BlackRock Funds II NPORT-P BlackRock Retirement Income 2030 Fund (Sep 2024 report)

Schedule

of

Investments

(unaudited)

September

30,

2024

BlackRock

Retirement

Income

2030

Fund

1

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

September

30,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Value

Investment

Companies

Fixed

Income

Funds

—

99.8%

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

Shares

(a)

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

443,786

$

4,628,690

Total

Long-Term

Investments

—

99.8%

(Cost:

$4,697,704)

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

4,628,690

Security

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

1.7%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

4.83%

(a)(b)

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

80,759

$

80,759

Total

Short-Term

Securities

—

1.7%

(Cost:

$80,759)

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

80,759

Total

Investments

—

101.5%

(Cost:

$4,778,463)

(c)

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

4,709,449

Liabilities

in

Excess

of

Other

Assets

—

(1.5)

%

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

(67,463)

Net

Assets

—

100.0%

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

$

4,641,986

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

(c)

Cost

for

U.S.

federal

income

tax

purposes.

Affiliated

Issuer

Value

at

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/24

Shares

Held

at

09/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

41,753

$

39,006

(a)

$

—

$

—

$

—

$

80,759

80,759

$

3,156

$

—

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

Shares

.

4,622,971

—

(195,000)

(11,838)

212,557

4,628,690

443,786

210,906

—

$

(11,838)

$

212,557

$

4,709,449

$

214,062

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Retirement

Income

2030

Fund

2

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

that

the

Fund

has

the

ability

to

access

for

identical,

unrestricted

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

or

liability (including

the

Valuation

Committee's

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds.

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.

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

Investment

Companies

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

$

4,628,690

$

—

$

—

$

4,628,690

Short-Term

Securities

Money

Market

Funds

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

80,759

—

—

80,759

$

4,709,449

$

—

$

—

$

4,709,449

3

Additional

Financial

Information

Schedule

of

Investments

(Unaudited)

September

30,

2024

BlackRock

Funds

II

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

(unaudited)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

AB

BSL

CLO

2

Ltd.,

Series

2021-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.66%,

04/15/34

(a)(b)

..........

USD

15,000

$

15,009,074

AB

Carval

Euro

CLO

II-C

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.28%,

02/15/37

(a)(c)

..........

EUR

490

544,320

Accredited

Mortgage

Loan

Trust,

Series

2004-4,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.58%

Floor

+

1.69%),

5.14%,

01/25/35

(a)

......

USD

155

157,326

AGL

CLO

13

Ltd.,

Series

2021-13A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

10/20/34

(a)(b)

..........

1,000

1,002,105

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.71%,

01/1

5/33

(a)(b)

..........

2,000

2,006,300

AGL

CLO

5

Ltd.,

Series

2020-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.42%),

6.70%,

07/20/34

(a)(b)

..........

4,000

4,005,968

AGL

CLO

9

Ltd.,

Series

2020-9A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

7.28%,

04/20/37

(a)(b)

..........

1,000

1,006,253

AGL

Core

CLO

27

Ltd.,

Series

2023-27A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.73%),

7.01%,

10/21/36

(a)(b)

..........

7,000

7,030,203

AIMCO

CLO,

Series

2015-AA,

Class

CR3,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

6.96%,

10/17/34

(a)(b)

..........

3,000

3,008,094

AIMCO

CLO

11

Ltd.

(a)(b)

Series

2020-11A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.34%

Floor

+

1.34%),

6.58%,

07/17/37

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

9,250

9,250,091

Series

2020-11A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

7.14%,

07/17/37

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

1,000

1,003,581

AIMCO

CLO

12

Ltd.,

Series

2020-12A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

6.99%,

01/17/32

(a)(b)

.........

10,000

10,019,400

AIMCO

CLO

15

Ltd.,

Series

2021-15A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.50%,

10/17/34

(a)(b)

..........

1,500

1,503,896

Allegro

CLO

VI

Ltd.,

Series

2017-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.05%,

01/17/31

(a)(b)

..........

1,000

1,002,200

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.51%),

6.75%,

11/02/30

(a)(b)

..........

399

398,832

AMSR

Trust

(b)

Series

2019-SFR1,

Class

G,

4.86%,

01/19/39

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

1,900

1,836,012

Series

2019-SFR1,

Class

H,

6.04%,

01/19/39

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

2,417

2,373,348

Series

2020-SFR1,

Class

E,

3.22%,

04/17/37

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

10,250

10,108,660

Series

2020-SFR1,

Class

F,

3.57%,

04/17/37

19,850

19,587,722

Series

2020-SFR1,

Class

G,

4.31%,

04/17/37

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

7,500

7,413,918

Series

2020-SFR2,

Class

E2,

4.28%,

07/17/37

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

2,000

1,977,749

Series

2020-SFR2,

Class

I,

5.25%,

07/17/37

9,400

9,176,270

Series

2020-SFR4,

Class

G2,

4.87%,

11/17/37

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

3,441

3,399,120

Series

2021-SFR3,

Class

F,

3.23%,

10/17/38

11,000

10,242,200

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Anchorage

Capital

CLO

11

Ltd.,

Series

2019-

11A,

Class

C1R2,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

7.74%,

07/22/37

(a)

(b)

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

USD

700

$

711,157

Anchorage

Capital

CLO

15

Ltd.,

Series

2020-

15A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.74%,

07/20/34

(a)(b)

7,000

7,007,098

Anchorage

Capital

CLO

18

Ltd.,

Series

2021-

18A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.41%),

6.71%,

04/15/34

(a)(b)

1,000

1,000,823

Anchorage

Capital

CLO

20

Ltd.

(a)(b)

Series

2021-20A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.74%,

01/20/35

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

1,300

1,301,622

Series

2021-20A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.34%,

01/20/35

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

1,500

1,506,315

Anchorage

Capital

CLO

25

Ltd.,

Series

2022-

25A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

7.63%,

04/20/35

(a)(b)

5,000

5,002,633

Apidos

CLO

XL

Ltd.,

Series

2022-40A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

6.55%,

07/15

/37

(a)(b)

.........

10,000

10,020,103

Apidos

CLO

XV

(a)(b)

Series

2013-15A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.11%),

7.39%,

04/20/31

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

3,000

3,007,937

Series

2013-15A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.96%),

8.24%,

04/20/31

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

2,000

2,007,729

Apidos

CLO

XX,

Series

2015-20A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.21%),

7.50%,

07/16/31

(a)(b)

..........

1,750

1,754,974

Apidos

CLO

XXII,

Series

2015-22A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.49%,

04/20/31

(a)(b)

..........

1,

000

1,007,919

Apidos

CLO

XXIX

(a)(b)

Series

2018-29A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.81%),

7.10%,

07/25/30

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

1,000

1,002,870

Series

2018-29A,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.16%),

7.45%,

07/25/30

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

1,000

1,002,809

Apidos

CLO

XXXIII,

Series

2020-33A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.69%,

10/24/34

(a)(b)

.........

1,300

1,300,516

Apidos

CLO

XXXIV,

Series

2020-34A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.69%,

01/20/35

(a)(b)

.....

14,000

14,012,776

Apidos

CLO

XXXIX

Ltd.,

Series

2022-39A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.53%,

04/21/35

(a)(b)

.....

1,000

1,002,807

Apidos

CLO

XXXVI,

Series

2021-36A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%

),

8.44%,

07/20/34

(a)(b)

..........

1,000

998,846

Apidos

Loan

Fund

Ltd.

(a)(b)

Series

2024-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

6.59%,

04/25/35

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

2,000

2,001,898

Series

2024-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

7.07%,

04/25/35

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

1,500

1,503,342

Arbour

CLO

DAC,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.80%),

7.58%,

05/15/38

(a)(c)

.....

EUR

500

561,265

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Arbour

CLO

VI

DAC,

Series

6X,

Class

DR,

(3-

mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

0.00%,

11/15/37

(a)(c)

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

EUR

920

$

1,018,978

Ares

L

CLO

Ltd.,

Series

2018-50A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.16%,

01/15/32

(a)(b)

..........

USD

6,000

6,003,036

Ares

LIII

CLO

Ltd.,

Series

2019-53A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.91%),

8.19%,

04/24/31

(a)(b)

..........

4,500

4,522,541

Ares

LV

CLO

Ltd.,

Series

2020-55A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.26%,

07/15/34

(a)(b)

..........

1,000

1,004,305

Ares

LVIII

CLO

Ltd.,

Series

2020-58A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

7.15%,

01/15/35

(a)(b)

.........

1,000

1,001,832

Ares

XLVII

CLO

Ltd.,

Series

2018-47A,

Class

SUB,

0.00%,

04/15/30

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

..........

4,500

1,026,339

Ares

XLVIII

CLO

Ltd.,

Series

2018-48A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.34%,

07/20/30

(a)(b)

..........

1,000

1,002,360

Ares

XXXVR

CLO

Ltd.,

Series

2015-35RA,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%),

6.96%,

07/15/30

(a)(

b)

.....

1,500

1,496,321

Arini

European

CLO

I

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

6.04%

Floor

+

6.04%),

9.73%,

07/15/36

(a)(c)

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

EUR

410

468,486

Arini

European

CLO

II

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

4.20%

Floor

+

4.20%),

8.06%,

04/15/38

(a)(c)

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

500

561,638

Assurant

CLO

I

Ltd.,

Series

2017-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.84%,

10/20/34

(a)(b)

..........

USD

1,500

1,502,816

Atlas

Senior

Loan

Fund

VII

Ltd.,

Series

2016-

7A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

6.89%,

11/27/31

(a)(b)

5,500

5,503,411

Atlas

Senior

Loan

Fund

XI

Ltd.,

Series

2018-

11A,

Class

A1L,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.36%),

6.64%,

07/26/31

(a)(b)

1,186

1,186,056

Atlas

Senior

Loan

Fund

XII

Ltd.,

Series

2018-

12A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.72%,

10/24/31

(a)(b)

1,152

1,152,611

Aurium

CLO

VIII

DAC,

Series

8X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

6.46%,

06/23/34

(a)(c)

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

EUR

250

277,051

Avoca

CLO

XV

DAC,

Series

15X,

Class

ER,

(3-mo.

EURIBOR

at

4.13%

Floor

+

4.13%),

7.81%,

04/15/31

(a)(c)

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

670

738,598

Bain

Capital

Credit

CLO

Ltd.

(a)(b)

Series

2021-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

6.70%,

07/24/34

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

USD

6,750

6,752,676

Series

2021-7A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.64%,

01/22/35

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

2,250

2,255,108

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

7.13%,

04/18/35

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

5,000

4,980,983

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

7.48%,

04/18/35

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

7,000

7,003,413

Series

2022-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.20%

Floor

+

3.20%),

8.48%,

04/18/35

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

2,500

2,467,481

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Ballyrock

CLO

14

Ltd.

(a)(b)

Series

2020-14A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

6.68%,

07/20/37

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

USD

5,000

$

5,012,500

Series

2020-14A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

7.00%,

07/20/37

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

1,000

1,001,320

Ballyrock

CLO

15

Ltd.,

Series

2021-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.61%,

04/15/34

(a)(b)

..........

1,500

1,502,993

Ballyrock

CLO

22

Ltd.

(a)(b)

Series

2024-22A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

6.86%,

04/15/37

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

5,000

5,013,658

Series

2024-22A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

7.67%,

04/15/37

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

1,000

1,015,069

Ballyrock

CLO

27

Ltd.,

Series

2024-27A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

6.21%,

10/25/37

(a)(b)

.....

10,100

10,105,

812

Ballyrock

CLO

Ltd.

(a)(b)

Series

2019-2A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

6.53%,

02/20/36

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

3,000

3,007,397

Series

2020-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.49%,

10/20/31

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

4,500

4,513,022

Series

2020-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.49%,

10/20/31

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

2,000

1,996,182

Bardot

CLO

Ltd.,

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.44%,

10/22/32

(a)(b)

..........

3,250

3,256,692

Battalion

CLO

18

Ltd.,

Series

2020-18A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.45%

Floor

+

3.71%),

9.01%,

10/15/36

(a)(b)

.........

2,000

1,955,667

Battalion

CLO

X

Ltd.,

Series

2016-10A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.59%,

01/25/35

(a)(b)

.....

2,000

1,998,103

Battalion

CLO

XIX

Ltd.

(a)(b)

Series

2021-19A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.56%,

04/15/34

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

3,000

2,992,869

Series

2021-19A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.81%,

04/15/34

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

3,000

2,927,842

Battalion

CLO

XVI

Ltd.,

Series

2019-16A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

6.66%,

12/19/32

(a)(b)

.........

5,000

5,045,811

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2005-HE1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.36%),

5.53%,

01/25/35

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

295

300,250

Series

2006-HE7,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.31%,

09/25/36

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

348

349,226

Series

2007-HE2,

Class

22A,

(1-mo

.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.25%,

03/25/37

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

1,800

1,692,139

Series

2007-HE2,

Class

23A,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.25%,

03/25/37

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

1,629

1,546,697

Series

2007-HE3,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.11%,

04/25/37

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

3,538

3,344,179

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Bear

Stearns

Asset-Backed

Securities

Trust,

Series

2004-HE3,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.84%),

5.33%,

04/25/34

(a)

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

USD

1,337

$

1,331,029

Benefit

Street

Partners

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.64%,

01/20/31

(a)(b)

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

767

767,558

Benefit

Street

Partners

CLO

XIX

Ltd.,

Series

2019-19A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.18%

Floo

r

+

1.18%),

6.48%,

01/15/33

(a)(b)

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

17,000

17,013,022

Benefit

Street

Partners

CLO

XV

Ltd.,

Series

2018-15A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

6.70%,

07/15/37

(a)(b)

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

2,200

2,201,744

Benefit

Street

Partners

CLO

XXIV

Ltd.,

Series

2021-24A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.17%

Fl

oor

+

1.43%),

6.71%,

10/20/34

(a)

(b)

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

2,000

2,001,010

Benefit

Street

Partners

CLO

XXVIII

Ltd.,

Series

2022-28A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.85%),

8.13%,

10/20/35

(a)(b)

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

1,750

1,757,052

Birch

Grove

CLO

3

Ltd.

(a)(b)

Series

2021-3A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.34%,

01/19/35

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

7,500

7,522,379

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.79%,

01/19/35

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

5,000

5,013,778

Birch

Grove

CLO

9

Ltd.

(a)(b)

Series

2024-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

6.58%,

10/22/37

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

15,000

15,001,743

Series

2024-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

6.88%,

10/22/37

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

2,000

2,000,769

BlueMountain

CLO

Ltd.,

Series

2013-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.44%),

6.72%,

10/22/30

(a)(b)

.....

279

279,582

Bridge

Street

CLO

II

Ltd.

(a)(b)

Series

2021-1A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.49%),

6.77%,

07/20/34

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

11,000

11,003,022

Series

2021-1A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

07/20/34

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

5,000

5,022,479

Bridge

Street

CLO

IV

Ltd.,

Series

2024-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

6.92%,

04/20/37

(a)(b)

.....

1,000

1,003,427

Bridgepoint

CLO

1

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

4.25%

Floor

+

4.25%),

7.94%,

01/15/34

(a)(c)

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

EUR

750

835,455

Bryant

Park

Funding

Ltd.,

Series

2024-23A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.57%

Floor

+

1.57%),

6.90%,

05/15/37

(a)(b)

USD

3,000

3,007,995

Buckhorn

Park

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

07/18/34

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

9,000

9,029,253

Series

2019-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.54%,

07/18/34

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

2,500

2,505,922

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Cairn

CLO

XVI

DAC,

Series

2023-16X,

Class

D,

(3-mo.

EURIBOR

at

5.20%

Floor

+

5.20%),

8.89%,

01/15/37

(a)(c)

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

EUR

215

$

245,612

Canyon

Capital

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.16%),

7.46%,

07/15/31

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

USD

1,500

1,503,844

Series

2016-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.01%),

7.31%,

10/15/31

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

1,250

1,251,497

Series

2017-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.56%,

07/15/30

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

5,000

5,005,858

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

7.49%,

04/15/35

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

2,000

2,002,260

Canyon

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.46%,

07/15/31

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

1,000

1,001,999

Series

2020-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.61%,

07/15/34

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

1,000

1,002,052

Series

2020-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.71%,

07/15/34

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

1,000

1,000,266

Capital

Four

CLO

VIII

DAC,

Series

8X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

0.00%,

10/25/37

(a)(c)

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

EUR

1,090

1,213,334

Carlyle

C17

CLO

Ltd.,

Series

C17A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.11%),

7.37%,

04/30/31

(a)(b)

..........

USD

1,000

1,002,703

Carlyle

US

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.14%,

04/20/31

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

2,700

2,700,034

Series

2019-3A,

Class

A2RR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

7.33%,

04/20/37

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

5,000

5,033,970

Carrington

Mortgage

Loan

Trust,

Series

2006-

FRE1,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.36%),

5.22%,

04/25/36

(a)

.

2,876

2,633,311

CarVal

CLO

I

Ltd.,

Series

2018-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.15%),

8.44%,

07/16/31

(a)(b)

..........

1,995

1,994,073

CarVal

CLO

III

Ltd.,

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

7.49%,

07/20/32

(a)(b)

..........

7,000

7,010,935

CarVal

CLO

IV

Ltd.

(a)(b)

Series

2021-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

07/20/34

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

6,500

6,519,538

Series

2021-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.79%,

07/20/34

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

5,000

5,009,682

CarVal

CLO

VC

Ltd.

(a)(b)

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.76%,

10/15/34

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

2,000

2,004,302

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.81%,

10/15/34

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

3,000

3,008,549

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

CBAM

Ltd.

(a)(b)

Series

2017-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.51%),

6.79%,

07/20/30

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

USD

332

$

332,667

Series

2020-13A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.43%

Floor

+

1.69%),

6.97%,

01/20/34

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

4,000

4,002,912

Cedar

Funding

IV

CLO

Ltd.,

Series

2014-4A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.91%),

7.19%,

07/23/34

(a)(b)

5,000

5,001,676

Cedar

Funding

IX

CLO

Ltd.,

Series

2018-9A,

Class

SUB,

0.00%,

07/20/37

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

......

3,950

1,491,915

Cedar

Funding

V

CLO

Ltd.,

Series

2016-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.36%),

6.65%,

07/17/31

(a)(b)

1,395

1,395,203

Cedar

Funding

VI

CLO

Ltd.,

Series

2016-6A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

3.31%

Floor

+

3.57%),

8.85%,

04

/20/34

(a)(b)

1,950

1,952,302

CIFC

European

Funding

CLO

I

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

6.89%,

07/15/32

(a)(c)

.........

EUR

200

222,915

CIFC

European

Funding

CLO

III

DAC,

Series

3X,

Class

E,

(3-mo.

EURIBOR

at

5.61%

Floor

+

5.61%),

9.29%,

01/15/34

(a)(c)

.....

200

223,290

CIFC

Funding

2019-VI

Ltd.,

Series

2019-6A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.13%,

07/16/37

(a)

(b)

.....

USD

10,000

10,058,082

CIFC

Funding

2020-III

Ltd.,

Series

2020-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

7.19%,

10/20/34

(a)(b)

.....

2,000

2,007,809

CIFC

Funding

2021-I

Ltd.,

Series

2021-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

7.44%,

07/25/37

(a)(b)

.....

9,500

9,592,533

CIFC

Funding

Ltd.

(a)(b)

Series

2013-4A,

Class

A2RR,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.56%),

6.83%,

04/27/31

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

1,700

1,694,187

Series

2014-3A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.61%),

7.89%,

10/22/31

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

1,000

1,003,490

Series

2014-4RA,

Class

A1

AR,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

6.72%,

01/17/35

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

6,000

6,001,882

Series

2015-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.44%,

01/22/31

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

1,000

1,002,696

Series

2016-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.96%

Floor

+

1.96%),

7.24%,

10/21/31

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

7,000

7,016,143

Series

2018-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.66%),

6.94%,

04/18/31

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

1,000

1,001,144

Series

2018-4A,

Class

A1,

(3

-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.70%,

10/17/31

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

2,454

2,455,303

Series

2018-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.65%,

10/17/31

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

2,000

2,006,403

Series

2019-5A,

Class

A1R1,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

6.70%,

01/15/35

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

16,500

16,507,107

Series

2019-5A,

Class

A2RS,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.31%,

01/15/35

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

2,200

2,212,771

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2019-6A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.30%),

8.63%,

07/16/37

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

USD

1,150

$

1,167,702

Series

2020-4A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.58%

Floor

+

1.58%),

6.88%,

01/15/34

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

2,500

2,501,115

Series

2021-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.56%,

07/15/36

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

1,500

1,499,427

Series

2021-6A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

6.70%,

10/15/34

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

600

601,500

Series

2024-3A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

7.18%,

07/21/37

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

5,000

5,029,212

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2006-WFH2,

Class

M3,

(1-mo.

CME

Term

SOFR

at

0.47%

Floor

+

0.58%),

5.43%,

08/25/36

(a)

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

2,900

2,587,668

Clear

Creek

CLO

Ltd.

(a)(b)

Series

2015-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.46%),

6.74%,

10/20/30

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

1,555

1,556,560

Series

2015-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.86%),

7.14%,

10/20/30

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

3,000

3,006,340

Clover

CLO

LLC

(a)(b)

Series

2018-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

6.85%,

04/20/37

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

5,300

5,311,511

Series

2018-1A,

Class

B1RR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

7.27%,

04/20/37

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

3,000

3,020,078

Series

2018-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

7.77%,

04/20/37

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

2,500

2,520,098

Series

2018-1A,

Class

D1R

R,

(3-mo.

CME

Term

SOFR

at

3.45%

Floor

+

3.45%),

8.77%,

04/20/37

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

1,000

1,014,837

Series

2021-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

6.64%,

04/22/34

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

3,000

3,002,664

Series

2021-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

07/20/34

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

14,000

14,082,186

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.54%,

07/20/34

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

5,000

5,009,896

Series

2021-2A,

Class

D,

(3-

mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.59%,

07/20/34

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

2,500

2,501,463

Series

2021-2A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.50%

Floor

+

6.76%),

12.04%,

07/20/34

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

1,325

1,326,409

Series

2021-3A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.30%,

01/25/35

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

5,000

5,032,827

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.60%,

01/25/35

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

3,000

3,006,510

Series

2021-3A,

Class

D,

(3-mo

.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.65%,

01/25/35

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

1,000

1,001,271

Clover

CLO

Ltd.,

Series

2019-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

6.65%,

10/25/33

(a)(b)

..........

7,300

7,309,337

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Conseco

Finance

Corp.

(a)

Series

1996-5,

Class

M1,

8.05%,

07/15/27

.

USD

162

$

168,613

Series

1997-7,

Class

M1,

7.03%,

07/15/28

.

1,125

1,112,565

Contego

CLO

VII

DAC,

Series

7X,

Class

D,

(3-mo.

EURIBOR

at

3.95%

Floor

+

3.95%),

7.65%,

05/14/32

(a)(c)

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

EUR

200

224,716

Credit-Based

Asset

Servicing

&

Securitization

LLC,

Series

2007-CB6,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.31%,

07/25/37

(a)(b)

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

USD

1,156

762,152

Cumulus

Static

CLO

DAC,

Series

2024-1X,

Class

D,

(3-mo.

EURIBOR

at

3.70%

Floor

+

3.70%

),

7.53%,

11/15/33

(a)(c)

..........

EUR

166

185,722

CVC

Cordatus

Loan

Fund

XXII

DAC,

Series

22X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

6.63%,

12/15/34

(a)(c)

.....

200

223,056

CVC

Cordatus

Loan

Fund

XXVII

DAC,

Series

27X,

Class

D2,

(3-mo.

EURIBOR

at

6.58%

Floor

+

6.58%),

10.27%,

04/15/35

(a)(c)

....

400

453,604

CVC

Cordatus

Loan

Fund

XXX

DAC,

Series

30X,

Class

D,

(3-mo.

EURIBOR

at

4.00%

Floor

+

4.00%),

7.87%,

05/15/37

(a)(c)

.....

500

560,078

Diameter

Capital

CLO

1

Ltd.,

Series

2021-1A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

6.80%,

07/15/36

(a)(b)

USD

9,250

9,262,664

Diameter

Capital

CLO

6

Ltd.,

Series

2024-6A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.61%

Floor

+

1.61%),

6.94%,

04/15/37

(a)(b)

.....

5,000

5,018,045

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.59%,

07/18/30

(a)(b)

.....

2,000

2,005,040

Dryden

Senior

Loan

Fund,

Series

2017-47A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.61%,

04

/15/28

(a)(b)

.....

5,250

5,266,357

Eaton

Vance

CLO

Ltd.

(a)(b)

Series

2013-1A,

Class

B3R,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.71%,

01/15/34

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

3,500

3,508,113

Series

2019-1A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.51%

Floor

+

1.51%),

6.84%,

07/15/37

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

2,500

2,505,361

Series

2019-1A,

Class

D1R2,

(3-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.35%),

8.68%,

07/15/37

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

1,645

1,665,285

Elevation

CLO

Ltd.,

Series

2017-8A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.31%),

7.60%,

10/25/30

(a)(b)

..........

3,000

3,003,146

Elmwood

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.52%),

6.80%,

04/20/37

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

2,500

2,506,250

Series

2019-1A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

3.75%

Floor

+

3.75%),

9.03%,

04/20/37

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

2,000

2,039,804

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

7.19%,

04/20/34

(a)(b)

.........

2,000

2,007,478

Elmwood

CLO

IX

Ltd.,

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.44%,

07/20/34

(a)(b)

..........

1,500

1,504,023

Elmwood

CLO

VII

Ltd.,

Series

2020-4A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.63%

Floor

+

1.63%),

6.92%,

01/17/34

(a)(b)

.........

4,000

4,009,456

Elmwood

CLO

X

Ltd.,

Series

2021-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27

%),

6.55%,

04/20/34

(a)(b)

.....

3,000

3,004,541

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Elmwood

CLO

XI

Ltd.,

Series

2021-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.49%,

10/20/34

(a)(b)

..........

USD

2,000

$

1,999,220

Empower

CLO

Ltd.,

Series

2024-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

6.91%,

04/25/37

(a)(b)

..........

2,500

2,514,597

Fidelity

Grand

Harbour

CLO

DAC,

Series

2023-

1X,

Class

D,

(3-mo.

EURIBOR

at

5.90%

Floor

+

5.90%),

9.44%,

08/15/36

(a)(c)

.....

EUR

238

268,215

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2006-FF13,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.24%

Floor

+

0.35%),

5.21%,

10/25/36

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

USD

2,942

1,922,136

Series

2006-FF13,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.29%,

10/25/36

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

1,725

1,141,185

Series

2006-FF17,

Class

A5,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

+

0.26%),

5.12%,

12/25/36

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

2,020

1,714,023

Series

2006-FFH1,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.56%

Floor

+

0.67%),

5.52%,

01/25/36

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

3,686

3,600,050

FirstKey

Homes

Trust

(b)

Series

2022-SFR1,

Class

E1,

5.00%,

05/19/39

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

6,000

5,874,173

Series

2022-SFR2,

Class

E1,

4.50%,

07/17/39

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

6,382

6,146,903

Flatiron

CLO

21

Ltd.,

Series

2021-1A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.10%),

8.19%,

10/19/37

(a)(b)

.....

1,000

1,013,568

Flatiron

CLO

28

Ltd.

(a)(b)

Series

2024-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

6.59%,

07/15/36

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

7,000

7,024,005

Series

2024-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

6.92%,

07/15/36

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

2,000

2,005,085

Flatiron

CLO

LLC,

Series

2023-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.09%,

04/17/36

(a)(b)

..........

4,000

4,016,992

FRTKL,

Series

2021-SFR1,

Class

F,

3.17%,

09/17/38

(b)

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

2,900

2,685,000

FS

Rialto

Issuer

LLC,

Series

2022-FL7,

C

lass

A,

(1-mo.

CME

Term

SOFR

at

2.90%

Floor

+

2.90%),

7.99%,

10/19/39

(a)(b)

..........

4,500

4,518,270

Galaxy

XXIV

CLO

Ltd.,

Series

2017-24A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

7.75%,

04/15/37

(a)(b)

.........

750

754,954

Galaxy

XXVII

CLO

Ltd.,

Series

2018-27A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.28%),

6.38%,

05/16/31

(a)(b)

..........

1,445

1,448,209

Generate

CLO

16

Ltd.,

Series

2024-16A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

7.17%,

07/20/37

(a)(

b)

..........

4,000

4,013,565

Generate

CLO

2

Ltd.,

Series

2A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

6.61%,

10/22/37

(a)(b)

..........

7,065

7,065,646

Generate

CLO

4

Ltd.,

Series

4A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

7.03%,

07/20/37

(a)(b)

..........

2,750

2,754,024

Generate

CLO

5

Ltd.

(a)(b)

Series

5A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

7.32%,

07/22/37

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

1,500

1,506,039

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

5A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.70%),

9.02%,

07/22/37

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

USD

2,000

$

2,002,314

Generate

CLO

6

Ltd.,

Series

6A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.71%),

7.99%,

01/22/35

(a)(b)

..........

1,000

1,000,627

Generate

C

LO

7

Ltd.,

Series

7A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

6.90%,

04/22/37

(a)(b)

..........

3,000

3,011,667

Generate

CLO

9

Ltd.

(a)(b)

Series

9A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

10/20/34

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

8,500

8,522,977

Series

9A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.79%,

10/20/34

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

3,000

3,002,156

Generate

CLO

Ltd.,

Series

2024-17A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

6.53%,

10/22/37

(a)(b)

..........

10,000

10,015,000

GoldenTree

Loan

Management

US

CLO

1

Ltd.,

Series

2017-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.34%,

04/20/34

(a)(b)

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

9,500

9,520,968

GoldenTree

Loan

Management

US

CLO

11

Ltd.

(a)(b)

Series

2021-11A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.49%,

10/20/34

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

3,000

3,006,619

Series

2021-11A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.54%,

10/20/34

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

1,000

999,253

GoldenTree

Loan

Management

US

CLO

3

Ltd.,

Series

2018-3A,

Class

AJ,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.56%),

6.84%,

04/20/30

(a)(b)

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

2,0

00

2,002,813

GoldenTree

Loan

Management

US

CLO

4

Ltd.,

Series

2019-4A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.54%,

04/24/31

(a)(b)

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

1,000

1,002,901

GoldenTree

Loan

Management

US

CLO

6

Ltd.,

Series

2019-6A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.08%,

04/20/35

(a)(b)

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

800

803,015

Golub

Capital

Partners

CLO

41B-R

Ltd.,

Series

2019-41A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.32%

Fl

oor

+

1.58%),

6.86%,

01/20/34

(a)(b)

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

2,500

2,503,465

Golub

Capital

Partners

CLO

52B

Ltd.,

Series

2020-52A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

7.28%,

04/20/37

(a)(b)

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

2,000

2,013,762

Golub

Capital

Partners

CLO

53B

Ltd.,

Series

2021-53A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.34%,

07/20/34

(a)

(b)

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

5,915

5,948,656

Golub

Capital

Partners

CLO

58B

Ltd.,

Series

2021-58A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.73%,

01/25/35

(a)(b)

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

1,000

1,001,129

Golub

Capital

Partners

CLO

75B

Ltd.,

Series

2024-75A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floo

r

+

1.40%),

6.68%,

07/25/37

(a)(b)

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

2,000

2,001,005

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Golub

Capital

Partners

CLO

76

B

Ltd.

(a)(b)

Series

2024-76A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

6.11%,

10/25/37

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

USD

11,980

$

11,992,380

Series

2024-76A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.67%

Floor

+

1.67%),

6.41%,

10/25/37

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

3,000

3,002,367

Greene

King

Finance

plc

(a)

Series

B1,  (Sterling

Overnight

Index

Average

+

1.92%),

6.88%,

12/15/34

...

GBP

100

114,844

Series

B2,  (Sterling

Overnight

Index

Average

+

2.20%),

7.16%,

03/15/36

(c)

..

100

107,021

Greenpoint

Manufactured

Housing,

Series

2000-1,

Class

A4,

8.14%,

03/20/30

(a)

.....

USD

3,853

2,495,380

Greywolf

CLO

III

Ltd.,

Series

2020-3RA,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.71%),

7.99%,

04/15/33

(a)(b)

.........

3,000

3,002,246

GSAA

Home

Equity

Trust

Series

2005-14,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

0.70%

Floor

+

0.81%),

5.67%,

12/25/35

(a)

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

1,025

456,604

Series

2006-4,

Class

1A1,

4.13%,

03/25/36

(a)

2,440

1,657,115

Series

2006-5,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.33%,

03/25/36

(a)

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

3,317

991,767

Series

2006-18,

Class

AF6,

6.18%,

11/25/36

(f)

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

3,206

786,626

GSAMP

Trust

(a)

Series

2006-FM3,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.11%,

11/25/36

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

6,241

2,990,623

Series

2006-HE6,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.45%,

08/25/36

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

1,304

1,056,465

GT

Loan

Financing

I

Ltd.,

Series

2013-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.36%),

7.63%,

07/28/31

(a)(b)

.....

1,000

1,003,537

HalseyPoint

CLO

4

Ltd.,

Series

2021-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.69%,

04/20/34

(a)(b)

..........

1,750

1,754,231

HalseyPoint

CLO

5

Ltd.

(a)(b)

Series

2021-5A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.32%,

01/30/35

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

3,500

3,512,888

Series

2021-5A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.76%),

9.02%,

01/30/35

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

3,000

3,012,148

HalseyPoint

CLO

6

Ltd.,

Series

2022-6A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

7.73%,

10/20/34

(a)(b)

.........

1,000

1,003,700

Halseypoint

CLO

7

Ltd.,

Series

2023-7A,

Class

A,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.53%,

07/20/36

(a)(b)

..........

1,600

1,613,600

HalseyPoint

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

A1A1,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.61%),

6.89%,

01/20/33

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

11,050

11,057,761

Series

2019-1A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.74%,

01/20/33

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

2,500

2,502,331

Harvest

CLO

XVI

DAC,

Series

16X,

Class

ER,

(3-mo.

EURIBOR

at

5.57%

Floor

+

5.57%),

9.25%,

10/15/31

(a)(c)

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

EUR

235

262,190

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Harvest

CLO

XXX

II

DAC,

Series

32X,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

7.30%,

07/25/37

(a)(c)

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

EUR

418

$

465,942

Henley

CLO

X

DAC,

Series

10X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.49%,

07/20/37

(a)(c)

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

242

270,879

Invesco

CLO

Ltd.

(a)(b)

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.46%,

07/15/34

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

USD

500

498,857

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.08%,

04/20/35

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

3,125

3,129,564

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.15%),

7.43%,

04/20/35

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

5,000

5,002,614

Invitation

Homes

Trust,

Series

2018-SFR4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.21%),

6.30%,

01/17/38

(a)(b)

.....

2,578

2,578,733

J.P.

Morgan

Mortgage

Acquisition

Trust,

Series

2006-CH1,

Class

M7,

(1-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.31%)

,

6.17%,

07/25/36

(a)

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

2,975

2,650,205

Jubilee

CLO,

Series

2024-29X,

Class

D,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

0.00%,

01/15/39

(a)(c)

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

EUR

1,140

1,268,991

Juniper

Valley

Park

CLO

Ltd.,

Series

2023-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.

25%

Floor

+

1.25%),

6.53%,

07/20/36

(a)(b)

.....

USD

2,650

2,656,156

KKR

CLO

18

Ltd.,

Series

18,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.64%,

07/18/30

(a)(b)

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

8,050

8,077,163

KKR

CLO

27

Ltd.

(a)(b)

Series

27A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

7.15%,

10/15/32

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

4,250

4,249,377

Series

27A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.55%,

10/15/32

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

1,450

1,450,874

KKR

CLO

35

Ltd.,

Series

35A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.24%,

10/20/34

(a)(b)

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

3,657

3,663,264

LCM

XXV

Ltd.,

Series

25A,

Class

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.91%),

7.19%,

07/20/30

(a)(b)

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

350

350,468

Lehman

XS

Trust,

Series

2007-20N,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.41%),

7.27%,

12/25/37

(a)

...........

5,352

5,092,943

Long

Beach

Mortgage

Loan

Trust

(a)

Series

2005-3,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.49%,

08/25/45

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

1,447

1,415,427

Series

2006-4,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.27%,

05/25/36

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

20,249

10,795,257

Series

2006-6,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.27%,

07/25/36

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

5,610

2,205,573

Series

2006-7,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.31%

Floor

+

0.42%),

5.28%,

08/25/36

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

5,958

3,081,581

Series

2006-WL3,

Class

2A4,

(

1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

5.57%,

01/25/36

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

1,284

1,176,252

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Madison

Park

Funding

XLVI

Ltd.,

Series

2020-

46A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.21%,

10/15/34

(a)(b)

USD

750

$

752,537

Madison

Park

Funding

XX

Ltd.

(a)(b)

Series

2016-20A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.16%),

7.43%,

07/27/30

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

4,080

4,090,773

Series

2016-20A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.26%),

8.53%,

07/27/30

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

1,315

1,321,288

Madison

Park

Funding

XXIX

Ltd.,

Series

2018-

29A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.53%,

10/18/30

(a)(b)

5,450

5,451,106

Madison

Park

Funding

XXVII

Ltd.

(a)(b)

Series

2018-27A,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

2.06%),

7.34%,

04/20/30

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

1,600

1,603,778

Series

2018-27A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

2.86%),

8.14%,

04/20/30

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

1,000

1,001,683

Madison

Park

Funding

XXXIII

Ltd.

(a)(b)

Series

2019-33A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.10%,

10/15/32

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

6,000

6,003,292

Series

2019-33A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

7.50%,

10/15/32

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

4,750

4,761,942

Series

2019-33A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.10%),

8.40%,

10/15/32

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

2,000

1,995,546

Marathon

CLO

Ltd.,

Series

2020-15A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

6.57%,

08/15/37

(a)(b)

.....

5,000

5,004,870

Marble

Point

CLO

XI

Ltd.,

Series

2017-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.04%,

12/18/30

(a)(b)

.....

1,500

1,504,633

Margay

CLO

I

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

6.40%

Floor

+

6.40%),

10.09%,

07/15/36

(a)(c)

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

EUR

100

112,748

Marino

Park

CLO

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

5.67%

Floor

+

5.67%),

9.33%,

01/16/34

(a)(c)

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

100

111,728

MASTR

As

set-Backed

Securities

Trust,

Series

2006-AM2,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.49%,

06/25/36

(a)(b)

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

USD

1,733

1,600,976

Meacham

Park

CLO

Ltd.,

Series

2024-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

6.39%,

10/20/37

(a)(b)

.....

4,000

3,988,437

MidOcean

Credit

CLO

XII

Ltd.,

Series

2023-

12A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.75%

Floor

+

3.75%),

9.03%,

04/1

8/36

(a)(b)

2,500

2,545,001

MidOcean

Credit

CLO

XIV

Ltd.,

Series

2024-

14A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.58%

Floor

+

1.58%),

6.88%,

04/15/37

(a)(b)

10,000

10,031,199

Milos

CLO

Ltd.,

Series

2017-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.09%,

10/20/30

(a)(b)

..........

5,862

5,869,774

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2007-1XS,

Class

2A3,

6.42%,

09/25/46

(f)

..

580

122,443

Neuberger

Berman

CLO

XVIII

Ltd.,

Series

2014-18A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.26%),

8.54%,

10/21/30

(a)(b)

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

1,250

1,256,301

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Neuberger

Berman

CLO

XX

Ltd.,

Series

2015-

20A,

Class

ERR,

(3-mo.

CME

Term

SOFR

at

6.50%

Floor

+

6.76%

),

12.06%,

07/15/34

(a)(b)

USD

2,600

$

2,609,434

Neuberger

Berman

CLO

XXI

Ltd.,

Series

2016-

21A,

Class

DR2,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.84%,

04/20/34

(a)(b)

1,000

1,003,105

Neuberger

Berman

Loan

Advisers

CLO

29

Ltd.,

Series

2018-29A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.64%,

10/19/31

(a)(b)

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

500

500,516

Neuberger

Berman

Loan

Advisers

CLO

36

Ltd.,

Series

2020-36A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.08%,

04/20/33

(a)(b)

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

1,700

1,702,269

Neuberger

Berman

Loan

Advisers

CLO

37

Ltd.,

Series

2020-37A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.34%,

07/20/31

(a)(b)

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

1,563

1,566,187

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.,

Series

2021-40A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.30%,

04/16/33

(a)(b)

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

1,000

1,001,965

Neuberger

Berman

Loan

Advisers

CLO

43

Ltd.,

Series

2021-43A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

6.68%,

07/17/35

(a)(b)

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

2,750

2,750,951

Neuberger

Berman

Loan

Advisers

CLO

45

Ltd.,

Series

2021-45A,

Class

A,

(3-mo.

CME

Term

SOFR

a

t

1.13%

Floor

+

1.39%),

6.69%,

10/14/35

(a)(b)

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

12,250

12,257,061

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

E,

(3-mo.

EURIBOR

at

5.52%

Floor

+

5.52%),

9.18%,

04/17/34

(a)

(c)

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

EUR

188

210,817

Neuberger

Berman

Loan

Advisers

E

uro

CLO

6

DAC,

Series

2024-6X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.49%,

07/15/37

(a)(c)

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

293

327,665

New

Residential

Mortgage

Loan

Trust,

Series

2022-SFR2,

Class

F,

4.00%,

09/04/39

(b)

...

USD

5,006

4,461,203

Newark

BSL

CLO

1

Ltd.,

Series

2016-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.63%,

12/21/29

(a)(b)

.....

2,472

2,475,727

NYACK

Park

CLO

Ltd.

(a)(b)

Series

2021-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

6.66%,

10/20/34

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

4,418

4,423,567

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

7.49%,

10/20/34

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

2,500

2,505,510

Oaktree

CLO

Ltd.

(a)(b)

Series

2019-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

10/20/34

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

11,000

11,031,017

Series

2020-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.21%,

07/15/34

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

3,500

3,513,211

Series

2021-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.74%,

01/15/35

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

1,000

1,000,728

Series

2024-26A,

Class

B,

(3-

mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

7.28%,

04/20/37

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

3,000

3,018,851

Series

2024-27A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

6.43%,

10/22/37

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

4,000

3,995,423

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Oakwood

Mortgage

Investors,

Inc.

Series

1998-D,

Class

M1,

7.42%,

01/15/29

(b)

USD

305

$

303,222

Series

1999-C,

Class

A2,

7.48%,

08/15/27

.

1,749

1,378,917

Series

2001-D,

Class

A3,

5.90%,

09/17/31

(a)

278

120,757

OCP

CLO

Ltd.

(a)(b)

Series

2015-10A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.31%

Floor

+

2.31%),

7.59%,

01/26/34

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

3,700

3,707,875

Series

2015-10A,

Class

DR2,

(3-mo.

CME

Term

SOFR

at

3.21%

Floor

+

3.21%),

8.49%,

01/26/34

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

2,000

1,997,129

Series

2016-11A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

6.70%,

04/26/36

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

1,000

1,000,259

Series

2018-15A,

Class

A3,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.24%,

07/20/31

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

1,000

1,002,794

Series

2019-16A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.11%

Floor

+

2.11%),

7.42%,

04/10/33

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

2,500

2,506,419

Series

2019-17A,

Class

CR2

,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

7.30%,

07/20/37

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

1,000

1,003,614

Series

2020-19A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.64%,

10/20/34

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

7,500

7,516,943

Series

2020-20A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

7.23%,

04/18/37

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

8,000

8,051,550

Series

2021-22A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.59%,

12/02/34

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

4,500

4,509,362

Series

2021-22A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.64%,

12/02/34

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

1,250

1,255,151

Octagon

Investment

Partners

26

Ltd.

(a)(b)

Series

2016-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.86%),

7.16%,

07/15/30

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

6,000

6,009,799

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.06%

Floor

+

2.06%),

7.36%,

07/15/30

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

2,250

2,253,701

Octagon

Investment

Partners

34

Ltd.,

Series

2017-1A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.66%),

6.94%,

01/20/30

(a)

(b)

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

2,000

2,003,599

Octagon

Investment

Partners

35

Ltd.,

Series

2018-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.86%),

8.14%,

01/20/31

(a)

(b)

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

1,000

1,000,022

Octagon

Investment

Partners

40

Ltd.,

Series

2019-1A,

Class

C1R,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.69%,

01/20/35

(a)(b)

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

3,000

3,008,510

Octagon

Investment

Partners

41

Ltd.

(a)(b)

Series

2019-2A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.26%,

10/15/33

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

8,500

8,527,145

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.71%,

10/15/33

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

3,800

3,811,993

Octagon

Loan

Funding

Ltd.

(a)(b)

Series

2014-1A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.54%,

11/18/31

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

10,067

10,071,729

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2014-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.06%,

11/18/31

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

USD

1,500

$

1,503,429

OHA

Credit

Funding

1

Ltd.,

Series

2018-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

7.73%,

04/20/37

(a)(b)

.....

1,000

1,012

,731

OHA

Credit

Funding

10

Ltd.,

Series

2021-10A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

01/18/36

(a)(b)

.....

2,000

2,010,015

OHA

Credit

Funding

13

Ltd.,

Series

2022-13A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

6.63%,

07/20/37

(a)(b)

.....

10,000

10,000,564

OHA

Credit

Funding

2

Ltd.

(a)(b)

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.74%,

04/21/34

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

1,500

1,505,451

Series

2019-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.84%,

04/21/34

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

1,000

1,003,418

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

6.68%,

07/02/35

(a)(b)

.....

2,000

2,000,658

OHA

Credit

Funding

6

Ltd.

(a)(b)

Series

2020-6A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

07/20/34

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

5,000

5,024,224

Series

2020-6A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.69%,

07/20/34

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

1,000

1,002,138

OHA

Credit

Funding

9

Ltd.,

Series

2021-9A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.49%,

07/19/35

(a)(b)

.....

500

500,058

OHA

Credit

Partners

XI

Ltd.

(a)(b)

Series

2015-11A,

Class

B1R2,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.08%,

04/20/37

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

1,750

1,753,756

Series

2015-11A,

Class

D1R2,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.10%),

8.38%,

04/20/37

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

2,000

2,011,657

OHA

Credit

Partners

XII

Ltd.

(a)(b)

Series

2015-12A,

Class

B1R2,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

7.23%,

04/23/37

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

2,000

2,019,024

Series

2015-12A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

7.68%,

04/23/37

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

2,000

2,023,405

OHA

Credit

Partners

XIV

Ltd.,

Series

2017-14A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

6.91%,

07/21/37

(a)(b)

3,000

3,002,875

OHA

Loan

Funding

Ltd.

(a)(b)

Series

2013-1A,

Class

B1R3,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

7.22%,

04/23/37

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

1,000

1,006,761

Series

2015-1A,

Class

DR3,

(3-mo.

CME

Term

SOFR

at

3.20%

Floor

+

3.46%),

8.74%,

01/19/37

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

4,750

4,699,889

Series

2016-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

7.44%,

07/20/37

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

3,265

3,296,615

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2013-2A,

Class

BR3,

(3-mo.

CME

Term

SOFR

at

2.11%

Floor

+

2.11%),

7.40%,

10/17/31

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

2,950

2,957,561

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2014-1A,

Class

A2R2,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.71%),

7.00%,

01/17/31

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

USD

6,650

$

6,657,452

Series

2015-2A,

Class

A1R

2,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.64%,

07/20/30

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

2,024

2,025,280

Series

2019-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

6.53%,

11/14/34

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

7,000

7,011,200

Series

2019-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.96%

Floor

+

1.96%),

7.08%,

11/14/34

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

7,000

7,019,120

Series

2019-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.26%

Floor

+

2.26%),

7.38%,

11/14/34

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

2,500

2,508,520

Series

2019-1A,

Class

CR,

(

3-mo.

CME

Term

SOFR

at

3.31%

Floor

+

3.31%),

8.43%,

11/14/34

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

3,750

3,750,180

Series

2020-3A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.65%),

7.77%,

11/15/36

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

2,000

2,027,999

Series

2021-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.96%

Floor

+

1.96%),

7.24%,

04/20/34

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

7,000

7,007,124

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.06%

Floor

+

2.06%),

7.36%,

07/15/34

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

2,000

2,004,508

Series

2021-2A,

Class

D,

(3-mo

.

CME

Term

SOFR

at

3.16%

Floor

+

3.16%),

8.46%,

07/15/34

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

4,000

3,995,933

Series

2021-3A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

7.21%,

01/15/35

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

7,000

7,027,017

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

7.51%,

01/15/35

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

5,000

5,013,537

Series

2021-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.21%

Floor

+

3.21%),

8.51%,

01/15/35

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

2,000

1,999,385

Series

2021-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

7.21%,

10/15/34

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

7,250

7,276,345

Series

2021-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

7.51%,

10/15/34

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

4,850

4,862,397

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.08%,

04/20/35

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

1,000

1,004,224

Series

2022-1A,

Class

C,

(3-mo

.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

7.33%,

04/20/35

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

3,500

3,508,161

Series

2022-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.05%),

8.33%,

04/20/35

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

3,250

3,245,236

Series

2024-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

6.53%,

07/20/37

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

12,500

12,503,115

Palmer

Square

European

CLO

DAC

(a)(c)

Series

2022-2X,

Class

DR,

(3-mo.

EURIBOR

at

4.00%

Floor

+

4.00%),

7.68%,

01/15/38

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

EUR

373

421,563

Series

2023-1X,

Class

D,

(3-mo.

EURIBOR

at

6.20%

Floor

+

6.20%),

9.88%,

07/15/36

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

276

310,543

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Palmer

Square

European

Loan

Funding

DAC,

Series

2024-2X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

6.61%,

05/15/34

(a)

(c)

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

EUR

490

$

545,397

Park

Avenue

Institutional

Advisers

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.16%,

08/23/31

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

USD

2,600

2,613,465

Series

2018-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.14%,

10/20/31

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

4,700

4,714,888

Series

2021-2A,

Class

C,

(

3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.81%,

07/15/34

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

6,000

6,015,982

Penta

CLO

DAC,

Series

2024-17X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

6.81%,

08/15/38

(a)(c)

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

EUR

459

511,851

Pikes

Peak

CLO

2

(a)(b)

Series

2018-2A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

10/18/34

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

USD

5,000

5,014,107

Series

2018-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.79%,

10/18/34

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

2,350

2,357,028

Pikes

Peak

CLO

3,

Series

2019-3A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.25%,

10/25/34

(a)(b)

..........

1,600

1,606,048

Pikes

Peak

CLO

6

(a)(b)

Series

2020-6A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

6.53%,

05/18/34

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

2,000

2,000,790

Series

2020-6A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.06%,

05/18/34

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

1,000

1,003,060

Pikes

Peak

CLO

8,

Series

2021-8A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

07/20/34

(a)(b)

..........

2,000

2,008,770

Pikes

Peak

CLO

9,

Series

2021-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.28%,

10/27/34

(a)(b)

..........

7,0

00

7,032,602

Post

CLO

Ltd.

(a)(b)

Series

2021-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.31%,

10/15/34

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

10,000

10,033,661

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.76%,

10/15/34

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

3,500

3,501,531

Series

2021-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.86%,

10/15/34

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

1,200

1,202,363

Series

2022-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.20%

Floor

+

3.20%),

8.48%,

04/20/35

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

1,750

1,746,817

PPM

CLO

4

Ltd.

(a)(b)

Series

2020-4A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.19%

Floor

+

1.45%),

6.73%,

10/18/34

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

6,000

6,006,672

Series

2020-4A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

10/18/34

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

3,000

3,001,973

Prima

Capital

CRE

Securitization

Ltd.,

Series

2015-4A,

Class

C,

4.00%,

08/24/49

(b)

....

907

882,199

Progress

Residential

Trust

(b)

Series

2021-SFR10,

Class

G,

4.86%,

12/17/40

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

5,680

5,146,974

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-SFR8,

Class

G,

4.01%,

10/17/38

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

USD

10,000

$

9,296,053

Series

2022-SFR5,

Class

E1,

6.62%,

06/17/39

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

2,000

2,030,214

Providus

CLO

II

DAC,

Series

2X,

Class

DRR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

0.00%,

10/15/38

(a)(c)

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

EUR

735

818,165

Providus

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

2.95%

Floor

+

2.95%),

6.49%,

02/15/35

(a)(c)

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

500

554,487

Rad

C

LO

22

Ltd.,

Series

2023-22A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.83%

Floor

+

1.83%),

7.11%,

01/20/37

(a)(b)

..........

