

$

9.17

‌

$

9.11

‌

$

8.59

‌

$

8.50

‌

$

10.45

‌

$

10.22

‌

Net

investment

income

(a)

....................

0

.23

‌

0

.52

‌

0

.56

‌

0

.50

‌

0

.35

‌

0

.37

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

0

.16

)

0

.05

‌

0

.51

‌

0

.09

‌

(

1

.74

)

0

.25

‌

Net

increase

(decrease)

from

investment

operations

...

0.07

‌

0.57

‌

1.07

‌

0.59

‌

(1.39

)

0.62

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

0

.27

)

(

0

.51

)

(

0

.55

)

(

0

.39

)

(

0

.43

)

(

0

.39

)

From

net

realized

gain

......................

—

‌

—

‌

—

‌

—

‌

(

0

.13

)

—

‌

Return

of

capital

..........................

—

‌

—

‌

—

‌

(

0

.11

)

—

‌

—

‌

Total

distributions

...........................

(0.27

)

(0.51

)

(0.55

)

(0.50

)

(0.56

)

(0.39

)

Net

asset

value,

end

of

period

.................

$

8.97

‌

$

9.17

‌

$

9.11

‌

$

8.59

‌

$

8.50

‌

$

10.45

‌

Total

Return

(c)

Based

on

net

asset

value

.....................

0.69

%

(d)

6.45

%

12.86

%

7.03

%

(13.82

)%

6.09

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

............................

0.64

%

(f)

0.64

%

0.65

%

0.65

%

0.58

%

0.57

%

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.57

%

(f)

0.57

%

0.57

%

0.57

%

0.56

%

0.56

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.

..................

0.57

%

(f)

0.57

%

0.57

%

0.57

%

0.56

%

0.56

%

Net

investment

income

......................

5.15

%

(f)

5.77

%

6.32

%

5.70

%

3.65

%

3.52

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

263,845

‌

$

256,428

‌

$

230,683

‌

$

179,307

‌

$

220,853

‌

$

382,891

‌

Portfolio

turnover

rate

(g)

.......................

282

%

403

%

521

%

571

%

133

%

81

%

Six

Months

Ended

03/31/26

(unaudited)

Year

Ended

09/30/25

Year

Ended

09/30/24

Year

Ended

09/30/23

Year

Ended

09/30/22

Year

Ended

09/30/21

Portfolio

turnover

rate

(excluding

MDRs)

...............................

183%

206%

290%

365%

133%

81%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

58

1.

ORGANIZATION 

BlackRock

Funds

V (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The Trust

is

organized

as

a Massachusetts

business trust.

BlackRock

Income

Fund

(the

“Fund”)

is

a

series

of

the

Trust.

The

Fund

is

classified

as

a diversified fund

under

the

1940

Act.

The Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

and

Class

K

Shares

are

sold

without

a

sales

charge

and

only

to

certain

eligible

investors.

Investor

A

and Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries. Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

is

included

in

a

complex

of

funds

referred

to

as

the BlackRock

Fixed-Income

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

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:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

March

31,

2026

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities. 

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.  

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charge

(“CDSC”)

Conversion

Privilege

Institutional

and

Class

K

Shares

...................................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Investor

C

Shares

...........................................

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Financial

Statements

(unaudited)

(continued)

59

Notes

to

Financial

Statements

Cash:

The

Fund

may

maintain

cash

at its

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Fund

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Fund is

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

Statement

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions: 

Distributions

from

net

investment

income

are

declared daily

and

paid

monthly.

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Deferred

Compensation

Plan:

Under

the

Deferred

Compensation

Plan

(the

“Plan”)

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board”), the 

trustees

who

are

not

“interested

persons”

of

the

Fund,

as

defined

in

the

1940

Act

(“Independent

Trustees

”),

may

defer

a

portion

of

their

annual

complex-wide

compensation.

Deferred

amounts

earn

an

approximate

return

as

though

equivalent

dollar

amounts

had

been

invested

in

common

shares

of

certain

funds

in

the

BlackRock

Fixed-Income

Complex

selected

by

the

Independent

Trustees

.

This

has

the

same

economic

effect

for

the

Independent 

Trustees

as

if

the

Independent 

Trustees

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-Income

Complex.  

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

the

Fund,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the Trustees’

and

Officer’s

fees

payable

in

the

Statement

of

Assets

and

Liabilities

and

will

remain

as

a

liability

of

the

Fund

until

such

amounts

are

distributed

in

accordance

with

the

Plan.

Net

appreciation

(depreciation)

in

the

value

of

participants’

deferral

accounts

is

allocated

among

the

participating

funds

in

the

BlackRock

Fixed-Income

Complex

and

reflected

as

Trustee

and

Officer

expense

on

the

Statement

of

Operations.

The

Trustee

and

Officer

expense

may

be

negative

as

a

result

of

a

decrease

in

value

of

the

deferred

accounts.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Fund's

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

the

Fund.

The

CODM

has

concluded

that

the

Fund

operates

as

a

single

operating

segment

since

the

Fund

has

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Fund's

financial

statements. 

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

has

approved

the

designation

of

the

Fund’s

Manager

as

the

valuation

designee

for

the

Fund.

The

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

the

Fund’s

assets

and

liabilities: 

Equity

investments

(except

ETF

options,

equity

index

options

or

those

that

are

customized) 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

or,

if

a

reported

closing

price

is

not

available,

the

last

traded

price

on

the

exchange

or

market

on

which

the

security

or

instrument

is

primarily

traded

at

the

time

of

valuation

or

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

and

certain

derivative

instruments for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

(including

evaluated

prices) 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

of

securities

in

certain

asset

classes

may

trade

at

lower

prices

than

institutional

round

lots,

and

the

value

ultimately

realized

when

the

securities

are

sold

could

differ

from

the

prices

used

by

a

fund.

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.

Shares

of

underlying

exchange-traded

closed-end

funds

or

other

exchange-traded

funds

(“ETFs”)

are

valued

at

their

most

recent

closing

price.

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

trade

or last

available

bid

(long

positions)

or

ask

(short

positions)

price. 

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

60

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

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

(except

ETF

options,

equity

index

options

or

those

that

are

customized)

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.

Customized

exchange-traded

equity

options,

ETF

options,

equity

index

options

and

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.

Interest

rate,

credit

default,

inflation

and

currency

swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

market

data

and discounted

cash

flows.

Total

return

and

equity swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent

pricing

services

or

through

brokers,

which

are

derived

using

models

that

incorporate

market

trades

and

fair

value

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

Fund

uses

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which occurs

after

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

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement

as

of

the

measurement

date.

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:

(i)

recent

market

transactions,

including

secondary

market

transactions,

merger

or

acquisition

activity

and

subsequent

rounds

of

financing

in

the

underlying investment

or

comparable

issuers

(ii)

recapitalizations

and

other

transactions

across

the

capital

structure

(iii)

market

or

relevant

indices

multiples

of

comparable

issuers

(iv)

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks

(v)

quoted

prices

for

similar

investments

or

assets

in

active

markets

(vi)

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

recovery

rates,

liquidation

amounts

and/

or default

rates

(vii) audited

or

unaudited

financial

statements,

investor

communications

and

Private

Company

financial

or

operational

metrics

(viii) relevant

market

news

and

other

public

sources.

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

a

market

approach to

determine 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. 

Private

Companies

are

not

subject

to

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Certain

information

made

available

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date the

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

of

the

investment.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

that

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Notes

to

Financial

Statements

(unaudited)

(continued)

61

Notes

to

Financial

Statements

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3 —

Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for the

asset

or

liability

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

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.

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. 

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. 

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

62

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

Fund

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

In

connection

with

these

commitments,

the

fund

earns

a

commitment

fee,

typically

set

as

a

percentage

of

the

commitment

amount.

Such

fee

income,

which

is

included

in

interest

income

in

the

Statement

of

Operations,

is

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations.

As

of

period

end, the

Fund

had

the

following

unfunded

floating

rate

loan

interests: 

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Income

Fund

Chicago

US

MidCo

III

LP,

Delayed

Draw

1st

Lien

Term

Loan

....

$

62,914‌

$

62,757‌

$

62,187‌

$

(570‌)

Income

Fund

Citrin

Cooperman

Advisors

LLC,

Delayed

Draw

1st

Lien

Term

Loan

129,107‌

127,816‌

122,329‌

(5,487‌)

Income

Fund

CP

Iris

Holdco

I,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

.......

10,916‌

10,916‌

10,814‌

(102‌)

Income

Fund

Kaman

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

............

12,452‌

12,436‌

12,449‌

13‌

Income

Fund

Pinnacle

Buyer

LLC,

Delayed

Draw

1st

Lien

Term

Loan

B

......

42,428‌

42,428‌

42,441‌

13‌

Income

Fund

Raven

Acquisition

Holdings

LLC,

Delayed

Draw

1st

Lien

Term

Loan

10,864‌

10,810‌

10,645‌

(165‌)

Income

Fund

SWF

Holdings

I

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

......

41,177‌

41,177‌

40,765‌

(412‌)

$

(6,710‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

63

Notes

to

Financial

Statements

TBA

Commitments:

TBA

commitments

are

forward

agreements

for

the

purchase

or

sale

of

securities,

including

mortgage-backed

securities

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate

and

mortgage

terms.

When

entering

into

TBA

commitments,

a

fund

may

take

possession

of

or

deliver

the

underlying

mortgage-backed

securities

but

can

extend

the

settlement

or

roll

the

transaction.

TBA

commitments

involve

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

or

sold

declines

or

increases,

respectively,

prior

to

settlement

date,

if

there

are

expenses

or

delays

in

connection

with

the

TBA

transactions,

or

if

the

counterparty

fails

to

complete

the

transaction.

In

order

to

better

define

contractual

rights

and

to

secure

rights

that

will

help

a

fund

mitigate its

counterparty

risk,

TBA

commitments

may

be

entered

into

by

a

fund

under

Master

Securities

Forward

Transaction

Agreements

(each,

an

“MSFTA”).

An

MSFTA

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

default

and/or

termination

event. 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

the

collateral

currently

pledged

by

a

fund

and

the

counterparty. Cash

collateral

that

has

been

pledged

to

cover

the

obligations

of

a

fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

for

TBA

commitments

or

cash

received

as

collateral

for

TBA

commitments,

respectively.

Non-cash

collateral

pledged

by

a

fund,

if

any,

is

noted

in

the

Schedule

of

Investments. Typically,

a

fund

is

permitted

to

sell,

re-pledge

or

use

the

collateral

it

receives;

however,

the

counterparty

is

not

permitted

to

do

so.

To

the

extent

amounts

due

to

a

fund

are

not

fully

collateralized,

contractually

or

otherwise,

a

fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Mortgage

Dollar

Roll

Transactions

:

The

Fund

may

sell

TBA

mortgage-backed

securities

and

simultaneously

contract

to

repurchase

substantially

similar

(i.e.,

same

type,

coupon

and

maturity)

securities

on

a

specific

future

date

at

an

agreed

upon

price.

During

the

period

between

the

sale

and

repurchase,

a

fund

is

not

entitled

to

receive

interest

and

principal

payments

on

the

securities

sold.

Mortgage

dollar

roll

transactions

are

treated

as

purchases

and

sales

and

a

fund realizes

gains

and

losses

on

these

transactions.

Mortgage

dollar

rolls

involve

the

risk

that

the

market

value

of

the

securities

that

a

fund

is

required

to

purchase

may

decline

below

the

agreed

upon

repurchase

price

of

those

securities.

5.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

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

Fund

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

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

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

 Statement

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

Statement

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

Fund

may purchase

and

write

call

and

put

options

to

increase

or

decrease

its

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

64

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

Statement

of

Assets

and

Liabilities.

When

an

instrument

is

purchased

or

sold

through

the

exercise

of

an

option,

the

premium

is

offset

against

the

cost

or

proceeds

of

the

underlying

instrument.

When

an

option

expires,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

to

the

extent

of

the

premiums

received

or

paid.

When

an

option

is

closed

or

sold,

a

gain

or

loss

is

recorded

in

the

Statement

of

Operations

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

received

or

paid.

When

the

Fund

writes

a

call

option,

such

option

is

typically

“covered,”

meaning

that

it

holds

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Fund

writes

a

put

option,

cash

is

segregated in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

Statement

of

Assets

and

Liabilities.

Swaptions

–

The

Fund

may purchase

and

write

options

on

swaps

(“swaptions”)

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

the

Fund’s

holdings,

as

a

duration

management

technique

or

to

protect

against

an

increase

in

the

price

of

securities

it

anticipates

purchasing

at

a

later

date.

The

purchaser

and

writer

of

a

swaption

is

buying

or

granting

the

right

to

enter

into

a

previously

agreed

upon

interest

rate

or

credit

default

swap

agreement

(interest

rate

risk

and/or

credit

risk)

at

any

time

before

the

expiration

of

the

option. 

In

purchasing

and

writing

options,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

value

of

the

underlying

instrument

or

the

risk

that

it

may

not

be

able

to

enter

into

a

closing

transaction

due

to

an

illiquid

market.

Exercise

of

a

written

option

could

result

in

the

Fund

purchasing

or

selling

a

security

when

it

otherwise

would

not,

or

at

a

price

different

from

the

current

market

value.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statement

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Statement

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

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

Fund

receives

payment

from

or

makes

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

Statement

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between the

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

Notes

to

Financial

Statements

(unaudited)

(continued)

65

Notes

to

Financial

Statements

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, the

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

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Fund,

if

any,

is

noted

in

the

Schedule

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Fund.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Fund

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

The

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty, the

Fund bears the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statement

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

majority-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

The

Manager

entered

into

separate

sub-advisory

agreements

with

each

of

BlackRock

International

Limited

(“BIL”)

and

BlackRock

(Singapore)

Limited

(“BSL”)

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

and

BSL

for

services

they

provide

for

that

portion

of

the

Fund

for

which

BIL

and

BSL,

as

applicable,

acts

as

Sub-Adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

the

Fund

to

the

Manager.

Service

and

Distribution

Fees:

 The

Trust

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

to

the

Fund.

The

ongoing

service

fee compensates

BRIL

and

each

broker-

dealer

for

providing

shareholder

servicing related

services

to

shareholders.

For

the six

months

ended

March

31,

2026,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Administration:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

majority-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statement

of

Operations,

is

paid

at

the

annual

rates

below.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.500%

$1

billion

-

$2

billion

.....................................................................................................

0.450

$2

billion

-

$3

billion

.....................................................................................................

0.425

Greater

than

$3

billion

...................................................................................................

0.400

Share

Class

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0.25‌

%

—‌

%

Investor

C

.................................................................................................

0.25‌

0.75‌

Investor

A

Investor

C

Total

Service

and

distribution

-

class

specific

.............................................................

$

232,280‌

$

52,136‌

$

284,416‌

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

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

66

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statement

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

six

months

ended

March

31,

2026, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

the

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Fund

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

six

months ended March

31,

2026,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Fund.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

March

31,

2026,

the

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statement

of

Operations:

For

the

six

months ended

March

31,

2026,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Other

Fees:

For

the

six

months

 ended 

March

31,

2026

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

the Fund's

Investor

A

Shares for

a

total

of

$5,959

.

For

the six

months

ended

March

31,

2026,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2027.

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

the

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. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

March

31,

2026,

the

amount

waived

was

$28,772.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of each

Fund’s

assets

invested

in

affiliated

equity

and

fixed-

income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2027.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

six

months

ended

March

31,

2026,

Income

Fund

waived

$110,720

in

investment

advisory

fees

pursuant

to

these

arrangements.

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

(“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,

2027,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

six

months

ended

March

31,

2026,

the

Manager

waived

and/or

reimbursed

investment

advisory

fees

of

$63,831

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Income

Fund

...................................................................

$

81,162‌

$

18,582‌

$

1,043‌

$

26,224‌

$

127,011‌

Institutional

Investor

A

Investor

C

Class

K

Total

Reimbursed

Amount

....................................................

$

769‌

$

1,027‌

$

239‌

$

368‌

$

2,403‌

Institutional

Investor

A

Investor

C

Class

K

Total

Transfer

agent

fees

-

class

specific

..........................................

$

316,641‌

$

76,069‌

$

5,077‌

$

15,406‌

$

413,193‌

Investor

A

$

947‌

Institutional

Investor

A

Investor

C

Class

K

Expense

Limitations

................................................

0.62‌%

0.87‌%

1.62‌%

0.57‌%

Notes

to

Financial

Statements

(unaudited)

(continued)

67

Notes

to

Financial

Statements

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific,

respectively, in

the

Statement

of

Operations.

For

the

six

months ended

March

31,

2026,

class

specific

expense

waivers

and/or

reimbursements were as

follows: 

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Fund’s

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statement

of

Operations. 

7.

PURCHASES

AND

SALES 

For

the six

months ended

March

31,

2026,

purchases

and

sales

of

investments, excluding

short-term

investments,

were

as

follows:

For

the six

months ended

March

31,

2026,

purchases

and

sales

related

to

mortgage

dollar

rolls

were

$1,340,141,408

and

$1,340,464,998,

respectively. 

8.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns. No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

March

31,

2026,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund’s

financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Fund's

NAV.

As

of

September

30,

2025, the Fund

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains of

$394,674,611.

As

of

March

31,

2026, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

to

a

364-day,

$2.40

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

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

2026

unless

extended

or

renewed. These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

March

31,

2026,

the

Fund

did

not

borrow

under

the

credit

agreement.

Share

Class

Administration

Fees

Waived

by

the

Manager

—

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

by

the

Manager

—

Class

Specific

Institutional

....................................................................................

$

81,162‌

$

112,976‌

Investor

A

.....................................................................................

18,582‌

29,566‌

Investor

C

.....................................................................................

1,043‌

2,474‌

Class

K

......................................................................................

26,224‌

14,988‌

$

127,011‌

$

160,004‌

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

Income

Fund

.........................................................

$

3,506,225,287‌

$

3,621,783,383‌

$

306,081,795‌

$

243,279,242‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Income

Fund

....................................................

$

1,504,852,923‌

$

18,407,397‌

$

(43,559,184‌)

$

(25,151,787‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

68

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation,

tariffs or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

Market Risk:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. The

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.

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

For

OTC

options

purchased,

the

Fund

bears

the

risk

of

loss

in

the

amount

of

the

premiums

paid

plus

the

positive

change

in

market

values

net

of

any

collateral

held

by

the

Fund

should

the

counterparty

fail

to

perform

under

the

contracts.

Options

written

by

the

Fund

do

not

typically

give

rise

to

counterparty

credit

risk,

as

options

written

generally

obligate

the

Fund,

and

not

the

counterparty,

to

perform.

The

Fund

may

be

exposed

to

counterparty

credit

risk

with

respect

to

options

written

to

the

extent

the

Fund

deposits

collateral

with

its

counterparty

to

a

written

option. 

With

exchange-traded

options

purchased

and

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

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

the

Fund’s

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features. 

The

Fund

invests

a

significant

portion

of

its

assets

in fixed-income securities and/or uses

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Fund

may

be

subject

to

a

greater

risk

of

rising

interest

rates

during

a

period

of

historically

low

interest

rates.

Changing

interest

rates

may

have

unpredictable

effects

on

markets,

may

result

in

heightened

market

volatility,

and

could

negatively

impact

the

Fund’s

performance.

Notes

to

Financial

Statements

(unaudited)

(continued)

69

Notes

to

Financial

Statements

The

Fund

invests

a

significant

portion

of

its

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

Fund

invests.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

backed

by

commercial

or

residential

mortgage

loans

or

in

issuers

that

hold

mortgage

and

other

asset-backed

securities.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

a

greater

risk

of

prepayment

or

payment

extension

by

securities

issuers. Changes

in

economic

conditions,

including

delinquencies

and/or

defaults

on

assets

underlying

these

securities,

can

affect

the

value,

income

and/or

liquidity

of

such

positions.

Investment

percentages

in

these

securities

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

d

Six

Months

Ended

03/31/26

Year

Ended

09/30/25

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Income

Fund

Institutional

Shares

sold

..........................................

10,391,676‌

$

94,934,410‌

29,232,694‌

$

263,089,028‌

Shares

issued

in

reinvestment

of

distributions

.....................

2,385,498‌

21,780,892‌

4,493,010‌

40,538,999‌

Shares

redeemed

......................................

(10,860,479‌)

(99,184,253‌)

(37,293,043‌)

(335,679,330‌)

1,916,695‌

$

17,531,049‌

(

3,567,339‌)

$

(32,051,303‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

2,340,940‌

$

21,388,537‌

4,877,605‌

$

43,897,045‌

Shares

issued

in

reinvestment

of

distributions

.....................

548,061‌

5,004,069‌

1,012,010‌

9,132,017‌

Shares

redeemed

......................................

(2,421,436‌)

(22,095,741‌)

(5,007,909‌)

(45,047,537‌)

467,565‌

$

4,296,865‌

881,706‌

$

7,981,525‌

Investor

C

Shares

sold

..........................................

92,945‌

$

851,359‌

171,087‌

$

1,544,677‌

Shares

issued

in

reinvestment

of

distributions

.....................

26,832‌

245,135‌

60,656‌

547,512‌

Shares

redeemed

and

automatic

conversion

of

shares

...............

(279,901‌)

(2,559,553‌)

(577,825‌)

(5,204,704‌)

(160,124‌)

$

(1,463,059‌)

(346,082‌)

$

(

3,112,515‌)

Class

K

Shares

sold

..........................................

4,682,026‌

$

42,777,025‌

8,935,790‌

$

80,493,878‌

Shares

issued

in

reinvestment

of

distributions

.....................

834,660‌

7,620,449‌

1,486,213‌

13,412,343‌

Shares

redeemed

......................................

(4,064,324‌)

(

37,094,197‌)

(7,763,350‌)

(69,838,133‌)

1,452,362‌

$

13,303,277‌

2,658,653‌

$

24,068,088‌

3,676,498‌

$

33,668,132‌

(373,062‌)

$

(3,114,205‌)

Additional

Information

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

70

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Compensation

to

the

independent

trustees

of

the

Trust

is

paid

by

the

Trust,

on

behalf

of

the

Fund.

General

Information 

Quarterly

performance,

shareholder

reports,

semi-annual

and

annual

financial

statements,

current

net

asset

value

and

other

information

regarding

the

Fund

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Fund

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

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)

71

Additional

Information

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisers

BlackRock

International

Limited

Edinburgh,

EH3

5PP

United

Kingdom

BlackRock

(Singapore)

Limited

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Westborough,

MA

01581

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02110

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Willkie

Farr

&

Gallagher

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

these

Financial

Statements

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

72

Currency

Abbreviation

AUD

Australian

Dollar

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Portfolio

Abbreviation

ABS

Asset-Backed

Security

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

EM

Emerging

Markets

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

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

SAB

Special

Assessment

Bonds

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

TBA

To-be-announced

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

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 – Not Applicable

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 (the “Exchange Act”).

(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 – Not Applicable to this semi-annual report.

              (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

(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

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 V

By:     /s/ John M. Perlowski              

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds V

Date: May 22, 2026 

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 V

Date: May 22, 2026 

By:     /s/ Trent Walker                                  

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds V

Date: May 22, 2026