Schedule
of
Investments
(unaudited)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
AB
BSL
CLO
2
Ltd.,
Series
2021-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.76%,
04/15/34
(a)(b)
.........
USD
15,000
$
14,862,282
Accredited
Mortgage
Loan
Trust,
Series
2004-
4,
Class
M2,
(1-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.69%),
5.15%,
01/25/35
(a)
379
355,466
AGL
CLO
3
Ltd.,
Series
2020-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.81%,
01/15/33
(a)(b)
.........
2,000
1,976,084
AGL
CLO
5
Ltd.,
Series
2020-5A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.84%,
07/20/34
(a)(b)
.........
4,000
3,973,624
AIMCO
CLO
(a)(b)
Series
2015-AA,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.26%,
10/17/34
...............
1,500
1,462,059
Series
2015-AA,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.66%,
10/17/34
...............
3,000
2,946,284
Series
2015-AA,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.71%,
10/17/34
...............
4,500
4,361,378
AIMCO
CLO
10
Ltd.
(a)(b)
Series
2019-10A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.57%,
07/22/32
...............
7,500
7,347,895
Series
2019-10A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.57%,
07/22/32
...............
3,500
3,384,203
AIMCO
CLO
11
Ltd.,
Series
2020-11A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.66%,
10/17/34
(a)(b)
........
4,500
4,414,678
AIMCO
CLO
12
Ltd.,
Series
2020-12A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
7.10%,
01/17/32
(a)(b)
........
10,000
9,830,551
AIMCO
CLO
15
Ltd.,
Series
2021-15A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.61%,
10/17/34
(a)(b)
........
1,500
1,468,251
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.82%,
10/21/28
(a)(b)
.........
1,300
1,291,736
Allegro
CLO
VI
Ltd.,
Series
2017-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.16%,
01/17/31
(a)(b)
.........
1,000
975,581
Allegro
CLO
VII
Ltd.,
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.31%,
06/13/31
(a)(b)
.........
1,000
977,878
Allegro
CLO
XI
Ltd.,
Series
2019-2A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.65%),
7.05%,
01/19/33
(a)(b)
....
2,000
1,989,252
ALM
Ltd.,
Series
2020-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
+
2.11%),
7.51%,
10/15/29
(a)(b)
....................
3,500
3,487,750
AMMC
CLO
21
Ltd.,
Series
2017-21A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.51%),
6.88%,
11/02/30
(a)(b)
....................
1,578
1,573,783
AMSR
Trust
(b)
Series
2019-SFR1,
Class
G,
4.86%,
01/19/39
....................
1,900
1,706,585
Series
2019-SFR1,
Class
H,
6.04%,
01/19/39
....................
2,417
2,233,028
Series
2020-SFR1,
Class
E,
3.22%,
04/17/37
....................
10,250
9,613,926
Series
2020-SFR1,
Class
F,
3.57%,
04/17/37
....................
19,850
18,607,696
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2020-SFR1,
Class
G,
4.31%,
04/17/37
....................
USD
7,500
$
7,048,882
Series
2020-SFR2,
Class
E2,
4.28%,
07/17/37
....................
2,000
1,886,346
Series
2020-SFR2,
Class
I,
5.25%,
07/17/37
9,400
8,669,629
Series
2020-SFR3,
Class
H,
6.50%,
09/17/37
....................
1,958
1,849,288
Series
2020-SFR4,
Class
G2,
4.87%,
11/17/37
....................
3,441
3,163,082
Series
2021-SFR3,
Class
F,
3.23%,
10/17/38
....................
11,000
9,232,808
Anchorage
Capital
CLO
11
Ltd.,
Series
2019-
11A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.56%),
7.97%,
07/22/32
(a)(b)
700
690,063
Anchorage
Capital
CLO
15
Ltd.,
Series
2020-
15A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.88%,
07/20/34
(a)(b)
7,000
6,917,434
Anchorage
Capital
CLO
18
Ltd.,
Series
2021-
18A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.41%),
6.81%,
04/15/34
(a)(b)
.........
1,000
988,829
Anchorage
Capital
CLO
20
Ltd.
(a)(b)
Series
2021-20A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.88%,
01/20/35
...............
1,300
1,286,205
Series
2021-20A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.48%,
01/20/35
...............
1,500
1,459,226
Anchorage
Capital
CLO
25
Ltd.,
Series
2022-
25A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
7.77%,
04/20/35
(a)(b)
5,000
4,871,957
Anchorage
Capital
CLO
3-R
Ltd.,
Series
2014-
3RA,
Class
B,
(3-mo.
CME
Term
SOFR
+
1.76%),
7.15%,
01/28/31
(a)(b)
.........
3,400
3,338,942
Anchorage
Capital
CLO
9
Ltd.,
Series
2016-9A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.41%,
07/15/32
(a)(b)
1,000
980,826
Anchorage
Capital
CLO
Ltd.
(a)(b)
Series
2018-10A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.86%,
10/15/31
...............
7,650
7,623,106
Series
2018-10A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.41%,
10/15/31
...............
3,000
2,979,039
Series
2018-10A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.81%,
10/15/31
...............
1,500
1,451,555
Apidos
CLO
XII,
Series
2013-12A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.34%),
6.74%,
04/15/31
(a)(b)
....................
2,340
2,330,586
Apidos
CLO
XV
(a)(b)
Series
2013-15A,
Class
CRR,
(3-mo.
CME
Term
SOFR
+
2.11%),
7.53%,
04/20/31
3,000
2,910,945
Series
2013-15A,
Class
DRR,
(3-mo.
CME
Term
SOFR
+
2.96%),
8.38%,
04/20/31
2,000
1,906,992
Apidos
CLO
XX,
Series
2015-20A,
Class
BRR,
(3-mo.
CME
Term
SOFR
+
2.21%),
7.61%,
07/16/31
(a)(b)
....................
1,750
1,729,356
Apidos
CLO
XXII,
Series
2015-22A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.63%,
04/20/31
(a)(b)
.........
1,000
969,602
Apidos
CLO
XXIX
(a)(b)
Series
2018-29A,
Class
A2,
(3-mo.
CME
Term
SOFR
+
1.81%),
7.19%,
07/25/30
1,000
984,849
Series
2018-29A,
Class
B,
(3-mo.
CME
Term
SOFR
+
2.16%),
7.54%,
07/25/30
1,000
972,705
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Apidos
CLO
XXV
Ltd.,
Series
2016-25A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.85%,
10/20/31
(a)(b)
....
USD
4,500
$
4,484,053
Apidos
CLO
XXXIII,
Series
2020-33A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.81%,
10/24/34
(a)(b)
........
1,300
1,288,128
Apidos
CLO
XXXIV,
Series
2020-34A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.83%,
01/20/35
(a)(b)
....
14,000
13,884,907
Apidos
CLO
XXXVI,
Series
2021-36A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.58%,
07/20/34
(a)(b)
.........
1,000
961,872
Aqueduct
European
CLO
DAC,
Series
2017-
2X,
Class
E,
(3-mo.
EURIBOR
at
4.40%
Floor
+
4.40%),
8.36%,
10/15/30
(a)(c)
....
EUR
219
223,312
Ares
L
CLO
Ltd.,
Series
2018-50A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.26%,
01/15/32
(a)(b)
.........
USD
6,000
5,871,659
Ares
LIII
CLO
Ltd.,
Series
2019-53A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.91%),
8.31%,
04/24/31
(a)(b)
.........
4,500
4,504,920
Ares
LV
CLO
Ltd.,
Series
2020-55A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.36%,
07/15/34
(a)(b)
.........
1,000
979,204
Ares
LXI
CLO
Ltd.,
Series
2021-61A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.83%,
10/20/34
(a)(b)
.........
7,500
7,437,106
Ares
XLVII
CLO
Ltd.,
Series
2018-47A,
Class
SUB,
(3-mo.
LIBOR
USD
+
0.00%),
5.66%,
04/15/30
(a)(b)
....................
4,500
1,076,922
Ares
XLVIII
CLO
Ltd.,
Series
2018-48A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.48%,
07/20/30
(a)(b)
........
1,000
962,433
Ares
XXXIR
CLO
Ltd.,
Series
2014-31RA,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.56%),
6.94%,
05/24/30
(a)(b)
....
1,000
981,827
Ares
XXXVII
CLO
Ltd.
(a)(b)
Series
2015-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.43%),
6.83%,
10/15/30
2,664
2,656,282
Series
2015-4A,
Class
A3R,
(3-mo.
CME
Term
SOFR
+
1.76%),
7.16%,
10/15/30
1,500
1,480,276
Series
2015-4A,
Class
BR,
(3-mo.
CME
Term
SOFR
+
2.06%),
7.46%,
10/15/30
1,017
997,983
Ares
XXXVR
CLO
Ltd.,
Series
2015-35RA,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
7.06%,
07/15/30
(a)(b)
....
1,500
1,474,515
Atlas
Senior
Loan
Fund
VII
Ltd.,
Series
2016-
7A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.20%,
11/27/31
(a)(b)
5,500
5,420,187
Atlas
Senior
Loan
Fund
XI
Ltd.,
Series
2018-
11A,
Class
A1L,
(3-mo.
CME
Term
SOFR
+
1.36%),
6.74%,
07/26/31
(a)(b)
.........
1,845
1,829,141
Atlas
Senior
Loan
Fund
XII
Ltd.,
Series
2018-
12A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.84%,
10/24/31
(a)(b)
1,690
1,679,405
Atrium
VIII,
Series
8A,
Class
SUB,
0.00%,
10/23/24
(a)(b)
....................
11,500
4,830
Atrium
XIV
LLC,
Series
14A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.61%,
08/23/30
(a)(b)
...............
1,000
989,388
Atrium
XV,
Series
15A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.42%,
01/23/31
(a)(b)
...............
1,000
989,403
Aurium
CLO
II
DAC,
Series
2X,
Class
ERR,
(3-mo.
EURIBOR
at
6.08%
Floor
+
6.08%),
10.01%,
06/22/34
(a)(c)
..............
EUR
200
187,588
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Avoca
CLO
XV
DAC,
Series
15X,
Class
ER,
(3-mo.
EURIBOR
at
4.13%
Floor
+
4.13%),
8.09%,
04/15/31
(a)(c)
...............
EUR
670
$
618,189
Bain
Capital
Credit
CLO
Ltd.
(a)(b)
Series
2019-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.81%,
10/17/32
...............
USD
1,000
965,517
Series
2021-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
6.82%,
07/24/34
....................
6,750
6,668,608
Series
2021-7A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.77%,
01/22/35
....................
2,250
2,193,387
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
7.25%,
04/18/35
....................
5,000
4,811,222
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.60%,
04/18/35
....................
7,000
6,717,383
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.20%),
8.60%,
04/18/35
....................
2,500
2,330,895
Ballyrock
CLO
Ltd.
(a)(b)
Series
2020-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.63%,
10/20/31
...............
4,500
4,432,628
Series
2020-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.63%,
10/20/31
...............
2,000
1,928,458
Bardot
CLO
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.57%,
10/22/32
(a)(b)
.........
3,250
3,190,094
Battalion
CLO
18
Ltd.,
Series
2020-18A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.45%
Floor
+
3.71%),
9.11%,
10/15/36
(a)(b)
........
2,000
1,824,318
Battalion
CLO
X
Ltd.,
Series
2016-10A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.71%,
01/25/35
(a)(b)
....
2,000
1,893,582
Battalion
CLO
XIX
Ltd.
(a)(b)
Series
2021-19A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.66%,
04/15/34
...............
3,000
2,893,204
Series
2021-19A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.91%,
04/15/34
...............
3,000
2,799,013
Battalion
CLO
XVI
Ltd.,
Series
2019-16A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.80%,
12/19/32
(a)(b)
........
5,000
4,959,744
BBAM
European
CLO
I
DAC,
Series
1X,
Class
ER,
(3-mo.
EURIBOR
at
5.91%
Floor
+
5.91%),
9.91%,
07/22/34
(a)(c)
.........
EUR
200
185,551
BDS
LLC,
Series
2022-FL12,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.14%
Floor
+
2.14%),
7.47%,
08/19/38
(a)(b)
...............
USD
2,860
2,824,272
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2005-HE1,
Class
M2,
(1-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.36%),
5.54%,
01/25/35
...............
397
394,292
Series
2006-HE7,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.78%,
09/25/36
...............
415
405,040
Series
2007-HE2,
Class
22A,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
5.58%,
03/25/37
...............
1,986
1,766,968
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2007-HE2,
Class
23A,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
5.58%,
03/25/37
...............
USD
1,910
$
1,706,961
Series
2007-HE3,
Class
2A,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
5.58%,
04/25/37
...............
3,486
4,925,566
Bear
Stearns
Asset-Backed
Securities
Trust,
Series
2004-HE3,
Class
M2,
(1-mo.
CME
Term
SOFR
at
1.73%
Floor
+
1.84%),
5.31%,
04/25/34
(a)
................
1,473
1,438,303
Benefit
Street
Partners
CLO
VIII
Ltd.,
Series
2015-8A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.78%,
01/20/31
(a)(b)
....................
1,267
1,265,575
Benefit
Street
Partners
CLO
XIX
Ltd.
(a)(b)
Series
2019-19A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.61%),
7.01%,
01/15/33
....................
7,000
6,992,670
Series
2019-19A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.66%,
01/15/33
...............
4,250
4,218,134
Benefit
Street
Partners
CLO
XV
Ltd.
(a)(b)
Series
2018-15A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.81%,
07/18/31
...............
2,135
2,126,338
Series
2018-15A,
Class
A2A,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.36%,
07/18/31
...............
1,000
989,729
Birch
Grove
CLO
3
Ltd.
(a)(b)
Series
2021-3A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.46%,
01/19/35
...............
7,500
7,317,929
Series
2021-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
7.91%,
01/19/35
....................
5,000
4,861,681
Birch
Grove
CLO
Ltd.,
Series
19A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.87%,
06/15/31
(a)(b)
.........
2,000
1,985,284
BlueMountain
CLO
DAC,
Series
2021-1X,
Class
E,
(3-mo.
EURIBOR
at
5.41%
Floor
+
5.41%),
9.38%,
04/15/34
(a)(c)
.........
EUR
300
281,875
BlueMountain
CLO
Ltd.,
Series
2013-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.85%,
10/22/30
(a)(b)
....
USD
691
687,804
BlueMountain
Fuji
Eur
CLO
IV
DAC,
Series
4X,
Class
ER,
(3-mo.
EURIBOR
at
6.21%
Floor
+
6.21%),
10.04%,
02/25/34
(a)(c)
.......
EUR
700
660,113
Bridge
Street
CLO
II
Ltd.,
Series
2021-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.43%,
07/20/34
(a)(b)
....
USD
5,000
4,922,766
Bridgepoint
CLO
1
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
4.25%
Floor
+
4.25%),
8.21%,
01/15/34
(a)(c)
...............
EUR
750
765,803
Buckhorn
Park
CLO
Ltd.
(a)(b)
Series
2019-1A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.31%,
07/18/34
...............
USD
9,000
8,817,829
Series
2019-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.66%,
07/18/34
...............
2,500
2,414,710
Canyon
Capital
CLO
Ltd.
(a)(b)
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
2.16%),
7.56%,
07/15/31
1,500
1,469,089
Series
2016-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
+
2.01%),
7.41%,
10/15/31
1,250
1,234,362
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2017-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.66%,
07/15/30
...............
USD
5,000
$
4,905,069
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.60%,
04/15/35
....................
2,000
1,921,519
Canyon
CLO
Ltd.
(a)(b)
Series
2018-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.56%,
07/15/31
....................
1,000
975,370
Series
2020-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.71%,
07/15/34
...............
1,000
964,112
Series
2020-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.81%,
07/15/34
...............
1,000
949,398
Series
2020-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.76%),
8.16%,
01/15/34
....................
1,000
997,076
Carlyle
C17
CLO
Ltd.,
Series
C17A,
Class
BR,
(3-mo.
CME
Term
SOFR
+
2.11%),
7.50%,
04/30/31
(a)(b)
....................
1,000
969,813
Carlyle
US
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.28%,
04/20/31
...............
2,700
2,653,989
Series
2019-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.38%,
10/20/32
...............
5,000
4,940,081
Series
2019-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.56%),
7.98%,
10/20/32
...............
4,000
3,981,860
Carrington
Mortgage
Loan
Trust,
Series
2006-
FRE1,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
0.36%),
5.69%,
04/25/36
(a)
2,876
2,352,607
CarVal
CLO
I
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
+
3.15%),
8.55%,
07/16/31
(a)(b)
....................
1,995
1,902,133
CarVal
CLO
III
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.21%),
7.63%,
07/20/32
(a)(b)
.........
7,000
6,835,212
CarVal
CLO
IV
Ltd.
(a)(b)
Series
2021-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.43%,
07/20/34
....................
6,500
6,305,287
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.93%,
07/20/34
....................
5,000
4,645,506
CarVal
CLO
VC
Ltd.
(a)(b)
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.86%,
10/15/34
....................
2,000
1,949,539
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.91%,
10/15/34
....................
3,000
2,829,466
Catskill
Park
CLO
Ltd.,
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
+
3.96%),
9.38%,
04/20/29
(a)(b)
...............
1,000
978,582
CBAM
Ltd.
(a)(b)
Series
2017-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.51%),
6.93%,
07/20/30
...
755
752,356
Series
2020-13A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.43%
Floor
+
1.69%),
7.11%,
01/20/34
....................
4,000
3,977,846
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Cedar
Funding
IV
CLO
Ltd.,
Series
2014-4A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.91%),
7.32%,
07/23/34
(a)(b)
USD
5,000
$
4,880,163
Cedar
Funding
IX
CLO
Ltd.,
Series
2018-9A,
Class
SUB,
0.00%,
04/20/31
(a)(b)
.......
3,950
1,247,039
Cedar
Funding
V
CLO
Ltd.,
Series
2016-5A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.36%),
6.76%,
07/17/31
(a)(b)
.........
1,750
1,744,574
Cedar
Funding
VI
CLO
Ltd.,
Series
2016-6A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
3.31%
Floor
+
3.57%),
8.99%,
04/20/34
(a)(b)
1,950
1,813,568
CIFC
European
Funding
CLO
III
DAC,
Series
3X,
Class
E,
(3-mo.
EURIBOR
at
5.61%
Floor
+
5.61%),
9.57%,
01/15/34
(a)(c)
....
EUR
200
192,360
CIFC
Funding
Ltd.
(a)(b)
Series
2013-4A,
Class
A2RR,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.56%),
6.95%,
04/27/31
...............
USD
1,700
1,674,516
Series
2014-2RA,
Class
A3,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.56%,
04/24/30
...............
500
494,583
Series
2014-3A,
Class
CR2,
(3-mo.
CME
Term
SOFR
+
2.61%),
8.02%,
10/22/31
1,000
985,935
Series
2015-1A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.57%,
01/22/31
...............
1,000
980,629
Series
2016-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.37%,
10/21/31
...............
7,000
6,875,439
Series
2017-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.48%),
6.90%,
07/20/30
...
2,872
2,866,519
Series
2017-5A,
Class
B,
(3-mo.
CME
Term
SOFR
+
2.11%),
7.51%,
11/16/30
....
500
491,314
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
+
1.66%),
7.06%,
04/18/31
...
1,000
982,271
Series
2018-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.81%,
10/17/31
....................
2,700
2,687,554
Series
2018-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.76%,
10/17/31
....................
2,000
1,988,491
Series
2019-5A,
Class
A2RS,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.41%,
01/15/35
...............
2,200
2,159,526
Series
2019-6A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.59%),
6.99%,
01/16/33
....................
8,500
8,481,905
Series
2019-6A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.21%
Floor
+
4.21%),
9.61%,
01/16/33
....................
1,150
1,145,094
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.06%
Floor
+
2.06%),
7.44%,
04/25/33
....................
10,500
10,273,102
Series
2021-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.66%,
07/15/36
....................
1,500
1,444,060
Series
2021-6A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
6.80%,
10/15/34
....................
600
595,756
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2006-WFH2,
Class
M3,
(1-mo.
CME
Term
SOFR
at
0.47%
Floor
+
0.58%),
5.90%,
08/25/36
(a)
.....................
2,890
2,532,976
Clear
Creek
CLO
(a)(b)
Series
2015-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.46%),
6.88%,
10/20/30
4,173
4,154,591
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2015-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
+
1.86%),
7.28%,
10/20/30
USD
3,000
$
2,936,722
Clover
CLO
LLC
(a)(b)
Series
2018-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.31%
Floor
+
2.31%),
7.73%,
04/20/32
...............
2,500
2,449,249
Series
2018-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.36%
Floor
+
3.36%),
8.78%,
04/20/32
...............
1,000
970,204
Series
2020-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.66%,
04/15/34
...............
4,000
3,882,253
Series
2020-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.66%,
04/15/34
...............
3,100
2,983,225
Series
2021-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.43%,
07/20/34
....................
14,000
13,796,831
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.68%,
07/20/34
....................
5,000
4,884,189
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.73%,
07/20/34
....................
2,500
2,405,236
Series
2021-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.76%),
12.18%,
07/20/34
....................
1,325
1,287,184
Series
2021-3A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.39%,
01/25/35
....................
5,000
4,920,278
Series
2021-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.69%,
01/25/35
....................
3,000
2,930,398
Series
2021-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.74%,
01/25/35
....................
1,000
962,084
Clover
CLO
Ltd.,
Series
2019-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
6.74%,
10/25/33
(a)(b)
.........
7,300
7,231,604
Conseco
Finance
Corp.
(a)
Series
1996-5,
Class
M1,
8.05%,
07/15/27
269
270,647
Series
1997-7,
Class
M1,
7.03%,
07/15/28
1,475
1,443,877
Contego
CLO
IX
DAC,
Series
9X,
Class
E,
(3-mo.
EURIBOR
at
6.01%
Floor
+
6.01%),
9.98%,
01/24/34
(a)(c)
...............
EUR
472
441,458
Contego
CLO
VII
DAC,
Series
7X,
Class
D,
(3-mo.
EURIBOR
at
3.95%
Floor
+
3.95%),
7.95%,
05/14/32
(a)(c)
...............
200
201,414
Credit-Based
Asset
Servicing
&
Securitization
LLC,
Series
2007-CB6,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.78%,
07/25/37
(a)(b)
...............
USD
1,215
751,044
CVC
Cordatus
Loan
Fund
XXII
DAC,
Series
22X,
Class
D,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
7.00%,
12/15/34
(a)(c)
....
EUR
200
191,960
CVC
Cordatus
Loan
Fund
XXVII
DAC,
Series
27X,
Class
D2,
(3-mo.
EURIBOR
at
6.58%
Floor
+
6.58%),
10.36%,
04/15/35
(a)(c)
...
400
422,113
Deer
Creek
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.44%),
6.86%,
10/20/30
(a)(b)
....................
USD
595
593,150
Dryden
49
Senior
Loan
Fund,
Series
2017-49A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.71%,
07/18/30
(a)(b)
2,000
1,949,829
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Dryden
61
CLO
Ltd.,
Series
2018-61A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.41%,
01/17/32
(a)(b)
........
USD
8,000
$
7,678,194
Dryden
Senior
Loan
Fund,
Series
2017-47A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.71%,
04/15/28
(a)(b)
5,250
5,190,600
Eaton
Vance
CLO
Ltd.
(a)(b)
Series
2013-1A,
Class
B3R,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.81%,
01/15/34
...............
3,500
3,434,762
Series
2019-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.76%,
04/15/31
...............
2,500
2,483,832
Series
2020-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.31%
Floor
+
2.31%),
7.71%,
10/15/34
...............
3,500
3,405,741
Series
2020-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.36%
Floor
+
3.36%),
8.76%,
10/15/34
...............
3,000
2,859,638
Elevation
CLO
Ltd.,
Series
2017-8A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.31%),
7.69%,
10/25/30
(a)(b)
....................
3,000
2,941,120
Elmwood
CLO
I
Ltd.
(a)(b)
Series
2019-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.13%,
10/20/33
...............
2,500
2,497,927
Series
2019-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
4.40%
Floor
+
4.66%),
10.08%,
10/20/33
..............
2,000
2,006,146
Elmwood
CLO
IV
Ltd.
(a)(b)
Series
2020-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.36%,
04/15/33
....................
1,250
1,228,132
Series
2020-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.81%,
04/15/33
....................
5,500
5,336,211
Elmwood
CLO
IX
Ltd.,
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.58%,
07/20/34
(a)(b)
........
1,500
1,465,261
Elmwood
CLO
V
Ltd.,
Series
2020-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.78%,
10/20/34
(a)(b)
........
2,000
1,961,741
Elmwood
CLO
VII
Ltd.,
Series
2020-4A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.63%
Floor
+
1.63%),
7.05%,
01/17/34
(a)(b)
........
4,000
3,977,379
Elmwood
CLO
XI
Ltd.,
Series
2021-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.63%,
10/20/34
(a)(b)
........
2,000
1,926,004
Fidelity
Grand
Harbour
CLO
DAC,
Series
2023-
1X,
Class
D,
(3-mo.
EURIBOR
at
5.90%
Floor
+
5.90%),
9.68%,
08/15/36
(a)(c)
....
EUR
238
251,416
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2006-FF13,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
+
0.35%),
5.68%,
10/25/36
...............
USD
3,103
1,996,274
Series
2006-FF13,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
5.76%,
10/25/36
...............
1,820
1,139,729
Series
2006-FF17,
Class
A5,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
5.59%,
12/25/36
...............
2,246
1,796,904
Series
2006-FFH1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.56%
Floor
+
0.67%),
5.99%,
01/25/36
...............
4,768
4,487,633
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
FirstKey
Homes
Trust
(b)
Series
2022-SFR1,
Class
E1,
5.00%,
05/17/39
....................
USD
6,000
$
5,421,153
Series
2022-SFR2,
Class
E1,
4.50%,
07/17/39
....................
6,382
5,674,012
Flatiron
CLO
17
Ltd.
(a)(b)
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.61%,
05/15/30
...............
2,048
2,034,759
Series
2017-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.53%,
05/15/30
...............
1,000
983,475
Flatiron
CLO
20
Ltd.,
Series
2020-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.05%
Floor
+
4.05%),
9.43%,
11/20/33
(a)(b)
.........
1,000
990,076
Flatiron
CLO
21
Ltd.
(a)(b)
Series
2021-1A,
Class
C,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.51%,
07/19/34
....................
2,000
1,947,941
Series
2021-1A,
Class
D,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.56%,
07/19/34
....................
2,500
2,439,798
FRTKL,
Series
2021-SFR1,
Class
F,
3.17%,
09/17/38
(b)
.....................
2,900
2,455,717
FS
Rialto
Issuer
LLC,
Series
2022-FL7,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
8.23%,
10/19/39
(a)(b)
.........
8,500
8,505,299
Galaxy
XXIV
CLO
Ltd.,
Series
2017-24A,
Class
C,
(3-mo.
CME
Term
SOFR
+
1.96%),
7.36%,
01/15/31
(a)(b)
...............
500
483,177
Galaxy
XXVII
CLO
Ltd.,
Series
2018-27A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.28%),
6.65%,
05/16/31
(a)(b)
....
2,923
2,915,608
Generate
CLO
2
Ltd.,
Series
2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.82%,
01/22/31
(a)(b)
.........
7,119
7,101,602
Generate
CLO
6
Ltd.,
Series
6A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.71%),
8.12%,
01/22/35
(a)(b)
.........
1,000
990,865
Generate
CLO
7
Ltd.,
Series
2019-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.63%),
7.04%,
01/22/33
(a)(b)
........
3,000
2,988,662
Generate
CLO
9
Ltd.
(a)(b)
Series
9A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.43%,
10/20/34
8,500
8,237,692
Series
9A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
7.93%,
10/20/34
....................
3,000
2,953,708
Series
9A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.85%
Floor
+
7.11%),
12.53%,
10/20/34
....................
1,000
932,361
Gilbert
Park
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.45%),
6.85%,
10/15/30
(a)(b)
...............
1,912
1,906,651
GoldenTree
Loan
Management
US
CLO
1
Ltd.,
Series
2017-1A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.48%,
04/20/34
(a)(b)
...............
9,500
9,239,832
GoldenTree
Loan
Management
US
CLO
10
Ltd.,
Series
2021-10A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.28%,
07/20/34
(a)(b)
...............
1,000
979,458
GoldenTree
Loan
Management
US
CLO
3
Ltd.,
Series
2018-3A,
Class
AJ,
(3-mo.
CME
Term
SOFR
+
1.56%),
6.98%,
04/20/30
(a)(b)
...
2,000
1,970,786
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
GoldenTree
Loan
Management
US
CLO
4
Ltd.,
Series
2019-4A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.66%,
04/24/31
(a)(b)
...............
USD
1,000
$
984,801
GoldenTree
Loan
Management
US
CLO
5
Ltd.
(a)(b)
Series
2019-5A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.73%,
10/20/32
...............
2,000
1,975,886
Series
2019-5A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.83%,
10/20/32
...............
1,000
963,044
GoldenTree
Loan
Management
US
CLO
6
Ltd.,
Series
2019-6A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.22%,
04/20/35
(a)(b)
...............
800
784,741
GoldenTree
Loan
Opportunities
IX
Ltd.,
Series
2014-9A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.25%,
10/29/29
(a)(b)
....................
900
894,401
GoldenTree
Loan
Opportunities
X
Ltd.,
Series
2015-10A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.80%,
07/20/31
(a)(b)
....................
3,300
3,294,161
GoldentTree
Loan
Management
US
CLO
1
Ltd.
(a)(b)
Series
2021-11A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.63%,
10/20/34
...............
3,000
2,901,930
Series
2021-11A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.68%,
10/20/34
...............
1,000
944,331
Golub
Capital
Partners
CLO
41B-R
Ltd.,
Series
2019-41A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.58%),
7.00%,
01/20/34
(a)(b)
....................
2,500
2,480,334
Golub
Capital
Partners
CLO
52B
Ltd.,
Series
2020-52A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.80%
Floor
+
3.06%),
8.48%,
01/20/34
(a)(b)
....................
2,000
1,992,229
Golub
Capital
Partners
CLO
53B
Ltd.,
Series
2021-53A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.48%,
07/20/34
(a)
(b)
...........................
5,915
5,843,929
Golub
Capital
Partners
CLO
58B
Ltd.,
Series
2021-58A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.82%,
01/25/35
(a)(b)
....................
1,000
988,874
Greene
King
Finance
plc
(a)
Series
B1, (Sterling
Overnight
Index
Average
+
1.92%),
7.14%,
12/15/34
..
GBP
100
93,134
Series
B2, (1D
GBOIS
+
2.20%),
7.39%,
03/15/36
(c)
...................
100
91,159
Greenpoint
Manufactured
Housing,
Series
2000-1,
Class
A4,
8.14%,
03/20/30
(a)
....
USD
4,317
3,002,326
Greywolf
CLO
III
Ltd.,
Series
2020-3RA,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.71%),
8.12%,
04/15/33
(a)(b)
........
3,000
2,956,179
GSAA
Home
Equity
Trust
(a)
Series
2005-14,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
+
0.81%),
6.14%,
12/25/35
...............
1,025
430,620
Series
2006-4,
Class
1A1,
3.66%,
03/25/36
2,589
1,732,399
Series
2006-5,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
5.80%,
03/25/36
....................
3,433
1,035,844
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2006-18,
Class
AF6,
6.18%,
11/25/36
(d)
...................
USD
3,268
$
719,919
GSAMP
Trust
(a)
Series
2006-FM3,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
5.58%,
11/25/36
...............
6,428
2,964,154
Series
2006-HE6,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
5.92%,
08/25/36
...............
1,375
1,036,742
GT
Loan
Financing
I
Ltd.,
Series
2013-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
2.36%),
7.75%,
07/28/31
(a)(b)
.........
1,000
994,680
HalseyPoint
CLO
3
Ltd.,
Series
2020-3A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.10%,
11/30/32
(a)(b)
....
11,000
10,971,738
HalseyPoint
CLO
4
Ltd.,
Series
2021-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.83%,
04/20/34
(a)(b)
........
1,750
1,710,780
HalseyPoint
CLO
5
Ltd.
(a)(b)
Series
2021-5A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.45%,
01/30/35
....................
3,500
3,409,454
Series
2021-5A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.76%),
9.15%,
01/30/35
....................
3,000
2,895,603
HalseyPoint
CLO
I
Ltd.
(a)(b)
Series
2019-1A,
Class
A1A1,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.61%),
7.03%,
01/20/33
...............
11,050
11,001,823
Series
2019-1A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.88%,
01/20/33
...............
2,500
2,487,965
Harvest
CLO
XVI
DAC,
Series
16X,
Class
ER,
(3-mo.
EURIBOR
at
5.57%
Floor
+
5.57%),
9.53%,
10/15/31
(a)(c)
...............
EUR
235
224,167
Henley
CLO
IV
DAC,
Series
4X,
Class
E,
(3-mo.
EURIBOR
at
5.25%
Floor
+
5.25%),
9.21%,
04/25/34
(a)(c)
...............
300
280,850
Highbridge
Loan
Management
Ltd.,
Series
12A-18,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.51%,
07/18/31
(a)(b)
USD
1,000
976,719
Home
Partners
of
America
Trust,
Series
2021-
2,
Class
F,
3.80%,
12/17/26
(b)
.........
9,627
8,137,034
Invesco
CLO
Ltd.
(a)(b)
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.56%,
07/15/34
....................
500
474,129
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.22%,
04/20/35
....................
3,125
3,043,824
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.15%),
7.57%,
04/20/35
....................
5,000
4,805,582
Invesco
Euro
CLO
III
DAC,
Series
3X,
Class
F,
(3-mo.
EURIBOR
at
8.07%
Floor
+
8.07%),
12.04%,
07/15/32
(a)(c)
..............
EUR
186
182,475
Invitation
Homes
Trust,
Series
2018-SFR4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.21%),
6.55%,
01/17/38
(a)(b)
....
USD
2,679
2,679,264
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CH1,
Class
M7,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.64%,
07/25/36
(a)
.....................
2,975
2,384,163
KKR
CLO
18
Ltd.,
Series
18,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.76%,
07/18/30
(a)(b)
...............
8,050
7,964,787
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
KKR
CLO
27
Ltd.
(a)(b)
Series
27A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
7.24%,
10/15/32
....................
USD
4,250
$
4,149,126
Series
27A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.64%,
10/15/32
....................
1,450
1,407,774
KKR
CLO
35
Ltd.,
Series
35A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.38%,
10/20/34
(a)(b)
...............
3,657
3,553,721
KKR
CLO
41
Ltd.,
Series
2022-41A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.25%),
8.64%,
04/15/35
(a)(b)
.........
5,250
4,886,840
LCM
XXV
Ltd.,
Series
25A,
Class
B2,
(3-mo.
CME
Term
SOFR
+
1.91%),
7.33%,
07/20/30
(a)(b)
....................
350
346,500
Lehman
XS
Trust,
Series
2007-20N,
Class
A1,
(1-mo.
CME
Term
SOFR
+
2.41%),
7.74%,
12/25/37
(a)
.....................
5,841
5,839,038
Long
Beach
Mortgage
Loan
Trust
(a)
Series
2005-3,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
5.96%,
08/25/45
....................
1,597
1,514,018
Series
2006-4,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
5.74%,
05/25/36
....................
21,128
10,774,101
Series
2006-6,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
5.74%,
07/25/36
....................
5,754
2,139,931
Series
2006-7,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.31%
Floor
+
0.42%),
5.75%,
08/25/36
....................
6,352
3,142,435
Series
2006-WL3,
Class
2A4,
(1-mo.
CME
Term
SOFR
at
0.60%
Floor
+
0.71%),
6.04%,
01/25/36
...............
1,386
1,149,433
Lucali
CLO
Ltd.,
Series
2020-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.86%),
9.26%,
01/15/33
(a)(b)
.........
2,250
2,159,667
Madison
Park
Funding
XX
Ltd.
(a)(b)
Series
2016-20A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
2.16%),
7.55%,
07/27/30
4,080
3,986,292
Series
2016-20A,
Class
DR,
(3-mo.
CME
Term
SOFR
+
3.26%),
8.65%,
07/27/30
1,315
1,261,134
Madison
Park
Funding
XXIX
Ltd.,
Series
2018-
29A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.86%,
10/18/30
(a)(b)
5,450
5,437,032
Madison
Park
Funding
XXVI
Ltd.,
Series
2017-
26A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.46%),
6.85%,
07/29/30
(a)(b)
.........
3,375
3,371,711
Madison
Park
Funding
XXVII
Ltd.
(a)(b)
Series
2018-27A,
Class
B,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
2.06%),
7.48%,
04/20/30
...............
1,600
1,546,424
Series
2018-27A,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
2.86%),
8.28%,
04/20/30
...............
1,000
956,923
Madison
Park
Funding
XXXIII
Ltd.
(a)(b)
Series
2019-33A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.19%,
10/15/32
...............
6,000
5,909,589
Series
2019-33A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.59%,
10/15/32
...............
4,750
4,651,014
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2019-33A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
8.49%,
10/15/32
...............
USD
2,000
$
1,915,332
Madison
Park
Funding
XXXIV
Ltd.,
Series
2019-34A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.99%,
04/25/32
(a)(b)
....................
2,250
2,222,431
Marble
Point
CLO
XI
Ltd.,
Series
2017-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.16%,
12/18/30
(a)(b)
....
1,500
1,462,369
Margay
CLO
I
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
6.40%
Floor
+
6.40%),
10.25%,
07/15/36
(a)(c)
..............
EUR
100
105,725
Marino
Park
CLO
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
5.67%
Floor
+
5.67%),
9.64%,
01/16/34
(a)(c)
...............
100
95,707
MASTR
Asset-Backed
Securities
Trust,
Series
2006-AM2,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
5.96%,
06/25/36
(a)(b)
....................
USD
1,892
1,609,828
Milos
CLO
Ltd.,
Series
2017-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.23%,
10/20/30
(a)(b)
.........
5,862
5,781,935
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2007-1XS,
Class
2A3,
6.42%,
09/25/46
(a)(d)
594
123,373
Neuberger
Berman
CLO
XVIII
Ltd.,
Series
2014-18A,
Class
CR2,
(3-mo.
CME
Term
SOFR
+
3.26%),
8.67%,
10/21/30
(a)(b)
...
1,250
1,201,548
Neuberger
Berman
CLO
XX
Ltd.,
Series
2015-
20A,
Class
ERR,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.76%),
12.16%,
07/15/34
(a)(b)
2,600
2,465,427
Neuberger
Berman
CLO
XXI
Ltd.,
Series
2016-
21A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.56%),
8.98%,
04/20/34
(a)(b)
1,000
971,371
Neuberger
Berman
CLO
XXII
Ltd.
(a)(b)
Series
2016-22A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.31%,
10/17/30
...............
800
789,788
Series
2016-22A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.86%,
10/17/30
...............
1,000
977,684
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.,
Series
2017-26A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.91%),
8.31%,
10/18/30
(a)(b)
...............
3,250
3,107,699
Neuberger
Berman
Loan
Advisers
CLO
29
Ltd.,
Series
2018-29A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.76%,
10/19/31
(a)(b)
...............
500
478,946
Neuberger
Berman
Loan
Advisers
CLO
35
Ltd.,
Series
2019-35A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.60%),
7.00%,
01/19/33
(a)(b)
...............
8,450
8,436,396
Neuberger
Berman
Loan
Advisers
CLO
37
Ltd.,
Series
2020-37A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.48%,
07/20/31
(a)(b)
...............
1,563
1,524,372
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd.,
Series
2021-40A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.41%,
04/16/33
(a)(b)
...............
1,000
977,261
Neuberger
Berman
Loan
Advisers
CLO
45
Ltd.,
Series
2021-45A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.79%,
10/14/35
(a)(b)
....................
12,250
12,164,270
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Neuberger
Berman
Loan
Advisers
Euro
CLO,
Series
2021-1X,
Class
E,
(3-mo.
EURIBOR
at
5.52%
Floor
+
5.52%),
9.51%,
04/17/34
(a)
(c)
...........................
EUR
188
$
177,867
New
Residential
Mortgage
Loan
Trust,
Series
2022-SFR2,
Class
F,
4.00%,
09/04/39
(b)
..
USD
5,006
4,060,496
Newark
BSL
CLO
1
Ltd.,
Series
2016-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.75%,
12/21/29
(a)(b)
....
3,763
3,750,283
North
Westerly
VII
ESG
CLO
DAC,
Series
VII-X,
Class
E,
(3-mo.
EURIBOR
at
5.66%
Floor
+
5.66%),
9.44%,
05/15/34
(a)(c)
....
EUR
100
93,234
NYACK
Park
CLO
Ltd.
(a)(b)
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
6.80%,
10/20/34
....................
USD
4,418
4,383,770
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.21%),
7.63%,
10/20/34
....................
2,500
2,433,181
Oakwood
Mortgage
Investors,
Inc.
Series
1998-D,
Class
M1,
7.42%,
01/15/29
(b)
399
375,189
Series
1999-C,
Class
A2,
7.48%,
08/15/27
2,115
1,669,472
Series
2001-D,
Class
A3,
5.90%,
12/15/22
(a)
299
138,723
Series
2002-B,
Class
A4,
7.09%,
06/15/32
(a)
1
953
OCP
CLO
Ltd.
(a)(b)
Series
2014-6A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.52%),
6.92%,
10/17/30
9,960
9,941,271
Series
2014-6A,
Class
A2R,
(3-mo.
CME
Term
SOFR
+
1.98%),
7.38%,
10/17/30
7,500
7,422,293
Series
2015-10A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.31%
Floor
+
2.31%),
7.69%,
01/26/34
...............
3,700
3,575,783
Series
2015-10A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.21%
Floor
+
3.21%),
8.59%,
01/26/34
...............
2,000
1,914,488
Series
2016-11A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
+
1.53%),
6.91%,
10/26/30
702
699,645
Series
2018-15A,
Class
A3,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.38%,
07/20/31
...............
1,000
988,131
Series
2019-16A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.11%
Floor
+
2.11%),
7.52%,
04/10/33
...............
2,500
2,398,618
Series
2019-17A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.26%
Floor
+
2.26%),
7.68%,
07/20/32
...............
6,000
5,815,530
Series
2020-19A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.78%,
10/20/34
...............
7,500
7,269,572
Series
2021-22A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.73%,
12/02/34
...............
4,500
4,375,667
Series
2021-22A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.78%,
12/02/34
...............
1,250
1,186,949
OCP
Euro
CLO
DAC
(a)(c)
Series
2017-2X,
Class
E,
(3-mo.
EURIBOR
at
5.00%
Floor
+
5.00%),
8.97%,
01/15/32
....................
EUR
298
302,984
Series
2017-2X,
Class
F,
(3-mo.
EURIBOR
at
6.40%
Floor
+
6.40%),
10.37%,
01/15/32
....................
200
188,333
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Octagon
Investment
Partners
26
Ltd.
(a)(b)
Series
2016-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.86%),
7.26%,
07/15/30
...............
USD
6,000
$
5,887,270
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.06%
Floor
+
2.06%),
7.46%,
07/15/30
...............
2,250
2,152,173
Octagon
Investment
Partners
29
Ltd.,
Series
2016-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
+
3.36%),
8.76%,
01/24/33
(a)(b)
...
1,532
1,458,937
Octagon
Investment
Partners
34
Ltd.,
Series
2017-1A,
Class
B1,
(3-mo.
CME
Term
SOFR
+
1.66%),
7.08%,
01/20/30
(a)(b)
........
2,000
1,960,317
Octagon
Investment
Partners
35
Ltd.,
Series
2018-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.86%),
8.28%,
01/20/31
(a)
(b)
...........................
1,000
934,532
Octagon
Investment
Partners
40
Ltd.,
Series
2019-1A,
Class
C1R,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.83%,
01/20/35
(a)(b)
....................
3,000
2,924,459
Octagon
Investment
Partners
41
Ltd.
(a)(b)
Series
2019-2A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.36%,
10/15/33
...............
8,500
8,301,990
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.81%,
10/15/33
...............
3,800
3,760,703
Octagon
Loan
Funding
Ltd.
(a)(b)
Series
2014-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.82%,
11/18/31
...............
13,212
13,153,779
Series
2014-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.34%,
11/18/31
...............
1,500
1,475,568
OHA
Credit
Funding
2
Ltd.
(a)(b)
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.87%,
04/21/34
....................
1,500
1,488,793
Series
2019-2A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.30%
Floor
+
3.30%),
8.97%,
04/21/34
....................
1,000
987,190
OHA
Credit
Funding
3
Ltd.,
Series
2019-3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.82%,
07/02/35
(a)(b)
....
2,000
1,986,246
OHA
Credit
Funding
6
Ltd.,
Series
2020-6A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.83%,
07/20/34
(a)(b)
1,000
993,830
OHA
Credit
Partners
VII
Ltd.,
Series
2012-7A,
Class
D1R3,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.54%,
02/20/34
(a)(b)
5,970
5,758,099
OHA
Credit
Partners
XI
Ltd.,
Series
2015-11A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.63%,
01/20/32
(a)(b)
400
387,997
OHA
Credit
Partners
XIV
Ltd.
(a)(b)
Series
2017-14A,
Class
B,
(3-mo.
CME
Term
SOFR
+
1.76%),
7.17%,
01/21/30
1,000
987,363
Series
2017-14A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.06%),
7.47%,
01/21/30
1,500
1,476,211
OHA
Credit
Partners
XVI,
Series
2021-16A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.81%,
10/18/34
(a)(b)
....
13,500
13,359,261
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
OHA
Loan
Funding
Ltd.
(a)(b)
Series
2015-1A,
Class
DR3,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.46%),
8.86%,
01/19/37
...............
USD
4,750
$
4,478,200
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
2.21%),
7.63%,
01/20/33
2,250
2,212,385
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
BR3,
(3-mo.
CME
Term
SOFR
at
2.11%
Floor
+
2.11%),
7.51%,
10/17/31
...............
2,950
2,858,390
Series
2014-1A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.11%,
01/17/31
...............
6,650
6,566,929
Series
2015-2A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
+
1.36%),
6.78%,
07/20/30
5,340
5,323,727
Series
2018-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.71%
Floor
+
1.71%),
7.11%,
04/18/31
....................
10,000
9,879,067
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.01%
Floor
+
2.01%),
7.41%,
04/18/31
....................
2,000
1,950,698
Series
2018-2A,
Class
A2,
(3-mo.
CME
Term
SOFR
+
1.91%),
7.31%,
07/16/31
...
1,000
988,239
Series
2019-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
6.78%,
11/14/34
...............
7,000
6,948,070
Series
2019-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.33%,
11/14/34
...............
7,000
6,862,165
Series
2019-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.26%
Floor
+
2.26%),
7.63%,
11/14/34
...............
2,500
2,453,130
Series
2019-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
3.31%
Floor
+
3.31%),
8.68%,
11/14/34
...............
3,750
3,619,294
Series
2020-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.21%),
7.58%,
11/15/31
...............
2,000
1,973,963
Series
2021-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.38%,
04/20/34
....................
7,000
6,770,029
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.06%
Floor
+
2.06%),
7.46%,
07/15/34
....................
2,000
1,942,988
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.16%
Floor
+
3.16%),
8.56%,
07/15/34
....................
4,000
3,846,661
Series
2021-3A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.91%
Floor
+
1.91%),
7.31%,
01/15/35
....................
7,000
6,893,654
Series
2021-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.21%),
7.61%,
01/15/35
....................
5,000
4,891,911
Series
2021-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.21%
Floor
+
3.21%),
8.61%,
01/15/35
....................
2,000
1,939,023
Series
2021-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.91%
Floor
+
1.91%),
7.31%,
10/15/34
....................
7,250
7,139,149
Series
2021-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.21%),
7.61%,
10/15/34
....................
4,850
4,747,301
Series
2021-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.21%
Floor
+
3.21%),
8.61%,
10/15/34
....................
7,000
6,697,363
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.22%,
04/20/35
....................
USD
1,000
$
972,005
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
7.47%,
04/20/35
....................
3,500
3,386,163
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
8.47%,
04/20/35
....................
3,250
3,109,921
Palmer
Square
European
CLO
DAC,
Series
2023-1X,
Class
D,
(3-mo.
EURIBOR
at
6.20%
Floor
+
6.20%),
10.05%,
07/15/36
(a)(c)
EUR
276
293,830
Park
Avenue
Institutional
Advisers
CLO
Ltd.
(a)(b)
Series
2016-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
+
2.06%),
7.44%,
08/23/31
USD
2,600
2,554,205
Series
2018-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.28%,
10/20/31
...............
4,700
4,591,374
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
7.91%,
07/15/34
....................
6,000
5,801,577
PFP
Ltd.,
Series
2022-9,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.27%
Floor
+
2.27%),
7.61%,
08/19/35
(a)(b)
...............
8,590
8,557,813
Pikes
Peak
CLO
2
(a)(b)
Series
2018-2A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.41%,
10/18/34
...............
5,000
4,861,101
Series
2018-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
7.91%,
10/18/34
...............
2,350
2,310,906
Pikes
Peak
CLO
6,
Series
2020-6A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.34%,
05/18/34
(a)(b)
.........
1,000
982,097
Pikes
Peak
CLO
8,
Series
2021-8A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.43%,
07/20/34
(a)(b)
.........
2,000
1,967,028
Pikes
Peak
CLO
9,
Series
2021-9A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.40%,
10/27/34
(a)(b)
.........
7,000
6,877,840
Post
CLO
Ltd.
(a)(b)
Series
2021-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.41%,
10/15/34
....................
10,000
9,720,212
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.86%,
10/15/34
....................
3,500
3,411,794
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.56%),
8.96%,
10/15/34
....................
1,200
1,133,655
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.20%),
8.62%,
04/20/35
....................
1,750
1,649,524
PPM
CLO
4
Ltd.
(a)(b)
Series
2020-4A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.45%),
6.85%,
10/18/34
...............
6,000
5,926,622
Series
2020-4A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.31%,
10/18/34
...............
3,000
2,932,875
Prima
Capital
CRE
Securitization
Ltd.
(b)
Series
2015-4A,
Class
C,
4.00%,
08/24/49
2,432
2,287,525
Series
2016-6A,
Class
C,
4.00%,
08/24/40
16,500
14,652,175
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Progress
Residential
Trust
(b)
Series
2019-SFR3,
Class
F,
3.87%,
09/17/36
....................
USD
3,000
$
2,898,568
Series
2019-SFR4,
Class
E,
3.44%,
10/17/36
....................
12,500
12,053,654
Series
2020-SFR1,
Class
F,
3.43%,
04/17/37
....................
5,500
5,149,449
Series
2020-SFR1,
Class
G,
4.03%,
04/17/37
....................
3,500
3,249,776
Series
2021-SFR10,
Class
F,
4.61%,
12/17/40
....................
8,459
6,989,831
Series
2021-SFR10,
Class
G,
4.86%,
12/17/40
....................
5,971
4,786,791
Series
2021-SFR8,
Class
F,
3.18%,
10/17/38
....................
22,000
18,650,742
Series
2021-SFR8,
Class
G,
4.01%,
10/17/38
....................
10,000
8,482,011
Series
2022-SFR5,
Class
E1,
6.62%,
06/17/39
....................
2,000
1,910,436
Rad
CLO
2
Ltd.
(a)(b)
Series
2018-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.74%,
10/15/31
...............
5,375
5,355,110
Series
2018-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.16%,
10/15/31
...............
5,000
4,929,212
Rad
CLO
3
Ltd.
(a)(b)
Series
2019-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.74%),
7.14%,
04/15/32
....................
15,500
15,474,087
Series
2019-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.21%,
04/15/32
...............
4,000
3,915,468
Rad
CLO
5
Ltd.,
Series
2019-5A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.36%,
07/24/32
(a)(b)
.........
3,000
2,956,409
Rad
CLO
9
Ltd.,
Series
2020-9A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
7.06%,
01/15/34
(a)(b)
.........
1,250
1,241,210
Rad
CLO
10
Ltd.
(a)(b)
Series
2021-10A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.42%,
04/23/34
...............
3,750
3,588,561
Series
2021-10A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
3.01%),
8.42%,
04/23/34
...............
2,000
1,882,195
Rad
CLO
12
Ltd.
(a)(b)
Series
2021-12A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.70%,
10/30/34
...............
1,375
1,338,214
Series
2021-12A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.70%,
10/30/34
...............
3,375
3,173,126
Rad
CLO
14
Ltd.
(a)(b)
Series
2021-14A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.66%,
01/15/35
...............
3,500
3,388,018
Series
2021-14A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.66%,
01/15/35
...............
1,000
954,365
Rad
CLO
15
Ltd.
(a)(b)
Series
2021-15A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.33%,
01/20/34
...............
7,000
6,890,292
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-15A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.73%,
01/20/34
...............
USD
1,650
$
1,606,239
Series
2021-15A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.73%,
01/20/34
...............
2,900
2,795,599
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.55%
Floor
+
2.55%),
7.88%,
10/25/39
(a)(b)
....................
4,987
4,986,741
Regatta
IX
Funding
Ltd.
(a)(b)
Series
2017-1A,
Class
B,
(3-mo.
CME
Term
SOFR
+
2.06%),
7.46%,
04/17/30
...
10,000
9,932,025
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.71%),
8.11%,
04/17/30
....
1,000
999,488
Regatta
VI
Funding
Ltd.,
Series
2016-1A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.83%,
04/20/34
(a)(b)
....
1,000
990,507
Regatta
VII
Funding
Ltd.,
Series
2016-1A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.71%,
06/20/34
(a)(b)
750
736,877
Regatta
VIII
Funding
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.51%),
6.91%,
10/17/30
(a)(b)
...............
2,653
2,647,461
Regatta
X
Funding
Ltd.,
Series
2017-3A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.06%),
7.46%,
01/17/31
(a)(b)
...............
1,500
1,459,420
Regatta
XII
Funding
Ltd.,
Series
2019-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.76%,
10/15/32
(a)(b)
....
10,000
9,938,328
Regatta
XIII
Funding
Ltd.,
Series
2018-2A,
Class
B,
(3-mo.
CME
Term
SOFR
+
2.36%),
7.76%,
07/15/31
(a)(b)
...............
1,250
1,230,478
Regatta
XVI
Funding
Ltd.,
Series
2019-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.71%,
01/15/33
(a)(b)
....
6,700
6,655,111
Regatta
XVII
Funding
Ltd.,
Series
2020-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.55%
Floor
+
2.81%),
8.21%,
10/15/33
(a)(b)
....
500
499,831
Regatta
XXIII
Funding
Ltd.
(a)(b)
Series
2021-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.73%,
01/20/35
....................
3,000
2,948,549
Series
2021-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.73%,
01/20/35
....................
2,000
1,957,806
Riserva
CLO
Ltd.,
Series
2016-3A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.46%,
01/18/34
(a)(b)
.........
1,000
959,209
Rockfield
Park
CLO
DAC
(a)(c)
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.18%,
07/16/34
EUR
400
392,659
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
5.95%
Floor
+
5.95%),
9.92%,
07/16/34
357
340,175
Rockford
Tower
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
BR2A,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.33%,
04/20/34
...............
USD
3,500
3,417,506
Series
2017-3A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.06%),
7.48%,
10/20/30
...
2,300
2,251,636
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
+
1.98%),
7.36%,
05/20/31
...
1,000
989,458
Series
2018-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.84%,
10/20/31
....................
3,500
3,488,630
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2018-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.48%,
10/20/31
....................
USD
1,125
$
1,112,538
Series
2018-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.88%,
10/20/31
....................
700
691,301
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.64%,
08/20/32
...............
5,500
5,362,750
Series
2020-1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.54%),
6.96%,
01/20/32
...
10,000
9,910,628
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.78%,
07/20/34
....................
2,000
1,945,747
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.93%,
07/20/34
....................
1,250
1,183,492
Series
2021-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.83%,
10/20/34
....................
3,000
2,919,697
RR
5
Ltd.,
Series
2018-5A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
7.91%,
10/15/31
(a)(b)
...............
1,250
1,221,695
RRX
1
Ltd.
(a)(b)
Series
2020-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.63%),
7.03%,
04/15/33
....................
7,500
7,552,354
Series
2020-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.66%,
04/15/33
....................
2,000
1,976,405
RRX
4
Ltd.
(a)(b)
Series
2021-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.86%,
07/15/34
....................
7,000
6,956,754
Series
2021-4A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.51%,
07/15/34
....................
1,250
1,237,682
Signal
Peak
CLO
1
Ltd.,
Series
2014-1A,
Class
BR3,
(3-mo.
CME
Term
SOFR
+
2.06%),
7.46%,
04/17/34
(a)(b)
...............
630
611,444
Signal
Peak
CLO
10
Ltd.
(a)(b)
Series
2021-9A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.37%,
07/21/34
....................
9,500
9,187,455
Series
2021-9A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.72%,
07/21/34
....................
2,000
1,926,874
Signal
Peak
CLO
2
LLC,
Series
2015-1A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.58%,
04/20/29
(a)(b)
....
2,000
1,974,003
Signal
Peak
CLO
4
Ltd.
(a)(b)
Series
2017-4A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.41%
Floor
+
2.41%),
7.79%,
10/26/34
...............
5,000
4,761,015
Series
2017-4A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.46%
Floor
+
3.46%),
8.84%,
10/26/34
...............
2,300
2,058,404
Signal
Peak
CLO
7
Ltd.
(a)(b)
Series
2019-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.15%,
04/30/32
....................
5,000
4,969,313
Series
2019-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.65%,
04/30/32
....................
5,380
5,300,959
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Sixth
Street
CLO
XIX
Ltd.
(a)(b)
Series
2021-19A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.38%,
07/20/34
...............
USD
3,000
$
2,952,035
Series
2021-19A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.68%,
07/20/34
...............
1,000
971,598
Series
2021-19A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.68%,
07/20/34
...............
4,000
3,804,500
Sixth
Street
CLO
XVII
Ltd.,
Series
2021-17A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.50%),
6.92%,
01/20/34
(a)(b)
....
8,500
8,425,931
Sixth
Street
CLO
XVIII
Ltd.,
Series
2021-18A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.58%,
04/20/34
(a)(b)
....
1,755
1,674,001
Sound
Point
CLO
XXI
Ltd.,
Series
2018-3A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.82%,
10/26/31
(a)(b)
6,600
6,521,156
Sound
Point
CLO
XXIII
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
7.91%,
07/15/34
(a)(b)
2,250
2,152,596
Sound
Point
CLO
XXIX
Ltd.,
Series
2021-1A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.34%,
04/25/34
(a)(b)
....
3,350
3,223,148
Sound
Point
CLO
XXVIII
Ltd.,
Series
2020-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.54%),
6.92%,
01/25/32
(a)(b)
....
1,500
1,492,670
Sound
Point
CLO
XXXIII
Ltd.,
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
7.28%,
04/25/35
(a)(b)
....
5,200
4,977,647
Southwick
Park
CLO
LLC,
Series
2019-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
6.74%,
07/20/32
(a)(b)
2,000
1,983,585
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
(a)
Series
2006-BC3,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
5.76%,
10/25/36
...............
5,093
3,375,646
Series
2007-MN1A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.23%
Floor
+
0.34%),
5.67%,
01/25/37
(b)
..............
1,388
749,722
Symphony
CLO
XXII
Ltd.,
Series
2020-22A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.36%,
04/18/33
(a)(b)
....
1,250
1,219,539
Symphony
CLO
XXVIII
Ltd.,
Series
2021-28A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.81%,
10/23/34
(a)(b)
....
2,000
1,979,951
TCI-Flatiron
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.11%),
7.49%,
11/18/30
....
1,250
1,231,050
Series
2018-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.40%,
01/29/32
...............
4,000
3,887,358
Series
2018-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
3.01%),
8.40%,
01/29/32
...............
2,000
1,984,057
TCW
CLO
Ltd.
(a)(b)
Series
2020-1A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.73%,
04/20/34
...............
3,500
3,391,231
Series
2020-1A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
3.40%
Floor
+
3.66%),
9.08%,
04/20/34
...............
2,250
2,100,336
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.58%,
03/18/34
....................
USD
1,000
$
961,648
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.74%,
07/25/34
....................
2,500
2,437,109
TICP
CLO
IX
Ltd.
(a)(b)
Series
2017-9A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.28%,
01/20/31
....................
1,000
989,605
Series
2017-9A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.58%,
01/20/31
....................
1,000
978,996
TICP
CLO
VI
Ltd.
(a)(b)
Series
2016-6A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.78%,
01/15/34
...............
2,000
1,979,366
Series
2016-6A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.16%,
01/15/34
...............
2,000
1,965,057
Series
2016-6A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.56%,
01/15/34
...............
1,650
1,613,492
TICP
CLO
VII
Ltd.
(a)(b)
Series
2017-7A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.36%,
04/15/33
...............
2,000
1,965,011
Series
2017-7A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.81%,
04/15/33
...............
6,500
6,417,488
TICP
CLO
XI
Ltd.
(a)(b)
Series
2018-11A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.86%,
10/20/31
....................
8,545
8,521,793
Series
2018-11A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.73%,
10/20/31
...............
1,100
1,085,867
Series
2018-11A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.26%),
11.68%,
10/20/31
....................
1,000
951,401
TICP
CLO
XII
Ltd.
(a)(b)
Series
2018-12A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.76%,
07/15/34
...............
13,450
13,140,777
Series
2018-12A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.56%),
8.96%,
07/15/34
...............
1,500
1,421,592
TICP
CLO
XIII
Ltd.,
Series
2019-13A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.41%
Floor
+
3.41%),
8.81%,
04/15/34
(a)(b)
........
2,000
1,936,429
TICP
CLO
XIV
Ltd.,
Series
2019-14A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.88%,
10/20/32
(a)(b)
........
3,250
3,215,396
Trestles
CLO
Ltd.,
Series
2020-3A,
Class
C,
(3-
mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.93%,
01/20/33
(a)(b)
...............
1,450
1,411,333
Tricon
American
Homes
Trust
(b)
Series
2019-SFR1,
Class
E,
3.40%,
03/17/38
....................
7,000
6,411,942
Series
2020-SFR2,
Class
E2,
3.08%,
11/17/39
....................
1,000
842,602
Tricon
Residential
Trust
(b)
Series
2021-SFR1,
Class
F,
3.69%,
07/17/38
....................
5,500
4,766,755
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-SFR1,
Class
G,
4.13%,
07/17/38
....................
USD
3,551
$
3,104,881
Series
2022-SFR2,
Class
E,
7.51%,
07/17/40
....................
10,000
9,640,471
Trimaran
CAVU
Ltd.,
Series
2021-2A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.39%,
10/25/34
(a)(b)
.........
1,500
1,451,032
Unique
Pub
Finance
Co.
plc
(The)
(c)
Series
A4, 5.66%,
06/30/27
.........
GBP
434
518,283
Series
N, 6.46%,
03/30/32
(d)
.........
400
468,062
Upland
CLO
Ltd.,
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
3.16%),
8.58%,
04/20/31
(a)(b)
....................
USD
1,500
1,409,735
Voya
CLO
Ltd.
(a)(b)
Series
2014-1A,
Class
BR2,
(3-mo.
CME
Term
SOFR
+
2.16%),
7.56%,
04/18/31
1,000
969,284
Series
2014-4A,
Class
BR2,
(3-mo.
CME
Term
SOFR
+
2.35%),
7.75%,
07/14/31
500
484,671
Series
2016-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.45%),
6.85%,
10/18/31
500
498,438
Washington
Mutual
Asset-Backed
CertificatesTrust,
Series
2006-HE5,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.31%
Floor
+
0.42%),
4.19%,
10/25/36
(a)
.........
11,617
8,350,807
Webster
Park
CLO
Ltd.,
Series
2015-1A,
Class
A1BR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.61%),
7.03%,
07/20/30
(a)(b)
....
3,800
3,725,985
Wellman
Park
CLO
Ltd.,
Series
2021-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.86%
Floor
+
1.86%),
7.26%,
07/15/34
(a)(b)
.........
7,000
6,883,463
Whitebox
CLO
I
Ltd.
(a)(b)
Series
2019-1A,
Class
ANBR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.36%,
07/24/32
...............
10,415
10,183,896
Series
2019-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.71%,
07/24/32
...............
5,000
4,927,792
Whitebox
CLO
III
Ltd.,
Series
2021-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.88%,
10/15/34
(a)(b)
........
2,000
1,972,536
Whitebox
CLO
IV
Ltd.
(a)(b)
Series
2023-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.15%),
7.57%,
04/20/36
....................
1,500
1,510,004
Series
2023-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.60%),
8.02%,
04/20/36
....................
2,000
1,997,342
Series
2023-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.15%
Floor
+
5.15%),
10.57%,
04/20/36
....................
1,000
1,001,517
Total
Asset-Backed
Securities
—
14.8%
(Cost:
$1,690,215,758)
...........................
1,624,374,910
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
0.4%
BAE
Systems
plc
...................
1,112,335
14,956,881
L3Harris
Technologies,
Inc.
............
68,205
12,236,659
MTU
Aero
Engines
AG
...............
22,166
4,166,249
RTX
Corp.
.......................
142,338
11,584,890
42,944,679
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Air
Freight
&
Logistics
—
0.2%
Agility
Public
Warehousing
Co.
KSC
(e)
.....
319,211
$
543,510
CJ
Logistics
Corp.
..................
4,000
224,886
Hyundai
Glovis
Co.
Ltd.
..............
6,561
832,663
United
Parcel
Service,
Inc.,
Class
B
......
86,701
12,246,516
ZTO
Express
Cayman,
Inc.,
ADR
........
103,729
2,444,893
16,292,468
Automobile
Components
—
0.1%
Lear
Corp.
.......................
53,667
6,963,830
Automobiles
—
0.2%
BYD
Co.
Ltd.,
Class
A
................
73,700
2,396,833
General
Motors
Co.
.................
261,473
7,373,539
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
H
...........................
1,064,000
498,482
Kia
Corp.
........................
39,904
2,279,773
Maruti
Suzuki
India
Ltd.
..............
49,785
6,216,987
SAIC
Motor
Corp.
Ltd.,
Class
A
.........
127,200
251,713
19,017,327
Banks
—
1.7%
Absa
Group
Ltd.
...................
485,080
4,426,178
Abu
Dhabi
Commercial
Bank
PJSC
......
1,740,356
3,804,808
Abu
Dhabi
Islamic
Bank
PJSC
..........
130,932
367,166
Al
Rajhi
Bank
.....................
83,983
1,503,343
AMMB
Holdings
Bhd.
................
265,100
212,675
Axis
Bank
Ltd.
.....................
712,970
8,412,913
Bank
Negara
Indonesia
Persero
Tbk.
PT
...
2,222,300
670,660
Bank
of
China
Ltd.,
Class
H
............
16,700,000
5,833,901
Bank
of
Communications
Co.
Ltd.,
Class
H
.
1,265,000
748,255
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
...
38,363,213
11,995,559
BNP
Paribas
SA
...................
65,631
3,774,047
Boubyan
Bank
KSCP
................
181,171
343,323
Chang
Hwa
Commercial
Bank
Ltd.
.......
712,687
377,566
China
CITIC
Bank
Corp.
Ltd.,
Class
H
.....
1,051,000
468,860
China
Minsheng
Banking
Corp.
Ltd.,
Class
H
453,000
150,605
CIMB
Group
Holdings
Bhd.
............
938,400
1,124,294
Citigroup,
Inc.
.....................
386,964
15,281,208
Citizens
Financial
Group,
Inc.
..........
522,298
12,237,442
Commercial
International
Bank
Egypt
SAE
..
424,212
580,790
Commercial
International
Bank
Egypt
SAE
(Registered),
GDR
(c)
...............
276,038
314,131
CTBC
Financial
Holding
Co.
Ltd.
........
2,441,000
1,838,325
DBS
Group
Holdings
Ltd.
.............
410,400
9,859,176
Dubai
Islamic
Bank
PJSC
.............
417,719
614,126
Dukhan
Bank
.....................
742,954
739,357
E.Sun
Financial
Holding
Co.
Ltd.
........
1,628,894
1,200,233
Emirates
NBD
Bank
PJSC
.............
175,114
808,108
First
Abu
Dhabi
Bank
PJSC
............
282,702
975,949
First
Citizens
BancShares,
Inc.,
Class
A
....
6,393
8,827,071
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
1,143,365
9,262,214
Gulf
Bank
KSCP
...................
321,555
246,487
HDFC
Bank
Ltd.
...................
534,712
9,488,218
Hong
Leong
Bank
Bhd.
...............
78,900
321,265
Hong
Leong
Financial
Group
Bhd.
.......
15,400
56,758
HSBC
Holdings
plc
.................
508,379
3,670,713
Hua
Nan
Financial
Holdings
Co.
Ltd.
......
740,000
464,072
ICICI
Bank
Ltd.
....................
213,042
2,343,846
ICICI
Bank
Ltd.,
ADR
................
4,951
109,863
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
.......................
15,193,000
7,281,166
Komercni
Banka
A/S
................
2,214
64,889
Kotak
Mahindra
Bank
Ltd.
.............
99,389
2,077,710
Kuwait
Finance
House
KSCP
...........
950,466
2,102,792
M&T
Bank
Corp.
...................
80,850
9,115,838
Malayan
Banking
Bhd.
...............
548,600
1,038,806
Security
Shares
Shares
Value
Banks
(continued)
Mega
Financial
Holding
Co.
Ltd.
.........
11,776
$
13,363
Moneta
Money
Bank
A/S
(b)(c)
...........
31,466
121,653
National
Bank
of
Kuwait
SAKP
..........
272,746
773,168
Nordea
Bank
Abp
..................
100,892
1,062,617
OTP
Bank
Nyrt.
....................
149,248
5,555,015
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
(e)
.........................
395,586
4,097,782
Public
Bank
Bhd.
...................
1,161,000
1,014,019
Qatar
International
Islamic
Bank
QSC
.....
74,760
189,663
Qatar
Islamic
Bank
SAQ
..............
104,197
497,251
Qatar
National
Bank
QPSC
............
241,851
987,675
RHB
Bank
Bhd.
....................
276,500
323,865
Sberbank
of
Russia
PJSC
(f)
............
877,548
94
Shanghai
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
.......................
710,200
576,660
SinoPac
Financial
Holdings
Co.
Ltd.
......
1,361,000
750,613
Taishin
Financial
Holding
Co.
Ltd.
........
523,000
278,951
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
707,000
549,033
TCS
Group
Holding
plc,
GDR,
Class
A
(c)(e)(f)
.
35,733
155,081
UniCredit
SpA
.....................
204,793
5,134,082
Wells
Fargo
&
Co.
..................
391,995
15,589,641
182,804,932
Beverages
—
0.3%
Ambev
SA
.......................
2,598,042
6,616,524
Ambev
SA,
ADR
...................
383,686
970,725
Carlsberg
A/S,
Class
B
...............
30,066
3,583,062
Cia
Cervecerias
Unidas
SA
............
16,209
92,063
Cia
Cervecerias
Unidas
SA,
ADR
........
11,361
127,811
Kweichow
Moutai
Co.
Ltd.,
Class
A
.......
34,400
7,896,233
Nongfu
Spring
Co.
Ltd.,
Class
H
(b)(c)
.......
87,600
498,947
Osotspa
PCL,
NVDR
................
718,000
469,521
Pernod
Ricard
SA
..................
11,200
1,988,856
Tsingtao
Brewery
Co.
Ltd.,
Class
A
.......
46,403
528,501
Tsingtao
Brewery
Co.
Ltd.,
Class
H
.......
202,000
1,531,873
United
Breweries
Ltd.
................
8,353
162,111
United
Spirits
Ltd.
(e)
.................
76,696
951,126
Wuliangye
Yibin
Co.
Ltd.,
Class
A
........
218,900
4,650,725
30,068,078
Biotechnology
—
0.2%
3SBio,
Inc.
(b)(c)
.....................
643,000
572,040
AbbVie,
Inc.
......................
112,735
15,915,927
Ever
Supreme
Bio
Technology
Co.
Ltd.
....
117,000
721,019
Hugel,
Inc.
(e)
......................
4,480
472,651
PharmaEngine,
Inc.
.................
331,000
1,159,125
TaiMed
Biologics,
Inc.
(e)
...............
65,000
173,131
19,013,893
Broadline
Retail
—
0.3%
Alibaba
Group
Holding
Ltd.
(e)
...........
1,241,800
12,784,429
Alibaba
Group
Holding
Ltd.,
ADR
(e)
.......
111,468
9,200,569
Poya
International
Co.
Ltd.
............
35,480
545,415
Prosus
NV
(e)
......................
214,819
6,007,538
28,537,951
Building
Products
—
0.2%
Allegion
plc
.......................
49,140
4,833,410
Carrier
Global
Corp.
.................
192,774
9,187,609
Cie
de
Saint-Gobain
SA
..............
90,711
4,937,776
18,958,795
Capital
Markets
—
0.4%
B3
SA
-
Brasil
Bolsa
Balcao
............
3,576,760
7,910,125
Carlyle
Group,
Inc.
(The)
..............
270,061
7,437,480
EFG
Holding
S.A.E.
(e)
................
535,047
202,504
GF
Securities
Co.
Ltd.,
Class
H
.........
2,810,000
3,658,514
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Capital
Markets
(continued)
Goldman
Sachs
Group,
Inc.
(The)
.......
14,220
$
4,317,334
Intercontinental
Exchange,
Inc.
.........
151,543
16,281,780
Raymond
James
Financial,
Inc.
.........
55,585
5,305,032
45,112,769
Chemicals
—
0.4%
Air
Liquide
SA
.....................
81,674
13,995,024
Asian
Paints
Ltd.
...................
27,421
987,738
Hansol
Chemical
Co.
Ltd.
.............
26,151
2,918,333
International
Flavors
&
Fragrances,
Inc.
....
123,940
8,471,299
Linde
plc
........................
6,867
2,623,604
Linde
plc
........................
4,501
1,720,102
Mesaieed
Petrochemical
Holding
Co.
.....
288,877
126,187
Pidilite
Industries
Ltd.
................
11,404
336,703
Sahara
International
Petrochemical
Co.
....
44,513
383,409
Saudi
Aramco
Base
Oil
Co.
............
49,441
1,702,517
Saudi
Basic
Industries
Corp.
...........
307,153
6,311,764
Saudi
Industrial
Investment
Group
.......
9,136
58,436
Sika
AG
(Registered)
................
13,941
3,336,215
Yanbu
National
Petrochemical
Co.
.......
35,117
354,930
43,326,261
Commercial
Services
&
Supplies
—
0.1%
Republic
Services,
Inc.
...............
92,670
13,760,568
Communications
Equipment
—
0.2%
Accton
Technology
Corp.
.............
394,300
6,109,392
Cisco
Systems,
Inc.
.................
152,797
7,965,308
Gemtek
Technology
Corp.
.............
94,000
94,925
Nokia
OYJ,
ADR
...................
740,114
2,449,777
Yangtze
Optical
Fibre
&
Cable
Joint
Stock
Ltd.
Co.,
Class
H
(b)(c)
..................
162,000
195,434
ZTE
Corp.,
Class
H
.................
191,400
425,340
17,240,176
Construction
&
Engineering
—
0.1%
Eiffage
SA
.......................
19,803
1,797,134
Ferrovial
SE
......................
88,966
2,677,524
Gamuda
Bhd.
.....................
467,600
455,381
Mcdermott
International
Ltd.
(e)
..........
165,884
31,518
Vinci
SA
.........................
71,022
7,853,215
12,814,772
Construction
Materials
—
0.1%
CRH
plc
.........................
105,500
5,661,856
Shree
Cement
Ltd.
..................
3,083
950,220
6,612,076
Consumer
Finance
—
0.2%
American
Express
Co.
...............
68,357
9,982,173
Kaspi.KZ
JSC,
GDR
(c)
................
64,458
5,827,003
SBI
Cards
&
Payment
Services
Ltd.
......
407,196
3,649,028
Synchrony
Financial
.................
226,924
6,365,218
25,823,422
Consumer
Staples
Distribution
&
Retail
—
0.4%
Abdullah
Al
Othaim
Markets
Co.
.........
77,970
270,914
Avenue
Supermarts
Ltd.
(b)(c)(e)
...........
20,321
887,235
BGF
retail
Co.
Ltd.
..................
2,824
288,787
Cencosud
SA
.....................
333,585
540,445
CP
ALL
PCL,
NVDR
.................
3,312,500
5,090,883
Dollar
General
Corp.
................
92,421
11,001,796
Fix
Price
Group
plc,
GDR
(b)(c)(e)(f)
.........
681,558
1,342,669
GS
Retail
Co.
Ltd.
..................
11,507
207,292
Migros
Ticaret
A/S
..................
25,301
301,708
Nahdi
Medical
Co.
..................
15,071
569,838
President
Chain
Store
Corp.
...........
84,000
668,166
Raia
Drogasil
SA
...................
18,442
94,409
Security
Shares
Shares
Value
Consumer
Staples
Distribution
&
Retail
(continued)
Sendas
Distribuidora
SA
..............
1,840,120
$
3,978,243
Wal-Mart
de
Mexico
SAB
de
CV
.........
3,924,013
14,060,194
39,302,579
Containers
&
Packaging
—
0.1%
Sealed
Air
Corp.
...................
329,544
10,146,660
Diversified
REITs
—
0.1%
Cromwell
European
REIT
(c)
............
2,821,420
3,433,146
Fibra
Uno
Administracion
SA
de
CV
......
3,176,204
4,828,873
LXI
REIT
plc
(c)
.....................
5,549,799
5,784,269
14,046,288
Diversified
Telecommunication
Services
—
0.7%
AT&T,
Inc.
........................
278,978
4,296,261
Cellnex
Telecom
SA
(b)(c)
...............
468,581
13,774,458
China
Tower
Corp.
Ltd.,
Class
H
(b)(c)
......
10,102,000
942,020
Chunghwa
Telecom
Co.
Ltd.
...........
685,000
2,449,932
Emirates
Telecommunications
Group
Co.
PJSC
124,756
627,007
Hellenic
Telecommunications
Organization
SA,
Class
R
.......................
40,408
566,374
Indus
Towers
Ltd.
(e)
.................
142,916
295,747
Koninklijke
KPN
NV
.................
4,050,123
13,613,189
KT
Corp.
........................
34,350
831,001
KT
Corp.,
ADR
....................
39,301
474,756
LG
Uplus
Corp.
....................
66,112
495,491
Ooredoo
QPSC
....................
103,138
279,761
Orange
Polska
SA
..................
134,957
250,331
Saudi
Telecom
Co.
..................
235,522
2,412,715
Telefonica
Brasil
SA
.................
156,049
1,397,763
Telefonica
Brasil
SA,
ADR
.............
120,576
1,074,332
Telekom
Malaysia
Bhd.
...............
220,400
234,621
Telkom
Indonesia
Persero
Tbk.
PT
.......
7,059,400
1,547,532
Telkom
Indonesia
Persero
Tbk.
PT,
ADR
(e)
..
16,700
367,400
TELUS
Corp.
.....................
925,917
14,929,514
TIME
dotCom
Bhd.
.................
213,400
238,513
Verizon
Communications,
Inc.
..........
302,312
10,620,221
71,718,939
Electric
Utilities
—
1.2%
Alliant
Energy
Corp.
.................
129,610
6,323,672
American
Electric
Power
Co.,
Inc.
........
218,847
16,531,702
CK
Infrastructure
Holdings
Ltd.
..........
670,500
3,107,794
CLP
Holdings
Ltd.
..................
403,000
2,949,469
CPFL
Energia
SA
...................
74,419
494,626
Duke
Energy
Corp.
.................
111,536
9,914,435
Edison
International
.................
85,108
5,366,911
Enel
Americas
SA
(e)
.................
2,504,532
257,494
Entergy
Corp.
.....................
74,983
7,167,625
Eversource
Energy
.................
123,192
6,626,498
Exelon
Corp.
......................
197,546
7,692,441
NextEra
Energy,
Inc.
................
264,527
15,421,924
PG&E
Corp.
(e)
.....................
480,602
7,833,813
Portland
General
Electric
Co.
...........
138,381
5,538,008
PPL
Corp.
.......................
425,833
10,462,717
Saudi
Electricity
Co.
.................
52,901
251,160
Southern
Co.
(The)
.................
132,127
8,892,147
SSE
plc
.........................
143,463
2,851,122
Terna
-
Rete
Elettrica
Nazionale
.........
665,738
5,097,581
Xcel
Energy,
Inc.
...................
231,606
13,727,288
136,508,427
Electrical
Equipment
—
0.1%
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
.......................
191,400
4,843,907
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
H
...........................
439,800
209,839
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electrical
Equipment
(continued)
Schneider
Electric
SE
................
23,531
$
3,620,415
Sociedad
Quimica
y
Minera
de
Chile
SA,
ADR
70,952
3,434,077
12,108,238
Electronic
Equipment,
Instruments
&
Components
—
0.3%
AUO
Corp.
(e)
......................
934,000
452,098
BOE
Technology
Group
Co.
Ltd.,
Class
A
...
1,710,300
913,671
Delta
Electronics,
Inc.
................
401,000
3,613,768
FLEXium
Interconnect,
Inc.
............
105,000
270,816
Hexagon
AB,
Class
B
................
325,239
2,650,580
Hon
Hai
Precision
Industry
Co.
Ltd.
.......
747,000
2,229,582
Hon
Hai
Precision
Industry
Co.
Ltd.,
GDR
(c)
.
8,135
47,770
Largan
Precision
Co.
Ltd.
.............
38,000
2,433,780
Lotes
Co.
Ltd.
.....................
172,000
4,392,172
Maxscend
Microelectronics
Co.
Ltd.,
Class
A
158,400
3,257,113
Primax
Electronics
Ltd.
...............
333,000
711,198
Samsung
SDI
Co.
Ltd.
...............
6,225
1,971,052
TE
Connectivity
Ltd.
.................
83,042
9,786,500
TXC
Corp.
.......................
123,000
364,768
WPG
Holdings
Ltd.
.................
113,000
250,050
Zebra
Technologies
Corp.,
Class
A
(e)
......
23,460
4,913,228
38,258,146
Energy
Equipment
&
Services
—
0.1%
Baker
Hughes
Co.,
Class
A
............
398,747
13,724,872
Project
Investor
Holdings
LLC,
(Acquired
02/12/19,
cost
$0)
(e)(f)(g)
.............
24,388
—
13,724,872
Financial
Services
—
0.2%
Equitable
Holdings,
Inc.
..............
203,571
5,408,881
Fidelity
National
Information
Services,
Inc.
..
213,464
10,483,217
Visa,
Inc.,
Class
A
..................
23,920
5,623,592
Yuanta
Financial
Holding
Co.
Ltd.
........
608,000
456,801
21,972,491
Food
Products
—
0.7%
Almarai
Co.
JSC
...................
22,606
336,836
China
Mengniu
Dairy
Co.
Ltd.
..........
2,433,000
7,944,078
Danone
SA
.......................
9,628
572,774
Heilongjiang
Agriculture
Co.
Ltd.,
Class
A
...
323,000
560,569
Henan
Shuanghui
Investment
&
Development
Co.
Ltd.,
Class
A
.................
474,800
1,693,768
IOI
Corp.
Bhd.
.....................
224,500
185,233
Kraft
Heinz
Co.
(The)
................
385,274
12,120,720
Kuala
Lumpur
Kepong
Bhd.
............
64,200
296,357
Marico
Ltd.
.......................
12,965
83,544
Mondelez
International,
Inc.,
Class
A
......
309,958
20,522,319
Nestle
India
Ltd.
...................
4,463
1,299,577
Nestle
Malaysia
Bhd.
................
4,500
116,927
Nestle
SA
(Registered)
...............
252,824
27,264,232
PPB
Group
Bhd.
...................
35,400
112,787
QL
Resources
Bhd.
.................
70,800
82,175
Sime
Darby
Plantation
Bhd.
............
166,100
151,422
Tata
Consumer
Products
Ltd.
...........
14,702
159,078
Tingyi
Cayman
Islands
Holding
Corp.
.....
488,000
647,320
Uni-President
China
Holdings
Ltd.
.......
284,000
193,441
Uni-President
Enterprises
Corp.
.........
539,000
1,130,794
Want
Want
China
Holdings
Ltd.
.........
455,000
282,719
75,756,670
Gas
Utilities
—
0.1%
ENN
Energy
Holdings
Ltd.
.............
444,900
3,370,183
Petronas
Gas
Bhd.
..................
44,200
159,563
Tokyo
Gas
Co.
Ltd.
.................
146,700
3,294,466
6,824,212
Security
Shares
Shares
Value
Ground
Transportation
—
0.4%
Canadian
Pacific
Kansas
City
Ltd.
.......
96,302
$
6,836,988
CSX
Corp.
.......................
198,416
5,922,718
Daqin
Railway
Co.
Ltd.,
Class
A
.........
685,600
673,491
Norfolk
Southern
Corp.
...............
30,479
5,815,088
Union
Pacific
Corp.
.................
110,555
22,952,323
West
Japan
Railway
Co.
..............
50,100
1,909,539
44,110,147
Health
Care
Equipment
&
Supplies
—
0.6%
Baxter
International,
Inc.
..............
358,996
11,642,240
EssilorLuxottica
SA
.................
92,742
16,794,049
Koninklijke
Philips
NV
(e)
...............
222,076
4,224,435
Medtronic
plc
.....................
304,069
21,455,109
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
....................
31,800
1,238,786
Zimmer
Biomet
Holdings,
Inc.
..........
88,788
9,270,355
64,624,974
Health
Care
Providers
&
Services
—
0.7%
Bangkok
Dusit
Medical
Services
PCL,
NVDR
3,308,400
2,438,835
Bumrungrad
Hospital
PCL,
NVDR
.......
16,600
119,977
Cardinal
Health,
Inc.
.................
101,098
9,199,918
Cigna
Group
(The)
..................
34,357
10,623,184
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
..........................
6,534
438,879
Elevance
Health,
Inc.
................
21,845
9,832,216
Hapvida
Participacoes
e
Investimentos
SA
(b)(c)(e)
7,873,820
5,762,760
Humana,
Inc.
.....................
3,598
1,884,237
IHH
Healthcare
Bhd.
................
313,300
394,380
Laboratory
Corp.
of
America
Holdings
.....
43,124
8,613,157
Scientific
&
Medical
Equipment
House
Co.
(e)
.
28,697
316,533
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
A
.......................
671,700
1,649,470
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
H
.......................
221,000
321,511
UnitedHealth
Group,
Inc.
..............
38,640
20,694,038
72,289,095
Health
Care
REITs
—
0.5%
Assura
plc
.......................
24,836,689
12,358,866
Community
Healthcare
Trust,
Inc.
........
56,611
1,623,037
Healthpeak
Properties,
Inc.
............
445,350
6,925,193
Omega
Healthcare
Investors,
Inc.
........
255,726
8,464,531
Physicians
Realty
Trust
...............
930,469
10,104,893
Target
Healthcare
REIT
plc
............
7,601,753
6,661,716
Ventas,
Inc.
......................
75,338
3,198,852
Welltower,
Inc.
.....................
54,792
4,581,159
53,918,247
Hotels,
Restaurants
&
Leisure
—
0.1%
Americana
Restaurants
International
plc
...
838,597
844,761
Codere
New
Topco
SA
(e)(f)
.............
12,874
—
Gourmet
Master
Co.
Ltd.
..............
106,000
318,488
OPAP
SA,
Class
R
..................
273,873
4,638,939
Sands
China
Ltd.
(e)
..................
1,806,000
4,861,841
Seera
Group
Holding
(e)
...............
44,255
278,393
10,942,422
Household
Durables
—
0.2%
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
...................
1,204,338
4,297,325
Newell
Brands,
Inc.
.................
437,798
2,942,003
Sony
Group
Corp.,
ADR
..............
66,063
5,486,532
Taylor
Wimpey
plc
..................
9,656,936
13,043,088
25,768,948
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Household
Products
—
0.0%
Reckitt
Benckiser
Group
plc
............
37,321
$
2,497,035
Unilever
Indonesia
Tbk.
PT
............
522,800
119,203
2,616,238
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Boralex,
Inc.,
Class
A
................
84,551
1,573,652
CGN
Power
Co.
Ltd.,
Class
H
(b)(c)
........
361,000
86,751
China
Longyuan
Power
Group
Corp.
Ltd.,
Class
H
...........................
750,000
634,896
Huadian
Power
International
Corp.
Ltd.,
Class
H
...........................
1,108,000
444,891
RWE
AG
........................
85,667
3,278,084
6,018,274
Industrial
Conglomerates
—
0.1%
Astra
International
Tbk.
PT
............
13,840,000
5,034,710
Industries
Qatar
QSC
................
113,062
379,283
Siemens
AG
(Registered)
.............
58,790
7,801,366
Sime
Darby
Bhd.
...................
381,100
183,164
13,398,523
Industrial
REITs
—
0.4%
ESR
Kendall
Square
REIT
Co.
Ltd.
.......
2,366,330
5,614,692
Goodman
Group
...................
565,513
7,482,817
LondonMetric
Property
plc
.............
2,556,039
5,150,802
Prologis,
Inc.
......................
135,814
13,683,261
Rexford
Industrial
Realty,
Inc.
..........
219,443
9,488,715
Warehouses
De
Pauw
CVA
............
312,921
7,742,455
49,162,742
Insurance
—
0.9%
American
International
Group,
Inc.
.......
170,215
10,435,882
ASR
Nederland
NV
.................
93,082
3,473,678
Assurant,
Inc.
.....................
68,317
10,172,401
Cathay
Financial
Holding
Co.
Ltd.
........
601,000
815,587
Fidelity
National
Financial,
Inc.,
Class
A
....
244,542
9,559,147
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
...................
1,087,000
358,666
Phoenix
Group
Holdings
plc
...........
464,454
2,565,595
Powszechny
Zaklad
Ubezpieczen
SA
.....
441,149
4,991,989
Prudential
plc
.....................
1,838,578
19,224,886
Sampo
OYJ,
Class
A
................
135,286
5,320,636
Tryg
A/S
.........................
361,025
7,049,940
Willis
Towers
Watson
plc
..............
26,636
6,283,166
Zurich
Insurance
Group
AG
............
38,322
18,202,664
98,454,237
Interactive
Media
&
Services
—
0.0%
Alphabet,
Inc.,
Class
C
(e)
..............
7,776
974,333
Autohome,
Inc.,
ADR,
Class
A
..........
31,959
854,903
Meta
Platforms,
Inc.,
Class
A
(e)
..........
2,942
886,336
Tencent
Holdings
Ltd.
................
49,500
1,831,934
4,547,506
IT
Services
—
0.5%
Accenture
plc,
Class
A
...............
55,203
16,400,259
Arabian
Internet
&
Communications
Services
Co.
..........................
11,311
944,101
Cognizant
Technology
Solutions
Corp.,
Class
A
153,213
9,877,642
HCL
Technologies
Ltd.
...............
162,093
2,486,252
Infosys
Ltd.,
ADR
...................
323,549
5,312,674
NEXTDC
Ltd.
(e)
....................
1,019,065
7,652,022
Samsung
SDS
Co.
Ltd.
...............
2,190
224,486
SUNeVision
Holdings
Ltd.
.............
13,571,000
5,047,811
Tata
Consultancy
Services
Ltd.
.........
226,251
9,159,454
57,104,701
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
—
0.1%
Fortrea
Holdings,
Inc.
(e)
...............
153,334
$
4,354,686
Joinn
Laboratories
China
Co.
Ltd.,
Class
A
..
1,111,040
4,057,084
Lonza
Group
AG
(Registered)
..........
15,495
5,426,411
13,838,181
Machinery
—
0.3%
Alfa
Laval
AB
.....................
71,070
2,303,150
Epiroc
AB,
Class
A
..................
168,719
2,779,598
Komatsu
Ltd.
.....................
322,700
7,414,484
Otis
Worldwide
Corp.
................
218,035
16,834,482
Volvo
AB,
Class
B
..................
273,988
5,429,126
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
H
.........
557,400
289,782
35,050,622
Marine
Transportation
—
0.0%
Evergreen
Marine
Corp.
Taiwan
Ltd.
......
100,000
332,778
MISC
Bhd.
.......................
137,700
209,534
Sincere
Navigation
Corp.
.............
97,000
65,009
607,321
Media
—
0.1%
Comcast
Corp.,
Class
A
..............
201,121
8,304,286
Fox
Corp.,
Class
A
..................
144,675
4,396,673
Learfield
Communications
LLC,
(Acquired
09/13/23,
cost
$160,629)
(e)(f)(g)
........
12,784
485,792
SES
SA,
ADR
.....................
354,248
2,066,859
15,253,610
Metals
&
Mining
—
0.1%
Alrosa
PJSC
(f)
.....................
607,124
65
Barrick
Gold
Corp.
..................
221,519
3,539,874
Gold
Fields
Ltd.
....................
315,089
4,156,638
Gold
Fields
Ltd.,
ADR
................
120,781
1,572,569
Hochschild
Mining
plc
(e)
...............
107,064
121,968
Novolipetsk
Steel
PJSC
(e)(f)
............
14
—
Zijin
Mining
Group
Co.
Ltd.,
Class
H
......
3,684,000
5,698,823
15,089,937
Multi-Utilities
—
0.6%
Ameren
Corp.
.....................
68,745
5,204,684
CMS
Energy
Corp.
..................
117,484
6,384,081
Consolidated
Edison,
Inc.
.............
17,942
1,575,128
Dominion
Energy,
Inc.
................
57,360
2,312,755
DTE
Energy
Co.
...................
85,332
8,224,298
Engie
SA
........................
271,701
4,321,374
National
Grid
plc
...................
1,103,075
13,151,938
NiSource,
Inc.
.....................
231,308
5,819,709
Public
Service
Enterprise
Group,
Inc.
.....
22,405
1,381,268
Qatar
Electricity
&
Water
Co.
QSC
.......
41,488
188,239
Sempra
.........................
210,381
14,732,982
63,296,456
Office
REITs
—
0.3%
Alexandria
Real
Estate
Equities,
Inc.
......
155,205
14,454,242
Boston
Properties,
Inc.
...............
155,853
8,349,045
SL
Green
Realty
Corp.
...............
168,096
4,923,532
27,726,819
Oil,
Gas
&
Consumable
Fuels
—
1.5%
Bharat
Petroleum
Corp.
Ltd.
...........
250,816
1,051,460
BP
plc
..........................
2,104,552
12,850,436
Cheniere
Energy,
Inc.
................
52,619
8,756,854
China
Petroleum
&
Chemical
Corp.,
Class
H
18,937,100
9,685,149
China
Suntien
Green
Energy
Corp.
Ltd.,
Class
H
...........................
233,000
81,041
ConocoPhillips
....................
21,829
2,593,285
DT
Midstream,
Inc.
..................
73,556
3,969,817
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Ecopetrol
SA,
ADR
..................
282,251
$
3,333,384
Enbridge,
Inc.
.....................
278,091
8,911,746
Energy
Transfer
LP
.................
225,563
2,966,153
Enterprise
Products
Partners
LP
.........
115,671
3,012,073
Equitrans
Midstream
Corp.
............
39,040
346,285
Gibson
Energy,
Inc.
.................
30,689
466,282
Kinder
Morgan,
Inc.
.................
39,501
639,916
Koninklijke
Vopak
NV
................
56,313
1,898,713
Kosmos
Energy
Ltd.
(e)
................
630,132
4,562,156
LUKOIL
PJSC
(f)
....................
417,114
45
MOL
Hungarian
Oil
&
Gas
plc
..........
579,663
4,612,289
MPLX
LP
........................
88,626
3,194,081
Novatek
PJSC
(f)
....................
690
—
NuStar
Energy
LP
..................
36,904
631,058
Oil
&
Natural
Gas
Corp.
Ltd.
...........
330,733
740,043
ONEOK,
Inc.
......................
6,266
408,543
Pembina
Pipeline
Corp.
..............
289,039
8,895,752
Petronas
Dagangan
Bhd.
.............
21,400
102,677
Petronet
LNG
Ltd.
..................
150,530
360,815
Plains
All
American
Pipeline
LP
.........
205,751
3,117,128
PTT
Exploration
&
Production
PCL,
NVDR
..
485,800
2,218,566
Qatar
Fuel
QSC
....................
37,378
152,235
Qatar
Gas
Transport
Co.
Ltd.
...........
224,035
216,287
Saudi
Arabian
Oil
Co.
(b)(c)
..............
274,425
2,438,091
Shell
plc
.........................
1,054,932
34,184,682
S-Oil
Corp.
.......................
89,400
4,412,121
Suncor
Energy,
Inc.
.................
207,400
6,719,760
Targa
Resources
Corp.
...............
98,819
8,262,257
TC
Energy
Corp.
...................
117,116
4,033,605
Western
Midstream
Partners
LP
.........
65,597
1,759,967
Williams
Cos.,
Inc.
(The)
..............
279,480
9,614,112
161,198,864
Paper
&
Forest
Products
—
0.0%
UPM-Kymmene
OYJ
................
126,835
4,271,286
Passenger
Airlines
—
0.0%
InterGlobe
Aviation
Ltd.
(b)(c)(e)
...........
125,339
3,694,063
Personal
Care
Products
—
0.2%
By-health
Co.
Ltd.,
Class
A
............
598,800
1,494,254
Colgate-Palmolive
India
Ltd.
...........
26,984
685,104
Dabur
India
Ltd.
....................
140,343
891,546
Godrej
Consumer
Products
Ltd.
(e)
........
387,948
4,622,416
Haleon
plc
.......................
702,954
2,817,503
Hengan
International
Group
Co.
Ltd.
......
103,500
346,652
Hindustan
Unilever
Ltd.
...............
22,726
678,221
L'Oreal
SA
.......................
5,516
2,318,544
Unilever
plc,
ADR
..................
106,573
5,046,232
18,900,472
Pharmaceuticals
—
1.0%
AstraZeneca
plc
...................
199,148
24,934,077
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
...........................
219,500
4,514,635
Bayer
AG
(Registered)
...............
143,982
6,221,255
China
Resources
Pharmaceutical
Group
Ltd.
(b)
(c)
...........................
706,000
438,565
Cipla
Ltd.
........................
83,785
1,207,771
CSPC
Pharmaceutical
Group
Ltd.
........
1,692,000
1,477,911
Dr
Reddy's
Laboratories
Ltd.,
ADR
.......
9,301
605,774
Dr.
Reddy's
Laboratories
Ltd.
...........
29,318
1,892,319
Eli
Lilly
&
Co.
.....................
5,542
3,069,880
Jamjoom
Pharmaceuticals
Factory
Co.
....
12,005
346,090
Lupin
Ltd.
........................
79,704
1,080,071
Merck
KGaA
......................
21,445
3,239,019
Novartis
AG
(Registered)
.............
37,897
3,547,901
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Novo
Nordisk
A/S,
Class
B
............
247,681
$
23,895,331
Novo
Nordisk
A/S,
ADR
..............
13,704
1,323,395
Sanofi
SA
........................
346,740
31,486,149
Sun
Pharmaceutical
Industries
Ltd.
.......
20,081
262,542
Torrent
Pharmaceuticals
Ltd.
...........
22,187
512,861
Yunnan
Baiyao
Group
Co.
Ltd.,
Class
A
....
336,200
2,328,250
Zydus
Lifesciences
Ltd.
..............
85,372
588,268
112,972,064
Professional
Services
—
0.7%
Dun
&
Bradstreet
Holdings,
Inc.
.........
794,779
6,962,264
Experian
plc
......................
111,191
3,373,404
Leidos
Holdings,
Inc.
................
130,712
12,956,173
NMG,
Inc.
(e)
.......................
3,714
396,469
Paychex,
Inc.
.....................
144,709
16,069,934
RELX
plc
........................
558,468
19,491,645
Robert
Half,
Inc.
...................
17,814
1,331,953
SS&C
Technologies
Holdings,
Inc.
.......
215,580
10,832,895
71,414,737
Real
Estate
Management
&
Development
—
0.2%
ADLER
Group
SA
(e)
.................
34,591
15,167
ADLER
Group
SA
(b)(c)(e)
...............
76,594
33,877
Aldar
Properties
PJSC
...............
59,104
83,676
Barwa
Real
Estate
Co.
...............
234,595
163,012
CK
Asset
Holdings
Ltd.
...............
1,775,000
8,872,026
Corp.
Inmobiliaria
Vesta
SAB
de
CV,
ADR
..
107,028
3,364,960
Hang
Lung
Properties
Ltd.
.............
3,264,000
4,290,389
Mabanee
Co.
KPSC
.................
36,212
96,632
VGP
NV
.........................
35,296
2,873,334
Vonovia
SE
.......................
252,868
5,821,549
25,614,622
Residential
REITs
—
0.3%
Sun
Communities,
Inc.
...............
115,304
12,826,417
UDR,
Inc.
........................
474,974
15,108,923
27,935,340
Retail
REITs
—
0.2%
Link
REIT
........................
2,425,300
11,130,048
Spirit
Realty
Capital,
Inc.
..............
303,042
10,906,482
22,036,530
Semiconductors
&
Semiconductor
Equipment
—
0.8%
ASML
Holding
NV
..................
9,845
5,918,031
Inari
Amertron
Bhd.
.................
294,500
176,570
Intel
Corp.
.......................
58,534
2,136,491
MediaTek,
Inc.
.....................
631,000
16,468,698
Novatek
Microelectronics
Corp.
.........
46,000
647,821
STMicroelectronics
NV
...............
97,135
3,702,797
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
3,284,000
53,635,992
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
.........................
39,574
3,415,632
United
Microelectronics
Corp.,
ADR
......
160,292
1,141,279
87,243,311
Software
—
0.5%
Ahnlab,
Inc.
......................
1,429
67,986
Birlasoft
Ltd.
......................
70,473
463,959
Microsoft
Corp.
....................
113,921
38,517,829
Oracle
Corp.
......................
144,782
14,970,459
SAP
SE
.........................
15,724
2,109,097
Shanghai
Baosight
Software
Co.
Ltd.,
Class
A
56,300
327,203
56,456,533
Specialized
REITs
—
0.8%
American
Tower
Corp.
...............
158,350
28,216,386
Crown
Castle,
Inc.
..................
114,258
10,623,709
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialized
REITs
(continued)
Digital
Realty
Trust,
Inc.
..............
48,266
$
6,002,360
EPR
Properties
....................
220,883
9,431,704
Equinix,
Inc.
......................
7,544
5,504,404
SBA
Communications
Corp.
...........
43,572
9,090,426
VICI
Properties,
Inc.
.................
530,804
14,809,432
83,678,421
Specialty
Retail
—
0.0%
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
........................
643,411
588,582
Chow
Tai
Fook
Jewellery
Group
Ltd.
......
523,200
738,824
Industria
de
Diseno
Textil
SA
...........
64,538
2,227,721
Jarir
Marketing
Co.
..................
114,590
442,281
JUMBO
SA
.......................
16,252
427,499
MR
DIY
Group
M
Bhd.
(b)(c)
.............
411,600
127,877
Trent
Ltd.
........................
17,970
465,142
5,017,926
Technology
Hardware,
Storage
&
Peripherals
—
0.4%
Apple,
Inc.
.......................
133,051
22,721,119
Asustek
Computer,
Inc.
...............
223,000
2,338,185
Compal
Electronics,
Inc.
..............
1,863,000
1,620,503
HP,
Inc.
.........................
94,330
2,483,709
Lite-On
Technology
Corp.
.............
78,000
242,854
Pegatron
Corp.
....................
58,000
135,350
Samsung
Electronics
Co.
Ltd.
..........
24,780
1,233,421
Samsung
Electronics
Co.
Ltd.,
GDR
(b)(c)
....
13,127
16,414,994
47,190,135
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
Kering
SA
........................
1,069
434,764
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
17,368
12,434,282
Ralph
Lauren
Corp.,
Class
A
...........
21,298
2,396,664
15,265,710
Tobacco
—
0.2%
British
American
Tobacco
plc
...........
341,300
10,195,466
Philip
Morris
International,
Inc.
..........
187,950
16,757,622
26,953,088
Trading
Companies
&
Distributors
—
0.1%
Azelis
Group
NV
...................
85,817
1,463,642
BOC
Aviation
Ltd.
(b)(c)
................
724,500
4,455,737
Ferguson
plc
......................
61,905
9,298,368
15,217,747
Transportation
Infrastructure
—
0.7%
Aena
SME
SA
(b)(c)
...................
86,043
12,484,902
Aeroports
de
Paris
SA
...............
76,378
8,577,152
Atlas
Arteria
Ltd.
(h)
..................
1,760,681
5,952,198
Auckland
International
Airport
Ltd.
.......
1,120,168
4,790,157
Flughafen
Zurich
AG
(Registered)
........
44,928
8,395,333
Fraport
AG
Frankfurt
Airport
Services
Worldwide
(e)
....................
101,324
5,035,751
Getlink
SE
.......................
139,789
2,257,409
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
.......................
419,115
4,893,201
Japan
Airport
Terminal
Co.
Ltd.
.........
42,100
1,851,518
Jiangsu
Expressway
Co.
Ltd.,
Class
H
....
192,000
174,555
Malaysia
Airports
Holdings
Bhd.
.........
181,100
280,978
Salik
Co.
PJSC
....................
2,208,809
1,918,350
Saudi
Ground
Services
Co.
(e)
...........
23,065
179,215
Saudi
Industrial
Services
Co.
...........
41,683
279,435
Shanghai
International
Port
Group
Co.
Ltd.,
Class
A
.......................
246,900
168,190
Taiwan
High
Speed
Rail
Corp.
..........
276,000
250,592
Transurban
Group
(h)
.................
2,730,354
20,555,452
Security
Shares
Shares
Value
Transportation
Infrastructure
(continued)
Zhejiang
Expressway
Co.
Ltd.,
Class
H
....
272,000
$
204,744
78,249,132
Water
Utilities
—
0.0%
United
Utilities
Group
plc
..............
262,026
3,388,931
Wireless
Telecommunication
Services
—
0.3%
Advanced
Info
Service
PCL,
NVDR
.......
1,003,600
6,146,961
Axiata
Group
Bhd.
..................
250,500
114,614
CELCOMDIGI
Bhd.
.................
235,000
208,637
Etihad
Etisalat
Co.
..................
65,412
803,789
Far
EasTone
Telecommunications
Co.
Ltd.
..
345,000
808,137
Intouch
Holdings
PCL,
NVDR
..........
545,700
1,077,904
Maxis
Bhd.
.......................
127,400
105,932
Mobile
Telecommunications
Co.
KSCP
....
278,483
433,228
Mobile
Telecommunications
Co.
Saudi
Arabia
77,821
286,498
Mobile
TeleSystems
PJSC
(f)
............
26,804
3
Rogers
Communications,
Inc.,
Class
B
....
129,374
4,793,392
SK
Telecom
Co.
Ltd.
.................
44,190
1,611,474
SK
Telecom
Co.
Ltd.,
ADR
(i)
............
32,298
654,357
Taiwan
Mobile
Co.
Ltd.
...............
236,000
697,443
Tele2
AB,
Class
B
..................
548,953
3,898,468
Vodafone
Group
plc
.................
7,806,296
7,186,004
28,826,841
Total
Common
Stocks
—
23.1%
(Cost:
$2,547,526,809)
...........................
2,539,004,272
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
0.8%
Boeing
Co.
(The)
2.85%,
10/30/24
.................
USD
1,345
1,303,454
3.65%,
03/01/47
.................
730
454,664
3.63%,
03/01/48
.................
310
192,116
3.85%,
11/01/48
.................
325
210,122
3.90%,
05/01/49
.................
300
195,401
5.81%,
05/01/50
.................
4,175
3,594,260
Bombardier,
Inc.
(b)
7.50%,
03/15/25
.................
1,096
1,094,786
7.13%,
06/15/26
.................
4,497
4,326,951
7.88%,
04/15/27
.................
6,386
6,143,160
6.00%,
02/15/28
.................
923
816,743
7.50%,
02/01/29
.................
2,581
2,390,680
7.45%,
05/01/34
.................
946
1,059,520
BWX
Technologies,
Inc.,
4.13%,
06/30/28
(b)
.
2,252
1,981,726
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(b)
....................
169
149,108
Embraer
Netherlands
Finance
BV,
7.00%,
07/28/30
(b)
....................
4,102
3,990,220
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
(b)
3,097
2,877,131
General
Dynamics
Corp.
4.25%,
04/01/40
.................
50
40,529
4.25%,
04/01/50
.................
104
81,013
L3Harris
Technologies,
Inc.
3.83%,
04/27/25
.................
355
343,487
4.40%,
06/15/28
.................
2,227
2,079,824
2.90%,
12/15/29
.................
366
307,831
1.80%,
01/15/31
.................
915
681,720
5.40%,
07/31/33
.................
135
126,148
4.85%,
04/27/35
.................
200
174,918
5.05%,
04/27/45
.................
120
99,602
5.60%,
07/31/53
.................
201
177,619
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
Lockheed
Martin
Corp.
4.50%,
05/15/36
.................
USD
224
$
196,155
4.07%,
12/15/42
.................
68
52,691
5.70%,
11/15/54
.................
550
515,054
5.20%,
02/15/55
.................
299
260,693
5.90%,
11/15/63
.................
25
23,895
Northrop
Grumman
Corp.
4.03%,
10/15/47
.................
59
42,887
5.25%,
05/01/50
.................
600
521,667
4.95%,
03/15/53
.................
50
41,416
Rolls-Royce
plc,
5.75%,
10/15/27
(b)
......
3,343
3,167,742
RTX
Corp.
2.25%,
07/01/30
.................
400
313,861
4.50%,
06/01/42
.................
871
675,880
4.15%,
05/15/45
.................
385
275,933
2.82%,
09/01/51
.................
47
25,339
3.03%,
03/15/52
.................
625
349,270
5.38%,
02/27/53
.................
1,288
1,091,798
Spirit
AeroSystems,
Inc.
(b)
7.50%,
04/15/25
.................
372
371,082
9.38%,
11/30/29
.................
3,195
3,281,044
TransDigm,
Inc.
6.25%,
03/15/26
(b)
................
15,706
15,336,275
7.50%,
03/15/27
.................
2,071
2,068,465
6.75%,
08/15/28
(b)
................
14,508
14,087,026
6.88%,
12/15/30
(b)
................
994
959,767
Triumph
Group,
Inc.,
9.00%,
03/15/28
(b)
...
4,875
4,734,787
83,285,460
Air
Freight
&
Logistics
—
0.0%
FedEx
Corp.
4.55%,
04/01/46
.................
519
391,513
5.25%,
05/15/50
.................
108
89,716
United
Parcel
Service,
Inc.,
5.05%,
03/03/53
96
82,417
563,646
Automobile
Components
—
0.5%
Adient
Global
Holdings
Ltd.,
3.50%,
08/15/24
(c)
EUR
217
225,285
Aptiv
plc
3.25%,
03/01/32
.................
USD
775
621,107
3.10%,
12/01/51
.................
638
343,661
4.15%,
05/01/52
.................
200
131,701
Clarios
Global
LP
(b)
6.75%,
05/15/25
.................
4,551
4,514,878
6.25%,
05/15/26
.................
3,665
3,582,856
8.50%,
05/15/27
.................
14,003
13,787,001
6.75%,
05/15/28
.................
3,724
3,630,378
Dana
Financing
Luxembourg
SARL
(c)
3.00%,
07/15/29
.................
EUR
375
312,602
8.50%,
07/15/31
.................
1,157
1,248,706
Dealer
Tire
LLC,
8.00%,
02/01/28
(b)
......
USD
1,248
1,170,580
Dometic
Group
AB,
3.00%,
05/08/26
(c)
....
EUR
114
112,180
Forvia
SE
(c)
7.25%,
06/15/26
.................
1,271
1,385,190
2.75%,
02/15/27
.................
1,342
1,288,623
3.75%,
06/15/28
.................
748
719,629
Goodyear
Tire
&
Rubber
Co.
(The)
5.00%,
07/15/29
.................
USD
912
784,341
5.63%,
04/30/33
.................
2,063
1,654,316
Grupo
Antolin-Irausa
SA,
3.50%,
04/30/28
(c)
.
EUR
478
343,925
Icahn
Enterprises
LP
6.25%,
05/15/26
.................
USD
2,896
2,647,152
5.25%,
05/15/27
.................
3,339
2,859,019
4.38%,
02/01/29
.................
2,191
1,687,130
Security
Par
(000)
Par
(000)
Value
Automobile
Components
(continued)
IHO
Verwaltungs
GmbH
(c)(j)
3.75%,
(3.75%
Cash
or
4.50%
PIK),
09/15/26
....................
EUR
160
$
158,944
3.88%,
(3.88%
Cash
or
4.63%
PIK),
05/15/27
(a)
...................
906
861,784
8.75%,
(8.75%
Cash
or
9.50%
PIK),
05/15/28
(a)
...................
1,164
1,267,198
Tenneco,
Inc.,
8.00%,
11/17/28
(b)
.......
USD
948
760,770
ZF
Europe
Finance
BV
(c)
2.00%,
02/23/26
.................
EUR
1,700
1,649,800
2.50%,
10/23/27
.................
500
464,347
ZF
Finance
GmbH
(c)
5.75%,
08/03/26
.................
1,200
1,271,117
2.00%,
05/06/27
.................
700
649,938
2.75%,
05/25/27
.................
400
380,921
50,515,079
Automobiles
—
0.2%
Ford
Motor
Co.
3.25%,
02/12/32
.................
USD
1,548
1,168,351
6.10%,
08/19/32
.................
3,063
2,833,119
General
Motors
Co.
6.13%,
10/01/25
.................
2,110
2,106,253
5.60%,
10/15/32
.................
530
483,962
6.25%,
10/02/43
.................
345
296,511
5.40%,
04/01/48
.................
222
166,429
5.95%,
04/01/49
.................
181
146,342
Hyundai
Capital
America
(b)
0.88%,
06/14/24
.................
1,459
1,411,913
1.00%,
09/17/24
.................
3,900
3,726,875
2.65%,
02/10/25
.................
2,653
2,538,020
6.10%,
09/21/28
.................
28
27,538
Nissan
Motor
Acceptance
Co.
LLC
(b)
1.85%,
09/16/26
.................
1,325
1,146,979
7.05%,
09/15/28
.................
1,666
1,645,396
Nissan
Motor
Co.
Ltd.,
4.35%,
09/17/27
(b)
..
1,495
1,351,743
RCI
Banque
SA,
(5-Year
EUR
Swap
Annual
+
2.85%),
2.63%,
02/18/30
(a)(c)
.........
EUR
5,800
5,750,117
Renault
SA,
1.25%,
06/24/25
(c)
.........
100
99,307
Volkswagen
Group
of
America
Finance
LLC
(b)
4.63%,
11/13/25
.................
USD
204
199,036
1.25%,
11/24/25
.................
505
460,127
ZF
Europe
Finance
BV,
6.13%,
03/13/29
(c)
..
EUR
900
943,958
ZF
Finance
GmbH,
2.25%,
05/03/28
(c)
....
400
358,230
26,860,206
Banks
—
4.0%
ABN
AMRO
Bank
NV,
(5-Year
EUR
Swap
Annual
+
4.67%),
4.38%
(a)(c)(k)
........
3,000
2,901,691
Banco
Bilbao
Vizcaya
Argentaria
SA,
(5-Year
EUR
Swap
Annual
+
6.04%),
6.00%
(a)(c)(k)
.
7,400
7,742,617
Banco
BPM
SpA
(a)(c)
(3-mo.
EURIBOR
+
2.80%),
6.00%,
06/14/28
....................
1,675
1,751,383
(5-Year
EUR
Swap
Annual
+
5.42%),
5.00%,
09/14/30
...............
352
359,207
(5-Year
EUR
Swap
Annual
+
3.17%),
2.88%,
06/29/31
...............
4,509
4,199,410
(5-Year
EUR
Swap
Annual
+
3.40%),
3.38%,
01/19/32
...............
2,784
2,537,269
Banco
Bradesco
SA,
3.20%,
01/27/25
(c)
...
USD
1,408
1,349,850
Banco
de
Credito
Social
Cooperativo
SA,
(1-Year
EURIBOR
ICE
Swap
Rate
+
4.27%),
7.50%,
09/14/29
(a)(c)
..............
EUR
1,200
1,243,368
Banco
de
Sabadell
SA
(a)(c)
(5-Year
EUR
Swap
Annual
+
6.20%),
5.75%
(k)
.....................
1,600
1,476,159
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(1-Year
EUR
Swap
Annual
+
2.40%),
5.25%,
02/07/29
...............
EUR
700
$
732,012
(5-Year
EUR
Swap
Annual
+
2.20%),
2.00%,
01/17/30
...............
1,100
1,083,891
(5-Year
EUR
Swap
Annual
+
2.95%),
2.50%,
04/15/31
...............
5,500
5,203,842
(5-Year
EUR
Swap
Annual
+
3.15%),
6.00%,
08/16/33
...............
1,300
1,276,555
Banco
do
Brasil
SA
4.75%,
03/20/24
(c)
................
USD
2,014
1,995,431
6.25%,
04/18/30
(b)
................
1,563
1,494,814
Banco
Espirito
Santo
SA
(c)(e)(l)
2.63%,
05/08/17
.................
EUR
800
220,085
4.75%,
01/15/18
.................
1,500
412,659
4.00%,
01/21/19
.................
5,400
1,485,572
Banco
Mercantil
del
Norte
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.64%),
5.88%
(a)(b)(k)
.......
USD
1,725
1,455,986
Banco
Nacional
de
Panama,
2.50%,
08/11/30
(b)
2,048
1,510,666
Banco
Santander
SA
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.00%),
8.12%
(a)(c)(k)
.............
EUR
1,600
1,664,613
(5-Year
EUR
Swap
Annual
+
4.10%),
4.75%
(a)(c)(k)
...................
2,000
1,756,230
(5-Year
EUR
Swap
Annual
+
4.53%),
4.38%
(a)(c)(k)
...................
5,000
4,385,666
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.76%),
3.63%
(a)(c)(k)
.............
400
272,990
6.92%,
08/08/33
.................
USD
1,000
928,779
Bangkok
Bank
PCL
(b)
5.30%,
09/21/28
.................
2,671
2,587,558
5.50%,
09/21/33
.................
2,671
2,492,684
Bank
Leumi
Le-Israel
BM,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.63%),
3.28%,
01/29/31
(a)(b)(c)
........
2,232
1,911,150
Bank
of
America
Corp.
(3-mo.
CME
Term
SOFR
+
1.63%),
3.59%,
07/21/28
(a)
...................
2,250
2,036,142
(1-day
SOFR
+
2.04%),
4.95%,
07/22/28
(a)
581
552,148
(1-day
SOFR
+
1.99%),
6.20%,
11/10/28
(a)
2,259
2,243,763
(3-mo.
CME
Term
SOFR
+
1.30%),
3.42%,
12/20/28
(a)
...................
4,860
4,326,032
(1-day
SOFR
+
1.57%),
5.82%,
09/15/29
(a)
1,215
1,183,080
(3-mo.
CME
Term
SOFR
+
1.47%),
3.97%,
02/07/30
(a)
...................
1,387
1,226,629
(3-mo.
CME
Term
SOFR
+
1.44%),
3.19%,
07/23/30
(a)
...................
400
335,442
(1-day
SOFR
+
1.37%),
1.92%,
10/24/31
(a)
265
195,420
Series
N,
(1-day
SOFR
+
1.22%),
2.65%,
03/11/32
(a)
...................
1,090
835,344
(1-day
SOFR
+
1.32%),
2.69%,
04/22/32
(a)
1,046
802,019
(1-day
SOFR
+
1.33%),
2.97%,
02/04/33
(a)
2,704
2,072,437
Series
L,
4.75%,
04/21/45
..........
167
131,240
(3-mo.
CME
Term
SOFR
+
2.25%),
4.44%,
01/20/48
(a)
...................
76
57,485
(1-day
SOFR
+
1.88%),
2.83%,
10/24/51
(a)
633
349,718
Bank
of
Cyprus
PCL,
(1-Year
EUR
Swap
Annual
+
2.79%),
2.50%,
06/24/27
(a)(c)
...
EUR
525
497,175
Bank
of
Ireland
Group
plc
(a)
(5-Year
EUR
Swap
Annual
+
7.92%),
7.50%
(c)(k)
....................
2,339
2,435,921
(5-Year
EUR
Swap
Annual
+
6.43%),
6.00%
(c)(k)
....................
2,700
2,699,742
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.65%),
6.25%,
09/16/26
(b)
...................
USD
1,355
1,342,292
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(5-Year
EUR
Swap
Annual
+
2.80%),
2.38%,
10/14/29
(c)
..............
EUR
712
$
726,471
Bankinter
SA
(a)(c)(k)
(5-Year
EUR
Swap
Annual
+
6.71%),
6.25%
1,400
1,402,864
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.71%),
7.38%
................
2,600
2,618,470
Barclays
plc
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.67%),
8.00%
(a)(k)
....................
USD
6,534
6,390,541
(5-year
SONIA
Mid-Swaps
Rate
+
5.19%),
5.88%
(a)(c)(k)
...................
GBP
284
320,593
3.65%,
03/16/25
.................
USD
735
706,816
(3-mo.
LIBOR
USD
+
1.61%),
3.93%,
05/07/25
(a)
...................
455
448,802
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.58%),
7.13%
(a)(k)
.
GBP
3,252
3,677,065
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.87%),
6.13%
(a)(k)
....................
USD
15,800
14,112,878
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.02%),
6.38%
(a)(c)(k)
GBP
4,026
4,361,342
5.20%,
05/12/26
.................
USD
2,100
2,005,622
(1-day
SOFR
+
2.21%),
5.83%,
05/09/27
(a)
2,035
1,988,502
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.96%),
8.88%
(a)(c)(k)
GBP
2,400
2,694,799
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.41%),
4.38%
(a)(k)
....................
USD
4,905
3,352,415
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.43%),
8.00%
(a)(k)
....................
11,470
10,145,215
(1-day
SOFR
+
2.22%),
6.49%,
09/13/29
(a)
2,716
2,647,877
(3-mo.
LIBOR
USD
+
3.05%),
5.09%,
06/20/30
(a)
...................
1,300
1,126,525
BBVA
Bancomer
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.65%),
5.13%,
01/18/33
(a)(c)
.........
1,318
1,111,338
BNP
Paribas
SA
(a)
(USISOA05
+
4.15%),
6.63%
(b)(k)
......
700
690,206
(6-mo.
LIBOR
USD
+
0.08%),
5.97%
(k)
..
450
412,650
(3-mo.
CME
Term
SOFR
+
2.50%),
4.71%,
01/10/25
(b)
...................
3,635
3,621,279
(5-Year
USD
Swap
Semi
+
5.15%),
7.38%
(b)
(k)
.........................
1,000
974,187
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.35%),
8.50%
(b)(k)
....................
7,036
6,741,816
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.90%),
7.75%
(b)(k)
....................
8,000
7,417,386
(5-Year
EUR
Swap
Annual
+
4.65%),
6.88%
(c)(k)
....................
EUR
5,800
5,778,040
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.63%),
7.38%
(c)(k)
..............
600
612,716
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.34%),
4.63%
(b)(k)
....................
USD
10,475
7,264,132
CaixaBank
SA
(a)(c)(k)
(5-Year
EUR
Swap
Annual
+
6.50%),
6.75%
EUR
9,400
9,832,515
(5-Year
EUR
Swap
Annual
+
4.50%),
5.25%
1,800
1,647,652
(5-Year
EUR
Swap
Annual
+
6.35%),
5.88%
800
765,997
Citigroup,
Inc.
(a)
(3-mo.
CME
Term
SOFR
+
1.16%),
3.35%,
04/24/25
....................
USD
1,025
1,009,184
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.21%),
7.63%
(k)
.....................
USD
1,133
$
1,091,015
(3-mo.
CME
Term
SOFR
+
1.60%),
3.98%,
03/20/30
....................
188
166,327
(1-day
SOFR
+
1.42%),
2.98%,
11/05/30
425
348,886
(1-day
SOFR
+
1.15%),
2.67%,
01/29/31
1,775
1,414,226
(1-day
SOFR
+
2.11%),
2.57%,
06/03/31
405
317,137
(1-day
SOFR
+
1.17%),
2.56%,
05/01/32
665
504,607
(1-day
SOFR
+
2.66%),
6.17%,
05/25/34
4,383
4,074,150
Commerzbank
AG
(a)(c)
(5-Year
EUR
Swap
Annual
+
6.36%),
6.13%
(k)
.....................
EUR
13,400
13,044,257
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.25%),
8.63%,
02/28/33
....................
GBP
600
729,188
Cooperatieve
Rabobank
UA,
(5-Year
EUR
Swap
Annual
+
4.10%),
4.63%
(a)(c)(k)
....
EUR
2,200
2,148,843
Credit
Agricole
SA
(a)(k)
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.44%),
7.25%
(c)
...............
1,000
1,043,551
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
4.75%
(b)
.....................
USD
22,818
16,890,037
Discover
Bank,
(USISOA05
+
1.73%),
5.97%,
08/09/28
(a)
....................
800
720,000
Fifth
Third
Bancorp,
(1-day
SOFR
+
2.34%),
6.34%,
07/27/29
(a)
...............
489
473,645
Grupo
Aval
Ltd.,
4.38%,
02/04/30
(b)
......
2,091
1,542,113
HSBC
Bank
Capital
Funding
Sterling
1
LP,
(Sterling
Overnight
Index
Average
+
2.04%),
5.84%
(a)(c)(k)
...................
GBP
879
1,039,500
HSBC
Holdings
plc
(5-Year
USD
Swap
Rate
+
4.37%),
6.38%
(a)
(k)
.........................
USD
2,900
2,733,793
4.25%,
08/18/25
.................
500
478,979
(BPSWS5
+
4.28%),
5.88%
(a)(k)
.......
GBP
600
642,888
(5-Year
USD
Swap
Rate
+
3.75%),
6.00%
(a)
(k)
.........................
USD
2,600
2,264,509
(1-day
SOFR
+
1.57%),
5.89%,
08/14/27
(a)
1,451
1,425,494
(1-day
SOFR
+
3.35%),
7.39%,
11/03/28
(a)
830
851,414
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.65%),
4.60%
(a)(k)
....................
11,230
8,119,387
(1-day
SOFR
+
1.19%),
2.80%,
05/24/32
(a)
877
660,268
(1-day
SOFR
+
4.25%),
8.11%,
11/03/33
(a)
1,111
1,149,701
(1-day
SOFR
+
2.65%),
6.33%,
03/09/44
(a)
355
329,123
ING
Groep
NV
(a)(k)
(5-Year
USD
Swap
Rate
+
4.20%),
6.75%
(c)
5,877
5,743,945
(5-Year
USD
Swap
Semi
+
4.45%),
6.50%
2,710
2,535,610
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.34%),
5.75%
679
597,211
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.86%),
3.88%
19,345
13,501,582
Intesa
Sanpaolo
SpA
(5-Year
EUR
Swap
Annual
+
6.07%),
5.88%
(a)(c)(k)
...................
EUR
400
400,491
5.71%,
01/15/26
(b)
................
USD
1,289
1,222,860
(5-Year
EUR
Swap
Annual
+
7.19%),
7.75%
(a)(c)(k)
...................
EUR
6,127
6,227,653
(5-Year
EUR
Swap
Annual
+
5.85%),
5.50%
(a)(c)(k)
...................
2,020
1,779,354
(5-Year
EURIBOR
ICE
Swap
Rate
+
6.26%),
9.13%
(a)(c)(k)
.............
1,350
1,435,563
5.15%,
06/10/30
(c)
................
GBP
1,602
1,604,316
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
4.20%,
06/01/32
(a)(b)
..................
USD
2,695
$
1,915,588
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.75%),
4.95%,
06/01/42
(a)(b)
..................
940
551,310
Itau
Unibanco
Holding
SA,
3.25%,
01/24/25
(b)
1,612
1,548,842
JPMorgan
Chase
&
Co.
(1-day
SOFR
+
1.16%),
2.30%,
10/15/25
(a)
350
336,867
(1-day
SOFR
+
0.77%),
1.47%,
09/22/27
(a)
222
193,392
(1-day
SOFR
+
1.56%),
4.32%,
04/26/28
(a)
2,200
2,066,551
(1-day
SOFR
+
1.89%),
2.18%,
06/01/28
(a)
4,340
3,772,736
(1-day
SOFR
+
1.02%),
2.07%,
06/01/29
(a)
1,609
1,337,418
(1-day
SOFR
+
1.45%),
5.30%,
07/24/29
(a)
456
439,016
(1-day
SOFR
+
1.81%),
6.25%,
10/23/34
(a)
565
557,384
(3-mo.
CME
Term
SOFR
+
1.62%),
3.88%,
07/24/38
(a)
...................
1,685
1,289,245
(3-mo.
CME
Term
SOFR
+
2.46%),
3.11%,
04/22/41
(a)
...................
140
92,795
5.60%,
07/15/41
.................
175
160,998
(1-day
SOFR
+
1.46%),
3.16%,
04/22/42
(a)
1,215
800,387
5.63%,
08/16/43
.................
15
13,556
4.95%,
06/01/45
.................
765
626,397
Series
W,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.63%,
05/15/47
(a)
........
19,006
16,131,432
KBC
Group
NV
(a)(c)(k)
(5-Year
EUR
Swap
Annual
+
4.69%),
4.75%
EUR
4,400
4,579,986
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.93%),
8.00%
................
2,000
2,097,294
Lloyds
Banking
Group
plc
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.29%),
4.95%
(a)(c)(k)
.............
5,951
5,863,851
(5-Year
USD
Swap
Rate
+
4.50%),
7.50%
(a)
(k)
.........................
USD
3,975
3,688,005
4.58%,
12/10/25
.................
2,250
2,139,899
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.82%),
6.75%
(a)(k)
....................
7,290
6,719,359
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.88%),
8.50%
(a)(k)
.
GBP
1,809
2,053,082
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.91%),
8.00%
(a)(k)
....................
USD
6,980
6,129,188
Mitsubishi
UFJ
Financial
Group,
Inc.
1.41%,
07/17/25
.................
1,595
1,473,815
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.29%),
8.20%
(a)(k)
....................
2,925
2,970,811
3.74%,
03/07/29
.................
420
376,499
3.20%,
07/18/29
.................
365
311,010
2.05%,
07/17/30
.................
760
579,139
NatWest
Group
plc
(a)(k)
(5-Year
USD
Swap
Semi
+
5.72%),
8.00%
1,200
1,164,954
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.63%),
6.00%
2,000
1,832,217
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.99%),
5.13%
...
GBP
1,500
1,506,234
Nordea
Bank
Abp,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.11%),
6.63%
(a)(c)(k)
..............
USD
1,100
1,028,340
PNC
Financial
Services
Group,
Inc.
(The),
(1-
day
SOFR
+
2.28%),
6.88%,
10/20/34
(a)
..
2,349
2,347,582
Santander
UK
Group
Holdings
plc,
(BPSWS5
+
6.07%),
6.75%
(a)(c)(k)
..............
GBP
8,783
10,408,415
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Skandinaviska
Enskilda
Banken
AB,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.07%),
6.88%
(a)(c)(k)
.......
USD
600
$
560,552
Societe
Generale
SA
(a)(k)
(5-Year
USD
Swap
Semi
+
4.98%),
7.88%
(b)
300
297,250
(5-Year
USD
Swap
Rate
+
5.87%),
8.00%
(b)
1,900
1,861,013
(5-Year
USD
Swap
Rate
+
5.87%),
8.00%
(c)
1,893
1,854,157
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.39%),
9.38%
(b)
.....................
270
260,651
(5-Year
EUR
Swap
Annual
+
5.23%),
7.88%
(c)
.....................
EUR
3,300
3,286,591
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.51%),
5.38%
(b)
.....................
USD
12,900
9,251,960
Standard
Chartered
plc
(a)(k)
(3-mo.
LIBOR
USD
+
1.51%),
7.16%
(b)
..
2,000
1,824,817
(3-mo.
LIBOR
USD
+
1.51%),
7.16%
(c)
..
300
273,723
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.14%),
4.30%
(b)
.....................
11,150
7,802,447
Sumitomo
Mitsui
Financial
Group,
Inc.
5.46%,
01/13/26
.................
1,975
1,948,952
5.52%,
01/13/28
.................
544
529,782
1.90%,
09/17/28
.................
580
474,313
3.04%,
07/16/29
.................
130
109,603
Toronto-Dominion
Bank
(The)
5.53%,
07/17/26
.................
1,324
1,310,298
5.16%,
01/10/28
.................
83
80,019
Truist
Financial
Corp.,
(1-day
SOFR
+
2.45%),
7.16%,
10/30/29
(a)
...............
2,600
2,615,332
UniCredit
SpA
(a)
(5-Year
EUR
Swap
Annual
+
4.93%),
5.38%
(c)(k)
....................
EUR
1,000
958,046
(5-Year
EURIBOR
ICE
Swap
Rate
+
7.33%),
7.50%
(c)(k)
..............
4,968
5,112,083
(5-Year
EUR
Swap
Annual
+
2.40%),
2.00%,
09/23/29
(c)
..............
909
917,424
(5-Year
EUR
Swap
Annual
+
2.80%),
2.73%,
01/15/32
(c)
..............
973
902,662
(5-Year
USD
Swap
Rate
+
4.91%),
7.30%,
04/02/34
(b)
...................
USD
1,779
1,650,829
US
Bancorp,
(1-day
SOFR
+
2.02%),
5.78%,
06/12/29
(a)
....................
2,423
2,329,863
Wells
Fargo
&
Co.
(1-day
SOFR
+
1.32%),
3.91%,
04/25/26
(a)
2,535
2,444,258
(1-day
SOFR
+
1.51%),
3.53%,
03/24/28
(a)
1,655
1,508,987
(3-mo.
CME
Term
SOFR
+
1.57%),
3.58%,
05/22/28
(a)
...................
715
650,820
(1-day
SOFR
+
1.98%),
4.81%,
07/25/28
(a)
1,515
1,433,172
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.61%),
7.63%
(a)(k)
....................
2,253
2,255,922
(1-day
SOFR
+
1.74%),
5.57%,
07/25/29
(a)
2,224
2,144,567
(1-day
SOFR
+
1.79%),
6.30%,
10/23/29
(a)
1,345
1,333,878
(1-day
SOFR
+
2.10%),
4.90%,
07/25/33
(a)
1,922
1,689,348
(1-day
SOFR
+
2.02%),
5.39%,
04/24/34
(a)
1,293
1,170,495
(1-day
SOFR
+
2.06%),
6.49%,
10/23/34
(a)
530
520,779
5.61%,
01/15/44
.................
816
687,724
4.65%,
11/04/44
.................
210
154,799
4.75%,
12/07/46
.................
545
401,381
(3-mo.
CME
Term
SOFR
+
4.50%),
5.01%,
04/04/51
(a)
...................
1,231
976,258
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Westpac
Banking
Corp.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.75%),
2.67%,
11/15/35
(a)
...................
USD
460
$
334,314
3.13%,
11/18/41
.................
218
127,337
Woori
Bank,
4.88%,
01/26/28
(b)
........
265
255,717
439,017,401
Beverages
—
0.1%
Anheuser-Busch
Cos.
LLC
4.70%,
02/01/36
.................
145
127,606
4.90%,
02/01/46
.................
4,775
3,976,507
Anheuser-Busch
InBev
Worldwide,
Inc.
4.75%,
01/23/29
.................
770
743,111
4.60%,
04/15/48
.................
20
16,202
4.44%,
10/06/48
.................
21
16,249
5.55%,
01/23/49
.................
18
16,330
5.80%,
01/23/59
.................
25
23,089
Coca-Cola
Co.
(The)
2.50%,
03/15/51
.................
105
57,917
2.75%,
06/01/60
.................
19
10,660
Constellation
Brands,
Inc.,
5.25%,
11/15/48
.
109
91,106
Keurig
Dr
Pepper,
Inc.,
4.50%,
04/15/52
...
310
229,414
PepsiCo,
Inc.
4.65%,
02/15/53
.................
80
67,117
3.88%,
03/19/60
.................
15
10,519
5,385,827
Biotechnology
—
0.1%
AbbVie,
Inc.
4.30%,
05/14/36
.................
1,025
870,438
4.40%,
11/06/42
.................
1,068
848,144
4.45%,
05/14/46
.................
1,037
805,889
4.88%,
11/14/48
.................
893
739,396
4.25%,
11/21/49
.................
56
42,027
Amgen,
Inc.
5.15%,
03/02/28
.................
139
135,661
2.00%,
01/15/32
.................
825
610,458
5.25%,
03/02/33
.................
604
563,292
4.56%,
06/15/48
.................
162
122,557
3.00%,
01/15/52
.................
995
565,299
4.20%,
02/22/52
.................
1,045
735,173
4.88%,
03/01/53
.................
450
351,324
5.65%,
03/02/53
.................
541
475,817
2.77%,
09/01/53
.................
174
90,906
4.40%,
02/22/62
.................
428
296,099
5.75%,
03/02/63
.................
294
254,639
Cidron
Aida
Finco
SARL
(c)
5.00%,
04/01/28
.................
EUR
366
346,602
6.25%,
04/01/28
.................
GBP
1,005
1,070,363
Gilead
Sciences,
Inc.
4.50%,
02/01/45
.................
USD
686
536,682
4.75%,
03/01/46
.................
646
522,155
4.15%,
03/01/47
.................
100
73,649
2.80%,
10/01/50
.................
914
515,496
5.55%,
10/15/53
.................
937
846,405
Grifols
SA
(c)
1.63%,
02/15/25
.................
EUR
215
218,164
3.20%,
05/01/25
.................
701
710,205
3.88%,
10/15/28
.................
799
702,241
13,049,081
Broadline
Retail
—
0.1%
Alibaba
Group
Holding
Ltd.,
3.15%,
02/09/51
USD
1,125
604,811
Amazon.com,
Inc.
3.30%,
04/13/27
.................
35
32,788
3.15%,
08/22/27
.................
549
507,936
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Broadline
Retail
(continued)
3.88%,
08/22/37
.................
USD
1,075
$
880,460
4.05%,
08/22/47
.................
405
308,748
2.50%,
06/03/50
.................
28
15,485
3.10%,
05/12/51
.................
25
15,489
3.95%,
04/13/52
.................
524
383,078
2.70%,
06/03/60
.................
295
158,208
3.25%,
05/12/61
.................
938
561,720
4.10%,
04/13/62
.................
325
233,659
ANGI
Group
LLC,
3.88%,
08/15/28
(b)
.....
1,675
1,256,239
Go
Daddy
Operating
Co.
LLC,
5.25%,
12/01/27
(b)
....................
1,346
1,261,380
LCM
Investments
Holdings
II
LLC,
8.25%,
08/01/31
(b)
....................
1,301
1,237,741
Marks
&
Spencer
plc,
3.75%,
05/19/26
(c)
...
GBP
150
171,247
Match
Group
Holdings
II
LLC
(b)
4.63%,
06/01/28
.................
USD
723
649,174
5.63%,
02/15/29
.................
1,357
1,224,912
3.63%,
10/01/31
.................
421
323,118
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
(b)
..
867
811,004
10,637,197
Building
Products
—
0.2%
Advanced
Drainage
Systems,
Inc.
(b)
5.00%,
09/30/27
.................
2,862
2,668,815
6.38%,
06/15/30
.................
827
780,827
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
(b)
....................
1,719
1,605,082
HT
Troplast
GmbH,
9.38%,
07/15/28
(c)
....
EUR
1,362
1,397,817
JELD-WEN,
Inc.,
4.63%,
12/15/25
(b)
.....
USD
1,193
1,125,894
Masonite
International
Corp.
(b)
5.38%,
02/01/28
.................
402
370,206
3.50%,
02/15/30
.................
654
517,852
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(b)
5.25%,
07/15/28
.................
1,044
921,321
9.75%,
07/15/28
.................
773
771,068
PCF
GmbH,
4.75%,
04/15/26
(c)
........
EUR
589
441,552
Smyrna
Ready
Mix
Concrete
LLC,
6.00%,
11/01/28
(b)
....................
USD
4,197
3,880,490
Standard
Industries,
Inc.
(b)
5.00%,
02/15/27
.................
400
369,711
4.75%,
01/15/28
.................
1,012
905,638
4.38%,
07/15/30
.................
1,611
1,316,224
3.38%,
01/15/31
.................
861
651,533
Summit
Materials
LLC,
5.25%,
01/15/29
(b)
..
146
132,199
17,856,229
Capital
Markets
—
1.3%
AerCap
Ireland
Capital
DAC,
6.10%,
01/15/27
945
929,499
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(b)
....................
1,482
1,488,721
Ares
Capital
Corp.,
7.00%,
01/15/27
.....
720
717,362
Aretec
Escrow
Issuer
2,
Inc.,
10.00%,
08/15/30
(b)
....................
500
505,625
Blackstone
Private
Credit
Fund
7.05%,
09/29/25
.................
602
599,701
3.25%,
03/15/27
.................
408
351,938
Blue
Owl
Capital
Corp.
3.75%,
07/22/25
.................
747
698,039
3.40%,
07/15/26
.................
1,401
1,250,061
Blue
Owl
Credit
Income
Corp.,
5.50%,
03/21/25
1,605
1,552,909
Castor
SpA,
(3-mo.
EURIBOR
at
5.25%
Floor
+
5.25%),
9.10%,
02/15/29
(a)(c)
.........
EUR
747
739,025
Charles
Schwab
Corp.
(The)
3.45%,
02/13/26
.................
USD
567
532,733
5.88%,
08/24/26
.................
744
738,853
(1-day
SOFR
+
2.01%),
6.14%,
08/24/34
(a)
514
481,413
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(b)
...............
USD
1,887
$
1,611,390
Credit
Suisse
AG
4.75%,
08/09/24
.................
702
692,726
3.63%,
09/09/24
.................
1,695
1,651,981
7.95%,
01/09/25
.................
420
425,990
7.50%,
02/15/28
.................
651
675,939
Deutsche
Bank
AG
(a)
(5-Year
USD
Swap
Rate
+
5.00%),
7.50%
(k)
2,400
2,126,540
Series
2020,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.52%),
6.00%
(k)
...............
19,000
15,297,962
(1-day
SOFR
+
2.58%),
3.96%,
11/26/25
600
578,589
(1-day
SOFR
+
1.87%),
2.13%,
11/24/26
595
537,263
(1-day
SOFR
+
1.22%),
2.31%,
11/16/27
299
258,614
(5-Year
EURIBOR
ICE
Swap
Rate
+
6.94%),
10.00%
(c)(k)
.............
EUR
5,400
5,701,170
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.69%),
6.75%
(c)(k)
..............
3,800
3,315,198
(1-day
SOFR
+
3.18%),
6.72%,
01/18/29
USD
1,010
991,359
(1-day
SOFR
+
5.44%),
5.88%,
07/08/31
574
491,684
(1-day
SOFR
+
3.65%),
7.08%,
02/10/34
871
767,277
Drawbridge
Special
Opportunities
Fund
LP,
3.88%,
02/15/26
(b)
...............
250
220,562
Goldman
Sachs
Group,
Inc.
(The)
(3-mo.
CME
Term
SOFR
+
1.46%),
3.27%,
09/29/25
(a)
...................
930
902,515
(1-day
SOFR
+
0.79%),
1.09%,
12/09/26
(a)
2,080
1,856,935
(1-day
SOFR
+
1.28%),
2.62%,
04/22/32
(a)
1,470
1,119,992
(1-day
SOFR
+
1.25%),
2.38%,
07/21/32
(a)
1,171
869,173
(1-day
SOFR
+
1.26%),
2.65%,
10/21/32
(a)
1,120
842,076
6.75%,
10/01/37
.................
450
439,590
Intercontinental
Exchange,
Inc.,
5.20%,
06/15/62
.....................
361
297,853
Macquarie
Bank
Ltd.,
6.80%,
01/18/33
(b)
...
820
780,063
MDGH
GMTN
RSC
Ltd.,
4.38%,
11/22/33
(b)
.
1,533
1,356,705
Morgan
Stanley
(a)
(1-day
SOFR
+
1.16%),
3.62%,
04/17/25
990
977,213
(1-day
SOFR
+
0.88%),
1.59%,
05/04/27
1,075
955,219
(1-day
SOFR
+
1.61%),
4.21%,
04/20/28
6,400
5,968,644
3.59%,
07/22/28
.................
1,430
1,296,884
(1-day
SOFR
+
1.73%),
5.12%,
02/01/29
1,250
1,190,114
(1-day
SOFR
+
1.63%),
5.45%,
07/20/29
745
716,496
(3-mo.
CME
Term
SOFR
+
1.89%),
4.43%,
01/23/30
....................
1,042
948,766
(1-day
SOFR
+
1.14%),
2.70%,
01/22/31
1,530
1,229,318
(1-day
SOFR
+
3.12%),
3.62%,
04/01/31
285
241,303
(1-day
SOFR
+
2.05%),
6.63%,
11/01/34
1,420
1,417,870
Nasdaq,
Inc.,
5.55%,
02/15/34
.........
810
751,349
Northern
Trust
Corp.
3.95%,
10/30/25
.................
100
96,525
6.13%,
11/02/32
.................
779
750,899
S&P
Global,
Inc.
5.25%,
09/15/33
(b)
................
340
320,790
3.25%,
12/01/49
.................
406
252,968
3.70%,
03/01/52
.................
67
45,270
2.30%,
08/15/60
.................
56
26,028
Sherwood
Financing
plc,
6.00%,
11/15/26
(c)
.
GBP
236
238,082
State
Street
Corp.,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.67%,
06/15/47
(a)
..........
USD
30,005
24,003,945
SURA
Asset
Management
SA,
4.88%,
04/17/24
(b)
....................
2,651
2,612,799
UBS
Group
AG
(a)
(5-Year
USD
Swap
Semi
+
4.34%),
7.00%
(b)
(k)
.........................
14,176
14,056,709
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(5-Year
USD
Swap
Semi
+
4.87%),
7.00%
(c)
(k)
.........................
USD
11,156
$
10,807,375
(5-Year
USD
Swap
Semi
+
4.59%),
6.88%
(c)
(k)
.........................
3,239
3,047,284
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.86%),
5.13%
(c)(k)
....................
2,050
1,819,621
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.08%),
1.36%,
01/30/27
(b)
...................
730
647,410
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.40%),
4.88%
(b)(k)
....................
1,935
1,591,292
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.80%),
6.25%,
09/22/29
(b)
...................
1,077
1,055,206
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.31%),
4.38%
(b)(k)
....................
6,088
4,226,617
(1-day
SOFR
+
5.02%),
9.02%,
11/15/33
(b)
3,840
4,301,626
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.00%),
6.30%,
09/22/34
(b)
...................
2,520
2,387,013
Vivion
Investments
SARL,
3.00%,
08/08/24
(c)
EUR
900
871,345
143,247,005
Chemicals
—
0.6%
Alpek
SAB
de
CV,
3.25%,
02/25/31
(b)
.....
USD
365
276,031
Ashland,
Inc.,
3.38%,
09/01/31
(b)
........
230
176,312
Avient
Corp.,
7.13%,
08/01/30
(b)
........
935
899,556
Axalta
Coating
Systems
Dutch
Holding
B
BV,
3.75%,
01/15/25
(c)
...............
EUR
220
229,290
Axalta
Coating
Systems
LLC
(b)
4.75%,
06/15/27
.................
USD
1,477
1,360,229
3.38%,
02/15/29
.................
1,484
1,219,798
Braskem
Netherlands
Finance
BV,
7.25%,
02/13/33
(b)
....................
2,357
2,035,859
Celanese
US
Holdings
LLC
6.35%,
11/15/28
.................
779
760,558
6.55%,
11/15/30
.................
742
713,694
6.70%,
11/15/33
.................
1,048
995,382
Chemours
Co.
(The)
(b)
5.75%,
11/15/28
.................
1,136
960,772
4.63%,
11/15/29
.................
464
358,383
Dow
Chemical
Co.
(The),
6.90%,
05/15/53
.
91
90,967
DuPont
de
Nemours,
Inc.,
5.32%,
11/15/38
.
506
452,252
Eastman
Chemical
Co.
5.75%,
03/08/33
.................
1,292
1,196,640
4.80%,
09/01/42
.................
225
172,528
4.65%,
10/15/44
.................
98
71,473
Ecolab,
Inc.,
2.70%,
12/15/51
.........
416
228,335
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
.
7,172
6,102,322
FIS
Fabbrica
Italiana
Sintetici
SpA,
5.63%,
08/01/27
(c)
....................
EUR
1,645
1,569,563
Gates
Global
LLC,
6.25%,
01/15/26
(b)
.....
USD
1,121
1,097,907
Herens
Holdco
SARL,
4.75%,
05/15/28
(b)
..
3,371
2,611,085
Herens
Midco
SARL,
5.25%,
05/15/29
(c)
...
EUR
1,308
776,366
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(b)
...
USD
2,801
2,616,974
INEOS
Finance
plc,
6.63%,
05/15/28
(c)
....
EUR
319
331,627
INEOS
Quattro
Finance
2
plc
(c)
2.50%,
01/15/26
.................
1,875
1,845,062
2.50%,
01/15/26
.................
777
764,594
Ingevity
Corp.,
3.88%,
11/01/28
(b)
.......
USD
528
428,649
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(b)
.
1,868
1,354,300
Kronos
International,
Inc.,
3.75%,
09/15/25
(c)
EUR
1,827
1,739,988
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(b)
..
USD
1,016
824,240
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
LYB
International
Finance
III
LLC
1.25%,
10/01/25
.................
USD
800
$
729,827
3.63%,
04/01/51
.................
118
71,112
3.80%,
10/01/60
.................
18
10,395
MEGlobal
BV
(b)
4.25%,
11/03/26
.................
816
768,215
2.63%,
04/28/28
.................
803
684,774
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(b)
1,293
1,130,444
Monitchem
HoldCo
3
SA,
8.75%,
05/01/28
(c)
EUR
678
686,642
Nobian
Finance
BV,
3.63%,
07/15/26
(c)
....
1,192
1,126,689
Nutrien
Ltd.
5.90%,
11/07/24
.................
USD
1,507
1,503,757
4.90%,
03/27/28
.................
1,005
962,741
5.80%,
03/27/53
.................
101
88,251
Olympus
Water
US
Holding
Corp.
9.63%,
11/15/28
(c)
................
EUR
1,970
2,066,718
9.75%,
11/15/28
(b)
................
USD
3,964
3,871,643
Sasol
Financing
USA
LLC
6.50%,
09/27/28
.................
435
382,148
8.75%,
05/03/29
(b)
................
2,671
2,537,450
SCIL
IV
LLC
5.38%,
11/01/26
(b)
................
1,825
1,618,822
(3-mo.
EURIBOR
at
4.38%
Floor
+
4.38%),
8.10%,
11/01/26
(a)(c)
.............
EUR
584
611,751
9.50%,
07/15/28
(c)
................
1,013
1,083,871
Scotts
Miracle-Gro
Co.
(The)
4.00%,
04/01/31
.................
USD
920
684,392
4.38%,
02/01/32
.................
204
149,512
Sherwin-Williams
Co.
(The)
2.95%,
08/15/29
.................
584
497,691
4.50%,
06/01/47
.................
269
202,902
3.30%,
05/15/50
.................
15
9,002
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(b)
....................
3,650
2,756,053
Synthomer
plc,
3.88%,
07/01/25
(c)
.......
EUR
1,863
1,905,598
WR
Grace
Holdings
LLC
(b)
4.88%,
06/15/27
.................
USD
729
654,903
5.63%,
08/15/29
.................
5,253
4,071,075
7.38%,
03/01/31
.................
1,469
1,360,691
66,487,805
Commercial
Services
&
Supplies
—
0.7%
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(b)
1,080
903,431
Allied
Universal
Holdco
LLC
6.63%,
07/15/26
(b)
................
3,873
3,627,064
9.75%,
07/15/27
(b)
................
5,391
4,682,763
3.63%,
06/01/28
(c)
................
EUR
808
687,803
4.63%,
06/01/28
(b)
................
USD
9,475
7,736,082
4.88%,
06/01/28
(c)
................
GBP
410
391,193
6.00%,
06/01/29
(b)
................
USD
6,106
4,411,585
APi
Group
DE,
Inc.
(b)
4.13%,
07/15/29
.................
1,008
822,107
4.75%,
10/15/29
.................
1,044
892,861
APX
Group,
Inc.
(b)
6.75%,
02/15/27
.................
569
549,318
5.75%,
07/15/29
.................
2,047
1,701,802
Aramark
Services,
Inc.
(b)
5.00%,
04/01/25
.................
1,401
1,369,495
5.00%,
02/01/28
.................
2,849
2,612,956
Brink's
Co.
(The),
5.50%,
07/15/25
(b)
.....
102
99,259
Clean
Harbors,
Inc.
(b)
4.88%,
07/15/27
.................
1,539
1,434,649
6.38%,
02/01/31
.................
807
767,023
Covanta
Holding
Corp.
4.88%,
12/01/29
(b)
................
1,506
1,174,680
5.00%,
09/01/30
.................
398
307,858
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Garda
World
Security
Corp.
(b)
4.63%,
02/15/27
.................
USD
1,252
$
1,116,653
9.50%,
11/01/27
.................
396
359,844
7.75%,
02/15/28
.................
3,436
3,304,332
GFL
Environmental,
Inc.
(b)
4.25%,
06/01/25
.................
638
613,283
3.75%,
08/01/25
.................
2,171
2,053,272
5.13%,
12/15/26
.................
301
285,616
4.00%,
08/01/28
.................
1,744
1,500,867
3.50%,
09/01/28
.................
542
464,080
4.75%,
06/15/29
.................
1,486
1,300,847
4.38%,
08/15/29
.................
1,396
1,190,513
Intrum
AB
(c)
3.13%,
07/15/24
.................
EUR
813
824,136
4.88%,
08/15/25
.................
1,396
1,323,689
9.25%,
03/15/28
.................
158
142,755
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
....................
USD
1,404
1,338,989
Madison
IAQ
LLC,
5.88%,
06/30/29
(b)
.....
3,052
2,364,187
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(b)
.
2,242
1,978,674
Paprec
Holding
SA
(c)
4.00%,
03/31/25
.................
EUR
871
907,748
3.50%,
07/01/28
.................
413
385,539
Prime
Security
Services
Borrower
LLC
(b)
5.75%,
04/15/26
.................
USD
2,736
2,654,215
6.25%,
01/15/28
.................
2,389
2,215,326
Q-Park
Holding
I
BV
(c)
1.50%,
03/01/25
.................
EUR
1,183
1,206,357
(3-mo.
EURIBOR
at
2.00%
Floor
+
2.00%),
5.80%,
03/01/26
(a)
..............
360
375,202
Republic
Services,
Inc.
0.88%,
11/15/25
.................
USD
519
470,922
4.88%,
04/01/29
.................
543
520,804
3.05%,
03/01/50
.................
126
75,818
Techem
Verwaltungsgesellschaft
674
mbH,
6.00%,
07/30/26
(c)
...............
EUR
1,823
1,863,800
Techem
Verwaltungsgesellschaft
675
mbH,
2.00%,
07/15/25
(c)
...............
870
884,747
Verisure
Holding
AB
(c)
3.25%,
02/15/27
.................
512
488,927
9.25%,
10/15/27
.................
1,631
1,832,793
7.13%,
02/01/28
.................
1,173
1,248,908
Waste
Management,
Inc.,
4.15%,
07/15/49
.
USD
110
82,435
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
...
6,218
5,715,617
Williams
Scotsman,
Inc.
(b)
6.13%,
06/15/25
.................
1,546
1,519,023
7.38%,
10/01/31
.................
1,603
1,576,744
78,358,591
Communications
Equipment
—
0.1%
CommScope
Technologies
LLC,
6.00%,
06/15/25
(b)
....................
1,337
802,200
CommScope,
Inc.
(b)
6.00%,
03/01/26
.................
2,658
2,232,668
4.75%,
09/01/29
.................
433
295,522
Motorola
Solutions,
Inc.,
4.60%,
02/23/28
..
428
404,879
Viasat,
Inc.
(b)
5.63%,
09/15/25
.................
4,482
4,163,733
5.63%,
04/15/27
.................
2,866
2,502,076
7.50%,
05/30/31
.................
264
172,801
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(b)
...
823
640,609
11,214,488
Security
Par
(000)
Par
(000)
Value
Construction
&
Engineering
—
0.2%
Aeropuertos
Dominicanos
Siglo
XXI
SA,
6.75%,
03/30/29
(b)
....................
USD
926
$
887,312
Arcosa,
Inc.,
4.38%,
04/15/29
(b)
........
2,674
2,333,065
Azzurra
Aeroporti
SpA
(c)
2.13%,
05/30/24
.................
EUR
3,100
3,215,794
2.63%,
05/30/27
.................
287
272,247
Brand
Industrial
Services,
Inc.,
10.38%,
08/01/30
(b)
....................
USD
8,125
8,064,063
Cellnex
Finance
Co.
SA
(c)
1.00%,
09/15/27
.................
EUR
200
182,756
1.50%,
06/08/28
.................
1,600
1,452,759
2.00%,
09/15/32
.................
1,300
1,059,210
2.00%,
02/15/33
.................
1,800
1,447,424
China
City
Construction
International
Co.
Ltd.,
5.35%,
07/03/17
(c)(e)(f)(l)
............
CNY
6,794
—
Dycom
Industries,
Inc.,
4.50%,
04/15/29
(b)
..
USD
1,502
1,295,835
Gatwick
Airport
Finance
plc,
4.38%,
04/07/26
(c)
GBP
1,008
1,130,835
Heathrow
Finance
plc
(c)(d)
4.75%,
03/01/24
.................
807
967,509
5.75%,
03/03/25
.................
221
261,227
4.13%,
09/01/29
.................
840
816,668
Webuild
SpA,
7.00%,
09/27/28
(c)
........
EUR
989
1,024,224
24,410,928
Construction
Materials
—
0.0%
Cemex
SAB
de
CV,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.53%),
5.13%
(a)(b)(k)
..............
USD
1,330
1,224,079
Consumer
Finance
—
0.4%
AerCap
Ireland
Capital
DAC
3.15%,
02/15/24
.................
2,650
2,624,010
2.88%,
08/14/24
.................
250
242,951
6.50%,
07/15/25
.................
885
882,956
3.65%,
07/21/27
.................
1,483
1,331,290
5.75%,
06/06/28
.................
849
815,062
Ally
Financial,
Inc.,
5.75%,
11/20/25
.....
1,320
1,260,953
Capital
One
Financial
Corp.
(a)
(1-day
SOFR
+
3.07%),
7.62%,
10/30/31
375
374,818
(1-day
SOFR
+
1.34%),
2.36%,
07/29/32
440
290,241
(1-day
SOFR
+
1.27%),
2.62%,
11/02/32
420
296,407
(1-day
SOFR
+
2.60%),
5.82%,
02/01/34
1,432
1,252,387
(1-day
SOFR
+
2.86%),
6.38%,
06/08/34
1,430
1,304,060
Encore
Capital
Group,
Inc.
(c)
4.88%,
10/15/25
.................
EUR
318
325,560
5.38%,
02/15/26
.................
GBP
1,003
1,110,597
4.25%,
06/01/28
.................
665
622,371
Ford
Motor
Credit
Co.
LLC
2.75%,
06/14/24
.................
1,818
2,154,446
4.54%,
03/06/25
.................
1,539
1,812,964
6.86%,
06/05/26
.................
851
1,029,636
6.80%,
05/12/28
.................
USD
3,160
3,150,970
5.11%,
05/03/29
.................
1,355
1,233,262
7.35%,
03/06/30
.................
3,502
3,516,960
7.20%,
06/10/30
.................
3,864
3,861,373
3.63%,
06/17/31
.................
492
388,680
General
Motors
Financial
Co.,
Inc.
6.00%,
01/09/28
.................
460
451,755
2.40%,
04/10/28
.................
255
214,973
GGAM
Finance
Ltd.
(b)
7.75%,
05/15/26
.................
263
260,901
8.00%,
06/15/28
.................
263
259,427
Global
Aircraft
Leasing
Co.
Ltd.,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(b)(j)
......
2,320
2,096,675
LeasePlan
Corp.
NV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
7.56%),
7.38%
(a)(c)(k)
......
EUR
1,400
1,478,377
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Macquarie
Airfinance
Holdings
Ltd.
(b)
8.38%,
05/01/28
.................
USD
636
$
633,933
8.13%,
03/30/29
.................
915
901,321
Navient
Corp.
5.88%,
10/25/24
.................
600
585,869
5.50%,
03/15/29
.................
1,399
1,133,190
9.38%,
07/25/30
.................
883
831,967
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
934
921,479
7.13%,
03/15/26
.................
2,323
2,256,093
3.50%,
01/15/27
.................
820
692,900
6.63%,
01/15/28
.................
899
817,871
5.38%,
11/15/29
.................
451
370,828
4.00%,
09/15/30
.................
385
281,628
SLM
Corp.,
3.13%,
11/02/26
..........
1,322
1,149,270
Toyota
Motor
Credit
Corp.
1.90%,
01/13/27
.................
48
42,806
1.15%,
08/13/27
.................
228
194,623
4.55%,
09/20/27
.................
1,013
978,593
5.45%,
11/10/27
.................
670
668,129
3.38%,
04/01/30
.................
376
327,671
47,432,233
Consumer
Staples
Distribution
&
Retail
—
0.2%
7-Eleven,
Inc.,
0.95%,
02/10/26
(b)
.......
1,400
1,254,054
Albertsons
Cos.,
Inc.
(b)
3.25%,
03/15/26
.................
2,360
2,179,908
4.63%,
01/15/27
.................
830
777,885
5.88%,
02/15/28
.................
1,081
1,035,489
6.50%,
02/15/28
.................
1,136
1,115,317
3.50%,
03/15/29
.................
1,528
1,302,774
4.88%,
02/15/30
.................
1,624
1,449,932
Bellis
Acquisition
Co.
plc
(c)
3.25%,
02/16/26
.................
GBP
2,612
2,749,116
4.50%,
02/16/26
.................
3,384
3,644,578
Cencosud
SA,
4.38%,
07/17/27
(c)
.......
USD
2,785
2,552,453
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
(b)
....................
1,224
1,032,781
Picard
Groupe
SAS,
3.88%,
07/01/26
(c)
...
EUR
1,112
1,079,201
Sysco
Corp.,
3.30%,
02/15/50
.........
USD
112
67,639
Target
Corp.,
4.80%,
01/15/53
.........
100
81,331
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(b)
630
495,734
US
Foods,
Inc.
(b)
6.88%,
09/15/28
.................
990
967,590
4.75%,
02/15/29
.................
1,305
1,151,215
4.63%,
06/01/30
.................
1,174
1,002,486
7.25%,
01/15/32
.................
1,193
1,171,093
Walmart,
Inc.
4.50%,
09/09/52
.................
49
39,757
4.50%,
04/15/53
.................
48
38,974
25,189,307
Containers
&
Packaging
—
0.6%
ARD
Finance
SA,
6.50%,
06/30/27
(b)
.....
3,207
1,866,927
Ardagh
Metal
Packaging
Finance
USA
LLC
6.00%,
06/15/27
(b)
................
2,703
2,554,385
2.00%,
09/01/28
(c)
................
EUR
1,032
897,047
3.00%,
09/01/29
(c)
................
1,430
1,112,146
4.00%,
09/01/29
(b)
................
USD
7,406
5,555,013
Ardagh
Packaging
Finance
plc
5.25%,
04/30/25
(b)
................
1,886
1,816,916
2.13%,
08/15/26
(c)
................
EUR
1,570
1,431,832
4.13%,
08/15/26
(b)
................
USD
811
715,708
4.75%,
07/15/27
(c)
................
GBP
1,805
1,535,465
5.25%,
08/15/27
(b)
................
USD
1,013
736,329
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
Ball
Corp.
5.25%,
07/01/25
.................
USD
113
$
111,237
6.00%,
06/15/29
.................
1,153
1,105,532
Berry
Global,
Inc.,
1.57%,
01/15/26
......
2,877
2,599,283
Canpack
SA,
3.13%,
11/01/25
(b)
........
810
741,150
Clydesdale
Acquisition
Holdings,
Inc.
(b)
6.63%,
04/15/29
.................
2,647
2,404,527
8.75%,
04/15/30
.................
3,000
2,391,240
Crown
Americas
LLC
4.75%,
02/01/26
.................
353
339,451
4.25%,
09/30/26
.................
620
586,151
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
368
373,538
Crown
European
Holdings
SA
(c)
3.38%,
05/15/25
.................
EUR
662
685,464
5.00%,
05/15/28
.................
660
689,798
Fiber
Bidco
SpA,
11.00%,
10/25/27
(c)
.....
1,535
1,721,635
Graphic
Packaging
International
LLC,
3.50%,
03/15/28
(b)
....................
USD
993
859,268
Klabin
Austria
GmbH,
3.20%,
01/12/31
(b)
...
2,905
2,218,694
Kleopatra
Finco
SARL,
4.25%,
03/01/26
(c)
..
EUR
2,029
1,772,193
Kleopatra
Holdings
2
SCA,
6.50%,
09/01/26
(c)
383
233,709
LABL,
Inc.
(b)
5.88%,
11/01/28
.................
USD
1,515
1,282,063
9.50%,
11/01/28
.................
2,326
2,247,992
Mauser
Packaging
Solutions
Holding
Co.
(b)
7.88%,
08/15/26
.................
15,574
14,586,904
9.25%,
04/15/27
.................
355
295,647
OI
European
Group
BV,
6.25%,
05/15/28
(c)
.
EUR
1,244
1,299,997
Owens-Brockway
Glass
Container,
Inc.
(b)
6.63%,
05/13/27
.................
USD
183
173,850
7.25%,
05/15/31
.................
767
701,805
SAN
Miguel
Industrias
Pet
SA,
3.50%,
08/02/28
(b)
....................
2,923
2,370,875
Sealed
Air
Corp.
(b)
6.13%,
02/01/28
.................
1,179
1,122,195
5.00%,
04/15/29
.................
308
273,145
Trident
TPI
Holdings,
Inc.,
12.75%,
12/31/28
(b)
621
634,587
Trivium
Packaging
Finance
BV
5.50%,
08/15/26
(b)(d)
...............
2,441
2,212,727
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
7.53%,
08/15/26
(a)(c)
.............
EUR
977
1,002,751
8.50%,
08/15/27
(b)(d)
...............
USD
800
667,529
WRKCo,
Inc.
4.00%,
03/15/28
.................
600
551,243
4.90%,
03/15/29
.................
300
283,762
66,761,710
Distributors
—
0.0%
(b)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
.............
1,019
848,817
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
2,258
2,071,128
Resideo
Funding,
Inc.,
4.00%,
09/01/29
...
493
395,633
Ritchie
Bros
Holdings,
Inc.,
6.75%,
03/15/28
448
439,030
3,754,608
Diversified
Consumer
Services
—
0.1%
Cedacri
Mergeco
SpA,
(3-mo.
EURIBOR
+
5.50%),
9.28%,
05/15/28
(a)(c)
.........
EUR
724
743,082
Johns
Hopkins
University,
Series
A,
4.71%,
07/01/32
.....................
USD
1,322
1,251,969
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(b)
..
969
791,815
Northwestern
University,
4.64%,
12/01/44
..
367
316,258
Rekeep
SpA,
7.25%,
02/01/26
(c)
........
EUR
2,286
2,140,653
Service
Corp.
International
5.13%,
06/01/29
.................
USD
716
655,140
3.38%,
08/15/30
.................
1,285
1,029,394
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
(continued)
4.00%,
05/15/31
.................
USD
1,613
$
1,305,579
Sotheby's
(b)
7.38%,
10/15/27
.................
3,840
3,429,448
5.88%,
06/01/29
.................
3,842
3,063,573
TUI
Cruises
GmbH,
6.50%,
05/15/26
(c)
....
EUR
933
913,167
University
of
Miami,
Series
2022,
4.06%,
04/01/52
.....................
USD
320
230,753
University
of
Southern
California,
Series
2017,
3.84%,
10/01/47
................
267
197,375
16,068,206
Diversified
REITs
—
0.2%
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(b)
..
761
576,149
GLP
Capital
LP
4.00%,
01/15/30
.................
297
247,860
3.25%,
01/15/32
.................
1,621
1,226,052
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(b)
...
1,302
1,146,044
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(b)
......
1,328
1,086,646
Prologis
LP,
4.63%,
01/15/33
..........
840
752,595
Simon
Property
Group
LP,
5.50%,
03/08/33
.
1,063
987,826
Trust
Fibra
Uno,
5.25%,
01/30/26
(b)
......
1,346
1,280,517
Uniti
Group
LP,
10.50%,
02/15/28
(b)
......
4,931
4,748,326
VICI
Properties
LP
4.63%,
12/01/29
(b)
................
1,637
1,415,940
4.95%,
02/15/30
.................
1,089
970,822
4.13%,
08/15/30
(b)
................
2,667
2,200,142
5.13%,
05/15/32
.................
2,240
1,935,713
5.63%,
05/15/52
.................
1,357
1,062,205
19,636,837
Diversified
Telecommunication
Services
—
1.2%
Altice
France
SA
2.50%,
01/15/25
(c)
................
EUR
100
98,403
2.13%,
02/15/25
(c)
................
2,233
2,187,895
5.88%,
02/01/27
(c)
................
650
569,401
8.13%,
02/01/27
(b)
................
USD
2,306
1,943,878
3.38%,
01/15/28
(c)
................
EUR
544
414,228
5.50%,
01/15/28
(b)
................
USD
3,359
2,495,829
5.13%,
01/15/29
(b)
................
679
468,614
5.50%,
10/15/29
(b)
................
2,153
1,481,050
AT&T,
Inc.
4.50%,
05/15/35
.................
2,139
1,783,782
5.35%,
09/01/40
.................
1,500
1,274,811
4.65%,
06/01/44
.................
200
151,147
4.50%,
03/09/48
.................
15
10,861
3.65%,
06/01/51
.................
18
11,078
3.50%,
09/15/53
.................
19
11,188
3.55%,
09/15/55
.................
945
549,326
3.80%,
12/01/57
.................
18
10,840
3.65%,
09/15/59
.................
112
64,799
3.85%,
06/01/60
.................
21
12,650
Bakrie
Telecom
Pte.
Ltd.,
11.50%,
05/07/15
(c)
1,000
7,170
British
Telecommunications
plc
(a)
(5-Year
EUR
Swap
Annual
+
2.13%),
1.87%,
08/18/80
(c)
..............
EUR
236
229,066
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.49%),
4.88%,
11/23/81
(b)
...................
USD
700
564,676
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.82%),
8.38%,
12/20/83
(c)
...................
GBP
1,726
2,083,391
CCO
Holdings
LLC
(b)
5.13%,
05/01/27
.................
USD
2,101
1,934,384
5.00%,
02/01/28
.................
1,327
1,191,563
5.38%,
06/01/29
.................
3,058
2,676,605
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
6.38%,
09/01/29
.................
USD
2,617
$
2,395,073
4.50%,
08/15/30
.................
788
631,846
4.25%,
02/01/31
.................
4,075
3,171,156
7.38%,
03/01/31
.................
8,456
7,991,097
4.75%,
02/01/32
.................
1,448
1,130,251
4.25%,
01/15/34
.................
820
592,288
Cellnex
Telecom
SA
(c)
1.00%,
04/20/27
.................
EUR
600
558,771
2.13%,
08/11/30
(m)
................
1,800
1,739,163
1.75%,
10/23/30
.................
1,800
1,527,591
0.75%,
11/20/31
(m)
................
1,600
1,245,248
eircom
Finance
DAC,
1.75%,
11/01/24
(c)
...
444
459,015
Frontier
Communications
Holdings
LLC
(b)
5.88%,
10/15/27
.................
USD
1,705
1,554,394
5.00%,
05/01/28
.................
4,743
4,095,061
8.75%,
05/15/30
.................
4,900
4,668,485
8.63%,
03/15/31
.................
562
528,395
Global
Switch
Holdings
Ltd.,
2.25%,
05/31/27
(c)
EUR
525
511,673
Iliad
Holding
SASU
6.50%,
10/15/26
(b)
................
USD
4,730
4,419,956
5.63%,
10/15/28
(c)
................
EUR
500
498,962
7.00%,
10/15/28
(b)
................
USD
1,458
1,319,420
Iliad
SA
(c)
1.50%,
10/14/24
.................
EUR
700
716,598
5.38%,
06/14/27
.................
1,600
1,667,566
5.63%,
02/15/30
.................
1,800
1,828,290
Infrastrutture
Wireless
Italiane
SpA,
1.63%,
10/21/28
(c)
....................
2,423
2,242,433
Kaixo
Bondco
Telecom
SA,
5.13%,
09/30/29
(c)
116
108,950
Level
3
Financing,
Inc.
(b)
3.40%,
03/01/27
.................
USD
5,028
4,655,335
4.63%,
09/15/27
.................
5,410
3,597,650
3.63%,
01/15/29
.................
510
260,454
10.50%,
05/15/30
................
5,125
5,129,016
Lorca
Telecom
Bondco
SA
4.00%,
09/18/27
(c)
................
EUR
3,427
3,363,216
Lumen
Technologies,
Inc.,
4.00%,
02/15/27
(b)
USD
2,433
1,642,275
RCS
&
RDS
SA,
2.50%,
02/05/25
(c)
......
EUR
2,200
2,236,150
Sprint
Capital
Corp.,
6.88%,
11/15/28
.....
USD
1,064
1,091,213
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
1,756
1,497,369
6.00%,
09/30/34
.................
2,575
2,119,261
7.20%,
07/18/36
.................
626
541,247
7.72%,
06/04/38
.................
795
701,794
Telecom
Italia
Finance
SA,
7.75%,
01/24/33
EUR
725
802,257
Telecom
Italia
SpA
4.00%,
04/11/24
(c)
................
100
104,752
5.30%,
05/30/24
(b)
................
USD
1,855
1,818,949
2.75%,
04/15/25
(c)
................
EUR
651
655,078
3.63%,
05/25/26
(c)
................
170
168,106
2.38%,
10/12/27
(c)
................
400
361,941
6.88%,
02/15/28
(c)
................
2,471
2,594,956
7.88%,
07/31/28
(c)
................
2,430
2,625,821
1.63%,
01/18/29
(c)
................
2,332
1,912,304
5.25%,
03/17/55
.................
300
245,976
Telefonica
Emisiones
SA
4.10%,
03/08/27
.................
USD
600
561,598
4.90%,
03/06/48
.................
520
374,663
Verizon
Communications,
Inc.
3.88%,
02/08/29
.................
2,797
2,539,350
1.50%,
09/18/30
.................
56
41,871
1.68%,
10/30/30
.................
711
530,179
2.36%,
03/15/32
.................
540
403,785
5.85%,
09/15/35
.................
690
655,733
2.65%,
11/20/40
.................
425
256,903
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
3.40%,
03/22/41
.................
USD
1,875
$
1,265,262
2.85%,
09/03/41
.................
440
271,746
6.55%,
09/15/43
.................
245
243,915
4.86%,
08/21/46
.................
17
13,531
2.88%,
11/20/50
.................
23
12,571
3.55%,
03/22/51
.................
21
13,195
2.99%,
10/30/56
.................
24
12,627
3.70%,
03/22/61
.................
46
28,054
Virgin
Media
Finance
plc,
5.00%,
07/15/30
(b)
1,350
1,061,348
Virgin
Media
Secured
Finance
plc
5.00%,
04/15/27
(c)
................
GBP
1,159
1,305,130
5.25%,
05/15/29
(c)
................
361
382,833
5.50%,
05/15/29
(b)
................
USD
400
354,199
4.25%,
01/15/30
(c)
................
GBP
108
105,671
4.50%,
08/15/30
(b)
................
USD
843
695,104
Zayo
Group
Holdings,
Inc.
(b)
4.00%,
03/01/27
.................
19,729
14,848,886
6.13%,
03/01/28
.................
2,566
1,699,842
133,631,433
Electric
Utilities
—
1.0%
AES
Panama
Generation
Holdings
SRL,
4.38%,
05/31/30
(c)
...............
1,815
1,471,284
Alabama
Power
Co.,
4.15%,
08/15/44
....
588
428,520
Alexander
Funding
Trust
II,
7.47%,
07/31/28
(b)
895
888,568
American
Electric
Power
Co.,
Inc.,
5.70%,
08/15/25
.....................
2,205
2,186,884
Baltimore
Gas
&
Electric
Co.
4.25%,
09/15/48
.................
351
255,810
3.20%,
09/15/49
.................
525
319,644
CenterPoint
Energy
Houston
Electric
LLC
Series
AG,
3.00%,
03/01/32
.........
636
512,373
Series
ai.,
4.45%,
10/01/32
..........
35
31,301
Series
AJ,
4.85%,
10/01/52
.........
100
81,778
Commonwealth
Edison
Co.,
Series
133,
3.85%,
03/15/52
.....................
488
331,283
Duke
Energy
Carolinas
LLC
3.70%,
12/01/47
.................
600
403,228
3.95%,
03/15/48
.................
704
489,723
3.20%,
08/15/49
.................
540
323,442
3.55%,
03/15/52
.................
200
126,926
Duke
Energy
Corp.
5.00%,
12/08/25
.................
233
229,252
2.45%,
06/01/30
.................
425
338,685
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.32%),
3.25%,
01/15/82
(a)
...................
18,465
13,265,548
Duke
Energy
Florida
LLC
2.50%,
12/01/29
.................
2,353
1,958,493
1.75%,
06/15/30
.................
255
196,209
3.85%,
11/15/42
.................
320
227,329
Duke
Energy
Progress
LLC
3.45%,
03/15/29
.................
2,808
2,512,895
4.10%,
05/15/42
.................
100
74,489
4.20%,
08/15/45
.................
515
374,551
5.35%,
03/15/53
.................
386
328,638
Edison
International
5.75%,
06/15/27
.................
387
380,429
5.25%,
11/15/28
.................
1,250
1,186,042
6.95%,
11/15/29
.................
566
575,413
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.86%),
8.13%,
06/15/53
(a)
...................
2,111
2,035,524
EDP
-
Energias
de
Portugal
SA
(a)(c)
(5-Year
EUR
Swap
Annual
+
1.84%),
1.70%,
07/20/80
...............
EUR
500
490,032
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
(5-Year
EUR
Swap
Annual
+
2.38%),
1.88%,
08/02/81
...............
EUR
1,800
$
1,690,315
(5-Year
EUR
Swap
Annual
+
3.18%),
5.94%,
04/23/83
...............
300
314,272
Enel
Finance
International
NV
(b)
6.80%,
10/14/25
.................
USD
337
340,805
1.38%,
07/12/26
.................
1,147
1,011,366
Engie
Energia
Chile
SA,
3.40%,
01/28/30
(c)
.
1,276
1,019,116
Eversource
Energy,
4.60%,
07/01/27
.....
917
873,276
Exelon
Corp.,
4.45%,
04/15/46
.........
273
200,363
FirstEnergy
Corp.
(a)(d)
Series
B,
4.15%,
07/15/27
..........
1,500
1,388,387
Series
C,
5.10%,
07/15/47
..........
149
123,554
FirstEnergy
Transmission
LLC,
4.35%,
01/15/25
(b)
....................
2,346
2,285,753
Florida
Power
&
Light
Co.
5.65%,
02/01/37
.................
500
473,307
3.70%,
12/01/47
.................
365
249,804
3.15%,
10/01/49
.................
369
224,729
2.88%,
12/04/51
.................
218
123,616
Georgia
Power
Co.,
4.70%,
05/15/32
.....
1,520
1,376,121
Kallpa
Generacion
SA,
4.88%,
05/24/26
(c)
..
2,609
2,478,472
MidAmerican
Energy
Co.
3.65%,
04/15/29
.................
907
817,754
4.25%,
07/15/49
.................
215
158,781
Naturgy
Finance
BV
(a)(c)(k)
(9-Year
EUR
Swap
Annual
+
3.08%),
3.38%
EUR
500
517,716
(5-Year
EUR
Swap
Annual
+
2.44%),
2.37%
1,400
1,307,164
NextEra
Energy
Capital
Holdings,
Inc.
4.20%,
06/20/24
.................
USD
2,628
2,597,370
5.75%,
09/01/25
.................
1,035
1,030,134
3.55%,
05/01/27
.................
73
67,165
1.90%,
06/15/28
.................
700
584,196
2.25%,
06/01/30
.................
400
311,693
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.55%),
3.80%,
03/15/82
(a)
...................
27,037
21,629,334
NextEra
Energy
Operating
Partners
LP,
3.88%,
10/15/26
(b)
....................
626
569,171
Northern
States
Power
Co.
3.60%,
05/15/46
.................
1,053
702,556
2.90%,
03/01/50
.................
77
44,284
NRG
Energy,
Inc.
(b)
2.45%,
12/02/27
.................
788
663,509
7.00%,
03/15/33
.................
1,180
1,115,319
Ohio
Power
Co.
Series
Q,
1.63%,
01/15/31
..........
1,151
854,247
5.00%,
06/01/33
.................
339
308,566
4.15%,
04/01/48
.................
140
99,294
4.00%,
06/01/49
.................
578
399,273
Oncor
Electric
Delivery
Co.
LLC
4.30%,
05/15/28
(b)
................
239
225,818
3.75%,
04/01/45
.................
441
310,461
3.80%,
09/30/47
.................
345
236,674
4.60%,
06/01/52
.................
526
406,423
Pacific
Gas
&
Electric
Co.
3.45%,
07/01/25
.................
820
777,452
3.30%,
12/01/27
.................
532
463,307
4.45%,
04/15/42
.................
149
100,655
4.00%,
12/01/46
.................
258
156,055
4.95%,
07/01/50
.................
1,540
1,074,964
3.50%,
08/01/50
.................
815
453,557
5.25%,
03/01/52
.................
470
340,273
6.70%,
04/01/53
.................
560
496,015
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
PacifiCorp
4.13%,
01/15/49
.................
USD
247
$
165,328
2.90%,
06/15/52
.................
620
323,176
5.35%,
12/01/53
.................
526
418,381
5.50%,
05/15/54
.................
125
101,808
Palomino
Funding
Trust
I,
7.23%,
05/17/28
(b)
682
681,582
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
....................
2,277
1,984,810
PECO
Energy
Co.
4.90%,
06/15/33
.................
1,051
972,444
3.00%,
09/15/49
.................
216
125,697
4.60%,
05/15/52
.................
85
65,923
4.38%,
08/15/52
.................
286
214,777
Public
Service
Electric
&
Gas
Co.
3.10%,
03/15/32
.................
116
94,953
4.90%,
12/15/32
.................
1,786
1,658,938
5.80%,
05/01/37
.................
100
95,166
3.60%,
12/01/47
.................
179
121,132
3.00%,
03/01/51
.................
492
289,910
Southern
California
Edison
Co.
Series
D,
4.70%,
06/01/27
..........
465
447,315
4.00%,
04/01/47
.................
725
496,252
Series
B,
4.88%,
03/01/49
..........
70
54,375
3.65%,
02/01/50
.................
700
444,678
Series
20A,
2.95%,
02/01/51
........
240
133,368
Series
H,
3.65%,
06/01/51
..........
435
272,717
Series
E,
5.45%,
06/01/52
..........
490
409,115
5.70%,
03/01/53
.................
435
378,131
Southern
Co.
(The)
4.48%,
08/01/24
(a)(d)
...............
1,267
1,250,119
5.20%,
06/15/33
.................
1,826
1,678,417
Tampa
Electric
Co.
4.35%,
05/15/44
.................
41
30,193
4.30%,
06/15/48
.................
267
192,248
4.45%,
06/15/49
.................
411
301,240
Virginia
Electric
&
Power
Co.
Series
B,
6.00%,
01/15/36
..........
286
275,518
6.35%,
11/30/37
.................
80
77,792
4.45%,
02/15/44
.................
300
225,716
4.60%,
12/01/48
.................
595
454,710
Vistra
Operations
Co.
LLC
(b)
3.55%,
07/15/24
.................
2,884
2,813,284
5.13%,
05/13/25
.................
1,854
1,811,625
7.75%,
10/15/31
.................
1,385
1,336,829
6.95%,
10/15/33
.................
1,150
1,095,360
106,509,756
Electrical
Equipment
—
0.1%
(b)
Regal
Rexnord
Corp.
6.05%,
04/15/28
.................
1,980
1,894,054
6.30%,
02/15/30
.................
1,670
1,571,446
6.40%,
04/15/33
.................
1,149
1,054,087
Sensata
Technologies
BV
5.00%,
10/01/25
.................
1,971
1,916,341
4.00%,
04/15/29
.................
1,157
983,574
5.88%,
09/01/30
.................
735
671,300
Vertiv
Group
Corp.,
4.13%,
11/15/28
.....
3,816
3,335,202
11,426,004
Electronic
Equipment,
Instruments
&
Components
—
0.0%
(b)
Coherent
Corp.,
5.00%,
12/15/29
.......
2,295
1,947,468
Sensata
Technologies,
Inc.
4.38%,
02/15/30
.................
1,292
1,092,022
3.75%,
02/15/31
.................
447
357,755
3,397,245
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
—
0.8%
Archrock
Partners
LP
(b)
6.88%,
04/01/27
.................
USD
2,927
$
2,813,891
6.25%,
04/01/28
.................
4,004
3,718,715
Borr
IHC
Ltd.
(b)
10.00%,
11/15/28
................
2,393
2,381,590
10.38%,
11/15/30
................
997
988,526
EDO
Sukuk
Ltd.,
5.88%,
09/21/33
(b)
......
3,596
3,449,463
Enerflex
Ltd.,
9.00%,
10/15/27
(b)
........
1,969
1,791,790
Halliburton
Co.
2.92%,
03/01/30
.................
489
410,294
5.00%,
11/15/45
.................
271
222,627
Nabors
Industries
Ltd.
(b)
7.25%,
01/15/26
.................
1,570
1,474,968
7.50%,
01/15/28
.................
1,985
1,753,152
Nabors
Industries,
Inc.
5.75%,
02/01/25
.................
3,809
3,694,730
7.38%,
05/15/27
(b)
................
198
184,082
Noble
Finance
II
LLC,
8.00%,
04/15/30
(b)
..
1,765
1,763,922
Oceaneering
International,
Inc.,
6.00%,
02/01/28
(b)
....................
360
330,300
Patterson-UTI
Energy,
Inc.,
7.15%,
10/01/33
525
512,201
Precision
Drilling
Corp.,
6.88%,
01/15/29
(b)
.
461
426,841
Seadrill
Finance
Ltd.,
8.38%,
08/01/30
(b)
...
1,237
1,237,396
Tervita
Corp.,
11.00%,
12/01/25
(b)
.......
993
1,032,690
Transocean
Aquila
Ltd.,
8.00%,
09/30/28
(b)
.
657
647,382
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(b)
....................
649
651,628
Transocean,
Inc.
(b)
7.50%,
01/15/26
.................
2,970
2,844,844
11.50%,
01/30/27
................
3,032
3,155,190
8.00%,
02/01/27
.................
1,070
1,004,345
8.75%,
02/15/30
.................
4,927
4,912,166
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
2,862
2,779,300
6.88%,
09/01/27
.................
2,454
2,351,195
Valaris
Ltd.,
8.38%,
04/30/30
(b)
.........
4,257
4,177,181
Vallourec
SACA,
8.50%,
06/30/26
(c)
......
EUR
1,531
1,617,926
Venture
Global
LNG,
Inc.
(b)
8.13%,
06/01/28
.................
USD
5,536
5,374,465
9.50%,
02/01/29
.................
11,128
11,305,380
8.38%,
06/01/31
.................
8,630
8,235,221
9.88%,
02/01/32
.................
4,638
4,702,879
Weatherford
International
Ltd.
(b)
6.50%,
09/15/28
.................
1,224
1,230,306
8.63%,
04/30/30
.................
2,930
2,960,704
86,137,290
Entertainment
—
0.2%
CPUK
Finance
Ltd.,
3.59%,
08/28/25
(c)
....
GBP
502
578,621
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(b)
....................
USD
1,681
1,106,165
Live
Nation
Entertainment,
Inc.
(b)
4.88%,
11/01/24
.................
659
644,989
5.63%,
03/15/26
.................
284
271,984
6.50%,
05/15/27
.................
6,775
6,609,933
4.75%,
10/15/27
.................
2,302
2,103,591
Netflix,
Inc.
(b)
5.38%,
11/15/29
.................
346
335,472
4.88%,
06/15/30
.................
53
49,605
Odeon
Finco
plc,
12.75%,
11/01/27
(b)
.....
488
486,052
Pinewood
Finance
Co.
Ltd.,
3.25%,
09/30/25
(c)
GBP
543
622,728
Pinnacle
Bidco
plc
(c)
8.25%,
10/11/28
.................
EUR
376
384,955
10.00%,
10/11/28
................
GBP
471
549,877
Playtika
Holding
Corp.,
4.25%,
03/15/29
(b)
..
USD
399
321,889
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Entertainment
(continued)
TWDC
Enterprises
18
Corp.
3.70%,
12/01/42
.................
USD
314
$
224,653
4.13%,
06/01/44
.................
85
63,884
Walt
Disney
Co.
(The)
4.63%,
03/23/40
.................
321
269,826
2.75%,
09/01/49
.................
31
17,324
4.70%,
03/23/50
.................
22
17,820
3.60%,
01/13/51
.................
26
17,184
3.80%,
05/13/60
.................
38
24,779
Warnermedia
Holdings,
Inc.
5.14%,
03/15/52
.................
2,083
1,473,965
5.39%,
03/15/62
.................
1,379
965,808
17,141,104
Financial
Services
—
0.7%
Banco
Votorantim
SA,
4.50%,
09/24/24
(c)
..
1,378
1,346,471
Block,
Inc.
2.75%,
06/01/26
.................
3,010
2,701,058
3.50%,
06/01/31
.................
5,111
3,944,438
Blue
Owl
Credit
Income
Corp.,
7.75%,
09/16/27
1,780
1,752,659
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
...
1,565
1,537,237
Fidelity
National
Information
Services,
Inc.
1.15%,
03/01/26
.................
652
584,093
4.70%,
07/15/27
.................
694
664,267
3.10%,
03/01/41
.................
121
76,344
5.63%,
07/15/52
.................
104
88,171
Fiserv,
Inc.
2.65%,
06/01/30
.................
389
313,478
4.40%,
07/01/49
.................
162
117,536
Freedom
Mortgage
Corp.
(b)
12.00%,
10/01/28
................
523
524,673
12.25%,
10/01/30
................
519
519,170
Garfunkelux
Holdco
3
SA
(c)
6.75%,
11/01/25
.................
EUR
1,624
1,288,230
7.75%,
11/01/25
.................
GBP
381
341,220
Global
Payments,
Inc.
1.20%,
03/01/26
.................
USD
1,052
937,966
4.80%,
04/01/26
.................
1,307
1,262,466
3.20%,
08/15/29
.................
2,058
1,727,309
5.30%,
08/15/29
.................
380
356,928
5.40%,
08/15/32
.................
400
362,429
Jefferies
Finance
LLC,
5.00%,
08/15/28
(b)
..
2,783
2,221,073
Mastercard,
Inc.
3.95%,
02/26/48
.................
101
76,261
2.95%,
03/15/51
.................
121
73,835
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
1,182
1,086,465
Nationstar
Mortgage
Holdings,
Inc.
(b)
5.00%,
02/01/26
.................
7,093
6,592,926
6.00%,
01/15/27
.................
1,020
948,110
5.13%,
12/15/30
.................
670
542,154
5.75%,
11/15/31
.................
1,240
1,032,734
Nationwide
Building
Society
(a)(c)(k)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.39%),
5.88%
...
GBP
3,534
4,048,896
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.63%),
5.75%
...
2,650
2,732,164
Nexi
SpA,
0.00%,
02/24/28
(c)(m)(n)
........
EUR
3,500
2,943,619
Nykredit
Realkredit
A/S,
(5-Year
EUR
Swap
Annual
+
4.57%),
4.13%
(a)(c)(k)
........
600
583,962
PayPal
Holdings,
Inc.,
4.40%,
06/01/32
...
USD
522
467,792
Permian
Resources
Operating
LLC,
7.00%,
01/15/32
(b)
....................
923
894,750
Rocket
Mortgage
LLC
(b)
2.88%,
10/15/26
.................
5,942
5,172,927
3.88%,
03/01/31
.................
542
419,129
4.00%,
10/15/33
.................
295
216,825
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Shell
International
Finance
BV,
3.25%,
04/06/50
.....................
USD
124
$
78,169
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
...
2,914
2,691,808
Siemens
Financieringsmaatschappij
NV,
2.88%,
03/11/41
(b)
...............
1,329
888,793
Taurus
Law
130
Securities
SRL,
(Acquired
07/14/23,
cost
$7,156,200)
(a)(f)(g)
.......
EUR
6,599
6,742,845
Thames
Water
Utilities
Finance
plc,
4.00%,
04/18/27
(c)
....................
726
719,483
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(b)
.
USD
12,882
12,787,134
Visa,
Inc.
4.30%,
12/14/45
.................
54
43,112
2.00%,
08/15/50
.................
68
34,724
Worldline
SA,
0.00%,
07/30/26
(c)(m)(n)
.....
EUR
811
742,774
75,228,607
Food
Products
—
0.2%
B&G
Foods,
Inc.,
8.00%,
09/15/28
(b)
.....
USD
573
558,384
Chobani
LLC
(b)
7.50%,
04/15/25
.................
5,095
5,005,576
4.63%,
11/15/28
.................
4,454
3,850,802
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
(b)
.
1,483
1,391,350
General
Mills,
Inc.
2.25%,
10/14/31
.................
851
643,235
3.00%,
02/01/51
.................
275
157,487
J
M
Smucker
Co.
(The)
6.20%,
11/15/33
.................
874
849,545
6.50%,
11/15/53
.................
220
207,432
Kraft
Heinz
Foods
Co.
4.38%,
06/01/46
.................
42
30,729
4.88%,
10/01/49
.................
1,435
1,123,456
5.50%,
06/01/50
.................
35
30,039
Lamb
Weston
Holdings,
Inc.
(b)
4.88%,
05/15/28
.................
1,376
1,270,578
4.13%,
01/31/30
.................
2,179
1,848,495
Minerva
Luxembourg
SA,
8.88%,
09/13/33
(b)
1,339
1,311,484
Post
Holdings,
Inc.
(b)
5.75%,
03/01/27
.................
526
501,439
5.63%,
01/15/28
.................
413
383,830
5.50%,
12/15/29
.................
124
110,585
4.63%,
04/15/30
.................
129
108,023
4.50%,
09/15/31
.................
186
150,499
Premier
Foods
Finance
plc
3.50%,
10/15/26
(c)
................
GBP
977
1,076,664
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(b)
..
USD
1,319
1,071,450
Tereos
Finance
Groupe
I
SA,
7.25%,
04/15/28
(c)
EUR
850
912,140
Unilever
Capital
Corp.,
2.63%,
08/12/51
...
USD
124
70,118
22,663,340
Gas
Utilities
—
0.1%
AmeriGas
Partners
LP,
9.38%,
06/01/28
(b)
..
1,296
1,280,767
Atmos
Energy
Corp.
2.63%,
09/15/29
.................
731
624,006
5.75%,
10/15/52
.................
102
93,584
Howard
Midstream
Energy
Partners
LLC,
8.88%,
07/15/28
(b)
...............
1,403
1,410,474
Promigas
SA
ESP
3.75%,
10/16/29
(b)
................
1,668
1,342,740
3.75%,
10/16/29
(c)
................
1,344
1,081,920
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(b)
....................
619
512,720
UGI
International
LLC,
2.50%,
12/01/29
(c)
..
EUR
1,376
1,177,496
7,523,707
Ground
Transportation
—
0.4%
Albion
Financing
1
SARL,
6.13%,
10/15/26
(b)
USD
1,639
1,516,075
Ashtead
Capital,
Inc.,
5.95%,
10/15/33
(b)
...
1,483
1,353,036
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
(continued)
BCP
V
Modular
Services
Finance
II
plc,
4.75%,
11/30/28
(c)
....................
EUR
756
$
661,937
Burlington
Northern
Santa
Fe
LLC
6.15%,
05/01/37
.................
USD
185
186,082
5.75%,
05/01/40
.................
263
250,698
4.90%,
04/01/44
.................
644
540,712
4.70%,
09/01/45
.................
200
161,805
4.05%,
06/15/48
.................
100
72,459
3.55%,
02/15/50
.................
105
70,019
2.88%,
06/15/52
.................
305
174,057
5.20%,
04/15/54
.................
94
81,167
Canadian
National
Railway
Co.
3.85%,
08/05/32
.................
706
611,123
6.13%,
11/01/53
.................
255
254,609
Canadian
Pacific
Railway
Co.
3.50%,
05/01/50
.................
46
29,375
3.10%,
12/02/51
.................
80
46,961
CSX
Corp.
4.30%,
03/01/48
.................
570
425,328
4.75%,
11/15/48
.................
281
222,472
4.50%,
11/15/52
.................
91
69,422
4.65%,
03/01/68
.................
14
10,377
DAE
Funding
LLC
(c)
1.55%,
08/01/24
.................
1,648
1,580,020
2.63%,
03/20/25
.................
829
779,824
EC
Finance
plc,
3.00%,
10/15/26
(c)
......
EUR
397
388,036
GN
Bondco
LLC,
9.50%,
10/15/31
(b)
.....
USD
1,862
1,815,450
Hertz
Corp.
(The)
(b)
4.63%,
12/01/26
.................
958
802,444
5.00%,
12/01/29
.................
839
602,322
Mobico
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(a)(c)(k)
...................
GBP
1,335
1,350,836
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(b)
.
USD
1,421
1,218,507
Norfolk
Southern
Corp.
3.80%,
08/01/28
.................
200
183,489
5.05%,
08/01/30
.................
1,170
1,106,116
3.94%,
11/01/47
.................
100
70,085
4.15%,
02/28/48
.................
552
396,600
3.05%,
05/15/50
.................
425
246,551
4.05%,
08/15/52
.................
100
69,260
3.70%,
03/15/53
.................
545
351,009
5.35%,
08/01/54
.................
340
290,159
3.16%,
05/15/55
.................
150
85,031
Penske
Truck
Leasing
Co.
LP
(b)
3.45%,
07/01/24
.................
879
863,949
4.00%,
07/15/25
.................
3,115
2,997,150
5.88%,
11/15/27
.................
1,075
1,048,319
RXO,
Inc.,
7.50%,
11/15/27
(b)
..........
647
646,825
Ryder
System,
Inc.
2.50%,
09/01/24
.................
995
965,457
2.85%,
03/01/27
.................
474
428,226
6.60%,
12/01/33
.................
160
158,811
Uber
Technologies,
Inc.
(b)
7.50%,
05/15/25
.................
2,496
2,499,098
8.00%,
11/01/26
.................
1,094
1,101,715
7.50%,
09/15/27
.................
4,087
4,097,266
6.25%,
01/15/28
.................
782
752,675
4.50%,
08/15/29
.................
4,388
3,869,930
Union
Pacific
Corp.
4.05%,
03/01/46
.................
25
17,945
3.25%,
02/05/50
.................
300
188,554
3.50%,
02/14/53
.................
424
274,373
3.95%,
08/15/59
.................
888
596,012
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
(continued)
3.84%,
03/20/60
.................
USD
454
$
299,019
38,878,777
Health
Care
Equipment
&
Supplies
—
0.2%
Abbott
Laboratories
3.75%,
11/30/26
.................
105
100,474
4.75%,
11/30/36
.................
809
737,470
4.90%,
11/30/46
.................
104
89,706
Avantor
Funding,
Inc.
2.63%,
11/01/25
(c)
................
EUR
714
725,876
4.63%,
07/15/28
(b)
................
USD
2,430
2,162,966
3.88%,
11/01/29
(b)
................
1,465
1,226,112
Bausch
&
Lomb
Escrow
Corp.,
8.38%,
10/01/28
(b)
....................
6,906
6,859,384
Baxter
International,
Inc.,
2.54%,
02/01/32
.
1,020
764,930
Becton
Dickinson
&
Co.,
3.70%,
06/06/27
..
1,374
1,278,496
Garden
Spinco
Corp.,
8.63%,
07/20/30
(b)
..
1,738
1,793,216
Medline
Borrower
LP
(b)
3.88%,
04/01/29
.................
2,519
2,126,957
5.25%,
10/01/29
.................
8,165
6,950,226
Medtronic
Global
Holdings
SCA
4.25%,
03/30/28
.................
752
716,337
4.50%,
03/30/33
.................
901
818,720
Teleflex,
Inc.,
4.63%,
11/15/27
.........
172
157,380
26,508,250
Health
Care
Providers
&
Services
—
0.6%
Acadia
Healthcare
Co.,
Inc.,
5.50%,
07/01/28
(b)
705
650,850
Aetna,
Inc.
4.75%,
03/15/44
.................
431
333,144
3.88%,
08/15/47
.................
641
422,054
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(b)
2,676
2,194,320
Banner
Health
2.91%,
01/01/42
.................
100
63,819
2.91%,
01/01/51
.................
100
56,475
Centene
Corp.
4.63%,
12/15/29
.................
1,814
1,620,375
3.38%,
02/15/30
.................
773
639,154
Clariane
SE
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
9.08%),
4.13%
(a)(c)(k)
GBP
1,100
920,922
CommonSpirit
Health
2.78%,
10/01/30
.................
USD
280
224,536
3.82%,
10/01/49
.................
300
197,533
3.91%,
10/01/50
.................
440
294,335
Community
Health
Systems,
Inc.
(b)
5.63%,
03/15/27
.................
1,857
1,508,689
6.00%,
01/15/29
.................
3,029
2,294,468
5.25%,
05/15/30
.................
3,241
2,301,609
4.75%,
02/15/31
.................
2,320
1,554,969
CVS
Health
Corp.
5.00%,
02/20/26
.................
1,545
1,515,677
5.13%,
07/20/45
.................
1,027
819,919
5.05%,
03/25/48
.................
25
19,652
5.63%,
02/21/53
.................
23
19,491
5.88%,
06/01/53
.................
22
19,239
6.00%,
06/01/63
.................
33
28,589
Elevance
Health,
Inc.
4.10%,
05/15/32
.................
588
510,211
6.38%,
06/15/37
.................
500
496,004
4.65%,
01/15/43
.................
250
198,982
3.70%,
09/15/49
.................
129
84,702
4.55%,
05/15/52
.................
177
134,001
Encompass
Health
Corp.
4.50%,
02/01/28
.................
116
104,578
4.75%,
02/01/30
.................
1,711
1,478,601
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
4.63%,
04/01/31
.................
USD
1,701
$
1,415,974
HCA,
Inc.
5.38%,
09/01/26
.................
731
714,944
3.63%,
03/15/32
.................
1,070
859,496
5.50%,
06/15/47
.................
190
153,055
5.25%,
06/15/49
.................
85
65,335
3.50%,
07/15/51
.................
462
267,642
4.63%,
03/15/52
.................
1,390
967,712
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
.....
3,949
3,382,711
Hoag
Memorial
Hospital
Presbyterian,
3.80%,
07/15/52
.....................
270
185,458
Kaiser
Foundation
Hospitals,
Series
2021,
2.81%,
06/01/41
................
299
192,247
Legacy
LifePoint
Health
LLC,
4.38%,
02/15/27
(b)
....................
1,965
1,624,878
LifePoint
Health,
Inc.
(b)
9.88%,
08/15/30
.................
1,819
1,643,921
11.00%,
10/15/30
................
2,024
1,904,741
Memorial
Health
Services,
3.45%,
11/01/49
.
274
175,659
ModivCare,
Inc.,
5.88%,
11/15/25
(b)
......
1,972
1,863,540
Molina
Healthcare,
Inc.
(b)
4.38%,
06/15/28
.................
1,030
916,717
3.88%,
11/15/30
.................
829
676,149
Mount
Nittany
Medical
Center
Obligated
Group,
Series
2022,
3.80%,
11/15/52
........
265
177,226
Nationwide
Children's
Hospital,
Inc.,
4.56%,
11/01/52
.....................
195
157,051
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(b)
.
1,735
1,450,031
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(b)
....................
247
224,770
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(b)
...............
454
424,484
RWJ
Barnabas
Health,
Inc.,
3.48%,
07/01/49
580
380,289
Surgery
Center
Holdings,
Inc.
(b)
6.75%,
07/01/25
.................
1,950
1,908,562
10.00%,
04/15/27
................
2,252
2,247,891
Sutter
Health
Series
20A,
2.29%,
08/15/30
........
571
450,888
Series
20A,
3.36%,
08/15/50
........
198
122,742
Tenet
Healthcare
Corp.
4.88%,
01/01/26
.................
2,615
2,506,226
6.25%,
02/01/27
.................
1,544
1,480,614
5.13%,
11/01/27
.................
1,149
1,060,662
4.63%,
06/15/28
.................
234
208,178
6.13%,
10/01/28
.................
986
914,515
6.13%,
06/15/30
.................
515
476,643
6.75%,
05/15/31
(b)
................
5,496
5,219,184
UnitedHealth
Group,
Inc.
6.88%,
02/15/38
.................
892
956,503
3.50%,
08/15/39
.................
775
569,082
2.75%,
05/15/40
.................
345
223,360
4.63%,
11/15/41
.................
115
94,459
4.75%,
07/15/45
.................
80
65,679
4.25%,
06/15/48
.................
510
381,498
3.70%,
08/15/49
.................
400
270,715
2.90%,
05/15/50
.................
185
106,726
3.25%,
05/15/51
.................
180
110,569
5.88%,
02/15/53
.................
218
206,163
6.05%,
02/15/63
.................
415
395,481
60,507,268
Health
Care
REITs
—
0.1%
Healthpeak
OP
LLC
3.00%,
01/15/30
.................
361
297,212
5.25%,
12/15/32
.................
440
398,479
Security
Par
(000)
Par
(000)
Value
Health
Care
REITs
(continued)
MPT
Operating
Partnership
LP
2.50%,
03/24/26
.................
GBP
1,453
$
1,386,348
5.25%,
08/01/26
.................
USD
1,055
908,369
4.63%,
08/01/29
.................
2,510
1,737,752
3.50%,
03/15/31
.................
2,649
1,605,963
Ventas
Realty
LP,
3.00%,
01/15/30
......
459
374,897
Welltower
OP
LLC
4.13%,
03/15/29
.................
1,966
1,774,655
2.75%,
01/15/32
.................
684
521,580
3.85%,
06/15/32
.................
454
376,751
9,382,006
Health
Care
Technology
—
0.0%
IQVIA,
Inc.
(b)
5.00%,
10/15/26
.................
1,065
1,015,283
5.00%,
05/15/27
.................
247
232,374
6.50%,
05/15/30
.................
789
765,330
2,012,987
Hotel
&
Resort
REITs
—
0.1%
RHP
Hotel
Properties
LP
4.75%,
10/15/27
.................
2,233
2,028,904
7.25%,
07/15/28
(b)
................
3,387
3,283,218
RLJ
Lodging
Trust
LP,
3.75%,
07/01/26
(b)
..
847
762,263
Service
Properties
Trust,
7.50%,
09/15/25
..
880
854,982
6,929,367
Hotels,
Restaurants
&
Leisure
—
1.4%
1011778
BC
ULC
(b)
5.75%,
04/15/25
.................
957
949,181
3.88%,
01/15/28
.................
315
281,231
4.38%,
01/15/28
.................
1,015
913,887
4.00%,
10/15/30
.................
648
530,727
Accor
SA,
(5-Year
EUR
Swap
Annual
+
3.25%),
2.63%
(a)(c)(k)
...................
EUR
700
703,637
Allwyn
Entertainment
Financing
UK
plc
7.88%,
04/30/29
(b)
................
USD
1,000
980,000
7.25%,
04/30/30
(c)
................
EUR
1,529
1,605,701
Boyd
Gaming
Corp.
4.75%,
12/01/27
.................
USD
774
704,336
4.75%,
06/15/31
(b)
................
719
596,697
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
.....
1,712
1,490,573
Burger
King
France
SAS
(3-mo.
EURIBOR
at
4.75%
Floor
+
4.75%),
8.48%,
11/01/26
(a)(c)
.............
EUR
409
433,217
Caesars
Entertainment,
Inc.
(b)
6.25%,
07/01/25
.................
USD
6,892
6,780,951
8.13%,
07/01/27
.................
6,543
6,483,289
4.63%,
10/15/29
.................
2,535
2,083,330
7.00%,
02/15/30
.................
4,982
4,808,093
Carnival
Corp.
7.63%,
03/01/26
(b)
................
216
210,037
7.63%,
03/01/26
(c)
................
EUR
2,558
2,653,137
5.75%,
03/01/27
(b)
................
USD
4,155
3,709,842
9.88%,
08/01/27
(b)
................
1,549
1,614,523
4.00%,
08/01/28
(b)
................
3,571
3,106,126
6.00%,
05/01/29
(b)
................
4,264
3,602,212
7.00%,
08/15/29
(b)
................
856
839,342
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(b)
....................
13,241
14,117,742
Carnival
plc,
1.00%,
10/28/29
.........
EUR
201
129,734
CCM
Merger,
Inc.,
6.38%,
05/01/26
(b)
.....
USD
666
630,421
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(b)
.
3,260
2,912,500
Cedar
Fair
LP
5.50%,
05/01/25
(b)
................
3,134
3,071,676
6.50%,
10/01/28
.................
435
402,627
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Churchill
Downs,
Inc.
(b)
5.50%,
04/01/27
.................
USD
1,077
$
1,010,170
4.75%,
01/15/28
.................
3,872
3,467,473
6.75%,
05/01/31
.................
2,137
1,971,383
Cirsa
Finance
International
SARL
(c)
4.75%,
05/22/25
.................
EUR
1,455
1,510,669
7.88%,
07/31/28
.................
410
431,110
(3-mo.
EURIBOR
+
4.50%),
8.45%,
07/31/28
(a)
...................
635
668,158
Codere
Finance
2
Luxembourg
SA,
11.00%,
(11.00%
Cash
or
11.00%
PIK),
09/30/26
(c)(d)(j)
1,144
819,945
Codere
New
Holdco
SA
7.50%,
11/30/27
(b)
................
156
7,683
7.50%,
11/30/27
.................
214
577
CPUK
Finance
Ltd.
(c)
4.88%,
08/28/25
.................
GBP
619
701,714
4.50%,
08/28/27
.................
200
207,706
Elior
Group
SA,
3.75%,
07/15/26
(c)
......
EUR
1,228
1,006,669
Fertitta
Entertainment
LLC
(b)
4.63%,
01/15/29
.................
USD
653
548,736
6.75%,
01/15/30
.................
525
417,244
Food
Service
Project
SA,
5.50%,
01/21/27
(c)
EUR
1,061
1,069,424
Hilton
Domestic
Operating
Co.,
Inc.
(b)
5.38%,
05/01/25
.................
USD
474
465,967
5.75%,
05/01/28
.................
1,387
1,328,864
3.75%,
05/01/29
.................
172
148,057
4.00%,
05/01/31
.................
1,134
939,140
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
.....................
1,175
1,108,180
Inter
Media
&
Communication
SpA,
6.75%,
02/09/27
(c)
....................
EUR
1,573
1,561,199
LHMC
Finco
2
SARL,
7.25%,
(7.25%
Cash
or
8.00%
PIK),
10/02/25
(c)(j)
...........
702
713,734
Life
Time,
Inc.
(b)
5.75%,
01/15/26
.................
USD
2,524
2,444,212
8.00%,
04/15/26
.................
1,972
1,922,700
Light
&
Wonder
International,
Inc.
(b)
7.25%,
11/15/29
.................
475
460,641
7.50%,
09/01/31
.................
986
962,758
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(b)
....................
1,443
1,388,095
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(b)
2,752
2,507,980
Lottomatica
SpA
(c)
9.75%,
09/30/27
.................
EUR
669
756,456
(3-mo.
EURIBOR
+
4.13%),
7.93%,
06/01/28
(a)
...................
959
1,015,783
(3-mo.
EURIBOR
+
4.13%),
7.93%,
06/01/28
(a)
...................
209
221,375
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(b)
USD
1,336
1,035,400
McDonald's
Corp.
5.15%,
09/09/52
.................
50
42,150
5.45%,
08/14/53
.................
48
42,313
Melco
Resorts
Finance
Ltd.
(b)
4.88%,
06/06/25
.................
1,200
1,127,640
5.75%,
07/21/28
.................
400
337,772
5.38%,
12/04/29
.................
3,057
2,420,349
Merlin
Entertainments
Ltd.,
5.75%,
06/15/26
(b)
1,959
1,832,249
MGM
China
Holdings
Ltd.
(b)
5.38%,
05/15/24
.................
200
196,765
5.25%,
06/18/25
.................
400
380,640
5.88%,
05/15/26
.................
400
372,288
4.75%,
02/01/27
.................
440
384,967
MGM
Resorts
International,
5.75%,
06/15/25
261
255,225
Midco
GB
SASU,
7.75%,
(7.75%
Cash
or
8.50%
PIK),
11/01/27
(c)(j)
...........
EUR
150
147,354
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(b)
....................
USD
1,053
$
876,623
Motion
Bondco
DAC,
6.63%,
11/15/27
(b)
...
784
701,680
NCL
Corp.
Ltd.
(b)
5.88%,
03/15/26
.................
2,674
2,399,915
8.38%,
02/01/28
.................
987
977,791
8.13%,
01/15/29
.................
621
606,713
7.75%,
02/15/29
.................
342
298,494
NCL
Finance
Ltd.,
6.13%,
03/15/28
(b)
.....
1,086
908,153
Ontario
Gaming
GTA
LP,
8.00%,
08/01/30
(b)
.
831
812,333
Premier
Entertainment
Sub
LLC
(b)
5.63%,
09/01/29
.................
700
492,240
5.88%,
09/01/31
.................
888
602,930
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)
.
1,501
1,396,681
Royal
Caribbean
Cruises
Ltd.
(b)
4.25%,
07/01/26
.................
700
643,720
5.50%,
08/31/26
.................
1,057
997,470
5.38%,
07/15/27
.................
1,316
1,212,793
11.63%,
08/15/27
................
871
944,656
5.50%,
04/01/28
.................
1,408
1,283,887
8.25%,
01/15/29
.................
1,461
1,501,178
9.25%,
01/15/29
.................
1,802
1,880,998
7.25%,
01/15/30
.................
1,485
1,464,914
Scientific
Games
Holdings
LP,
6.63%,
03/01/30
(b)
....................
237
203,820
Six
Flags
Entertainment
Corp.,
7.25%,
05/15/31
(b)
....................
3,985
3,666,200
Starbucks
Corp.,
3.50%,
11/15/50
.......
123
78,814
Station
Casinos
LLC
(b)
4.50%,
02/15/28
.................
933
805,763
4.63%,
12/01/31
.................
1,037
818,774
Stonegate
Pub
Co.
Financing
plc
(c)
8.00%,
07/13/25
.................
GBP
939
1,038,590
8.25%,
07/31/25
.................
260
289,550
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(b)
.....
USD
954
948,114
Viking
Cruises
Ltd.
(b)
5.88%,
09/15/27
.................
1,156
1,041,440
7.00%,
02/15/29
.................
262
237,110
9.13%,
07/15/31
.................
3,484
3,423,030
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(b)
....................
1,040
921,700
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(b)
....................
1,844
1,627,422
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(b)
..
2,243
2,072,015
Wynn
Macau
Ltd.
(b)
5.50%,
01/15/26
.................
410
377,823
5.63%,
08/26/28
.................
4,384
3,651,872
Wynn
Resorts
Finance
LLC
(b)
5.13%,
10/01/29
.................
3,086
2,631,758
7.13%,
02/15/31
.................
1,783
1,660,369
152,201,016
Household
Durables
—
0.1%
Ashton
Woods
USA
LLC
(b)
4.63%,
08/01/29
.................
764
618,214
4.63%,
04/01/30
.................
327
253,197
Brookfield
Residential
Properties,
Inc.
(b)
5.00%,
06/15/29
.................
1,588
1,239,416
4.88%,
02/15/30
.................
2,012
1,530,038
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(b)
2,805
2,681,019
Dream
Finders
Homes,
Inc.,
8.25%,
08/15/28
(b)
594
587,668
KB
Home,
7.25%,
07/15/30
...........
516
495,360
Mattamy
Group
Corp.,
4.63%,
03/01/30
(b)
..
1,303
1,063,845
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
595
562,275
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(b)
2,493
1,476,789
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
Taylor
Morrison
Communities,
Inc.
(b)
5.88%,
06/15/27
.................
USD
58
$
54,375
5.13%,
08/01/30
.................
61
51,265
Tempur
Sealy
International,
Inc.
(b)
4.00%,
04/15/29
.................
1,507
1,236,333
3.88%,
10/15/31
.................
108
80,879
TRI
Pointe
Homes,
Inc.
5.25%,
06/01/27
.................
1,900
1,719,500
5.70%,
06/15/28
.................
343
305,390
13,955,563
Household
Products
—
0.0%
Central
Garden
&
Pet
Co.
5.13%,
02/01/28
.................
1,436
1,325,971
4.13%,
10/15/30
.................
1,140
929,789
Kimberly-Clark
de
Mexico
SAB
de
CV,
2.43%,
07/01/31
(b)
....................
1,221
979,852
Procter
&
Gamble
Co.
(The),
3.60%,
03/25/50
107
77,440
Spectrum
Brands,
Inc.
(b)
5.00%,
10/01/29
.................
159
142,637
5.50%,
07/15/30
.................
446
398,055
3,853,744
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
AES
Corp.
(The)
1.38%,
01/15/26
.................
1,681
1,494,057
3.95%,
07/15/30
(b)
................
170
142,082
2.45%,
01/15/31
.................
702
527,499
Calpine
Corp.
(b)
5.13%,
03/15/28
.................
2,016
1,804,183
4.63%,
02/01/29
.................
200
168,927
5.00%,
02/01/31
.................
128
103,242
Clearway
Energy
Operating
LLC,
4.75%,
03/15/28
(b)
....................
2,183
1,948,651
Colbun
SA,
3.15%,
01/19/32
(b)
.........
2,809
2,192,003
NextEra
Energy
Partners
LP
(b)(m)
0.00%,
11/15/25
(n)
................
758
643,163
2.50%,
06/15/26
.................
758
653,396
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
(b)
786
798,662
TransAlta
Corp.,
7.75%,
11/15/29
.......
824
819,808
11,295,673
Industrial
Conglomerates
—
0.2%
3M
Co.,
4.00%,
09/14/48
............
121
84,962
Alfa
SAB
de
CV,
6.88%,
03/25/44
(b)
......
753
672,994
Emerald
Debt
Merger
Sub
LLC
6.38%,
12/15/30
(c)
................
EUR
690
718,101
6.63%,
12/15/30
(b)
................
USD
15,058
14,323,922
GEMS
MENASA
Cayman
Ltd.,
7.13%,
07/31/26
(b)
....................
1,361
1,303,158
Honeywell
International,
Inc.,
2.80%,
06/01/50
117
72,675
17,175,812
Industrial
REITs
—
0.0%
Prologis
LP
2.25%,
01/15/32
.................
433
325,939
4.75%,
06/15/33
.................
218
195,208
5.13%,
01/15/34
.................
1,064
974,349
1,495,496
Insurance
—
0.9%
Acrisure
LLC,
6.00%,
08/01/29
(b)
........
924
745,349
Alliant
Holdings
Intermediate
LLC
(b)
4.25%,
10/15/27
.................
5,495
4,830,984
6.75%,
10/15/27
.................
10,853
9,911,611
6.75%,
04/15/28
.................
3,693
3,509,256
5.88%,
11/01/29
.................
8,177
6,788,860
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Allianz
SE
(a)(b)(k)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.97%),
3.50%
USD
10,000
$
8,224,724
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.17%),
3.20%
3,800
2,702,461
Allstate
Corp.
(The),
Series
B,
(3-mo.
CME
Term
SOFR
+
3.20%),
8.56%,
08/15/53
(a)
.
2,800
2,759,992
AmWINS
Group,
Inc.,
4.88%,
06/30/29
(b)
...
2,933
2,510,772
Aon
Corp.
3.75%,
05/02/29
.................
238
212,786
2.05%,
08/23/31
.................
143
105,860
2.60%,
12/02/31
.................
901
690,117
5.00%,
09/12/32
.................
45
40,812
5.35%,
02/28/33
.................
346
322,469
Aon
Global
Ltd.,
4.60%,
06/14/44
.......
365
284,551
Ardonagh
Midco
2
plc,
11.50%,
(11.50%
Cash
or
12.75%
PIK),
01/15/27
(a)(b)(j)
........
406
399,879
Aviva
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.65%),
6.88%
(a)(c)(k)
GBP
3,375
3,455,646
BUPA
Finance
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.17%),
4.00%
(a)(c)(k)
...................
1,500
1,093,941
Galaxy
Bidco
Ltd.,
6.50%,
07/31/26
(c)
.....
1,988
2,229,050
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
(b)
.
USD
1,990
1,937,675
HUB
International
Ltd.
(b)
7.00%,
05/01/26
.................
3,616
3,519,856
7.25%,
06/15/30
.................
8,654
8,441,631
Jones
Deslauriers
Insurance
Management,
Inc.
(b)
8.50%,
03/15/30
.................
2,301
2,260,488
10.50%,
12/15/30
................
1,955
1,940,421
Just
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.27%),
5.00%
(a)(c)(k)
...................
GBP
550
424,630
Legal
&
General
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.38%),
5.63%
(a)(c)(k)
..............
2,175
2,062,222
Liberty
Mutual
Group,
Inc.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.32%),
4.13%,
12/15/51
(b)
...................
USD
4,925
3,910,007
(5-Year
EUR
Swap
Annual
+
3.70%),
3.63%,
05/23/59
(c)
..............
EUR
5,483
5,523,087
Marsh
&
McLennan
Cos.,
Inc.,
4.38%,
03/15/29
USD
1,090
1,019,697
NFP
Corp.
(b)
4.88%,
08/15/28
.................
3,793
3,321,030
6.88%,
08/15/28
.................
8,603
7,346,186
7.50%,
10/01/30
.................
871
824,641
8.50%,
10/01/31
.................
963
946,866
Nippon
Life
Insurance
Co.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.95%),
6.25%,
09/13/53
(a)(b)
.........
6,600
6,348,329
Progressive
Corp.
(The)
3.00%,
03/15/32
.................
138
112,170
6.25%,
12/01/32
.................
49
49,513
3.70%,
03/15/52
.................
123
82,470
Ryan
Specialty
LLC,
4.38%,
02/01/30
(b)
...
1,261
1,080,085
101,970,124
Interactive
Media
&
Services
—
0.0%
Alphabet,
Inc.,
1.90%,
08/15/40
........
103
61,588
Meta
Platforms,
Inc.
3.85%,
08/15/32
.................
903
784,824
5.60%,
05/15/53
.................
638
577,018
1,423,430
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
IT
Services
—
0.4%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(b)
.
USD
3,600
$
2,835,000
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(b)
994
815,080
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(b)
....
1,306
1,081,758
Atos
SE
(c)
0.00%,
11/06/24
(m)(n)
..............
EUR
2,600
1,959,927
1.75%,
05/07/25
.................
1,100
759,847
2.50%,
11/07/28
.................
200
105,485
Banff
Merger
Sub,
Inc.,
8.38%,
09/01/26
(c)
..
1,068
1,095,408
Booz
Allen
Hamilton,
Inc.,
4.00%,
07/01/29
(b)
USD
1,892
1,669,690
CA
Magnum
Holdings,
5.38%,
10/31/26
(b)
..
4,407
3,837,880
Cablevision
Lightpath
LLC
(b)
3.88%,
09/15/27
.................
2,191
1,782,300
5.63%,
09/15/28
.................
1,358
1,016,174
Central
Parent
LLC,
8.00%,
06/15/29
(b)
....
2,334
2,305,368
Engineering
-
Ingegneria
Informatica
-
SpA
11.13%,
05/15/28
(c)
...............
EUR
1,282
1,333,636
Gartner,
Inc.,
4.50%,
07/01/28
(b)
........
USD
799
718,875
Global
Switch
Finance
BV,
1.38%,
10/07/30
(c)
EUR
1,058
928,564
GTCR
W-2
Merger
Sub
LLC
7.50%,
01/15/31
(b)
................
USD
6,809
6,722,866
8.50%,
01/15/31
(c)
................
GBP
993
1,209,959
International
Business
Machines
Corp.,
5.10%,
02/06/53
.....................
USD
101
83,917
ION
Trading
Technologies
SARL,
5.75%,
05/15/28
(b)
....................
1,842
1,528,860
Newfold
Digital
Holdings
Group,
Inc.,
11.75%,
10/15/28
(b)
....................
372
375,757
Northwest
Fiber
LLC,
4.75%,
04/30/27
(b)
...
3,617
3,228,173
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
(b)
..
281
257,450
Twilio,
Inc.
3.63%,
03/15/29
.................
2,491
2,070,898
3.88%,
03/15/31
.................
1,525
1,217,309
United
Group
BV
(c)
(3-mo.
EURIBOR
+
3.25%),
7.03%,
02/15/26
(a)
...................
EUR
501
514,205
4.00%,
11/15/27
.................
643
583,456
4.63%,
08/15/28
.................
142
125,647
40,163,489
Leisure
Products
—
0.0%
Acushnet
Co.,
7.38%,
10/15/28
(b)
.......
USD
441
441,803
Mattel,
Inc.
6.20%,
10/01/40
.................
875
749,814
5.45%,
11/01/41
.................
1,181
921,252
2,112,869
Life
Sciences
Tools
&
Services
—
0.1%
Charles
River
Laboratories
International,
Inc.
(b)
4.25%,
05/01/28
.................
157
139,501
4.00%,
03/15/31
.................
521
425,237
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
(b)
..
1,037
1,000,705
PRA
Health
Sciences,
Inc.,
2.88%,
07/15/26
(b)
2,590
2,367,623
Star
Parent,
Inc.,
9.00%,
10/01/30
(b)
......
5,014
4,975,814
Thermo
Fisher
Scientific,
Inc.
2.00%,
10/15/31
.................
890
671,566
4.95%,
11/21/32
.................
782
727,817
4.10%,
08/15/47
.................
115
85,657
10,393,920
Machinery
—
0.4%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(b)
.
360
331,267
ATS
Corp.,
4.13%,
12/15/28
(b)
.........
814
699,023
Boels
Topholding
BV,
6.25%,
02/15/29
(c)
...
EUR
1,209
1,266,783
Caterpillar,
Inc.
3.25%,
04/09/50
.................
USD
82
53,502
4.75%,
05/15/64
.................
27
21,625
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Chart
Industries,
Inc.
(b)
7.50%,
01/01/30
.................
USD
3,324
$
3,264,120
9.50%,
01/01/31
.................
703
724,065
Daimler
Truck
Finance
North
America
LLC,
5.15%,
01/16/26
(b)
...............
726
715,191
Deere
&
Co.,
3.75%,
04/15/50
.........
106
78,455
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
559
529,534
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/15/28
(b)
....................
1,772
1,586,805
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(b)(j)
.........
2,542
2,446,675
IMA
Industria
Macchine
Automatiche
SpA
(c)
3.75%,
01/15/28
.................
EUR
118
111,808
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.97%,
01/15/28
(a)
..............
790
832,786
Loxam
SAS,
6.38%,
05/15/28
(c)
........
996
1,026,204
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(b)
USD
533
455,715
Novafives
SAS,
5.00%,
06/15/25
(c)
......
EUR
742
751,340
OT
Merger
Corp.,
7.88%,
10/15/29
(b)
.....
USD
877
521,815
Otis
Worldwide
Corp.,
5.25%,
08/16/28
...
540
525,267
Parker-Hannifin
Corp.,
4.00%,
06/14/49
...
115
82,304
Renk
AG,
5.75%,
07/15/25
(c)
..........
EUR
2,227
2,318,837
Terex
Corp.,
5.00%,
05/15/29
(b)
........
USD
1,025
897,230
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(b)
...
4,656
4,330,604
Titan
International,
Inc.,
7.00%,
04/30/28
..
371
339,008
TK
Elevator
Holdco
GmbH
6.63%,
07/15/28
(c)
................
EUR
810
734,930
7.63%,
07/15/28
(b)
................
USD
2,647
2,387,331
TK
Elevator
Midco
GmbH
4.38%,
07/15/27
(c)
................
EUR
1,648
1,578,093
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
USD
8,454
7,696,921
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
.
2,282
1,888,355
38,195,593
Marine
Transportation
—
0.0%
Danaos
Corp.,
8.50%,
03/01/28
(b)
.......
1,991
1,978,836
Media
—
1.0%
Altice
Financing
SA
2.25%,
01/15/25
(c)
................
EUR
285
290,099
3.00%,
01/15/28
(c)
................
100
85,796
5.00%,
01/15/28
(b)
................
USD
2,630
2,138,892
4.25%,
08/15/29
(c)
................
EUR
471
393,335
5.75%,
08/15/29
(b)
................
USD
3,289
2,543,409
AMC
Networks,
Inc.,
4.75%,
08/01/25
....
1,332
1,213,195
Banijay
Entertainment
SASU
7.00%,
05/01/29
(c)
................
EUR
1,263
1,321,346
8.13%,
05/01/29
(b)
................
USD
465
453,369
Cable
One,
Inc.
0.00%,
03/15/26
(m)(n)
..............
665
542,308
4.00%,
11/15/30
(b)
................
3,373
2,512,885
Charter
Communications
Operating
LLC
4.50%,
02/01/24
.................
655
649,707
2.80%,
04/01/31
.................
355
271,481
6.38%,
10/23/35
.................
100
90,381
6.48%,
10/23/45
.................
41
34,467
5.75%,
04/01/48
.................
175
132,777
5.13%,
07/01/49
.................
1,530
1,058,587
4.80%,
03/01/50
.................
990
652,599
3.70%,
04/01/51
.................
395
216,547
3.90%,
06/01/52
.................
739
417,128
5.25%,
04/01/53
.................
1,218
863,813
Clear
Channel
International
BV,
6.63%,
08/01/25
(b)
....................
2,119
2,071,860
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
5.13%,
08/15/27
.................
2,495
2,217,545
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
7.75%,
04/15/28
.................
USD
1,827
$
1,396,705
9.00%,
09/15/28
.................
8,005
7,796,710
7.50%,
06/01/29
.................
2,590
1,885,224
CMG
Media
Corp.,
8.88%,
12/15/27
(b)
....
1,674
1,293,165
Comcast
Corp.
2.35%,
01/15/27
.................
300
271,189
2.65%,
02/01/30
.................
2,350
1,950,216
3.90%,
03/01/38
.................
854
662,454
4.60%,
08/15/45
.................
657
514,085
4.00%,
08/15/47
.................
240
169,068
4.70%,
10/15/48
.................
279
222,280
2.80%,
01/15/51
.................
1,284
701,655
2.89%,
11/01/51
.................
1,261
696,409
5.35%,
05/15/53
.................
15
12,905
2.94%,
11/01/56
.................
24
12,715
5.50%,
05/15/64
.................
30
25,581
CSC
Holdings
LLC
(b)
5.50%,
04/15/27
.................
1,664
1,390,489
5.38%,
02/01/28
.................
400
318,534
11.25%,
05/15/28
................
10,119
9,651,650
6.50%,
02/01/29
.................
257
203,208
4.13%,
12/01/30
.................
821
550,039
4.50%,
11/15/31
.................
1,228
811,038
DirecTV
Financing
LLC,
5.88%,
08/15/27
(b)
.
2,259
1,979,415
DISH
DBS
Corp.
5.25%,
12/01/26
(b)
................
2,801
2,259,429
5.75%,
12/01/28
(b)
................
323
234,579
5.13%,
06/01/29
.................
1,478
761,170
DISH
Network
Corp.,
11.75%,
11/15/27
(b)
..
5,452
5,400,533
Eutelsat
SA,
1.50%,
10/13/28
(c)
........
EUR
2,400
1,794,876
GCI
LLC,
4.75%,
10/15/28
(b)
..........
USD
829
711,365
Gray
Television,
Inc.
(b)
5.88%,
07/15/26
.................
822
732,018
7.00%,
05/15/27
.................
526
446,006
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
.....................
487
437,944
Interpublic
Group
of
Cos.,
Inc.
(The),
3.38%,
03/01/41
.....................
226
143,231
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27
(b)
....................
2,809
2,542,145
Midcontinent
Communications,
5.38%,
08/15/27
(b)
....................
554
502,755
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(b)
....
401
360,884
Outfront
Media
Capital
LLC
(b)
5.00%,
08/15/27
.................
2,464
2,188,722
4.25%,
01/15/29
.................
1,806
1,471,150
4.63%,
03/15/30
.................
405
325,012
Paramount
Global,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%,
03/30/62
(a)
..........
5,523
4,064,597
Radiate
Holdco
LLC
(b)
4.50%,
09/15/26
.................
2,242
1,714,321
6.50%,
09/15/28
.................
4,666
2,309,670
SES
SA
(a)(c)(k)
(5-Year
EUR
Swap
Annual
+
5.40%),
5.63%
EUR
1,026
1,080,454
(5-Year
EUR
Swap
Annual
+
3.19%),
2.88%
1,209
1,122,536
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(b)
....................
USD
1,797
1,135,506
Sirius
XM
Radio,
Inc.
(b)
3.13%,
09/01/26
.................
3,506
3,144,076
5.00%,
08/01/27
.................
934
856,384
4.00%,
07/15/28
.................
495
420,964
Stagwell
Global
LLC,
5.63%,
08/15/29
(b)
...
1,577
1,303,375
Summer
BC
Holdco
B
SARL,
5.75%,
10/31/26
(c)
....................
EUR
1,519
1,450,611
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Summer
BidCo
BV
(c)(j)
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
(a)
...................
EUR
1,187
$
1,162,630
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
....................
1,545
1,518,455
TEGNA,
Inc.,
4.75%,
03/15/26
(b)
........
USD
261
243,548
Tele
Columbus
AG,
3.88%,
05/02/25
(c)
....
EUR
2,968
1,707,018
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(b)
...............
USD
1,000
892,500
Univision
Communications,
Inc.
(b)
5.13%,
02/15/25
.................
1,424
1,390,501
8.00%,
08/15/28
.................
1,764
1,665,783
7.38%,
06/30/30
.................
919
809,187
UPC
Broadband
Finco
BV,
4.88%,
07/15/31
(b)
2,581
2,060,722
Videotron
Ltd.,
3.63%,
06/15/29
(b)
.......
193
162,660
Virgin
Media
Vendor
Financing
Notes
III
DAC,
4.88%,
07/15/28
(c)
...............
GBP
1,652
1,678,837
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(b)
...............
USD
579
491,609
VZ
Secured
Financing
BV,
3.50%,
01/15/32
(c)
EUR
1,508
1,208,678
VZ
Vendor
Financing
II
BV,
2.88%,
01/15/29
(c)
596
480,627
Ziggo
Bond
Co.
BV
(b)
6.00%,
01/15/27
.................
USD
783
717,361
5.13%,
02/28/30
.................
1,134
826,226
Ziggo
BV
2.88%,
01/15/30
(c)
................
EUR
1,933
1,628,576
4.88%,
01/15/30
(b)
................
USD
924
737,720
110,983,211
Metals
&
Mining
—
0.5%
AngloGold
Ashanti
Holdings
plc,
3.75%,
10/01/30
.....................
1,878
1,471,883
Antofagasta
plc,
2.38%,
10/14/30
(b)
......
1,540
1,160,390
Arsenal
AIC
Parent
LLC,
8.00%,
10/01/30
(b)
.
713
704,088
ATI,
Inc.
5.88%,
12/01/27
.................
1,108
1,027,969
4.88%,
10/01/29
.................
769
654,894
7.25%,
08/15/30
.................
2,701
2,600,199
5.13%,
10/01/31
.................
1,978
1,631,850
BHP
Billiton
Finance
USA
Ltd.,
5.50%,
09/08/53
193
175,436
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
...
8,368
8,265,743
Carpenter
Technology
Corp.
6.38%,
07/15/28
.................
226
214,969
7.63%,
03/15/30
.................
1,528
1,508,441
Constellium
SE
(b)
5.88%,
02/15/26
.................
503
482,088
5.63%,
06/15/28
.................
2,235
2,042,985
3.75%,
04/15/29
.................
3,544
2,917,390
ERO
Copper
Corp.,
6.50%,
02/15/30
(b)
....
1,594
1,352,174
First
Quantum
Minerals
Ltd.,
8.63%,
06/01/31
(b)
1,961
1,652,143
Freeport
Indonesia
PT,
4.76%,
04/14/27
(c)
..
2,544
2,409,982
Freeport-McMoRan,
Inc.,
5.40%,
11/14/34
..
367
324,686
Fresnillo
plc,
4.25%,
10/02/50
(b)
........
1,417
935,716
Glencore
Funding
LLC
(b)
5.70%,
05/08/33
.................
1,300
1,206,233
6.50%,
10/06/33
.................
1,169
1,143,527
Kaiser
Aluminum
Corp.,
4.50%,
06/01/31
(b)
.
4,472
3,304,378
Mineral
Resources
Ltd.,
9.25%,
10/01/28
(b)
.
160
160,000
New
Gold,
Inc.,
7.50%,
07/15/27
(b)
......
2,953
2,770,889
Novelis
Corp.
(b)
3.25%,
11/15/26
.................
3,991
3,552,556
4.75%,
01/30/30
.................
3,918
3,324,323
3.88%,
08/15/31
.................
3,301
2,578,082
POSCO
(b)
5.63%,
01/17/26
.................
1,032
1,025,178
5.75%,
01/17/28
.................
615
605,062
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
5.88%,
01/17/33
.................
USD
299
$
289,573
Rio
Tinto
Finance
USA
plc
5.00%,
03/09/33
.................
1,225
1,148,016
5.13%,
03/09/53
.................
96
82,678
Steel
Dynamics,
Inc.
5.00%,
12/15/26
.................
358
345,656
3.25%,
10/15/50
.................
410
233,017
Teck
Resources
Ltd.
6.00%,
08/15/40
.................
237
205,687
5.20%,
03/01/42
.................
841
656,414
54,164,295
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
(b)
Ladder
Capital
Finance
Holdings
LLLP
5.25%,
10/01/25
.................
258
245,248
4.25%,
02/01/27
.................
1,275
1,113,821
4.75%,
06/15/29
.................
1,068
858,674
Starwood
Property
Trust,
Inc.
5.50%,
11/01/23
.................
217
217,000
4.38%,
01/15/27
.................
403
345,738
2,780,481
Multi-Utilities
—
0.1%
Abu
Dhabi
National
Energy
Co.
PJSC,
4.70%,
04/24/33
(b)
....................
728
667,940
CMS
Energy
Corp.
2.95%,
02/15/27
.................
304
274,634
4.88%,
03/01/44
.................
188
153,285
Consumers
Energy
Co.
4.90%,
02/15/29
.................
2,089
2,018,476
2.50%,
05/01/60
.................
291
140,941
Dominion
Energy,
Inc.
3.90%,
10/01/25
.................
1,120
1,079,769
Series
A,
1.45%,
04/15/26
..........
975
876,780
Series
C,
2.25%,
08/15/31
..........
357
266,216
NiSource,
Inc.
3.49%,
05/15/27
.................
783
720,453
5.40%,
06/30/33
.................
1,182
1,099,871
5.95%,
06/15/41
.................
283
257,905
5.25%,
02/15/43
.................
268
224,767
San
Diego
Gas
&
Electric
Co.
4.95%,
08/15/28
.................
1,164
1,122,172
2.95%,
08/15/51
.................
306
173,943
5.35%,
04/01/53
.................
1,001
856,227
Sempra
5.40%,
08/01/26
.................
1,656
1,632,536
3.25%,
06/15/27
.................
588
532,733
3.70%,
04/01/29
.................
1,065
943,954
WEC
Energy
Group,
Inc.,
5.60%,
09/12/26
.
1,690
1,679,810
14,722,412
Office
REITs
—
0.0%
Alexandria
Real
Estate
Equities,
Inc.
3.95%,
01/15/28
.................
272
249,388
4.50%,
07/30/29
.................
564
513,396
2.75%,
12/15/29
.................
163
132,951
4.90%,
12/15/30
.................
775
706,332
1.88%,
02/01/33
.................
997
679,312
3.55%,
03/15/52
.................
525
313,106
5.15%,
04/15/53
.................
145
114,183
Kilroy
Realty
LP
4.75%,
12/15/28
.................
750
660,411
3.05%,
02/15/30
.................
202
155,185
3,524,264
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
—
2.2%
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
...
USD
2,926
$
2,906,513
Antero
Midstream
Partners
LP
(b)
5.75%,
03/01/27
.................
1,634
1,561,732
5.75%,
01/15/28
.................
732
686,244
Apache
Corp.,
5.35%,
07/01/49
........
1,016
741,528
Ascent
Resources
Utica
Holdings
LLC
(b)
9.00%,
11/01/27
.................
2,924
3,691,550
8.25%,
12/31/28
.................
2,157
2,141,832
5.88%,
06/30/29
.................
4,400
3,886,985
Baytex
Energy
Corp.,
8.50%,
04/30/30
(b)
...
817
809,195
BP
Capital
Markets
America,
Inc.
3.54%,
04/06/27
.................
338
316,664
3.59%,
04/14/27
.................
2,083
1,953,420
3.06%,
06/17/41
.................
1,701
1,125,080
2.94%,
06/04/51
.................
42
24,148
3.00%,
03/17/52
.................
42
24,397
3.38%,
02/08/61
.................
41
24,262
Buckeye
Partners
LP
5.85%,
11/15/43
.................
645
455,808
5.60%,
10/15/44
.................
503
337,639
Callon
Petroleum
Co.
6.38%,
07/01/26
.................
2,437
2,379,935
8.00%,
08/01/28
(b)
................
3,024
2,988,216
7.50%,
06/15/30
(b)
................
4,028
3,901,375
Cameron
LNG
LLC,
3.70%,
01/15/39
(b)
....
679
500,486
Cenovus
Energy,
Inc.,
3.75%,
02/15/52
...
337
210,699
Cheniere
Corpus
Christi
Holdings
LLC
5.88%,
03/31/25
.................
1,895
1,885,817
5.13%,
06/30/27
.................
1,126
1,086,417
Cheniere
Energy
Partners
LP,
3.25%,
01/31/32
4,097
3,176,968
Chesapeake
Energy
Corp.
(b)
5.88%,
02/01/29
.................
71
66,847
6.75%,
04/15/29
.................
716
700,575
Chevron
Corp.,
3.08%,
05/11/50
........
119
74,699
CITGO
Petroleum
Corp.
(b)
7.00%,
06/15/25
.................
1,719
1,689,133
6.38%,
06/15/26
.................
1,383
1,358,737
8.38%,
01/15/29
.................
2,592
2,567,017
Civitas
Resources,
Inc.
(b)
8.38%,
07/01/28
.................
4,324
4,350,641
8.63%,
11/01/30
.................
2,094
2,131,327
8.75%,
07/01/31
.................
3,562
3,595,008
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(b)
1,102
907,913
CNX
Resources
Corp.,
7.38%,
01/15/31
(b)
..
520
496,848
Columbia
Pipelines
Holding
Co.
LLC,
6.06%,
08/15/26
(b)
....................
107
106,843
Comstock
Resources,
Inc.
(b)
6.75%,
03/01/29
.................
2,693
2,450,690
5.88%,
01/15/30
.................
1,355
1,158,539
ConocoPhillips
Co.
4.88%,
10/01/47
.................
183
150,606
3.80%,
03/15/52
.................
377
256,809
5.30%,
05/15/53
.................
27
23,310
5.55%,
03/15/54
.................
449
401,349
5.70%,
09/15/63
.................
38
33,910
Continuum
Energy
Levanter
Pte.
Ltd.,
4.50%,
02/09/27
(b)
....................
693
640,889
Coterra
Energy,
Inc.,
3.90%,
05/15/27
....
29
27,039
CQP
Holdco
LP,
5.50%,
06/15/31
(b)
......
4,985
4,335,707
Crescent
Energy
Finance
LLC
(b)
7.25%,
05/01/26
.................
3,369
3,261,529
9.25%,
02/15/28
.................
2,988
3,009,397
Crestwood
Midstream
Partners
LP
(b)
5.63%,
05/01/27
.................
1,243
1,195,617
6.00%,
02/01/29
.................
1,309
1,266,457
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
7.38%,
02/01/31
.................
USD
1,715
$
1,728,737
CrownRock
LP
(b)
5.63%,
10/15/25
.................
5,722
5,628,002
5.00%,
05/01/29
.................
147
138,650
Cullinan
Holdco
Scsp,
4.63%,
10/15/26
(c)
..
EUR
1,012
748,273
DCP
Midstream
Operating
LP,
3.25%,
02/15/32
USD
2,913
2,290,669
Devon
Energy
Corp.
5.25%,
10/15/27
.................
1,257
1,217,717
4.50%,
01/15/30
.................
275
244,553
4.75%,
05/15/42
.................
450
343,080
Diamond
Foreign
Asset
Co.,
8.50%,
10/01/30
(b)
1,126
1,097,517
Diamondback
Energy,
Inc.
3.50%,
12/01/29
.................
2,696
2,358,480
3.13%,
03/24/31
.................
2,192
1,794,635
4.25%,
03/15/52
.................
721
495,538
6.25%,
03/15/53
.................
386
356,185
DT
Midstream,
Inc.
(b)
4.13%,
06/15/29
.................
1,516
1,303,471
4.38%,
06/15/31
.................
1,138
945,063
Earthstone
Energy
Holdings
LLC
(b)
8.00%,
04/15/27
.................
2,217
2,249,047
9.88%,
07/15/31
.................
1,645
1,771,485
EIG
Pearl
Holdings
SARL
(b)
3.55%,
08/31/36
.................
2,394
1,861,335
4.39%,
11/30/46
.................
2,558
1,749,032
Enbridge,
Inc.
2.50%,
01/15/25
.................
1,040
997,390
4.25%,
12/01/26
.................
500
475,086
5.70%,
03/08/33
.................
2,075
1,940,195
2.50%,
08/01/33
.................
90
64,932
4.00%,
11/15/49
.................
38
25,205
3.40%,
08/01/51
.................
135
79,827
Series
16-A,
(3-mo.
CME
Term
SOFR
+
4.15%),
6.00%,
01/15/77
(a)
........
12,370
10,764,219
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.43%),
8.50%,
01/15/84
(a)
...................
998
956,051
Energian
Israel
Finance
Ltd.,
8.50%,
09/30/33
(b)
(c)
.........................
1,177
1,025,708
Energy
Transfer
LP
4.90%,
02/01/24
.................
245
244,137
5.25%,
04/15/29
.................
270
256,249
6.40%,
12/01/30
.................
1,415
1,399,692
6.55%,
12/01/33
.................
1,125
1,110,161
5.95%,
10/01/43
.................
220
186,078
5.15%,
03/15/45
.................
986
763,560
6.13%,
12/15/45
.................
150
129,605
5.40%,
10/01/47
.................
200
157,072
6.00%,
06/15/48
.................
341
289,935
6.25%,
04/15/49
.................
1,986
1,747,618
5.00%,
05/15/50
.................
62
46,487
EnLink
Midstream
LLC
(b)
5.63%,
01/15/28
.................
2,689
2,535,526
6.50%,
09/01/30
.................
855
820,688
EnLink
Midstream
Partners
LP
4.15%,
06/01/25
.................
431
414,543
4.85%,
07/15/26
.................
898
844,135
5.60%,
04/01/44
.................
1,065
837,356
EnQuest
plc,
11.63%,
11/01/27
(b)
.......
305
286,760
Enterprise
Products
Operating
LLC
6.45%,
09/01/40
.................
150
149,292
4.85%,
08/15/42
.................
105
87,778
4.45%,
02/15/43
.................
657
518,741
4.85%,
03/15/44
.................
326
269,984
4.25%,
02/15/48
.................
38
28,435
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
4.80%,
02/01/49
.................
USD
575
$
464,772
4.20%,
01/31/50
.................
930
681,177
3.30%,
02/15/53
.................
248
151,854
3.95%,
01/31/60
.................
35
23,438
EOG
Resources,
Inc.,
4.95%,
04/15/50
...
136
114,177
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(b)
................
844
825,376
4.13%,
12/01/26
.................
178
165,118
6.50%,
07/01/27
(b)
................
3,159
3,070,561
4.50%,
01/15/29
(b)
................
138
121,014
7.50%,
06/01/30
(b)
................
681
668,154
4.75%,
01/15/31
(b)
................
875
736,752
EQT
Corp.,
5.70%,
04/01/28
..........
807
785,048
Exxon
Mobil
Corp.
4.33%,
03/19/50
.................
53
41,043
3.45%,
04/15/51
.................
59
38,769
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
06/01/27
(b)
....................
544
528,747
Galaxy
Pipeline
Assets
Bidco
Ltd.,
2.94%,
09/30/40
(c)
....................
1,472
1,084,518
Genesis
Energy
LP
6.50%,
10/01/25
.................
1,569
1,532,824
7.75%,
02/01/28
.................
344
323,915
8.88%,
04/15/30
.................
641
619,658
GNL
Quintero
SA,
4.63%,
07/31/29
(c)
.....
1,267
1,197,570
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(b)
..
333
331,928
Harbour
Energy
plc,
5.50%,
10/15/26
(b)
....
524
485,387
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(b)
.
569
539,158
Hess
Corp.
6.00%,
01/15/40
.................
742
716,865
5.60%,
02/15/41
.................
79
73,352
5.80%,
04/01/47
.................
713
673,095
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(b)
....................
1,086
929,264
Hilcorp
Energy
I
LP
(b)
6.25%,
11/01/28
.................
608
568,445
5.75%,
02/01/29
.................
1,517
1,365,725
ITT
Holdings
LLC,
6.50%,
08/01/29
(b)
.....
2,707
2,263,729
KazMunayGas
National
Co.
JSC,
3.50%,
04/14/33
(b)
....................
941
684,578
Kinder
Morgan
Energy
Partners
LP
6.95%,
01/15/38
.................
886
878,327
5.50%,
03/01/44
.................
155
126,264
5.40%,
09/01/44
.................
850
684,369
Kinder
Morgan,
Inc.
5.55%,
06/01/45
.................
263
216,481
5.45%,
08/01/52
.................
111
89,717
Kinetik
Holdings
LP,
5.88%,
06/15/30
(b)
....
1,162
1,066,193
Leviathan
Bond
Ltd.,
6.75%,
06/30/30
(b)(c)
..
463
380,379
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(b)
....................
268
257,280
Marathon
Oil
Corp.,
4.40%,
07/15/27
.....
398
372,953
Marathon
Petroleum
Corp.
6.50%,
03/01/41
.................
100
94,908
4.75%,
09/15/44
.................
141
106,560
5.00%,
09/15/54
.................
54
39,817
Matador
Resources
Co.
5.88%,
09/15/26
.................
1,590
1,532,114
6.88%,
04/15/28
(b)
................
1,424
1,395,489
Medco
Maple
Tree
Pte.
Ltd.,
8.96%,
04/27/29
(b)
778
764,385
MPLX
LP
1.75%,
03/01/26
.................
931
844,699
5.50%,
02/15/49
.................
228
184,033
4.95%,
03/14/52
.................
1,091
808,549
5.65%,
03/01/53
.................
130
106,932
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Murphy
Oil
Corp.,
5.87%,
12/01/42
(a)(d)
....
USD
150
$
115,245
Neptune
Energy
Bondco
plc,
6.63%,
05/15/25
(b)
1,284
1,271,062
New
Fortress
Energy,
Inc.,
6.75%,
09/15/25
(b)
2,648
2,456,640
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(b)
2,563
2,501,952
Northern
Oil
&
Gas,
Inc.
(b)
8.13%,
03/01/28
.................
4,485
4,429,072
8.75%,
06/15/31
.................
1,888
1,878,463
NuStar
Logistics
LP
5.75%,
10/01/25
.................
752
727,776
6.38%,
10/01/30
.................
47
43,475
Occidental
Petroleum
Corp.
7.50%,
05/01/31
.................
1,164
1,220,559
6.45%,
09/15/36
.................
715
694,465
4.20%,
03/15/48
.................
59
39,768
ONEOK,
Inc.,
6.63%,
09/01/53
.........
895
836,422
Ovintiv,
Inc.
5.65%,
05/15/25
.................
1,700
1,690,693
5.65%,
05/15/28
.................
1,858
1,803,922
PBF
Holding
Co.
LLC,
7.88%,
09/15/30
(b)
..
692
667,786
PDC
Energy,
Inc.,
5.75%,
05/15/26
......
126
125,465
Permian
Resources
Operating
LLC
(b)
5.38%,
01/15/26
.................
1,058
1,015,767
7.75%,
02/15/26
.................
4,026
4,022,387
6.88%,
04/01/27
.................
1,826
1,791,562
5.88%,
07/01/29
.................
2,915
2,713,081
Phillips
66,
3.30%,
03/15/52
..........
842
493,436
Pioneer
Natural
Resources
Co.
1.13%,
01/15/26
.................
1,880
1,705,923
1.90%,
08/15/30
.................
570
445,357
Plains
All
American
Pipeline
LP
6.65%,
01/15/37
.................
40
37,818
4.30%,
01/31/43
.................
400
270,911
Puma
International
Financing
SA
(c)
5.13%,
10/06/24
.................
829
795,840
5.00%,
01/24/26
.................
4,288
3,834,458
Repsol
International
Finance
BV
(a)(c)(k)
(5-Year
EUR
Swap
Annual
+
4.00%),
3.75%
EUR
100
100,096
(5-Year
EUR
Swap
Annual
+
4.41%),
4.25%
1,416
1,366,249
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(b)
.
USD
2,433
2,195,986
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(b)
....................
420
370,158
Sabine
Pass
Liquefaction
LLC
5.75%,
05/15/24
.................
175
174,720
5.63%,
03/01/25
.................
1,105
1,097,773
5.00%,
03/15/27
.................
691
665,476
Sitio
Royalties
Operating
Partnership
LP,
7.88%,
11/01/28
(b)
...............
1,984
1,957,018
SM
Energy
Co.
5.63%,
06/01/25
.................
1,007
980,207
6.75%,
09/15/26
.................
234
229,837
6.63%,
01/15/27
.................
245
238,074
6.50%,
07/15/28
.................
1,741
1,676,087
Southwestern
Energy
Co.
5.70%,
01/23/25
(a)(d)
...............
309
305,281
5.38%,
02/01/29
.................
1,240
1,145,485
Spectra
Energy
Partners
LP,
5.95%,
09/25/43
100
87,086
Sunoco
LP
5.88%,
03/15/28
.................
911
861,799
7.00%,
09/15/28
(b)
................
977
950,835
Tallgrass
Energy
Partners
LP
(b)
7.50%,
10/01/25
.................
78
76,842
6.00%,
03/01/27
.................
482
440,979
5.50%,
01/15/28
.................
260
227,773
6.00%,
12/31/30
.................
655
551,401
6.00%,
09/01/31
.................
353
297,039
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Transcontinental
Gas
Pipe
Line
Co.
LLC,
3.25%,
05/15/30
................
USD
398
$
333,311
Valero
Energy
Corp.,
4.35%,
06/01/28
....
59
55,232
Venture
Global
Calcasieu
Pass
LLC
(b)
3.88%,
08/15/29
.................
4,619
3,843,832
4.13%,
08/15/31
.................
1,692
1,360,379
3.88%,
11/01/33
.................
1,176
888,642
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(b)
..
551
514,017
Viper
Energy
Partners
LP,
7.38%,
11/01/31
(b)
1,215
1,211,962
Vital
Energy,
Inc.
10.13%,
01/15/28
................
1,151
1,154,034
9.75%,
10/15/30
.................
1,151
1,128,016
Western
Midstream
Operating
LP
3.95%,
06/01/25
.................
935
899,207
6.35%,
01/15/29
.................
160
159,140
5.45%,
04/01/44
.................
1,263
972,033
5.30%,
03/01/48
.................
389
290,604
5.50%,
08/15/48
.................
856
649,036
5.25%,
02/01/50
(d)
................
1,741
1,286,529
Williams
Cos.,
Inc.
(The)
4.55%,
06/24/24
.................
1,645
1,627,932
3.75%,
06/15/27
.................
1,498
1,383,914
5.30%,
08/15/28
.................
2,084
2,008,475
5.30%,
08/15/52
.................
108
87,806
236,083,327
Paper
&
Forest
Products
—
0.0%
Ahlstrom
Holding
3
Oy,
3.63%,
02/04/28
(c)
..
EUR
1,100
968,955
Suzano
Austria
GmbH,
Series
DM3N,
3.13%,
01/15/32
.....................
USD
2,435
1,830,055
2,799,010
Passenger
Airlines
—
0.2%
Air
Canada,
3.88%,
08/15/26
(b)
.........
2,746
2,498,481
Air
France-KLM
(c)
1.88%,
01/16/25
.................
EUR
500
505,386
8.13%,
05/31/28
.................
800
888,025
American
Airlines,
Inc.
(b)
11.75%,
07/15/25
................
USD
416
440,752
5.50%,
04/20/26
.................
1,083
1,053,588
7.25%,
02/15/28
.................
387
359,841
5.75%,
04/20/29
.................
3,326
3,000,601
Avianca
Midco
2
plc,
9.00%,
12/01/28
(b)
...
3,031
2,512,107
Azul
Secured
Finance
LLP,
11.93%,
08/28/28
(b)
1,328
1,284,575
Deutsche
Lufthansa
AG
(c)
2.88%,
05/16/27
.................
EUR
200
194,905
3.50%,
07/14/29
.................
800
756,643
International
Consolidated
Airlines
Group
SA,
3.75%,
03/25/29
(c)
...............
600
560,010
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(b)
USD
2,484
2,454,007
Spirit
Loyalty
Cayman
Ltd.
8.00%,
09/20/25
(b)
................
1,327
978,449
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
237
227,201
Series
2020-1,
Class
A,
5.88%,
10/15/27
—
(o)
1
Series
2023-1,
Class
A,
5.80%,
01/15/36
1,548
1,450,645
United
Airlines,
Inc.
(b)
4.38%,
04/15/26
.................
2,629
2,438,699
4.63%,
04/15/29
.................
3,450
2,914,226
VistaJet
Malta
Finance
plc
(b)
7.88%,
05/01/27
.................
273
209,959
6.38%,
02/01/30
.................
2,393
1,595,873
26,323,974
Personal
Care
Products
—
0.0%
Coty,
Inc.
3.88%,
04/15/26
(c)
................
EUR
682
700,797
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Personal
Care
Products
(continued)
5.75%,
09/15/28
(c)
................
EUR
596
$
634,380
4.75%,
01/15/29
(b)
................
USD
141
124,817
6.63%,
07/15/30
(b)
................
1,331
1,268,073
2,728,067
Pharmaceuticals
—
0.4%
AstraZeneca
plc,
3.00%,
05/28/51
.......
119
72,928
Bayer
AG
(a)(c)
(5-Year
EUR
Swap
Annual
+
3.75%),
4.50%,
03/25/82
...............
EUR
2,300
2,263,276
Series
NC5,
(5-Year
EUR
Swap
Annual
+
3.43%),
6.63%,
09/25/83
.........
700
733,263
(5-Year
EUR
Swap
Annual
+
3.90%),
7.00%,
09/25/83
...............
900
945,148
Bayer
US
Finance
II
LLC
(b)
4.25%,
12/15/25
.................
USD
1,525
1,465,158
4.38%,
12/15/28
.................
1,480
1,356,184
Bristol-Myers
Squibb
Co.
4.55%,
02/20/48
.................
19
14,965
4.25%,
10/26/49
.................
19
14,131
2.55%,
11/13/50
.................
26
13,855
3.70%,
03/15/52
.................
21
14,097
6.25%,
11/15/53
.................
700
692,735
3.90%,
03/15/62
.................
32
20,921
6.40%,
11/15/63
.................
640
634,067
Catalent
Pharma
Solutions,
Inc.
5.00%,
07/15/27
(b)
................
2,291
2,044,374
2.38%,
03/01/28
(c)
................
EUR
1,715
1,487,552
3.13%,
02/15/29
(b)
................
USD
1,519
1,194,314
3.50%,
04/01/30
(b)
................
1,434
1,125,690
Cheplapharm
Arzneimittel
GmbH
4.38%,
01/15/28
(c)
................
EUR
692
665,392
5.50%,
01/15/28
(b)
................
USD
1,550
1,374,829
7.50%,
05/15/30
(c)
................
EUR
909
957,254
Eli
Lilly
&
Co.
4.88%,
02/27/53
.................
USD
52
45,067
4.95%,
02/27/63
.................
37
31,513
Gruenenthal
GmbH
(c)
3.63%,
11/15/26
.................
EUR
205
205,523
4.13%,
05/15/28
.................
835
812,896
6.75%,
05/15/30
.................
1,612
1,724,412
Jazz
Securities
DAC,
4.38%,
01/15/29
(b)
...
USD
1,200
1,043,602
Johnson
&
Johnson
3.70%,
03/01/46
.................
76
56,049
2.45%,
09/01/60
.................
41
21,042
Merck
&
Co.,
Inc.
2.15%,
12/10/31
.................
2,225
1,715,036
2.75%,
12/10/51
.................
38
21,458
5.00%,
05/17/53
.................
659
562,759
5.15%,
05/17/63
.................
36
30,676
Organon
&
Co.
2.88%,
04/30/28
(c)
................
EUR
982
896,909
4.13%,
04/30/28
(b)
................
USD
1,919
1,657,556
5.13%,
04/30/31
(b)
................
1,600
1,249,467
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.65%,
05/19/30
.................
1,535
1,443,437
4.75%,
05/19/33
.................
1,821
1,673,504
5.11%,
05/19/43
.................
20
17,555
5.30%,
05/19/53
.................
1,806
1,579,975
5.34%,
05/19/63
.................
37
31,696
Pfizer,
Inc.
2.55%,
05/28/40
.................
45
28,567
5.60%,
09/15/40
.................
140
131,466
4.30%,
06/15/43
.................
5
3,961
Roche
Holdings,
Inc.,
2.61%,
12/13/51
(b)
...
826
457,932
Rossini
SARL,
6.75%,
10/30/25
(c)
.......
EUR
1,312
1,383,230
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
Takeda
Pharmaceutical
Co.
Ltd.,
3.18%,
07/09/50
.....................
USD
604
$
358,183
Teva
Pharmaceutical
Finance
Netherlands
II
BV
4.50%,
03/01/25
.................
EUR
191
197,285
3.75%,
05/09/27
.................
440
422,956
7.38%,
09/15/29
.................
2,901
3,096,253
4.38%,
05/09/30
.................
377
338,841
7.88%,
09/15/31
.................
524
568,028
Teva
Pharmaceutical
Finance
Netherlands
III
BV
6.00%,
04/15/24
.................
USD
849
842,845
7.13%,
01/31/25
.................
400
395,456
3.15%,
10/01/26
.................
4,153
3,625,943
4.75%,
05/09/27
.................
736
662,400
6.75%,
03/01/28
.................
200
190,910
7.88%,
09/15/29
.................
1,799
1,764,369
8.13%,
09/15/31
.................
1,629
1,605,477
Wyeth
LLC,
5.95%,
04/01/37
..........
180
177,498
48,161,865
Professional
Services
—
0.1%
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
(b)
..
696
576,414
CoreLogic,
Inc.,
4.50%,
05/01/28
(b)
......
5,199
4,120,207
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
(b)
....................
3,925
3,376,678
KBR,
Inc.,
4.75%,
09/30/28
(b)
..........
191
166,390
Korn
Ferry,
4.63%,
12/15/27
(b)
.........
1,665
1,514,433
La
Financiere
Atalian
SASU
(c)
5.13%,
05/15/25
.................
EUR
1,932
1,482,081
6.63%,
05/15/25
.................
GBP
150
131,268
Science
Applications
International
Corp.,
4.88%,
04/01/28
(b)
...............
USD
1,231
1,098,386
12,465,857
Real
Estate
Management
&
Development
—
0.2%
Adler
Financing
SARL,
12.50%,
(12.50%
Cash
or
12.50%
PIK),
06/30/25
(j)
..........
EUR
925
948,293
ADLER
Group
SA,
21.00%,
(21.00%
Cash
or
21.00%
PIK),
07/31/25
(j)
...........
900
956,179
Agps
Bondco
plc
(c)(e)(l)
6.00%,
08/05/25
.................
600
265,054
5.50%,
11/13/26
.................
1,000
414,352
5.00%,
01/14/29
.................
2,400
742,532
Anywhere
Real
Estate
Group
LLC
Series
AI,
7.00%,
04/15/30
..........
USD
2,332
1,919,528
7.00%,
04/15/30
(b)
................
484
398,407
Aroundtown
SA
(c)
(5-Year
GBP
Swap
+
4.38%),
4.75%
(a)(k)
.
GBP
329
163,952
(5-Year
EUR
Swap
Annual
+
3.98%),
3.38%
(a)(k)
....................
EUR
1,100
465,564
0.00%,
07/16/26
.................
400
341,449
ATF
Netherlands
BV,
(5-Year
EUR
Swap
Annual
+
4.38%),
7.08%
(a)(c)(k)
........
1,000
473,711
BRANICKS
Group
AG,
2.25%,
09/22/26
(c)
..
900
461,861
Cushman
&
Wakefield
US
Borrower
LLC
(b)
6.75%,
05/15/28
.................
USD
2,667
2,432,491
8.88%,
09/01/31
.................
767
727,185
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
1.88%,
10/15/24
(c)
...............
EUR
1,600
1,066,768
Fantasia
Holdings
Group
Co.
Ltd.
(c)(e)(l)
15.00%,
12/18/21
................
USD
1,735
52,050
11.75%,
04/17/22
................
2,039
61,170
7.95%,
07/05/22
.................
1,650
57,370
12.25%,
10/18/22
................
3,269
98,070
10.88%,
01/09/23
................
1,345
40,350
11.88%,
06/01/23
................
1,500
45,000
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
9.25%,
07/28/23
.................
USD
3,540
$
106,200
9.88%,
10/19/23
.................
2,640
79,200
Fastighets
AB
Balder
(c)
1.88%,
03/14/25
.................
EUR
373
368,194
1.13%,
01/29/27
.................
211
177,032
(5-Year
EUR
Swap
Annual
+
3.19%),
2.87%,
06/02/81
(a)
..............
397
287,640
Heimstaden
Bostad
AB
(c)
(5-Year
EUR
Swap
Annual
+
3.91%),
3.38%
(a)(k)
....................
400
192,701
1.13%,
01/21/26
.................
220
197,404
(5-Year
EUR
Swap
Annual
+
3.15%),
2.63%
(a)(k)
....................
1,725
735,236
Heimstaden
Bostad
Treasury
BV
0.63%,
07/24/25
(c)
................
216
200,428
1.38%,
03/03/27
.................
203
169,634
1.00%,
04/13/28
(c)
................
422
319,834
Howard
Hughes
Corp.
(The)
(b)
5.38%,
08/01/28
.................
USD
523
459,774
4.13%,
02/01/29
.................
1,028
824,970
4.38%,
02/01/31
.................
270
205,523
JGC
Ventures
Pte.
Ltd.
(j)
3.00%,
(3.00%
Cash
or
3.00%
PIK),
06/30/25
....................
118
38,740
3.00%,
(3.00%
Cash
or
3.00%
PIK),
06/30/25
(c)(e)(l)
.................
1,502
142,309
MAF
Global
Securities
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.54%),
6.38%
(a)(c)(k)
.......
2,389
2,272,536
Modernland
Overseas
Pte.
Ltd.
(c)
5.00%,
(5.00%
Cash
or
3.00%
PIK),
04/30/27
(e)(j)(l)
..................
1,450
144,738
Series
2,
5.00%,
04/30/27
..........
60
6,032
SBB
Treasury
OYJ
(c)
0.75%,
12/14/28
.................
EUR
2,263
1,328,937
1.13%,
11/26/29
.................
560
322,932
Sunac
China
Holdings
Ltd.,
7.00%,
07/09/25
(c)(e)
(l)
.........................
USD
1,440
198,000
20,909,330
Residential
REITs
—
0.0%
AvalonBay
Communities,
Inc.,
5.00%,
02/15/33
376
349,343
Camden
Property
Trust,
3.15%,
07/01/29
..
175
152,240
Invitation
Homes
Operating
Partnership
LP
4.15%,
04/15/32
.................
400
333,680
5.50%,
08/15/33
.................
1,307
1,184,930
Mid-America
Apartments
LP
3.60%,
06/01/27
.................
412
382,847
3.95%,
03/15/29
.................
122
111,006
UDR,
Inc.
3.20%,
01/15/30
.................
118
99,178
3.00%,
08/15/31
.................
205
162,369
2.10%,
08/01/32
.................
85
60,001
2,835,594
Retail
REITs
—
0.1%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
....................
1,671
1,393,948
Kimco
Realty
OP
LLC
4.60%,
02/01/33
.................
470
406,151
6.40%,
03/01/34
.................
1,295
1,271,265
Realty
Income
Corp.
3.95%,
08/15/27
.................
1,246
1,156,959
4.85%,
03/15/30
.................
660
609,590
5.63%,
10/13/32
.................
1,177
1,110,874
Regency
Centers
LP
2.95%,
09/15/29
.................
1,075
898,129
Security
Par
(000)
Par
(000)
Value
Retail
REITs
(continued)
3.70%,
06/15/30
.................
USD
1,334
$
1,132,768
7,979,684
Semiconductors
&
Semiconductor
Equipment
—
0.3%
ams-OSRAM
AG
(c)(m)
0.00%,
03/05/25
(n)
................
EUR
1,000
930,765
2.13%,
11/03/27
.................
900
685,649
Analog
Devices,
Inc.,
2.80%,
10/01/41
....
USD
308
195,348
Broadcom,
Inc.
(b)
4.15%,
04/15/32
.................
699
591,432
3.19%,
11/15/36
.................
260
180,066
4.93%,
05/15/37
.................
3,184
2,653,619
Entegris
Escrow
Corp.
(b)
4.75%,
04/15/29
.................
11,062
9,906,509
5.95%,
06/15/30
.................
874
799,572
Entegris,
Inc.,
4.38%,
04/15/28
(b)
.......
595
530,859
Intel
Corp.
4.15%,
08/05/32
.................
305
270,355
2.80%,
08/12/41
.................
115
71,986
5.63%,
02/10/43
.................
535
489,874
4.90%,
08/05/52
.................
33
26,297
5.70%,
02/10/53
.................
908
812,599
5.90%,
02/10/63
.................
613
554,223
KLA
Corp.
4.10%,
03/15/29
.................
790
736,174
5.00%,
03/15/49
.................
367
304,813
3.30%,
03/01/50
.................
608
383,171
Lam
Research
Corp.,
4.88%,
03/15/49
....
334
275,498
NCR
Atleos
Escrow
Corp.,
9.50%,
04/01/29
(b)
1,271
1,245,872
NVIDIA
Corp.,
3.50%,
04/01/40
........
519
388,542
NXP
BV,
4.30%,
06/18/29
............
3,930
3,539,869
QUALCOMM,
Inc.
4.30%,
05/20/47
.................
580
443,114
6.00%,
05/20/53
.................
45
43,306
SK
Hynix,
Inc.,
6.50%,
01/17/33
(b)
.......
1,346
1,280,719
Synaptics,
Inc.,
4.00%,
06/15/29
(b)
.......
1,764
1,455,300
Texas
Instruments,
Inc.
5.00%,
03/14/53
.................
57
48,537
5.05%,
05/18/63
.................
36
29,977
28,874,045
Software
—
1.0%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(b)
...
180
172,307
Alteryx,
Inc.,
8.75%,
03/15/28
(b)
........
1,418
1,400,271
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(b)
11,764
9,614,081
Autodesk,
Inc.
3.50%,
06/15/27
.................
743
687,023
2.40%,
12/15/31
.................
532
408,694
Boxer
Parent
Co.,
Inc.
6.50%,
10/02/25
(c)
................
EUR
2,080
2,170,749
7.13%,
10/02/25
(b)
................
USD
3,366
3,320,407
9.13%,
03/01/26
(b)
................
4,985
4,953,844
Camelot
Finance
SA,
4.50%,
11/01/26
(b)
...
3,293
3,044,014
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(b)
.
1,840
1,784,800
Cedacri
Mergeco
SpA,
(3-mo.
EURIBOR
at
4.63%
Floor
+
4.63%),
8.42%,
05/15/28
(a)(c)
EUR
865
880,477
Central
Parent,
Inc.,
7.25%,
06/15/29
(b)
....
USD
4,668
4,484,491
Clarivate
Science
Holdings
Corp.
(b)
3.88%,
07/01/28
.................
5,478
4,703,427
4.88%,
07/01/29
.................
4,578
3,861,017
Cloud
Software
Group,
Inc.
(b)
6.50%,
03/31/29
.................
20,691
18,165,616
9.00%,
09/30/29
.................
8,470
7,212,925
Consensus
Cloud
Solutions,
Inc.