USD

1,730

1,733,848

Rad

CLO

5

Ltd.,

Series

2019-5A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.24%,

07/24/32

(a)(b)

..........

3,000

3,003,674

Rad

CLO

7

Ltd.,

Series

2020-7A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

6.64%,

04/17/36

(a)(b)

..........

1,000

1,000,020

Rad

CLO

9

Ltd.,

Series

2020-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%),

6.96%,

01/

15/34

(a)(b)

..........

1,250

1,250,386

Rad

CLO

10

Ltd.

(a)(b)

Series

2021-10A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

04/23/34

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

3,750

3,750,883

Series

2021-10A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.75%

Floor

+

3.01%),

8.29%,

04/23/34

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

2,000

1,993,138

Rad

CLO

12

Ltd.

(a)(b)

Series

2021-12A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.57%,

10/30/34

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

1,375

1,378,037

Series

2021-12A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.57%,

10/30/34

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

3,375

3,374,047

Rad

CLO

14

Ltd.

(a)(b)

Series

2021-14A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.56%,

01/15/35

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

3,500

3,506,667

Series

2021-14A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.56%,

01/15/35

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

1,000

998,908

Rad

CLO

15

Ltd.

(a)(b)

Series

2021-15A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

01/20/34

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

7,250

7,259,766

Series

2021-15A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.59%,

01/20/34

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

1,650

1,653,399

Series

2021-15A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.59%,

01/20/34

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

2,900

2,898,061

Rad

CLO

18

Ltd.,

Series

2023

-18A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

7.25%,

04/15/36

(a)(b)

..........

3,750

3,766,845

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.69%,

04/20/34

(a)(b)

.....

1,000

1,003,474

Regatta

VII

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.13%,

06/2

0/34

(a)(b)

.....

750

753,580

Regatta

XII

Funding

Ltd.,

Series

2019-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.66%,

10/15/32

(a)(b)

.........

10,000

10,000,093

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Regatta

XVII

Funding

Ltd.,

Series

2020-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.81%),

8.11%,

10/15/33

(a)(b)

.....

USD

500

$

502,253

Regatta

XXIII

Funding

Ltd.

(a)(b)

Series

2021-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.59%,

01/20/35

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

3,000

3,009,473

Series

2021-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.59%,

01/20/35

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

2,000

2,001,400

Regatta

XXIV

Funding

Ltd.,

Series

2021-5A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.69%,

01/20/35

(a)(b)

.....

5,500

5,502,2

77

Regatta

XXVIII

Funding

Ltd.,

Series

2024-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

6.83%,

04/25/37

(a)(b)

.....

2,500

2,506,301

Riserva

CLO

Ltd.,

Series

2016-3A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.34%,

01/18/34

(a)(b)

..........

1,000

1,001,733

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

446,067

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

5.95%

Floor

+

5.95%),

9.61%,

07/16/34

357

402,005

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

BR2A,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

04/20/34

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

USD

3,500

3,498,502

Series

2017-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.06%),

7.34%,

10/20/30

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

2,300

2,305,323

Series

2018-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.98%),

7.11%,

05/20/31

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

1,000

1,001,948

Series

2018-2A,

Class

A,

(3-mo

.

CME

Term

SOFR

at

1.16%

Floor

+

1.42%),

6.70%,

10/20/31

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

2,482

2,481,937

Series

2018-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.34%,

10/20/31

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

1,125

1,127,495

Series

2018-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.74%,

10/20/31

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

700

702,818

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.39%,

08/20/32

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

5,500

5,521,060

Series

2021-2A,

Class

C,

(3-mo.

C

ME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.64%,

07/20/34

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

2,000

2,002,512

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.79%,

07/20/34

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

1,250

1,251,684

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.69%,

10/20/34

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

3,000

3,007,259

RR

14

Ltd.,

Series

2021-14A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

6.68%,

04/15/36

(a)(b)

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

1,500

1,500,972

RR

20

Ltd.

,

Series

2022-20A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

2.50%),

7.80%,

07/15/37

(a)(b)

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

1,000

1,003,421

RR

28

Ltd.,

Series

2024-28RA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

6.85%,

04/15/37

(a)(b)

..........

7,500

7,519,667

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

RRX

4

Ltd.

(a)(b)

Series

2021-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.76%,

07/15/34

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

USD

11,000

$

11,028,554

Series

2021-4A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

2.11%),

7.41%,

07/15/34

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

1,250

1,259,088

Signal

Peak

CLO

1

Ltd.,

Series

2014-1A,

Class

BR3,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.35%,

04/17/34

(a)(b)

.....

630

630,178

Signal

Peak

CLO

10

Ltd.

(a)(b)

Series

2021-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.24%,

07/21/34

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

9,500

9,530,257

Series

2021-9A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.59%,

07/21/34

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

2,000

2,003,927

Signal

Peak

CLO

4

Ltd.

(a)(b)

Series

2017-4A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.41%

Floor

+

2.41%),

7.69%,

10/26/34

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

5,000

5,008,022

Series

2017-4A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.46%

Floor

+

3.46%),

8.74%,

10/26/34

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

2,300

2,243,259

Silver

Point

CLO

4

Ltd.,

Series

2024-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.63%

Floor

+

1.63%),

6.89%,

04/15/37

(a)(b)

.........

5,000

5,026,81

7

Sixth

Street

CLO

IX

Ltd.,

Series

2017-9A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

6.66%,

07/21/37

(a)(b)

.........

5,000

5,007,500

Sixth

Street

CLO

XIX

Ltd.

(a)(b)

Series

2021-19A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.24%,

07/20/34

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

3,000

3,012,300

Series

2021-19A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.54%,

07/20/34

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

1,000

1,001,972

Series

2021-19A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.54%,

07/20/34

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

4,000

3,996,818

Sixth

Street

CLO

XVII

Ltd.

(a)(b)

Series

2021-17A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.50%),

6.78%,

01/20/34

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

8,500

8,502,879

Series

2021-17A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.09%,

01/20/34

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

7,000

7,025,203

Sixth

Street

CLO

XVIII

Ltd.,

Series

2021-18A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.44%,

04/20/34

(a)(b)

.....

1,755

1,751,846

Sona

Fios

CLO

III

DAC,

Series

3X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

6.41%,

04/20/37

(a)(c)

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

EUR

1,460

1,620,184

Sound

Point

CLO

XXIII

Ltd.,

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.81%,

07/15/34

(a)(b)

.....

USD

2,250

2,254,395

Sound

Point

CLO

XXIX

Ltd.,

Series

2021-1A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.96%

Floor

+

1.96%),

7.25%,

04/25/34

(a)(b)

.....

3,350

3,356,369

Sound

Point

CLO

XXXIII

Ltd.,

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

7.18%,

04/25/35

(a)(b)

.....

5,200

5,209,465

Southwick

Park

CLO

LLC,

Series

2019-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

6.60%,

07/2

0/32

(a)(b)

2,000

2,001,218

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust

(a)

Series

2006-BC3,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.29%,

10/25/36

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

USD

4,829

$

3,318,930

Series

2007-MN1A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.23%

Floor

+

0.34%),

5.20%,

01/25/37

(b)

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

1,313

758,124

Sycamore

Tree

CLO

Ltd.

(a)(b)

Series

2023-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

6.93%,

04/20/37

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

9,000

9,039,740

Series

2023-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.60%),

7.88%,

04/20/37

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

1,000

1,017,743

Series

2024-5A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

6.74%,

04/20/36

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

10,000

10,005,000

Series

2024-5A,

Class

B,

(

3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.57%,

04/20/36

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

2,000

2,008,249

Symphony

CLO

XXIV

Ltd.,

Series

2020-24A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

6.48%,

01/23/32

(a)(b)

.....

944

944,028

Symphony

CLO

XXVIII

Ltd.,

Series

2021-28A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

6.68%,

10/23/34

(a

)(b)

.....

2,000

2,002,921

TCI-Flatiron

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.11%),

7.21%,

11/18/30

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

1,250

1,252,232

Series

2018-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.28%,

01/29/32

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

4,000

4,008,483

TCW

CLO

Ltd.

(a)(b)

Series

2020-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.59%,

04/20/34

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

3,500

3,503,525

Series

2020-1A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

3.40%

Floor

+

3.66%),

8.94%,

04/20/34

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

2,250

2,230,993

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.44%,

03/18/34

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

1,000

1,000,466

Series

2021-2A,

Class

C,

(3-

mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.65%,

07/25/34

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

2,500

2,503,787

Texas

Debt

Capital

Euro

CLO

DAC,

Series

2024-1X,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

7.30%,

07/16/38

(a)(c)

EUR

500

557,887

TICP

CLO

VI

Ltd.

(a)(b)

Series

2016-6A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

6.68%,

01/15/34

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

USD

2,000

2,001,240

Series

2016-6A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.06%,

01/15/34

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

2,000

2,005,410

Series

2016-6A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.46%,

01/15/34

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

1,650

1,653,962

TICP

CLO

VII

Ltd.,

Series

2017-7A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.71%,

04/15/33

(a)(b)

..........

6,500

6,540,573

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

TICP

CLO

XI

Ltd.

(a)(b)

Series

2018-11A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

6.82%,

04/25/37

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

USD

8,545

$

8,563,749

Series

2018-11A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.70%),

8.99%,

04/25/37

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

1,100

1,121,087

TICP

CLO

XII

Ltd.

(a)(b)

Series

2018-12A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.66%,

07/15/34

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

13,450

13,484,330

Series

2018-12A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.86%,

07/15/34

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

1,500

1,505,481

TICP

CLO

XIII

Ltd.,

Series

2019-13A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.41%

Floor

+

3.41%),

8.71%,

04/15/34

(a)(b)

..........

2,000

2,003,033

TICP

CLO

XIV

Ltd.,

Series

2019-14A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.74%,

10/20/32

(a)(b)

.........

3,250

3,259,717

TICP

CLO

XV

Ltd.,

Series

2020-15A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.54%),

6.82%,

04/20/33

(a)(b)

..........

3,300

3,302,975

Tikehau

CLO

XII

DAC,

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

6.62%,

10/20/38

(a)(c)

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

EUR

870

9

69,637

Trestles

CLO

Ltd.,

Series

2020-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.79%,

01/20/33

(a)(b)

..........

USD

1,450

1,454,225

Tricon

American

Homes

Trust

(b)

Series

2019-SFR1,

Class

E,

3.40%,

03/17/38

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

7,000

6,803,589

Series

2020-SFR2,

Class

E2,

3.08%,

11/17/39

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

1,000

923,923

Tricon

Residential

Trust,

Series

2022-SFR2,

Class

E,

7.51%,

07/17/40

(b)

...........

10,000

10,314,049

Trimaran

CAVU

Ltd.

(a)(b)

Series

2019-1A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.44%,

07/20/32

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

1,550

1,550,554

Series

2021-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

6.70%,

07/23/37

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

7,000

7,011,936

Series

2021-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.08%,

07/23/37

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

1,000

1,004,049

Series

2021-2A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.30%,

10/25/34

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

1,500

1,503,767

Trinitas

CLO

XXIX

Ltd.,

Series

2024-29A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

6.80%,

07/23/37

(a)(b)

.........

2,000

2,000,10

3

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%,

03/30/32

(c)(f)

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

GBP

598

822,539

Upland

CLO

Ltd.,

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.16%),

8.44%,

04/20/31

(a)(b)

..........

USD

1,500

1,506,031

Voya

CLO

Ltd.

(a)(b)

Series

2014-1A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.16%),

7.44%,

04/18/31

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

1,000

1,002,682

Series

2014-4A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.35%),

7.65%,

07/14/31

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

500

501,546

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Warwick

Capital

CLO

4

Ltd.

(a)(b)

Series

2024-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

6.59%,

07/20/37

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

USD

13,500

$

13,509,439

Series

2024-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

6.94%,

07/20/37

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

1,000

1,003,920

Washington

Mutual

Asset-Backed

CertificatesTrust,

Series

2006-HE5,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.31%

Floor

+

0.42%),

4.37%,

10/25/36

(a)

..........

11,141

8,410,909

Wellington

Management

CLO

3

Ltd.,

Series

2024-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

6.59%,

07/18/37

(a)

(b)

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

5,000

5,008,614

Whitebox

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

7.09%,

07/24/36

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

10,265

10,268,240

Series

2019-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

7.34%,

07/24/36

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

2,000

2,002,586

Whitebox

CLO

III

Ltd.,

Series

2021-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.48%),

6.78%,

10/15/34

(a)(b)

.........

6,845

6,846,188

Whitebox

CLO

IV

Ltd.

(a)(b)

Series

2023-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.15%),

7.43%,

04/20/36

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

1,500

1,509,387

Series

2023-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.60%),

7.88%,

04/20/36

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

2,000

2,021,687

Series

2023-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.15%

Floor

+

5.15%),

10.43%,

04/20/36

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

1,000

1,028,044

Total

Asset-Backed

Securities

—

14.8%

(Cost:

$1,643,103,073)

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

1,634,136,237

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

0.7%

Airbus

SE

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

74,043

10,836,662

BAE

Systems

plc

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

847,914

14,077,131

General

Electric

Co.

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

119,948

22,619,794

L3Harris

Technologies,

Inc.

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

58,113

13,823,339

MTU

Aero

Engines

AG

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

10,622

3,319,674

RTX

Corp.

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

63,578

7,703,110

72,379,710

Automobile

Components

—

0.1%

Aptiv

plc

(e)

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

103,645

7,463,476

Lear

Corp.

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

12,520

1,366,558

8,830,034

Automobiles

—

0.0%

General

Motors

Co.

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

119,047

5,338,067

Banks

—

1.3%

Banco

Bilbao

Vizcaya

Argentaria

SA

.......

1,504,201

16,248,789

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

....

35,573,800

11,634,852

CaixaBank

SA

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

614,733

3,668,694

Citigroup,

Inc.

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

249,145

15,596,477

Citizens

Financial

Group,

Inc.

...........

471,717

19,373,417

First

Citizens

BancShares,

Inc.

,

Class

A

.....

8,605

15,841,375

Security

Shares

Shares

Value

Banks

(continued)

HSBC

Holdings

plc

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

416,005

$

3,731,991

KBC

Group

NV

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

63,957

5,088,293

M&T

Bank

Corp.

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

87,251

15,541,148

Nordea

Bank

Abp

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

281,430

3,320,802

Sberbank

of

Russia

PJSC

(e)(g)

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

877,548

94

UniCredit

SpA

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

132,634

5,822,849

Wells

Fargo

&

Co.

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

445,168

25,147,540

141,016,321

Beverages

—

0.5%

Coca-Cola

Co.

(The)

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

350,899

25,215,602

Constellation

Brands,

Inc.

,

Class

A

........

19,934

5,136,792

Diageo

plc

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

621,596

21,712,290

Pernod

Ricard

SA

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

40,458

6,120,989

58,185,673

Biotechnology

—

0.2%

AbbVie,

Inc.

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

126,615

25,003,930

Broadline

Retail

—

0.1%

Alibaba

Group

Holding

Ltd.

,

ADR

.........

46,597

4,944,874

PDD

Holdings,

Inc.

,

ADR

(e)

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

78,530

10,586,629

15,531,503

Building

Products

—

0.4%

Allegion

plc

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

183,114

26,687,034

Assa

Abloy

AB

,

Class

B

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

116,121

3,912,106

Carrier

Global

Corp.

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

9,713

781,799

Cie

de

Saint-Gobain

SA

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

64,534

5,885,664

Johnson

Controls

International

plc

........

94,396

7,326,074

44,592,677

Capital

Markets

—

0.6%

Charles

Schwab

Corp.

(The)

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

177,120

11,479,147

CVC

Capital

Partners

plc

(b)(c)(e)

...........

53,069

1,185,610

Intercontinental

Exchange,

Inc.

..........

125,429

20,148,915

London

Stock

Exchange

Group

plc

........

34,728

4,754,647

Moody's

Corp.

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

32,806

15,569,400

MSCI,

Inc.

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

8,416

4,905,939

Partners

Group

Holding

AG

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

3,163

4,768,781

State

Street

Corp.

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

56,409

4,990,504

67,802,943

Chemicals

—

0.5%

Air

Liquide

SA

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

107,653

20,788,896

Air

Products

&

Chemicals,

Inc.

...........

20,456

6,090,569

Albemarle

Corp.

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

50,318

4,765,618

Ecolab,

Inc.

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

1,838

469,297

International

Flavors

&

Fragrances,

Inc.

.....

57,921

6,077,650

Linde

plc

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

816

389,118

Linde

plc

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

6,867

3,275,597

Novonesis

(Novozymes)

B

,

Class

B

.......

41,081

2,957,644

Sherwin-Williams

Co.

(The)

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

14,006

5,345,670

50,160,059

Commercial

Services

&

Supplies

—

0.1%

Cintas

Corp.

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

22,090

4,547,889

Republic

Services,

Inc.

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

47,858

9,611,801

Waste

Management,

Inc.

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

10,703

2,221,943

16,381,633

Communications

Equipment

—

0.1%

Cisco

Systems,

Inc.

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

210,653

11,210,953

Construction

&

Engineering

—

0.1%

EMCOR

Group,

Inc.

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

911

392,213

Ferrovial

SE

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

84,001

3,610,116

MasTec,

Inc.

(e)

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

1,928

237,337

McDermott

International

Ltd.

(e)

...........

165,884

33,177

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Construction

&

Engineering

(continued)

Quanta

Services,

Inc.

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

1,908

$

568,870

Vinci

SA

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

46,240

5,405,299

10,247,012

Construction

Materials

—

0.0%

CRH

plc

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

37,669

3,447,525

Consumer

Finance

—

0.0%

Capital

One

Financial

Corp.

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

33,968

5,086,029

Consumer

Staples

Distribution

&

Retail

—

0.2%

Costco

Wholesale

Corp.

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

7,444

6,599,255

Dollar

General

Corp.

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

52,980

4,480,519

Dollar

Tree,

Inc.

(e)

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

51,182

3,599,118

Walmart,

Inc.

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

82,436

6,656,707

21,335,599

Containers

&

Packaging

—

0.2%

Amcor

plc

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

417,556

4,730,909

Avery

Dennison

Corp.

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

21,394

4,722,939

Ball

Corp.

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

50,514

3,430,406

Sealed

Air

Corp.

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

268,512

9,746,986

22,631,240

Distributors

—

0.0%

LKQ

Corp.

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

43,103

1,720,672

Diversified

REITs

—

0.1%

Cromwell

European

REIT

(c)

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

721,920

1,290,608

Essential

Properties

Realty

Trust,

Inc.

......

78,172

2,669,574

LondonMetric

Property

plc

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

2,298,141

6,318,473

Merlin

Properties

Socimi

SA

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

329,547

4,177,314

14,455,969

Diversified

Telecommunication

Services

—

0.6%

AT&T,

Inc.

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

105,755

2,326,610

Cellnex

Telecom

SA

(b)(c)

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

259,623

10,525,845

Deutsche

Telekom

AG

(Registered)

.......

155,668

4,571,853

Koninklijke

KPN

NV

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

3,749,647

15,314,627

TELUS

Corp.

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

1,246,620

20,914,494

Verizon

Communications,

Inc.

...........

257,057

11,544,430

65,197,859

Electric

Utilities

—

1.2%

American

Electric

Power

Co.,

Inc.

.........

67,922

6,968,797

CK

Infrastructure

Holdings

Ltd.

...........

424,500

2,887,847

CLP

Holdings

Ltd.

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

104,000

909,211

Duke

Energy

Corp.

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

136,781

15,770,849

Edison

International

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

26,243

2,285,503

Enel

SpA

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

916,615

7,321,741

Entergy

Corp.

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

84,835

11,165,135

Evergy,

Inc.

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

96,112

5,959,905

Exelon

Corp.

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

351,609

14,257,745

FirstEnergy

Corp.

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

177,409

7,868,089

Fortis,

Inc.

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

94,659

4,300,932

Kansai

Electric

Power

Co.,

Inc.

(The)

......

187,800

3,112,385

Kyushu

Electric

Power

Co.,

Inc.

..........

191,200

2,090,290

NextEra

Energy,

Inc.

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

180,442

15,252,762

PG&E

Corp.

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

831,730

16,443,302

Pinnacle

West

Capital

Corp.

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

3,478

308,116

PPL

Corp.

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

15,035

497,358

Southern

Co.

(The)

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

69,978

6,310,616

Xcel

Energy,

Inc.

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

131,838

8,609,022

132,319,605

Electrical

Equipment

—

0.5%

AMETEK,

Inc.

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

91,057

15,635,397

Eaton

Corp.

plc

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

3,627

1,202,133

Emerson

Electric

Co.

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

6,742

737,373

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

GE

Vernova,

Inc.

(e)

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

2,931

$

747,346

Generac

Holdings,

Inc.

(e)

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

1,447

229,899

Hubbell,

Inc.

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

52,518

22,496,085

nVent

Electric

plc

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

4,139

290,806

Schneider

Electric

SE

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

18,903

4,982,981

Sensata

Technologies

Holding

plc

.........

136,693

4,901,811

Vertiv

Holdings

Co.

,

Class

A

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

5,030

500,435

51,724,266

Electronic

Equipment,

Instruments

&

Components

—

0.2%

Amphenol

Corp.

,

Class

A

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

67,607

4,405,272

Hexagon

AB

,

Class

B

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

243,485

2,622,594

Jabil,

Inc.

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

36,302

4,350,069

Keysight

Technologies,

Inc.

(e)

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

36,534

5,806,349

17,184,284

Energy

Equipment

&

Services

—

0.2%

Baker

Hughes

Co.

,

Class

A

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

701,573

25,361,864

Schlumberger

NV

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

30,105

1,262,905

26,624,769

Entertainment

—

0.1%

Electronic

Arts,

Inc.

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

53,652

7,695,843

Financial

Services

—

0.4%

Fidelity

National

Information

Services,

Inc.

...

177,297

14,848,624

Jack

Henry

&

Associates,

Inc.

...........

27,065

4,778,055

Mastercard,

Inc.

,

Class

A

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

20,947

10,343,629

Travelport

Finance

SARL

(e)(g)

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

246

643,435

Visa,

Inc.

,

Class

A

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

24,195

6,652,415

Voya

Financial,

Inc.

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

81,107

6,425,296

43,691,454

Food

Products

—

0.4%

Kraft

Heinz

Co.

(The)

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

383,162

13,452,818

Mondelez

International,

Inc.

,

Class

A

.......

418,589

30,837,451

44,290,269

Gas

Utilities

—

0.0%

Osaka

Gas

Co.

Ltd.

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

79,400

1,790,638

Ground

Transportation

—

0.5%

Canadian

National

Railway

Co.

..........

75,652

8,858,743

Canadian

Pacific

Kansas

City

Ltd.

........

79,112

6,766,382

CSX

Corp.

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

286,056

9,877,514

Norfolk

Southern

Corp.

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

6

1,491

Union

Pacific

Corp.

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

121,786

30,017,813

West

Japan

Railway

Co.

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

129,000

2,449,888

57,971,831

Health

Care

Equipment

&

Supplies

—

0.3%

Baxter

International,

Inc.

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

404,376

15,354,157

Koninklijke

Philips

NV

(e)

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

165,475

5,425,201

Medtronic

plc

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

110,131

9,915,094

ResMed,

Inc.

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

11,468

2,799,568

33,494,020

Health

Care

Providers

&

Services

—

1.1%

Cardinal

Health,

Inc.

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

181,621

20,072,753

Cencora,

Inc.

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

20,506

4,615,490

Cigna

Group

(The)

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

22,449

7,777,231

CVS

Health

Corp.

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

336,912

21,185,027

Elevance

Health,

Inc.

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

15,783

8,207,160

Envision

Healthcare

Corp.,

(Acquired

11/03/23,

cost

$302,230)

(e)(h)

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

37,379

387,807

HCA

Healthcare,

Inc.

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

10,427

4,237,846

Humana,

Inc.

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

16,782

5,315,531

Labcorp

Holdings,

Inc.

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

53,709

12,002,887

McKesson

Corp.

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

9,004

4,451,758

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

UnitedHealth

Group,

Inc.

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

55,046

$

32,184,295

Universal

Health

Services,

Inc.

,

Class

B

....

19,914

4,560,505

124,998,290

Health

Care

REITs

—

0.3%

Alexandria

Real

Estate

Equities,

Inc.

.......

30,585

3,631,969

Assura

plc

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

13,000,616

7,377,423

Healthpeak

Properties,

Inc.

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

519,450

11,879,821

Omega

Healthcare

Investors,

Inc.

.........

105,043

4,275,250

Target

Healthcare

REIT

plc

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

864,622

1,038,908

Welltower,

Inc.

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

34,424

4,407,305

32,610,676

Hotels,

Restaurants

&

Leisure

—

0.0%

Domino's

Pizza,

Inc.

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

11,350

4,882,089

New

TOPCO

(e)(g)(i)

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

12,872

—

4,882,089

Household

Durables

—

0.3%

Newell

Brands,

Inc.

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

372,140

2,858,035

Sony

Group

Corp.

,

ADR

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

110,165

10,638,634

Taylor

Wimpey

plc

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

8,727,046

19,196,735

32,693,404

Household

Products

—

0.0%

Reckitt

Benckiser

Group

plc

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

74,178

4,538,521

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

AES

Corp.

(The)

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

23,284

467,077

Innergex

Renewable

Energy,

Inc.

.........

208,873

1,616,991

Northland

Power,

Inc.

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

75,202

1,297,248

3,381,316

Industrial

Conglomerates

—

0.1%

Siemens

AG

(Registered)

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

27,487

5,560,839

Industrial

REITs

—

0.4%

EastGroup

Properties,

Inc.

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

22,652

4,231,847

ESR

Kendall

Square

REIT

Co.

Ltd.

........

167,020

637,440

Goodman

Group

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

128,553

3,279,261

Lineage,

Inc.

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

80,092

6,277,611

Prologis,

Inc.

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

55,149

6,964,216

Rexford

Industrial

Realty,

Inc.

...........

84,026

4,227,348

Segro

plc

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

411,846

4,827,041

STAG

Industrial,

Inc.

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

108,892

4,256,588

Warehouses

De

Pauw

CVA

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

195,287

5,211,192

39,912,544

Insurance

—

0.8%

American

International

Group,

Inc.

........

121,984

8,932,888

ASR

Nederland

NV

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

59,585

2,920,999

Assurant,

Inc.

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

48,879

9,720,078

AXA

SA

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

73,695

2,837,027

Brown

&

Brown,

Inc.

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

45,998

4,765,393

Fidelity

National

Financial,

Inc.

,

Class

A

.....

161,443

10,019,153

Globe

Life,

Inc.

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

45,314

4,799,206

Hartford

Financial

Services

Group,

Inc.

(The)

.

42,253

4,969,375

Muenchener

Rueckversicherungs-Gesellschaft

AG

(Registered)

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

7,060

3,890,374

Prudential

plc

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

254,798

2,363,823

Tryg

A/S

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

189,365

4,490,750

Willis

Towers

Watson

plc

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

27,256

8,027,710

Zurich

Insurance

Group

AG

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

26,556

16,044,073

83,780,849

Security

Shares

Shares

Value

Interactive

Media

&

Services

—

0.5%

Alphabet,

Inc.

,

Class

A

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

184,768

$

30,643,773

Meta

Platforms,

Inc.

,

Class

A

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

48,659

27,854,358

58,498,131

IT

Services

—

0.5%

Accenture

plc

,

Class

A

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

88,128

31,151,485

Cognizant

Technology

Solutions

Corp.

,

Class

A

198,730

15,337,981

NEXTDC

Ltd.

(e)

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

126,382

1,524,092

SUNeVision

Holdings

Ltd.

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

9,017,000

4,398,763

52,412,321

Leisure

Products

—

0.1%

Hasbro,

Inc.

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

80,992

5,857,341

Life

Sciences

Tools

&

Services

—

0.1%

(e)

Fortrea

Holdings,

Inc.

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

110,621

2,212,420

ICON

plc

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

15,035

4,319,706

6,532,126

Machinery

—

0.5%

Caterpillar,

Inc.

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

4,067

1,590,685

CNH

Industrial

NV

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

273,976

3,041,134

Cummins,

Inc.

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

1,861

602,573

Komatsu

Ltd.

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

241,600

6,763,526

Kone

OYJ

,

Class

B

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

37,334

2,233,378

Otis

Worldwide

Corp.

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

317,052

32,954,385

Stanley

Black

&

Decker,

Inc.

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

20,997

2,312,400

Volvo

AB

,

Class

B

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

131,687

3,483,410

Weir

Group

plc

(The)

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

105,312

3,060,296

56,041,787

Media

—

0.3%

Comcast

Corp.

,

Class

A

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

306,945

12,821,093

Fox

Corp.

,

Class

A

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

66,505

2,815,156

Learfield

Communications

LLC,

(Acquired

09/13/23

,

cost

$160,629)

(e)(g)(h)

.........

12,784

843,744

Omnicom

Group,

Inc.

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

43,842

4,532,824

WPP

plc

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

729,165

7,469,154

28,481,971

Metals

&

Mining

—

0.1%

Alrosa

PJSC

(e)(g)

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

607,124

65

Freeport-McMoRan,

Inc.

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

10,007

499,550

Novolipetsk

Steel

PJSC

(e)(g)

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

14

—

Southern

Copper

Corp.

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

5,063

585,637

Teck

Resources

Ltd.

,

Class

B

...........

160,141

8,364,875

United

States

Steel

Corp.

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

181,578

6,415,151

15,865,278

Multi-Utilities

—

0.8%

Ameren

Corp.

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

94,283

8,245,991

CenterPoint

Energy,

Inc.

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

187,944

5,529,313

CMS

Energy

Corp.

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

221,813

15,666,652

Dominion

Energy,

Inc.

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

140,918

8,143,651

DTE

Energy

Co.

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

12,883

1,654,306

E.ON

SE

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

163,758

2,438,675

National

Grid

plc

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

981,676

13,569,716

NiSource,

Inc.

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

191,603

6,639,044

Public

Service

Enterprise

Group,

Inc.

......

58,040

5,177,748

Sempra

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

121,540

10,164,390

WEC

Energy

Group,

Inc.

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

65,217

6,272,571

83,502,057

Office

REITs

—

0.1%

BXP,

Inc.

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

97,927

7,879,206

Oil,

Gas

&

Consumable

Fuels

—

1.4%

Antero

Resources

Corp.

(e)

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

6,860

196,539

BP

plc

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

2,595,334

13,536,062

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Cheniere

Energy,

Inc.

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

59,032

$

10,616,315

Chesapeake

Energy

Corp.

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

3,162

260,075

Coterra

Energy,

Inc.

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

13,386

320,595

DT

Midstream,

Inc.

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

70,443

5,541,046

Enbridge,

Inc.

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

97,418

3,957,370

Energy

Transfer

LP

(e)

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

236,163

3,790,416

Enterprise

Products

Partners

LP

..........

127,183

3,702,297

EQT

Corp.

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

125,497

4,598,210

Gibson

Energy,

Inc.

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

30,689

503,976

Hess

Corp.

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

53,911

7,321,114

Kinder

Morgan,

Inc.

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

85,261

1,883,415

Koninklijke

Vopak

NV

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

77,183

3,582,044

Kosmos

Energy

Ltd.

(e)

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

1,345,739

5,423,328

LUKOIL

PJSC

(e)(g)

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

417,114

45

MPLX

LP

(e)

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

91,974

4,089,164

Novatek

PJSC

(e)(g)

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

690

—

ONEOK,

Inc.

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

6,266

571,021

Pembina

Pipeline

Corp.

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

68,966

2,842,881

Plains

All

American

Pipeline

LP

(e)

.........

214,182

3,720,341

Range

Resources

Corp.

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

5,588

171,887

Shell

plc

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

1,020,131

33,447,065

Southwestern

Energy

Co.

(e)

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

28,109

199,855

Suncor

Energy,

Inc.

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

62,942

2,323,819

Sunoco

LP

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

16,653

893,933

Targa

Resources

Corp.

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

54,165

8,016,962

TC

Energy

Corp.

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

288,098

13,695,516

Western

Midstream

Partners

LP

..........

65,487

2,505,533

Williams

Cos.,

Inc.

(The)

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

371,516

16,959,705

154,670,529

Personal

Care

Products

—

0.1%

Unilever

plc

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

87,749

5,689,057

Pharmaceuticals

—

1.3%

AstraZeneca

plc

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

217,075

33,817,341

Bayer

AG

(Registered)

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

191,351

6,473,736

Eli

Lilly

&

Co.

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

4,209

3,728,921

GSK

plc

,

ADR

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

42,753

1,747,743

Merck

KGaA

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

20,427

3,605,996

Novartis

AG

(Registered)

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

22,436

2,583,334

Novo

Nordisk

A/S

,

Class

B

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

297,519

35,289,181

Sanofi

SA

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

351,928

40,520,751

Zoetis,

Inc.

,

Class

A

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

56,576

11,053,819

138,820,822

Professional

Services

—

0.7%

Dun

&

Bradstreet

Holdings,

Inc.

..........

639,857

7,364,754

Experian

plc

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

81,742

4,305,322

Leidos

Holdings,

Inc.

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

88,236

14,382,468

NMG,

Inc.

(e)

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

3,714

441,966

Paychex,

Inc.

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

30,832

4,137,346

RELX

plc

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

612,967

28,884,483

SS&C

Technologies

Holdings,

Inc.

........

199,267

14,787,604

74,303,943

Real

Estate

Management

&

Development

—

0.1%

CK

Asset

Holdings

Ltd.

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

1,544,500

6,724,112

VGP

NV

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

20,707

2,120,628

Vonovia

SE

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

107,042

3,907,737

Wharf

Real

Estate

Investment

Co.

Ltd.

.....

934,000

3,261,839

16,014,316

Residential

REITs

—

0.2%

AvalonBay

Communities,

Inc.

...........

23,452

5,282,563

Mid-America

Apartment

Communities,

Inc.

...

33,471

5,318,542

Sun

Communities,

Inc.

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

67,377

9,106,002

Security

Shares

Shares

Value

Residential

REITs

(continued)

UNITE

Group

plc

(The)

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

332,959

$

4,193,343

23,900,450

Retail

REITs

—

0.1%

Link

REIT

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

1,451,800

7,237,602

Region

RE

Ltd.

(i)

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

1,319,664

2,078,042

9,315,644

Semiconductors

&

Semiconductor

Equipment

—

1.0%

Applied

Materials,

Inc.

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

119,325

24,109,616

ASML

Holding

NV

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

6,785

5,644,174

Intel

Corp.

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

253,139

5,938,641

Lam

Research

Corp.

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

6,220

5,076,018

Monolithic

Power

Systems,

Inc.

..........

614

567,643

QUALCOMM,

Inc.

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

5,676

965,204

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,250,000

37,692,692

Texas

Instruments,

Inc.

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

147,223

30,411,855

110,405,843

Software

—

1.1%

Microsoft

Corp.

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

189,355

81,479,456

Oracle

Corp.

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

102,832

17,522,573

Salesforce,

Inc.

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

79,527

21,767,335

SAP

SE

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

14,741

3,371,748

124,141,112

Specialized

REITs

—

0.8%

American

Tower

Corp.

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

64,483

14,996,167

Crown

Castle,

Inc.

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

129,215

15,328,775

Digital

Realty

Trust,

Inc.

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

23,006

3,723,061

EPR

Properties

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

152,942

7,500,276

Equinix,

Inc.

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

20,395

18,103,214

Extra

Space

Storage,

Inc.

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

33,089

5,962,307

Iron

Mountain,

Inc.

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

5,909

702,166

SBA

Communications

Corp.

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

70,152

16,885,586

VICI

Properties,

Inc.

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

310,128

10,330,364

93,531,916

Specialty

Retail

—

0.4%

Home

Depot,

Inc.

(The)

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

70,649

28,626,975

Industria

de

Diseno

Textil

SA

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

66,790

3,955,737

Lowe's

Cos.,

Inc.

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

14,081

3,813,839

Tractor

Supply

Co.

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

13,342

3,881,588

40,278,139

Technology

Hardware,

Storage

&

Peripherals

—

0.6%

Apple,

Inc.

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

133,311

31,061,463

HP,

Inc.

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

288,145

10,335,761

Samsung

Electronics

Co.

Ltd.

,

GDR

(b)(c)

.....

21,124

24,816,673

66,213,897

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Cie

Financiere

Richemont

SA

(Registered)

...

15,902

2,525,306

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.....

37,524

28,776,259

NIKE,

Inc.

,

Class

B

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

52,496

4,640,646

Swatch

Group

AG

(The)

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

35,423

7,595,637

43,537,848

Tobacco

—

0.3%

British

American

Tobacco

plc

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

368,339

13,428,934

Philip

Morris

International,

Inc.

...........

165,842

20,133,219

33,562,153

Trading

Companies

&

Distributors

—

0.0%

Fastenal

Co.

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

71,802

5,128,099

Transportation

Infrastructure

—

0.5%

Aena

SME

SA

(b)(c)

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

81,012

17,796,358

Atlas

Arteria

Ltd.

(i)

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

659,996

2,224,111

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Transportation

Infrastructure

(continued)

Auckland

International

Airport

Ltd.

........

1,062,779

$

5,043,621

Flughafen

Zurich

AG

(Registered)

.........

30,561

7,352,076

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(e)

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

62,070

3,463,152

Japan

Airport

Terminal

Co.

Ltd.

..........

76,600

2,764,234

Transurban

Group

(i)

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

2,042,011

18,449,742

57,093,294

Water

Utilities

—

0.1%

Essential

Utilities,

Inc.

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

154,128

5,944,717

United

Utilities

Group

plc

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

197,789

2,773,065

8,717,782

Wireless

Telecommunication

Services

—

0.0%

Mobile

TeleSystems

PJSC

(e)(g)

...........

26,804

3

Tele2

AB

,

Class

B

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

91,308

1,033,029

Vodafone

Group

plc

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

3,057,600

3,064,319

4,097,351

Total

Common

Stocks

—

24.7%

(Cost:

$

2,325,567,673)

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

2,734,193,328

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

0.4%

AAR

Escrow

Issuer

LLC,

6.75%,

03/15/29

(b)

..

USD

1,170

1,216,808

Boeing

Co.

(The)

2.20%,

02/04/26

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

3,862

3,719,063

6.26%,

05/01/27

(b)

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

4,159

4,295,907

5.15%,

05/01/30

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

8,009

8,028,240

6.39%,

05/01/31

(b)

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

2,860

3,041,144

6.53%,

05/01/34

(b)

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

177

189,968

6.86%,

05/01/54

(b)

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

547

600,393

7.01%,

05/01/64

(b)

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

297

327,228

Bombardier,

Inc.

(b)

7.88%,

04/15/27

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

230

230,646

6.00%,

02/15/28

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

202

203,335

8.75%,

11/15/30

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

285

312,951

7.25%,

07/01/31

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

555

586,738

7.00%,

06/01/32

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

280

292,862

BWX

Technologies,

Inc.,

4.13%,

06/30/28

(b)

..

510

491,916

Embraer

Netherlands

Finance

BV,

7.00%,

07/28/30

(b)

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

200

217,840

F-Brasile

SpA,

Series

XR,

7.38%,

08/15/26

(b)

.

700

697,872

L3Harris

Technologies,

Inc.

4.40%,

06/15/28

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

1,339

1,344,609

5.05%,

06/01/29

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

480

494,394

5.40%,

07/31/33

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

1,293

1,350,600

5.35%,

06/01/34

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

829

862,426

4.85%,

04/27/35

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

229

229,456

Lockheed

Martin

Corp.

5.25%,

01/15/33

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

90

95,839

4.75%,

02/15/34

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

263

269,757

4.80%,

08/15/34

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

199

203,999

Northrop

Grumman

Corp.

3.25%,

01/15/28

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

993

964,947

4.60%,

02/01/29

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

231

234,437

RTX

Corp.

6.70%,

08/01/28

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

350

379,689

4.13%,

11/16/28

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

1,156

1,153,092

2.25%,

07/01/30

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

212

190,360

5.15%,

02/27/33

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

934

971,006

6.10%,

03/15/34

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

799

882,078

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

Spirit

AeroSystems,

Inc.

(b)

9.38%,

11/30/29

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

USD

446

$

483,844

9.75%,

11/15/30

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

432

481,680

TransDigm,

Inc.

(b)

6.75%,

08/15/28

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

1,796

1,848,601

6.38%,

03/01/29

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

3,034

3,130,238

7.13%,

12/01/31

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

519

548,926

6.63%,

03/01/32

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

3,055

3,181,300

6.00%,

01/15/33

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

1,266

1,283,933

Triumph

Group,

Inc.,

9.00%,

03/15/28

(b)

....

798

835,359

45,873,481

Air

Freight

&

Logistics

—

0.0%

FedEx

Corp.,

2.40%,

05/15/31

..........

573

507,008

Rand

Parent

LLC,

8.50%,

02/15/30

(b)

......

207

211,108

718,116

Automobile

Components

—

0.3%

Aptiv

plc,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.39%),

6.88%,

12/15/54

(a)

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

2,420

2,445,429

Clarios

Global

LP

(b)

8.50%,

05/15/27

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

2,381

2,388,752

6.75%,

05/15/28

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

546

562,792

Dana

Financing

Luxembourg

SARL

(c)

3.00%,

07/15/29

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

EUR

375

367,506

8.50%,

07/15/31

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

837

991,783

Forvia

SE

(c)

7.25%,

06/15/26

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

132

151,987

2.75%,

02/15/27

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

1,342

1,434,249

3.75%,

06/15/28

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

748

799,569

5.50%,

06/15/31

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

1,378

1,520,499

Garrett

Motion

Holdings,

Inc.,

7.75%,

05/31/32

(b)

USD

133

136,112

Goodyear

Europe

BV,

2.75%,

08/15/28

(c)

....

EUR

827

833,157

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%,

07/15/29

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

USD

352

323,744

5.63%,

04/30/33

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

66

58,234

Icahn

Enterprises

LP

5.25%,

05/15/27

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

614

588,360

9.75%,

01/15/29

(b)

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

295

306,055

4.38%,

02/01/29

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

408

356,571

9.00%,

06/15/30

(b)

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

216

217,785

IHO

Verwaltungs

GmbH

(c)(j)

3.75%,

(3.75%

Cash

or

4.50%

PIK),

09/15/26

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

EUR

1,134

1,258,785

3.88%,

(3.88%

Cash

or

4.63%

PIK),

05/15/27

(a)

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

750

830,688

8.75%,

(8.75%

Cash

or

9.50%

PIK),

05/15/28

(a)

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

1,164

1,360,855

Mahle

GmbH

(c)

2.38%,

05/14/28

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

1,600

1,541,049

6.50%,

05/02/31

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

2,390

2,583,276

Phinia,

Inc.,

6.63%,

10/15/32

(b)

..........

USD

130

131,073

Tenneco,

Inc.,

8.00%,

11/17/28

(b)

........

563

522,424

ZF

Europe

Finance

BV

(c)

2.00%,

02/23/26

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

EUR

1,700

1,830,683

2.50%,

10/23/27

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

2,300

2,384,613

4.75%,

01/31/29

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

500

539,321

6.13%,

03/13/29

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

900

1,020,995

ZF

Finance

GmbH

(c)

5.75%,

08/03/26

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

1,200

1,358,475

2.00%,

05/06/27

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

2,300

2,381,540

2.75%,

05/25/27

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

400

421,654

2.25%,

05/03/28

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

2,200

2,213,306

33,861,321

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Automobiles

—

0.2%

Aston

Martin

Capital

Holdings

Ltd.

10.00%,

03/31/29

(b)

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

USD

240

$

235,507

10.38%,

03/31/29

(c)

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

GBP

2,049

2,741,989

General

Motors

Co.,

5.00%,

10/01/28

.....

USD

72

72,896

Hyundai

Capital

America

(b)

6.25%,

11/03/25

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

971

988,881

6.50%,

01/16/29

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

453

485,963

5.80%,

04/01/30

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

391

411,834

5.70%,

06/26/30

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

510

535,857

6.20%,

09/21/30

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

948

1,022,413

Nissan

Motor

Acceptance

Co.

LLC

(b)

2.75%,

03/09/28

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

25

22,892

2.45%,

09/15/28

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

101

90,152

7.05%,

09/15/28

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

717

759,587

RCI

Banque

SA

(a)(c)

(5-Year

EUR

Swap

Annual

+

2.85%),

2.63%,

02/18/30

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

EUR

5,800

6,393,463

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.75%),

5.50%,

10/09/34

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

2,300

2,615,032

Volkswagen

Group

of

America

Finance

LLC

(b)

4.63%,

11/13/25

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

USD

1,064

1,062,271

5.40%,

03/20/26

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

587

593,513

4.90%,

08/14/26

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

644

647,803

18,680,053

Banks

—

3.7%

ABN

AMRO

Bank

NV

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

4.67%),

4.38%

EUR

2,500

2,751,693

(5-Year

EUR

Swap

Annual

+

3.90%),

6.38%

900

1,015,590

AIB

Group

plc,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.39%),

7.13%

(a)(c)(k)

..........

1,087

1,261,479

Alpha

Bank

SA

(1-Year

EUR

Swap

Annual

+

2.43%),

5.00%,

05/12/30

(a)(c)

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

2,671

3,088,716

Alpha

Services

&

Holdings

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.18%),

7.50%

(a)

(c)(k)

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

1,125

1,252,669

Associated

Banc-Corp.,

(1-day

SOFR

+

3.03%),

6.46%,

08/29/30

(a)

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

USD

2,260

2,323,399

Banca

Monte

dei

Paschi

di

Siena

SpA

(a)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

at

0.00%

Floor

+

5.01%),

7.71%,

01/18/28

.....

EUR

1,034

1,253,229

(3-mo.

EURIBOR

+

2.05%),

4.75%,

03/15/29

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

800

917,563

Banco

Bilbao

Vizcaya

Argentaria

SA

(a)(k)

Series

9,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.19%),

6.50%

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

USD

1,200

1,200,707

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.54%),

8.38%

(c)

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

EUR

1,400

1,699,524

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.10%),

9.38%

USD

1,000

1,104,041

(5-Year

EUR

Swap

Annual

+

4.27%),

6.88%

(c)

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

EUR

3,200

3,655,584

Banco

BPM

SpA

(a)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.55%),

7.25%

(k)

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

2,200

2,556,683

(5-Year

EUR

Swap

Annual

+

3.17%),

2.88%,

06/29/31

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

2,220

2,424,858

(5-Year

EUR

Swap

Annual

+

3.40%),

3.38%,

01/19/32

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

1,748

1,917,755

Banco

Bradesco

SA,

3.20%,

01/27/25

(c)

....

USD

601

595,591

Banco

de

Credito

e

Inversiones

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.94%),

8.75%

(a)(b)(k)

........

337

361,854

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Banco

de

Credito

Social

Cooperativo

SA,

(1-Year

EURIBOR

ICE

Swap

Rate

+

4.27%),

7.50%,

09/14/29

(a)(c)

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

EUR

1,900

$

2,407,540

Banco

de

Sabadell

SA

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

6.20%),

5.75%

2,200

2,433,734

(5-Year

EUR

Swap

Annual

+

5.17%),

5.00%

1,200

1,284,019

Banco

Espirito

Santo

SA

(c)(d)(e)

2.63%,

05/08/17

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

800

249,345

4.75%,

01/15/18

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

1,500

467,523

4.00%,

01/21/25

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

5,400

1,683,083

Banco

Mercantil

del

Norte

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.64%),

5.88%

(a)(b)(k)

........

USD

764

749,026

Banco

Nacional

de

Panama,

2.50%,

08/11/30

(b)

732

604,588

Banco

Santander

SA

(5-Year

EUR

Swap

Annual

+

4.53%),

4.38%

(a)(c)(k)

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

EUR

6,600

7,153,937

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.31%),

9.63%

(a)

(k)

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

USD

1,200

1,333,562

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.76%),

3.63%

(a)(c)(k)

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

EUR

400

383,534

(5-Year

EUR

Swap

Annual

+

4.43%),

7.00%

(a)(c)(k)

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

1,200

1,384,202

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.30%),

9.63%

(a)

(k)

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

USD

2,800

3,291,802

6.92%,

08/08/33

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

200

221,310

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.91%),

8.00%

(a)

(k)

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

3,800

4,036,949

Bancolombia

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.32%),

8.63%,

12/24/34

(a)

...........

571

607,544

Bangkok

Bank

PCL,

5.30%,

09/21/28

(b)

.....

1,214

1,246,657

Bank

Leumi

Le-Israel

BM,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.63%),

3.28%,

01/29/31

(a)(b)(c)

.........

1,018

964,351

Bank

of

America

Corp.

(a)

(1-day

SOFR

+

1.75%),

4.83%,

07/22/26

.

1,261

1,261,673

(3-mo.

CME

Term

SOFR

+

1.32%),

3.56%,

04/23/27

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

3,525

3,481,078

(3-mo.

CME

Term

SOFR

+

1.63%),

3.59%,

07/21/28

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

6,526

6,405,799

(1-day

SOFR

+

2.04%),

4.95%,

07/22/28

.

2,867

2,917,388

(3-mo.

CME

Term

SOFR

+

1.30%),

3.42%,

12/20/28

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

6,661

6,479,837

(1-day

SOFR

+

1.06%),

2.09%,

06/14/29

.

2,089

1,929,097

(3-mo.

CME

Term

SOFR

+

1.47%),

3.97%,

02/07/30

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

2,314

2,273,704

Bank

of

Cyprus

PCL

(a)(c)

(1-Year

EUR

Swap

Annual

+

2.79%),

2.50%,

06/24/27

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

EUR

525

571,255

(3-mo.

EURIBOR

+

1.97%),

5.00%,

05/02/29

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

1,611

1,821,331

Bank

of

Ireland

Group

plc

(a)

(5-Year

EUR

Swap

Annual

+

6.43%),

6.00%

(c)(k)

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

2,700

3,028,647

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

6.25%,

09/16/26

(b)

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

USD

503

509,787

Bankinter

SA

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

6.71%),

6.25%

EUR

2,000

2,249,142

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.71%),

7.38%

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

2,000

2,335,166

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Barclays

Bank

plc,

Series

MSFT,

1.00%,

02/16/29

(l)

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

USD

347

$

350,036

Barclays

plc

3.65%,

03/16/25

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

507

504,073

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.58%),

7.13%

(a)(k)

..

GBP

2,652

3,546,144

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.87%),

6.13%

(a)

(k)

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

USD

5,325

5,307,059

(5-Year

U.K

.

Government

Bonds

Note

Generic

Bid

Yield

+

6.02%),

6.38%

(a)(c)(k)

GBP

4,426

5,872,961

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.96%),

8.88%

(a)(c)(k)

2,300

3,201,828

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.41%),

4.38%

(a)

(k)

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

USD

1,156

1,034,691

(1-day

SOFR

+

1.34%),

4.84%,

09/10/28

(a)

1,980

1,996,655

(BPSWS5

+

5.64%),

9.25%

(a)(k)

........

GBP

1,834

2,601,217

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.43%),

8.00%

(a)

(k)

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

USD

2,650

2,790,691

(USISSO05

+

5.78%),

9.63%

(a)(k)

.......

4,465

5,027,206

BBVA

Bancomer

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

5.13%,

01/18/33

(a)(c)

..........

558

528,035

BNP

Paribas

SA

4.38%,

09/28/25

(b)

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

935

928,030

(1-day

SOFR

+

1.00%),

1.32%,

01/13/27

(a)(b)

896

858,387

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.90%),

7.75%

(a)

(c)(k)

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

1,400

1,474,817

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.90%),

7.75%

(a)

(b)(k)

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

6,686

7,043,307

(5-Year

EUR

Swap

Annual

+

4

.65%),

6.88%

(a)(c)(k)

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

EUR

5,200

6,056,093

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.94%),

4.50%

(a)

(b)(k)

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

USD

2,300

1,983,578

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.34%),

4.63%

(a)

(b)(k)

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

3,206

2,791,933

CaixaBank

SA

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

4.50%),

5.25%

EUR

3,200

3,522,185

(5-Year

EUR

Swap

Annual

+

6.35%),

5.88%

1,200

1,342,459

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.30%),

7.50%

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

4,800

5,710,459

Citigroup,

Inc.

(1-day

SOFR

+

1.28%),

3.07%,

02/24/28

(a)

USD

137

133,151

Series

AA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.21%),

7.63%

(a)(k)

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

179

191,239

Series

CC,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.69%),

7.13%

(a)(k)

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

952

990,976

(1-day

SOFR

+

1.42%),

2.98%,

11/05/30

(a)

425

395,510

(1-day

SOFR

+

1.15%),

2.67%,

01/29/31

(a)

828

754,367

(1-day

SOFR

+

3.91%),

4.41%,

03/31/31

(a)

281

279,050

(1-day

SOFR

+

2.11%),

2.57%,

06/03/31

(a)

405

364,465

(1-day

SOFR

+

1.17%),

2.56%,

05/01/32

(a)

665

584,483

5.88%,

02/22/33

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

1,705

1,815,116

(1-day

SOFR

+

2.09%),

4.91%,

05/24/33

(a)

269

271,142

(1-day

SOFR

+

2.66%),

6.17%,

05/25/34

(a)

1,905

2,032,625

Series

DD,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.76%),

7.00%

(a)(k)

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

235

251,475

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(1-day

SOFR

+

2.06%),

5.83%,

02/13/35

(a)

USD

289

$

301,816

Commerzbank

AG

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

6.36%),

6.13%

EUR

12,600

14,065,383

(5-Year

EUR

Swap

Annual

+

4.39%),

4.25%

1,800

1,865,016

(5-Year

EUR

Swap

Annual

+

6.74%),

6.50%

3,400

3,840,686

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.13%),

7.88%

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

2,600

3,089,734

Cooperatieve

Rabobank

UA

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

4.10%),

4.63%

2,200

2,424,833

(5-Year

EUR

Swap

Annual

+

4.68%),

4.38%

1,600

1,736,514

(5-Year

EUR

Swap

Annual

+

3.72%),

4.88%

1,200

1,289,455

Credit

Agricole

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.24%),

4.75%

(a)(b)(k)

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

USD

13,530

12,499,194

DNB

Bank

ASA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.72%),

7.38%

(a)(c)(k)

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

2,792

2,895,751

Eurobank

SA

(a)(c)

(1-Year

EUR

Swap

Annual

+

1.80%),

4.00%,

09/24/30

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

EUR

1,125

1,260,188

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.17%),

4.88%,

04/30/31

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

925

1,075,113

HSBC

Holdings

plc

(a)

(5-Year

GBP

Swap

+

4.28%),

5.88%

(k)

...

GBP

1,147

1,512,396

(5-Year

USD

Swap

Rate

+

3.75%),

6.00%

(k)

USD

2,600

2,611,541

(1-day

SOFR

+

1.57%),

5.89%,

08/14/27

.

344

353,335

(5-Year

USD

Swap

Rate

+

3.61%),

6.50%

(k)

800

811,811

(1-day

SOFR

+

1.06%),

5.60%,

05/17/28

.

965

992,084

(1-day

SOFR

+

3.35%),

7.39%,

11/03/28

.

887

960,265

(5-Year

EUR

Swap

Annual

+

3.84%),

4.75%

(c)(k)

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

EUR

7,333

7,969,068

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.65%),

4.60%

(k)

USD

8,505

7,723,991

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.25%),

4.70%

(k)

2,257

2,038,555

ING

Groep

NV

(a)(k)

(5-Year

USD

Swap

Semi

+

4.45%),

6.50%

1,710

1,711,431

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.34%),

5.75%

679

673,570

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.86%),

3.88%

11,155

10,056,253

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Con

stant

Maturity

+

3.71%),

7.50%

(c)

932

970,093

(USISSO05

+

4.36%),

8.00%

(c)

........

7,000

7,516,740

(USISSO05

+

4.08%),

7.25%

(c)

........

3,125

3,226,875

Intesa

Sanpaolo

SpA

5.71%,

01/15/26

(b)

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

1,289

1,299,001

(5-Year

EUR

Swap

Annual

+

7.19%),

7.75%

(a)(c)(k)

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

EUR

6,127

7,119,509

(5-Year

EUR

Swap

Annual

+

5.85%),

5.50%

(a)(c)(k)

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

4,832

5,351,847

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.26%),

9.13%

(a)(c)(k)

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

775

978,076

5.15%,

06/10/30

(c)

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

GBP

1

,241

1,580,886

(5-Year

EUR

Swap

Annual

+

6.09%),

5.88%

(a)(c)(k)

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

EUR

930

1,023,583

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.60%),

4.20%,

06/01/32

(a)(b)

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

USD

489

435,811

8.51%,

09/20/32

(c)

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

GBP

1,432

2,140,218

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.75%),

4.95%,

06/01/42

(a)(b)

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

USD

362

290,545

Itau

Unibanco

Holding

SA,

3.25%,

01/24/25

(b)

.

713

706,547

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

JPMorgan

Chase

&

Co.

(a)

(3-mo.

CME

Term

SOFR

+

0.70%),

1.04%,

02/04/27

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

USD

464

$

443,608

(1-day

SOFR

+

0.77%),

1.47%,

09/22/27

.

2,968

2,811,247

(1-day

SOFR

+

1.89%),

2.18%,

06/01/28

.

1,181

1,119,888

(3-mo.

CME

Term

SOFR

+

1.38%),

4.01%,

04/23/29

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

3,670

3,630,844

(3-mo.

CME

Term

SOFR

+

1.52%),

4.20%,

07/23/29

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

2,276

2,267,531

(1-day

SOFR

+

1.45%),

5.30%,

07/24/29

.

4,932

5,103,156

(1-day

SOFR

+

1.16%),

5.58%,

04/22/30

.

5,449

5,719,218

(1-day

SOFR

+

1.46%),

5.29%,

07/22/35

.

2,638

2,751,259

KBC

Group

NV

(a)(c)(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.93%),

8.00%

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

EUR

4,800

5,790,606

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.99%),

6.25%

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

1,600

1,786,722

KeyBank

NA

3.40%,

05/20/26

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

USD

590

576,222

5.85%,

11/15/27

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

429

444,839

3.90%,

04/13/29

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

344

329,006

4.90%,

08/08/32

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

690

671,669

KeyCorp

(a)

(SOFR

Index

+

2.06%),

4.79%,

06/01/33

.

1,014

992,707

(SOFR

Index

+

2.42%),

6.40%,

03/06/35

.

4,203

4,569,747

Lloyds

Banking

Group

plc

(a)(k)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.61%),

5.13%

....

GBP

1,796

2,395,469

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.29%),

4.95%

(c)

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

EUR

7,249

8,059,138

(5-Year

USD

Swap

Rate

+

4.50%),

7.50%

.

USD

2,450

2,472,400

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.82%),

6.75%

4,515

4,542,867

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.88%),

8.50%

....

GBP

3,121

4,386,468

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

M

aturity

+

3.15%),

6.75%

USD

3,489

3,488,033

Mitsubishi

UFJ

Financial

Group,

Inc.,

Series

8NC7,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.53%),

5.48%,

02/22/31

(a)

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

467

489,876

Morgan

Stanley

Bank

NA

(a)

(1-day

SOFR

+

0.87%),

5.50%,

05/26/28

.

1,254

1,293,528

(1-day

SOFR

+

0.93%),

4.97%,

07/14/28

.

472

481,578

National

Bank

of

Greece

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.15%),

5.88%,

06/28/35

(a)

(c)

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

EUR

2,632

3,051,199

NatWest

Group

plc

(a)

(5-Year

USD

Swap

Semi

+

5.72%),

8.00%

(k)

USD

1,200

1,218,699

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.63%),

6.00%

(k)

2,000

1,998,963

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.99%),

5.13%

(k)

...

GBP

1,500

1,917,056

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Cons

tant

Maturity

+

1.10%),

5.58%,

03/01/28

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

USD

1,882

1,930,538

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.75%),

8.13%

(k)

3,249

3,544,438

Nordea

Bank

Abp,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.66%),

6.30%

(a)(b)(k)

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

206

204,165

PNC

Financial

Services

Group,

Inc.

(The)

(a)

(1-day

SOFR

+

1.20%),

5.49%,

05/14/30

.

1,108

1,157,825

(SOFR

Index

+

2.14%),

6.04%,

10/28/33

.

605

653,666

(1-day

SOFR

+

2.28%),

6.88%,

10/20/34

.

1,167

1,336,190

(1-day

SOFR

+

1.60%),

5.40%,

07/23/35

.

1,112

1,159,596

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Societe

Generale

SA

(a)(k)

(5-Year

USD

Swap

Rate

+

5.87%),

8.00%

(c)

USD

1,893

$

1,912,087

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.51%),

5.38%

(b)

860

737,424

Standard

Chartered

plc,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.14%),

4.30%

(a)(b)(k)

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

5,675

5,161,204

Sumitomo

Mitsui

Financial

Group,

Inc.

5.52%,

01/13/28

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

790

819,272

3.04%,

07/16/29

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

130

122,463

5.56%,

07/09/34

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

3,007

3,191,331

Toronto-Dominion

Bank

(The),

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.98%),

7.25%,

07/31/84

(a)

....

436

454,247

Truist

Financial

Corp.

(a)

(1-day

SOFR

+

2.45%),

7.16%,

10/30/29

.

2,242

2,457,509

(1-day

SOFR

+

2.36%),

5.87%,

06/08/34

.

376

399,721

(1-day

SOFR

+

1.92%),

5.71%,

01/24/35

.

126

132,739

UniCredit

SpA

(a)

(5-Year

EURIBOR

ICE

Swap

Rate

+

7.33%),

7.50%

(c)(k)

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

EUR

2,368

2,715,017

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.21%),

6.50%

(c)(k)

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

2,300

2,604,202

(5-Year

USD

Swap

Rate

+

4.91%),

7.30%,

04/02/34

(b)

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

USD

1,779

1,896,135

US

Bancorp

(a)

(1-day

SOFR

+

1.66%),

4.55%,

07/22/28

.

575

579,534

(1-day

SOFR

+

2.09%),

5.85%,

10/21/33

.

1,255

1,338,665

(1-day

SOFR

+

1.60%),

4.84%,

02/01/34

.

530

529,627

(1-day

SOFR

+

2.26%),

5.84%,

06/12/34

.

1,183

1,263,120

(1-day

SOFR

+

1.86%),

5.68%,

01/23/35

.

1,250

1,324,998

Virgin

Money

UK

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.36%),

8.25%

(a)(c)(k)

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

GBP

2,094

2,868,443

Wells

Fargo

&

Co.

(a)

(3-mo.

CME

Term

SOFR

+

1.57%),

3.58%,

05/22/28

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

USD

1,019

999,240

(1-day

SOFR

+

2.10%),

2.39%,

06/02/28

.

181

172,098

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.61%),

7.63%

(k)

514

559,763

(1-day

SOFR

+

1.74%),

5.57%,

07/25/29

.

1,907

1,984,052

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.77%),

6.85%

(k)

455

474,885

(1-day

SOFR

+

1.50%),

5.20%,

01/23/30

.

2,271

2,341,212

(1-day

SOFR

+

2.06%),

6.49%,

10/23/34

.

2,269

2,535,539

(1-day

SOFR

+

1.78%),

5.50%,

01/23/35

.

342

358,515

408,803,705

Beverages

—

0.1%

Anheuser-Busch

InBev

Worldwide,

Inc.,

5.00%,

06/15/34

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

804

837,904

Coca-Cola

Co.

(The),

4.65%,

08/14/34

.....

2,474

2,533,593

Davide

Campari-Milano

NV,

2.38%,

01/17/29

(c)(l)

EUR

600

653,267

Keurig

Dr

Pepper,

Inc.

4.60%,

05/25/28

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

USD

133

134,670

5.05%,

03/15/29

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

272

280,702

3.20%,

05/01/30

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

181

170,825

Series

10,

5.20%,

03/15/31

...........

302

315,300

5.30%,

03/15/34

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

112

117,163

5,043,424

Biotechnology

—

0.2%

AbbVie,

Inc.

4.80%,

03/15/29

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

2,097

2,158,141

3.20%,

11/21/29

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

3,036

2,903,333

4.95%,

03/15/31

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

1,182

1,229,032

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Biotechnology

(continued)

Amgen,

Inc.

5.15%,

03/02/28

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

USD

2,820

$

2,903,784

4.20%,

03/01/33

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

540

524,504

5.25%,

03/02/33

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

1,225

1,275,317

Cidron

Aida

Finco

SARL

(c)

5.00%,

04/01/28

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

EUR

1,756

1,898,690

6.25%,

04/01/28

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

GBP

1,336

1,695,517

Gilead

Sciences,

Inc.,

5.25%,

10/15/33

....

USD

2,981

3,144,086

Grifols

SA,

2.25%,

11/15/27

(c)

..........

EUR

290

309,669

18,042,073

Broadline

Retail

—

0.1%

Alibaba

Group

Holding

Ltd.

3.40%,

12/06/27

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

USD

358

349,322

2.13%,

02/09/31

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

216

188,378

ANGI

Group

LLC,

3.88%,

08/15/28

(b)

......

646

592,403

Bubbles

Bidco

SpA

(c)

6.50%,

09/30/31

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

EUR

1,855

2,066,171

(3-mo.

EURIBOR

+

4.25%),

7.53%,

09/30/31

(a)

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

1,814

2,014,206

Match

Group

Holdings

II

LLC

(b)

5.63%,

02/15/29

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

USD

250

250,060

3.63%,

10/01/31

..................

162

145,071

NMG

Holding

Co.,

Inc.,

8.50%,

10/01/28

(b)

...

867

882,441

Rakuten

Group,

Inc.

(b)

11.25%,

02/15/27

.................

353

386,017

9.75%,

04/15/29

..................

398

434,318

7,308,387

Building

Products

—

0.2%

Advanced

Drainage

Systems,

Inc.

(b)

5.00%,

09/30/27

..................

283

279,665

6.38%,

06/15/30

..................

107

109,298

Builders

FirstSource,

Inc.,

6.38%,

03/01/34

(b)

.

306

317,734

Camelot

Return

Merger

Sub,

Inc.,

8.75%,

08/01/28

(b)

.....................

363

367,326

Carrier

Global

Corp.,

5.90%,

03/15/34

.....

228

248,841

EMRLD

Borrower

LP

6.38%,

12/15/30

(c)

.................

EUR

2,507

2,927,242

6.63%,

12/15/30

(b)

.................

USD

2,209

2,277,689

6.75%,

07/15/31

(b)

.................

649

676,814

HT

Troplast

GmbH,

9.38%,

07/15/28

(c)

.....

EUR

1,459

1,674,741

JELD-WEN,

Inc.,

7.00%,

09/01/32

(b)

......

USD

418

422,395

New

Enterprise

Stone

&

Lime

Co.,

Inc.

(b)

5.25%,

07/15/28

..................

214

208,971

9.75%,

07/15/28

..................

344

351,397

Owens

Corning,

3.50%,

02/15/30

........

252

239,342

PCF

GmbH,

4.75%,

04/15/29

(c)

.........

EUR

2,187

2,095,734

Sisecam

UK

plc,

8.25%,

05/02/29

(b)

.......

USD

1,115

1,150,234

Smyrna

Ready

Mix

Concrete

LLC

(b)

6.00%,

11/01/28

..................

753

755,779

8.88%,

11/15/31

..................

806

869,427

Standard

Building

Solutions,

Inc.,

6.50%,

08/15/32

(b)

.....................

368

381,047

Standard

Industries,

Inc.

(b)

5.00%,

02/15/27

..................

97

96,180

4.75%,

01/15/28

..................

194

190,021

4.38%,

07/15/30

..................

90

85,185

3.38%,

01/15/31

..................

396

352,773

Summit

Materials

LLC,

7.25%,

01/15/31

(b)

...

479

507,404

Wilsonart

LLC,

11.00%,

08/15/32

(b)

.......

327

327,099

16,912,338

Capital

Markets

—

1.1%

Abu

Dhabi

Developmental

Holding

Co.

PJSC

(b)

5.38%,

05/08/29

..................

1,116

1,161,522

5.25%,

10/02/54

..................

818

807,775

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Apollo

Debt

Solutions

BDC,

6.90%,

04/13/29

(b)

USD

476

$

494,825

Ares

Capital

Corp.

5.88%,

03/01/29

..................

258

264,199

5.95%,

07/15/29

..................

343

352,071

Ares

Strategic

Income

Fund,

5.60%,

02/15/30

(b)

345

342,270

Blackstone

Private

Credit

Fund

3.25%,

03/15/27

..................

157

149,624

4.95%,

09/26/27

(b)

.................

1,674

1,659,012

5.95%,

07/16/29

(b)

.................

148

150,692

6.25%,

01/25/31

(b)

.................

215

220,866

Blue

Owl

Capital

Corp.

3.75%,

07/22/25

..................

288

284,593

3.40%,

07/15/26

..................

121

117,142

Blue

Owl

Capital

Corp.

II,

8.45%,

11/15/26

(b)

.

293

307,638

Blue

Owl

Credit

Income

Corp.

7.75%,

09/16/27

..................

258

271,806

6.60%,

09/15/29

(b)

.................

627

643,221

6.65%,

03/15/31

..................

322

328,883

Blue

Owl

Technology

Finance

Corp.

II,

6.75%,

04/04/29

(b)

.....................

108

108,506

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

................

363

352,656

Credit

Suisse

USA

LLC,

7.13%,

07/15/32

...

80

92,346

Deutsche

Bank

AG

(USISOA05

at

0.00%

Floor

+

4.36%),

4.79%

(a)(c)(k)

....................

6,000

5,817,000

(5-Year

USD

Swap

Rate

+

5.00%),

7.50%

(a)

(k)

..........................

2,400

2,388,823

Series

2020,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.52%),

6.00%

(a)(k)

...............

9,600

9,386,117

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.55%),

4.50%

(a)(c)(k)

....................

EUR

3,200

3,274,887

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.75%),

4.63%

(a)(c)(k)

....................

1,200

1,204,900

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.94%),

10.00%

(a)(c)(k)

...................

5,000

6,088,235

(1-day

S

OFR

+

1.59%),

5.71%,

02/08/28

(a)

USD

1,646

1,681,599

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.69%),

6.75%

(a)(c)(k)

....................

EUR

2,400

2,641,505

(1-day

SOFR

+

3.18%),

6.72%,

01/18/29

(a)

USD

637

674,351

5.41%,

05/10/29

..................

2,576

2,676,349

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.26%),

8.13%

(a)(c)(k)

....................

EUR

2,400

2,781,762

(1-day

SOFR

+

2.51%),

6.82%,

11/20/29

(a)

USD

2,812

3,027,020

(1-day

SOFR

+

3.65%),

7.08%,

02/10/34

(a)

1,110

1,195,554

Focus

Financial

Partners

LLC,

6.75%,

09/15/31

(b)

.....................

270

272,577

Goldman

Sachs

Group,

Inc.

(The)

4.25%,

10/21/25

..................

179

178,334

(1-day

SOFR

+

0.79%),

1.09%,

12/09/26

(a)

2,080

1,995,101

5.95%,

01/15/27

..................

116

120,261

2.60%,

02/07/30

..................

68

62,432

(1-day

SOFR

+

1.27%),

5.73%,

04/25/30

(a)

2,971

3,122,380

(1-day

SOFR

+

1.28%),

2.62%,

04/22/32

(a)

402

355,253

(1-day

SOFR

+

1.25%),

2.38%,

07/21/32

(a)

431

373,785

(1-day

SOFR

+

1.26%),

2.65%,

10/21/32

(a)

575

505,178

Series

Y,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.40%),

6.13%

(a)(k)

.....................

912

915,953

HAT

Holdings

I

LLC

(b)

3.38%,

06/15/26

..................

204

197,550

8.00%,

06/15/27

..................

381

403,625

HPS

Corporate

Lending

Fund,

6.75%,

01/30/29

(b)

.....................

393

407,070

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Intercontinental

Exchange,

Inc.

3.63%,

09/01/28

..................

USD

979

$

956,092

4.35%,

06/15/29

..................

179

180,402

1.85%,

09/15/32

..................

449

370,904

4.60%,

03/15/33

..................

374

376,984

JPMorgan

Chase

Financial

Co.

LLC,

0.50%,

06/15/27

(l)

.....................

387

389,322

Julius

Baer

Group

Ltd.

(a)(c)(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.62%),

4.88%

787

759,061

(5-Year

EUR

Swap

Annual

+

3.85%),

6.63%

EUR

803

905,033

MDGH

GMTN

RSC

Ltd.,

4.38%,

11/22/33

(b)

..

USD

666

656,218

Morgan

Stanley

(a)

(1-day

SOFR

+

1.01%),

5.65%,

04/13/28

.

3,668

3,786,631

3.59%,

07/22/28

..................

1,430

1,401,191

(1-day

SOFR

+

1.59%),

5.16%,

04/20/29

.

5,644

5,801,246

(1-day

SOFR

+

1.63%),

5.45%,

07/20/29

.

2,745

2,852,325

(3-mo.

CME

Term

SOFR

+

1.89%),

4.43%,

01/23/30

.....................

1,042

1,044,279

(1-day

SOFR

+

1.26%),

5.66%,

04/18/30

.

1,993

2,096,468

(1-day

SOFR

+

1.22%),

5.04%,

07/19/30

.

1,635

1,680,169

(1-day

SOFR

+

1.14%),

2.70%,

01/22/31

.

227

207,907

(1-day

SOFR

+

1.03%),

1.79%,

02/13/32

.

45

38,091

(1-day

SOFR

+

1.36%),

2.48%,

09/16/36

.

570

476,947

Nasdaq,

Inc.,

5.55%,

02/15/34

..........

335

353,404

Oaktree

Strategic

Credit

Fund

(b)

8.40%,

11/14/28

..................

328

354,817

6.50%,

07/23/29

..................

187

189,910

S&P

Global,

Inc.

2.50%,

12/01/29

..................

297

274,197

5.25%,

09/15/33

..................

427

452,686

State

Street

Corp.

(a)

(1-day

SOFR

+

2.60%),

2.90%,

03/30/26

.

40

39,583

Series

I,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.61%),

6.70%

(k)

......................

495

512,814

UBS

AG,

7.50%,

02/15/28

............

674

740,314

UBS

Group

AG

(5-Year

USD

Swap

Semi

+

4.87%),

7.00%

(a)

(c)(k)

.........................

1,257

1,259,992

(5-Year

USD

Swap

Semi

+

4.59%),

6.88%

(a)

(c)(k)

.........................

3,638

3,650,405

4.13%,

09/24/25

(b)

.................

313

312,017

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.10%),

3.88%

(a)

(b)(k)

.........................

2,800

2,663,290

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.86%),

5.13%

(a)

(c)(k)

.........................

2,050

2,011,665

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.75%),

9.25%

(a)

(b)(k)

.........................

1,659

1,834,192

(USISSO05

+

3.63%),

6.85%

(a)(b)(k)

......

4,800

4,857,154

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.31%),

4.38%

(a

)

(b)(k)

.........................

9,630

8,384,762

(USISSO05

+

4.16%),

7.75%

(a)(b)(k)

......

4,544

4,858,463

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.76%),

9.25%

(a)

(c)(k)

.........................

2,100

2,476,601

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.76%),

9.25%

(a)

(b)(k)

.........................

3,921

4,624,169

123,686,953

Security

Par

(000)

Par

(000)

Value

Chemicals

—

0.4%

Avient

Corp.,

6.25%,

11/01/31

(b)

.........

USD

164

$

168,121

Axalta

Coating

Systems

Dutch

Holding

B

BV,

7.25%,

02/15/31

(b)

................

282

301,146

Axalta

Coating

Systems

LLC

(b)

4.75%,

06/15/27

..................

340

337,279

3.38%,

02/15/29

..................

150

140,439

Braskem

Netherlands

Finance

BV,

7.25%,

02/13/33

(b)

.....................

1,077

1,066,984

Chemours

Co.

(The)

4.00%,

05/15/26

..................

EUR

1,995

2,207,299

5.38%,

05/15/27

..................

USD

349

341,647

5.75%,

11/15/28

(b)

.................

338

321,071

4.63%,

11/15/29

(b)

.................

150

134,327

DuPont

de

Nemours,

Inc.,

4.73%,

11/15/28

..

3,705

3,775,736

Eastman

Chemical

Co.

5.75%,

03/08/33

..................

1,883

1,990,251

5.63%,

02/20/34

..................

235

245,369

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

..

923

879,884

FIS

Fabbrica

Italiana

Sintetici

SpA,

5.63%,

08/01/27

(c)

.....................

EUR

2,435

2,704,015

Herens

Holdco

SARL,

4.75%,

05/15/28

(b)

...

USD

1,577

1,376,367

Herens

Midco

SARL,

5.25%,

05/15/29

(c)

....

EUR

2,306

1,919,443

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(b)

....

USD

506

511,567

INEOS

Finance

plc,

6.38%,

04/15/29

(c)

.....

EUR

2,311

2,657,433

INEOS

Quattro

Finance

2

plc

(c)

2.50%,

01/15/26

..................

1,130

1,251,570

8.50%,

03/15/29

..................

2,467

2,907,134

INEOS

Styrolution

Ludwigshafen

GmbH,

2.25%,

01/16/27

(c)

.....................

280

302,010

Ingevity

Corp.,

3.88%,

11/01/28

(b)

........

USD

204

191,565

Kobe

U.S.

Midco

2,

Inc.,

9.25%,

11/01/26

(b)

..

509

402,960

Kronos

International,

Inc.

9.50%,

03/15/29

(c)

.................

EUR

1,996

2,416,219

LSF11

A5

HoldCo

LLC,

6.63%,

10/15/29

(b)

...

USD

392

381,275

Lune

Holdings

SARL,

5.63%,

11/15/28

(c)

....

EUR

1,554

1,516,396

LYB

International

Finance

III

LLC,

5.50%,

03/01/34

......................

USD

300

312,030

Mativ

Holdings,

Inc.,

8.00%,

10/01/29

(b)

....

224

228,631

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

498

484,579

Monitchem

HoldCo

3

SA,

8.75%,

05/01/28

(c)

.

EUR

956

1,095,298

Nobian

Finance

BV,

3.63%,

07/15/26

(c)

.....

1,339

1,475,677

Nutrien

Ltd.

5.20%,

06/21/27

..................

USD

160

164,084

4.90%,

03/27/28

..................

264

269,216

4.20%,

04/01/29

..................

132

131,550

Olympus

Water

US

Holding

Corp.

9.63%,

11/15/28

(c)

.................

EUR

2,944

3,515,805

9.75%,

11/15/28

(b)

.................

USD

1,061

1,132,362

5.38%,

10/01/29

(c)

.................

EUR

1,172

1,227,386

7.25%,

06/15/31

(b)

.................

USD

658

684,702

Sasol

Financing

USA

LLC,

6.50%,

09/27/28

..

941

932,766

SCIL

IV

LLC

(c)

(3-mo.

EURIBOR

at

4.38%

Floor

+

4.38%),

8.01%,

11/01/26

(a)

...............

EUR

584

653,038

9.50%,

07/15/28

..................

1,482

1,780,467

Scotts

Miracle-Gro

Co.

(The)

4.50%,

10/15/29

..................

USD

64

61,542

4.00%,

04/01/31

..................

355

325,235

4.38%,

02/01/32

..................

79

73,211

Sherwin-Williams

Co.

(The),

3.45%,

06/01/27

.

1,006

989,279

SK

Invictus

Intermediate

II

SARL,

5.00%,

10/30/29

(b)

.....................

817

784,330

WR

Grace

Holdings

LLC

(b)

5.63%,

08/15/29

..................

1,423

1,336,743

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

7.38%,

03/01/31

..................

USD

484

$

507,104

48,612,542

Commercial

Services

&

Supplies

—

0.4%

ADT

Security

Corp.

(The),

4.88%,

07/15/32

(b)

.

373

356,271

Allied

Universal

Holdco

LLC

3.63%,

06/01/28

(c)

.................

EUR

971

1,017,368

4.63%,

06/01/28

(b)

.................

USD

1,961

1,842,032

4.88%,

06/01/28

(c)

.................

GBP

2,467

3,035,912

6.00%,

06/01/29

(b)

.................

USD

1,231

1,100,088

7.88%,

02/15/31

(b)

.................

2,090

2,134,908

Amber

Finco

plc,

6.63%,

07/15/29

(c)

.......

EUR

2,525

2,940,699

APCOA

Group

GmbH,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

7.38%,

04/15/31

(a)(c)

.

1,425

1,586,635

APi

Group

DE,

Inc.

(b)

4.13%,

07/15/29

..................

USD

234

220,019

4.75%,

10/15/29

..................

141

135,211

APX

Group,

Inc.

(b)

6.75%,

02/15/27

..................

219

219,600

5.75%,

07/15/29

..................

485

480,176

Aramark

Services,

Inc.,

5.00%,

02/01/28

(b)

...

608

606,045

Brink's

Co.

(The)

(b)

6.50%,

06/15/29

..................

173

179,218

6.75%,

06/15/32

..................

262

273,288

Cimpress

plc,

7.38%,

09/15/32

(b)

.........

296

298,398

Clean

Harbors,

Inc.

(b)

4.88%,

07/15/27

..................

175

172,516

6.38%,

02/01/31

..................

188

192,591

Garda

World

Security

Corp.

(b)

4.63%,

02/15/27

..................

263

258,222

9.50%,

11/01/27

..................

161

161,212

7.75%,

02/15/28

..................

399

413,726

6.00%,

06/01/29

..................

172

165,064

8.25%,

08/01/32

..................

410

419,635

GFL

Environmental,

Inc.

(b)

3.75%,

08/01/25

..................

511

506,900

4.00%,

08/01/28

..................

100

96,039

3.50%,

09/01/28

..................

208

198,025

4.75%,

06/15/29

..................

48

46,822

4.38%,

08/15/29

..................

550

527,182

6.75%,

01/15/31

..................

215

225,499

Intrum

AB

(c)

3.00%,

09/15/27

..................

EUR

4,115

3,458,362

9.25%,

03/15/28

..................

1,224

1,033,562

Madison

IAQ

LLC,

5.88%,

06/30/29

(b)

......

USD

752

732,119

Paprec

Holding

SA

(c)

6.50%,

11/17/27

..................

EUR

515

606,981

7.25%,

11/17/29

..................

1,369

1,618,841

Prime

Security

Services

Borrower

LLC,

6.25%,

01/15/28

(b)

.....................

USD

320

320,086

Q-Park

Holding

I

BV

(c)

2.00%,

03/01/27

..................

EUR

696

747,729

5.13%,

03/01/29

..................

681

779,626

5.13%,

02/15/30

..................

1,884

2,139,118

Republic

Services,

Inc.

3.95%,

05/15/28

..................

USD

1,311

1,303,949

4.88%,

04/01/29

..................

1,003

1,031,032

Reworld

Holding

Corp.

4.88%,

12/01/29

(b)

.................

313

294,640

5.00%,

09/01/30

..................

153

143,504

RR

Donnelley

&

Sons

Co.,

9.50%,

08/01/29

(b)

.

284

286,417

Techem

Verwaltungsgesellschaft

674

mbH,

6.00%,

07/30/26

(c)

................

EUR

1,823

2,033,231

Techem

Verwaltungsgesellschaft

675

mbH,

5.38%,

07/15/29

(c)

................

777

882,415

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Verisure

Holding

AB

(c)

9.25%,

10/15/27

..................

EUR

1,631

$

1,904,056

7.13%,

02/01/28

..................

1,173

1,362,315

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

....

USD

1,283

1,276,600

Williams

Scotsman,

Inc.

(b)

6.63%,

06/15/29

..................

126

129,728

7.38%,

10/01/31

..................

278

293,835

Wrangler

Holdco

Corp.,

6.63%,

04/01/32

(b)

..

170

176,702

42,364,149

Communications

Equipment

—

0.0%

CommScope

LLC,

4.75%,

09/01/29

(b)

......

349

293,160

Motorola

Solutions,

Inc.

4.60%,

05/23/29

..................

279

281,498

5.60%,

06/01/32

..................

1,776

1,877,751

5.40%,

04/15/34

..................

1,323

1,380,704

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

(b)

....

174

157,889

3,991,002

Construction

&

Engineering

—

0.1%

Arcosa,

Inc.

(b)

4.38%,

04/15/29

..................

486

465,855

6.88%,

08/15/32

..................

61

63,839

Azzurra

Aeroporti

SpA,

2.63%,

05/30/27

(c)

...

EUR

2,242

2,401,036

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

(b)

.....................

USD

1,592

1,704,795

China

City

Construction

International

Co.

Ltd.,

5.35%,

07/03/17

(c)(d)(e)(g)

.............

CNY

6,794

—

Dycom

Industries,

Inc.,

4.50%,

04/15/29

(b)

...

USD

318

306,973

Gatwick

Airport

Finance

plc,

4.38%,

04/07/26

(c)

GBP

1,411

1,844,927

Heathrow

Finance

plc

(c)

5.75%,

03/03/25

(f)

.................

221

294,595

3.88%,

03/01/27

(f)

.................

1,745

2,216,329

4.13%,

09/01/29

(f)

.................

840

1,027,580

6.63%,

03/01/31

..................

821

1,098,566

Pike

Corp.,

8.63%,

01/31/31

(b)

..........

USD

168

179,629

11,604,124

Consumer

Finance

—

0.2%

AerCap

Ireland

Capital

DAC,

1.75%,

01/30/26

465

447,868

Ally

Financial,

Inc.,

5.75%,

11/20/25

......

1,402

1,408,057

American

Express

Co.

(a)

(1-day

SOFR

+

0.93%),

5.04%,

07/26/28

.

720

735,645

(1-day

SOFR

+

1.42%),

5.28%,

07/26/35

.

1,135

1,181,769

ASG

Finance

DAC,

9.75%,

05/15/29

(b)

.....

649

649,000

BOC

Aviation

USA

Corp.,

4.63%,

09/04/31

(b)

.

1,186

1,191,361

Bread

Financial

Holdings,

Inc.,

9.75%,

03/15/29

(b)

.....................

155

163,798

Encore

Capital

Group,

Inc.

(c)

4.88%,

10/15/25

..................

EUR

318

354,154

5.38%,

02/15/26

..................

GBP

1,003

1,330,904

4.25%,

06/01/28

..................

155

189,987

Ford

Motor

Credit

Co.

LLC

3.38%,

11/13/25

..................

USD

1,456

1,428,200

4.54%,

08/01/26

..................

1,747

1,732,142

5.85%,

05/17/27

..................

1,374

1,398,798

4.95%,

05/28/27

..................

945

942,685

7.35%,

11/04/27

..................

364

386,502

6.80%,

05/12/28

..................

3,107

3,255,072

General

Motors

Financial

Co.,

Inc.

5.40%,

04/06/26

..................

1,685

1,705,373

5.85%,

04/06/30

..................

96

100,046

GGAM

Finance

Ltd.

(b)

7.75%,

05/15/26

..................

101

103,276

8.00%,

02/15/27

..................

160

167,202

8.00%,

06/15/28

..................

239

256,174

6.88%,

04/15/29

..................

377

392,186

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

5.88%,

03/15/30

..................

USD

229

$

229,300

Global

Aircraft

Leasing

Co.

Ltd.,

8.75%,

09/01/27

(b)

.....................

140

142,198

Macquarie

Airfinance

Holdings

Ltd.

(b)

8.38%,

05/01/28

..................

245

257,570

6.40%,

03/26/29

..................

98

101,998

8.13%,

03/30/29

..................

110

116,501

6.50%,

03/26/31

..................

256

270,230

Muthoot

Finance

Ltd.,

7.13%,

02/14/28

(b)

...

710

729,525

Navient

Corp.

5.50%,

03/15/29

..................

287

278,410

9.38%,

07/25/30

..................

184

204,110

OneMain

Finance

Corp.

3.50%,

01/15/27

..................

316

302,039

6.63%,

01/15/28

..................

347

353,310

9.00%,

01/15/29

..................

185

196,038

5.38%,

11/15/29

..................

90

86,488

7.88%,

03/15/30

..................

309

323,025

4.00%,

09/15/30

..................

119

105,991

7.50%,

05/15/31

..................

118

121,466

7.13%,

11/15/31

..................

195

197,343

SLM

Corp.,

3.13%,

11/02/26

...........

510

490,286

Toyota

Motor

Credit

Corp.,

3.38%,

04/01/30

..

180

172,635

24,198,662

Consumer

Staples

Distribution

&

Retail

—

0.2%

7-Eleven,

Inc.,

0.95%,

02/10/26

(b)

........

1,016

969,637

Albertsons

Cos.,

Inc.

(b)

3.25%,

03/15/26

..................

198

191,459

4.63%,

01/15/27

..................

262

254,890

5.88%,

02/15/28

..................

335

336,496

6.50%,

02/15/28

..................

187

190,404

3.50%,

03/15/29

..................

294

274,132

4.88%,

02/15/30

..................

221

217,434

Bellis

Acquisition

Co.

plc,

8.13%,

05/14/30

(c)

..

GBP

5,512

7,293,498

Bellis

Finco

plc,

4.00%,

02/16/27

(c)

.......

694

857,559

Cencosud

SA,

4.38%,

07/17/27

(c)

........

USD

1,272

1,261,188

KeHE

Distributors

LLC,

9.00%,

02/15/29

(b)

...

94

97,752

Kroger

Co.

(The)

4.70%,

08/15/26

..................

505

508,269

4.60%,

08/15/27

..................

630

635,416

Lion/Polaris

Lux

4

SA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.63%),

7.33%,

07/01/29

(a)(c)

.

EUR

1,305

1,459,924

Market

Bidco

Finco

plc,

5.50%,

11/04/27

(c)

...

GBP

1,248

1,572,799

Performance

Food

Group,

Inc.

(b)

4.25%,

08/01/29

..................

USD

199

189,238

6.13%,

09/15/32

..................

575

587,567

Picard

Groupe

SAS,

6.38%,

07/01/29

(c)

....

EUR

1,098

1,258,234

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(b)

USD

97

92,512

US

Foods,

Inc.

(b)

4.75%,

02/15/29

..................

135

131,616

4.63%,

06/01/30

..................

182

175,831

7.25%,

01/15/32

..................

148

156,635

Walgreens

Boots

Alliance,

Inc.,

8.13%,

08/15/29

101

100,806

18,813,296

Containers

&

Packaging

—

0.3%

Ardagh

Metal

Packaging

Finance

USA

LLC

6.00%,

06/15/27

(b)

.................

598

602,298

2.00%,

09/01/28

(c)

.................

EUR

1,032

1,043,314

4.00%,

09/01/29

(b)

.................

USD

1,427

1,273,765

Ardagh

Packaging

Finance

plc

2.13%,

08/15/26

(c)

.................

EUR

279

268,665

2.13%,

08/15/26

(c)

.................

1,320

1,270,713

4.13%,

08/15/26

(b)

.................

USD

972

876,205

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

Berry

Global,

Inc.

1.57%,

01/15/26

..................

USD

3,472

$

3,340,998

5.80%,

06/15/31

(b)

.................

2,822

2,936,320

Canpack

SA,

3.13%,

11/01/25

(b)

.........

312

304,200

Clydesdale

Acquisition

Holdings,

Inc.

(b)

6.63%,

04/15/29

..................

460

464,363

6.88%,

01/15/30

..................

503

513,680

8.75%,

04/15/30

..................

717

728,072

Crown

Americas

LLC

4.25%,

09/30/26

..................

239

235,222

5.25%,

04/01/30

..................

69

69,666

Fiber

Bidco

SpA

(c)

10.00%,

06/15/29

.................

EUR

622

683,840

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.35%,

01/15/30

(a)

...............

883

988,539

6.13%,

06/15/31

..................

2,626

2,908,516

Fiber

Midco

SpA,

10.00%,

(10.00%

Cash

or

10.75%

PIK),

06/15/29

(c)(j)

...........

148

162,714

Graphic

Packaging

International

LLC,

3.50%,

03/15/28

(b)

.....................

USD

383

364,729

Klabin

Austria

GmbH,

3.20%,

01/12/31

(b)

....

665

586,064

Kleopatra

Finco

SARL,

4.25%,

03/01/26

(c)

...

EUR

2,320

2,422,263

Kleopatra

Holdings

2

SCA,

6.50%,

09/01/26

(c)

1,023

865,657

LABL,

Inc.

(b)

6.75%,

07/15/26

..................

USD

110

109,910

5.88%,

11/01/28

..................

321

300,631

9.50%,

11/01/28

..................

359

370,947

8.63%,

10/01/31

..................

413

409,844

Mauser

Packaging

Solutions

Holding

Co.

(b)

7.88%,

04/15/27

..................

4,365

4,509,820

9.25%,

04/15/27

..................

230

235,836

OI

European

Group

BV

(c)

6.25%,

05/15/28

..................

EUR

928

1,075,879

5.25%,

06/01/29

..................

1,872

2,128,015

Owens-Brockway

Glass

Container,

Inc.,

7.25%,

05/15/31

(b)

.....................

USD

249

255,806

Sealed

Air

Corp.

(b)

5.00%,

04/15/29

..................

119

117,200

6.50%,

07/15/32

..................

207

213,451

Smurfit

Kappa

Treasury

ULC,

5.44%,

04/03/34

(b)

636

662,842

Titan

Holdings

II

BV,

5.13%,

07/15/29

(c)

....

EUR

1,150

1,299,324

Trident

TPI

Holdings,

Inc.,

12.75%,

12/31/28

(b)

USD

239

265,320

Trivium

Packaging

Finance

BV

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.29%,

08/15/26

(a)(c)

..............

EUR

977

1,090,267

8.50%,

08/15/27

(b)(f)

................

USD

200

200,483

WRKCo,

Inc.,

4.65%,

03/15/26

..........

231

231,139

36,386,517

Distributors

—

0.0%

(b)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

3.88%,

11/15/29

..............

124

115,926

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

444

445,433

Dealer

Tire

LLC,

8.00%,

02/01/28

........

481

478,845

Gates

Corp.,

6.88%,

07/01/29

..........

327

338,724

Resideo

Funding,

Inc.

4.00%,

09/01/29

..................

190

178,970

6.50%,

07/15/32

..................

443

454,745

2,012,643

Diversified

Consumer

Services

—

0.1%

Champions

Financing,

Inc.,

8.75%,

02/15/29

(b)

392

399,273

Mavis

Tire

Express

Services

Topco

Corp.,

6.50%,

05/15/29

(b)

................

373

358,417

Pachelbel

Bidco

SpA

(c)

7.13%,

05/17/31

..................

EUR

1,561

1,851,355

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

Consumer

Services

(continued)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

8.07%,

05/17/31

(a)

...............

EUR

1,315

$

1,473,307

Service

Corp.

International

3.38%,

08/15/30

..................

USD

11

9,969

4.00%,

05/15/31

..................

419

387,716

5.75%,

10/15/32

..................

1,027

1,033,725

Sotheby's

(b)

7.38%,

10/15/27

..................

794

764,181

5.88%,

06/01/29

..................

600

525,889

Wand

NewCo

3,

Inc.,

7.63%,

01/30/32

(b)

....

767

808,033

7,611,865

Diversified

REITs

—

0.1%

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(b)

...

293

273,132

GLP

Capital

LP

5.75%,

06/01/28

..................

67

68,774

4.00%,

01/15/30

..................

354

338,018

3.25%,

01/15/32

..................

213

188,430

6.75%,

12/01/33

..................

1,336

1,469,607

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(b)

.......

133

128,195

Uniti

Group

LP

(b)

10.50%,

02/15/28

.................

1,768

1,887,174

Series

MAY,

10.50%,

02/15/28

.........

446

476,063

VICI

Properties

LP

4.13%,

08/15/30

(b)

.................

4,674

4,438,577

5.13%,

05/15/32

..................

643

645,613

5.63%,

05/15/52

..................

15

14,677

6.13%,

04/01/54

..................

193

202,291

10,130,551

Diversified

Telecommunication

Services

—

0.7%

Altice

Financing

SA

2.25%,

01/15/25

(c)

.................

EUR

285

312,489

9.63%,

07/15/27

(b)

.................

USD

1,480

1,441,475

3.00%,

01/15/28

(c)

.................

EUR

100

91,000

5.00%,

01/15/28

(b)

.................

USD

1,113

941,482

5.75%,

08/15/29

(b)

.................

1,288

1,035,087

Altice

France

SA

11.50%,

02/01/27

(c)

................

EUR

1,369

1,254,934

3.38%,

01/15/28

(c)

.................

687

539,137

5.50%,

01/15/28

(b)

.................

USD

935

679,886

5.13%,

01/15/29

(b)

.................

339

238,089

5.13%,

07/15/29

(b)

.................

681

478,892

5.50%,

10/15/29

(b)

.................

200

140,068

AT&T,

Inc.,

5.40%,

02/15/34

...........

5,047

5,295,678

Bakrie

Telecom

Pte.

Ltd.,

11.50%,

05/07/15

(c)(d)(e)

1,000

6,469

British

Telecommunications

plc

(a)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.54%),

5.13%,

10/03/54

................

EUR

500

571,185

(5-Year

EUR

Swap

Annual

+

2.13%),

1.87%,

08/18/80

.....................

236

257,449

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.82%),

8.38%,

12/20/83

.....................

GBP

1,726

2,487,982

CCO

Holdings

LLC

(b)

5.38%,

06/01/29

..................

USD

693

667,839

6.38%,

09/01/29

..................

553

553,656

4.50%,

08/15/30

..................

304

275,569

4.25%,

02/01/31

..................

213

187,809

7.38%,

03/01/31

..................

1,427

1,461,068

4.25%,

01/15/34

..................

370

303,496

Cellnex

Telecom

SA

(c)(l)

2.13%,

08/11/30

..................

EUR

2,500

2,953,057

0.75%,

11/20/31

..................

1,600

1,567,888

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Frontier

Communications

Holdings

LLC

(b)

5.88%,

10/15/27

..................

USD

361

$

362,468

5.00%,

05/01/28

..................

538

533,147

8.75%,

05/15/30

..................

1,194

1,272,403

8.63%,

03/15/31

..................

496

534,733

Global

Switch

Finance

BV,

1.38%,

10/07/30

(c)

.

EUR

2,319

2,368,719

Iliad

Holding

SASU

6.50%,

10/15/26

(b)

.................

USD

796

804,677

7.00%,

10/15/28

(b)

.................

369

375,390

6.88%,

04/15/31

(c)

.................

EUR

2,893

3,421,614

8.50%,

04/15/31

(b)

.................

USD

734

789,495

Iliad

SA

(c)

5.38%,

06/14/27

..................

EUR

1,600

1,848,310

5.38%,

02/15/29

..................

2,100

2,442,807

5.63%,

02/15/30

..................

1,800

2,116,481

Infrastrutture

Wireless

Italiane

SpA

(c)

1.63%,

10/21/28

..................

2,423

2,544,719

1.75%,

04/19/31

..................

1,207

1,227,627

Kaixo

Bondco

Telecom

SA,

5.13%,

09/30/29

(c)

766

851,607

Level

3

Financing,

Inc.

(b)

10.50%,

04/15/29

.................

USD

1,309

1,426,874

4.88%,

06/15/29

..................

258

217,057

11.00%,

11/15/29

.................

2,364

2,617,905

10.50%,

05/15/30

.................

1,487

1,600,384

10.75%,

12/15/30

.................

52

57,287

Lorca

Telecom

Bondco

SA

(c)

4.00%,

09/18/27

..................

EUR

1,605

1,775,225

5.75%,

04/30/29

..................

4,689

5,434,084

Lumen

Technologies,

Inc.

(b)

4.13%,

04/15/29

..................

USD

397

333,749

4.13%,

04/15/30

..................

397

320,751

Optics

Bidco

SpA

6.88%,

02/15/28

(c)

.................

EUR

881

1,066,495

7.88%,

07/31/28

(c)

.................

411

516,951

1.63%,

01/18/29

..................

1,147

1,167,255

Series

2033,

6.38%,

11/15/33

(b)

........

USD

222

230,276

Series

2034,

6.00%,

09/30/34

(b)

........

292

295,597

7.20%,

07/18/36

(b)

.................

200

215,234

5.25%,

03/17/55

..................

EUR

300

329,793

RCS

&

RDS

SA,

3.25%,

02/05/28

(c)

.......

1,100

1,174,568

Sable

International

Finance

Ltd.,

7.13%,

10/15/32

(b)

.....................

USD

516

517,048

Sprint

Capital

Corp.,

6.88%,

11/15/28

......

3,244

3,541,854

Virgin

Media

Finance

plc,

5.00%,

07/15/30

(b)

.

302

265,616

Virgin

Media

Secured

Finance

plc

5.25%,

05/15/29

(c)

.................

GBP

361

453,681

5.50%,

05/15/29

(b)

.................

USD

400

383,639

4.25%,

01/15/30

(c)

.................

GBP

108

127,425

4.13%,

08/15/30

(c)

.................

600

693,877

4.50%,

08/15/30

(b)

.................

USD

258

229,501

Windstream

Escrow

LLC

(b)

7.75%,

08/15/28

..................

554

554,521

8.25%,

10/01/31

..................

262

266,357

Zayo

Group

Holdings,

Inc.

(b)

4.00%,

03/01/27

..................

2,645

2,365,802

6.13%,

03/01/28

..................

309

256,470

73,671,157

Electric

Utilities

—

0.7%

AES

Panama

Generation

Holdings

SRL,

4.38%,

05/31/30

(c)

.....................

792

714,102

Alpha

Generation

LLC,

6.75%,

10/15/32

(b)

...

353

357,976

American

Electric

Power

Co.,

Inc.,

5.70%,

08/15/25

......................

81

81,642

Baltimore

Gas

&

Electric

Co.

2.25%,

06/15/31

..................

38

33,390

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

5.30%,

06/01/34

..................

USD

125

$

130,963

DTE

Electric

Co.

Series

A,

1.90%,

04/01/28

............

178

165,481

5.20%,

03/01/34

..................

208

217,751

Duke

Energy

Carolinas

LLC

2.55%,

04/15/31

..................

773

694,836

6.45%,

10/15/32

..................

44

48,987

4.95%,

01/15/33

..................

434

447,393

Duke

Energy

Corp.

2.65%,

09/01/26

..................

2,307

2,243,274

2.45%,

06/01/30

..................

689

621,541

2.55%,

06/15/31

..................

431

381,014

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.59%),

6.45%,

09/01/54

(a)

....................

330

342,639

Duke

Energy

Florida

LLC

2.50%,

12/01/29

..................

629

582,187

2.40%,

12/15/31

..................

525

459,924

Duke

Energy

Indiana

LLC,

5.25%,

03/01/34

..

21

22,015

Duke

Energy

Progress

LLC

3.40%,

04/01/32

..................

934

872,387

5.70%,

04/01/35

..................

30

31,847

Edison

International

4.13%,

03/15/28

..................

78

77,312

5.25%,

11/15/28

..................

2,292

2,354,890

5.45%,

06/15/29

..................

1,527

1,585,885

6.95%,

11/15/29

..................

503

554,419

EDP

SA

(a)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.05%),

4.75%,

05/29/54

................

EUR

2,700

3,040,068

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.40%),

4.63%,

09/16/54

................

1,900

2,120,302

(5-Year

EUR

Swap

Annual

+

1.84%),

1.70%,

07/20/80

.....................

500

546,577

(5-Year

EUR

Swap

Annual

+

2.38%),

1.88%,

08/02/81

.....................

1,600

1,716,276

(5-Year

EUR

Swap

Annual

+

3.18%),

5.94%,

04/23/83

.....................

300

351,687

Eversource

Energy

5.45%,

03/01/28

..................

USD

986

1,022,230

5.95%,

02/01/29

..................

566

598,946

Exelon

Corp.

5.15%,

03/15/28

..................

126

129,475

4.05%,

04/15/30

..................

135

132,937

5.45%,

03/15/34

..................

43

45,105

FirstEnergy

Corp.

4.00%,

05/01/26

(l)

.................

553

578,714

Series

B,

3.90%,

07/15/27

(f)

...........

2,768

2,739,247

2.65%,

03/01/30

..................

913

833,063

FirstEnergy

Transmission

LLC,

5.00%,

01/15/35

(b)

.....................

807

819,372

Florida

Power

&

Light

Co.

5.10%,

04/01/33

..................

1,374

1,437,332

5.30%,

06/15/34

..................

311

329,883

Georgia

Power

Co.,

4.70%,

05/15/32

......

1,523

1,551,557

Interstate

Power

&

Light

Co.

5.70%,

10/15/33

..................

136

144,699

4.95%,

09/30/34

..................

882

895,342

Kallpa

Generacion

SA,

4.88%,

05/24/26

(c)

...

1,193

1,186,295

MidAmerican

Energy

Co.

5.35%,

01/15/34

..................

143

151,785

5.75%,

11/01/35

..................

80

87,179

Naturgy

Finance

Iberia

SA,

(5-Year

EUR

Swap

Annual

+

2.44%),

2.37%

(a)(c)(k)

.........

EUR

2,300

2,471,917

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

NextEra

Energy

Capital

Holdings,

Inc.

2.75%,

11/01/29

..................

USD

794

$

740,568

2.44%,

01/15/32

..................

571

495,364

5.05%,

02/28/33

..................

74

76,178

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.75%,

06/15/54

(a)

....................

3,051

3,292,310

NRG

Energy,

Inc.

(b)

2.45%,

12/02/27

..................

1,212

1,135,495

7.00%,

03/15/33

..................

105

116,640

Ohio

Power

Co.

Series

Q,

1.63%,

01/15/31

...........

797

669,034

5.00%,

06/01/33

..................

150

152,604

5.65%,

06/01/34

..................

302

319,213

Pacific

Gas

&

Electric

Co.

3.30%,

03/15/27

..................

1,617

1,571,889

3.30%,

12/01/27

..................

100

96,509

3.00%,

06/15/28

..................

270

256,648

4.55%,

07/01/30

..................

1,674

1,661,069

2.50%,

02/01/31

..................

955

836,725

3.25%,

06/01/31

..................

1,000

910,469

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

.....................

321

310,531

PECO

Energy

Co.,

4.90%,

06/15/33

......

537

550,966

PG&E

Corp.

4.25%,

12/01/27

(b)(l)

................

207

224,181

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.88%),

7.38%,

03/15/55

(a)

....................

1,290

1,353,046

PPL

Capital

Funding,

Inc.,

5.25%,

09/01/34

..

430

442,741

Public

Service

Electric

&

Gas

Co.

1.90%,

08/15/31

..................

575

490,049

4.90%,

12/15/32

..................

680

703,561

Sorik

Marapi

Geothermal

Power

PT,

7.75%,

08/05/31

(b)

.....................

1,060

1,053,375

Southern

California

Edison

Co.

4.40%,

09/06/26

..................

1,185

1,194,045

Series

G,

2.50%,

06/01/31

...........

1,010

893,105

5.45%,

06/01/31

..................

1,751

1,852,734

6.00%,

01/15/34

..................

1,080

1,185,991

Southern

Co.

(The)

5.20%,

06/15/33

..................

968

1,003,076

5.70%,

03/15/34

..................

584

626,817

4.85%,

03/15/35

..................

1,608

1,620,962

Tampa

Electric

Co.

4.90%,

03/01/29

..................

126

129,124

2.40%,

03/15/31

..................

32

28,120

Terna

-

Rete

Elettrica

Nazionale,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.14%),

4.75%

(a)

(c)(k)

.........................

EUR

2,243

2,552,973

Virginia

Electric

&

Power

Co.

Series

B,

2.95%,

11/15/26

............

USD

280

273,755

2.30%,

11/15/31

..................

270

235,557

5.05%,

08/15/34

..................

800

821,226

Vistra

Operations

Co.

LLC

(b)

5.13%,

05/13/25

..................

2,162

2,157,411

7.75%,

10/15/31

..................

350

376,809

6.88%,

04/15/32

..................

776

816,296

6.95%,

10/15/33

..................

286

322,435

6.00%,

04/15/34

..................

788

842,106

Wisconsin

Electric

Power

Co.,

4.60%,

10/01/34

2,305

2,310,561

72,654,111

Electrical

Equipment

—

0.0%

Vertiv

Group

Corp.,

4.13%,

11/15/28

(b)

.....

472

456,185

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

—

0.0%

CDW

LLC,

5.55%,

08/22/34

...........

USD

195

$

199,513

Coherent

Corp.,

5.00%,

12/15/29

(b)

.......

518

506,484

Insight

Enterprises,

Inc.,

6.63%,

05/15/32

(b)

..

175

182,662

Sensata

Technologies,

Inc.

(b)

4.38%,

02/15/30

..................

172

164,375

3.75%,

02/15/31

..................

71

65,004

6.63%,

07/15/32

..................

365

380,535

Zebra

Technologies

Corp.,

6.50%,

06/01/32

(b)

.

128

133,638

1,632,211

Energy

Equipment

&

Services

—

0.1%

Archrock

Partners

LP

(b)

6.88%,

04/01/27

..................

151

151,473

6.25%,

04/01/28

..................

544

546,703

6.63%,

09/01/32

..................

503

515,822

Borr

IHC

Ltd.

(b)

10.00%,

11/15/28

.................

214

220,562

10.38%,

11/15/30

.................

195

205,778

Diamond

Foreign

Asset

Co.,

8.50%,

10/01/30

(b)

311

324,951

Enerflex

Ltd.,

9.00%,

10/15/27

(b)

.........

435

448,749

Kodiak

Gas

Services

LLC,

7.25%,

02/15/29

(b)

.

592

612,662

Nabors

Industries

Ltd.,

7.50%,

01/15/28

(b)

...

147

137,731

Nabors

Industries,

Inc.

(b)

7.38%,

05/15/27

..................

315

315,702

9.13%,

01/31/30

..................

285

293,920

8.88%,

08/15/31

..................

62

58,979

Noble

Finance

II

LLC,

8.00%,

04/15/30

(b)

...

690

711,938

Oceaneering

International,

Inc.,

6.00%,

02/01/28

......................

360

360,690

OEG

Finance

plc,

7.25%,

09/27/29

(c)

......

EUR

1,138

1,288,553

Precision

Drilling

Corp.,

6.88%,

01/15/29

(b)

..

USD

178

177,630

Star

Holding

LLC,

8.75%,

08/01/31

(b)

......

272

259,379

Transocean

Aquila

Ltd.,

8.00%,

09/30/28

(b)

..

253

258,787

Transocean

Titan

Financing

Ltd.,

8.38%,

02/01/28

(b)

.....................

235

242,052

Transocean,

Inc.

(b)

8.00%,

02/01/27

..................

507

506,693

8.25%,

05/15/29

..................

721

714,747

8.75%,

02/15/30

..................

563

586,689

8.50%,

05/15/31

..................

888

882,361

USA

Compression

Partners

LP,

7.13%,

03/15/29

(b)

.....................

525

540,725

Valaris

Ltd.,

8.38%,

04/30/30

(b)

..........

919

946,574

Vallourec

SACA,

7.50%,

04/15/32

(b)

.......

350

371,271

Weatherford

International

Ltd.,

8.63%,

04/30/30

(b)

.....................

550

573,112

12,254,233

Entertainment

—

0.1%

Banijay

Entertainment

SAS

7.00%,

05/01/29

(c)

.................

EUR

1,263

1,477,961

8.13%,

05/01/29

(b)

.................

USD

200

207,869

Cinemark

USA,

Inc.,

7.00%,

08/01/32

(b)

....

122

127,363

Lions

Gate

Capital

Holdings

1,

Inc.,

5.50%,

04/15/29

(b)

.....................

648

581,720

Live

Nation

Entertainment,

Inc.,

4.75%,

10/15/27

(b)

.....................

458

451,524

Netflix,

Inc.

4.88%,

04/15/28

..................

400

409,825

5.88%,

11/15/28

..................

161

171,573

5.38%,

11/15/29

(b)

.................

388

408,226

Odeon

Finco

plc,

12.75%,

11/01/27

(b)

......

342

359,366

Pinewood

Finco

plc

6.00%,

03/27/30

(c)

.................

GBP

3,452

4,628,023

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

...

USD

154

141,334

8,964,784

Security

Par

(000)

Par

(000)

Value

Financial

Services

—

0.6%

Block,

Inc.

2.75%,

06/01/26

..................

USD

185

$

179,359

3.50%,

06/01/31

..................

5

4,559

6.50%,

05/15/32

(b)

.................

2,019

2,102,421

Boost

Newco

Borrower

LLC,

7.50%,

01/15/31

(b)

821

880,972

Corebridge

Financial,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

6.38%,

09/15/54

(a)

...........

260

262,675

Enact

Holdings,

Inc.,

6.25%,

05/28/29

.....

93

96,559

Fidelity

Grand

Harbour

CLO

DAC,

Series

2023-

2X,

Class

D,

(3-mo.

EURIBOR

at

4.10%

Floor

+

4.10%),

8.02%,

04/15/38

(a)(c)

.....

EUR

300

337,340

Fidelity

National

Information

Services,

Inc.

1.15%,

03/01/26

..................

USD

2,413

2,306,526

1.65%,

03/01/28

..................

206

188,400

5.10%,

07/15/32

..................

638

661,463

Fiserv,

Inc.

2.25%,

06/01/27

..................

350

333,013

5.63%,

08/21/33

..................

1,225

1,297,592

Freedom

Mortgage

Corp.,

12.25%,

10/01/30

(b)

131

146,714

Freedom

Mortgage

Holdings

LLC

(b)

9.25%,

02/01/29

..................

558

580,011

9.13%,

05/15/31

..................

295

303,292

Garfunkelux

Holdco

3

SA

(c)

6.75%,

11/01/25

..................

EUR

1,011

757,953

7.75%,

11/01/25

..................

GBP

381

340,010

Global

Payments,

Inc.

1.20%,

03/01/26

..................

USD

500

477,852

2.15%,

01/15/27

..................

130

123,905

3.20%,

08/15/29

..................

208

194,868

5.30%,

08/15/29

..................

91

93,540

1.50%,

03/01/31

(b)(l)

................

446

425,930

2.90%,

11/15/31

..................

265

233,248

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.,

6.38%,

07/01/34

(b)

........

159

162,757

Jefferies

Finance

LLC,

5.00%,

08/15/28

(b)

...

633

601,863

Jerrold

Finco

plc,

5.25%,

01/15/27

(c)

......

GBP

1,624

2,135,925

Midcap

Financial

Issuer

Trust,

6.50%,

05/01/28

(b)

.....................

USD

270

261,588

Nationstar

Mortgage

Holdings,

Inc.

(b)

5.00%,

02/01/26

..................

1,157

1,151,386

6.50%,

08/01/29

..................

558

567,390

5.13%,

12/15/30

..................

395

378,924

5.75%,

11/15/31

..................

165

161,629

7.13%,

02/01/32

..................

730

762,375

Nationwide

Building

Society

(a)(c)(k)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.63%),

5.75%

....

GBP

5,352

6,910,142

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.85%),

7.50%

....

3,250

4,366,813

NCR

Atleos

Corp.,

9.50%,

04/01/29

(b)

......

USD

340

374,296

Nexi

SpA,

0.00%,

02/24/28

(c)(l)(m)

.........

EUR

5,700

5,520,282

Opus-Chartered

Issuances

SA,

2.50%,

07/04/25

(a)(c)(g)

...................

943

1,053,899

PennyMac

Financial

Services,

Inc.

(b)

7.88%,

12/15/29

..................

USD

528

563,016

7.13%,

11/15/30

..................

305

315,808

ProGroup

AG

(c)

5.13%,

04/15/29

..................

EUR

668

727,797

5.38%,

04/15/31

..................

1,413

1,532,109

Rocket

Mortgage

LLC

(b)

2.88%,

10/15/26

..................

USD

1,145

1,099,288

3.88%,

03/01/31

..................

188

173,099

4.00%,

10/15/33

..................

114

101,835

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Shift4

Payments

LLC

(b)

4.63%,

11/01/26

..................

USD

311

$

307,795

6.75%,

08/15/32

..................

1,037

1,082,666

Stena

International

SA

(b)

7.25%,

01/15/31

..................

2,837

2,981,210

7.63%,

02/15/31

..................

524

549,898

Taurus

Law

130

Securities

SRL,

(Acquired

07/14/23,

cost

$7,156,200),

(3-mo.

EURIBOR

+

3.25%),

6.80%,

08/22/27

(a)(g)(h)

.......

EUR

6,599

7,210,681

TER

Finance

Jersey

Ltd.,

Series

22,

0.00%,

10/02/25

(b)(m)

...................

USD

3,309

3,118,336

Thames

Water

Utilities

Finance

plc

(c)

4.00%,

06/19/25

..................

GBP

891

916,823

4.00%,

04/18/27

..................

EUR

1,218

996,633

0.88%,

01/31/28

..................

1,155

925,403

1.25%,

01/31/32

..................

1,155

917,584

Titanium

2l

Bondco

SARL,

6.25%,

(6.25%

Cash

or

6.25%

PIK),

01/14/31

(j)

...........

4,348

1,329,023

Worldline

SA,

0.00%,

07/30/26

(c)(l)(m)

.......

4,504

4,549,856

66,136,331

Food

Products

—

0.1%

B&G

Foods,

Inc.,

8.00%,

09/15/28

(b)

......

USD

99

103,559

Boparan

Finance

plc,

7.63%,

11/30/25

(c)

....

GBP

702

923,287

Chobani

LLC

(b)

4.63%,

11/15/28

..................

USD

996

969,966

7.63%,

07/01/29

..................

1,269

1,332,604

Darling

Ingredients,

Inc.,

6.00%,

06/15/30

(b)

..

514

518,890

Fiesta

Purchaser,

Inc.

(b)

7.88%,

03/01/31

..................

193

204,747

9.63%,

09/15/32

..................

141

145,954

Kraft

Heinz

Foods

Co.,

3.88%,

05/15/27

....

921

914,430

Lamb

Weston

Holdings,

Inc.,

4.13%,

01/31/30

(b)

298

279,512

Post

Holdings,

Inc.

(b)

5.63%,

01/15/28

..................

39

39,331

4.63%,

04/15/30

..................

50

47,843

4.50%,

09/15/31

..................

107

99,960

6.25%,

02/15/32

..................

239

246,100

6.38%,

03/01/33

..................

254

258,145

6.25%,

10/15/34

..................

218

219,375

Premier

Foods

Finance

plc

3.50%,

10/15/26

(c)

.................

GBP

977

1,276,811

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

...

USD

345

327,324

Tereos

Finance

Groupe

I

SA

(c)

4.75%,

04/30/27

..................

EUR

240

266,144

7.25%,

04/15/28

..................

850

982,889

5.88%,

04/30/30

..................

1,359

1,522,982

10,679,853

Gas

Utilities

—

0.0%

AltaGas

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.57%),

7.20%,

10/15/54

(a)(b)

...............

USD

345

352,377

AmeriGas

Partners

LP,

9.38%,

06/01/28

(b)

...

121

127,066

Atmos

Energy

Corp.

3.00%,

06/15/27

..................

136

132,474

2.63%,

09/15/29

..................

141

131,690

1.50%,

01/15/31

..................

184

155,857

5.90%,

11/15/33

..................

82

90,110

Promigas

SA

ESP,

3.75%,

10/16/29

(c)

......

580

531,425

Snam

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.16%),

4.50%

(a)(c)(k)

...............

EUR

600

674,905

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

(b)

.....................

USD

239

222,830

2,418,734

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

—

0.2%

Albion

Financing

1

SARL,

6.13%,

10/15/26

(b)

.

USD

371

$

372,200

BCP

V

Modular

Services

Finance

II

plc

(c)

4.75%,

11/30/28

..................

EUR

756

818,399

6.13%,

11/30/28

..................

GBP

944

1,199,090

Boels

Topholding

BV

(c)

6.25%,

02/15/29

..................

EUR

1,209

1,397,114

5.75%,

05/15/30

..................

1,381

1,579,842

Brightline

East

LLC,

11.00%,

01/31/30

(b)

....

USD

242

205,711

Canadian

National

Railway

Co.,

3.85%,

08/05/32

......................

356

343,863

Genesee

&

Wyoming,

Inc.,

6.25%,

04/15/32

(b)

569

585,131

GN

Bondco

LLC,

9.50%,

10/15/31

(b)

......

223

234,728

Loxam

SAS

(c)

6.38%,

05/15/28

..................

EUR

996

1,151,659

6.38%,

05/31/29

..................

2,511

2,920,900

Mobico

Group

plc

(c)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(a)(k)

..

GBP

2,294

2,784,496

3.63%,

11/20/28

(f)

.................

373

449,431

4.88%,

09/26/31

..................

EUR

330

361,821

Norfolk

Southern

Corp.,

2.30%,

05/15/31

...

USD

360

318,888

Penske

Truck

Leasing

Co.

LP

(b)

4.45%,

01/29/26

..................

163

162,669

5.35%,

01/12/27

..................

335

341,394

4.20%,

04/01/27

..................

414

411,931

5.55%,

05/01/28

..................

265

274,088

5.35%,

03/30/29

..................

952

983,120

5.25%,

07/01/29

..................

635

653,923

Ryder

System,

Inc.,

6.60%,

12/01/33

......

769

858,089

SGL

Group

ApS,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.75%),

8.44%,

04/22/30

(a)

......

EUR

2,643

2,949,411

Uber

Technologies,

Inc.

4.30%,

01/15/30

..................

USD

2,078

2,070,625

4.80%,

09/15/34

..................

375

374,481

Union

Pacific

Corp.

2.40%,

02/05/30

..................

263

241,274

4.50%,

01/20/33

..................

65

65,707

Watco

Cos.

LLC,

7.13%,

08/01/32

(b)

......

147

153,214

24,263,199

Health

Care

Equipment

&

Supplies

—

0.2%

Avantor

Funding,

Inc.

(b)

4.63%,

07/15/28

..................

644

629,441

3.88%,

11/01/29

..................

71

67,178

Bausch

+

Lomb

Corp.,

8.38%,

10/01/28

(b)

...

1,339

1,415,992

Baxter

International,

Inc.

3.95%,

04/01/30

..................

355

346,975

2.54%,

02/01/32

..................

302

261,925

Becton

Dickinson

&

Co.

3.70%,

06/06/27

..................

1,680

1,658,935

4.69%,

02/13/28

..................

463

468,954

4.87%,

02/08/29

..................

1,250

1,277,134

Medline

Borrower

LP

(b)

3.88%,

04/01/29

..................

374

354,090

6.25%,

04/01/29

..................

690

710,928

5.25%,

10/01/29

..................

1,366

1,340,296

Medtronic

Global

Holdings

SCA,

4.25%,

03/30/28

......................

434

437,662

Neogen

Food

Safety

Corp.,

8.63%,

07/20/30

(b)

333

368,575

Solventum

Corp.

(b)

5.45%,

02/25/27

..................

829

846,122

5.40%,

03/01/29

..................

1,381

1,420,791

5.45%,

03/13/31

..................

4,551

4,691,558

5.60%,

03/23/34

..................

2,920

3,023,912

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

&

Supplies

(continued)

Sotera

Health

Holdings

LLC,

7.38%,

06/01/31

(b)

USD

216

$

224,318

19,544,786

Health

Care

Providers

&

Services

—

0.4%

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

.

604

590,678

Banner

Health

2.34%,

01/01/30

..................

87

79,367

1.90%,

01/01/31

..................

36

31,215

Centene

Corp.

4.63%,

12/15/29

..................

2,374

2,323,153

3.38%,

02/15/30

..................

385

354,784

3.00%,

10/15/30

..................

25

22,381

2.63%,

08/01/31

..................

1,161

995,526

Clariane

SE

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

9.08%),

13.17%

(a)(c)(k)

GBP

1,600

2,096,338

Community

Health

Systems,

Inc.

(b)

5.63%,

03/15/27

..................

USD

760

747,892

6.00%,

01/15/29

..................

533

517,431

5.25%,

05/15/30

..................

390

358,919

4.75%,

02/15/31

..................

626

550,283

10.88%,

01/15/32

.................

864

952,115

Concentra

Escrow

Issuer

Corp.,

6.88%,

07/15/32

(b)

.....................

250

262,878

CVS

Health

Corp.,

5.25%,

02/21/33

.......

56

57,215

DaVita,

Inc.,

6.88%,

09/01/32

(b)

.........

187

193,181

Elevance

Health,

Inc.

4.10%,

05/15/32

..................

511

498,744

5.38%,

06/15/34

..................

2,820

2,964,407

Encompass

Health

Corp.

4.75%,

02/01/30

..................

367

358,714

4.63%,

04/01/31

..................

147

140,760

Ephios

Subco

3

SARL,

7.88%,

01/31/31

(c)

...

EUR

2,768

3,321,810

HAH

Group

Holding

Co.

LLC,

9.75%,

10/01/31

(b)

USD

141

142,174

HCA,

Inc.

3.50%,

09/01/30

..................

3,582

3,375,589

5.45%,

04/01/31

..................

1,280

1,333,635

5.45%,

09/15/34

..................

678

697,621

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

......

519

501,581

Humana,

Inc.

4.88%,

04/01/30

..................

482

490,523

5.38%,

04/15/31

..................

1,816

1,880,983

5.88%,

03/01/33

..................

404

428,886

LifePoint

Health,

Inc.

(b)

9.88%,

08/15/30

..................

459

505,361

11.00%,

10/15/30

.................

629

709,755

10.00%,

06/01/32

.................

299

328,710

Molina

Healthcare,

Inc.,

4.38%,

06/15/28

(b)

..

397

385,953

Nationwide

Children's

Hospital,

Inc.,

4.56%,

11/01/52

......................

136

132,596

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(b)

..

406

385,746

Star

Parent,

Inc.,

9.00%,

10/01/30

(b)

.......

951

1,020,974

Surgery

Center

Holdings,

Inc.,

7.25%,

04/15/32

(b)

.....................

900

939,396

Sutter

Health

Series

2018,

3.70%,

08/15/28

.........

87

85,065

Series

20A,

2.29%,

08/15/30

..........

291

260,601

5.16%,

08/15/33

..................

152

157,407

Tenet

Healthcare

Corp.

6.13%,

06/15/30

..................

141

143,304

6.75%,

05/15/31

..................

954

994,422

UnitedHealth

Group,

Inc.

5.30%,

02/15/30

..................

2,545

2,683,700

4.95%,

01/15/32

..................

4,513

4,667,604

4.50%,

04/15/33

..................

1,206

1,211,367

5.15%,

07/15/34

..................

2,898

3,024,611

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

US

Acute

Care

Solutions

LLC,

9.75%,

05/15/29

(b)

.....................

USD

279

$

288,977

44,194,332

Health

Care

REITs

—

0.1%

Alexandria

Real

Estate

Equities,

Inc.

3.95%,

01/15/28

..................

609

600,664

4.50%,

07/30/29

..................

1,504

1,501,954

2.75%,

12/15/29

..................

599

549,812

4.90%,

12/15/30

..................

663

676,641

3.38%,

08/15/31

..................

29

27,007

1.88%,

02/01/33

..................

452

363,215

Healthpeak

OP

LLC

3.00%,

01/15/30

..................

194

180,802

5.25%,

12/15/32

..................

773

796,286

MPT

Operating

Partnership

LP

2.50%,

03/24/26

..................

GBP

560

675,975

5.25%,

08/01/26

..................

USD

292

278,029

4.63%,

08/01/29

..................

634

509,947

3.50%,

03/15/31

..................

456

333,009

Ventas

Realty

LP,

5.63%,

07/01/34

.......

2,372

2,496,188

Welltower

OP

LLC

4.00%,

06/01/25

..................

420

417,501

4.25%,

04/01/26

..................

260

259,617

2.75%,

01/15/32

..................

639

566,525

3.85%,

06/15/32

..................

970

923,142

11,156,314

Hotel

&

Resort

REITs

—

0.0%

Host

Hotels

&

Resorts

LP,

5.50%,

04/15/35

..

243

246,523

Park

Intermediate

Holdings

LLC,

7.00%,

02/01/30

(b)

.....................

245

254,673

Pebblebrook

Hotel

LP,

6.38%,

10/15/29

(b)

...

129

129,853

Pebblebrook

Hotel

Trust,

1.75%,

12/15/26

(l)

..

15

13,755

RHP

Hotel

Properties

LP

4.75%,

10/15/27

..................

363

358,571

7.25%,

07/15/28

(b)

.................

307

321,238

4.50%,

02/15/29

(b)

.................

77

74,504

6.50%,

04/01/32

(b)

.................

849

877,379

RLJ

Lodging

Trust

LP,

3.75%,

07/01/26

(b)

...

326

318,793

Service

Properties

Trust

8.63%,

11/15/31

(b)

.................

1,368

1,487,644

8.88%,

06/15/32

..................

494

471,877

4,554,810

Hotels,

Restaurants

&

Leisure

—

0.6%

1011778

BC

ULC

(b)

3.88%,

01/15/28

..................

121

116,272

4.38%,

01/15/28

..................

275

267,167

5.63%,

09/15/29

..................

205

207,962

Acushnet

Co.,

7.38%,

10/15/28

(b)

........

113

119,119

Allwyn

Entertainment

Financing

UK

plc

7.88%,

04/30/29

(b)

.................

385

402,333

7.25%,

04/30/30

(c)

.................

EUR

2,488

2,935,688

Bertrand

Franchise

Finance

SAS

(c)

6.50%,

07/18/30

..................

627

722,722

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.49%,

07/18/30

(a)

...............

1,841

2,063,911

Boyd

Gaming

Corp.,

4.75%,

12/01/27

.....

USD

298

294,628

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

......

403

387,416

Caesars

Entertainment,

Inc.

(b)

7.00%,

02/15/30

..................

984

1,027,981

6.50%,

02/15/32

..................

835

863,736

Carnival

Corp.

5.75%,

03/01/27

(b)

.................

31

31,395

4.00%,

08/01/28

(b)

.................

313

301,319

6.00%,

05/01/29

(b)

.................

554

561,312

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

7.00%,

08/15/29

(b)

.................

USD

849

$

902,063

5.75%,

01/15/30

(c)

.................

EUR

1,569

1,870,187

Carnival

Holdings

Bermuda

Ltd.,

10.38%,

05/01/28

(b)

.....................

USD

2,671

2,882,192

Carnival

plc,

1.00%,

10/28/29

..........

EUR

802

774,966

Cedar

Fair

LP,

6.50%,

10/01/28

.........

USD

366

370,712

Churchill

Downs,

Inc.

(b)

4.75%,

01/15/28

..................

608

596,140

5.75%,

04/01/30

..................

701

701,768

6.75%,

05/01/31

..................

455

469,859

Cirsa

Finance

International

SARL

(c)

7.88%,

07/31/28

..................

EUR

410

484,277

(3-mo.

EURIBOR

+

4.50%),

8.14%,

07/31/28

(a)

....................

865

972,542

6.50%,

03/15/29

..................

447

521,019

Codere

New

Holdco

SA

(d)(e)

7.50%,

11/30/27

(c)

.................

214

2,144

7.50%,

11/30/27

(b)

.................

156

1,258

CPUK

Finance

Ltd.

(c)

3.59%,

08/28/25

..................

GBP

1,585

2,086,641

4.50%,

08/28/27

..................

534

671,095

7.88%,

08/28/29

..................

272

372,424

Deuce

Finco

plc,

5.50%,

06/15/27

(c)

.......

1,000

1,312,049

Elior

Group

SA,

3.75%,

07/15/26

(c)

.......

EUR

1,045

1,151,028

Fertitta

Entertainment

LLC

(b)

4.63%,

01/15/29

..................

USD

222

211,972

6.75%,

01/15/30

..................

311

289,745

Flutter

Treasury

DAC,

6.38%,

04/29/29

(b)

...

200

207,085

Food

Service

Project

SA,

5.50%,

01/21/27

(c)

.

EUR

1,061

1,184,005

Hilton

Domestic

Operating

Co.,

Inc.

3.75%,

05/01/29

(b)

.................

USD

45

42,653

4.88%,

01/15/30

..................

108

106,568

4.00%,

05/01/31

(b)

.................

144

134,648

3.63%,

02/15/32

(b)

.................

53

47,881

6.13%,

04/01/32

(b)

.................

331

340,821

5.88%,

03/15/33

(b)

.................

710

723,456

Inter

Media

&

Communication

SpA,

6.75%,

02/09/27

(c)

.....................

EUR

2,500

2,821,049

International

Game

Technology

plc,

5.25%,

01/15/29

(b)

.....................

USD

2,360

2,350,886

Light

&

Wonder

International,

Inc.

(b)

7.25%,

11/15/29

..................

183

189,336

7.50%,

09/01/31

..................

411

431,090

Lindblad

Expeditions

Holdings,

Inc.,

9.00%,

05/15/28

(b)

.....................

191

199,848

Lindblad

Expeditions

LLC,

6.75%,

02/15/27

(b)

.

413

415,810

Lottomatica

SpA

(c)

5.38%,

06/01/30

..................

EUR

1,500

1,728,979

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.50%,

12/15/30

(a)

...............

1,016

1,139,695

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

6.76%,

06/01/31

(a)

...............

626

702,094

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(b)

USD

337

327,793

Melco

Resorts

Finance

Ltd.

(b)

4.88%,

06/06/25

..................

339

335,504

5.75%,

07/21/28

..................

200

193,250

5.38%,

12/04/29

..................

343

321,991

7.63%,

04/17/32

..................

643

662,049

Merlin

Entertainments

Group

US

Holdings,

Inc.,

7.38%,

02/15/31

(b)

................

466

467,815

Merlin

Entertainments

Ltd.,

5.75%,

06/15/26

(b)

200

197,587

MGM

China

Holdings

Ltd.

(b)

5.25%,

06/18/25

..................

200

198,875

4.75%,

02/01/27

..................

200

194,625

MGM

Resorts

International,

6.13%,

09/15/29

.

496

502,173

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

.....................

USD

406

$

389,424

Motion

Finco

SARL,

7.38%,

06/15/30

(c)

.....

EUR

2,628

2,960,024

NCL

Corp.

Ltd.

(b)

5.88%,

03/15/26

..................

USD

54

54,003

8.38%,

02/01/28

..................

215

225,782

8.13%,

01/15/29

..................

88

94,089

7.75%,

02/15/29

..................

132

141,452

6.25%,

03/01/30

..................

327

326,637

NCL

Finance

Ltd.,

6.13%,

03/15/28

(b)

......

419

427,380

Pinnacle

Bidco

plc

(c)

8.25%,

10/11/28

..................

EUR

376

443,553

10.00%,

10/11/28

.................

GBP

1,379

1,965,796

Premier

Entertainment

Sub

LLC

(b)

5.63%,

09/01/29

..................

USD

270

201,972

5.88%,

09/01/31

..................

342

233,426

Raising

Cane's

Restaurants

LLC,

9.38%,

05/01/29

(b)

.....................

277

299,944

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(b)

..

345

334,877

Royal

Caribbean

Cruises

Ltd.

(b)

4.25%,

07/01/26

..................

94

92,939

5.38%,

07/15/27

..................

200

201,793

5.63%,

09/30/31

..................

1,260

1,276,538

6.25%,

03/15/32

..................

1,629

1,689,825

6.00%,

02/01/33

..................

989

1,013,907

Sabre

GLBL,

Inc.

(b)

8.63%,

06/01/27

..................

428

420,991

11.25%,

12/15/27

.................

47

48,770

Scientific

Games

Holdings

LP,

6.63%,

03/01/30

(b)

.....................

237

235,211

Six

Flags

Entertainment

Corp.

(b)

7.25%,

05/15/31

..................

457

473,324

6.63%,

05/01/32

..................

105

108,738

Station

Casinos

LLC

(b)

4.50%,

02/15/28

..................

360

347,627

4.63%,

12/01/31

..................

148

137,242

6.63%,

03/15/32

..................

242

247,383

Stonegate

Pub

Co.

Financing

2019

plc

(c)

(3-mo.

EURIBOR

+

6.63%),

10.17%,

07/31/29

(a)

....................

EUR

924

1,049,379

10.75%,

07/31/29

.................

GBP

1,502

2,075,872

TUI

AG,

5.88%,

03/15/29

(c)

............

EUR

1,231

1,427,675

TUI

Cruises

GmbH

(c)

6.50%,

05/15/26

..................

1,097

1,238,654

6.25%,

04/15/29

..................

1,261

1,477,319

Vail

Resorts,

Inc.,

6.50%,

05/15/32

(b)

......

USD

402

420,057

Viking

Cruises

Ltd.

(b)

5.88%,

09/15/27

..................

325

324,773

7.00%,

02/15/29

..................

87

88,099

9.13%,

07/15/31

..................

526

575,207

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

.....................

286

285,058

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(b)

.....................

403

388,741

Wynn

Las

Vegas

LLC,

5.25%,

05/15/27

(b)

...

101

101,076

Wynn

Macau

Ltd.

(b)

5.50%,

01/15/26

..................

245

243,239

5.63%,

08/26/28

..................

934

907,194

5.13%,

12/15/29

..................

414

388,643

Wynn

Resorts

Finance

LLC

(b)

5.13%,

10/01/29

..................

578

571,060

7.13%,

02/15/31

..................

699

754,150

6.25%,

03/15/33

..................

199

201,596

70,025,047

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Household

Durables

—

0.1%

Ashton

Woods

USA

LLC

(b)

4.63%,

08/01/29

..................

USD

294

$

282,223

4.63%,

04/01/30

..................

126

120,719

Beazer

Homes

USA,

Inc.,

7.50%,

03/15/31

(b)

.

141

146,307

Brookfield

Residential

Properties,

Inc.

(b)

5.00%,

06/15/29

..................

612

586,545

4.88%,

02/15/30

..................

206

193,927

CD&R

Smokey

Buyer,

Inc.,

9.50%,

10/15/29

(b)

405

405,385

Dream

Finders

Homes,

Inc.,

8.25%,

08/15/28

(b)

164

173,306

Empire

Communities

Corp.,

9.75%,

05/01/29

(b)

86

91,822

K.

Hovnanian

Enterprises,

Inc.,

11.75%,

09/30/29

(b)

.....................

358

398,193

LG

Electronics,

Inc.,

5.63%,

04/24/27

(b)

.....

1,383

1,418,128

LGI

Homes,

Inc.,

8.75%,

12/15/28

(b)

.......

166

177,772

Mattamy

Group

Corp.,

4.63%,

03/01/30

(b)

...

502

480,616

Meritage

Homes

Corp.,

1.75%,

05/15/28

(b)(l)

..

74

84,249

New

Home

Co.,

Inc.

(The),

9.25%,

10/01/29

(b)

245

258,144

STL

Holding

Co.

LLC,

8.75%,

02/15/29

(b)

...

197

209,570

Taylor

Morrison

Communities,

Inc.,

5.13%,

08/01/30

(b)

.....................

61

60,606

Tempur

Sealy

International,

Inc.

(b)

4.00%,

04/15/29

..................

298

277,912

3.88%,

10/15/31

..................

108

96,268

TRI

Pointe

Homes,

Inc.

5.25%,

06/01/27

..................

363

363,338

5.70%,

06/15/28

..................

75

76,357

5,901,387

Household

Products

—

0.0%

Central

Garden

&

Pet

Co.,

4.13%,

10/15/30

..

137

127,362

Kronos

Acquisition

Holdings,

Inc.,

8.25%,

06/30/31

(b)

.....................

65

65,244

Spectrum

Brands,

Inc.

(b)

3.38%,

06/01/29

(l)

.................

207

214,295

3.88%,

03/15/31

..................

75

65,662

472,563

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Andes

SA

(b)

6.30%,

03/15/29

..................

483

500,533

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.84%),

8.15%,

06/10/55

(a)

....................

860

888,758

AES

Corp.

(The)

1.38%,

01/15/26

..................

1,663

1,595,868

3.95%,

07/15/30

(b)

.................

129

123,023

2.45%,

01/15/31

..................

944

817,559

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.20%),

7.60%,

01/15/55

(a)

....................

308

324,029

Calpine

Corp.

(b)

5.13%,

03/15/28

..................

138

136,081

4.63%,

02/01/29

..................

77

74,369

5.00%,

02/01/31

..................

106

102,633

Clearway

Energy

Operating

LLC,

4.75%,

03/15/28

(b)

.....................

431

422,915

Colbun

SA,

3.15%,

01/19/32

(b)

..........

1,340

1,178,781

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple,

7.25%,

01/31/41

(b)

....

1,565

1,625,644

Lightning

Power

LLC,

7.25%,

08/15/32

(b)

....

95

99,896

NextEra

Energy

Partners

LP

(b)(l)

0.00%,

11/15/25

(m)

.................

953

890,102

2.50%,

06/15/26

..................

260

244,389

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

(b)

.

303

330,216

TransAlta

Corp.,

7.75%,

11/15/29

........

260

274,630

Security

Par

(000)

Par

(000)

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Vistra

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

6.93%),

8.00%

(a)(b)(k)

....................

USD

197

$

206,365

9,835,791

Industrial

Conglomerates

—

0.0%

3M

Co.,

2.38%,

08/26/29

.............

3,019

2,776,890

Honeywell

International,

Inc.

4.70%,

02/01/30

..................

129

132,565

4.95%,

09/01/31

..................

127

132,822

3,042,277

Industrial

REITs

—

0.0%

Prologis

LP,

2.25%,

01/15/32

...........

1,288

1,107,503

Insurance

—

0.6%

Acrisure

LLC,

7.50%,

11/06/30

(b)

.........

297

305,641

AEGON

Funding

Co.

LLC,

5.50%,

04/16/27

(b)

.

1,233

1,260,216

Alliant

Holdings

Intermediate

LLC

(b)

4.25%,

10/15/27

..................

1,078

1,031,984

6.75%,

10/15/27

..................

2,054

2,046,298

6.75%,

04/15/28

..................

337

342,457

5.88%,

11/01/29

..................

1,156

1,110,063

7.00%,

01/15/31

..................

903

927,916

7.38%,

10/01/32

..................

980

993,576

AmWINS

Group,

Inc.

(b)

6.38%,

02/15/29

..................

230

235,611

4.88%,

06/30/29

..................

394

377,804

Aon

Corp.

4.50%,

12/15/28

..................

867

872,746

2.80%,

05/15/30

..................

475

437,277

2.60%,

12/02/31

..................

207

182,915

5.00%,

09/12/32

..................

525

538,447

Aon

North

America,

Inc.

5.15%,

03/01/29

..................

2,977

3,075,156

5.30%,

03/01/31

..................

1,272

1,327,036

Ardonagh

Finco

Ltd.

6.88%,

02/15/31

(c)

.................

EUR

2,850

3,216,099

7.75%,

02/15/31

(b)

.................

USD

691

714,303

Ardonagh

Group

Finance

Ltd.,

8.88%,

02/15/32

(b)

.....................

800

826,807

AssuredPartners,

Inc.,

7.50%,

02/15/32

(b)

...

382

392,602

Aviva

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.65%),

6.88%

(a)(c)(k)

...

GBP

3,375

4,509,048

AXA

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.84%),

6.38%

(a)(c)(k)

...............

EUR

1,925

2,239,860

Baldwin

Insurance

Group

Holdings

LLC,

7.13%,

05/15/31

(b)

.....................

USD

86

90,490

BUPA

Finance

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.17%),

4.00%

(a)(c)(k)

....................

GBP

1,100

1,114,131

Galaxy

Bidco

Ltd.,

6.50%,

07/31/26

(c)

......

3,149

4,178,480

Howden

UK

Refinance

plc

(b)

7.25%,

02/15/31

..................

USD

1,867

1,937,321

8.13%,

02/15/32

..................

778

799,761

HUB

International

Ltd.

(b)

7.25%,

06/15/30

..................

3,462

3,606,990

7.38%,

01/31/32

..................

4,167

4,302,823

Jones

Deslauriers

Insurance

Management,

Inc.

(b)

8.50%,

03/15/30

..................

446

477,178

10.50%,

12/15/30

.................

641

697,075

Just

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.27%),

5.00%

(a)(c)(k)

GBP

550

597,141

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Legal

&

General

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.38%),

5.63%

(a)(c)(k)

...............

GBP

2,175

$

2,675,818

Marsh

&

McLennan

Cos.,

Inc.

2.25%,

11/15/30

..................

USD

204

182,528

5.88%,

08/01/33

..................

370

405,882

Met

Tower

Global

Funding,

5.25%,

04/12/29

(b)

2,948

3,080,881

Metropolitan

Life

Global

Funding

I,

4.85%,

01/08/29

(b)

.....................

150

153,772

Panther

Escrow

Issuer

LLC,

7.13%,

06/01/31

(b)

2,961

3,105,820

Phoenix

Group

Holdings

plc,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.19%),

8.50%

(a)(c)(k)

........

5,810

6,076,185

Ryan

Specialty

LLC

(b)

4.38%,

02/01/30

..................

392

377,770

5.88%,

08/01/32

..................

212

215,532

UnipolSai

Assicurazioni

SpA,

4.90%,

05/23/34

(c)

EUR

2,200

2,499,721

USI,

Inc.,

7.50%,

01/15/32

(b)

...........

USD

513

531,442

64,070,603

Interactive

Media

&

Services

—

0.0%

Meta

Platforms,

Inc.

3.85%,

08/15/32

..................

344

334,406

4.75%,

08/15/34

..................

4,440

4,531,888

4,866,294

IT

Services

—

0.1%

Acuris

Finance

US,

Inc.

(b)

5.00%,

05/01/28

..................

563

515,639

9.00%,

08/01/29

..................

200

201,000

Amentum

Escrow

Corp.,

7.25%,

08/01/32

(b)

..

294

306,828

Atos

SE

(c)(d)(e)

0.00%,

11/06/24

(l)(m)

................

EUR

700

50,648

1.75%,

05/07/25

..................

1,800

153,212

2.50%,

11/07/28

..................

800

44,253

1.00%,

11/12/29

..................

900

68,245

CA

Magnum

Holdings,

5.38%,

10/31/26

(b)

...

USD

946

932,652

Cablevision

Lightpath

LLC

(b)

3.88%,

09/15/27

..................

493

469,273

5.63%,

09/15/28

..................

311

292,084

Engineering

-

Ingegneria

Informatica

-

SpA,

11.13%,

05/15/28

(c)

...............

EUR

1,027

1,160,353

Fortress

Intermediate

3,

Inc.,

7.50%,

06/01/31

(b)

USD

642

677,327

Snowflake,

Inc.

(b)(l)(m)

0.00%,

10/01/27

..................

404

418,948

0.00%,

10/01/29

..................

404

415,110

Twilio,

Inc.

3.63%,

03/15/29

..................

160

148,869

3.88%,

03/15/31

..................

285

263,292

United

Group

BV

(c)

3.13%,

02/15/26

..................

EUR

929

1,020,161

4.00%,

11/15/27

..................

1,658

1,801,862

4.63%,

08/15/28

..................

142

155,696

6.75%,

02/15/31

..................

372

429,620

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

7.79%,

02/15/31

(a)

...............

604

670,662

10,195,734

Life

Sciences

Tools

&

Services

—

0.0%

Charles

River

Laboratories

International,

Inc.,

4.00%,

03/15/31

(b)

................

USD

201

185,293

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

(b)

...

310

312,035

Thermo

Fisher

Scientific,

Inc.

2.60%,

10/01/29

..................

173

161,558

4.98%,

08/10/30

..................

195

203,225

5.09%,

08/10/33

..................

125

130,763

992,874

Security

Par

(000)

Par

(000)

Value

Machinery

—

0.2%

ATS

Corp.,

4.13%,

12/15/28

(b)

..........

USD

314

$

295,645

Chart

Industries,

Inc.

(b)

7.50%,

01/01/30

..................

351

369,928

9.50%,

01/01/31

..................

232

252,862

Daimler

Truck

Finance

North

America

LLC,

3.65%,

04/07/27

(b)

................

336

330,982

Dynamo

Newco

II

GmbH,

6.25%,

10/15/31

(c)

.

EUR

989

1,107,786

Esab

Corp.,

6.25%,

04/15/29

(b)

..........

USD

292

299,901

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/15/28

(b)

.....................

272

217,869

Husky

Injection

Molding

Systems

Ltd.,

9.00%,

02/15/29

(b)

.....................

1,035

1,080,034

IMA

Industria

Macchine

Automatiche

SpA

(c)

3.75%,

01/15/28

..................

EUR

118

127,712

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.44%,

04/15/29

(a)

...............

3,178

3,577,742

Ingersoll

Rand,

Inc.

5.70%,

08/14/33

..................

USD

364

389,995

5.45%,

06/15/34

..................

1,729

1,819,395

Manitowoc

Co.,

Inc.

(The),

9.25%,

10/01/31

(b)

.

143

146,575

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(b)

205

195,542

Nova

Alexandre

III

SAS

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.25%),

8.91%,

07/15/29

(a)(c)

..............

EUR

1,871

2,041,050

Otis

Worldwide

Corp.,

2.57%,

02/15/30

....

USD

337

308,775

Terex

Corp.

(b)

5.00%,

05/15/29

..................

241

235,229

6.25%,

10/15/32

..................

242

242,000

TK

Elevator

Holdco

GmbH

6.63%,

07/15/28

(c)

.................

EUR

1,820

2,020,646

7.63%,

07/15/28

(b)

.................

USD

977

983,233

TK

Elevator

Midco

GmbH

4.38%,

07/15/27

(c)

.................

EUR

1,341

1,480,285

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(b)

USD

1,544

1,527,335

Wabash

National

Corp.,

4.50%,

10/15/28

(b)

..

513

469,967

19,520,488

Marine

Transportation

—

0.0%

Danaos

Corp.,

8.50%,

03/01/28

(b)

........

1,991

2,049,402

Media

—

0.4%

Cable

One,

Inc.

0.00%,

03/15/26

(l)(m)

................

219

200,385

4.00%,

11/15/30

(b)

.................

553

440,810

Charter

Communications

Operating

LLC

6.10%,

06/01/29

..................

289

299,132

2.80%,

04/01/31

..................

154

131,786

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

5.13%,

08/15/27

..................

439

431,584

7.75%,

04/15/28

..................

208

186,120

9.00%,

09/15/28

..................

652

693,153

7.50%,

06/01/29

..................

1,007

867,288

7.88%,

04/01/30

..................

1,099

1,149,220

CMG

Media

Corp.,

8.88%,

12/15/27

(b)

.....

404

236,340

Comcast

Corp.

4.15%,

10/15/28

..................

426

426,664

2.65%,

02/01/30

..................

562

520,071

3.40%,

04/01/30

..................

302

289,728

4.25%,

10/15/30

..................

132

131,775

1.95%,

01/15/31

..................

685

594,741

1.50%,

02/15/31

..................

223

188,155

Cox

Communications,

Inc.,

5.45%,

09/01/34

(b)

2,568

2,600,473

CSC

Holdings

LLC

(b)

5.50%,

04/15/27

..................

415

364,973

5.38%,

02/01/28

..................

600

505,420

11.25%,

05/15/28

.................

1,002

967,248

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

(continued)

11.75%,

01/31/29

.................

USD

694

$

670,814

3.38%,

02/15/31

..................

200

141,810

DirecTV

Financing

LLC,

5.88%,

08/15/27

(b)

..

722

708,883

DISH

DBS

Corp.

(b)

5.25%,

12/01/26

..................

760

702,334

5.75%,

12/01/28

..................

513

448,219

DISH

Network

Corp.,

11.75%,

11/15/27

(b)

...

1,343

1,409,519

GCI

LLC,

4.75%,

10/15/28

(b)

...........

320

307,295

Gray

Television,

Inc.,

10.50%,

07/15/29

(b)

...

624

651,745

Grupo

Televisa

SAB,

8.50%,

03/11/32

.....

30

34,725

Interpublic

Group

of

Cos.,

Inc.

(The)

4.75%,

03/30/30

..................

367

372,748

2.40%,

03/01/31

..................

543

475,079

Lamar

Media

Corp.,

4.00%,

02/15/30

......

118

111,160

LCPR

Senior

Secured

Financing

DAC,

6.75%,

10/15/27

(b)

.....................

670

613,069

Midcontinent

Communications,

8.00%,

08/15/32

(b)

.....................

390

396,949

Neptune

Bidco

US,

Inc.,

9.29%,

04/15/29

(b)

..

890

871,799

Outfront

Media

Capital

LLC

(b)

5.00%,

08/15/27

..................

321

319,169

4.25%,

01/15/29

..................

241

229,468

4.63%,

03/15/30

..................

163

154,881

7.38%,

02/15/31

..................

353

376,824

Paramount

Global

4.95%,

01/15/31

..................

244

230,150

4.20%,

05/19/32

..................

447

396,384

Radiate

Holdco

LLC,

4.50%,

09/15/26

(b)

....

371

316,510

SES

SA

(a)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.19%),

2.88%

(k)

......................

EUR

2,315

2,444,995

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.59%),

6.00%,

09/12/54

................

2,100

2,198,721

Sirius

XM

Radio,

Inc.

(b)

3.13%,

09/01/26

..................

USD

740

714,958

5.00%,

08/01/27

..................

26

25,578

4.00%,

07/15/28

..................

191

180,198

Stagwell

Global

LLC,

5.63%,

08/15/29

(b)

....

608

587,826

Summer

BC

Holdco

B

SARL,

5.75%,

10/31/26

(c)

EUR

1,519

1,690,875

Summer

BidCo

BV

10.00%,

02/15/29

(c)

................

933

1,028,406

Sunrise

FinCo.

I

BV,

4.88%,

07/15/31

(b)

....

USD

370

350,086

Tele

Columbus

AG,

10.00%,

(10.00%

Cash

or

10.00%

PIK),

01/01/29

(a)(c)(j)

..........

EUR

4,460

3,892,773

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

................

USD

2,600

2,542,113

Univision

Communications,

Inc.

(b)

6.63%,

06/01/27

..................

612

612,749

8.00%,

08/15/28

..................

510

521,457

8.50%,

07/31/31

..................

431

431,963

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%,

07/15/28

(c)

................

GBP

2,142

2,645,672

VZ

Secured

Financing

BV,

3.50%,

01/15/32

(c)

.

EUR

1,508

1,547,244

Ziggo

Bond

Co.

BV,

5.13%,

02/28/30

(b)

.....

USD

200

184,358

Ziggo

BV

2.88%,

01/15/30

(c)

.................

EUR

1,933

1,988,210

4.88%,

01/15/30

(b)

.................

USD

200

190,043

44,942,825

Metals

&

Mining

—

0.3%

AngloGold

Ashanti

Holdings

plc,

3.75%,

10/01/30

......................

840

779,629

Antofagasta

plc,

2.38%,

10/14/30

(b)

.......

674

583,644

Arsenal

AIC

Parent

LLC

(b)

8.00%,

10/01/30

..................

240

257,540

11.50%,

10/01/31

.................

1,080

1,220,636

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

ATI,

Inc.

4.88%,

10/01/29

..................

USD

296

$

286,091

7.25%,

08/15/30

..................

188

200,189

5.13%,

10/01/31

..................

360

349,710

Big

River

Steel

LLC,

6.63%,

01/31/29

(b)

....

1,156

1,171,153

Carpenter

Technology

Corp.,

7.63%,

03/15/30

459

480,606

Constellium

SE

5.63%,

06/15/28

(b)

.................

250

249,463

3.75%,

04/15/29

(b)

.................

793

740,551

5.38%,

08/15/32

(c)

.................

EUR

1,779

2,037,722

6.38%,

08/15/32

(b)

.................

USD

338

346,898

CSN

Resources

SA,

8.88%,

12/05/30

(b)

....

1,069

1,080,011

ERO

Copper

Corp.,

6.50%,

02/15/30

(b)

.....

341

339,060

First

Quantum

Minerals

Ltd.,

9.38%,

03/01/29

(b)

653

692,180

Freeport

Indonesia

PT,

4.76%,

04/14/27

(c)

...

642

645,210

Freeport-McMoRan,

Inc.,

5.40%,

11/14/34

...

191

198,088

Fresnillo

plc,

4.25%,

10/02/50

(b)

.........

616

470,932

Glencore

Funding

LLC

(b)

5.70%,

05/08/33

..................

86

90,390

6.50%,

10/06/33

..................

2,452

2,705,009

5.63%,

04/04/34

..................

1,376

1,436,017

Kaiser

Aluminum

Corp.

(b)

4.63%,

03/01/28

..................

76

73,503

4.50%,

06/01/31

..................

1,060

969,806

Mineral

Resources

Ltd.,

9.25%,

10/01/28

(b)

..

62

66,017

New

Gold,

Inc.,

7.50%,

07/15/27

(b)

.......

591

602,678

Newmont

Corp.,

2.25%,

10/01/30

........

288

258,004

Novelis

Corp.

(b)

3.25%,

11/15/26

..................

687

662,937

4.75%,

01/30/30

..................

712

690,288

3.88%,

08/15/31

..................

728

665,510

POSCO,

5.75%,

01/17/28

(b)

............

309

319,929

Samarco

Mineracao

SA,

9.00%,

(9.00%

Cash

or

9.00%

PIK),

06/30/31

(c)(j)

..........

767

714,400

Steel

Dynamics,

Inc.,

5.38%,

08/15/34

.....

1,870

1,929,974

Stillwater

Mining

Co.,

4.00%,

11/16/26

(c)

....

621

593,055

Vale

Overseas

Ltd.

3.75%,

07/08/30

..................

1,663

1,581,513

6.13%,

06/12/33

..................

876

924,180

6.40%,

06/28/54

..................

575

603,865

Volcan

Cia

Minera

SAA,

8.75%,

01/24/30

(b)

..

321

276,818

27,293,206

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

(b)

Ladder

Capital

Finance

Holdings

LLLP

4.25%,

02/01/27

..................

140

136,559

4.75%,

06/15/29

..................

252

246,122

7.00%,

07/15/31

..................

248

262,937

Starwood

Property

Trust,

Inc.

4.38%,

01/15/27

..................

155

151,045

7.25%,

04/01/29

..................

368

385,871

6.00%,

04/15/30

..................

94

94,038

1,276,572

Multi-Utilities

—

0.2%

A2A

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.26%),

5.00%

(a)(c)(k)

...............

EUR

1,975

2,242,331

Algonquin

Power

&

Utilities

Corp.,

5.37%,

06/15/26

(f)

.....................

USD

1,857

1,879,443

Berkshire

Hathaway

Energy

Co.

3.70%,

07/15/30

..................

237

231,814

1.65%,

05/15/31

..................

668

564,945

CenterPoint

Energy,

Inc.

(a)

Series

B,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.95%),

6.85%,

02/15/55

................

266

274,289

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Multi-Utilities

(continued)

Series

A,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.25%),

7.00%,

02/15/55

................

USD

134

$

139,191

Centrica

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.51%),

6.50%,

05/21/55

(a)(c)

....................

GBP

1,377

1,887,465

Consumers

Energy

Co.

3.80%,

11/15/28

..................

USD

854

842,949

4.90%,

02/15/29

..................

791

815,921

4.60%,

05/30/29

..................

1,175

1,198,762

Dominion

Energy,

Inc.

Series

C,

2.25%,

08/15/31

...........

71

61,419

5.38%,

11/15/32

..................

128

133,950

Series

B,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.51%),

7.00%,

06/01/54

(a)

...............

515

562,291

NiSource,

Inc.

5.25%,

03/30/28

..................

444

457,356

5.40%,

06/30/33

..................

487

506,753

5.35%,

04/01/34

..................

284

294,851

San

Diego

Gas

&

Electric

Co.,

4.95%,

08/15/28

2,267

2,329,432

Sempra

5.40%,

08/01/26

..................

1,818

1,851,875

3.25%,

06/15/27

..................

121

117,954

3.40%,

02/01/28

..................

316

306,423

3.70%,

04/01/29

..................

1,237

1,199,570

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.79%),

6.88%,

10/01/54

(a)

....................

914

947,406

WEC

Energy

Group,

Inc.,

5.60%,

09/12/26

..

272

278,878

19,125,268

Oil,

Gas

&

Consumable

Fuels

—

0.9%

Adnoc

Murban

Rsc

Ltd.,

5.13%,

09/11/54

(b)

..

831

816,873

Aethon

United

BR

LP

(b)

8.25%,

02/15/26

..................

528

534,239

7.50%,

10/01/29

..................

411

416,445

Antero

Midstream

Partners

LP,

6.63%,

02/01/32

(b)

.....................

297

307,391

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%,

11/01/27

..................

227

271,367

8.25%,

12/31/28

..................

260

266,363

5.88%,

06/30/29

..................

435

429,736

Baytex

Energy

Corp.,

8.50%,

04/30/30

(b)

....

192

198,992

Blue

Racer

Midstream

LLC

(b)

7.00%,

07/15/29

..................

246

255,738

7.25%,

07/15/32

..................

198

207,781

BP

Capital

Markets

America,

Inc.,

3.59%,

04/14/27

......................

417

412,301

Buckeye

Partners

LP

6.88%,

07/01/29

(b)

.................

107

109,629

5.85%,

11/15/43

..................

249

222,625

5.60%,

10/15/44

..................

194

166,031

Cheniere

Corpus

Christi

Holdings

LLC

5.13%,

06/30/27

..................

992

1,008,440

3.70%,

11/15/29

..................

547

525,890

Cheniere

Energy

Partners

LP

4.00%,

03/01/31

..................

1,712

1,620,217

5.95%,

06/30/33

..................

938

992,541

5.75%,

08/15/34

(b)

.................

561

584,422

Cheniere

Energy,

Inc.,

5.65%,

04/15/34

(b)

...

1,488

1,539,500

CITGO

Petroleum

Corp.

(b)

7.00%,

06/15/25

..................

663

662,580

8.38%,

01/15/29

..................

472

491,140

Civitas

Resources,

Inc.

(b)

8.38%,

07/01/28

..................

471

489,590

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

8.63%,

11/01/30

..................

USD

578

$

612,378

8.75%,

07/01/31

..................

525

555,732

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

425

397,401

Comstock

Resources,

Inc.

(b)

6.75%,

03/01/29

..................

818

798,151

5.88%,

01/15/30

..................

259

242,188

ConocoPhillips

Co.,

6.95%,

04/15/29

......

838

931,900

Cosan

Luxembourg

SA,

7.25%,

06/27/31

(b)

..

794

830,107

Coterra

Energy,

Inc.

3.90%,

05/15/27

..................

45

44,332

4.38%,

03/15/29

..................

227

224,130

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

.......

923

905,302

Crescent

Energy

Finance

LLC

(b)

7.63%,

04/01/32

..................

365

365,115

7.38%,

01/15/33

..................

670

659,430

DCP

Midstream

Operating

LP

8.13%,

08/16/30

..................

635

746,447

3.25%,

02/15/32

..................

3,474

3,078,726

Devon

Energy

Corp.

5.25%,

10/15/27

..................

88

88,408

4.50%,

01/15/30

..................

356

352,846

Diamondback

Energy,

Inc.

3.50%,

12/01/29

..................

400

380,443

3.13%,

03/24/31

..................

1,292

1,177,874

5.40%,

04/18/34

..................

5,410

5,522,791

DT

Midstream,

Inc.

(b)

4.13%,

06/15/29

..................

584

558,620

4.38%,

06/15/31

..................

146

138,204

EIG

Pearl

Holdings

SARL

(b)

3.55%,

08/31/36

..................

1,873

1,663,205

4.39%,

11/30/46

..................

1,166

953,205

Enbridge,

Inc.

5.90%,

11/15/26

..................

748

772,435

5.70%,

03/08/33

..................

998

1,051,841

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.97%),

7.20%,

06/27/54

(a)

....................

174

182,422

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.12%),

7.38%,

03/15/55

(a)

....................

273

283,141

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.43%),

8.50%,

01/15/84

(a)

....................

385

430,622

Encino

Acquisition

Partners

Holdings

LLC,

8.75%,

05/01/31

(b)

................

251

263,986

Energy

Transfer

LP

6.05%,

12/01/26

..................

3,812

3,945,660

Series

B,

(3-mo.

LIBOR

USD

+

4.16%),

6.63%

(a)(k)

.....................

179

176,434

6.10%,

12/01/28

..................

1,998

2,125,001

3.75%,

05/15/30

..................

335

320,017

6.40%,

12/01/30

..................

1,053

1,147,134

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.02%),

8.00%,

05/15/54

(a)

....................

580

624,062

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.83%),

7.13%,

10/01/54

(a)

....................

332

339,524

Enterprise

Products

Operating

LLC

3.13%,

07/31/29

..................

199

190,019

4.95%,

02/15/35

..................

1,189

1,207,458

EQM

Midstream

Partners

LP

(b)

4.50%,

01/15/29

..................

53

51,848

6.38%,

04/01/29

..................

239

246,772

7.50%,

06/01/30

..................

205

225,138

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

EQT

Corp.

3.13%,

05/15/26

(b)

.................

USD

37

$

36,025

5.00%,

01/15/29

..................

165

166,903

7.00%,

02/01/30

(f)

.................

117

127,742

5.75%,

02/01/34

..................

610

626,835

Exxon

Mobil

Corp.

3.48%,

03/19/30

..................

321

311,834

2.61%,

10/15/30

..................

351

323,541

Galaxy

Pipeline

Assets

Bidco

Ltd.,

2.94%,

09/30/40

(c)

.....................

625

526,050

Genesis

Energy

LP

7.75%,

02/01/28

..................

239

241,997

8.25%,

01/15/29

..................

285

295,106

8.88%,

04/15/30

..................

210

220,758

7.88%,

05/15/32

..................

423

430,676

GNL

Quintero

SA,

4.63%,

07/31/29

(c)

......

471

467,778

Gulfport

Energy

Corp.,

6.75%,

09/01/29

(b)

...

197

199,304

Harbour

Energy

plc,

5.50%,

10/15/26

(b)

.....

202

201,127

Harvest

Midstream

I

LP,

7.50%,

05/15/32

(b)

..

241

253,494

Hess

Corp.,

4.30%,

04/01/27

...........

4,620

4,618,900

Hess

Midstream

Operations

LP,

6.50%,

06/01/29

(b)

.....................

282

291,883

Hilcorp

Energy

I

LP

(b)

6.25%,

11/01/28

..................

143

142,714

5.75%,

02/01/29

..................

384

373,572

8.38%,

11/01/33

..................

418

450,645

6.88%,

05/15/34

..................

372

370,618

Howard

Midstream

Energy

Partners

LLC

(b)

8.88%,

07/15/28

..................

352

373,332

7.38%,

07/15/32

..................

255

264,104

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

......

612

579,780

KazMunayGas

National

Co.

JSC,

3.50%,

04/14/33

(b)

.....................

466

405,420

Kinder

Morgan,

Inc.,

5.10%,

08/01/29

.....

449

460,692

Kinetik

Holdings

LP

(b)

6.63%,

12/15/28

..................

116

120,391

5.88%,

06/15/30

..................

62

62,422

Marathon

Oil

Corp.

4.40%,

07/15/27

..................

175

175,212

5.30%,

04/01/29

..................

336

348,406

Matador

Resources

Co.

(b)

6.88%,

04/15/28

..................

359

365,136

6.50%,

04/15/32

..................

597

596,147

Medco

Maple

Tree

Pte.

Ltd.,

8.96%,

04/27/29

(b)

388

410,108

Moss

Creek

Resources

Holdings,

Inc.,

8.25%,

09/01/31

(b)

.....................

186

183,663

MPLX

LP,

1.75%,

03/01/26

............

314

302,388

Murphy

Oil

Corp.,

5.88%,

12/01/42

(f)

......

58

52,760

NGL

Energy

Operating

LLC

(b)

8.13%,

02/15/29

..................

488

500,369

8.38%,

02/15/32

..................

1,034

1,065,594

Northern

Oil

&

Gas,

Inc.

(b)

8.13%,

03/01/28

..................

326

328,365

3.63%,

04/15/29

(l)

.................

251

286,517

8.75%,

06/15/31

..................

525

547,057

Northriver

Midstream

Finance

LP,

6.75%,

07/15/32

(b)

.....................

190

196,102

Occidental

Petroleum

Corp.,

6.63%,

09/01/30

558

601,999

Ovintiv,

Inc.

5.38%,

01/01/26

..................

2,231

2,245,889

5.65%,

05/15/28

..................

1,114

1,149,181

Parkland

Corp.,

6.63%,

08/15/32

(b)

.......

261

264,962

PBF

Holding

Co.

LLC,

7.88%,

09/15/30

(b)

...

367

378,050

Permian

Resources

Operating

LLC

(b)

8.00%,

04/15/27

..................

581

598,203

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

9.88%,

07/15/31

..................

USD

275

$

306,897

7.00%,

01/15/32

..................

293

304,817

6.25%,

02/01/33

..................

517

525,342

Pioneer

Natural

Resources

Co.,

1.90%,

08/15/30

......................

1,755

1,538,658

Pluspetrol

Camisea

SA,

6.24%,

07/03/36

(b)

..

605

646,025

Prairie

Acquiror

LP,

9.00%,

08/01/29

(b)

.....

300

309,745

Raizen

Fuels

Finance

SA

(b)

6.45%,

03/05/34

..................

839

882,124

6.95%,

03/05/54

..................

341

364,086

Rockies

Express

Pipeline

LLC,

4.95%,

07/15/29

(b)

.....................

162

154,934

Sabine

Pass

Liquefaction

LLC

5.88%,

06/30/26

..................

150

152,450

4.50%,

05/15/30

..................

462

460,775

Sitio

Royalties

Operating

Partnership

LP,

7.88%,

11/01/28

(b)

................

441

461,332

SM

Energy

Co.

6.50%,

07/15/28

..................

298

297,673

7.00%,

08/01/32

(b)

.................

138

138,533

South

Bow

Canadian

Infrastructure

Holdings

Ltd.

(a)(b)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.67%),

7.50%,

03/01/55

.....................

320

336,197

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.95%),

7.63%,

03/01/55

.....................

129

133,689

South

Bow

USA

Infrastructure

Holdings

LLC,

5.03%,

10/01/29

(b)

................

430

431,123

Southwestern

Energy

Co.,

5.38%,

02/01/29

..

421

419,581

Summit

Midstream

Holdings

LLC,

8.63%,

10/31/29

(b)

.....................

148

154,804

Tallgrass

Energy

Partners

LP

(b)

5.50%,

01/15/28

..................

283

273,994

7.38%,

02/15/29

..................

195

197,199

6.00%,

12/31/30

..................

195

185,251

6.00%,

09/01/31

..................

136

128,802

Talos

Production,

Inc.

(b)

9.00%,

02/01/29

..................

116

119,441

9.38%,

02/01/31

..................

281

288,899

Targa

Resources

Corp.,

6.13%,

03/15/33

...

753

808,075

TGNR

Intermediate

Holdings

LLC,

5.50%,

10/15/29

(b)

.....................

631

599,525

Tosco

Corp.,

8.13%,

02/15/30

..........

219

260,024

Var

Energi

ASA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.77%),

7.86%,

11/15/83

(a)(c)

.....

EUR

2,910

3,555,095

Venture

Global

Calcasieu

Pass

LLC

(b)

3.88%,

08/15/29

..................

USD

350

330,761

3.88%,

11/01/33

..................

178

159,642

Venture

Global

LNG,

Inc.

(b)

9.50%,

02/01/29

..................

2,485

2,799,364

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.44%),

9.00%

(a)

(k)

..........................

4,052

4,107,224

8.38%,

06/01/31

..................

1,264

1,334,691

9.88%,

02/01/32

..................

1,607

1,785,685

Vermilion

Energy,

Inc.,

6.88%,

05/01/30

(b)

...

212

211,912

Viper

Energy,

Inc.,

7.38%,

11/01/31

(b)

......

2,281

2,405,711

Vital

Energy,

Inc.

9.75%,

10/15/30

..................

334

356,889

7.88%,

04/15/32

(b)

.................

750

726,533

Western

Midstream

Operating

LP

3.95%,

06/01/25

..................

1,264

1,253,956

6.35%,

01/15/29

..................

279

296,626

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Wildfire

Intermediate

Holdings

LLC,

7.50%,

10/15/29

(b)

.....................

USD

210

$

206,651

Williams

Cos.,

Inc.

(The)

3.75%,

06/15/27

..................

266

262,081

5.30%,

08/15/28

..................

1,440

1,486,622

103,039,469

Paper

&

Forest

Products

—

0.1%

Ahlstrom

Holding

3

Oy

3.63%,

02/04/28

(c)

.................

EUR

1,100

1,172,205

4.88%,

02/04/28

(b)

.................

USD

2,673

2,516,255

LD

Celulose

International

GmbH,

7.95%,

01/26/32

(b)

.....................

1,205

1,233,920

Suzano

Austria

GmbH

2.50%,

09/15/28

..................

103

93,896

Series

DM3N,

3.13%,

01/15/32

........

879

763,851

WEPA

Hygieneprodukte

GmbH,

5.63%,

01/15/31

(c)

.....................

EUR

742

846,916

6,627,043

Passenger

Airlines

—

0.0%

Air

Canada,

3.88%,

08/15/26

(b)

..........

USD

396

385,619

American

Airlines,

Inc.,

8.50%,

05/15/29

(b)

...

478

507,165

Azul

Secured

Finance

LLP,

11.93%,

08/28/28

(b)

571

552,442

United

Airlines

Pass-Through

Trust

Series

2020-1,Class

A,

5.88%,

10/15/27

..

—

(n)

1

Series

2024-1,Class

A,

5.88%,

02/15/37

..

1,916

1,973,900

United

Airlines,

Inc.,

4.63%,

04/15/29

(b)

.....

654

631,803

4,050,930

Personal

Care

Products

—

0.0%

Coty,

Inc.,

6.63%,

07/15/30

(b)

...........

247

256,642

Perrigo

Finance

Unlimited

Co.,

Series

USD,

6.13%,

09/30/32

.................

340

342,625

599,267

Pharmaceuticals

—

0.6%

1375209

BC

Ltd.,

9.00%,

01/30/28

(b)

......

448

444,019

Astrazeneca

Finance

LLC

4.90%,

02/26/31

..................

37

38,498

4.88%,

03/03/33

..................

152

157,992

Bausch

Health

Cos.,

Inc.

(b)

6.13%,

02/01/27

..................

350

316,109

5.75%,

08/15/27

..................

47

39,933

11.00%,

09/30/28

.................

948

884,010

Bayer

AG

(a)(c)

(5-Year

EUR

Swap

Annual

+

3.75%),

4.50%,

03/25/82

.....................

EUR

2,200

2,420,082

Series

NC5,

(5-Year

EUR

Swap

Annual

+

3.43%),

6.63%,

09/25/83

..........

3,100

3,594,869

(5-Year

EUR

Swap

Annual

+

3.90%),

7.00%,

09/25/83

.....................

2,000

2,376,701

Bayer

Corp.,

6.65%,

02/15/28

(b)

.........

USD

826

869,814

Bayer

US

Finance

II

LLC

(b)

4.25%,

12/15/25

..................

3,806

3,778,478

4.38%,

12/15/28

..................

1,522

1,502,092

Bayer

US

Finance

LLC,

6.13%,

11/21/26

(b)

..

6,478

6,680,964

Catalent

Pharma

Solutions,

Inc.

(b)

5.00%,

07/15/27

..................

320

318,416

3.13%,

02/15/29

..................

395

388,009

3.50%,

04/01/30

..................

211

207,551

Cheplapharm

Arzneimittel

GmbH

(c)

4.38%,

01/15/28

..................

EUR

1,630

1,776,041

7.50%,

05/15/30

..................

1,751

2,052,069

Eli

Lilly

&

Co.,

4.60%,

08/14/34

.........

USD

2,466

2,504,683

Endo

Finance

Holdings,

Inc.,

8.50%,

04/15/31

(b)

435

466,117

Gruenenthal

GmbH

(c)

4.13%,

05/15/28

..................

EUR

1,636

1,821,806

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

6.75%,

05/15/30

..................

EUR

1,612

$

1,924,075

Jazz

Securities

DAC,

4.38%,

01/15/29

(b)

....

USD

361

349,129

Nidda

Healthcare

Holding

GmbH,

7.00%,

02/21/30

(c)

.....................

EUR

3,308

3,838,798

Organon

&

Co.

2.88%,

04/30/28

(c)

.................

2,362

2,522,512

4.13%,

04/30/28

(b)

.................

USD

340

326,940

7.88%,

05/15/34

(b)

.................

231

244,733

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.65%,

05/19/30

..................

2,260

2,315,836

4.75%,

05/19/33

..................

2,533

2,581,882

Rossini

SARL

(c)

6.75%,

12/31/29

..................

EUR

1,865

2,182,940

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

7.22%,

12/31/29

(a)

...............

2,711

3,043,476

Takeda

Pharmaceutical

Co.

Ltd.

5.00%,

11/26/28

..................

USD

919

942,204

5.30%,

07/05/34

..................

2,578

2,690,466

Teva

Pharmaceutical

Finance

Netherlands

II

BV

7.38%,

09/15/29

..................

EUR

1,101

1,375,711

4.38%,

05/09/30

..................

2,085

2,307,549

7.88%,

09/15/31

..................

1,452

1,913,288

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.15%,

10/01/26

..................

USD

564

540,910

4.75%,

05/09/27

..................

284

279,562

7.88%,

09/15/29

..................

293

323,399

8.13%,

09/15/31

..................

314

360,217

62,701,880

Professional

Services

—

0.1%

CoreLogic,

Inc.,

4.50%,

05/01/28

(b)

.......

1,051

991,931

Dun

&

Bradstreet

Corp.

(The),

5.00%,

12/15/29

(b)

.....................

687

684,087

Equifax,

Inc.,

4.80%,

09/15/29

..........

2,990

3,023,844

KBR,

Inc.,

4.75%,

09/30/28

(b)

...........

49

46,850

La

Financiere

Atalian,

8.50%,

(8.50%

Cash

or

5.00%

PIK),

06/30/28

(c)(j)

............

EUR

1,334

715,508

Science

Applications

International

Corp.,

4.88%,

04/01/28

(b)

.....................

USD

474

464,155

Verisk

Analytics,

Inc.,

5.25%,

06/05/34

.....

834

861,430

6,787,805

Real

Estate

Management

&

Development

—

0.2%

Adler

Financing

SARL

(j)

Series

1L,

12.50%,

(12.50%

Cash

or

12.50%

PIK),

12/31/28

.................

EUR

2,265

2,613,277

Series

1.5L,

14.00%,

(14.00%

Cash

or

14.00%

PIK),

12/31/29

(c)

...........

1,423

1,644,085

ADLER

Real

Estate

GmbH,

3.00%,

04/27/26

(c)

1,100

1,166,009

Anywhere

Real

Estate

Group

LLC

Series

AI,

7.00%,

04/15/30

...........

USD

423

392,947

7.00%,

04/15/30

(b)

.................

187

173,731

Aroundtown

Finance

SARL

(a)(c)(k)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.49%),

8.63%

....

GBP

329

413,456

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.51%),

7.13%

.......................

EUR

4,056

4,198,891

Aroundtown

SA

(c)

0.00%,

07/16/26

..................

400

416,640

0.38%,

04/15/27

..................

700

712,616

Balder

Finland

OYJ,

1.00%,

01/20/29

(c)

.....

1,660

1,639,355

BRANICKS

Group

AG,

2.25%,

09/22/26

(c)

...

900

554,427

Citycon

OYJ,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.18%),

3.63%

(a)(c)(k)

..............

1,597

1,463,172

Citycon

Treasury

BV,

Series

EURO,

2.38%,

01/15/27

(c)

.....................

483

518,683

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

Cushman

&

Wakefield

US

Borrower

LLC

(b)

6.75%,

05/15/28

..................

USD

314

$

316,848

8.88%,

09/01/31

..................

296

323,168

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

1.88%,

10/15/24

(c)

................

EUR

1,600

1,505,139

Fantasia

Holdings

Group

Co.

Ltd.

(c)(d)(e)

15.00%,

12/18/21

.................

USD

1,735

26,025

12.25%,

10/18/22

.................

3,269

49,035

11.88%,

06/01/24

.................

1,500

20,625

7.95%,

07/05/24

..................

1,650

24,750

9.25%,

07/28/24

..................

3,540

53,100

9.88%,

10/19/24

..................

2,640

36,300

10.88%,

01/09/25

.................

1,345

20,175

11.75%,

04/17/25

.................

2,039

30,585

Fastighets

AB

Balder,

1.13%,

01/29/27

(c)

....

EUR

444

467,841

Heimstaden

Bostad

AB

(c)

(5-Year

EUR

Swap

Annual

+

3.91%),

3.38%

(a)(k)

.....................

1,124

1,119,807

1.13%,

01/21/26

..................

220

234,093

(5-Year

EUR

Swap

Annual

+

3.15%),

2.63%

(a)(k)

.....................

1,725

1,644,803

Heimstaden

Bostad

Treasury

BV

(c)

0.63%,

07/24/25

..................

216

233,326

1.38%,

03/03/27

..................

203

209,069

1.00%,

04/13/28

..................

422

413,990

Howard

Hughes

Corp.

(The)

(b)

4.13%,

02/01/29

..................

USD

149

138,966

4.38%,

02/01/31

..................

104

95,331

MAF

Global

Securities

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.54%),

6.38%

(a)(c)(k)

........

544

546,296

Modernland

Overseas

Pte.

Ltd.

(c)

5.00%,

(5.00%

Cash

or

3.00%

PIK),

04/30/27

(d)(e)(j)

..................

1,250

393,444

Series

2,

5.00%,

04/30/27

............

106

9,241

Sunac

China

Holdings

Ltd.

(c)(j)

5.00%,

(5.00%

Cash

or

6.00%

PIK),

09/30/25

.....................

135

16,564

6.25%,

(6.25%

Cash

or

6.25%

PIK),

09/30/26

(d)(e)

...................

136

14,738

5.50%,

(5.50%

Cash

or

6.50%

PIK),

09/30/27

.....................

272

25,803

5.75%,

(5.75%

Cash

or

6.75%

PIK),

09/30/28

.....................

409

35,727

6.00%,

(6.00%

Cash

or

7.00%

PIK),

09/30/29

.....................

410

31,707

6.25%,

(6.25%

Cash

or

7.25%

PIK),

09/30/30

.....................

193

13,480

1.00%,

(1.00%

Cash

or

2.00%

PIK),

09/30/32

(l)

.....................

159

15,399

23,972,664

Residential

REITs

—

0.0%

American

Homes

4

Rent

LP

5.50%,

02/01/34

..................

320

330,429

5.50%,

07/15/34

..................

775

801,474

AvalonBay

Communities,

Inc.,

5.00%,

02/15/33

493

504,124

Camden

Property

Trust,

2.80%,

05/15/30

...

1,015

939,117

Invitation

Homes

Operating

Partnership

LP

5.50%,

08/15/33

..................

204

210,030

2.70%,

01/15/34

..................

156

130,496

4.88%,

02/01/35

..................

705

695,942

UDR,

Inc.,

4.40%,

01/26/29

............

190

189,258

3,800,870

Security

Par

(000)

Par

(000)

Value

Retail

REITs

—

0.0%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(b)

.....................

USD

355

$

345,489

Realty

Income

Corp.

4.70%,

12/15/28

..................

1,463

1,484,469

5.13%,

02/15/34

..................

364

372,156

Regency

Centers

LP

5.25%,

01/15/34

..................

494

509,932

5.10%,

01/15/35

..................

1,330

1,353,567

4,065,613

Semiconductors

&

Semiconductor

Equipment

—

0.2%

ams-OSRAM

AG

(c)

2.13%,

11/03/27

(l)

.................

EUR

400

355,095

10.50%,

03/30/29

.................

1,532

1,764,623

Analog

Devices,

Inc.,

2.10%,

10/01/31

.....

USD

117

101,884

AP

Grange

Holdings

LLC,

(Acquired

06/21/24,

cost

$727,000),

6.50%,

03/20/45

(g)(h)

.....

727

732,453

Broadcom

Corp.,

3.50%,

01/15/28

.......

576

562,814

Broadcom,

Inc.

5.05%,

07/12/27

..................

315

321,944

4.15%,

02/15/28

..................

1,185

1,183,753

4.75%,

04/15/29

..................

1,044

1,060,515

4.15%,

11/15/30

..................

1,150

1,135,640

2.45%,

02/15/31

(b)

.................

1,950

1,728,043

4.30%,

11/15/32

..................

1,530

1,502,826

3.42%,

04/15/33

(b)

.................

2,642

2,400,527

Entegris,

Inc.,

4.75%,

04/15/29

(b)

........

764

752,884

Foundry

JV

Holdco

LLC,

6.25%,

01/25/35

(b)

..

202

211,391

KLA

Corp.,

4.10%,

03/15/29

...........

3,578

3,595,072

Lam

Research

Corp.

4.00%,

03/15/29

..................

200

199,836

1.90%,

06/15/30

..................

122

107,870

Micron

Technology,

Inc.

5.88%,

02/09/33

..................

1,438

1,535,583

5.88%,

09/15/33

..................

309

330,485

MKS

Instruments,

Inc.,

1.25%,

06/01/30

(b)(l)

..

434

432,481

NVIDIA

Corp.,

2.00%,

06/15/31

.........

175

154,691

NXP

BV

3.40%,

05/01/30

..................

147

138,753

2.50%,

05/11/31

..................

654

570,654

2.65%,

02/15/32

..................

1,254

1,088,071

ON

Semiconductor

Corp.,

0.50%,

03/01/29

(l)

.

176

177,936

SK

Hynix,

Inc.,

6.50%,

01/17/33

(b)

........

576

634,680

Synaptics,

Inc.,

4.00%,

06/15/29

(b)

........

303

287,020

23,067,524

Software

—

0.5%

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

(b)

.

2,860

2,747,275

Autodesk,

Inc.,

3.50%,

06/15/27

.........

400

393,218

Cadence

Design

Systems,

Inc.,

4.20%,

09/10/27

......................

1,290

1,296,337

Camelot

Finance

SA,

4.50%,

11/01/26

(b)

....

326

321,257

Capstone

Borrower,

Inc.,

8.00%,

06/15/30

(b)

..

555

588,055

Cedacri

Mergeco

SpA

(a)(c)

(3-mo.

EURIBOR

at

4.63%

Floor

+

4.63%),

8.17%,

05/15/28

................

EUR

865

960,708

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.50%),

9.04%,

05/15/28

................

1,876

2,092,968

Central

Parent

LLC,

8.00%,

06/15/29

(b)

.....

USD

610

634,452

Central

Parent,

Inc.,

7.25%,

06/15/29

(b)

.....

488

499,033

Clarivate

Science

Holdings

Corp.

(b)

3.88%,

07/01/28

..................

1,213

1,164,084

4.88%,

07/01/29

..................

910

875,274

Cloud

Software

Group,

Inc.

(b)

6.50%,

03/31/29

..................

3,594

3,575,909

9.00%,

09/30/29

..................

3,556

3,618,622

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

(continued)

8.25%,

06/30/32

..................

USD

2,243

$

2,344,606

Elastic

NV,

4.13%,

07/15/29

(b)

..........

613

572,703

Fair

Isaac

Corp.,

4.00%,

06/15/28

(b)

.......

469

453,797

Helios

Software

Holdings,

Inc.

4.63%,

05/01/28

(b)

.................

250

230,383

7.88%,

05/01/29

(c)

.................

EUR

2,369

2,682,740

Series

SEPT,

7.88%,

05/01/29

(c)

........

977

1,106,389

8.75%,

05/01/29

(b)

.................

USD

200

204,435

McAfee

Corp.,

7.38%,

02/15/30

(b)

........

629

613,500

Oracle

Corp.

4.20%,

09/27/29

..................

2,975

2,968,983

6.15%,

11/09/29

..................

423

457,600

2.95%,

04/01/30

..................

5,702

5,302,144

4.90%,

02/06/33

..................

1,228

1,250,734

4.30%,

07/08/34

..................

1,227

1,187,520

4.70%,

09/27/34

..................

1,691

1,686,544

Roper

Technologies,

Inc.,

4.20%,

09/15/28

..

76

75,953

SS&C

Technologies,

Inc.

(b)

5.50%,

09/30/27

..................

665

664,712

6.50%,

06/01/32

..................

778

804,300

TeamSystem

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.13%,

07/31/31

(a)(c)

.....

EUR

1,712

1,913,980

UKG,

Inc.,

6.88%,

02/01/31

(b)

...........

USD

3,173

3,278,664

Veritas

US,

Inc.,

7.50%,

09/01/25

(b)

.......

308

288,947

VMware

LLC,

2.20%,

08/15/31

..........

2,188

1,879,370

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(b)

489

452,019

49,187,215

Specialized

REITs

—

0.1%

American

Tower

Corp.

1.30%,

09/15/25

..................

212

205,345

4.40%,

02/15/26

..................

2,150

2,147,839

3.13%,

01/15/27

..................

1,000

973,395

3.60%,

01/15/28

..................

149

145,410

1.50%,

01/31/28

..................

101

92,049

5.50%,

03/15/28

..................

1,240

1,284,181

5.80%,

11/15/28

..................

163

171,236

2.30%,

09/15/31

..................

83

71,418

Crown

Castle,

Inc.

4.00%,

03/01/27

..................

21

20,853

5.00%,

01/11/28

..................

97

98,700

3.80%,

02/15/28

..................

622

610,568

4.80%,

09/01/28

..................

41

41,467

5.60%,

06/01/29

..................

201

210,097

3.10%,

11/15/29

..................

404

378,057

2.25%,

01/15/31

..................

43

37,286

5.10%,

05/01/33

..................

261

264,275

5.80%,

03/01/34

..................

124

131,511

Equinix,

Inc.

1.25%,

07/15/25

..................

1,005

976,998

1.00%,

09/15/25

..................

960

926,795

3.20%,

11/18/29

..................

296

279,394

2.15%,

07/15/30

..................

60

53,030

2.50%,

05/15/31

..................

370

326,896

Extra

Space

Storage

LP,

5.40%,

02/01/34

...

2,705

2,793,668

Iron

Mountain,

Inc.

(b)

7.00%,

02/15/29

..................

235

244,943

5.25%,

07/15/30

..................

26

25,672

5.63%,

07/15/32

..................

245

244,371

SBA

Communications

Corp.

3.88%,

02/15/27

..................

229

223,176

3.13%,

02/01/29

..................

347

320,730

13,299,360

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

—

0.2%

Afflelou

SAS,

6.00%,

07/25/29

(c)

.........

EUR

2,302

$

2,633,836

Asbury

Automotive

Group,

Inc.

4.50%,

03/01/28

..................

USD

123

119,735

4.75%,

03/01/30

..................

89

85,187

5.00%,

02/15/32

(b)

.................

68

64,483

Carvana

Co.

(b)(j)

11.00%,

(11.00%

Cash

or

13.00

%

PIK),

06/01/30

.....................

520

557,108

14.00%,

(14.00%

Cash

or

14.00%

PIK),

06/01/31

.....................

926

1,073,366

CD&R

Firefly

Bidco

plc,

8.63%,

04/30/29

(c)

..

GBP

1,799

2,486,949

Cougar

JV

Subsidiary

LLC,

8.00%,

05/15/32

(b)

USD

221

233,655

Dufry

One

BV,

4.75%,

04/18/31

(c)

........

EUR

857

983,924

Duomo

Bidco

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

7.80%,

07/15/31

(a)(c)

.....

2,392

2,687,950

eG

Global

Finance

plc,

12.00%,

11/30/28

(b)

..

USD

394

439,728

Goldstory

SAS

(c)

6.75%,

02/01/30

..................

EUR

1,798

2,047,317

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.63%,

02/01/30

(a)

...............

496

552,771

Group

1

Automotive,

Inc.,

6.38%,

01/15/30

(b)

.

USD

144

146,288

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(b)

...

474

451,859

Home

Depot,

Inc.

(The)

4.85%,

06/25/31

..................

2,213

2,293,969

4.95%,

06/25/34

..................

2,215

2,302,774

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(b)

274

265,005

LCM

Investments

Holdings

II

LLC

(b)

4.88%,

05/01/29

..................

155

148,934

8.25%,

08/01/31

..................

580

615,856

Lowe's

Cos.,

Inc.,

3.65%,

04/05/29

.......

2,523

2,462,125

PetSmart,

Inc.,

7.75%,

02/15/29

(b)

........

833

822,309

Staples,

Inc.,

10.75%,

09/01/29

(b)

........

240

232,872

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(b)

...

2,283

2,304,293

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

or

9.00%

PIK),

03/15/26

(b)(j)

............

319

319,203

26,331,496

Technology

Hardware,

Storage

&

Peripherals

—

0.0%

Dell

International

LLC

4.90%,

10/01/26

..................

1,576

1,592,336

5.40%,

04/15/34

..................

180

187,831

3.45%,

12/15/51

..................

69

50,555

Seagate

HDD

Cayman

(b)

8.25%,

12/15/29

..................

920

998,712

8.50%,

07/15/31

..................

85

92,760

2,922,194

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Crocs,

Inc.

(b)

4.25%,

03/15/29

..................

415

392,339

4.13%,

08/15/31

..................

40

36,331

European

TopSoho

SARL,

Series

SMCP,

4.00%,

10/14/24

(c)(d)(e)(l)

.............

EUR

1,300

464,673

Hanesbrands,

Inc.

(b)

4.88%,

05/15/26

..................

USD

355

351,888

9.00%,

02/15/31

..................

43

46,414

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

(b)

....

221

208,612

PrestigeBidCo

GmbH,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.46%,

07/01/29

(a)(c)

.

EUR

1,061

1,195,816

S&S

Holdings

LLC,

8.38%,

10/01/31

(b)

.....

USD

86

86,590

2,782,663

Tobacco

—

0.1%

Altria

Group,

Inc.,

4.80%,

02/14/29

.......

1,066

1,079,236

BAT

Capital

Corp.

4.70%,

04/02/27

..................

2,045

2,063,224

5.83%,

02/20/31

..................

605

641,740

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Tobacco

(continued)

6.42%,

08/02/33

..................

USD

634

$

696,387

6.00%,

02/20/34

..................

808

863,586

BAT

International

Finance

plc

1.67%,

03/25/26

..................

1,908

1,833,187

5.93%,

02/02/29

..................

1,212

1,280,167

8,457,527

Trading

Companies

&

Distributors

—

0.1%

Air

Lease

Corp.

2.88%,

01/15/26

..................

1,449

1,419,247

1.88%,

08/15/26

..................

98

93,573

3.63%,

04/01/27

..................

441

432,154

Series

D,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.56%),

6.00%

(a)(k)

.....................

935

925,349

Aviation

Capital

Group

LLC,

1.95%,

09/20/26

(b)

2,735

2,590,405

Beacon

Roofing

Supply,

Inc.

(b)

4.13%,

05/15/29

..................

273

257,203

6.50%,

08/01/30

..................

286

296,007

EquipmentShare.com,

Inc.,

8.00%,

03/15/33

(b)

145

148,434

Fortress

Transportation

&

Infrastructure

Investors

LLC

(b)

5.50%,

05/01/28

..................

888

884,289

7.88%,

12/01/30

..................

288

310,268

7.00%,

05/01/31

..................

1,341

1,413,423

7.00%,

06/15/32

..................

632

663,411

5.88%,

04/15/33

..................

434

431,830

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

(b)

.....................

159

140,016

GATX

Corp.,

5.40%,

03/15/27

..........

1,517

1,557,203

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

(b)

.....................

126

118,294

Herc

Holdings,

Inc.

(b)

5.50%,

07/15/27

..................

423

422,480

6.63%,

06/15/29

..................

263

272,409

Imola

Merger

Corp.,

4.75%,

05/15/29

(b)

.....

333

324,934

United

Rentals

North

America,

Inc.

(b)

6.00%,

12/15/29

..................

1,242

1,282,063

6.13%,

03/15/34

..................

282

291,432

WESCO

Distribution,

Inc.

(b)

6.38%,

03/15/29

..................

400

413,244

6.63%,

03/15/32

..................

107

111,451

14,799,119

Transportation

Infrastructure

—

0.0%

Abertis

Infraestructuras

Finance

BV

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

3.69%),

3.25%

EUR

600

659,541

(5-Year

EUR

Swap

Annual

+

3.69%),

3.25%

900

989,312

1,648,853

Wireless

Telecommunication

Services

—

0.6%

America

Movil

SAB

de

CV,

3.63%,

04/22/29

..

USD

1,257

1,217,027

Connect

Finco

SARL

(b)

6.75%,

10/01/26

..................

400

400,000

9.00%,

09/15/29

..................

888

859,349

Kenbourne

Invest

SA,

4.70%,

01/22/28

(c)(d)(e)

.

787

472,200

Millicom

International

Cellular

SA,

7.38%,

04/02/32

(b)

.....................

1,685

1,727,125

Odido

Group

Holding

BV,

5.50%,

01/15/30

(c)

.

EUR

1,239

1,345,610

Rogers

Communications,

Inc.,

3.80%,

03/15/32

USD

5,184

4,809,841

SoftBank

Group

Corp.

(c)

3.13%,

09/19/25

..................

EUR

1,611

1,768,627

5.00%,

04/15/28

..................

247

277,979

5.38%,

01/08/29

..................

1,714

1,941,328

3.38%,

07/06/29

..................

100

104,347

4.00%,

09/19/29

..................

2,688

2,884,729

3.88%,

07/06/32

..................

1,645

1,682,015

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

5.75%,

07/08/32

..................

EUR

2,136

$

2,413,568

Telefonica

Europe

BV

(a)(c)(k)

(8-Year

EUR

Swap

Annual

+

2.97%),

3.88%

1,400

1,551,485

(6-Year

EUR

Swap

Annual

+

4.32%),

7.13%

900

1,099,659

(7-Year

EUR

Swap

Annual

+

3.35%),

6.14%

4,100

4,874,375

(EUAMDB08

+

3.62%),

6.75%

........

1,200

1,472,698

(EUAMDB08

+

3.12%),

5.75%

........

2,300

2,680,858

T-Mobile

USA,

Inc.

2.63%,

04/15/26

..................

USD

2,346

2,286,236

3.75%,

04/15/27

..................

2,271

2,243,709

4.75%,

02/01/28

..................

5,648

5,653,627

4.95%,

03/15/28

..................

3,383

3,460,446

3.88%,

04/15/30

..................

2,687

2,613,029

2.55%,

02/15/31

..................

502

447,435

2.88%,

02/15/31

..................

26

23,633

Vmed

O2

UK

Financing

I

plc

4.00%,

01/31/29

(c)

.................

GBP

1,259

1,506,482

4.50%,

07/15/31

(c)

.................

2,770

3,194,140

5.63%,

04/15/32

(c)

.................

EUR

1,396

1,570,209

7.75%,

04/15/32

(b)

.................

USD

200

205,296

Vodafone

Group

plc

7.88%,

02/15/30

..................

10

11,696

6.25%,

11/30/32

..................

67

74,423

(5-Year

EUR

Swap

Annual

+

3.43%),

4.20%,

10/03/78

(a)(c)

...................

EUR

439

492,338

(5-Year

GBP

Swap

+

3.27%),

4.88%,

10/03/78

(a)(c)

...................

GBP

2,384

3,156,818

(5-Year

EUR

Swap

Annual

+

3.00%),

2.63%,

08/27/80

(a)(c)

...................

EUR

785

853,550

(5-Year

EUR

Swap

Annual

+

3.49%),

6.50%,

08/30/84

(a)(c)

...................

1,614

1,976,286

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.84%),

8.00%,

08/30/86

(a)(c)

...................

GBP

845

1,239,905

Zegona

Finance

plc,

6.75%,

07/15/29

(c)

....

EUR

2,320

2,695,493

67,287,571

Total

Corporate

Bonds

—

17.6%

(Cost:

$1,907,223,399)

............................

1,947,383,139

Equity-Linked

Notes

Aerospace

&

Defense

—

0.2%

(b)(c)

BMO

Capital

Markets

Corp.

(General

Electric

Co.),

16.20%, 10/23/24

..............

USD

38

6,733,480

Mizuho

Markets

Cayman

LP

(L3Harris

Technologies,

Inc.),

17.87%, 10/24/24

....

42

9,728,735

Royal

Bank

of

Canada

(RTX

Corp.),

22.65%, 11/15/24

.................

47

5,680,3

81

22,142,596

Automobile

Components

—

0.0%

(b)(c)

Barclays

Bank

plc

(BorgWarner,

Inc.),

17.98%, 11/01/24

.................

61

2,020,146

Royal

Bank

of

Canada

(Lear

Corp.),

25.98%, 11/12/24

.................

9

996,342

3,016,488

Automobiles

—

0.1%

BNP

Paribas

SA

(

Harley-Davidson,

Inc.),

21.93%, 10/25/24

(b)(c)

...............

50

1,906,364

HSBC

Bank

plc

(General

Motors

Co.),

20.84%, 10/21/24

.................

95

4,328,832

JPMorgan

Structured

Products

BV

(General

Motors

Co.),

15.08%, 10/22/24

(b)(c)

......

87

3,853,342

10,088,538

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

—

0.6%

(b)(c)

BMO

Capital

Markets

Corp.

(Citigroup,

Inc.),

11.29%, 10/16/24

.................

USD

62

$

3,878,641

BMO

Capital

Markets

Corp.

(Citizens

Financial

Group,

Inc.),

22.60%, 10/10/24

........

62

2,536,992

Goldman

Sachs

International

(Citigroup,

Inc.),

20.81%, 10/31/24

.................

134

8,008,761

JPMorgan

Structured

Products

BV

(Wells

Fargo

&

Co.),

16.13%, 10/03/2

4

............

196

11,107,320

Mizuho

Markets

Cayman

LP

(DNB

Bank

ASA),

25.00%, 10/24/24

.................

569

6,586,733

UBS

AG

(Bank

of

America

Corp.),

15.50%, 10/15/24

.................

192

7,638,748

UBS

AG

(First

Citizens

BancShares,

Inc.),

28.50%, 10/31/24

.................

6

11,373,946

UBS

AG

(First

Horizon

Corp.),

17.70%, 10/18/24

.................

230

3,594,758

UBS

AG

(JPMorgan

Chase

&

Co.),

12.30%, 10/11/24

.................

72

15,189,804

69,915,703

Beverages

—

0.1%

(b)(c)

Royal

Bank

of

Canada

(Diageo

plc),

15.45%, 11/06/24

.................

GBP

63

2,146,652

UBS

AG

(Constellation

Brands,

Inc.),

15.90%, 10/31/24

.................

USD

15

3,737,028

5,883,680

Biotechnology

—

0.1%

BNP

Paribas

SA

(AbbVie,

Inc.),

15.48%, 10/29/24

(b)(c)

...............

39

7,695,661

Broadline

Retail

—

0.6%

(b)(c)

BNP

Paribas

SA

(MercadoLibre,

Inc.),

19.39%, 11/01/24

.................

2

3,127,125

JPMorgan

Structured

Products

BV

(Amazon.

com,

Inc.),

11.13%, 10/28/24

..........

139

25,350,218

Royal

Bank

of

Canada

(Amazon.com,

Inc.),

15.27%, 10/25/24

.................

101

18,916,046

Royal

Bank

of

Canada

(MercadoLibre,

Inc.),

15.95%, 11/01/24

.................

2

4,414,673

Societe

Generale

SA

(Alibaba

Group

Holding

Ltd.),

26.69%, 10/24/24

.............

41

3,534,334

Societe

Generale

SA

(eBay,

Inc.),

14.22%, 11/07/24

.................

90

5,788,533

61,130,929

Building

Products

—

0.3%

Barclays

Bank

plc

(Johnson

Controls

International

plc)

21.12%,

10/03/24

(b)(c)

...............

59

4,142,004

16.75%,

11/05/24

(b)(c)

...............

45

3,326,622

Barclays

Bank

plc

(Masco

Corp.),

15.22%, 10/25/24

(b)(c)

...............

24

1,975,973

BNP

Paribas

SA

(Lennox

International,

Inc.),

19.60%, 10/25/24

(b)(c)

...............

11

6,620,380

BNP

Paribas

SA

(Trane

Technologies

plc),

16.91%, 11/01/24

(b)(c)

...............

9

3,304,011

HSBC

Bank

plc

(Allegion

plc),

18.77%, 10/21/24

21

2,868,234

Societe

Generale

SA

(Lennox

International,

Inc.),

22.34%, 10/25/24

(b)(c)

...........

11

6,581,825

28,819,049

Capital

Markets

—

0.6%

(b)(c)

BMO

Capital

Markets

Corp.

(Goldman

Sachs

Group,

Inc.

(The)),

15.21%, 10/16/24

....

9

4,428,182

BMO

Capital

Markets

Corp.

(Morgan

Stanley),

8.96%, 10/16/24

..................

88

9,107,978

Goldman

Sachs

International

(CME

Group,

Inc.),

12.24%, 10/25/24

..............

15

3,253,917

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

HSBC

Bank

plc

(Raymond

James

Financial,

Inc.),

17.24%, 10/23/24

..............

USD

59

$

7,107,070

Royal

Bank

of

Canada

(Ameriprise

Financial,

Inc.),

11.61%, 10/25/24

..............

17

7,828,547

Royal

Bank

of

Canada

(Nasdaq,

Inc.),

12.08%, 10/18/24

.................

61

4,437,457

Royal

Bank

of

Canada

(S&P

Global,

Inc.),

9.15%, 11/01/24

..................

13

6,898,410

UBS

AG

(Blackstone,

Inc.),

18.20%, 10/18/24

.

54

7,851,273

UBS

AG

(Interactive

Brokers

Group,

Inc.),

12.30%, 10/17/24

.................

25

3,329,431

UBS

AG

(KKR

&

Co.,

Inc.),

12.80%, 11/07/24

.

73

9,276,475

63,518,740

Chemicals

—

0.3%

(b)(c)

Barclays

Bank

plc

(Air

Products

and

Chemicals,

Inc.),

26.05%, 11/15/24

..............

15

4,460,284

Citigroup,

Inc.

(International

Flavors

&

Fragrances,

Inc.),

21.68%, 10/03/24

.....

39

3,917,563

Goldman

Sachs

International

(DuPont

de

Nemours,

Inc.),

12.63%, 11/01/24

.......

40

3,318,038

JPMorgan

Structured

Products

BV

(International

Flavors

&

Fragrances,

Inc.),

14.40%, 11/06/24

.................

24

2,554,234

Mizuho

Markets

Cayman

LP

(Scotts

Miracle-

Gro

Co.

(The)),

14.27%, 11/06/24

.......

38

2,745,653

Societe

Generale

SA

(Air

Products

and

Chemi

cals,

Inc.),

16.97%, 11/07/24

......

14

3,885,010

Societe

Generale

SA

(Sherwin-Williams

Co.

(The)),

13.47%, 10/24/24

............

14

5,125,591

UBS

AG

(Corteva,

Inc.),

11.70%, 11/06/24

...

68

3,900,640

29,907,013

Communications

Equipment

—

0.3%

(b)(c)

Citigroup,

Inc.

(Arista

Networks,

Inc.),

19.23%, 10/30/24

.................

19

6,861,164

Goldman

Sachs

International

(Arista

Networks,

Inc.),

18.19%, 10/30/24

..............

30

10,997,102

HSBC

Bank

plc

(Cisco

Systems,

Inc.),

17.10%, 11/12/24

.................

97

5,077,478

JPMorgan

Structured

Products

BV

(Cisco

Systems,

Inc.),

9.07%, 11/14/24

........

129

6,500,333

29,436,077

Construction

&

Engineering

—

0.1%

(b)(c)

BNP

Paribas

SA

(EMCOR

Group,

Inc.),

22.12%, 10/25/24

.................

17

6,737,166

JPMorgan

Structured

Products

BV

(EMCOR

Group,

Inc.),

18.84%, 10/25/24

........

10

4,017,664

Mizuho

Markets

Cayman

LP

(Vinci

SA),

31.62%, 11/15/24

.................

39

3,306,761

14,061,591

Consumer

Finance

—

0.0%

BNP

Paribas

SA

(Capital

One

Financial

Corp.),

13.25%, 10/25/24

(b)(c)

...............

31

4,525,095

Consumer

Staples

Distribution

&

Retail

—

0.4%

Goldman

Sachs

International

(Sprouts

Farmers

Market,

Inc.),

15.01%, 10/30/24

(b)(c)

......

31

3,317,381

HSBC

Bank

plc

(Dollar

Tree,

Inc.),

30.07%, 11/12/24

(b)(c)

...............

51

3,650,118

JPMorgan

Structured

Products

BV

(Target

Corp.)

12.65%,

10/02/24

(b)(c)

...............

39

6,114,649

15.17%,

11/20/24

(b)(c)

...............

41

6,420,029

Royal

Bank

of

Canada

(Sysco

Corp.),

11.13%, 10/31/24

(b)(c)

...............

73

5,657,271

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Staples

Distribution

&

Retail

(continued)

Royal

Bank

of

Canada

(Walmart,

Inc.),

12.35%, 11/19/24

(b)(c)

...............

USD

188

$

15,263,944

40,423,392

Containers

&

Packaging

—

0.1%

(b)(c)

BNP

Paribas

SA

(Graphic

Packaging

Holding

Co.),

12.36%, 10/29/24

..............

130

3,852,477

JPMorgan

Structured

Products

BV

(Sealed

Air

Corp.),

21.47%, 10/03/24

............

144

5,246,338

Royal

Bank

of

Canada

(Sealed

Air

Corp.),

17.68%, 11/01/24

.................

114

3,944,062

Societe

Generale

SA

(Crown

Holdings,

Inc.),

9.04%, 10/23/24

..................

28

2,582,383

15,625,260

Diversified

Telecommunication

Services

—

0.1%

BMO

Capital

Markets

Corp.

(AT&T,

Inc.)

13.94%,

10/10/24

(b)(c)

...............

129

2,560,780

18.13%,

10/23/24

(b)(c)

...............

340

7,234,519

JPMorgan

Structured

Products

BV

(Verizon

Communications,

Inc.),

10.59%, 10/03/24

(b)(c)

130

5,362,433

15,157,732

Electric

Utilities

—

0.2%

(b)(c)

BMO

Capital

Markets

Corp.

(Entergy

Corp.),

14.69%, 10/17/24

.................

21

2,552,443

BMO

Capital

Markets

Corp.

(Exelon

Corp.),

15.45%, 10/10/24

.................

127

4,810,792

Goldman

Sachs

International

(NextEra

Energy,

Inc.),

14.79%, 10/24/24

..............

118

9,814,886

Royal

Bank

of

Canada

(American

Electric

Power

Co.,

Inc.),

16.15%, 11/12/24

......

42

4,320,152

Societe

Generale

SA

(PG&E

Corp.),

15.85%, 

10/24/24

.................

202

3,818,928

25,317,201

Electrical

Equipment

—

0.1%

(b)(c)

BNP

Paribas

SA

(Emerson

Electric

Co.),

12.31%, 11/07/24

.................

48

5,173,941

Royal

Bank

of

Canada

(Sensata

Technologies

Holding

plc),

28.94%, 11/12/24

.........

74

2,657,189

Societe

Generale

SA

(Eaton

Corp.

plc),

16.61%, 10/31/24

.................

21

6,619,310

14,450,440

Electronic

Equipment,

Instruments

&

Components

—

0.1%

(b)(c)

BNP

Paribas

SA

(Flex

Ltd.),

18.78%, 10/25/24

247

7,916,949

Societe

Generale

SA

(Keysight

Technologies,

Inc.),

20.08%, 10/10/24

..............

27

4,224,247

12,141,196

Energy

Equipment

&

Services

—

0.0%

(b)(c)

Societe

Generale

SA

(Baker

Hughes

Co.),

17.13%, 10/25/24

.................

75

2,635,240

Societe

Generale

SA

(Schlumberger

NV),

15.60%, 10/22/24

.................

26

1,096,279

3,731,519

Entertainment

—

0.1%

(b)(c)

Barclays

Bank

plc

(Electronic

Arts,

Inc.),

9.74%, 10/29/24

..................

35

5,089,174

Societe

Generale

SA

(Electronic

Arts,

Inc.),

21.71%, 11/15/24

.................

40

5,636,070

10,725,244

Financial

Services

—

0.6%

(b)(c)

Barclays

Bank

plc

(PayPal

Holdings,

Inc.),

19.02%, 11/01/24

.................

138

9,997,702

Citigroup,

Inc.

(Block,

Inc.),

30.81%, 11/07/24

.

108

7,071,555

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

HSBC

Bank

plc

(Rocket

Cos.,

Inc.),

14.68%, 10/07/24

.................

GBP

51

$

2,910,468

Mizuho

Markets

Cayman

LP

(Mastercard,

Inc.),

7.42%, 10/25/24

..................

USD

25

12,238,428

Mizuho

Markets

Cayman

LP

(Visa,

Inc.),

15.72%, 10/24/24

.................

17

4,548,910

Societe

Generale

SA

(

Fidelity

National

Information

Services,

Inc.),

21.33%, 11/15/24

89

7,484,896

Societe

Generale

SA

(Fiserv,

Inc.),

10.11%, 10/24/24

.................

44

7,820,399

Societe

Generale

SA

(Voya

Financial,

Inc.),

23.01%, 11/15/24

.................

60

4,693,380

UBS

AG

(Fidelity

National

Information

Services,

Inc.),

12.00%, 11/07/24

..............

60

5,047,552

61,813,290

Food

Products

—

0.2%

(b)(c)

Goldman

Sachs

International

(Kraft

Heinz

Co.

(The)),

9.02%, 11/01/24

.............

90

3,160,847

Mizuho

Markets

Cayman

LP

(Kraft

Heinz

Co.

(The)),

20.42%, 10/24/24

............

271

9,560,659

Morgan

Stanley

&

Co.

LLC

(General

Mills,

Inc.),

15.85%, 11/06/24

.................

59

4,401,963

UBS

AG

(Mondelez

International,

Inc.),

11.90%, 11/01/24

..................

85

6,325,065

23,448,534

Ground

Transportation

—

0.2%

(b)(c)

BNP

Paribas

SA

(CSX

Corp.),

16.72%, 10/18/24

132

4,510,185

BNP

Paribas

SA

(Lyft,

Inc.),

40.49%, 11/08/24

305

3,843,337

BNP

Paribas

SA

(Uber

Technologies,

Inc.),

15.43%, 10/28/24

.................

87

6,524,898

Citigroup,

Inc.

(Uber

Technologies,

Inc.),

22.37%, 11/07/24

.................

71

5,226,995

Societe

Generale

SA

(Old

Dominion

Freight

Line,

Inc.),

19.74%, 10/25/24

..........

13

2,568,137

22,673,552

Health

Care

Equipment

&

Supplies

—

0.6%

(b)(c)

BNP

Paribas

SA

(Baxter

International,

Inc.),

13.86%, 11/01/24

.................

127

4,871,676

Goldman

Sachs

International

(Medtronic

plc),

14.69%, 10/21/24

.................

79

7,074,172

Royal

Bank

of

Canada

(Koninklijke

Philips

NV),

26.55%, 11/06/24

.................

EUR

109

3,483,290

Royal

Bank

of

Canada

(Zimmer

Biomet

Holdings,

Inc.),

12.98%, 11/07/24

.......

USD

30

3

,170,253

Societe

Generale

SA

(Boston

Scientific

Corp.),

11.43%, 10/25/24

.................

116

9,685,606

UBS

AG

(Abbott

Laboratories),

12.40%, 10/18/24

.................

68

7,635,478

UBS

AG

(Baxter

International,

Inc.),

22.60%, 10/31/24

.................

218

8,354,935

UBS

AG

(GE

HealthCare

Technologies,

Inc.),

11.90%, 10/31/24

.................

59

5,265,943

UBS

AG

(Intuitive

Surgical,

Inc.),

12.90%, 10/18/24

.................

13

6,292,476

UBS

AG

(Medtronic

plc),

11.10%, 11/19/24

...

94

8,407,948

UBS

AG

(Stryker

Corp.),

10.60%, 

10/29/24

..

21

7,546,192

71,787,969

Health

Care

Providers

&

Services

—

0.8%

Barclays

Bank

plc

(Humana,

Inc.),

23.85%, 10/17/24

(b)(c)

...............

12

3,701,821

Barclays

Bank

plc

(Labcorp

Holdings,

Inc.),

16.03%, 10/17/24

(b)(c)

...............

39

8,748,765

BNP

Paribas

SA

(Cigna

Group

(The)),

10.84%, 10/31/24

(b)(c)

...............

26

9,119,452

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Goldman

Sachs

International

(Cigna

Group

(The)),

20.28%, 

10/17/24

(b)(c)

..........

USD

16

$

5,348,650

HSBC

Bank

plc

(CVS

Health

Corp.),

18.76%, 10/03/24

(b)(c)

...............

134

8,455,342

HSBC

Bank

plc

(Elevance

Health,

Inc.),

18.80%, 10/21/24

.................

8

4,300,614

Royal

Bank

of

Canada

(Cardinal

Health,

Inc.),

11.17%, 11/05

/24

(b)(c)

...............

47

5,120,977

Royal

Bank

of

Canada

(CVS

Health

Corp.),

27.08%, 11/06/24

(b)(c)

...............

87

5,211,445

Royal

Bank

of

Canada

(Molina

Healthcare,

Inc.),

16.57%, 10/25/24

(b)(c)

...........

15

5,139,287

Societe

Generale

SA

(

Centene

Corp.),

15.67%, 10/25/24

(b)(c)

...............

97

7,122,502

Societe

Generale

SA

(HCA

Healthcare,

Inc.),

11.19%, 10/24/24

(b)(c)

...............

13

5,113,316

Societe

Generale

SA

(Tenet

Healthcare

Corp.),

18.53%, 10/30/24

(b)(c)

...............

27

4,505,060

UBS

AG

(

Cardinal

Health,

Inc.),

24.60%, 10/31/24

(b)(c)

...............

103

11,454,489

UBS

AG

(Labcorp

Holdings,

Inc.),

11.30%, 10/25/24

(b)(c)

...............

29

6,361,775

89,703,495

Health

Care

REITs

—

0.0%

Toronto-Dominion

Bank

(The)

(Welltower,

Inc.),

11.02%, 10/30/24

(b)(c)

...............

35

4,438,205

Hotels,

Restaurants

&

Leisure

—

0.6%

(b)(c)

Barclays

Bank

plc

(Boyd

Gaming

Corp.),

20.91%, 11/06/24

.................

42

2,629,325

Barclays

Bank

plc

(Expedia

Group,

Inc.),

17.22%, 11/01/24

.................

40

5,850,960

BMO

Capital

Markets

Corp.

(Airbnb,

Inc.),

21.15%, 10/18/24

.................

54

6,516,329

Citigroup,

Inc.

(McDonald's

Corp.),

8.31%, 10/30/24

..................

24

7,155,382

Goldman

Sachs

Inte

rnational

(Chipotle

Mexican

Grill,

Inc.),

15.79%, 10/25/24

..........

161

9,209,936

Royal

Bank

of

Canada

(Brinker

International,

Inc.),

22.51%, 10/30/24

..............

47

3,323,545

Royal

Bank

of

Canada

(

Hilton

Worldwide

Holdings,

Inc.),

10.64%, 10/25/24

.......

25

5,802,061

Royal

Bank

of

Canada

(Wynn

Resorts

Ltd.),

16.92%, 11/08/24

.................

71

6,022,108

Societe

Generale

SA

(Aristocrat

Leisure

Ltd.),

10.85%, 10/30/24

.................

37

7,046,293

UBS

AG

(

Starbucks

Corp.),

12.50%, 11/01/24

.

118

11,497,902

UBS

AG

(Wingstop,

Inc.),

18.50%, 11/01/24

..

8

3,301,413

68,355,254

Household

Durables

—

0.2%

(b)(c)

BNP

Paribas

SA

(Mohawk

Industries,

Inc.),

19.72%, 10/25/24

.................

38

5,813,359

JPMorgan

Structured

Products

BV

(Toll

Brothers,

Inc.),

23.71%, 10/02/24

.......

22

3,291,817

Mizuho

Markets

Cayman

LP

(Sony

Group

Corp.),

18.15%, 10/03/24

............

47

4,362,678

Morgan

Stanley

&

Co.

LLC

(Toll

Brothers,

Inc.),

20.58%, 12/05/24

.................

21

3,198,715

Societe

Generale

SA

(Newell

Brands,

Inc.),

33.40%, 10/31/24

.................

200

1,482,021

18,148,590

Security

Par

(000)

Par

(000)

Value

Household

Products

—

0.1%

(b)(c)

JPMorgan

Structured

Products

BV

(Henkel

AG

&

Co.

KGaA),

11.94%, 11/06/24

........

EUR

22

$

1,970,838

Royal

Bank

of

Canada

(Clorox

Co.

(The)),

11.17%, 10/07/24

.................

USD

38

6,211,512

UBS

AG

(Colgate-Palmolive

Co.),

9.20%, 10/25/24

..................

60

6,203,914

14,386,264

Industrial

Conglomerates

—

0.1%

(b)(c)

Barclays

Bank

plc

(3M

Co.),

12.86%, 10/24/24

39

5,182,416

BNP

Paribas

SA

(Siemens

AG),

19.23%, 10/07/24

.................

EUR

8

1,412,554

JPMorgan

Structured

Products

BV

(Honeywell

International,

Inc.),

7.43%, 10/28/24

.....

USD

47

9,646,346

16,241,316

Insurance

—

0.5%

(b)(c)

BNP

Paribas

SA

(Prudential

plc),

30.57%, 10/28/24

.................

GBP

482

4,213,036

JPMorgan

Structured

Products

BV

(Progressive

Corp.

(The)),

9.04%, 10/16/24

.........

USD

39

9,801,431

Royal

Bank

of

Canada

(Admiral

Group

plc),

12.21%, 10/24/24

.................

65

3,859,772

Royal

Bank

of

Canada

(American

International

Group,

Inc.),

20.29%, 11/15/24

.........

90

6,583,569

Royal

Bank

of

Canada

(Fidelity

National

Financial,

Inc.),

19.25%, 11/15/24

.......

119

7,311,030

Societe

Generale

SA

(Willis

Towers

Watson

plc),

16.55%, 10/24/24

..............

19

5,385,187

UBS

AG

(Chubb

Ltd.),

9.30%, 10/24/24

.....

23

6,475,077

UBS

AG

(Marsh

&

McLennan

Cos.,

Inc.),

9.30%, 10/18/24

..................

17

3,730,901

UBS

AG

(MetLife,

Inc.),

11.30%, 10/31/24

...

67

5,259,191

52,619,194

Interactive

Media

&

Services

—

0.8%

(b)(c)

Barclays

Bank

plc

(Match

Group,

Inc.),

21.21%, 10/31/24

.................

72

2,638,779

BMO

Capital

Markets

Corp.

(Alphabet,

Inc.),

14.82%, 10/24/24

.................

154

24,876,485

Citigroup,

Inc.

(Meta

Platforms,

Inc.),

21.27%, 10/25/24

.................

12

6,560,542

JPMorgan

Structured

Products

BV

(Pinterest,

Inc.),

17.59%, 10/30/24

..............

125

3,862,632

Societe

Generale

SA

(Meta

Platforms,

Inc.),

17.24%, 10/25/24

.................

84

46,264,440

84,202,878

IT

Services

—

0.3%

(b)(c)

Barclays

Bank

plc

(Akamai

Technologies,

Inc.),

11.91%, 11/07/24

..................

64

6,335,595

HSBC

Bank

plc

(Cognizant

Technology

Solutions

Corp.),

17.60%, 11/12/24

......

100

7,630,705

Royal

Bank

of

Canada

(

International

Business

Machines

Corp.),

10.06%, 10/23/24

.....

31

6,522,912

Royal

Bank

of

Canada

(Twilio,

Inc.),

21.11%, 11/08/24

..................

128

7,883,420

Societe

Generale

SA

(Cognizant

Technology

Solutions

Corp.),

13.85%, 11/01/24

......

99

7,641,200

36,013,832

Leisure

Products

—

0.1%

Barclays

Bank

plc

(Hasbro,

Inc.),

28.60%, 11/15/24

(b)(c)

...............

60

4,324,306

Royal

Bank

of

Canada

(Hasbro,

Inc.)

15.06%,

10/25/24

(b)(c)

...............

37

2,618,237

17.68%,

10/25/24

(b)(c)

...............

29

1,972,684

8,915,227

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Life

Sciences

Tools

&

Services

—

0.3%

(b)(c)

Barclays

Bank

plc

(Fortrea

Holdings,

Inc.),

27.02%, 10/03/24

.................

USD

82

$

1,635,530

Goldman

Sachs

International

(

Thermo

Fisher

Scientific,

Inc.),

9.31%, 10/28/24

.......

16

9,608,087

Societe

Generale

SA

(Danaher

Corp.),

13.08%, 10/24/24

.................

36

9,673,894

Societe

Generale

SA

(Thermo

Fisher

Scientific,

Inc.),

11.44%, 10/25/24

..............

14

8,376,675

29,294,186

Machinery

—

0.4%

(b)(c)

Barclays

Bank

plc

(Dover

Corp.),

11.07%, 10/24/24

.................

7

1,311,386

Barclays

Bank

plc

(

Stanley

Black

&

Decker,

Inc.),

15.63%, 10/29/24

..............

33

3,371,077

Goldman

Sachs

International

(CNH

Industrial

NV),

29.26%, 10/10/24

..............

202

2,084,294

Goldman

Sachs

International

(Stanley

Black

&

Decker,

Inc.),

26.21%, 11/12/24

........

15

1,673,506

HSBC

Bank

plc

(Deere

&

Co.),

12.76%, 11/21/24

.................

17

7,113,030

Royal

Bank

of

Canada

(ITT,

Inc.),

14.78%, 11/01/24

.................

28

3,931,196

Royal

Bank

of

Canada

(Parker-Hannifin

Corp.),

13.38%, 11/01/24

.................

8

5,078,115

Royal

Bank

of

Canada

(Pentair

plc),

14.27%, 10/24/24

.................

44

3,996,583

Societe

Generale

SA

(Cummins,

Inc.),

13.73%, 11/01/24

.................

8

2,623,142

Societe

Generale

SA

(Westinghouse

Air

Brake

Technologies

Corp.),

12.44%, 10/25/24

...

35

5,918,550

UBS

AG

(Caterpillar,

Inc.),

16.90%, 10/31/24

.

18

6,659,737

43,760,616

Media

—

0.2%

(b)(c)

BNP

Paribas

SA

(WPP

plc),

26.50%, 10/28/24

GBP

539

5,235,452

Citigroup,

Inc.

(Fox

Corp.),

21.35%, 11/15/24

.

USD

49

2,074,042

Societe

Generale

SA

(Charter

Communications,

Inc.),

26.22%, 10/29/24

..............

10

3,151,929

UBS

AG

(Comcast

Corp.),

27.50%, 10/31/24

.

227

9,225,050

19,686,473

Metals

&

Mining

—

0.1%

(b)(c)

BMO

Capital

Markets

Corp.

(Teck

Resources

Ltd.),

34.56%, 10/17/24

.............

16

790,201

JPMorgan

Structured

Products

BV

(Freeport-

McMoRan,

Inc.),

23.78%, 10/18/24

......

89

4,018,153

Societe

Generale

SA

(Cleveland-Cliffs,

Inc.),

29.22%, 10/23/24

.................

207

2,576,769

Societe

Generale

SA

(Nucor

Corp.),

19.72%, 10/23/24

.................

17

2,562,629

9,947,752

Multi-Utilities

—

0.0%

Royal

Bank

of

Canada

(Sempra),

19.53%, 11/15/24

(b)(c)

...............

57

4,728,086

Oil,

Gas

&

Consumable

Fuels

—

0.6%

(b)(c)

BNP

Paribas

SA

(BP

plc),

17.40%, 10/28/24

..

GBP

1,861

9,848,666

BNP

Paribas

SA

(

Kosmos

Energy

Ltd.),

44.99%, 11/15/24

.................

USD

725

2,861,775

BNP

Paribas

SA

(Shell

plc),

17.38%, 10/07/24

GBP

294

9,554,350

BNP

Paribas

SA

(Williams

Cos.,

Inc.

(The)),

10.91%, 11/01/24

.................

USD

70

3,181,164

Citigroup,

Inc.

(

Marathon

Petroleum

Corp.),

19.45%, 11/05/24

.................

24

3,870,234

HSBC

Bank

plc

(ConocoPhillips),

8.89%, 11/01/24

..................

69

7,258,853

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

JPMorgan

Structured

Products

BV

(Exxon

Mobil

Corp.),

7.83%, 10/28/24

.............

USD

108

$

12,680,110

JPMorgan

Structured

Products

BV

(Occidental

Petroleum

Corp.),

14.16%, 11/07/24

.....

73

3,735,104

Royal

Bank

of

Canada

(Phillips

66),

16.97%, 10/29/24

.................

10

1,311,840

Royal

Bank

of

Canada

(Valero

Energy

Corp.),

19.39%, 10/25/24

.................

9

1,242,444

Toronto-Dominion

Bank

(The)

(Hess

Corp.),

18.37%, 10/21/24

.................

15

2,057,429

UBS

AG

(EQT

Corp.),

24.70%, 10/31/24

....

62

2,160,871

UBS

AG

(Suncor

Energy,

Inc.),

20.20%, 10/31/24

.................

61

2,253,329

62,016,169

Personal

Care

Products

—

0.1%

(b)(c)

Barclays

Bank

plc

(Estee

Lauder

Cos.,

Inc.

(The)),

29.58%, 10/31/24

............

32

3,172,435

BNP

Paribas

SA

(Estee

Lauder

Cos.,

Inc.

(The)),

27.50%, 10/02/24

............

34

3,349,212

6,521,647

Pharmaceuticals

—

0.6%

BNP

Paribas

SA

(Eli

Lilly

&

Co.),

15.17%, 10/30/24

(b)(c)

...............

14

12,361,880

BNP

Paribas

SA

(GSK

plc),

16.59%, 10/10/24

(b)

(c)

............................

27

1,123,225

Citigroup,

Inc.

(Zoetis,

Inc.),

13.07%, 11/01/24

(b)

(c)

............................

23

4,478,279

JPMorgan

Structured

Products

BV

(Bayer

AG),

25.62%, 11/06/24

(b)(c)

...............

EUR

136

4,327,684

JPMorgan

Structured

Products

BV

(Eli

Lilly

&

Co.),

11.37%, 10/28/24

(b)(c)

............

USD

5

4,744,789

JPMorgan

Structured

Products

BV

(Merck

KGaA),

10.00%, 

10/28/24

(b)(c)

..........

138

15,733,643

Royal

Bank

of

Canada

(Sanofi

SA),

17.85%, 10/28/24

(b)(c)

...............

EUR

89

10,316,384

Societe

Generale

SA

(Bristol-Myers

Squibb

Co.)

25.02%,

10/03/24

(b)(c)

...............

USD

41

2,050,351

21.26%,

10/31/24

(b)(c)

...............

129

6,468,350

Societe

Generale

SA

(Jazz

Pharmaceuticals

plc),

24.16%, 11/08/24

(b)(c)

............

12

1,290,051

UBS

AG

(Eli

Lilly

&

Co.),

19.40%, 10/31/24

(b)(c)

4

3,753,960

66,648,596

Professional

Services

—

0.3%

(b)(c)

Barclays

Bank

plc

(Leidos

Holdings,

Inc.),

21.03%, 11/15/24

.................

37

5,959,274

BNP

Paribas

SA

(TransUnion),

18.26%, 

10/24/24

.................

40

3,987,343

Societe

Generale

SA

(Paycom

Software,

Inc.),

20.82%, 10/31/24

.................

30

5,008,973

Societe

Generale

SA

(SS&C

Technologies

Holdings,

Inc.),

21.98%, 11/15/24

.......

146

10,926,505

UBS

AG

(

Automatic

Data

Processing,

Inc.),

10.90%, 10/25/24

.................

23

6,382,895

UBS

AG

(Dayforce,

Inc.),

18.30%, 11/01/24

..

55

3,319,509

35,584,499

Semiconductors

&

Semiconductor

Equipment

—

0.7%

(b)(c)

BNP

Paribas

SA

(Analog

Devices,

Inc.),

16.54%, 10/02/24

.................

28

6,370,109

Goldman

Sachs

International

(Lam

Research

Corp.),

28.10%, 

10/18/24

............

12

9,662,870

Goldman

Sachs

International

(NVIDIA

Corp.),

23.28%, 10/15/24

.................

211

25,702,527

JPMorgan

Structured

Products

BV

(QUALCOMM,

Inc.),

20.84%, 10/28/24

...

73

12,610,452

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Morgan

Stanley

&

Co.

LLC

(Analog

Devices,

Inc.),

14.17%, 11/21/24

..............

USD

28

$

6,418,060

Royal

Bank

of

Canada

(Cirrus

Logic,

Inc.),

17.36%, 11/01/24

.................

31

3,886,071

UBS

AG

(Advanced

Micro

Devices,

Inc.),

29.80%, 10/31/24

.................

74

11,778,839

76,428,928

Software

—

1.2%

(b)(c)

Barclays

Bank

plc

(Microsoft

Corp.),

13.47%, 10/24/24

.................

167

71,488,885

Citigroup,

Inc.

(Microsoft

Corp.),

11.00%, 10/24/24

.................

31

12,969,866

Goldman

Sachs

International

(Crowdstrike

Holdings,

Inc.),

21.52%, 10/15/24

.......

27

7,680,724

Mizuho

Markets

Cayman

LP

(Palo

Alto

Networks,

Inc.),

17.62%, 10/02/24

......

18

5,996,315

Morgan

Stanley

&

Co.

LLC

(Palo

Alto

Networks,

Inc.),

17.60%, 11/15/24

..............

21

7,061,930

Royal

Bank

of

Canada

(Fortinet,

Inc.),

14.66%, 11/01/24

.................

50

3,825,628

Royal

Bank

of

Canada

(Oracle

Corp.),

18.61%, 10/31/24

.................

22

3,439,178

Royal

Bank

of

Canada

(ServiceNow,

Inc.),

19.37%, 10/25/24

.................

14

12,327,367

Societe

Generale

SA

(Cadence

Design

Systems,

Inc.),

21.72%, 10/23/24

.......

20

5,309,874

Societe

Generale

SA

(Microsoft

Corp.),

15.13%, 10/31/24

.................

16

6,765,074

136,864,841

Specialized

REITs

—

0.1%

HSBC

Bank

plc

(Crown

Castle,

Inc.),

23.03%, 10/21/24

.................

64

7,421,733

Royal

Bank

of

Canada

(American

Tower

Corp.),

19.35%, 10/25/24

(b)(c)

...............

16

3,670,768

11,092,501

Specialty

Retail

—

0.3%

(b)(c)

Barclays

Bank

plc

(Abercrombie

&

Fitch

Co.),

26.66%, 11/21/24

.................

24

3,231,421

Barclays

Bank

plc

(O'Reilly

Automotive,

Inc.),

12.95%, 10/25/24

.................

6

6,367,882

BNP

Paribas

SA

(Lowe's

Cos.,

Inc.),

15.71%, 11/19/24

.................

24

6,402,352

BNP

Paribas

SA

(TJX

Cos.,

Inc.

(The)),

6.62%, 10/02/24

..................

53

6,197,248

BNP

Paribas

SA

(Tractor

Supply

Co.),

13.48%, 10/25/24

.................

9

2,618,008

JPMorgan

Structured

Products

BV

(Lowe's

Cos.,

Inc.),

11.77%, 10/02/24

..........

26

6,582,407

JPMorgan

Structured

Products

BV

(TJX

Cos.,

Inc.

(The)),

11.47%, 11/20/24

..........

54

6,385,125

37,784,443

Technology

Hardware,

Storage

&

Peripherals

—

0.8%

BNP

Paribas

SA

(Apple,

Inc.),

13.15%, 10/31/24

(b)(c)

...............

28

6,473,008

Citigroup,

Inc.

(Apple,

Inc.)

12.31%,

10/31/24

(b)(c)

...............

60

13,085,051

10.66%,

11/01/24

(b)(c)

...............

243

55,476,541

Citigroup,

Inc.

(Dell

Technologies,

Inc.),

27.04%, 11/27/24

(b)(c)

...............

30

3,355,961

Goldman

Sachs

International

(HP,

Inc.),

34.07%, 10/10/24

(b)(c)

...............

150

5,344,552

Societe

Generale

SA

(Seagate

Technology

Holdings

plc),

25.01%, 10/25

/24

(b)(c)

......

50

5,308,177

89,043,290

Security

Par

(000)

Par

(000)

Value

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

BNP

Paribas

SA

(VF

Corp.),

23.91%, 10/30/24

(b)

(c)

............................

USD

134

$

2,596,329

Citigroup,

Inc.

(Deckers

Outdoor

Corp.),

19.64%, 10/25/24

(b)(c)

...............

8

7,213,804

HSBC

Bank

plc

(NIKE,

Inc.),

30.31%, 10/21/24

37

3,210,752

HSBC

Bank

plc

(Tapestry,

Inc.),

23.67%, 11/08/24

(b)(c)

...............

127

5,863,285

18,884,170

Tobacco

—

0.2%

(b)(c)

JPMorgan

Structured

Products

BV

(British

American

Tobacco

plc),

21.20%, 11/06/24

.

GBP

188

6,999,851

Royal

Bank

of

Canada

(Philip

Morris

International,

Inc.),

13.65%, 10/23/24

....

USD

85

10,367,491

17,367,342

Wireless

Telecommunication

Services

—

0.1%

(b)(c)

Barclays

Bank

plc

(T-Mobile

US,

Inc.),

11.98%, 10/25/24

.................

32

6,567,183

Barclays

Bank

plc

(Vodacom

Group

Ltd.),

22.63%, 10/28/24

.................

GBP

4,210

4,250,949

10,818,132

Total

Equity-Linked

Notes

—

15.7%

(Cost:

$1,712,350,497)

............................

1,736,932,415

Fixed

Rate

Loan

Interests

Financial

Services

—

0.2%

Aspen

Owner

LLC

,

1st

Lien

Term

Loan,

7.27%

,

 02/09/27

(g)

.................

USD

13,200

13,363,265

Health

Care

Technology

—

0.0%

Cotiviti

Corp.,

1st

Lien

Term

Loan,

7.63%

,

 05/01/31

..................

1,014

1,017,803

Media

—

0.0%

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

5.00%

,

 10/15/26

..................

1,150

1,173,655

Clear

Channel

International

BV,

1st

Lien

Term

Loan,

7.50%

,

 08/12/27

..............

800

794,000

1,967,655

Total

Fixed

Rate

Loan

Interests

—

0.2%

(Cost:

$

16,125,246)

...............................

16,348,723

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

+

4.25%),

9.57%

,

 05/25/28

............

4,611

3,551,774

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

9.57%

,

 05/25/28

............

877

675,509

Bleriot

US

Bidco,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.12%

-

8.59%

,

 10/31/30

.......

1,1

66

1,165,864

Cobham

Ultra

US

Co-Borrower

LLC,

Facility

1st

Lien

Term

Loan

B,

(2-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.24%

,

 08/03/29

.

1,253

1,197,264

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B1,

08/24/28

(o)

................

5,003

5,004,416

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B2,

08/24/28

(o)

................

1,928

1,928,904

Ovation

Parent,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.84%

,

 04/19/31

..................

1,190

1,193,475

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.70%

-

9.10%

,

 02/01/28

............

USD

3,218

$

3,09

0,215

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.75%),

12.97%

,

 02/01/29

.................

963

901,958

Setanta

Aircraft

Leasing

DAC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.35%

-

7.09%

,

 11/06/28

..

595

597,654

TransDigm,

Inc.,

1st

Lien

Term

Loan

J,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.10%

-

7.84%

,

 02/28/31

............

4,864

4,843,805

TransDigm,

Inc.,

1st

Lien

Term

Loan

K,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.35%

-

8.09%

,

 03/22/30

............

1,134

1,133,631

TransDigm,

Inc.,

1st

Lien

Term

Loan

L,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.25%

-

7.32%

,

 01/19/32

............

1,213

1,207,942

26,492,411

Automobile

Components

—

0.1%

(a)

Champions

Financing,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

9.85%

,

 02/06/29

............

3,887

3,731,520

Clarios

Global

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.35%

-

7.75%

,

 05/06/30

............

4,395

4,390,477

Gates

Global

LLC,

1st

Lien

Term

Loan

B5,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.10%

-

7.50%

,

 06/04/31

.......

1,711

1,712,972

Tenneco,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

9.70%

-

10.44%

,

 11/17/28

............

1,857

1,761,160

11,596,129

Automobiles

—

0.0%

Dealer

Tire

Financial

LLC,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.35%

-

8.75%

,

 07/02/31

(a)

....

1,772

1,774,184

Beverages

—

0.0%

(a)

Naked

Juice

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.95%

-

8.69%

,

 01/24/29

............

3,601

2,938,270

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

10.70%

-

11.44%

,

 01/24/30

...........

2,461

1,492,590

4,430,860

Biotechnology

—

0.0%

Parexel

International,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

3.50%

-

8.25%

,

 11/15/28

(a)

......

3,769

3,767,827

Broadline

Retail

—

0.1%

(a)

Fanatics

Commerce

Intermediate

Holdco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.21%

-

8.61%

,

 11/23/28

..................

819

813,311

StubHub

HoldCo

Sub

LLC,

1st

Lien

Term

Loan

B,

03/15/30

(o)

....................

5,359

5,342,912

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.62%

-

9.35%

,

 12/21/27

............

474

315,431

6,471,654

Security

Par

(000)

Par

(000)

Value

Building

Products

—

0.1%

(a)

AZEK

Group

LLC

(The),

1st

Lien

Term

Loan

B,

09/19/31

(g)(o)

.....................

USD

1,137

$

1,137,000

AZZ,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.35%

-

7.75%

,

 05/14/29

.................

537

539,293

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.35%

-

8.75%

,

 11/03/28

.............

1,019

1,015,966

Cornerstone

Building

Brands

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.45%

,

 04/12/28

.......

336

328,560

CP

Atlas

Buyer,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.70%

-

9.10%

,

 11/23/27

.......

1,259

1,241,069

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.35%

-

8.75%

,

 10/02/28

.......

907

899,396

Wilsonart

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.81%

-

9.49%

,

 08/05/31

.................

3,663

3,620,253

8,781,537

Capital

Markets

—

0.2%

(a)

Aretec

Group,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.85%

-

9.25%

,

 08/09/30

.......

976

955,273

Axalta

Coating

Systems

US

Holdings,

Inc.,

1st

Lien

Term

Loan

B6,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.60%

-

7.34%

,

 12/20/29

..................

2,327

2,332,388

Aza

lea

Topco,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.75%

,

 04/30/31

..................

814

811,965

BCPE

Pequod

Buyer,

Inc.,

1st

Lien

Term

Loan,

09/20/31

(o)

......................

1,548

1,540,585

Castlelake

Aviation

One

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.70%

,

 10/22/27

.......

691

692,714

Castlelake

Aviation

One

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.45%

,

 10/22/26

.......

2,361

2,364,712

Edelman

Financial

Engines

Center

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.10%

-

8.50%

,

 04/07/28

..................

1,632

1,628,210

Focus

Financial

Partners

LLC,

1st

Lien

Term

Loan,

09/11/31

(o)

..................

1,767

1,761,029

Grant

Thornton

Advisors

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.10%

-

8.50%

,

 05/31/31

.

436

436,488

ION

Trading

Finance

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.02%

,

 04/03/28

............

713

712,746

Jane

Street

Group

LLC,

1st

Lien

Term

Loan,

01/26/28

(o)

......................

381

380,566

Learning

Care

Group

US

No.

2,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

8.60%

-

9.34%

,

 08/11/28

..................

238

238,647

Mercury

Borrower,

Inc.,

1st

Lien

Term

Loan,

08/02/28

(o)

......................

3,307

3,300,977

NGP

XI

Midstream

Holding

s

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.60%

-

9.73%

,

 07/25/31

(g)

212

211,735

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Osaic

Holdings,

Inc.,

1st

Lien

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.85%

-

9.25%

,

 08/17/28

.......

USD

3,469

$

3,428,114

OVG

Business

Services

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.85%

-

8.25%

,

 06/25/31

.

874

868,537

Thunder

Generation

Funding

LLC,

1st

Lien

Term

Loan,

09/29/31

(g)(o)

.............

469

468,414

22,133,100

Chemicals

—

0.3%

(a)

ARC

Falcon

I,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.45%

-

8.85%

,

 10/02/28

............

614

613,501

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

8.95%

-

9.35%

,

 11/24/27

..

621

616,613

Ascend

Performance

Materials

Operations

LLC,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

9.10%

-

10.07%

,

 08/27/26

.................

485

448,278

Chemours

Co.

(The),

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.35%

-

8.75%

,

 08/18/28

.......

858

856,705

CPC

Acquisition

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.62%

-

9.35%

,

 12/29/27

.......

351

304,443

Derby

Buyer

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.70%

,

 11/01/30

..................

2,898

2,899,1

60

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan,

10/04/29

(o)

......................

182

180,586

Ecovyst

Catalyst

Technologies

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.49%

-

7.50%

,

 06/12/31

..................

1,821

1,808,144

Element

Solutions,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.85%

-

7.25%

,

 12/09/30

.......

2,522

2,522,308

HB

Fuller

Co.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.85%

-

7.25%

,

 02/15/30

............

1

,190

1,190,349

Ineos

US

Finance

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.50%

,

 02/18/30

............

633

632,423

Lonza

Group

AG,

Facility

1st

Lien

Term

Loan

B,

07/03/28

(o)

......................

1,664

1,552,956

LSF11

A5

Holdco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.46%

-

8.86%

,

 10/16/28

.......

2,353

2,346,651

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

9.35%

-

9.75%

,

 03/29/28

..................

2,882

2,888,297

Nouryon

Finance

BV,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.63%

,

 04/03/28

............

1,980

1,979,711

Olympus

Water

US

Holding

Corp.,

1st

Lien

Term

Loan

B5,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.10%

-

8.85%

,

 06/20/31

.

2,014

2,012,093

OQ

Chemicals

International

Holding

GmbH,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

8.00

%),

12.92%

,

 06/23/25

192

197,876

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

OQ

Chemicals

International

Holding

GmbH,

1st

Lien

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.92%

,

 10/14/24

.

USD

1,568

$

1,326,170

Paint

Intermediate

III

LLC,

1st

Lien

Term

Loan

B,

09/11/31

(o)

.....................

686

684,285

Potters

Borrower

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.60%

-

9.09%

,

 12/14/27

............

610

612,478

PQ

Performance

Chemicals,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.45%

,

 08/02/30

.......

2,188

2,185,266

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.76%

,

 03/16/27

...........

608

607,583

WR

Grace

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.85%

-

8.50%

,

 09/22/28

.......

3,140

3,145,082

31,610,958

Commercial

Services

&

Supplies

—

0.3%

(a)

Action

Environmental

Group,

Inc.,

(The),

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

8.60%

-

9.34%

,

 10/24/30

..................

670

669,819

Allied

Universal

Holdco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.70%

-

9.10%

,

 05/12/28

.

5,952

5,890,904

Aramark

Services,

Inc.,

1st

Lien

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.85%

-

7.25%

,

 06/

24/30

.......

3,553

3,557,889

Asplundh

Tree

Expert

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.70%

-

7.10%

,

 09/06/27

.......

1,951

1,951,225

Clean

Harbors,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.7

5%),

6.71%

-

7.11%

,

 10/09/28

.............

1,673

1,675,607

Covanta

Holding

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.35%

-

7.75%

,

 11/30/28

.......

2,194

2,194,698

Covanta

Holding

Corp.,

1st

Lien

Term

Loan

C,

(2-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.59%

,

 11/30/28

.............

169

168,612

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.20%

-

7.60%

,

 01/29/

27

.

2,939

2,931,409

Froneri

US,

Inc.,

1st

Lien

Term

Loan

B,

09/17/31

(o)

......................

15

14,935

Garda

World

Security

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.54%

-

8.60%

,

 02/01/29

.

966

964,501

GFL

Environmental,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.32%

-

7.46%

,

 07/03/31

.......

921

919,683

JFL-Tiger

Acquisition

Co.,

1st

Lien

Term

Loan,

10/17/30

(o)

......................

748

748,866

LABL,

Inc.,

1st

Lien

Term

Loan

B,

10/3

0/28

(o)

.

1,689

1,647,651

Madison

Safety

&

Flow

LLC,

1st

Lien

Term

Loan

B,

09/19/31

(o)

....................

502

501,373

Minimax

Viking

GmbH,

Facility

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

7.71%

-

8.11%

,

 07/31/28

..

196

196,347

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

C,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.45%

,

 10/11/30

...

836

834,585

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Ryan

LLC,

1st

Lien

T

erm

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.35%

-

8.75%

,

 11/14/30

.................

USD

110

$

109,156

Tempo

Acquisition

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.10%

-

7.50%

,

 08/31/28

.......

4,518

4,519,569

TruGreen

LP,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.35%

,

 11/02/27

..................

1,475

1,423,767

Vestis

Corp.,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.37%

,

 02/24/31

..................

1,316

1,306,000

Viad

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.10%

-

9.50%

,

 07/31/28

(g)

................

1,731

1,728,996

33,955,592

Communications

Equipment

—

0.0%

(a)

Ciena

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.96%

-

8.75%

,

 10/24/30

.................

2,125

2,126,217

Viasat,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.35%

-

9.75%, 03/02/29

.....

1,210

1,105,114

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.73%, 05/30/30

..........

512

465,507

3,696,838

Construction

&

Engineering

—

0.1%

(a)

AECOM,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.88%),

7.12%

,

 04/18/31

..................

1,519

1,529,325

Arcosa,

Inc.,

1st

Lien

Term

Loan,

08/13/31

(g)(o)

681

679,616

Brand

Industrial

Services,

Inc.,

1st

Lien

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.75%

,

 08/01/30

.......

4,752

4,613,592

Pike

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.96%

-

8.36%

,

 01/21/28

.................

1,971

1,978,391

Propulsion

(BC)

Finco,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.35%

-

9.09%

,

 09/14/29

.......

279

279,106

Refficiency

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.45%

-

8.85%

,

 12/16/27

.......

475

475,640

9,555,670

Construction

Materials

—

0.1%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.60%

-

7.00%

,

 01/31/31

..................

2,601

2,602,539

NEW

AMI

I

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

10.85%

-

11.25%

,

 03/08/29

...........

735

708,757

Oldcastle

BuildingEnvelope,

Inc.,

1st

Lien

Term

Loan

B,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

8.50%

-

9.59%

,

 04/30/29

.

1,449

1,429,576

Quikrete

H

oldings,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.35%

-

7.75%

,

 04/14/31

.......

619

618,890

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.10%

-

7.50%

,

 03/19/29

.......

637

636,754

Security

Par

(000)

Par

(000)

Value

Construction

Materials

(continued)

Smyrna

Ready

Mix

Concrete

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.35%

,

 04/02/29

(g)

.

USD

524

$

526,278

Standard

Building

Solutions,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.92%

,

 09/22/28

.......

1,164

1,165,583

Summit

Materials

LLC,

1st

Lien

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.05%

,

 01/12/29

............

6

96

697,821

White

Cap

Supply

Holdings

LLC,

Facility

1st

Lien

Term

Loan

C,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.10%

-

8.50%

,

 10/19/29

..................

4,321

4,287,732

12,673,930

Consumer

Staples

Distribution

&

Retail

—

0.2%

(a)

CML

Project

Horizons,

1st

Lien

Term

Loan,

(3-mo.

SONIA

at

0.00%

Floor

+

3.75%),

8.70%

,

 04/12/28

(g)

.................

GBP

10,046

13,383,130

US

Foods,

Inc.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.96%

-

7.36%, 09/14/26

.....

USD

1,275

1,274,502

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.85%

-

7.25%, 11/22/28

.....

1,183

1,183,678

 09/26/31

(g)(o)

.....................

1,072

1,073,340

16,914,650

Containers

&

Packaging

—

0.1%

(a)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.10%

-

8.50%

,

 12/01/27

.

4,724

4,723,507

Mauser

Packaging

Solutions

Holding

Co.,

Facility

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.70%

,

 04/15/27

..................

1,519

1,520,997

Pregis

Topco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.85%

-

9.25%

,

 07/31/26

............

473

473,140

Trident

TPI

Holdings,

Inc.,

1st

Lien

Term

Loan

B6,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

8.60%

-

9.33%

,

 09/15/28

.....

1,181

1,181,739

7,899,383

Distributors

—

0.0%

PAI

Holdco,

Inc.,

1st

Lien

Term

Loan

B,

10/28/27

(a)(o)

.....................

1,772

1,618,996

Diversified

Consumer

Services

—

0.1%

(a)

Bright

Horizons

Family

Solutions

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.21%

-

7.61%

,

 11/23/28

..................

2,275

2,271,677

Kuehg

Corp.,

1st

Lien

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.10%

-

9.84%

,

 06/1

2/30

............

1,568

1,571,766

Sotheby's,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

10.06%

,

 01/15/27

.................

2,941

2,901,102

Spring

Education

Group,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.60%

-

9.34%

,

 09/30/30

.

2,037

2,047,239

Veritas

US,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.00%),

9.96%

-

10.36%

,

 09/02/25

............

962

899,597

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

Consumer

Services

(continued)

Wand

Newco

3,

Inc.,

1st

Lie

n

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.85%

-

8.50%

,

 01/30/31

............

USD

3,159

$

3,153,712

WCG

Intermediate

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.50%),

8.35%

-

8.75%

,

 01/08/27

.......

784

783,374

13,628,467

Diversified

Telecommunication

Services

—

0.1%

(a)

Connect

Finco

SARL,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.35%

-

9.75%

,

 09/13/29

.......

1,091

1,021,139

Iridium

Satellite

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

7.10%

-

7.50%

,

 09/20/30

.......

884

867,067

Level

3

Financing,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.56%),

11.41%

,

 04/16/29

............

690

703,596

Level

3

Financing,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.56%),

11.41%

,

 04/15/30

............

695

706,325

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

A,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.00%),

10.85%

-

11.25%

,

 06/01/28

.....

416

399,747

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.35%),

7.32%

,

 04/16/29

...........

777

680,125

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.35%),

7.32%

,

 04/15/30

...........

794

686,740

Orbcomm,

Inc.,

1st

Lien

Term

Loan,

(1-m

o.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

9.21%

-

9.61%

,

 09/01/28

............

1,057

924,740

Radiate

HoldCo

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.21%

-

8.61%

,

 09/25/26

.......

3,780

3,232,918

Virgin

Media

Bristol

LLC,

Facility

1st

Lien

Term

Loan

Q,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.46%

,

 01/31/29

.......

795

759,670

Zayo

Group

Holdings,

Inc.,

1st

Lien

Term

Loan,

03/09/27

(o)

......................

6,319

5,761,994

15,744,061

Electric

Utilities

—

0.0%

(a)

Hamilton

Projects

Acquiror

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.60%

-

9.00%

,

 05/30/31

.

362

364,265

NRG

Energy,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.25%

-

7.26%

,

 04/16/31

............

1,185

1,185,934

Vistra

Operations

Company

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.85%

-

7.25%

,

 12/20/30

.

999

998,341

2,548,540

Electrical

Equipment

—

0.0%

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.50%),

9.56%

-

9.74%

,

 06/23/28

(a)

......

2,684

2,686,470

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

—

0.0%

(a)

Celestica,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.61%

,

 06/20/31

(g)

.................

USD

608

$

607,715

Coherent

Corp.,

1st

Lien

Term

Loan

B1,

07/02/29

(o)

......................

2,392

2,389,332

2,997,047

Entertainment

—

0.3%

(a)

City

Football

Group

Ltd.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.97%

,

 07/22/30

............

2,534

2,517,211

Creative

Artists

Agency

LLC,

1st

Lien

Term

Loan

B2,

(US

Prime

Rate

at

0.00%

Floor

+

2.25%),

8.50%

-

10.25%

,

 11/27/28

......

4,540

4,535,089

Delta

2

SARL,

1st

Lien

Term

Loan

B,

09/10/31

(o)

2,218

2,217,484

Liberty

Media

Corp.,

1st

Lien

Term

Loan,

08/01/31

(o)

......................

1,109

1,108,366

Live

Nation

Entertainment,

Inc.,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.81%

,

 10/19/26

.......

3,062

3,054,989

Motion

Finco

SARL,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.10%

-

8.84%

,

11/13/29

......

2,371

2,279,211

NEP

Group,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.12%

-

8.61%

,

 08/19/26

............

2,516

2,405,593

Playtika

Holding

Corp.,

Facility

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.71%

-

8.11%

,

 03/13/28

..

2,359

2,340,719

UFC

Holdings

LLC,

1st

Lien

Term

Loan

B3,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.29%

,

 04/29/26

............

1,968

1,969,113

William

Morris

Endeavor

Entertainment

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.71%

-

8.11%

,

 05/19/25

..................

3,927

3,926,232

WMG

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.60%

-

6.83%

,

 01/24/31

.......

3,971

3,964,805

30,318,812

Financial

Services

—

0.8%

(a)

ABG

Intermediate

Holdings

2

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.60%

-

8.00%

,

 12/21/28

..................

2,752

2,753,303

APi

Group

DE,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.85%

-

7.25%

,

 01/03/29

............

1,300

1,298,583

Belron

Finance

US

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.93%),

7.32%

,

 04/13/28

............

2,008

2,006,115

Belron

Finance

US

LLC,

Faci

lity

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.63%

,

 04/18/29

.......

2,363

2,361,698

Boost

Newco

Borrower

LLC,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.10%

-

7.75%

,

 01/31/31

.....

4,678

4,676,035

BSREP

II

Houston

Office

1HC

Owner

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.21%),

7.53%

,

 01/09/25

(g)

.

42,968

18,904,342

CML

Terranea

Resort,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.35%),

9.55%

,

 01/01/28

(g)

...........

5,600

5,611,914

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Cogeco

Financing

2

LP,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.46%

-

7.86%

,

 09/01/28

.......

USD

1,219

$

1,196,676

Colorado

Plaza,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

0.00%

,

 11/15/24

(d)(e)(g)

...............

7,906

91,257

CPI

HoldCo

B

LLC,

1st

Lien

Term

Loan,

05/19/31

(o)

......................

2,142

2,130,904

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.75%),

8.35%

-

9.09%

,

 04/09/27

.

4,045

3,958,027

Deerfield

Holdings

Corp.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.75%),

11.62%

-

12.35%

,

 0

4/07/28

.....

1,890

1,842,750

Finco

I

LLC,

1st

Lien

Term

Loan,

06/27/29

(o)

..

189

189,086

Hilton

Garden

Inn

Waikiki,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.50%),

8.40%

,

 05/31/29

(g)

...........

8,500

8,474,633

HLP

Hotel

LLC,

1st

Lien

Term

Loan,

(SOFR

30

day

Average

at

1.00%

Floor

+

3.55%),

8.67%

,

 09/09/26

(g)

.................

10,600

10,600,000

HP

LQ

Investment

LP,

1st

Lien

Term

Loan,

(SOFR

30

day

Average

at

0.00%

Floor

+

3.00%),

8.21%

,

 12/09/26

(g)

...........

9,948

9,926,5

76

Hyperion

Refinance

SARL,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.35%

-

8.75%

,

 02/14/31

.......

1,979

1,979,273

Lions

Gate

Capital

Holdings

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.60%

,

 03/24/25

.......

664

662,283

Neon

Maple

US

Debt

Mergersub,

Inc.,

1st

Lien

Term

Loan,

07/18/31

(o)

..............

2,115

2,091,206

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.10%

-

8.50%

,

 05/30/31

.

2,824

2,813,410

Vortex

Opco

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.12%

,

 12/18/28

..................

1,232

876,435

84,444,506

Food

Products

—

0.1%

(a)

8th

Avenue

Food

&

Provisions,

Inc.,

1st

Lien

Term

Loan,

10/01/25

(o)

..............

1,298

1,254,591

Chobani

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.25%),

8.21%

-

8.61%, 10/25/27

.....

4,564

4,571,853

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

8.60%

-

9.09%, 10/25/27

.....

709

710,239

H-Food

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.69%),

9.01%

,

 05/23/25

............

599

446,614

Nomad

Foods

US

LLC,

Facility

1st

Lien

T

erm

Loan

B4,

(2-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.81%

,

 11/13/29

.......

790

788,317

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.85%

,

 03/31/28

............

1,199

1,196,500

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.35%

-

8.00%

,

 01/20/28

.......

2,844

2,842,690

11,810,804

Security

Par

(000)

Par

(000)

Value

Gas

Utilities

—

0.0%

NGL

Energy

Operating

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

8.60%

-

9.00%

,

 02/03/31

(a)

USD

809

$

803,911

Ground

Transportation

—

0.1%

(a)

AIT

Worldwide

Logistics,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

9.97%

,

 03/31/28

.......

495

494,700

Avis

Budget

Car

Rental

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.71%

-

7.11%

,

 08/06/27

..

1,417

1,409,512

Genesee

&

Wyoming,

Inc.,

1st

Lien

Term

Loan,

04/10/31

(o)

......................

3,298

3,289,755

Hertz

Corp.,

1st

Lien

Term

Loan

B,

06/30/28

(o)

1,038

926,315

Hertz

Corp.,

1st

Lien

Term

Loan

C,

06/30/28

(o)

199

177,409

6,297,691

Health

Care

Equipment

&

Supplies

—

0.1%

(a)

Bausch

&

Lomb,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.27%

,

 05/10/27

............

3,566

3,549,857

Bausch

+

Lomb

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.85%

-

9.25%

,

 09/29/28

.......

937

934,789

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.20%

-

8.60%

,

 11/03/28

.............

2,761

2,744,472

7,229,118

Health

Care

Providers

&

Services

—

0.2%

(a)

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.46%

-

8.86%

,

 09/29/28

.

1,649

1,648,365

Concentra

Health

Services,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.10%

-

7.73%

,

 07/26/31

(g)

489

487,778

Electron

Bidco,

Inc.,

1st

Lien

Term

Loan,

11/01/28

(o)

......................

2,631

2,632,490

Ensemble

RCM

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.25%

,

 08/01/29

............

393

393,324

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.75%),

11.03%

,

 08/31/28

............

499

500,780

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.00%),

6.28%

-

6.38%

,

 11/30/28

.......

1,887

1,325,480

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.75%),

12.13%

,

 11/30/28

(d)(e)(g)

........

47

8,031

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.85%

,

 11/01/28

.......

1,413

1,066,463

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

7.00%),

12.35%

,

 11/01/29

......

404

262,600

Medline

Borrower

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.10%

-

7.74%, 10/23/28

.....

2,170

2,166,897

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.60%

-

8.00%, 10/23/28

.....

7,493

7,492,076

Oculus

Acquisition

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.75%

,

 11/08/27

.............

2,431

2,434,719

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Option

Care

Health,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.10%

-

7.50%

,

 10/27/28

.......

USD

1,672

$

1,677,113

Surgery

Center

Holdings,

Inc.,

1st

Lien

Term

Loan,

12/19/30

(o)

..................

1,988

1,988,007

Vizient,

Inc.,

1st

Lien

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.85%

-

7.48%

,

 08/01/31

............

615

615,307

24,699,430

Health

Care

Technology

—

0.2%

(a)

AthenaHealth

Group,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.50%

,

 02/15/29

............

4,365

4,333,249

Cotiviti

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.45%

,

 05/01/31

(g)

.................

3,948

3,943,225

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

10/01/27

(o)

....................

2,630

2,497,804

PointClickCare

Technologies,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

7.60%

-

8.34%

,

 12/29/27

(g)

951

950,031

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.51%

,

 06/02/28

..................

5,966

5,860,520

Waystar

Technologies,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.60%

-

8.24%

,

 10/22/29

.......

838

837,948

Zelis

Cost

Management

Buyer,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.60%

-

8.00%

,

 09/28/29

..................

813

812,055

19,234,832

Hotel

&

Resort

REITs

—

0.0%

RHP

Hotel

Properties

LP,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.10%

-

7.50%

,

 05/20/30

(a)

......

751

750,297

Hotels,

Restaurants

&

Leisure

—

0.6%

(a)

1011778

BC

Unlimited

Liability

Co.,

1st

Lien

Term

Loan

B5,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.60%

-

7.00%

,

 09/20/30

..................

2,367

2,340,452

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

8.71%

-

9.11%

,

 02/02/26

..

2,619

2,546,612

Alterra

Mountain

Co.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.35%

-

8.75%

,

 05

/31/30

.......

1,432

1,435,129

Bally's

Corp.,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.79%

,

 10/02/28

............

1,941

1,846,794

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.60%

-

8.00%

,

 02/06/30

.

1,070

1,068,498

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.60%

-

8.00%

,

 02/06/31

.

5,523

5,516,341

Carnival

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.00%

,

 08/09/27

..................

851

852,099

Cedar

Fair

LP,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.85%

-

7.20%

,

 05/01/31

............

579

576,959

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Churchill

Downs,

Inc.,

Facility

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.95%

-

7.35%

,

 03/17/28

(g)

USD

1,970

$

1,965,165

Fertitta

Entertainment

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.85%

,

 01/29/29

............

5,496

5,477,647

Flutter

Entertainment

plc,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.60%

-

7.34%

,

 11/25/30

.......

3,935

3,933,846

Four

Seasons

Hotels

Ltd

.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.61%

,

 11/30/29

.............

3,927

3,924,584

Hilton

Domestic

Operating

Co.,

Inc.,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.60%

,

 11/08/30

...

3,163

3,161,132

IRB

Holding

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.10%

,

 12/15/27

............

2,270

2,266,809

Light

&

Wonder

International,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.33%

-

7.71%

,

 04/16/29

.

1,816

1,812,277

Packers

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.20%

-

8.60%

,

 03/02/28

.......

1,102

572,451

Penn

National

Gaming,

In

c.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.70%

-

8.10%

,

 05/03/29

.......

2,749

2,752,637

Playa

Resorts

Holding

BV,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.60%

-

8.03%

,

 01/05/29

.......

645

639,872

Scientific

Games

Holdings

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.24%

-

8.32%

,

 04/04/29

.

721

716,249

Seaworld

Parks

&

Enter

tainment,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.35%

-

7.75%

,

 08/25/28

..................

800

796,774

Sodalite

Tahoe

Hotel

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.90%),

8.13%

,

 10/25/26

(g)

...........

7,532

7,407,077

Station

Casinos

LLC,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.10%

-

7.50%

,

 03/14/31

.

3,553

3,536,019

Whatabrands

LLC,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.60%

-

8.00%

,

 08/03/28

.......

4,079

4,070,934

Wyndham

Hotels

&

Resorts,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.60%

-

7.00%

,

 05/24/30

.

1,739

1,737,064

60,953,421

Household

Durables

—

0.1%

(a)

ACProducts,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.12%

-

9.85%

,

 05/17/28

............

1,231

1,026,177

Hunter

Douglas,

Inc.,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.57%

,

 02/25/29

............

3,667

3,630,282

Serta

Simmons

Bedding

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

12.95%

,

 06/29/28

......

658

537,253

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

8.96%

-

9.36%

,

 10/06/28

.......

3,153

2,590,825

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

Weber-Stephen

Products

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.21%

-

8.61%

,

 10/29/27

.

USD

4,283

$

4,026,814

11,811,351

Household

Products

—

0.0%

Energizer

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.92%

,

 12/22/27

(a)

...........

487

487,150

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

(a)

Calpine

Construction

Finance

Co.

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.85%

-

7.25%

,

 07/19/30

..................

1,829

1,816,722

Calpine

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.85%

-

7.25%

,

 01/31/31

.................

481

478,826

Exgen

Renewables

IV

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

2.25%),

7.31%

,

 12/15/27

............

1,838

1,838,6

30

4,134,178

Industrial

Conglomerates

—

0.0%

(a)

EMRLD

Borrower

LP,

1st

Lien

Term

Loan,

08/04/31

(o)

......................

1,813

1,808,141

EMRLD

Borrower

LP,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.56%

,

 05/31/30

............

3,149

3,141,321

4,949,462

Insurance

—

0.4%

(a)

Alliant

Holdings

Intermediate

LLC,

1st

Lien

Term

Loan,

09/19/31

(o)

..................

7,697

7,651,627

AmWINS

Group,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

7.21%

-

7.61%

,

 02/21/28

.......

3,936

3,928,056

Amynta

Agency

Borrower,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.00%

,

 02/28/28

.......

3,2

84

3,281,700

AssuredPartners,

Inc.,

1st

Lien

Term

Loan,

02/14/31

(o)

......................

6,462

6,454,370

Baldwin

Insurance

Group

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.10%

-

8.50%

,

 05/26/31

(g)

.................

937

937,172

Hub

International

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

8.04%

-

8.26%

,

 06/20/30

.......

5,292

5,283,417

Jones

Deslauriers

Insurance

Management,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.2

5%),

8.40%

-

8.48%

,

 03/15/30

..................

1,130

1,129,190

Ryan

Specialty

Group

LLC,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.00%

-

7.35%

,

 09/15/31

.....

2,752

2,746,139

Truist

Insurance

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.85%

-

8.59%

,

 05/06/31

.

4,225

4,214,437

USI,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.35%

-

8.09%

,

 09/27/30

..................

1

,097

1,093,130

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

USI,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.35%

-

8.09%

,

 11/21/29

.................

USD

3,931

$

3,917,593

40,636,831

Interactive

Media

&

Services

—

0.0%

Camelot

US

Acquisition

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.60%

-

8.00%

,

 01/31/31

(a)

3,944

3,935,895

IT

Services

—

0.3%

(a)

Amazon

Holdco,

Inc.,

1st

Lien

Term

Loan

B,

07/30/31

(o)

......................

1,684

1,677,685

Asurion

LLC,

1st

Lien

Term

Loan

B11,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

9.20%

-

9.60%

,

 08/21/28

............

1,637

1,610,668

Asurion

LLC,

1st

Lien

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.21%

-

8.61%

,

 12/23/26

............

1,783

1,781,120

Asurion

LLC,

2nd

Lien

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

10.21%

-

10.61%

,

 01/31/28

...........

1,054

985,300

Asurion

LLC,

2nd

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

10.21%

-

10.61%

,

 01/19/29

...........

618

569,913

Central

Parent

LLC,

1st

Lien

T

erm

Loan,

07/06/29

(o)

......................

4,535

4,483,407

Epicor

Software

Corp.,

1st

Lien

Term

Loan

E,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.10%

-

8.50%

,

 05/30/31

.......

1,584

1,584,505

Fortress

Intermediate

3,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

8.60%

-

9.00%

,

 06/27/31

.

741

739,148

Go

Daddy

Operating

Co.

LLC,

1st

Lien

Term

Loan

B6,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.85%

-

7.25%

,

 11/12/29

..

1,210

1,208,127

Go

Daddy

Operating

Co.

LLC,

1st

Lien

Term

Loan

B7,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.60%

-

7.00%

,

 05/30/31

.

3,985

3,973,324

Magenta

Security

Holdings

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

11.00%

-

11.48%, 07/27/28

...

151

153,210

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.25%),

11.00%

-

11.63%, 07/27/28

(d)(e)

.

1,028

300,756

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.75%),

11.50%

-

12.13%, 07/27/28

...

379

358,528

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.00%),

11.75%

-

12.38%, 07/27/28

...

523

358,004

Mitchell

International,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.10%

-

8.50%

,

 06/17/31

.......

2,843

2,798,908

Mitchell

International,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

10.10%

-

10.50%

,

 06/07/32

.....

675

662,627

Modena

Buyer

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

9.10%

-

9.83%

,

 07/01/31

............

1,051

1,003,926

Project

Boost

Purchaser

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.73%

-

8.79%

,

 07/16/31

.

1,632

1,630,613

Quartz

AcquireCo

LLC,

1st

Lien

Term

Loan

B1,

06/28/30

(o)

......................

1,149

1,146,796

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

55

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Sedgwick

Claims

Management

Services,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.25%

,

 07/31/31

.

USD

5,237

$

5,224,989

32,251,554

Leisure

Products

—

0.0%

(a)

Fender

Musical

Instruments

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

8.95%

-

9.35%

,

 12/01/28

(g)

.................

629

606,508

Hayward

Industries,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.46%

-

7.86%

,

 05/30/28

.......

405

404,004

1,010,512

Life

Sciences

Tools

&

Services

—

0.1%

(a)

Avantor

Funding,

Inc.,

1st

Lien

Term

Loan

B6,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.95%

-

7.35%

,

 11/08/27

.......

1,013

1,017,996

Catalent

Pharma

Solutions,

Inc.,

1st

Lien

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.03%

,

 02/22/28

.......

2,591

2,588,097

Fortrea

Holdings

,

Inc.,

1st

Lien

Term

Loan

B,

(2-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.49%

,

 07/01/30

............

404

403,185

ICON

Luxembourg

SARL,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.60%

-

7.34%

,

 07/03/28

.......

594

596,963

IQVIA,

Inc.,

1st

Lien

Term

Loan

B4,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.60%

-

7.34%

,

 01/02/31

.................

1,645

1,650,279

Maravai

Intermediate

Holdings

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.28%

,

 10/19/27

..

1,635

1,625,321

Pra

Health

Sciences,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.60%

-

7.34%

,

 07/03/28

.......

148

148,734

Star

Parent,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.09%

,

 09/27/30

..................

1,590

1,544,695

9,575,270

Machinery

—

0.4%

(a)

AI

Aqua

Merger

Sub,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.70%

,

 07/31/28

............

2,357

2,353,533

Albion

Financing

3

SARL,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.48%

-

9.83%

,

 08/17/29

.......

2,552

2,561,500

Barnes

Group,

Inc.,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.35%

-

7.75%

,

 08/30/30

.......

1,567

1,566,126

Chart

Industries,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.74%

-

7.82%

,

 03/1

5/30

(g)

......

158

157,909

Clark

Equipment

Co.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.60%

-

7.32%

,

 04/20/29

.......

947

946,395

Columbus

McKinnon

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.10%

-

7.84%

,

 05/15/28

(g)

......

715

715,405

Filtration

Group

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.86%

,

 10/23/28

............

3,952

3,950,986

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Generac

Power

Systems,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.95%

-

6.98%

,

 06/12/31

.

USD

815

$

818,056

Husky

Injection

Molding

Systems

Ltd.,

1st

Lien

Term

Loan,

02/15/29

(o)

..............

5,377

5,345,237

Madison

IAQ

LLC,

1st

Lien

Term

Loan,

06/21/28

(o)

......................

3,713

3,708,273

Rexnord

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.36%

,

 10/04/28

..................

950

953,800

Roper

Industrial

Products

Investment

Co.

LLC,

1st

Lien

Term

Lo

an

C,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.85%

-

8.74%

,

 11/22/29

..................

3,522

3,527,117

SPX

Flow,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.35%

-

8.75%

,

 04/05/29

............

2,314

2,315,832

TK

Elevator

Midco

GmbH,

1st

Lien

Term

Loan

C,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.59%

,

 04/30/30

............

5,986

5,996,035

Vertiv

Group

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.20%

-

7.24%

,

 03/02/27

.......

2,809

2,810,134

Wec

US

Holdings

Ltd.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.60%

-

8.00%

,

 01/27/31

.......

1,740

1,738,973

39,465,311

Media

—

0.1%

(a)

Altice

Financing

SA,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.31%

,

 01/30/26

..................

454

440,418

Altice

France

SA,

1st

Lien

Term

Loan

B14,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.50%),

10.80%

,

 08/15/28

............

2,978

2,224,524

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.25%),

8.61%

,

 03/03/25

............

1,225

1,217,661

Charter

Communications

Operating

LLC,

1st

Lien

Term

Loan

B4,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.33%

,

 12/09/30

.

1,203

1,192,632

Clear

Channel

Outdoor

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.96%

-

9.36%

,

 08/23/28

..................

656

652,769

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5,

04/15/27

(o)

......................

2,793

2,549,977

DirecTV

Financing

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

9.96%

-

10.36%

,

 08/02/27

......

871

870,622

ECL

Entertainment

LLC,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.85%

-

9.25%

,

 08/31/30

.

847

849,067

Fleet

Midco

I

Ltd.,

1st

Lien

Term

Loan

B2,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.58%

-

7.81%

,

 02/21/31

(g)

......

76

75,810

Gray

Television,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

10.45%

-

10.49%

,

 05/23/29

.....

419

401,572

Learfield

Communications,

Inc.,

1st

Lien

Term

Loan,

06/30/28

(o)

..................

1,164

1,159,295

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

56

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Ziggo

Financing

Partnership,

1st

Lien

Term

Loan

I,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.71%

,

 04/28/28

.......

USD

1,087

$

1,060,695

12,695,042

Oil,

Gas

&

Consumable

Fuels

—

0.1%

(a)

Buckeye

Partners

LP,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.85%

-

7.25%

,

 11/22/30

.......

813

811,645

Ecopetrol

SA,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

9.37%

-

9.98%

,

 09/06/30

(g)

................

3,000

3,086,100

Freeport

LNG

investments

LLLP,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

9.04%

,

 12/21/28

.......

3,871

3,833,732

GIP

Pilot

Acquisition

Partners

LP,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.82%

,

 10/04

/30

.......

257

256,809

M6

ETX

Holdings

II

Midco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.45%

-

9.85%

,

 09/19/29

.

315

314,055

Medallion

Midland

Acquisition

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.31%

,

 10/18/28

.......

2,750

2,750,182

New

Fortress

Energy,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.25%

,

 10/30/28

............

2,354

2,123,003

Oryx

Midstream

Services

Permian

Basin

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.23%

,

 10/05/28

.

2,347

2,347,224

15,522,750

Passenger

Airlines

—

0.1%

(a)

AAdvantage

Loyalty

IP

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.29%

,

 04/20/28

............

2,020

2,075,023

Air

Canada,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

7.25%

,

 03/21/31

..................

1,972

1,974,555

American

Airlines,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.45%

-

7.07%, 01/29/27

.....

1,846

1,836,162

 02/07/28

(o)

......................

2,119

2,113,000

(2-mo.

CME

Term

SOFR

at

1.00%

Floor

+

2.50%),

7.21%, 06/04/29

..........

1,639

1,625,249

JetBlue

Airways

Corp.,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.50%),

10.27%

-

10.54%

,

 08/13/29

.....

795

777,359

United

Airlines,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.03%

,

 02/22/31

............

1,975

1,975,687

12,377,035

Pharmaceuticals

—

0.1%

(a)

Amneal

Pharmaceuticals

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.50%),

10.35%

-

10.75%

,

 05/04/28

1,559

1,575,109

Bausch

Health

Cos.,

Inc.,

1st

Lien

Term

Loan,

02/01/27

(o)

......................

1,277

1,224,477

Elanco

Animal

Health,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.05%

,

 08/02/27

............

1,621

1,617,138

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Jazz

Financing

Luxembourg

SARL,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.10%

-

7.50%

,

 05/05/28

..................

USD

3,994

$

3,988,723

Organon

&

Co.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.46%

-

7.74%

,

 05/19/31

............

1,628

1,622,310

Perrigo

Investments

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.20%

-

7.60%

,

 04/20/29

.......

672

669,897

Precision

Medicine

Group

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

7.70%

-

8.44%

,

 11/18/27

..

1,195

1,187,534

11,885,188

Professional

Services

—

0.3%

(a)

AlixPartners

LLP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.46%

-

7.86%

,

 02/04/28

............

2,518

2,519,485

CoreLogic,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.46%

-

8.86%

,

 06/02/28

............

3,300

3,262,026

Dayforce,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.35%

-

7.75%

,

 02/28/31

.................

2,767

2,760,147

Dun

&

Bradstreet

Corp.

(The),

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.61%

,

 01/18/29

.......

8,252

8,241,805

Element

Materials

Technology

Group

US

Holdings,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.35%

-

9.69%

,

 06/22/29

............

2,129

2,130,5

52

Fleetcor

Technologies

Operating

Co.

LLC,

1st

Lien

Term

Loan

B,

04/28/28

(o)

.........

3,187

3,181,669

Galaxy

US

Opco,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

10.00%

,

 04/30/29

............

814

680,210

Trans

Union

LLC,

1st

Lien

Term

Loan

B7,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.85%

-

7.25%

,

 12/01/28

.......

3,943

3,938,457

Trans

Union

LLC,

1st

Lien

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.60%

-

7.00%

,

 06/11/31

.......

1,117

1,114,321

27,828,672

Real

Estate

Management

&

Development

—

0.0%

(a)

Cushman

&

Wakefield

US

Borrower

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.71%

-

8.11%, 08/21/25

.....

34

34,431

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.60%

-

9.00%, 01/31/30

.....

507

506,309

Cushman

&

Wakefield

US

Borrower

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.85%

-

8.25%

,

 01/31/30

(g)

.................

640

639,591

1,180,331

Semiconductors

&

Semiconductor

Equipment

—

0.0%

(a)

Entegris,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.35%

-

7.09%

,

 07/06/29

............

1,045

1,046,546

MKS

Instruments,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.17%

-

7.48%

,

 08/17/29

.......

2,198

2,196,151

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

57

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Synaptics,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.53%

,

 12/04/28

..................

USD

711

$

708,911

3,951,608

Software

—

0.7%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.60%

-

8.34%

,

 02/24/31

.......

4,714

4,714,995

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

08/15/29

(o)

......................

1,010

979,889

Boxer

Parent

Co.,

Inc.,

1st

Lien

Term

Loan,

07/30/31

(o)

......................

825

822,797

CCC

Intelligent

Solutions,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.21%

-

7.61%

,

 09/21/28

.

2,992

2,989,404

Cloud

Software

Group,

Inc.,

1

st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.10%

-

9.84%

,

 03/21/31

.......

1,593

1,596,313

Cloud

Software

Group,

Inc.,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

8.60%

-

9.34%

,

 03/30/29

..................

7,949

7,910,071

DS

Admiral

Bidco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

9.10%

-

9.59%

,

 06/26/31

(g)

......

1,001

960,960

E2Open

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.46%

-

8.86%

,

 02/04/28

.................

398

398,694

Ellucian

Holdings,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.45%

-

8.85%

,

 10/07/29

.......

3,919

3,927,156

Gen

Digital,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.60%

-

7.00%

,

 09/12/29

............

3,652

3,639,544

Genesys

Cloud

Services

Holdings

II

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.71%

-

9.11%

,

 12/01/27

..................

1,079

1,078,720

Genesys

Cloud

Services

Holdings

II

LLC,

Facility

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.35%

-

8.75%

,

 12/01/27

.................

3,503

3,506,643

Helios

Software

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

8.35%

-

9.09%

,

 07/18/30

.

684

679,928

Informatica

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.10%

-

7.74%

,

 10/27/28

............

3,541

3,535,370

McAfee

Corp.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.45%

-

8.49%

,

 03/01/29

............

4,476

4,454,513

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.10%

-

9.50%

,

 05/03/28

.................

2,276

2,260,211

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.25%),

11.50%

,

 02/23/29

.................

667

653,359

Planview

Parent,

Inc.,

1st

Lien

Term

Loan

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

8.35%

-

9.09%

,

 12/17/27

.......

344

344,138

Project

Sky

Merger

Sub,

Inc.,

1st

Lien

Term

Loan,

10/09/28

(o)

..................

2,986

2,900,243

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Project

Sky

Merger

Sub,

Inc.,

2

nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

10.95%

-

11.35%

,

 10/10/29

USD

1,397

$

1,308,528

Proofpoint,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.85%

-

8.25%

,

 08/31/28

............

5,177

5,173,543

RealPage,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.96%

-

8.36%

,

 04/24/28

............

3,581

3,473,385

Sabre

GLBL,

Inc.,

1st

Lien

Term

Loan

B1,

12/17/27

(o)

......................

565

525,993

Sabre

GLBL,

Inc.,

1st

Lien

Term

Loan

B2

 12/17/27

(o)

......................

888

826,462

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

9.95%

-

10.35%, 06/30/28

....

440

416,900

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.25%

,

 08/01/27

............

1,568

1,568,150

SS&C

Technologies,

Inc.,

1st

Lien

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.85%

-

7.25%

,

 05/09/31

.....

2,763

2,762,342

UKG,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.55%

,

 02/10/31

..................

4,611

4,610,547

Voyage

Australia

Pty

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

9.04%

,

 07/20/28

............

286

285,807

VS

Buyer

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.35%

,

 04/14/31

..................

3,180

3,178,424

71,483,029

Specialty

Retail

—

0.1%

(a)

EG

America

LLC,

1st

Lien

Term

Loan

A,

(1-day

SOFR

at

0.50%

Floor

+

4.25%),

9.82%

,

 03/31/26

(g)

.................

600

599,562

LS

Group

Opco

Acquisition

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.85%

-

8.25%

,

 04/23/31

.

637

636,986

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.35%

-

8.75%

,

 05/04/28

..................

3,238

3,234,419

Murphy

USA,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

7.07%

,

 01/31/28

..................

758

757,795

Peer

Holding

III

BV,

Facility

1st

Lien

Term

Loan

B5,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.60%

-

8.33%

,

 06/20/31

.....

945

946,578

PetSmart,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.70%

-

9.10%

,

 02/11/28

.................

1,103

1,092,156

Restoration

Hardware,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.46%

-

7.86%, 10/20/28

.....

541

519,412

 10/20/28

(o)

......................

667

645,780

RVR

Dealership

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.50%

-

9.10%

,

 02/08/28

.

199

176,210

8,608,898

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

58

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Hanesbrands,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.60%

-

9.00%

,

 03/08/30

(a)

......

USD

426

$

425,044

Trading

Companies

&

Distributors

—

0.1%

(a)

Beacon

Roofing

Supply,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.85%

-

7.25%

,

 05/19/28

.

1,129

1,129,115

Core

&

Main

LP,

1st

Lien

Term

Loan

C,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.11%

,

 02/10/31

..................

646

645,755

Core

&

Main

LP,

1st

Lien

Term

Loan

D,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.86%

,

 07/27/28

..................

3,946

3,937,868

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.25%

,

 01/29/31

..

3,224

3,134,708

Gulfside

Supply,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.29%

,

 06/17/31

............

681

680,067

TMK

Hawk

Parent

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.25%),

10.17%

,

 06/29/29

(g)

...........

1,378

896,025

10,423,538

Transportation

Infrastructure

—

0.1%

(a)

Brown

Group

Holding

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.60%

-

8.19%

,

 07/01/31

.......

2,596

2,587,785

Brown

Group

Holding

LLC,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.81%

-

8.00%

,

 07/01/

31

.....

1,781

1,776,144

KKR

Apple

Bidco

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.71%

-

8.11%, 09/22/28

.....

1,414

1,411,506

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.35%

-

8.75%, 09/22/28

.....

1,093

1,094,588

OLA

Netherlands

BV,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.25%),

11.60%

,

 12/15/26

(g)

...........

1,251

1,244,803

Rand

Parent

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

8.35%

-

9.09%

,

 03/18/30

............

400

400,572

8,515,398

Wireless

Telecommunication

Services

—

0.0%

(a)

GoGo

Intermediate

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.11%

,

 05/01/28

.......

1,109

1,042,394

SBA

Senior

Finance

II

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.85%

-

7.25%

,

 01/27/31

.......

1,971

1,971,340

3,013,734

Total

Floating

Rate

Loan

Interests

—

7.4%

(Cost:

$857,136,519)

..............................

823,688,907

Foreign

Agency

Obligations

Brazil

—

0.0%

Centrais

Eletricas

Brasileiras

SA,

3.63%

,

02/04/25

(c)

......................

610

604,705

Chile

—

0.1%

Banco

del

Estado

de

Chile,

2.70%

,

01/09/25

(c)

1,245

1,234,891

Corp.

Nacional

del

Cobre

de

Chile

Security

Par

(000)

Par

(000)

Value

Chile

(continued)

3.63%,

08/01/27

(c)

.................

USD

500

$

486,562

3.75%,

01/15/31

(b)

.................

491

457,858

Empresa

Nacional

del

Petroleo

(b)

6.15%,

05/10/33

..................

656

696,593

5.95%,

07/30/34

..................

430

451,715

3,327,619

Denmark

—

0.0%

Orsted

A/S

(a)(c)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.14%),

2.50%,

02/18/3021

....................

GBP

886

876,558

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.59%),

5.13%,

03/14/3024

..............

EUR

400

459,174

1,335,732

Finland

—

0.0%

Finnair

OYJ

4.75%,

05/24/29

(c)

.................

1,600

1,786,777

1,786,777

France

—

0.1%

Electricite

de

France

SA

(a)(c)(k)

(12-Year

EUR

Swap

Annual

+

3.79%),

5.38%

.......................

1,200

1,339,119

(13-Year

GBP

Swap

Semi

+

4.23%),

6.00%

GBP

1,800

2,393,871

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.37%),

2.88%

.......................

EUR

600

643,893

(5-Year

EUR

Swap

Annual

+

3.20%),

3.00%

1,000

1,061,945

(BPISDS15

+

3.32%),

5.88%

.........

GBP

1,400

1,825,096

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.94%),

5.13%

.......................

EUR

200

223,642

(5-Year

EUR

Swap

Annual

+

3.97%),

3.38%

5,200

5,273,793

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.28%),

5.63%

.......................

200

225,652

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.78%),

7.38%

....

GBP

200

273,142

13,260,153

Hungary

—

0.0%

Magyar

Export-Import

Bank

Zrt.,

6.13%

,

12/04/27

(b)

......................

USD

1,201

1,233,655

MVM

Energetika

Zrt.

(c)

7.50%,

06/09/28

..................

529

562,559

6.50%,

03/13/31

..................

935

970,941

2,767,155

Indonesia

—

0.0%

Pertamina

Persero

PT,

3.10%

,

08/27/30

(c)

...

1,275

1,176,315

Ireland

—

0.1%

AIB

Group

plc

,

(5-Year

EUR

Swap

Annual

+

6.63%),

6.25%

(a)(c)(k)

................

EUR

6,704

7,534,758

Italy

—

0.0%

Banca

Monte

dei

Paschi

di

Siena

SpA,

(3-mo.

EURIBOR

+

3.21%),

6.75%

,

03/02/26

(a)(c)

..

2,106

2,374,038

Mexico

—

0.2%

Petroleos

Mexicanos

6.88%,

08/04/26

..................

USD

4,946

4,907,916

8.75%,

06/02/29

..................

1,255

1,273,061

5.95%,

01/28/31

..................

2,358

2,034,718

6.70%,

02/16/32

..................

8,559

7,653,030

10.00%,

02/07/33

.................

820

867,478

6.75%,

09/21/47

..................

309

220,935

16,957,138

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

59

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Morocco

—

0.0%

OCP

SA

(b)

6.75%,

05/02/34

..................

USD

1,115

$

1,194,968

7.50%,

05/02/54

..................

939

1,018,402

2,213,370

Panama

—

0.0%

(b)

Aeropuerto

Internacional

de

Tocumen

SA

4.00%,

08/11/41

..................

1,225

989,200

5.13%,

08/11/61

..................

769

610,632

Banco

Latinoamericano

de

Comercio

Exterior

SA,

2.38%

,

09/14/25

...............

608

592,496

2,192,328

Poland

—

0.0%

Bank

Gospodarstwa

Krajowego

(b)

6.25%,

10/31/28

..................

466

499,459

5.75%,

07/09/34

..................

1,140

1,192,907

1,692,366

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.

(b)

5.25%,

07/17/34

..................

1,870

1,921,593

5.88%,

07/17/64

..................

798

805,023

2,726,616

Turkey

—

0.0%

Turkiye

Varlik

Fonu

Yonetimi

A/S,

8.25%

,

02/14/29

(c)

......................

429

451,388

Total

Foreign

Agency

Obligations

—

0.5%

(Cost:

$59,516,082)

...............................

60,400,458

Foreign

Government

Obligations

Bahrain

—

0.0%

Kingdom

of

Bahrain

(c)

7.38%,

05/14/30

..................

572

617,183

5.45%,

09/16/32

..................

480

462,451

1,079,634

Brazil

—

0.0%

Federative

Republic

of

Brazil,

7.13%

,

05/13/54

899

931,957

Bulgaria

—

0.0%

Bulgaria

Government

Bond,

5.00%

,

03/05/37

(c)

732

732,915

Chile

—

0.0%

Republic

of

Chile,

3.10%

,

05/07/41

........

1,509

1,176,266

Colombia

—

0.0%

Republic

of

Colombia

3.88%,

03/22/26

..................

EUR

222

246,457

3.25%,

04/22/32

..................

USD

896

721,728

8.00%,

04/20/33

..................

1,035

1,110,897

8.00%,

11/14/35

..................

439

467,315

8.75%,

11/14/53

..................

253

276,941

2,823,338

Costa

Rica

—

0.0%

Republic

of

Costa

Rica,

6.55%

,

04/03/34

(c)

...

553

588,392

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

5.95%,

01/25/27

(c)

.................

1,109

1,123,902

5.50%,

02/22/29

(b)

.................

557

561,177

5.50%,

02/22/29

(c)

.................

719

724,393

7.05%,

02/03/31

(b)

.................

1,301

1,401,880

4.88%,

09/23/32

(b)

.................

564

537,563

5.30%,

01/21/41

(c)

.................

433

399,442

4,748,357

Security

Par

(000)

Par

(000)

Value

Egypt

—

0.0%

Arab

Republic

of

Egypt

5.63%,

04/16/30

(c)

.................

EUR

649

$

604,587

6.38%,

04/11/31

(b)

.................

479

447,554

7.63%,

05/29/32

(c)

.................

USD

1,050

929,250

1,981,391

Guatemala

—

0.1%

Republic

of

Guatemala

5.25%,

08/10/29

(c)

.................

511

504,357

5.25%,

08/10/29

(b)

.................

767

757,029

7.05%,

10/04/32

(b)

.................

1,076

1,162,080

6.60%,

06/13/36

(b)

.................

544

569,296

2,992,762

Hungary

—

0.1%

Hungary

Government

Bond

5.25%,

06/16/29

(b)

.................

1,125

1,140,885

5.38%,

09/12/33

(c)

.................

EUR

1,109

1,327,100

5.50%,

03/26/36

(b)

.................

USD

575

578,594

3,046,579

Ivory

Coast

—

0.0%

Republic

of

Cote

d'Ivoire

6.38%,

03/03/28

(c)

.................

941

941,000

5.88%,

10/17/31

(c)

.................

EUR

1,300

1,371,122

8.25%,

01/30/37

(b)

.................

USD

403

413,831

2,725,953

Mexico

—

0.1%

United

Mexican

States

3.75%,

01/11/28

..................

601

585,224

4.50%,

04/22/29

..................

1,066

1,052,675

6.35%,

02/09/35

..................

382

400,336

4.75%,

03/08/44

..................

1,096

927,832

4.40%,

02/12/52

..................

1,516

1,165,425

6.34%,

05/04/53

..................

963

957,282

5,088,774

Morocco

—

0.0%

Kingdom

of

Morocco

2.38%,

12/15/27

(c)

.................

566

524,082

5.95%,

03/08/28

(b)

.................

412

425,650

949,732

Nigeria

—

0.0%

Federal

Republic

of

Nigeria

8.38%,

03/24/29

(b)

.................

716

693,625

7.63%,

11/28/47

(c)

.................

690

528,066

1,221,691

North

Macedonia

—

0.0%

Republic

of

North

Macedonia,

6.96%

,

03/13/27

(c)

......................

EUR

498

577,559

Oman

—

0.0%

Oman

Government

Bond,

6.50%

,

03/08/47

(c)

.

USD

953

1,004,522

Panama

—

0.0%

Republic

of

Panama

7.50%,

03/01/31

..................

1,068

1,167,324

2.25%,

09/29/32

..................

1,242

959,445

8.00%,

03/01/38

..................

330

371,745

2,498,514

Paraguay

—

0.0%

Republic

of

Paraguay

(c)

5.00%,

04/15/26

..................

235

234,875

2.74%,

01/29/33

..................

526

448,086

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

60

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Paraguay

(continued)

5.60%,

03/13/48

..................

USD

423

$

404,600

1,087,561

Peru

—

0.0%

Republic

of

Peru

7.35%,

07/21/25

..................

958

978,099

3.00%,

01/15/34

..................

1,530

1,309,680

2,287,779

Philippines

—

0.0%

Republic

of

Philippines,

3.70%

,

03/01/41

....

629

546,532

Poland

—

0.0%

Republic

of

Poland

5.75%,

11/16/32

..................

867

931,496

5.50%,

04/04/53

..................

562

576,359

1,507,855

Romania

—

0.1%

Romania

Government

Bond

5.25%,

11/25/27

(b)

.................

698

703,043

2.50%,

02/08/30

(c)

.................

EUR

1,225

1,229,157

2.12%,

07/16/31

(c)

.................

1,229

1,148,323

3,080,523

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia

3.25%,

11/17/51

(c)

.................

USD

1,818

1,245,330

5.00%,

01/18/53

(b)

.................

1,520

1,407,900

2,653,230

Serbia

—

0.0%

Republic

of

Serbia

6.50%,

09/26/33

(c)

.................

555

592,895

6.00%,

06/12/34

(b)

.................

712

733,004

1,325,899

South

Africa

—

0.0%

Republic

of

South

Africa,

5.88%

,

04/20/32

...

924

918,225

Trinidad

and

Tobago

—

0.0%

Republic

of

Trinidad

&

Tobago,

6.40%

,

06/26/34

(b)

......................

871

899,351

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay

5.75%,

10/28/34

..................

595

646,959

5.25%,

09/10/60

..................

1,002

1,002,000

1,648,959

Uzbekistan

—

0.0%

Republic

of

Uzbekistan

(b)

5.38%,

05/29/27

..................

EUR

667

747,576

7.85%,

10/12/28

..................

USD

522

551,036

1,298,612

Total

Foreign

Government

Obligations

—

0.5%

(Cost:

$50,158,255)

...............................

51,422,862

Shares

Shares

Investment

Companies

(p)

iShares

Core

Dividend

Growth

ETF

.......

7,547,904

473,178,102

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(q)

.........................

2,987,634

239,907,010

Total

Investment

Companies

—

6.4%

(Cost:

$

623,299,968)

..............................

713,085,112

Security

Par

(000)

Par

(000)

Value

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

2.0%

Adjustable

Rate

Mortgage

Trust

(a)

Series

2005-8,

Class

2A1,

5.51%,

11/25/35

USD

1,036

$

910,491

Series

2005-8,

Class

7A2,

(1-mo.

CME

Term

SOFR

at

0.56%

Floor

and

11.00%

Cap

+

0.67%),

5.53%,

11/25/35

...........

352

343,001

Series

2005-9,

Class

5A1,

(1-mo.

CME

Term

SOFR

at

0.54%

Floor

and

11.00%

Cap

+

0.65%),

5.51%,

11/25/35

...........

41

40,960

Alternative

Loan

Trust

Series

2005-16,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.65%

Floor

+

1.65%),

6.77%,

06/25/35

(a)

....................

353

313,116

Series

2005-36,

Class

2A1A,

(1-mo.

CME

Term

SOFR

at

0.62%

Floor

and

11.00%

Cap

+

0.73%),

5.59%,

08/25/35

(

a)

.....

856

777,312

Series

2005-61,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.49%,

12/25/35

(a)

...............

156

139,372

Series

2005-63,

Class

3A3,

4.64%,

11/25/35

(a)

....................

1,378

1,263,313

Series

2005-63,

Class

5A1,

4.64%,

12/25/35

(a)

....................

23

22,624

Series

2005-64CB,

Class

1A1,

5.50%,

12/25/35

.....................

39

34,492

Series

2005-76,

Class

2A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.00%

Floor

+

1.00%),

6.12%,

02/25/3

6

(a)

.........

3,311

2,960,557

Series

2006-11CB,

Class

1A5,

6.00%,

05/25/36

.....................

599

350,073

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

.....................

962

450,169

Series

2006-20CB,

Class

A9,

6.00%,

07/25/36

.....................

428

178,651

Series

2006-2CB,

Class

A6,

5.50%,

03/25/36

671

276,233

Series

2006-45T1,

Class

1A10,

6.00%,

02/25/37

.....................

2,643

1,090,902

Series

2006-45T1,

Class

2A2,

6.00%,

02/25/37

.....................

1,708

955,467

Series

2006-7CB,

Class

1A6,

6.00%,

05/25/36

.....................

755

411,858

Series

2006-9T1,

Class

A7,

6.00%,

05/25/36

304

122,509

Series

2006-J7,

Class

2A1,

(1-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.82%,

11/20/46

(a)

....................

2,875

2,151,844

Series

2006-J8,

Class

A5,

6.00%,

02/25/37

1,195

511,950

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%),

6.85%,

11/25/46

(a)

4,314

3,506,271

Series

2006-OA14,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.35%,

11/25/46

(a)

...............

1,854

1,693,743

Series

2006-OA14,

Class

3A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.85%

Floor

+

0.85%),

5.97%,

11/25/46

(a)

.........

6,095

5,475,723

Series

2006-OA16,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.35%,

10/25/46

(a)

...............

258

238,469

Series

2006-OA2,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

5.50%,

05/20/46

(a)

...............

1,091

948,319

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

61

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2006-OA3,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

5.39%,

05/25/36

(a)

...............

USD

5,239

$

4,777,691

Series

2006-OA8,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.35%,

07/25/46

(a)

...............

7,624

6,732,969

Series

2007-12T1,

Class

A22,

5.75%,

06/25/37

.....................

1,706

770,370

Series

2007-12T1,

Class

A5,

6.00%,

06/25/37

.....................

378

177,884

Series

2007-15CB,

Class

A7,

6.00%,

07/25/37

.....................

225

134,932

Series

2007-18CB,

Class

2A25,

6.00%,

08/25/37

.....................

205

128,245

Series

2007-19,

Class

1A4,

6.00%,

08/25/37

1,137

555,151

Series

2007-19,

Class

1A8,

6.00%,

08/25/37

553

270,103

Series

2007-25,

Class

1A3,

6.50%,

11/25/37

3,041

1,411,811

Series

2007-9T1,

Class

1A1,

6.00%,

05/25/37

.....................

441

217,101

Series

2007-9T1,

Class

2A1,

6.00%,

05/25/37

.....................

3,148

1,421,150

Series

2007-9T1,

Class

2A2,

6.00%,

05/25/37

.....................

540

243,945

Series

2007-AL1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.36%),

5.22%,

06/25/37

(a)

...............

5,002

4,117,705

Series

2007-J1,

Class

2A5,

6.00%,

03/25/37

1,520

594,560

Series

2007-OA11,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.38%

Floor

+

1.38%),

6.50%,

11/25/47

(a)

.........

1,206

1,015,641

Series

2007-OA3,

Cla

ss

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.25%,

04/25/47

(a)

...............

7,254

6,538,402

Series

2007-OA4,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.31%,

05/25/47

(a)

...............

2,785

2,426,806

Series

2007-OA8,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.33%,

06/25/47

(a)

...............

5,672

4,357,760

Alternative

Loan

Trust

Resecuritization,

Series

2006-22R,

Class

1A6,

6.00%,

05/25/36

...

935

546,979

American

Home

Mortgage

Assets

Trust

Series

2006-3,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.97%

Floor

+

0.97%),

6.09%,

10/25/46

(a)

....................

7,603

6,358,611

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.94%

Floor

+

0.94%),

6.06%,

10/25/46

(a)

.........

4,157

2,759,231

Series

2007-3,

Class

22A1,

6.75%,

06/25/37

(f)

....................

472

414,529

Banc

of

America

Funding

Trust

(a)

Series

2006-7,

Class

T2A3,

5.69%,

10/25/36

250

220,272

Series

2006-D,

Class

6A1,

3.97%,

05/20/36

207

171,885

Series

2007-D,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

5.50%,

06/20/47

.....................

830

659,040

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%),

5.41%,

04/25/36

(a)

......................

3,248

2,935,265

Bear

Stearns

Asset-Backed

Securities

I

Trust

(f)

Series

2005-AC9,

Class

A5,

6.25%,

12/25/35

584

563,165

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2006-AC1,

Class

1A2,

6.25%,

02/25/36

.....................

USD

599

$

616,282

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%),

5.31%,

03/25/37

......

891

837,462

Series

2007-AR3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

and

10.50%

Cap

+

0.25%),

5.11%,

03/25/37

......

1,342

1,231,174

Series

2007-AR4,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

and

10.50%

Cap

+

0.51%),

5.37%,

09/25/47

......

1,485

1,382

,310

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%),

5.24%,

04/25/35

(a)

.....

675

639,821

Series

2005-9,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

5.57%,

05/25/35

(a)

....................

1,958

1,649,176

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.96%

Floor

+

0.96%),

6.08%,

04/25/46

(a)

.........

2,560

779,150

Series

2007-21,

Class

1A1,

6.25%,

02/25/38

135

64,594

Series

2007-J2,

Class

2A6,

6.00%,

07/25/37

605

209,612

Series

2007-J2,

Class

2A8,

6.00%,

07/25/37

924

320,079

CHNGE

Mortgage

Trust

(a)(b)

Series

2022-2,

Class

A1,

3.76%,

03/25/67

.

7,302

7,013,356

Series

2022-3,

Class

A1,

5.00%,

05/25/67

.

6,372

6,354,486

CitiMortgage

Alternative

Loan

Trust,

Series

2007-A1,

Class

1A5,

6.00%,

01/25/37

....

54

48,050

COLT

Mortgage

Loan

Trust,

Series

2022-5,

Class

A1,

4.55%,

04/25/67

(a)(b)

.........

3,629

3,591,141

CSMC

Trust

(b)

Series

2008-2R,

Class

1A1,

6.00%,

07/25/37

264

229,270

Series

2011-4R,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.61%),

6.96%,

09/27/37

(a)

...............

2,859

2,312,631

Series

2022-ATH2,

Class

A1,

4.55%,

05/25/67

(a)

....................

1,313

1,300,850

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.35%,

08/25/47

(a)

......................

9,864

8,276,722

Ellington

Financial

Mortgage

Trust,

Series

2021-

2,

Class

A1,

0.93%,

06/25/66

(a)(b)

.......

1,844

1,547,268

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2006-AA8,

Class

1A1,

5.02%,

02/25/37

(a)

......................

786

443,053

GCAT

Trust,

Series

2022-NQM3,

Class

A1,

4.35%,

04/25/67

(a)(b)

................

13,425

13,297,694

GMACM

Mortgage

Loan

Trust,

Series

2005-

AR2,

Class

4A,

3.87%,

05/25/35

(a)

......

18

15,480

GreenPoint

Mortgage

Funding

Trust

(a)

Series

2006-AR1,

Class

GA1B,

(1-mo.

CME

Term

SOFR

at

0.17%

Floor

+

0.28%),

5.14%,

02/25/36

................

1,826

1,623,520

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

2.00%

Floor

and

10.50%

Cap

+

2.00%),

7.12%,

03/25/36

886

810,187

Impac

CMB

Trust,

Series

2005-6,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

and

11.00%

C

ap

+

0.61%),

5.47%,

10/25/35

(a)

.

1,015

893,087

IndyMac

IMSC

Mortgage

Loan

Trust

Series

2007-F2,

Class

1A4,

6.00%,

07/25/37

562

399,175

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

62

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2007-F2,

Class

2A1,

6.50%,

07/25/37

USD

2,228

$

689,313

IndyMac

INDX

Mortgage

Loan

Trust

(a)

Series

2007-AR15,

Class

1A1,

4.39%,

08/25/37

.....................

90

63,191

Series

2007-AR15,

Class

2A1,

3.48%,

08/25/37

.....................

459

330,596

Merrill

Lynch

Mortgage

Investors

Trust

(a)

Series

2005-A9,

Class

2A1E,

6.11%,

12/25/35

.....................

244

231,330

Series

2006-1,

Class

2A1,

6.13%,

02/25/36

199

194,717

MFA

Trust

(b)

Series

2022-CHM1,

Class

M1,

4.57%,

09/25/56

(a)

....................

4,000

3,648,345

Series

2023-NQM2,

Class

A1,

4.40%,

03/25/68

(f)

....................

11,130

10,986,427

Mill

City

Mortgage

Loan

Trust,

Series

2023-

NQM1,

Class

A1,

6.05%,

10/25/67

(b)(f)

....

4,339

4,353,146

Prima

Capital

CRE

Securitization

Ltd.,

Series

2016-6A,

Class

C,

4.00%,

08/

24/40

(b)

....

16,500

15,731,511

Prime

Mortgage

Trust,

Series

2006-DR1,

Class

2A1,

5.50%,

05/25/35

(b)

..............

250

224,215

RALI

Trust,

Series

2007-QS4,

Class

3A2,

6.00%,

03/25/37

..................

125

103,275

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.55%),

7.41%,

10/25/39

(a)(b)

.....................

138

138,869

Residential

Asset

Securitization

Trust,

Series

2006-A15,

Class

A12,

6.25%,

01/25/37

...

309

105,820

RFMSI

Trust,

Series

2007-S7,

Class

A20,

6.00%,

07/25/37

..................

31

24,965

Spruce

Hill

Mortgage

Loan

Trust,

Series

2022-

SH1,

Class

A1A,

4.10%,

07/25/57

(b)(f)

.....

13,895

13,477,771

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2007-3,

Class

3A1,

4.79%,

04/25/47

(a)

......................

184

86,323

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%),

5.43%,

02/25/36

......

393

343,656

Series

2006-AR4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

and

10.50%

Cap

+

0.49%),

5.35%,

06/25/36

......

6,531

5,636,139

Series

2006-AR6,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

and

10.50%

Cap

+

0.49%),

5.35%,

07/25/46

......

8,364

5,954,499

Series

2007-AR4,

Class

GA4B,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.33%,

09/25/47

................

1,526

1,399,780

Verus

Securitization

Trust,

Series

2022-3,

Class

A1,

4.13%,

02/25/67

(b)(f)

..............

9,285

8,956,602

Vista

Point

Securitization

Trust,

Series

2020-1,

Class

B1,

5.38%,

03/25/65

(a)(b)

.........

2,800

2,838,883

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%),

5.87%,

06/25/47

..........

4,757

3,947,062

Series

2007-OA6,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.81%

Floor

+

0.81%),

5.93%,

07/25/47

..........

2,488

2,044,579

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-8,

Class

A5,

4.13%,

10/25/36

(f)

USD

996

$

344,152

Series

2006-AR5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.98%

Floor

+

0.98%),

6.10%,

06/25/46

(a)

.........

2,804

2,191,309

Series

2006-AR8,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.85%

Floor

+

0.85%),

5.97%,

10/25/46

(a)

.........

4,111

3,485,036

Series

2007-OA1,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.72%

Floor

+

0.72%),

5.84%,

12/25/46

(a)

.........

3,582

2,829,342

Series

2007-OA5,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.84%

Floor

+

0.84%),

5.96%,

05/25/47

(a)

.........

2,108

1,774,079

223,709,184

Commercial

Mortgage-Backed

Securities

—

4.1%

280

Park

Avenue

Mortgage

Trust,

Series

2017-

280P,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.37%

Floor

+

2.42%),

7.54%,

09/15/34

(a)(b)

1,564

1,446,796

ARES

Commercial

Mortgage

Trust,

Series

2024-IND,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

6.79%,

07/15/41

(a)

(b)

............................

1,270

1,271,587

ARES1,

Series

2024-IND2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

6.29%,

10/15/34

(a)(b)

................

13,280

13,246,800

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.23%

Floor

+

2.27%),

7.37%,

04/15/35

(a)(b)

.....

3,467

3,405,251

Atrium

Hotel

Portfolio

Trust,

Series

2017-ATRM,

Class

D,

(1-mo.

CME

Term

SOFR

at

1

.95%

Floor

+

2.25%),

7.34%,

12/15/36

(a)(b)

.....

3,624

3,406,560

BAMLL

Commercial

Mortgage

Securities

Trust

(a)

(b)

Series

2017-SCH,

Class

CL,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.55%),

6.64%,

11/15/32

................

3,225

3,218,135

Series

2017-SCH,

Class

DL,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.05%),

7.14%,

11/15/32

................

3,965

3,956,748

BAMLL

Trust,

Series

2024-BHP,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

7.45%,

08/15/39

(a)(b)

................

17,580

17,640,602

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-2A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.58%),

5.43%,

08/25/35

.....................

1,973

1,916,064

Series

2005-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

and

10.80%

Cap

+

0.59%),

5.45%,

11/25/35

...........

475

462,046

Series

2007-1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.44%),

5.30%,

03/25/37

.....................

1,474

1,419,462

Series

2007-3,

Cla

ss

A2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.55%),

5.40%,

07/25/37

.....................

2,419

2,296,602

Series

2007-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.68%

Floor

+

0.79%),

5.64%,

09/25/37

.....................

594

568,145

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

63

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2007-6A,

Class

A4A,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.61%),

6.47%,

12/25/37

................

USD

1,417

$

1,250,334

BBCMS

Mortgage

Trust,

Series

2018-CHRS,

Class

E,

4.41%,

08/05/38

(a)(b)

..........

1,140

929,525

BB-UBS

Trust,

Series

2012-SHOW,

Class

E,

4.16%

,

11/05/36

(a)(b)

................

2,672

2,656,233

BDS

LLC,

Series

2022-FL12,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.14%

Floor

+

2.14%),

7.10%,

08/19/38

(a)(b)

................

2,860

2,867,123

BFLD

Mortgage

Trust,

Series

2024-VICT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.89%

Floor

+

1.89%),

6.99%,

07/15/41

(a)(b)

..........

2,830

2,830,000

BFLD

Trust,

Series

2020-EYP,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.81%),

8.91%,

10/15/35

(a)(b)

................

2,4

33

128,237

BMP,

Series

2024-MF23,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

6.47%,

06/15/41

(a)(b)

.....................

4,710

4,701,169

BOCA

Commercial

Mortgage

Trust,

Series

2024-BOCA,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.92%

Floor

+

1.92%),

7.02%,

08/15/41

(a)(b)

.....................

5,905

5,904,998

BPR

Trust,

Series

2021-TY,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.60%

Floor

+

3.71%),

8.81%,

09/15/38

(a)(b)

................

4,495

4,433,194

BWAY

Mortgage

Trust,

Series

2013-1515,

Class

D,

3.63%,

03/10/33

(b)

...............

3,600

3,177,094

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2021-NWM,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.91%

Floor

+

1.02%),

6.12%,

02/15/33

................

12,383

12,228,874

Series

2021-NWM,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.26%),

7.36%,

02/15/33

................

7,261

7,197,878

Series

2021-NWM,

Class

C,

(1-mo.

CME

Term

SOFR

at

4.25%

Floor

+

4.36%),

9.46%,

02/15/33

................

4,795

4,789,305

Series

2021-SOAR,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.91%),

8.01%,

06/15/38

................

4,321

4,257,333

Series

2021-VINO,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.92%

Floor

+

2.92%),

8.01%,

05/15/38

................

7,444

7,350,769

Series

2021-XL2,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.36%),

7.46%,

10/15/38

.....................

6,300

6,225,187

Series

2023-XL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.76%

Floor

+

1.76%),

6.86%,

12/09/40

.....................

3,191

3,201,288

Series

2024-AIR2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

6.59%,

10/15/41

................

9,300

9,300,000

Series

2024-AIRC,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

6.79%,

08/15/39

................

19,290

19,314,113

Series

2024-MF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

6.54%,

02/15/39

.....................

4,170

4,166,581

Series

2024-XL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

6.54%,

02/15/39

.....................

9,295

9,295,326

Series

2024-XL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

6.49%,

03/15/41

.....................

5,954

5,954,572

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

BX

Trust

(a)(b)

Series

2018-GW,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

1.10%),

6.19%,

05/15/35

.....................

USD

2,050

$

2,048,078

Series

2021-LBA,

Class

AJV,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

6.01%,

02/15/36

................

1,880

1,871,187

Series

2021-LBA,

Class

GJV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.21%,

02/15/36

................

1,765

1,673,371

Series

2021-LBA,

Class

GV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.21%,

02/15/36

................

5,638

5,346,105

Series

2021-MFM1,

Class

E

,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.46%,

01/15/34

................

3,276

3,222,765

Series

2021-MFM1,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.21%,

01/15/34

................

5,068

4,975,442

Series

2022-GPA,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.17%

Floor

+

2.17%),

7.26%,

08/15/39

................

9,569

9,569,315

Series

2022-GPA,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.06%

Floor

+

4.06%),

9.16%,

08/15/43

................

4,907

4,893,539

Series

2022-LBA6,

Class

A,

(

1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

6.10%,

01/15/39

................

6,710

6,668,063

Series

2022-VAMF,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.85%

Floor

+

0.85%),

5.95%,

01/15/39

................

2,180

2,162,287

Series

2023-DELC,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.69%

Floor

+

2.69%),

7.79%,

05/15/38

................

8,500

8,531,875

Series

2024-VLT4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

6.59%,

07/15/29

................

8,980

8,980,000

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

3.67%,

08/13/37

2,800

2,406,232

Series

2021-601L,

Class

D,

2.87%,

01/15/44

3,863

2,835,856

Citigroup

Commercial

Mortgage

Trust

(a)

Series

2016-C1,

Class

C,

5.10%,

05/10/49

2,870

2,771,868

Series

2016-GC37,

Class

C,

5.08%,

04/10/49

.....................

2,640

2,222,551

COAST

Commercial

Mortgage

Trust,

Series

2023-2HTL,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

9.54%,

08/15/36

(a)(b)

.....................

8,900

8,838,833

Commercial

Mortgage

Trust

(a)

Series

2013-300P,

Class

D,

4.54%,

08/10/30

(b)

....................

2,245

1,877,005

Series

2015-CR23,

Class

B,

4.18%,

05/10/48

.....................

9,520

9,167,669

Series

2016-667M,

Class

D,

3.28%,

10/10/36

(b)

....................

3,200

2,575,205

Series

2024-WCL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

6.92%,

06/15/41

(b)

...............

4,380

4,362,206

CSMC

Trust,

Series

2022-LION,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.59%

Floor

+

3.44%),

8.54%,

02/15/25

(a)(b)(g)

...............

8,800

8,587,542

DBGS,

Series

2024-SBL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.88%

Floor

+

1.88%),

6.98%,

08/15/34

(a)(b)

.....................

7,910

7,896,870

DBUBS

Mortgage

Trust,

Series

2017-BRBK,

Class

E,

3.65%,

10/10/34

(a)(b)

..........

4,073

3,975,691

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

64

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

EQT

Trust,

Series

2024-EXTR,

Clas

s

A,

5.33%,

07/05/41

(a)(b)

.....................

USD

9,400

$

9,623,331

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.46%,

07/15/38

................

2,674

2,679,164

Series

2021-ESH,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.96%),

8.06%,

07/15/38

................

5,854

5,854,102

Great

Wolf

Trust

(a)(b)

Series

2024-WLF2,

Class

A,

(1-mo.

CME

Term

SOFR

+

1.69%),

6.79%,

05/15/41

.

7,190

7,190,000

Series

2024-WOLF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

6.64%,

03/15/39

................

5,660

5,647,619

GS

Mortgage

Securities

Corp.

II,

Series

2005-

ROCK,

Class

J,

5.86%,

05/03/32

(b)

......

1,500

1,440,755

GS

Mortgage

Securities

Corp.

Trust

(a)

Series

2015-GC32,

Class

C,

4.55%,

07/10/48

.....................

1,075

1,038,497

Series

2022-AGSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.79%

Floor

+

2.69%),

7.79%,

11/15/27

(b)

...............

4,700

4,707,123

Series

2023-FUN,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.09%

Floor

+

2.09%),

7.19%,

03/15/28

(b)

...............

8,480

8,495,900

Series

2023-SHIP,

Class

E,

7.68%,

09/10/38

(b)

....................

8,600

8,688,152

Harvest

Commercial

Capital

Loan

Trust,

Series

2019-1,

Class

M4,

4.64%,

09/25/46

(a)(b)

...

3,150

2,910,628

HIH

Trust,

Series

2024-61P,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

6.79%,

10/15/41

(a)(b)

................

2,510

2,503,514

HILT

Commercial

Mortgage

Trust,

Series

2024-

ORL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

6.64%,

05/15/37

(a)(b)

1,525

1,522,141

HONO

Mortgage

Trust,

Series

2021-LULU,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

6.36%,

10/

15/36

(a)(b)

.....

7,000

6,784,116

ILPT

Commercial

Mortgage

Trust,

Series

2022-

LPF2,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.34%,

10/15/39

(a)(b)

3,200

3,197,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2016-NINE,

Class

B,

2.95%,

09/06/38

4,787

4,519,809

Series

2022-OPO,

Class

D,

3.56%,

01/05/39

2,409

1,842,884

Series

2024-OMNI,

Class

A,

5.80%,

10/05/39

.....................

4,710

4,825,604

JW

Commercial

Mortgage

Trust,

Series

2024-

MRCO,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

6.70%,

06/15/39

(a)(b)

7,860

7,845,284

LBA

Trust,

Series

2024-BOLT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.59%

Floor

+

1.59%),

6.69%,

06/15/26

(a)(b)

................

4,730

4,730,000

LUXE

Trust,

Series

2021-TRIP,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.86%),

7.96%,

10/15/38

(a)(b)

................

920

918,

981

MHP

Commercial

Mortgage

Trust,

Series

2021-

STOR,

Class

J,

(1-mo.

CME

Term

SOFR

at

3.95%

Floor

+

4.06%),

9.16%,

07/15/38

(a)(b)

1,277

1,262,367

Morgan

Stanley

Capital

I

Trust

(a)

Series

2018-H3,

Class

C,

5.01%,

07/15/51

1,440

1,329,468

Series

2018-MP,

Class

E,

4.42%,

07/11/40

(b)

2,112

1,340,211

MTK

Mortgage

Trust,

Series

2021-GRNY,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.86%),

6.96%,

12/15/38

(a)(b)

..........

2,360

2,329,268

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

NYC

Trust,

Series

2024-3ELV,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.99%

Floor

+

1.99%),

7.09%,

08/15/29

(a)(b)

................

USD

8,390

$

8,426,856

Olympic

Tower

Mortgage

Trust,

Series

2017-OT,

Class

E,

4.08%,

05/10/39

(a)(b)

..........

4,300

3,107,203

PFP

Ltd.,

Series

2022

-9,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.27%

Floor

+

2.27%),

7.37%,

08/19/35

(a)(b)

.....................

3,757

3,769,661

PKHL

Commercial

Mortgage

Trust,

Series

2021-MF,

Class

G,

(1-mo.

CME

Term

SOFR

at

4.35%

Floor

+

4.46%),

9.56%,

07/15/38

(a)

(b)

............................

1,400

364,467

SHER

Trust,

Series

2024-DAL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

6.74%,

04/15/37

(a)(b)

................

540

536,625

SHR

Trust,

Series

2024-LXRY,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

7.05%,

10/15/41

(a)(b)

................

6,600

6,600,000

SREIT

Trust,

Series

2021-MFP2,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.82%

Floor

+

0.94%),

6.03%,

11/15/36

(a

)(b)

..........

4,710

4,680,562

Taubman

Centers

Commercial

Mortgage

Trust,

Series

2022-DPM,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.19%

Floor

+

2.19%),

7.28%,

05/15/37

(a)(b)

.....................

4,250

4,260,625

TTAN

MHC,

Series

2021-MHC,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.85%

Floor

+

0.96%),

6.06%,

03/1

5/38

(a)(b)

................

1,821

1,815,230

Velocity

Commercial

Capital

Loan

Trust

(a)(b)

Series

2022-1,

Class

M4,

5.20%,

02/25/52

.

5,351

4,196,869

Series

2023-3,

Class

M2,

8.27%,

08/25/53

.

1,240

1,266,793

Series

2023-3,

Class

M3,

9.32%,

08/25/53

.

1,240

1,276,323

Wells

Fargo

Commercial

Mortgage

Trust

(a)

Series

2015-NXS3,

Class

B,

4.65%,

09/15/57

.....................

1,600

1,555,272

Series

2016-C37,

Class

C,

4.61%,

12/15/49

2,803

2,658,900

Series

2016-LC25,

Class

C,

4.47%,

12/15/59

8,320

7,597,907

Series

2016-NXS5,

Class

B,

5.11%,

01/15/59

.....................

1,875

1,805,814

WMRK

Commercial

Mortgage

Trust,

Series

2022-WMRK,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.79%

Floor

+

2.79%),

7.89%,

11/15/27

(a)(b)

.....................

3,005

3,014,391

454,032,902

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

(a)

BBCMS

Trust

(b)

Series

2015-SRCH,

Class

XA,

1.03%,

08/10/35

.....................

68,633

1,308,146

Series

2015-SRCH,

Class

XB,

0.30%,

08/10/35

.....................

35,000

185,291

BX

Trust,

Series

2022-GPA,

Class

XCP,

0.00%,

08/15/39

(b)

......................

375,000

10,988

Commercial

Mortgage

Trust

Series

2014-UBS5,

Class

XB2,

0.82%,

09/10/47

(b)

....................

12,675

11,394

Series

2015-CR25,

Class

XA,

0.93%,

08/10/48

.....................

11,071

42,979

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C22,

Class

XA,

0.54%,

09/15/47

712

7

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

......................

40,477

526,063

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

X,

0.99%,

03/10/50

(b)

.....

31,585

460,135

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

65

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C26,

Class

XD,

1.45%,

10/15/48

(b)

......................

USD

12,675

$

142,982

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

XD,

1.75%,

03/15/49

(b)

.....

13,600

259,014

Natixis

Commercial

Mortgage

Securities

Trust

(b)

Series

2017-75B,

Class

XA,

0.34%,

04/10/37

40,610

217,694

Series

2017-75B,

Class

XB,

0.11%,

04/10/37

27,000

37,017

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-BNK1,

Class

XD,

1.38%,

08/15/49

(b)

....................

11,784

224,830

Series

2016-LC25,

Class

XA,

0.96%,

12/15/59

.....................

18,025

243,535

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C20,

Class

XB,

0.53%,

05/15/47

...

46,004

442

3,670,517

Total

Non-Agency

Mortgage-Backed

Securities

—

6.2%

(Cost:

$698,629,693)

..............................

681,412,603

Preferred

Securities

Capital

Trusts

—

0.1%

Banks

—

0.1%

(a)(k)

Banco

Bilbao

Vizcaya

Argentaria

SA,

(5-Year

EUR

Swap

Annual

+

6.46%),

6.00%

(c)

....

EUR

5,600

6,288,621

PNC

Financial

Services

Group,

Inc.

(The)

Series

V,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.24%),

6.20%

.......................

USD

381

387,857

Series

W,

(7-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.81%),

6.25%

.......................

315

319,880

6,996,358

Consumer

Finance

—

0.0%

General

Motors

Financial

Co.,

Inc.,

Series

C,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.00%),

5.70%

(a)(k)

...

306

299,461

Electric

Utilities

—

0.0%

(a)(k)

Edison

International

Series

A,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.70%),

5.38%

.......................

738

730,689

Series

B,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.90%),

5.00%

.......................

517

505,155

NRG

Energy,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.92%),

10.25%

(b)

.................

536

604,589

1,840,433

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)

......................

696

710,480

Oil,

Gas

&

Consumable

Fuels

—

0.0%

Energy

Transfer

LP,

Series

H,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Mat

urity

+

5.69%),

6.50%

(a)(k)

..........

385

384,079

Total

Capital

Trusts

—

0.1%

(Cost:

$10,090,466)

...............................

10,230,811

Security

Shares

Shares

Value

Preferred

Stocks

—

0.0%

Household

Products

—

0.0%

Henkel

AG

&

Co.

KGaA

(Preference)

.......

29,564

$

2,779,011

Total

Preferred

Stocks

—

0.0%

(Cost:

$2,340,777)

...............................

2,779,011

Total

Preferred

Securities

—

0.1%

(Cost:

$12,431,243)

...............................

13,009,822

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes,

Series

2018-W5FX,

Class

CFX,

3.79%, 04/25/28

(a)(b)

................

USD

4,627

4,185,234

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.0%

(Cost:

$4,535,455)

...............................

4,185,234

U.S.

Treasury

Obligations

U.S.

Treasury

Inflation

Linked

Bonds

,

2.38%, 01/15/25

..................

57,030

56,651,974

U.S.

Treasury

Inflation

Linked

Notes

,

0.25%, 01/15/25

..................

58,222

57,507,061

Total

U.S.

Treasury

Obligations

—

1.0%

(Cost:

$114,931,821)

..............................

114,159,035

Shares

Shares

Warrants

Diversified

Consumer

Services

—

0.0%

Service

King

Midas

International

(Issued/

Exercisable

07/14/22,

1

Share

for

1

Warrant,

Expires

04/26/27,

Strike

Price

USD

10.00)

(e)

(g)

............................

1,841

—

Oil,

Gas

&

Consumable

Fuels

—

0.0%

California

Resources

Corp.

(Issued/Exercisable

10/23/20,

1

Share

for

1

Warrant,

Expires

10/27/24,

Strike

Price

USD

36.00)

(e)

.....

1,489

24,971

Total

Warrants

—

0.0%

(Cost:

$—)

.....................................

24,971

Total

Long-Term

Investments

—

95.1%

(Cost:

$10,025,008,924)

............................

10,530,382,846

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

66

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

September

30,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

7.3%

(p)(r)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.05%

(s)

..................

242,304,466

$

242,498,310

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

4.83%

....................

571,110,533

571,110,533

Total

Short-Term

Securities

—

7.3%

(Cost:

$813,532,704)

..............................

813,608,843

Total

Investments

—

102.4%

(Cost:

$

10,838,541,628

)

............................

11,343,991,689

Liabilities

in

Excess

of

Other

Assets

—

(2.4)%

.............

(265,246,802)

Net

Assets

—

100.0%

...............................

$

11,078,744,887

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(e)

Non-income

producing

security.

(f)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(g)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(h)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$9,174,685,

representing

0.08%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$8,346,059.

(i)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(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)

Convertible

security.

(m)

Zero-coupon

bond.

(n)

Rounds

to

less

than

1,000.

(o)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(p)

Affiliate

of

the

Fund.

(q)

All

or

a

portion

of

this

security

is

on

loan.

(r)

Annualized

7-day

yield

as

of

period

end.

(s)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

07/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/24

Shares

Held

at

09/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

239,879,166

$

2,527,370

(a)

$

—

$

29,948

$

61,826

$

242,498,310

242,304,466

$

143,023

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

794,650,648

—

(223,540,115)

(a)

—

—

571,110,533

571,110,533

7,199,440

—

iShares

Core

Dividend

Growth

ETF

................

546,658,635

—

(93,508,886)

4,430,003

15,598,350

473,178,102

7,547,904

3,042,417

—

iShares

Core

S&P

500

ETF

(c)

.

221,024,780

—

(221,308,799)

3,646,604

(3,362,585)

—

—

—

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

....

234,648,774

—

—

—

5,258,236

239,907,010

2,987,634

2,355,866

—

$

8,106,555

$

17,555,827

$

1,526,693,955

$

12,740,746

$

—

—

—

(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.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

67

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

68

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro-Bund

..............................................................

4,816

12/06/24

$

723,297

$

9,822,395

U.S.

Treasury

10-Year

Note

...................................................

9,336

12/19/24

1,067,805

3,383,936

MSCI

Emerging

Markets

Index

.................................................

44

12/20/24

2,580

160,342

S&P

500

E-Mini

Index

.......................................................

517

12/20/24

150,298

2,353,276

U.S.

Treasury

5-Year

Note

....................................................

15,609

12/31/24

1,716,258

4,461,306

20,181,255

Short

Contracts

GBP

Currency

............................................................

3,763

12/16/24

314,540

(7,950,918)

JPY

Currency

............................................................

347

12/16/24

30,495

478,280

U.S.

Treasury

Long

Bond

.....................................................

7

12/19/24

870

2,613

U.S.

Treasury

Ultra

Bond

.....................................................

1

12/19/24

133

(275)

(7,470,300)

$

12,710,955

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

AED

44,000

USD

11,980

Citibank

NA

10/15/24

$

—

AED

262,000

USD

71,332

UBS

AG

10/15/24

—

AUD

692,000

USD

459,064

Bank

of

New

York

Mellon

10/15/24

19,455

AUD

676,000

USD

463,240

Deutsche

Bank

AG

10/15/24

4,215

AUD

1,979,000

USD

1,312,548

UBS

AG

10/15/24

55,934

AUD

785,000

USD

520,572

Westpac

Banking

Corp.

10/15/24

22,257

CAD

2,623,000

USD

1,932,415

Bank

of

America

NA

10/15/24

7,613

CAD

952,000

USD

699,452

Deutsche

Bank

AG

10/15/24

4,668

CAD

26,000

USD

19,058

UBS

AG

10/15/24

172

CAD

8,000

USD

5,843

Westpac

Banking

Corp.

10/15/24

74

CHF

1,598,000

USD

1,883,766

Bank

of

America

NA

10/15/24

7,326

EUR

41,000

USD

45,157

Barclays

Bank

plc

10/15/24

508

EUR

7,723,000

USD

8,578,334

UBS

AG

10/15/24

23,338

GBP

1,334,000

USD

1,756,476

Bank

of

America

NA

10/15/24

27,006

GBP

412,000

USD

532,954

Bank

of

New

York

Mellon

10/15/24

17,866

GBP

493,000

USD

657,548

UBS

AG

10/15/24

1,565

HKD

6,757,000

USD

867,150

Bank

of

America

NA

10/15/24

2,172

HKD

346,000

USD

44,492

Bank

of

New

York

Mellon

10/15/24

23

HKD

5,499,000

USD

706,301

UBS

AG

10/15/24

1,173

KRW

1,042,586,000

USD

757,892

Citibank

NA

10/15/24

33,101

NZD

2,732,000

USD

1,710,239

Bank

of

America

NA

10/15/24

25,433

NZD

3,694,000

USD

2,261,282

Westpac

Banking

Corp.

10/15/24

85,561

SGD

435,000

USD

323,459

Bank

of

America

NA

10/15/24

15,224

USD

1,746,403

AED

6,412,000

Citibank

NA

10/15/24

676

USD

2,434,440

AUD

3,511,000

Deutsche

Bank

AG

10/15/24

6,577

USD

8,235,620

CAD

11,111,000

Bank

of

New

York

Mellon

10/15/24

17,681

USD

4,250,708

CAD

5,724,000

Barclays

Bank

plc

10/15/24

17,112

USD

1,031,898

CAD

1,391,000

Westpac

Banking

Corp.

10/15/24

3,084

USD

565,465

CHF

475,000

Barclays

Bank

plc

10/15/24

3,345

USD

2,374

CHF

2,000

Westpac

Banking

Corp.

10/15/24

7

USD

4,058,136

EUR

3,627,000

Bank

of

New

York

Mellon

10/15/24

18,480

USD

5,209,257

EUR

4,676,000

Barclays

Bank

plc

10/15/24

1,253

USD

4,086,776

EUR

3,654,000

Deutsche

Bank

AG

10/15/24

17,048

USD

2,983,131

GBP

2,224,000

Barclays

Bank

plc

10/15/24

9,770

USD

537,830

HKD

4,179,000

Bank

of

New

York

Mellon

10/15/24

180

USD

1,453,842

JPY

207,185,000

Bank

of

New

York

Mellon

10/15/24

9,538

USD

52,749

JPY

7,462,000

UBS

AG

10/15/24

731

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

69

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

792,019

NZD

1,244,000

Bank

of

New

York

Mellon

10/15/24

$

1,691

EUR

59,040

USD

64,133

Canadian

Imperial

Bank

of

Commerce

10/17/24

1,630

USD

430,775

EUR

385,546

Toronto

Dominion

Bank

12/18/24

236

USD

298,244

GBP

223,000

Toronto

Dominion

Bank

12/18/24

157

463,880

AED

497,000

USD

135,337

Bank

of

America

NA

10/15/24

(24)

AED

513,000

USD

139,688

Barclays

Bank

plc

10/15/24

(19)

AED

2,618,000

USD

712,894

Citibank

NA

10/15/24

(120)

AED

1,672,000

USD

455,327

Deutsche

Bank

AG

10/15/24

(110)

AED

1,195,000

USD

325,369

UBS

AG

10/15/24

(19)

AUD

5,510,000

USD

3,818,550

Bank

of

America

NA

10/15/24

(8,375)

CAD

10,122,000

USD

7,493,504

Bank

of

America

NA

10/15/24

(7,052)

CAD

11,109,000

USD

8,234,348

Bank

of

New

York

Mellon

10/15/24

(17,888)

CAD

121,000

USD

89,656

Deutsche

Bank

AG

10/15/24

(162)

CAD

100,000

USD

74,416

UBS

AG

10/15/24

(454)

CAD

9,028,000

USD

6,698,721

Westpac

Banking

Corp.

10/15/24

(21,414)

CHF

1,074,000

USD

1,279,211

UBS

AG

10/15/24

(8,227)

CHF

469,000

USD

555,924

Westpac

Banking

Corp.

10/15/24

(904)

EUR

90,000

USD

100,396

Bank

of

New

York

Mellon

10/15/24

(156)

EUR

88,000

USD

98,586

Barclays

Bank

plc

10/15/24

(574)

EUR

6,670,000

USD

7,460,530

UBS

AG

10/15/24

(31,662)

GBP

1,992,000

USD

2,670,253

Bank

of

America

NA

10/15/24

(

7,062)

GBP

863,000

USD

1,155,192

UBS

AG

10/15/24

(1,410)

HKD

5,865,000

USD

755,182

Barclays

Bank

plc

10/15/24

(620)

JPY

469,851,000

USD

3,288,548

Bank

of

America

NA

10/15/24

(13,178)

JPY

350,063,000

USD

2,440,989

Barclays

Bank

plc

10/15/24

(671)

NZD

1,897,000

USD

1,205,801

Westpac

Banking

Corp.

10/15/24

(614)

USD

105,907

AED

389,000

UBS

AG

10/15/24

(2)

USD

689,963

AUD

1,017,000

Bank

of

New

York

Mellon

10/15/24

(13,294)

USD

2,448,886

AUD

3,553,000

Deutsche

Bank

AG

10/15/24

(8,020)

USD

1,874,578

AUD

2,777,000

Westpac

Banking

Corp.

10/15/24

(45,722)

USD

950,437

CAD

1,302,000

Bank

of

America

NA

10/15/24

(12,551)

USD

11,259,497

CAD

15,312,000

Bank

of

New

York

Mellon

10/15/24

(65,593)

USD

1,062,243

CHF

901,000

Bank

of

America

NA

10/15/24

(4,011)

USD

585,780

CHF

495,000

Bank

of

New

York

Mellon

10/15/24

(9)

USD

3,938,526

CHF

3,412,000

Barclays

Bank

plc

10/15/24

(99,274)

USD

223,821

CHF

197,000

Deutsche

Bank

AG

10/15/24

(9,310)

USD

16,016

CHF

14,000

Westpac

Banking

Corp.

10/15/24

(551)

USD

400,873

EUR

369,000

Bank

of

New

York

Mellon

10/15/24

(10,110)

USD

454,592

EUR

416,000

Deutsche

Bank

AG

10/15/24

(8,738)

USD

4,545,770

GBP

3,467,000

Barclays

Bank

plc

10/15/24

(89,411)

USD

839,788

GBP

652,000

Deutsche

Bank

AG

10/15/24

(31,899)

USD

1,777,338

GBP

1,348,000

UBS

AG

10/15/24

(24,861)

USD

1,670

HKD

13,000

Bank

of

America

NA

10/15/24

(3)

USD

321,076

HKD

2,502,000

Bank

of

New

York

Mellon

10/15/24

(819)

USD

538,904

HKD

4,191,000

Barclays

Bank

plc

10/15/24

(289)

USD

1,658,935

JPY

239,567,000

Bank

of

America

NA

10/15/24

(11,106)

USD

2,716,378

JPY

411,105,000

Bank

of

New

York

Mellon

10/15/24

(149,470)

USD

485,376

JPY

73,563,000

Barclays

Bank

plc

10/15/24

(27,438)

USD

648,217

JPY

102,342,000

Deutsche

Bank

AG

10/15/24

(65,218)

USD

2,426,735

NZD

3,861,000

Barclays

Bank

plc

10/15/24

(26,205)

USD

483,466,153

EUR

437,290,000

Deutsche

Bank

AG

10/16/24

(3,599,142)

USD

124,836,309

EUR

112,940,000

Standard

Chartered

Bank

10/16/24

(959,283)

USD

132,394,969

GBP

101,280,000

Deutsche

Bank

AG

10/16/24

(3,010,540)

USD

7,382,318

EUR

6,734,189

Deutsche

Bank

AG

10/17/24

(118,760)

USD

220,762

EUR

203,224

HSBC

Bank

plc

10/17/24

(5,605)

USD

706,730

EUR

633,000

Barclays

Bank

plc

12/18/24

(141)

USD

174,292

EUR

156,145

JPMorgan

Chase

Bank

NA

12/18/24

(75)

USD

6,838,419

EUR

6,125,000

Toronto

Dominion

Bank

12/18/24

(1,366)

USD

509,160

GBP

388,000

Barclays

Bank

plc

12/18/24

(9,485)

USD

12,746,672

GBP

9,714,000

Canadian

Imperial

Bank

of

Commerce

12/18/24

(238,173)

USD

165,035

GBP

125,061

Goldman

Sachs

International

12/18/24

(2,136)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

70

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

88,859

GBP

67,259

Toronto

Dominion

Bank

12/18/24

$

(1,047)

(8,770,372)

$

(8,306,492)

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

.....................

5.00

%

Quarterly

06/20/29

USD

6,950

$

(549,480)

$

(448,889)

$

(100,591)

Markit

CDX

North

American

Investment

Grade

Index

Series

43.V1

................

1.00

Quarterly

12/20/29

USD

69,400

(1,572,801)

(1,572,212)

(589)

$

(2,122,281)

$

(2,021,101)

$

(101,180)

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Energy

Transfer

LP

....

1.00

%

Quarterly

06/20/29

BBB

USD

1,380

$

19,282

$

22,396

$

(3,114)

Verizon

Communications,

Inc.

.............

1.00

Quarterly

06/20/29

BBB+

USD

7,197

150,253

133,370

16,883

$

169,535

$

155,766

$

13,769

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

U

nrealized

Appreciation

(Depreciation)

DR

Horton,

Inc.

...........

1.00

%

Quarterly

Bank

of

America

NA

12/20/29

USD

1,520

$

(38,061)

$

(35,310)

$

(2,751)

Matterhorn

Telecom

SA

......

5.00

Quarterly

Goldman

Sachs

International

12/20/29

EUR

1,473

(211,998)

(201,340)

(10,658)

$

–

$

–

$

–

$

(250,059)

$

(236,650)

$

(13,409)

$

–

$

–

$

–

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Virgin

Media

Finance

plc

.

5.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B-

EUR

360

$

19,402

$

15,410

$

3,992

ADLER

Real

Estate

GmbH

5.00

Quarterly

Goldman

Sachs

International

06/20/26

CCC-

EUR

800

(5,595)

(22,344)

16,749

TK

Elevator

Holdco

GmbH

5.00

Quarterly

Goldman

Sachs

International

12/20/26

CCC+

EUR

476

32,552

9,052

23,500

CMA

CGM

SA

........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

NR

EUR

1,090

117,911

150,622

(32,711)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

71

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)

ADLER

Real

Estate

GmbH

5.00

%

Quarterly

Bank

of

America

NA

12/20/27

NR

EUR

304

$

1,110

$

(43,744)

$

44,854

ADLER

Real

Estate

GmbH

5.00

Quarterly

Barclays

Bank

plc

12/20/27

NR

EUR

183

667

(25,439)

26,106

ADLER

Real

Estate

GmbH

5.00

Quarterly

Barclays

Bank

plc

12/20/27

NR

EUR

513

1,876

(71,505)

73,381

ADLER

Real

Estate

GmbH

5.00

Quarterly

Citibank

NA

12/20/27

NR

EUR

149

543

(21,360)

21,903

ADLER

Real

Estate

GmbH

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

NR

EUR

312

1,139

(44,506)

45,645

ADLER

Real

Estate

GmbH

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

NR

EUR

226

826

(32,218)

33,044

AT&T,

Inc.

...........

1.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

650

12,427

8,934

3,493

AT&T,

Inc.

...........

1.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

150

2,868

2,276

592

AT&T,

Inc.

...........

1.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

150

2,868

2,283

585

Broadcom,

Inc.

.......

1.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

655

16,114

13,735

2,379

Ford

Motor

Co.

.......

5.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

130

18,595

18,550

45

Ford

Motor

Co.

.......

5.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

130

18,595

18,431

164

Ford

Motor

Co.

.......

5.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

303

43,340

44,218

(878)

Ford

Motor

Co.

.......

5.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

342

48,919

49,617

(698)

Ford

Motor

Co.

.......

5.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

144

20,597

21,004

(407)

Ford

Motor

Co.

.......

5.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

216

30,958

31,046

(88)

Forvia

SE

...........

5.00

Quarterly

Barclays

Bank

plc

06/20/29

BB

EUR

828

66,334

103,160

(36,826)

Forvia

SE

...........

5.00

Quarterly

Goldman

Sachs

International

06/20/29

BB

EUR

913

73,144

100,896

(27,752)

Freeport-McMoRan,

Inc.

.

1.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

206

2,097

2,166

(69)

Freeport-McMoRan,

Inc.

.

1.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

136

1,384

1,312

72

Freeport-McMoRan,

Inc.

.

1.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

137

1,394

1,195

199

Freeport-McMoRan,

Inc.

.

1.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

206

2,097

1,534

563

Freeport-McMoRan,

Inc.

.

1.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

650

6,616

5,929

687

Freeport-McMoRan,

Inc.

.

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB-

USD

218

2,219

2,103

116

Freeport-McMoRan,

Inc.

.

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB-

USD

147

1,496

986

510

Goldman

Sachs

Group,

Inc.

(The)

............

1.00

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

238

4,586

4,889

(303)

Goldman

Sachs

Group,

Inc.

(The)

............

1.00

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

48

925

865

60

Goldman

Sachs

Group,

Inc.

(The)

............

1.00

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

236

4,547

4,534

13

Goldman

Sachs

Group,

Inc.

(The)

............

1.00

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

118

2,274

2,214

60

Intrum

AB

...........

5.00

Quarterly

Goldman

Sachs

International

06/20/29

CC

EUR

209

(51,232)

(48,373)

(2,859)

Intrum

AB

...........

5.00

Quarterly

Goldman

Sachs

International

06/20/29

CC

EUR

313

(76,847)

(84,102)

7,255

Kinder

Morgan,

Inc.

....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

282

4,389

4,979

(590)

Kinder

Morgan,

Inc.

....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

393

6,116

7,236

(1,120)

Morgan

Stanley

.......

1.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

75

1,502

1,479

23

Morgan

Stanley

.......

1.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

122

2,443

2,445

(2)

Morgan

Stanley

.......

1.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

243

4,866

4,876

(10)

Morgan

Stanley

.......

1.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

238

4,766

4,997

(231)

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

B-

EUR

485

28,909

16,556

12,353

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

B-

EUR

272

16,942

9,679

7,263

Williams

Cos.,

Inc.

(The)

.

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

281

4,402

4,362

40

Williams

Cos.,

Inc.

(The)

.

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

393

6,157

6,902

(745)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

72

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

that

the

Fund

has

the

ability

to

access

for

identical,

unrestricted

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

or

liability (including

the

Valuation

Committee's

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

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)

Williams

Cos.,

Inc.

(The)

.

1.00

%

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

716

$

11,217

$

12,267

$

(1,050)

$

518,455

$

299,148

$

219,307

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Barclays

Bank

plc

12/20/24

USD

1,960

$

39,051

$

(262)

$

39,313

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

12/20/24

USD

8,040

151,587

(1,076)

152,663

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

12/20/24

USD

4,000

110,187

(7,493)

117,680

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Barclays

Bank

plc

03/20/25

USD

13,000

15,870

(154,884)

170,754

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

BNP

Paribas

SA

06/20/25

USD

23,000

28,676

(281,036)

309,712

$

345,371

$

(444,751)

$

790,122

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

5.16

%

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

73

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.

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

...................................

$

—

$

1,634,136,237

$

—

$

1,634,136,237

Common

Stocks

Aerospace

&

Defense

....................................

44,146,243

28,233,467

—

72,379,710

Automobile

Components

..................................

8,830,034

—

—

8,830,034

Automobiles

..........................................

5,338,067

—

—

5,338,067

Banks

...............................................

91,499,957

49,516,270

94

141,016,321

Beverages

...........................................

30,352,394

27,833,279

—

58,185,673

Biotechnology

.........................................

25,003,930

—

—

25,003,930

Broadline

Retail

........................................

15,531,503

—

—

15,531,503

Building

Products

.......................................

34,794,907

9,797,770

—

44,592,677

Capital

Markets

........................................

58,279,515

9,523,428

—

67,802,943

Chemicals

............................................

23,137,922

27,022,137

—

50,160,059

Commercial

Services

&

Supplies

.............................

16,381,633

—

—

16,381,633

Communications

Equipment

................................

11,210,953

—

—

11,210,953

Construction

&

Engineering

................................

1,198,420

9,048,592

—

10,247,012

Construction

Materials

....................................

—

3,447,525

—

3,447,525

Consumer

Finance

......................................

5,086,029

—

—

5,086,029

Consumer

Staples

Distribution

&

Retail

........................

21,335,599

—

—

21,335,599

Containers

&

Packaging

..................................

22,631,240

—

—

22,631,240

Distributors

...........................................

1,720,672

—

—

1,720,672

Diversified

REITs

.......................................

2,669,574

11,786,395

—

14,455,969

Diversified

Telecommunication

Services

........................

34,785,534

30,412,325

—

65,197,859

Electric

Utilities

........................................

115,998,131

16,321,474

—

132,319,605

Electrical

Equipment

.....................................

46,741,285

4,982,981

—

51,724,266

Electronic

Equipment,

Instruments

&

Components

.................

14,561,690

2,622,594

—

17,184,284

Energy

Equipment

&

Services

..............................

26,624,769

—

—

26,624,769

Entertainment

.........................................

7,695,843

—

—

7,695,843

Financial

Services

......................................

43,048,019

—

643,435

43,691,454

Food

Products

.........................................

44,290,269

—

—

44,290,269

Gas

Utilities

...........................................

—

1,790,638

—

1,790,638

Ground

Transportation

...................................

55,521,943

2,449,888

—

57,971,831

Health

Care

Equipment

&

Supplies

...........................

28,068,819

5,425,201

—

33,494,020

Health

Care

Providers

&

Services

............................

124,610,483

387,807

—

124,998,290

Health

Care

REITs

......................................

24,194,345

8,416,331

—

32,610,676

Hotels,

Restaurants

&

Leisure

..............................

4,882,089

—

—

4,882,089

Household

Durables

.....................................

13,496,669

19,196,735

—

32,693,404

Household

Products

.....................................

—

4,538,521

—

4,538,521

Independent

Power

and

Renewable

Electricity

Producers

............

3,381,316

—

—

3,381,316

Industrial

Conglomerates

..................................

—

5,560,839

—

5,560,839

Industrial

REITs

........................................

25,957,610

13,954,934

—

39,912,544

Insurance

............................................

51,233,803

32,547,046

—

83,780,849

Interactive

Media

&

Services

...............................

58,498,131

—

—

58,498,131

IT

Services

...........................................

46,489,466

5,922,855

—

52,412,321

Leisure

Products

.......................................

5,857,341

—

—

5,857,341

Life

Sciences

Tools

&

Services

..............................

6,532,126

—

—

6,532,126

Machinery

............................................

40,501,177

15,540,610

—

56,041,787

Media

...............................................

20,169,073

7,469,154

843,744

28,481,971

Metals

&

Mining

........................................

15,865,213

—

65

15,865,278

Multi-Utilities

..........................................

67,493,666

16,008,391

—

83,502,057

Office

REITs

..........................................

7,879,206

—

—

7,879,206

Oil,

Gas

&

Consumable

Fuels

...............................

104,105,313

50,565,171

45

154,670,529

Personal

Care

Products

..................................

—

5,689,057

—

5,689,057

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

74

Level

1

Level

2

Level

3

Total

Pharmaceuticals

.......................................

$

16,530,483

$

122,290,339

$

—

$

138,820,822

Professional

Services

....................................

40,672,172

33,631,771

—

74,303,943

Real

Estate

Management

&

Development

.......................

—

16,014,316

—

16,014,316

Residential

REITs

.......................................

19,707,107

4,193,343

—

23,900,450

Retail

REITs

..........................................

—

9,315,644

—

9,315,644

Semiconductors

&

Semiconductor

Equipment

....................

67,068,977

43,336,866

—

110,405,843

Software

.............................................

120,769,364

3,371,748

—

124,141,112

Specialized

REITs

......................................

93,531,916

—

—

93,531,916

Specialty

Retail

........................................

36,322,402

3,955,737

—

40,278,139

Technology

Hardware,

Storage

&

Peripherals

....................

41,397,224

24,816,673

—

66,213,897

Textiles,

Apparel

&

Luxury

Goods

............................

4,640,646

38,897,202

—

43,537,848

Tobacco

.............................................

20,133,219

13,428,934

—

33,562,153

Trading

Companies

&

Distributors

............................

5,128,099

—

—

5,128,099

Transportation

Infrastructure

...............................

5,043,621

52,049,673

—

57,093,294

Water

Utilities

.........................................

5,944,717

2,773,065

—

8,717,782

Wireless

Telecommunication

Services

.........................

1,033,029

3,064,319

3

4,097,351

Corporate

Bonds

Aerospace

&

Defense

....................................

—

45,873,481

—

45,873,481

Air

Freight

&

Logistics

....................................

—

718,116

—

718,116

Automobile

Components

..................................

—

33,861,321

—

33,861,321

Automobiles

..........................................

—

18,680,053

—

18,680,053

Banks

...............................................

—

408,803,705

—

408,803,705

Beverages

...........................................

—

5,043,424

—

5,043,424

Biotechnology

.........................................

—

18,042,073

—

18,042,073

Broadline

Retail

........................................

—

7,308,387

—

7,308,387

Building

Products

.......................................

—

16,912,338

—

16,912,338

Capital

Markets

........................................

—

123,686,953

—

123,686,953

Chemicals

............................................

—

48,612,542

—

48,612,542

Commercial

Services

&

Supplies

.............................

—

42,364,149

—

42,364,149

Communications

Equipment

................................

—

3,991,002

—

3,991,002

Construction

&

Engineering

................................

—

11,604,124

—

11,604,124

Consumer

Finance

......................................

—

24,198,662

—

24,198,662

Consumer

Staples

Distribution

&

Retail

........................

—

18,813,296

—

18,813,296

Containers

&

Packaging

..................................

—

36,386,517

—

36,386,517

Distributors

...........................................

—

2,012,643

—

2,012,643

Diversified

Consumer

Services

..............................

—

7,611,865

—

7,611,865

Diversified

REITs

.......................................

—

10,130,551

—

10,130,551

Diversified

Telecommunication

Services

........................

—

73,671,157

—

73,671,157

Electric

Utilities

........................................

—

72,654,111

—

72,654,111

Electrical

Equipment

.....................................

—

456,185

—

456,185

Electronic

Equipment,

Instruments

&

Components

.................

—

1,632,211

—

1,632,211

Energy

Equipment

&

Services

..............................

—

12,254,233

—

12,254,233

Entertainment

.........................................

—

8,964,784

—

8,964,784

Financial

Services

......................................

—

57,871,751

8,264,580

66,136,331

Food

Products

.........................................

—

10,679,853

—

10,679,853

Gas

Utilities

...........................................

—

2,418,734

—

2,418,734

Ground

Transportation

...................................

—

24,263,199

—

24,263,199

Health

Care

Equipment

&

Supplies

...........................

—

19,544,786

—

19,544,786

Health

Care

Providers

&

Services

............................

—

44,194,332

—

44,194,332

Health

Care

REITs

......................................

—

11,156,314

—

11,156,314

Hotel

&

Resort

REITs

....................................

—

4,554,810

—

4,554,810

Hotels,

Restaurants

&

Leisure

..............................

—

70,025,047

—

70,025,047

Household

Durables

.....................................

—

5,901,387

—

5,901,387

Household

Products

.....................................

—

472,563

—

472,563

Independent

Power

and

Renewable

Electricity

Producers

............

—

9,835,791

—

9,835,791

Industrial

Conglomerates

..................................

—

3,042,277

—

3,042,277

Industrial

REITs

........................................

—

1,107,503

—

1,107,503

Insurance

............................................

—

64,070,603

—

64,070,603

Interactive

Media

&

Services

...............................

—

4,866,294

—

4,866,294

IT

Services

...........................................

—

10,195,734

—

10,195,734

Life

Sciences

Tools

&

Services

..............................

—

992,874

—

992,874

Machinery

............................................

—

19,520,488

—

19,520,488

Marine

Transportation

....................................

—

2,049,402

—

2,049,402

Media

...............................................

—

44,942,825

—

44,942,825

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

75

Level

1

Level

2

Level

3

Total

Metals

&

Mining

........................................

$

—

$

27,293,206

$

—

$

27,293,206

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

1,276,572

—

1,276,572

Multi-Utilities

..........................................

—

19,125,268

—

19,125,268

Oil,

Gas

&

Consumable

Fuels

...............................

—

103,039,469

—

103,039,469

Paper

&

Forest

Products

..................................

—

6,627,043

—

6,627,043

Passenger

Airlines

......................................

—

4,050,930

—

4,050,930

Personal

Care

Products

..................................

—

599,267

—

599,267

Pharmaceuticals

.......................................

—

62,701,880

—

62,701,880

Professional

Services

....................................

—

6,787,805

—

6,787,805

Real

Estate

Management

&

Development

.......................

—

23,972,664

—

23,972,664

Residential

REITs

.......................................

—

3,800,870

—

3,800,870

Retail

REITs

..........................................

—

4,065,613

—

4,065,613

Semiconductors

&

Semiconductor

Equipment

....................

—

22,335,071

732,453

23,067,524

Software

.............................................

—

49,187,215

—

49,187,215

Specialized

REITs

......................................

—

13,299,360

—

13,299,360

Specialty

Retail

........................................

—

26,331,496

—

26,331,496

Technology

Hardware,

Storage

&

Peripherals

....................

—

2,922,194

—

2,922,194

Textiles,

Apparel

&

Luxury

Goods

............................

—

2,782,663

—

2,782,663

Tobacco

.............................................

—

8,457,527

—

8,457,527

Trading

Companies

&

Distributors

............................

—

14,799,119

—

14,799,119

Transportation

Infrastructure

...............................

—

1,648,853

—

1,648,853

Wireless

Telecommunication

Services

.........................

—

67,287,571

—

67,287,571

Equity-Linked

Notes

......................................

—

1,736,932,415

—

1,736,932,415

Fixed

Rate

Loan

Interests

Financial

Services

......................................

—

—

13,363,265

13,363,265

Health

Care

Technology

..................................

—

1,017,803

—

1,017,803

Media

...............................................

—

1,967,655

—

1,967,655

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

26,492,411

—

26,492,411

Automobile

Components

..................................

—

11,596,129

—

11,596,129

Automobiles

..........................................

—

1,774,184

—

1,774,184

Beverages

...........................................

—

4,430,860

—

4,430,860

Biotechnology

.........................................

—

3,767,827

—

3,767,827

Broadline

Retail

........................................

—

6,471,654

—

6,471,654

Building

Products

.......................................

—

7,644,537

1,137,000

8,781,537

Capital

Markets

........................................

—

21,452,951

680,149

22,133,100

Chemicals

............................................

—

31,610,958

—

31,610,958

Commercial

Services

&

Supplies

.............................

—

32,226,596

1,728,996

33,955,592

Communications

Equipment

................................

—

3,696,838

—

3,696,838

Construction

&

Engineering

................................

—

8,876,054

679,616

9,555,670

Construction

Materials

....................................

—

12,147,652

526,278

12,673,930

Consumer

Staples

Distribution

&

Retail

........................

—

2,458,180

14,456,470

16,914,650

Containers

&

Packaging

..................................

—

7,899,383

—

7,899,383

Distributors

...........................................

—

1,618,996

—

1,618,996

Diversified

Consumer

Services

..............................

—

13,628,467

—

13,628,467

Diversified

Telecommunication

Services

........................

—

15,744,061

—

15,744,061

Electric

Utilities

........................................

—

2,548,540

—

2,548,540

Electrical

Equipment

.....................................

—

2,686,470

—

2,686,470

Electronic

Equipment,

Instruments

&

Components

.................

—

2,389,332

607,715

2,997,047

Entertainment

.........................................

—

30,318,812

—

30,318,812

Financial

Services

......................................

—

30,835,784

53,608,722

84,444,506

Food

Products

.........................................

—

11,810,804

—

11,810,804

Gas

Utilities

...........................................

—

803,911

—

803,911

Ground

Transportation

...................................

—

6,297,691

—

6,297,691

Health

Care

Equipment

&

Supplies

...........................

—

7,229,118

—

7,229,118

Health

Care

Providers

&

Services

............................

—

24,203,621

495,809

24,699,430

Health

Care

Technology

..................................

—

14,341,576

4,893,256

19,234,832

Hotel

&

Resort

REITs

....................................

—

750,297

—

750,297

Hotels,

Restaurants

&

Leisure

..............................

—

51,581,179

9,372,242

60,953,421

Household

Durables

.....................................

—

11,811,351

—

11,811,351

Household

Products

.....................................

—

487,150

—

487,150

Independent

Power

and

Renewable

Electricity

Producers

............

—

4,134,178

—

4,134,178

Industrial

Conglomerates

..................................

—

4,949,462

—

4,949,462

Insurance

............................................

—

39,699,659

937,172

40,636,831

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

76

Level

1

Level

2

Level

3

Total

Interactive

Media

&

Services

...............................

$

—

$

3,935,895

$

—

$

3,935,895

IT

Services

...........................................

—

32,251,554

—

32,251,554

Leisure

Products

.......................................

—

404,004

606,508

1,010,512

Life

Sciences

Tools

&

Services

..............................

—

9,575,270

—

9,575,270

Machinery

............................................

—

38,591,997

873,314

39,465,311

Media

...............................................

—

12,619,232

75,810

12,695,042

Oil,

Gas

&

Consumable

Fuels

...............................

—

12,436,650

3,086,100

15,522,750

Passenger

Airlines

......................................

—

12,377,035

—

12,377,035

Pharmaceuticals

.......................................

—

11,885,188

—

11,885,188

Professional

Services

....................................

—

27,828,672

—

27,828,672

Real

Estate

Management

&

Development

.......................

—

540,740

639,591

1,180,331

Semiconductors

&

Semiconductor

Equipment

....................

—

3,951,608

—

3,951,608

Software

.............................................

—

70,522,069

960,960

71,483,029

Specialty

Retail

........................................

—

8,009,336

599,562

8,608,898

Textiles,

Apparel

&

Luxury

Goods

............................

—

425,044

—

425,044

Trading

Companies

&

Distributors

............................

—

9,527,513

896,025

10,423,538

Transportation

Infrastructure

...............................

—

7,270,595

1,244,803

8,515,398

Wireless

Telecommunication

Services

.........................

—

3,013,734

—

3,013,734

Foreign

Agency

Obligations

.................................

—

60,400,458

—

60,400,458

Foreign

Government

Obligations

..............................

—

51,422,862

—

51,422,862

Investment

Companies

....................................

713,085,112

—

—

713,085,112

Non-Agency

Mortgage-Backed

Securities

........................

—

672,825,061

8,587,542

681,412,603

Preferred

Securities

.......................................

—

13,009,822

—

13,009,822

U.S.

Government

Sponsored

Agency

Securities

....................

—

4,185,234

—

4,185,234

U.S.

Treasury

Obligations

...................................

—

114,159,035

—

114,159,035

Warrants

..............................................

24,971

—

—

24,971

Short-Term

Securities

Money

Market

Funds

......................................

813,608,843

—

—

813,608,843

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

63

—

63

Liabilities

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

(626)

(1,427)

(2,053)

$

3,462,273,823

$

7,751,175,979

$

130,539,897

$

11,343,989,699

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

342,529

$

—

$

342,529

Equity

contracts

...........................................

2,513,618

—

—

2,513,618

Foreign

currency

exchange

contracts

............................

478,280

463,880

—

942,160

Interest

rate

contracts

.......................................

17,670,250

790,122

—

18,460,372

Liabilities

Credit

contracts

...........................................

—

(224,042)

—

(224,042)

Foreign

currency

exchange

contracts

............................

(7,950,918)

(8,770,372)

—

(

16,721,290)

Interest

rate

contracts

.......................................

(275)

—

—

(275)

$

12,710,955

$

(7,397,883)

$

—

$

5,313,072

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Multi-Asset

Income

Portfolio

77

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

and

derivative

financial

instruments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Common

Stocks

Corporate

Bonds

Fixed

Rate

Loan

Interests

Floating

Rate

Loan

Interests

Non-Agency

Mortgage-

Backed

Securities

Unfunded

Floating

Rate

Loan

Interests

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

July

31,

2024

......................................

$

1,492,900

$

7,730,363

$

13,144,708

$

104,805,816

$

8,573,352

$

(2,320)

$

135,744,819

Transfers

into

Level

3

................................................

—

1,025,665

—

—

—

—

1,025,665

Transfers

out

of

Level

3

...............................................

—

—

—

(1,008,594)

—

—

(1,008,594)

Accrued

discounts/premiums

............................................

—

9,529

92

(1,962)

7,908

—

15,567

Net

realized

gain

...................................................

321

—

—

3,125

—

—

3,446

Net

change

in

unrealized

appreciation

(depreciation)

(a)

...........................

(5,514)

231,476

218,465

172,869

6,282

893

624,471

Purchases

........................................................

—

—

13,196,811

139,200,113

—

—

152,396,924

Sales

...........................................................

(321)

—

(13,196,811)

(145,065,269)

—

—

(158,262,401)

Closing

balance,

as

of

September

30,

2024

..................................

$

1,487,386

$

8,997,033

$

13,363,265

$

98,106,098

$

8,587,542

$

(1,427)

$

130,539,897

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

September

30,

2024

(a

)

........................................................

$

(5,514)

$

231,476

$

218,465

$

182,196

$

6,282

$

893

$

633,798

(a)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

September

30,

2024

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Currency

Abbreviation

AED

United

Arab

Emirates

Dirham

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNY

Chinese

Yuan

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

JPY

Japanese

Yen

KRW

South

Korean

Won

NZD

New

Zealand

Dollar

SGD

Singapore

Dollar

USD

United

States

Dollar

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GDR

Global

Depositary

Receipts

JSC

Joint

Stock

Company

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

PJSC

Public

Joint

Stock

Company

REIT

Real

Estate

Investment

Trust

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate