UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23340

Name of Fund: Managed Account Series II

BlackRock U.S. Mortgage Portfolio

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 04/30/2025

Date of reporting period: 10/31/2024

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

BlackRock U.S. Mortgage Portfolio

Institutional Shares | MSUMX

Semi-Annual Shareholder Report — October 31, 2024

This semi-annual shareholder report contains important information about BlackRock U.S. Mortgage Portfolio (the “Fund”) for the period of May 1, 2024 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$24	0.45%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.44%	14.00%	1.09%	2.04%
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.31	10.55	(0.23)	1.49
Bloomberg U.S. Mortgage-Backed Securities Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.81	11.44	(0.60)	1.02

The Fund has added the Bloomberg U.S. Aggregate Bond Index in response to new regulatory requirements.

On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock U.S. Mortgage Portfolio (the “Predecessor Fund”), a series of Managed Account Series, through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$418,232,651
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	817
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	163%

Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Credit quality allocation

Investment Type	Percent of Total Investments^{Footnote Reference(a)}
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	46.7%
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	38.8
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.4
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Credit Rating^{Footnote Reference(b)}	Percent of Total Investments^{Footnote Reference(a)}
AAA/Aaa^{Footnote Reference(c)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	48.0%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.7
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(d)}
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.6

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

Additional information

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

BlackRock U.S. Mortgage Portfolio

Institutional Shares | MSUMX

Semi-Annual Shareholder Report — October 31, 2024

MSUMX-10/24-SAR

BlackRock U.S. Mortgage Portfolio

Investor A Shares | BMPAX

Semi-Annual Shareholder Report — October 31, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$36	0.70%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.20%	13.60%	0.84%	1.78%
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.95	9.06	0.02	1.36
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.31	10.55	(0.23)	1.49
Bloomberg U.S. Mortgage-Backed Securities Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.81	11.44	(0.60)	1.02

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

The Fund has added the Bloomberg U.S. Aggregate Bond Index in response to new regulatory requirements.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$418,232,651
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	817
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	163%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Credit quality allocation

Investment Type	Percent of Total Investments^{Footnote Reference(a)}
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	46.7%
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	38.8
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.4
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Credit Rating^{Footnote Reference(b)}	Percent of Total Investments^{Footnote Reference(a)}
AAA/Aaa^{Footnote Reference(c)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	48.0%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.7
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(d)}
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.6

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

Additional information

BlackRock U.S. Mortgage Portfolio

Investor A Shares | BMPAX

Semi-Annual Shareholder Report — October 31, 2024

BMPAX-10/24-SAR

BlackRock U.S. Mortgage Portfolio

Investor C Shares | BMPCX

Semi-Annual Shareholder Report — October 31, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$75	1.45%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.80%	12.76%	0.09%	1.18%
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.80	11.76	0.09	1.18
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.31	10.55	(0.23)	1.49
Bloomberg U.S. Mortgage-Backed Securities Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.81	11.44	(0.60)	1.02

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

The Fund has added the Bloomberg U.S. Aggregate Bond Index in response to new regulatory requirements.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$418,232,651
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	817
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	163%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Credit quality allocation

Investment Type	Percent of Total Investments^{Footnote Reference(a)}
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	46.7%
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	38.8
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.4
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Credit Rating^{Footnote Reference(b)}	Percent of Total Investments^{Footnote Reference(a)}
AAA/Aaa^{Footnote Reference(c)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	48.0%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.7
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(d)}
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.6

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

Additional information

BlackRock U.S. Mortgage Portfolio

Investor C Shares | BMPCX

Semi-Annual Shareholder Report — October 31, 2024

BMPCX-10/24-SAR

(b) Not Applicable

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

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

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

Item 5 – Audit Committee of Listed Registrant – Not Applicable.

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

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

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

October

31,

2024

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

2024

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

Managed

Account

Series

BlackRock

U.S.

Mortgage

Portfolio

Table

Contents

Page

The

Benefits

and

Risks

Leveraging

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

Derivative

Financial

Instruments

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

Schedule

Investments

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

Statement

Assets

and

Liabilities

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

Statement

Operations

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

Statements

Changes

Net

Assets

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

Financial

Highlights

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

Notes

Financial

Statements

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

Additional

Information

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

Disclosure

Investment

Advisory

Agreement

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

Glossary

Terms

Used

this

Report

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

The

Benefits

and

Risks

Leveraging

The

Benefits

and

Risks

Leveraging

Derivative

Financial

Instruments

The

Fund

may

utilize

leverage

seek

enhance

returns

and

net

asset

value

(“NAV”).

However,

there

guarantee

that

these

objectives

can

achieved

all

interest

rate

environments.

The

Fund

may

utilize

leverage

entering

into

reverse

repurchase

agreements.

general,

the

concept

leveraging

based

the

premise

that

the

financing

cost

leverage,

which

based

short-term

interest

rates,

normally

lower

than

the

income

earned

the

Fund

its

longer-term

portfolio

investments

purchased

with

the

proceeds

from

leverage.

the

extent

that

the

total

assets

the

Fund

(including

the

assets

obtained

from

leverage)

are

invested

higher-yielding

portfolio

investments,

the

Fund’s

shareholders

benefit

from

the

incremental

net

income.

The

interest

earned

securities

purchased

with

the

proceeds

from

leverage

distributed

the

Fund’s

shareholders,

and

the

value

these

portfolio

holdings

reflected

the

Fund’s

per

NAV.

However,

order

benefit

shareholders,

the

return

assets

purchased

with

leverage

proceeds

must

exceed

the

ongoing

costs

associated

with

the

leverage.

interest

and

other

ongoing

costs

leverage

exceed

the

Fund’s

return

assets

purchased

with

leverage

proceeds,

income

shareholders

lower

than

the

Fund

had

not

used

leverage.

Furthermore,

the

value

the

Fund’s

portfolio

investments

generally

varies

inversely

with

the

direction

long-term

interest

rates,

although

other

factors

can

also

influence

the

value

portfolio

investments.

result,

changes

interest

rates

can

influence

the

Fund’s

NAV

positively

negatively

addition

the

impact

the

Fund’s

performance

from

leverage.

Changes

the

direction

interest

rates

are

difficult

predict

accurately,

and

there

assurance

that

the

Fund’s

leveraging

strategy

will

successful.

The

use

leverage

also

generally

causes

greater

changes

the

Fund’s

NAV

and

dividend

rates

than

comparable

portfolios

without

leverage.

declining

market,

leverage

likely

cause

greater

decline

the

NAV

of the

Fund’s

than

the

Fund

were

not

leveraged.

addition,

the

Fund

may

required

sell

portfolio

securities

inopportune

times

distressed

values

order

comply

with

regulatory

requirements

applicable

the

use

leverage

required

the

terms

the

leverage

instruments,

which

may

cause

the

Fund

incur

losses.

The

use

leverage

may

limit the

Fund’s

ability

invest

certain

types

securities

use

certain

types

hedging

strategies.

The

Fund

incurs

expenses

connection

with

the

use

leverage,

all

which

are

borne

the

Fund’s

shareholders

and

may

reduce

income.

Derivative

Financial

Instruments

The

Fund

may

invest

various

derivative

financial

instruments.

These

instruments

are

used

obtain

exposure

security,

commodity,

index,

market,

and/or

other

assets

without

owning

taking

physical

custody

securities,

commodities

and/or

other

referenced

assets

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

form

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

derivative

financial

instrument

and

the

underlying

asset,

possible

default

the

counterparty

the

transaction

illiquidity

the

instrument. Pursuant

to Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Fund

must

either

use

derivative

financial

instruments

with

embedded

leverage

limited

manner

comply

with

outer

limit

fund

leverage

risk

based

value-at-risk.

The

Fund’s

successful

use

derivative

financial

instrument

depends

the

investment

adviser’s

ability

predict

pertinent

market

movements

accurately,

which

cannot

assured.

The

use

these

instruments

may

result

losses

greater

than

they

had

not

been

used,

may

limit

the

amount

appreciation the

Fund

can

realize

investment

and/or

may

result

lower

distributions

paid

shareholders.

The

Fund’s

investments

these

instruments,

any,

are

discussed

detail

the

Notes

Financial

Statements.

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

October

31,

2024

BlackRock

U.S.

Mortgage

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

510

Loan

Acquisition

Trust,

Series

2020-1,

Class

8.11%,

09/25/60

(a)

(b)

..........

USD

852

849,382

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2004-HE3,

Class

M1,

(1-mo.

CME

Term

SOFR

0.93%

Floor

1.04%),

5.78%,

11/25/34

(c)

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

261

257,687

Ajax

Mortgage

Loan

Trust

(b)

Series

2020-C, 0.00%,

09/25/60

(d)

(e)

.....

5,248

Series

2020-C,

Class

0.00%,

09/27/60

260

Series

2020-D, 0.00%,

06/25/60

(d)

(e)

.....

7,727

Series

2021-E,

Class

B3,

3.81%,

12/25/60

(c)

380

129,452

Series

2021-E,

Class

XS,

0.00%,

12/25/60

(c)

5,006

184,804

Series

2021-F,

Class

1.87%,

06/25/61

(a)

1,721

1,702,335

Series

2021-F,

Class

3.75%,

06/25/61

(a)

343

338,334

Series

2021-F,

Class

0.00%,

06/25/61

521

496,383

Series

2021-G,

Class

1.87%,

06/25/61

(c)

1,374

1,338,772

Series

2021-G,

Class

3.75%,

06/25/61

(c)

256

262,254

Series

2021-G,

Class

0.00%,

06/25/61

460

429,200

AMSR

Trust

(b)

Series

2020-SFR4,

Class

G2,

4.87%,

11/17/37

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

850

836,941

Series

2023-SFR2,

Class

F1,

3.95%,

06/17/40

(f)

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

600

521,295

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.27%),

5.89%,

04/20/31

(b)

(c)

..........

550

551,353

Apidos

CLO

XXXII,

Series

2019-32A,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.10%

Floor

1.10%),

5.72%,

01/20/33

(b)

(c)

.....

280

280,427

AREIT

LLC,

Series

2023-CRE8,

Class

(1-mo.

CME

Term

SOFR

2.11%

Floor

2.11%),

6.89%,

08/17/41

(b)

(c)

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

552

553,481

AREIT

Ltd.,

Series

2024-CRE9,

Class

(1-mo.

CME

Term

SOFR

1.69%

Floor

1.69%),

6.47%,

05/17/41

(b)

(c)

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

470

469,936

AREIT

Trust

(b)(c)

Series

2021-CRE5,

Class

(1-mo.

CME

Term

SOFR

1.08%

Floor

1.19%),

5.98%,

11/17/38

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

82,357

Series

2022-CRE6,

Class

(SOFR

day

Average

1.25%

Floor

1.25%),

6.14%,

01/20/37

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

488

485,612

Ares

LII

CLO

Ltd.,

Series

2019-52A,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.05%

Floor

1.31%),

5.94%,

04/22/31

(b)

(c)

..........

771

773,392

Bayview

Financial

Revolving

Asset

Trust,

Series

2004-B,

Class

A1,

(1-mo.

CME

Term

SOFR

1.00%

Floor

1.11%),

5.83%,

05/28/39

(b)

(c)

1,587

1,274,930

BDS

Ltd.,

Series

2021-FL9,

Class

(1-mo.

CME

Term

SOFR

1.07%

Floor

1.18%),

5.94%,

11/16/38

(b)

(c)

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

292

290,494

Bear

Stearns

Asset-Backed

Securities

Trust

(c)

Series

2006-HE8,

Class

1A3,

(1-mo.

CME

Term

SOFR

0.52%

Floor

0.63%),

5.37%,

10/25/36

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

875

840,364

Series

2007-HE2,

Class

1A4,

(1-mo.

CME

Term

SOFR

0.32%

Floor

0.43%),

5.17%,

03/25/37

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

764

687,791

Series

2007-HE2,

Class

22A,

(1-mo.

CME

Term

SOFR

0.28%

Floor

0.39%),

5.13%,

03/25/37

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

455

423,056

Benefit

Street

Partners

CLO

XXVII

Ltd.,

Series

2022-27A,

Class

AR,

(3-mo.

CME

Term

SOFR

1.37%

Floor

1.37%),

5.99%,

10/20/37

(b)

(c)

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

1,000

1,002,963

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Bristol

Park

CLO

Ltd.,

Series

2016-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.99%

Floor

1.25%),

5.91%,

04/15/29

(b)

(c)

.........

USD

296

295,921

BSPRT

Issuer

Ltd.,

Series

2022-FL8,

Class

(SOFR

day

Average

1.50%

Floor

1.50%),

6.51%,

02/15/37

(b)

(c)

..........

633

632,302

Carlyle

Global

Market

Strategies

CLO

Ltd.

(b)(c)

Series

2014-2RA,

Class

A1,

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.31%),

6.43%,

05/15/31

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

527

527,133

Series

2014-5A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

1.14%

Floor

1.40%),

6.06%,

07/15/31

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

403

403,587

Carrington

Mortgage

Loan

Trust,

Series

2007-

FRE1,

Class

M1,

(1-mo.

CME

Term

SOFR

0.50%

Floor

and

14.50%

Cap

0.61%),

5.35%,

02/25/37

(c)

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

1,897

1,456,308

Cayuga

Park

CLO

Ltd.,

Series

2020-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

1.38%

Floor

1.38%),

6.03%,

07/17/34

(b)

(c)

.........

1,500

1,503,015

Centex

Home

Equity

Loan

Trust,

Series

2004-D,

Class

MV1,

(1-mo.

CME

Term

SOFR

0.93%

Floor

1.04%),

5.16%,

09/25/34

(c)

437

428,063

CFMT

LLC

(b)(c)

Series

2024-HB13,

Class

M2,

3.00%,

05/25/34

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

750

666,482

Series

2024-HB13,

Class

M3,

3.00%,

05/25/34

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

1,200

1,015,973

CIFC

Funding

Ltd.,

Series

2014-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.46%),

6.09%,

10/22/31

(b)

(c)

.....

847

847,511

Countrywide

Asset-Backed

Certificates,

Series

2002-BC3,

Class

M2,

(1-mo.

CME

Term

SOFR

1.73%

Floor

1.84%),

6.58%,

05/25/32

(c)

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

934

908,920

Credit-Based

Asset

Servicing

Securitization

LLC,

Series

2007-CB6,

Class

A4,

(1-mo.

CME

Term

SOFR

0.34%

Floor

0.45%),

5.19%,

07/25/37

(b)

(c)

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

1,435

935,046

CWABS

Asset-Backed

Certificates

Trust

(c)

Series

2006-18,

Class

M1,

(1-mo.

CME

Term

SOFR

0.45%

Floor

0.56%),

5.30%,

03/25/37

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

1,543

1,721,915

Series

2006-22,

Class

M1,

(1-mo.

CME

Term

SOFR

0.35%

Floor

0.46%),

5.20%,

05/25/47

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

2,156

1,853,937

Series

2007-BC3,

Class

1A,

(1-mo.

CME

Term

SOFR

0.36%

Floor

0.47%),

5.21%,

11/25/47

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

582

567,543

CWABS

Trust,

Series

2006-26,

Class

M1,

(1-mo.

CME

Term

SOFR

0.25%

Floor

0.36%),

5.10%,

06/25/37

(c)

...........

882

768,489

CWABS,

Inc.

Asset-Backed

Certificates

Trust,

Series

2004-6,

Class

2A4,

(1-mo.

CME

Term

SOFR

0.90%

Floor

1.01%),

5.75%,

11/25/34

(c)

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

7,578

Dryden

Senior

Loan

Fund,

Series

2015-38A,

Class

ARR,

(3-mo.

CME

Term

SOFR

1.15%

Floor

1.15%),

5.81%,

07/15/30

(b)

(c)

740

741,371

Dryden

CLO

Ltd.,

Series

2018-55A,

Class

A1,

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.28%),

5.94%,

04/15/31

(b)

(c)

.........

656

655,883

Rialto

Issuer

LLC,

Series

2022-FL7,

Class

(1-mo.

CME

Term

SOFR

2.90%

Floor

2.90%),

7.70%,

10/19/39

(b)

(c)

..........

540

541,849

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

U.S.

Mortgage

Portfolio

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

GSAA

Home

Equity

Trust,

Series

2006-5,

Class

1A1,

(1-mo.

CME

Term

SOFR

0.36%

Floor

0.47%),

5.21%,

03/25/36

(c)

..........

USD

28,019

GSAA

Trust,

Series

2007-3,

Class

1A1A,

(1-mo.

CME

Term

SOFR

0.14%

Floor

0.25%),

4.99%,

03/25/47

(c)

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

1,997

1,047,784

Home

Partners

America

Trust,

Series

2021-3,

Class

4.24%,

01/17/41

(b)

...........

1,820

1,608,901

KREF

Ltd.,

Series

2022-FL3,

Class

(1-mo.

CME

Term

SOFR

1.45%

Floor

1.45%),

6.21%,

02/17/39

(b)

(c)

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

981

977,764

Legacy

Mortgage

Asset

Trust,

Series

2019-SL2,

Class

3.38%,

02/25/59

(b)

(c)

..........

1,801

1,707,880

Long

Beach

Mortgage

Loan

Trust

(c)

Series

2006-1,

Class

2A4,

(1-mo.

CME

Term

SOFR

0.60%

Floor

0.71%),

5.45%,

02/25/36

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

620

523,319

Series

2006-7,

Class

2A3,

(1-mo.

CME

Term

SOFR

0.32%

Floor

0.43%),

5.17%,

08/25/36

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

1,544

607,888

Madison

Park

Funding

XIV

Ltd.,

Series

2014-

14A,

Class

AR3,

(3-mo.

CME

Term

SOFR

1.20%

Floor

1.20%),

5.83%,

10/22/30

(b)

(c)

891

892,382

Madison

Park

Funding

Ltd.,

Series

9A,

Class

AR2,

(3-mo.

CME

Term

SOFR

0.99%

Floor

1.25%),

6.31%,

05/28/30

(b)

(c)

.....

700

700,840

Madison

Park

Funding

XXI

Ltd.,

Series

2016-21A,

Class

AARR,

(3-mo.

CME

Term

SOFR

1.34%

Floor

1.34%),

6.00%,

10/15/32

(b)

(c)

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

1,000

1,000,338

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2024-FL14,

Class

(1-mo.

CME

Term

SOFR

1.74%

Floor

1.74%),

6.50%,

03/19/39

(b)

(c)

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

418

418,523

Morgan

Stanley

IXIS

Real

Estate

Capital

Trust,

Series

2006-1,

Class

A3,

(1-mo.

CME

Term

SOFR

0.30%

Floor

0.41%),

5.15%,

07/25/36

(c)

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

403

160,226

Mosaic

Solar

Loan

Trust,

Series

2019-2A,

Class

2.88%,

09/20/40

(b)

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

31,392

Neuberger

Berman

Loan

Advisers

CLO

Ltd.,

Series

2019-34A,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.24%

Floor

1.24%),

5.86%,

01/20/35

(b)

(c)

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

2,000

2,003,184

New

Residential

Mortgage

Loan

Trust,

Series

2022-SFR1,

Class

4.44%,

02/17/39

(b)

...

2,739

2,479,213

NYMT

Trust,

Series

2024-RR1,

Class

7.37%,

05/25/64

(a)

(b)

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

970

962,868

Octagon

Ltd.,

Series

2022-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.75%

Floor

1.75%),

6.85%,

11/16/36

(b)

(c)

..........

650

653,760

Option

One

Mortgage

Loan

Trust

(a)

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

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

940

792,412

Series

2007-FXD1,

Class

3A4,

5.86%,

01/25/37

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

695

667,109

Palmer

Square

CLO

Ltd.,

Series

2013-2A,

Class

A1A3,

(3-mo.

CME

Term

SOFR

1.26%

Floor

1.26%),

5.91%,

10/17/31

(b)

(c)

122

122,098

PRET

LLC

(a)(b)

Series

2024-NPL4,

Class

A1,

7.00%,

07/25/54

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

1,486

1,489,198

Series

2024-NPL5,

Class

A1,

5.96%,

09/25/54

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

1,000

989,787

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Progress

Residential

Trust

(b)

Series

2021-SFR10,

Class

4.61%,

12/17/40

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

USD

1,405

1,299,251

Series

2021-SFR11,

Class

4.42%,

01/17/39

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

2,000

1,818,980

Series

2022-SFR1,

Class

4.88%,

02/17/41

2,500

2,317,520

Series

2023-SFR1,

Class

E1,

6.15%,

03/17/40

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

925

914,131

RAAC

Trust,

Series

2006-SP3,

Class

M3,

(1-mo.

CME

Term

SOFR

1.35%

Floor

and

14.00%

Cap

1.46%),

6.20%,

08/25/36

(c)

1,111

1,060,809

RASC

Trust,

Series

2006-EMX9,

Class

1A4,

(1-mo.

CME

Term

SOFR

0.24%

Floor

and

14.00%

Cap

0.35%),

5.33%,

11/25/36

(c)

1,146

934,785

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2007-BR1,

Class

A2B,

(1-mo.

CME

Term

SOFR

0.54%

Floor

0.65%),

5.39%,

02/25/37

(c)

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

1,899

816,753

SMB

Private

Education

Loan

Trust,

Series

2021-A,

Class

2.99%,

01/15/53

(b)

.....

119

101,889

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust,

Series

2007-MN1A,

Class

A1,

(1-mo.

CME

Term

SOFR

0.23%

Floor

0.34%),

5.08%,

01/25/37

(b)

(c)

..........

1,089

621,726

Tricon

American

Homes

Trust,

Series

2020-

SFR1,

Class

4.88%,

07/17/38

(b)

......

1,050

1,033,131

Washington

Mutual

Asset-Backed

Certificates

Trust

(c)

Series

2007-HE1,

Class

2A3,

(1-mo.

CME

Term

SOFR

0.41%

Floor

0.41%),

5.15%,

01/25/37

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

1,160

528,789

Series

2007-HE2,

Class

2A1,

(1-mo.

CME

Term

SOFR

0.20%

Floor

0.31%),

5.05%,

02/25/37

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

2,860

886,901

Washington

Mutual

Mortgage

Pass-Through

Certificates

Trust,

Series

2007-HE2,

Class

2A3,

(1-mo.

CME

Term

SOFR

0.36%

Floor

0.36%),

5.10%,

04/25/37

(c)

..........

1,315

490,008

Total

Asset-Backed

Securities

—

(Cost:

64,479,189

)

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

64,244,614

Corporate

Bonds

Financial

Services

—

0.1%

CRSO

Trust,

7.12%,

07/10/28

(b)

.........

427

443,541

Total

Corporate

Bonds

—

(Cost:

427,567

)

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

443,541

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

15.8%

ACRA

Trust

(b)(c)

Series

2024-NQM1,

Class

B1,

8.22%,

10/25/64

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

1,000

999,560

Series

2024-NQM1,

Class

M1B,

7.19%,

10/25/64

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

1,000

999,994

Alternative

Loan

Trust

Series

2005-54CB,

Class

3A1,

5.13%,

11/25/35

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

1,105

574,993

Series

2005-55CW,

Class

2A3,

(1-mo.

CME

Term

SOFR

0.35%

Floor

and

7.50%

Cap

0.46%),

5.20%,

11/25/35

(c)

.....

566

395,199

Series

2005-79CB,

Class

A1,

(1-mo.

CME

Term

SOFR

0.55%

Floor

and

5.50%

Cap

0.66%),

5.40%,

01/25/36

(c)

.....

1,726

840,910

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

U.S.

Mortgage

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2006-45T1,

Class

2A7,

(1-mo.

CME

Term

SOFR

0.34%

Floor

and

7.00%

Cap

0.45%),

5.19%,

02/25/37

(c)

.....

USD

1,483

588,506

Series

2006-6CB,

Class

2A10,

6.00%,

05/25/36

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

1,937

759,752

Series

2006-9T1,

Class

A4,

5.75%,

05/25/36

1,684

635,690

Series

2006-J4,

Class

2A1,

6.00%,

07/25/36

1,554

906,581

Series

2006-OC11,

Class

2A2A,

(1-mo.

CME

Term

SOFR

0.34%

Floor

0.45%),

5.19%,

01/25/37

(c)

(e)

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

—

(g)

—

Series

2007-19,

Class

1A34,

6.00%,

08/25/37

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

752

359,678

Banc

America

Mortgage

Trust,

Series

2005-I,

Class

2A5,

5.25%,

10/25/35

(c)

.........

61,122

Barclays

Mortgage

Trust

(b)

0.00%,

11/25/51

(c)

(e)

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

505

Series

2021-NPL1,

Class

2.00%,

11/25/51

(a)

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

1,542

1,508,190

Series

2021-NPL1,

Class

4.62%,

11/25/51

(a)

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

177

172,931

Series

2021-NPL1,

Class

0.00%,

11/25/51

366

463,124

BCAP

LLC

Trust,

Series

2012-RR3,

Class

3A8,

4.15%,

07/26/37

(b)

(c)

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

1,258

1,111,375

Bear

Stearns

ALT-A

Trust,

Series

2007-1,

Class

1A1,

(1-mo.

CME

Term

SOFR

0.32%

Floor

and

11.50%

Cap

0.43%),

5.17%,

01/25/47

(c)

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

537

437,882

CFMT

LLC

(b)(c)

Series

2023-HB11,

Class

M2,

4.00%,

02/25/37

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

1,250

1,164,041

Series

2024-HB14,

Class

M2,

3.00%,

06/25/34

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

236

211,681

Series

2024-HB14,

Class

M3,

3.00%,

06/25/34

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

459

400,115

Chase

Mortgage

Finance

Trust

Series

2006-S2,

Class

1A16,

6.25%,

10/25/36

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

1,154

450,661

Series

2007-S2,

Class

1A9,

6.00%,

03/25/37

1,712

927,309

Series

2007-S6,

Class

1A1,

6.00%,

12/25/37

2,877

1,186,497

ChaseFlex

Trust,

Series

2007-1,

Class

2A7,

6.00%,

02/25/37

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

1,900

690,102

CHL

Mortgage

Pass-Through

Trust

Series

2005-17,

Class

1A6,

5.50%,

09/25/35

17,703

Series

2006-17,

Class

A6,

6.00%,

12/25/36

1,003

442,912

Series

2006-21,

Class

A11,

5.75%,

02/25/37

1,155

495,879

Series

2006-OA4,

Class

A1,

(Federal

Reserve

Month

Cumulative

Average

Year

CMT

0.96%

Floor

0.96%),

6.02%,

04/25/46

(c)

.........

1,242

369,840

Series

2007-8,

Class

1A4,

6.00%,

01/25/38

320

137,073

Citigroup

Mortgage

Loan

Trust

(c)

Series

2004-UST1,

Class

A4,

7.72%,

08/25/34

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

235

219,698

Series

2007-6,

Class

1A2A,

4.31%,

03/25/37

1,354

1,007,151

Series

2015-A,

Class

B4,

4.50%,

06/25/58

(b)

938

859,832

CitiMortgage

Alternative

Loan

Trust,

Series

2007-A5,

Class

1A6,

6.00%,

05/25/37

....

456

415,446

CSMC

Trust

(b)

Series

2010-6R,

Class

2A6B,

6.25%,

07/26/37

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

566

575,292

Series

2015-6R,

Class

5A2,

(1-mo.

CME

Term

SOFR

0.18%

Floor

0.29%),

5.03%,

03/27/36

(c)

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

1,382

1,047,263

Series

2022-ATH2,

Class

A1,

4.55%,

05/25/67

(c)

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

937

925,763

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Deutsche

Mortgage

Securities,

Inc.,

Series

2006-PR1,

Class

CWA1,

6.00%,

06/25/35

(b)

(c)

USD

1,962

1,062,950

GSMPS

Mortgage

Loan

Trust,

Series

2005-

RP2,

Class

1AF,

(1-mo.

CME

Term

SOFR

0.35%

Floor

0.46%),

5.20%,

03/25/35

(b)

(c)

750

687,737

GSR

Mortgage

Loan

Trust,

Series

2006-9F,

Class

3A1,

6.25%,

10/25/36

..........

529

476,035

Homeward

Opportunities

Fund

Trust

(b)(c)

Series

2020-2,

Class

B1,

5.45%,

05/25/65

2,985

2,887,185

Series

2020-2,

Class

M1,

3.90%,

05/25/65

2,625

2,476,444

Impac

Secured

Assets

Trust

(c)

Series

2006-1,

Class

1A2B,

(1-mo.

CME

Term

SOFR

0.40%

Floor

and

11.50%

Cap

0.51%),

5.25%,

05/25/36

......

677

536,968

Series

2006-3,

Class

A1,

(1-mo.

CME

Term

SOFR

0.34%

Floor

0.45%),

5.19%,

11/25/36

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

793

706,358

IndyMac

IMSC

Mortgage

Loan

Trust,

Series

2007-F2,

Class

1A4,

6.00%,

07/25/37

....

740

511,429

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2006-AR15,

Class

A1,

(1-mo.

CME

Term

SOFR

0.24%

Floor

0.35%),

5.09%,

07/25/36

(c)

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

529

501,292

J.P.

Morgan

Mortgage

Trust,

Series

2021-INV5,

Class

B6,

2.97%,

12/25/51

(b)

(c)

.........

1,485

715,469

Lehman

Trust,

Series

2007-16N,

Class

AF2,

(1-mo.

CME

Term

SOFR

1.90%

Floor

2.01%),

6.75%,

09/25/47

(c)

...........

870

1,137,748

MCM

Trust

(e)

Series

2018-NPL2, 3.00%,

08/25/28

(b)

...

321

308,476

Series

2021-VFN1, 0.00%,

09/25/31

....

405

263,755

MFA

Trust

(b)

Series

2022-NQM1,

Class

M1,

4.25%,

12/25/66

(c)

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

500

427,940

Series

2024-NPL1,

Class

A1,

6.33%,

09/25/54

(a)

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

1,487

1,487,910

New

Residential

Mortgage

Loan

Trust,

Series

2020-RPL1,

Class

B3,

3.86%,

11/25/59

(b)

(c)

2,500

1,790,713

PRET

LLC

(a)(b)

Series

2024-NPL2,

Class

A1,

7.02%,

02/25/54

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

860

862,054

Series

2024-RN2,

Class

A1,

7.12%,

04/25/54

1,492

1,493,361

PRPM

LLC,

Series

2022-1,

Class

A1,

3.72%,

02/25/27

(a)

(b)

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

1,386

1,376,788

RALI

Trust

(c)

Series

2007-QH5,

Class

AII,

(1-mo.

CME

Term

SOFR

0.46%

Floor

0.57%),

5.31%,

06/25/37

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

892

361,894

Series

2007-QO2,

Class

A1,

(1-mo.

CME

Term

SOFR

0.15%

Floor

0.26%),

5.00%,

02/25/47

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

1,178

369,762

Series

2007-QS1,

Class

1A5,

(1-mo.

CME

Term

SOFR

0.55%

Floor

and

6.00%

Cap

0.66%),

5.40%,

01/25/37

......

898

651,856

Reperforming

Loan

REMIC

Trust,

Series

2005-R3,

Class

AF,

(1-mo.

CME

Term

SOFR

0.40%

Floor

and

9.50%

Cap

0.51%),

5.25%,

09/25/35

(b)

(c)

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

119

99,317

Residential

Asset

Securitization

Trust

(c)

Series

2006-A7CB,

Class

2A2,

(1-mo.

CME

Term

SOFR

0.55%

Floor

and

6.50%

Cap

0.66%),

5.40%,

07/25/36

......

2,608

440,673

Series

2006-A7CB,

Class

2A5,

(1-mo.

CME

Term

SOFR

0.25%

Floor

and

7.00%

Cap

0.36%),

5.10%,

07/25/36

......

571

89,544

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

U.S.

Mortgage

Portfolio

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2006-A7CB,

Class

2A6,

(1-mo.

CME

Term

SOFR

0.00%

Floor

and

54.00%

Cap

53.08%),

15.18%,

07/25/36

....

USD

459

396,412

Residential

Mortgage

Loan

Trust

(b)(c)

Series

2019-2,

Class

B2,

6.04%,

05/25/59

1,000

971,430

Series

2019-3,

Class

B2,

5.66%,

09/25/59

1,000

950,110

RFMSI

Trust

(c)

Series

2005-SA3,

Class

1A,

4.62%,

08/25/35

1,537

694,924

Series

2006-SA2,

Class

2A1,

5.70%,

08/25/36

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

66,146

RMF

Buyout

Issuance

Trust,

Series

2021-HB1,

Class

M6,

6.00%,

11/25/31

(b)

(c)

.........

953

801,029

Seasoned

Loans

Structured

Transaction

Trust

(b)

(c)

Series

2020-2,

Class

M1,

4.75%,

09/25/60

1,972

1,942,609

Series

2020-3,

Class

M1,

4.75%,

04/26/60

1,970

1,939,571

Spruce

Hill

Mortgage

Loan

Trust

(b)

Series

2020-SH2,

Class

B1,

5.00%,

06/25/55

(c)

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

2,764

2,663,565

Series

2022-SH1,

Class

A1A,

4.10%,

07/25/57

(a)

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

1,153

1,088,841

TVC

Mortgage

Trust,

Series

2023-RTL1,

Class

A1,

8.25%,

11/25/27

(a)

(b)

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

395

399,280

Verus

Securitization

Trust

(b)(c)

Series

2022-4,

Class

B1,

4.78%,

04/25/67

1,000

890,956

Series

2023-INV1,

Class

M1,

7.54%,

02/25/68

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

1,200

1,211,793

Washington

Mutual

Mortgage

Pass-Through

Certificates

Trust

(c)

Series

2007-OA1,

Class

A1A,

(Federal

Reserve

Month

Cumulative

Average

Year

CMT

0.70%

Floor

0.70%),

5.76%,

02/25/47

..........

631

549,769

Series

2007-OA5,

Class

2A,

(Federal

Reserve

Month

Cumulative

Average

Year

CMT

1.25%

Floor

0.80%),

5.86%,

06/25/47

..........

1,488

1,196,625

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2005-11,

Class

A7,

5.75%,

01/25/36

1,122

920,014

Series

2005-9,

Class

5A1,

5.50%,

11/25/35

997

772,668

Series

2006-2,

Class

2CB,

6.50%,

03/25/36

687

445,898

Series

2006-2,

Class

3CB,

6.00%,

03/25/36

1,006

756,935

Series

2006-6,

Class

3CB1,

7.00%,

08/25/36

2,693

1,070,997

Series

2006-AR8,

Class

2A,

(Federal

Reserve

Month

Cumulative

Average

Year

CMT

0.85%

Floor

0.85%),

5.91%,

10/25/46

(c)

.........

100

83,729

Series

2007-5,

Class

A3,

7.00%,

06/25/37

199

156,136

Wells

Fargo

Alternative

Loan

Trust,

Series

2007-PA1,

Class

A1,

(1-mo.

CME

Term

SOFR

0.32%

Floor

and

7.00%

Cap

0.43%),

5.17%,

03/25/37

(c)

...........

1,276

1,030,991

Western

Alliance

Bank

(b)(c)

Series

2021-CL2,

Class

M1,

(SOFR

day

Average

0.00%

Floor

3.15%),

8.01%,

07/25/59

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

447

462,737

Series

2021-CL2,

Class

M2,

(SOFR

day

Average

0.00%

Floor

3.70%),

8.56%,

07/25/59

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

640

663,153

66,210,226

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

—

24.9%

1211

Avenue

the

Americas

Trust,

Series

2015-1211,

Class

A1A2,

3.90%,

08/10/35

(b)

USD

370

363,475

2023-MIC

Trust,

Series

2023-MIC,

Class

8.44%,

12/05/38

(b)

(c)

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

240

259,773

280

Park

Avenue

Mortgage

Trust,

Series

2017-

280P,

Class

(1-mo.

CME

Term

SOFR

2.37%

Floor

2.42%),

7.24%,

09/15/34

(b)

(c)

237

220,062

Alen

Mortgage

Trust,

Series

2021-ACEN,

Class

(1-mo.

CME

Term

SOFR

3.10%

Floor

3.21%),

8.02%,

04/15/34

(b)

(c)

..........

276

139,518

Arbor

Multifamily

Mortgage

Securities

Trust,

Series

2020-MF1,

Class

1.75%,

05/15/53

(b)

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

750

561,569

ARES

Commercial

Mortgage

Trust,

Series

2024-IND,

Class

(1-mo.

CME

Term

SOFR

1.69%

Floor

1.69%),

6.50%,

07/15/41

(b)

(c)

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

1,090

1,091,362

ARES1,

Series

2024-IND2,

Class

(1-mo.

CME

Term

SOFR

1.44%

Floor

1.44%),

6.29%,

10/15/34

(b)

(c)

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

740

739,075

Ashford

Hospitality

Trust

(b)(c)

Series

2018-ASHF,

Class

(1-mo.

CME

Term

SOFR

2.23%

Floor

2.27%),

7.08%,

04/15/35

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

280

277,390

Series

2018-ASHF,

Class

(1-mo.

CME

Term

SOFR

3.23%

Floor

3.27%),

8.08%,

04/15/35

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

229

226,196

Atrium

Hotel

Portfolio

Trust

(b)(c)

Series

2024-ATRM,

Class

5.59%,

11/10/29

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

440

439,694

Series

2024-ATRM,

Class

9.52%,

11/10/29

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

210

210,082

BAMLL

Trust,

Series

2024-BHP,

Class

(1-mo.

CME

Term

SOFR

2.35%

Floor

2.35%),

7.15%,

08/15/39

(b)

(c)

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

205

206,031

BANK

Series

2021-BN35,

Class

A5,

2.29%,

06/15/64

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

730

614,381

Series

2021-BN38,

Class

A5,

2.52%,

12/15/64

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

1,700

1,444,519

BANK5

Trust,

Series

2024-5YR6,

Class

A3,

6.23%,

05/15/57

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

470

490,449

Bayview

Commercial

Asset

Trust

(b)(c)

Series

2006-3A,

Class

A2,

(1-mo.

CME

Term

SOFR

0.00%

Floor

0.56%),

5.30%,

10/25/36

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

557

538,263

Series

2006-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

0.00%

Floor

0.46%),

5.20%,

12/25/36

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

479

457,156

BBCMS

Mortgage

Trust

Series

2018-TALL,

Class

(1-mo.

CME

Term

SOFR

0.87%

Floor

0.92%),

5.72%,

03/15/37

(b)

(c)

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

296

278,240

Series

2018-TALL,

Class

(1-mo.

CME

Term

SOFR

1.12%

Floor

1.17%),

5.97%,

03/15/37

(b)

(c)

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

150

135,750

Series

2020-C7,

Class

A5,

2.04%,

04/15/53

1,950

1,664,580

Series

2022-C18,

Class

ASB,

5.95%,

12/15/55

(c)

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

650

681,422

Series

2024-5C25,

Class

A3,

5.95%,

03/15/57

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

1,810

1,869,523

Benchmark

Mortgage

Trust,

Series

2018-B5,

Class

A4,

4.21%,

07/15/51

...........

550

533,761

BFLD

Commercial

Mortgage

Trust,

Series

2024-

UNIV,

Class

(1-mo.

CME

Term

SOFR

3.64%

Floor

3.64%),

8.36%,

11/15/29

(b)

(c)

210

209,475

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

U.S.

Mortgage

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

BFLD

Mortgage

Trust

(b)(c)

Series

2024-VICT,

Class

(1-mo.

CME

Term

SOFR

1.89%

Floor

1.89%),

6.69%,

07/15/41

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

USD

585

585,000

Series

2024-WRHS,

Class

(1-mo.

CME

Term

SOFR

1.49%

Floor

1.49%),

6.30%,

08/15/26

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

1,030

1,030,322

BFLD

Trust,

Series

2020-EYP,

Class

(1-mo.

CME

Term

SOFR

3.70%

Floor

3.81%),

8.62%,

10/15/35

(b)

(c)

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

120

6,204

BHMS,

Series

2018-ATLS,

Class

(1-mo.

CME

Term

SOFR

2.15%

Floor

2.20%),

7.00%,

07/15/35

(b)

(c)

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

269

268,338

BMP

(b)(c)

Series

2024-MF23,

Class

(1-mo.

CME

Term

SOFR

1.37%

Floor

1.37%),

6.18%,

06/15/41

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

1,055

1,055,329

Series

2024-MF23,

Class

(1-mo.

CME

Term

SOFR

3.39%

Floor

3.39%),

8.19%,

06/15/41

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

150

148,125

BOCA

Commercial

Mortgage

Trust,

Series

2024-BOCA,

Class

(1-mo.

CME

Term

SOFR

1.92%

Floor

1.92%),

6.72%,

08/15/41

(b)

(c)

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

610

612,473

BPR

Commercial

Mortgage

Trust,

Series

2024-

PARK,

Class

1.00%,

11/05/39

(b)

(c)

.....

231

231,000

BPR

Trust

(b)(c)

Series

2021-TY,

Class

(1-mo.

CME

Term

SOFR

1.05%

Floor

1.16%),

5.97%,

09/15/38

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

1,000

991,250

Series

2021-TY,

Class

(1-mo.

CME

Term

SOFR

3.60%

Floor

3.71%),

8.52%,

09/15/38

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

750

749,064

Series

2022-SSP,

Class

(1-mo.

CME

Term

SOFR

3.00%

Floor

3.00%),

7.80%,

05/15/39

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

370

370,925

BSST

Mortgage

Trust,

Series

2021-SSCP,

Class

(1-mo.

CME

Term

SOFR

0.75%

Floor

0.86%),

5.67%,

04/15/36

(b)

(c)

.....

666

661,454

Commercial

Mortgage

Trust

(b)

Series

2020-VIV3,

Class

3.54%,

03/09/44

(c)

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

683

614,751

Series

2020-VIV4,

Class

2.84%,

03/09/44

1,370

1,212,691

Series

2021-SOAR,

Class

(1-mo.

CME

Term

SOFR

2.80%

Floor

2.91%),

7.72%,

06/15/38

(c)

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

132

129,759

Series

2021-VINO,

Class

(1-mo.

CME

Term

SOFR

0.77%

Floor

0.77%),

5.57%,

05/15/38

(c)

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

642

638,242

Series

2021-VINO,

Class

(1-mo.

CME

Term

SOFR

2.92%

Floor

2.92%),

7.72%,

05/15/38

(c)

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

123

120,969

Series

2021-VOLT,

Class

(1-mo.

CME

Term

SOFR

0.70%

Floor

0.81%),

5.62%,

09/15/36

(c)

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

885

880,022

Series

2021-XL2,

Class

(1-mo.

CME

Term

SOFR

0.69%

Floor

0.80%),

5.61%,

10/15/38

(c)

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

2,207

2,194,182

Series

2022-CSMO,

Class

(1-mo.

CME

Term

SOFR

3.14%

Floor

3.14%),

7.94%,

06/15/27

(c)

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

185

185,809

Series

2022-CSMO,

Class

(1-mo.

CME

Term

SOFR

3.89%

Floor

3.89%),

8.69%,

06/15/27

(c)

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

260

261,300

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2022-LP2,

Class

(1-mo.

CME

Term

SOFR

1.01%

Floor

1.01%),

5.82%,

02/15/39

(c)

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

USD

1,352

1,347,068

Series

2022-LP2,

Class

(1-mo.

CME

Term

SOFR

1.31%

Floor

1.31%),

6.12%,

02/15/39

(c)

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

1,170

1,163,163

Series

2023-XL3,

Class

(1-mo.

CME

Term

SOFR

1.76%

Floor

1.76%),

6.57%,

12/09/40

(c)

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

1,680

1,684,280

Series

2024-AIR2,

Class

(1-mo.

CME

Term

SOFR

1.49%

Floor

1.49%),

6.30%,

10/15/41

(c)

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

1,470

1,470,919

Series

2024-AIRC,

Class

(1-mo.

CME

Term

SOFR

1.69%

Floor

1.69%),

6.50%,

08/15/39

(c)

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

810

811,266

Series

2024-BRBK,

Class

(1-mo.

CME

Term

SOFR

2.88%

Floor

2.88%),

7.88%,

10/15/41

(c)

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

280

279,025

Series

2024-BRBK,

Class

(1-mo.

CME

Term

SOFR

3.93%

Floor

3.93%),

8.93%,

10/15/41

(c)

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

125

124,522

Series

2024-KING,

Class

(1-mo.

CME

Term

SOFR

1.54%

Floor

1.54%),

6.35%,

05/15/34

(c)

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

390

390,000

Series

2024-MDHS,

Class

(1-mo.

CME

Term

SOFR

1.64%

Floor

1.64%),

6.45%,

05/15/41

(c)

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

388

388,205

Series

2024-MF,

Class

(1-mo.

CME

Term

SOFR

1.44%

Floor

1.44%),

6.25%,

02/15/39

(c)

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

868

867,474

Series

2024-MF,

Class

(1-mo.

CME

Term

SOFR

3.74%

Floor

3.74%),

8.54%,

02/15/39

(c)

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

251

251,251

Series

2024-PALM,

Class

(1-mo.

CME

Term

SOFR

1.54%

Floor

1.54%),

6.34%,

06/15/37

(c)

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

400

400,000

Series

2024-XL4,

Class

(1-mo.

CME

Term

SOFR

1.44%

Floor

1.44%),

6.25%,

02/15/39

(c)

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

889

891,366

Series

2024-XL4,

Class

(1-mo.

CME

Term

SOFR

3.14%

Floor

3.14%),

7.94%,

02/15/39

(c)

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

249

249,145

Series

2024-XL5,

Class

(1-mo.

CME

Term

SOFR

1.39%

Floor

1.39%),

6.20%,

03/15/41

(c)

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

841

842,145

Trust

(b)

Series

2019-OC11,

Class

3.20%,

12/09/41

826

749,837

Series

2019-OC11,

Class

3.94%,

12/09/41

(c)

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

62,268

Series

2021-ARIA,

Class

(1-mo.

CME

Term

SOFR

0.90%

Floor

1.01%),

5.82%,

10/15/36

(c)

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

400

397,375

Series

2021-ARIA,

Class

(1-mo.

CME

Term

SOFR

3.14%

Floor

3.26%),

8.06%,

10/15/36

(c)

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

128

125,124

Series

2021-LBA,

Class

AJV,

(1-mo.

CME

Term

SOFR

0.80%

Floor

0.91%),

5.72%,

02/15/36

(c)

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

705

703,458

Series

2021-MFM1,

Class

(1-mo.

CME

Term

SOFR

0.70%

Floor

0.81%),

5.62%,

01/15/34

(c)

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

290

288,474

Series

2021-MFM1,

Class

(1-mo.

CME

Term

SOFR

3.90%

Floor

4.01%),

8.82%,

01/15/34

(c)

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

123

119,370

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

U.S.

Mortgage

Portfolio

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2021-VIEW,

Class

(1-mo.

CME

Term

SOFR

2.90%

Floor

3.01%),

7.82%,

06/15/36

(c)

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

USD

275

265,000

Series

2021-VIEW,

Class

(1-mo.

CME

Term

SOFR

3.93%

Floor

4.04%),

8.85%,

06/15/36

(c)

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

350

321,506

Series

2022-GPA,

Class

(1-mo.

CME

Term

SOFR

2.17%

Floor

2.17%),

6.95%,

08/15/39

(c)

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

167

166,850

Series

2022-GPA,

Class

(1-mo.

CME

Term

SOFR

2.66%

Floor

2.66%),

7.45%,

08/15/41

(c)

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

687

687,028

Series

2022-GPA,

Class

(1-mo.

CME

Term

SOFR

4.06%

Floor

4.06%),

8.85%,

08/15/43

(c)

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

294

293,612

Series

2022-IND,

Class

(1-mo.

CME

Term

SOFR

1.49%

Floor

1.49%),

6.29%,

04/15/37

(c)

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

101

100,738

Series

2022-LBA6,

Class

(1-mo.

CME

Term

SOFR

1.00%

Floor

1.00%),

5.79%,

01/15/39

(c)

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

880

876,700

Series

2022-VAMF,

Class

(1-mo.

CME

Term

SOFR

3.30%

Floor

3.30%),

8.10%,

01/15/39

(c)

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

450

442,706

Series

2023-DELC,

Class

(1-mo.

CME

Term

SOFR

2.69%

Floor

2.69%),

7.49%,

05/15/38

(c)

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

360

362,700

Series

2023-DELC,

Class

(1-mo.

CME

Term

SOFR

3.34%

Floor

3.34%),

8.14%,

05/15/38

(c)

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

440

443,850

Series

2024-BIO,

Class

(1-mo.

CME

Term

SOFR

1.64%),

6.45%,

02/15/41

(c)

...

735

736,978

Series

2024-CNYN,

Class

(1-mo.

CME

Term

SOFR

1.44%

Floor

1.44%),

6.25%,

04/15/41

(c)

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

989

989,074

Series

2024-CNYN,

Class

(1-mo.

CME

Term

SOFR

3.69%

Floor

3.69%),

8.49%,

04/15/41

(c)

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

292

289,980

Series

2024-PAT,

Class

(1-mo.

CME

Term

SOFR

4.44%

Floor

4.44%),

9.24%,

03/15/41

(c)

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

438

436,634

Series

2024-PAT,

Class

(1-mo.

CME

Term

SOFR

5.39%

Floor

5.39%),

10.19%,

03/15/41

(c)

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

146

145,888

Series

2024-VLT4,

Class

(1-mo.

CME

Term

SOFR

1.49%

Floor

1.49%),

6.30%,

07/15/29

(c)

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

909

909,568

Series

2024-VLT4,

Class

(1-mo.

CME

Term

SOFR

3.94%

Floor

3.94%),

8.74%,

07/15/29

(c)

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

190

189,907

BXP

Trust,

Series

2021-601L,

Class

2.78%,

01/15/44

(b)

(c)

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

540

385,385

Cali,

Series

2024-SUN,

Class

(1-mo.

CME

Term

SOFR

1.89%

Floor

1.89%),

6.70%,

07/15/41

(b)

(c)

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

340

340,212

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C7,

Class

A3,

3.84%,

12/10/54

.....

600

582,423

CFK

Trust,

Series

2020-MF2,

Class

2.79%,

03/15/39

(b)

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

336

301,763

Citigroup

Commercial

Mortgage

Trust,

Series

2023-SMRT,

Class

5.82%,

10/12/40

(b)

(c)

435

443,237

COAST

Commercial

Mortgage

Trust,

Series

2023-2HTL,

Class

(1-mo.

CME

Term

SOFR

3.34%

Floor

3.34%),

8.14%,

08/15/36

(b)

(c)

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

250

249,062

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Commercial

Mortgage

Trust

Series

2015-CR25,

Class

A3,

3.51%,

08/10/48

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

USD

469

465,453

Series

2015-CR25,

Class

4.52%,

08/10/48

(c)

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

255

242,815

Series

2015-LC19,

Class

A4,

3.18%,

02/10/48

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

605

602,825

Series

2015-LC19,

Class

3.83%,

02/10/48

(c)

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

806

777,026

Series

2024-WCL1,

Class

(1-mo.

CME

Term

SOFR

1.84%

Floor

1.84%),

6.63%,

06/15/41

(b)

(c)

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

200

199,312

Series

2024-WCL1,

Class

(1-mo.

CME

Term

SOFR

4.49%

Floor

4.49%),

9.27%,

06/15/41

(b)

(c)

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

115

114,672

CONE

Trust

(b)(c)

Series

2024-DFW1,

Class

(1-mo.

CME

Term

SOFR

1.64%

Floor

1.64%),

6.45%,

08/15/41

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

460

460,000

Series

2024-DFW1,

Class

(1-mo.

CME

Term

SOFR

3.89%

Floor

3.89%),

8.69%,

08/15/41

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

79,900

CSMC

Trust

(b)

Series

2020-FACT,

Class

(1-mo.

CME

Term

SOFR

6.16%

Floor

6.52%),

11.58%,

10/15/37

(c)

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

600

504,901

Series

2020-NET,

Class

3.53%,

08/15/37

100

95,838

Series

2021-BHAR,

Class

(1-mo.

CME

Term

SOFR

3.50%

Floor

3.61%),

8.42%,

11/15/38

(c)

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

300

295,376

CSTL

Commercial

Mortgage

Trust,

Series

2024-

GATE,

Class

4.92%,

11/10/29

(b)

(c)

.....

580

561,587

DBGS,

Series

2024-SBL,

Class

(1-mo.

CME

Term

SOFR

1.88%

Floor

1.88%),

6.69%,

08/15/34

(b)

(c)

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

320

320,398

DBGS

Mortgage

Trust,

Series

2018-BIOD,

Class

(1-mo.

CME

Term

SOFR

2.00%

Floor

2.30%),

7.10%,

05/15/35

(b)

(c)

.....

172

170,068

DBWF

Mortgage

Trust,

Series

2024-LCRS,

Class

(1-mo.

CME

Term

SOFR

1.74%

Floor

1.74%),

6.54%,

04/15/37

(b)

(c)

.....

360

357,750

Trust,

Series

2024-HLTN,

Class

10.31%,

04/13/40

(b)

(c)

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

365

369,246

Trust

(b)(c)

Series

2024-SPBX,

Class

(1-mo.

CME

Term

SOFR

1.50%

Floor

1.50%),

6.30%,

03/15/34

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

590

590,000

Series

2024-SPBX,

Class

(1-mo.

CME

Term

SOFR

1.50%

Floor

4.00%),

8.80%,

03/15/34

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

439

440,143

ELM

Trust,

Series

2024-ELM,

Class

E10,

7.79%,

06/10/39

(b)

(c)

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

300

302,491

EQT

Trust,

Series

2024-EXTR,

Class

5.33%,

07/05/41

(b)

(c)

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

795

795,846

Extended

Stay

America

Trust

(b)(c)

Series

2021-ESH,

Class

(1-mo.

CME

Term

SOFR

1.08%

Floor

1.19%),

6.00%,

07/15/38

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

699

698,642

Series

2021-ESH,

Class

(1-mo.

CME

Term

SOFR

2.85%

Floor

2.96%),

7.77%,

07/15/38

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

356

356,209

Series

2021-ESH,

Class

(1-mo.

CME

Term

SOFR

3.70%

Floor

3.81%),

8.62%,

07/15/38

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

719

721,777

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

U.S.

Mortgage

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Great

Wolf

Trust

(b)(c)

Series

2024-WLF2,

Class

(1-mo.

CME

Term

SOFR

1.69%),

6.50%,

05/15/41

USD

565

565,530

Series

2024-WOLF,

Class

(1-mo.

CME

Term

SOFR

1.54%

Floor

1.54%),

6.35%,

03/15/39

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

540

540,000

Mortgage

Securities

Corp.

II,

Series

2005-

ROCK,

Class

5.37%,

05/03/32

(b)

......

335

334,031

Mortgage

Securities

Corp.

Trust

(b)(c)

Series

2021-IP,

Class

(1-mo.

CME

Term

SOFR

3.55%

Floor

3.66%),

8.47%,

10/15/36

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

300

297,380

Series

2021-STAR,

Class

(1-mo.

CME

Term

SOFR

1.40%

Floor

1.51%),

6.32%,

12/15/36

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

870

855,319

Series

2022-AGSS,

Class

(1-mo.

CME

Term

SOFR

2.79%

Floor

2.69%),

7.50%,

11/15/27

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

352

352,582

Series

2023-FUN,

Class

(1-mo.

CME

Term

SOFR

2.79%

Floor

2.79%),

7.59%,

03/15/28

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

520

522,600

Series

2023-SHIP,

Class

4.32%,

09/10/38

100

98,476

Series

2023-SHIP,

Class

7.43%,

09/10/38

700

700,527

Series

2024-RVR,

Class

7.47%,

08/10/41

200

195,864

Hawaii

Hotel

Trust,

Series

2019-MAUI,

Class

(1-mo.

CME

Term

SOFR

1.40%

Floor

1.45%),

6.25%,

05/15/38

(b)

(c)

..........

250

249,609

HIH

Trust

(b)(c)

Series

2024-61P,

Class

(1-mo.

CME

Term

SOFR

1.84%

Floor

1.84%),

6.79%,

10/15/41

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

110

109,862

Series

2024-61P,

Class

(1-mo.

CME

Term

SOFR

3.64%

Floor

3.64%),

8.59%,

10/15/41

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

210

209,672

HILT

Commercial

Mortgage

Trust,

Series

2024-

ORL,

Class

(1-mo.

CME

Term

SOFR

3.19%

Floor

3.19%),

7.99%,

05/15/37

(b)

(c)

380

376,207

Hilton

USA

Trust,

Series

2016-HHV,

Class

4.19%,

11/05/38

(b)

(c)

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

519

502,105

HONO

Mortgage

Trust,

Series

2021-LULU,

Class

(1-mo.

CME

Term

SOFR

1.15%

Floor

1.26%),

6.07%,

10/15/36

(b)

(c)

.....

772

748,882

HTL

Commercial

Mortgage

Trust

(b)(c)

Series

2024-T53,

Class

5.88%,

05/10/39

180

181,479

Series

2024-T53,

Class

10.26%,

05/10/39

365

373,157

Hudson

Yards

Mortgage

Trust

(b)

Series

2019-30HY,

Class

3.23%,

07/10/39

490

448,458

Series

2019-30HY,

Class

3.44%,

07/10/39

(c)

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

208

176,866

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

(b)

Series

2016-NINE,

Class

2.85%,

09/06/38

(c)

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

640

611,837

Series

2016-NINE,

Class

2.85%,

09/06/38

(c)

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

654

615,012

Series

2020-ACE,

Class

3.29%,

01/10/37

400

397,663

Series

2021-MHC,

Class

(1-mo.

CME

Term

SOFR

0.80%

Floor

1.16%),

5.97%,

04/15/38

(c)

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

576

575,667

Series

2021-MHC,

Class

(1-mo.

CME

Term

SOFR

2.45%

Floor

2.81%),

7.62%,

04/15/38

(c)

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

300

298,125

Series

2022-OPO,

Class

3.45%,

01/05/39

(c)

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

350

274,750

Series

2024-OMNI,

Class

5.80%,

10/05/39

(c)

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

425

429,811

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Commercial

Mortgage

Trust,

Series

2024-

MRCO,

Class

(1-mo.

CME

Term

SOFR

3.19%

Floor

3.19%),

7.97%,

06/15/39

(b)

(c)

USD

190

190,222

KSL

Commercial

Mortgage

Trust,

Series

2023-

HT,

Class

(1-mo.

CME

Term

SOFR

2.29%

Floor

2.29%),

7.09%,

12/15/36

(b)

(c)

877

877,760

LBA

Trust

(b)(c)

Series

2024-7IND,

Class

(1-mo.

CME

Term

SOFR

1.44%

Floor

1.44%),

6.25%,

10/15/41

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

400

399,625

Series

2024-7IND,

Class

(1-mo.

CME

Term

SOFR

2.64%

Floor

2.64%),

7.44%,

10/15/41

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

425

424,602

Series

2024-BOLT,

Class

(1-mo.

CME

Term

SOFR

1.59%

Floor

1.59%),

6.40%,

06/15/26

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

240

240,075

Series

2024-BOLT,

Class

(1-mo.

CME

Term

SOFR

4.44%

Floor

4.44%),

9.24%,

06/15/26

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

115

114,679

Lehman

Brothers

Small

Balance

Commercial

Mortgage

Trust,

Series

2007-2A,

Class

M1,

(1-mo.

CME

Term

SOFR

0.40%

Floor

0.51%),

5.25%,

06/25/37

(b)

(c)

..........

364

360,335

LEX

Mortgage

Trust,

Series

2024-BBG,

Class

4.87%,

10/13/33

(b)

(c)

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

1,055

1,035,052

Life

Mortgage

Trust,

Series

2021-BMR,

Class

(1-mo.

CME

Term

SOFR

2.35%

Floor

2.46%),

7.27%,

03/15/38

(b)

(c)

..........

132

127,784

LUX

Trust,

Series

2023-LION,

Class

(1-mo.

CME

Term

SOFR

2.69%

Floor

2.69%),

7.49%,

08/15/40

(b)

(c)

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

128

128,881

MCR

Mortgage

Trust

(b)

Series

2024-HTL,

Class

(1-mo.

CME

Term

SOFR

1.76%

Floor

1.76%),

6.56%,

02/15/37

(c)

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

617

616,461

Series

2024-HTL,

Class

(1-mo.

CME

Term

SOFR

4.65%

Floor

4.65%),

9.46%,

02/15/37

(c)

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

245

245,702

Series

2024-TWA,

Class

8.73%,

06/12/39

115

115,880

MF1

Multifamily

Housing

Mortgage

Loan

Trust

(b)

(c)

Series

2021-W10,

Class

(1-mo.

CME

Term

SOFR

1.07%

Floor

1.07%),

5.86%,

12/15/34

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

470

464,867

Series

2021-W10,

Class

(1-mo.

CME

Term

SOFR

4.22%

Floor

4.22%),

9.01%,

12/15/34

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

300

284,882

MFT

Trust,

Series

2020-ABC,

Class

3.48%,

02/10/42

(b)

(c)

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

192

107,979

MHC

Commercial

Mortgage

Trust,

Series

2021-

MHC,

Class

(1-mo.

CME

Term

SOFR

0.80%

Floor

0.92%),

5.72%,

04/15/38

(b)

(c)

581

578,879

MHP,

Series

2022-MHIL,

Class

(1-mo.

CME

Term

SOFR

0.82%

Floor

0.81%),

5.62%,

01/15/27

(b)

(c)

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

893

886,681

MIRA

Trust,

Series

2023-MILE,

Class

6.75%,

06/10/38

(b)

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

628

652,196

Morgan

Stanley

Capital

Trust

Series

2018-H4,

Class

A4,

4.31%,

12/15/51

1,824

1,767,251

Series

2018-MP,

Class

4.28%,

07/11/40

(b)

(c)

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

150

134,663

Series

2019-H6,

Class

3.00%,

06/15/52

(b)

460

346,032

NYC

Trust,

Series

2024-3ELV,

Class

(1-mo.

CME

Term

SOFR

1.99%

Floor

1.99%),

6.79%,

08/15/29

(b)

(c)

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

295

296,760

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

U.S.

Mortgage

Portfolio

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

One

Bryant

Park

Trust,

Series

2019-OBP,

Class

2.52%,

09/15/54

(b)

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

USD

1,072

935,026

One

Market

Plaza

Trust,

Series

2017-1MKT,

Class

4.15%,

02/10/32

(b)

...........

415

355,944

One

New

York

Plaza

Trust

(b)(c)

Series

2020-1NYP,

Class

(1-mo.

CME

Term

SOFR

0.95%

Floor

1.06%),

5.87%,

01/15/36

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

185

175,750

Series

2020-1NYP,

Class

AJ,

(1-mo.

CME

Term

SOFR

1.25%

Floor

1.36%),

6.17%,

01/15/36

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

100

93,250

ONNI

Commerical

Mortgage

Trust,

Series

2024-

APT,

Class

5.57%,

07/15/39

(b)

(c)

......

390

392,614

OPEN

Trust,

Series

2023-AIR,

Class

(1-mo.

CME

Term

SOFR

3.09%

Floor

3.09%),

7.89%,

10/15/28

(b)

(c)

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

753

761,403

ORL

Trust,

Series

2023-GLKS,

Class

(1-mo.

CME

Term

SOFR

2.35%

Floor

2.35%),

7.15%,

10/19/36

(b)

(c)

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

590

591,288

PGA

Trust,

Series

2024-RSR2,

Class

(1-mo.

CME

Term

SOFR

1.89%

Floor

1.89%),

6.69%,

06/15/39

(b)

(c)

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

380

379,525

PKHL

Commercial

Mortgage

Trust,

Series

2021-

MF,

Class

NR,

(1-mo.

CME

Term

SOFR

6.00%

Floor

6.11%),

10.92%,

07/15/38

(b)

(c)

300

62,336

ROCK

Trust,

Series

2024-CNTR,

Class

8.82%,

11/13/41

(b)

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

125

127,235

SCG

Mortgage

Trust,

Series

2024-MSP,

Class

(1-mo.

CME

Term

SOFR

1.74%

Floor

1.74%),

6.54%,

04/15/41

(b)

(c)

..........

400

399,000

SELF

Commercial

Mortgage

Trust,

Series

2024-

STRG,

Class

(1-mo.

CME

Term

SOFR

4.19%

Floor

4.19%),

8.89%,

11/15/34

(b)

(c)

210

209,475

SHER

Trust,

Series

2024-DAL,

Class

(1-mo.

CME

Term

SOFR

1.64%

Floor

1.64%),

6.44%,

04/15/37

(b)

(c)

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

450

446,344

SHR

Trust

(b)(c)

Series

2024-LXRY,

Class

(1-mo.

CME

Term

SOFR

1.95%

Floor

1.95%),

6.75%,

10/15/41

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

420

420,524

Series

2024-LXRY,

Class

(1-mo.

CME

Term

SOFR

4.45%

Floor

4.45%),

9.25%,

10/15/41

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

210

210,655

SMRT,

Series

2022-MINI,

Class

(1-mo.

CME

Term

SOFR

1.00%

Floor

1.00%),

5.80%,

01/15/39

(b)

(c)

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

566

561,973

SREIT

Trust

(b)(c)

Series

2021-MFP,

Class

(1-mo.

CME

Term

SOFR

0.73%

Floor

0.85%),

5.65%,

11/15/38

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

574

571,698

Series

2021-MFP,

Class

(1-mo.

CME

Term

SOFR

2.62%

Floor

2.74%),

7.54%,

11/15/38

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

718

713,634

Series

2021-MFP2,

Class

(1-mo.

CME

Term

SOFR

0.82%

Floor

0.94%),

5.74%,

11/15/36

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

1,255

1,248,736

STWD

Trust,

Series

2021-FLWR,

Class

(1-mo.

CME

Term

SOFR

0.58%

Floor

0.69%),

5.50%,

07/15/36

(b)

(c)

..........

1,243

1,239,116

Taubman

Centers

Commercial

Mortgage

Trust,

Series

2022-DPM,

Class

(1-mo.

CME

Term

SOFR

2.19%

Floor

2.19%),

6.99%,

05/15/37

(b)

(c)

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

500

502,184

TTAN

MHC,

Series

2021-MHC,

Class

(1-mo.

CME

Term

SOFR

0.85%

Floor

0.96%),

5.77%,

03/15/38

(b)

(c)

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

656

654,207

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

TYSN

Mortgage

Trust,

Series

2023-CRNR,

Class

6.58%,

12/10/33

(b)

(c)

..........

USD

380

393,229

VEGAS

Trust,

Series

2024-TI,

Class

5.52%,

11/10/39

(b)

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

340

340,000

Velocity

Commercial

Capital

Loan

Trust

(b)(c)

Series

2019-3,

Class

M4,

3.68%,

10/25/49

1,011

880,083

Series

2019-3,

Class

M6,

6.03%,

10/25/49

1,123

902,102

Series

2020-1,

Class

M4,

3.54%,

02/25/50

574

475,160

Series

2021-1,

Class

M6,

5.03%,

05/25/51

1,427

995,630

Series

2021-4,

Class

M5,

5.68%,

12/26/51

1,819

1,378,545

Series

2022-1,

Class

M4,

5.20%,

02/25/52

1,233

952,068

Series

2024-5,

Class

M4,

9.53%,

10/25/54

1,097

1,082,406

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C26,

Class

AS,

3.58%,

02/15/48

408

405,043

Series

2015-C30,

Class

4.40%,

09/15/58

(c)

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

500

487,436

Series

2016-C32,

Class

4.73%,

01/15/59

(c)

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

500

491,563

Series

2018-1745,

Class

3.75%,

06/15/36

(b)

(c)

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

1,990

1,773,116

Series

2018-AUS,

Class

4.06%,

08/17/36

(b)

(c)

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

620

593,315

Series

2024-1CHI,

Class

5.31%,

07/15/35

(b)

(c)

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

216

215,512

WMRK

Commercial

Mortgage

Trust,

Series

2022-WMRK,

Class

(1-mo.

CME

Term

SOFR

2.79%

Floor

2.79%),

7.57%,

11/15/27

(b)

(c)

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

660

662,059

104,205,669

Interest

Only

Collateralized

Mortgage

Obligations

—

0.2%

(c)

Alternative

Loan

Trust,

Series

2006-45T1,

Class

2A8,

(1-mo.

CME

Term

SOFR

0.00%

Floor

and

6.60%

Cap

6.49%),

1.75%,

02/25/37

742

116,833

GSR

Mortgage

Loan

Trust,

Series

2007-3F,

Class

4A2,

(1-mo.

CME

Term

SOFR

0.00%

Floor

and

6.70%

Cap

6.59%),

1.85%,

05/25/37

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

3,737

406,046

Wells

Fargo

Alternative

Loan

Trust,

Series

2007-PA1,

Class

A2,

(1-mo.

CME

Term

SOFR

0.00%

Floor

and

6.68%

Cap

6.57%),

1.83%,

03/25/37

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

1,276

130,152

653,031

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.5%

(c)

BANK,

Series

2017-BNK9,

Class

XA,

0.75%,

11/15/54

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

3,357

63,844

BBCMS

Mortgage

Trust

Series

2020-C7,

Class

XA,

1.61%,

04/15/53

2,964

160,018

Series

2020-C7,

Class

XB,

0.98%,

04/15/53

1,000

47,658

Series

2023-C20,

Class

XA,

0.85%,

07/15/56

11,986

620,396

Benchmark

Mortgage

Trust

Series

2020-B17,

Class

XB,

0.53%,

03/15/53

15,395

315,872

Series

2023-V3,

Class

XA,

0.81%,

07/15/56

19,990

526,596

Citigroup

Commercial

Mortgage

Trust,

Series

2020-420K,

Class

0.80%,

11/10/42

(b)

...

3,975

162,654

CSAIL

Commercial

Mortgage

Trust,

Series

2018-C14,

Class

XA,

0.51%,

11/15/51

....

1,034

17,662

MIRA

Trust,

Series

2023-MILE,

Class

0.02%,

06/10/38

(b)

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

28,000

83,908

ORL

Trust,

Series

2023-GLKS,

Class

XCP,

0.48%,

10/19/36

(b)

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

115,920

6,121

UBS

Commercial

Mortgage

Trust,

Series

2019-

C17,

Class

XA,

1.44%,

10/15/52

.......

3,090

171,700

2024

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(unaudited)

(continued)

October

31,

2024

BlackRock

U.S.

Mortgage

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2017-C41,

Class

XA,

1.15%,

11/15/50

....

USD

3,536

98,121

2,274,550

Total

Non-Agency

Mortgage-Backed

Securities

—

(Cost:

178,107,471

)

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

173,343,476

U.S.

Government

Managed Account Series II N-CSRSCertified semi-annual shareholder report (management investment company)

What were the Fund costs for the last six months?

Fund performance

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Portfolio composition

Credit quality allocation

Additional information

What were the Fund costs for the last six months?

Fund performance

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Portfolio composition

Credit quality allocation

Additional information

What were the Fund costs for the last six months?

Fund performance

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Portfolio composition

Credit quality allocation

Additional information