(b)
6.00%,
10/15/26
.................
937
867,862
6.50%,
10/15/28
.................
623
516,311
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
USD
300
$
250,761
Elastic
NV,
4.13%,
07/15/29
(b)
.........
2,711
2,284,734
Fair
Isaac
Corp.,
4.00%,
06/15/28
(b)
......
1,425
1,268,945
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(b)
....................
648
544,003
McAfee
Corp.,
7.38%,
02/15/30
(b)
.......
4,705
3,763,885
Microsoft
Corp.
3.45%,
08/08/36
.................
538
438,711
4.45%,
11/03/45
.................
356
304,353
3.70%,
08/08/46
.................
18
13,402
4.25%,
02/06/47
.................
16
13,068
2.53%,
06/01/50
.................
22
12,593
2.92%,
03/17/52
.................
2,021
1,247,581
2.68%,
06/01/60
.................
19
10,506
3.04%,
03/17/62
.................
18
10,688
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
....
3,587
3,246,235
Open
Text
Corp.,
6.90%,
12/01/27
(b)
.....
4,926
4,901,591
Oracle
Corp.
3.85%,
07/15/36
.................
850
648,292
6.50%,
04/15/38
.................
281
274,187
5.38%,
07/15/40
.................
850
723,369
3.65%,
03/25/41
.................
370
251,957
4.13%,
05/15/45
.................
485
335,962
4.00%,
07/15/46
.................
365
245,235
4.00%,
11/15/47
.................
450
299,177
3.60%,
04/01/50
.................
1,738
1,064,994
3.95%,
03/25/51
.................
958
621,875
6.90%,
11/09/52
.................
10
9,854
5.55%,
02/06/53
.................
233
193,575
4.38%,
05/15/55
.................
175
118,402
3.85%,
04/01/60
.................
81
48,616
PTC,
Inc.,
3.63%,
02/15/25
(b)
..........
860
829,012
Sabre
GLBL,
Inc.,
8.63%,
06/01/27
(b)
.....
2,368
1,963,909
Salesforce,
Inc.
2.70%,
07/15/41
.................
365
234,716
2.90%,
07/15/51
.................
179
105,275
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
3,919
3,677,089
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
......
800
654,898
VMware,
Inc.,
2.20%,
08/15/31
........
2,247
1,661,128
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
4,418
3,647,350
104,168,244
Specialized
REITs
—
0.1%
American
Tower
Corp.
3.38%,
10/15/26
.................
995
921,068
3.95%,
03/15/29
.................
500
445,415
2.10%,
06/15/30
.................
680
517,935
2.30%,
09/15/31
.................
247
182,156
4.05%,
03/15/32
.................
390
327,203
Crown
Castle,
Inc.
4.30%,
02/15/29
.................
715
647,170
3.10%,
11/15/29
.................
200
166,296
2.50%,
07/15/31
.................
489
369,307
Equinix,
Inc.
2.90%,
11/18/26
.................
575
524,559
2.15%,
07/15/30
.................
159
122,091
2.50%,
05/15/31
.................
250
190,861
3.00%,
07/15/50
.................
192
104,531
2.95%,
09/15/51
.................
265
142,048
3.40%,
02/15/52
.................
500
296,561
Iron
Mountain,
Inc.
(b)
7.00%,
02/15/29
.................
2,538
2,458,690
5.63%,
07/15/32
.................
635
542,465
SBA
Communications
Corp.
3.88%,
02/15/27
.................
1,979
1,802,265
3.13%,
02/01/29
.................
2,984
2,467,182
Security
Par
(000)
Par
(000)
Value
Specialized
REITs
(continued)
Weyerhaeuser
Co.,
4.75%,
05/15/26
.....
USD
300
$
292,140
12,519,943
Specialty
Retail
—
0.4%
Arko
Corp.,
5.13%,
11/15/29
(b)
.........
1,388
1,125,390
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
320
283,539
4.75%,
03/01/30
.................
231
196,026
5.00%,
02/15/32
(b)
................
517
419,319
Constellation
Automotive
Financing
plc,
4.88%,
07/15/27
(c)
....................
GBP
714
670,400
eG
Global
Finance
plc
(b)
6.75%,
02/07/25
.................
USD
1,121
1,109,117
8.50%,
10/30/25
.................
2,652
2,608,905
Goldstory
SAS,
5.38%,
03/01/26
(c)
......
EUR
1,555
1,585,702
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(b)
..
USD
1,389
1,138,980
Home
Depot,
Inc.
(The)
4.25%,
04/01/46
.................
177
134,540
3.90%,
06/15/47
.................
160
114,482
4.50%,
12/06/48
.................
135
106,392
3.35%,
04/15/50
.................
710
449,943
3.63%,
04/15/52
.................
59
39,292
4.95%,
09/15/52
.................
48
40,402
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(b)
711
601,296
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(b)
....................
2,213
1,854,444
Lowe's
Cos.,
Inc.
3.70%,
04/15/46
.................
735
483,380
3.00%,
10/15/50
.................
1,158
636,467
3.50%,
04/01/51
.................
130
78,733
4.25%,
04/01/52
.................
161
111,582
5.63%,
04/15/53
.................
826
713,771
5.75%,
07/01/53
.................
21
18,427
4.45%,
04/01/62
.................
320
218,485
5.80%,
09/15/62
.................
17
14,404
5.85%,
04/01/63
.................
17
14,504
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
1,353
1,197,904
Penske
Automotive
Group,
Inc.,
3.50%,
09/01/25
.....................
987
936,756
PetSmart,
Inc.,
7.75%,
02/15/29
(b)
.......
3,967
3,652,188
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
...............
873
812,179
SRS
Distribution,
Inc.
(b)
4.63%,
07/01/28
.................
3,500
3,053,203
6.13%,
07/01/29
.................
2,677
2,241,987
6.00%,
12/01/29
.................
4,151
3,455,708
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(b)
..
7,560
6,597,385
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(b)(j)
...........
1,766
1,657,287
38,372,519
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Apple,
Inc.
2.20%,
09/11/29
.................
1,400
1,184,998
4.50%,
02/23/36
.................
580
536,345
3.85%,
05/04/43
.................
189
146,171
4.65%,
02/23/46
.................
818
697,877
3.85%,
08/04/46
.................
350
262,462
2.65%,
05/11/50
.................
1,008
583,481
2.65%,
02/08/51
.................
1,193
685,052
2.70%,
08/05/51
.................
370
213,976
3.95%,
08/08/52
.................
935
693,194
4.85%,
05/10/53
.................
12
10,424
2.55%,
08/20/60
.................
19
10,407
2.85%,
08/05/61
.................
19
10,562
4.10%,
08/08/62
.................
14
10,266
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
Dell
International
LLC
6.02%,
06/15/26
.................
USD
215
$
215,275
3.45%,
12/15/51
.................
133
79,242
HP,
Inc.
2.20%,
06/17/25
.................
912
861,074
3.00%,
06/17/27
.................
1,114
1,003,359
Seagate
HDD
Cayman
(b)
8.25%,
12/15/29
.................
2,297
2,334,274
8.50%,
07/15/31
.................
2,537
2,581,557
12,119,996
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
Crocs,
Inc.
(b)
4.25%,
03/15/29
.................
1,677
1,375,140
4.13%,
08/15/31
.................
40
30,398
European
TopSoho
SARL,
Series
SMCP,
4.00%,
09/21/21
(c)(e)(l)(m)
............
EUR
1,300
632,748
Hanesbrands,
Inc.,
4.88%,
05/15/26
(b)
....
USD
750
689,111
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
(b)
...
747
614,865
3,342,262
Tobacco
—
0.1%
Altria
Group,
Inc.
3.88%,
09/16/46
.................
257
158,743
5.95%,
02/14/49
.................
1,005
852,563
3.70%,
02/04/51
.................
54
31,462
4.00%,
02/04/61
.................
35
21,097
BAT
Capital
Corp.
3.46%,
09/06/29
.................
1,350
1,146,197
6.42%,
08/02/33
.................
1,215
1,144,929
4.39%,
08/15/37
.................
176
127,918
4.54%,
08/15/47
.................
488
315,720
4.76%,
09/06/49
.................
165
109,693
7.08%,
08/02/53
.................
643
573,884
BAT
International
Finance
plc,
4.45%,
03/16/28
502
462,531
Philip
Morris
International,
Inc.,
5.63%,
11/17/29
.....................
471
460,921
5,405,658
Trading
Companies
&
Distributors
—
0.3%
Air
Lease
Corp.,
2.88%,
01/15/26
.......
4,105
3,810,068
Aircastle
Ltd.,
6.50%,
07/18/28
(b)
........
697
671,294
Aviation
Capital
Group
LLC
(b)
1.95%,
01/30/26
.................
100
89,921
1.95%,
09/20/26
.................
1,966
1,711,891
6.75%,
10/25/28
.................
2,472
2,435,883
Beacon
Roofing
Supply,
Inc.
(b)
4.13%,
05/15/29
.................
1,313
1,102,257
6.50%,
08/01/30
.................
1,319
1,259,445
Fortress
Transportation
&
Infrastructure
Investors
LLC
(b)
6.50%,
10/01/25
.................
2,731
2,704,003
9.75%,
08/01/27
.................
2,116
2,176,835
5.50%,
05/01/28
.................
3,357
3,052,563
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
(b)
....................
548
452,040
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
(b)
....................
326
276,134
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
....
2,574
2,419,511
Imola
Merger
Corp.,
4.75%,
05/15/29
(b)
....
2,102
1,832,509
Rexel
SA,
5.25%,
09/15/30
(c)
..........
EUR
499
520,072
United
Rentals
North
America,
Inc.,
6.00%,
12/15/29
(b)
....................
USD
8,873
8,537,443
WESCO
Distribution,
Inc.
(b)
7.13%,
06/15/25
.................
1,308
1,307,240
7.25%,
06/15/28
.................
2,908
2,889,535
37,248,644
Security
Par
(000)
Par
(000)
Value
Transportation
Infrastructure
—
0.0%
(c)
Abertis
Infraestructuras
Finance
BV
(a)(k)
(5-Year
EUR
Swap
Annual
+
3.69%),
3.25%
EUR
600
$
585,851
(5-Year
EUR
Swap
Annual
+
3.69%),
3.25%
2,100
2,050,480
Heathrow
Finance
plc,
3.88%,
03/01/27
(d)
..
GBP
607
645,432
Mundys
SpA
1.63%,
02/03/25
.................
EUR
134
135,547
1.88%,
02/12/28
.................
809
732,281
4,149,591
Water
Utilities
—
0.0%
Thames
Water
Kemble
Finance
plc,
4.63%,
05/19/26
(c)
....................
GBP
387
266,081
Wireless
Telecommunication
Services
—
0.4%
America
Movil
SAB
de
CV
3.63%,
04/22/29
.................
USD
1,100
977,350
4.38%,
04/22/49
.................
550
409,860
Connect
Finco
SARL,
6.75%,
10/01/26
(b)
...
5,375
5,012,382
Kenbourne
Invest
SA,
4.70%,
01/22/28
(c)
..
787
424,980
Liberty
Costa
Rica
Senior
Secured
Finance,
10.88%,
01/15/31
(b)
..............
882
855,496
Millicom
International
Cellular
SA
(b)
5.13%,
01/15/28
.................
1,120
960,057
4.50%,
04/27/31
.................
1,727
1,287,133
Rogers
Communications,
Inc.
3.80%,
03/15/32
.................
1,199
972,332
4.30%,
02/15/48
.................
838
562,665
4.35%,
05/01/49
.................
351
238,979
3.70%,
11/15/49
.................
270
164,580
4.55%,
03/15/52
.................
1,481
1,024,332
SoftBank
Group
Corp.
(c)
2.13%,
07/06/24
.................
EUR
1,370
1,404,517
4.50%,
04/20/25
.................
553
573,310
4.75%,
07/30/25
.................
1,083
1,123,348
3.13%,
09/19/25
.................
1,130
1,122,479
5.00%,
04/15/28
.................
247
237,306
4.00%,
09/19/29
.................
1,549
1,353,867
3.88%,
07/06/32
.................
1,445
1,148,138
Telefonica
Europe
BV
(a)(c)(k)
(8-Year
EUR
Swap
Annual
+
2.97%),
3.88%
1,600
1,568,646
(6-Year
EUR
Swap
Annual
+
4.32%),
7.13%
900
972,526
(7-Year
EUR
Swap
Annual
+
3.35%),
6.14%
3,300
3,277,694
(8-Year
EUR
Swap
Annual
+
3.62%),
6.75%
300
307,177
T-Mobile
USA,
Inc.
2.25%,
02/15/26
.................
USD
1,615
1,485,567
2.05%,
02/15/28
.................
157
133,874
2.55%,
02/15/31
.................
525
409,052
3.50%,
04/15/31
.................
827
686,536
4.38%,
04/15/40
.................
475
367,382
3.00%,
02/15/41
.................
880
555,456
4.50%,
04/15/50
.................
125
91,193
3.30%,
02/15/51
.................
944
554,743
3.40%,
10/15/52
.................
1,290
763,430
5.65%,
01/15/53
.................
13
11,237
5.75%,
01/15/54
.................
13
11,412
6.00%,
06/15/54
.................
13
11,804
5.80%,
09/15/62
.................
31
26,713
Vmed
O2
UK
Financing
I
plc
4.00%,
01/31/29
(c)
................
GBP
1,259
1,264,370
4.25%,
01/31/31
(b)
................
USD
493
387,807
4.50%,
07/15/31
(c)
................
GBP
2,642
2,496,723
4.75%,
07/15/31
(b)
................
USD
1,166
938,520
Vodafone
Group
plc
4.88%,
06/19/49
.................
45
34,039
5.63%,
02/10/53
.................
40
33,643
5.75%,
02/10/63
.................
25
20,831
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
(5-Year
EUR
Swap
Annual
+
3.43%),
4.20%,
10/03/78
(a)(c)
.............
EUR
439
$
426,356
(5-Year
GBP
Swap
+
3.27%),
4.88%,
10/03/78
(a)(c)
..................
GBP
2,384
2,738,263
(5-Year
EUR
Swap
Annual
+
3.00%),
2.63%,
08/27/80
(a)(c)
.............
EUR
785
757,658
(5-Year
EUR
Swap
Annual
+
3.49%),
6.50%,
08/30/84
(a)(c)
.............
1,614
1,709,792
41,895,555
Total
Corporate
Bonds
—
27.2%
(Cost:
$3,306,215,617)
...........................
2,989,872,538
Equity-Linked
Notes
Aerospace
&
Defense
—
0.2%
Mizuho
Markets
Cayman
LP
(RTX
Corp.),
15.42%, 11/02/23
(b)
...............
USD
62
5,071,388
Nomura
Holdings,
Inc.
(L3Harris
Technologies,
Inc.),
12.60%, 11/24/23
(b)
............
40
7,014,945
SGA
Societe
Generale
Acceptance
NV
(RTX
Corp.),
13.13%, 01/05/24
...........
78
6,452,474
18,538,807
Air
Freight
&
Logistics
—
0.0%
BMO
Capital
Markets
Corp.
(FedEx
Corp.),
8.72%, 11/21/23
.................
16
3,784,787
Automobile
Components
—
0.1%
(b)
Mizuho
Markets
Cayman
LP
(Lear
Corp.),
22.37%, 12/07/23
................
29
3,872,908
Royal
Bank
of
Canada
(BorgWarner,
Inc.),
16.37%, 11/01/23
................
73
2,676,571
6,549,479
Automobiles
—
0.1%
Barclays
Bank
plc
(General
Motors
Co.),
23.00%, 12/07/23
................
77
2,177,711
UBS
AG
(General
Motors
Co.),
24.60%, 11/20/23
(b)
...............
101
2,890,682
5,068,393
Banks
—
0.5%
BMO
Capital
Markets
Corp.
(Citigroup,
Inc.),
22.21%, 12/14/23
(b)
...............
147
5,762,820
BNP
Paribas
SA
(Fifth
Third
Bancorp),
19.34%, 12/06/23
(b)
...............
132
3,168,799
BNP
Paribas
SA
(First
Horizon
Corp.),
21.44%, 12/01/23
(b)
...............
252
2,728,870
Citigroup,
Inc.
(Citizens
Financial
Group,
Inc.),
29.89%, 11/06/23
(b)
...............
77
1,805,028
Citigroup,
Inc.
(Wells
Fargo
&
Co.),
20.35%, 11/06/23
(b)
...............
181
7,142,641
JPMorgan
Structured
Products
BV
(Bank
of
America
Corp.),
11.57%, 12/01/23
(b)
....
205
5,428,045
JPMorgan
Structured
Products
BV
(First
Citizens
BancShares,
Inc.),
26.79%, 12/14/23
(b)
...............
4
5,625,671
Mizuho
Markets
Cayman
LP
(Wells
Fargo
&
Co.),
20.82%, 11/30/23
.............
166
6,625,282
Royal
Bank
of
Canada
(Citigroup,
Inc.),
21.65%, 11/30/23
(b)
...............
53
2,103,868
Royal
Bank
of
Canada
(JPMorgan
Chase
&
Co.),
10.63%, 11/30/23
(b)
............
94
13,231,284
53,622,308
Security
Par
(000)
Par
(000)
Value
Beverages
—
0.2%
Barclays
Bank
plc
(Molson
Coors
Beverage
Co.),
11.58%, 11/01/23
.............
USD
37
$
2,097,683
Citigroup,
Inc.
(Coca-Cola
Co.
(The)),
13.08%, 12/07/23
................
200
11,237,359
JPMorgan
Structured
Products
BV
(PepsiCo,
Inc.),
11.02%, 12/11/23
.............
34
5,590,642
18,925,684
Broadline
Retail
—
0.3%
BNP
Paribas
SA
(eBay,
Inc.),
13.71%, 11/02/23
(b)
...............
66
2,601,449
Citigroup,
Inc.
(Amazon.com,
Inc.),
18.18%, 02/02/24
................
216
28,213,396
Mizuho
Markets
Cayman
LP
(Amazon.com,
Inc.),
17.62%, 11/09/23
.............
52
6,957,469
37,772,314
Building
Products
—
0.0%
Royal
Bank
of
Canada
(Johnson
Controls
International
plc),
17.23%, 11/07/23
(b)
...
42
2,076,246
Capital
Markets
—
0.1%
Barclays
Bank
plc
(LPL
Financial
Holdings,
Inc.),
18.38%, 02/02/24
.............
10
2,225,427
Goldman
Sachs
International
(Raymond
James
Financial,
Inc.),
13.29%, 11/06/23
(b)
.....
32
3,077,989
JPMorgan
Structured
Products
BV
(Bank
of
New
York
Mellon
Corp.
(The)),
16.38%, 12/01/23
(b)
...............
52
2,237,354
Mizuho
Markets
Cayman
LP
(Charles
Schwab
Corp.
(The)),
24.52%, 12/01/23
.......
85
4,424,258
Mizuho
Markets
Cayman
LP
(Goldman
Sachs
Group,
Inc.
(The)),
14.82%, 12/01/23
...
13
3,873,602
15,838,630
Chemicals
—
0.2%
Barclays
Bank
plc
(Ecolab,
Inc.),
6.20%, 11/01/23
.................
13
2,129,031
BNP
Paribas
SA
(Dow,
Inc.),
23.18%, 12/07/23
(b)
...............
56
2,731,326
BNP
Paribas
SA
(PPG
Industries,
Inc.),
20.25%, 12/06/23
(b)
...............
35
4,353,590
Citigroup,
Inc.
(LyondellBasell
Industries
NV),
17.16%, 02/02/24
................
24
2,202,886
Royal
Bank
of
Canada
(Ecolab,
Inc.),
12.38%, 02/14/24
(b)
...............
27
4,461,722
Royal
Bank
of
Canada
(Mosaic
Co.
(The)),
16.59%, 11/07/23
(b)
...............
126
4,104,988
19,983,543
Commercial
Services
&
Supplies
—
0.1%
Barclays
Bank
plc
(Republic
Services,
Inc.),
9.61%, 02/15/24
.................
26
3,886,393
UBS
AG
(Waste
Management,
Inc.),
10.20%, 12/08/23
................
34
5,581,887
9,468,280
Communications
Equipment
—
0.2%
Barclays
Bank
plc
(Nokia
Oyj),
30.49%, 12/11/23
(b)
...............
407
1,381,576
Citigroup,
Inc.
(Arista
Networks,
Inc.),
19.45%, 02/13/24
................
28
5,530,290
Mizuho
Markets
Cayman
LP
(Cisco
Systems,
Inc.),
16.87%, 12/07/23
(b)
...........
84
4,411,434
Royal
Bank
of
Canada
(Cisco
Systems,
Inc.),
12.73%, 11/15/23
(b)
...............
234
12,236,249
UBS
AG
(Juniper
Networks,
Inc.),
13.90%, 01/31/24
................
103
2,777,704
26,337,253
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Construction
Materials
—
0.0%
Citigroup,
Inc.
(Vulcan
Materials
Co.),
10.45%, 11/02/23
................
USD
20
$
3,995,031
Consumer
Finance
—
0.1%
Barclays
Bank
plc
(Ally
Financial,
Inc.),
30.79%, 12/01/23
................
222
5,469,467
BNP
Paribas
SA
(American
Express
Co.),
14.21%, 12/05/23
(b)
...............
27
3,936,049
Citigroup,
Inc.
(Capital
One
Financial
Corp.),
20.08%, 01/24/24
................
23
2,251,588
11,657,104
Consumer
Staples
Distribution
&
Retail
—
0.4%
BMO
Capital
Markets
Corp.
(Sysco
Corp.),
11.00%, 11/01/23
.................
42
2,726,819
BNP
Paribas
SA
(Walmart,
Inc.),
8.17%, 11/16/23
(b)
................
99
16,066,610
Citigroup,
Inc.
(BJ's
Wholesale
Club
Holdings,
Inc.),
12.98%, 11/17/23
.............
49
3,282,353
Citigroup,
Inc.
(Target
Corp.),
15.33%, 11/16/23
19
2,086,053
JPMorgan
Structured
Products
BV
(Target
Corp.),
23.72%, 11/17/23
...........
84
9,199,545
JPMorgan
Structured
Products
BV
(Walmart,
Inc.),
6.14%, 11/17/23
..............
21
3,390,959
Nomura
Holdings,
Inc.
(Dollar
General
Corp.),
19.90%, 12/21/23
(b)
...............
37
4,381,211
Royal
Bank
of
Canada
(Sysco
Corp.),
12.79%, 01/31/24
................
66
4,390,987
45,524,537
Containers
&
Packaging
—
0.1%
Citigroup,
Inc.
(Sealed
Air
Corp.),
18.97%, 11/06/23
(b)
...............
126
3,892,938
UBS
AG
(International
Paper
Co.),
16.80%, 01/31/24
................
83
2,783,824
6,676,762
Diversified
Telecommunication
Services
—
0.2%
Goldman
Sachs
International
(Verizon
Communications,
Inc.),
23.47%, 11/06/23
(b)
176
6,138,917
Mizuho
Markets
Cayman
LP
(AT&T,
Inc.),
9.67%, 12/06/23
.................
544
8,364,865
Nomura
Holdings,
Inc.
(AT&T,
Inc.),
19.58%, 11/10/23
(b)
...............
162
2,464,752
16,968,534
Electric
Utilities
—
0.2%
(b)
BNP
Paribas
SA
(NextEra
Energy,
Inc.),
25.21%, 12/07/23
................
151
8,619,057
Goldman
Sachs
International
(Exelon
Corp.),
16.40%, 11/10/23
................
81
3,161,611
Mizuho
Markets
Cayman
LP
(American
Electric
Power
Co.,
Inc.),
22.12%, 12/07/23
.....
45
3,358,748
Nomura
Holdings,
Inc.
(PG&E
Corp.),
11.76%, 11/24/23
.................
147
2,404,760
17,544,176
Electrical
Equipment
—
0.1%
Barclays
Bank
plc
(Eaton
Corp.
plc),
13.16%, 02/08/24
................
27
5,531,621
BMO
Capital
Markets
Corp.
(Eaton
Corp.
plc),
13.89%, 11/01/23
................
14
2,719,137
SGA
Societe
Generale
Acceptance
NV
(Schneider
Electric
SE),
28.64%, 12/14/23
(b)
46
1,506,206
9,756,964
Security
Par
(000)
Par
(000)
Value
Electronic
Equipment,
Instruments
&
Components
—
0.1%
Citigroup,
Inc.
(Flex
Ltd.),
12.16%, 01/25/24
.
USD
477
$
12,273,223
Nomura
Holdings,
Inc.
(Keysight
Technologies,
Inc.),
12.02%, 11/17/23
.............
29
3,529,140
15,802,363
Energy
Equipment
&
Services
—
0.1%
Barclays
Bank
plc
(Schlumberger
NV),
19.63%, 12/05/23
................
38
2,132,644
Citigroup,
Inc.
(Baker
Hughes
Co.),
18.01%, 01/23/24
................
110
3,825,458
5,958,102
Entertainment
—
0.2%
Citigroup,
Inc.
(Netflix,
Inc.),
14.51%, 12/06/23
28
11,396,389
Goldman
Sachs
International
(Walt
Disney
Co.
(The)),
16.68%, 11/08/23
...........
87
7,042,560
18,438,949
Financial
Services
—
0.5%
Barclays
Bank
plc
(Carlyle
Group,
Inc.
(The)),
33.19%, 12/11/23
(b)
...............
149
4,163,489
BNP
Paribas
SA
(Equitable
Holdings,
Inc.),
28.04%, 12/11/23
(b)
...............
112
3,008,987
BNP
Paribas
SA
(Fiserv,
Inc.),
10.65%, 12/07/23
(b)
...............
116
13,316,462
BNP
Paribas
SA
(Rocket
Cos.,
Inc.),
16.49%, 11/09/23
(b)
...............
GBP
22
1,449,815
Citigroup,
Inc.
(CME
Group,
Inc.),
9.76%, 12/08/23
.................
USD
8
1,654,576
Citigroup,
Inc.
(Moody's
Corp.),
12.22%, 12/08/23
................
9
2,710,167
JPMorgan
Structured
Products
BV
(Voya
Financial,
Inc.),
14.13%, 11/01/23
......
78
5,167,224
Mizuho
Markets
Cayman
LP
(Fidelity
National
Information
Services,
Inc.)
15.22%
-
24.42%,
11/07/23
-
01/05/24
...
165
8,133,010
Nomura
Holdings,
Inc.
(PayPal
Holdings,
Inc.),
15.90%, 11/03/23
................
76
3,936,249
SGA
Societe
Generale
Acceptance
NV
(Fidelity
National
Information
Services,
Inc.),
16.53%, 11/02/23
(b)
...............
97
4,745,052
UBS
AG
(Visa,
Inc.),
13.50%, 11/24/23
(b)
...
14
3,228,378
51,513,409
Food
Products
—
0.1%
BNP
Paribas
SA
(Danone
SA),
16.17%, 11/16/23
(b)
...............
EUR
24
1,382,641
HSBC
Bank
plc
(Danone
SA),
6.09%, 11/08/23
82
4,810,565
UBS
AG
(Kraft
Heinz
Co.
(The)),
7.00%, 11/24/23
(b)
................
USD
224
7,073,838
13,267,044
Ground
Transportation
—
0.0%
Mizuho
Markets
Cayman
LP
(CSX
Corp.),
12.37%, 12/05/23
................
72
2,162,302
Health
Care
Equipment
&
Supplies
—
0.5%
Barclays
Bank
plc
(Zimmer
Biomet
Holdings,
Inc.),
9.30%, 11/02/23
..............
29
3,029,777
BMO
Capital
Markets
Corp.
(Becton
Dickinson
&
Co.),
6.98%, 11/10/23
............
15
3,880,310
Citigroup,
Inc.
(Boston
Scientific
Corp.),
12.41%, 02/01/24
................
143
7,222,948
Citigroup,
Inc.
(Dexcom,
Inc.),
25.45%, 02/09/24
................
49
4,399,867
HSBC
Bank
plc
(EssilorLuxottica
SA),
10.34%, 11/08/23
................
EUR
38
6,924,782
HSBC
Bank
plc
(Koninklijke
Philips
NV),
23.10%, 11/30/23
(b)
...............
129
2,471,837
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
(continued)
JPMorgan
Structured
Products
BV
(Zimmer
Biomet
Holdings,
Inc.),
18.97%, 11/20/23
(b)
USD
52
$
5,425,985
Royal
Bank
of
Canada
(Baxter
International,
Inc.),
26.91%, 12/11/23
(b)
............
154
4,938,446
Royal
Bank
of
Canada
(Stryker
Corp.),
13.14%, 11/01/23
(b)
...............
24
6,412,024
UBS
AG
(Medtronic
plc),
13.40%, 11/20/23
(b)
88
6,243,240
50,949,216
Health
Care
Providers
&
Services
—
1.0%
Barclays
Bank
plc
(CVS
Health
Corp.)
15.36%
-
20.48%,
11/01/23
-
11/02/23
...
152
10,359,335
Barclays
Bank
plc
(Humana,
Inc.),
14.45%, 11/01/23
................
11
5,460,830
BMO
Capital
Markets
Corp.
(Cigna
Group
(The)),
12.76%, 11/02/23
...........
20
6,025,681
BMO
Capital
Markets
Corp.
(McKesson
Corp.),
10.97%, 11/01/23
................
16
7,131,257
BNP
Paribas
SA
(Cigna
Group
(The)),
9.86%, 11/03/23
(b)
................
9
2,475,046
BNP
Paribas
SA
(Elevance
Health,
Inc.),
11.29%, 12/01/23
(b)
...............
36
16,367,341
BNP
Paribas
SA
(Humana,
Inc.),
16.89%, 11/10/23
(b)
...............
3
1,595,694
BNP
Paribas
SA
(Laboratory
Corp.
of
America
Holdings),
17.82%, 11/10/23
(b)
........
29
5,680,521
BNP
Paribas
SA
(McKesson
Corp.),
9.11%, 11/02/23
(b)
................
6
2,450,558
Citigroup,
Inc.
(Laboratory
Corp.
of
America
Holdings),
11.64%, 02/16/24
.........
19
3,781,546
Goldman
Sachs
International
(Cigna
Group
(The)),
16.73%, 11/10/23
(b)
..........
20
5,849,289
Goldman
Sachs
International
(Elevance
Health,
Inc.),
16.70%, 11/20/23
(b)
............
9
4,237,333
Royal
Bank
of
Canada
(Cardinal
Health,
Inc.),
17.11%, 12/11/23
(b)
................
56
5,079,727
Royal
Bank
of
Canada
(Cencora,
Inc.),
8.25%, 11/07/23
(b)
................
22
4,100,894
Royal
Bank
of
Canada
(UnitedHealth
Group,
Inc.),
8.71%, 11/30/23
(b)
............
64
34,173,866
114,768,918
Hotels,
Restaurants
&
Leisure
—
0.6%
Barclays
Bank
plc
(Domino's
Pizza,
Inc.),
16.87%, 12/20/23
................
6
2,217,272
Barclays
Bank
plc
(Wynn
Resorts
Ltd.),
20.53%, 11/09/23
................
31
2,739,506
BNP
Paribas
SA
(Starbucks
Corp.),
10.55%, 11/02/23
(b)
...............
24
2,256,952
Citigroup,
Inc.
(Chipotle
Mexican
Grill,
Inc.),
11.88%, 02/07/24
................
2
3,794,339
Citigroup,
Inc.
(Hilton
Worldwide
Holdings,
Inc.),
14.94%, 12/08/23
.............
30
4,472,243
Citigroup,
Inc.
(Marriott
International,
Inc.),
11.92%, 11/03/23
.................
21
3,931,291
Citigroup,
Inc.
(MGM
Resorts
International),
20.73%, 11/02/23
................
79
2,776,285
Goldman
Sachs
International
(Starbucks
Corp.),
10.35%, 11/02/23
...........
25
2,268,649
JPMorgan
Structured
Products
BV
(McDonald's
Corp.),
12.35%, 12/13/23
(b)(c)
.........
50
13,155,236
JPMorgan
Structured
Products
BV
(Wynn
Resorts
Ltd.),
24.40%, 11/09/23
.......
77
6,753,674
Mizuho
Markets
Cayman
LP
(Las
Vegas
Sands
Corp.),
20.27%, 12/06/23
...........
96
4,525,815
Royal
Bank
of
Canada
(Booking
Holdings,
Inc.),
14.44%, 11/02/23
(b)
...............
2
6,182,553
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Royal
Bank
of
Canada
(Starbucks
Corp.),
9.97%, 11/02/23
(b)
................
USD
75
$
6,925,439
Royal
Bank
of
Canada
(Yum!
Brands,
Inc.),
6.76%, 11/02/23
(b)
................
23
2,835,779
UBS
AG
(Wyndham
Hotels
&
Resorts,
Inc.),
11.60%, 02/15/24
(f)
................
38
2,689,445
67,524,478
Household
Durables
—
0.1%
Barclays
Bank
plc
(PulteGroup,
Inc.),
21.92%, 12/07/23
................
23
1,686,285
BNP
Paribas
SA
(Newell
Brands,
Inc.),
47.68%, 12/11/23
(b)
...............
188
1,289,331
Citigroup,
Inc.
(Mohawk
Industries,
Inc.),
20.51%, 02/09/24
................
22
1,682,290
Nomura
Holdings,
Inc.
(Sony
Group
Corp.),
12.46%, 11/06/23
(b)
...............
38
3,192,547
7,850,453
Household
Products
—
0.1%
JPMorgan
Structured
Products
BV
(Procter
&
Gamble
Co.
(The)),
13.05%, 12/01/23
...
75
11,342,817
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Citigroup,
Inc.
(AES
Corp.
(The)),
22.08%, 11/03/23
................
130
1,940,700
Industrial
Conglomerates
—
0.1%
Barclays
Bank
plc
(General
Electric
Co.),
14.79%, 12/07/23
................
20
2,143,262
HSBC
Bank
plc
(Siemens
AG),
21.56%, 11/09/23
(b)
...............
EUR
10
1,288,238
UBS
AG
(Honeywell
International,
Inc.),
11.69%, 02/02/24
................
USD
44
7,849,452
11,280,952
Insurance
—
0.2%
Barclays
Bank
plc
(Willis
Towers
Watson
plc),
13.92%, 11/24/23
(b)
...............
17
3,890,824
BNP
Paribas
SA
(Prudential
Financial,
Inc.),
21.45%, 11/16/23
(b)
...............
GBP
366
3,848,880
Mizuho
Markets
Cayman
LP
(Progressive
Corp.
(The)),
11.56%, 11/30/23
............
USD
15
2,303,052
Royal
Bank
of
Canada
(American
International
Group,
Inc.),
17.35%, 12/21/23
(b)
......
110
6,765,360
Royal
Bank
of
Canada
(Fidelity
National
Financial,
Inc.),
18.73%, 12/21/23
(b)
....
170
6,625,865
23,433,981
Interactive
Media
&
Services
—
0.2%
BNP
Paribas
SA
(Meta
Platforms,
Inc.),
24.75%, 11/09/23
(b)
...............
20
5,965,933
Citigroup,
Inc.
(Meta
Platforms,
Inc.),
18.76%, 02/02/24
................
29
8,523,117
Mizuho
Markets
Cayman
LP
(Alphabet,
Inc.)
13.92%
-
14.65%,
11/09/23
-
01/05/24
...
57
7,066,925
SGA
Societe
Generale
Acceptance
NV
(Alphabet,
Inc.),
18.15%, 11/02/23
(b)
....
10
1,253,273
SGA
Societe
Generale
Acceptance
NV
(Meta
Platforms,
Inc.)
13.99%
-
20.67%,
11/02/23
-
01/05/24
(b)
.
6
1,700,365
24,509,613
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
IT
Services
—
0.1%
Goldman
Sachs
International
(Gartner,
Inc.),
5.86%, 11/03/23
.................
USD
10
$
3,314,390
Mizuho
Markets
Cayman
LP
(Cognizant
Technology
Solutions
Corp.),
21.67%, 12/07/23
(b)
...............
95
6,195,711
9,510,101
Life
Sciences
Tools
&
Services
—
0.0%
BNP
Paribas
SA
(Danaher
Corp.),
15.39%, 12/07/23
(b)
...............
22
4,306,802
Machinery
—
0.1%
Barclays
Bank
plc
(PACCAR,
Inc.),
12.54%, 12/07/23
................
53
4,392,742
Barclays
Bank
plc
(Stanley
Black
&
Decker,
Inc.),
20.26%, 02/02/24
.............
33
2,790,644
Citigroup,
Inc.
(Otis
Worldwide
Corp.),
13.54%, 12/08/23
................
51
3,968,014
Citigroup,
Inc.
(Parker-Hannifin
Corp.),
12.92%, 11/02/23
................
11
3,891,909
15,043,309
Media
—
0.2%
(b)
BMO
Capital
Markets
Corp.
(Comcast
Corp.)
+
0.00%),
15.96%, 12/14/23
(a)
..........
111
4,645,770
Mizuho
Markets
Cayman
LP
(Fox
Corp.),
14.72%, 01/05/24
................
80
2,419,044
Royal
Bank
of
Canada
(Publicis
Groupe
SA),
13.73%, 11/10/23
................
EUR
97
7,371,637
SGA
Societe
Generale
Acceptance
NV
(Fox
Corp.),
15.61%, 11/02/23
...........
USD
85
2,568,401
17,004,852
Metals
&
Mining
—
0.1%
Barclays
Bank
plc
(Nucor
Corp.),
20.85%, 12/07/23
................
19
2,782,416
Citigroup,
Inc.
(Freeport-McMoRan,
Inc.),
18.58%, 12/06/23
................
110
3,752,930
Citigroup,
Inc.
(Kinross
Gold
Corp.),
8.67%, 11/02/23
.................
58
3,067,835
9,603,181
Multi-Utilities
—
0.0%
Barclays
Bank
plc
(Sempra),
15.09%, 11/03/23
33
2,327,778
JPMorgan
Structured
Products
BV
(Public
Service
Enterprise
Group,
Inc.),
13.64%, 11/20/23
(b)
...............
13
758,141
Mizuho
Markets
Cayman
LP
(Sempra),
12.56%, 12/21/23
(b)
...............
28
1,979,128
5,065,047
Oil,
Gas
&
Consumable
Fuels
—
0.5%
Barclays
Bank
plc
(BP
plc),
21.62%, 11/16/23
(b)
GBP
1,223
7,430,361
Barclays
Bank
plc
(Shell
plc)
9.80%
-
19.75%,
11/01/23
-
11/09/23
....
USD
477
22,540,460
Goldman
Sachs
International
(BP
plc),
15.22%, 11/01/23
................
353
13,548,813
Goldman
Sachs
International
(Marathon
Petroleum
Corp.),
20.57%, 11/01/23
....
30
4,446,423
Royal
Bank
of
Canada
(Kosmos
Energy
Ltd.),
9.37%, 12/21/23
(b)
................
347
2,509,691
SGA
Societe
Generale
Acceptance
NV
(ConocoPhillips),
21.59%, 12/14/23
(b)
...
12
1,432,071
UBS
AG
(Occidental
Petroleum
Corp.),
13.80%, 11/08/23
................
46
2,869,172
UBS
AG
(Williams
Cos.,
Inc.
(The)),
17.60%, 11/10/23
(b)
...............
62
2,102,731
56,879,722
Security
Par
(000)
Par
(000)
Value
Passenger
Airlines
—
0.0%
JPMorgan
Structured
Products
BV
(Delta
Air
Lines,
Inc.),
16.50%, 12/04/23
........
USD
64
$
2,017,705
Personal
Care
Products
—
0.1%
JPMorgan
Structured
Products
BV
(Unilever
plc),
5.30%, 11/08/23
..............
GBP
198
9,374,479
SGA
Societe
Generale
Acceptance
NV
(Unilever
plc),
13.78%, 12/21/23
(b)
.....
USD
59
2,772,617
12,147,096
Pharmaceuticals
—
0.2%
BMO
Capital
Markets
Corp.
(Eli
Lilly
&
Co.),
26.63%, 12/14/23
(b)
...............
3
1,694,325
BNP
Paribas
SA
(Novo
Nordisk
A/S),
21.97%, 11/10/23
(b)
...............
4
752,048
Citigroup,
Inc.
(Pfizer,
Inc.),
21.59%, 01/31/24
91
2,754,546
Citigroup,
Inc.
(Zoetis,
Inc.),
10.94%, 11/03/23
16
2,494,544
HSBC
Bank
plc
(AstraZeneca
plc),
18.64%, 11/09/23
(b)
...............
GBP
16
1,947,393
Royal
Bank
of
Canada
(Bayer
AG),
21.37%, 11/30/23
(b)
...............
EUR
84
3,651,867
Royal
Bank
of
Canada
(Sanofi
SA),
13.95%, 11/30/23
(b)
...............
59
5,381,786
Royal
Bank
of
Canada
(Zoetis,
Inc.),
13.61%, 11/03/23
(b)
...............
USD
39
6,201,626
24,878,135
Professional
Services
—
0.3%
(b)
Barclays
Bank
plc
(Robert
Half,
Inc.),
12.29%, 11/24/23
................
10
765,691
BNP
Paribas
SA
(SS&C
Technologies
Holdings,
Inc.),
13.08%, 01/05/24
.............
119
5,959,650
Mizuho
Markets
Cayman
LP
(Leidos
Holdings,
Inc.),
15.17%, 01/05/24
.............
72
7,116,816
Nomura
Holdings,
Inc.
(SS&C
Technologies
Holdings,
Inc.),
20.86%, 11/02/23
......
123
6,172,891
SGA
Societe
Generale
Acceptance
NV
(Leidos
Holdings,
Inc.),
12.02%, 11/02/23
......
74
7,374,712
27,389,760
Semiconductors
&
Semiconductor
Equipment
—
0.1%
Citigroup,
Inc.
(Intel
Corp.),
19.24%, 01/26/24
124
4,496,308
Mizuho
Markets
Cayman
LP
(Intel
Corp.),
27.72%, 12/07/23
(b)
...............
32
1,181,339
Nomura
Holdings,
Inc.
(NVIDIA
Corp.),
24.57%, 11/17/23
................
19
8,010,546
13,688,193
Software
—
0.9%
Barclays
Bank
plc
(Autodesk,
Inc.),
12.96%, 11/22/23
................
13
2,684,925
Barclays
Bank
plc
(Intuit,
Inc.),
14.43%, 11/30/23
................
6
3,206,649
Barclays
Bank
plc
(Synopsys,
Inc.),
10.81%, 11/30/23
................
6
2,964,229
BNP
Paribas
SA
(Palo
Alto
Networks,
Inc.),
16.89%, 11/17/23
(b)
...............
8
1,950,516
Goldman
Sachs
International
(Microsoft
Corp.),
17.99%, 12/14/23
(b)
...............
11
3,702,974
Goldman
Sachs
International
(Synopsys,
Inc.),
15.67%, 11/30/23
................
19
8,684,931
JPMorgan
Structured
Products
BV
(Fortinet,
Inc.),
17.51%, 11/02/23
.............
57
3,265,107
Mizuho
Markets
Cayman
LP
(Microsoft
Corp.),
12.16%, 11/09/23
................
27
9,026,198
Nomura
Holdings,
Inc.
(Autodesk,
Inc.),
12.48%, 11/22/23
................
22
4,328,692
Nomura
Holdings,
Inc.
(Intuit,
Inc.),
13.40%, 11/30/23
................
13
6,660,199
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
UBS
AG
(Microsoft
Corp.),
11.40%, 12/08/23
USD
98
$
33,193,573
UBS
AG
(Roper
Technologies,
Inc.),
6.70%, 12/08/23
.................
9
4,485,349
UBS
AG
(ServiceNow,
Inc.),
16.90%, 01/25/24
32
18,043,436
102,196,778
Specialized
REITs
—
0.0%
UBS
AG
(Equinix,
Inc.),
7.90%, 11/02/23
...
4
2,894,247
Specialty
Retail
—
0.3%
BNP
Paribas
SA
(Best
Buy
Co.,
Inc.),
15.35%, 11/22/23
(b)
...............
61
4,104,986
BNP
Paribas
SA
(TJX
Cos.,
Inc.
(The)),
7.89%, 11/16/23
(b)
................
26
2,291,983
Citigroup,
Inc.
(AutoNation,
Inc.),
20.32%, 02/16/24
................
34
4,409,299
JPMorgan
Structured
Products
BV
(O'Reilly
Automotive,
Inc.),
10.67%, 02/08/24
....
8
7,707,279
JPMorgan
Structured
Products
BV
(TJX
Cos.,
Inc.
(The)),
10.05%, 11/15/23
.........
99
8,669,865
27,183,412
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Mizuho
Markets
Cayman
LP
(Apple,
Inc.),
11.03%, 11/09/23
.................
38
6,445,718
Nomura
Holdings,
Inc.
(HP,
Inc.),
18.85%, 11/10/23
(b)
...............
55
1,450,047
7,895,765
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
BNP
Paribas
SA
(Ralph
Lauren
Corp.),
21.86%, 12/11/23
(b)
...............
12
1,311,377
Goldman
Sachs
International
(Skechers
USA,
Inc.),
16.91%, 02/02/24
.............
47
2,226,857
3,538,234
Tobacco
—
0.1%
Citigroup,
Inc.
(Philip
Morris
International,
Inc.),
9.07%, 12/06/23
.................
79
7,101,483
HSBC
Bank
plc
(British
American
Tobacco
plc),
12.80%, 11/30/23
(b)
...............
GBP
198
5,942,087
13,043,570
Trading
Companies
&
Distributors
—
0.1%
BNP
Paribas
SA
(MSC
Industrial
Direct
Co.,
Inc.),
19.92%, 12/11/23
(b)
............
USD
9
854,909
JPMorgan
Structured
Products
BV
(United
Rentals,
Inc.),
20.65%, 01/25/24
......
11
4,446,639
5,301,548
Wireless
Telecommunication
Services
—
0.1%
HSBC
Bank
plc
(Vodafone
Group
plc),
30.68%, 11/16/23
(b)
...............
GBP
4,538
4,167,168
UBS
AG
(T-Mobile
US,
Inc.),
12.30%, 12/08/23
USD
39
5,631,100
9,798,268
Total
Equity-Linked
Notes
—
10.2%
(Cost:
$1,146,387,169)
...........................
1,120,217,854
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.2%
(a)
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.25%),
9.93%
,
05/25/28
3,213
2,964,134
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.25%),
9.93%
,
05/25/28
592
546,144
Bleriot
U.S.
Bidco,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.65%
,
10/30/28
..
543
542,719
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
Cobham
Ultra
SeniorCo
SARL,
Facility
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
9.36%
,
08/03/29
.................
USD
948
$
917,759
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.32%
,
08/24/28
.................
3,445
3,402,180
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.32%
,
08/24/28
.................
1,476
1,458,010
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.17%
,
02/01/28
.......
2,372
2,324,086
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
7.75%),
13.23%
,
02/01/29
......
963
927,246
TransDigm,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.64%
,
08/24/28
.....
2,131
2,127,308
TransDigm,
Inc.,
Term
Loan
H,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.64%
,
02/22/27
..
932
931,101
16,140,687
Automobile
Components
—
0.1%
(a)
Adient
US
LLC,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.69%
,
04/10/28
..
649
648,412
Clarios
Global
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.07%
,
05/06/30
.................
2,381
2,375,047
Tenneco,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.00%),
10.48%
-
10.49%
,
11/17/28
1,125
933,930
3,957,389
Automobiles
—
0.0%
Dealer
Tire
Financial
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.82%
,
12/14/27
(a)
.
1,720
1,719,433
Beverages
—
0.1%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.74%
,
01/24/29
.......
4,746
4,353,326
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.01%
Cap
+
6.00%),
11.49%
,
01/24/30
......
1,951
1,558,666
5,911,992
Broadline
Retail
—
0.1%
(a)
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.69%
,
11/24/28
.................
1,481
1,465,755
New
SK
Holdco
Sub
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
6.75%),
12.19%
-
13.67%
,
06/30/27
1,677
1,571,417
Pug
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.94%
,
02/12/27
.....
3,640
3,427,722
Pug
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.69%
,
02/12/27
(f)
...........
428
403,635
Sally
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.57%
,
02/28/30
..
627
626,380
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Broadline
Retail
(continued)
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.40%
,
12/21/27
.......
USD
479
$
386,907
7,881,816
Building
Products
—
0.1%
(a)
AZZ,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.07%
,
05/13/29
.................
600
599,497
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.68%
,
04/12/28
339
321,781
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
4.25%
-
9.17%
,
11/23/27
................
1,365
1,264,579
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.17%
,
10/02/28
..
728
705,145
Jeld-Wen,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.69%
,
07/28/28
.....
891
888,537
Wilsonart
LLC,
Term
Loan
E,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
3.25%),
8.74%
,
12/31/26
...........
2,738
2,708,003
6,487,542
Capital
Markets
—
0.1%
(a)
Aretec
Group,
Inc.,
Term
Loan
B-1,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.92%
,
08/09/30
..
573
556,670
Ascensus
Group
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.94%
,
08/02/28
.................
1,970
1,928,930
Ascensus
Group
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
6.50%),
12.18%
,
08/02/29
................
556
527,845
Axalta
Coating
Systems
Dutch
Holding
B
BV,
Term
Loan
B5,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.89%
,
12/20/29
.................
1,477
1,477,450
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
+
3.50%),
9.18%, 07/24/26
...............
1,402
1,328,279
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.43%, 07/24/26
776
738,713
Castlelake
Aviation
One
DAC,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.42%, 10/22/26
1,364
1,360,092
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.42%, 10/22/27
698
695,488
Focus
Financial
Partners
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.82%
,
06/30/28
..
1,370
1,355,553
Focus
Financial
Partners
LLC,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.82%
,
06/30/28
..
865
862,120
ION
Trading
Finance
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.75%),
10.24%
,
04/01/28
................
712
687,162
Learning
Care
Group
US
No.
2,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.75%),
10.12%
-
10.17%
,
08/11/28
................
240
239,851
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Osaic
Holdings,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.82%
,
08/17/28
.................
USD
1,840
$
1,829,554
13,587,707
Chemicals
—
0.2%
(a)
ARC
Falcon
I,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.17%
,
09/30/28
..........
1,147
1,102,380
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.42%
,
11/24/27
.................
856
841,314
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.75%),
10.32%
,
08/27/26
................
1,169
1,100,566
Chemours
Co.,
(The),
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.82%
,
08/18/28
(f)
......
1,197
1,161,090
CPC
Acquisition
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.40%
,
12/29/27
..
641
500,883
Derby
Buyer
LLC,
Term
Loan,
11/01/30
(f)(p)
..
1,385
1,377,942
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.38%),
9.77%
,
10/04/29
.................
913
846,171
Ecovyst
Catalyst
Technologies
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.98%
,
06/09/28
..
1,429
1,418,603
Element
Solutions,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.32%
,
01/31/26
.................
1,956
1,952,710
H.B.
Fuller
Co.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.57%
,
02/15/30
..........
321
321,854
Herens
Holdco
SARL,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.93%),
9.42%
,
07/03/28
..
1,210
1,017,049
Ineos
US
Finance
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.92%
,
02/18/30
.................
636
621,449
LSF11
A5
Holdco
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.94%, 10/15/28
2,116
2,056,875
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.67%, 10/15/28
306
299,918
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.94%
,
06/30/27
.................
323
320,481
Messer
Industries
GmbH,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
+
2.50%),
8.15%
,
03/02/26
.................
1,544
1,542,441
Momentive
Performance
Materials,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.82%
,
03/29/28
.................
1,980
1,880,787
Nouryon
Finance
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.43%
,
04/03/28
..
975
951,714
Olympus
Water
US
Holding
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.00%),
10.39%
,
11/09/28
.
981
969,718
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Oxea
Holding
Vier
GmbH,
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
+
3.50%),
9.01%
,
10/14/24
.................
USD
1,665
$
1,623,568
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.25%),
8.68%
,
08/02/28
..
1,487
1,474,182
WR
Grace
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.40%
,
09/22/28
.......
1,423
1,393,828
24,775,523
Commercial
Services
&
Supplies
—
0.2%
(a)
Action
Environmental
Group,
Inc.,
(The),
Delayed
Draw
Term
Loan,
10/24/30
(f)(p)
..
87
86,555
Action
Environmental
Group,
Inc.,
(The),
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.00%),
9.83%
,
10/24/30
(f)
.....
586
583,047
Allied
Universal
Holdco
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.17%, 05/12/28
3,031
2,873,076
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.75%),
10.07%, 05/12/28
365
353,368
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.33%
,
02/15/29
...........
1,255
1,224,613
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.94%
,
06/22/30
.................
1,424
1,419,963
Asplundh
Tree
Expert
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
09/07/27
.................
2,019
2,019,534
Covanta
Holding
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.82%
,
11/30/28
.......
1,714
1,687,317
Covanta
Holding
Corp.,
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.82%
,
11/30/28
.......
130
128,315
GFL
Environmental,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.91%
,
05/31/27
.......
719
718,835
LABL,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.00%),
10.42%
,
10/29/28
...........
974
914,865
NEP
Group,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.69%
,
10/20/25
.................
1,352
1,215,446
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.69%
-
9.89%
,
12/15/28
.................
1,170
880,955
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.83%
,
10/13/30
...........
840
837,900
Tempo
Acquisition
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.07%
,
08/31/28
.......
5,069
5,060,618
TruGreen
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.42%
,
11/02/27
..........
1,918
1,793,631
Viad
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.00%),
10.44%
,
07/30/28
(f)
..........
1,045
1,030,174
22,828,212
Security
Par
(000)
Par
(000)
Value
Communications
Equipment
—
0.0%
(a)
Ciena
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
+
2.50%),
7.84%
-
10.00%, 01/18/30
..............
USD
163
$
162,937
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43%, 10/24/30
...............
1,346
1,344,868
ViaSat,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.82%, 03/02/29
1,222
1,127,152
05/30/30
(p)
.....................
748
690,501
3,325,458
Construction
&
Engineering
—
0.2%
(a)
Brand
Industrial
Services,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.50%),
10.87%
,
08/01/30
.
3,593
3,458,262
Hilton
Washington
Dupont
Hotel,
Term
Loan,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
0.00%),
0.00%
,
04/01/24
(f)
...........
14,250
14,004,213
Legence
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.17%
,
12/16/27
.......
248
245,307
Pike
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44%
,
01/21/28
.....
1,191
1,187,372
USIC
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-
mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.50%),
8.94%
,
05/12/28
..
1,503
1,449,584
20,344,738
Construction
Materials
—
0.1%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.42%
,
01/15/27
...........
1,779
1,774,971
New
AMI
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
6.00%),
11.32%
,
03/08/29
......
742
595,745
Oscar
AcquisitionCo
LLC,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.99%
,
04/29/29
.......
1,542
1,500,455
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.19%
,
03/19/29
.................
643
642,634
Smyrna
Ready
Mix
Concrete
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.67%
,
04/02/29
(f)
.
595
595,000
Standard
Building
Solutions,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.95%
,
09/22/28
..
1,120
1,120,568
6,229,373
Consumer
Staples
Distribution
&
Retail
—
0.1%
(a)
CML
Project
Horizons,
Term
Loan,
(3-mo.
LIBOR
GBP
+
4.34%),
8.98%
,
06/05/26
(f)
.
GBP
10,046
12,156,557
US
Foods,
Inc.,
Term
Loan
B
(1-mo.
CME
Term
SOFR
+
2.00%),
7.44%, 09/13/26
...............
USD
1,292
1,290,911
(1-mo.
CME
Term
SOFR
+
2.50%),
7.94%, 11/22/28
...............
958
959,905
14,407,373
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
—
0.1%
(a)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.19%
,
12/01/27
.................
USD
3,924
$
3,815,644
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.32%
,
08/14/26
.................
946
915,665
Pactiv
Evergreen,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.69%
,
02/05/26
.................
578
576,006
Pregis
TopCo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.07%
,
07/31/26
.................
328
323,699
Trident
TPI
Holdings,
Inc.,
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.65%
,
09/15/28
..
1,190
1,172,803
6,803,817
Distributors
—
0.0%
PAI
Holdco,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.39%
,
10/28/27
(a)
......
1,642
1,550,092
Diversified
Consumer
Services
—
0.1%
(a)
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.92%
,
12/11/28
..
433
401,901
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.75%),
11.17%
,
12/10/29
.
1,191
1,001,013
Bright
Horizons
Family
Solutions
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.69%
,
11/24/28
.................
1,487
1,479,806
Kuehg
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
1.50%
Cap
+
5.00%),
10.39%
,
06/12/30
...........
1,367
1,364,827
Sotheby's,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
10.16%
,
01/15/27
................
2,437
2,352,320
Spring
Education
Group,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
4.50%),
9.91%
,
09/29/30
..
1,542
1,519,286
Veritas
US,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
5.00%),
10.44%
,
09/01/25
.........
2,100
1,769,848
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.17%
,
02/05/26
.................
2,670
2,663,587
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
4.00%),
9.44%
,
01/08/27
..
1,192
1,174,495
13,727,083
Diversified
REITs
—
0.0%
RHP
Hotel
Properties,
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.07%
,
05/18/30
(a)
................
911
910,964
Diversified
Telecommunication
Services
—
0.2%
(a)
Altice
Financing
SA,
Term
Loan
(3-mo.
LIBOR
USD
+
2.75%),
8.41%, 07/15/25
...............
842
831,869
(3-mo.
LIBOR
USD
+
2.75%),
8.41%, 01/31/26
...............
458
451,397
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Altice
France
SA,
Term
Loan
B14,
(3-mo.
CME
Term
SOFR
+
5.50%),
10.89%
,
08/15/28
.
USD
1,582
$
1,401,761
Connect
Finco
SARL,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
3.50%),
8.82%
,
12/11/26
..........
5,469
5,331,007
Consolidated
Communications,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.50%),
8.94%
,
10/02/27
1,218
1,091,835
Iridium
Satellite
LLC,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.82%
,
09/20/30
.................
3,012
3,005,815
Level
3
Financing,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
1.75%),
03/01/27
(p)
..
1,385
1,290,737
Lumen
Technologies,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.69%
,
03/15/27
.................
1,877
1,408,284
Orbcomm,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.25%),
9.69%
-
9.93%
,
09/01/28
.
1,008
919,927
Radiate
Holdco
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.25%),
8.69%
,
09/25/26
..........
2,876
2,373,595
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
Q,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.70%
,
01/31/29
.................
795
778,480
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44%
,
03/09/27
.................
4,624
3,890,518
22,775,225
Electrical
Equipment
—
0.0%
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.75%),
10.40%
,
06/23/28
(a)
1,495
1,477,059
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Coherent
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.19%
,
07/02/29
(a)
.........
1,069
1,065,048
Energy
Equipment
&
Services
—
0.0%
(a)
Lealand
Finance
Co.
BV,
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44%, 06/28/24
(f)
..............
41
28,751
(1-mo.
CME
Term
SOFR
+
1.00%),
6.44%, 06/30/25
...............
412
215,893
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.69%
,
10/05/28
.................
2,667
2,661,139
2,905,783
Entertainment
—
0.2%
(a)
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
(1-mo.
LIBOR
USD
+
3.00%),
8.45%
,
04/22/26
.................
1,562
1,274,016
Cirque
du
Soleil
Canada,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.64%
,
03/08/30
..
1,038
1,024,169
City
Football
Group
Ltd.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.45%
,
07/21/28
.......
1,844
1,824,110
Creative
Artists
Agency
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.82%
,
11/27/28
.................
2,582
2,569,912
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Entertainment
(continued)
Formula
One
Management
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.57%
,
01/15/30
.................
USD
1,658
$
1,656,442
Live
Nation
Entertainment,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.19%
,
10/19/26
.................
4,042
4,025,290
NASCAR
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.94%
,
10/19/26
.................
259
259,665
Playtika
Holding
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.19%
,
03/13/28
.................
1,722
1,664,673
SMG
US
Midco
2,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.50%),
8.14%
,
01/23/25
.................
1,488
1,485,318
UFC
Holdings
LLC,
1st
Lien
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
2.75%),
8.40%
,
04/29/26
..
1,418
1,416,027
William
Morris
Endeavor
Entertainment
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.19%
,
05/18/25
.....
3,203
3,197,970
WMG
Acquisition
Corp.,
Term
Loan
G,
(1-mo.
LIBOR
USD
+
2.13%),
7.56%
,
01/20/28
.
2,918
2,911,417
23,309,009
Financial
Services
—
1.3%
(a)
ABG
Intermediate
Holdings
2
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.92%
,
12/21/28
.................
1,187
1,183,379
Belron
Finance
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.25%),
7.90%
,
10/30/26
..
1,183
1,181,952
Belron
Finance
US
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.25%
,
04/18/29
.......
472
472,115
Belron
Group
SA,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.43%),
8.07%
,
04/13/28
..........
652
651,455
CML
Hyatt
Lost
Pines,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.10%
Floor
+
0.00%),
8.88%
,
09/09/24
(f)
................
10,600
10,411,197
CML
La
Quinta
Resort,
Term
Loan,
(1-
mo.
LIBOR
USD
+
0.00%),
0.00%
-
8.45%
,
09/09/24
(f)
................
8,964
8,715,192
CML
ST
Regis
Aspen,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
0.00%),
0.00%
-
8.23%
,
02/07/25
(f)
...........
12,797
12,363,398
CML
Terranea
Resort,
Term
Loan,
(1-mo.
LIBOR
USD
+
0.00%),
9.68%
,
01/01/27
(f)
.
5,600
5,599,460
Cogeco
Communications
Finance
(USA)
LP,
Term
Loan,
(1-mo.
LIBOR
USD
+
2.50%),
7.94%
,
09/01/28
.................
1,612
1,580,186
Colorado
Plaza,
Term
Loan,
(1-mo.
LIBOR
USD
+
0.00%),
0.00%
,
11/15/24
(e)(f)(l)
....
7,906
3,218,023
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
3.75%),
9.14%
,
04/09/27
.................
4,809
4,636,553
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
6.75%),
12.40%
,
04/07/28
................
1,890
1,773,066
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
GIP
Pilot
Acquisition
Partners
LP,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.39%
,
10/04/30
.................
USD
280
$
279,300
GTCR
W
Merger
Sub
LLC,
Term
Loan
B,
09/20/30
(p)
.....................
1,558
1,545,661
Houston
Center,
Term
Loan,
(1-mo.
LIBOR
USD
+
0.00%),
0.00%
,
09/09/24
(f)
......
42,968
29,507,128
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.67%
,
03/24/25
.................
2,191
2,185,496
Park
Avenue
Tower,
Term
Loan,
(1-mo.
LIBOR
USD
+
0.00%),
0.00%
,
03/09/24
(f)
......
31,844
29,988,698
Sheraton
Austin,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
0.00%),
0.00%
-
8.92%
,
06/01/24
(f)
................
10,585
10,335,705
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.39%
,
12/11/26
......
2,457
2,431,201
Travelport
Finance
(Luxembourg)
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
8.50%),
13.89%
,
05/29/26
(f)
...............
1,404
716,083
UPC
Financing
Partnership,
Facility
Term
Loan
AX,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.45%
,
01/31/29
.................
846
828,854
Vinoy
St.
Petersburg
(The),
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
0.00%),
0.00%
-
7.99%
,
09/09/24
(f)
...........
11,528
11,093,160
WEX,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.69%
,
03/31/28
.....
884
882,879
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.07%
,
10/19/27
..
1,958
1,942,713
143,522,854
Food
Products
—
0.2%
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.19%
,
10/01/25
...........
2,214
2,085,336
B&G
Foods,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.83%
,
10/10/26
..
179
174,878
Chobani
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
3.50%),
8.94%
,
10/25/27
...........
4,330
4,317,514
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.67%
,
01/29/27
.................
4,221
4,195,520
H-Food
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.69%),
9.27%
,
05/23/25
..
606
508,734
Hostess
Brands
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
2.50%),
7.89%
,
06/30/30
.................
1,238
1,236,399
Nomad
Foods
Ltd.,
Facility
Term
Loan
B4,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.47%
,
11/13/29
..
790
788,538
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.50%),
9.14%
,
06/08/28
.................
2,378
2,375,407
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.90%
,
03/31/28
..
1,204
1,139,275
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
54
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
0.00%),
0.00%
-
8.64%
,
01/20/28
.................
USD
3,022
$
3,015,799
19,837,400
Ground
Transportation
—
0.0%
(a)
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.75%),
10.19%
,
04/06/28
................
500
496,261
Avis
Budget
Car
Rental
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.19%
,
08/06/27
.................
1,011
1,002,941
Uber
Technologies,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.75%),
8.16%
,
03/03/30
.................
2,363
2,359,559
3,858,761
Health
Care
Equipment
&
Supplies
—
0.1%
(a)
Bausch
+
Lomb
Corp.,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.76%, 05/10/27
2,145
2,050,076
(1-mo.
CME
Term
SOFR
+
4.00%),
9.32%, 09/29/28
...............
946
908,160
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.67%
,
11/03/28
.......
2,385
2,313,812
Femur
Buyer,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.50%),
10.15%
,
03/05/26
................
843
784,371
Insulet
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.69%
,
05/04/28
...........
883
878,640
Medline
Borrower
LP,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.69%
,
10/23/28
..........
4,744
4,711,224
11,646,283
Health
Care
Providers
&
Services
—
0.1%
(a)
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.69%, 09/29/28
1,425
1,408,974
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.14%, 09/29/28
315
311,850
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.50%),
8.93%
,
11/08/27
..
1,720
1,709,839
Electron
Bidco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.44%
,
11/01/28
.......
2,075
2,052,287
Envision
Healthcare
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
0.00%),
0.00%
,
03/31/27
.......
1,843
315,129
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
+
3.75%),
9.39%, 02/18/27
...............
1,326
717,027
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.39%, 11/15/28
413
223,564
EyeCare
Partners
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
6.75%),
12.39%
,
11/15/29
.
611
244,426
MED
ParentCo.
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.69%
,
08/31/26
.................
621
585,326
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.77%
,
11/01/28
.................
USD
916
$
851,561
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
7.00%),
12.52%
,
11/01/29
................
404
355,520
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.19%
,
10/27/28
..
1,422
1,422,999
PetVet
Care
Centers
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.50%),
8.92%
,
02/14/25
..
73
72,775
Surgery
Center
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.20%
,
08/31/26
..
869
867,644
Vizient,
Inc.,
Term
Loan
B7,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.68%
,
05/16/29
...........
347
346,720
11,485,641
Health
Care
Technology
—
0.1%
(a)
Athenahealth
Group,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.58%
,
02/15/29
.......
3,187
3,082,491
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.49%
,
10/01/27
3,076
2,935,410
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.44%
,
06/02/28
.......
4,574
4,310,581
Verscend
Holding
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.44%
,
08/27/25
.................
3,036
3,031,248
13,359,730
Hotels,
Restaurants
&
Leisure
—
0.4%
(a)
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.57%
,
09/23/30
.................
2,684
2,656,022
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.19%
,
02/02/26
.................
2,035
1,943,586
Alterra
Mountain
Co.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.17%
,
05/31/30
.................
168
167,476
Bally's
Corp.,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.93%
,
10/02/28
..........
993
918,727
Caesars
Entertainment,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.67%
,
02/06/30
..
1,126
1,120,618
Carnival
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.00%),
8.34%
,
08/09/27
...........
952
933,772
Churchill
Downs,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.42%
,
03/17/28
.................
1,479
1,475,497
CML
Lake
Tahoe
Resort
Hotel,
Term
Loan,
(1-mo.
LIBOR
USD
+
0.00%),
0.00%
-
8.34%
,
12/09/24
(f)
................
6,758
6,484,266
Equinox
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(6-mo.
LIBOR
USD
at
1.00%
Floor
and
1.00%
Cap
+
3.00%),
8.73%
,
03/08/24
..
3,619
3,481,848
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
55
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Fertitta
Entertainment
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.32%
,
01/27/29
..
USD
3,986
$
3,892,801
Flutter
Entertainment
plc,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.25%),
7.90%
,
07/21/26
.................
1,660
1,658,448
Flutter
Entertainment
plc,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.90%
,
07/22/28
.......
1,933
1,933,470
Four
Seasons
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.92%
,
11/30/29
.................
3,311
3,308,837
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
06/22/26
.................
2,914
2,910,147
IRB
Holding
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.00%),
8.42%
,
12/15/27
..........
2,666
2,635,294
Light
&
Wonder
International,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.44%
-
8.43%
,
04/14/29
.................
1,239
1,234,939
Packers
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.69%
,
03/09/28
.................
1,113
629,779
Penn
Entertainment,
Inc.,
Facility
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.17%
,
05/03/29
..
1,784
1,780,658
Playa
Resorts
Holding
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.58%
,
01/05/29
.......
651
648,332
Seaworld
Parks
&
Entertainment,
Inc.,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.44%
,
08/25/28
1,008
1,005,351
Station
Casinos
LLC,
Facility
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
and
0.25%
Cap
+
2.25%),
7.67%
,
02/08/27
..
2,136
2,119,299
Whatabrands
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.44%
,
08/03/28
..........
2,319
2,295,404
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.67%
,
05/24/30
.................
911
911,793
46,146,364
Household
Durables
—
0.1%
(a)
ACProducts
Holdings,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.90%
,
05/17/28
.......
1,469
1,162,924
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.89%
,
02/26/29
..
2,963
2,794,105
Serta
Simmons
Bedding
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
7.50%),
12.82%
,
06/29/28
.
658
648,237
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.44%
,
10/06/28
..
2,544
2,067,779
Weber-Stephen
Products
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.25%),
8.69%
,
10/30/27
..
3,234
2,820,119
9,493,164
Security
Par
(000)
Par
(000)
Value
Household
Products
—
0.0%
Energizer
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.70%
,
12/22/27
(a)
......
USD
585
$
583,005
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
(a)
Calpine
Construction
Finance
Co.
LP,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.57%
,
07/31/30
.................
1,188
1,177,168
Constellation
Renewables
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
2.50%),
8.18%
,
12/15/27
..
1,253
1,245,932
2,423,100
Industrial
Conglomerates
—
0.0%
(a)
EMRLD
Borrower
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.32%
,
05/31/30
.................
895
892,619
JFL-Tiger
Acquisition
Co.,
Inc.
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.40%
,
10/17/30
...........
539
531,255
Minimax
Viking
GmbH,
Term
Loan,
07/31/28
(p)
198
197,505
1,621,379
Insurance
—
0.2%
(a)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B4,
(1-mo.
LIBOR
USD
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.94%
,
11/05/27
..
1,836
1,829,190
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.83%
,
11/05/27
3,969
3,953,517
AmWINS
Group,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
2.25%),
7.69%, 02/19/28
2,079
2,059,453
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
2.75%),
8.19%, 02/19/28
478
476,830
AssuredPartners,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.50%),
8.94%, 02/12/27
...............
3,377
3,345,127
Baldwin
Risk
Partners
LLC,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.95%
,
10/14/27
..
463
457,031
Hub
International
Ltd.,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.37%, 11/10/29
654
652,861
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.25%),
9.66%, 06/20/30
3,898
3,894,993
Jones
DesLauriers
Insurance
Management,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.62%
,
03/15/30
.....
1,136
1,133,160
Ryan
Specialty
Group
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.42%
,
09/01/27
.................
2,373
2,366,647
USI,
Inc.,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.14%, 11/22/29
2,373
2,365,005
09/27/30
(p)
.....................
517
513,769
(3-mo.
CME
Term
SOFR
+
3.25%),
8.64%, 09/27/30
...............
591
588,600
23,636,183
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
56
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Interactive
Media
&
Services
—
0.1%
(a)
Adevinta
ASA,
Facility
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
2.75%),
8.32%
,
06/26/28
.......
USD
815
$
813,880
Camelot
U.S.
Acquisition
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44%, 10/30/26
...............
3,301
3,294,527
GoodRx,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.17%
,
10/10/25
..
590
589,474
Grab
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
4.50%),
9.94%
,
01/29/26
..........
938
940,198
5,638,079
IT
Services
—
0.1%
(a)
Asurion
LLC,
2nd
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.69%
,
01/31/28
................
1,054
912,838
Asurion
LLC,
2nd
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.69%
,
01/20/29
................
618
526,184
Asurion
LLC,
Term
Loan
B11,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.67%
,
08/19/28
.....
666
634,809
Asurion
LLC,
Term
Loan
B8,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.69%
,
12/23/26
.....
2,170
2,093,979
Central
Parent
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.41%
,
07/06/29
.................
2,995
2,975,200
Go
Daddy
Operating
Co.
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.82%
,
11/09/29
.................
1,453
1,453,662
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.44%
,
08/10/27
.................
1,249
1,247,475
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.07%
,
02/24/28
...........
3,734
3,717,763
Venga
Finance
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.75%),
10.43%
,
06/28/29
.........
1,018
1,003,693
14,565,603
Leisure
Products
—
0.0%
(a)
Fender
Musical
Instruments
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.44%
,
12/01/28
..
663
637,509
Topgolf
Callaway
Brands
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.92%
,
03/15/30
.................
1,009
1,002,938
1,640,447
Life
Sciences
Tools
&
Services
—
0.1%
(a)
Avantor
Funding,
Inc.,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.67%
,
11/08/27
.......
1,059
1,057,731
Curia
Global,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.17%
-
9.23%
,
08/30/26
...........
199
158,921
eResearchTechnology,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
4.50%),
9.94%
,
02/04/27
.................
895
862,781
Fortrea
Holdings,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.07%
,
07/01/30
.......
456
455,288
Security
Par
(000)
Par
(000)
Value
Life
Sciences
Tools
&
Services
(continued)
ICON
plc,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.90%, 07/03/28
USD
2,461
$
2,461,291
Maravai
Intermediate
Holdings
LLC,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.40%
,
10/19/27
1,774
1,720,651
Parexel
International,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.69%
,
11/15/28
..
2,903
2,865,635
Star
Parent,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.39%
,
09/27/30
.....
832
791,756
10,374,054
Machinery
—
0.2%
(a)
Albion
Financing
3
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.25%),
10.92%
,
08/17/26
......
1,783
1,777,009
Barnes
Group,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.42%
,
09/03/30
..
476
469,655
Columbus
McKinnon
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.42%
,
05/14/28
.......
345
344,791
Filtration
Group
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.94%, 10/21/28
1,618
1,604,276
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.69%, 10/21/28
1,593
1,591,958
Gardner
Denver,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
03/01/27
.................
1,302
1,302,909
Gates
Global
LLC,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
2.50%),
7.92%
,
03/31/27
..........
2,141
2,135,388
Generac
Power
Systems,
Inc.,
Term
Loan,
12/13/26
(p)
.....................
325
324,051
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.73%
,
03/28/25
.................
2,912
2,864,546
Indicor
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.89%
,
11/22/29
..........
2,067
2,061,894
Ingersoll-Rand
Services
Co.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Cap
+
1.75%),
7.17%
,
03/01/27
...........
554
554,569
Madison
IAQ
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.70%
,
06/21/28
...........
2,083
2,006,094
SPX
Flow,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.92%
,
04/05/29
...........
1,958
1,938,064
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
9.38%
,
07/30/27
3,672
3,644,363
Vertiv
Group
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.18%
,
03/02/27
..
2,370
2,362,986
24,982,553
Media
—
0.1%
(a)
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B1,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
3.25%),
8.67%
,
03/03/25
...........
1,235
1,156,508
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B3,
(3-mo.
LIBOR
USD
+
15.00%),
15.00%
,
10/15/26
................
1,067
1,063,711
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
57
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Charter
Communications
Operating
LLC,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.07%
-
7.13%
,
04/30/25
...........
USD
1,367
$
1,367,047
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
3.50%),
9.15%
-
9.14%
,
08/21/26
...........
2,007
1,923,724
CSC
Holdings
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
+
2.50%),
7.95%
,
04/15/27
......
1,618
1,456,471
DirecTV
Financing
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
5.00%),
10.44%
,
08/02/27
......
1,992
1,935,405
ECL
Entertainment
LLC,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.75%),
10.14%
,
09/03/30
.
533
531,225
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
and
2.00%
Cap
+
5.50%),
10.82%
,
06/30/28
................
905
861,707
Midcontinent
Communications,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.07%
,
08/15/26
(f)
................
1,012
1,009,601
Sinclair
Television
Group,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44%
,
04/01/28
.................
670
468,790
Voyage
Digital
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.38%
,
05/11/29
(f)
......
1,249
1,242,803
Ziggo
Financing
Partnership,
Facility
Term
Loan
I,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.95%
,
04/30/28
.................
1,087
1,062,684
14,079,676
Oil,
Gas
&
Consumable
Fuels
—
0.1%
(a)
Freeport
LNG
investments
LLLP,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
9.18%
,
12/21/28
..
3,816
3,746,749
M6
ETX
Holdings
II
Midco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.92%
,
09/19/29
..
318
315,464
Medallion
Midland
Acquisition
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.40%
,
10/18/28
..
2,314
2,313,964
Murphy
Oil
USA,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
1.75%),
7.18%
,
01/31/28
.......
763
764,150
New
Fortress
Energy
Inc.,
Term
Loan,
10.39%
,
10/30/28
(f)
...............
1,792
1,648,640
8,788,967
Passenger
Airlines
—
0.1%
(a)
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.75%),
10.43%
,
04/20/28
......
1,786
1,808,229
Air
Canada,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.50%),
9.13%
,
08/11/28
............
2,072
2,068,621
American
Airlines,
Inc.,
Term
Loan
(6-mo.
CME
Term
SOFR
+
1.75%),
7.32%, 01/29/27
...............
1,865
1,822,744
(3-mo.
CME
Term
SOFR
+
2.75%),
8.54%, 02/15/28
...............
2,210
2,180,281
Mileage
Plus
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
5.25%),
10.80%
,
06/21/27
......
2,199
2,263,168
Security
Par
(000)
Par
(000)
Value
Passenger
Airlines
(continued)
United
AirLines,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.19%
,
04/21/28
..........
USD
1,777
$
1,770,771
WestJet
Airlines
Ltd.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
3.00%),
8.42%
,
12/11/26
..........
1,263
1,217,668
13,131,482
Personal
Care
Products
—
0.1%
Sunshine
Luxembourg
VII
SARL,
Facility
Term
Loan
B3,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.75%),
9.24%
,
10/01/26
(a)
.........
6,092
6,080,532
Pharmaceuticals
—
0.1%
(a)
Amneal
Pharmaceuticals
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.94%
,
05/04/25
.................
1,219
1,190,575
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
5.00%),
10.42%
,
02/28/28
................
884
881,849
Bausch
Health
Cos.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.25%),
10.69%
,
02/01/27
(f)
.....
1,001
755,382
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.00%),
7.45%
,
02/22/28
..
1,997
1,948,338
Elanco
Animal
Health,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
08/01/27
.................
1,976
1,928,188
Jazz
Pharmaceuticals
plc,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.94%
,
05/05/28
.......
2,370
2,368,943
Organon
&
Co.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.45%
,
06/02/28
...........
1,604
1,599,227
Perrigo
Co.
plc,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.67%
,
04/20/29
..........
947
940,687
Precision
Medicine
Group
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.00%),
8.49%
,
11/18/27
..
1,202
1,180,975
12,794,164
Professional
Services
—
0.2%
(a)
AlixPartners
LLP,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.19%
,
02/04/28
...........
1,724
1,721,290
ASGN,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.57%
,
08/30/30
.....
440
440,770
CoreLogic,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.94%
,
06/02/28
.......
4,307
3,910,550
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.18%
,
02/06/26
.................
4,077
4,070,626
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.33%
,
01/18/29
.................
1,475
1,470,490
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.74%
,
06/22/29
.................
648
625,446
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
58
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Professional
Services
(continued)
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.74%
,
06/22/29
..........
USD
1,403
$
1,355,132
FleetCor
Technologies
Operating
Co.
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
04/28/28
...........
949
946,161
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.75%),
10.13%
,
04/29/29
.
1,661
1,536,625
Maximus,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
0.00%),
0.00%
-
7.42%
,
05/28/28
......
639
637,905
Trans
Union
LLC,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
11/16/26
..
1,126
1,123,518
Trans
Union
LLC,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.69%
,
12/01/28
..........
1,885
1,880,412
VS
Buyer
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.67%
,
02/28/27
.....
2,025
2,006,010
21,724,935
Real
Estate
Management
&
Development
—
0.0%
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan
(a)
(1-mo.
CME
Term
SOFR
+
2.75%),
8.19%, 08/21/25
...............
139
138,163
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.67%, 01/31/30
(f)
1,321
1,258,238
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.32%, 01/31/30
(f)
.........
963
922,073
2,318,474
Semiconductors
&
Semiconductor
Equipment
—
0.0%
(a)
MKS
Instruments,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.82%
,
08/17/29
.................
1,731
1,715,120
Synaptics,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.91%
,
12/02/28
...........
719
712,864
2,427,984
Software
—
0.5%
(a)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.89%
,
09/18/26
..
1,064
1,065,486
Applied
Systems,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
6.75%),
12.14%
,
09/17/27
.
715
716,938
Barracuda
Parent
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.88%
,
08/15/29
..
898
853,759
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.19%
,
10/02/25
..
1,063
1,061,450
CCC
Intelligent
Solutions,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.69%
,
09/21/28
..
2,014
2,007,194
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.99%
,
03/30/29
5,487
5,206,101
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.17%
,
10/08/28
.......
542
520,326
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
6.00%),
11.42%
,
10/08/29
......
USD
1,397
$
1,249,728
Delta
Topco,
Inc.,
2nd
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
7.25%),
12.57%
,
12/01/28
......
394
388,090
Epicor
Software
Corp.,
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.25%),
8.69%
,
07/30/27
.......
889
883,180
Gen
Digital,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.00%),
7.42%
,
09/12/29
..........
1,389
1,375,816
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.44%
,
12/01/27
.................
3,015
3,010,250
Helios
Software
Holdings,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.74%
,
07/18/30
.................
1,104
1,093,236
Informatica
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.19%
,
10/27/28
.....
2,846
2,834,193
Instructure
Holdings,
Inc.,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.68%
,
10/30/28
.......
1,031
1,027,428
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
5.00%),
10.64%
,
07/27/28
.
1,190
833,225
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
8.25%),
13.89%
,
07/27/29
.
2,926
1,257,965
McAfee
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.17%
,
03/01/29
..........
2,401
2,291,915
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.57%
,
05/03/28
.......
6,067
5,790,931
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
6.25%),
11.57%
,
02/23/29
................
2,119
1,835,920
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.69%
,
08/31/28
.......
4,403
4,324,450
RealPage,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.44%
,
04/24/28
.......
4,829
4,715,795
Severin
Acquisition
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.63%
,
08/01/27
.................
1,789
1,784,799
Sophia
LP,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.92%
,
10/07/27
..........
2,307
2,275,317
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.19%
,
04/16/25
.................
793
791,920
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.19%
,
04/16/25
.................
754
753,303
UKG,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.76%, 05/04/26
662
658,037
(3-mo.
CME
Term
SOFR
+
3.75%),
9.23%, 05/04/26
...............
1,127
1,123,620
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
59
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
UKG,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.25%),
10.76%
,
05/03/27
.........
USD
1,433
$
1,430,206
Voyage
Australia
Pty
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
9.18%
,
07/20/28
..
288
284,206
ZoomInfo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.17%
,
02/28/30
(f)
................
386
387,048
53,831,832
Specialty
Retail
—
0.1%
(a)
EG
Group
Ltd.,
Facility
Term
Loan
(3-mo.
CME
Term
SOFR
+
4.00%),
9.16%, 02/07/25
...............
1,214
1,210,274
(1-mo.
LIBOR
USD
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.41%
-
9.68%, 03/31/26
...............
23
22,859
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.44%
,
05/04/28
.................
2,493
2,454,017
PetSmart
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.17%
,
02/11/28
............
2,314
2,282,979
Pilot
Travel
Centers
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.42%
,
08/04/28
.................
1,484
1,482,785
Restoration
Hardware,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.94%, 10/20/28
546
509,469
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.67%, 10/20/28
589
554,591
RVR
Dealership
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.18%
,
02/08/28
..
201
173,481
8,690,455
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
(a)
Crocs,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.42%
-
8.54%
,
02/20/29
......
839
840,080
Hanesbrands,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.07%
,
03/08/30
(f)
.........
510
503,417
1,343,497
Trading
Companies
&
Distributors
—
0.1%
(a)
Core
&
Main
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.93%
-
8.06%
,
07/27/28
.................
3,505
3,488,661
SRS
Distribution,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.92%, 06/02/28
675
657,135
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.94%, 06/02/28
3,340
3,256,293
TMK
Hawk
Parent
Corp.,
Term
Loan
A,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
7.50%),
13.17%
,
05/30/24
(f)
.....
856
845,209
TMK
Hawk
Parent
Corp.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
3.50%),
9.17%
,
08/28/24
(f)
......
2,018
1,271,091
9,518,389
Security
Par
(000)
Par
(000)
Value
Transportation
Infrastructure
—
0.1%
(a)
Apple
Bidco
LLC,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.19%, 09/22/28
USD
1,073
$
1,051,442
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.32%, 09/22/28
933
930,526
OLA
Netherlands
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
6.25%),
11.67%
,
12/15/26
(f)
.........
1,265
1,252,480
Rand
Parent
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.64%
,
03/17/30
.................
700
672,797
3,907,245
Wireless
Telecommunication
Services
—
0.0%
(a)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(3-mo.
LIBOR
USD
+
3.25%),
8.98%
,
05/28/24
.................
902
824,735
Digicel
International
Work
Fee,
Term
Loan,
01/01/38
(p)
.....................
39
35,744
Gogo
Intermediate
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.19%
,
04/30/28
..
708
706,877
SBA
Senior
Finance
II
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
+
1.75%),
7.18%
,
04/11/25
..
1,478
1,476,906
3,044,262
Total
Floating
Rate
Loan
Interests
—
6.6%
(Cost:
$762,356,478)
.............................
728,617,817
Foreign
Agency
Obligations
Brazil
—
0.0%
Centrais
Eletricas
Brasileiras
SA,
3.63%
,
02/04/25
(c)
.....................
1,417
1,349,154
Chile
—
0.1%
Banco
del
Estado
de
Chile,
2.70%
,
01/09/25
(c)
2,726
2,599,841
Corp.
Nacional
del
Cobre
de
Chile
3.63%,
08/01/27
(c)
................
1,201
1,094,111
3.75%,
01/15/31
(b)
................
1,175
974,662
Empresa
Nacional
del
Petroleo,
6.15%
,
05/10/33
(b)
.....................
1,515
1,404,557
6,073,171
Colombia
—
0.1%
Ecopetrol
SA
5.38%,
06/26/26
.................
3,847
3,672,827
8.88%,
01/13/33
.................
2,184
2,087,904
5,760,731
Finland
—
0.0%
Finnair
OYJ,
4.25%
,
05/19/25
(c)
.........
EUR
500
510,533
France
—
0.1%
Electricite
de
France
SA
(a)(k)
(6-Year
EUR
Swap
Annual
+
3.44%),
4.00%
(c)
.....................
900
926,197
(12-Year
EUR
Swap
Annual
+
3.79%),
5.38%
(c)
.....................
1,200
1,239,615
(13-Year
GBP
Swap
Semi
+
4.23%),
6.00%
(c)
.....................
GBP
200
224,076
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.37%),
2.88%
(c)
...............
EUR
600
549,024
(5-Year
EUR
Swap
Annual
+
3.20%),
3.00%
(c)
.....................
1,000
887,151
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
(c)
.....................
3,000
2,436,275
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
60
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.41%),
9.13%
(b)
.....................
USD
500
$
513,185
6,775,523
Hungary
—
0.0%
Magyar
Export-Import
Bank
Zrt.,
6.13%
,
12/04/27
(b)
.....................
2,633
2,573,494
Indonesia
—
0.0%
Pertamina
Persero
PT,
3.10%
,
08/27/30
(c)
..
2,816
2,323,735
Ireland
—
0.2%
AIB
Group
plc
(a)
(5-Year
EUR
Swap
Annual
+
5.70%),
5.25%
(c)(k)
....................
EUR
6,679
6,743,096
(3-mo.
LIBOR
USD
+
1.87%),
4.26%,
04/10/25
(b)
...................
USD
2,900
2,862,762
(5-Year
EUR
Swap
Annual
+
6.63%),
6.25%
(c)(k)
....................
EUR
5,653
5,679,975
(5-Year
EUR
Swap
Annual
+
2.15%),
1.88%,
11/19/29
(c)
..............
726
732,663
16,018,496
Italy
—
0.0%
(c)
Banca
Monte
dei
Paschi
di
Siena
SpA
3.63%,
09/24/24
.................
694
714,327
(3-mo.
EURIBOR
+
3.21%),
6.75%,
03/02/26
(a)
...................
2,106
2,214,432
Poste
Italiane
SpA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.68%),
2.63%
(a)(k)
.......
1,275
1,017,204
3,945,963
Mexico
—
0.1%
Comision
Federal
de
Electricidad
4.88%,
01/15/24
(c)
................
USD
1,111
1,102,790
4.69%,
05/15/29
(b)
................
1,647
1,457,595
Petroleos
Mexicanos
3.75%,
02/21/24
(c)
................
EUR
1,400
1,462,038
6.88%,
08/04/26
.................
USD
1,957
1,797,015
8.75%,
06/02/29
.................
1,547
1,359,658
5.95%,
01/28/31
.................
5,561
3,937,188
6.70%,
02/16/32
.................
3,633
2,652,090
6.75%,
09/21/47
.................
667
377,522
14,145,896
Morocco
—
0.0%
OCP
SA,
3.75%
,
06/23/31
(c)
............
3,271
2,560,964
Panama
—
0.0%
(b)
Aeropuerto
Internacional
de
Tocumen
SA
4.00%,
08/11/41
.................
2,704
1,929,791
5.13%,
08/11/61
.................
1,725
1,151,920
Banco
Latinoamericano
de
Comercio
Exterior
SA,
2.38%
,
09/14/25
..............
1,412
1,299,774
4,381,485
Poland
—
0.0%
Bank
Gospodarstwa
Krajowego
(b)
6.25%,
10/31/28
.................
1,134
1,146,758
5.38%,
05/22/33
.................
1,696
1,577,280
2,724,038
Saudi
Arabia
—
0.0%
Saudi
Arabian
Oil
Co.,
1.25%
,
11/24/23
(b)
...
330
327,938
Total
Foreign
Agency
Obligations
—
0.6%
(Cost:
$77,827,488)
..............................
69,471,121
Security
Par
(000)
Par
(000)
Value
Foreign
Government
Obligations
Bahrain
—
0.0%
Kingdom
of
Bahrain
(c)
7.38%,
05/14/30
.................
USD
1,445
$
1,425,131
5.45%,
09/16/32
.................
1,150
967,438
7.50%,
09/20/47
.................
1,474
1,230,790
3,623,359
Chile
—
0.0%
Republic
of
Chile,
3.10%
,
05/07/41
.......
4,211
2,737,150
Colombia
—
0.1%
Republic
of
Colombia
4.50%,
01/28/26
.................
2,034
1,948,165
3.88%,
03/22/26
.................
EUR
436
443,483
3.88%,
04/25/27
.................
USD
2,562
2,328,858
3.25%,
04/22/32
.................
1,997
1,423,861
8.00%,
04/20/33
.................
3,283
3,196,000
4.13%,
05/15/51
.................
1,110
610,500
9,950,867
Costa
Rica
—
0.0%
Republic
of
Costa
Rica,
6.55%
,
04/03/34
(c)
..
1,308
1,243,254
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond
5.95%,
01/25/27
(c)
................
1,828
1,756,543
5.50%,
02/22/29
(b)
................
1,410
1,282,395
5.50%,
02/22/29
(c)
................
1,425
1,296,038
7.05%,
02/03/31
(b)
................
1,510
1,446,580
4.88%,
09/23/32
(b)
................
1,268
1,025,178
5.30%,
01/21/41
(c)
................
1,898
1,377,948
8,184,682
Egypt
—
0.0%
Arab
Republic
of
Egypt,
6.38%
,
04/11/31
(b)
..
EUR
1,052
598,881
Guatemala
—
0.1%
Republic
of
Guatemala
5.25%,
08/10/29
(b)
................
USD
1,535
1,387,640
5.25%,
08/10/29
(c)
................
1,020
922,080
7.05%,
10/04/32
(b)
................
2,470
2,408,250
3.70%,
10/07/33
(c)
................
1,915
1,407,525
6.60%,
06/13/36
(b)
................
1,270
1,173,480
4.65%,
10/07/41
(b)
................
2,213
1,526,970
8,825,945
Hungary
—
0.0%
Hungary
Government
Bond
5.38%,
03/25/24
.................
578
576,212
5.25%,
06/16/29
(b)
................
3,711
3,494,686
4,070,898
Indonesia
—
0.0%
Perusahaan
Penerbit
SBSN
Indonesia
III,
4.40%
,
06/06/27
(b)
................
1,103
1,054,832
Republic
of
Indonesia,
4.75%
,
02/11/29
....
1,527
1,459,858
2,514,690
Ivory
Coast
—
0.0%
Republic
of
Cote
d'Ivoire
(c)
6.38%,
03/03/28
.................
4,130
3,830,575
5.88%,
10/17/31
.................
EUR
882
752,428
4,583,003
Mexico
—
0.1%
United
Mexican
States
3.75%,
01/11/28
.................
USD
1,400
1,290,800
4.50%,
04/22/29
.................
2,587
2,389,095
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
61
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Mexico
(continued)
6.35%,
02/09/35
.................
USD
770
$
733,810
4.75%,
03/08/44
.................
2,402
1,770,947
6.34%,
05/04/53
.................
2,125
1,841,312
8,025,964
Morocco
—
0.0%
Kingdom
of
Morocco
2.38%,
12/15/27
(c)
................
1,325
1,132,875
5.95%,
03/08/28
(b)
................
812
794,745
1,927,620
Nigeria
—
0.0%
Federal
Republic
of
Nigeria
8.38%,
03/24/29
(b)
................
1,616
1,411,980
7.63%,
11/28/47
(c)
................
1,611
1,083,398
2,495,378
Oman
—
0.1%
(c)
Oman
Government
Bond,
6.50%
,
03/08/47
.
4,178
3,624,415
Oman
Sovereign
Sukuk
SAOC,
4.40%
,
06/01/24
......................
1,365
1,347,937
4,972,352
Panama
—
0.1%
Republic
of
Panama
3.16%,
01/23/30
.................
835
669,670
2.25%,
09/29/32
.................
2,723
1,840,748
3.30%,
01/19/33
.................
1,360
998,240
4.50%,
05/15/47
.................
2,537
1,630,023
6.85%,
03/28/54
.................
2,670
2,277,510
7,416,191
Paraguay
—
0.0%
Republic
of
Paraguay
(c)
5.00%,
04/15/26
.................
1,088
1,054,827
5.60%,
03/13/48
.................
831
638,208
1,693,035
Peru
—
0.1%
Republic
of
Peru
7.35%,
07/21/25
.................
2,094
2,139,691
2.78%,
01/23/31
.................
1,703
1,364,103
3.00%,
01/15/34
.................
3,334
2,515,503
6,019,297
Philippines
—
0.0%
Republic
of
Philippines
3.70%,
03/01/41
.................
1,449
1,047,873
2.95%,
05/05/45
.................
1,619
991,929
2,039,802
Poland
—
0.0%
Republic
of
Poland
5.75%,
11/16/32
.................
1,910
1,890,174
4.25%,
02/14/43
(c)
................
EUR
1,002
989,426
5.50%,
04/04/53
.................
USD
1,241
1,090,181
3,969,781
Romania
—
0.1%
Romania
Government
Bond
5.25%,
11/25/27
(b)
................
1,530
1,477,949
2.88%,
03/11/29
(c)
................
EUR
3,100
2,881,609
2.50%,
02/08/30
(c)
................
2,698
2,352,032
2.12%,
07/16/31
(c)
................
2,704
2,106,000
7.63%,
01/17/53
(b)
................
USD
552
538,756
9,356,346
Security
Par
(000)
Par
(000)
Value
Saudi
Arabia
—
0.1%
Kingdom
of
Saudi
Arabia
4.38%,
04/16/29
(b)
................
USD
1,619
$
1,517,813
3.25%,
11/17/51
(c)
................
3,975
2,305,500
5.00%,
01/18/53
(b)
................
3,324
2,630,115
6,453,428
South
Africa
—
0.1%
Republic
of
South
Africa
4.85%,
09/30/29
.................
1,866
1,583,767
5.88%,
04/20/32
.................
2,049
1,728,844
5.00%,
10/12/46
.................
5,156
3,119,380
6,431,991
Trinidad
and
Tobago
—
0.0%
Republic
of
Trinidad
&
Tobago,
5.95%
,
01/14/31
(b)
.....................
1,185
1,142,340
Ukraine
—
0.0%
Ukraine
Government
Bond
(e)(l)
8.99%,
02/01/26
(c)
................
1,689
512,506
7.25%,
03/15/35
(b)
................
1,548
389,322
901,828
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay,
5.75%
,
10/28/34
2,705
2,700,482
Uzbekistan
—
0.0%
Republic
of
Uzbekistan
International
Bond,
7.85%
,
10/12/28
(b)
................
1,301
1,294,495
Total
Foreign
Government
Obligations
—
1.0%
(Cost:
$128,553,734)
.............................
113,173,059
Shares
Shares
Investment
Companies
(q)
iShares
Core
Dividend
Growth
ETF
......
9,178,014
442,655,615
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(i)
.....................
222,568
22,072,069
iShares
MBS
ETF
(i)
.................
3,321,820
287,736,048
Total
Investment
Companies
—
6.9%
(Cost:
$783,346,402)
.............................
752,463,732
Par
(000)
Par
(000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
1.9%
Adjustable
Rate
Mortgage
Trust
(a)
Series
2005-8,
Class
2A1,
4.29%,
11/25/35
1,228
1,001,759
Series
2005-8,
Class
7A2,
(1-mo.
CME
Term
SOFR
at
0.56%
Floor
and
11.00%
Cap
+
0.67%),
6.00%,
11/25/35
..........
460
439,780
Series
2005-9,
Class
5A1,
(1-mo.
CME
Term
SOFR
at
0.54%
Floor
and
11.00%
Cap
+
0.65%),
5.98%,
11/25/35
..........
267
259,698
Alternative
Loan
Trust
Series
2005-16,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.65%
Floor
+
1.65%),
6.45%,
06/25/35
(a)
...................
376
318,047
Series
2005-36,
Class
2A1A,
(1-mo.
CME
Term
SOFR
at
0.62%
Floor
and
11.00%
Cap
+
0.73%),
6.06%,
08/25/35
(a)
....
914
780,647
Series
2005-61,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
5.70%,
12/25/35
(a)
..............
165
140,279
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
62
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2005-63,
Class
3A3,
3.96%,
11/25/35
(a)
...................
USD
1,621
$
1,385,442
Series
2005-63,
Class
5A1,
3.94%,
12/25/35
(a)
...................
34
30,285
Series
2005-64CB,
Class
1A1,
5.50%,
12/25/35
....................
44
36,552
Series
2005-76,
Class
2A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.00%
Floor
+
1.00%),
5.80%,
02/25/36
(a)
........
3,415
2,992,637
Series
2006-11CB,
Class
1A5,
6.00%,
05/25/36
....................
615
337,282
Series
2006-15CB,
Class
A1,
6.50%,
06/25/36
....................
981
451,235
Series
2006-20CB,
Class
A9,
6.00%,
07/25/36
....................
448
193,508
Series
2006-2CB,
Class
A6,
5.50%,
03/25/36
....................
683
269,719
Series
2006-45T1,
Class
1A10,
6.00%,
02/25/37
....................
2,644
1,051,140
Series
2006-45T1,
Class
2A2,
6.00%,
02/25/37
....................
1,709
870,736
Series
2006-7CB,
Class
1A6,
6.00%,
05/25/36
....................
770
407,987
Series
2006-9T1,
Class
A7,
6.00%,
05/25/36
309
123,470
Series
2006-J7,
Class
2A1,
(1-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.93%,
11/20/46
(a)
...................
2,979
2,201,248
Series
2006-J8,
Class
A5,
6.00%,
02/25/37
1,193
491,912
Series
2006-OA14,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.73%
Floor
and
2.00%
Cap
+
1.73%),
6.53%,
11/25/46
(a)
4,698
3,488,870
Series
2006-OA14,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
+
0.49%),
5.82%,
11/25/46
(a)
..............
2,122
1,845,024
Series
2006-OA14,
Class
3A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.85%
Floor
+
0.85%),
5.65%,
11/25/46
(a)
........
6,357
5,121,992
Series
2006-OA16,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
+
0.49%),
5.82%,
10/25/46
(a)
..............
269
235,216
Series
2006-OA2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
5.87%,
05/20/46
(a)
..............
1,192
968,150
Series
2006-OA3,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
5.86%,
05/25/36
(a)
..............
6,089
5,057,833
Series
2006-OA8,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
+
0.49%),
5.82%,
07/25/46
(a)
..............
8,057
6,625,259
Series
2007-12T1,
Class
A22,
5.75%,
06/25/37
....................
1,729
739,610
Series
2007-12T1,
Class
A5,
6.00%,
06/25/37
....................
384
170,795
Series
2007-15CB,
Class
A7,
6.00%,
07/25/37
....................
232
133,413
Series
2007-18CB,
Class
2A25,
6.00%,
08/25/37
....................
213
121,602
Series
2007-19,
Class
1A4,
6.00%,
08/25/37
1,147
559,577
Series
2007-19,
Class
1A8,
6.00%,
08/25/37
558
272,256
Series
2007-25,
Class
1A3,
6.50%,
11/25/37
3,039
1,355,834
Series
2007-9T1,
Class
1A1,
6.00%,
05/25/37
....................
445
213,468
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2007-9T1,
Class
2A1,
6.00%,
05/25/37
....................
USD
3,145
$
1,385,654
Series
2007-9T1,
Class
2A2,
6.00%,
05/25/37
....................
540
237,852
Series
2007-AL1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
0.36%),
5.69%,
06/25/37
(a)
..............
5,151
3,967,533
Series
2007-J1,
Class
2A5,
6.00%,
03/25/37
1,533
557,663
Series
2007-OA11,
Class
A1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.38%
Floor
+
1.38%),
6.18%,
11/25/47
(a)
........
1,305
1,025,728
Series
2007-OA3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
5.72%,
04/25/47
(a)
..............
7,830
6,672,791
Series
2007-OA4,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.78%,
05/25/47
(a)
..............
3,010
2,482,256
Series
2007-OA8,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
5.80%,
06/25/47
(a)
..............
6,274
4,532,671
Alternative
Loan
Trust
Resecuritization,
Series
2006-22R,
Class
1A6,
6.00%,
05/25/36
..
962
527,328
American
Home
Mortgage
Assets
Trust
(a)
Series
2006-3,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.97%
Floor
+
0.97%),
5.77%,
10/25/46
....................
7,989
6,394,212
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.94%
Floor
+
0.94%),
5.74%,
10/25/46
.........
4,372
2,881,258
Series
2007-3,
Class
22A1,
6.75%,
06/25/37
(d)
...................
516
416,630
Banc
of
America
Funding
Trust
(a)
Series
2006-7,
Class
T2A3,
5.69%,
10/25/36
272
220,878
Series
2006-D,
Class
6A1,
3.45%,
05/20/36
253
198,646
Series
2007-D,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
5.87%,
06/20/47
...............
962
733,962
Bayview
Commercial
Asset
Trust,
Series
2007-
4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.68%
Floor
+
0.79%),
6.11%,
09/25/37
(a)(b)
690
617,359
Bear
Stearns
ALT-A
Trust,
Series
2006-2,
Class
11A1,
(1-mo.
CME
Term
SOFR
at
0.44%
Floor
and
11.50%
Cap
+
0.55%),
5.88%,
04/25/36
(a)
.....................
3,571
3,048,738
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
(d)
Series
2005-AC9,
Class
A5, +
0.00%),
6.25%,
12/25/35
...............
606
486,437
Series
2006-AC1,
Class
1A2, +
0.00%),
6.25%,
02/25/36
...............
650
434,756
Bear
Stearns
Mortgage
Funding
Trust
(a)
Series
2007-AR2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
and
10.50%
Cap
+
0.45%),
5.78%,
03/25/37
.....
952
851,411
Series
2007-AR3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
and
10.50%
Cap
+
0.25%),
5.58%,
03/25/37
.....
1,464
1,199,270
Series
2007-AR4,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
and
10.50%
Cap
+
0.51%),
5.84%,
09/25/47
.....
1,647
1,436,320
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
63
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
CHL
Mortgage
Pass-Through
Trust
Series
2005-11,
Class
4A1,
(1-mo.
CME
Term
SOFR
at
0.27%
Floor
and
10.50%
Cap
+
0.38%),
5.71%,
04/25/35
(a)
....
USD
739
$
654,137
Series
2005-9,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.60%
Floor
+
0.71%),
6.04%,
05/25/35
(a)
...................
2,359
1,844,984
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.96%
Floor
+
0.96%),
5.76%,
04/25/46
(a)
........
2,560
765,891
Series
2007-21,
Class
1A1,
6.25%,
02/25/38
138
65,461
Series
2007-J2,
Class
2A6,
6.00%,
07/25/37
618
214,023
Series
2007-J2,
Class
2A8,
6.00%,
07/25/37
944
326,816
CHNGE
Mortgage
Trust
(a)(b)
Series
2022-2,
Class
A1,
3.76%,
03/25/67
8,158
7,391,321
Series
2022-3,
Class
A1,
5.00%,
05/25/67
8,423
8,137,331
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A1,
Class
1A5,
6.00%,
01/25/37
...
59
49,802
COLT
Mortgage
Loan
Trust,
Series
2022-5,
Class
A1,
4.55%,
04/25/67
(a)(b)
........
3,990
3,689,400
CSMC
Trust
(b)
Series
2008-2R,
Class
1A1,
6.00%,
07/25/37
....................
293
236,026
Series
2011-4R,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.61%),
6.94%,
09/27/37
(a)
..............
4,220
3,369,534
Series
2022-ATH2,
Class
A1,
4.55%,
05/25/67
(a)
...................
1,474
1,372,584
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
+
0.49%),
5.82%,
08/25/47
(a)
................
10,155
7,788,758
Ellington
Financial
Mortgage
Trust,
Series
2021-2,
Class
A1,
0.93%,
06/25/66
(a)(b)
..
2,016
1,522,798
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2006-AA8,
Class
1A1,
5.01%,
02/25/37
(a)
.....................
878
507,315
GCAT
Trust,
Series
2022-NQM3,
Class
A1,
4.35%,
04/25/67
(a)(b)
...............
14,305
13,023,639
GMACM
Mortgage
Loan
Trust,
Series
2005-
AR2,
Class
4A,
3.53%,
05/25/35
(a)
.....
19
15,119
GreenPoint
Mortgage
Funding
Trust
(a)
Series
2006-AR1,
Class
GA1B,
(1-mo.
CME
Term
SOFR
at
0.17%
Floor
+
0.28%),
5.61%,
02/25/36
...............
2,006
1,663,489
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
2.00%
Floor
and
10.50%
Cap
+
2.00%),
6.80%,
03/25/36
951
807,242
Impac
CMB
Trust,
Series
2005-6,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
11.00%
Cap
+
0.61%),
5.94%,
10/25/35
(a)
1,159
992,887
IndyMac
IMSC
Mortgage
Loan
Trust
Series
2007-F2,
Class
1A4,
6.00%,
07/25/37
559
377,525
Series
2007-F2,
Class
2A1,
6.50%,
07/25/37
2,223
660,239
IndyMac
INDX
Mortgage
Loan
Trust
(a)
Series
2007-AR15,
Class
1A1,
3.87%,
08/25/37
....................
93
66,800
Series
2007-AR15,
Class
2A1,
3.34%,
08/25/37
....................
475
342,276
Merrill
Lynch
Mortgage
Investors
Trust
(a)
Series
2005-A9,
Class
2A1E,
5.45%,
12/25/35
....................
296
265,225
Series
2006-1,
Class
2A1,
4.62%,
02/25/36
251
238,255
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
MFA
Trust,
Series
2023-NQM2,
Class
A1,
4.40%,
03/25/68
(a)(b)(d)
..............
USD
12,836
$
11,817,778
MFRA
Trust,
Series
2022-CHM1,
Class
M1,
4.57%,
09/25/56
(a)(b)
...............
4,000
3,051,298
Mill
City
Mortgage
Loan
Trust,
Series
2023-
NQM1,
Class
A1,
6.05%,
10/25/67
(a)(b)(d)
..
4,925
4,817,857
Prime
Mortgage
Trust,
Series
2006-DR1,
Class
2A1,
5.50%,
05/25/35
(b)
.............
288
238,850
RALI
Trust,
Series
2007-QS4,
Class
3A2,
6.00%,
03/25/37
.................
139
108,879
Residential
Asset
Securitization
Trust,
Series
2006-A15,
Class
A12,
6.25%,
01/25/37
..
308
105,433
RFMSI
Trust,
Series
2007-S7,
Class
A20,
6.00%,
07/25/37
.................
32
23,428
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-
SH1,
Class
A1A,
4.10%,
07/25/57
(a)(b)(d)
..
14,969
13,571,820
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2007-3,
Class
3A1,
4.24%,
04/25/47
(a)
.....................
184
83,891
Structured
Asset
Mortgage
Investments
II
Trust
(a)
Series
2006-AR2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
and
10.50%
Cap
+
0.57%),
5.90%,
02/25/36
.....
451
368,959
Series
2006-AR4,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
and
10.50%
Cap
+
0.49%),
5.82%,
06/25/36
.....
6,987
5,682,837
Series
2006-AR6,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
and
10.50%
Cap
+
0.49%),
5.82%,
07/25/46
.....
8,714
5,888,572
Series
2007-AR4,
Class
GA4B,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
5.80%,
09/25/47
...............
1,635
1,418,092
Verus
Securitization
Trust,
Series
2022-3,
Class
A1,
4.13%,
02/25/67
(b)(d)
............
10,341
9,128,896
Vista
Point
Securitization
Trust,
Series
2020-1,
Class
B1,
5.38%,
03/25/65
(a)(b)
........
2,800
2,544,963
WaMu
Mortgage
Pass-Through
Certificates
Trust
(a)
Series
2007-OA5,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.75%
Floor
+
0.75%),
5.55%,
06/25/47
.........
4,978
3,855,350
Series
2007-OA6,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.81%
Floor
+
0.81%),
5.61%,
07/25/47
.........
2,742
2,096,938
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust
(a)
Series
2006-8,
Class
A5,
6.63%,
10/25/36
(d)
1,027
349,990
Series
2006-AR5,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.98%
Floor
+
0.98%),
5.78%,
06/25/46
.........
3,075
2,052,857
Series
2006-AR8,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.85%
Floor
+
0.85%),
5.65%,
10/25/46
.........
4,357
3,487,253
Series
2007-OA1,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.72%
Floor
+
0.72%),
5.52%,
12/25/46
.........
3,937
3,049,578
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
64
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2007-OA5,
Class
A1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.84%
Floor
+
0.84%),
5.64%,
05/25/47
.........
USD
2,239
$
1,795,019
212,929,030
Commercial
Mortgage-Backed
Securities
—
3.4%
280
Park
Avenue
Mortgage
Trust,
Series
2017-
280P,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.42%),
7.75%,
09/15/34
(a)(b)
10,568
8,933,962
Ashford
Hospitality
Trust,
Series
2018-ASHF,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.23%
Floor
+
2.27%),
7.61%,
04/15/35
(a)(b)
....
3,467
3,339,915
Atrium
Hotel
Portfolio
Trust,
Series
2017-ATRM,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.25%),
7.58%,
12/15/36
(a)(b)
....
3,624
3,162,465
BAMLL
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2017-SCH,
Class
CL,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.55%),
6.88%,
11/15/32
...............
3,225
2,824,629
Series
2017-SCH,
Class
DL,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.05%),
7.38%,
11/15/32
...............
3,965
3,450,182
Series
2018-DSNY,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.00%),
7.33%,
09/15/34
...............
11,982
11,777,910
Bayview
Commercial
Asset
Trust
(a)(b)
Series
2005-2A,
Class
A1,
(1-mo.
CME
Term
SOFR
+
0.58%),
5.90%,
08/25/35
...
2,266
2,043,308
Series
2005-3A,
Class
A1,
(1-mo.
CME
Term
SOFR
+
0.59%),
5.76%,
11/25/35
....
551
492,633
Series
2007-1,
Class
A1,
(1-mo.
CME
Term
SOFR
+
0.44%),
5.77%,
03/25/37
...
1,840
1,636,187
Series
2007-3,
Class
A2,
(1-mo.
CME
Term
SOFR
+
0.55%),
5.87%,
07/25/37
...
2,896
2,523,468
Series
2007-6A,
Class
A4A,
(1-mo.
CME
Term
SOFR
+
1.61%),
6.94%,
12/25/37
1,657
1,379,081
BBCMS
Mortgage
Trust,
Series
2018-CHRS,
Class
E,
4.27%,
08/05/38
(a)(b)
.........
1,750
1,128,583
BB-UBS
Trust,
Series
2012-SHOW,
Class
E,
4.03%,
11/05/36
(a)(b)
...............
2,672
2,273,645
BFLD
Trust,
Series
2020-EYP,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.81%),
9.15%,
10/15/35
(a)(b)
...............
2,433
817,489
BPR
Trust,
Series
2021-TY,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.71%),
9.05%,
09/15/38
(a)(b)
...............
4,495
4,148,433
BWAY
Mortgage
Trust
(b)
Series
2013-1515,
Class
D,
3.63%,
03/10/33
3,600
3,086,207
Series
2013-1515,
Class
E,
3.72%,
03/10/33
2,000
1,684,667
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2019-XL,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.41%),
7.75%,
10/15/36
....................
6,375
6,243,290
Series
2019-XL,
Class
J,
(1-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.76%),
8.10%,
10/15/36
....................
5,100
4,976,079
Series
2021-NWM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.91%
Floor
+
1.02%),
6.36%,
02/15/33
...............
12,383
12,072,828
Series
2021-NWM,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.26%),
7.60%,
02/15/33
...............
7,261
7,129,841
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2021-NWM,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.36%),
9.70%,
02/15/33
...............
USD
4,795
$
4,697,422
Series
2021-SOAR,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.91%),
8.25%,
06/15/38
...............
4,576
4,327,958
Series
2021-VINO,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.92%
Floor
+
2.92%),
8.25%,
05/15/38
...............
7,804
7,373,505
Series
2021-XL2,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.24%
Floor
+
2.36%),
7.69%,
10/15/38
....................
7,037
6,622,942
Series
2022-CSMO,
Class
C,
(1-mo.
CME
Term
SOFR
at
3.89%
Floor
+
3.89%),
9.22%,
06/15/27
...............
3,670
3,665,401
BX
Trust
(a)(b)
Series
2021-ARIA,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.26%),
8.59%,
10/15/36
...............
1,121
1,018,145
Series
2021-LBA,
Class
GJV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.45%,
02/15/36
...............
1,765
1,628,320
Series
2021-LBA,
Class
GV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.45%,
02/15/36
...............
5,638
5,202,173
Series
2021-MFM1,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.70%,
01/15/34
...............
3,586
3,424,193
Series
2021-MFM1,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.45%,
01/15/34
...............
5,548
5,284,013
Series
2021-VIEW,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.71%),
9.05%,
06/15/36
...............
7,366
6,633,616
Series
2022-GPA,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.17%
Floor
+
2.17%),
7.50%,
08/15/39
...............
14,750
14,759,229
Series
2022-GPA,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.06%
Floor
+
4.06%),
9.40%,
08/15/43
...............
5,000
5,003,126
Series
2022-VAMF,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.85%
Floor
+
0.85%),
6.18%,
01/15/39
...............
2,180
2,121,280
Series
2023-DELC,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
8.02%,
05/15/38
...............
8,500
8,507,976
BXP
Trust
(a)(b)
Series
2017-CC,
Class
D,
(1-mo.
LIBOR
USD
+
0.00%),
3.55%,
08/13/37
....
6,800
4,886,119
Series
2017-CC,
Class
E,
(1-mo.
LIBOR
USD
+
0.00%),
3.55%,
08/13/37
....
10,985
7,277,539
Series
2021-601L,
Class
D,
2.78%,
01/15/44
3,863
2,167,974
Citigroup
Commercial
Mortgage
Trust
(a)
Series
2014-GC19,
Class
C,
5.08%,
03/11/47
....................
2,278
2,136,027
Series
2016-C1,
Class
C,
4.94%,
05/10/49
2,870
2,535,016
Series
2016-GC37,
Class
C,
4.91%,
04/10/49
....................
2,640
2,283,965
COAST
Commercial
Mortgage
Trust,
Series
2023-2HTL,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
9.77%,
08/15/36
(a)(b)
....................
8,900
8,871,600
Commercial
Mortgage
Trust
(a)
Series
2013-300P,
Class
D,
4.39%,
08/10/30
(b)
...................
2,245
1,727,826
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
65
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2015-CR23,
Class
B,
4.18%,
05/10/48
....................
USD
9,520
$
8,868,609
Series
2016-667M,
Class
D,
3.18%,
10/10/36
(b)
...................
3,200
2,440,967
CSMC
Trust
(a)(b)
Series
2020-FACT,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.86%
Floor
+
4.98%),
10.56%,
10/15/37
..............
3,644
3,271,114
Series
2021-980M,
Class
E,
3.54%,
07/15/31
....................
1,450
1,172,718
Series
2021-BHAR,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.61%),
8.95%,
11/15/38
...............
1,338
1,292,754
Series
2022-LION, 8.80%,
02/15/27
(f)
...
8,800
7,914,777
Series
2022-NWPT,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
8.48%,
09/09/24
...............
9,400
9,458,112
DBUBS
Mortgage
Trust
(a)(b)
Series
2017-BRBK,
Class
E,
(1-mo.
LIBOR
USD
+
0.00%),
3.53%,
10/10/34
....
9,073
6,694,925
Series
2017-BRBK,
Class
F,
3.53%,
10/10/34
....................
1,910
1,333,247
Extended
Stay
America
Trust
(a)(b)
Series
2021-ESH,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.70%,
07/15/38
...............
2,843
2,793,236
Series
2021-ESH,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.96%),
8.30%,
07/15/38
...............
6,224
6,083,671
GS
Mortgage
Securities
Corp.
II
(b)
Series
2005-ROCK,
Class
J,
5.86%,
05/03/32
....................
1,500
1,358,505
Series
2023-SHIP,
Class
E,
7.43%,
09/10/38
(a)
...................
8,600
8,279,023
GS
Mortgage
Securities
Corp.
Trust
(a)
Series
2015-GC32,
Class
C,
4.41%,
07/10/48
....................
1,075
963,961
Series
2022-AGSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.69%),
8.03%,
11/15/27
(b)
..............
5,070
5,052,147
Harvest
Commercial
Capital
Loan
Trust
(a)(b)
Series
2019-1,
Class
M4,
4.64%,
09/25/46
3,150
2,688,161
Series
2019-1,
Class
M5,
5.73%,
09/25/46
2,000
1,664,953
HONO
Mortgage
Trust
(a)(b)
Series
2021-LULU,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.46%),
8.80%,
10/15/36
...............
3,330
3,030,616
Series
2021-LULU,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.40%
Floor
+
4.51%),
9.85%,
10/15/36
...............
1,177
1,063,843
ILPT
Commercial
Mortgage
Trust,
Series
2022-
LPF2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.58%,
10/15/39
(a)(b)
6,200
6,169,212
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2016-NINE,
Class
B,
2.85%,
09/06/38
....................
4,787
4,078,872
Series
2022-NLP,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.54%
Floor
+
3.54%),
8.87%,
04/15/37
....................
10,358
8,570,789
Series
2022-OPO,
Class
D,
3.45%,
01/05/39
2,909
1,469,044
LUXE
Trust,
Series
2021-TRIP,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.86%),
8.20%,
10/15/38
(a)(b)
...............
920
884,802
MAD
Mortgage
Trust,
Series
2017-330M,
Class
D,
3.98%,
08/15/34
(a)(b)(f)
............
3,305
2,623,179
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Med
Trust
(a)(b)
Series
2021-MDLN,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.00%
Floor
+
4.11%),
9.45%,
11/15/38
...............
USD
8,758
$
8,253,256
Series
2021-MDLN,
Class
G,
(1-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.36%),
10.70%,
11/15/38
..............
9,868
9,263,803
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.22%
Floor
+
4.22%),
9.55%,
12/15/34
(a)(b)
...............
3,940
3,668,723
MHP
Commercial
Mortgage
Trust,
Series
2021-
STOR,
Class
J,
(1-mo.
CME
Term
SOFR
at
3.95%
Floor
+
4.06%),
9.40%,
07/15/38
(a)(b)
1,277
1,204,038
Morgan
Stanley
Capital
I
Trust
(a)
Series
2018-H3,
Class
C,
4.85%,
07/15/51
(f)
2,880
2,310,624
Series
2018-MP,
Class
E,
4.28%,
07/11/40
(b)
2,112
1,239,175
Series
2018-SUN,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.85%),
8.19%,
07/15/35
(b)
..............
3,060
2,929,378
MTN
Commercial
Mortgage
Trust,
Series
2022-
LPFL,
Class
F,
(1-mo.
CME
Term
SOFR
at
5.29%
Floor
+
5.29%),
10.63%,
03/15/39
(a)(b)
6,622
6,108,134
Olympic
Tower
Mortgage
Trust,
Series
2017-
OT,
Class
E,
3.95%,
05/10/39
(a)(b)
......
8,300
4,916,273
PKHL
Commercial
Mortgage
Trust,
Series
2021-MF,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.46%),
9.80%,
07/15/38
(a)
(b)
...........................
1,400
1,067,761
Taubman
Centers
Commercial
Mortgage
Trust,
Series
2022-DPM,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.19%
Floor
+
2.19%),
7.52%,
05/15/37
(a)(b)
...............
4,250
4,184,921
Velocity
Commercial
Capital
Loan
Trust
(a)(b)
Series
2022-1,
Class
M4,
5.20%,
02/25/52
5,884
4,256,276
Series
2023-3,
Class
M2,
8.27%,
08/25/53
1,240
1,214,801
Series
2023-3,
Class
M3,
9.32%,
08/25/53
1,240
1,218,242
Wells
Fargo
Commercial
Mortgage
Trust
(a)
Series
2015-NXS3,
Class
B,
4.50%,
09/15/57
....................
1,600
1,481,143
Series
2016-C37,
Class
C,
4.49%,
12/15/49
2,803
2,356,888
Series
2016-LC25,
Class
C,
4.33%,
12/15/59
....................
8,320
6,897,935
Series
2016-NXS5,
Class
B,
4.94%,
01/15/59
....................
1,875
1,668,048
WMRK
Commercial
Mortgage
Trust,
Series
2022-WMRK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.79%),
8.12%,
11/15/27
(a)(b)
....................
8,005
7,994,935
368,735,758
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
(a)
BBCMS
Trust
(b)
Series
2015-SRCH,
Class
XA,
0.89%,
08/10/35
....................
70,886
1,798,776
Series
2015-SRCH,
Class
XB,
0.19%,
08/10/35
....................
35,000
246,291
BX
Trust,
Series
2022-GPA,
Class
XCP,
0.00%,
08/15/23
(b)
.....................
375,000
10,987
Commercial
Mortgage
Trust
Series
2014-UBS5,
Class
XB2,
0.73%,
09/10/47
(b)
...................
12,675
79,424
Series
2015-CR25,
Class
XA,
0.79%,
08/10/48
....................
11,499
125,947
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
66
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C22,
Class
XA,
0.78%,
09/15/47
......................
USD
5,376
$
17,528
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(b)
.....................
40,477
737,673
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
X,
0.80%,
03/10/50
(b)
....
32,189
553,014
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
(b)
Series
2014-C15,
Class
XB,
0.26%,
04/15/47
....................
80,982
810
Series
2015-C26,
Class
XD,
1.31%,
10/15/48
....................
12,675
285,263
Morgan
Stanley
Capital
I
Trust,
Series
2016-
UBS9,
Class
XD,
1.59%,
03/15/49
(b)
....
13,600
440,317
Natixis
Commercial
Mortgage
Securities
Trust
(b)
Series
2017-75B,
Class
XA,
0.20%,
04/10/37
....................
40,610
290,004
Series
2017-75B,
Class
XB,
0.03%,
04/10/37
....................
27,000
49,407
Wells
Fargo
Commercial
Mortgage
Trust
Series
2016-BNK1,
Class
XD,
1.25%,
08/15/49
(b)
...................
11,784
332,643
Series
2016-LC25,
Class
XA,
0.82%,
12/15/59
....................
18,500
375,097
WFRBS
Commercial
Mortgage
Trust
Series
2014-C20,
Class
XB,
0.58%,
05/15/47
....................
57,079
128,730
Series
2014-LC14,
Class
XA,
1.18%,
03/15/47
....................
14,509
145
5,472,056
Total
Non-Agency
Mortgage-Backed
Securities
—
5.4%
(Cost:
$645,568,435)
.............................
587,136,844
Preferred
Securities
Capital
Trusts
—
1.4%
Banks
—
0.2%
(a)(k)
Banco
Bilbao
Vizcaya
Argentaria
SA,
(5-Year
EUR
Swap
Annual
+
6.46%),
6.00%
(c)
...
EUR
4,800
4,768,510
Citigroup,
Inc.,
Series
Y,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
4.15%
..................
USD
15
11,679
HSBC
Holdings
plc,
(5-Year
USD
Swap
Rate
+
3.71%),
6.38%
..................
1,200
1,161,565
PNC
Financial
Services
Group,
Inc.
(The)
Series
T,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
3.40%
......................
12,250
8,814,384
Series
V,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
6.20%
......................
1,800
1,601,434
Series
W,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.81%),
6.25%
......................
1,614
1,328,323
US
Bancorp,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.54%),
3.70%
........................
15,530
10,902,605
28,588,500
Security
Par
(000)
Par
(000)
Value
Capital
Markets
—
0.3%
(a)(k)
Bank
of
New
York
Mellon
Corp.
(The),
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.35%),
3.70%
.
USD
21,025
$
18,086,838
Charles
Schwab
Corp.
(The)
Series
I,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.17%),
4.00%
......................
1,698
1,347,654
Series
H,
(10-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.08%),
4.00%
......................
12,456
8,500,197
27,934,689
Consumer
Finance
—
0.2%
(a)(k)
Ally
Financial,
Inc.,
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.87%),
4.70%
...........
13,375
8,681,695
Capital
One
Financial
Corp.,
Series
M,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
3.95%
.....
6,300
4,384,676
Discover
Financial
Services,
Series
C,
(3-mo.
CME
Term
SOFR
+
3.34%),
5.50%
.....
20,150
13,437,938
General
Motors
Financial
Co.,
Inc.,
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.00%),
5.70%
.
1,220
1,024,512
27,528,821
Electric
Utilities
—
0.2%
(a)(k)
Edison
International
Series
A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38%
......................
15,783
14,144,279
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.90%),
5.00%
......................
1,870
1,664,229
NRG
Energy,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.92%),
10.25%
(b)
................
2,634
2,542,791
18,351,299
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Vistra
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.74%),
7.00%
(a)(b)(k)
.....................
1,923
1,749,930
Insurance
—
0.1%
MetLife,
Inc.,
Series
G,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.58%),
3.85%
(a)(k)
................
9,275
8,432,813
Multi-Utilities
—
0.1%
Dominion
Energy,
Inc.,
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.20%),
4.35%
(a)(k)
.........
10,005
8,140,573
Oil,
Gas
&
Consumable
Fuels
—
0.3%
Energy
Transfer
LP
(a)(k)
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.69%),
6.50%
......................
3,522
3,189,805
Series
G,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
7.13%
......................
29,150
24,206,971
27,396,776
Total
Capital
Trusts
—
1.4%
(Cost:
$183,713,062)
.............................
148,123,401
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
67
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Preferred
Stocks
—
0.2%
Banks
—
0.0%
Banco
Bradesco
SA
(Preference)
........
2,504,847
$
6,965,430
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Samsung
Electronics
Co.
Ltd.
(Preference)
.
499,331
19,935,654
Total
Preferred
Stocks
—
0.2%
(Cost:
$22,645,692)
..............................
26,901,084
Trust
Preferreds
—
0.2%
Commercial
Services
&
Supplies
—
0.1%
ILFC
E-Capital
Trust
I
,
(30Y
CMT
at
14.50%
Cap
+
1.81%),
7.21%, 12/21/65
(a)(b)
.....
16,872,000
12,414,674
Consumer
Finance
—
0.1%
ILFC
E-Capital
Trust
II
,
(3-mo.
CME
Term
SOFR
at
14.50%
Cap
+
2.06%),
7.46%, 12/21/65
(a)(b)
...............
11,944,000
8,881,526
Total
Trust
Preferreds
—
0.2%
(Cost:
$27,894,929)
..............................
21,296,200
Total
Preferred
Securities
—
1.8%
(Cost:
$234,253,683)
.............................
196,320,685
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes,
Series
2018-W5FX,
Class
CFX,
(1-mo.
LIBOR
USD
+
0.00%),
3.66%, 04/25/28
(a)(b)
...............
USD
4,627
3,786,456
Total
U.S.
Government
Sponsored
Agency
Securities
—
0.0%
(Cost:
$4,514,087)
..............................
3,786,456
Shares
Shares
Warrants
Diversified
Consumer
Services
—
0.0%
Service
King
Midas
International
(Issued/
Exercisable
07/14/22,
1
Share
for
1
Warrant,
Expires
06/30/27,
Strike
Price
USD
10.00)
(e)
(f)
............................
1,841
—
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
—
0.0%
California
Resources
Corp.
(Issued/Exercisable
10/23/20,
1
Share
for
1
Warrant,
Expires
10/27/24,
Strike
Price
USD
36.00)
(e)
....
1,489
$
26,564
Total
Warrants
—
0.0%
(Cost:
$—)
....................................
26,564
Total
Long-Term
Investments
—
97.6%
(Cost:
$11,326,765,660)
...........................
10,724,465,852
Short-Term
Securities
Money
Market
Funds
—
10.3%
(q)(r)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
5.24%
...................
973,120,872
973,120,872
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.53%
(s)
.......................
153,606,773
153,668,216
Total
Money
Market
Funds
—
10.3%
(Cost:
$1,126,754,775)
...........................
1,126,789,088
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
0.0%
U.S.
Treasury
Bills
,
5.34%, 11/14/23
(t)
.....
USD
2,090
2,086,009
Total
U.S.
Treasury
Obligations
—
0.0%
(Cost:
$2,086,036)
..............................
2,086,009
Total
Short-Term
Securities
—
10.3%
(Cost:
$1,128,840,811)
...........................
1,128,875,097
Total
Options
Purchased
—
0.0%
(
Cost:
$115,806
)
................................
204,511
Total
Investments
Before
Options
Written
—
107.9%
(Cost:
$12,455,722,277
)
...........................
11,853,545,460
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$(29,442))
....................
(21,816)
Total
Investments
Net
of
Options
Written
—
107.9%
(Cost:
$12,455,692,835
)
...........................
11,853,523,644
Liabilities
in
Excess
of
Other
Assets
—
(7.9)%
............
(867,715,322)
Net
Assets
—
100.0%
..............................
$
10,985,808,322
(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
$7,228,637,
representing
0.07%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$7,321,861.
(h)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(i)
All
or
a
portion
of
this
security
is
on
loan.
(j)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(k)
Perpetual
security
with
no
stated
maturity
date.
(l)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(m)
Convertible
security.
(n)
Zero-coupon
bond.
(o)
Rounds
to
less
than
1,000.
(p)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
68
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
October
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(q)
Affiliate
of
the
Fund.
(r)
Annualized
7-day
yield
as
of
period
end.
(s)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(t)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/23
Shares
Held
at
10/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
..
$
518,724,542
$
454,396,330
(a)
$
—
$
—
$
—
$
973,120,872
973,120,872
$
4,024,382
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
..........
39,735,483
111,526,716
(a)
—
2,401,103
4,914
153,668,216
153,606,773
162,318
(b)
—
iShares
Core
Dividend
Growth
ETF
.................
98,838,363
447,832,491
(97,983,925)
16,368,442
(22,399,756)
442,655,615
9,178,014
—
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(c)
....
38,971,137
—
(38,862,611)
(2,543,887)
2,435,361
—
—
184,701
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
.
165,612,087
—
(136,761,583)
(4,741,241)
(2,037,194)
22,072,069
222,568
1,173,630
—
iShares
MBS
ETF
.........
368,351,420
—
(56,533,476)
(3,997,517)
(20,084,379)
287,736,048
3,321,820
3,291,409
—
$
7,486,900
$
(42,081,054)
$
1,879,252,820
$
8,836,440
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
69
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
Emerging
Markets
E-Mini
Index
............................................
192
12/15/23
$
8,824
$
(676,460)
S&P
500
E-Mini
Index
.......................................................
209
12/15/23
44,018
226,243
U.S.
Treasury
10-Year
Note
...................................................
13,550
12/19/23
1,436,723
(54,185,212)
U.S.
Treasury
10-Year
Ultra
Note
...............................................
5,483
12/19/23
595,163
(33,978,046)
U.S.
Treasury
2-Year
Note
....................................................
140
12/29/23
28,343
(18,772)
U.S.
Treasury
5-Year
Note
....................................................
15,556
12/29/23
1,624,751
(27,141,911)
(115,774,158)
Short
Contracts
EURO
STOXX
50
Index
.....................................................
1,165
12/15/23
50,299
2,316,354
GBP
Currency
............................................................
3,647
12/18/23
277,035
5,421,777
JPY
Currency
............................................................
347
12/18/23
28,829
944,472
U.S.
Treasury
10-Year
Note
...................................................
72
12/19/23
7,634
290,130
U.S.
Treasury
Long
Bond
.....................................................
61
12/19/23
6,645
672,800
U.S.
Treasury
Ultra
Bond
.....................................................
17
12/19/23
1,897
274,419
9,919,952
$
(105,854,206)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
144,052
CHF
130,000
Nomura
International
plc
11/16/23
$
921
USD
91,497,407
GBP
74,990,000
Bank
of
New
York
Mellon
11/16/23
343,254
USD
1,481,082
EUR
1,373,438
BNP
Paribas
SA
12/14/23
24,986
USD
11,622,635
EUR
10,788,120
JPMorgan
Chase
Bank
NA
12/14/23
185,254
USD
4,369,590
EUR
4,078,585
BNP
Paribas
SA
12/20/23
44,059
USD
911,170
EUR
851,000
JPMorgan
Chase
Bank
NA
12/20/23
8,644
USD
2,494,279
EUR
2,327,415
Toronto
Dominion
Bank
12/20/23
25,946
USD
1,484,718
GBP
1,199,000
Barclays
Bank
plc
12/20/23
26,818
USD
12,107,910
GBP
9,784,000
Canadian
Imperial
Bank
of
Commerce
12/20/23
211,253
AUD
1,039,000
USD
660,482
Bank
of
New
York
Mellon
01/16/24
285
USD
1,795,110
CHF
1,611,000
Deutsche
Bank
AG
01/16/24
8,436
USD
6,225,469
GBP
5,094,000
UBS
AG
01/16/24
30,019
USD
772,771
HKD
6,036,000
Bank
of
America
NA
01/16/24
499
USD
204,725
JPY
30,239,000
UBS
AG
01/16/24
2,626
913,000
USD
414,921,593
EUR
392,990,000
UBS
AG
11/16/23
(1,143,020)
EUR
978,527
USD
1,050,047
Standard
Chartered
Bank
12/14/23
(12,630)
AED
1,175,000
USD
320,062
Bank
of
America
NA
01/16/24
(31)
CAD
6,768,000
USD
4,961,508
Bank
of
New
York
Mellon
01/16/24
(74,262)
GBP
103,000
USD
125,496
Bank
of
New
York
Mellon
01/16/24
(225)
JPY
695,269,000
USD
4,713,931
Bank
of
New
York
Mellon
01/16/24
(67,169)
KRW
1,042,586,000
USD
779,370
Citibank
NA
01/16/24
(5,266)
NZD
10,233,000
USD
6,084,910
Westpac
Banking
Corp.
01/16/24
(121,581)
SGD
435,000
USD
319,219
Deutsche
Bank
AG
01/16/24
(411)
USD
2,361,108
AED
8,669,000
UBS
AG
01/16/24
(50)
USD
104,939
EUR
99,000
Barclays
Bank
plc
01/16/24
(199)
USD
3,861,479
EUR
3,644,000
Deutsche
Bank
AG
01/16/24
(8,440)
(1,433,284)
$
(520,284)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
70
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Put
EURO
STOXX
50
Index
Down
and
Out
BNP
Paribas
SA
1,405
12/15/23
EUR
4,100.00
EUR
3,800.00
EUR
5,706
$
101,757
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
EURO
STOXX
50
Index
.......................
122
11/17/23
EUR
4,100.00
EUR
4,955
$
102,754
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
EURO
STOXX
50
Index
........................
122
11/17/23
EUR
3,900.00
EUR
4,955
$
(21,816)
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
Investment
Grade
Index
Series
41.V1
................
1.00
%
Quarterly
12/20/28
USD
17,894
$
(185,289)
$
(253,452)
$
68,163
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)
Intrum
AB
...............
5.00
%
Quarterly
Goldman
Sachs
International
06/20/28
EUR
678
$
122,136
$
138,351
$
(16,215)
Intrum
AB
...............
5.00
Quarterly
HSBC
Bank
plc
06/20/28
EUR
678
122,136
140,219
(18,083)
Picard
Bondco
SA
.........
5.00
Quarterly
BNP
Paribas
SA
06/20/28
EUR
374
(8,278)
6,683
(14,961)
$
–
$
–
$
–
$
235,994
$
285,253
$
(49,259)
$
–
$
–
$
–
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)
thyssenkrupp
AG
......
1.00
%
Quarterly
Bank
of
America
NA
12/20/23
BB
EUR
710
$
1,633
$
(1,473)
$
3,106
Virgin
Media
Finance
plc
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
B
EUR
360
25,090
23,196
1,894
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Bank
of
America
NA
06/20/26
BB-
EUR
555
26,344
(12,868)
39,212
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Bank
of
America
NA
12/20/26
BB-
EUR
320
10,763
(8,912)
19,675
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Barclays
Bank
plc
12/20/26
BB-
EUR
244
8,195
6,885
1,310
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Credit
Suisse
International
12/20/26
BB-
EUR
237
7,966
7,079
887
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Credit
Suisse
International
12/20/26
BB-
EUR
125
4,204
3,527
677
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
71
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
%
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
BB-
EUR
125
$
4,204
$
4,127
$
77
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
Credit
Suisse
International
12/20/26
NR
EUR
480
(8,898)
(21,723)
12,825
TK
Elevator
Holdco
GmbH
5.00
Quarterly
Goldman
Sachs
International
12/20/26
CCC+
EUR
476
10,218
12,046
(1,828)
CMA
CGM
SA
........
5.00
Quarterly
Credit
Suisse
International
06/20/27
NR
EUR
1,090
131,884
36,770
95,114
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
Credit
Suisse
International
06/20/27
NR
EUR
615
(18,099)
(63,667)
45,568
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
131
(3,841)
(14,418)
10,577
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
113
(3,335)
(9,164)
5,829
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
227
(6,671)
(18,327)
11,656
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
529
(15,583)
(68,455)
52,872
ADLER
Real
Estate
AG
.
5.00
Quarterly
Bank
of
America
NA
12/20/27
CCC+
EUR
304
(59,026)
(58,374)
(652)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC+
EUR
183
(35,479)
(34,335)
(1,144)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC+
EUR
513
(99,725)
(96,508)
(3,217)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Citibank
NA
12/20/27
CCC+
EUR
149
(28,937)
(28,827)
(110)
ADLER
Real
Estate
AG
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC+
EUR
312
(60,558)
(59,360)
(1,198)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
CCC+
EUR
226
(43,908)
(42,994)
(914)
United
Group
BV
......
5.00
Quarterly
Bank
of
America
NA
12/20/27
B
EUR
546
(33,038)
(70,605)
37,567
United
Group
BV
......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
B
EUR
22
(1,312)
(3,004)
1,692
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
NR
EUR
54
(2,858)
(3,488)
630
United
Group
BV
......
5.00
Quarterly
Deutsche
Bank
AG
06/20/28
B
EUR
109
(8,500)
(9,759)
1,259
Bank
of
America
Corp.
..
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/28
A-
USD
3,670
(8,685)
21,491
(30,176)
$
(207,952)
$
(511,140)
$
303,188
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long/Short
...
Monthly
HSBC
Bank
plc
(b)
02/10/28
$
1,404,678
$
(230,468)
(c)
$
1,118,371
0.0
%
Monthly
JPMorgan
Chase
Bank
NA
(d)
11/10/23
(2,483,450)
5,365,534
(e)
2,885,930
0.0
$
5,135,066
$
4,004,301
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
72
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(b)
(d)
Range:
95
basis
points
40-60
basis
points
Benchmarks:
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(b)
HSBC
(c)
Amount
includes
$55,839
of
net
dividends
and
financing
fees.
(d)
JPMChase
(e)
Amount
includes
$(3,846)
of
net
dividends
and
financing
fees.
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
HSBC
Bank
plc,
as
of
period
end,
termination
date
February
10,
2028:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Egypt
Commercial
International
Bank
Egypt
SAE
............
318,193
$
435,639
39.0
%
Vietnam
Vietnam
Dairy
Products
JSC
..
403,800
1,118,371
100.0
Total
Reference
Entity
—
Long
............
1,554,010
Reference
Entity
—
Short
Common
Stocks
Egypt
Commercial
International
Bank
Egypt
SAE
............
(318,193)
(435,639)
(39.0)
Net
Value
of
Reference
Entity
—
HSBC
Bank
plc
$
1,118,371
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA
,
as
of
period
end,
termination
date
November
10,
2023
:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
China
Prosus
NV
..............
6,773
189,411
6.6
Russia
X5
Retail
Group
NV,
GDR
...
214,691
2,698,666
93.5
Total
Reference
Entity
—
Long
............
2,888,077
Reference
Entity
—
Short
Common
Stocks
Russia
X5
Retail
Group
NV,
GDR
...
(214,691)
(2,147)
(0.1)
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
2,885,930
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
73
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
—
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/
or
there
are
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
Certain
investments
of
the
Fund
were
fair
valued
using
net
asset
value
("NAV")
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
1,624,374,910
$
—
$
1,624,374,910
Common
Stocks
Aerospace
&
Defense
....................................
23,821,549
19,123,130
—
42,944,679
Air
Freight
&
Logistics
....................................
14,691,409
1,601,059
—
16,292,468
Automobile
Components
..................................
6,963,830
—
—
6,963,830
Automobiles
..........................................
7,373,539
11,643,788
—
19,017,327
Banks
...............................................
78,424,786
104,224,971
155,175
182,804,932
Beverages
...........................................
7,877,171
22,190,907
—
30,068,078
Biotechnology
.........................................
15,915,927
3,097,966
—
19,013,893
Broadline
Retail
........................................
15,208,107
13,329,844
—
28,537,951
Building
Products
.......................................
14,021,019
4,937,776
—
18,958,795
Capital
Markets
........................................
41,251,751
3,861,018
—
45,112,769
Chemicals
............................................
10,191,401
33,134,860
—
43,326,261
Commercial
Services
&
Supplies
.............................
13,760,568
—
—
13,760,568
Communications
Equipment
................................
10,415,085
6,825,091
—
17,240,176
Construction
&
Engineering
................................
486,899
12,327,873
—
12,814,772
Construction
Materials
....................................
—
6,612,076
—
6,612,076
Consumer
Finance
......................................
22,174,394
3,649,028
—
25,823,422
Consumer
Staples
Distribution
&
Retail
........................
29,976,795
7,983,115
1,342,669
39,302,579
Containers
&
Packaging
..................................
10,146,660
—
—
10,146,660
Diversified
REITs
.......................................
14,046,288
—
—
14,046,288
Diversified
Telecommunication
Services
........................
34,317,346
37,401,593
—
71,718,939
Electric
Utilities
........................................
121,993,807
14,514,620
—
136,508,427
Electrical
Equipment
.....................................
3,434,077
8,674,161
—
12,108,238
Electronic
Equipment,
Instruments
&
Components
.................
14,699,728
23,558,418
—
38,258,146
Energy
Equipment
&
Services
..............................
13,724,872
—
—
13,724,872
Financial
Services
......................................
21,515,690
456,801
—
21,972,491
Food
Products
.........................................
34,132,525
41,624,145
—
75,756,670
Gas
Utilities
...........................................
159,563
6,664,649
—
6,824,212
Ground
Transportation
...................................
42,200,608
1,909,539
—
44,110,147
Health
Care
Equipment
&
Supplies
...........................
42,367,704
22,257,270
—
64,624,974
Health
Care
Providers
&
Services
............................
66,609,510
5,679,585
—
72,289,095
Health
Care
REITs
......................................
53,918,247
—
—
53,918,247
Hotels,
Restaurants
&
Leisure
..............................
1,123,154
9,819,268
—
10,942,422
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
74
Level
1
Level
2
Level
3
Total
Household
Durables
.....................................
$
12,725,860
$
13,043,088
$
—
$
25,768,948
Household
Products
.....................................
119,203
2,497,035
—
2,616,238
Independent
Power
and
Renewable
Electricity
Producers
............
1,573,652
4,444,622
—
6,018,274
Industrial
Conglomerates
..................................
—
13,398,523
—
13,398,523
Industrial
REITs
........................................
23,171,976
25,990,766
—
49,162,742
Insurance
............................................
36,450,596
62,003,641
—
98,454,237
Interactive
Media
&
Services
...............................
2,715,572
1,831,934
—
4,547,506
IT
Services
...........................................
31,590,575
25,514,126
—
57,104,701
Life
Sciences
Tools
&
Services
..............................
4,354,686
9,483,495
—
13,838,181
Machinery
............................................
16,834,482
18,216,140
—
35,050,622
Marine
Transportation
....................................
209,534
397,787
—
607,321
Media
...............................................
12,700,959
2,066,859
485,792
15,253,610
Metals
&
Mining
........................................
5,112,443
9,977,429
65
15,089,937
Multi-Utilities
..........................................
45,634,905
17,661,551
—
63,296,456
Office
REITs
..........................................
27,726,819
—
—
27,726,819
Oil,
Gas
&
Consumable
Fuels
...............................
92,017,745
69,181,074
45
161,198,864
Paper
&
Forest
Products
..................................
—
4,271,286
—
4,271,286
Passenger
Airlines
......................................
3,694,063
—
—
3,694,063
Personal
Care
Products
..................................
5,046,232
13,854,240
—
18,900,472
Pharmaceuticals
.......................................
9,513,684
103,458,380
—
112,972,064
Professional
Services
....................................
48,153,219
23,261,518
—
71,414,737
Real
Estate
Management
&
Development
.......................
3,482,513
22,132,109
—
25,614,622
Residential
REITs
.......................................
27,935,340
—
—
27,935,340
Retail
REITs
..........................................
10,906,482
11,130,048
—
22,036,530
Semiconductors
&
Semiconductor
Equipment
....................
6,693,402
80,549,909
—
87,243,311
Software
.............................................
53,488,288
2,968,245
—
56,456,533
Specialized
REITs
......................................
83,678,421
—
—
83,678,421
Specialty
Retail
........................................
1,458,362
3,559,564
—
5,017,926
Technology
Hardware,
Storage
&
Peripherals
....................
25,204,828
21,985,307
—
47,190,135
Textiles,
Apparel
&
Luxury
Goods
............................
2,396,664
12,869,046
—
15,265,710
Tobacco
.............................................
16,757,622
10,195,466
—
26,953,088
Trading
Companies
&
Distributors
............................
—
15,217,747
—
15,217,747
Transportation
Infrastructure
...............................
12,060,358
66,188,774
—
78,249,132
Water
Utilities
.........................................
—
3,388,931
—
3,388,931
Wireless
Telecommunication
Services
.........................
6,460,175
22,366,663
3
28,826,841
Corporate
Bonds
Aerospace
&
Defense
....................................
—
83,285,460
—
83,285,460
Air
Freight
&
Logistics
....................................
—
563,646
—
563,646
Automobile
Components
..................................
—
50,515,079
—
50,515,079
Automobiles
..........................................
—
26,860,206
—
26,860,206
Banks
...............................................
—
439,017,401
—
439,017,401
Beverages
...........................................
—
5,385,827
—
5,385,827
Biotechnology
.........................................
—
13,049,081
—
13,049,081
Broadline
Retail
........................................
—
10,637,197
—
10,637,197
Building
Products
.......................................
—
17,856,229
—
17,856,229
Capital
Markets
........................................
—
143,247,005
—
143,247,005
Chemicals
............................................
—
66,487,805
—
66,487,805
Commercial
Services
&
Supplies
.............................
—
78,358,591
—
78,358,591
Communications
Equipment
................................
—
11,214,488
—
11,214,488
Construction
&
Engineering
................................
—
24,410,928
—
24,410,928
Construction
Materials
....................................
—
1,224,079
—
1,224,079
Consumer
Finance
......................................
—
47,432,233
—
47,432,233
Consumer
Staples
Distribution
&
Retail
........................
—
25,189,307
—
25,189,307
Containers
&
Packaging
..................................
—
66,761,710
—
66,761,710
Distributors
...........................................
—
3,754,608
—
3,754,608
Diversified
Consumer
Services
..............................
—
16,068,206
—
16,068,206
Diversified
REITs
.......................................
—
19,636,837
—
19,636,837
Diversified
Telecommunication
Services
........................
—
133,631,433
—
133,631,433
Electric
Utilities
........................................
—
106,509,756
—
106,509,756
Electrical
Equipment
.....................................
—
11,426,004
—
11,426,004
Electronic
Equipment,
Instruments
&
Components
.................
—
3,397,245
—
3,397,245
Energy
Equipment
&
Services
..............................
—
86,137,290
—
86,137,290
Entertainment
.........................................
—
17,141,104
—
17,141,104
Financial
Services
......................................
—
68,485,762
6,742,845
75,228,607
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
75
Level
1
Level
2
Level
3
Total
Food
Products
.........................................
$
—
$
22,663,340
$
—
$
22,663,340
Gas
Utilities
...........................................
—
7,523,707
—
7,523,707
Ground
Transportation
...................................
—
38,878,777
—
38,878,777
Health
Care
Equipment
&
Supplies
...........................
—
26,508,250
—
26,508,250
Health
Care
Providers
&
Services
............................
—
60,507,268
—
60,507,268
Health
Care
REITs
......................................
—
9,382,006
—
9,382,006
Health
Care
Technology
..................................
—
2,012,987
—
2,012,987
Hotel
&
Resort
REITs
....................................
—
6,929,367
—
6,929,367
Hotels,
Restaurants
&
Leisure
..............................
—
152,201,016
—
152,201,016
Household
Durables
.....................................
—
13,955,563
—
13,955,563
Household
Products
.....................................
—
3,853,744
—
3,853,744
Independent
Power
and
Renewable
Electricity
Producers
............
—
11,295,673
—
11,295,673
Industrial
Conglomerates
..................................
—
17,175,812
—
17,175,812
Industrial
REITs
........................................
—
1,495,496
—
1,495,496
Insurance
............................................
—
101,970,124
—
101,970,124
Interactive
Media
&
Services
...............................
—
1,423,430
—
1,423,430
IT
Services
...........................................
—
40,163,489
—
40,163,489
Leisure
Products
.......................................
—
2,112,869
—
2,112,869
Life
Sciences
Tools
&
Services
..............................
—
10,393,920
—
10,393,920
Machinery
............................................
—
38,195,593
—
38,195,593
Marine
Transportation
....................................
—
1,978,836
—
1,978,836
Media
...............................................
—
110,983,211
—
110,983,211
Metals
&
Mining
........................................
—
54,164,295
—
54,164,295
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
2,780,481
—
2,780,481
Multi-Utilities
..........................................
—
14,722,412
—
14,722,412
Office
REITs
..........................................
—
3,524,264
—
3,524,264
Oil,
Gas
&
Consumable
Fuels
...............................
—
236,083,327
—
236,083,327
Paper
&
Forest
Products
..................................
—
2,799,010
—
2,799,010
Passenger
Airlines
......................................
—
26,323,974
—
26,323,974
Personal
Care
Products
..................................
—
2,728,067
—
2,728,067
Pharmaceuticals
.......................................
—
48,161,865
—
48,161,865
Professional
Services
....................................
—
12,465,857
—
12,465,857
Real
Estate
Management
&
Development
.......................
—
20,909,330
—
20,909,330
Residential
REITs
.......................................
—
2,835,594
—
2,835,594
Retail
REITs
..........................................
—
7,979,684
—
7,979,684
Semiconductors
&
Semiconductor
Equipment
....................
—
28,874,045
—
28,874,045
Software
.............................................
—
104,168,244
—
104,168,244
Specialized
REITs
......................................
—
12,519,943
—
12,519,943
Specialty
Retail
........................................
—
38,372,519
—
38,372,519
Technology
Hardware,
Storage
&
Peripherals
....................
—
12,119,996
—
12,119,996
Textiles,
Apparel
&
Luxury
Goods
............................
—
3,342,262
—
3,342,262
Tobacco
.............................................
—
5,405,658
—
5,405,658
Trading
Companies
&
Distributors
............................
—
37,248,644
—
37,248,644
Transportation
Infrastructure
...............................
—
4,149,591
—
4,149,591
Water
Utilities
.........................................
—
266,081
—
266,081
Wireless
Telecommunication
Services
.........................
—
41,895,555
—
41,895,555
Equity-Linked
Notes
.......................................
—
1,117,528,409
2,689,445
1,120,217,854
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
16,140,687
—
16,140,687
Automobile
Components
..................................
—
3,957,389
—
3,957,389
Automobiles
..........................................
—
1,719,433
—
1,719,433
Beverages
...........................................
—
5,911,992
—
5,911,992
Broadline
Retail
........................................
—
7,478,181
403,635
7,881,816
Building
Products
.......................................
—
6,487,542
—
6,487,542
Capital
Markets
........................................
—
13,587,707
—
13,587,707
Chemicals
............................................
—
22,236,491
2,539,032
24,775,523
Commercial
Services
&
Supplies
.............................
—
21,128,436
1,699,776
22,828,212
Communications
Equipment
................................
—
3,325,458
—
3,325,458
Construction
&
Engineering
................................
—
6,340,525
14,004,213
20,344,738
Construction
Materials
....................................
—
5,634,373
595,000
6,229,373
Consumer
Staples
Distribution
&
Retail
........................
—
2,250,816
12,156,557
14,407,373
Containers
&
Packaging
..................................
—
6,803,817
—
6,803,817
Distributors
...........................................
—
1,550,092
—
1,550,092
Diversified
Consumer
Services
..............................
—
13,727,083
—
13,727,083
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
76
Level
1
Level
2
Level
3
Total
Diversified
REITs
.......................................
$
—
$
910,964
$
—
$
910,964
Diversified
Telecommunication
Services
........................
—
22,775,225
—
22,775,225
Electrical
Equipment
.....................................
—
1,477,059
—
1,477,059
Electronic
Equipment,
Instruments
&
Components
.................
—
1,065,048
—
1,065,048
Energy
Equipment
&
Services
..............................
—
2,877,032
28,751
2,905,783
Entertainment
.........................................
—
23,309,009
—
23,309,009
Financial
Services
......................................
—
21,574,810
121,948,044
143,522,854
Food
Products
.........................................
—
19,837,400
—
19,837,400
Ground
Transportation
...................................
—
3,858,761
—
3,858,761
Health
Care
Equipment
&
Supplies
...........................
—
11,646,283
—
11,646,283
Health
Care
Providers
&
Services
............................
—
11,485,641
—
11,485,641
Health
Care
Technology
..................................
—
13,359,730
—
13,359,730
Hotels,
Restaurants
&
Leisure
..............................
—
39,662,098
6,484,266
46,146,364
Household
Durables
.....................................
—
9,493,164
—
9,493,164
Household
Products
.....................................
—
583,005
—
583,005
Independent
Power
and
Renewable
Electricity
Producers
............
—
2,423,100
—
2,423,100
Industrial
Conglomerates
..................................
—
1,621,379
—
1,621,379
Insurance
............................................
—
23,636,183
—
23,636,183
Interactive
Media
&
Services
...............................
—
5,638,079
—
5,638,079
IT
Services
...........................................
—
14,565,603
—
14,565,603
Leisure
Products
.......................................
—
1,640,447
—
1,640,447
Life
Sciences
Tools
&
Services
..............................
—
10,374,054
—
10,374,054
Machinery
............................................
—
24,982,553
—
24,982,553
Media
...............................................
—
11,827,272
2,252,404
14,079,676
Oil,
Gas
&
Consumable
Fuels
...............................
—
7,140,327
1,648,640
8,788,967
Passenger
Airlines
......................................
—
13,131,482
—
13,131,482
Personal
Care
Products
..................................
—
6,080,532
—
6,080,532
Pharmaceuticals
.......................................
—
12,038,782
755,382
12,794,164
Professional
Services
....................................
—
21,724,935
—
21,724,935
Real
Estate
Management
&
Development
.......................
—
138,163
2,180,311
2,318,474
Semiconductors
&
Semiconductor
Equipment
....................
—
2,427,984
—
2,427,984
Software
.............................................
—
53,444,784
387,048
53,831,832
Specialty
Retail
........................................
—
8,690,455
—
8,690,455
Textiles,
Apparel
&
Luxury
Goods
............................
—
840,080
503,417
1,343,497
Trading
Companies
&
Distributors
............................
—
7,402,089
2,116,300
9,518,389
Transportation
Infrastructure
...............................
—
2,654,765
1,252,480
3,907,245
Wireless
Telecommunication
Services
.........................
—
3,044,262
—
3,044,262
Foreign
Agency
Obligations
.................................
—
69,471,121
—
69,471,121
Foreign
Government
Obligations
..............................
—
113,173,059
—
113,173,059
Investment
Companies
....................................
752,463,732
—
—
752,463,732
Non-Agency
Mortgage-Backed
Securities
........................
—
574,288,264
12,848,580
587,136,844
Preferred
Securities
Banks
...............................................
6,965,430
28,588,500
—
35,553,930
Capital
Markets
........................................
—
27,934,689
—
27,934,689
Commercial
Services
&
Supplies
.............................
—
12,414,674
—
12,414,674
Consumer
Finance
......................................
—
36,410,347
—
36,410,347
Electric
Utilities
........................................
—
18,351,299
—
18,351,299
Independent
Power
and
Renewable
Electricity
Producers
............
—
1,749,930
—
1,749,930
Insurance
............................................
—
8,432,813
—
8,432,813
Multi-Utilities
..........................................
—
8,140,573
—
8,140,573
Oil,
Gas
&
Consumable
Fuels
...............................
—
27,396,776
—
27,396,776
Technology
Hardware,
Storage
&
Peripherals
....................
—
19,935,654
—
19,935,654
U.S.
Government
Sponsored
Agency
Securities
....................
—
3,786,456
—
3,786,456
Warrants
..............................................
26,564
—
—
26,564
Short-Term
Securities
Money
Market
Funds
......................................
973,120,872
—
—
973,120,872
U.S.
Treasury
Obligations
...................................
—
2,086,009
—
2,086,009
Options
Purchased
Equity
contracts
..........................................
102,754
101,757
—
204,511
Liabilities
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
—
(150,500)
(150,500)
$
3,149,492,021
$
8,355,165,348
$
195,069,375
$
11,699,726,744
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
77
Level
1
Level
2
Level
3
Total
Investments
Valued
at
NAV
(b)
......................................
153,668,216
$
11,853,394,960
Derivative
Financial
Instruments
(c)
Assets
Credit
contracts
...........................................
$
—
$
410,590
$
—
$
410,590
Equity
contracts
...........................................
226,243
7,681,888
—
7,908,131
Foreign
currency
exchange
contracts
............................
6,366,249
913,000
—
7,279,249
Interest
rate
contracts
.......................................
1,237,349
—
—
1,237,349
Liabilities
Credit
contracts
...........................................
—
(88,498)
—
(88,498)
Equity
contracts
...........................................
(698,276)
(230,468)
—
(928,744)
Foreign
currency
exchange
contracts
............................
—
(1,433,284)
—
(1,433,284)
Interest
rate
contracts
.......................................
(115,323,941)
—
—
(115,323,941)
$
(108,192,376)
$
7,253,228
$
—
$
(100,939,148)
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(c)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Asset-
Backed
Securities
Common
Stocks
Corporate
Bonds
Equity-
Linked
Notes
Floating
Rate
Loan
Interests
Non-Agency
Mortgage-
Backed
Securities
Unfunded
Floating
Rate
Loan
Interests
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
July
31,
2023
..............................
$
2,509,652
$
2,686,089
$
1
$
—
$
184,131,906
$
7,891,292
$
(268,124)
$
196,950,816
Transfers
into
Level
3
........................................
—
—
—
—
4,011,670
4,894,790
—
8,906,460
Transfers
out
of
Level
3
.......................................
(2,509,652)
—
—
—
(6,817,911)
—
—
(9,327,563)
Accrued
discounts/premiums
....................................
—
—
15,104
—
81,518
(52,853)
—
43,769
Net
realized
gain
(loss)
.......................................
—
(9,453,776)
(8,737,850)
—
15,155
—
—
(18,176,471)
Net
change
in
unrealized
appreciation
(depreciation)
(a)
...................
—
12,893,547
9,439,014
(57,682)
(5,873,102)
115,351
117,624
16,634,752
Purchases
................................................
—
160,629
6,996,776
2,747,127
8,991,460
8,668,000
—
27,563,992
Sales
...................................................
—
(4,302,740)
(970,200)
—
(13,585,440)
(8,668,000)
—
(27,526,380)
Closing
balance,
as
of
October
31,
2023
............................
$
—
$
1,983,749
$
6,742,845
$
2,689,445
$
170,955,256
$
12,848,580
$
(150,500)
$
195,069,375
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
October
31,
2023
(a)
........................................
$
—
$
6,637,946
$
(418,384)
$
(57,682)
$
(4,810,925)
$
(753,164)
$
117,624
$
715,415
(a)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
October
31,
2023
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
78
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
Valuation
Committee
to
determine
the
value
of
certain
of
the
Fund’s
Level
3
investments
as
of
period
end.
The
table
does
not
include
Level
3
investments
with
values
based
upon
unadjusted
third
party
pricing
information
in
the
amount
of
$26,534,756.
A
significant
change
in
the
third
party
information
could
result
in
a
significantly
lower
or
higher
value
of
such
Level
3
investments.
Value
Valuation
Approaches
Unobservable
Inputs
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Assets
Floating
Rate
Loan
Interests
......................
$
153,876,997
Income
Credit
Spread
386
-
632
472
Estimated
Recovery
Value
41%
-
79%
60%
Corporate
Bonds
.............................
6,742,845
Income
Credit
Spread
422
—
Non-Agency
Mortgage-Backed
Securities
..............
7,914,777
Income
Credit
Spread
517
—
$
168,534,619
Currency
Abbreviation
AED
United
Arab
Emirates
Dirham
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNY
Chinese
Yuan
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
KRW
South
Korean
Won
NZD
New
Zealand
Dollar
SGD
Singapore
Dollar
USD
United
States
Dollar
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CDI
Crest
Depository
Interests
CLO
Collateralized
Loan
Obligation
CMT
Constant
Maturity
Treasury
CSMC
Credit
Suisse
Mortgage
Capital
DAC
Designated
Activity
Company
ESG
Environmental,
Social
And
Governance
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GDR
Global
Depositary
Receipts
LIBOR
London
Interbank
Offered
Rate
MBS
Mortgage-Backed
Securities
MSCI
Morgan
Stanley
Capital
International
NVDR
Non-Voting
Depository
Receipts
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
PJSC
Public
Joint
Stock
Company
REIT
Real
Estate
Investment
Trust
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate