Consolidated
Schedule
of
Investments
(unaudited)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
1988
CLO
2
Ltd.,
Series
2023-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
4.87%,
04/15/38
(a)(b)
...........
USD
6,000
$
6,002,866
720
East
CLO
VIII
Ltd.,
Series
2025-8A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.99%,
07/20/38
(a)(b)
...........
10,000
10,024,389
AB
Carval
Euro
CLO
II-C
DAC,
Series
2X,
Class
D,
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
5.73%,
02/15/37
(a)(c)
.................
EUR
490
581,923
Abry
Liquid
Credit
CLO
Ltd.,
Series
2026-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.23%),
4.90%,
04/20/39
(a)(b)
......
USD
4,000
4,005,214
ACRES
Commercial
Realty
Issuer
LLC,
Series
2026-FL4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.70%),
5.36%,
08/18/44
(a)(b)
2,000
1,999,991
AIMCO
CLO
11
Ltd.
(a)(b)
Series
2020-11A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.02%,
07/17/37
.................
5,000
5,011,877
Series
2020-11A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
5.58%,
07/17/37
.................
1,000
1,002,422
AIMCO
CLO
27
Ltd.,
Series
2026-27A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.14%),
4.82%,
04/20/39
(a)(b)
...........
2,500
2,498,571
AMSR
Trust
(b)
Series
2021-SFR3,
Class
F,
3.23%,
10/17/38
11,000
10,880,628
Series
2023-SFR2,
Class
F1,
3.95%,
06/17/40
......................
500
476,489
Series
2026-SFR1,
Class
F1,
3.78%,
04/17/31
......................
5,769
4,987,584
Anchorage
Capital
CLO
11
Ltd.,
Series
2019-
11A,
Class
C1R2,
(3-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.40%),
6.06%,
07/22/37
(a)(b)
.
700
700,843
Anchorage
Capital
CLO
15
Ltd.,
Series
2020-
15A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.09%,
07/20/38
(a)(b)
.
7,000
7,012,116
Anchorage
Capital
CLO
18
Ltd.,
Series
2021-
18A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.41%),
5.08%,
04/15/34
(a)(b)
.
1,000
1,000,589
Anchorage
Capital
CLO
19
Ltd.,
Series
2021-
19A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
10/15/38
(a)(b)
.
3,000
3,007,568
Anchorage
Capital
CLO
31
Ltd.,
Series
2025-
31A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.98%,
10/20/38
(a)(b)
.
10,000
10,024,133
Anchorage
Capital
CLO
32
Ltd.,
Series
2025-
32A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.62%
Floor
+
1.62%),
5.29%,
07/15/37
(a)(b)
.
8,000
8,017,938
Apidos
CLO
LIV,
Series
2025-54A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.98%,
10/20/38
(a)(b)
...........
2,000
2,005,142
Apidos
CLO
XL
Ltd.,
Series
2022-40A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
07/15/37
(a)(b)
...........
10,000
10,021,401
Apidos
Loan
Fund
Ltd.
(a)(b)
Series
2024-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.92%,
10/25/38
......................
2,000
2,004,427
Series
2024-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.27%,
10/25/38
......................
1,809
1,816,741
Arcano
Euro
CLO
II
DAC,
Series
2X,
Class
D,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
5.47%,
07/25/39
(a)(c)
.................
EUR
530
624,540
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
AREIT,
Series
2025-CRE11,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.22%,
07/25/43
(a)(b)
.................
USD
10,000
$
10,013,951
AREIT
Ltd.,
Series
2025-CRE10,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.06%,
12/17/29
(a)(b)
.................
10,060
10,046,773
Ares
Loan
Funding
V
Ltd.,
Series
2024-ALF5A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.17%,
07/27/37
(a)(b)
......
3,000
3,003,275
Ares
Loan
Funding
VIII
Ltd.,
Series
2024-ALF8,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.92%,
01/24/38
(a)(b)
......
9,000
9,014,849
Ares
LXX
CLO
Ltd.,
Series
2023-70A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.92%,
01/25/39
(a)(b)
..........
3,000
3,006,224
Ares
LXXVII
CLO
Ltd.,
Series
2025-77A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
4.99%,
07/15/38
(a)(b)
...........
2,000
2,005,290
Ares
XLIII
CLO
Ltd.,
Series
2017-43A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
01/15/38
(a)(b)
......
4,000
4,007,788
Ares
XXXIX
CLO
Ltd.,
Series
2016-39A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.10%,
07/18/37
(a)(b)
..........
6,500
6,508,156
Arini
European
CLO
V
DAC,
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
5.00%,
01/15/39
(a)(c)
.................
EUR
770
902,741
Arini
US
CLO
IV
Ltd.,
Series
4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
4.93%,
01/15/39
(a)(b)
.................
USD
8,000
8,017,450
Aurium
CLO
VII
DAC,
Series
7X,
Class
DR,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
5.35%,
10/15/38
(a)(c)
.................
EUR
350
411,597
Aurium
CLO
XIII
DAC,
Series
13X,
Class
D,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
5.00%,
04/15/38
(a)(c)
.................
530
612,997
Avoca
CLO
XVIII
DAC,
Series
18X,
Class
DR,
(3-mo.
EURIBOR
at
3.05%
Floor
+
3.05%),
5.25%,
01/15/38
(a)(c)
.................
570
666,763
Ballyrock
CLO
14
Ltd.
(a)(b)
Series
2020-14A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.06%,
07/20/37
.................
USD
5,000
5,011,263
Series
2020-14A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.38%,
07/20/37
.................
1,000
1,004,227
Ballyrock
CLO
22
Ltd.
(a)(b)
Series
2024-22A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.21%,
04/15/37
.................
5,000
5,006,470
Series
2024-22A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
6.02%,
04/15/37
......................
1,000
1,001,264
Ballyrock
CLO
Ltd.,
Series
2019-2A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
4.91%,
10/25/38
(a)(b)
...........
4,500
4,508,495
Battalion
CLO
XIX
Ltd.,
Series
2021-19A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
5.93%,
04/15/34
(a)(b)
...........
3,000
3,003,569
BBAM
US
CLO
III
Ltd.,
Series
2023-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.17%),
4.84%,
10/15/38
(a)(b)
..........
2,000
1,997,999
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2005-HE1,
Class
M2,
(1-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.36%),
4.87%,
01/25/35
.................
196
205,130
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2006-HE7,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.11%,
09/25/36
.................
USD
221
$
217,777
Series
2007-HE2,
Class
22A,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.05%,
03/25/37
.................
1,446
1,376,751
Series
2007-HE2,
Class
23A,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.05%,
03/25/37
.................
1,185
1,139,586
Series
2007-HE3,
Class
2A,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.05%,
04/25/37
......................
2,946
2,855,290
Bear
Stearns
Asset-Backed
Securities
Trust,
Series
2004-HE3,
Class
M2,
(1-mo.
CME
Term
SOFR
at
1.73%
Floor
+
1.84%),
4.81%,
04/25/34
(a)
.......................
717
720,235
Benefit
Street
Partners
CLO
43
Ltd.,
Series
2025-43A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
4.95%,
10/20/38
(a)(b)
5,000
5,012,736
Benefit
Street
Partners
CLO
IV
Ltd.,
Series
2014-
IVA,
Class
AR5,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.93%,
10/20/38
(a)(b)
.
2,500
2,505,744
Benefit
Street
Partners
CLO
Ltd.,
Series
2015-
6BR,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
4.86%,
04/20/38
(a)(b)
.
3,000
3,000,896
Benefit
Street
Partners
CLO
XV
Ltd.,
Series
2018-15A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.06%,
07/15/37
(a)(b)
......................
2,200
2,202,631
Benefit
Street
Partners
CLO
XVIII
Ltd.,
Series
2019-18A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
4.91%,
10/15/38
(a)(b)
......................
6,400
6,410,356
Benefit
Street
Partners
CLO
XXIX
Ltd.,
Series
2022-29A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
4.85%,
01/25/38
(a)(b)
20,250
20,251,426
Benefit
Street
Partners
CLO
XXXVIII
Ltd.,
Series
2024-38A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.98%,
01/25/38
(a)(b)
5,100
5,112,508
Birch
Grove
CLO
13
Ltd.,
Series
2025-13A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.98%,
10/23/38
(a)(b)
......
10,000
10,022,350
Birch
Grove
CLO
3
Ltd.
(a)(b)
Series
2021-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
4.94%,
01/19/38
......................
2,500
2,504,422
Series
2021-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.28%,
01/19/38
......................
7,500
7,516,712
Birch
Grove
CLO
8
Ltd.,
Series
2024-8A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
4.97%,
04/20/39
(a)(b)
..........
10,000
10,018,480
Birch
Grove
CLO
9
Ltd.
(a)(b)
Series
2024-9A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.06%,
10/22/37
......................
17,000
17,034,974
Series
2024-9A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.36%,
10/22/37
......................
2,000
2,005,875
Bridge
Street
CLO
IV
Ltd.,
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.28%,
04/20/37
(a)(b)
...........
1,000
1,001,432
Bridge
Street
CLO
V
Ltd.,
Series
2025-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
4.90%,
04/20/38
(a)(b)
...........
3,000
3,003,191
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Bryant
Park
CLO
Ltd.,
Series
2025-27A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.01%,
07/20/38
(a)(b)
...........
USD
10,000
$
10,023,844
Bryant
Park
Funding
Ltd.,
Series
2024-23A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.57%
Floor
+
1.57%),
5.22%,
05/15/37
(a)(b)
......
3,000
3,000,000
Buckhorn
Park
CLO
Ltd.,
Series
2019-1A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.53%,
07/18/34
(a)(b)
..........
2,500
2,502,235
Canyon
Capital
CLO
Ltd.
(a)(b)
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.16%),
5.83%,
07/15/31
......................
1,500
1,502,200
Series
2017-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
5.93%,
07/15/30
......................
5,000
5,012,280
Carlyle
US
CLO
Ltd.
(a)(b)
Series
2017-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
10/21/37
.................
10,000
10,022,246
Series
2019-2A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.03%,
10/15/37
......................
5,500
5,510,588
Series
2021-6A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
4.96%,
01/15/38
......................
5,000
5,013,558
Series
2021-11A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.08%,
07/25/37
.................
5,500
5,506,493
Series
2022-6A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.23%),
4.90%,
10/25/38
.................
5,000
5,008,719
Carrington
Mortgage
Loan
Trust,
Series
2006-
FRE1,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
0.36%),
4.02%,
04/25/36
(a)
..
2,876
2,619,278
CarVal
CLO
IV
Ltd.,
Series
2021-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.98%,
03/31/38
(a)(b)
...........
3,510
3,517,443
CarVal
CLO
VC
Ltd.,
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
6.13%,
10/15/34
(a)(b)
...........
2,000
2,002,426
CIFC
European
Funding
CLO
II
DAC,
Series
2X,
Class
DR,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.20%,
10/15/39
(a)(c)
...........
EUR
710
832,039
CIFC
Funding
Ltd.
(a)(b)
Series
2014-2RA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.03%,
10/24/37
.................
USD
5,000
5,009,733
Series
2014-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
4.85%,
03/31/38
......................
1,500
1,499,725
Series
2014-4RA,
Class
A1A2,
(3-mo.
CME
Term
SOFR
at
0.99%
Floor
+
0.99%),
4.67%,
01/17/35
.................
6,000
5,997,145
Series
2017-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
5.72%,
04/21/37
.................
2,000
2,009,113
Series
2018-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.38%,
01/18/38
......................
1,000
1,004,247
Series
2018-4A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
4.90%,
01/17/38
......................
2,700
2,703,279
Series
2018-4A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
5.43%,
01/17/38
......................
2,000
2,000,607
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2019-5A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
4.94%,
10/15/38
.................
USD
16,500
$
16,533,561
Series
2019-5A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.32%,
10/15/38
......................
2,200
2,211,544
Series
2019-6A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.48%,
07/16/37
......................
10,000
10,043,973
Series
2020-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.97%,
01/15/40
......................
2,500
2,506,289
Series
2020-4A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.47%,
01/15/40
......................
2,000
2,002,509
Series
2021-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.09%,
07/25/37
......................
2,000
2,002,518
Series
2021-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
5.77%,
07/25/37
......................
9,500
9,512,789
Series
2021-4A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.03%,
07/23/37
......................
9,000
9,020,362
Series
2021-6A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
10/15/34
......................
600
600,204
Series
2023-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
4.91%,
10/15/38
......................
4,500
4,509,413
Series
2024-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.52%
Floor
+
1.52%),
5.18%,
04/22/37
......................
3,000
3,003,282
Series
2024-3A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.52%,
07/21/37
......................
5,000
5,022,733
Series
2025-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
4.96%,
10/24/38
......................
5,000
5,012,633
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2006-
WFH2,
Class
M3,
(1-mo.
CME
Term
SOFR
at
0.47%
Floor
+
0.58%),
4.23%,
08/25/36
(a)
..
2,927
2,742,544
Clover
CLO
LLC
(a)(b)
Series
2018-1A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.53%),
5.21%,
04/20/37
.................
5,300
5,300,000
Series
2018-1A,
Class
B1RR,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
5.63%,
04/20/37
.................
1,500
1,500,000
Series
2018-1A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.45%),
6.13%,
04/20/37
.................
2,500
2,500,000
Conseco
Finance
Corp.
(a)
Series
1996-5,
Class
M1,
8.05%,
07/15/27
..
21
21,233
Series
1997-7,
Class
M1,
7.03%,
07/15/28
..
610
616,647
Contego
CLO
V
DAC,
Series
5X,
Class
DR,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.30%,
10/15/37
(a)(c)
.................
EUR
770
890,996
Contego
CLO
XI
DAC,
Series
11X,
Class
DR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.21%,
11/20/38
(a)(c)
.................
680
794,084
Credit-Based
Asset
Servicing
&
Securitization
LLC,
Series
2007-CB6,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.11%,
07/25/37
(a)(b)
......................
USD
1,018
677,675
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Cumulus
Static
CLO
DAC,
Series
2024-1X,
Class
D,
(3-mo.
EURIBOR
at
3.70%
Floor
+
3.70%),
5.68%,
11/15/33
(a)(c)
.................
EUR
166
$
194,966
CWABS
Asset-Backed
Certificates
Trust,
Series
2006-22,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
4.11%,
05/25/47
(a)
.
USD
2,235
2,179,513
Deephaven
Residential
Mortgage
Trust,
Series
2026-CES1,
Class
A1A,
5.31%,
03/25/61
(b)(d)
5,000
4,999,995
Diameter
Capital
CLO
10
Ltd.
(a)(b)
Series
2025-10A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.99%,
04/20/38
......................
9,000
9,022,097
Series
2025-10A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
5.58%,
04/20/38
......................
5,000
5,024,933
Diameter
Capital
CLO
3
Ltd.,
Series
2022-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.00%,
01/15/38
(a)(b)
......
5,000
5,010,994
Diameter
Capital
CLO
6
Ltd.,
Series
2024-6A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
4.95%,
04/15/39
(a)(b)
......
10,000
10,023,580
Diameter
Capital
CLO
8
Ltd.,
Series
2024-8A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.08%,
10/20/37
(a)(b)
......
4,810
4,820,170
Diameter
Capital
CLO
9
Ltd.,
Series
2025-9A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.17%),
4.85%,
04/20/38
(a)(b)
......
3,000
2,998,497
Dryden
49
Senior
Loan
Fund,
Series
2017-49A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
5.99%,
07/18/30
(a)(b)
......
2,000
2,005,877
Eaton
Vance
CLO
Ltd.,
Series
2019-1A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.51%
Floor
+
1.51%),
5.18%,
07/15/37
(a)(b)
..........
2,500
2,502,762
Elevation
CLO
Ltd.,
Series
2026-19A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
4.95%,
03/31/38
(a)(b)
...........
2,500
2,505,276
Elm
Park
CLO
DAC,
Series
1X,
Class
DR3,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.40%,
01/15/38
(a)(c)
.................
EUR
1,340
1,562,523
Elmwood
CLO
14
Ltd.,
Series
2022-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.98%,
10/20/38
(a)(b)
..........
USD
3,000
3,007,660
Elmwood
CLO
20
Ltd.,
Series
2022-7A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
4.83%,
01/20/39
(a)(b)
..........
3,000
3,001,499
Elmwood
CLO
23
Ltd.,
Series
2023-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.03%,
04/16/36
(a)(b)
...........
3,000
3,006,467
Elmwood
CLO
37
Ltd.,
Series
2024-13A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.38%,
01/17/38
(a)(b)
...........
1,000
999,818
Elmwood
CLO
40
Ltd.,
Series
2025-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
4.92%,
03/22/38
(a)(b)
...........
5,000
5,007,417
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.38%,
10/20/37
(a)(b)
..........
2,000
2,008,614
Elmwood
CLO
III
Ltd.,
Series
2019-3A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.06%,
07/18/37
(a)(b)
......
2,500
2,503,118
Elmwood
CLO
IX
Ltd.,
Series
2021-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.48%,
04/20/38
(a)(b)
...........
1,500
1,501,952
Empower
CLO
Ltd.,
Series
2024-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.27%,
04/25/37
(a)(b)
...........
2,500
2,500,000
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2006-FF13,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
+
0.35%),
4.01%,
10/25/36
.................
USD
2,716
$
1,724,321
Series
2006-FF13,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.09%,
10/25/36
.................
1,593
1,028,680
Series
2006-FF17,
Class
A5,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
3.92%,
12/25/36
.................
1,653
1,440,062
Series
2006-FFH1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.56%
Floor
+
0.67%),
4.32%,
01/25/36
.................
3,068
3,030,306
FirstKey
Homes
Trust,
Series
2022-SFR1,
Class
E1,
5.00%,
05/19/39
(b)
...............
6,000
5,935,453
Flatiron
CLO
28
Ltd.,
Series
2024-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.17%,
07/15/36
(a)(b)
...........
2,000
2,005,235
FRTKL,
Series
2021-SFR1,
Class
F,
3.17%,
09/17/38
(b)
.......................
2,900
2,860,833
FS
Rialto
Issuer
LLC
(a)(b)
Series
2025-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.05%,
08/19/42
......................
10,740
10,709,711
Series
2026-FL11,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.11%,
01/19/44
......................
704
703,160
Garnet
CLO
4
Ltd.,
Series
2025-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
4.90%,
01/20/39
(a)(b)
...........
2,500
2,503,478
GoldenTree
Loan
Management
US
CLO
17
Ltd.,
Series
2023-17A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.33%,
01/20/39
(a)(b)
......................
2,500
2,511,218
GoldenTree
Loan
Management
US
CLO
9
Ltd.,
Series
2021-9A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.23%),
4.91%,
04/20/37
(a)(b)
......................
8,000
8,009,238
Golub
Capital
Partners
CLO
43B
Ltd.,
Series
2019-43A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.02%,
10/20/37
(a)(b)
......................
17,000
17,040,197
Golub
Capital
Partners
CLO
52
B
R
Ltd.,
Series
2020-52A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
5.68%,
04/20/37
(a)(b)
2,000
2,005,455
Golub
Capital
Partners
CLO
58B-R
Ltd.,
Series
2021-58A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
4.95%,
10/25/37
(a)(b)
......................
2,350
2,355,035
Golub
Capital
Partners
CLO
64B-R
Ltd.,
Series
2022-64A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.03%,
10/25/37
(a)(b)
2,000
2,005,110
Golub
Capital
Partners
CLO
75B
Ltd.,
Series
2024-75A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
07/25/37
(a)(b)
2,000
2,004,275
Golub
Capital
Partners
CLO
76
B
Ltd.,
Series
2024-76A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.67%
Floor
+
1.67%),
5.34%,
10/25/37
(a)(b)
3,000
3,011,931
Golub
Capital
Partners
CLO
81
B
Ltd.,
Series
2025-81A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.99%,
07/20/38
(a)(b)
5,000
5,011,950
Golub
Capital
Partners
CLO
Ltd.,
Series
2019-
41A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.01%,
07/20/38
(a)(b)
.
2,500
2,505,869
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Greene
King
Finance
plc
(a)
Series
B1,  (Sterling
Overnight
Index
Average
+
1.92%),
5.67%,
12/15/34
..........
GBP
100
$
125,532
Series
B2,  (Sterling
Overnight
Index
Average
at
2.08%
Floor
+
2.20%),
5.95%,
03/15/36
(c)
.....................
100
123,828
GreenPoint
Manufactured
Housing,
Series
2000-
1,
Class
A4,
8.14%,
03/20/30
(a)
..........
USD
3,149
1,597,845
Greystone
CRE
Notes
2025
LLC,
Series
2025-
HC4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.78%
Floor
+
1.78%),
5.44%,
10/15/42
(a)(b)
.
7,000
7,000,958
GSAA
Home
Equity
Trust
Series
2005-14,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
+
0.81%),
4.47%,
12/25/35
(a)
.....................
1,025
456,438
Series
2006-4,
Class
1A1,
4.00%,
03/25/36
(a)
2,235
1,528,752
Series
2006-5,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
4.13%,
03/25/36
(a)
.....................
3,170
875,611
Series
2006-18,
Class
AF6,
6.18%,
11/25/36
(d)
3,107
674,787
Series
2007-9,
Class
A3A,
7.00%,
10/25/37
.
3,603
1,355,915
GSAMP
Trust
(a)
Series
2006-FM3,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.05%,
11/25/36
......................
5,706
2,596,934
Series
2006-HE6,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
4.25%,
08/25/36
......................
1,150
995,422
HalseyPoint
CLO
4
Ltd.,
Series
2021-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
6.09%,
04/20/34
(a)(b)
...........
1,750
1,752,271
HalseyPoint
CLO
5
Ltd.,
Series
2021-5A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
5.73%,
01/30/35
(a)(b)
...........
3,500
3,507,005
HalseyPoint
CLO
6
Ltd.,
Series
2022-6A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.03%,
01/20/38
(a)(b)
..........
4,000
4,009,706
Hambridge
Euro
CLO
1
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
5.54%,
10/20/38
(a)(c)
.................
EUR
710
840,802
Henley
CLO
XI
DAC,
Series
11X,
Class
D,
(3-mo.
EURIBOR
at
2.60%
Floor
+
2.60%),
4.76%,
04/25/39
(a)(c)
......................
1,120
1,302,369
Henley
CLO
XII
DAC,
Series
12X,
Class
D,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.30%,
01/15/38
(a)(c)
.................
680
802,002
Home
Equity
Asset
Trust,
Series
2007-1,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
4.07%,
05/25/37
(a)
...........
USD
2,066
1,824,247
ICG
US
CLO
I
Ltd.,
Series
2023-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.06%,
07/18/38
(a)(b)
...........
2,000
2,003,608
Invesco
CLO
Ltd.
(a)(b)
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.48%,
04/20/35
......................
3,125
3,135,397
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.15%),
5.83%,
04/20/35
......................
5,000
5,006,653
J.P.
Morgan
Mortgage
Acquisition
Trust,
Series
2006-CH1,
Class
M7,
(1-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.31%),
4.97%,
07/25/36
(a)
.......................
2,975
2,699,935
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Kennedy
Lewis
CLO
16
Ltd.,
Series
2024-16A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.53%,
07/20/37
(a)(b)
......
USD
4,000
$
4,013,710
Kennedy
Lewis
CLO
17
Ltd.,
Series
2024-17A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.06%,
10/22/37
(a)(b)
......
10,000
10,021,304
Kennedy
Lewis
CLO
19
Ltd.,
Series
2025-19A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.91%,
04/22/36
(a)(b)
......
4,000
4,001,092
Kennedy
Lewis
CLO
2
Ltd.,
Series
2A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.08%,
10/22/37
(a)(b)
..........
7,965
7,982,511
Kennedy
Lewis
CLO
4
Ltd.,
Series
4A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
5.43%,
07/20/37
(a)(b)
..........
2,750
2,752,745
Kennedy
Lewis
CLO
7
Ltd.,
Series
7A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.62%
Floor
+
1.62%),
5.28%,
04/22/37
(a)(b)
..........
3,000
3,004,637
Kennedy
Lewis
CLO
9
Ltd.,
Series
9A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.03%,
01/20/38
(a)(b)
...........
3,000
3,007,337
Lehman
XS
Trust,
Series
2007-20N,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.41%),
6.07%,
12/25/37
(a)
............
4,128
4,246,780
Long
Beach
Mortgage
Loan
Trust
(a)
Series
2005-3,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
4.29%,
08/25/45
......................
1,198
1,177,211
Series
2006-4,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
4.07%,
05/25/36
......................
19,103
9,951,337
Series
2006-6,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
4.07%,
07/25/36
......................
5,409
2,173,347
Series
2006-7,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.31%
Floor
+
0.42%),
4.08%,
08/25/36
......................
5,638
2,892,671
Series
2006-9,
Class
2A2,
(1-mo.
CME
Term
SOFR
at
0.22%
Floor
+
0.33%),
3.99%,
10/25/36
......................
1,641
492,904
Series
2006-WL3,
Class
2A4,
(1-mo.
CME
Term
SOFR
at
0.60%
Floor
+
0.71%),
4.37%,
01/25/36
.................
1,104
1,000,903
Madison
Park
Funding
LVIII
Ltd.,
Series
2024-
58A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
5.62%,
04/25/37
(a)(b)
.
1,700
1,707,355
Madison
Park
Funding
XXIX
Ltd.,
Series
2018-
29A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
4.86%,
03/25/38
(a)(b)
.
2,000
1,999,985
Madison
Park
Funding
XXXIII
Ltd.
(a)(b)
Series
2019-33A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.47%,
10/15/32
......................
6,000
6,011,082
Series
2019-33A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
5.87%,
10/15/32
.................
4,750
4,753,453
Marathon
CLO
Ltd.,
Series
2020-15A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.10%,
08/15/37
(a)(b)
......
5,000
5,006,442
MASTR
Asset-Backed
Securities
Trust,
Series
2006-AM2,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
4.29%,
06/25/36
(a)(b)
1,555
1,470,197
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2025-FL20,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.11%,
02/18/43
(a)(b)
......................
6,536
6,548,406
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2007-1XS,
Class
2A3,
6.42%,
09/25/46
(d)
...
USD
561
$
111,251
Neuberger
Berman
Loan
Advisers
CLO
36R
Ltd.,
Series
2020-36RA,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.33%,
07/20/39
(a)(b)
......................
1,700
1,707,628
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd.,
Series
2021-40A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.23%),
4.91%,
10/16/37
(a)(b)
......................
3,500
3,504,855
New
Mountain
CLO
3
Ltd.
(a)(b)
Series
CLO-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.01%,
10/20/38
......................
6,500
6,515,345
Series
CLO-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.38%,
10/20/38
......................
1,000
1,004,007
Oaktree
CLO
Ltd.
(a)(b)
Series
2019-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.06%,
01/20/38
.................
6,000
6,011,061
Series
2020-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.19%),
4.86%,
01/15/38
.................
10,000
10,001,412
Series
2020-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.22%,
01/15/38
.................
3,500
3,507,903
Series
2023-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.03%,
07/20/38
......................
5,000
5,011,613
Series
2024-27A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.31%,
10/22/37
......................
4,000
4,011,469
Oakwood
Mortgage
Investors,
Inc.
Series
1998-D,
Class
M1,
7.42%,
01/15/29
(b)
153
153,752
Series
1999-C,
Class
A2,
7.48%,
08/15/27
..
1,179
802,657
Series
2001-D,
Class
A3,
5.90%,
09/17/31
(a)
.
246
77,092
OCP
CLO
Ltd.
(a)(b)
Series
2015-10A,
Class
CR3,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
5.57%,
01/26/38
.................
3,700
3,709,567
Series
2016-11A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.97%,
07/26/38
.................
5,000
5,011,965
Series
2017-14A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.05%,
07/20/37
.................
5,000
5,010,793
Series
2019-17A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
5.68%,
07/20/37
.................
1,000
1,001,405
Series
2020-18A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.05%,
07/20/37
.................
15,000
15,032,779
Series
2020-19A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
4.86%,
04/20/38
.................
6,000
5,999,992
Series
2021-22A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
5.63%,
10/20/37
.................
4,500
4,513,392
Series
2021-23A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.19%),
4.87%,
01/17/39
.................
5,000
5,000,589
Series
2022-25A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.10%,
07/20/37
.................
5,000
5,005,367
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2024-32A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.52%
Floor
+
1.52%),
5.19%,
04/23/37
......................
USD
3,000
$
3,001,267
Series
2025-40A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.13%,
04/16/38
......................
1,500
1,503,178
OHA
Credit
Funding
1
Ltd.,
Series
2018-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.45%),
6.13%,
04/20/37
(a)(b)
......
1,000
1,001,144
OHA
Credit
Funding
2
Ltd.,
Series
2019-2A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
5.42%,
01/21/38
(a)(b)
......
1,500
1,500,459
OHA
Credit
Funding
22
Ltd.,
Series
2025-22A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.01%,
07/20/38
(a)(b)
......
2,000
2,004,162
OHA
Credit
Funding
3
Ltd.,
Series
2019-3A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.00%,
01/20/38
(a)(b)
......
2,000
2,004,411
OHA
Credit
Funding
6
Ltd.,
Series
2020-6A,
Class
B1R2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.33%,
10/20/37
(a)(b)
.
5,000
5,020,336
OHA
Credit
Funding
Ltd.,
Series
2024-17RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.14%),
4.82%,
04/20/39
(a)(b)
......
2,500
2,497,902
OHA
Credit
Partners
XI
Ltd.,
Series
2015-11A,
Class
B1R2,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.48%,
04/20/37
(a)(b)
.
1,750
1,750,000
OHA
Credit
Partners
XII
Ltd.,
Series
2015-12A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.40%),
6.07%,
04/23/37
(a)(b)
......
2,000
2,002,152
OHA
Credit
Partners
XIV
Ltd.,
Series
2017-14A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.32%,
07/21/37
(a)(b)
......
3,000
3,012,232
OHA
Credit
Partners
XVII
Ltd.,
Series
2024-17A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.00%,
01/18/38
(a)(b)
......
3,000
3,006,632
OHA
Loan
Funding
Ltd.
(a)(b)
Series
2013-1A,
Class
B1R3,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
5.57%,
04/23/37
.................
1,000
1,004,737
Series
2016-1A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
5.78%,
07/20/37
.................
3,265
3,269,097
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2019-1A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.45%,
08/14/38
.................
1,500
1,502,006
Series
2021-3A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
5.57%,
10/15/38
......................
5,000
5,013,607
Series
2021-4A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.52%,
07/15/38
......................
4,850
4,864,401
Series
2024-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.03%,
07/20/37
......................
8,000
8,018,723
Series
2024-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
5.42%,
01/15/38
......................
1,000
1,000,296
Park
Blue
CLO
Ltd.,
Series
2025-9A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.03%,
10/20/38
(a)(b)
...........
2,000
2,004,999
PFP
Ltd.,
Series
2026-13,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.16%,
08/18/43
(a)(b)
......................
1,000
1,001,580
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Pikes
Peak
CLO
3,
Series
2019-3A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
5.63%,
10/25/34
(a)(b)
...........
USD
1,600
$
1,602,108
Pikes
Peak
CLO
9,
Series
2021-9A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.37%,
10/27/38
(a)(b)
...........
3,000
3,015,081
Progress
Residential
Trust
(b)
Series
2021-SFR10,
Class
G,
4.86%,
12/17/40
......................
4,970
4,866,776
Series
2021-SFR8,
Class
G,
4.01%,
10/17/38
10,000
9,897,209
Series
2022-SFR3,
Class
F,
6.60%,
04/17/39
500
499,785
Series
2026-SFR1,
Class
E,
4.10%,
02/17/43
1,000
921,563
PRPM
Issuer
LLC,
Series
2026-CRE1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.67%
Floor
+
1.67%),
5.34%,
03/19/43
(a)(b)
...........
2,740
2,740,363
Rad
CLO
10
Ltd.,
Series
2021-10A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
5.68%,
04/23/34
(a)(b)
...........
3,750
3,753,696
Rad
CLO
14
Ltd.,
Series
2021-14A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
5.93%,
01/15/35
(a)(b)
...........
3,500
3,504,081
Regatta
30
Funding
Ltd.,
Series
2024-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
4.99%,
01/25/38
(a)(b)
...........
5,600
5,612,468
Regatta
VI
Funding
Ltd.,
Series
2016-1A,
Class
CR3,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
5.58%,
10/20/38
(a)(b)
..........
1,250
1,253,190
Regatta
XI
Funding
Ltd.,
Series
2018-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.08%,
07/17/37
(a)(b)
...........
7,500
7,510,312
Regatta
XIX
Funding
Ltd.,
Series
2022-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.28%,
10/20/38
(a)(b)
...........
1,320
1,325,818
Regatta
XX
Funding
Ltd.,
Series
2021-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
4.85%,
01/15/38
(a)(b)
...........
2,250
2,249,555
Regatta
XXIV
Funding
Ltd.,
Series
2021-5A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.00%,
01/20/38
(a)(b)
......
3,000
3,006,680
Regatta
XXVIII
Funding
Ltd.,
Series
2024-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.22%,
04/25/37
(a)(b)
......
2,500
2,503,304
Renaissance
Home
Equity
Loan
Trust,
Series
2004-4,
Class
MF2,
5.82%,
02/25/35
(d)
....
1,150
1,031,287
Rockford
Tower
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
BR2A,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
5.59%,
04/20/34
.................
3,500
3,504,612
Series
2017-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.06%),
5.74%,
10/20/30
......................
2,300
2,304,282
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.98%),
5.64%,
05/20/31
......................
1,000
1,003,193
Series
2018-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
5.10%,
10/20/31
......................
341
341,383
Series
2018-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
5.74%,
10/20/31
......................
1,125
1,128,592
Series
2018-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
6.14%,
10/20/31
......................
700
702,425
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Rockford
Tower
Europe
CLO
DAC
(a)(c)
Series
2025-1X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.16%,
10/25/37
.
EUR
970
$
1,143,070
Series
2025-3X,
Class
D,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.18%,
01/15/40
.
1,270
1,502,378
RR
14
Ltd.,
Series
2021-14A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.05%,
04/15/36
(a)(b)
.................
USD
1,500
1,500,143
RR
5
Ltd.,
Series
2018-5A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
5.62%,
07/15/39
(a)(b)
.................
2,000
2,008,695
Sagard-HalseyPoint
CLO
8
Ltd.,
Series
2024-8A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
5.76%,
01/30/38
(a)(b)
......
1,250
1,254,408
Sandstone
Peak
III
Ltd.
(a)(b)
Series
2024-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.63%
Floor
+
1.63%),
5.30%,
04/25/37
......................
1,000
1,000,000
Series
2024-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
0.00%,
04/25/37
......................
2,000
2,000,000
Sculptor
CLO
XXIX
Ltd.,
Series
29A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.03%,
07/22/38
(a)(b)
...........
3,000
3,008,092
Signal
Harmonic
CLO
I
DAC,
Series
1X,
Class
DR,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
5.70%,
07/15/38
(a)(c)
...........
EUR
650
760,905
Signal
Peak
CLO
14
Ltd.,
Series
2024-14A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.96%,
01/22/38
(a)(b)
......
USD
3,000
3,006,377
Silver
Point
CLO
12
Ltd.,
Series
2025-12A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.98%,
10/15/38
(a)(b)
...........
5,000
5,012,114
Silver
Point
CLO
4
Ltd.,
Series
2024-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.63%
Floor
+
1.63%),
5.30%,
04/15/37
(a)(b)
...........
5,000
5,000,000
Silver
Point
CLO
6
Ltd.,
Series
2024-6A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
10/15/37
(a)(b)
...........
5,000
5,010,594
Silver
Point
CLO
9
Ltd.,
Series
2025-9A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.52%
Floor
+
1.52%),
5.19%,
03/31/38
(a)(b)
...........
5,000
5,013,584
Silver
Point
Euro
CLO
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.10%,
01/15/39
(a)(c)
.................
EUR
710
835,521
Sixth
Street
CLO
XIV
Ltd.,
Series
2019-14A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
5.42%,
01/20/38
(a)(b)
......
USD
3,250
3,250,995
Sixth
Street
CLO
XIX
Ltd.
(a)(b)
Series
2021-19A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.28%,
07/17/38
......................
3,000
3,012,832
Series
2021-19A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.53%,
07/17/38
.................
1,000
1,001,980
Sixth
Street
CLO
XVI
Ltd.,
Series
2020-16A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.17%),
4.84%,
01/21/39
(a)(b)
.
3,000
2,998,557
Sixth
Street
CLO
XVIII
Ltd.,
Series
2021-18A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.93%,
10/17/38
(a)(b)
......
5,000
5,012,036
Sona
Fios
CLO
V
DAC,
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
5.33%,
08/25/38
(a)(c)
.................
EUR
590
698,242
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Sound
Point
CLO
XXIII
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
6.18%,
07/15/34
(a)(b)
......
USD
2,250
$
2,253,022
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
(a)
Series
2006-BC3,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.09%,
10/25/36
......................
4,391
2,988,241
Series
2007-MN1A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
4.23%,
01/25/37
(b)
................
1,215
692,639
Sycamore
Tree
CLO
Ltd.
(a)(b)
Series
2023-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.33%,
04/20/37
......................
9,000
9,016,960
Series
2023-3A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.60%),
6.28%,
04/20/37
......................
1,000
1,001,255
Symetra
CLO
Ltd.,
Series
2025-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
4.97%,
04/20/38
(a)(b)
...........
2,000
2,005,014
Symphony
CLO
30
Ltd.,
Series
2023-30A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
5.63%,
10/20/37
(a)(b)
..........
1,000
1,004,866
Symphony
CLO
38
Ltd.,
Series
2023-38A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
5.62%,
07/24/38
(a)(b)
...........
1,500
1,507,825
Texas
Debt
Capital
Euro
CLO
DAC,
Series
2024-
1X,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
5.84%,
07/16/38
(a)(c)
..........
EUR
500
587,448
TICP
CLO
VI
Ltd.
(a)(b)
Series
2016-6A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
5.05%,
01/15/34
......................
USD
1,945
1,945,236
Series
2016-6A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
5.43%,
01/15/34
......................
2,000
2,003,555
Series
2016-6A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
5.83%,
01/15/34
.................
1,650
1,657,518
Trestles
CLO
VI
Ltd.,
Series
2023-6A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
4.85%,
04/25/38
(a)(b)
..........
2,000
2,000,579
Tricon
American
Homes
Trust,
Series
2020-
SFR2,
Class
E2,
3.08%,
11/17/39
(b)
......
1,000
959,332
Trimaran
CAVU
Ltd.
(a)(b)
Series
2021-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.09%,
07/23/37
......................
7,000
7,014,596
Series
2021-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.47%,
07/23/37
......................
1,000
1,001,677
Trinitas
CLO
XXIX
Ltd.,
Series
2024-29A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.16%,
07/23/37
(a)(b)
...........
2,000
2,002,874
Trinitas
CLO
XXV
Ltd.,
Series
2023-25A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
4.91%,
01/23/39
(a)(b)
..........
5,500
5,506,697
Trinitas
CLO
XXX
Ltd.,
Series
2024-30A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.04%,
10/23/37
(a)(b)
...........
6,000
6,010,179
Unique
Pub
Finance
Co.
plc
(The),
Series
N,
6.46%,
03/30/32
(c)
..................
GBP
1,296
1,820,625
Victory
Street
CLO
I
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
3.45%
Floor
+
3.45%),
5.65%,
01/15/38
(a)(c)
.................
EUR
1,010
1,195,908
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Victory
Street
CLO
II
DAC,
Series
2X,
Class
D,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.20%,
01/15/39
(a)(c)
.................
EUR
2,060
$
2,424,889
Vista
Point
Securitization
Trust,
Series
2026-
CES2,
Class
A1,
5.42%,
05/25/56
(b)(d)
.....
USD
5,000
4,999,937
Voya
CLO
Ltd.,
Series
2014-4A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.35%),
6.02%,
07/14/31
(a)(b)
...........
500
501,485
Warwick
Capital
CLO
4
Ltd.
(a)(b)
Series
2024-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.08%,
07/20/37
......................
13,500
13,528,532
Series
2024-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
5.43%,
07/20/37
......................
1,000
1,001,568
Warwick
Capital
CLO
7
Ltd.,
Series
2025-7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.97%,
10/21/38
(a)(b)
......
2,750
2,756,469
Washington
Mutual
Asset-Backed
Certificates
Trust,
Series
2006-HE5,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.31%
Floor
+
0.42%),
3.81%,
10/25/36
(a)
..................
10,290
7,931,419
Wellington
Management
CLO
3
Ltd.,
Series
2024-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.04%,
07/18/37
(a)(b)
6,300
6,313,165
Wellington
Management
CLO
4
Ltd.,
Series
2025-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
4.83%,
04/18/38
(a)(b)
.
6,000
5,993,954
Wellington
Management
CLO
5
Ltd.,
Series
2025-5A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
4.97%,
10/18/38
(a)(b)
.
3,000
3,006,707
Total
Asset-Backed
Securities
—
10.4%
(Cost:
$1,109,911,756)
............................
1,099,751,565
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
0.9%
Airbus
SE
..........................
16,307
3,361,843
Axon
Enterprise,
Inc.
(e)
.................
643
258,332
BAE
Systems
plc
.....................
481,566
13,394,065
Boeing
Co.
(The)
(e)
....................
61,631
14,115,348
BWX
Technologies,
Inc.
................
3,884
840,459
Curtiss-Wright
Corp.
...................
2,207
1,589,481
Dassault
Aviation
SA
..................
5,076
1,775,066
Elbit
Systems
Ltd.
....................
775
644,759
GE
Aerospace
.......................
18,462
5,352,688
General
Dynamics
Corp.
................
2,419
832,862
Hanwha
Aerospace
Co.
Ltd.
.............
1,186
1,133,065
Hanwha
Systems
Co.
Ltd.
...............
9,975
788,880
HEICO
Corp.
.......................
4,040
1,090,477
Hensoldt
AG
........................
11,722
1,057,722
Hexcel
Corp.
........................
5,870
551,017
Howmet
Aerospace,
Inc.
................
7,531
1,830,334
Huntington
Ingalls
Industries,
Inc.
..........
3,133
1,141,321
Kongsberg
Gruppen
ASA
...............
75,974
2,542,116
Korea
Aerospace
Industries
Ltd.
...........
4,711
539,725
Kratos
Defense
&
Security
Solutions,
Inc.
(e)
...
13,555
854,643
L3Harris
Technologies,
Inc.
..............
14,572
4,671,055
Leonardo
DRS,
Inc.
...................
25,696
1,044,028
Leonardo
SpA
.......................
37,715
2,355,142
Lockheed
Martin
Corp.
.................
10,520
5,449,044
Melrose
Industries
plc
..................
18,298
120,077
Moog,
Inc.
,
Class
A
...................
1,708
514,637
Security
Shares
Shares
Value
Aerospace
&
Defense
(continued)
Northrop
Grumman
Corp.
...............
10,354
$
5,999,936
Rheinmetall
AG
......................
2,339
3,730,263
Rolls-Royce
Holdings
plc
...............
221,990
3,572,165
RTX
Corp.
.........................
24,255
4,270,578
Saab
AB
,
Class
B
....................
40,862
2,480,454
Safran
SA
..........................
12,499
4,013,589
Singapore
Technologies
Engineering
Ltd.
.....
159,100
1,348,289
Textron,
Inc.
........................
6,726
645,427
Thales
SA
..........................
11,455
3,147,117
TransDigm
Group,
Inc.
.................
1,403
1,627,452
Woodward,
Inc.
......................
2,198
797,852
99,481,308
Air
Freight
&
Logistics
—
0.2%
Deutsche
Post
AG
....................
24,740
1,464,960
DSV
A/S
...........................
369
90,752
FedEx
Corp.
........................
40,184
16,206,609
17,762,321
Automobile
Components
—
0.1%
Aisin
Corp.
.........................
8,600
136,374
Aptiv
plc
(e)
..........................
48,445
2,919,296
Bridgestone
Corp.
....................
15,000
311,716
Cie
Generale
des
Etablissements
Michelin
SCA
3,115
112,844
Continental
AG
(e)
.....................
6,156
465,782
Denso
Corp.
........................
69,200
826,805
Magna
International,
Inc.
................
1,213
77,199
Sumitomo
Electric
Industries
Ltd.
..........
11,400
750,511
Versigent
plc
(e)
.......................
20,115
703,422
6,303,949
Automobiles
—
0.1%
Bayerische
Motoren
Werke
AG
...........
231
21,139
Ferrari
NV
.........................
122
42,218
Honda
Motor
Co.
Ltd.
..................
369,700
2,999,909
Mercedes-Benz
Group
AG
...............
9,925
578,530
Stellantis
NV
(e)
.......................
2,665
19,556
Subaru
Corp.
.......................
8,400
125,120
Suzuki
Motor
Corp.
...................
68,000
760,474
Toyota
Motor
Corp.
...................
132,600
2,545,312
Yamaha
Motor
Co.
Ltd.
.................
4,300
30,203
7,122,461
Banks
—
2.6%
ABN
AMRO
Bank
NV
,
CVA
(c)
.............
63,376
2,206,553
AIB
Group
plc
.......................
10,658
122,850
AL
Sydbank
........................
15,955
1,360,764
ANZ
Group
Holdings
Ltd.
...............
30,190
801,892
Banca
Monte
dei
Paschi
di
Siena
SpA
.......
255,728
2,725,988
Banco
Bilbao
Vizcaya
Argentaria
SA
........
524,515
11,582,554
Banco
BPM
SpA
.....................
134,738
1,963,274
Banco
Comercial
Portugues
SA
,
Class
R
.....
1,716,530
1,834,767
Banco
de
Sabadell
SA
.................
497,626
1,929,297
Banco
Santander
SA
..................
638,162
7,787,063
Bank
Hapoalim
BM
...................
25,380
680,946
Bank
Leumi
Le-Israel
BM
...............
27,099
686,002
Bank
of
America
Corp.
.................
292,213
15,621,707
Bank
of
Ireland
Group
plc
...............
101,833
2,005,846
Bankinter
SA
........................
115,274
1,918,285
Banque
Cantonale
Vaudoise
(Registered)
....
10,510
1,656,110
Barclays
plc
........................
1,132,681
6,657,806
BAWAG
Group
AG
(b)(c)
..................
11,353
1,944,211
BNP
Paribas
SA
.....................
88,247
9,267,834
BOC
Hong
Kong
Holdings
Ltd.
............
52,000
299,114
BPER
Banca
SpA
....................
164,580
2,429,494
CaixaBank
SA
.......................
303,438
3,862,266
Chiba
Bank
Ltd.
(The)
..................
3,600
49,692
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
Citigroup,
Inc.
.......................
182,941
$
23,412,789
Citizens
Financial
Group,
Inc.
............
127,798
8,313,260
Commerzbank
AG
....................
63,936
2,642,724
Commonwealth
Bank
of
Australia
..........
22,127
2,787,043
Credit
Agricole
SA
....................
178,399
3,484,510
Danske
Bank
A/S
.....................
59,908
3,079,781
DBS
Group
Holdings
Ltd.
...............
43,700
2,015,036
DNB
Bank
ASA
......................
109,183
3,306,427
Erste
Group
Bank
AG
..................
29,251
3,232,122
FinecoBank
Banca
Fineco
SpA
...........
73,542
1,825,726
First
Citizens
BancShares,
Inc.
,
Class
A
......
4,535
8,996,624
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
298,388
3,240,017
HSBC
Holdings
plc
...................
578,693
10,647,851
ING
Groep
NV
.......................
150,037
4,342,280
Intesa
Sanpaolo
SpA
..................
795,688
5,406,089
Israel
Discount
Bank
Ltd.
,
Class
A
.........
19,751
219,727
Japan
Post
Bank
Co.
Ltd.
...............
29,300
502,796
JPMorgan
Chase
&
Co.
................
73,785
23,111,676
Jyske
Bank
A/S
(Registered)
.............
10,058
1,400,216
KBC
Ancora
........................
15,087
1,377,191
KBC
Group
NV
......................
21,171
2,817,819
Kotak
Mahindra
Bank
Ltd.
...............
978,375
3,973,452
Lion
Finance
Group
plc
.................
9,444
1,418,742
Lloyds
Banking
Group
plc
...............
3,405,159
4,628,643
M&T
Bank
Corp.
.....................
22,972
5,022,368
Mitsubishi
UFJ
Financial
Group,
Inc.
........
195,500
3,511,735
Mizrahi
Tefahot
Bank
Ltd.
...............
5,512
433,427
Mizuho
Financial
Group,
Inc.
.............
34,600
1,487,894
National
Australia
Bank
Ltd.
..............
26,923
778,821
NatWest
Group
plc
....................
519,098
4,140,262
Nordea
Bank
Abp
....................
200,847
3,776,906
Oversea-Chinese
Banking
Corp.
Ltd.
.......
67,700
1,168,002
Raiffeisen
Bank
International
AG
..........
37,595
2,050,644
Regions
Financial
Corp.
................
76,723
2,190,442
Resona
Holdings,
Inc.
.................
32,700
409,001
Ringkjoebing
Landbobank
A/S
............
5,211
1,302,028
Sberbank
of
Russia
PJSC
(e)(f)
.............
877,548
117
Shizuoka
Financial
Group,
Inc.
............
1,000
17,556
Skandinaviska
Enskilda
Banken
AB
,
Class
A
..
133,171
2,635,745
Societe
Generale
SA
..................
50,073
4,030,879
SpareBank
1
Sor-Norge
ASA
.............
63,299
1,367,999
Standard
Chartered
plc
.................
144,680
3,684,252
Sumitomo
Mitsui
Financial
Group,
Inc.
.......
68,300
2,411,608
Sumitomo
Mitsui
Trust
Group,
Inc.
.........
35,200
1,176,853
Svenska
Handelsbanken
AB
,
Class
A
.......
155,343
2,207,414
Swedbank
AB
,
Class
A
.................
68,665
2,427,255
TBC
Bank
Group
plc
..................
17,618
1,162,724
Unicaja
Banco
SA
(b)(c)
..................
446,017
1,447,921
UniCredit
SpA
.......................
72,541
5,606,142
United
Overseas
Bank
Ltd.
..............
7,200
205,049
Valiant
Holding
AG
(Registered)
...........
4,707
1,093,993
Wells
Fargo
&
Co.
....................
204,666
16,829,685
Westpac
Banking
Corp.
................
27,091
757,916
278,911,494
Beverages
—
0.3%
Anheuser-Busch
InBev
SA
..............
12,192
921,248
Coca-Cola
Co.
(The)
..................
105,920
8,342,259
Coca-Cola
HBC
AG
...................
4,000
233,316
Diageo
plc
.........................
9,072
183,430
Heineken
Holding
NV
..................
1,477
104,957
Heineken
NV
.......................
2,792
217,357
Keurig
Dr
Pepper,
Inc.
.................
184,321
5,419,038
Molson
Coors
Beverage
Co.
,
Class
B
.......
33,076
1,413,668
Security
Shares
Shares
Value
Beverages
(continued)
PepsiCo,
Inc.
.......................
125,674
$
19,918,072
36,753,345
Biotechnology
—
0.2%
Amgen,
Inc.
........................
46,556
16,120,015
Argenx
SE
(e)
........................
793
621,893
CSL
Ltd.
...........................
12,022
1,085,113
Genmab
A/S
(e)
.......................
1,610
426,290
Swedish
Orphan
Biovitrum
AB
(e)
...........
7,087
332,473
Zealand
Pharma
A/S
(e)
.................
1,387
65,600
18,651,384
Broadline
Retail
—
0.3%
Alibaba
Group
Holding
Ltd.
..............
445,592
7,343,808
Amazon.com,
Inc.
(e)
...................
69,637
18,457,983
Canadian
Tire
Corp.
Ltd.
,
Class
A
..........
228
31,709
Next
plc
...........................
2,056
362,860
Pan
Pacific
International
Holdings
Corp.
.....
129,600
733,024
Prosus
NV
,
Class
N
...................
13,758
666,066
Rakuten
Group,
Inc.
(e)
..................
22,200
108,088
Wesfarmers
Ltd.
.....................
21,179
1,125,079
28,828,617
Building
Products
—
0.2%
AGC,
Inc.
..........................
2,800
100,419
Allegion
plc
.........................
3,450
474,306
Assa
Abloy
AB
,
Class
B
................
32,719
1,259,280
Belimo
Holding
AG
(Registered)
...........
1,153
1,055,870
Carrier
Global
Corp.
...................
112,139
7,532,377
Cie
de
Saint-Gobain
SA
................
17,010
1,558,454
Daikin
Industries
Ltd.
..................
6,200
876,030
Fortune
Brands
Innovations,
Inc.
..........
151,313
6,134,229
Geberit
AG
(Registered)
................
1,136
767,665
Johnson
Controls
International
plc
.........
9,362
1,367,133
Kingspan
Group
plc
...................
6,786
627,866
Masco
Corp.
........................
11,450
822,339
Nibe
Industrier
AB
,
Class
B
..............
229,795
1,044,614
ROCKWOOL
A/S
,
Class
B
..............
15,529
452,057
Trane
Technologies
plc
.................
3,210
1,581,053
25,653,692
Capital
Markets
—
0.7%
3i
Group
plc
........................
6,401
222,612
ASX
Ltd.
..........................
680
29,766
Avanza
Bank
Holding
AB
...............
31,994
1,156,527
Banca
Generali
SpA
...................
21,512
1,411,001
Carlyle
Group,
Inc.
(The)
................
55,068
2,757,255
CBOE
Global
Markets,
Inc.
..............
2,782
834,850
Charles
Schwab
Corp.
(The)
.............
179,344
16,435,084
Daiwa
Securities
Group,
Inc.
.............
27,900
262,619
Deutsche
Bank
AG
(Registered)
...........
132,192
4,107,078
Deutsche
Boerse
AG
..................
3,034
930,825
Euronext
NV
(b)(c)
......................
311
52,059
Goldman
Sachs
Group,
Inc.
(The)
.........
10,481
9,682,033
Guotai
Junan
International
Holdings
Ltd.
(g)
....
258,000
79,932
IG
Group
Holdings
plc
.................
6,915
141,426
Intercontinental
Exchange,
Inc.
...........
90,673
14,334,495
Julius
Baer
Group
Ltd.
.................
3,423
281,360
London
Stock
Exchange
Group
plc
.........
8,722
1,131,739
Macquarie
Group
Ltd.
..................
7,369
1,265,937
Morgan
Stanley
......................
66,745
12,720,929
MSCI,
Inc.
,
Class
A
...................
2,331
1,378,577
Nomura
Holdings,
Inc.
.................
119,000
953,170
Partners
Group
Holding
AG
..............
157
170,691
Raymond
James
Financial,
Inc.
...........
6,229
986,175
SBI
Holdings,
Inc.
....................
4,700
94,837
St.
James's
Place
plc
..................
1,072
17,701
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Capital
Markets
(continued)
State
Street
Corp.
....................
11,443
$
1,748,948
Swissquote
Group
Holding
SA
(Registered)
...
79
39,981
UBS
Group
AG
(Registered)
.............
67,734
2,997,351
76,224,958
Chemicals
—
0.4%
Air
Liquide
SA
.......................
44,041
9,474,999
Air
Products
&
Chemicals,
Inc.
............
11,383
3,415,469
Akzo
Nobel
NV
......................
9,783
574,231
Arkema
SA
.........................
5,054
368,861
Asahi
Kasei
Corp.
....................
41,500
408,354
BASF
SE
..........................
36,425
2,336,176
DSM-Firmenich
AG
...................
11,966
893,727
DuPont
de
Nemours,
Inc.
...............
10,592
483,631
EMS-Chemie
Holding
AG
(Registered)
......
46
39,212
Evonik
Industries
AG
..................
28,904
597,827
Givaudan
SA
(Registered)
...............
4
14,264
ICL
Group
Ltd.
.......................
7,734
41,413
Johnson
Matthey
plc
..................
2,905
82,143
Linde
plc
..........................
18,043
9,042,069
Mitsui
Chemicals,
Inc.
..................
9,600
117,111
Mosaic
Co.
(The)
.....................
35,464
825,247
Nissan
Chemical
Corp.
.................
1,300
56,211
Nitto
Denko
Corp.
....................
25,500
485,017
Nutrien
Ltd.
.........................
2,239
170,189
Orica
Ltd.
..........................
11,605
177,005
PPG
Industries,
Inc.
...................
56,458
6,125,693
Sherwin-Williams
Co.
(The)
..............
7,383
2,374,447
Shin-Etsu
Chemical
Co.
Ltd.
.............
145,000
6,676,119
Sika
AG
(Registered)
..................
6,791
1,252,710
Sumitomo
Chemical
Co.
Ltd.
.............
280,000
913,664
Symrise
AG
,
Class
A
..................
484
42,815
Toray
Industries,
Inc.
..................
23,600
169,442
Tosoh
Corp.
........................
15,700
241,933
47,399,979
Commercial
Services
&
Supplies
—
0.2%
Bilfinger
SE
.........................
7,256
836,841
Brambles
Ltd.
.......................
17,314
282,088
Dai
Nippon
Printing
Co.
Ltd.
.............
15,900
301,164
Rentokil
Initial
plc
.....................
1,065,294
7,181,958
Rollins,
Inc.
.........................
18,045
1,005,648
Secom
Co.
Ltd.
......................
13,000
476,638
Securitas
AB
,
Class
B
..................
35,218
591,063
SPIE
SA
...........................
19,262
1,117,632
Waste
Management,
Inc.
................
19,344
4,498,447
16,291,479
Communications
Equipment
—
0.1%
Arista
Networks,
Inc.
(e)
.................
11,797
2,037,460
Cisco
Systems,
Inc.
...................
28,127
2,573,620
F5,
Inc.
(e)
..........................
3,857
1,249,282
Motorola
Solutions,
Inc.
................
2,255
990,013
Nokia
OYJ
.........................
105,693
1,342,995
Telefonaktiebolaget
LM
Ericsson
,
Class
B
....
86,213
1,028,435
9,221,805
Construction
&
Engineering
—
0.2%
ACS
Actividades
de
Construccion
y
Servicios
SA
11,510
1,658,992
Bouygues
SA
.......................
885
52,339
Eiffage
SA
.........................
8,454
1,363,026
EMCOR
Group,
Inc.
...................
1,602
1,428,455
Ferrovial
SE
........................
21,803
1,497,245
Kajima
Corp.
........................
10,900
426,016
MasTec,
Inc.
(e)
.......................
4,589
1,808,295
Obayashi
Corp.
......................
32,000
752,342
Quanta
Services,
Inc.
..................
3,105
2,259,726
Security
Shares
Shares
Value
Construction
&
Engineering
(continued)
Shimizu
Corp.
.......................
21,700
$
419,246
Skanska
AB
,
Class
B
..................
25,088
677,560
Strabag
SE
.........................
3,068
323,708
Taisei
Corp.
........................
3,900
422,919
United
Site
Services
(e)(f)
.................
52,335
379,429
Vinci
SA
...........................
20,437
3,090,532
Webuild
SpA
........................
195,803
581,997
17,141,827
Construction
Materials
—
0.0%
Buzzi
SpA
..........................
9,962
545,457
Heidelberg
Materials
AG
................
6,922
1,527,293
Holcim
AG
.........................
21,675
2,014,180
Wienerberger
AG
.....................
12,607
365,531
4,452,461
Consumer
Finance
—
0.1%
American
Express
Co.
.................
13,977
4,515,270
Capital
One
Financial
Corp.
..............
27,044
5,173,517
Cembra
Money
Bank
AG
................
8,538
1,044,098
10,732,885
Consumer
Staples
Distribution
&
Retail
—
0.2%
Aeon
Co.
Ltd.
.......................
23,800
229,555
Coles
Group
Ltd.
.....................
40,749
649,457
Dollar
General
Corp.
..................
69,788
8,087,034
J
Sainsbury
plc
......................
111,464
498,706
Jeronimo
Martins
SGPS
SA
..............
1,128
27,087
Kobe
Bussan
Co.
Ltd.
..................
5,900
103,287
Koninklijke
Ahold
Delhaize
NV
............
45,039
2,115,458
Kroger
Co.
(The)
.....................
44,600
3,035,922
Target
Corp.
........................
52,846
6,856,769
Tesco
plc
..........................
168,067
1,102,435
Woolworths
Group
Ltd.
.................
18,994
471,630
23,177,340
Containers
&
Packaging
—
0.1%
Avery
Dennison
Corp.
..................
5,247
860,141
Crown
Holdings,
Inc.
..................
76,674
7,537,821
SIG
Group
AG
(e)
......................
1,390
22,524
Smurfit
WestRock
plc
..................
66,009
2,534,085
10,954,571
Diversified
Consumer
Services
—
0.0%
Pearson
plc
........................
2,111
31,152
Service
Corp.
International
..............
57,026
4,620,817
4,651,969
Diversified
REITs
—
0.2%
British
Land
Co.
plc
(The)
...............
4,520
23,917
Broadstone
Net
Lease,
Inc.
..............
94,797
1,876,981
CapitaLand
Integrated
Commercial
Trust
.....
2,651,700
4,938,835
Charter
Hall
Group
(h)
...................
4,611
67,902
GPT
Group
(The)
(h)
....................
16,661
57,461
Merlin
Properties
Socimi
SA
.............
225,169
3,937,577
Mirvac
Group
(h)
......................
202,384
250,034
Stockland
(h)
.........................
27,044
79,312
United
Urban
Investment
Corp.
...........
3,458
3,900,756
WP
Carey,
Inc.
......................
69,414
5,062,363
20,195,138
Diversified
Telecommunication
Services
—
0.4%
BT
Group
plc
........................
28,986
85,214
Cellnex
Telecom
SA
(b)(c)
.................
1,063
35,783
Comcast
Corp.
,
Class
A
................
647,165
17,499,342
Deutsche
Telekom
AG
(Registered)
........
141,263
4,562,886
Elisa
OYJ
..........................
2,954
143,470
HKT
Trust
&
HKT
Ltd.
(h)
.................
17,000
27,576
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Diversified
Telecommunication
Services
(continued)
Infrastrutture
Wireless
Italiane
SpA
(b)(c)
.......
303,724
$
2,575,464
Koninklijke
KPN
NV
...................
1,269,133
6,786,751
Orange
SA
.........................
8,839
184,049
Singapore
Telecommunications
Ltd.
........
248,500
900,017
Telefonica
SA
.......................
141,726
639,541
Telenor
ASA
........................
28,279
465,482
Telia
Co.
AB
........................
91,374
477,616
Telstra
Group
Ltd.
....................
256,536
985,233
Verizon
Communications,
Inc.
............
56,860
2,730,986
38,099,410
Electric
Utilities
—
1.8%
Acciona
SA
.........................
3,587
1,044,114
Alliant
Energy
Corp.
...................
26,777
1,966,235
American
Electric
Power
Co.,
Inc.
..........
157,228
21,557,531
BKW
AG
..........................
224
44,776
CLP
Holdings
Ltd.
....................
7,500
72,115
Contact
Energy
Ltd.
...................
2,845
15,966
Duke
Energy
Corp.
...................
61,542
7,972,766
Edison
International
...................
54,287
3,772,404
EDP
SA
...........................
182,348
994,578
Elia
Group
SA/NV
,
Class
B
(e)
.............
44,505
7,380,744
Endesa
SA
.........................
1,498
67,143
Enel
SpA
..........................
216,794
2,531,221
Entergy
Corp.
.......................
148,602
17,521,662
Evergy,
Inc.
.........................
239,421
19,833,636
Eversource
Energy
...................
51,080
3,611,356
FirstEnergy
Corp.
....................
198,627
9,438,755
Iberdrola
SA
........................
141,552
3,318,577
Kansai
Electric
Power
Co.,
Inc.
(The)
.......
34,500
552,695
Korea
Electric
Power
Corp.
..............
53,957
1,616,653
Kyushu
Electric
Power
Co.,
Inc.
...........
2,700
29,192
NextEra
Energy,
Inc.
..................
143,832
14,078,276
OGE
Energy
Corp.
....................
169,506
8,271,893
Origin
Energy
Ltd.
....................
31,717
277,337
PG&E
Corp.
........................
818,045
13,595,908
Pinnacle
West
Capital
Corp.
.............
110,450
11,455,874
PPL
Corp.
.........................
219,693
8,225,306
Southern
Co.
(The)
...................
142,134
13,744,358
Terna
-
Rete
Elettrica
Nazionale
...........
20,596
247,734
Tohoku
Electric
Power
Co.,
Inc.
...........
543,900
3,799,013
Xcel
Energy,
Inc.
.....................
208,044
17,257,250
194,295,068
Electrical
Equipment
—
0.4%
ABB
Ltd.
(Registered)
..................
69,039
6,982,587
Accelleron
Industries
AG
................
947
101,461
AMETEK,
Inc.
.......................
4,818
1,134,639
Contemporary
Amperex
Technology
Co.
Ltd.
,
Class
A
.........................
53,000
3,403,334
Eaton
Corp.
plc
......................
4,173
1,806,951
Emerson
Electric
Co.
..................
10,685
1,500,601
Fujikura
Ltd.
........................
14,900
574,887
GE
Vernova,
Inc.
.....................
2,781
3,013,102
Generac
Holdings,
Inc.
(e)
................
4,510
1,169,127
Hubbell,
Inc.
,
Class
B
..................
2,462
1,251,115
Legrand
SA
........................
12,155
2,177,734
Mitsubishi
Electric
Corp.
................
45,300
1,817,934
Nexans
SA
.........................
2,587
482,874
Nidec
Corp.
(e)
.......................
14,500
223,355
NKT
A/S
(e)
..........................
8,695
1,284,359
Nordex
SE
(e)
........................
23,218
1,323,947
nVent
Electric
plc
.....................
7,028
1,004,301
Prysmian
SpA
.......................
20,321
3,091,011
Schneider
Electric
SE
..................
9,227
2,936,113
Siemens
Energy
AG
...................
22,023
4,667,157
Security
Shares
Shares
Value
Electrical
Equipment
(continued)
Vertiv
Holdings
Co.
,
Class
A
.............
7,659
$
2,515,905
Vestas
Wind
Systems
A/S
...............
55,417
1,704,040
44,166,534
Electronic
Equipment,
Instruments
&
Components
—
0.2%
Amphenol
Corp.
,
Class
A
...............
18,788
2,766,909
CDW
Corp.
.........................
54,519
7,464,196
Halma
plc
..........................
10,850
652,928
Hamamatsu
Photonics
KK
...............
13,700
176,599
Hexagon
AB
,
Class
B
..................
56,813
620,679
Horiba
Ltd.
.........................
1,600
222,779
Keyence
Corp.
......................
2,100
963,198
Keysight
Technologies,
Inc.
(e)
.............
1,456
509,469
Murata
Manufacturing
Co.
Ltd.
............
70,000
2,321,498
Shimadzu
Corp.
......................
1,200
27,895
TDK
Corp.
.........................
63,600
1,162,888
Teledyne
Technologies,
Inc.
(e)
.............
1,406
908,065
17,797,103
Energy
Equipment
&
Services
—
0.1%
Baker
Hughes
Co.
,
Class
A
..............
97,288
6,778,055
Tenaris
SA
.........................
11,871
378,939
7,156,994
Entertainment
—
0.1%
Nintendo
Co.
Ltd.
.....................
17,300
846,297
Walt
Disney
Co.
(The)
.................
71,107
7,377,351
8,223,648
Financial
Services
—
0.1%
Adyen
NV
(b)(c)(e)
......................
257
290,013
Aimbridge
Topco
LLC
(e)(f)
................
8,082
323,280
Banca
Mediolanum
SpA
................
4,241
92,956
Edenred
SE
........................
1,135
28,425
Groupe
Bruxelles
Lambert
NV
............
1,636
152,829
Industrivarden
AB
,
Class
A
..............
3,401
180,681
M&G
plc
...........................
42,668
175,363
Mitsubishi
HC
Capital,
Inc.
...............
20,700
188,020
New
Kleo
Holdco
(e)(f)
...................
206,902
279,255
ORIX
Corp.
.........................
18,900
636,108
Poste
Italiane
SpA
(b)(c)
..................
10,372
275,314
Sofina
SA
..........................
145
37,127
Visa,
Inc.
,
Class
A
....................
36,938
12,183,630
Washington
H
Soul
Pattinson
&
Co.
Ltd.
.....
2,142
65,318
14,908,319
Food
Products
—
0.2%
Ajinomoto
Co.,
Inc.
....................
16,900
543,173
Chocoladefabriken
Lindt
&
Spruengli
AG
.....
20
245,089
Chocoladefabriken
Lindt
&
Spruengli
AG
(Registered)
......................
1
129,135
Danone
SA
.........................
10,002
783,637
H-Food
Holdings
LLC
(e)
.................
11,259
203,371
Kerry
Group
plc
,
Class
A
................
2,136
181,022
McCormick
&
Co.,
Inc.
(Non-Voting)
........
31,333
1,592,970
MEIJI
Holdings
Co.
Ltd.
................
1,800
42,723
Mondelez
International,
Inc.
,
Class
A
........
136,065
8,359,834
Mowi
ASA
..........................
14,881
330,169
Nestle
SA
(Registered)
.................
52,297
5,294,530
NH
Foods
Ltd.
.......................
2,400
98,885
Orkla
ASA
..........................
4,679
57,711
Tyson
Foods,
Inc.
,
Class
A
..............
33,264
2,131,224
WH
Group
Ltd.
(b)(c)
....................
121,000
147,069
20,140,542
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Gas
Utilities
—
0.2%
APA
Group
(h)
........................
44,332
$
331,170
Atmos
Energy
Corp.
...................
18,703
3,553,196
Enagas
SA
.........................
8,740
174,894
Italgas
SpA
.........................
385,540
4,657,254
Naturgy
Energy
Group
SA
...............
62,264
1,956,979
Osaka
Gas
Co.
Ltd.
...................
101,700
3,654,431
Snam
SpA
.........................
40,633
320,408
Spire,
Inc.
..........................
56,257
5,129,513
Tokyo
Gas
Co.
Ltd.
...................
3,100
131,657
19,909,502
Ground
Transportation
—
0.5%
Aurizon
Holdings
Ltd.
..................
11,991
36,225
Canadian
National
Railway
Co.
...........
2,441
274,173
Canadian
Pacific
Kansas
City
Ltd.
.........
173,328
15,074,667
CSX
Corp.
.........................
144,070
6,545,100
East
Japan
Railway
Co.
................
170,800
3,728,380
Norfolk
Southern
Corp.
.................
17,013
5,373,216
Union
Pacific
Corp.
...................
89,109
24,013,093
55,044,854
Health
Care
Equipment
&
Supplies
—
0.4%
Abbott
Laboratories
...................
128,294
11,647,812
Alcon
AG
..........................
1,232
91,972
Asahi
Intecc
Co.
Ltd.
..................
3,300
69,441
Baxter
International,
Inc.
................
475,965
8,367,465
Coloplast
A/S
,
Class
B
.................
586
36,199
EssilorLuxottica
SA
...................
6,924
1,465,600
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
.......
10,854
233,907
Hoya
Corp.
.........................
4,300
802,998
Koninklijke
Philips
NV
..................
25,452
671,368
Medtronic
plc
.......................
194,646
15,760,487
Olympus
Corp.
......................
3,900
38,358
ResMed,
Inc.
.......................
4,072
870,634
Siemens
Healthineers
AG
(b)(c)
.............
7,645
313,477
Smith
&
Nephew
plc
...................
8,439
130,584
Sonova
Holding
AG
(Registered)
..........
2,602
570,380
STERIS
plc
.........................
3,122
677,099
Sysmex
Corp.
.......................
43,300
382,358
Terumo
Corp.
.......................
70,800
900,861
43,031,000
Health
Care
Providers
&
Services
—
0.6%
Amplifon
SpA
.......................
8,516
94,334
Cardinal
Health,
Inc.
...................
35,054
6,761,215
Cigna
Group
(The)
....................
18,046
5,243,807
CVS
Health
Corp.
....................
167,652
13,963,735
Elevance
Health,
Inc.
..................
33,874
12,750,851
Fresenius
Medical
Care
AG
..............
9,331
422,214
Fresenius
SE
&
Co.
KGaA
...............
4,088
197,980
Sonic
Healthcare
Ltd.
..................
4,944
70,742
UnitedHealth
Group,
Inc.
................
52,487
19,445,384
58,950,262
Health
Care
REITs
—
0.4%
Aedifica
SA
.........................
39,509
3,330,663
Alexandria
Real
Estate
Equities,
Inc.
........
43,500
1,762,185
American
Healthcare
REIT,
Inc.
...........
246,688
12,526,816
CareTrust
REIT,
Inc.
...................
144,462
5,699,026
Healthcare
Realty
Trust,
Inc.
,
Class
A
.......
152,424
2,850,329
Janus
Living,
Inc.
,
Class
A-1
(e)
............
90,350
2,370,784
Welltower,
Inc.
.......................
43,315
9,414,082
37,953,885
Health
Care
Technology
—
0.0%
M3,
Inc.
...........................
2,600
25,044
Security
Shares
Shares
Value
Hotel
&
Resort
REITs
—
0.0%
Invincible
Investment
Corp.
..............
4,183
$
1,645,791
Hotels,
Restaurants
&
Leisure
—
0.2%
Amadeus
IT
Group
SA
.................
2,435
140,505
Aristocrat
Leisure
Ltd.
..................
23,795
818,679
Carnival
plc
.........................
2,236
59,315
Compass
Group
plc
...................
57,053
1,612,148
Darden
Restaurants,
Inc.
...............
10,824
2,170,861
Domino's
Pizza,
Inc.
...................
2,415
819,699
Entain
plc
..........................
21,142
156,049
Evolution
AB
(b)(c)
......................
6,068
427,647
Expedia
Group,
Inc.
...................
2,515
624,651
Fortrex
Holdings
LLC
(e)(f)
................
7,924
213,948
Galaxy
Entertainment
Group
Ltd.
..........
51,000
217,585
Genting
Singapore
Ltd.
.................
111,300
59,726
InterContinental
Hotels
Group
plc
..........
2,924
418,077
Marriott
International,
Inc.
,
Class
A
.........
5,862
2,120,227
New
Topco
(e)(f)
.......................
12,872
—
Restaurant
Brands
International,
Inc.
........
65,640
5,295,855
Sands
China
Ltd.
.....................
179,200
375,989
Starbucks
Corp.
......................
33,086
3,484,948
19,015,909
Household
Durables
—
0.1%
Bellway
plc
.........................
831
21,564
Panasonic
Holdings
Corp.
...............
19,800
405,025
Sekisui
House
Ltd.
....................
2,800
60,967
Sony
Group
Corp.
....................
453,600
9,088,027
Taylor
Wimpey
plc
....................
2,554,571
2,702,220
12,277,803
Household
Products
—
0.1%
Essity
AB
,
Class
B
....................
2,156
57,095
Henkel
AG
&
Co.
KGaA
................
499
34,389
Procter
&
Gamble
Co.
(The)
.............
71,677
10,542,970
Reckitt
Benckiser
Group
plc
..............
15,480
984,971
Unicharm
Corp.
......................
79,400
462,590
12,082,015
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Orsted
A/S
(b)(c)(e)
......................
6,304
168,591
RWE
AG
..........................
41,272
3,005,121
Vistra
Corp.
........................
34,147
5,389,762
8,563,474
Industrial
Conglomerates
—
0.3%
CK
Hutchison
Holdings
Ltd.
..............
776,500
6,483,922
Hitachi
Ltd.
.........................
291,400
9,266,039
Honeywell
International,
Inc.
.............
3,760
805,881
Jardine
Matheson
Holdings
Ltd.
...........
6,300
429,485
Keppel
Ltd.
.........................
560,700
4,799,269
Lifco
AB
,
Class
B
.....................
1,555
48,928
Sekisui
Chemical
Co.
Ltd.
...............
1,800
27,583
Siemens
AG
(Registered)
...............
21,539
6,400,554
Smiths
Group
plc
.....................
26,166
903,399
Swire
Pacific
Ltd.
,
Class
A
...............
15,000
163,155
29,328,215
Industrial
REITs
—
0.5%
CapitaLand
Ascendas
REIT
..............
71,548
140,625
EastGroup
Properties,
Inc.
..............
61,724
12,418,869
Goodman
Group
.....................
346,739
7,512,358
LondonMetric
Property
plc
...............
2,192,696
5,644,171
Mitsui
Fudosan
Logistics
Park,
Inc.
.........
4,062
2,915,226
Prologis,
Inc.
........................
58,624
8,325,781
Rexford
Industrial
Realty,
Inc.
............
97,451
3,497,516
STAG
Industrial,
Inc.
..................
70,933
2,736,595
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Industrial
REITs
(continued)
Tritax
Big
Box
REIT
plc
.................
1,488,521
$
3,055,338
Warehouses
De
Pauw
CVA
..............
61,849
1,625,653
47,872,132
Insurance
—
0.5%
Admiral
Group
plc
....................
5,464
251,159
Ageas
SA
..........................
7,092
555,763
AIA
Group
Ltd.
......................
268,600
2,948,898
Allianz
SE
(Registered)
.................
28,664
13,091,781
American
International
Group,
Inc.
.........
26,265
1,964,622
Arthur
J
Gallagher
&
Co.
................
18,884
3,897,658
ASR
Nederland
NV
...................
7,133
541,819
Assurant,
Inc.
.......................
22,026
5,204,083
Aviva
plc
..........................
49,380
418,805
AXA
SA
...........................
75,018
3,616,265
Daiichi
Life
Group,
Inc.
.................
57,600
527,368
Fidelity
National
Financial,
Inc.
,
Class
A
......
80,536
4,212,033
Generali
...........................
17,675
792,052
Hannover
Rueck
SE
...................
319
96,387
Insurance
Australia
Group
Ltd.
............
21,060
114,526
Japan
Post
Holdings
Co.
Ltd.
.............
54,300
629,720
Legal
&
General
Group
plc
..............
66,216
227,235
Medibank
Pvt
Ltd.
....................
3,558
12,098
MS&AD
Insurance
Group
Holdings,
Inc.
.....
18,600
478,282
Muenchener
Rueckversicherungs-Gesellschaft
AG
(Registered)
...................
1,761
1,053,381
NN
Group
NV
.......................
5,210
456,051
Progressive
Corp.
(The)
................
55,524
11,175,871
Prudential
plc
.......................
16,203
244,172
QBE
Insurance
Group
Ltd.
..............
19,973
323,520
Sampo
OYJ
,
Class
A
..................
41,271
428,857
Sompo
Holdings,
Inc.
..................
11,700
435,420
Suncorp
Group
Ltd.
...................
23,050
286,843
T&D
Holdings,
Inc.
....................
7,600
184,133
Talanx
AG
..........................
195
25,416
Tokio
Marine
Holdings,
Inc.
..............
28,800
1,318,947
Tryg
A/S
...........................
23,633
567,868
Unipol
Assicurazioni
SpA
................
4,571
119,434
Zurich
Insurance
Group
AG
..............
1,940
1,352,607
57,553,074
Interactive
Media
&
Services
—
0.8%
Alphabet,
Inc.
,
Class
A
.................
97,836
37,647,293
Alphabet,
Inc.
,
Class
C
.................
34,659
13,237,658
LY
Corp.
...........................
184,100
484,225
Meta
Platforms,
Inc.
,
Class
A
.............
51,963
31,796,679
REA
Group
Ltd.
......................
694
85,921
Rightmove
plc
.......................
6,828
40,268
Scout24
SE
(b)(c)
......................
525
43,713
83,335,757
IT
Services
—
0.3%
Accenture
plc
,
Class
A
.................
82,503
14,744,111
Akamai
Technologies,
Inc.
(e)
..............
10,105
1,040,613
Applied
Digital
Corp.
(e)
.................
7,697
263,622
Capgemini
SE
.......................
243
29,553
Cloudflare,
Inc.
,
Class
A
(e)
...............
7,946
1,628,692
DigitalOcean
Holdings,
Inc.
(e)
.............
5,331
514,068
Fujitsu
Ltd.
.........................
63,300
1,270,517
Indra
Sistemas
SA
....................
3,283
188,820
International
Business
Machines
Corp.
......
2,868
662,451
MongoDB,
Inc.
,
Class
A
(e)
...............
4,560
1,143,785
NEC
Corp.
.........................
45,700
1,215,620
NEXTDC
Ltd.
(e)
......................
550,383
5,712,946
Nomura
Research
Institute
Ltd.
...........
10,600
286,091
Okta,
Inc.
,
Class
A
(e)
...................
13,055
961,501
Security
Shares
Shares
Value
IT
Services
(continued)
Snowflake,
Inc.
,
Class
A
(e)
...............
9,051
$
1,235,190
Travelport
Technology
Ltd.
(e)(f)
.............
246
268,526
VeriSign,
Inc.
.......................
3,261
876,100
32,042,206
Leisure
Products
—
0.0%
Hasbro,
Inc.
........................
39,400
3,776,096
Life
Sciences
Tools
&
Services
—
0.0%
Eurofins
Scientific
SE
..................
2,856
198,528
Lonza
Group
AG
(Registered)
............
1,104
678,763
QIAGEN
NV
........................
5,721
195,152
Thermo
Fisher
Scientific,
Inc.
.............
3,718
1,780,773
2,853,216
Machinery
—
0.6%
Aalberts
NV
........................
8,013
304,387
Alfa
Laval
AB
.......................
13,607
818,859
Alstom
SA
(e)
........................
36,867
740,816
Amada
Co.
Ltd.
......................
3,700
62,565
Atlas
Copco
AB
,
Class
A
................
122,937
2,362,559
Atlas
Copco
AB
,
Class
B
................
9,405
160,366
Caterpillar,
Inc.
......................
6,505
5,790,166
Construcciones
y
Auxiliar
de
Ferrocarriles
SA
..
2,425
182,567
Cummins,
Inc.
.......................
7,245
4,861,467
Daifuku
Co.
Ltd.
......................
3,700
161,770
Deere
&
Co.
........................
9,866
5,819,657
Epiroc
AB
,
Class
A
....................
3,548
102,428
Epiroc
AB
,
Class
B
....................
1,536
38,274
FANUC
Corp.
.......................
16,200
715,604
Fincantieri
SpA
(e)
.....................
35,084
493,407
Flowserve
Corp.
.....................
57,695
4,248,660
Fortive
Corp.
........................
40,421
2,416,772
GEA
Group
AG
......................
21,686
1,482,925
Georg
Fischer
AG
(Registered)
...........
18,552
1,014,814
Hyundai
Rotem
Co.
Ltd.
................
2,795
511,472
IDEX
Corp.
.........................
2,938
640,043
IHI
Corp.
..........................
6,200
113,247
IMI
plc
............................
33,716
1,284,178
Indutrade
AB
........................
16,836
363,722
Interpump
Group
SpA
..................
18,944
798,643
KION
Group
AG
......................
20,055
1,046,700
Knorr-Bremse
AG
....................
10,291
1,200,271
Komatsu
Ltd.
.......................
4,500
192,681
Kone
OYJ
,
Class
B
...................
9,626
612,328
Kongsberg
Maritime
A/S
(e)
...............
75,974
497,927
Kubota
Corp.
.......................
6,800
111,006
Metso
OYJ
.........................
2,918
50,407
Middleby
Corp.
(The)
(e)(g)
................
14,796
2,076,767
Mitsubishi
Heavy
Industries
Ltd.
...........
84,700
2,527,948
NGK
Corp.
.........................
12,800
405,255
Nordson
Corp.
.......................
2,032
586,130
NSK
Ltd.
..........................
14,700
119,399
Oshkosh
Corp.
......................
3,274
511,726
Otis
Worldwide
Corp.
..................
25,772
2,007,123
PACCAR,
Inc.
.......................
53,629
6,371,125
Parker-Hannifin
Corp.
..................
6,441
5,857,574
Rational
AG
........................
243
177,681
RENK
Group
AG
.....................
12,785
812,552
Sandvik
AB
.........................
42,497
1,787,727
Schindler
Holding
AG
..................
1,737
607,287
Schindler
Holding
AG
(Registered)
.........
509
170,434
SKF
AB
,
Class
B
.....................
7,954
200,272
SMC
Corp.
.........................
400
196,697
Snap-on,
Inc.
.......................
3,776
1,447,718
Spirax
Group
plc
.....................
351
34,257
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Machinery
(continued)
Stadler
Rail
AG
......................
8,126
$
237,394
Techtronic
Industries
Co.
Ltd.
.............
54,500
790,234
Trelleborg
AB
,
Class
B
.................
988
40,566
VAT
Group
AG
(b)(c)
....................
145
108,931
Volvo
AB
,
Class
B
....................
7,084
246,925
Vossloh
AG
.........................
2,026
179,887
Wartsila
OYJ
Abp
.....................
12,127
509,300
Weir
Group
plc
(The)
..................
4,726
171,296
Westinghouse
Air
Brake
Technologies
Corp.
...
1,965
530,334
Yangzijiang
Shipbuilding
Holdings
Ltd.
.......
32,800
111,863
Yaskawa
Electric
Corp.
.................
800
28,368
68,053,458
Marine
Transportation
—
0.0%
AP
Moller
-
Maersk
A/S
,
Class
A
...........
53
124,360
AP
Moller
-
Maersk
A/S
,
Class
B
...........
121
286,672
Kawasaki
Kisen
Kaisha
Ltd.
..............
3,100
50,741
Nippon
Yusen
KK
.....................
3,500
125,786
SITC
International
Holdings
Co.
Ltd.
........
43,000
180,040
767,599
Media
—
0.1%
CyberAgent,
Inc.
.....................
45,600
365,189
Dentsu
Group,
Inc.
(e)
...................
11,200
212,641
Informa
plc
.........................
17,908
193,623
Learfield
Communications
LLC,
(Acquired
09/13/23,
cost
$0)
(e)(i)
................
4,682
549,353
Mobvista,
Inc.
(b)(c)(e)
....................
27,000
56,458
Omnicom
Group,
Inc.
..................
29,108
2,233,166
Publicis
Groupe
SA
...................
9,310
869,902
SES
SA
,
ADR,
Class
A
.................
605,543
4,996,190
WPP
plc
...........................
274,718
994,636
10,471,158
Metals
&
Mining
—
0.3%
Alrosa
PJSC
(e)(f)
......................
607,124
81
Anglo
American
plc
...................
26,544
1,313,529
Antofagasta
plc
......................
16,067
779,213
ArcelorMittal
SA
......................
16,960
984,617
Aurubis
AG
.........................
3,205
689,684
Barrick
Mining
Corp.
...................
43,102
1,695,633
BHP
Group
Ltd.
......................
91,852
3,635,442
BlueScope
Steel
Ltd.
..................
4,638
100,825
Boliden
AB
.........................
10,963
576,274
Endeavour
Mining
plc
..................
5,223
315,243
Evolution
Mining
Ltd.
..................
40,235
355,724
Fortescue
Ltd.
.......................
57,981
835,684
Freeport-McMoRan,
Inc.
................
67,398
3,894,256
Glencore
plc
........................
198,769
1,544,801
Mineral
Resources
Ltd.
(e)
................
452
21,276
Norsk
Hydro
ASA
.....................
4,212
46,486
Northern
Star
Resources
Ltd.
.............
18,260
279,894
Novolipetsk
Steel
PJSC
(e)(f)
..............
14
—
Perseus
Mining
Ltd.
...................
12,399
49,691
Regis
Resources
Ltd.
..................
25,100
128,701
Rio
Tinto
Ltd.
.......................
4,780
585,500
Rio
Tinto
plc
........................
12,192
1,228,180
Sandfire
Resources
Ltd.
(e)
...............
4,337
52,398
South32
Ltd.
........................
45,301
134,252
Southern
Copper
Corp.
.................
7,330
1,258,488
Steel
Dynamics,
Inc.
...................
4,622
1,056,867
Sumitomo
Metal
Mining
Co.
Ltd.
...........
1,400
86,076
Teck
Resources
Ltd.
,
Class
B
............
114,187
6,666,197
Vault
Minerals
Ltd.
....................
14,298
47,702
Westgold
Resources
Ltd.
...............
13,436
53,357
28,416,071
Security
Shares
Shares
Value
Multi-Utilities
—
0.8%
AGL
Energy
Ltd.
.....................
42,849
$
296,899
Algonquin
Power
&
Utilities
Corp.
..........
827,266
5,188,874
Ameren
Corp.
.......................
21,297
2,420,404
Black
Hills
Corp.
.....................
85,852
6,463,797
CenterPoint
Energy,
Inc.
................
35,413
1,545,778
Centrica
plc
........................
1,323,904
3,869,627
CMS
Energy
Corp.
....................
163,333
12,534,174
Dominion
Energy,
Inc.
..................
132,952
8,575,404
DTE
Energy
Co.
.....................
40,297
6,112,652
E.ON
SE
..........................
86,862
1,925,752
Engie
SA
..........................
151,686
4,999,960
National
Grid
plc
.....................
693,362
12,411,584
Public
Service
Enterprise
Group,
Inc.
.......
16,468
1,344,777
Sembcorp
Industries
Ltd.
...............
383,800
2,014,160
Sempra
...........................
15,785
1,501,469
Veolia
Environnement
SA
...............
15,342
648,801
WEC
Energy
Group,
Inc.
................
131,107
15,462,760
87,316,872
Office
REITs
—
0.1%
COPT
Defense
Properties
...............
124,500
3,890,625
Cousins
Properties,
Inc.
................
250,219
6,408,109
Dexus
(h)
...........................
10,974
49,505
Keppel
REIT
........................
62,300
43,863
10,392,102
Oil,
Gas
&
Consumable
Fuels
—
2.0%
Aker
BP
ASA
........................
10,268
401,400
Ampol
Ltd.
.........................
2,512
63,605
Antero
Resources
Corp.
(e)
...............
24,066
944,831
APA
Corp.
.........................
28,591
1,164,511
BP
plc
............................
1,552,360
12,288,225
Canadian
Natural
Resources
Ltd.
..........
9,851
470,231
Cheniere
Energy,
Inc.
..................
59,219
16,282,264
Chevron
Corp.
.......................
50,372
9,737,411
ConocoPhillips
......................
101,075
12,713,214
Coterra
Energy,
Inc.
...................
40,237
1,444,911
DCC
plc
...........................
460
34,672
Devon
Energy
Corp.
...................
41,382
2,125,793
DT
Midstream,
Inc.
....................
73,120
10,821,029
Enbridge,
Inc.
.......................
139,283
7,725,241
ENEOS
Holdings,
Inc.
.................
121,900
1,023,775
Energy
Transfer
LP
...................
236,163
4,768,131
Eni
SpA
...........................
61,339
1,734,447
Enterprise
Products
Partners
LP
...........
127,183
4,921,982
EOG
Resources,
Inc.
..................
50,317
7,073,061
EQT
Corp.
.........................
97,631
5,865,671
Equinor
ASA
........................
17,502
712,283
Expand
Energy
Corp.
..................
9,594
980,027
Gibson
Energy,
Inc.
...................
43,730
957,756
Keyera
Corp.
.......................
183,711
7,097,695
Kinder
Morgan,
Inc.
...................
88,799
2,918,823
Kinetik
Holdings,
Inc.
,
Class
A
............
91,095
4,603,941
LUKOIL
PJSC
(e)(f)
.....................
417,114
56
Marathon
Petroleum
Corp.
..............
9,537
2,367,942
MPLX
LP
..........................
91,246
5,134,412
Neste
OYJ
.........................
799
27,600
Novatek
PJSC
(e)(f)
.....................
690
—
OMV
AG
..........................
417
29,436
ONEOK,
Inc.
........................
9,880
913,505
Pembina
Pipeline
Corp.
................
30,830
1,435,109
Phillips
66
..........................
34,490
6,178,884
Plains
All
American
Pipeline
LP
...........
220,018
5,064,814
Plains
GP
Holdings
LP
,
Class
A
...........
225,748
5,519,539
Range
Resources
Corp.
................
20,317
883,790
Repsol
SA
.........................
39,134
1,051,185
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Santos
Ltd.
.........................
59,846
$
344,796
Shell
plc
...........................
318,736
14,427,014
South
Bow
Corp.
.....................
52,798
1,807,614
Sunoco
LP
.........................
16,653
1,159,881
Targa
Resources
Corp.
.................
16,052
4,174,804
TC
Energy
Corp.
.....................
41,932
2,806,509
TotalEnergies
SE
.....................
30,708
2,855,032
Tourmaline
Oil
Corp.
...................
130,238
6,308,875
Western
Midstream
Partners
LP
...........
65,487
2,847,375
Williams
Cos.,
Inc.
(The)
................
333,771
25,470,065
Woodside
Energy
Group
Ltd.
.............
27,683
661,835
210,345,002
Passenger
Airlines
—
0.0%
ANA
Holdings,
Inc.
....................
9,700
161,197
International
Consolidated
Airlines
Group
SA
..
30,661
154,676
Qantas
Airways
Ltd.
...................
10,661
65,185
Southwest
Airlines
Co.
.................
27,276
1,034,306
1,415,364
Personal
Care
Products
—
0.0%
Kao
Corp.
..........................
12,000
447,178
L'Oreal
SA
.........................
4,480
1,929,488
Shiseido
Co.
Ltd.
.....................
900
18,382
Unilever
plc
.........................
28,530
1,663,731
4,058,779
Pharmaceuticals
—
0.7%
Astellas
Pharma,
Inc.
..................
44,300
627,808
AstraZeneca
plc
.....................
66,696
12,653,723
Bayer
AG
(Registered)
.................
4,525
202,891
Chugai
Pharmaceutical
Co.
Ltd.
...........
6,800
362,640
Daiichi
Sankyo
Co.
Ltd.
.................
50,000
812,204
Eisai
Co.
Ltd.
.......................
5,900
176,601
Eli
Lilly
&
Co.
.......................
15,761
14,730,231
Galderma
Group
AG
...................
1,565
328,327
GSK
plc
...........................
41,119
1,078,036
Hikma
Pharmaceuticals
plc
..............
762
14,488
Ipsen
SA
..........................
3,037
596,472
Johnson
&
Johnson
...................
63,191
14,524,451
Kyowa
Kirin
Co.
Ltd.
...................
1,100
16,573
Merck
&
Co.,
Inc.
.....................
87,924
9,599,542
Merck
KGaA
........................
1,257
162,765
Novartis
AG
(Registered)
...............
29,628
4,378,712
Novo
Nordisk
A/S
,
Class
B
..............
64,887
2,760,031
Ono
Pharmaceutical
Co.
Ltd.
.............
44,300
655,204
Orion
OYJ
,
Class
B
...................
777
62,773
Otsuka
Holdings
Co.
Ltd.
...............
9,100
663,228
Recordati
Industria
Chimica
e
Farmaceutica
SpA
5,708
333,277
Roche
Holding
AG
....................
13,941
5,689,825
Sanofi
SA
..........................
34,351
3,214,446
Shionogi
&
Co.
Ltd.
...................
3,900
78,792
Takeda
Pharmaceutical
Co.
Ltd.
...........
20,800
695,402
UCB
SA
(e)
..........................
3,033
825,860
Zoetis,
Inc.
,
Class
A
...................
22,140
2,545,436
77,789,738
Professional
Services
—
0.2%
ALS
Ltd.
...........................
1,318
20,581
Automatic
Data
Processing,
Inc.
...........
43,838
9,291,026
Broadridge
Financial
Solutions,
Inc.
........
10,314
1,588,150
Bureau
Veritas
SA
....................
9,490
290,806
Computershare
Ltd.
...................
25,732
565,311
Equifax,
Inc.
........................
17,779
3,092,479
Experian
plc
........................
13,469
492,818
Intertek
Group
plc
....................
10,988
707,826
Recruit
Holdings
Co.
Ltd.
...............
34,200
1,584,314
Security
Shares
Shares
Value
Professional
Services
(continued)
RELX
plc
..........................
21,456
$
782,422
SGS
SA
(Registered)
..................
3,323
360,047
Wolters
Kluwer
NV
....................
9,814
765,938
19,541,718
Real
Estate
Management
&
Development
—
0.3%
ADLER
Group
SA
(e)(f)
..................
664,216
8
CapitaLand
Investment
Ltd.
..............
21,400
46,933
CBRE
Group,
Inc.
,
Class
A
(e)
.............
23,433
3,344,592
CK
Asset
Holdings
Ltd.
.................
63,500
400,003
Daiwa
House
Industry
Co.
Ltd.
............
45,500
1,388,249
Hongkong
Land
Holdings
Ltd.
............
28,200
222,950
LEG
Immobilien
SE
...................
1,164
81,676
Mitsubishi
Estate
Co.
Ltd.
...............
87,300
2,487,897
Mitsui
Fudosan
Co.
Ltd.
................
787,500
8,624,725
Nomura
Real
Estate
Holdings,
Inc.
.........
19,400
126,570
Sumitomo
Realty
&
Development
Co.
Ltd.
....
4,200
130,198
Sun
Hung
Kai
Properties
Ltd.
.............
259,500
4,543,088
TAG
Immobilien
AG
...................
197,518
3,444,505
Tokyu
Fudosan
Holdings
Corp.
............
240,900
2,051,054
Vonovia
SE
.........................
19,065
513,672
Wharf
Real
Estate
Investment
Co.
Ltd.
......
1,099,000
3,441,514
30,847,634
Residential
REITs
—
0.3%
American
Homes
4
Rent
,
Class
A
..........
310,630
9,890,459
AvalonBay
Communities,
Inc.
............
18,197
3,330,051
Equity
Residential
....................
84,676
5,536,117
Sun
Communities,
Inc.
.................
58,716
7,506,253
UDR,
Inc.
..........................
136,997
4,978,471
UNITE
Group
plc
(The)
.................
233,178
1,469,435
32,710,786
Retail
REITs
—
0.2%
Agree
Realty
Corp.
...................
82,449
6,357,642
Federal
Realty
Investment
Trust
...........
30,529
3,385,666
Klepierre
SA
........................
6,748
273,404
Link
REIT
..........................
68,300
343,911
Primaris
REIT
.......................
164,634
2,287,072
Regency
Centers
Corp.
................
73,351
5,710,375
Scentre
Group
.......................
58,258
156,550
Simon
Property
Group,
Inc.
..............
23,815
4,851,354
Unibail-Rodamco-Westfield
(h)
.............
23,470
2,849,434
26,215,408
Semiconductors
&
Semiconductor
Equipment
—
1.2%
Advantest
Corp.
......................
13,900
2,595,388
Applied
Materials,
Inc.
.................
32,198
12,701,789
ASM
International
NV
..................
1,270
1,242,411
ASML
Holding
NV
....................
7,282
10,526,468
ASMPT
Ltd.
........................
4,500
94,263
BE
Semiconductor
Industries
NV
..........
1,246
364,473
Broadcom,
Inc.
......................
82,202
34,313,581
Disco
Corp.
.........................
1,500
713,674
Infineon
Technologies
AG
...............
8,534
573,957
Intel
Corp.
(e)
........................
37,410
3,534,497
Kioxia
Holdings
Corp.
(e)
.................
1,800
435,525
KLA
Corp.
..........................
1,656
2,898,580
Lasertec
Corp.
......................
700
193,465
MediaTek,
Inc.
.......................
48,000
4,007,119
Microchip
Technology,
Inc.
...............
40,215
3,736,376
Monolithic
Power
Systems,
Inc.
...........
680
1,097,799
Nova
Ltd.
(e)
.........................
830
414,449
NVIDIA
Corp.
.......................
9,521
1,900,106
NXP
Semiconductors
NV
...............
14,952
4,389,758
Renesas
Electronics
Corp.
..............
31,600
639,036
SCREEN
Holdings
Co.
Ltd.
..............
700
46,411
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
SK
Hynix,
Inc.
.......................
5,110
$
4,556,938
STMicroelectronics
NV
.................
8,067
439,458
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.
236,000
16,383,561
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
...........................
12,525
4,960,651
Texas
Instruments,
Inc.
.................
43,379
12,192,969
Tokyo
Electron
Ltd.
...................
11,800
3,477,257
Tower
Semiconductor
Ltd.
(e)
..............
215
44,804
128,474,763
Software
—
0.9%
Cadence
Design
Systems,
Inc.
(e)
..........
5,900
1,944,581
Check
Point
Software
Technologies
Ltd.
(e)
....
8,948
1,006,382
Cipher
Digital,
Inc.
(e)
...................
13,336
236,581
Cleanspark,
Inc.
(e)(g)
...................
9,348
117,130
Crowdstrike
Holdings,
Inc.
,
Class
A
(e)
........
4,176
1,861,452
CyberArk
Software,
Inc.
(e)
...............
608
27,360
Dassault
Systemes
SE
.................
12,777
287,912
Datadog,
Inc.
,
Class
A
(e)
................
11,698
1,546,359
Dynatrace,
Inc.
(e)
.....................
24,954
903,584
Fortinet,
Inc.
(e)
.......................
29,321
2,472,053
Gen
Digital,
Inc.
......................
15,868
306,094
Hut
8
Corp.
(e)
........................
1,513
114,655
Intuit,
Inc.
..........................
10,022
3,893,547
JFrog
Ltd.
(e)
.........................
15,026
697,807
Microsoft
Corp.
......................
111,601
45,508,656
Nemetschek
SE
......................
3,295
239,132
Nice
Ltd.
(e)
.........................
3,874
395,990
Nutanix,
Inc.
,
Class
A
(e)
.................
23,361
955,231
Open
Text
Corp.
.....................
1,179
26,725
Oracle
Corp.
........................
98,145
15,839,621
Oracle
Corp.
Japan
...................
600
33,128
Palantir
Technologies,
Inc.
,
Class
A
(e)
.......
6,016
836,886
Palo
Alto
Networks,
Inc.
(e)
...............
20,162
3,615,450
Qualys,
Inc.
(e)
.......................
4,996
434,302
Rubrik,
Inc.
,
Class
A
(e)
..................
17,961
955,166
Sage
Group
plc
(The)
..................
77,420
923,361
SailPoint,
Inc.
(e)
......................
54,528
622,710
SAP
SE
...........................
19,695
3,306,656
SentinelOne,
Inc.
,
Class
A
(e)
..............
21,868
309,651
Synopsys,
Inc.
(e)
.....................
4,092
1,974,799
Technology
One
Ltd.
..................
2,062
42,489
Trend
Micro,
Inc.
.....................
7,400
257,579
Workday,
Inc.
,
Class
A
(e)
................
20,050
2,454,120
Xero
Ltd.
(e)
.........................
1,851
108,706
Zscaler,
Inc.
(e)
.......................
10,998
1,437,219
95,693,074
Specialized
REITs
—
0.6%
Crown
Castle,
Inc.
....................
141,557
12,567,430
DigiCo
Infrastructure
REIT
(h)
.............
611,781
1,071,148
Digital
Realty
Trust,
Inc.
................
10,602
2,130,366
Equinix,
Inc.
........................
20,359
22,045,336
Iron
Mountain,
Inc.
....................
73,185
9,220,578
Keppel
DC
REIT
.....................
1,242,360
2,299,279
Public
Storage
.......................
15,530
4,697,049
SBA
Communications
Corp.
,
Class
A
........
21,286
4,708,463
58,739,649
Specialty
Retail
—
0.2%
Avolta
AG
..........................
894
49,406
Fast
Retailing
Co.
Ltd.
.................
2,800
1,318,087
H
&
M
Hennes
&
Mauritz
AB
,
Class
B
.......
8,754
157,114
Home
Depot,
Inc.
(The)
................
17,954
5,903,275
Industria
de
Diseno
Textil
SA
.............
81,075
4,852,395
JB
Hi-Fi
Ltd.
........................
1,425
79,582
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Kingfisher
plc
.......................
66,441
$
261,266
Ross
Stores,
Inc.
.....................
7,034
1,602,275
TJX
Cos.,
Inc.
(The)
...................
30,435
4,770,686
Williams-Sonoma,
Inc.
.................
5,010
907,862
Zalando
SE
(b)(c)(e)
.....................
3,309
81,732
19,983,680
Technology
Hardware,
Storage
&
Peripherals
—
0.6%
Apple,
Inc.
.........................
36,797
9,984,866
Canon,
Inc.
.........................
14,400
370,462
Dell
Technologies,
Inc.
,
Class
C
...........
23,008
4,807,522
Everpure,
Inc.
,
Class
A
(e)
................
10,799
771,589
FUJIFILM
Holdings
Corp.
...............
6,500
119,624
Hewlett
Packard
Enterprise
Co.
...........
263,612
7,584,117
Logitech
International
SA
(Registered)
.......
7,634
753,571
Ricoh
Co.
Ltd.
.......................
7,000
59,032
Samsung
Electronics
Co.
Ltd.
,
GDR
(b)(c)
......
6,128
23,153,041
Western
Digital
Corp.
..................
34,814
15,127,379
62,731,203
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
adidas
AG
.........................
5,990
1,036,616
Burberry
Group
plc
(e)
..................
3,679
58,379
Cie
Financiere
Richemont
SA
(Registered)
....
8,342
1,600,975
Hermes
International
SCA
...............
328
627,497
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......
4,696
2,508,648
Pandora
A/S
........................
4,867
370,374
Swatch
Group
AG
(The)
................
16,145
3,747,715
Tapestry,
Inc.
........................
6,321
916,798
10,867,002
Tobacco
—
0.4%
British
American
Tobacco
plc
.............
318,208
18,740,806
Imperial
Brands
plc
...................
29,626
1,125,571
Japan
Tobacco,
Inc.
...................
25,700
957,447
Philip
Morris
International,
Inc.
............
104,599
17,266,157
38,089,981
Trading
Companies
&
Distributors
—
0.2%
AddTech
AB
,
Class
B
..................
25,203
925,605
Brenntag
SE
........................
574
41,802
Bunzl
plc
..........................
1,560
51,427
Diploma
plc
.........................
2,826
267,451
ITOCHU
Corp.
......................
60,300
747,304
Mitsubishi
Corp.
......................
51,100
1,636,562
Mitsui
&
Co.
Ltd.
.....................
47,600
1,787,187
Rexel
SA
..........................
28,348
1,198,930
RS
GROUP
plc
......................
105,069
860,695
SGH
Ltd.
..........................
550
15,578
Sumitomo
Corp.
.....................
5,200
193,347
Sunbelt
Rentals
Holdings,
Inc.
............
5,499
413,327
Toyota
Tsusho
Corp.
...................
3,300
129,544
WESCO
International,
Inc.
...............
34,850
12,166,832
20,435,591
Transportation
Infrastructure
—
0.6%
Aena
SME
SA
(b)(c)
.....................
653,446
17,847,324
Atlas
Arteria
Ltd.
(h)
....................
2,221,363
7,697,476
Auckland
International
Airport
Ltd.
.........
940,036
4,581,441
Enav
SpA
(b)(c)
........................
349,336
2,044,975
Flughafen
Zurich
AG
(Registered)
..........
34,865
9,900,140
Fraport
AG
Frankfurt
Airport
Services
Worldwide
(e)
......................
48,786
4,003,033
Transurban
Group
(h)
...................
1,305,057
13,226,441
59,300,830
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Water
Utilities
—
0.1%
American
Water
Works
Co.,
Inc.
...........
17,883
$
2,296,535
Guangdong
Investment
Ltd.
..............
2,020,000
2,109,620
Severn
Trent
plc
.....................
1,274
56,634
United
Utilities
Group
plc
................
106,581
2,113,735
6,576,524
Wireless
Telecommunication
Services
—
0.1%
Airtel
Africa
plc
(b)(c)
....................
18,591
89,788
Altice
France
Lux
3
(e)
..................
44,357
903,234
KDDI
Corp.
.........................
34,000
556,394
Mobile
TeleSystems
PJSC
(e)(f)
.............
26,804
4
SoftBank
Corp.
......................
577,100
812,251
SoftBank
Group
Corp.
.................
55,300
1,888,983
Tele2
AB
,
Class
B
....................
41,222
845,848
Vodafone
Group
plc
...................
776,158
1,234,981
6,331,483
Total
Common
Stocks
—
26.0%
(Cost:
$2,301,930,807)
............................
2,745,526,305
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
0.6%
AAR
Escrow
Issuer
LLC,
6.75%,
03/15/29
(b)
...
USD
1,212
1,248,545
ATI,
Inc.
4.88%,
10/01/29
...................
614
609,858
7.25%,
08/15/30
...................
188
195,798
5.13%,
10/01/31
...................
683
680,359
Axon
Enterprise,
Inc.,
6.25%,
03/15/33
(b)
.....
108
110,825
Boeing
Co.
(The)
6.26%,
05/01/27
...................
128
130,158
3.25%,
02/01/28
...................
391
383,361
6.30%,
05/01/29
...................
19
19,927
5.15%,
05/01/30
...................
1,042
1,058,852
3.63%,
02/01/31
...................
3,480
3,319,874
3.60%,
05/01/34
...................
3,009
2,704,441
6.53%,
05/01/34
...................
100
109,362
Bombardier,
Inc.
(b)
8.75%,
11/15/30
...................
675
716,658
7.25%,
07/01/31
...................
111
116,793
6.75%,
06/15/33
...................
2,568
2,677,661
BWX
Technologies,
Inc.,
4.13%,
06/30/28
(b)
...
130
127,896
Carpenter
Technology
Corp.,
5.63%,
03/01/34
(b)
758
758,456
Czechoslovak
Group
A/S,
5.25%,
01/10/31
(c)
..
EUR
848
1,017,648
Efesto
Bidco
SpA
Efesto
US
LLC,
Series
XR,
7.50%,
02/15/32
(b)
..................
USD
4,653
4,633,779
GE
Capital
Funding
LLC,
4.55%,
05/15/32
....
213
212,413
General
Dynamics
Corp.,
2.25%,
06/01/31
....
198
178,296
General
Electric
Co.,
4.30%,
07/29/30
.......
1,055
1,052,805
Goat
Holdco
LLC,
6.75%,
02/01/32
(b)
........
683
699,910
Honeywell
Aerospace,
Inc.
(b)
3.90%,
03/16/28
...................
178
176,675
4.00%,
03/16/29
...................
178
176,107
4.30%,
03/16/31
...................
136
134,340
4.60%,
03/16/33
...................
5,853
5,778,908
4.95%,
03/16/36
...................
275
271,879
Howmet
Aerospace,
Inc.,
3.75%,
03/03/28
....
127
125,627
Huntington
Ingalls
Industries,
Inc.,
5.75%,
01/15/35
........................
100
103,420
L3Harris
Technologies,
Inc.
4.40%,
06/15/28
...................
181
181,050
1.80%,
01/15/31
...................
105
92,219
5.35%,
06/01/34
...................
195
198,643
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
Leidos,
Inc.
4.10%,
03/15/29
...................
USD
3,700
$
3,655,126
2.30%,
02/15/31
...................
160
142,418
5.75%,
03/15/33
...................
100
103,872
5.00%,
03/15/36
...................
124
121,100
Lockheed
Martin
Corp.
4.40%,
08/15/30
...................
372
371,904
4.75%,
02/15/34
...................
265
264,588
4.80%,
08/15/34
...................
104
103,637
Moog,
Inc.,
5.50%,
10/15/34
(b)
............
336
336,300
Northrop
Grumman
Corp.
4.65%,
07/15/30
...................
100
100,549
4.70%,
03/15/33
...................
102
101,447
4.90%,
06/01/34
...................
100
99,851
RTX
Corp.
2.25%,
07/01/30
...................
282
258,409
5.15%,
02/27/33
...................
522
532,340
Textron,
Inc.,
4.95%,
03/15/36
............
1,285
1,254,897
TransDigm,
Inc.
(b)
6.75%,
08/15/28
...................
517
523,984
6.38%,
03/01/29
...................
300
305,986
6.63%,
03/01/32
...................
2,751
2,827,184
6.00%,
01/15/33
...................
5,304
5,354,704
6.38%,
05/31/33
...................
7,229
7,284,584
6.25%,
01/31/34
...................
483
493,919
6.75%,
01/31/34
...................
3,809
3,912,970
6.13%,
07/31/34
...................
3,304
3,307,634
61,459,946
Air
Freight
&
Logistics
—
0.0%
FedEx
Corp.
3.10%,
08/05/29
...................
414
397,652
2.40%,
05/15/31
...................
238
214,506
Rand
Parent
LLC,
8.50%,
02/15/30
(b)
........
269
279,424
Stonepeak
Nile
Parent
LLC,
7.25%,
03/15/32
(b)
.
129
134,974
United
Parcel
Service,
Inc.
3.40%,
03/15/29
...................
571
558,039
4.45%,
04/01/30
...................
131
131,768
4.88%,
03/03/33
...................
100
101,805
1,818,168
Automobile
Components
—
0.3%
Allison
Transmission,
Inc.,
5.88%,
12/01/33
(b)
..
727
733,947
American
Axle
&
Manufacturing,
Inc.
(b)
6.38%,
10/15/32
...................
516
515,078
7.75%,
10/15/33
...................
529
516,477
Clarios
Global
LP
6.75%,
05/15/28
(b)
..................
546
555,487
6.75%,
02/15/30
(b)
..................
2,777
2,869,169
4.75%,
06/15/31
(b)
..................
EUR
300
351,838
4.75%,
06/15/31
(c)
..................
1,302
1,526,977
6.75%,
09/15/32
(b)
..................
USD
2,890
2,956,296
Cyprium
Corp.,
6.13%,
04/15/31
(b)
.........
541
544,735
Dana,
Inc.
4.25%,
09/01/30
...................
51
48,750
4.50%,
02/15/32
...................
83
78,394
Dometic
Group
AB,
5.00%,
09/11/30
(c)
.......
EUR
712
823,433
Forvia
SE
5.50%,
06/15/31
(c)
..................
588
701,764
6.75%,
09/15/33
(b)
..................
USD
950
952,704
Garrett
Motion
Holdings,
Inc.,
7.75%,
05/31/32
(b)
133
138,861
Goodyear
Tire
&
Rubber
Co.
(The)
5.00%,
07/15/29
...................
699
670,527
6.63%,
07/15/30
...................
168
166,329
Icahn
Enterprises
LP
5.25%,
05/15/27
...................
1,948
1,929,313
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Automobile
Components
(continued)
9.75%,
01/15/29
...................
USD
173
$
173,880
4.38%,
02/01/29
...................
294
257,713
10.00%,
11/15/29
(b)
.................
944
952,241
IHO
Verwaltungs
GmbH
(j)
8.75%,
(8.75%
Cash
or
9.50%
PIK),
05/15/28
(c)
.....................
EUR
1,164
1,397,803
6.75%,
(6.75%
Cash
or
7.50%
PIK),
11/15/29
(c)
.....................
550
675,317
5.63%,
(5.63%
Cash
or
6.38%
PIK),
05/15/31
(c)
.....................
111
132,134
7.37%,
(7.37%
Cash
or
8.13%
PIK),
05/15/33
(b)
.....................
USD
697
708,974
Magna
International,
Inc.,
2.45%,
06/15/30
....
131
120,563
Mahle
GmbH,
6.50%,
05/02/31
(c)
..........
EUR
864
1,051,093
Schaeffler
AG
(c)
4.25%,
04/01/28
...................
800
942,832
5.38%,
04/01/31
...................
400
485,427
Tenneco,
Inc.,
8.00%,
11/17/28
(b)
..........
USD
1,372
1,388,302
ZF
Europe
Finance
BV
(c)
7.00%,
06/12/30
...................
EUR
1,600
1,962,650
5.50%,
02/17/32
...................
1,000
1,133,949
ZF
Finance
GmbH,
2.25%,
05/03/28
(c)
.......
2,200
2,478,559
ZF
North
America
Capital,
Inc.,
7.50%,
03/24/31
(c)
USD
343
343,442
30,284,958
Automobiles
—
0.2%
Aston
Martin
Capital
Holdings
Ltd.
10.38%,
03/31/29
(c)
.................
GBP
1,488
1,618,399
Ford
Motor
Co.
9.63%,
04/22/30
...................
USD
109
124,126
7.45%,
07/16/31
...................
100
108,784
3.25%,
02/12/32
...................
464
407,151
General
Motors
Co.,
5.35%,
04/15/28
.......
1,838
1,863,450
Honda
Motor
Co.
Ltd.
4.44%,
07/08/28
...................
194
193,614
4.69%,
07/08/30
...................
100
99,565
2.97%,
03/10/32
...................
100
89,799
Mercedes-Benz
Finance
North
America
LLC,
8.50%,
01/18/31
...................
100
115,907
Nissan
Motor
Acceptance
Co.
LLC,
6.13%,
09/30/30
(b)
.......................
1,310
1,290,199
Nissan
Motor
Co.
Ltd.
5.25%,
07/17/29
(c)
..................
EUR
1,703
2,020,146
7.75%,
07/17/32
(b)
..................
USD
543
566,056
6.38%,
07/17/33
(c)
..................
EUR
400
482,016
6.38%,
07/17/33
(b)
..................
225
271,134
8.13%,
07/17/35
(b)
..................
USD
2,258
2,382,352
RCI
Banque
SA
(c)
4.25%,
05/23/34
...................
EUR
1,200
1,398,657
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.75%),
5.50%,
10/09/34
(a)
................
1,800
2,187,174
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.20%),
4.75%,
03/24/37
(a)
................
1,300
1,525,859
Rivian
Holdings
LLC,
10.00%,
01/15/31
(b)
.....
USD
360
358,312
Toyota
Motor
Corp.,
5.12%,
07/13/28
.......
810
825,598
17,928,298
Banks
—
1.3%
AIB
Group
plc,
(1-day
SOFR
+
1.65%),
5.32%,
05/15/31
(a)(b)
......................
1,200
1,223,320
Associated
Banc-Corp.
,
(1-day
SOFR
+
3.03%),
6.46%,
08/29/30
(a)
..................
2,000
2,047,613
Australia
&
New
Zealand
Banking
Group
Ltd.,
4.36%,
06/18/28
...................
296
297,166
Banca
Monte
dei
Paschi
di
Siena
SpA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.15%),
4.38%,
10/02/35
(a)(c)
......................
EUR
1,373
1,630,351
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Banco
Bilbao
Vizcaya
Argentaria
SA,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.95%),
6.03%,
03/13/35
(a)
.....
USD
200
$
208,369
Banco
Espirito
Santo
SA
(c)(e)(k)
2.63%,
05/08/17
...................
EUR
800
206,562
4.75%,
01/15/22
...................
1,500
387,305
4.00%,
01/21/25
...................
5,400
1,394,296
Banco
Santander
SA
3.80%,
02/23/28
...................
USD
400
394,905
4.38%,
04/12/28
...................
511
509,607
3.31%,
06/27/29
...................
200
192,810
4.55%,
11/06/30
...................
400
394,594
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.60%),
3.23%,
11/22/32
(a)
.....................
400
359,986
6.92%,
08/08/33
...................
600
650,307
Bangkok
Bank
PCL,
5.30%,
09/21/28
(b)
......
606
615,829
Bank
of
America
Corp.
(a)
(1-day
SOFR
+
2.04%),
4.95%,
07/22/28
..
2,117
2,129,565
(1-day
SOFR
+
1.99%),
6.20%,
11/10/28
..
1,400
1,436,512
(1-day
SOFR
+
1.06%),
2.09%,
06/14/29
..
1,200
1,142,048
(3-mo.
CME
Term
SOFR
+
1.44%),
3.19%,
07/23/30
......................
654
627,272
Series
N,
(1-day
SOFR
+
1.22%),
2.65%,
03/11/32
......................
1,867
1,696,820
(1-day
SOFR
+
1.32%),
2.69%,
04/22/32
..
132
119,777
(1-day
SOFR
+
1.04%),
4.70%,
04/23/32
..
5,095
5,074,138
(1-day
SOFR
+
1.22%),
2.30%,
07/21/32
..
161
142,394
(1-day
SOFR
+
1.33%),
2.97%,
02/04/33
..
2,095
1,898,226
(1-day
SOFR
+
1.91%),
5.29%,
04/25/34
..
1,150
1,167,798
(1-day
SOFR
+
1.91%),
5.43%,
08/15/35
..
815
817,769
(1-day
SOFR
+
1.31%),
5.51%,
01/24/36
..
152
155,465
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.20%),
2.48%,
09/21/36
......................
225
195,577
(1-day
SOFR
+
1.13%),
5.05%,
02/06/37
..
663
652,742
Bank
of
Montreal
(SOFR
Index
+
0.75%),
4.06%,
09/22/28
(a)
.
848
844,176
Series
J,
(1-day
SOFR
+
0.89%),
4.34%,
03/19/30
(a)
.....................
241
239,713
5.51%,
06/04/31
...................
100
103,977
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.40%),
3.09%,
01/10/37
(a)
.....................
100
89,547
Bank
of
Nova
Scotia
(The)
(a)
(1-day
SOFR
+
0.89%),
4.93%,
02/14/29
..
501
505,264
(1-day
SOFR
+
1.09%),
4.34%,
09/15/31
..
391
385,707
(1-day
SOFR
+
1.05%),
4.81%,
02/02/34
..
286
282,832
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.05%),
4.59%,
05/04/37
......................
100
95,981
Barclays
plc
(a)
(3-mo.
SOFR
+
2.16%),
4.97%,
05/16/29
..
201
202,250
(1-day
SOFR
+
0.93%),
4.22%,
05/24/30
..
452
445,769
(1-day
SOFR
+
1.23%),
5.37%,
02/25/31
..
288
293,169
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.20%),
2.67%,
03/10/32
......................
1,212
1,091,746
(1-day
SOFR
+
3.57%),
7.12%,
06/27/34
..
435
474,314
(1-day
SOFR
+
1.51%),
5.21%,
02/24/37
..
513
498,553
BNP
Paribas
SA,
(1-day
SOFR
+
1.29%),
4.92%,
01/15/34
(a)(b)
......................
1,244
1,218,805
BPER
Banca
SpA,
(5-Year
EUR
Swap
Annual
+
5.95%),
8.38%
(a)(c)(l)
.................
EUR
600
759,242
Canadian
Imperial
Bank
of
Commerce
5.00%,
04/28/28
...................
USD
100
101,218
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(1-day
SOFR
+
1.03%),
4.86%,
03/30/29
(a)
.
USD
622
$
626,488
(SOFR
Index
+
0.79%),
4.28%,
01/29/30
(a)
.
140
138,977
(SOFR
Index
+
1.17%),
4.58%,
09/08/31
(a)
.
134
133,034
6.09%,
10/03/33
...................
166
177,405
Citigroup,
Inc.
(1-day
SOFR
+
0.87%),
4.79%,
03/04/29
(a)
.
466
468,200
(1-day
SOFR
+
1.15%),
2.67%,
01/29/31
(a)
.
1,943
1,806,997
(1-day
SOFR
+
1.35%),
3.06%,
01/25/33
(a)
.
225
203,912
5.88%,
02/22/33
...................
1,705
1,777,609
(1-day
SOFR
+
1.94%),
3.79%,
03/17/33
(a)
.
375
352,922
(1-day
SOFR
+
1.45%),
5.45%,
06/11/35
(a)
.
194
197,365
(1-day
SOFR
+
1.49%),
5.17%,
09/11/36
(a)
.
22
21,795
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.73%),
5.41%,
09/19/39
(a)
.....................
320
314,514
Citizens
Financial
Group,
Inc.
(1-day
SOFR
+
1.91%),
5.72%,
07/23/32
(a)
.
273
281,279
2.64%,
09/30/32
...................
100
85,699
(1-day
SOFR
+
2.33%),
6.65%,
04/25/35
(a)
.
100
107,546
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.45%),
5.30%,
01/29/36
(a)
.....................
116
115,003
Commonwealth
Bank
of
Australia,
4.42%,
03/14/28
........................
250
251,276
Cooperatieve
Rabobank
UA,
3.74%,
01/14/28
.
294
292,241
Eurobank
SA
(a)(c)
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.00%),
4.25%,
04/30/35
.................
EUR
325
379,241
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.70%),
4.00%,
02/07/36
.................
2,112
2,438,654
Fifth
Third
Bancorp
3.95%,
03/14/28
...................
USD
297
294,760
(1-day
SOFR
+
1.49%),
4.90%,
09/06/30
(a)
.
176
176,655
(1-day
SOFR
+
1.84%),
5.63%,
01/29/32
(a)
.
100
103,240
(1-day
SOFR
+
0.95%),
4.57%,
04/29/32
(a)
.
4,350
4,284,456
(1-day
SOFR
+
1.24%),
5.14%,
01/29/37
(a)
.
1,891
1,846,635
First
Citizens
BancShares,
Inc.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.85%),
5.60%,
09/05/35
......................
100
97,772
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.97%),
6.25%,
03/12/40
......................
100
98,168
FNB
Corp.,
(SOFR
Index
+
1.93%),
5.72%,
12/11/30
(a)
.......................
1,344
1,358,723
HSBC
Holdings
plc
(a)
(1-day
SOFR
+
3.35%),
7.39%,
11/03/28
..
200
208,105
(1-day
SOFR
+
1.03%),
4.90%,
03/03/29
..
945
949,903
(3-mo.
CME
Term
SOFR
+
1.87%),
3.97%,
05/22/30
......................
330
323,181
(1-day
SOFR
+
1.29%),
5.13%,
03/03/31
..
4,980
5,042,576
(1-day
SOFR
+
1.19%),
2.80%,
05/24/32
..
1,057
956,825
(1-day
SOFR
+
3.02%),
7.40%,
11/13/34
..
200
222,107
(1-day
SOFR
+
1.56%),
5.45%,
03/03/36
..
843
849,910
Huntington
Bancshares,
Inc.
(a)
(1-day
SOFR
+
1.28%),
5.27%,
01/15/31
..
100
101,642
(1-day
SOFR
+
0.99%),
4.62%,
01/28/32
..
100
98,850
(SOFR
Index
+
1.87%),
5.71%,
02/02/35
..
225
230,233
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.17%),
2.49%,
08/15/36
......................
100
86,263
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.70%),
6.14%,
11/18/39
......................
114
116,155
Huntington
National
Bank
(The),
(1-day
SOFR
+
0.72%),
4.87%,
04/12/28
(a)
............
250
250,874
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
ING
Groep
NV
(1-day
SOFR
+
1.01%),
4.86%,
03/25/29
(a)
.
USD
955
$
961,838
4.05%,
04/09/29
...................
412
407,181
(1-day
SOFR
+
1.32%),
2.73%,
04/01/32
(a)
.
200
181,545
(1-day
SOFR
+
1.77%),
5.55%,
03/19/35
(a)
.
200
203,642
(SOFR
Index
+
1.61%),
5.42%,
03/23/37
(a)
.
240
239,746
JPMorgan
Chase
&
Co.
(a)
(3-mo.
CME
Term
SOFR
+
1.38%),
4.01%,
04/23/29
......................
1,687
1,673,442
(1-day
SOFR
+
0.82%),
4.41%,
04/23/30
..
2,550
2,539,795
(1-day
SOFR
+
1.13%),
5.00%,
07/22/30
..
3,986
4,035,136
(1-day
SOFR
+
0.84%),
4.35%,
01/22/32
..
602
592,784
(1-day
SOFR
+
1.07%),
1.95%,
02/04/32
..
1,244
1,097,652
(1-day
SOFR
+
0.99%),
4.62%,
04/23/32
..
3,574
3,556,927
(1-day
SOFR
+
1.85%),
5.35%,
06/01/34
..
133
135,755
(1-day
SOFR
+
1.81%),
6.25%,
10/23/34
..
1,000
1,072,534
(1-day
SOFR
+
1.62%),
5.34%,
01/23/35
..
670
679,116
(1-day
SOFR
+
1.46%),
5.29%,
07/22/35
..
1,274
1,288,098
(1-day
SOFR
+
1.68%),
5.57%,
04/22/36
..
1,192
1,226,217
(1-day
SOFR
+
1.64%),
5.58%,
07/23/36
..
333
337,822
(1-day
SOFR
+
1.30%),
5.19%,
02/05/37
..
119
117,067
(1-day
SOFR
+
1.26%),
5.15%,
04/23/37
..
700
695,817
Keybank
National
Association,
4.90%,
08/08/32
830
815,462
KeyCorp
(a)
(SOFR
Index
+
2.06%),
4.79%,
06/01/33
..
613
601,168
(SOFR
Index
+
2.42%),
6.40%,
03/06/35
..
2,898
3,081,001
Lloyds
Banking
Group
plc
(a)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.85%),
5.09%,
11/26/28
......................
383
386,319
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.83%),
4.82%,
06/13/29
......................
200
201,231
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.07%),
5.72%,
06/05/30
......................
200
206,394
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.82%),
4.43%,
11/04/31
......................
626
616,307
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.60%),
6.07%,
06/13/36
......................
240
245,838
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.97%),
4.94%,
11/04/36
......................
208
200,749
M&T
Bank
Corp.
(a)
(1-day
SOFR
+
2.80%),
7.41%,
10/30/29
..
1,066
1,136,133
(1-day
SOFR
+
1.40%),
5.18%,
07/08/31
..
994
1,005,991
(1-day
SOFR
+
2.26%),
6.08%,
03/13/32
..
336
352,131
(1-day
SOFR
+
1.85%),
5.05%,
01/27/34
..
230
228,120
(1-day
SOFR
+
1.61%),
5.39%,
01/16/36
..
1,359
1,354,125
Mitsubishi
UFJ
Financial
Group,
Inc.
3.74%,
03/07/29
...................
509
500,620
2.05%,
07/17/30
...................
200
180,440
Series
8NC7,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.53%),
5.48%,
02/22/31
(a)
..........
467
479,729
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.92%),
4.85%,
04/21/32
(a)
.....................
7,080
7,067,920
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.13%),
5.13%,
07/20/33
(a)
.....................
889
895,935
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.27%),
5.62%,
04/24/36
(a)
.....................
200
204,914
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.90%),
5.06%,
01/14/37
(a)
.....................
USD
400
$
391,971
Mizuho
Financial
Group,
Inc.
4.02%,
03/05/28
...................
200
198,892
(3-mo.
CME
Term
SOFR
+
1.57%),
2.87%,
09/13/30
(a)
.....................
632
596,894
(3-mo.
CME
Term
SOFR
+
1.33%),
2.59%,
05/25/31
(a)
.....................
200
183,985
(3-mo.
CME
Term
SOFR
+
1.53%),
1.98%,
09/08/31
(a)
.....................
585
520,962
2.56%,
09/13/31
...................
200
176,525
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.70%),
4.44%,
05/12/32
(a)
.....................
393
385,526
Morgan
Stanley
Private
Bank
NA,
(1-day
SOFR
+
0.78%),
4.47%,
11/17/28
(a)
.............
2,595
2,599,298
National
Australia
Bank
Ltd.
3.91%,
06/09/27
...................
545
543,748
4.90%,
06/13/28
...................
250
253,633
4.53%,
06/13/30
...................
250
251,501
National
Bank
of
Greece
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.15%),
5.88%,
06/28/35
(a)(c)
EUR
1,062
1,316,547
NatWest
Group
plc
(a)
(3-mo.
SOFR
+
2.13%),
4.45%,
05/08/30
..
USD
251
249,618
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.05%),
5.12%,
05/23/31
......................
200
202,243
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.20%),
6.48%,
06/01/34
......................
200
207,218
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.50%),
5.78%,
03/01/35
......................
400
414,783
PNC
Financial
Services
Group,
Inc.
(The)
(a)
(1-day
SOFR
+
1.26%),
4.81%,
10/21/32
..
1,490
1,487,875
(SOFR
Index
+
2.14%),
6.04%,
10/28/33
..
59
62,275
(1-day
SOFR
+
1.90%),
5.68%,
01/22/35
..
190
195,843
(1-day
SOFR
+
1.60%),
5.40%,
07/23/35
..
1,181
1,198,412
Regions
Financial
Corp.
,
(1-day
SOFR
+
2.06%),
5.50%,
09/06/35
(a)
..................
100
100,451
Royal
Bank
of
Canada
(SOFR
Index
+
0.86%),
4.52%,
10/18/28
(a)
.
539
540,075
(1-day
SOFR
+
0.70%),
4.00%,
11/03/28
(a)
.
115
114,252
(SOFR
Index
+
1.08%),
4.65%,
10/18/30
(a)
.
240
240,682
(1-day
SOFR
+
1.06%),
4.70%,
08/06/31
(a)
.
405
404,452
(1-day
SOFR
+
1.01%),
4.61%,
05/03/32
(a)
.
182
180,924
5.15%,
02/01/34
...................
539
552,002
Santander
Holdings
USA,
Inc.
(a)
(1-day
SOFR
+
1.61%),
5.47%,
03/20/29
..
356
361,186
(1-day
SOFR
+
1.94%),
5.35%,
09/06/30
..
100
101,056
(1-day
SOFR
+
1.88%),
5.74%,
03/20/31
..
100
102,774
(1-day
SOFR
+
2.14%),
6.34%,
05/31/35
..
20
21,073
Santander
UK
Group
Holdings
plc,
(1-day
SOFR
+
1.48%),
2.90%,
03/15/32
(a)
...........
1,740
1,584,153
Shawbrook
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.80%),
8.38%
(a)(c)(l)
.......................
GBP
575
780,295
Sumitomo
Mitsui
Financial
Group,
Inc.
5.52%,
01/13/28
...................
USD
556
566,247
3.54%,
01/17/28
...................
1,119
1,104,317
5.32%,
07/09/29
...................
917
936,970
2.22%,
09/17/31
...................
627
550,069
5.77%,
01/13/33
...................
201
209,924
(1-day
SOFR
+
1.38%),
4.95%,
07/08/33
(a)
.
313
312,380
(1-day
SOFR
+
1.22%),
5.05%,
01/15/37
(a)
.
300
294,225
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Toronto-Dominion
Bank
(The)
4.57%,
06/02/28
...................
USD
723
$
725,813
2.00%,
09/10/31
...................
224
197,977
2.45%,
01/12/32
...................
422
374,202
3.20%,
03/10/32
...................
100
92,188
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.50%),
5.15%,
09/10/34
(a)
.....................
139
139,745
4.93%,
10/15/35
...................
140
137,098
Truist
Bank,
(1-day
SOFR
+
0.91%),
4.14%,
10/23/29
(a)
.......................
476
471,869
Truist
Financial
Corp.
(a)
(1-day
SOFR
+
0.86%),
1.89%,
06/07/29
..
839
795,197
Series
I.,
(1-day
SOFR
+
0.97%),
4.60%,
01/27/32
......................
748
740,578
(1-day
SOFR
+
1.57%),
5.15%,
08/05/32
..
240
243,148
(1-day
SOFR
+
1.92%),
5.71%,
01/24/35
..
100
102,910
(1-day
SOFR
+
1.40%),
4.96%,
10/23/36
..
100
96,624
US
Bancorp
3.90%,
04/26/28
...................
100
99,460
(1-day
SOFR
+
1.23%),
4.65%,
02/01/29
(a)
.
208
208,812
(1-day
SOFR
+
2.02%),
5.78%,
06/12/29
(a)
.
100
102,622
(1-day
SOFR
+
1.25%),
5.10%,
07/23/30
(a)
.
200
203,389
(1-day
SOFR
+
0.87%),
4.48%,
01/26/32
(a)
.
592
585,159
(1-day
SOFR
+
2.11%),
4.97%,
07/22/33
(a)
.
238
236,768
(1-day
SOFR
+
2.26%),
5.84%,
06/12/34
(a)
.
147
153,530
(1-day
SOFR
+
1.86%),
5.68%,
01/23/35
(a)
.
600
620,057
(1-day
SOFR
+
1.10%),
5.03%,
01/26/37
(a)
.
195
191,779
Wachovia
Corp.,
5.50%,
08/01/35
..........
100
101,080
Wells
Fargo
&
Co.
(1-day
SOFR
+
1.98%),
4.81%,
07/25/28
(a)
.
168
168,696
4.15%,
01/24/29
...................
100
99,519
(1-day
SOFR
+
1.74%),
5.57%,
07/25/29
(a)
.
1,107
1,131,385
(1-day
SOFR
+
0.74%),
4.18%,
01/23/30
(a)
.
2,475
2,453,108
(1-day
SOFR
+
1.50%),
5.15%,
04/23/31
(a)
.
1,977
2,011,042
(1-day
SOFR
+
2.06%),
6.49%,
10/23/34
(a)
.
150
162,550
(1-day
SOFR
+
1.78%),
5.50%,
01/23/35
(a)
.
1,936
1,974,142
(1-day
SOFR
+
1.10%),
4.96%,
01/23/37
(a)
.
1,030
1,003,493
Westpac
Banking
Corp.
5.46%,
11/18/27
...................
733
747,461
2.65%,
01/16/30
...................
403
380,277
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.75%),
2.67%,
11/15/35
(a)
.....................
171
154,135
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.53%),
3.02%,
11/18/36
(a)
.....................
473
423,422
141,895,708
Beverages
—
0.0%
Anheuser-Busch
Cos.
LLC,
4.70%,
02/01/36
..
100
97,705
Anheuser-Busch
InBev
Finance,
Inc.,
4.70%,
02/01/36
........................
324
316,565
Anheuser-Busch
InBev
Worldwide,
Inc.
4.75%,
01/23/29
...................
100
101,002
5.00%,
06/15/34
...................
304
307,947
5.88%,
06/15/35
...................
142
151,638
Coca-Cola
Co.
(The)
2.00%,
03/05/31
...................
500
450,915
5.00%,
05/13/34
...................
225
231,660
4.65%,
08/14/34
...................
100
100,519
Constellation
Brands,
Inc.
3.60%,
02/15/28
...................
100
98,550
4.80%,
05/01/30
...................
100
100,800
2.25%,
08/01/31
...................
100
88,383
4.90%,
05/01/33
...................
157
155,439
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Beverages
(continued)
4.95%,
11/01/35
...................
USD
100
$
97,118
PepsiCo,
Inc.
4.50%,
07/17/29
...................
708
714,054
1.63%,
05/01/30
...................
273
246,349
4.65%,
07/23/32
...................
334
336,280
4.80%,
07/17/34
...................
337
338,755
5.00%,
02/07/35
...................
115
116,142
4,049,821
Biotechnology
—
0.2%
AbbVie,
Inc.
4.65%,
03/15/28
...................
676
681,738
4.80%,
03/15/29
...................
118
119,707
3.20%,
11/21/29
...................
806
775,602
4.13%,
03/15/31
...................
2,203
2,168,037
4.40%,
03/15/33
...................
2,825
2,773,134
5.05%,
03/15/34
...................
409
414,660
4.55%,
03/15/35
...................
222
215,444
5.20%,
03/15/35
...................
400
407,050
Amgen,
Inc.
4.20%,
02/19/31
...................
4,040
3,985,313
4.20%,
03/01/33
...................
540
521,380
5.25%,
03/02/33
...................
1,828
1,870,671
4.85%,
02/19/36
...................
1,020
997,991
Biogen,
Inc.,
5.05%,
01/15/31
............
147
149,531
BioMarin
Pharmaceutical,
Inc.,
5.50%,
02/15/34
(b)
1,570
1,558,960
Genmab
A/S
(b)
6.25%,
12/15/32
...................
563
577,779
7.25%,
12/15/33
...................
1,186
1,236,603
Gilead
Sciences,
Inc.
5.25%,
10/15/33
...................
246
254,615
5.10%,
06/15/35
...................
100
100,859
Grifols
SA
(c)
7.13%,
05/01/30
...................
EUR
1,130
1,376,754
7.50%,
05/01/30
...................
363
442,418
20,628,246
Broadline
Retail
—
0.2%
Amazon.com,
Inc.
1.65%,
05/12/28
...................
USD
1,715
1,634,123
3.45%,
04/13/29
...................
577
565,469
4.10%,
11/20/30
...................
1,094
1,078,936
4.25%,
03/13/31
...................
245
242,602
4.55%,
03/13/33
...................
3,107
3,069,180
4.80%,
12/05/34
...................
120
120,905
4.65%,
11/20/35
...................
517
503,353
4.88%,
03/13/36
...................
1,455
1,433,658
B&M
European
Value
Retail
plc
6.50%,
11/27/31
(c)
..................
GBP
2,065
2,674,159
eBay,
Inc.
2.60%,
05/10/31
...................
USD
200
181,306
5.13%,
11/06/35
...................
100
98,813
Getty
Images,
Inc.,
10.50%,
11/15/30
(b)
......
215
190,619
Match
Group
Holdings
II
LLC
(b)
3.63%,
10/01/31
...................
456
408,641
6.13%,
09/15/33
...................
1,558
1,539,377
MercadoLibre,
Inc.,
4.90%,
01/15/33
........
634
622,823
Prosus
NV,
4.19%,
01/19/32
(b)
............
654
624,966
Rakuten
Group,
Inc.
(b)
11.25%,
02/15/27
..................
683
710,126
9.75%,
04/15/29
...................
1,285
1,409,660
17,108,716
Security
Par
(000)
Par
(000)
Value
Building
Products
—
0.2%
Advanced
Drainage
Systems,
Inc.,
6.38%,
06/15/30
(b)
.......................
USD
574
$
582,242
AmeriTex
HoldCo
Intermediate
LLC,
7.63%,
08/15/33
(b)
.......................
341
354,466
Builders
FirstSource,
Inc.
(b)
6.38%,
03/01/34
...................
249
247,764
6.75%,
05/15/35
...................
1,008
1,017,958
Carlisle
Cos.,
Inc.,
2.75%,
03/01/30
........
100
93,553
Carrier
Global
Corp.,
5.90%,
03/15/34
.......
100
105,418
EMRLD
Borrower
LP
(b)
6.63%,
12/15/30
...................
3,462
3,544,323
6.75%,
07/15/31
...................
408
421,785
Fortune
Brands
Innovations,
Inc.,
5.88%,
06/01/33
........................
100
104,079
HT
Troplast
GmbH,
9.38%,
07/15/28
(c)
.......
EUR
1,159
1,382,072
JELD-WEN
Holding,
Inc.,
7.00%,
09/01/32
(b)
...
USD
109
55,153
JELD-WEN,
Inc.,
4.88%,
12/15/27
(b)
........
831
618,827
Johnson
Controls
International
plc
1.75%,
09/15/30
...................
100
89,033
6.00%,
01/15/36
...................
100
105,917
Masco
Corp.,
2.00%,
10/01/30
............
100
88,966
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(b)
5.25%,
07/15/28
...................
214
212,148
9.75%,
07/15/28
...................
399
401,849
Owens
Corning,
5.70%,
06/15/34
..........
100
103,715
Quikrete
Holdings,
Inc.
(b)
6.38%,
03/01/32
...................
3,963
4,025,528
6.75%,
03/01/33
...................
1,366
1,385,213
Smyrna
Ready
Mix
Concrete
LLC,
6.00%,
11/01/28
(b)
.......................
57
56,953
Standard
Building
Solutions,
Inc.
(b)
6.50%,
08/15/32
...................
4,129
4,169,794
6.25%,
08/01/33
...................
930
929,404
5.88%,
03/15/34
...................
760
740,907
Standard
Industries,
Inc.
(b)
4.75%,
01/15/28
...................
194
192,884
4.38%,
07/15/30
...................
269
256,834
3.38%,
01/15/31
...................
186
168,829
Trane
Technologies
Financing
Ltd.,
5.25%,
03/03/33
........................
100
102,890
Wilsonart
LLC,
11.00%,
08/15/32
(b)
.........
327
252,665
21,811,169
Capital
Markets
—
0.7%
Abu
Dhabi
Developmental
Holding
Co.
PJSC,
5.38%,
05/08/29
(b)
..................
1,116
1,138,688
Ameriprise
Financial,
Inc.,
5.20%,
04/15/35
...
150
150,578
Apollo
Debt
Solutions
BDC
5.88%,
08/30/30
...................
252
249,674
6.70%,
07/29/31
...................
130
132,790
6.55%,
03/15/32
...................
211
213,449
Ares
Capital
Corp.
5.95%,
07/15/29
...................
148
149,283
5.10%,
01/15/31
...................
194
188,148
3.20%,
11/15/31
...................
187
163,880
5.80%,
03/08/32
...................
54
53,641
Ares
Strategic
Income
Fund
5.70%,
03/15/28
...................
3,409
3,411,411
5.80%,
09/09/30
(b)
..................
290
285,123
Bain
Capital
Specialty
Finance,
Inc.,
5.95%,
03/15/30
........................
75
73,519
Banco
Nacional
de
Mexico
SA
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.68%),
6.70%,
08/07/36
(a)(b)
....
630
630,000
Bank
of
New
York
Mellon
Corp.
(The)
3.85%,
04/28/28
...................
407
405,429
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(1-day
SOFR
+
1.09%),
4.98%,
03/14/30
(a)
.
USD
473
$
479,996
1.80%,
07/28/31
...................
559
487,989
(1-day
SOFR
+
0.90%),
4.54%,
04/23/32
(a)
.
8,375
8,342,945
(1-day
SOFR
+
1.51%),
4.71%,
02/01/34
(a)
.
196
194,112
(1-day
SOFR
+
1.85%),
6.47%,
10/25/34
(a)
.
337
368,094
(1-day
SOFR
+
1.35%),
5.32%,
06/06/36
(a)
.
202
204,760
Blackstone
Private
Credit
Fund
3.25%,
03/15/27
...................
1,440
1,416,471
5.05%,
09/10/30
...................
133
127,447
5.35%,
03/12/31
...................
100
96,178
6.00%,
11/22/34
...................
100
94,944
Blackstone
Reg
Finance
Co.
LLC,
4.95%,
02/15/36
........................
134
130,228
Blackstone
Secured
Lending
Fund
5.25%,
09/04/29
...................
100
98,583
5.13%,
01/31/31
...................
100
96,270
Blue
Owl
Capital
Corp.
5.95%,
03/15/29
...................
685
680,828
6.20%,
07/15/30
...................
407
404,214
Blue
Owl
Credit
Income
Corp.
6.60%,
09/15/29
...................
100
100,294
5.80%,
03/15/30
...................
390
379,414
Blue
Owl
Finance
LLC
3.13%,
06/10/31
...................
100
87,039
6.25%,
04/18/34
...................
142
139,777
Brookfield
Asset
Management
Ltd.
4.65%,
11/15/30
...................
100
99,117
5.30%,
01/15/36
...................
100
97,569
Brookfield
Finance
I
UK
plc,
2.34%,
01/30/32
..
266
229,961
Brookfield
Finance,
Inc.,
5.33%,
01/15/36
....
136
133,755
Carlyle
Group,
Inc.
(The),
5.05%,
09/19/35
....
100
96,652
Cboe
Global
Markets,
Inc.,
1.63%,
12/15/30
...
100
88,038
Charles
Schwab
Corp.
(The)
2.00%,
03/20/28
...................
415
398,291
(1-day
SOFR
+
2.21%),
5.64%,
05/19/29
(a)
.
100
102,596
2.75%,
10/01/29
...................
239
226,521
2.30%,
05/13/31
...................
338
304,620
(1-day
SOFR
+
2.50%),
5.85%,
05/19/34
(a)
.
403
422,966
CME
Group,
Inc.
3.75%,
06/15/28
...................
111
110,121
4.40%,
03/15/30
...................
252
252,752
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(b)
..................
374
353,611
Deutsche
Bank
AG
(a)
(1-day
SOFR
+
1.59%),
5.71%,
02/08/28
..
1,696
1,710,211
(1-day
SOFR
+
1.30%),
4.95%,
08/04/31
..
1,021
1,017,798
(5-Year
USD
Swap
Rate
+
2.55%),
4.88%,
12/01/32
......................
261
259,989
(1-day
SOFR
+
2.26%),
3.74%,
01/07/33
..
200
182,547
Focus
Financial
Partners
LLC,
6.75%,
09/15/31
(b)
2,020
2,055,036
FS
KKR
Capital
Corp.,
2.63%,
01/15/27
......
160
156,341
Goldman
Sachs
Group,
Inc.
(The)
(3-mo.
CME
Term
SOFR
+
1.42%),
3.81%,
04/23/29
(a)
.....................
1,020
1,005,427
2.60%,
02/07/30
...................
1,000
931,814
3.80%,
03/15/30
...................
1,000
972,442
(1-day
SOFR
+
1.27%),
5.73%,
04/25/30
(a)
.
413
425,345
(1-day
SOFR
+
1.21%),
5.05%,
07/23/30
(a)
.
667
674,672
(1-day
SOFR
+
1.14%),
4.69%,
10/23/30
(a)
.
190
189,996
(1-day
SOFR
+
0.96%),
4.52%,
01/21/32
(a)
.
1,271
1,252,464
(1-day
SOFR
+
1.25%),
2.38%,
07/21/32
(a)
.
431
381,642
(1-day
SOFR
+
1.26%),
2.65%,
10/21/32
(a)
.
475
422,851
(1-day
SOFR
+
1.42%),
5.02%,
10/23/35
(a)
.
1,330
1,308,555
(1-day
SOFR
+
1.38%),
5.54%,
01/28/36
(a)
.
46
46,752
(1-day
SOFR
+
1.19%),
5.07%,
01/21/37
(a)
.
551
538,678
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.18%),
5.39%,
02/02/41
(a)
.....................
USD
215
$
209,272
Intercontinental
Exchange,
Inc.
4.35%,
06/15/29
...................
100
99,800
5.25%,
06/15/31
...................
208
214,394
1.85%,
09/15/32
...................
449
378,620
Jane
Street
Group
(b)
6.13%,
11/01/32
...................
119
119,626
6.75%,
05/01/33
...................
428
439,689
Jefferies
Financial
Group,
Inc.
4.15%,
01/23/30
...................
100
97,081
2.63%,
10/15/31
...................
100
87,418
6.20%,
04/14/34
...................
264
270,193
6.25%,
01/15/36
...................
207
211,833
KKR
&
Co.,
Inc.,
5.10%,
08/07/35
..........
100
97,490
LPL
Holdings,
Inc.
6.75%,
11/17/28
...................
216
226,033
5.15%,
06/15/30
...................
289
290,970
MDGH
GMTN
RSC
Ltd.,
4.38%,
11/22/33
(b)
...
666
638,614
Moody's
Corp.,
4.25%,
08/08/32
...........
100
97,670
Morgan
Stanley
(a)
(1-day
SOFR
+
1.38%),
4.99%,
04/12/29
..
4,742
4,781,751
(1-day
SOFR
+
1.59%),
5.16%,
04/20/29
..
4,506
4,557,234
(3-mo.
CME
Term
SOFR
+
1.89%),
4.43%,
01/23/30
......................
100
99,515
(SOFR
Index
+
0.96%),
4.56%,
04/10/30
..
2,550
2,541,939
(1-day
SOFR
+
1.26%),
5.66%,
04/18/30
..
1,619
1,663,077
(1-day
SOFR
+
1.22%),
5.04%,
07/19/30
..
2,796
2,827,763
(1-day
SOFR
+
1.10%),
4.65%,
10/18/30
..
3,013
3,007,879
(SOFR
Index
+
1.18%),
4.81%,
04/16/32
..
2,035
2,030,020
(1-day
SOFR
+
1.29%),
2.94%,
01/21/33
..
709
639,599
(1-day
SOFR
+
1.88%),
5.42%,
07/21/34
..
146
148,799
(1-day
SOFR
+
2.05%),
6.63%,
11/01/34
..
154
167,794
(1-day
SOFR
+
1.18%),
5.07%,
01/30/37
..
245
239,716
(SOFR
Index
+
1.41%),
5.30%,
04/10/37
..
790
785,260
MSCI,
Inc.
5.25%,
09/01/35
...................
599
589,532
5.15%,
03/15/36
...................
1,130
1,094,684
Nasdaq,
Inc.
5.35%,
06/28/28
...................
203
206,794
5.55%,
02/15/34
...................
100
103,306
Nomura
Holdings,
Inc.
2.61%,
07/14/31
...................
268
240,069
6.09%,
07/12/33
...................
200
211,202
5.49%,
06/29/35
...................
200
202,249
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.30%),
5.04%,
06/10/36
(a)
.....................
200
195,363
Northern
Trust
Corp.
1.95%,
05/01/30
...................
203
185,181
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.05%),
5.12%,
11/19/40
(a)
.....................
106
103,786
Osaic
Holdings,
Inc.
(b)
6.75%,
08/01/32
...................
881
894,826
8.00%,
08/01/33
...................
2,140
2,182,310
Raymond
James
Financial,
Inc.,
4.90%,
09/11/35
100
97,554
S&P
Global,
Inc.
4.75%,
08/01/28
...................
482
486,544
2.50%,
12/01/29
...................
297
278,441
1.25%,
08/15/30
...................
48
41,891
State
Street
Corp.
4.54%,
02/28/28
...................
855
860,186
2.40%,
01/24/30
...................
162
151,990
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(1-day
SOFR
+
1.00%),
2.62%,
02/07/33
(a)
.
USD
504
$
450,519
(1-day
SOFR
+
1.22%),
5.15%,
02/28/36
(a)
.
112
112,243
SURA
Asset
Management
SA,
6.35%,
05/13/32
(b)
820
857,720
TPG
Operating
Group
II
LP
4.88%,
05/15/31
...................
100
98,589
5.88%,
03/05/34
...................
100
101,862
UBS
Americas,
Inc.,
7.13%,
07/15/32
.......
80
89,302
UBS
Group
AG,
(1-day
SOFR
+
1.06%),
4.40%,
09/23/31
(a)(b)
......................
580
569,732
74,999,250
Chemicals
—
0.7%
Advancion
Sciences,
Inc.,
9.25%,
(9.25%
Cash
or
10.00%
PIK),
11/01/26
(a)(b)(j)
..........
590
473,107
Air
Products
&
Chemicals,
Inc.
4.30%,
06/11/28
...................
183
183,378
4.75%,
02/08/31
...................
187
189,268
4.90%,
10/11/32
...................
177
179,394
Alpek
SAB
de
CV,
3.25%,
02/25/31
(b)
.......
739
642,487
Avient
Corp.,
6.25%,
11/01/31
(b)
...........
164
166,382
Celanese
US
Holdings
LLC
7.00%,
02/15/31
...................
46
47,863
6.75%,
04/15/33
...................
204
210,117
7.38%,
02/15/34
...................
855
895,171
Chemours
Co.
(The)
(b)
5.75%,
11/15/28
...................
1,455
1,451,771
4.63%,
11/15/29
...................
1,450
1,390,822
7.88%,
03/15/34
...................
375
383,482
Consolidated
Energy
Finance
SA,
5.63%,
10/15/28
(b)
.......................
150
142,500
Dow
Chemical
Co.
(The)
7.38%,
11/01/29
...................
2,280
2,469,866
6.30%,
03/15/33
...................
1,530
1,615,795
5.65%,
03/15/36
...................
2,205
2,197,227
DuPont
de
Nemours,
Inc.,
4.73%,
11/15/28
(b)
..
1,028
1,032,337
Eastman
Chemical
Co.,
5.63%,
02/20/34
.....
149
152,267
Ecolab,
Inc.,
4.30%,
06/15/28
............
484
484,859
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
....
1,535
1,496,535
FIS
Fabbrica
Italiana
Sintetici
SpA,
(3-mo.
EURIBOR
+
3.25%),
5.28%,
02/05/31
(a)(c)
...
EUR
611
715,873
FMC
Corp.
3.45%,
10/01/29
...................
USD
680
615,345
4.50%,
10/01/49
...................
103
64,344
6.38%,
05/18/53
...................
73
55,068
Herens
Holdco
SARL,
4.75%,
05/15/28
(b)
.....
777
687,645
INEOS
Finance
plc
(c)
6.38%,
04/15/29
...................
EUR
1,996
2,294,384
7.25%,
03/31/31
...................
1,290
1,465,653
INEOS
Quattro
Finance
2
plc,
8.50%,
03/15/29
(c)
1,142
1,304,083
INEOS
Styrolution
Ludwigshafen
GmbH,
2.25%,
01/16/27
(c)
.......................
280
324,231
Ingevity
Corp.,
3.88%,
11/01/28
(b)
..........
USD
204
196,785
Italmatch
Chemicals
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.13%),
6.15%,
02/05/31
(a)(c)
.
EUR
569
661,252
Itelyum
Regeneration
SpA,
5.75%,
04/15/30
(c)
..
544
643,367
Kronos
International,
Inc.
9.50%,
03/15/29
(c)
..................
2,396
2,582,926
Lune
Holdings
SARL,
5.63%,
11/15/28
(c)
.....
990
24,203
LYB
International
Finance
III
LLC
2.25%,
10/01/30
...................
USD
1,626
1,458,455
5.13%,
01/15/31
...................
1,297
1,304,876
5.63%,
05/15/33
...................
1,523
1,549,446
6.15%,
05/15/35
...................
178
184,309
5.88%,
01/15/36
...................
1,865
1,883,916
Maxam
Prill
SARL,
6.00%,
07/15/30
(c)
.......
EUR
2,765
3,277,133
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Methanex
US
Operations,
Inc.,
6.25%,
03/15/32
(b)
.......................
USD
220
$
226,390
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(b)
.
720
715,687
Mosaic
Co.
(The),
5.45%,
11/15/33
.........
100
101,265
Nutrien
Ltd.
4.20%,
04/01/29
...................
389
386,377
5.25%,
03/12/32
...................
100
101,999
Olympus
Water
US
Holding
Corp.
5.38%,
10/01/29
(c)
..................
EUR
1,072
1,187,656
6.25%,
10/01/29
(b)
..................
USD
1,660
1,622,541
7.25%,
06/15/31
(b)
..................
1,560
1,569,249
6.75%,
08/01/32
(b)
..................
2,212
2,144,038
6.13%,
02/15/33
(c)
..................
EUR
974
1,126,973
7.25%,
02/15/33
(b)
..................
USD
6,375
6,231,198
Orbia
Advance
Corp.
SAB
de
CV,
6.75%,
09/19/42
(b)
.......................
722
622,725
Perimeter
Holdings
LLC,
6.25%,
01/15/34
(b)
...
1,472
1,464,905
Sasol
Financing
USA
LLC,
8.75%,
04/10/33
(b)
..
323
338,908
SCIL
IV
LLC,
9.50%,
07/15/28
(c)
...........
EUR
982
1,195,006
Scotts
Miracle-Gro
Co.
(The)
4.00%,
04/01/31
...................
USD
595
553,613
4.38%,
02/01/32
...................
79
73,714
Sherwin-Williams
Co.
(The)
4.55%,
03/01/28
...................
588
589,809
4.80%,
09/01/31
...................
100
100,692
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(b)
.......................
2,798
2,757,148
Solstice
Advanced
Materials,
Inc.,
5.63%,
09/30/33
(b)
.......................
1,129
1,122,986
Synthomer
plc,
7.38%,
05/02/29
(c)
..........
EUR
1,439
1,237,326
WR
Grace
Holdings
LLC
(b)
5.63%,
08/15/29
...................
USD
5,414
5,165,488
7.38%,
03/01/31
...................
1,108
1,119,524
6.63%,
08/15/32
...................
1,718
1,705,245
7.00%,
08/01/33
...................
1,276
1,267,502
71,825,886
Commercial
Services
&
Supplies
—
0.6%
ADT
Security
Corp.
(The)
(b)
4.88%,
07/15/32
...................
309
294,282
5.88%,
10/15/33
...................
1,686
1,660,958
Allied
Universal
Holdco
LLC
4.63%,
06/01/28
(b)
..................
3,520
3,469,213
4.88%,
06/01/28
(c)
..................
GBP
1,433
1,899,810
6.00%,
06/01/29
(b)
..................
USD
4,870
4,832,323
6.88%,
06/15/30
(b)
..................
3,042
3,129,766
7.88%,
02/15/31
(b)
..................
7,966
8,355,314
Amber
Finco
plc,
6.63%,
07/15/29
(c)
........
EUR
1,127
1,367,635
APCOA
GmbH,
6.00%,
04/15/31
(c)
.........
1,755
2,062,131
APi
Group
DE,
Inc.
(b)
4.13%,
07/15/29
...................
USD
234
228,048
4.75%,
10/15/29
...................
141
138,165
Aramark
Services,
Inc.,
5.00%,
02/01/28
(b)
....
248
247,500
Arena
Luxembourg
Finance
SARL
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.52%,
05/01/30
(a)(c)
......................
EUR
463
545,028
Bidvest
Group
UK
plc
(The),
6.20%,
09/17/32
(b)
.
USD
252
253,263
Biffa
Group
Holdings
Ltd.
(c)
5.25%,
06/15/31
...................
EUR
922
1,068,836
7.38%,
06/15/31
...................
GBP
875
1,190,417
Brink's
Co.
(The)
(b)
6.50%,
06/15/29
...................
USD
173
176,992
6.75%,
06/15/32
...................
1,334
1,368,583
Clean
Harbors,
Inc.,
6.38%,
02/01/31
(b)
......
64
65,135
Currenta
Group
Holdings
SARL,
5.50%,
05/15/30
(c)
.......................
EUR
779
919,692
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Deluxe
Corp.,
8.13%,
09/15/29
(b)
..........
USD
133
$
138,697
Garda
World
Security
Corp.
(b)
7.75%,
02/15/28
...................
430
437,736
6.00%,
06/01/29
...................
104
101,912
8.25%,
08/01/32
...................
1,643
1,681,027
8.38%,
11/15/32
...................
6,685
6,897,436
GFL
Environmental
Holdings
US,
Inc.,
5.50%,
02/01/34
(b)
.......................
2,628
2,585,108
GFL
Environmental,
Inc.
(b)
4.00%,
08/01/28
...................
100
97,730
4.75%,
06/15/29
...................
2
1,976
4.38%,
08/15/29
...................
550
538,024
6.75%,
01/15/31
...................
144
149,297
Group
Laboratories
South
Africa
Pty.
Ltd.
(b)(e)(k)
5.88%,
11/01/28
...................
376
193,640
9.50%,
11/01/28
...................
414
213,210
8.63%,
10/01/31
...................
325
167,375
Luna
1.5
SARL
10.50%,
07/01/32
(b)
.................
EUR
165
205,756
10.50%,
(10.50%
Cash
or
11.25%
PIK),
07/01/32
(c)(j)
....................
744
927,770
Luna
2.5
SARL,
5.50%,
07/01/32
(c)
.........
438
515,488
Madison
IAQ
LLC,
5.88%,
06/30/29
(b)
.......
USD
1,887
1,881,893
Paprec
Holding
SA,
4.13%,
07/15/30
(c)
......
EUR
1,227
1,432,491
Republic
Services,
Inc.
3.95%,
05/15/28
...................
USD
437
434,633
5.00%,
12/15/33
...................
351
356,978
Reworld
Holding
Corp.,
4.88%,
12/01/29
(b)
....
313
299,151
RR
Donnelley
&
Sons
Co.,
9.50%,
08/01/29
(b)
..
1,637
1,689,605
Sabre
Financial
Borrower
LLC,
11.13%,
06/15/29
(b)
.......................
2,159
2,216,252
Techem
Verwaltungsgesellschaft
675
mbH
(c)
4.63%,
07/15/32
...................
EUR
400
464,697
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.15%,
07/15/32
(a)
................
206
241,991
Verisure
Holding
AB,
7.13%,
02/01/28
(c)
......
568
678,746
Veritiv
Operating
Co.,
10.50%,
11/30/30
(b)
....
USD
177
186,518
Waste
Connections,
Inc.
4.20%,
01/15/33
...................
111
107,073
5.00%,
03/01/34
...................
218
219,416
Waste
Management,
Inc.
4.50%,
03/15/28
...................
448
451,203
4.95%,
07/03/31
...................
350
357,356
4.88%,
02/15/34
...................
282
285,023
4.95%,
03/15/35
...................
100
100,148
Waste
Pro
USA,
Inc.,
7.00%,
02/01/33
(b)
.....
4,454
4,537,314
Williams
Scotsman,
Inc.
(b)
6.63%,
06/15/29
...................
812
833,455
6.63%,
04/15/30
...................
1,188
1,223,546
7.38%,
10/01/31
...................
255
265,577
66,388,339
Communications
Equipment
—
0.1%
Cisco
Systems,
Inc.
4.75%,
02/24/30
...................
141
143,235
4.95%,
02/24/32
...................
589
601,088
5.10%,
02/24/35
...................
146
147,765
Motorola
Solutions,
Inc.
4.60%,
05/23/29
...................
439
439,689
2.75%,
05/24/31
...................
2,121
1,934,019
5.20%,
08/15/32
...................
2,969
3,011,100
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(b)
......
174
165,762
6,442,658
Security
Par
(000)
Par
(000)
Value
Construction
&
Engineering
—
0.1%
AECOM,
6.00%,
08/01/33
(b)
..............
USD
718
$
723,861
Arcosa,
Inc.
(b)
4.38%,
04/15/29
...................
838
817,418
6.88%,
08/15/32
...................
1,095
1,137,334
Brand
Industrial
Services,
Inc.,
10.38%,
08/01/30
(b)
.......................
1,726
1,588,973
China
City
Construction
International
Co.
Ltd.,
5.35%,
07/03/17
(c)(e)(f)(k)
...............
CNY
6,794
—
Dycom
Industries,
Inc.,
4.50%,
04/15/29
(b)
....
USD
318
310,604
Egis
SA,
5.13%,
05/15/31
(c)
..............
EUR
964
1,134,095
Heathrow
Finance
plc
(c)
3.88%,
03/01/27
(d)
..................
GBP
1,745
2,328,783
6.63%,
03/01/31
...................
641
867,803
Webuild
SpA,
4.50%,
05/08/32
(c)
...........
EUR
925
1,080,292
Weekley
Homes
LLC,
6.75%,
01/15/34
(b)
.....
USD
304
300,499
10,289,662
Construction
Materials
—
0.0%
Martin
Marietta
Materials,
Inc.
2.40%,
07/15/31
...................
100
89,201
5.15%,
12/01/34
...................
107
107,704
Vulcan
Materials
Co.
4.95%,
12/01/29
...................
128
130,087
3.50%,
06/01/30
...................
100
96,028
423,020
Consumer
Finance
—
0.5%
AerCap
Ireland
Capital
DAC
4.88%,
04/01/28
...................
185
186,080
5.75%,
06/06/28
...................
259
265,117
4.63%,
09/10/29
...................
325
324,406
4.38%,
11/15/30
...................
224
219,859
5.30%,
01/19/34
...................
627
626,154
4.95%,
09/10/34
...................
253
246,481
Ally
Financial,
Inc.
(a)
(SOFR
Index
+
1.73%),
5.54%,
01/17/31
..
181
183,047
(1-day
SOFR
+
1.78%),
5.55%,
07/31/33
..
396
393,560
American
Express
Co.
(1-day
SOFR
+
0.93%),
5.04%,
07/26/28
(a)
.
100
100,819
(1-day
SOFR
+
1.26%),
4.73%,
04/25/29
(a)
.
308
309,606
4.05%,
05/03/29
...................
200
199,372
(1-day
SOFR
+
0.81%),
4.35%,
07/20/29
(a)
.
376
375,283
(1-day
SOFR
+
1.94%),
6.49%,
10/30/31
(a)
.
223
239,550
(1-day
SOFR
+
0.87%),
4.46%,
02/10/32
(a)
.
5,735
5,675,429
(1-day
SOFR
+
2.26%),
4.99%,
05/26/33
(a)
.
156
155,147
(1-day
SOFR
+
1.22%),
4.92%,
07/20/33
(a)
.
613
614,453
(1-day
SOFR
+
1.42%),
5.28%,
07/26/35
(a)
.
629
637,022
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.15%),
5.41%,
02/08/41
(a)
.....................
100
99,524
American
Honda
Finance
Corp.
2.00%,
03/24/28
...................
575
548,434
2.25%,
01/12/29
...................
100
93,967
4.40%,
09/05/29
...................
101
100,123
1.80%,
01/13/31
...................
556
484,779
4.90%,
01/10/34
...................
149
145,896
5.20%,
03/05/35
...................
144
142,628
Azorra
Finance
Ltd.
(b)
7.75%,
04/15/30
...................
506
523,551
7.25%,
01/15/31
...................
868
889,123
6.25%,
02/15/34
...................
455
435,662
Capital
One
Financial
Corp.
(a)
(1-day
SOFR
at
0.00%
Floor
+
2.64%),
6.31%,
06/08/29
.................
216
223,359
(1-day
SOFR
+
3.07%),
7.62%,
10/30/31
..
1,040
1,148,183
(SOFR
Index
+
3.37%),
7.96%,
11/02/34
..
317
365,662
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
(1-day
SOFR
+
2.26%),
6.05%,
02/01/35
..
USD
346
$
358,758
(1-day
SOFR
+
2.04%),
6.18%,
01/30/36
..
77
78,419
(1-day
SOFR
+
1.63%),
5.20%,
09/11/36
..
352
341,345
Caterpillar
Financial
Services
Corp.
4.40%,
03/03/28
...................
772
775,355
4.85%,
02/27/29
...................
100
101,699
4.38%,
08/16/29
...................
266
266,961
4.70%,
11/15/29
...................
170
172,316
Encore
Capital
Group,
Inc.,
4.25%,
06/01/28
(c)
.
GBP
400
522,077
Ford
Motor
Credit
Co.
LLC
7.35%,
11/04/27
...................
USD
364
375,127
6.80%,
05/12/28
...................
3,833
3,949,798
5.30%,
09/06/29
...................
2,315
2,308,315
7.35%,
03/06/30
...................
900
953,006
7.20%,
06/10/30
...................
500
528,962
6.05%,
03/05/31
...................
369
375,138
3.63%,
06/17/31
...................
600
546,931
7.12%,
11/07/33
...................
212
224,927
6.13%,
03/08/34
...................
242
243,004
5.87%,
10/31/35
...................
521
507,664
General
Motors
Financial
Co.,
Inc.
4.20%,
10/27/28
...................
1,540
1,527,431
4.75%,
04/06/29
...................
3,780
3,788,424
5.75%,
02/08/31
...................
181
187,188
2.70%,
06/10/31
...................
491
442,481
6.10%,
01/07/34
...................
169
176,449
5.95%,
04/04/34
...................
319
330,150
6.15%,
07/15/35
...................
245
254,959
5.45%,
01/08/36
...................
430
426,901
GGAM
Finance
Ltd.
(b)
8.00%,
06/15/28
...................
239
248,940
6.88%,
04/15/29
...................
1,487
1,519,164
5.88%,
03/15/30
...................
45
45,332
Global
Aircraft
Leasing
Co.
Ltd.,
8.75%,
09/01/27
(b)
.......................
712
723,419
John
Deere
Capital
Corp.
Series
I,
4.25%,
06/05/28
.............
539
540,887
4.95%,
07/14/28
...................
100
101,695
Series
I,
3.90%,
03/09/29
.............
79
78,371
2.80%,
07/18/29
...................
346
330,965
Series
I,
4.20%,
03/10/31
.............
50
49,484
2.00%,
06/17/31
...................
812
722,498
Series
I,
5.15%,
09/08/33
.............
332
342,463
Kaspi.KZ
JSC,
5.90%,
04/28/31
(b)
..........
699
695,942
Navient
Corp.
9.38%,
07/25/30
...................
528
547,920
7.88%,
06/15/32
...................
398
383,108
OneMain
Finance
Corp.
6.63%,
05/15/29
...................
1,079
1,097,597
5.38%,
11/15/29
...................
280
276,009
7.88%,
03/15/30
...................
188
195,987
6.13%,
05/15/30
...................
503
502,825
4.00%,
09/15/30
...................
319
293,422
7.50%,
05/15/31
...................
49
50,238
7.13%,
11/15/31
...................
89
90,250
6.75%,
03/15/32
...................
3,758
3,756,916
7.13%,
09/15/32
...................
176
178,474
6.50%,
03/15/33
...................
648
634,669
6.75%,
09/15/33
...................
1,634
1,607,199
PACCAR
Financial
Corp.,
4.60%,
01/31/29
...
213
215,562
Phoenix
Aviation
Capital
Ltd.,
9.25%,
07/15/30
(b)
2,959
3,019,831
Synchrony
Financial
5.15%,
03/19/29
...................
359
359,884
(1-day
SOFR
+
1.40%),
5.02%,
07/29/29
(a)
.
496
496,072
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Toyota
Motor
Credit
Corp.
1.90%,
04/06/28
...................
USD
966
$
926,401
5.05%,
05/16/29
...................
287
292,952
4.55%,
08/09/29
...................
256
257,530
3.38%,
04/01/30
...................
180
173,098
1.90%,
09/12/31
...................
216
188,515
4.60%,
10/10/31
...................
150
150,328
4.80%,
01/05/34
...................
251
250,687
5.35%,
01/09/35
...................
192
196,626
57,257,321
Consumer
Staples
Distribution
&
Retail
—
0.2%
Albertsons
Cos.,
Inc.
(b)
5.50%,
03/31/31
...................
296
294,356
5.63%,
03/31/32
...................
260
256,494
6.25%,
03/15/33
...................
1,251
1,262,099
5.75%,
03/31/34
...................
2,093
2,037,572
Bellis
Acquisition
Co.
plc
(c)
8.13%,
05/14/30
...................
GBP
1,240
1,560,270
8.00%,
07/01/31
...................
EUR
160
179,012
Boots
Group
Finco
LP
5.38%,
08/31/32
(b)
..................
565
672,279
5.38%,
08/31/32
(c)
..................
566
673,468
7.38%,
08/31/32
(b)
..................
GBP
245
339,028
7.38%,
08/31/32
(c)
..................
282
390,228
Cencosud
SA
(b)
5.95%,
05/28/31
...................
USD
600
624,720
5.75%,
04/15/36
...................
540
539,644
Dollar
General
Corp.
4.13%,
05/01/28
...................
109
108,312
5.20%,
07/05/28
...................
123
124,788
5.45%,
07/05/33
...................
156
159,038
Dollar
Tree,
Inc.,
4.20%,
05/15/28
..........
130
129,262
FR
Bondco
SAS,
6.88%,
10/31/32
(c)
........
EUR
278
326,835
KeHE
Distributors
LLC
(b)
9.00%,
02/15/29
...................
USD
179
187,111
7.13%,
04/30/33
...................
600
607,439
Kroger
Co.
(The)
1.70%,
01/15/31
...................
252
221,543
5.00%,
09/15/34
...................
125
123,480
Market
Bidco
Finco
plc,
6.75%,
01/31/31
(c)
....
EUR
925
1,044,463
New
Immo
Holding
SA
(c)
5.88%,
04/17/28
...................
300
358,185
4.88%,
12/08/28
...................
700
821,262
4.95%,
11/14/30
...................
300
348,038
5.50%,
04/23/31
...................
300
350,944
Ocado
Group
plc
(c)
6.25%,
08/06/29
(m)
.................
GBP
600
737,349
11.00%,
06/15/30
..................
325
452,028
Performance
Food
Group,
Inc.
(b)
6.13%,
09/15/32
...................
USD
1,362
1,380,618
5.63%,
03/01/34
...................
1,637
1,602,888
Sysco
Corp.
4.40%,
07/25/31
...................
177
173,144
6.00%,
01/17/34
...................
101
106,402
5.40%,
03/23/35
...................
167
167,562
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(b)
..
227
227,142
US
Foods,
Inc.
(b)
4.75%,
02/15/29
...................
135
133,530
7.25%,
01/15/32
...................
54
56,169
Walmart,
Inc.
7.55%,
02/15/30
...................
249
278,828
4.90%,
04/28/35
...................
128
129,600
5.25%,
09/01/35
...................
509
530,533
19,715,663
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
—
0.4%
Amcor
Flexibles
North
America,
Inc.,
5.50%,
03/17/35
........................
USD
853
$
865,892
Ardagh
Group
SA
9.50%,
12/01/30
(b)
..................
1,662
1,762,530
9.50%,
12/01/30
(c)
..................
1,994
2,114,497
12.00%,
(12.00%
Cash
or
6.50%
PIK),
12/01/30
(b)(j)
....................
1,000
866,706
12.00%,
(12.00%
Cash
or
7.50%
PIK),
12/01/30
(c)(j)
....................
EUR
1,651
1,659,567
Ardagh
Metal
Packaging
Finance
USA
LLC
3.25%,
09/01/28
(b)
..................
USD
200
191,241
3.00%,
09/01/29
(c)
..................
EUR
1,182
1,302,332
4.00%,
09/01/29
(b)
..................
USD
4,674
4,374,463
6.25%,
01/30/31
(b)
..................
949
955,459
Ball
Corp.
4.25%,
07/01/32
...................
EUR
225
264,866
5.50%,
09/15/33
...................
USD
215
215,572
Berry
Global,
Inc.,
5.80%,
06/15/31
.........
916
953,825
Clydesdale
Acquisition
Holdings,
Inc.
(b)
6.63%,
04/15/29
...................
309
304,140
6.88%,
01/15/30
...................
1,289
1,260,258
6.75%,
04/15/32
...................
906
852,380
Crown
Americas
LLC,
5.88%,
06/01/33
......
2,041
2,055,842
Fiber
Midco
SpA,
10.75%,
(10.75%
Cash
or
10.75%
PIK),
06/15/29
(c)(j)
.............
EUR
434
347,928
Klabin
Austria
GmbH,
3.20%,
01/12/31
(b)
.....
USD
665
599,996
Kleopatra
Finco
SARL,
(1M
EURIBOR
+
2.00%),
6.00%,
01/30/31
(a)
..................
EUR
2,150
2,044,008
Mauser
Packaging
Solutions
Holding
Co.
(b)
7.88%,
04/15/30
...................
USD
8,974
9,074,195
9.25%,
04/15/30
...................
808
770,073
OI
European
Group
BV
(c)
6.25%,
05/15/28
...................
EUR
928
1,098,187
5.25%,
06/01/29
...................
866
1,009,278
Packaging
Corp.
of
America,
5.20%,
08/15/35
.
USD
100
99,710
Silgan
Holdings,
Inc.,
4.25%,
02/15/31
(b)
.....
EUR
560
649,681
Smurfit
Kappa
Treasury
ULC,
5.44%,
04/03/34
.
USD
255
259,305
Sonoco
Products
Co.
4.60%,
09/01/29
...................
100
99,824
5.00%,
09/01/34
...................
107
104,801
Sword
Purchaser
LLC
7.25%,
04/15/33
(c)
..................
EUR
713
844,644
8.25%,
04/15/33
(b)
..................
USD
948
969,954
Trivium
Packaging
Finance
BV
(b)
6.63%,
07/15/30
...................
EUR
130
156,455
8.25%,
07/15/30
...................
USD
1,503
1,567,162
12.25%,
01/15/31
..................
200
218,056
WestRock
MWV
LLC,
7.95%,
02/15/31
......
100
112,943
WRKCo,
Inc.,
3.90%,
06/01/28
............
326
322,476
40,348,246
Distributors
—
0.0%
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
(b)
...............
30
28,630
Gates
Corp.,
6.88%,
07/01/29
(b)
...........
327
336,397
LKQ
Corp.,
5.75%,
06/15/28
.............
225
228,553
Resideo
Funding,
Inc.
(b)
4.00%,
09/01/29
...................
190
181,209
6.50%,
07/15/32
...................
1,469
1,482,509
2,257,298
Diversified
Consumer
Services
—
0.1%
Belron
UK
Finance
plc,
5.75%,
10/15/29
(b)
....
963
972,670
Multiversity
SpA
(c)
(3-mo.
EURIBOR
at
4.25%
Floor
+
4.25%),
6.40%,
10/30/28
(a)
................
EUR
600
709,057
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
(continued)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.40%,
05/17/31
(a)
................
EUR
1,315
$
1,551,137
7.13%,
05/17/31
...................
819
998,611
Service
Corp.
International
4.00%,
05/15/31
...................
USD
419
395,879
5.75%,
10/15/32
...................
1,881
1,897,585
Sotheby's
(b)
5.88%,
06/01/29
...................
400
379,752
8.25%,
04/15/31
...................
663
644,098
Wand
NewCo
3,
Inc.,
7.63%,
01/30/32
(b)
.....
1,881
1,958,181
9,506,970
Diversified
REITs
—
0.1%
Digital
Realty
Trust
LP,
3.60%,
07/01/29
.....
129
125,529
Equinix
Asia
Financing
Corp.
Pte.
Ltd.,
4.40%,
03/15/31
........................
95
93,000
Equinix
Europe
2
Financing
Corp.
LLC
4.70%,
03/15/33
...................
124
121,458
5.50%,
06/15/34
...................
100
102,017
GLP
Capital
LP
3.25%,
01/15/32
...................
354
317,246
6.75%,
12/01/33
...................
362
384,258
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(b)
...............
430
415,190
Simon
Property
Group
LP,
4.38%,
10/01/30
...
1,796
1,784,232
Trust
Fibra
Uno,
7.70%,
01/23/32
(c)
.........
580
624,956
Uniti
Group
LP
(b)
6.50%,
02/15/29
...................
229
224,996
6.00%,
01/15/30
...................
271
261,854
Series
Feb,
8.63%,
06/15/32
...........
2,095
2,192,636
VICI
Properties
LP,
4.13%,
08/15/30
(b)
.......
1,651
1,585,672
WP
Carey,
Inc.,
5.38%,
06/30/34
..........
130
131,002
8,364,046
Diversified
Telecommunication
Services
—
1.3%
Altice
France
SA
4.75%,
10/15/30
(c)
..................
EUR
1,765
2,024,427
6.88%,
10/15/30
(b)
..................
USD
688
676,174
5.50%,
10/15/31
(c)
..................
EUR
264
304,046
6.50%,
10/15/31
(b)
..................
USD
579
568,165
6.50%,
04/15/32
(b)
..................
3,931
3,866,435
5.63%,
07/15/32
(c)
..................
EUR
977
1,126,426
6.88%,
07/15/32
(b)
..................
USD
1,506
1,481,817
APLD
ComputeCo
2
LLC,
6.75%,
03/15/31
(b)
..
2,012
1,991,991
APLD
ComputeCo
LLC,
9.25%,
12/15/30
(b)
....
494
530,993
AT&T,
Inc.
2.30%,
06/01/27
...................
254
248,580
1.65%,
02/01/28
...................
622
593,824
4.30%,
02/15/30
...................
591
586,765
4.40%,
04/30/31
...................
100
98,885
2.75%,
06/01/31
...................
179
163,405
4.75%,
04/30/33
...................
2,555
2,521,598
2.55%,
12/01/33
...................
1,163
983,297
4.50%,
05/15/35
...................
470
445,062
Bakrie
Telecom
Pte.
Ltd.,
11.50%,
05/07/15
(c)(e)(k)
1,000
3,750
Bell
Telephone
Co.
of
Canada
or
Bell
Canada,
5.10%,
05/11/33
...................
132
132,379
Black
Pearl
Compute
LLC,
6.13%,
02/15/31
(b)
..
1,258
1,276,351
CCO
Holdings
LLC
5.38%,
06/01/29
(b)
..................
693
681,815
6.38%,
09/01/29
(b)
..................
187
187,326
4.75%,
03/01/30
(b)
..................
3,815
3,616,351
4.50%,
08/15/30
(b)
..................
810
755,540
4.25%,
02/01/31
(b)
..................
2,635
2,393,271
4.75%,
02/01/32
(b)
..................
1,113
996,613
4.50%,
05/01/32
...................
37
32,492
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
7.00%,
02/01/33
(b)
..................
USD
591
$
582,568
4.50%,
06/01/33
(b)
..................
658
565,291
4.25%,
01/15/34
(b)
..................
2,142
1,796,614
7.38%,
02/01/36
(b)
..................
2,927
2,869,511
Cipher
Compute
LLC,
7.13%,
11/15/30
(b)
.....
1,591
1,649,086
Comcast
Corp.
3.55%,
05/01/28
...................
425
418,932
4.25%,
10/15/30
...................
232
228,997
1.95%,
01/15/31
...................
240
212,942
1.50%,
02/15/31
...................
123
106,684
4.25%,
01/15/33
...................
168
161,845
4.65%,
02/15/33
...................
491
485,187
4.20%,
08/15/34
...................
700
658,240
Core
Scientific
Finance
I
LLC,
7.75%,
05/15/31
(b)
2,193
2,187,527
Deutsche
Telekom
International
Finance
BV,
8.75%,
06/15/30
(d)
..................
105
120,337
eircom
Finance
DAC,
5.00%,
04/30/31
(c)
.....
EUR
1,869
2,207,433
Fibercop
SpA
4.75%,
06/30/30
(c)
..................
1,181
1,396,848
5.38%,
04/15/31
(c)
..................
1,539
1,830,092
5.13%,
06/30/32
(c)
..................
262
308,882
Series
2033,
6.38%,
11/15/33
(b)
.........
USD
462
461,423
Series
2034,
6.00%,
09/30/34
(b)
.........
200
191,791
Series
2036,
7.20%,
07/18/36
(b)
.........
699
697,252
Flash
Compute
LLC,
7.25%,
12/31/30
(b)
......
3,254
3,319,308
Frontier
Communications
Holdings
LLC
5.00%,
05/01/28
(b)
..................
4
4,000
6.75%,
05/01/29
(b)
..................
128
128,000
5.88%,
11/01/29
...................
309
310,301
6.00%,
01/15/30
(b)
..................
264
265,458
8.75%,
05/15/30
(b)
..................
567
580,095
Grupo
Televisa
SAB,
6.63%,
01/15/40
.......
723
628,106
Iliad
SA,
4.25%,
01/09/32
(c)
..............
EUR
1,100
1,278,702
Kaixo
Bondco
Telecom
SA,
5.13%,
09/30/29
(c)
.
766
903,200
Level
3
Financing,
Inc.
(b)
3.63%,
01/15/29
...................
USD
426
404,700
6.88%,
06/30/33
...................
7,232
7,463,863
7.00%,
03/31/34
...................
5,386
5,586,505
8.50%,
01/15/36
...................
5,857
6,273,213
Lorca
Telecom
Bondco
SA,
5.75%,
04/30/29
(c)
.
EUR
1,345
1,625,434
Maya
SAS,
7.00%,
04/15/32
(b)
............
USD
2,256
2,290,413
Meridian
Arc
Holdco
LLC,
6.25%,
04/30/31
(b)
..
16,055
16,051,346
Orange
SA,
9.00%,
03/01/31
(a)(d)
...........
240
282,180
PR
RNO
Property
Owner
1
LLC,
6.50%,
05/01/31
(b)
.......................
3,514
3,483,126
RD
Michigan
Property
Owner
I
LLC,
7.50%,
03/30/45
(b)
.......................
2,230
2,229,552
Sable
International
Finance
Ltd.,
7.13%,
10/15/32
(b)
.......................
1,503
1,508,035
SE
Cosmos
LLC,
8.88%,
05/01/31
(b)
........
2,438
2,425,810
Sprint
Capital
Corp.,
6.88%,
11/15/28
.......
3,071
3,242,526
SV
RNO
Property
Owner
1
LLC,
5.88%,
03/01/31
(b)
.......................
5,550
5,445,375
Telecom
Argentina
SA,
9.25%,
05/28/33
(b)
....
609
646,400
Telecom
Italia
Capital
SA,
7.72%,
06/04/38
...
1,008
1,141,322
TELUS
Corp.,
3.40%,
05/13/32
...........
111
101,114
Turk
Telekomunikasyon
A/S,
6.95%,
10/07/32
(b)
536
535,502
Uniti
Services
LLC,
7.50%,
10/15/33
(b)
.......
921
969,680
Verizon
Communications,
Inc.
2.10%,
03/22/28
...................
100
96,036
4.02%,
12/03/29
...................
684
674,544
1.50%,
09/18/30
...................
101
88,962
2.55%,
03/21/31
...................
200
181,894
4.75%,
01/15/33
...................
974
961,175
4.50%,
08/10/33
...................
100
97,092
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
4.40%,
11/01/34
...................
USD
235
$
223,532
4.78%,
02/15/35
...................
239
231,908
4.27%,
01/15/36
...................
100
92,243
5.00%,
01/15/36
...................
448
437,526
Virgin
Media
Finance
plc,
5.00%,
07/15/30
(b)
...
776
654,111
Virgin
Media
Secured
Finance
plc
5.25%,
05/15/29
(c)
..................
GBP
361
471,625
5.50%,
05/15/29
(b)
..................
USD
400
385,946
4.13%,
08/15/30
(c)
..................
GBP
942
1,140,860
4.50%,
08/15/30
(b)
..................
USD
258
228,358
Windstream
Services
LLC,
8.25%,
10/01/31
(b)
..
6,364
6,731,190
WULF
Compute
LLC,
7.75%,
10/15/30
(b)
.....
1,627
1,709,969
Zayo
Group
Holdings,
Inc.
(a)(b)(j)
6.25%,
(6.25%
Cash
or
0.50%
PIK),
03/09/30
5,006
5,006,154
9.00%,
(9.00%
Cash
or
1.88%
PIK),
09/09/30
1,240
1,220,484
137,182,135
Electric
Utilities
—
0.9%
AES
Panama
Generation
Holdings
SRL,
4.38%,
05/31/30
(c)
.......................
580
546,898
Alabama
Power
Co.,
5.85%,
11/15/33
.......
190
200,543
Alpha
Generation
LLC,
6.75%,
10/15/32
(b)
....
309
316,480
Arizona
Public
Service
Co.
5.70%,
08/15/34
...................
1,210
1,251,051
5.10%,
03/15/36
...................
2,120
2,087,032
California
Buyer
Ltd.
5.63%,
02/15/32
(c)
..................
EUR
1,754
2,055,915
6.38%,
02/15/32
(b)
..................
USD
1,177
1,169,851
CenterPoint
Energy
Houston
Electric
LLC
Series
AE,
2.35%,
04/01/31
............
100
89,855
5.15%,
03/01/34
...................
209
210,929
5.05%,
03/01/35
...................
535
535,374
Series
AR,
4.85%,
04/01/36
............
1,130
1,105,990
ContourGlobal
Power
Holdings
SA
5.00%,
02/28/30
(c)
..................
EUR
875
1,032,285
6.75%,
02/28/30
(b)
..................
USD
1,356
1,376,340
4.38%,
07/31/31
(c)
..................
EUR
1,043
1,187,410
DTE
Electric
Co.
Series
A,
1.90%,
04/01/28
.............
USD
100
95,871
Series
C,
2.63%,
03/01/31
............
100
92,003
5.20%,
03/01/34
...................
208
212,654
Series
A,
4.85%,
03/01/36
.............
55
53,776
Series
A,
6.63%,
06/01/36
.............
115
127,279
Duke
Energy
Carolinas
LLC,
4.85%,
03/15/30
.
79
80,348
Duke
Energy
Florida
LLC,
2.40%,
12/15/31
...
304
271,231
Duke
Energy
Kentucky,
Inc.,
(Acquired
08/11/25,
cost
$2,980,000),
5.90%,
09/15/35
(f)(i)
.....
2,980
3,017,250
Duke
Energy
Progress
LLC
3.40%,
04/01/32
...................
306
286,384
5.70%,
04/01/35
...................
30
30,681
Emera
US
Finance
LLC,
4.50%,
04/01/29
....
2,090
2,084,697
Enel
Finance
International
NV,
4.88%,
06/14/29
(b)
710
716,878
Entergy
Louisiana
LLC,
4.00%,
03/15/33
.....
227
216,330
Evergy
Metro,
Inc.
4.95%,
04/15/33
...................
100
100,310
5.13%,
08/15/35
...................
100
99,361
Exelon
Corp.,
4.05%,
04/15/30
............
35
34,286
FirstEnergy
Corp.,
2.65%,
03/01/30
........
1,933
1,795,149
FirstEnergy
Transmission
LLC,
5.00%,
01/15/35
1,182
1,166,279
Florida
Power
&
Light
Co.,
4.95%,
06/01/35
...
140
139,847
Georgia
Power
Co.,
4.70%,
05/15/32
.......
535
536,697
Interstate
Power
&
Light
Co.,
4.95%,
09/30/34
.
435
428,275
Minejesa
Capital
BV,
5.63%,
08/10/37
(b)
......
511
494,766
NextEra
Energy
Capital
Holdings,
Inc.,
5.05%,
02/28/33
........................
174
175,788
Northern
States
Power
Co.,
4.85%,
05/15/36
..
110
108,243
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
NRG
Energy,
Inc.
(b)
2.45%,
12/02/27
...................
USD
691
$
667,664
5.75%,
07/15/29
...................
764
763,652
6.00%,
02/01/33
...................
2,576
2,595,918
5.75%,
01/15/34
...................
1,775
1,761,887
5.88%,
05/15/34
...................
617
614,780
6.25%,
11/01/34
...................
985
996,456
6.00%,
01/15/36
...................
4,596
4,564,548
6.13%,
05/15/36
...................
2,071
2,063,175
Ohio
Power
Co.
Series
Q,
1.63%,
01/15/31
............
849
741,748
5.00%,
06/01/33
...................
660
658,848
5.65%,
06/01/34
...................
99
101,682
Series
F,
5.85%,
10/01/35
.............
129
133,558
Oncor
Electric
Delivery
Co.
LLC
4.65%,
11/01/29
...................
254
256,024
4.50%,
03/15/31
(b)
..................
125
124,178
5.65%,
11/15/33
...................
151
158,115
Pacific
Gas
&
Electric
Co.
3.00%,
06/15/28
...................
160
154,720
5.55%,
05/15/29
...................
1,400
1,431,628
4.55%,
07/01/30
...................
3,565
3,524,851
2.50%,
02/01/31
...................
10,900
9,805,179
3.25%,
06/01/31
...................
799
739,544
6.95%,
03/15/34
...................
1,127
1,235,362
5.80%,
05/15/34
...................
2,232
2,288,974
6.00%,
08/15/35
...................
100
103,311
5.20%,
05/01/36
...................
60
58,442
6.75%,
01/15/53
...................
479
500,146
6.00%,
05/01/56
...................
798
760,168
PacifiCorp,
7.70%,
11/15/31
..............
100
112,872
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
89
87,442
PECO
Energy
Co.,
5.95%,
10/01/36
........
197
209,717
Pinnacle
West
Capital
Corp.,
5.15%,
05/15/30
.
1,807
1,837,732
PPL
Capital
Funding,
Inc.,
5.25%,
09/01/34
...
334
337,225
Public
Service
Co.
of
Colorado
3.70%,
06/15/28
...................
123
121,444
4.15%,
03/13/29
...................
155
154,156
Series
35,
1.90%,
01/15/31
............
124
109,892
5.05%,
06/15/36
...................
30
29,427
Public
Service
Electric
&
Gas
Co.
4.90%,
12/15/32
...................
353
357,009
Series
Q,
5.05%,
03/01/35
............
620
624,234
Renew
Treasury
Ifsc
Pvt
Ltd.,
6.50%,
02/02/31
(b)
646
642,318
Southern
California
Edison
Co.
Series
G,
2.50%,
06/01/31
............
910
812,875
2.75%,
02/01/32
...................
760
676,049
Southern
Co.
(The)
5.20%,
06/15/33
...................
426
431,112
5.70%,
03/15/34
...................
193
199,913
4.25%,
07/01/36
...................
236
217,105
System
Energy
Resources,
Inc.,
5.30%,
12/15/34
192
191,586
Trans-Allegheny
Interstate
Line
Co.,
5.00%,
01/15/31
(b)
.......................
2,184
2,215,616
Union
Electric
Co.,
4.80%,
03/15/36
........
62
60,444
Vistra
Operations
Co.
LLC
(b)
4.38%,
05/01/29
...................
6,333
6,222,819
4.30%,
07/15/29
...................
1,199
1,176,648
4.70%,
01/31/31
...................
904
889,990
5.70%,
12/30/34
...................
1,801
1,818,342
5.35%,
01/31/36
...................
69
67,387
VoltaGrid
LLC,
7.38%,
11/01/30
(b)
..........
4,009
4,161,029
Wisconsin
Electric
Power
Co.,
4.60%,
10/01/34
1,705
1,684,878
Xcel
Energy,
Inc.
4.75%,
03/21/28
...................
190
190,906
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
5.50%,
03/15/34
...................
USD
238
$
242,686
5.60%,
04/15/35
...................
100
101,844
XPLR
Infrastructure
Operating
Partners
LP
(b)
8.38%,
01/15/31
...................
2,396
2,560,284
8.63%,
03/15/33
...................
558
597,961
7.75%,
04/15/34
...................
1,607
1,684,379
93,162,215
Electrical
Equipment
—
0.1%
Eaton
Capital
ULC,
4.45%,
05/09/30
........
200
199,873
Eaton
Corp.
4.35%,
05/18/28
...................
265
265,464
3.95%,
03/06/29
...................
215
212,843
4.20%,
03/06/31
...................
1,805
1,779,908
4.50%,
03/06/33
...................
200
197,011
4.80%,
03/06/36
...................
200
196,885
Emerson
Electric
Co.,
2.00%,
12/21/28
......
222
210,114
GE
Vernova,
Inc.
4.25%,
02/04/31
...................
1,285
1,273,641
4.88%,
02/04/36
...................
1,311
1,296,804
LG
Energy
Solution
Ltd.,
5.25%,
04/02/31
(b)
...
1,250
1,251,928
Rockwell
Automation,
Inc.,
1.75%,
08/15/31
...
100
87,040
Vertiv
Holdings
Co.,
4.85%,
03/15/36
.......
3,245
3,158,868
10,130,379
Electronic
Equipment,
Instruments
&
Components
—
0.1%
Amphenol
Corp.
4.13%,
11/15/30
...................
251
247,205
5.25%,
04/05/34
...................
326
333,739
4.63%,
02/15/36
...................
137
132,428
Arrow
Electronics,
Inc.
5.15%,
08/21/29
...................
118
119,229
2.95%,
02/15/32
...................
100
89,039
Avnet,
Inc.,
3.00%,
05/15/31
.............
100
90,237
CDW
LLC
3.25%,
02/15/29
...................
100
95,528
5.10%,
03/01/30
...................
100
100,292
3.57%,
12/01/31
...................
159
146,363
Coherent
Corp.,
5.00%,
12/15/29
(b)
.........
432
427,328
Flex
Ltd.
4.88%,
05/12/30
...................
143
142,809
5.38%,
11/13/35
...................
100
98,878
Jabil,
Inc.,
4.75%,
02/01/33
..............
101
98,373
Keysight
Technologies,
Inc.,
5.35%,
07/30/30
..
100
102,680
Sensata
Technologies,
Inc.
(b)
4.38%,
02/15/30
...................
694
672,876
3.75%,
02/15/31
...................
904
839,710
6.63%,
07/15/32
...................
3,440
3,549,327
Teledyne
Technologies,
Inc.,
2.75%,
04/01/31
..
100
91,554
Tyco
Electronics
Group
SA
4.50%,
02/09/31
...................
100
99,572
5.00%,
05/09/35
...................
119
118,647
Zebra
Technologies
Corp.,
6.50%,
06/01/32
(b)
..
128
130,490
7,726,304
Energy
Equipment
&
Services
—
0.2%
Archrock
Partners
LP,
6.63%,
09/01/32
(b)
.....
3,130
3,220,635
Archrock
Services
LP,
6.00%,
02/01/34
(b)
.....
555
558,616
Baker
Hughes
Holdings
LLC
4.05%,
03/11/29
...................
95
94,321
4.35%,
06/15/31
...................
122
120,571
4.65%,
06/15/33
...................
76
74,797
Deepocean
Ltd.,
6.00%,
04/08/31
(c)
.........
EUR
1,478
1,773,892
Diamond
Foreign
Asset
Co.,
8.50%,
10/01/30
(b)
.
USD
188
198,250
Enerflex,
Inc.,
6.88%,
01/15/31
(b)
..........
68
70,054
Halliburton
Co.,
4.85%,
11/15/35
..........
100
97,830
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
(continued)
Kodiak
Gas
Services
LLC
(b)
5.88%,
04/01/31
...................
USD
1,335
$
1,344,700
6.50%,
10/01/33
...................
1,714
1,753,254
6.75%,
10/01/35
...................
802
833,066
Nabors
Industries,
Inc.,
7.63%,
11/15/32
(b)
....
308
321,376
Noble
Finance
II
LLC,
8.00%,
04/15/30
(b)
.....
83
86,325
Oceaneering
International,
Inc.,
6.00%,
02/01/28
360
362,519
OEG
Finance
plc,
7.25%,
09/27/29
(c)
........
EUR
2,141
2,617,606
Star
Holding
LLC,
8.75%,
08/01/31
(b)
........
USD
272
277,531
Tidewater,
Inc.,
9.13%,
07/15/30
(b)
.........
320
344,479
Transocean
International
Ltd.
(b)
8.25%,
05/15/29
...................
361
374,818
8.75%,
02/15/30
...................
20
20,529
8.50%,
05/15/31
...................
781
825,886
7.88%,
10/15/32
...................
661
708,291
USA
Compression
Partners
LP
(b)
7.13%,
03/15/29
...................
766
791,610
6.25%,
10/01/33
...................
2,609
2,632,771
Valaris
Ltd.,
8.38%,
04/30/30
(b)
............
271
282,590
Vallourec
SACA,
7.50%,
04/15/32
(b)
........
751
791,851
Weatherford
International
Ltd.,
6.75%,
10/15/33
(b)
1,794
1,861,167
22,439,335
Entertainment
—
0.1%
Cinemark
USA,
Inc.,
7.00%,
08/01/32
(b)
......
83
85,778
Discovery
Global
Holdings,
Inc.
4.28%,
03/15/32
...................
1,324
1,199,186
5.05%,
03/15/42
...................
1,815
1,295,057
Live
Nation
Entertainment,
Inc.,
4.75%,
10/15/27
(b)
.......................
32
31,904
Netflix,
Inc.,
5.38%,
11/15/29
(b)
............
388
398,654
Pinewood
Finco
plc,
6.00%,
03/27/30
(c)
......
GBP
1,928
2,594,439
Playtika
Holding
Corp.,
4.25%,
03/15/29
(b)
....
USD
154
132,654
Starz
Capital
Holdings
1,
Inc.,
6.00%,
04/15/30
(a)
(b)(d)
............................
648
612,360
Walt
Disney
Co.
(The)
3.75%,
03/14/29
...................
463
456,996
4.00%,
03/14/31
...................
376
369,793
6.55%,
03/15/33
...................
139
154,379
6.40%,
12/15/35
...................
100
110,992
4.63%,
03/14/36
...................
143
139,165
7,581,357
Financial
Services
—
0.7%
Apollo
Global
Management,
Inc.
6.38%,
11/15/33
...................
100
107,041
5.15%,
08/12/35
...................
160
155,745
AT&T
Reign
II
Multi-Property
Lease-Backed
Pass-Through
Trust,
6.09%,
12/15/44
(b)
....
2,975
2,932,061
Block,
Inc.
2.75%,
06/01/26
...................
102
101,728
5.63%,
08/15/30
(b)
..................
528
528,533
6.50%,
05/15/32
...................
3,336
3,399,563
6.00%,
08/15/33
(b)
..................
675
673,697
Bracken
MidCo1
plc,
6.75%,
(6.75%
Cash
or
7.50%
PIK),
11/01/27
(c)(j)
..............
GBP
1,264
1,717,242
Corebridge
Financial,
Inc.
3.85%,
04/05/29
...................
USD
100
97,890
5.75%,
01/15/34
...................
304
312,930
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.85%),
6.88%,
12/15/52
(a)
.....................
100
101,501
CrossCountry
Intermediate
HoldCo
LLC
(b)
6.50%,
10/01/30
...................
136
133,614
6.75%,
12/01/32
...................
106
102,457
Equitable
Holdings,
Inc.,
4.35%,
04/20/28
....
311
309,739
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Fidelity
National
Information
Services,
Inc.
4.45%,
03/10/28
...................
USD
1,070
$
1,066,998
4.55%,
03/10/29
...................
2,230
2,221,291
4.80%,
03/10/31
...................
100
99,466
Fiserv,
Inc.
3.50%,
07/01/29
...................
204
196,133
5.35%,
03/15/31
...................
251
254,103
5.63%,
08/21/33
...................
178
180,276
5.45%,
03/15/34
...................
191
189,740
5.15%,
08/12/34
...................
74
72,110
5.25%,
08/11/35
...................
124
120,974
Freedom
Mortgage
Holdings
LLC
(b)
6.88%,
05/01/31
...................
39
37,619
9.13%,
05/15/31
...................
777
804,788
8.38%,
04/01/32
...................
209
211,896
Garfunkelux
Holdco
3
SA,
9.00%,
09/01/28
(c)
..
EUR
1,865
2,199,468
Garfunkelux
Holdco
4
SA,
10.50%,
(10.50%
Cash
or
10.50%
PIK),
05/01/30
(c)(e)(j)(k)
.....
190
112
Global
Payments,
Inc.
4.45%,
06/01/28
...................
USD
640
634,721
3.20%,
08/15/29
...................
143
135,040
5.30%,
08/15/29
...................
579
582,586
4.88%,
11/15/30
...................
3,497
3,436,953
2.90%,
11/15/31
...................
654
575,406
5.40%,
03/15/33
...................
225
219,972
5.55%,
11/15/35
...................
153
147,563
Intrum
Investments
&
Financing
AB,
8.00%,
09/11/27
(c)
........................
EUR
1,138
1,342,226
ION
Platform
Finance
SARL
(c)
7.88%,
05/01/29
...................
2,694
2,921,928
6.50%,
09/30/30
...................
729
713,778
6.88%,
09/30/32
...................
562
522,001
Mastercard,
Inc.
4.55%,
03/15/28
...................
USD
119
119,969
4.88%,
05/09/34
...................
474
477,402
Midcap
Financial
Issuer
Trust
(b)
6.50%,
05/01/28
...................
1,088
1,079,466
5.63%,
01/15/30
...................
600
569,606
Midnights
SPV
SRL,
(3-mo.
EURIBOR
+
3.15%),
5.17%,
08/22/26
(a)(c)(f)
................
EUR
5,156
6,043,603
National
Rural
Utilities
Cooperative
Finance
Corp.
4.75%,
02/07/28
...................
USD
142
143,028
5.00%,
02/07/31
...................
158
161,224
1.35%,
03/15/31
...................
200
171,517
2.75%,
04/15/32
...................
100
90,195
4.15%,
12/15/32
...................
123
119,566
PayPal
Holdings,
Inc.
2.85%,
10/01/29
...................
200
189,605
5.15%,
06/01/34
...................
100
99,303
5.10%,
04/01/35
...................
67
66,376
PennyMac
Financial
Services,
Inc.
(b)
7.88%,
12/15/29
...................
796
825,902
7.13%,
11/15/30
...................
81
82,065
6.88%,
05/15/32
...................
721
713,087
6.75%,
02/15/34
...................
437
422,943
PRA
Group
Europe
Holding
II
SARL,
6.25%,
09/30/32
(c)
.......................
EUR
1,839
2,118,238
Progroup
AG
(c)
5.13%,
04/15/29
...................
668
794,581
5.38%,
04/15/31
...................
1,026
1,211,516
Rocket
Cos.,
Inc.
(b)
6.50%,
08/01/29
...................
USD
558
568,429
6.13%,
08/01/30
...................
4,465
4,531,238
7.13%,
02/01/32
...................
2,653
2,742,207
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
6.38%,
08/01/33
...................
USD
1,676
$
1,696,439
Rocket
Mortgage
LLC
(b)
2.88%,
10/15/26
...................
733
726,435
3.88%,
03/01/31
...................
294
272,949
4.00%,
10/15/33
...................
369
332,459
Shift4
Payments
LLC
6.75%,
08/15/32
(b)
..................
3,061
3,054,951
5.50%,
05/15/33
(c)
..................
EUR
1,944
2,188,501
5.50%,
05/15/33
(b)
..................
415
467,195
Stena
International
SA
7.25%,
01/15/31
(b)
..................
USD
868
882,554
7.25%,
01/15/31
(c)
..................
738
750,375
Taurus
Law
130
Securities
SRL,
(Acquired
07/14/23,
cost
$5,152,259)
,
(3-mo.
EURIBOR
+
3.25%),
5.77%,
08/22/27
(a)(c)(f)(i)
........
EUR
4,644
5,425,304
Titanium
2l
Bondco
SARL,
6.25%,
(6.25%
Cash
or
6.25%
PIK),
01/14/31
(j)
.............
2,952
522,220
UWM
Holdings
LLC
(b)
6.63%,
02/01/30
...................
USD
507
486,600
6.25%,
03/15/31
...................
1,676
1,554,242
Visa,
Inc.
4.10%,
02/12/31
...................
105
104,704
4.40%,
02/12/33
...................
273
270,533
4.15%,
12/14/35
...................
100
95,898
4.70%,
02/12/36
...................
205
203,072
Voya
Financial,
Inc.,
5.05%,
03/02/36
.......
100
96,782
Walker
&
Dunlop,
Inc.,
6.63%,
04/01/33
(b)
.....
162
161,102
WEX,
Inc.,
6.50%,
03/15/33
(b)
.............
1,700
1,693,229
Worldline
SA
(c)
0.00%,
07/30/26
(m)(n)
................
EUR
114
136,032
0.88%,
06/30/27
...................
600
669,776
4.13%,
09/12/28
...................
200
216,779
74,910,086
Food
Products
—
0.3%
Archer-Daniels-Midland
Co.,
2.90%,
03/01/32
..
USD
169
154,225
B&G
Foods,
Inc.,
8.00%,
09/15/28
(b)
........
99
98,119
Bunge
Ltd.
Finance
Corp.
2.75%,
05/14/31
...................
142
129,779
4.80%,
03/19/33
...................
100
99,382
5.15%,
03/19/36
...................
207
205,628
Campbell's
Co.
(The)
4.15%,
03/15/28
...................
452
447,309
4.55%,
03/21/31
...................
192
186,338
5.40%,
03/21/34
...................
100
97,221
Chobani
LLC
(b)
4.63%,
11/15/28
...................
855
846,761
7.63%,
07/01/29
...................
1,109
1,144,802
6.38%,
04/15/34
...................
4,203
4,288,345
Conagra
Brands,
Inc.
7.00%,
10/01/28
...................
376
394,304
8.25%,
09/15/30
...................
100
112,970
Darling
Global
Finance
BV
4.50%,
07/15/32
(b)
..................
EUR
185
218,707
4.50%,
07/15/32
(c)
..................
791
935,121
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
(b)
...
USD
333
335,888
Fiesta
Purchaser,
Inc.
(b)
7.88%,
03/01/31
...................
47
48,536
9.63%,
09/15/32
...................
96
99,280
Froneri
Lux
FinCo
SARL,
4.75%,
08/01/32
(c)
...
EUR
2,545
2,892,822
General
Mills,
Inc.
4.20%,
04/17/28
...................
USD
267
265,578
2.25%,
10/14/31
...................
198
174,261
5.25%,
01/30/35
...................
100
99,512
Hershey
Co.
(The)
4.55%,
02/24/28
...................
232
233,769
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
1.70%,
06/01/30
...................
USD
100
$
89,908
4.95%,
02/24/32
...................
108
110,499
Irca
SpA,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.90%,
12/15/29
(a)(c)
...........
EUR
1,150
1,358,049
J
M
Smucker
Co.
(The)
2.13%,
03/15/32
...................
USD
111
95,584
6.20%,
11/15/33
...................
143
152,499
JBS
NV
5.95%,
04/20/35
...................
2,330
2,412,163
5.50%,
01/15/36
...................
1,210
1,206,150
Kellanova
4.30%,
05/15/28
...................
293
293,257
Series
B,
7.45%,
04/01/31
.............
100
112,500
Kraft
Heinz
Foods
Co.
3.75%,
04/01/30
...................
116
112,357
5.20%,
03/15/32
...................
332
336,506
5.40%,
03/15/35
...................
43
43,274
Lamb
Weston
Holdings,
Inc.,
4.13%,
01/31/30
(b)
298
285,494
Mars,
Inc.,
4.80%,
03/01/30
(b)
.............
2,278
2,301,074
McCormick
&
Co.,
Inc.
1.85%,
02/15/31
...................
100
87,651
4.95%,
04/15/33
...................
125
124,254
Minerva
Luxembourg
SA,
7.50%,
04/22/36
(b)
..
635
622,617
Mondelez
International,
Inc.
4.50%,
05/06/30
...................
106
105,717
3.00%,
03/17/32
...................
143
129,748
4.75%,
08/28/34
...................
104
101,953
Pilgrim's
Pride
Corp.
4.25%,
04/15/31
...................
108
103,803
6.88%,
05/15/34
...................
183
198,780
Post
Holdings,
Inc.
(b)
4.63%,
04/15/30
...................
50
48,577
4.50%,
09/15/31
...................
347
326,228
6.25%,
02/15/32
...................
343
349,550
6.38%,
03/01/33
...................
671
670,739
6.25%,
10/15/34
...................
949
936,817
6.50%,
03/15/36
...................
1,792
1,780,219
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(b)
.....
345
332,866
Tereos
Finance
Groupe
I
SA
(c)
4.75%,
04/30/27
...................
EUR
240
281,321
7.25%,
04/15/28
...................
850
1,006,439
Tyson
Foods,
Inc.
4.35%,
03/01/29
...................
USD
247
246,246
4.95%,
02/20/36
...................
82
79,948
29,951,444
Gas
Utilities
—
0.1%
AmeriGas
Partners
LP,
9.50%,
06/01/30
(b)
....
192
205,011
Atmos
Energy
Corp.
1.50%,
01/15/31
...................
184
160,829
5.90%,
11/15/33
...................
218
232,578
Ferrellgas
LP,
9.25%,
01/15/31
(b)
..........
309
324,329
National
Fuel
Gas
Co.,
2.95%,
03/01/31
.....
156
142,213
Promigas
SA
ESP,
3.75%,
10/16/29
(c)
.......
580
542,909
Southern
California
Gas
Co.
Series
XX,
2.55%,
02/01/30
............
228
213,703
5.20%,
06/01/33
...................
259
264,041
5.45%,
06/15/35
...................
116
118,800
Spire
Missouri,
Inc.,
4.80%,
02/15/33
.......
100
99,913
Spire,
Inc.,
4.60%,
09/01/31
..............
3,335
3,302,138
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(b)
.......................
239
229,454
5,835,918
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
—
0.3%
Albion
Financing
1
SARL
5.38%,
05/21/30
(c)
..................
EUR
692
$
827,058
7.00%,
05/21/30
(b)
..................
USD
2,662
2,749,846
BCP
V
Modular
Services
Finance
II
plc
(c)
4.75%,
11/30/28
...................
EUR
581
644,717
6.13%,
11/30/28
...................
GBP
794
1,018,143
6.50%,
07/10/31
...................
EUR
2,035
2,093,859
BCP
V
Modular
Services
Finance
plc,
6.75%,
11/30/29
(c)
........................
822
672,007
Boels
Topholding
BV
(c)
6.25%,
02/15/29
...................
1,209
1,453,000
5.75%,
05/15/30
...................
1,381
1,645,785
Canadian
National
Railway
Co.
4.20%,
03/12/31
...................
USD
128
126,358
3.85%,
08/05/32
...................
155
148,353
Canadian
Pacific
Railway
Co.
4.00%,
06/01/28
...................
208
206,611
2.45%,
12/02/31
...................
100
89,268
4.80%,
09/15/35
...................
100
98,848
CSX
Corp.
4.10%,
11/15/32
...................
146
142,122
5.05%,
06/15/35
...................
100
100,445
EC
Finance
plc,
3.25%,
10/15/26
(a)(c)(d)
.......
EUR
1,086
1,255,922
Edge
Finco
plc,
8.13%,
08/15/31
(c)
.........
GBP
2,640
3,688,295
ERAC
USA
Finance
LLC,
5.25%,
04/30/36
(b)
..
USD
2,925
2,917,651
Fedex
Freight
Holding
Co.,
Inc.
(b)
4.65%,
03/15/31
...................
100
98,596
5.25%,
03/15/36
...................
136
132,381
GB
AIT
Buyer,
Inc.,
8.75%,
04/30/34
(b)
.......
396
398,344
Genesee
&
Wyoming,
Inc.,
6.25%,
04/15/32
(b)
..
805
823,912
Hertz
Corp.
(The),
12.63%,
07/15/29
(b)
.......
155
146,121
Kapla
Holding
SAS
(c)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.65%,
07/31/30
(a)
................
EUR
1,505
1,765,497
5.00%,
04/30/31
...................
1,851
2,170,667
5.13%,
04/30/32
...................
212
248,287
(3-mo.
EURIBOR
+
3.00%),
5.20%,
04/30/33
(a)
.....................
409
482,082
Loxam
SAS
(c)
6.38%,
05/31/29
...................
496
598,399
4.25%,
02/15/30
...................
558
650,062
4.25%,
02/15/31
...................
894
1,032,394
Mobico
Group
plc,
4.88%,
09/26/31
(c)
.......
437
390,131
Norfolk
Southern
Corp.,
4.45%,
03/01/33
.....
USD
308
303,259
Penske
Truck
Leasing
Co.
LP
(b)
5.55%,
05/01/28
...................
265
269,206
5.35%,
03/30/29
...................
952
968,425
RXO,
Inc.,
6.38%,
05/15/31
(b)
.............
221
218,844
Ryder
System,
Inc.,
6.60%,
12/01/33
........
453
497,222
SGL
Group
ApS
(a)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.75%),
6.94%,
04/22/30
.................
EUR
2,073
2,322,508
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.27%,
02/24/31
(b)(c)
...............
174
195,026
Triton
Container
International
Ltd.,
5.15%,
02/15/33
........................
USD
655
642,958
Uber
Technologies,
Inc.,
4.80%,
09/15/34
....
468
458,644
Union
Pacific
Corp.
3.70%,
03/01/29
...................
164
161,702
2.38%,
05/20/31
...................
100
90,805
4.50%,
01/20/33
...................
258
257,942
3.38%,
02/01/35
...................
100
89,277
Watco
Cos.
LLC,
7.13%,
08/01/32
(b)
........
295
306,373
35,597,352
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
—
0.2%
Abbott
Laboratories
4.00%,
03/15/31
...................
USD
1,512
$
1,483,832
4.30%,
03/15/33
...................
3,853
3,763,697
4.65%,
03/15/36
...................
270
262,197
Augusta
SpinCo
Corp.,
5.25%,
03/23/36
.....
79
78,680
Avantor
Funding,
Inc.
(b)
4.63%,
07/15/28
...................
1,038
1,023,043
3.88%,
11/01/29
...................
401
381,195
Bausch
+
Lomb
Corp.,
8.38%,
10/01/28
(b)
....
2,448
2,527,560
Bausch
+
Lomb
Netherlands
BV
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.88%),
6.08%,
01/15/31
(a)(c)
......................
EUR
544
643,569
Baxter
International,
Inc.
3.95%,
04/01/30
...................
USD
355
341,001
2.54%,
02/01/32
...................
202
171,627
Becton
Dickinson
&
Co.,
5.11%,
02/08/34
....
117
117,741
GE
HealthCare
Technologies,
Inc.
4.80%,
08/14/29
...................
200
201,565
4.80%,
01/15/31
...................
164
164,507
5.91%,
11/22/32
...................
100
105,518
4.95%,
12/15/35
...................
186
181,269
Insulet
Corp.,
6.50%,
04/01/33
(b)
...........
773
789,077
Medline
Borrower
LP
(b)
6.25%,
04/01/29
...................
1,447
1,479,732
5.25%,
10/01/29
...................
2,999
2,984,637
Medtronic
Global
Holdings
SCA,
4.25%,
03/30/28
214
213,999
Medtronic,
Inc.,
4.38%,
03/15/35
..........
123
118,756
Neogen
Food
Safety
Corp.,
8.63%,
07/20/30
(b)
.
316
332,220
Solventum
Corp.
5.40%,
03/01/29
...................
100
102,251
5.45%,
03/13/31
...................
228
234,278
Sotera
Health
Holdings
LLC,
7.38%,
06/01/31
(b)
1,150
1,195,358
Stryker
Corp.
3.65%,
03/07/28
...................
266
262,835
4.25%,
09/11/29
...................
215
214,088
4.63%,
09/11/34
...................
100
97,815
Zimmer
Biomet
Holdings,
Inc.
5.05%,
02/19/30
...................
103
104,491
5.20%,
09/15/34
...................
100
100,141
19,676,679
Health
Care
Providers
&
Services
—
0.7%
Acadia
Healthcare
Co.,
Inc.,
7.38%,
03/15/33
(b)
.
138
141,159
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(b)
..
1,241
1,229,817
Banner
Health
2.34%,
01/01/30
...................
87
80,662
1.90%,
01/01/31
...................
821
731,262
Cardinal
Health,
Inc.
4.50%,
09/15/30
...................
100
99,483
5.15%,
09/15/35
...................
158
157,163
Cencora,
Inc.
2.70%,
03/15/31
...................
202
184,471
5.13%,
02/15/34
...................
100
100,390
5.15%,
02/15/35
...................
100
100,382
Centene
Corp.
4.25%,
12/15/27
...................
2,667
2,651,438
2.45%,
07/15/28
...................
429
404,993
4.63%,
12/15/29
...................
2,376
2,316,358
3.38%,
02/15/30
...................
2,795
2,597,221
3.00%,
10/15/30
...................
18
16,183
2.63%,
08/01/31
...................
1,261
1,093,181
Cigna
Group
(The)
5.13%,
05/15/31
...................
607
620,041
5.40%,
03/15/33
...................
100
102,873
5.25%,
01/15/36
...................
260
260,821
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Clariane
SE
(c)
0.88%,
03/06/27
(m)
.................
EUR
1,231
$
858,792
7.88%,
06/27/30
...................
1,100
1,370,075
6.88%,
04/15/31
...................
509
604,840
CommonSpirit
Health,
5.21%,
12/01/31
......
USD
1,116
1,135,587
Community
Health
Systems,
Inc.
(b)
5.25%,
05/15/30
...................
2,640
2,492,783
4.75%,
02/15/31
...................
848
793,461
10.88%,
01/15/32
..................
353
379,118
9.75%,
01/15/34
...................
5,282
5,447,909
Concentra
Health
Services,
Inc.,
6.88%,
07/15/32
(b)
.......................
577
597,940
CVS
Health
Corp.
4.30%,
03/25/28
...................
777
773,996
5.40%,
06/01/29
...................
184
188,333
3.25%,
08/15/29
...................
100
95,886
1.75%,
08/21/30
...................
395
349,766
5.25%,
01/30/31
...................
117
119,477
5.55%,
06/01/31
...................
253
261,611
5.25%,
02/21/33
...................
500
507,478
5.70%,
06/01/34
...................
100
103,216
4.88%,
07/20/35
...................
100
96,696
DaVita,
Inc.
(b)
6.88%,
09/01/32
...................
24
24,772
6.75%,
07/15/33
...................
183
188,686
Elevance
Health,
Inc.
4.95%,
11/01/31
...................
393
396,517
4.10%,
05/15/32
...................
211
202,789
4.60%,
09/15/32
...................
2,230
2,196,177
5.38%,
06/15/34
...................
194
197,331
5.20%,
02/15/35
...................
195
195,189
5.85%,
01/15/36
...................
100
103,576
Ephios
Subco
3
SARL,
7.88%,
01/31/31
(c)
....
EUR
814
1,007,356
Gruppo
San
Donato
SpA,
6.50%,
10/31/31
(c)
..
1,041
1,220,242
HAH
Group
Holding
Co.
LLC,
9.75%,
10/01/31
(b)
USD
173
158,341
HCA,
Inc.
5.25%,
03/01/30
...................
3,274
3,334,175
3.50%,
09/01/30
...................
2,118
2,013,819
2.38%,
07/15/31
...................
877
778,183
5.60%,
04/01/34
...................
506
518,667
5.45%,
09/15/34
...................
286
289,505
5.75%,
03/01/35
...................
100
102,951
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
.......
2,551
2,476,049
Humana,
Inc.
3.13%,
08/15/29
...................
908
867,726
2.15%,
02/03/32
...................
434
375,009
Laboratory
Corp.
of
America
Holdings
2.70%,
06/01/31
...................
100
91,321
4.80%,
10/01/34
...................
100
97,657
LifePoint
Health,
Inc.
(b)
8.38%,
02/15/32
...................
343
359,874
10.00%,
06/01/32
..................
737
754,319
7.00%,
05/01/34
...................
2,199
2,144,172
McKesson
Corp.,
5.10%,
07/15/33
.........
100
101,967
Mehilainen
Yhtiot
Oy
(c)
5.13%,
06/30/32
...................
EUR
1,211
1,426,676
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.38%),
5.51%,
06/30/32
(a)
................
221
260,836
Molina
Healthcare,
Inc.
(b)
3.88%,
11/15/30
...................
USD
317
293,757
6.50%,
02/15/31
...................
1,277
1,299,283
6.25%,
01/15/33
...................
415
414,564
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(b)
...
736
712,335
Prime
Healthcare
Services,
Inc.,
9.38%,
09/01/29
(b)
.......................
125
129,622
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Quest
Diagnostics,
Inc.
4.63%,
12/15/29
...................
USD
100
$
100,665
2.95%,
06/30/30
...................
100
93,945
6.40%,
11/30/33
...................
100
108,762
Star
Parent,
Inc.,
9.00%,
10/01/30
(b)
........
2,124
2,225,005
Surgery
Center
Holdings,
Inc.,
7.25%,
04/15/32
(b)
2,616
2,609,016
Sutter
Health
Series
20A,
2.29%,
08/15/30
...........
728
664,275
5.16%,
08/15/33
...................
485
492,301
Tenet
Healthcare
Corp.
6.13%,
06/15/30
...................
141
141,838
6.75%,
05/15/31
...................
1,000
1,027,566
5.50%,
11/15/32
(b)
..................
992
989,470
6.00%,
11/15/33
(b)
..................
438
442,704
UnitedHealth
Group,
Inc.
4.00%,
05/15/29
...................
339
335,716
4.80%,
01/15/30
...................
220
222,738
5.30%,
02/15/30
...................
2,236
2,297,178
4.65%,
01/15/31
...................
2,322
2,336,442
4.90%,
04/15/31
...................
1,002
1,017,553
4.95%,
01/15/32
...................
1,607
1,628,220
5.00%,
04/15/34
...................
262
262,343
5.15%,
07/15/34
...................
209
211,495
5.30%,
06/15/35
...................
259
264,182
US
Acute
Care
Solutions
LLC,
9.75%,
05/15/29
(b)
1,546
1,461,027
72,730,746
Health
Care
REITs
—
0.1%
Alexandria
Real
Estate
Equities,
Inc.
3.38%,
08/15/31
...................
105
96,607
2.95%,
03/15/34
...................
238
200,381
5.50%,
10/01/35
...................
100
98,976
5.25%,
03/15/36
...................
67
65,141
Diversified
Healthcare
Trust,
7.25%,
10/15/30
(b)
.
243
247,946
Healthpeak
OP
LLC,
5.25%,
12/15/32
.......
305
307,831
MPT
Operating
Partnership
LP
0.99%,
10/15/26
...................
EUR
551
630,845
7.00%,
02/15/32
(b)
..................
305
361,510
7.00%,
02/15/32
(c)
..................
1,148
1,360,701
8.50%,
02/15/32
(b)
..................
USD
3,092
3,212,276
Omega
Healthcare
Investors,
Inc.
3.63%,
10/01/29
...................
100
96,356
3.38%,
02/01/31
...................
153
142,029
Sabra
Health
Care
LP,
3.20%,
12/01/31
......
100
90,406
Ventas
Realty
LP,
5.00%,
01/15/35
.........
2,250
2,214,721
Welltower
OP
LLC
4.50%,
07/01/30
...................
2,152
2,152,039
2.75%,
01/15/32
...................
500
451,066
11,728,831
Health
Care
Technology
—
0.0%
IQVIA,
Inc.
,
6.25%,
06/01/32
(b)
............
1,240
1,262,811
Hotel
&
Resort
REITs
—
0.1%
Host
Hotels
&
Resorts
LP
4.25%,
12/15/28
...................
153
151,513
Series
I,
3.50%,
09/15/30
.............
300
283,301
Park
Intermediate
Holdings
LLC,
7.00%,
02/01/30
(b)
.......................
697
711,590
Pebblebrook
Hotel
LP,
6.38%,
10/15/29
(b)
.....
129
131,088
RHP
Hotel
Properties
LP
(b)
4.50%,
02/15/29
...................
77
75,697
6.50%,
04/01/32
...................
2,911
2,987,012
6.50%,
06/15/33
...................
675
695,259
5.75%,
03/15/34
...................
1,496
1,487,036
RLJ
Lodging
Trust
LP,
3.75%,
07/01/26
(b)
.....
56
55,867
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotel
&
Resort
REITs
(continued)
Service
Properties
Trust
0.00%,
09/30/27
(b)(n)
.................
USD
479
$
440,119
8.63%,
11/15/31
(b)
..................
5,360
5,640,312
8.88%,
06/15/32
...................
302
309,909
XHR
LP,
6.63%,
05/15/30
(b)
..............
122
124,831
13,093,534
Hotels,
Restaurants
&
Leisure
—
0.8%
1011778
BC
ULC
(b)
4.38%,
01/15/28
...................
275
271,533
4.00%,
10/15/30
...................
353
335,829
888
Acquisitions
Ltd.
(c)
10.75%,
05/15/30
..................
GBP
161
214,695
8.00%,
09/30/31
...................
EUR
187
211,791
A&K
Travel
Group
Holdings
Ltd.,
7.50%,
05/15/33
(b)
.......................
USD
994
998,899
Acushnet
Co.,
5.63%,
12/01/33
(b)
..........
192
192,892
Airbnb,
Inc.
4.65%,
03/16/31
...................
78
77,867
5.25%,
03/16/36
...................
70
69,811
Allwyn
Entertainment
Financing
UK
plc
(c)
7.25%,
04/30/30
...................
EUR
2,239
2,729,874
4.63%,
08/15/31
...................
630
727,140
Aramark
International
Finance
SARL,
4.38%,
04/15/33
(c)
.......................
885
1,009,199
Arcos
Dorados
BV,
6.38%,
01/29/32
(c)
.......
USD
604
629,453
Betclic
Everest
Group
SAS,
5.13%,
12/10/31
(c)
.
EUR
494
581,212
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
........
USD
313
305,980
Brightstar
Lottery
plc,
5.75%,
01/15/33
(b)
.....
653
640,260
Caesars
Entertainment,
Inc.
(b)
4.63%,
10/15/29
...................
1,019
983,520
7.00%,
02/15/30
...................
918
931,957
6.50%,
02/15/32
...................
1,893
1,839,343
Carnival
Corp.
(b)
5.88%,
06/15/31
...................
354
359,035
5.75%,
08/01/32
...................
1,693
1,701,513
6.13%,
02/15/33
...................
2,459
2,495,048
Carnival
plc,
4.13%,
07/15/31
(b)
...........
EUR
345
397,809
Churchill
Downs,
Inc.
(b)
4.75%,
01/15/28
...................
USD
608
602,700
5.75%,
04/01/30
...................
1,339
1,334,628
6.75%,
05/01/31
...................
685
700,630
Cirsa
Finance
International
SARL
(c)
4.88%,
10/15/31
...................
EUR
339
396,196
(3-mo.
EURIBOR
+
3.00%),
5.15%,
10/15/32
(a)
.....................
497
585,070
Deuce
Finco
plc
(c)
7.00%,
11/20/31
...................
GBP
826
1,122,526
(3-mo.
EURIBOR
+
3.50%),
5.65%,
11/20/32
(a)
.....................
EUR
562
665,433
Elior
Group
SA,
5.63%,
03/15/30
(c)
.........
2,185
2,619,370
Entain
plc,
4.88%,
11/30/31
(c)
.............
1,988
2,333,046
Essendi
SA
(c)
5.38%,
05/15/30
...................
659
773,890
5.50%,
11/15/31
...................
372
436,510
5.63%,
05/15/32
...................
955
1,114,857
(3-mo.
EURIBOR
+
3.75%),
5.73%,
05/15/32
(a)
.....................
389
460,348
Expedia
Group,
Inc.
3.80%,
02/15/28
...................
USD
163
160,957
5.40%,
02/15/35
...................
149
147,938
Fertitta
Entertainment
LLC
(b)
4.63%,
01/15/29
...................
1,260
1,226,672
6.75%,
01/15/30
...................
551
533,885
Flutter
Treasury
DAC,
4.00%,
06/04/31
(c)
.....
EUR
898
1,028,214
Fortune
Star
BVI
Ltd.,
5.88%,
11/20/30
(c)
.....
490
547,484
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
gategroup
Finance
Luxembourg
SA,
3.00%,
02/28/27
(c)
.......................
CHF
2,455
$
3,155,251
Great
Canadian
Gaming
Corp.,
8.75%,
11/15/29
(b)
.......................
USD
636
620,107
Hilton
Domestic
Operating
Co.,
Inc.
(b)
6.13%,
04/01/32
...................
138
140,566
5.88%,
03/15/33
...................
1,053
1,066,245
5.75%,
09/15/33
...................
51
51,342
5.50%,
03/31/34
...................
915
908,238
Light
&
Wonder
International,
Inc.
(b)
7.25%,
11/15/29
...................
183
187,169
7.50%,
09/01/31
...................
380
396,027
6.25%,
10/01/33
...................
481
477,014
Lindblad
Expeditions
LLC,
7.00%,
09/15/30
(b)
..
1,501
1,541,950
Lottomatica
Group
Spa,
4.63%,
04/30/32
(c)
....
EUR
320
376,083
Lottomatica
Group
SpA,
4.88%,
01/31/31
(c)
...
862
1,025,734
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(b)
USD
368
307,717
Marriott
International,
Inc.
4.88%,
05/15/29
...................
100
101,117
Series
HH,
2.85%,
04/15/31
...........
206
188,836
4.50%,
10/15/31
...................
100
98,764
4.50%,
05/01/33
...................
83
80,448
5.30%,
05/15/34
...................
333
336,315
5.25%,
10/15/35
...................
178
177,702
McDonald's
Corp.
3.80%,
04/01/28
...................
100
99,238
2.63%,
09/01/29
...................
252
239,008
2.13%,
03/01/30
...................
195
179,599
5.20%,
05/17/34
...................
239
244,634
4.95%,
03/03/35
...................
246
244,904
Melco
Resorts
Finance
Ltd.
(b)
5.75%,
07/21/28
...................
200
198,611
5.38%,
12/04/29
...................
1,088
1,063,411
7.63%,
04/17/32
...................
2,268
2,334,498
6.50%,
09/24/33
...................
686
679,997
Merlin
Entertainments
Group
US
Holdings,
Inc.,
7.38%,
02/15/31
(b)
..................
600
494,676
MGM
Resorts
International,
6.13%,
09/15/29
..
512
518,718
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(b)
.......................
736
719,586
Mohegan
Tribal
Gaming
Authority,
8.25%,
04/15/30
(b)
.......................
316
328,954
Motion
Bondco
DAC,
6.63%,
11/15/27
(b)
......
409
392,602
Motion
Finco
SARL,
7.38%,
06/15/30
(c)
......
EUR
471
487,171
NCL
Corp.
Ltd.
(b)
5.88%,
01/15/31
...................
USD
92
89,546
6.75%,
02/01/32
...................
833
828,913
6.25%,
09/15/33
...................
2,155
2,085,676
Pinnacle
Bidco
plc
(c)
8.25%,
10/11/28
...................
EUR
376
458,893
10.00%,
10/11/28
..................
GBP
1,379
1,956,428
Premier
Entertainment
Sub
LLC
(b)
5.63%,
09/01/29
...................
USD
270
175,946
5.88%,
09/01/31
...................
342
196,650
Rivers
Enterprise
Borrower
LLC
(b)
6.25%,
10/15/30
...................
256
260,422
6.63%,
02/01/33
...................
188
191,955
Scientific
Games
Holdings
LP,
6.63%,
03/01/30
(b)
295
248,957
Six
Flags
Entertainment
Corp.,
8.63%,
01/15/32
(b)
206
209,430
Starbucks
Corp.
3.50%,
03/01/28
...................
357
351,629
4.80%,
05/15/30
...................
100
101,009
4.90%,
02/15/31
...................
179
181,494
4.80%,
02/15/33
...................
220
220,255
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Station
Casinos
LLC
(b)
4.50%,
02/15/28
...................
USD
519
$
510,929
4.63%,
12/01/31
...................
141
132,717
6.63%,
03/15/32
...................
893
904,132
Stonegate
Pub
Co.
Financing
plc
(c)
(3-mo.
EURIBOR
+
6.63%),
8.62%,
07/31/29
(a)
.....................
EUR
924
1,084,378
10.75%,
07/31/29
..................
GBP
585
801,176
TUI
AG,
5.88%,
03/15/29
(c)
..............
EUR
558
659,843
TUI
Cruises
GmbH
(c)
6.25%,
04/15/29
...................
1,261
1,513,620
5.00%,
05/15/30
...................
714
830,640
Vail
Resorts,
Inc.
(b)
5.63%,
07/15/30
...................
USD
290
288,272
6.50%,
05/15/32
...................
748
763,069
Viking
Cruises
Ltd.
(b)
7.00%,
02/15/29
...................
87
87,234
9.13%,
07/15/31
...................
835
879,866
5.88%,
10/15/33
...................
2,061
2,066,237
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(b)
.......................
76
75,951
Voyager
Parent
LLC,
9.25%,
07/01/32
(b)
......
760
808,217
Wyndham
Hotels
&
Resorts,
Inc.
(b)
4.38%,
08/15/28
...................
279
274,480
5.63%,
03/01/33
...................
508
502,696
Wynn
Macau
Ltd.
(b)
5.63%,
08/26/28
...................
2,704
2,688,150
5.13%,
12/15/29
...................
744
725,028
6.75%,
02/15/34
...................
847
848,059
Wynn
Resorts
Finance
LLC
(b)
5.13%,
10/01/29
...................
112
111,257
7.13%,
02/15/31
...................
2,457
2,600,494
6.25%,
03/15/33
...................
1,562
1,569,661
82,240,555
Household
Durables
—
0.2%
Ashton
Woods
USA
LLC
(b)
4.63%,
08/01/29
...................
294
281,408
4.63%,
04/01/30
...................
126
119,964
6.88%,
08/01/33
...................
1,035
1,015,524
Beazer
Homes
USA,
Inc.,
5.88%,
10/15/27
...
63
62,914
Brookfield
Residential
Properties,
Inc.
(b)
5.00%,
06/15/29
...................
2,168
2,088,163
4.88%,
02/15/30
...................
969
908,468
Century
Communities,
Inc.,
6.63%,
09/15/33
(b)
.
316
314,413
DR
Horton,
Inc.
4.85%,
10/15/30
...................
100
100,855
5.50%,
10/15/35
...................
123
125,561
Dream
Finders
Homes,
Inc.,
8.25%,
08/15/28
(b)
.
115
117,874
Empire
Communities
Corp.,
9.75%,
05/01/29
(b)
.
56
57,078
Installed
Building
Products,
Inc.,
5.63%,
02/01/34
(b)
.......................
641
637,820
K.
Hovnanian
Enterprises,
Inc.
(b)
8.00%,
04/01/31
...................
1,929
1,945,107
8.38%,
10/01/33
...................
800
803,709
Leggett
&
Platt,
Inc.,
4.40%,
03/15/29
.......
100
97,506
Lennar
Corp.,
5.20%,
07/30/30
............
100
101,344
LGI
Homes,
Inc.
(b)
8.75%,
12/15/28
...................
166
170,928
7.00%,
11/15/32
...................
513
491,641
Maison
Finco
plc,
7.25%,
04/30/32
(c)
........
GBP
576
741,858
Mattamy
Group
Corp.
(b)
4.63%,
03/01/30
...................
USD
839
801,257
6.00%,
12/15/33
...................
363
348,504
Meritage
Homes
Corp.
1.75%,
05/15/28
(m)
.................
947
928,534
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
5.65%,
03/15/35
...................
USD
100
$
100,848
Newell
Brands,
Inc.
8.50%,
06/01/28
(b)
..................
705
736,700
6.63%,
09/15/29
...................
118
117,919
6.38%,
05/15/30
...................
471
461,300
6.63%,
05/15/32
...................
457
443,648
PulteGroup,
Inc.
4.25%,
03/01/31
...................
134
130,906
4.90%,
03/01/36
...................
17
16,506
Risewell
Homes,
Inc.
(b)
9.25%,
10/01/29
...................
245
254,212
8.50%,
11/01/30
...................
434
443,428
Somnigroup
International,
Inc.
(b)
4.00%,
04/15/29
...................
298
288,277
3.88%,
10/15/31
...................
108
99,889
STL
Holding
Co.
LLC,
8.75%,
02/15/29
(b)
.....
197
204,421
Taylor
Morrison
Communities,
Inc.,
5.75%,
11/15/32
(b)
.......................
188
190,008
TRI
Pointe
Homes,
Inc.,
5.25%,
06/01/27
.....
363
362,424
16,110,916
Household
Products
—
0.0%
Central
Garden
&
Pet
Co.,
4.13%,
10/15/30
...
137
129,385
Clorox
Co.
(The),
3.90%,
05/15/28
.........
131
130,022
Colgate-Palmolive
Co.,
4.20%,
05/01/30
.....
135
135,196
Procter
&
Gamble
Co.
(The)
1.20%,
10/29/30
...................
568
498,399
4.10%,
11/03/32
...................
395
389,186
4.35%,
11/03/35
...................
100
97,206
1,379,394
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
AES
Andes
SA,
6.30%,
03/15/29
(b)
.........
483
496,234
AES
Corp.
(The)
3.95%,
07/15/30
(b)
..................
268
256,915
2.45%,
01/15/31
...................
1,325
1,179,888
Clearway
Energy
Operating
LLC
(b)
4.75%,
03/15/28
...................
431
428,260
3.75%,
01/15/32
...................
1,177
1,085,190
Constellation
Energy
Generation
LLC,
6.13%,
01/15/34
........................
100
106,961
Talen
Energy
Supply
LLC
(b)(i)
(Acquired
04/24/26,
cost
$5,743,000)
6.13%,
05/01/31
......................
5,743
5,753,241
(Acquired
04/30/26,
cost
$10,337,000)
6.38%,
05/01/33
......................
10,337
10,350,453
TransAlta
Corp.,
5.88%,
02/01/34
(b)
.........
622
620,444
Vistra
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
6.93%),
8.00%
(a)(b)(l)
.......................
2,514
2,536,093
XPLR
Infrastructure
LP,
2.50%,
06/15/26
(b)(m)
..
2,339
2,327,305
25,140,984
Industrial
Conglomerates
—
0.1%
3M
Co.
2.38%,
08/26/29
...................
2,378
2,232,262
4.80%,
03/15/30
...................
1,007
1,017,394
5.15%,
03/15/35
...................
2,992
3,027,406
Honeywell
International,
Inc.,
1.95%,
06/01/30
.
220
199,605
6,476,667
Industrial
REITs
—
0.0%
LXP
Industrial
Trust,
2.38%,
10/01/31
.......
100
87,073
Prologis
LP
5.00%,
03/15/34
...................
114
114,064
5.00%,
01/31/35
...................
626
623,946
825,083
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Insurance
—
0.8%
Aegon
Funding
Co.
LLC,
5.50%,
04/16/27
(b)
...
USD
1,773
$
1,787,762
Aegon
Ltd.,
(5-Year
EUR
Swap
Annual
+
5.21%),
5.63%
(a)(c)(l)
.......................
EUR
567
675,450
Alliant
Holdings
Intermediate
LLC
(b)
4.25%,
10/15/27
...................
USD
2,437
2,399,322
6.75%,
10/15/27
...................
481
480,665
6.75%,
04/15/28
...................
337
340,856
5.88%,
11/01/29
...................
1,682
1,648,826
7.00%,
01/15/31
...................
2,719
2,774,992
6.50%,
10/01/31
...................
410
413,505
7.38%,
10/01/32
...................
4,897
4,811,738
Allstate
Corp.
(The)
5.05%,
06/24/29
...................
200
203,761
5.25%,
03/30/33
...................
100
101,930
American
International
Group,
Inc.
3.40%,
06/30/30
...................
183
174,794
5.45%,
05/07/35
...................
100
101,981
American
National
Group,
Inc.
5.00%,
06/15/27
...................
200
199,402
5.75%,
10/01/29
...................
123
124,642
AmWINS
Group,
Inc.
(b)
6.38%,
02/15/29
...................
457
462,325
4.88%,
06/30/29
...................
1,434
1,386,821
Amynta
Agency
Borrower,
Inc.,
7.50%,
07/15/33
(b)
.......................
770
750,821
Aon
Corp.
2.80%,
05/15/30
...................
502
467,916
5.00%,
09/12/32
...................
181
182,252
Aon
North
America,
Inc.,
5.45%,
03/01/34
....
114
116,501
APH
Somerset
Investor
2
LLC,
7.88%,
11/01/29
(b)
1,195
1,156,939
Ardonagh
Finco
Ltd.
6.88%,
02/15/31
(c)
..................
EUR
2,310
2,714,245
7.75%,
02/15/31
(b)
..................
USD
4,375
4,466,357
Ardonagh
Group
Finance
Ltd.,
8.88%,
02/15/32
(b)
6,213
6,183,708
Arthur
J
Gallagher
&
Co.,
5.15%,
02/15/35
....
935
926,003
Assurant,
Inc.,
3.70%,
02/22/30
...........
100
96,015
Asurion
LLC
(b)
8.00%,
12/31/32
...................
2,980
3,112,875
8.38%,
02/01/34
...................
2,303
2,272,158
Athene
Holding
Ltd.
3.50%,
01/15/31
...................
162
150,738
5.88%,
01/15/34
...................
161
161,975
Brown
&
Brown,
Inc.
4.70%,
06/23/28
...................
175
175,524
2.38%,
03/15/31
...................
393
347,441
4.20%,
03/17/32
...................
137
129,992
Chubb
INA
Holdings
LLC
4.65%,
08/15/29
...................
407
410,673
5.00%,
03/15/34
...................
100
100,663
4.90%,
08/15/35
...................
125
123,403
CNA
Financial
Corp.
5.13%,
02/15/34
...................
100
99,173
5.20%,
08/15/35
...................
100
98,313
F&G
Annuities
&
Life,
Inc.,
6.25%,
10/04/34
...
100
97,643
Fairfax
Financial
Holdings
Ltd.
3.38%,
03/03/31
...................
100
93,589
6.00%,
12/07/33
...................
163
171,125
Hanover
Insurance
Group,
Inc.
(The),
2.50%,
09/01/30
........................
100
90,791
Howden
UK
Refinance
plc
(b)
7.25%,
02/15/31
...................
3,394
3,416,658
8.13%,
02/15/32
...................
1,335
1,275,189
HUB
International
Ltd.
(b)
7.25%,
06/15/30
...................
6,522
6,746,820
7.38%,
01/31/32
...................
12,579
12,885,563
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Jones
Deslauriers
Insurance
Management,
Inc.
(b)
8.50%,
03/15/30
...................
USD
1,052
$
1,084,412
6.88%,
10/01/33
...................
841
785,767
Lincoln
National
Corp.
5.85%,
03/15/34
...................
100
101,924
5.35%,
11/15/35
...................
100
97,233
Loews
Corp.,
4.94%,
04/01/36
............
55
53,678
Manulife
Financial
Corp.,
4.99%,
12/11/35
....
131
128,888
Marsh
&
McLennan
Cos.,
Inc.
2.25%,
11/15/30
...................
304
275,473
5.88%,
08/01/33
...................
270
287,173
4.95%,
03/15/36
...................
233
229,773
MetLife,
Inc.
5.38%,
07/15/33
...................
100
103,568
5.70%,
06/15/35
...................
260
271,825
Metropolitan
Life
Global
Funding
I
(b)
3.05%,
06/17/29
...................
150
143,771
2.95%,
04/09/30
...................
487
458,433
Panther
Escrow
Issuer
LLC,
7.13%,
06/01/31
(b)
.
4,615
4,636,611
Principal
Financial
Group,
Inc.,
5.38%,
03/15/33
100
102,249
Progressive
Corp.
(The)
4.00%,
03/01/29
...................
180
179,022
4.60%,
03/26/31
...................
55
55,193
4.95%,
06/15/33
...................
169
170,515
5.15%,
03/26/36
...................
45
44,889
Prudential
Financial,
Inc.
3.88%,
03/27/28
...................
1,513
1,503,675
5.20%,
03/14/35
...................
100
100,517
(3-mo.
SOFR
+
2.93%),
5.70%,
09/15/48
(a)
.
100
99,435
Ryan
Specialty
LLC
(b)
4.38%,
02/01/30
...................
392
380,413
5.88%,
08/01/32
...................
1,152
1,151,823
Unipol
Assicurazioni
SpA,
4.90%,
05/23/34
(c)
..
EUR
600
728,268
USI,
Inc.,
7.50%,
01/15/32
(b)
..............
USD
2,190
2,252,657
Willis
North
America,
Inc.
2.95%,
09/15/29
...................
174
164,981
4.55%,
03/15/31
...................
100
98,760
82,800,761
Interactive
Media
&
Services
—
0.1%
Alphabet,
Inc.
4.00%,
05/15/30
...................
162
160,579
4.10%,
02/15/31
...................
383
378,506
4.38%,
11/15/32
...................
891
882,009
4.40%,
02/15/33
...................
218
214,641
4.80%,
02/15/36
...................
5,985
5,924,180
Snap,
Inc.
(b)
6.88%,
03/01/33
...................
1,215
1,182,848
6.88%,
03/15/34
...................
793
767,523
9,510,286
IT
Services
—
0.7%
Almaviva-The
Italian
Innovation
Co.
SpA,
5.00%,
10/30/30
(c)
.......................
EUR
1,600
1,802,028
Atos
SE,
9.36%,
12/18/29
(a)(c)(d)
............
2,065
2,766,100
Beignet
Investor
LLC,
6.58%,
05/30/49
(b)
.....
USD
50,184
51,827,082
CDKnet
LLC
(f)
7.25%,
06/15/29
...................
1,082
649,200
8.00%,
06/15/29
...................
60
36,000
Cedacri
SpA
(a)(c)
(3-mo.
EURIBOR
at
4.63%
Floor
+
4.63%),
6.61%,
05/15/28
.................
EUR
865
997,616
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.50%),
7.48%,
05/15/28
.................
1,876
2,162,615
CoreWeave,
Inc.
(b)
9.25%,
06/01/30
...................
USD
1,236
1,251,584
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
9.00%,
02/01/31
...................
USD
313
$
311,015
9.75%,
10/01/31
...................
2,288
2,301,249
Engineering
-
Ingegneria
Informatica
-
SpA,
11.13%,
05/15/28
(c)
.................
EUR
197
237,296
Fortress
Intermediate
3,
Inc.,
7.50%,
06/01/31
(b)
USD
2,665
2,691,605
Gartner,
Inc.
4.50%,
07/01/28
(b)
..................
1,880
1,846,636
4.95%,
03/20/31
...................
100
97,351
ION
Platform
Finance
US,
Inc.
(b)
4.63%,
05/01/28
...................
152
140,097
5.00%,
05/01/28
...................
1,178
1,087,942
5.75%,
05/15/28
...................
1,299
1,214,979
8.75%,
05/01/29
...................
319
293,599
7.88%,
09/30/32
...................
959
745,264
Kyndryl
Holdings,
Inc.,
6.35%,
02/20/34
......
100
97,109
United
Group
BV,
5.25%,
02/01/30
(c)
........
EUR
810
944,055
73,500,422
Leisure
Products
—
0.0%
Hasbro,
Inc.,
3.90%,
11/19/29
............
USD
100
97,600
Life
Sciences
Tools
&
Services
—
0.0%
Agilent
Technologies,
Inc.
2.75%,
09/15/29
...................
100
94,742
2.30%,
03/12/31
...................
100
89,929
Charles
River
Laboratories
International,
Inc.,
4.00%,
03/15/31
(b)
..................
201
187,660
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
(b)
.....
173
168,426
Thermo
Fisher
Scientific,
Inc.
2.60%,
10/01/29
...................
100
94,514
4.98%,
08/10/30
...................
105
107,119
4.22%,
02/12/31
...................
59
58,291
4.20%,
03/01/31
...................
119
117,580
4.47%,
10/07/32
...................
100
98,852
4.55%,
06/15/33
...................
61
60,165
5.09%,
08/10/33
...................
262
266,480
4.90%,
02/12/36
...................
152
150,472
1,494,230
Machinery
—
0.2%
Amsted
Industries,
Inc.,
6.38%,
03/15/33
(b)
....
969
985,775
ATS
Corp.,
4.13%,
12/15/28
(b)
............
314
306,575
Caterpillar,
Inc.,
5.20%,
05/15/35
..........
165
169,134
Chart
Industries,
Inc.
(b)
7.50%,
01/01/30
...................
297
308,325
9.50%,
01/01/31
...................
398
418,348
Columbus
McKinnon
Corp.,
7.13%,
02/01/33
(b)
.
614
617,503
CompoSecure
Holdings
LLC,
5.63%,
02/01/33
(b)
1,772
1,736,897
Cummins,
Inc.
4.25%,
05/09/28
...................
423
423,658
4.70%,
02/15/31
...................
100
101,070
5.15%,
02/20/34
...................
100
102,140
Deere
&
Co.,
5.45%,
01/16/35
............
168
174,823
Dynamo
Newco
II
GmbH,
6.25%,
10/15/31
(c)
..
EUR
890
924,292
Enpro,
Inc.,
6.13%,
06/01/33
(b)
............
USD
249
253,759
Esab
Corp.
(b)
6.25%,
04/15/29
...................
292
295,857
5.63%,
04/01/31
...................
1,905
1,922,543
Flowserve
Corp.,
2.80%,
01/15/32
.........
100
88,433
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/23/29
(b)
.......................
272
203,320
IDEX
Corp.,
3.00%,
05/01/30
.............
105
98,862
IMA
Industria
Macchine
Automatiche
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.95%,
04/15/29
(a)(c)
......................
EUR
1,757
2,077,454
Ingersoll
Rand,
Inc.,
5.70%,
08/14/33
.......
USD
386
401,973
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
King
US
Bidco,
Inc.
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.45%,
12/01/32
(a)(c)
......
EUR
783
$
925,383
Lsf12
Helix
Parent
LLC,
7.13%,
02/01/33
(b)
....
USD
1,668
1,628,198
Manitowoc
Co.,
Inc.
(The),
9.25%,
10/01/31
(b)
..
143
152,897
Otis
Worldwide
Corp.,
5.13%,
11/19/31
......
253
258,835
Parker-Hannifin
Corp.
4.25%,
09/15/27
...................
113
113,016
3.25%,
06/14/29
...................
186
179,872
Stanley
Black
&
Decker,
Inc.,
3.00%,
05/15/32
.
100
90,284
Terex
Corp.,
6.25%,
10/15/32
(b)
...........
800
813,094
TK
Elevator
Midco
GmbH
4.38%,
07/15/27
(c)
..................
EUR
254
297,818
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
USD
326
326,081
Westinghouse
Air
Brake
Technologies
Corp.,
4.70%,
09/15/28
(d)
..................
454
455,420
16,851,639
Media
—
0.7%
Block
Communications,
Inc.,
10.25%,
03/01/31
(b)
150
138,880
Cable
One,
Inc.,
1.13%,
03/15/28
(m)
........
85
63,453
Charter
Communications
Operating
LLC
3.75%,
02/15/28
...................
318
312,795
4.20%,
03/15/28
...................
138
136,566
2.25%,
01/15/29
...................
141
131,776
5.05%,
03/30/29
...................
108
108,287
2.80%,
04/01/31
...................
7,663
6,862,273
2.30%,
02/01/32
...................
3,517
3,005,525
6.65%,
02/01/34
...................
300
311,097
6.55%,
06/01/34
...................
174
179,945
6.38%,
10/23/35
...................
161
162,671
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
7.75%,
04/15/28
...................
352
354,526
7.50%,
06/01/29
...................
1,061
1,062,952
7.88%,
04/01/30
...................
2,754
2,867,322
7.13%,
02/15/31
...................
1,184
1,230,901
7.50%,
03/15/33
...................
3,992
4,193,492
CMG
Media
Corp.,
8.88%,
06/18/29
(b)
.......
483
430,454
CSC
Holdings
LLC
(b)
5.50%,
04/15/27
...................
2,793
2,356,020
5.38%,
02/01/28
...................
800
597,261
11.25%,
05/15/28
..................
2,226
1,810,383
11.75%,
01/31/29
..................
189
135,340
DirecTV
Financing
LLC
(b)
5.88%,
08/15/27
...................
919
919,682
8.88%,
02/01/30
...................
886
902,366
10.00%,
02/15/31
..................
3,155
3,282,746
Discovery
Communications
LLC,
3.95%,
03/20/28
........................
639
628,603
DISH
DBS
Corp.
(b)
5.25%,
12/01/26
...................
1,473
1,458,984
5.75%,
12/01/28
...................
1,002
984,455
DISH
Network
Corp.,
11.75%,
11/15/27
(b)
.....
3,571
3,686,343
EchoStar
Corp.
10.75%,
11/30/29
..................
3,199
3,473,816
6.75%,
11/30/30
...................
2,776
2,816,355
Gray
Media,
Inc.
(b)
10.50%,
07/15/29
..................
230
244,187
9.63%,
07/15/32
...................
1,686
1,714,182
7.25%,
08/15/33
...................
1,550
1,578,284
Lamar
Media
Corp.,
5.38%,
11/01/33
(b)
......
623
616,390
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27
(b)
.......................
670
450,341
Midcontinent
Communications,
8.00%,
08/15/32
(b)
.......................
1,053
991,008
Neptune
Bidco
US,
Inc.
(b)
9.29%,
04/15/29
...................
847
856,613
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
10.38%,
05/15/31
..................
USD
1,202
$
1,240,429
9.50%,
02/15/33
...................
1,006
1,006,798
Omnicom
Group,
Inc.
4.65%,
10/01/28
...................
289
289,506
2.40%,
03/01/31
...................
347
310,190
Outfront
Media
Capital
LLC
(b)
5.00%,
08/15/27
...................
103
102,847
4.25%,
01/15/29
...................
395
385,371
4.63%,
03/15/30
...................
1,585
1,542,230
7.38%,
02/15/31
...................
145
151,653
SES
SA,
4.88%,
06/24/33
(c)
..............
EUR
253
293,991
Sinclair
Television
Group,
Inc.,
8.13%,
02/15/33
(b)
USD
2,033
2,105,314
Sirius
XM
Radio
LLC,
4.00%,
07/15/28
(b)
.....
191
185,482
Stagwell
Global
LLC,
5.63%,
08/15/29
(b)
.....
908
863,739
Summer
BC
Holdco
B
SARL
(c)
5.88%,
02/15/30
...................
EUR
974
995,144
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.23%,
02/15/30
(a)
................
289
298,777
Sunrise
FinCo.
I
BV
4.88%,
07/15/31
(b)
..................
USD
1,432
1,375,751
4.63%,
05/15/32
(c)
..................
EUR
1,055
1,225,660
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(b)
..................
USD
400
395,372
Univision
Communications,
Inc.
(b)
8.50%,
07/31/31
...................
1,094
1,110,300
9.38%,
08/01/32
...................
1,273
1,317,362
8.88%,
04/15/33
...................
1,405
1,412,658
Versant
Media
Group,
Inc.,
7.25%,
01/30/31
(b)
..
210
218,036
Virgin
Media
O2
Vendor
Financing
Notes
V
DAC,
7.88%,
03/15/32
(c)
..................
GBP
819
992,623
Virgin
Media
O2
Vendor
Financing
Notes
VII
DAC,
7.50%,
07/15/33
(c)
..............
EUR
349
372,843
Virgin
Media
O2
Vendor
Financing
Notes
VIII
DAC,
8.88%,
07/15/33
(c)
..............
GBP
410
501,941
VZ
Secured
Financing
BV
5.00%,
01/15/32
(b)
..................
USD
816
715,038
5.25%,
01/15/33
(c)
..................
EUR
2,972
3,312,827
Ziggo
Bond
Co.
BV
3.38%,
02/28/30
(c)
..................
507
518,485
5.13%,
02/28/30
(b)
..................
USD
832
729,829
6.13%,
11/15/32
(c)
..................
EUR
1,009
1,055,893
Ziggo
BV
2.88%,
01/15/30
(c)
..................
276
305,767
4.88%,
01/15/30
(b)
..................
USD
595
559,703
76,947,833
Metals
&
Mining
—
0.4%
AngloGold
Ashanti
Holdings
plc,
3.75%,
10/01/30
599
573,243
Antofagasta
plc,
2.38%,
10/14/30
(b)
.........
674
610,988
Arsenal
AIC
Parent
LLC
(b)
8.00%,
10/01/30
...................
1,091
1,140,578
11.50%,
10/01/31
..................
949
1,026,638
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
......
1,671
1,672,409
Cleveland-Cliffs,
Inc.,
6.88%,
11/01/29
(b)
.....
1,272
1,296,212
Coeur
Mining,
Inc.,
6.88%,
04/01/32
(b)
.......
1,473
1,518,111
Commercial
Metals
Co.
(b)
5.75%,
11/15/33
...................
876
877,464
6.00%,
12/15/35
...................
903
902,107
Constellium
SE
(b)
5.63%,
06/15/28
...................
250
249,732
3.75%,
04/15/29
...................
1,588
1,531,474
6.38%,
08/15/32
...................
1,320
1,353,627
Corp.
Nacional
del
Cobre
de
Chile,
5.53%,
01/30/37
(b)
.......................
675
665,651
CSN
Resources
SA,
4.63%,
06/10/31
(c)
......
388
263,646
ERO
Copper
Corp.,
6.50%,
02/15/30
(b)
......
2,035
2,030,910
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
First
Quantum
Minerals
Ltd.
(b)
8.00%,
03/01/33
...................
USD
221
$
231,752
7.25%,
02/15/34
...................
1,120
1,154,653
6.38%,
02/15/36
...................
2,139
2,100,284
Freeport
Indonesia
PT,
5.32%,
04/14/32
(b)
....
1,221
1,222,221
Freeport-McMoRan,
Inc.
5.00%,
09/01/27
...................
91
90,992
5.40%,
11/14/34
...................
191
194,382
Glencore
Funding
LLC,
6.50%,
10/06/33
(b)
....
1,787
1,939,273
Kaiser
Aluminum
Corp.
(b)
4.50%,
06/01/31
...................
3,391
3,252,876
5.88%,
03/01/34
...................
1,884
1,886,946
Marcobre
SAC,
5.75%,
01/22/36
(b)
.........
576
568,224
Mineral
Resources
Ltd.
(b)
6.00%,
05/01/32
...................
336
333,395
6.25%,
05/01/34
...................
336
331,776
Navoi
Mining
&
Metallurgical
Combinat,
6.70%,
10/17/28
(b)
.......................
411
422,302
Newmont
Corp.,
5.35%,
03/15/34
..........
117
120,737
Nexa
Resources
SA,
6.75%,
04/09/34
(b)
......
295
311,760
Novelis
Corp.
(b)
4.75%,
01/30/30
...................
439
419,794
6.88%,
01/30/30
...................
958
982,157
3.88%,
08/15/31
...................
2,563
2,329,843
6.38%,
08/15/33
...................
2,948
2,960,373
Nucor
Corp.
3.95%,
05/01/28
...................
202
201,000
3.13%,
04/01/32
...................
101
93,408
Rio
Tinto
Alcan,
Inc.
7.25%,
03/15/31
...................
100
111,338
5.75%,
06/01/35
...................
142
149,146
Rio
Tinto
Finance
USA
plc,
5.00%,
03/14/32
...
452
460,362
Samarco
Mineracao
SA,
9.00%,
(9.00
%
Cash
or
9.00%
PIK),
06/30/31
(c)(j)
..............
1,319
1,314,624
Skeena
Resources
Ltd.,
8.50%,
04/01/31
(b)
...
118
123,542
Steel
Dynamics,
Inc.,
5.38%,
08/15/34
......
135
137,537
Stillwater
Mining
Co.,
4.00%,
11/16/26
(c)
......
621
617,218
Vale
Overseas
Ltd.
3.75%,
07/08/30
...................
1,572
1,505,190
6.13%,
06/12/33
...................
2,190
2,312,421
6.40%,
06/28/54
...................
287
293,816
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.43%),
6.00%,
02/25/56
(a)(b)
....................
632
635,729
Vedanta
Resources
Finance
II
plc
(b)
9.48%,
07/24/30
...................
298
312,155
9.85%,
04/24/33
...................
384
409,451
Volcan
Cia
Minera
SAA,
8.50%,
10/28/32
(b)
...
649
667,652
45,911,119
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
(b)
Blackstone
Mortgage
Trust,
Inc.,
3.75%,
01/15/27
376
370,436
Starwood
Property
Trust,
Inc.
7.25%,
04/01/29
...................
368
381,343
6.00%,
04/15/30
...................
94
95,098
6.50%,
07/01/30
...................
22
22,540
6.50%,
10/15/30
...................
1,744
1,793,713
2,663,130
Multi-Utilities
—
0.0%
Ameren
Corp.
1.75%,
03/15/28
...................
104
99,039
3.50%,
01/15/31
...................
100
94,914
Ameren
Illinois
Co.
3.80%,
05/15/28
...................
677
670,985
4.95%,
06/01/33
...................
100
100,523
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Multi-Utilities
(continued)
Berkshire
Hathaway
Energy
Co.
3.70%,
07/15/30
...................
USD
454
$
440,842
1.65%,
05/15/31
...................
668
579,738
Black
Hills
Corp.,
4.55%,
01/31/31
.........
100
99,029
Consolidated
Edison
Co.
of
New
York,
Inc.
3.80%,
05/15/28
...................
337
333,972
2.40%,
06/15/31
...................
100
90,377
5.20%,
03/01/33
...................
105
107,621
Consumers
Energy
Co.
4.60%,
05/30/29
...................
451
453,832
4.70%,
01/15/30
...................
258
259,988
DTE
Energy
Co.,
5.85%,
06/01/34
.........
100
104,806
National
Grid
plc,
5.81%,
06/12/33
.........
100
104,351
NiSource,
Inc.
1.70%,
02/15/31
...................
283
246,630
5.40%,
06/30/33
...................
197
201,896
5.35%,
07/15/35
...................
100
100,915
Puget
Energy,
Inc.
2.38%,
06/15/28
...................
100
95,554
5.73%,
03/15/35
...................
100
100,594
San
Diego
Gas
&
Electric
Co.
Series
VVV,
1.70%,
10/01/30
...........
100
88,680
Series
DDDD,
5.20%,
03/15/36
.........
98
97,749
Sempra
3.70%,
04/01/29
...................
460
449,470
5.50%,
08/01/33
...................
101
104,058
5.25%,
03/15/36
...................
35
34,575
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.63%),
6.40%,
10/01/54
(a)
.....................
100
100,772
5,160,910
Office
REITs
—
0.0%
Alexandrite
Monnet
UK
Holdco
plc,
6.88%,
05/31/31
(c)
.......................
EUR
584
684,775
alstria
SARL
(c)
4.25%,
10/15/29
...................
400
455,553
5.50%,
03/20/31
...................
100
116,593
Boston
Properties
LP
3.40%,
06/21/29
...................
USD
168
161,483
3.25%,
01/30/31
...................
213
196,913
2.45%,
10/01/33
...................
362
295,579
Cousins
Properties
LP,
4.88%,
03/01/33
.....
54
52,258
Highwoods
Realty
LP
2.60%,
02/01/31
...................
100
88,865
5.35%,
01/15/33
...................
100
99,051
Piedmont
Operating
Partnership
LP,
5.63%,
01/15/33
........................
101
99,412
2,250,482
Oil,
Gas
&
Consumable
Fuels
—
1.4%
Aethon
United
BR
LP,
7.50%,
10/01/29
(b)
.....
411
429,370
Antero
Midstream
Partners
LP,
6.63%,
02/01/32
(b)
297
304,564
APA
Corp.,
6.10%,
02/15/35
.............
100
103,752
Ascent
Resources
Utica
Holdings
LLC
(b)
9.00%,
11/01/27
...................
179
205,403
5.88%,
06/30/29
...................
435
435,555
6.63%,
07/15/33
...................
986
1,013,013
Azule
Energy
Finance
plc,
8.25%,
01/22/31
(b)
..
862
888,937
Blue
Racer
Midstream
LLC
(b)
7.00%,
07/15/29
...................
246
254,788
7.25%,
07/15/32
...................
198
207,119
Boardwalk
Pipelines
LP,
5.38%,
02/15/36
.....
151
149,785
BP
Capital
Markets
America,
Inc.
4.70%,
04/10/29
...................
383
387,432
1.75%,
08/10/30
...................
405
363,169
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
4.81%,
02/13/33
...................
USD
603
$
604,731
4.89%,
09/11/33
...................
105
105,502
5.23%,
11/17/34
...................
199
202,875
Breakwater
Energy
Holdings
SARL
9.25%,
11/15/30
(b)
..................
1,125
1,198,108
9.25%,
11/15/30
(c)
..................
952
1,013,866
Buckeye
Partners
LP
6.88%,
07/01/29
(b)
..................
22
22,715
6.75%,
02/01/30
(b)
..................
98
101,380
5.85%,
11/15/43
...................
249
228,061
5.60%,
10/15/44
...................
194
172,198
California
Resources
Corp.,
7.00%,
01/15/34
(b)
.
409
417,356
Canadian
Natural
Resources
Ltd.
6.45%,
06/30/33
...................
100
108,206
5.40%,
12/15/34
...................
131
133,028
Caturus
Energy
LLC
(b)
8.50%,
02/15/30
...................
2,088
2,183,159
7.13%,
05/15/31
...................
1,786
1,790,925
Cenovus
Energy,
Inc.,
4.65%,
03/20/31
......
100
99,498
Cheniere
Corpus
Christi
Holdings
LLC,
3.70%,
11/15/29
.........................
547
531,428
Cheniere
Energy
Partners
LP
4.00%,
03/01/31
...................
2,146
2,069,292
3.25%,
01/31/32
...................
300
274,574
5.95%,
06/30/33
...................
302
316,950
5.75%,
08/15/34
...................
851
882,414
5.55%,
10/30/35
...................
385
392,948
Cheniere
Energy,
Inc.,
5.65%,
04/15/34
......
2,457
2,531,141
Chevron
USA,
Inc.
4.69%,
04/15/30
...................
442
447,583
4.82%,
04/15/32
...................
311
316,610
4.98%,
04/15/35
...................
155
156,894
Chord
Energy
Corp.,
6.75%,
03/15/33
(b)
......
124
129,031
CITGO
Petroleum
Corp.,
8.38%,
01/15/29
(b)
...
1,298
1,335,730
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(b)
755
730,620
CNX
Resources
Corp.
(b)
7.25%,
03/01/32
...................
458
477,162
5.88%,
03/01/34
...................
811
804,500
Comstock
Resources,
Inc.
(b)
6.75%,
03/01/29
...................
1,487
1,486,020
5.88%,
01/15/30
...................
883
855,312
ConocoPhillips
Co.
4.70%,
01/15/30
...................
142
143,355
4.85%,
01/15/32
...................
267
271,579
5.00%,
01/15/35
...................
100
100,448
Coterra
Energy,
Inc.,
5.60%,
03/15/34
.......
239
245,581
CQP
Holdco
LP,
5.50%,
06/15/31
(b)
.........
2,925
2,889,349
Crescent
Energy
Finance
LLC
(b)
7.75%,
07/31/29
...................
134
134,838
9.75%,
10/15/30
...................
74
79,088
7.63%,
04/01/32
...................
1,056
1,087,339
7.88%,
04/15/32
...................
271
280,947
7.38%,
01/15/33
...................
1,367
1,399,060
8.38%,
01/15/34
...................
192
203,055
CVR
Energy,
Inc.
(b)
7.50%,
02/15/31
...................
564
571,176
7.88%,
02/15/34
...................
396
397,204
DBR
Land
Holdings
LLC,
6.25%,
12/01/30
(b)
...
315
322,481
DCP
Midstream
Operating
LP
8.13%,
08/16/30
...................
335
381,076
3.25%,
02/15/32
...................
3,346
3,059,681
Delek
Logistics
Partners
LP,
7.38%,
06/30/33
(b)
.
694
716,238
Devon
Energy
Corp.
7.95%,
04/15/32
...................
100
115,029
5.20%,
09/15/34
...................
141
141,551
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Diamondback
Energy,
Inc.
5.15%,
01/30/30
...................
USD
394
$
403,049
3.13%,
03/24/31
...................
1,802
1,684,488
5.40%,
04/18/34
...................
1,411
1,439,667
Eastern
Energy
Gas
Holdings
LLC,
5.80%,
01/15/35
........................
100
103,898
EIG
Pearl
Holdings
SARL
(b)
3.55%,
08/31/36
...................
438
400,865
4.39%,
11/30/46
...................
1,166
955,327
Enbridge,
Inc.
4.60%,
06/20/28
...................
356
357,039
4.85%,
03/27/31
...................
471
472,936
5.70%,
03/08/33
...................
379
392,493
2.50%,
08/01/33
...................
100
85,287
5.20%,
11/20/35
...................
240
238,850
Series
20-A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
5.75%,
07/15/80
(a)
................
2,521
2,535,690
Energean
plc,
5.63%,
05/12/31
(c)
..........
EUR
1,238
1,430,888
Energy
Transfer
LP
6.10%,
12/01/28
...................
USD
155
160,823
6.00%,
02/01/29
(b)
..................
870
878,054
3.75%,
05/15/30
...................
335
324,061
4.55%,
01/15/31
...................
104
103,083
6.55%,
12/01/33
...................
222
240,659
5.55%,
05/15/34
...................
241
245,865
5.60%,
09/01/34
...................
2,778
2,834,760
Enterprise
Products
Operating
LLC
4.30%,
06/20/28
...................
929
929,596
3.13%,
07/31/29
...................
190
183,217
4.60%,
01/15/31
...................
100
100,165
5.35%,
01/31/33
...................
186
192,090
4.95%,
02/15/35
...................
100
99,957
5.20%,
01/15/36
...................
169
170,488
Series
E,
(3-mo.
CME
Term
SOFR
+
3.29%),
5.25%,
08/16/77
(a)
................
2,051
2,045,893
EOG
Resources,
Inc.
4.40%,
01/15/31
...................
110
109,132
5.00%,
07/15/32
...................
200
202,677
5.35%,
01/15/36
...................
100
101,468
EQT
Corp.
3.13%,
05/15/26
(b)
..................
785
784,385
5.00%,
01/15/29
...................
165
166,142
4.75%,
01/15/31
...................
3,949
3,930,288
3.63%,
05/15/31
(b)
..................
1,323
1,244,688
5.75%,
02/01/34
...................
3,434
3,555,087
Expand
Energy
Corp.
5.38%,
02/01/29
...................
3,954
3,953,045
5.38%,
03/15/30
...................
6,469
6,535,850
4.75%,
02/01/32
...................
1,845
1,808,960
5.70%,
01/15/35
...................
613
625,205
Galaxy
Pipeline
Assets
Bidco
Ltd.,
2.94%,
09/30/40
(c)
.......................
590
486,944
Genesis
Energy
LP
8.00%,
05/15/33
...................
415
436,887
6.75%,
03/15/34
(b)
..................
1,483
1,493,706
Global
Partners
LP,
7.13%,
07/01/33
(b)
.......
194
198,819
Gulfport
Energy
Operating
Corp.,
6.75%,
09/01/29
(b)
.......................
197
202,104
Harvest
Midstream
I
LP,
7.50%,
05/15/32
(b)
....
891
927,665
Hess
Corp.,
7.88%,
10/01/29
.............
256
284,081
Hess
Midstream
Operations
LP
(b)
6.50%,
06/01/29
...................
212
217,210
4.25%,
02/15/30
...................
174
168,755
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
HF
Sinclair
Corp.
5.75%,
01/15/31
...................
USD
225
$
230,453
6.25%,
01/15/35
...................
100
103,712
Hilcorp
Energy
I
LP
(b)
6.25%,
11/01/28
...................
143
143,756
5.75%,
02/01/29
...................
621
620,614
6.25%,
04/15/32
...................
44
43,711
8.38%,
11/01/33
...................
642
686,492
6.88%,
05/15/34
...................
1,198
1,203,950
7.25%,
02/15/35
...................
84
85,671
Howard
Midstream
Energy
Partners
LLC
(b)
7.38%,
07/15/32
...................
87
90,720
6.63%,
01/15/34
...................
1,392
1,416,073
Infinity
Natural
Resources
LLC,
7.63%,
04/01/31
(b)
.......................
546
555,231
Ithaca
Energy
North
Sea
plc,
5.50%,
10/01/31
(c)
EUR
794
942,533
ITT
Holdings
LLC,
6.50%,
08/01/29
(b)
.......
USD
2,059
2,029,741
Kinder
Morgan,
Inc.
5.10%,
08/01/29
...................
349
355,506
5.40%,
02/01/34
...................
890
910,972
Kinetik
Holdings
LP
(b)
6.63%,
12/15/28
...................
116
118,331
5.88%,
06/15/30
...................
62
62,210
Magnolia
Oil
&
Gas
Operating
LLC,
6.88%,
12/01/32
(b)
.......................
155
160,375
Marathon
Petroleum
Corp.,
5.70%,
03/01/35
..
107
109,901
Matador
Resources
Co.
(b)
6.50%,
04/15/32
...................
1,113
1,136,556
6.00%,
04/15/34
...................
715
717,717
Medco
Cypress
Tree
Pte.
Ltd.,
8.63%,
05/19/30
(b)
250
260,625
Medco
Maple
Tree
Pte.
Ltd.,
8.96%,
04/27/29
(b)
388
400,610
MPLX
LP
4.00%,
03/15/28
...................
1,176
1,166,602
4.80%,
02/15/31
...................
131
131,147
4.95%,
09/01/32
...................
107
107,019
5.00%,
01/15/33
...................
297
295,602
5.40%,
04/01/35
...................
184
183,916
Murphy
Oil
Corp.,
5.88%,
12/01/42
(d)
........
58
50,337
NGL
Energy
Operating
LLC
(b)
8.13%,
02/15/29
...................
674
698,654
8.38%,
02/15/32
...................
2,131
2,236,676
Northern
Oil
&
Gas,
Inc.,
7.88%,
10/15/33
(b)
...
975
1,010,485
Northriver
Midstream
Finance
LP,
6.75%,
07/15/32
(b)
.......................
190
194,536
Occidental
Petroleum
Corp.
6.63%,
09/01/30
...................
342
364,607
7.50%,
05/01/31
...................
100
111,361
5.55%,
10/01/34
...................
171
173,989
ONEOK,
Inc.
5.38%,
06/01/29
...................
115
117,386
5.80%,
11/01/30
...................
116
120,502
6.35%,
01/15/31
...................
100
106,163
4.75%,
10/15/31
...................
100
99,387
6.05%,
09/01/33
...................
415
436,531
5.65%,
09/01/34
...................
115
117,566
5.05%,
11/01/34
...................
114
111,742
5.40%,
10/15/35
...................
100
99,913
Ovintiv,
Inc.
8.13%,
09/15/30
...................
100
112,398
6.25%,
07/15/33
...................
123
130,391
PBF
Holding
Co.
LLC,
7.88%,
09/15/30
(b)
.....
258
264,478
Permian
Resources
Operating
LLC
(b)
7.00%,
01/15/32
...................
533
554,437
6.25%,
02/01/33
...................
629
644,022
Pertamina
Persero
PT,
6.45%,
05/30/44
(b)
....
598
612,771
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Petrobras
Global
Finance
BV,
6.75%,
01/27/41
.
USD
630
$
629,213
Phillips
66
3.90%,
03/15/28
...................
443
438,730
4.65%,
11/15/34
...................
101
98,216
Phillips
66
Co.
5.25%,
06/15/31
...................
264
269,992
5.30%,
06/30/33
...................
173
176,456
Pioneer
Natural
Resources
Co.,
1.90%,
08/15/30
58
52,393
Plains
All
American
Pipeline
LP
3.80%,
09/15/30
...................
128
123,316
4.70%,
01/15/31
...................
100
99,775
5.70%,
09/15/34
...................
100
102,372
5.95%,
06/15/35
...................
200
206,243
Pluspetrol
Camisea
SA,
6.24%,
07/03/36
(b)
....
605
632,346
Prairie
Acquiror
LP,
9.00%,
08/01/29
(b)
.......
300
313,282
PRIO
Luxembourg
Holding
SARL,
6.75%,
10/15/30
(b)
.......................
646
643,274
Raizen
Fuels
Finance
SA
(b)(e)(k)
6.45%,
03/05/34
...................
839
458,304
6.95%,
03/05/54
...................
341
181,712
Reliance
Industries
Ltd.,
2.88%,
01/12/32
(c)
...
695
627,161
Repsol
E&P
Capital
Markets
US
LLC,
4.81%,
09/16/28
(b)
.......................
655
657,245
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(b)
.......................
162
159,783
Sabine
Pass
Liquefaction
LLC
5.00%,
03/15/27
...................
142
142,348
4.50%,
05/15/30
...................
169
168,809
SM
Energy
Co.
(b)
8.75%,
07/01/31
...................
333
349,338
6.63%,
04/15/34
...................
1,759
1,783,318
Sunoco
LP
(b)
5.63%,
03/15/31
...................
225
225,835
6.63%,
08/15/32
...................
194
198,347
6.25%,
07/01/33
...................
203
207,471
5.88%,
03/15/34
...................
866
862,892
Tallgrass
Energy
Partners
LP
(b)
5.50%,
01/15/28
...................
283
282,318
7.38%,
02/15/29
...................
317
326,584
6.00%,
09/01/31
...................
912
916,999
Targa
Resources
Corp.
4.35%,
04/15/31
...................
192
188,200
4.20%,
02/01/33
...................
152
144,395
6.13%,
03/15/33
...................
136
143,862
6.50%,
03/30/34
...................
27
29,275
5.50%,
02/15/35
...................
356
360,780
TGNR
Intermediate
Holdings
LLC,
5.50%,
10/15/29
(b)
.......................
1,061
1,046,562
TotalEnergies
Capital
SA,
5.15%,
04/05/34
...
200
204,321
TotalEnergies
Capital
USA
LLC
4.25%,
01/13/31
...................
362
358,258
4.86%,
01/13/36
...................
174
171,334
TPAO
Varlik
Kiralama
ASA,
6.30%,
03/04/31
(c)
.
335
329,556
TransCanada
PipeLines
Ltd.
4.25%,
05/15/28
...................
321
319,722
4.63%,
03/01/34
...................
226
218,875
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.61%),
7.00%,
06/01/65
(a)
.....................
100
103,123
Transcanada
Trust,
Series
16-A,
5.88%,
08/15/76
(a)
.......................
2,437
2,440,439
Transcontinental
Gas
Pipe
Line
Co.
LLC,
5.10%,
03/15/36
........................
905
897,968
TransMontaigne
Partners
LLC,
8.50%,
06/15/30
(b)
64
66,236
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Valero
Energy
Corp.
7.50%,
04/15/32
...................
USD
100
$
113,492
5.15%,
03/10/36
...................
70
68,922
Venture
Global
LNG,
Inc.
(b)
9.50%,
02/01/29
...................
5,797
6,326,655
8.38%,
06/01/31
...................
150
156,395
9.88%,
02/01/32
...................
2,537
2,721,833
Venture
Global
Plaquemines
LNG
LLC
(b)
6.13%,
12/15/30
...................
1,664
1,716,047
7.50%,
05/01/33
...................
696
771,838
6.50%,
01/15/34
...................
1,942
2,034,247
7.75%,
05/01/35
...................
887
997,621
6.75%,
01/15/36
...................
4,482
4,764,545
Viper
Energy
Partners
LLC,
4.90%,
08/01/30
..
596
595,665
Western
Midstream
Operating
LP
4.75%,
08/15/28
...................
150
150,541
4.80%,
03/01/31
...................
100
99,335
6.15%,
04/01/33
...................
100
104,895
5.50%,
12/15/35
...................
128
126,536
Wildfire
Intermediate
Holdings
LLC,
7.50%,
10/15/29
(b)
.......................
1,502
1,545,866
Williams
Cos.,
Inc.
(The)
5.15%,
03/15/34
...................
100
100,104
5.60%,
03/15/35
...................
100
102,406
149,336,064
Paper
&
Forest
Products
—
0.1%
Fedrigoni
SpA
(c)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.13%,
01/15/30
(a)
................
EUR
367
419,834
6.13%,
06/15/31
...................
1,011
1,143,380
LD
Celulose
International
GmbH,
7.95%,
01/26/32
(b)
.......................
USD
570
593,666
Sappi
Papier
Holding
GmbH,
4.50%,
03/15/32
(c)
EUR
1,760
1,854,382
Suzano
Austria
GmbH,
Series
DM3N,
3.13%,
01/15/32
........................
USD
879
782,455
WEPA
Hygieneprodukte
GmbH,
5.63%,
01/15/31
(c)
.......................
EUR
742
888,578
5,682,295
Passenger
Airlines
—
0.0%
American
Airlines,
Inc.,
5.75%,
04/20/29
(b)
....
USD
46
45,531
AS
Mileage
Plan
IP
Ltd.,
5.31%,
10/20/31
(b)
...
581
570,835
JetBlue
Airways
Corp.,
9.88%,
09/20/31
(b)
....
909
846,614
Latam
Airlines
Group
SA,
7.88%,
04/15/30
(b)
...
310
314,945
OneSky
Flight
LLC,
8.88%,
12/15/29
(b)
.......
253
267,204
United
Airlines
Holdings,
Inc.,
5.38%,
03/01/31
.
556
548,001
United
Airlines
Pass-Through
Trust
Series
2020-1,Class
A,
5.88%,
10/15/27
...
—
(o)
1
Series
2024-1,Class
A,
5.88%,
02/15/37
...
1,331
1,335,822
3,928,953
Personal
Care
Products
—
0.0%
Estee
Lauder
Cos.,
Inc.
(The)
1.95%,
03/15/31
...................
108
95,493
4.65%,
05/15/33
...................
165
162,512
Haleon
US
Capital
LLC,
3.63%,
03/24/32
.....
250
235,427
Kenvue,
Inc.
5.05%,
03/22/28
...................
207
209,835
4.90%,
03/22/33
...................
108
108,722
Opal
Bidco
SAS
5.50%,
03/31/32
(c)
..................
EUR
535
634,993
6.50%,
03/31/32
(b)
..................
USD
1,730
1,761,282
Perrigo
Finance
Unlimited
Co.
5.38%,
09/30/32
...................
EUR
713
809,664
6.13%,
09/30/32
...................
USD
441
414,967
4,432,895
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
—
0.5%
1261229
BC
Ltd.,
10.00%,
04/15/32
(b)
.......
USD
13,977
$
14,435,138
Amneal
Pharmaceuticals
LLC,
6.88%,
08/01/32
(b)
269
279,367
Astrazeneca
Finance
LLC
4.00%,
03/02/31
...................
521
511,521
4.30%,
03/02/33
...................
313
306,054
Bausch
Health
Cos.,
Inc.
(b)
4.88%,
06/01/28
...................
256
240,468
11.00%,
09/30/28
..................
2,118
2,202,720
Bayer
Corp.,
6.65%,
02/15/28
(b)
...........
826
855,418
Bayer
US
Finance
LLC,
6.13%,
11/21/26
(b)
....
5,163
5,201,858
Dolcetto
Holdco
SpA
(c)
5.63%,
07/14/32
...................
EUR
1,148
1,346,419
(3-mo.
EURIBOR
+
3.63%),
5.78%,
07/14/32
(a)
.....................
142
167,732
Eli
Lilly
&
Co.
4.50%,
02/09/29
...................
USD
230
232,062
4.20%,
08/14/29
...................
136
135,886
4.25%,
03/15/31
...................
169
168,125
4.55%,
10/15/32
...................
100
99,997
4.70%,
02/09/34
...................
301
300,606
4.60%,
08/14/34
...................
252
249,021
4.90%,
10/15/35
...................
75
74,815
Gruenenthal
GmbH,
4.63%,
11/15/31
(c)
......
EUR
1,340
1,568,185
Johnson
&
Johnson,
3.55%,
03/01/36
.......
USD
627
570,806
Merck
&
Co.,
Inc.,
4.15%,
03/15/31
.........
1,485
1,465,769
Nidda
Healthcare
Holding
GmbH
(c)
7.00%,
02/21/30
...................
EUR
2,253
2,725,082
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.23%,
10/15/32
(a)
................
2,001
2,351,989
Novartis
Capital
Corp.
4.10%,
03/16/29
...................
USD
184
183,441
4.10%,
11/05/30
...................
435
429,304
4.40%,
03/18/31
...................
115
114,831
4.30%,
11/05/32
...................
228
224,864
4.60%,
03/18/33
...................
180
178,743
4.90%,
03/18/36
...................
285
283,009
Organon
&
Co.,
4.13%,
04/30/28
(b)
.........
600
592,192
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.65%,
05/19/30
...................
1,623
1,634,958
4.75%,
05/19/33
...................
470
467,984
Pfizer,
Inc.,
4.50%,
11/15/32
.............
137
135,710
Rossini
SARL
(c)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.88%),
6.00%,
12/31/29
(a)
................
EUR
366
432,930
6.75%,
12/31/29
...................
530
645,049
Royalty
Pharma
plc
5.15%,
09/02/29
...................
USD
119
121,045
2.20%,
09/02/30
...................
207
186,955
5.20%,
09/25/35
...................
100
99,085
Takeda
Pharmaceutical
Co.
Ltd.,
2.05%,
03/31/30
........................
200
182,065
Takeda
US
Financing,
Inc.,
5.20%,
07/07/35
...
290
290,398
Teva
Pharmaceutical
Finance
Netherlands
II
BV
4.38%,
05/09/30
...................
EUR
2,085
2,475,666
4.13%,
06/01/31
...................
541
632,127
7.88%,
09/15/31
...................
1,452
1,998,956
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%,
10/01/26
...................
USD
592
586,820
8.13%,
09/15/31
...................
6,259
7,074,485
6.00%,
12/01/32
...................
329
341,969
Teva
Pharmaceutical
Finance
Netherlands
IV
BV,
5.75%,
12/01/30
...................
1,805
1,852,905
Zoetis,
Inc.,
2.00%,
05/15/30
.............
173
157,219
56,811,748
Security
Par
(000)
Par
(000)
Value
Professional
Services
—
0.1%
Amentum
Holdings,
Inc.,
7.25%,
08/01/32
(b)
...
USD
93
$
96,265
Automatic
Data
Processing,
Inc.
4.75%,
05/08/32
...................
100
100,772
4.45%,
09/09/34
...................
100
97,923
CACI
International,
Inc.,
6.38%,
06/15/33
(b)
....
1,416
1,448,644
CoreLogic,
Inc.,
4.50%,
05/01/28
(b)
.........
3,918
3,809,708
Equifax,
Inc.
5.10%,
06/01/28
...................
238
240,599
2.35%,
09/15/31
...................
100
87,855
KBR,
Inc.,
4.75%,
09/30/28
(b)
.............
49
48,207
La
Financiere
Atalian
SAS,
8.50%,
(8.50%
Cash
or
5.00%
PIK),
06/30/28
(c)(j)
............
EUR
1,470
287,965
Science
Applications
International
Corp.
(b)
4.88%,
04/01/28
...................
USD
694
687,103
5.88%,
11/01/33
...................
671
661,834
Verisk
Analytics,
Inc.
4.45%,
03/15/31
...................
40
39,450
5.25%,
06/05/34
...................
154
153,912
5.13%,
03/15/36
...................
162
158,353
7,918,590
Real
Estate
Management
&
Development
—
0.2%
ADLER
Financing
SARL,
8.25%,
12/31/28
....
EUR
2,943
3,593,075
Alexandrite
Lake
Lux
Holdings
SARL,
6.75%,
07/30/30
(c)
.......................
1,002
1,155,353
Alpha
Star
Holding
IX
Ltd.,
7.00%,
08/26/28
(c)
..
USD
740
734,450
Anywhere
Real
Estate
Group
LLC
Series
AI,
7.00%,
04/15/30
............
423
423,199
9.75%,
04/15/30
(b)
..................
210
224,253
BRANICKS
Group
AG,
2.25%,
09/22/26
(c)
....
EUR
900
630,576
Citycon
Treasury
BV
(c)
1.63%,
03/12/28
...................
571
626,078
5.38%,
07/08/31
...................
225
247,509
Cushman
&
Wakefield
US
Borrower
LLC,
8.88%,
09/01/31
(b)
.......................
USD
89
93,685
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
5.00%,
12/31/27
(a)(c)(d)
................
EUR
1,233
1,303,463
Fantasia
Holdings
Group
Co.
Ltd.
(c)(e)(k)
15.00%,
12/18/21
..................
USD
1,735
19,519
11.75%,
04/17/22
..................
2,039
22,429
10.88%,
01/09/23
..................
1,345
15,131
11.88%,
06/01/23
..................
1,500
16,875
9.25%,
07/28/23
...................
3,540
39,825
7.95%,
07/05/24
...................
1,650
18,150
12.25%,
10/18/24
..................
3,269
35,959
9.88%,
10/19/24
...................
2,640
23,760
Five
Point
Operating
Co.
LP,
8.00%,
10/01/30
(b)
153
156,888
Heimstaden
AB
(c)
8.38%,
01/29/30
...................
EUR
337
413,025
7.36%,
01/24/31
...................
250
297,457
Howard
Hughes
Corp.
(The)
(b)
4.13%,
02/01/29
...................
USD
479
461,206
4.38%,
02/01/31
...................
346
323,976
5.88%,
03/01/32
...................
503
492,132
6.13%,
03/01/34
...................
503
492,874
Modernland
Overseas
Pte.
Ltd.,
6.00%,
(6.00%
Cash
or
6.00%
PIK),
04/30/27
(c)(j)
........
1,091
355,077
NE
Property
BV,
3.88%,
09/30/33
(c)
.........
EUR
550
630,165
Sobha
Sukuk
I
Holding
Ltd.,
7.13%,
09/11/30
(c)
.
USD
317
296,712
Vivion
Investments
SARL
(c)
8.25%,
(8.25%
Cash
or
8.25%
PIK),
08/31/28
(a)(j)
....................
EUR
395
465,744
8.25%,
(8.25%
Cash
or
8.00%
PIK),
02/28/29
(a)(j)
....................
1,894
2,222,892
5.63%,
06/08/30
...................
1,407
1,578,887
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
Vonovia
SE,
Series
B
,
0.88%,
05/20/32
(c)(m)
....
EUR
500
$
564,247
17,974,571
Residential
REITs
—
0.0%
American
Homes
4
Rent
LP
2.38%,
07/15/31
...................
USD
406
358,358
5.50%,
07/15/34
...................
903
907,311
AvalonBay
Communities,
Inc.,
5.00%,
02/15/33
493
498,400
Camden
Property
Trust
3.15%,
07/01/29
...................
100
96,025
4.90%,
02/28/36
...................
109
105,950
ERP
Operating
LP
3.00%,
07/01/29
...................
131
125,595
1.85%,
08/01/31
...................
113
99,308
4.95%,
06/15/32
...................
129
130,139
Essex
Portfolio
LP
2.55%,
06/15/31
...................
100
89,751
2.65%,
03/15/32
...................
100
88,389
4.88%,
02/15/36
...................
100
96,707
Invitation
Homes
Operating
Partnership
LP
5.50%,
08/15/33
...................
860
871,145
4.88%,
02/01/35
...................
116
111,941
Mid-America
Apartments
LP
2.75%,
03/15/30
...................
110
103,039
5.30%,
02/15/32
...................
149
153,535
UDR,
Inc.
3.00%,
08/15/31
...................
100
91,964
1.90%,
03/15/33
...................
124
101,845
3.10%,
11/01/34
...................
100
85,533
4,114,935
Retail
REITs
—
0.0%
Agree
LP
2.00%,
06/15/28
...................
130
123,505
2.60%,
06/15/33
...................
100
85,096
Brixmor
Operating
Partnership
LP
2.25%,
04/01/28
...................
100
96,032
2.50%,
08/16/31
...................
120
107,131
5.20%,
04/01/32
...................
124
125,193
5.38%,
06/15/36
...................
1,250
1,246,022
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
709
693,905
Kimco
Realty
OP
LLC
1.90%,
03/01/28
...................
157
150,418
4.60%,
02/01/33
...................
162
159,938
4.85%,
03/01/35
...................
100
98,143
Kite
Realty
Group
LP,
5.50%,
03/01/34
......
100
101,240
NNN
REIT,
Inc.,
5.50%,
06/15/34
..........
113
114,867
Realty
Income
Corp.
2.20%,
06/15/28
...................
159
152,161
3.20%,
02/15/31
...................
130
121,888
5.13%,
02/15/34
...................
459
462,463
5.13%,
04/15/35
...................
110
110,210
Regency
Centers
LP,
5.00%,
07/15/32
.......
346
349,344
4,297,556
Semiconductors
&
Semiconductor
Equipment
—
0.2%
Amkor
Technology,
Inc.,
5.88%,
10/01/33
(b)
....
139
139,755
ams-OSRAM
AG,
10.50%,
03/30/29
(c)
.......
EUR
1,119
1,383,253
Analog
Devices,
Inc.,
2.10%,
10/01/31
......
USD
282
249,240
Applied
Materials,
Inc.,
4.00%,
01/15/31
.....
195
191,325
Broadcom,
Inc.
4.60%,
07/15/30
...................
1,016
1,020,510
4.15%,
11/15/30
...................
2,071
2,039,531
4.30%,
01/15/31
...................
985
977,103
4.15%,
04/15/32
(b)
..................
1,188
1,152,401
4.60%,
01/15/33
...................
1,725
1,704,941
3.42%,
04/15/33
...................
3,026
2,772,444
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
4.95%,
01/15/36
...................
USD
911
$
902,018
Foundry
JV
Holdco
LLC,
6.20%,
01/25/37
(b)
...
978
1,030,001
Kioxia
Holdings
Corp.,
6.63%,
07/24/33
(b)
.....
221
231,025
KLA
Corp.,
4.65%,
07/15/32
.............
100
100,508
Microchip
Technology,
Inc.,
0.00%,
02/15/30
(b)(m)(n)
275
314,188
Micron
Technology,
Inc.,
2.70%,
04/15/32
....
640
571,173
MKS,
Inc.,
4.25%,
02/15/34
(c)
.............
EUR
1,472
1,667,274
NVIDIA
Corp.,
2.85%,
04/01/30
...........
USD
412
390,700
NXP
BV
4.30%,
06/18/29
...................
120
119,025
2.50%,
05/11/31
...................
230
206,688
5.00%,
01/15/33
...................
136
136,181
5.25%,
08/19/35
...................
100
99,995
ON
Semiconductor
Corp.,
0.50%,
03/01/29
(m)
..
634
772,212
Qnity
Electronics,
Inc.
(b)
5.75%,
08/15/32
...................
670
676,446
6.25%,
08/15/33
...................
1,108
1,133,624
QUALCOMM,
Inc.,
5.00%,
05/20/35
........
1,510
1,511,128
Texas
Instruments,
Inc.
1.75%,
05/04/30
...................
269
243,480
4.85%,
02/08/34
...................
160
161,961
5.10%,
05/23/35
...................
11
11,152
21,909,282
Software
—
0.6%
AppLovin
Corp.
5.13%,
12/01/29
...................
470
473,752
5.50%,
12/01/34
...................
3,803
3,801,542
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(b)
..
5,360
5,108,870
Autodesk,
Inc.,
5.30%,
06/15/35
...........
100
100,548
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(b)
...
531
512,220
Clarivate
Science
Holdings
Corp.
(b)
3.88%,
07/01/28
...................
1,173
1,132,896
4.88%,
07/01/29
...................
1,672
1,516,358
Cloud
Software
Group,
Inc.
(b)
6.50%,
03/31/29
...................
4,673
4,549,894
9.00%,
09/30/29
...................
5,761
5,656,640
8.25%,
06/30/32
...................
256
243,210
Ellucian
Holdings,
Inc.,
6.50%,
12/01/29
(b)
....
1,364
1,341,593
Fair
Isaac
Corp.
(b)
4.00%,
06/15/28
...................
259
252,508
6.00%,
05/15/33
...................
1,595
1,573,028
IPD
3
BV
5.50%,
06/15/31
(c)
..................
EUR
1,662
1,865,589
McAfee
Corp.,
7.38%,
02/15/30
(b)
..........
USD
365
295,743
OAK-Eagle
Acquireco,
Inc.
6.25%,
07/01/33
(c)
..................
EUR
1,624
1,960,752
7.25%,
07/01/33
(b)
..................
USD
3,128
3,223,141
8.75%,
07/01/34
(b)
..................
2,978
3,098,987
Oracle
Corp.
2.95%,
04/01/30
...................
2,292
2,100,162
4.45%,
09/26/30
...................
2,054
1,981,104
4.95%,
02/04/31
...................
6,048
5,916,058
4.80%,
09/26/32
...................
894
850,073
5.20%,
09/26/35
...................
985
917,800
5.70%,
02/04/36
...................
1,868
1,793,931
6.70%,
02/04/56
...................
215
198,144
6.10%,
09/26/65
...................
183
151,180
Roper
Technologies,
Inc.
4.50%,
10/15/29
...................
100
99,504
4.45%,
09/15/30
...................
231
227,577
5.10%,
09/15/35
...................
218
211,617
Salesforce,
Inc.
4.50%,
03/15/28
...................
687
687,645
1.50%,
07/15/28
...................
250
234,937
4.65%,
03/15/29
...................
273
273,532
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
4.90%,
09/15/31
...................
USD
397
$
395,834
5.20%,
03/15/33
...................
297
296,469
5.55%,
03/15/36
...................
397
395,903
SS&C
Technologies,
Inc.,
6.50%,
06/01/32
(b)
...
136
137,609
Stripe,
Inc.,
(Acquired
09/26/25,
cost
$3,500,000),
5.04%,
09/26/30
(f)(i)
.........
3,500
3,465,000
Synopsys,
Inc.
4.65%,
04/01/28
...................
381
383,275
5.00%,
04/01/32
...................
259
261,737
TeamSystem
SpA
(a)(c)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.70%,
07/31/31
.................
EUR
718
819,937
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.45%,
07/01/32
.................
214
240,346
UKG,
Inc.
,
6.88%,
02/01/31
(b)
.............
USD
1,216
1,183,549
VMware
LLC,
2.20%,
08/15/31
............
2,388
2,113,641
62,043,835
Specialized
REITs
—
0.1%
American
Tower
Corp.
2.70%,
04/15/31
...................
100
90,938
5.55%,
07/15/33
...................
1,090
1,122,756
Crown
Castle,
Inc.
4.80%,
09/01/28
...................
41
41,203
5.60%,
06/01/29
...................
201
206,045
3.10%,
11/15/29
...................
404
382,340
5.10%,
05/01/33
...................
259
256,876
CubeSmart
LP
2.50%,
02/15/32
...................
100
87,859
5.13%,
11/01/35
...................
100
98,888
Digital
Realty
Trust,
Inc.,
1.88%,
11/15/29
(b)(m)
..
89
99,858
Equinix,
Inc.
3.20%,
11/18/29
...................
123
117,380
2.50%,
05/15/31
...................
232
207,979
Extra
Space
Storage
LP,
4.95%,
01/15/33
....
1,065
1,056,124
Iron
Mountain,
Inc.
5.63%,
07/15/32
(b)
..................
2,003
1,988,731
6.25%,
01/15/33
(b)
..................
463
470,170
4.75%,
01/15/34
(c)
..................
EUR
1,925
2,186,457
4.75%,
01/15/34
(b)
..................
900
1,022,240
Millrose
Properties,
Inc.
(b)
6.38%,
08/01/30
...................
USD
1,129
1,143,411
6.25%,
09/15/32
...................
2,365
2,375,362
Public
Storage
Operating
Co.
2.30%,
05/01/31
...................
228
205,266
2.25%,
11/09/31
...................
125
111,104
5.00%,
07/01/35
...................
100
99,724
SBA
Communications
Corp.,
3.13%,
02/01/29
.
251
241,626
Weyerhaeuser
Co.
4.00%,
04/15/30
...................
100
97,466
3.38%,
03/09/33
...................
124
111,755
13,821,558
Specialty
Retail
—
0.3%
Advance
Auto
Parts,
Inc.,
7.00%,
08/01/30
(b)
...
258
266,147
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
...................
123
121,789
4.75%,
03/01/30
...................
89
86,676
5.00%,
02/15/32
(b)
..................
68
65,207
AutoNation,
Inc.
4.45%,
01/15/29
...................
215
213,240
4.75%,
06/01/30
...................
160
159,299
AutoZone,
Inc.
3.75%,
04/18/29
...................
100
98,165
1.65%,
01/15/31
...................
178
155,301
4.75%,
02/01/33
...................
172
170,041
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
5.40%,
07/15/34
...................
USD
100
$
101,896
Carvana
Co.
(b)(j)
9.00%,
(9.00%
Cash
or
13.00%
PIK),
06/01/30
......................
2,153
2,240,150
9.00%,
(9.00%
Cash
or
14.00%
PIK),
06/01/31
......................
4,110
4,547,208
CD&R
Firefly
Bidco
plc,
8.63%,
04/30/29
(c)
....
GBP
1,759
2,464,785
Cesar
Spa
(c)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.38%,
09/30/31
(a)
................
EUR
686
812,465
6.50%,
09/30/31
...................
609
722,311
Cougar
JV
Subsidiary
LLC,
8.00%,
05/15/32
(b)
.
USD
221
232,379
Global
Auto
Holdings
Ltd.,
11.50%,
08/15/29
(b)
.
200
203,096
Goldstory
SAS
(c)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.02%,
02/01/30
(a)
................
EUR
396
462,052
6.75%,
02/01/30
...................
1,269
1,482,847
Group
1
Automotive,
Inc.,
6.38%,
01/15/30
(b)
..
USD
144
146,340
Home
Depot,
Inc.
(The)
2.95%,
06/15/29
...................
546
525,482
4.75%,
06/25/29
...................
223
226,453
1.38%,
03/15/31
...................
576
499,009
4.50%,
09/15/32
...................
100
100,209
4.95%,
06/25/34
...................
266
267,633
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(b)
..
212
209,450
Kiko
SpA,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.45%,
01/15/32
(a)(c)
...........
EUR
783
917,271
LBM
Acquisition
LLC,
9.50%,
06/15/31
(b)
.....
USD
441
385,868
LCM
Investments
Holdings
II
LLC
(b)
4.88%,
05/01/29
...................
467
457,216
8.25%,
08/01/31
...................
670
701,875
Lithia
Motors,
Inc.,
5.50%,
10/01/30
(b)
.......
317
315,320
Lowe's
Cos.,
Inc.
4.00%,
10/15/28
...................
297
294,721
3.65%,
04/05/29
...................
215
210,809
4.25%,
03/15/31
...................
203
199,794
2.63%,
04/01/31
...................
325
296,982
3.75%,
04/01/32
...................
438
415,996
5.00%,
04/15/33
...................
136
136,861
4.85%,
10/15/35
...................
56
54,650
Michaels
Cos.,
Inc.
(The),
8.50%,
03/15/33
(b)
..
1,320
1,303,566
O'Reilly
Automotive,
Inc.
4.35%,
06/01/28
...................
194
194,004
5.00%,
08/19/34
...................
173
171,480
Staples,
Inc.,
10.75%,
09/01/29
(b)
..........
199
190,214
TJX
Cos.,
Inc.
(The),
1.15%,
05/15/28
.......
134
126,278
White
Cap
Supply
Holdings
LLC,
7.38%,
11/15/30
(b)
.......................
6,471
6,543,139
29,495,674
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Apple,
Inc.,
4.75%,
05/12/35
.............
1,068
1,079,049
Dell
International
LLC
4.75%,
04/01/28
...................
146
146,866
4.15%,
02/15/29
...................
100
99,269
4.50%,
02/15/31
...................
321
317,785
4.75%,
10/06/32
...................
552
545,911
5.50%,
04/01/35
...................
314
319,474
Hewlett
Packard
Enterprise
Co.
4.40%,
10/15/30
...................
196
192,715
5.25%,
04/01/33
...................
159
159,511
5.00%,
10/15/34
...................
359
350,786
NetApp,
Inc.,
5.70%,
03/17/35
............
100
102,189
Seagate
Data
Storage
Technology
Pte.
Ltd.
(b)
8.25%,
12/15/29
...................
241
251,865
5.88%,
07/15/30
...................
208
212,515
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
8.50%,
07/15/31
...................
USD
926
$
969,965
5.75%,
12/01/34
...................
147
149,527
4,897,427
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
Beach
Acquisition
Bidco
LLC
5.25%,
07/15/32
(c)
..................
EUR
777
907,447
5.25%,
07/15/32
(b)
..................
686
801,169
10.00%,
(10.00%
Cash
or
10.75%
PIK),
07/15/33
(b)(j)
....................
USD
2,348
2,508,058
Crocs,
Inc.
(b)
4.25%,
03/15/29
...................
745
723,255
4.13%,
08/15/31
...................
280
260,550
European
TopSoho
SARL,
Series
SMCP,
4.00%,
09/21/21
(c)(e)(k)(m)
....................
EUR
1,300
1,151,758
Levi
Strauss
&
Co.,
4.00%,
08/15/30
(b)
.......
190
222,706
PrestigeBidCo
GmbH
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.95%,
07/01/29
(a)(c)
...............
1,838
2,171,051
VF
Corp.
4.25%,
03/07/29
...................
896
1,050,617
0.63%,
02/25/32
...................
453
425,010
10,221,621
Tobacco
—
0.2%
Altria
Group,
Inc.
4.50%,
08/06/30
...................
USD
115
114,499
2.45%,
02/04/32
...................
3,909
3,440,789
6.88%,
11/01/33
...................
700
777,016
5.25%,
08/06/35
...................
58
57,935
BAT
Capital
Corp.
2.26%,
03/25/28
...................
538
517,115
4.91%,
04/02/30
...................
388
392,044
6.34%,
08/02/30
...................
216
230,274
5.83%,
02/20/31
...................
475
496,941
6.42%,
08/02/33
...................
995
1,080,339
6.00%,
02/20/34
...................
439
464,471
BAT
International
Finance
plc,
5.93%,
02/02/29
1,472
1,525,872
Philip
Morris
International,
Inc.
5.63%,
11/17/29
...................
100
103,704
4.38%,
04/30/30
...................
1,628
1,620,320
4.75%,
11/01/31
...................
3,643
3,664,711
4.25%,
10/29/32
...................
458
445,411
5.63%,
09/07/33
...................
305
318,553
4.88%,
04/30/35
...................
126
124,466
4.88%,
04/29/36
...................
3,840
3,758,643
Reynolds
American,
Inc.,
5.70%,
08/15/35
....
125
128,663
19,261,766
Trading
Companies
&
Distributors
—
0.3%
Aviation
Capital
Group
LLC
(b)
1.95%,
09/20/26
...................
1,644
1,628,781
4.80%,
10/24/30
...................
4,045
4,016,775
FTAI
Aviation
Investors
LLC
(b)
5.50%,
05/01/28
...................
570
569,765
7.88%,
12/01/30
...................
265
278,244
7.00%,
05/01/31
...................
3,959
4,097,256
7.00%,
06/15/32
...................
3,377
3,485,864
5.88%,
04/15/33
...................
2,416
2,402,392
GATX
Corp.,
3.50%,
03/15/28
............
1,225
1,203,338
Herc
Holdings,
Inc.
(b)
7.00%,
06/15/30
...................
603
627,345
5.75%,
03/15/31
...................
269
269,646
7.25%,
06/15/33
...................
2,487
2,604,458
6.00%,
03/15/34
...................
518
513,605
QXO
Building
Products,
Inc.,
6.75%,
04/30/32
(b)
3,088
3,149,885
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
(continued)
Sumisho
Air
Lease
Corp.
5.85%,
12/15/27
...................
USD
765
$
779,479
5.20%,
07/15/31
...................
132
132,734
United
Rentals
North
America,
Inc.
(b)
6.00%,
12/15/29
...................
1,242
1,262,961
5.38%,
11/15/33
...................
1,468
1,451,533
WESCO
Distribution,
Inc.
(b)
5.25%,
04/15/31
...................
363
362,774
6.63%,
03/15/32
...................
70
72,497
6.38%,
03/15/33
...................
995
1,027,728
5.50%,
04/15/34
...................
861
858,785
30,795,845
Transportation
Infrastructure
—
0.0%
TAV
Havalimanlari
Holding
A/S,
8.50%,
12/07/28
(c)
.......................
618
636,540
Water
Utilities
—
0.0%
American
Water
Capital
Corp.
2.80%,
05/01/30
...................
118
110,920
4.45%,
06/01/32
...................
100
98,506
5.15%,
03/01/34
...................
100
101,588
311,014
Wireless
Telecommunication
Services
—
0.4%
America
Movil
SAB
de
CV,
3.63%,
04/22/29
...
1,257
1,224,632
Colombia
Telecomunicaciones
SA
ESP,
4.95%,
07/17/30
(c)
.......................
727
682,289
Connect
Finco
SARL,
9.00%,
09/15/29
(b)
.....
428
451,406
Digicel
International
Finance
Ltd.,
8.63%,
08/01/32
(b)
.......................
4,169
4,325,337
Eutelsat
SA,
1.50%,
10/13/28
(c)
...........
EUR
400
447,061
Maya
SAS
7.00%,
10/15/28
(b)
..................
USD
369
371,523
5.38%,
04/15/30
(c)
..................
EUR
1,409
1,686,328
6.88%,
04/15/31
(c)
..................
1,377
1,697,844
8.50%,
04/15/31
(b)
..................
USD
953
1,011,044
Rogers
Communications,
Inc.,
3.80%,
03/15/32
593
554,101
SoftBank
Group
Corp.
(c)
5.00%,
04/15/28
...................
EUR
247
290,655
5.38%,
01/08/29
...................
1,327
1,564,926
5.25%,
10/10/29
...................
613
710,845
6.38%,
04/22/30
...................
505
597,682
5.88%,
07/10/31
...................
1,007
1,160,663
7.00%,
04/22/32
...................
535
635,190
5.75%,
07/08/32
...................
1,990
2,245,176
6.38%,
07/10/33
...................
1,189
1,360,893
7.38%,
04/22/34
...................
552
653,779
TDC
Brands
A/S,
8.00%,
04/30/31
(c)
........
808
949,675
T-Mobile
USA,
Inc.
2.05%,
02/15/28
...................
USD
153
146,866
4.20%,
10/01/29
...................
117
115,949
3.88%,
04/15/30
...................
1,436
1,398,205
2.55%,
02/15/31
...................
500
454,636
4.63%,
01/15/33
...................
579
568,277
5.05%,
07/15/33
...................
300
301,389
6.70%,
12/15/33
...................
643
705,569
5.30%,
05/15/35
...................
361
363,734
Veon
Midco
BV,
3.38%,
11/25/27
(b)
.........
662
643,894
Vmed
O2
UK
Financing
I
plc
4.00%,
01/31/29
(c)
..................
GBP
500
640,957
4.25%,
01/31/31
(b)
..................
USD
1,314
1,131,247
4.50%,
07/15/31
(c)
..................
GBP
2,011
2,354,070
4.75%,
07/15/31
(b)
..................
USD
400
346,039
5.63%,
04/15/32
(c)
..................
EUR
1,201
1,337,484
5.63%,
04/15/32
(c)
..................
100
111,364
6.75%,
01/15/33
(b)
..................
USD
1,309
1,196,541
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
WOM
Chile
Holdco
SpA,
5.00%,
(5.00%
Cash
or
5.00%
PIK),
04/01/32
(a)(b)(j)(m)
...........
USD
525
$
448,380
WOM
Mobile
SA,
12.50%,
(12.50%
Cash
or
12.50%
PIK),
04/01/31
(a)(b)(j)
............
37
37,592
Zegona
Finance
plc
6.75%,
07/15/29
(c)
..................
EUR
2,492
3,038,567
37,961,809
Total
Corporate
Bonds
—
20.4%
(Cost:
$2,172,896,879)
............................
2,163,028,504
Equity-Linked
Notes
Aerospace
&
Defense
—
0.3%
(b)(c)
BNP
Paribas
SA
(L3Harris
Technologies,
Inc.),
21.79%, 05/14/26
..................
USD
7
2,167,618
BNP
Paribas
SA
(Safran
SA),
18.32%, 05/06/26
EUR
12
3,954,740
Citigroup,
Inc.
(Rolls-Royce
Holdings
plc),
27.72%, 06/12/26
..................
GBP
280
4,469,078
Citigroup,
Inc.
(Safran
SA),
30.81%, 06/05/26
..
EUR
12
3,932,013
Morgan
Stanley
&
Co.
LLC
(Lockheed
Martin
Corp.),
19.78%, 05/11/26
.............
USD
3
1,513,128
Royal
Bank
of
Canada
(Textron,
Inc.),
20.17%, 05/04/26
..................
19
1,845,619
Societe
Generale
SA
(Boeing
Co.
(The)),
35.77%, 06/01/26
..................
24
5,329,715
UBS
AG
(AAR
Corp.),
32.63%, 06/08/26
.....
EUR
5
1,028,334
UBS
AG
(
Rolls-Royce
Holdings
plc),
26.93%, 06/05/26
..................
GBP
279
4,548,328
UBS
AG
(RTX
Corp.),
21.10%, 06/04/26
.....
USD
8
1,503,615
30,292,188
Air
Freight
&
Logistics
—
0.1%
Nomura
Holdings,
Inc.
(FedEx
Corp.),
22.40%, 06/18/26
(b)(c)
................
21
8,541,474
Automobile
Components
—
0.1%
(b)(c)
BNP
Paribas
SA
(Autoliv,
Inc.),
35.06%, 06/12/26
EUR
13
5,837,090
Societe
Generale
SA
(Aptiv
plc),
34.69%, 06/01/26
..................
USD
36
2,143,022
UBS
AG
(Autoliv,
Inc.),
36.44%, 06/05/26
.....
EUR
13
5,730,408
13,710,520
Automobiles
—
0.1%
(b)(c)
BNP
Paribas
SA
(
Tesla,
Inc.),
19.63%, 05/12/26
USD
2
739,868
Morgan
Stanley
&
Co.
LLC
(Toyota
Motor
Corp.)
35.28%,
05/22/26
..................
17
3,410,019
15.65%,
06/16/26
..................
16
3,203,004
Royal
Bank
of
Canada
(Tesla,
Inc.),
20.62%, 05/19/26
..................
2
738,061
Royal
Bank
of
Canada
(Toyota
Motor
Corp.),
18.89%, 06/09/26
..................
17
3,234,763
Societe
Generale
SA
(Toyota
Motor
Corp.),
18.60%, 06/02/26
..................
17
3,329,842
14,655,557
Banks
—
0.7%
(b)(c)
Barclays
Bank
plc
(Banco
Santander
SA),
30.66%, 06/02/26
..................
486
5,916,921
Barclays
Bank
plc
(
Mitsubishi
UFJ
Financial
Group,
Inc.),
20.92%, 06/10/26
.........
193
3,462,150
BMO
Capital
Markets
Corp.
(Bank
of
America
Corp.),
16.48%, 05/20/26
.............
65
3,270,992
BNP
Paribas
SA
(
Mitsubishi
UFJ
Financial
Group,
Inc.),
23.57%, 06/03/26
.........
258
4,640,654
Citigroup,
Inc.
(Bank
of
America
Corp.),
17.69%, 05/13/26
..................
65
3,268,860
JPMorgan
Structured
Products
BV
(Citigroup,
Inc.),
23.59%, 06/17/26
...............
68
8,829,508
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Nomura
Holdings,
Inc.
(Banco
Santander
SA),
34.97%, 05/22/26
..................
USD
508
$
5,796,288
Royal
Bank
of
Canada
(HSBC
Holdings
plc),
28.48%, 05/20/26
..................
119
9,953,109
Royal
Bank
of
Canada
(
Mitsubishi
UFJ
Financial
Group,
Inc.),
30.89%, 05/20/26
.........
205
3,514,174
Societe
Generale
SA
(Citigroup,
Inc.),
22.05%, 05/08/26
..................
72
8,527,750
Societe
Generale
SA
(Citizens
Financial
Group,
Inc.),
25.20%, 06/04/26
...............
57
3,707,481
Societe
Generale
SA
(First
Citizens
BancShares,
Inc.),
20.82%, 05/21/26
...............
3
6,312,108
Societe
Generale
SA
(HSBC
Holdings
plc),
31.17%, 05/29/26
..................
117
10,198,484
77,398,479
Beverages
—
0.0%
(b)(c)
Barclays
Bank
plc
(PepsiCo,
Inc.),
19.39%, 05/26/26
..................
13
2,064,628
Royal
Bank
of
Canada
(Keurig
Dr
Pepper,
Inc.),
24.56%, 
05/04/26
..................
97
2,734,609
4,799,237
Biotechnology
—
0.0%
(b)(c)
BMO
Capital
Markets
Corp.
(
Vertex
Pharmaceuticals,
Inc.),
20.98%, 05/15/26
..
2
1,057,097
Societe
Generale
SA
(Vertex
Pharmaceuticals,
Inc.),
15.82%, 05/27/26
...............
3
1,091,589
2,148,686
Broadline
Retail
—
0.4%
(b)(c)
Barclays
Bank
plc
(Amazon.com,
Inc.)
20.60%,
05/18/26
..................
44
10,022,939
17.61%,
06/16/26
..................
38
9,842,039
Canadian
Imperial
Bank
of
Commerce
(Amazon.
com,
Inc.),
21.40%, 06/09/26
(a)
..........
39
9,804,867
JPMorgan
Structured
Products
BV
(Amazon.
com,
Inc.),
21.54%, 05/29/26
...........
39
9,004,284
38,674,129
Building
Products
—
0.0%
UBS
AG
(Fortune
Brands
Innovations,
Inc.),
24.00%, 06/11/26
(b)(c)
................
79
3,136,731
Capital
Markets
—
0.5%
(b)(c)
Barclays
Bank
plc
(MSCI,
Inc.),
18.59%, 06/03/26
..................
6
3,808,052
Barclays
Bank
plc
(State
Street
Corp.)
23.96%,
05/19/26
..................
57
7,759,490
17.20%,
06/02/26
..................
56
8,151,367
BMO
Capital
Markets
Corp.
(Bank
of
New
York
Mellon
Corp.
(The)),
17.56%, 06/16/26
....
11
1,416,949
BMO
Capital
Markets
Corp.
(MSCI,
Inc.),
17.42%, 06/17/26
..................
7
3,913,814
Canadian
Imperial
Bank
of
Commerce
(Charles
Schwab
Corp.
(The)),
20.25%, 06/15/26
(a)
..
67
6,138,423
Citigroup,
Inc.
(
Bank
of
New
York
Mellon
Corp.
(The)),
15.94%, 06/03/26
.............
10
1,397,265
Citigroup,
Inc.
(Moelis
&
Co.),
26.43%, 06/05/26
EUR
8
4,379,039
Morgan
Stanley
&
Co.
LLC
(Carlyle
Group,
Inc.
(The)),
18.99%, 05/07/26
.............
USD
40
1,984,454
Toronto-Dominion
Bank
(The)
(Intercontinental
Exchange,
Inc.),
17.98%, 06/18/26
.......
47
7,384,179
UBS
AG
(Moelis
&
Co.),
28.92%, 06/12/26
....
EUR
8
4,595,181
50,928,213
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
—
0.3%
(b)(c)
BMO
Capital
Markets
Corp.
(Ecolab,
Inc.),
16.53%, 05/13/26
..................
USD
7
$
1,776,924
BNP
Paribas
SA
(Linde
plc),
15.58%, 05/20/26
.
17
8,407,412
Canadian
Imperial
Bank
of
Commerce
(PPG
Industries,
Inc.),
22.60%, 05/26/26
(a)
......
40
4,355,120
Citigroup,
Inc.
(Ecolab,
Inc.),
14.68%, 06/10/26
.
6
1,708,603
Mizuho
Markets
Cayman
LP
(
Air
Products
&
Chemicals,
Inc.),
20.62%, 06/01/26
.......
8
2,431,557
Societe
Generale
SA
(Linde
plc),
13.24%, 05/29/26
..................
17
8,376,254
27,055,870
Commercial
Services
&
Supplies
—
0.2%
(b)(c)
Citigroup,
Inc.
(Rentokil
Initial
plc),
35.65%, 05/11/26
..................
GBP
758
4,987,420
Morgan
Stanley
&
Co.
LLC
(Rollins,
Inc.),
18.78%, 06/10/26
..................
USD
124
6,944,206
Royal
Bank
of
Canada
(Rollins,
Inc.),
15.46%, 05/13/26
..................
134
7,400,999
19,332,625
Communications
Equipment
—
0.1%
(b)(c)
Barclays
Bank
plc
(Arista
Networks,
Inc.),
30.27%, 05/05/26
..................
8
1,192,730
JPMorgan
Structured
Products
BV
(Cisco
Systems,
Inc.),
21.48%, 06/17/26
........
29
2,584,269
Mizuho
Markets
Cayman
LP
(Cisco
Systems,
Inc.),
20.52%, 05/18/26
...............
17
1,469,932
Morgan
Stanley
&
Co.
LLC
(Arista
Networks,
Inc.),
32.38%, 06/03/26
...............
8
1,295,590
Morgan
Stanley
&
Co.
LLC
(Cisco
Systems,
Inc.),
21.46%, 06/10/26
..................
28
2,547,837
9,090,358
Consumer
Finance
—
0.2%
JPMorgan
Structured
Products
BV
(Capital
One
Financial
Corp.)
(b)(c)
29.65%,
05/14/26
..................
8
1,450,003
26.56%,
05/27/26
..................
51
9,767,394
25.17%,
06/17/26
..................
49
9,494,308
20,711,705
Consumer
Staples
Distribution
&
Retail
—
0.5%
(b)(c)
BMO
Capital
Markets
Corp.
(Costco
Wholesale
Corp.),
14.29%, 05/15/26
.............
11
11,143,805
BNP
Paribas
SA
(Costco
Wholesale
Corp.),
13.57%, 05/08/26
..................
11
11,209,163
BNP
Paribas
SA
(Dollar
General
Corp.),
22.61%, 05/26/26
..................
50
5,807,719
BNP
Paribas
SA
(Walmart,
Inc.)
17.15%,
05/12/26
..................
72
9,353,202
18.33%,
05/21/26
..................
71
9,076,847
JPMorgan
Structured
Products
BV
(Walmart,
Inc.),
17.06%, 06/24/26
...............
69
8,770,409
55,361,145
Containers
&
Packaging
—
0.2%
(b)(c)
Citigroup,
Inc.
(Packaging
Corp.
of
America),
18.08%, 06/10/26
..................
9
1,983,483
Citigroup,
Inc.
(Smurfit
WestRock
plc),
22.22%, 05/11/26
..................
EUR
33
1,669,353
JPMorgan
Structured
Products
BV
(Packaging
Corp.
of
America),
24.29%, 06/24/26
......
USD
9
1,981,085
Morgan
Stanley
&
Co.
LLC
(Avery
Dennison
Corp.),
14.93%, 06/03/26
.............
21
3,541,488
Royal
Bank
of
Canada
(Avery
Dennison
Corp.),
16.82%, 05/12/26
..................
24
3,863,494
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
Royal
Bank
of
Canada
(Crown
Holdings,
Inc.),
20.87%, 05/14/26
..................
USD
40
$
3,931,853
16,970,756
Distributors
—
0.0%
(b)(c)
Barclays
Bank
plc
(Genuine
Parts
Co.),
26.05%, 06/09/26
..................
19
2,066,214
Societe
Generale
SA
(Genuine
Parts
Co.),
18.44%, 05/29/26
..................
20
2,103,654
4,169,868
Diversified
Telecommunication
Services
—
0.1%
(b)(c)
Mizuho
Markets
Cayman
LP
(Comcast
Corp.),
23.82%, 06/04/26
..................
109
2,996,581
Royal
Bank
of
Canada
(Verizon
Communications,
Inc.)
24.99%,
05/04/26
..................
40
1,926,047
14.01%,
06/16/26
..................
63
2,988,917
Societe
Generale
SA
(Verizon
Communications,
Inc.),
25.40%, 05/05/26
...............
65
3,134,237
11,045,782
Electric
Utilities
—
0.4%
(b)(c)
BMO
Capital
Markets
Corp.
(Duke
Energy
Corp.),
18.05%, 06/17/26
..................
72
9,288,433
Citigroup,
Inc.
(Duke
Energy
Corp.),
14.17%, 06/10/26
..................
72
9,592,982
Morgan
Stanley
&
Co.
LLC
(American
Electric
Power
Co.,
Inc.),
23.04%, 06/23/26
.......
18
2,386,384
Royal
Bank
of
Canada
(FirstEnergy
Corp.),
11.47%, 05/08/26
..................
25
1,187,066
Societe
Generale
SA
(FirstEnergy
Corp.),
14.63%, 
05/15/26
..................
25
1,163,575
UBS
AG
(Evergy,
Inc.),
22.20%, 06/11/26
.....
54
4,473,121
UBS
AG
(Iberdrola
SA)
9.35%,
06/05/26
...................
EUR
223
5,244,116
8.64%,
06/12/26
...................
213
4,992,894
38,328,571
Electrical
Equipment
—
0.2%
(b)(c)
Barclays
Bank
plc
(AMETEK,
Inc.),
16.31%, 05/05/26
..................
USD
17
3,850,123
Barclays
Bank
plc
(GE
Vernova,
Inc.),
28.16%, 05/19/26
..................
2
2,179,546
BNP
Paribas
SA
(ABB
Ltd.),
21.16%, 06/05/26
.
CHF
53
5,110,661
Citigroup,
Inc.
(ABB
Ltd.),
23.63%, 05/06/26
...
53
4,835,488
Morgan
Stanley
&
Co.
LLC
(AMETEK,
Inc.),
14.05%, 06/03/26
..................
USD
15
3,610,939
Societe
Generale
SA
(GE
Vernova,
Inc.),
30.24%, 05/27/26
..................
2
2,209,362
21,796,119
Electronic
Equipment,
Instruments
&
Components
—
0.1%
(b)(c)
Canadian
Imperial
Bank
of
Commerce
(CDW
Corp.),
34.40%, 06/01/26
.............
39
5,136,082
JPMorgan
Structured
Products
BV
(Corning,
Inc.),
45.94%, 06/17/26
...............
6
1,053,436
Mizuho
Markets
Cayman
LP
(Amphenol
Corp.),
33.11%, 05/13/26
..................
10
1,464,046
Morgan
Stanley
&
Co.
LLC
(Corning,
Inc.),
24.42%, 06/09/26
..................
6
1,006,369
Societe
Generale
SA
(Amphenol
Corp.),
27.05%, 05/27/26
..................
11
1,484,822
10,144,755
Energy
Equipment
&
Services
—
0.2%
(b)(c)
Barclays
Bank
plc
(Baker
Hughes
Co.),
22.88%, 05/08/26
..................
97
6,182,141
Barclays
Bank
plc
(SLB
Ltd.),
23.27%, 05/19/26
68
3,748,846
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
(continued)
BMO
Capital
Markets
Corp.
(Baker
Hughes
Co.),
24.79%, 06/16/26
..................
USD
87
$
6,046,172
Royal
Bank
of
Canada
(SLB
Ltd.),
24.46%, 05/27/26
..................
69
3,906,911
19,884,070
Entertainment
—
0.1%
Toronto-Dominion
Bank
(The)
(Walt
Disney
Co.
(The)),
21.29%, 05/07/26
(b)(c)
...........
52
5,231,584
Financial
Services
—
0.3%
(b)(c)
Barclays
Bank
plc
(Mastercard,
Inc.),
19.66%, 05/12/26
..................
6
3,172,928
Barclays
Bank
plc
(Visa,
Inc.),
15.62%, 05/20/26
13
4,217,444
BMO
Capital
Markets
Corp.
(Berkshire
Hathaway,
Inc.),
9.91%, 06/16/26
...............
8
3,548,819
BMO
Capital
Markets
Corp.
(Mastercard,
Inc.),
17.49%, 05/19/26
..................
6
3,197,246
BNP
Paribas
SA
(Visa,
Inc.),
17.36%, 05/29/26
.
14
4,309,610
Royal
Bank
of
Canada
(Berkshire
Hathaway,
Inc.),
8.84%, 05/08/26
...............
8
3,718,086
Toronto-Dominion
Bank
(The)
(Fidelity
National
Information
Services,
Inc.),
19.15%, 06/04/26
120
5,538,630
27,702,763
Food
Products
—
0.2%
(b)(c)
BNP
Paribas
SA
(Nestle
SA),
28.40%, 06/12/26
CHF
89
9,139,670
Citigroup,
Inc.
(Nestle
SA),
29.93%, 06/05/26
..
90
9,208,492
Morgan
Stanley
&
Co.
LLC
(Lamb
Weston
Holdings,
Inc.),
25.99%, 05/07/26
........
USD
38
1,648,641
19,996,803
Ground
Transportation
—
0.0%
(b)(c)
HSBC
Bank
plc
(Union
Pacific
Corp.),
16.60%, 06/11/26
..................
4
1,073,729
Royal
Bank
of
Canada
(Uber
Technologies,
Inc.)
21.95%,
06/09/26
..................
15
1,136,263
21.14%,
06/24/26
..................
15
1,109,399
Societe
Generale
SA
(CSX
Corp.),
22.44%, 06/01/26
..................
25
1,110,912
4,430,303
Health
Care
Equipment
&
Supplies
—
0.2%
(b)(c)
Bank
of
Montreal
(GE
HealthCare
Technologies,
Inc.),
23.11%, 05/27/26
...............
19
1,197,659
BMO
Capital
Markets
Corp.
(
GE
HealthCare
Technologies,
Inc.),
23.43%, 05/15/26
.....
18
1,118,629
BMO
Capital
Markets
Corp.
(Medtronic
plc),
17.87%, 05/04/26
..................
69
5,604,746
BNP
Paribas
SA
(Becton
Dickinson
&
Co.),
21.98%, 05/14/26
..................
28
4,154,022
Morgan
Stanley
&
Co.
LLC
(Baxter
International,
Inc.),
22.85%, 06/23/26
...............
286
5,121,870
17,196,926
Health
Care
Providers
&
Services
—
0.9%
(b)(c)
Barclays
Bank
plc
(Cardinal
Health,
Inc.)
19.03%,
05/28/26
..................
26
5,077,222
16.50%,
06/09/26
..................
15
3,042,853
BMO
Capital
Markets
Corp.
(Cencora,
Inc.)
16.26%,
05/13/26
..................
27
8,316,811
18.58%,
06/16/26
..................
26
7,988,551
BMO
Capital
Markets
Corp.
(HCA
Healthcare,
Inc.)
20.53%,
05/13/26
..................
16
7,083,591
19.77%,
05/20/26
..................
16
6,964,162
BMO
Capital
Markets
Corp.
(McKesson
Corp.),
16.80%, 
05/19/26
..................
8
6,954,596
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
BMO
Capital
Markets
Corp.
(Universal
Health
Services,
Inc.),
22.86%, 05/15/26
........
USD
22
$
3,760,327
BNP
Paribas
SA
(CVS
Health
Corp.),
21.13%, 06/25/26
..................
124
10,204,834
BNP
Paribas
SA
(UnitedHealth
Group,
Inc.),
15.91%, 06/10/26
..................
21
7,794,584
Goldman
Sachs
International
(Cardinal
Health,
Inc.),
22.18%, 05/15/26
...............
16
3,068,933
Goldman
Sachs
International
(UnitedHealth
Group,
Inc.),
25.72%, 05/20/26
.........
23
6,838,941
JPMorgan
Structured
Products
BV
(Elevance
Health,
Inc.),
27.37%, 05/14/26
.........
11
3,603,459
Morgan
Stanley
&
Co.
LLC
(McKesson
Corp.),
15.55%, 05/12/26
..................
8
6,811,878
Nomura
Holdings,
Inc.
(
Universal
Health
Services,
Inc.),
23.56%, 06/03/26
........
22
3,742,846
91,253,588
Health
Care
REITs
—
0.0%
Royal
Bank
of
Canada
(Healthcare
Realty
Trust,
Inc.),
22.57%, 06/11/26
(b)(c)
.............
113
2,085,324
Hotels,
Restaurants
&
Leisure
—
0.0%
(b)(c)
BNP
Paribas
SA
(Domino's
Pizza,
Inc.),
20.08%, 06/09/26
..................
7
2,377,742
Goldman
Sachs
International
(Domino's
Pizza,
Inc.),
16.63%, 06/02/26
...............
7
2,422,782
4,800,524
Household
Products
—
0.1%
(b)(c)
BNP
Paribas
SA
(Energizer
Holdings,
Inc.),
30.98%, 06/12/26
..................
EUR
25
5,289,841
Citigroup,
Inc.
(Energizer
Holdings,
Inc.),
28.16%, 06/05/26
..................
23
4,806,016
10,095,857
Industrial
Conglomerates
—
0.1%
(b)(c)
BNP
Paribas
SA
(Siemens
AG),
19.62%, 06/12/26
..................
25
7,262,670
Citigroup,
Inc.
(Siemens
AG),
16.53%, 06/05/26
24
6,714,396
13,977,066
Industrial
REITs
—
0.0%
(b)(c)
BMO
Capital
Markets
Corp.
(Rexford
Industrial
Realty,
Inc.),
16.82%, 06/15/26
.........
USD
72
2,599,944
Royal
Bank
of
Canada
(STAG
Industrial,
Inc.),
16.22%, 05/11/26
..................
50
1,921,797
4,521,741
Insurance
—
0.2%
(b)(c)
BMO
Capital
Markets
Corp.
(Hartford
Insurance
Group,
Inc.
(The))
13.71%,
05/13/26
..................
59
8,072,354
13.17%,
06/17/26
..................
57
7,854,571
JPMorgan
Structured
Products
BV
(American
International
Group,
Inc.),
19.23%, 05/21/26
.
19
1,444,842
JPMorgan
Structured
Products
BV
(Arthur
J
Gallagher
&
Co.),
23.14%, 05/21/26
......
13
2,796,616
Morgan
Stanley
&
Co.
LLC
(Fidelity
National
Financial,
Inc.),
26.36%, 06/18/26
........
45
2,339,501
Royal
Bank
of
Canada
(
Fidelity
National
Financial,
Inc.),
29.56%, 06/11/26
........
14
742,792
23,250,676
Interactive
Media
&
Services
—
0.9%
(b)(c)
Barclays
Bank
plc
(Alphabet,
Inc.),
20.17%, 06/02/26
..................
41
14,027,657
BMO
Capital
Markets
Corp.
(Alphabet,
Inc.),
20.17%, 05/15/26
..................
43
13,818,694
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Interactive
Media
&
Services
(continued)
Goldman
Sachs
International
(Alphabet,
Inc.),
16.17%, 05/22/26
..................
USD
42
$
13,393,420
HSBC
Bank
plc
(Meta
Platforms,
Inc.),
20.70%, 06/15/26
..................
12
7,582,528
JPMorgan
Structured
Products
BV
(Alphabet,
Inc.),
21.24%, 06/11/26
...............
25
8,822,064
Morgan
Stanley
&
Co.
LLC
(Alphabet,
Inc.),
18.08%, 05/08/26
..................
42
13,946,060
Royal
Bank
of
Canada
(Meta
Platforms,
Inc.),
22.54%, 05/15/26
..................
17
10,150,215
Societe
Generale
SA
(Meta
Platforms,
Inc.),
22.22%, 05/05/26
..................
17
10,543,543
92,284,181
IT
Services
—
0.0%
(b)(c)
BMO
Capital
Markets
Corp.
(Accenture
plc)
24.99%,
05/13/26
..................
5
877,113
23.07%,
05/27/26
..................
5
903,390
BMO
Capital
Markets
Corp.
(International
Business
Machines
Corp.),
20.27%, 06/17/26
7
1,591,591
Societe
Generale
SA
(International
Business
Machines
Corp.),
21.20%, 05/08/26
......
7
1,638,877
5,010,971
Leisure
Products
—
0.0%
Barclays
Bank
plc
(Hasbro,
Inc.),
25.55%, 05/28/26
(b)(c)
................
29
2,708,826
Machinery
—
0.4%
(b)(c)
BMO
Capital
Markets
Corp.
(PACCAR,
Inc.),
21.67%, 06/15/26
..................
28
3,349,272
Morgan
Stanley
&
Co.
LLC
(CNH
Industrial
NV),
14.29%, 05/07/26
..................
109
1,164,602
Morgan
Stanley
&
Co.
LLC
(Fortive
Corp.),
34.56%, 06/23/26
..................
30
1,840,746
Nomura
Holdings,
Inc.
(Nordson
Corp.),
12.30%, 05/27/26
..................
21
6,010,255
Royal
Bank
of
Canada
(Nordson
Corp.)
16.87%,
05/12/26
..................
21
6,011,119
14.03%,
05/19/26
..................
22
6,053,500
Societe
Generale
SA
(Otis
Worldwide
Corp.)
12.80%,
05/08/26
..................
72
5,630,530
12.28%,
05/15/26
..................
70
5,468,925
Toronto-Dominion
Bank
(The)
(Middleby
Corp.
(The)),
24.08%, 05/26/26
.............
11
1,502,188
37,031,137
Media
—
0.1%
(b)(c)
Barclays
Bank
plc
(Charter
Communications,
Inc.),
29.95%, 06/09/26
...............
13
2,256,726
Barclays
Bank
plc
(Omnicom
Group,
Inc.),
17.79%, 05/12/26
..................
51
3,922,658
BNP
Paribas
SA
(Charter
Communications,
Inc.),
38.63%, 05/29/26
..................
14
2,347,818
Royal
Bank
of
Canada
(Omnicom
Group,
Inc.),
20.71%, 05/19/26
..................
52
3,973,585
12,500,787
Metals
&
Mining
—
0.2%
(b)(c)
Barclays
Bank
plc
(Freeport-McMoRan,
Inc.),
33.46%, 06/15/26
..................
36
2,157,760
Morgan
Stanley
&
Co.
LLC
(BHP
Group
Ltd.),
24.67%, 05/22/36
..................
94
7,030,353
Societe
Generale
SA
(Barrick
Mining
Corp.),
34.04%, 06/01/26
..................
46
1,855,156
Societe
Generale
SA
(BHP
Group
Ltd.),
20.30%, 06/02/26
..................
94
7,199,528
18,242,797
Security
Par
(000)
Par
(000)
Value
Multi-Utilities
—
0.2%
(b)(c)
BMO
Capital
Markets
Corp.
(Dominion
Energy,
Inc.),
22.65%, 06/11/26
...............
USD
81
$
5,093,630
BNP
Paribas
SA
(DTE
Energy
Co.),
16.40%, 06/05/26
..................
EUR
125
4,078,133
Canadian
Imperial
Bank
of
Commerce
(DTE
Energy
Co.),
20.28%, 06/11/26
(a)
........
USD
29
4,288,188
UBS
AG
(DTE
Energy
Co.),
34.20%, 05/06/26
.
EUR
129
4,192,717
17,652,668
Oil,
Gas
&
Consumable
Fuels
—
0.7%
(b)(c)
Barclays
Bank
plc
(Suncor
Energy,
Inc.),
37.20%, 06/12/26
..................
19
5,937,876
BNP
Paribas
SA
(Exxon
Mobil
Corp.),
14.64%, 05/12/26
..................
USD
42
6,458,816
Citigroup,
Inc.
(Suncor
Energy,
Inc.),
25.69%, 06/05/26
..................
EUR
17
5,335,411
Morgan
Stanley
&
Co.
LLC
(Shell
plc),
24.34%, 05/22/26
..................
USD
102
9,286,175
Nomura
Holdings,
Inc.
(Exxon
Mobil
Corp.),
20.77%, 05/20/26
..................
43
6,576,968
Royal
Bank
of
Canada
(Chevron
Corp.),
19.61%, 05/07/26
..................
22
4,226,443
Royal
Bank
of
Canada
(EQT
Corp.),
24.42%, 06/23/26
..................
57
3,420,560
Royal
Bank
of
Canada
(TotalEnergies
SE),
12.30%, 06/05/26
..................
EUR
74
6,866,444
Societe
Generale
SA
(Marathon
Petroleum
Corp.),
28.92%, 06/04/26
.............
USD
7
1,612,424
Societe
Generale
SA
(Shell
plc),
22.47%, 05/29/26
..................
101
9,231,325
UBS
AG
(BP
plc),
28.35%, 05/11/26
........
GBP
908
7,255,303
UBS
AG
(TotalEnergies
SE),
14.53%, 06/12/26
.
EUR
68
6,210,745
72,418,490
Personal
Care
Products
—
0.1%
(b)(c)
Barclays
Bank
plc
(Unilever
plc),
19.49%, 06/02/26
..................
USD
75
4,384,934
Royal
Bank
of
Canada
(Unilever
plc),
23.46%, 05/22/26
..................
77
4,554,178
8,939,112
Pharmaceuticals
—
0.7%
(b)(c)
BNP
Paribas
SA
(AstraZeneca
plc),
18.28%, 05/20/26
..................
53
9,932,406
Citigroup,
Inc.
(Roper
Technologies,
Inc.),
10.54%, 06/05/26
..................
CHF
24
9,938,762
Nomura
Holdings,
Inc.
(Johnson
&
Johnson),
17.21%, 05/28/26
..................
USD
16
3,633,852
Repligen
Corp.
(Novartis
AG),
17.00%, 05/22/26
67
9,923,671
Royal
Bank
of
Canada
(Roper
Technologies,
Inc.),
11.85%, 06/12/26
...............
CHF
24
9,565,033
Societe
Generale
SA
(AstraZeneca
plc),
15.25%, 05/29/26
..................
USD
54
10,261,587
Societe
Generale
SA
(Merck
&
Co.,
Inc.),
16.10%, 05/21/26
..................
63
6,905,888
Societe
Generale
SA
(Novartis
AG),
14.02%, 06/02/26
..................
66
9,845,198
70,006,397
Professional
Services
—
0.0%
BMO
Capital
Markets
Corp.
(SS&C
Technologies
Holdings,
Inc.),
17.75%, 05/07/26
(b)(c)
......
69
4,819,379
Residential
REITs
—
0.1%
(b)(c)
Barclays
Bank
plc
(Essex
Property
Trust,
Inc.),
9.87%, 06/10/26
...................
12
3,093,103
BMO
Capital
Markets
Corp.
(UDR,
Inc.),
23.27%, 05/05/26
..................
67
2,447,964
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Residential
REITs
(continued)
Morgan
Stanley
&
Co.
LLC
(UDR,
Inc.),
11.81%, 06/10/26
..................
USD
64
$
2,281,978
Royal
Bank
of
Canada
(Essex
Property
Trust,
Inc.),
26.16%, 05/15/26
...............
12
3,088,079
Societe
Generale
SA
(AvalonBay
Communities,
Inc.),
20.58%, 06/01/26
...............
13
2,233,283
13,144,407
Retail
REITs
—
0.1%
(b)(c)
BNP
Paribas
SA
(Simon
Property
Group,
Inc.),
12.05%, 06/10/26
..................
14
2,795,350
Societe
Generale
SA
(Simon
Property
Group,
Inc.),
19.92%, 05/05/26
...............
15
2,922,571
5,717,921
Semiconductors
&
Semiconductor
Equipment
—
1.8%
(b)(c)
Barclays
Bank
plc
(Intel
Corp.),
39.84%, 06/15/26
28
2,117,051
Barclays
Bank
plc
(KLA
Corp.),
30.15%, 06/09/26
1
1,782,115
Barclays
Bank
plc
(Micron
Technology,
Inc.),
30.72%, 05/19/26
..................
9
4,128,014
Barclays
Bank
plc
(NVIDIA
Corp.)
22.04%,
05/13/26
..................
95
17,549,466
23.25%,
06/10/26
..................
89
17,706,849
Barclays
Bank
plc
(QUALCOMM,
Inc.),
21.26%, 06/03/26
..................
8
1,208,424
Barclays
Bank
plc
(Texas
Instruments,
Inc.),
22.66%, 06/09/26
..................
7
1,730,270
BMO
Capital
Markets
Corp.
(Analog
Devices,
Inc.),
28.35%, 06/16/26
...............
4
1,549,912
BMO
Capital
Markets
Corp.
(Applied
Materials,
Inc.)
31.76%,
05/13/26
..................
6
2,471,263
30.16%,
05/27/26
..................
7
2,457,611
BMO
Capital
Markets
Corp.
(Broadcom,
Inc.),
26.74%, 05/13/26
..................
37
12,815,668
BMO
Capital
Markets
Corp.
(Lam
Research
Corp.),
33.39%, 05/27/26
.............
10
2,521,526
BMO
Capital
Markets
Corp.
(Texas
Instruments,
Inc.),
27.00%, 05/07/26
...............
31
6,400,875
BNP
Paribas
SA
(NVIDIA
Corp.),
25.81%, 05/29/26
..................
95
16,849,985
Citigroup,
Inc.
(Broadcom,
Inc.),
31.18%, 06/16/26
..................
24
9,997,464
Citigroup,
Inc.
(Intel
Corp.),
34.75%, 05/15/26
..
35
1,852,359
Goldman
Sachs
International
(KLA
Corp.),
32.59%, 06/02/26
..................
1
1,823,875
JPMorgan
Structured
Products
BV
(Advanced
Micro
Devices,
Inc.),
33.67%, 05/22/26
....
12
2,874,149
JPMorgan
Structured
Products
BV
(ASML
Holding
NV),
30.28%, 05/29/26
.........
9
12,420,149
JPMorgan
Structured
Products
BV
(QUALCOMM,
Inc.),
30.99%, 06/24/26
....
8
1,226,554
Mizuho
Markets
Cayman
LP
(Taiwan
Semiconductor
Manufacturing
Co.
Ltd.),
37.07%, 06/04/26
..................
5
1,855,334
Morgan
Stanley
&
Co.
LLC
(ASML
Holding
NV),
34.06%, 05/20/26
..................
7
9,556,261
Morgan
Stanley
&
Co.
LLC
(Lam
Research
Corp.),
38.14%, 05/19/26
.............
10
2,633,813
Morgan
Stanley
&
Co.
LLC
(Micron
Technology,
Inc.),
36.33%, 05/27/26
...............
9
3,725,014
Morgan
Stanley
&
Co.
LLC
(NVIDIA
Corp.)
23.38%,
05/20/26
..................
95
17,142,573
16.67%,
06/18/26
..................
7
1,392,199
Royal
Bank
of
Canada
(ASML
Holding
NV),
28.09%, 06/09/26
..................
6
9,377,255
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Royal
Bank
of
Canada
(Texas
Instruments,
Inc.),
23.74%, 06/24/26
..................
USD
7
$
2,019,127
Societe
Generale
SA
(
Advanced
Micro
Devices,
Inc.),
29.72%, 06/02/26
...............
12
3,119,351
Societe
Generale
SA
(Analog
Devices,
Inc.),
19.50%, 05/05/26
..................
4
1,396,095
Societe
Generale
SA
(Broadcom,
Inc.),
30.49%, 05/05/26
..................
24
8,722,847
Societe
Generale
SA
(Intel
Corp.),
33.46%, 05/08/26
..................
34
1,908,913
Toronto-Dominion
Bank
(The)
(Applied
Materials,
Inc.),
27.97%, 06/04/26
...............
6
2,424,111
186,756,472
Software
—
0.8%
(b)(c)
Barclays
Bank
plc
(Microsoft
Corp.),
16.95%, 05/13/26
..................
29
11,611,738
Barclays
Bank
plc
(Palantir
Technologies,
Inc.),
29.93%, 05/19/26
..................
16
2,254,348
Barclays
Bank
plc
(SAP
SE),
39.96%, 06/02/26
36
5,996,015
BMO
Capital
Markets
Corp.
(Crowdstrike
Holdings,
Inc.),
19.79%, 05/29/26
........
2
758,356
BMO
Capital
Markets
Corp.
(Intuit,
Inc.)
23.74%,
05/05/26
..................
2
785,804
21.71%,
06/17/26
..................
2
759,036
BMO
Capital
Markets
Corp.
(Microsoft
Corp.),
16.99%, 05/20/26
..................
29
11,418,807
BMO
Capital
Markets
Corp.
(Oracle
Corp.),
44.28%, 05/12/26
..................
13
2,088,777
BNP
Paribas
SA
(Adobe,
Inc.),
21.73%, 
05/22/26
3
767,592
BNP
Paribas
SA
(Microsoft
Corp.),
20.99%, 05/28/26
..................
23
8,834,381
BNP
Paribas
SA
(Palantir
Technologies,
Inc.),
31.21%, 05/27/26
..................
17
2,354,201
BNP
Paribas
SA
(Salesforce,
Inc.),
27.98%, 06/06/26
..................
7
1,219,605
Citigroup,
Inc.
(Microsoft
Corp.),
20.96%, 06/17/26
..................
27
11,103,603
Citigroup,
Inc.
(ServiceNow,
Inc.)
24.73%,
06/03/26
..................
7
661,575
24.99%,
06/17/26
..................
7
637,089
HSBC
Bank
plc
(Microsoft
Corp.),
19.46%, 
06/09/26
..................
28
10,862,517
JPMorgan
Structured
Products
BV
(Palo
Alto
Networks,
Inc.),
23.78%, 06/17/26
.......
5
992,616
JPMorgan
Structured
Products
BV
(Workday,
Inc.),
33.85%, 05/14/26
...............
15
1,824,376
Morgan
Stanley
&
Co.
LLC
(AppLovin
Corp.),
20.38%, 06/16/26
..................
2
834,397
Morgan
Stanley
&
Co.
LLC
(SAP
SE),
39.72%, 05/22/26
..................
37
6,265,618
Nomura
Holdings,
Inc.
(Adobe,
Inc.),
20.73%, 06/02/26
..................
3
711,651
Nomura
Holdings,
Inc.
(
Crowdstrike
Holdings,
Inc.),
23.35%, 06/03/26
...............
2
707,784
Nomura
Holdings,
Inc.
(Salesforce,
Inc.),
22.62%, 05/05/26
..................
8
1,329,241
Royal
Bank
of
Canada
(AppLovin
Corp.),
21.90%, 06/03/26
..................
2
769,754
Royal
Bank
of
Canada
(Palo
Alto
Networks,
Inc.),
20.07%, 05/08/26
..................
6
1,024,582
Societe
Generale
SA
(Oracle
Corp.),
43.42%, 05/05/26
..................
12
1,992,893
88,566,356
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Specialized
REITs
—
0.0%
Royal
Bank
of
Canada
(Crown
Castle,
Inc.),
22.42%, 05/07/26
(b)(c)
................
USD
16
$
1,387,882
Specialty
Retail
—
0.5%
(b)(c)
BMO
Capital
Markets
Corp.
(AutoZone,
Inc.),
18.48%, 06/16/26
..................
1
3,195,765
BNP
Paribas
SA
(
Home
Depot,
Inc.
(The)),
15.60%, 05/12/26
..................
33
10,776,972
Societe
Generale
SA
(AutoZone,
Inc.),
17.90%, 05/08/26
..................
1
3,387,806
Societe
Generale
SA
(Home
Depot,
Inc.
(The))
17.59%,
05/05/26
..................
33
10,939,879
14.84%,
05/18/26
..................
13
4,219,689
Societe
Generale
SA
(O'Reilly
Automotive,
Inc.)
19.51%,
05/05/26
..................
95
9,448,905
14.97%,
05/12/26
..................
98
9,535,712
51,504,728
Technology
Hardware,
Storage
&
Peripherals
—
0.7%
(b)(c)
Barclays
Bank
plc
(Apple,
Inc.),
14.25%, 05/12/26
..................
59
15,310,291
Barclays
Bank
plc
(
Western
Digital
Corp.),
42.87%, 06/24/26
..................
3
1,151,044
BMO
Capital
Markets
Corp.
(Apple,
Inc.),
16.66%, 05/19/26
..................
58
15,241,253
BMO
Capital
Markets
Corp.
(Hewlett
Packard
Enterprise
Co.),
33.95%, 06/15/26
.......
158
4,591,154
Citigroup,
Inc.
(Apple,
Inc.),
12.92%, 06/16/26
.
56
15,280,515
JPMorgan
Structured
Products
BV
(Seagate
Technology
Holdings
plc),
22.89%, 05/29/26
2
937,967
Morgan
Stanley
&
Co.
LLC
(
Seagate
Technology
Holdings
plc),
23.05%, 05/22/26
.........
2
993,722
Royal
Bank
of
Canada
(Apple,
Inc.),
18.18%, 05/05/26
..................
59
15,509,869
Toronto-Dominion
Bank
(The)
(Western
Digital
Corp.),
32.14%, 05/26/26
.............
25
8,520,049
77,535,864
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
JPMorgan
Structured
Products
BV
(Swatch
Group
AG
(The)),
32.34%, 06/08/26
(b)(c)
....
CHF
12
2,746,516
Tobacco
—
0.1%
Barclays
Bank
plc
(British
American
Tobacco
plc),
13.56%, 06/08/26
(b)(c)
................
GBP
119
6,951,678
Trading
Companies
&
Distributors
—
0.2%
(b)(c)
Morgan
Stanley
&
Co.
LLC
(WESCO
International,
Inc.),
19.60%, 06/23/26
.....
USD
24
8,001,826
Morgan
Stanley
&
Co.
LLC
(WW
Grainger,
Inc.),
13.35%, 06/10/26
..................
1
977,120
Societe
Generale
SA
(Fastenal
Co.)
20.44%,
05/08/26
..................
174
7,838,916
20.73%,
05/15/26
..................
173
7,840,236
24,658,098
Wireless
Telecommunication
Services
—
0.0%
Royal
Bank
of
Canada
(Rogers
Communications,
Inc.),
16.59%, 05/14/26
(b)(c)
............
38
1,394,737
Total
Equity-Linked
Notes
—
14.4%
(Cost:
$1,501,604,541)
............................
1,524,699,397
Security
Par
(000)
Par
(000)
Value
Fixed
Rate
Loan
Interests
Financial
Services
—
0.3%
(f)
AS
HC
LP
-
Note
A
-
Assignment,
Delayed
Draw
1st
Lien
Term
Loan,
5.75%
,
 05/09/30
.....
USD
17,889
$
16,770,557
Aspen
Owner
LLC,
1st
Lien
Term
Loan,
7.27%
,
 02/09/27
...................
13,200
13,251,681
Houston
Center,
1st
Lien
Term
Loan,
0.00%
,
 09/13/32
(p)
..................
25,237
2
30,022,240
Health
Care
Technology
—
0.0%
Cotiviti,
Inc.,
1st
Lien
Term
Loan,
7.63%
,
 05/01/31
...................
856
811,738
Software
—
0.0%
Clover
Holdings
2
LLC,
1st
Lien
Term
Loan,
7.75%
,
 12/09/31
...................
2,066
1,981,034
Total
Fixed
Rate
Loan
Interests
—
0.3%
(Cost:
$32,826,138)
...............................
32,815,012
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.2%
(a)
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
6.45%
,
 06/24/30
.............
1,582
1,588,786
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.50%),
8.43% 05/25/29
..............
4,643
856,689
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
1.25%),
5.18% 05/25/29
..............
632
111,167
Bleriot
US
Bidco,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.20%
,
 10/31/30
...................
1,225
1,228,148
Cobham
Ultra
SeniorCo
SARL,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.79%
,
 08/03/29
...
1,497
1,502,949
Dynasty
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 10/31/31
.............
1,905
1,910,934
Dynasty
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 10/31/31
.............
725
726,730
Kaman
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.95%
,
 02/26/32
...................
675
677,603
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
7.51%
,
 02/01/28
...................
1,844
1,572,825
Propulsion
BC
Finco
SARL,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.20%
,
 12/01/32
.............
1,021
1,026,415
Setanta
Aircraft
Leasing
DAC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.45%
,
 11/06/28
........
417
418,649
TransDigm,
Inc.,
1st
Lien
Term
Loan
J,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%
,
 02/28/31
...................
3,912
3,917,369
TransDigm,
Inc.,
1st
Lien
Term
Loan
L,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%
,
 01/19/32
...................
1,195
1,196,394
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
TransDigm,
Inc.,
1st
Lien
Term
Loan
N,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%
,
 02/14/33
...................
USD
1,360
$
1,361,958
18,096,616
Automobile
Components
—
0.1%
(a)
Allison
Transmission,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 01/03/33
.............
1,489
1,496,847
Clarios
Global
LP,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%,
05/06/30
...........
2,380
2,387,796
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.40%,
01/28/32
...........
2,990
3,002,443
Garrett
Motion
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.67%
,
 01/30/32
............
928
928,976
Gates
Corp.,
1st
Lien
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.40%
,
 06/04/31
...................
1,295
1,295,917
Gates
Global
LLC,
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.40%
,
 11/16/29
...................
517
517,147
Realtruck
Group,
Inc.,
1st
Lien
Term
Loan
A,
(6-mo.
CME
Term
SOFR
at
1.50%
Floor
+
4.75%),
8.52%
,
 01/31/31
.............
316
178,110
Realtruck
Group,
Inc.,
1st
Lien
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.00%),
9.77%
,
 01/31/31
.............
715
408,353
Tenneco,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
8.76%
-
8.80%
,
 11/17/28
...................
1,652
1,649,753
11,865,342
Automobiles
—
0.0%
(a)
Bombardier
Recreational
Products,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.90%
,
 01/22/31
........
887
884,633
Dealer
Tire
Financial
LLC,
1st
Lien
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.65%
,
 07/02/31
.............
1,785
1,776,770
2,661,403
Beverages
—
0.0%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.05%,
01/24/29
...........
694
388,428
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
9.20%,
01/24/29
...........
1,279
1,271,930
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.00%),
4.80%,
01/24/30
...........
976
199,750
Sazerac
Co.,
Inc.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.66%
,
 07/09/32
...................
748
746,705
2,606,813
Biotechnology
—
0.0%
(a)
Biomarin
Pharmaceutical,
1st
Lien
Term
Loan
B,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.17%
,
 01/28/33
.............
1,301
1,304,461
PAREXEL
International
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.40%
,
 12/12/31
............
1,953
1,952,622
3,257,083
Security
Par
(000)
Par
(000)
Value
Broadline
Retail
—
0.0%
(a)
Boots
Group
Finco
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.92%
,
 08/30/32
.............
USD
2,274
$
2,284,967
StubHub
Holdco
Sub
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.40%
,
 03/15/30
.............
1,635
1,617,929
3,902,896
Building
Products
—
0.1%
(a)
AZZ,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.40%
,
 05/14/29
...................
202
202,883
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.40%
,
 09/08/32
...................
2,600
2,594,432
CP
Atlas
Buyer,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
8.90%
,
 07/08/30
.............
1,094
975,782
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.65%
,
 10/27/32
(f)
..................
1,545
1,521,354
Gibraltar
Industries,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.90%
-
5.91%
,
 02/02/33
(f)
.......
375
374,616
Wilsonart
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
7.95%
,
 08/05/31
...................
2,673
2,421,782
8,090,849
Capital
Markets
—
0.3%
(a)
Allspring
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.75%
,
 11/01/30
...................
938
941,412
Ardonagh
Group
Finco
Pty.
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%;
6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%
at
0.00%
Floor
+
0.00%),
6.37%
-
6.45%
,
 02/18/31
........
1,598
1,574,902
Aretec
Group,
Inc.,
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.65%
,
 08/09/30
.............
702
703,488
Ascensus
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.65%
,
 11/25/32
..............
2,100
2,080,575
Axalta
Coating
Systems
US
Holdings,
Inc.,
Facility
1st
Lien
Term
Loan
B7,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.45%
,
 12/20/29
...................
1,864
1,865,979
BCPE
Pequod
Buyer,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.40%
,
 11/25/31
..............
1,506
1,488,934
Belron
Finance
2019
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.66%
,
 10/16/31
.............
3,886
3,902,538
Chicago
US
MidCo
III
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%
,
 10/29/32
.............
1,618
1,618,395
Citadel
Securities
Global
Holdings
LLC,
Facility
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.70%
,
 10/31/31
..
2,898
2,907,263
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.16%
,
 08/09/32
........
899
899,111
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Focus
Financial
Partners
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%
,
 09/15/31
........
USD
2,698
$
2,675,357
Goodarz
Holding
Co.
SARL,
Delayed
Draw
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
5.50%),
7.44%
,
 11/19/30
(f)
.......
EUR
4,293
5,035,737
GTCR
Everest
Borrower
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.20%
,
 09/05/31
............
USD
755
753,474
Hudson
River
Trading
LLC,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.16%
,
 03/18/30
.............
3,187
3,195,328
Jane
Street
Group
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.67%
,
 12/15/31
.............
3,777
3,769,477
Jupiter
Borrower,
Inc.,
1st
Lien
Term
Loan
B,
03/25/33
(q)
.......................
510
511,275
Osaic
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.20%
,
 07/30/32
.............
1,996
1,994,543
35,917,788
Chemicals
—
0.2%
(a)
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
7.77%
,
 11/24/27
(f)
...........
553
503,287
Chemours
Co.
LLC,
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.15%
,
 10/15/32
.............
1,628
1,622,087
Derby
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.67%
,
 11/01/30
...................
1,056
1,056,846
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.41%
,
 10/04/29
.............
1,918
1,897,954
Ecovyst
Catalyst
Technologies
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.66%
,
 06/12/31
........
1,024
1,024,489
Element
Solutions,
Inc.,
1st
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 12/18/30
.............
1,055
1,057,935
Fortis
333,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.15%
,
 03/29/32
...................
1,342
1,321,619
HB
Fuller
Co.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.40%
,
 02/15/30
...................
1,779
1,785,211
Lonza
Group
AG,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.93%),
7.72%
,
 07/03/28
.............
2,017
1,862,891
Minerals
Technologies,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 11/26/31
(f)
.............
1,257
1,258,148
Olympus
Water
US
Holding
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.95%
,
 11/03/32
............
2,450
2,421,270
OQ
Chemicals
International
Holding
GmbH,
1st
Lien
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.52%
,
 04/08/31
..
1,606
936,638
Paint
Intermediate
III
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.67%
,
 10/09/31
.............
679
679,819
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Solstice
Advanced
Materials,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.41%
,
 10/29/32
........
USD
2,072
$
2,084,308
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
6.66%
,
 08/02/30
.............
975
975,548
WR
Grace
Holdings
LLC,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.70%
,
 08/19/32
.............
1,964
1,963,836
22,451,886
Commercial
Services
&
Supplies
—
0.2%
(a)
Action
Environmental
Group,
Inc.
(The),
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.70%
,
 10/24/30
........
1,036
1,033,281
Allied
Universal
Holdco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.90%
,
 08/20/32
.............
3,947
3,956,406
Anticimex
Global
AB,
Facility
1st
Lien
Term
Loan
B8,
(1-day
SOFR
at
0.00%
Floor
+
2.90%),
6.56%
,
 11/17/31
...................
767
768,447
Aramark
Services,
Inc.,
1st
Lien
Term
Loan
B10,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 06/24/30
.............
1,531
1,536,607
Citrin
Cooperman
Advisors
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.70%
,
 04/01/32
............
1,204
1,159,132
Clean
Harbors,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.50%),
5.17%
,
 10/11/32
...................
1,144
1,150,871
Grant
Thornton
Advisors
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.40%
,
 06/02/31
............
1,667
1,613,673
JFL-Tiger
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.46%
,
 10/17/30
............
736
735,668
LABL,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.75%),
10.41%,
11/03/26
...........
296
294,722
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.75%),
10.41%
-
10.46%,
12/02/26
(f)
...
286
239,980
LABL,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
8.77%
,
 10/30/28
(e)(f)(k)
................
2,544
1,271,830
Novelis,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.45%
,
 03/11/32
...................
2,108
2,114,270
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.66%
,
 10/15/30
...
741
741,574
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.41%
,
 03/08/32
...
1,608
1,589,476
Reworld
Holding
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.90%
,
 01/15/31
.............
613
613,463
Reworld
Holding
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.90%
,
 11/30/28
..............
1,746
1,746,247
Summer
BC
Holdco
B
SARL,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.00%),
8.96%
,
 02/15/29
...
432
362,144
20,927,791
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
54
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Communications
Equipment
—
0.0%
Ciena
Corp.,
1st
Lien
Term
Loan,
(US
Prime
Rate
at
0.00%
Floor
+
0.75%),
7.50%
,
 10/24/30
(a)
.
USD
2,088
$
2,086,718
Construction
&
Engineering
—
0.1%
(a)
Azuria
Water
Solutions,
Inc.,
1st
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.19%
,
 04/25/33
(f)
.............
1,848
1,843,095
Azuria
Water
Solutions,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
0.00%
,
 04/25/33
(f)
...
246
245,746
Brand
Industrial
Services,
Inc.,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.16%
,
 08/01/30
........
1,853
1,602,993
Construction
Partners,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%
,
 11/03/31
..............
848
852,164
Dycom
Industries,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 01/27/33
.............
1,156
1,163,953
Legence
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
5.90%
,
 12/16/31
.............
2,103
2,109,870
7,817,821
Construction
Materials
—
0.1%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 01/31/31
...................
1,561
1,565,167
MSOF
Beacon
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 12/23/32
...................
1,165
1,168,879
NEW
AMI
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
9.65%
,
 03/08/29
...................
565
400,729
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.90%
,
 03/19/29
.............
2,026
2,026,951
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.90%
,
 02/10/32
.............
1,174
1,174,740
Standard
Industries,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.40%
,
 09/22/28
.............
558
557,900
White
Cap
Supply
Holdings
LLC,
Facility
1st
Lien
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.92%
,
 10/19/29
...
2,972
2,952,720
9,847,086
Consumer
Staples
Distribution
&
Retail
—
0.1%
(a)
BCPE
Empire
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.15%
,
 12/29/32
.............
1,599
1,595,498
EG
America
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.90%
,
 02/10/31
...................
2,266
2,266,000
US
Foods,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.42%
,
 10/03/31
...................
784
790,373
4,651,871
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
—
0.2%
(a)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
6.16%
,
 11/29/30
............
USD
2,365
$
2,364,238
Clydesdale
Acquisition
Holdings,
Inc.,
1st
Lien
Term
Loan
B
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.18%),
6.83%,
04/13/29
...........
310
295,027
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
6.90%,
04/01/32
...........
1,636
1,513,396
Colossus
Acquireco
LLC,
1st
Lien
Term
Loan,
(1-day
SOFR
at
0.00%
Floor
+
1.75%),
5.38%
,
 07/30/32
...................
3,250
3,249,199
Graham
Packaging
Co.,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.90%
,
 01/26/33
.............
1,590
1,586,820
Mauser
Packaging
Solutions
Holding
Co.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.16%
,
 04/15/30
...
1,620
1,589,285
Pregis
TopCo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.65%
,
 02/01/29
...................
1,212
1,211,620
ProAmpac
PG
Borrower
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.77%
,
 03/07/33
............
1,547
1,510,738
Reynolds
Consumer
Products
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 03/04/32
............
402
403,210
Ring
Container
Technologies
Group
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.15%
,
 09/15/32
...
1,053
1,051,095
Trident
TPI
Holdings,
Inc.,
1st
Lien
Term
Loan
B7,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.45%
,
 09/15/28
.............
1,010
949,864
15,724,492
Diversified
Consumer
Services
—
0.0%
(a)
PG
Polaris
BidCo
SARL,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.95%
,
 03/26/31
.............
1,088
1,092,448
Wand
NewCo
3,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%
,
 01/30/31
...................
1,870
1,872,669
2,965,117
Diversified
Telecommunication
Services
—
0.1%
(a)
Cogeco
Financing
2
LP,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.28%
,
 09/01/28
.............
329
318,767
Level
3
Financing,
Inc.,
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.90%
,
 03/29/32
.............
3,249
3,255,953
Radiate
Holdco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.27% 09/25/29
....................
2,463
2,241,182
Sunrise
Financing
Partnership,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.47%),
6.10%
,
 02/16/32
...
731
730,722
Virgin
Media
Bristol
LLC,
Facility
1st
Lien
Term
Loan
Q,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.02%
,
 01/31/29
........
795
776,286
Zayo
Group
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.77% 03/11/30
..............
1,450
1,446,843
8,769,753
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
55
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
—
0.0%
(a)
NRG
Energy,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.42%
,
 04/16/31
...................
USD
2,620
$
2,623,866
NRG
Energy,
Inc.,
1st
Lien
Term
Loan
B,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.56%
,
 04/15/33
...................
260
260,910
2,884,776
Electronic
Equipment,
Instruments
&
Components
—
0.1%
(a)
Celestica,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 06/20/31
...................
1,583
1,579,817
Coherent
Corp.,
1st
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.40%
,
 07/02/29
...................
1,456
1,456,372
CoorsTek,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.67%
,
 10/28/32
...................
844
848,805
Sanmina
Corp.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.66%
,
 10/27/32
(f)
..................
1,569
1,574,884
5,459,878
Energy
Equipment
&
Services
—
0.0%
(a)
Covia
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.43%
,
 02/26/32
...................
1,430
1,423,579
Deep
Blue
Operating
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.41%
,
 10/01/32
.............
478
479,792
1,903,371
Entertainment
—
0.2%
(a)
City
Football
Group
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.43%
,
 07/22/30
.............
996
991,734
Creative
Artists
Agency
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%
,
 10/01/31
.............
1,953
1,957,014
Delta
2
(Lux)
SARL,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.45%
,
 09/30/31
.............
2,627
2,628,475
EOC
Borrower
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.40%
,
 03/24/32
.............
2,640
2,645,960
Live
Nation
Entertainment,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.66%
,
 10/21/32
........
1,587
1,586,531
Motion
Finco
SARL,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.20%
,
11/13/29
..............
1,926
1,703,906
OAK-Eagle
Acquireco,
Inc.,
1st
Lien
Term
Loan
B1,
03/23/33
(q)
.....................
3,240
3,240,810
TKO
Worldwide
Holdings
LLC,
1st
Lien
Term
Loan
B5,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.66%
,
 11/21/31
........
3,163
3,170,417
17,924,847
Financial
Services
—
0.3%
(a)
Acuren
Delaware
Holdco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.40%
,
 07/30/31
............
619
621,532
Aggreko
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.66%
,
 05/21/31
.............
1,849
1,854,462
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Apex
Group
Treasury
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.17%
,
 02/27/32
.............
USD
1,819
$
1,705,800
APi
Group
DE,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 01/03/29
...................
2,112
2,117,307
CML
Project
Crabtree,
Delayed
Draw
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
6.51%
,
 08/06/29
(f)
.............
4,161
4,136,185
CPI
Holdco
B
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 05/19/31
...................
2,655
2,653,636
CTP-02
Propco
LLC,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.87%
-
6.89%
,
 12/06/29
(f)
..................
5,916
5,914,078
Gryphon
Acquire
NewCo
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.67%
,
 09/13/32
............
1,589
1,590,653
Hilton
Garden
Inn,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.00%),
9.85%
,
 05/31/29
(f)
..................
7,581
7,564,381
Hyperion
Refinance
SARL,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.40%
,
 02/17/31
.............
1,361
1,338,881
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
7.50%
,
 06/06/31
...................
997
829,888
Orion
US
Finco,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.17%
,
 10/08/32
...................
1,072
1,070,156
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 05/30/31
.............
1,462
1,465,896
Summit
Acquisition,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.17%
,
 10/16/31
.............
235
235,308
WEX,
Inc.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 04/03/28
...................
430
429,549
WEX,
Inc.,
1st
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 03/05/32
...................
896
892,429
34,420,141
Food
Products
—
0.1%
(a)
Chobani
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.92%
,
 10/28/32
...................
2,632
2,646,038
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B4,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.88%
,
 09/30/31
........
1,889
1,873,138
Froneri
US,
Inc.,
Facility
1st
Lien
Term
Loan
B6,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.88%
,
 09/30/32
.............
1,506
1,494,612
MP
Midco
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
6.50%),
10.16%
,
 03/29/30
.............
182
181,925
Treehouse
Foods,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
7.90%
,
 02/11/33
..............
1,070
1,077,693
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
56
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
Wellness
Pet
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
7.71%
,
 12/31/29
...................
USD
182
$
24,421
7,297,827
Gas
Utilities
—
0.0%
(a)
Bip
Pipeco
Holding
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.68%
,
 12/05/30
.............
717
718,481
M6
ETX
Holdings
II
Midco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%
,
 04/01/32
............
866
867,995
NGL
Energy
Operating
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.15%
,
 03/11/33
..............
549
550,032
Traverse
Midstream
Partners
LLC,
1st
Lien
Term
Loan
B,
04/20/33
(q)
..................
305
305,192
Venture
Global
Calcasieu
Pass
LLC,
1st
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.72%
,
 04/11/33
....
843
844,973
3,286,673
Ground
Transportation
—
0.1%
(a)
CML
Project
Cold,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.15%),
7.13%
,
 09/01/31
(f)
GBP
2,003
2,722,979
Genesee
&
Wyoming,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.45%
,
 04/10/31
.............
USD
3,166
3,167,776
Hertz
Corp.
(The),
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.16%
,
 06/30/28
...................
900
706,086
Hertz
Corp.
(The),
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.16%
,
 06/30/28
...................
178
139,706
One
Frio
HoldCo
BV,
Term
Loan,
(3-mo.
EURIBOR
+
2.00%),
5.15%
,
 09/01/31
(f)
....
EUR
6,594
7,732,458
14,469,005
Health
Care
Equipment
&
Supplies
—
0.1%
(a)
Bausch
+
Lomb
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.40%
,
 01/15/31
.............
USD
2,597
2,608,765
Hologic,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.92%
,
 04/07/33
...................
4,438
4,413,059
QuidelOrtho
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.65%
,
 08/20/32
...................
1,581
1,532,438
8,554,262
Health
Care
Providers
&
Services
—
0.1%
(a)
ACP
Tara
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.95%
,
 12/15/32
.............
410
410,615
AHP
Health
Partners,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.90%
,
 09/20/32
.............
291
291,412
CNT
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
6.16%
,
 11/08/32
...................
1,298
1,302,721
Concentra
Health
Services,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 07/28/31
........
998
1,001,860
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Examworks
Bidco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.15%
,
 02/07/33
.............
USD
1,069
$
1,072,196
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
C,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.75%),
6.75%
,
 11/30/28
(e)(k)
...........
57
9,621
LifePoint
Health,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.42%
,
 05/19/31
.............
1,324
1,318,042
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.26%
,
 11/01/28
............
976
134,854
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
7.00%),
10.76%
,
 11/01/29
...........
404
27,472
Medline
Borrower
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.40%
,
 10/23/30
...................
4,026
4,041,641
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.40%
,
 09/22/32
.............
1,329
1,333,414
Raven
Acquisition
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.65%
,
 11/19/31
............
998
991,607
Surgery
Center
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 12/19/30
............
1,187
1,189,712
Team
Health
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.66%
,
 06/30/28
.............
723
722,664
Vizient,
Inc.,
1st
Lien
Term
Loan
B8,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.40%
,
 08/01/31
...................
528
528,853
14,376,684
Health
Care
Technology
—
0.1%
(a)
AthenaHealth
Group,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.40%
,
 02/15/29
.............
2,154
2,144,887
Cotiviti,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.41%
,
 05/01/31
...................
1,792
1,642,803
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
7.80%
,
 10/01/27
.............
948
930,483
PointClickCare
Technologies,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.41%
,
 11/03/31
............
651
650,567
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
7.93%
,
 06/02/28
...................
1,427
1,240,207
Waystar
Technologies,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 10/22/29
(f)
.............
1,023
1,023,075
7,632,022
Hotels,
Restaurants
&
Leisure
—
0.4%
(a)
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
9.28%,
03/11/30
............
291
284,312
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.61%),
11.28%,
03/11/30
...........
275
268,194
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
57
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Alterra
Mountain
Co.,
1st
Lien
Term
Loan
B8,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 05/31/30
.............
USD
1,566
$
1,567,420
Caesars
Entertainment,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.90%
,
 02/06/30
.............
1,450
1,404,968
Caesars
Entertainment,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.90%
,
 02/06/31
.............
2,211
2,137,568
Crown
Finance
US,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.16%
,
 12/02/31
.............
693
692,317
DK
Crown
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.41%
,
 03/04/32
.............
1,453
1,453,979
Entain
Holdings
(Gibraltar)
Ltd.,
1st
Lien
Term
Loan
B5,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.95%
,
 07/30/32
........
546
546,133
Fertitta
Entertainment
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
6.90%
,
 01/29/29
.............
2,681
2,656,457
Flutter
Financing
BV,
1st
Lien
Term
Loan
B
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.45%,
12/02/30
...........
2,133
2,124,591
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.70%,
06/04/32
...........
990
983,644
Fortrex
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.00%),
4.75%
,
 03/10/31
...................
187
178,636
Great
Canadian
Gaming
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.44%
,
 11/01/29
........
1,308
1,271,619
Herschend
Entertainment
Co.
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%
,
 05/27/32
............
1,564
1,569,520
IRB
Holding
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
6.15%
,
 12/16/30
...................
1,309
1,312,523
Light
&
Wonder
International,
Inc.,
1st
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.65%
,
 04/16/29
........
1,629
1,628,873
Long
Point
Development
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.35%),
8.01%
,
 01/01/28
(f)
...........
5,600
5,600,000
Ontario
Gaming
GTA
LP,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
7.95%
,
 08/01/30
.............
748
708,628
Penn
Entertainment,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.15%
,
 05/03/29
.............
525
526,718
Scientific
Games
Holdings
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.67%
,
 04/04/29
............
1,145
1,126,829
SeaWorld
Parks
&
Entertainment,
Inc.,
1st
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.65%
,
 12/04/31
...
788
777,930
Six
Flags
Entertainment
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 05/01/31
........
622
617,516
Sodalite
Tahoe
Hotel
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.90%),
6.68%
,
 10/25/26
(f)
.............
6,402
6,053,413
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Station
Casinos
LLC,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 03/14/31
.............
USD
1,055
$
1,057,454
TRQ
Sales
LLC,
1st
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.23%
,
 12/30/32
(f)
..................
1,222
1,199,087
Voyager
Parent
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
7.95%
,
 07/01/32
.............
795
795,001
Whatabrands
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.15%
,
 08/03/28
...................
1,244
1,245,311
39,788,641
Household
Durables
—
0.1%
(a)
Madison
Safety
&
Flow
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%
,
 09/26/31
.............
774
774,422
Somnigroup
International,
Inc.,
1st
Lien
Term
Loan
B,
(1-day
SOFR
at
0.00%
Floor
+
2.25%),
5.88%
,
 10/24/31
.............
718
719,826
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.17%
,
 12/19/29
.............
311
308,546
SWF
Holdings
I
Corp.,
Delayed
Draw
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.50%),
8.17%
,
 12/19/29
........
415
411,394
Weber-Stephen
Products
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.44%
,
 10/01/32
........
2,479
2,411,993
4,626,181
Household
Products
—
0.0%
Lavender
Dutch
Borrower
Co.
BV,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.95%
,
 12/30/32
(a)
..
1,380
1,368,768
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
(a)
Constellation
Renewables
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
2.00%),
5.67%
,
 12/15/27
............
1,568
1,566,372
Talen
Energy
Supply
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 11/25/32
..............
2,323
2,324,641
3,891,013
Industrial
Conglomerates
—
0.1%
(a)
Beach
Acquisition
Bidco
LLC,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.95%
,
 09/13/32
.............
1,040
1,043,649
EMRLD
Borrower
LP,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.92%
,
 05/31/30
.............
3,171
3,172,945
FCG
Acquisitions,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.90%
,
 03/04/33
.............
314
314,327
LSF12
Crown
US
Commercial
Bidco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.66%
,
 12/02/31
...
1,043
1,049,021
Pinnacle
Buyer
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.18%
,
 10/01/32
.............
1,410
1,415,210
Resideo
Funding,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.67%
,
 08/13/32
.............
1,634
1,634,476
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
58
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Industrial
Conglomerates
(continued)
Resilience
Parent
LLC,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.13%
,
 02/28/33
.............
USD
1,853
$
1,856,706
Sword
Purchaser
LLC,
1st
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.47%
,
 04/11/33
..............
2,100
2,036,118
12,522,452
Insurance
—
0.2%
(a)
Alliant
Holdings
Intermediate
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 09/19/31
............
3,628
3,620,535
AmWINS
Group,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.00%),
5.67%
,
 01/30/32
...................
2,932
2,928,076
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%
,
 12/29/31
........
1,085
1,075,907
Baldwin
Insurance
Group
Holdings
LLC
(The),
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%
,
 05/26/31
...................
1,497
1,482,392
CRC
Insurance
Group
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.45%
,
 05/06/31
.............
2,571
2,550,568
HUB
International
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
5.92%
,
 06/20/30
.............
3,449
3,457,039
Jones
DesLauriers
Insurance
Management,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.66%
,
 02/02/33
..
1,633
1,608,872
OneDigital
Borrower
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.65%
,
 07/02/31
.............
384
378,115
Ryan
Specialty
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 09/15/31
.............
1,320
1,322,308
USI,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.95%
,
 09/27/30
...................
1,629
1,630,059
USI,
Inc.,
1st
Lien
Term
Loan
D,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.95%
,
 11/21/29
...................
1,323
1,324,368
21,378,239
IT
Services
—
0.2%
(a)
Asurion
LLC,
1st
Lien
Term
Loan
B11,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.01%
,
 08/21/28
...................
189
188,527
Asurion
LLC,
1st
Lien
Term
Loan
B12,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
7.91%
,
 09/19/30
...................
1,591
1,591,397
Asurion
LLC,
1st
Lien
Term
Loan
B13,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
7.91%
,
 09/19/30
...................
1,950
1,949,850
Asurion
LLC,
1st
Lien
Term
Loan
B14,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.41%
,
 02/23/33
...................
270
265,388
Asurion
LLC,
2nd
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
9.02%
,
 01/19/29
...................
243
243,147
Central
Parent
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.95%,
07/06/29
...........
1,815
1,085,729
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.95%,
07/06/29
...........
USD
260
$
116,220
Clearwater
Analytics
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 04/21/32
.............
1,514
1,512,028
Epicor
Software
Corp.,
1st
Lien
Term
Loan
E,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
6.15%
,
 05/30/31
.............
2,170
2,139,274
Galileo
Parent,
Inc.,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.12%
,
 03/03/33
...................
779
777,543
Go
Daddy
Operating
Co.
LLC,
1st
Lien
Term
Loan
B8,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 11/09/29
........
1,080
1,064,705
ION
Platform
Finance
US,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.45%
,
 10/07/32
............
2,293
1,822,119
Iron
Mountain,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 01/31/31
...................
1,066
1,064,618
Mitchell
International,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
8.90%
,
 06/07/32
.............
479
437,858
Modena
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
7.91%
,
 07/01/31
...................
592
534,266
Project
Boost
Purchaser
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.45%
,
 07/16/31
............
822
805,577
Sedgwick
Claims
Management
Services,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%
,
 07/31/31
...
2,408
2,389,026
Shift4
Payments
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.67%
,
 07/06/32
...................
934
936,582
18,923,854
Leisure
Products
—
0.0%
Hayward
Industries,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.27%
,
 05/30/28
(a)
............
399
400,120
Life
Sciences
Tools
&
Services
—
0.0%
(a)
ICON
Luxembourg
SARL,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.70%
,
 07/03/28
.............
566
568,220
PRA
Health
Sciences,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.70%
,
 07/03/28
.............
141
141,573
Star
Parent,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.70%
,
 09/27/30
...................
1,351
1,351,463
2,061,256
Machinery
—
0.2%
(a)
Chart
Industries,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.18%
,
 03/15/30
...................
590
590,570
Columbus
McKinnon
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.20%
,
 02/03/33
.............
1,583
1,583,925
CompoSecure
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.92%
,
 01/14/33
............
2,291
2,294,826
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
59
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Filtration
Group
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.15%
,
 10/23/28
.............
USD
2,866
$
2,868,909
Generac
Power
Systems,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.41%
,
 06/12/31
............
801
806,407
GrafTech
Global
Enterprises,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
6.00%),
9.67%
,
 12/21/29
............
197
188,132
GrafTech
Global
Enterprises,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan,
12/21/29
(q)
.........
113
107,504
Indicor
LLC,
1st
Lien
Term
Loan
E,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.20%
,
 11/22/29
...................
1,216
1,218,735
LSF12
Helix
Parent
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.15%
,
 02/10/33
.............
2,188
2,188,326
Osmosis
Buyer
Ltd.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.5%;
3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.5%
at
0.50%
Floor
+
0.00%),
6.16%
,
 07/31/28
...................
2,284
2,288,912
PECF
USS
Intermediate
Holding
III
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
7.50%),
11.18%
(11.18%
Cash
or
11.17%
PIK),
 03/03/33
(j)
............
223
213,014
Rexnord
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.77%
,
 10/04/28
...................
950
954,009
Tega
Mc
Australia
Holdings
Pty.
Ltd.,
1st
Lien
Term
Loan
B,
03/24/33
(f)(q)
.............
511
510,361
TK
Elevator
Midco
GmbH,
1st
Lien
Term
Loan
B1,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.38%
,
 04/30/30
.............
3,892
3,923,204
WEC
US
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.66%
,
 01/27/31
.............
2,644
2,648,974
22,385,808
Media
—
0.1%
(a)
Altice
France
SA,
1st
Lien
Term
Loan
B14,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.88%),
10.55%
,
 05/30/31
.............
2,362
2,404,052
Clear
Channel
Outdoor
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.77%
,
 08/23/28
........
656
657,195
CSC
Holdings
LLC,
1st
Lien
Term
Loan
B5,
(US
Prime
Rate
at
0.00%
Floor
+
1.50%),
8.25%
,
 04/15/27
...................
2,253
1,986,468
ECL
Entertainment
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.65%
,
 08/30/30
.............
837
832,714
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
4.50%),
8.15%
,
 06/30/28
............
1,146
1,148,511
NEP
Group,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.17%
,
 10/17/31
...................
2,529
2,275,164
Nexstar
Media,
Inc.,
1st
Lien
Term
Loan
B7,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.40%
,
 03/18/33
.............
713
711,888
Outfront
Media
Capital
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 09/24/32
.............
1,172
1,176,395
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Telenet
Financing
USD
LLC,
Facility
1st
Lien
Term
Loan
AR,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.77%
,
 05/01/28
...
USD
525
$
522,144
11,714,531
Multi-Utilities
—
0.0%
GFL
Environmental
Services,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 03/03/32
(a)
...........
2,353
2,356,407
Oil,
Gas
&
Consumable
Fuels
—
0.1%
(a)
Blackfin
Pipeline
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.69%
,
 10/01/32
...................
746
751,071
Buckeye
Partners
LP,
1st
Lien
Term
Loan
B7,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 11/22/32
..............
1,001
1,005,121
Freeport
LNG
Investments
LLLP,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.93%
,
 02/11/33
........
2,343
2,344,476
GIP
Pilot
Acquisition
Partners
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.67%
,
 10/04/30
............
204
204,163
Hilcorp
Energy
I
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.41%
,
 02/11/30
...................
1,286
1,287,077
Meade
Pipeline
Co.
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.69%
,
 09/22/32
.............
431
431,944
Murphy
USA,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.41%
,
 04/07/32
...................
508
511,348
Oryx
Midstream
Services
Permian
Basin
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.90%
,
 10/05/28
...
2,464
2,470,641
TransMontaigne
Operating
Co.
LP,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
2.25%
,
 03/18/30
........
868
869,693
WhiteWater
Matterhorn
Holdings
LLC,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.50%
,
 06/16/32
...
1,329
1,325,174
11,200,708
Passenger
Airlines
—
0.1%
(a)
AAdvantage
Loyalty
IP
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.93%
,
 04/20/28
.............
1,677
1,665,986
Air
Canada,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.41%
,
 03/21/31
...................
1,587
1,582,623
American
Airlines,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.91%
,
 06/04/29
.............
1,606
1,564,635
Jetblue
Airways
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
8.44%
,
 08/27/29
.............
1,255
1,112,405
Stonepeak
Nile
Parent
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.92%
,
 04/09/32
.............
1,324
1,327,826
United
Airlines,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 02/24/31
.............
2,059
2,060,519
9,313,994
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
60
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
—
0.1%
(a)
Amneal
Pharmaceuticals
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.65%
,
 08/02/32
............
USD
1,744
$
1,749,837
Elanco
Animal
Health,
Inc.,
1st
Lien
Term
Loan
B,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.43%
,
 10/29/32
.............
766
767,823
Endo
Finance
Holdings
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.42%
,
 04/23/31
.............
833
823,362
Grifols
International
Services
USA,
Inc.,
1st
Lien
Term
Loan
B,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
5.97%
,
 04/14/33
...
1,029
1,031,017
Jazz
Financing
Lux
SARL,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.90%
,
 05/05/28
.............
1,616
1,622,479
Perrigo
Investments
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 04/20/29
.............
1,393
1,391,318
7,385,836
Professional
Services
—
0.1%
(a)
CoreLogic,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.27%
,
 06/02/28
...................
1,780
1,740,061
Corpay
Technologies
Operating
Co.
LLC,
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 04/28/28
..
1,339
1,340,435
Element
Materials
Technology
Group
US
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.20%
,
 06/22/29
...................
1,170
1,174,789
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.50%),
5.17% 07/31/30
..............
828
713,332
TransUnion
LLC,
1st
Lien
Term
Loan
B8,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 06/24/31
...................
1,984
1,983,093
Zelis
Payments
Buyer,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.90%
,
 11/26/31
..............
2,038
2,010,503
8,962,213
Real
Estate
Management
&
Development
—
0.0%
Cushman
&
Wakefield
US
Borrower
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.40%
,
 01/31/30
(a)(f)
.
431
431,606
Semiconductors
&
Semiconductor
Equipment
—
0.0%
(a)
Entegris,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 07/06/29
...................
1,226
1,229,694
Qnity
Electronics,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 10/29/32
.............
2,625
2,633,086
3,862,780
Software
—
0.4%
(a)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.95%
,
 02/24/31
.............
2,385
2,351,373
Avalara,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.45%
,
 03/26/32
...................
1,910
1,872,113
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Barracuda
Networks,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.16%
,
 08/15/29
.............
USD
831
$
565,566
Boxer
Parent
Co.,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.67%
,
 07/30/31
.............
2,692
2,486,593
CCC
Intelligent
Solutions,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.65%
,
 01/23/32
............
1,079
1,073,277
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.95%,
03/21/31
...........
570
526,629
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.50%,
08/16/32
...........
3,283
3,033,395
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.52%
,
 10/09/28
...................
599
535,472
Darktrace
Finco
US
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.93%
,
 10/09/31
.............
547
512,916
Dayforce
Bidco
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.66%
,
 02/04/33
...................
2,030
1,912,768
DS
Admiral
Bidco
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
7.95%
,
 06/26/31
.............
952
894,672
Ellucian
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.15%
,
 10/09/29
.............
2,171
2,128,484
Ellucian
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
8.40%
,
 11/15/32
..............
273
264,583
Gen
Digital,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.40%
,
 09/12/29
...................
1,908
1,876,083
Genesys
Cloud
Services,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%
,
 01/30/32
............
1,660
1,603,382
Kaseya,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.91%
,
 03/22/32
...................
3,486
3,161,471
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
7.90%
,
 12/31/31
...................
754
589,709
MKS
Instruments,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.41%
,
 02/04/33
.............
1,585
1,588,963
Ping
Identity
Holding
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.40%
,
 11/15/32
..............
875
863,336
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.70%
,
 08/31/28
...................
4,053
3,929,927
Quartz
AcquireCo
LLC,
1st
Lien
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.95%
,
 06/28/30
.............
1,557
1,291,753
RealPage,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.96%
,
 04/24/28
...................
2,700
2,640,715
SS&C
Technologies,
Inc.,
1st
Lien
Term
Loan
B8,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 05/09/31
.............
1,338
1,337,513
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
61
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
UKG,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.16%
,
 02/10/31
...................
USD
3,264
$
3,147,064
VS
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.91%
,
 04/14/31
...................
1,677
1,654,010
41,841,767
Specialty
Retail
—
0.1%
(a)
Hunter
Douglas,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.70%
,
 01/16/32
.............
1,946
1,924,188
LS
Group
OpCo
Acquistion
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 04/23/31
........
1,496
1,494,434
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
6.67%
,
 05/04/28
...
2,131
2,133,011
Peer
Holding
III
BV,
Facility
1st
Lien
Term
Loan
B8,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.95%
,
 09/29/32
.............
564
563,859
Project
Aurora
US
Finco,
Inc.,
Facility
1st
Lien
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.45%
,
 12/06/32
...
387
387,758
Pye-Barker
Fire
&
Safety
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.16%
,
 12/16/32
............
1,149
1,153,488
Pye-Barker
Fire
&
Safety
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
0.00%
,
 12/16/32
...
27
27,047
7,683,785
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Finastra
USA,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.67%
,
 09/15/32
(a)
..................
2,293
2,179,597
Tobacco
—
0.0%
Savor
Acquisition,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.66%
,
 02/19/32
(a)
............
99
99,763
Trading
Companies
&
Distributors
—
0.1%
(a)
Core
&
Main
LP,
1st
Lien
Term
Loan
D,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 07/27/28
...................
1,564
1,567,613
Core
&
Main
LP,
1st
Lien
Term
Loan
E,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 02/10/31
...................
1,049
1,049,849
Gulfside
Supply,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.70%
,
 06/17/31
...................
1,235
1,106,597
Herc
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40%
,
 06/02/32
...................
453
454,400
QXO
Building
Products,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
04/30/32
.............
720
720,073
TMK
Hawk
Parent
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
7.65%
,
 06/29/29
(f)
.............
1,455
662,159
5,560,691
Security
Par
(000)
Par
(000)
Value
Transportation
Infrastructure
—
0.1%
(a)
Apple
Bidco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15%
,
 09/23/31
...................
USD
2,096
$
2,097,289
GB
AIT
Buyer,
Inc.,
1st
Lien
Term
Loan
B,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
7.98%
,
 04/22/33
.............
703
703,583
OLA
Netherlands
BV,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.25%),
10.00%
,
 12/15/26
(f)
.................
1,230
1,220,724
Rand
Parent
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.70%
,
 03/18/30
...................
1,621
1,626,076
5,647,672
Wireless
Telecommunication
Services
—
0.0%
Windstream
Services
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.65%
,
 10/06/32
(a)
............
1,299
1,298,745
Total
Floating
Rate
Loan
Interests
—
5.2%
(Cost:
$557,535,424)
..............................
546,737,238
Foreign
Agency
Obligations
Chile
—
0.0%
Corp.
Nacional
del
Cobre
de
Chile
3.63%,
08/01/27
(c)
..................
500
495,345
3.75%,
01/15/31
(b)
..................
491
466,536
6.44%,
01/26/36
(c)
..................
394
420,875
Empresa
Nacional
del
Petroleo
(b)
6.15%,
05/10/33
...................
656
688,373
5.95%,
07/30/34
...................
430
444,233
2,515,362
Colombia
—
0.0%
Ecopetrol
SA,
8.88%,
01/13/33
............
1,166
1,251,934
France
—
0.1%
Electricite
de
France
SA
(BPISDS15
+
3.32%),
5.88%
(a)(c)(l)
........
GBP
1,400
1,871,178
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
(a)
(c)(l)
..........................
EUR
5,200
5,774,941
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.28%),
5.63%
(a)(c)(l)
.....................
200
242,305
5.25%,
04/22/36
(b)
..................
USD
102
100,225
7,988,649
Hungary
—
0.1%
Magyar
Export-Import
Bank
Zrt.,
6.13%,
12/04/27
(b)
.......................
1,201
1,223,219
MVM
Energetika
Zrt.
(c)
7.50%,
06/09/28
...................
529
554,392
6.50%,
03/13/31
...................
935
978,851
2,756,462
Indonesia
—
0.0%
Pertamina
Persero
PT,
3.10%,
08/27/30
(c)
....
1,275
1,177,781
Mexico
—
0.1%
Petroleos
Mexicanos
6.50%,
01/23/29
...................
3,181
3,243,029
8.75%,
06/02/29
...................
1,255
1,344,623
5.95%,
01/28/31
...................
882
863,258
6.70%,
02/16/32
...................
1,658
1,663,803
7,114,713
Morocco
—
0.0%
OCP
SA,
7.50%,
05/02/54
(b)
..............
1,221
1,313,064
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
62
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Nigeria
—
0.0%
Africa
Finance
Corp.,
5.55%,
10/08/29
(b)
.....
USD
1,203
$
1,216,269
Peru
—
0.0%
Corp.
Financiera
de
Desarrollo
SA,
5.50%,
05/06/30
(b)
.......................
595
606,864
Poland
—
0.0%
Bank
Gospodarstwa
Krajowego
(b)
6.25%,
10/31/28
...................
466
489,384
5.75%,
07/09/34
...................
1,140
1,181,713
1,671,097
Republic
of
Turkiye
—
0.0%
Turkiye
Varlik
Fonu
Yonetimi
A/S,
8.25%,
02/14/29
(c)
.......................
429
450,450
Saudi
Arabia
—
0.0%
Saudi
Arabian
Oil
Co.,
5.88%,
07/17/64
(b)
.....
798
748,313
SRC
Sukuk
Ltd.,
4.88%,
10/02/35
(c)
.........
835
812,680
1,560,993
Total
Foreign
Agency
Obligations
—
0.3%
(Cost:
$28,637,497)
...............................
29,623,638
Foreign
Government
Obligations
Angola
—
0.0%
Republic
of
Angola,
9.88%,
03/31/37
(b)
.......
508
539,750
Argentina
—
0.0%
Argentine
Republic
(The)
0.00%,
12/15/27
(a)(n)
.................
ARS
551,075
930,609
0.75%,
07/09/30
(d)
..................
USD
432
372,816
4.12%,
07/09/35
(d)
..................
574
428,204
1,731,629
Armenia
—
0.0%
Republic
of
Armenia,
6.75%,
03/12/35
(b)
......
519
543,263
Bahrain
—
0.0%
Kingdom
of
Bahrain
(c)
7.38%,
05/14/30
...................
572
585,682
5.45%,
09/16/32
...................
480
446,004
1,031,686
Barbados
—
0.0%
Barbados
Government
Bond,
8.00%,
06/26/35
(b)
815
872,303
Benin
—
0.0%
Benin
Government
Bond,
7.96%,
02/13/38
(b)
...
649
667,253
Brazil
—
0.2%
Federative
Republic
of
Brazil
6.63%,
03/15/35
...................
614
635,803
5.50%,
04/23/36
...................
EUR
522
610,808
6.25%,
05/22/36
...................
USD
652
649,392
Letras
do
Tesouro
Nacional
Treasury
Bills,
14.02%,
01/01/30
(r)
.................
BRL
28
3,586,634
Nota
Do
Tesouro
Nacional
10.00%,
01/01/29
..................
36
6,645,299
10.00%,
01/01/31
..................
30
5,289,841
17,417,777
Bulgaria
—
0.0%
Bulgaria
Government
Bond,
5.00%,
03/05/37
(c)
.
USD
732
712,185
Chile
—
0.1%
Republic
of
Chile
5.80%,
10/01/29
(b)(c)
.................
CLP
9,665,000
10,914,963
3.75%,
01/14/32
...................
EUR
558
654,815
Security
Par
(000)
Par
(000)
Value
Chile
(continued)
3.10%,
05/07/41
...................
USD
561
$
429,726
11,999,504
Colombia
—
0.1%
Republic
of
Colombia
12.50%,
02/27/30
..................
COP
9,309,900
2,415,975
7.00%,
03/26/31
...................
9,484,000
1,980,450
7.00%,
06/30/32
...................
6,946,000
1,376,146
13.25%,
02/09/33
..................
7,056,000
1,868,522
7.75%,
11/07/36
...................
USD
1,182
1,246,714
6.50%,
11/26/38
...................
EUR
553
640,922
7.25%,
10/26/50
...................
COP
4,772,600
771,082
12.00%,
03/13/58
..................
10,321,700
2,591,411
12,891,222
Costa
Rica
—
0.0%
Republic
of
Costa
Rica,
6.55%,
04/03/34
(c)
....
USD
553
593,231
Czech
Republic
—
0.1%
Czech
Republic
1.50%,
04/24/40
...................
CZK
134,240
4,181,058
4.00%,
04/04/44
...................
19,640
812,132
4,993,190
Dominican
Republic
—
0.0%
Dominican
Republic
Government
Bond
5.50%,
02/22/29
(b)
..................
USD
557
557,501
5.50%,
02/22/29
(c)
..................
150
150,135
7.05%,
02/03/31
(b)
..................
1,301
1,371,254
6.95%,
03/15/37
(b)
..................
596
622,224
2,701,114
Ecuador
—
0.0%
Republic
of
Ecuador,
9.25%,
01/29/39
(b)
......
470
485,980
Egypt
—
0.0%
Arab
Republic
of
Egypt
5.63%,
04/16/30
(c)
..................
EUR
649
738,315
6.38%,
04/11/31
(b)
..................
479
552,076
9.45%,
02/04/33
(b)
..................
USD
590
635,200
1,925,591
Guatemala
—
0.1%
Republic
of
Guatemala
5.25%,
08/10/29
(c)
..................
511
514,066
5.25%,
08/10/29
(b)
..................
767
771,602
7.05%,
10/04/32
(b)
..................
1,076
1,171,549
6.60%,
06/13/36
(b)
..................
544
581,434
6.25%,
08/15/36
(b)
..................
618
645,076
3,683,727
Hungary
—
0.1%
Hungary
Government
Bond
5.25%,
06/16/29
(b)
..................
1,125
1,142,578
3.00%,
08/21/30
...................
HUF
2,032,000
5,841,450
6.75%,
07/23/31
...................
479,050
1,600,212
6.00%,
09/26/35
(c)
..................
USD
615
640,215
7.00%,
10/24/35
...................
HUF
297,030
1,024,548
5.50%,
03/26/36
(b)
..................
USD
575
575,431
6.25%,
09/23/37
...................
HUF
278,630
912,241
3.00%,
10/27/38
...................
238,180
566,475
6.75%,
09/23/55
(b)
..................
USD
620
663,791
12,966,941
Indonesia
—
0.2%
Republic
of
Indonesia
6.50%,
07/15/30
...................
IDR
194,200,000
11,151,396
5.88%,
03/15/31
...................
104,212,000
5,809,645
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
63
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Indonesia
(continued)
3.88%,
01/15/33
...................
EUR
550
$
636,231
17,597,272
Ivory
Coast
—
0.0%
Republic
of
Cote
d'Ivoire
6.38%,
03/03/28
(c)
..................
USD
295
298,557
5.88%,
10/17/31
(c)
..................
EUR
1,300
1,530,048
8.08%,
04/01/36
(b)
..................
USD
412
436,794
8.25%,
01/30/37
(b)
..................
403
432,354
2,697,753
Jordan
—
0.0%
Hashemite
Kingdom
of
Jordan,
7.50%,
01/13/29
(b)
.......................
580
601,762
Kyrgyzstan
—
0.0%
Kyrgyz
Republic
International
Bond,
7.75%,
06/03/30
(b)
.......................
480
490,080
Latvia
—
0.0%
Latvia
Government
Bond,
5.13%,
07/30/34
(b)
..
1,209
1,213,147
Malaysia
—
0.0%
Malaysia
Government
Bond,
4.18%,
05/16/44
..
MYR
7,860
2,030,360
Mexico
—
0.3%
Eagle
Funding
Luxco
SARL,
5.50%,
08/17/30
(b)
.
USD
1,240
1,248,308
Mex
Bonos
Desarr
Fix
Rt
2.75%,
11/27/31
...................
MXN
795
4,156,186
7.75%,
11/23/34
...................
820
4,305,327
8.00%,
02/21/36
...................
844
4,448,934
8.50%,
11/18/38
...................
226
1,199,382
7.75%,
11/13/42
...................
1,251
6,011,232
8.00%,
04/29/55
...................
238
1,131,931
United
Mexican
States
5.38%,
03/22/33
...................
USD
980
963,340
6.35%,
02/09/35
...................
582
599,460
6.13%,
02/09/38
...................
535
529,115
5.13%,
03/19/38
...................
EUR
818
944,147
6.75%,
02/09/56
...................
USD
637
626,569
26,163,931
Morocco
—
0.0%
Kingdom
of
Morocco
2.38%,
12/15/27
(c)
..................
566
546,009
5.95%,
03/08/28
(b)
..................
412
420,369
4.75%,
04/02/35
(b)
..................
EUR
1,115
1,315,581
2,281,959
Nigeria
—
0.0%
Federal
Republic
of
Nigeria
(b)
10.38%,
12/09/34
..................
USD
688
822,332
9.13%,
01/13/46
...................
321
353,902
1,176,234
North
Macedonia
—
0.0%
Republic
of
North
Macedonia,
6.96%,
03/13/27
(c)
EUR
498
595,612
Oman
—
0.0%
Oman
Government
Bond,
6.50%,
03/08/47
(c)
..
USD
953
1,016,527
Panama
—
0.0%
Republic
of
Panama,
6.40%,
02/14/35
.......
928
991,392
Paraguay
—
0.0%
Republic
of
Paraguay
2.74%,
01/29/33
(c)
..................
526
468,304
8.50%,
04/04/38
(b)
..................
PYG
11,967,000
1,954,430
5.60%,
03/13/48
(c)
..................
USD
423
395,029
2,817,763
Security
Par
(000)
Par
(000)
Value
Peru
—
0.1%
Republic
of
Peru
7.60%,
08/12/39
(c)
..................
PEN
8,764
$
2,628,583
6.20%,
06/30/55
...................
USD
610
620,622
3,249,205
Philippines
—
0.1%
Republic
of
Philippines
6.38%,
07/27/30
...................
PHP
589,940
9,427,399
5.93%,
02/23/36
...................
109,000
1,643,670
11,071,069
Poland
—
0.2%
Republic
of
Poland
1.75%,
08/25/31
(a)
..................
PLN
6,374
1,725,793
5.75%,
11/16/32
...................
USD
867
917,529
5.00%,
10/25/35
...................
PLN
40,280
10,512,966
2.00%,
08/25/36
...................
3,642
916,629
5.50%,
04/04/53
...................
USD
562
523,992
14,596,909
Republic
of
Turkiye
—
0.1%
Republic
of
Turkiye
(The)
(BISTREFI
+
0.00%),
43.15%,
08/19/26
(a)
..
TRY
161,400
3,589,862
7.13%,
02/12/32
...................
USD
1,181
1,204,915
6.30%,
03/14/33
...................
645
621,925
28.08%,
09/27/34
..................
TRY
43,400
841,879
6,258,581
Romania
—
0.2%
Romania
Government
Bond
5.25%,
11/25/27
(b)
..................
USD
698
699,640
4.15%,
01/26/28
...................
RON
26,510
5,762,628
6.30%,
04/26/28
...................
23,350
5,252,431
2.12%,
07/16/31
(c)
..................
EUR
1,229
1,256,662
4.63%,
03/04/33
(b)
..................
828
920,460
6.25%,
09/10/34
(b)
..................
1,136
1,363,682
6.75%,
07/11/39
(b)
..................
509
601,868
6.50%,
10/07/45
(b)
..................
711
803,431
16,660,802
Saudi
Arabia
—
0.0%
Kingdom
of
Saudi
Arabia
3.25%,
11/17/51
(c)
..................
USD
1,818
1,168,156
5.00%,
01/18/53
(b)
..................
1,520
1,309,997
2,478,153
Serbia
—
0.0%
Republic
of
Serbia
2.13%,
12/01/30
(b)
..................
1,099
960,251
4.25%,
05/06/31
(b)
..................
EUR
696
812,191
6.50%,
09/26/33
(c)
..................
USD
555
588,994
6.00%,
06/12/34
(b)
..................
712
730,156
3,091,592
South
Africa
—
0.2%
Republic
of
South
Africa
10.50%,
12/21/26
..................
ZAR
33,717
2,061,350
7.10%,
11/19/36
(b)
..................
USD
923
965,458
8.50%,
01/31/37
...................
ZAR
286,500
16,529,111
5.75%,
09/30/49
...................
USD
1,166
942,128
7.95%,
11/19/54
(b)
..................
888
906,914
7.25%,
12/11/55
(b)
..................
231
217,602
21,622,563
Suriname
—
0.0%
Suriname
Government
International
Bond,
8.50%,
11/06/35
(b)
..................
432
472,527
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
64
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Trinidad
and
Tobago
—
0.0%
Republic
of
Trinidad
&
Tobago,
6.50%,
01/28/36
(b)
USD
457
$
468,000
United
Arab
Emirates
—
0.0%
United
Arab
Emirates
Government
Bond,
3.90%,
09/09/50
(c)
.......................
826
586,774
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay
8.00%,
10/29/35
...................
UYU
63,164
1,603,097
5.25%,
09/10/60
...................
USD
1,002
921,373
2,524,470
Uzbekistan
—
0.0%
Republic
of
Uzbekistan
(b)
5.38%,
05/29/27
...................
EUR
667
791,835
7.85%,
10/12/28
...................
USD
522
552,469
1,344,304
Total
Foreign
Government
Obligations
—
2.1%
(Cost:
$218,123,237)
..............................
219,855,087
Shares
Shares
Investment
Companies
(s)
iShares
Core
MSCI
Emerging
Markets
ETF
...
1,449,187
113,746,688
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(g)
..........................
2,650,738
213,066,320
Total
Investment
Companies
—
3.1%
(Cost:
$301,679,274)
..............................
326,813,008
Par
(000)
Par
(000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
4.5%
A&D
Mortgage
Trust,
Series
2026-NQM3,
Class
A1,
(1-mo.
CME
Term
SOFR
+
1.15%),
5.08%,
04/25/71
(a)(b)
.................
6,000
5,975,369
Adjustable
Rate
Mortgage
Trust
(a)
Series
2005-8,
Class
2A1,
5.00%,
11/25/35
.
941
838,339
Series
2005-8,
Class
7A2,
(1-mo.
CME
Term
SOFR
at
0.56%
Floor
and
11.00%
Cap
+
0.67%),
4.33%,
11/25/35
............
17
17,385
Alternative
Loan
Trust
Series
2005-16,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.65%
Floor
+
1.65%),
5.15%,
06/25/35
(a)
.....................
293
271,778
Series
2005-36,
Class
2A1A,
(1-mo.
CME
Term
SOFR
at
0.62%
Floor
and
11.00%
Cap
+
0.73%),
4.39%,
08/25/35
(a)
......
720
702,402
Series
2005-61,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
4.29%,
12/25/35
(a)
.....................
122
115,103
Series
2005-63,
Class
3A3,
4.64%,
11/25/35
(a)
1,186
1,136,958
Series
2005-63,
Class
5A1,
4.77%,
12/25/35
(a)
20
20,462
Series
2005-64CB,
Class
1A1,
5.50%,
12/25/35
......................
32
28,406
Series
2005-76,
Class
2A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.00%
Floor
+
1.00%),
4.51%,
02/25/36
(a)
.....................
2,750
2,553,307
Series
2006-11CB,
Class
1A5,
6.00%,
05/25/36
......................
559
293,606
Series
2006-15CB,
Class
A1,
6.50%,
06/25/36
958
456,686
Series
2006-20CB,
Class
A9,
6.00%,
07/25/36
424
157,389
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2006-2CB,
Class
A6,
5.50%,
03/25/36
USD
666
$
256,753
Series
2006-45T1,
Class
1A10,
6.00%,
02/25/37
......................
2,647
927,879
Series
2006-45T1,
Class
2A2,
6.00%,
02/25/37
......................
1,726
921,396
Series
2006-7CB,
Class
1A6,
6.00%,
05/25/36
......................
739
357,130
Series
2006-9T1,
Class
A7,
6.00%,
05/25/36
301
110,384
Series
2006-J7,
Class
2A1,
(1-mo.
SOFR
at
1.50%
Floor
+
1.61%),
2.69%,
11/20/46
(a)
2,633
2,490,019
Series
2006-J8,
Class
A5,
6.00%,
02/25/37
.
1,180
426,713
Series
2006-OA14,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.73%
Floor
and
2.00%
Cap
+
1.73%),
5.24%,
11/25/46
(a)
.........
3,843
3,252,969
Series
2006-OA14,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
+
0.49%),
4.15%,
11/25/46
(a)
................
1,278
1,164,001
Series
2006-OA14,
Class
3A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.85%
Floor
+
0.85%),
4.36%,
11/25/46
(a)
................
5,102
4,693,155
Series
2006-OA16,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
+
0.49%),
4.15%,
10/25/46
(a)
................
217
206,241
Series
2006-OA2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
4.20%,
05/20/46
(a)
.....................
958
868,880
Series
2006-OA3,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
4.19%,
05/25/36
(a)
................
3,941
3,752,672
Series
2006-OA8,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
+
0.49%),
4.15%,
07/25/46
(a)
................
6,961
6,424,646
Series
2007-12T1,
Class
A22,
5.75%,
06/25/37
......................
1,710
713,983
Series
2007-12T1,
Class
A5,
6.00%,
06/25/37
379
165,332
Series
2007-15CB,
Class
A7,
6.00%,
07/25/37
214
121,681
Series
2007-18CB,
Class
2A25,
6.00%,
08/25/37
......................
194
109,803
Series
2007-19,
Class
1A4,
6.00%,
08/25/37
1,111
532,531
Series
2007-19,
Class
1A8,
6.00%,
08/25/37
541
259,098
Series
2007-25,
Class
1A3,
6.50%,
11/25/37
3,048
1,271,783
Series
2007-9T1,
Class
1A1,
6.00%,
05/25/37
440
206,639
Series
2007-9T1,
Class
2A1,
6.00%,
05/25/37
3,123
1,254,838
Series
2007-9T1,
Class
2A2,
6.00%,
05/25/37
536
215,397
Series
2007-AL1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.61%),
4.27%,
06/25/37
(a)
.....................
4,449
3,772,835
Series
2007-J1,
Class
2A5,
6.00%,
03/25/37
1,484
550,281
Series
2007-OA11,
Class
A1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.38%
Floor
+
1.38%),
4.89%,
11/25/47
(a)
................
953
864,581
Series
2007-OA3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.05%,
04/25/47
(a)
................
6,384
5,860,696
Series
2007-OA4,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.11%,
05/25/47
(a)
.....................
2,303
2,111,023
Series
2007-OA8,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
4.13%,
06/25/47
(a)
................
5,182
4,329,704
Alternative
Loan
Trust
Resecuritization,
Series
2006-22R,
Class
1A6,
6.00%,
05/25/36
....
874
458,510
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
65
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
American
Home
Mortgage
Assets
Trust
Series
2006-3,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.97%
Floor
+
0.97%),
4.48%,
10/25/46
(a)
.....................
USD
6,391
$
5,220,967
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.94%
Floor
+
0.94%),
4.45%,
10/25/46
(a)
.....................
3,892
2,551,772
Series
2007-3,
Class
22A1,
6.75%,
06/25/37
(d)
374
335,175
Banc
of
America
Alternative
Loan
Trust,
Series
2006-7,
Class
A4,
6.50%,
10/25/36
(d)
......
1,688
418,219
Banc
of
America
Funding
Trust
(a)
Series
2006-7,
Class
T2A3,
5.69%,
10/25/36
206
187,256
Series
2006-D,
Class
6A1,
3.82%,
05/20/36
.
219
188,398
Series
2006-H,
Class
5A1,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
and
10.50%
Cap
+
0.47%),
4.14%,
10/20/36
...........
1,505
470,015
Series
2007-D,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
4.20%,
06/20/47
......................
638
528,415
Barclays
Mortgage
Loan
Trust
(b)
Series
2024-NQM4,
Class
A1,
4.79%,
12/26/64
(d)
.....................
10,622
10,585,286
Series
2024-NQM4,
Class
A2,
5.10%,
12/26/64
(d)
.....................
999
996,809
Series
2024-NQM4,
Class
A3,
5.25%,
12/26/64
(d)
.....................
1,119
1,117,253
Series
2024-NQM4,
Class
B1,
6.96%,
12/26/64
(a)
.....................
576
576,999
Series
2024-NQM4,
Class
B2,
7.54%,
12/26/64
(a)
.....................
440
438,209
Series
2024-NQM4,
Class
B3,
7.54%,
12/26/64
(a)
.....................
1,006
981,589
Series
2024-NQM4,
Class
M1,
6.31%,
12/26/64
(a)
.....................
948
951,736
Series
2024-NQM4,
Class
SA,
0.00%,
12/26/64
(a)
.....................
2
1,460
Series
2025-NQM1,
Class
A1,
5.66%,
01/25/65
(d)
.....................
10,094
10,164,709
Series
2025-NQM1,
Class
A2,
5.87%,
01/25/65
(d)
.....................
921
928,570
Series
2025-NQM1,
Class
A3,
5.97%,
01/25/65
(d)
.....................
877
884,335
Series
2025-NQM1,
Class
B1,
6.94%,
01/25/65
(a)
.....................
660
660,915
Series
2025-NQM1,
Class
B2,
7.75%,
01/25/65
(a)
.....................
574
574,148
Series
2025-NQM1,
Class
B3,
7.75%,
01/25/65
(a)
.....................
1,273
1,249,655
Series
2025-NQM1,
Class
M1,
6.49%,
01/25/65
(a)
.....................
1,062
1,070,148
Series
2025-NQM1,
Class
SA,
0.00%,
01/25/65
(a)
.....................
2
1,823
Series
2025-NQM2,
Class
A1,
5.75%,
05/25/65
(d)
.....................
11,393
11,536,149
Series
2025-NQM2,
Class
A2,
5.94%,
05/25/65
(d)
.....................
902
912,931
Series
2025-NQM2,
Class
A3,
6.04%,
05/25/65
(d)
.....................
1,772
1,793,538
Series
2025-NQM2,
Class
B1,
7.66%,
05/25/65
(a)
.....................
662
674,608
Series
2025-NQM2,
Class
B2,
7.66%,
05/25/65
(a)
.....................
263
260,544
Series
2025-NQM2,
Class
B3,
7.66%,
05/25/65
(a)
.....................
49
43,698
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2025-NQM2,
Class
M1,
6.71%,
05/25/65
(a)
.....................
USD
1,342
$
1,354,060
Series
2025-NQM2,
Class
SA,
0.00%,
05/25/65
(a)
.....................
—
(o)
79
Series
2025-NQM3,
Class
B1,
7.58%,
05/25/65
(a)
.....................
2,000
2,021,011
Series
2025-NQM4,
Class
PT2,
6.03%,
07/25/65
(a)
.....................
17,484
17,988,668
Series
2025-NQM5,
Class
PT2,
0.00%,
10/25/55
(a)
.....................
17,670
17,569,894
Series
2025-NQM7,
Class
PT2,
0.00%,
12/25/64
(a)
.....................
17,103
17,414,302
Series
2026-NQM2,
Class
B1,
6.37%,
12/25/65
(a)
.....................
1,500
1,466,362
Series
2026-NQM3,
Class
PT2,
4.92%,
01/25/66
(a)
.....................
19,673
19,945,349
Series
2026-NQM4,
Class
PT2,
5.54%,
05/25/56
(a)
.....................
19,433
19,917,211
BCAP
LLC
Trust,
Series
2015-RR5,
Class
2A3,
4.04%,
01/26/46
(a)(b)
.................
823
773,282
Bear
Stearns
ALT-A
Trust,
Series
2006-2,
Class
11A1,
(1-mo.
CME
Term
SOFR
at
0.44%
Floor
and
11.50%
Cap
+
0.55%),
4.21%,
04/25/36
(a)
2,769
2,522,300
Bear
Stearns
Asset-Backed
Securities
I
Trust
(d)
Series
2005-AC9,
Class
A5,
6.25%,
12/25/35
537
537,776
Series
2006-AC1,
Class
1A2,
6.25%,
02/25/36
......................
572
596,299
Bear
Stearns
Mortgage
Funding
Trust
(a)
Series
2007-AR2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
and
10.50%
Cap
+
0.45%),
4.11%,
03/25/37
............
794
730,641
Series
2007-AR3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
and
10.50%
Cap
+
0.39%),
4.05%,
03/25/37
.......
1,208
1,155,428
Series
2007-AR4,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
and
10.50%
Cap
+
0.51%),
4.17%,
09/25/47
.......
1,335
1,237,399
BRAVO
Residential
Funding
Trust
(a)(b)
Series
2025-NQM2,
Class
B1,
7.27%,
11/25/64
......................
1,000
1,015,385
Series
2025-NQM2,
Class
B2,
7.27%,
11/25/64
......................
1,000
984,846
CAFL
Issuer
LLC,
Series
2024-RTL1,
Class
A1,
6.75%,
11/28/31
(b)(d)
.................
2,000
2,012,751
CHL
Mortgage
Pass-Through
Trust
Series
2005-11,
Class
4A1,
(1-mo.
CME
Term
SOFR
at
0.27%
Floor
and
10.50%
Cap
+
0.38%),
4.04%,
04/25/35
(a)
..........
454
433,960
Series
2005-9,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.60%
Floor
+
0.71%),
4.37%,
05/25/35
(a)
.....................
1,661
1,479,297
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.96%
Floor
+
0.96%),
4.47%,
04/25/46
(a)
.....................
2,560
667,735
Series
2007-21,
Class
1A1,
6.25%,
02/25/38
127
54,151
Series
2007-J2,
Class
2A6,
6.00%,
07/25/37
607
191,997
Series
2007-J2,
Class
2A8,
6.00%,
07/25/37
927
293,182
CHNGE
Mortgage
Trust,
Series
2022-2,
Class
A1,
4.76%,
03/25/67
(a)(b)
..............
5,844
5,737,089
CIM
Trust,
Series
2025-I1,
Class
B1B,
7.51%,
10/25/69
(a)(b)
......................
4,918
4,930,013
Citicorp
Mortgage
Securities
Trust,
Series
2007-
9,
Class
1A1,
6.25%,
12/25/37
..........
1,102
1,050,484
CitiMortgage
Alternative
Loan
Trust,
Series
2007-
A1,
Class
1A5,
6.00%,
01/25/37
.........
46
40,680
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
66
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
COLT
Mortgage
Loan
Trust
(a)(b)
Series
2025-12,
Class
B1,
6.86%,
01/26/71
.
USD
1,332
$
1,330,300
Series
2025-6,
Class
B1,
7.21%,
08/25/70
..
357
359,424
Series
2025-9,
Class
B1,
6.82%,
09/25/70
..
2,000
1,995,915
Series
2026-1,
Class
B1,
6.46%,
02/25/71
..
282
279,672
Series
2026-2,
Class
B1,
6.16%,
03/25/71
..
1,500
1,467,832
Cross
Mortgage
Trust
(a)(b)
Series
2025-H10,
Class
B1,
7.14%,
01/25/71
611
605,720
Series
2025-H2,
Class
B1B,
7.65%,
03/25/70
894
894,976
Series
2025-H6,
Class
B1B,
7.55%,
07/25/70
1,227
1,221,100
Series
2025-H7,
Class
B1B,
7.51%,
09/25/70
822
817,304
Series
2026-NQM3,
Class
B1,
6.92%,
03/25/71
......................
4,000
3,905,639
Series
2026-NQM4,
Class
B1,
6.91%,
04/25/71
......................
6,000
5,853,723
Series
2026-NQM5,
Class
B1,
6.80%,
03/25/71
......................
6,000
5,835,700
CSMC
Trust
(b)
Series
2008-2R,
Class
1A1,
6.00%,
07/25/37
209
184,240
Series
2011-4R,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.61%),
5.28%,
09/27/37
(a)
.....................
2,214
1,895,333
Series
2022-ATH2,
Class
A1,
4.55%,
05/25/67
(a)
.....................
1,053
1,050,250
Deephaven
Residential
Mortgage
Trust
(a)(b)
Series
2021-3,
Class
B1,
3.27%,
08/25/66
..
1,000
788,066
Series
2026-INV1,
Class
B1,
6.57%,
12/25/70
574
565,916
Series
2026-INV2,
Class
B1,
6.71%,
02/25/71
7,000
6,901,016
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
+
0.49%),
4.15%,
08/25/47
(a)
.......................
9,168
7,996,295
Deutsche
Mortgage
Securities,
Inc.,
Series
2006-
PR1,
Class
CWA1,
6.00%,
06/25/35
(a)(b)
....
1,811
886,128
Easy
Street
Mortgage
Loan
Trust,
Series
2025-
RTL2,
Class
A1,
5.61%,
10/25/40
(b)(d)
......
3,788
3,792,120
Ellington
Financial
Mortgage
Trust
(a)(b)
Series
2021-2,
Class
A1,
0.93%,
06/25/66
..
1,512
1,279,768
Series
2023-1,
Class
B1,
6.63%,
02/25/68
..
2,000
1,994,774
Series
2025-INV1,
Class
B1,
7.18%,
03/25/70
529
531,285
Series
2026-INV2,
Class
B1,
6.23%,
02/25/71
1,500
1,460,087
Series
2026-NQM1,
Class
B1,
6.54%,
02/25/71
......................
1,000
989,329
Series
2026-NQM3,
Class
B1,
6.84%,
03/25/71
......................
1,500
1,470,159
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2006-AA8,
Class
1A1,
4.23%,
02/25/37
(a)
.......................
739
389,880
Galton
Funding
Mortgage
Trust,
Series
2019-H1,
Class
B2,
4.88%,
10/25/59
(a)(b)
..........
4,000
3,193,242
GCAT
Trust,
Series
2022-NQM3,
Class
A1,
4.35%,
04/25/67
(a)(b)
.................
11,782
11,744,058
GMACM
Mortgage
Loan
Trust,
Series
2005-AR2,
Class
4A,
3.86%,
05/25/35
(a)
...........
14
12,590
GreenPoint
Mortgage
Funding
Trust
(a)
Series
2006-AR1,
Class
GA1B,
(1-mo.
CME
Term
SOFR
at
0.17%
Floor
+
0.28%),
3.94%,
02/25/36
.................
1,554
1,451,418
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
2.00%
Floor
and
10.50%
Cap
+
2.00%),
5.91%,
03/25/36
.......
836
770,349
GS
Mortgage-Backed
Securities
Trust
(b)
Series
2025-DSC1,
Class
B1,
6.74%,
06/25/65
(a)
.....................
1,873
1,857,793
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2025-NQM2,
Class
B1,
7.28%,
06/25/65
(a)
.....................
USD
280
$
284,690
Series
2025-NQM3,
Class
B1,
6.87%,
11/25/65
......................
843
842,213
Series
2025-NQM3,
Class
B2,
7.31%,
11/25/65
(a)
.....................
896
884,752
Series
2026-DSC1,
Class
B1,
6.27%,
05/25/66
(a)
.....................
1,000
986,121
Series
2026-NQM1,
Class
B1,
6.63%,
03/25/66
(a)
.....................
373
368,544
Series
2026-NQM1,
Class
B2,
7.59%,
03/25/66
(a)
.....................
708
699,066
Series
2026-NQM3,
Class
B1,
7.02%,
05/25/66
(a)
.....................
3,782
3,781,985
Series
2026-NQM3,
Class
B2,
7.18%,
05/25/66
(a)
.....................
3,194
3,104,095
GSMSC
Resecuritization
Trust,
Series
2015-5R,
Class
1D,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
3.91%,
04/26/37
(a)(b)
......
682
387,944
HarborView
Mortgage
Loan
Trust,
Series
2006-6,
Class
3A1A,
4.74%,
08/19/36
(a)
.........
200
156,247
Homes
Trust
(a)(b)
Series
2025-NQM1,
Class
B1,
7.03%,
01/25/70
......................
2,355
2,357,121
Series
2025-NQM4,
Class
B1,
6.90%,
08/25/70
......................
1,456
1,455,936
Impac
CMB
Trust,
Series
2005-6,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
11.00%
Cap
+
0.61%),
4.27%,
10/25/35
(a)
..
890
830,879
IndyMac
IMSC
Mortgage
Loan
Trust
Series
2007-F2,
Class
1A4,
6.00%,
07/25/37
539
363,700
Series
2007-F2,
Class
2A1,
6.50%,
07/25/37
2,239
647,208
IndyMac
INDX
Mortgage
Loan
Trust
(a)
Series
2007-AR15,
Class
1A1,
4.18%,
08/25/37
......................
83
58,250
Series
2007-AR15,
Class
2A1,
3.37%,
08/25/37
......................
411
292,373
J.P.
Morgan
Mortgage
Trust
(a)(b)
Series
2025-DSC2,
Class
B1,
6.92%,
10/25/65
......................
2,000
2,000,768
Series
2025-VIS2,
Class
B1,
7.24%,
12/25/55
2,000
2,011,706
Series
2026-VIS1,
Class
B1,
6.40%,
06/25/66
1,458
1,435,281
Series
2026-VIS1,
Class
B2,
6.52%,
06/25/66
903
868,715
MASTR
Asset
Securitization
Trust,
Series
2007-
1,
Class
1A4,
6.50%,
11/25/37
..........
1,269
204,222
Merrill
Lynch
Mortgage
Investors
Trust
(a)
Series
2005-A9,
Class
2A1E,
5.43%,
12/25/35
156
149,953
Series
2006-1,
Class
2A1,
5.16%,
02/25/36
.
135
133,023
MFA
Trust
(b)
Series
2022-CHM1,
Class
M1,
4.57%,
09/25/56
(a)
.....................
4,000
3,558,386
Series
2023-NQM2,
Class
A1,
4.40%,
03/25/68
(d)
.....................
8,921
8,867,761
Series
2025-NQM3,
Class
B1,
6.93%,
08/25/70
(a)
.....................
1,500
1,519,135
Series
2025-NQM3,
Class
M1,
6.13%,
08/25/70
(a)
.....................
632
632,063
Mill
City
Mortgage
Loan
Trust
(a)(b)
Series
2026-R1,
Class
A1,
5.46%,
10/25/62
.
8,428
8,441,537
Series
2026-R1,
Class
M1,
6.20%,
10/25/62
2,000
1,994,329
New
Residential
Mortgage
Loan
Trust
(a)(b)
Series
2025-NQM1,
Class
B2,
7.01%,
01/25/65
......................
1,577
1,533,457
Series
2026-NQM3,
Class
B1,
6.37%,
02/25/66
......................
836
825,979
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
67
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2026-NQM4,
Class
B1,
6.54%,
02/25/66
......................
USD
2,000
$
1,974,138
Series
2026-NQM5,
Class
B1,
6.59%,
04/25/66
......................
2,000
1,985,553
Prime
Mortgage
Trust,
Series
2006-DR1,
Class
2A1,
5.50%,
05/25/35
(b)
...............
182
171,361
PRKCM
Trust,
Series
2026-AFC3,
Class
A1,
5.38%,
05/01/61
(a)(b)
.................
2,000
1,999,985
PRPM
LLC
(b)
Series
2025-RCF4,
Class
A3,
4.50%,
08/25/55
(d)
.....................
583
565,609
Series
2025-RCF4,
Class
M1A,
4.50%,
08/25/55
(d)
.....................
700
672,631
Series
2025-RCF4,
Class
M2,
4.50%,
08/25/55
(d)
.....................
667
618,903
Series
2026-RCF2,
Class
M2,
5.50%,
03/25/56
(a)
.....................
2,500
2,376,092
PRPM
Trust
(b)
Series
2025-NQM3,
Class
B1,
6.89%,
05/25/70
(a)
.....................
3,012
3,013,183
Series
2025-NQM6,
Class
B1,
6.96%,
12/25/70
(a)
.....................
567
562,963
Series
2026-NQM1,
Class
B1,
7.01%,
02/25/71
(a)
.....................
4,000
3,957,142
Series
2026-NQM2,
Class
A1,
5.26%,
04/25/71
(a)
.....................
10,000
9,999,846
Series
2026-NQM2,
Class
B1,
7.20%,
04/25/71
(a)
.....................
4,000
3,999,973
Series
2026-RCF1,
Class
M2,
5.50%,
01/25/56
(d)
.....................
945
898,875
Rain
City
Mortgage
Trust,
Series
2024-RTL1,
Class
A1,
6.53%,
09/25/29
(b)(d)
..........
5,000
5,043,190
RALI
Trust,
Series
2007-QS4,
Class
3A2,
6.00%,
03/25/37
........................
99
82,564
Residential
Asset
Securitization
Trust,
Series
2006-A15,
Class
A12,
6.25%,
01/25/37
....
308
93,580
RFMSI
Trust,
Series
2007-S7,
Class
A20,
6.00%,
07/25/37
........................
28
23,000
Santander
Mortgage
Asset
Receivable
Trust,
Series
2025-NQM3,
Class
B1,
7.21%,
05/25/65
(a)(b)
......................
2,001
2,001,368
SG
Residential
Mortgage
Trust,
Series
2026-2,
Class
B1,
6.64%,
04/25/66
(a)(b)
..........
4,500
4,351,086
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-
SH1,
Class
A1A,
4.10%,
07/25/57
(b)(d)
.....
11,748
11,634,312
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2007-3,
Class
3A1,
4.58%,
04/25/47
(a)
180
71,033
Structured
Asset
Mortgage
Investments
II
Trust
(a)
Series
2006-AR2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
and
10.50%
Cap
+
0.57%),
4.23%,
02/25/36
...........
318
299,491
Series
2006-AR4,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
and
10.50%
Cap
+
0.49%),
4.15%,
06/25/36
.......
5,975
5,378,697
Series
2006-AR6,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
and
10.50%
Cap
+
0.49%),
4.15%,
07/25/46
.......
7,227
5,133,162
Series
2007-AR4,
Class
GA4B,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
4.13%,
09/25/47
.................
1,365
1,271,682
Verus
Securitization
Trust
(b)
Series
2022-3,
Class
A1,
5.13%,
02/25/67
(d)
.
7,844
7,487,846
Series
2025-12,
Class
B1,
6.56%,
12/25/70
(a)
367
364,824
Series
2025-4,
Class
B2,
7.45%,
05/25/70
(a)
.
500
495,048
Series
2025-7,
Class
B1,
6.62%,
08/25/70
(a)
.
1,000
1,000,715
Series
2025-7,
Class
B2,
7.50%,
08/25/70
(a)
.
707
701,953
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2025-8,
Class
B1,
6.48%,
09/25/70
..
USD
1,338
$
1,330,365
Series
2025-8,
Class
B2,
7.52%,
09/25/70
(a)
.
1,967
1,950,707
Series
2025-INV1,
Class
B2,
7.30%,
02/25/70
(a)
.....................
2,094
2,078,230
Series
2026-1,
Class
B1,
6.47%,
01/25/71
(a)
.
350
347,636
Series
2026-1,
Class
B2,
6.96%,
01/25/71
(a)
.
152
148,378
Series
2026-2,
Class
B1,
6.33%,
02/25/71
(a)
.
486
481,440
Series
2026-3,
Class
B1,
6.44%,
03/25/71
(a)
.
2,000
1,981,949
Series
2026-3,
Class
B2,
6.81%,
03/25/71
(a)
.
375
362,155
Series
2026-4,
Class
B1,
6.67%,
04/25/71
(a)
.
2,100
2,088,269
Series
2026-4,
Class
B2,
6.78%,
04/25/71
(a)
.
1,500
1,447,268
Vista
Point
Securitization
Trust,
Series
2020-1,
Class
B1,
5.38%,
03/25/65
(a)(b)
..........
2,800
2,792,968
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2007-OA4,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.25%
Floor
+
0.80%),
4.31%,
05/25/47
(a)
.
624
536,811
Washington
Mutual
Mortgage
Pass-Through
Certificates
Trust
Series
2006-8,
Class
A5,
4.06%,
10/25/36
(d)
.
941
325,865
Series
2006-AR5,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.98%
Floor
+
0.98%),
4.49%,
06/25/46
(a)
.....................
2,579
2,099,224
Series
2006-AR8,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.85%
Floor
+
0.85%),
4.36%,
10/25/46
(a)
.....................
3,928
3,483,764
Series
2007-OA5,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.75%
Floor
+
0.75%),
4.26%,
06/25/47
(a)
.....................
4,178
3,600,668
Series
2007-OA5,
Class
A1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.84%
Floor
+
0.84%),
4.35%,
05/25/47
(a)
................
1,955
1,724,271
Series
2007-OA6,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.81%
Floor
+
0.81%),
4.32%,
07/25/47
(a)
.....................
2,139
1,820,032
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust,
Series
2007-OA1,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.72%
Floor
+
0.72%),
4.23%,
12/25/46
(a)
.......
3,209
2,684,090
478,608,438
Commercial
Mortgage-Backed
Securities
—
6.7%
1301
Trust,
Series
2025-1301,
Class
A,
5.23%,
08/11/42
(a)(b)
......................
4,683
4,703,488
1345T,
Series
2025-AOA,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.50%
Floor
+
4.50%),
8.15%,
06/15/42
(a)(b)
......................
1,767
1,779,721
280
Park
Avenue
Mortgage
Trust,
Series
2017-
280P,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.42%),
6.08%,
09/15/34
(a)(b)
.
1,564
1,544,450
ARES
Commercial
Mortgage
Trust
(a)(b)
Series
2024-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
5.35%,
07/15/41
......................
1,270
1,272,381
Series
2026-GCP,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.90%,
02/15/43
......................
1,000
1,000,000
Series
2026-GCP,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
6.00%,
02/15/43
......................
1,000
1,001,249
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
ARES1,
Series
2024-IND2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.10%,
10/15/34
(a)(b)
......................
USD
13,280
$
13,300,750
Ashford
Hospitality
Trust,
Series
2018-ASHF,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.23%
Floor
+
2.27%),
5.93%,
04/15/35
(a)(b)
......
3,467
3,432,330
Atrium
Hotel
Portfolio
Trust
(a)(b)
Series
2017-ATRM,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.25%),
5.90%,
12/15/36
.................
3,624
3,479,040
Series
2025-ATRM,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.30%,
08/15/42
.................
2,377
2,380,679
BAHA
Trust
(a)(b)
Series
2024-MAR,
Class
A,
6.17%,
12/10/41
15,300
15,637,041
Series
2024-MAR,
Class
C,
7.77%,
12/10/41
6,370
6,567,764
BAMLL
Trust
(a)(b)
Series
2024-BHP,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
6.00%,
08/15/39
......................
17,580
17,611,767
Series
2025-ASHF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.51%,
02/15/42
......................
8,893
8,892,954
BANK,
Series
2020-BN26,
Class
AS,
2.69%,
03/15/63
........................
2,091
1,887,079
BAY
Mortgage
Trust,
Series
2025-LIVN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.46%,
05/15/35
(a)(b)
...........
1,900
1,900,000
Bayview
Commercial
Asset
Trust
(a)(b)
Series
2005-2A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.58%),
4.23%,
08/25/35
......................
1,457
1,425,166
Series
2005-3A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.59%),
4.27%,
11/25/35
......................
379
371,660
Series
2007-1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.44%),
4.12%,
03/25/37
......................
1,084
1,041,425
Series
2007-3,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.55%),
4.20%,
07/25/37
......................
1,899
1,808,507
Series
2007-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.68%
Floor
+
0.79%),
4.44%,
09/25/37
......................
439
417,294
Series
2007-6A,
Class
A4A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.36%),
6.02%,
12/25/37
......................
1,002
902,180
BBCMS
Mortgage
Trust,
Series
2018-CHRS,
Class
E,
4.41%,
08/05/38
(a)(b)
...........
1,140
987,047
BFLD
Commercial
Mortgage
Trust
(a)(b)
Series
2025-5MW,
Class
A,
4.83%,
10/10/42
3,203
3,180,274
Series
2025-660F,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.15%,
11/15/42
......................
9,476
9,481,922
BFLD
Trust,
Series
2020-EYP,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.81%),
7.47%,
10/15/35
(a)(b)
.................
2,433
18,223
BHMS
Commercial
Mortgage
Trust,
Series
2025-
ATLS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.50%,
08/15/42
(a)(b)
.
8,747
8,757,934
BMP,
Series
2024-MF23,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.03%,
06/15/41
(a)(b)
......................
4,710
4,710,000
BWAY
Mortgage
Trust,
Series
2013-1515,
Class
D,
3.63%,
03/10/33
(b)
................
3,600
3,242,084
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2024-AIR2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.15%,
10/15/41
......................
USD
8,920
$
8,937,101
Series
2024-AIRC,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
5.35%,
08/15/41
......................
16,729
16,775,849
Series
2024-BRBK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.88%
Floor
+
2.88%),
6.54%,
10/15/41
.................
6,280
6,299,532
Series
2024-GPA3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
4.95%,
12/15/39
.................
3,795
3,799,909
Series
2024-MDHS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.30%,
05/15/41
.................
1,911
1,911,165
Series
2024-MF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.10%,
02/15/39
......................
4,170
4,173,098
Series
2024-PALM,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.20%,
06/15/37
.................
3,254
3,253,926
Series
2024-PURE,
Class
A,
(CAONREPO
at
1.90%
Floor
+
1.90%),
4.17%,
11/15/41
.
CAD
4,518
3,328,162
Series
2024-XL4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.10%,
02/15/39
......................
USD
7,643
7,649,753
Series
2024-XL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.05%,
03/15/41
......................
3,937
3,940,371
Series
2025-SPOT,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.10%,
04/15/40
.................
6,939
6,943,755
Series
2025-SPOT,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.40%,
04/15/40
.................
1,813
1,814,412
Series
2026-LP3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.03%,
04/15/43
......................
6,000
6,013,125
Series
2026-VLT9,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.35%,
03/15/45
......................
9,912
9,893,415
BX
Trust
(a)(b)
Series
2021-LBA,
Class
GV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.36%),
7.02%,
02/15/36
.................
4,991
4,976,223
Series
2022-LBA6,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.00%),
4.65%,
01/15/39
......................
6,710
6,707,908
Series
2022-VAMF,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.85%
Floor
+
0.85%),
4.50%,
01/15/39
.................
1,659
1,658,517
Series
2024-VLT4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.15%,
06/15/41
......................
7,455
7,432,017
Series
2025-ARIA,
Class
A,
5.20%,
12/13/42
9,185
9,246,899
Series
2025-LIFE,
Class
A,
6.08%,
06/13/47
2,852
2,847,612
Series
2025-OMG,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.01%,
10/15/42
......................
1,779
1,779,000
Series
2025-VLT6,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.10%,
03/15/42
......................
6,227
6,199,757
Series
2025-VOLT,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.35%,
12/15/44
......................
9,559
9,553,026
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
69
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
BXP
Trust
(a)(b)
Series
2017-CC,
Class
D,
3.67%,
08/13/37
.
USD
1,000
$
841,341
Series
2021-601L,
Class
D,
2.87%,
01/15/44
3,863
3,133,667
CFSP
Mortgage
Trust,
Series
2024-AHP1,
Class
A,
6.50%,
04/15/37
.................
4,166
3,982,600
Citigroup
Commercial
Mortgage
Trust,
Series
2016-C1,
Class
C,
5.07%,
05/10/49
(a)
.....
2,870
2,843,591
COAST
Commercial
Mortgage
Trust,
Series
2023-2HTL,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
8.09%,
08/15/36
(a)(b)
7,120
7,090,971
Commercial
Mortgage
Trust
(b)
Series
2024-WCL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.84%
Floor
+
1.84%),
5.50%,
06/15/41
(a)
................
4,380
4,374,525
Series
2025-167G,
Class
A,
5.50%,
08/10/40
2,531
2,499,234
CONE
Trust,
Series
2024-DFW1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.30%,
08/15/41
(a)(b)
.................
2,868
2,865,509
CSMC
Trust,
Series
2022-LION,
Class
A,
(1-mo.
CME
Term
SOFR
+
3.44%),
7.09%,
02/15/27
(a)(b)(f)
.....................
8,800
8,764,766
DBC
Mortgage
Trust
(a)(b)
Series
2025-DBC,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.01%,
11/15/42
......................
8,792
8,797,495
Series
2025-DBC,
Class
C,
(1-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
5.70%,
11/15/42
......................
4,162
4,162,000
DBGS,
Series
2024-SBL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.88%
Floor
+
1.88%),
5.54%,
08/15/34
(a)(b)
......................
12,500
12,492,187
DBWF
Mortgage
Trust,
Series
2024-LCRS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.40%,
04/15/37
(a)(b)
...........
3,040
3,039,050
DGWD
Trust,
Series
2025-INFL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.25%,
08/15/35
(a)(b)
.................
5,197
5,205,054
DK
Trust,
Series
2025-LXP,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.59%),
5.26%,
08/15/37
(a)(b)
......................
1,214
1,215,131
EQT
Trust,
Series
2024-EXTR,
Class
A,
5.33%,
07/05/41
(b)
.......................
9,301
9,428,812
Extended
Stay
America
Trust,
Series
2025-ESH,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.95%,
10/15/42
(a)(b)
......
6,894
6,902,692
Fontainebleau
Miami
Beach
Mortgage
Trust,
Series
2024-FBLU,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.10%,
12/15/39
(a)(b)
......................
10,700
10,707,117
FS
ORL,
Series
2026-ORL,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.25%),
6.90%,
02/15/41
(a)(b)
......................
3,250
3,249,653
GGP,
Series
2026-TY,
Class
A,
4.83%,
03/05/43
(a)
(b)
.............................
3,000
2,970,387
Great
Wolf
Trust
(a)(b)
Series
2024-WLF2,
Class
A,
(1-mo.
CME
Term
SOFR
+
1.69%),
5.35%,
05/15/41
..
5,005
5,014,384
Series
2024-WOLF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.20%,
03/15/39
.................
1,086
1,087,358
GS
Mortgage
Securities
Corp.
Trust
(a)(b)
Series
2023-FUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
5.75%,
03/15/28
......................
8,480
8,477,350
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2025-800D,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.65%),
6.31%,
11/25/41
......................
USD
1,659
$
1,659,027
GSMS
Trust,
Series
2024-FAIR,
Class
A,
6.07%,
07/15/29
(a)(b)
......................
2,253
2,292,660
Harvest
Commercial
Capital
Loan
Trust,
Series
2019-1,
Class
M4,
4.64%,
09/25/46
(a)(b)
....
3,150
3,065,368
HIH
Trust,
Series
2024-61P,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.84%
Floor
+
1.84%),
5.50%,
10/15/41
(a)(b)
.................
2,298
2,299,038
HILT
Commercial
Mortgage
Trust,
Series
2024-
ORL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.20%,
05/15/37
(a)(b)
.
1,525
1,525,000
Hilton
USA
Trust,
Series
2025-NVIL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.40%,
07/15/42
(a)(b)
...........
4,750
4,757,422
HLTN
Commercial
Mortgage
Trust,
Series
2026-
DPLO,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.36%,
04/15/41
(a)(b)
.
4,000
4,006,250
HONO
Mortgage
Trust,
Series
2021-LULU,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
4.92%,
10/15/36
(a)(b)
...........
8,500
8,409,687
Houston
Galleria
Mall
Trust,
Series
2025-HGLR,
Class
A,
5.64%,
02/05/45
(a)(b)
...........
6,550
6,699,887
Hudson
Yards
Mortgage
Trust,
Series
2025-
SPRL,
Class
A,
5.65%,
01/13/40
(a)(b)
......
8,310
8,506,579
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2016-NINE,
Class
B,
2.95%,
09/06/38
4,787
4,752,632
Series
2022-OPO,
Class
D,
3.56%,
01/05/39
2,409
1,833,249
Series
2024-OMNI,
Class
A,
5.99%,
10/05/39
4,710
4,755,834
Series
2025-PHNY,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.30%,
01/15/41
.................
5,000
5,001,563
JW
Commercial
Mortgage
Trust,
Series
2024-
MRCO,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.62%
Floor
+
1.62%),
5.28%,
06/15/39
(a)(b)
.
8,750
8,750,000
KSL
Commercial
Mortgage
Trust,
Series
2024-
HT2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.20%,
12/15/39
(a)(b)
.
10,276
10,275,639
KSL
Trust,
(1M
Sofr
FWD
+
4.09%),
7.74%,
06/15/30
(a)(b)
......................
2,000
2,006,369
LoanCore
2025
Issuer
LLC,
Series
2025-CRE8,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.05%,
08/17/42
(a)(b)
......
8,940
8,941,074
MAC
Trust,
Series
2025-801B,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.35%,
10/15/40
(a)(b)
.................
10,000
9,989,405
MAIN
Trust,
Series
2026-OLAS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.35%,
01/15/41
(a)(b)
.................
3,000
2,999,985
MHP
Commercial
Mortgage
Trust
(a)(b)
Series
2021-STOR,
Class
J,
(1-mo.
CME
Term
SOFR
at
3.95%
Floor
+
4.06%),
7.72%,
07/15/38
.................
1,277
1,273,165
Series
2025-MHIL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.15%,
09/15/40
.................
5,928
5,931,679
MIC
Trust
(The),
Series
2023-MIC,
Class
A,
8.73%,
12/05/38
(a)(b)
.................
1,000
1,064,528
MLTI
Trust,
Series
2026-SF75,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.05%,
03/15/36
(a)(b)
.................
2,500
2,496,888
Morgan
Stanley
Capital
I
Trust
(a)
Series
2018-H3,
Class
C,
5.02%,
07/15/51
.
1,440
1,379,278
Series
2018-MP,
Class
E,
4.42%,
07/11/40
(b)
2,112
1,629,077
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
70
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2024-NSTB,
Class
A,
3.90%,
09/24/57
(b)
.....................
USD
3,286
$
3,242,597
NRTH
Commercial
Mortgage
Trust,
Series
2025-
PARK,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.05%,
10/15/40
(a)(b)
.
7,744
7,739,165
NYC
Commercial
Mortgage
Trust
(a)(b)
Series
2025-11X,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.40%,
10/15/40
......................
3,000
3,007,500
Series
2025-3BP,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.21%
Floor
+
1.21%),
4.87%,
02/15/42
......................
5,117
5,101,009
NYC
Trust
(a)(b)
Series
2024-3ELV,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.99%
Floor
+
1.99%),
5.65%,
08/15/29
......................
6,179
6,179,297
Series
2025-77C,
Class
A,
4.95%,
01/10/36
.
12,630
12,550,469
Olympic
Tower
Mortgage
Trust,
Series
2017-OT,
Class
E,
4.08%,
05/10/39
(a)(b)
...........
4,300
3,849,760
ORL
Trust,
Series
2024-GLKS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.15%,
12/15/39
(a)(b)
.................
8,630
8,643,484
PENN
Commercial
Mortgage
Trust,
Series
2025-
P11,
Class
A,
5.52%,
08/10/42
(a)(b)
........
4,662
4,735,054
PGA
Trust,
Series
2024-RSR2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.89%
Floor
+
1.89%),
5.55%,
06/15/39
(a)(b)
.................
2,850
2,849,109
PKHL
Commercial
Mortgage
Trust,
Series
2021-
MF,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.46%),
8.12%,
07/15/38
(a)(b)
.
1,400
261,034
PLYM
Commercial
Mortgage
Trust,
Series
2026-
IND,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.15%),
5.80%,
03/15/43
(a)(b)
.
3,025
3,009,888
SCG
Mortgage
Trust,
Series
2024-MSP,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.40%,
04/15/41
(a)(b)
...........
1,830
1,830,000
SCG
Trust,
Series
2025-SNIP,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.15%,
09/15/42
(a)(b)
.................
3,909
3,918,772
SHR
Trust,
Series
2024-LXRY,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
5.60%,
10/15/41
(a)(b)
.................
6,600
6,623,084
SHRN
Trust,
Series
2025-MF18,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
4.85%,
10/15/40
(a)(b)
.................
7,200
7,191,009
SLG
Office
Trust
(a)(b)
Series
2026-OMA,
Class
A,
4.97%,
04/15/41
8,000
8,028,903
Series
2026-OMA,
Class
E,
6.96%,
04/15/41
5,000
5,025,298
Series
2026-OMA,
Class
F,
7.92%,
04/15/41
7,000
7,048,470
SWCH
Commercial
Mortgage
Trust,
Series
2025-
DATA,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.10%,
02/15/42
(a)(b)
.
5,000
4,956,250
TCO
Commercial
Mortgage
Trust,
Series
2024-
DPM,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
4.90%,
12/15/39
(a)(b)
.
10,900
10,900,000
UNIV
Trust,
Series
2025-APTS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.30%,
11/15/42
(a)(b)
.................
4,250
4,239,426
VEGAS
Trust,
Series
2024-TI,
Class
A,
5.52%,
11/10/39
(b)
.......................
2,410
2,413,638
Velocity
Commercial
Capital
Loan
Trust
(b)
Series
2020-1,
Class
M1,
2.80%,
02/25/50
(a)
2,796
2,324,214
Series
2020-1,
Class
M3,
3.19%,
02/25/50
(a)
508
394,851
Series
2021-3,
Class
M5,
4.33%,
10/25/51
(a)
1,549
1,121,583
Series
2021-4,
Class
M4,
4.48%,
12/26/51
(a)
1,384
1,139,481
Series
2022-1,
Class
M4,
5.20%,
02/25/52
(a)
4,467
3,732,475
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2023-1,
Class
M5,
9.64%,
01/25/53
(a)
USD
1,872
$
1,775,395
Series
2023-3,
Class
M2,
8.27%,
08/25/53
(a)
629
636,724
Series
2023-3,
Class
M3,
9.32%,
08/25/53
(a)
577
581,896
Series
2024-2,
Class
M5,
10.72%,
04/25/54
(a)
733
746,417
Series
2024-5,
Class
M3,
6.76%,
10/25/54
..
2,618
2,599,829
Series
2024-5,
Class
M4,
9.47%,
10/25/54
..
3,820
3,816,397
Series
2025-1,
Class
M3,
7.33%,
02/25/55
(a)
3,995
4,023,933
Series
2025-1,
Class
M4,
10.15%,
02/25/55
.
1,383
1,392,017
Series
2025-3,
Class
M3,
7.38%,
06/25/55
(a)
623
627,143
Series
2025-4,
Class
M2,
6.17%,
09/25/55
(a)
1,245
1,236,451
Series
2025-4,
Class
M3,
6.31%,
09/25/55
(a)
725
710,254
Series
2025-4,
Class
M4,
9.35%,
09/25/55
(a)
2,332
2,285,374
Series
2025-4,
Class
M5,
10.08%,
09/25/55
(a)
832
755,607
Series
2025-5,
Class
M2,
6.31%,
12/25/55
(a)
1,083
1,079,438
Series
2025-5,
Class
M3,
6.70%,
12/25/55
(a)
3,148
3,097,264
Series
2025-RTL1,
Class
A1,
6.80%,
03/25/30
(d)
.....................
2,945
2,963,975
Series
2026-1,
Class
M3,
6.26%,
02/25/56
(a)
995
977,938
Series
2026-1,
Class
M4,
8.48%,
02/25/56
(a)
497
488,396
Series
2026-P1,
Class
A,
5.54%,
03/25/56
(a)
.
17,622
17,549,142
Series
2026-P1,
Class
M1,
5.98%,
03/25/56
(a)
1,502
1,492,365
Series
2026-P1,
Class
M2,
6.46%,
03/25/56
(a)
1,396
1,386,403
Series
2026-P1,
Class
M3,
6.94%,
03/25/56
(a)
2,658
2,626,761
Series
2026-P1,
Class
M4,
9.53%,
03/25/56
(a)
1,781
1,757,412
VTR
Commercial
Mortgage
Trust,
Series
2025-
STEM,
Class
A,
5.20%,
10/13/39
(a)(b)
......
5,413
5,375,298
Wells
Fargo
Commercial
Mortgage
Trust
(a)
Series
2016-C37,
Class
C,
4.64%,
12/15/49
.
2,803
2,759,064
Series
2016-LC25,
Class
C,
4.45%,
12/15/59
8,320
8,110,533
Series
2016-NXS5,
Class
B,
4.95%,
01/15/59
1,115
1,075,862
Willobrook
Mall,
Series
2025-WBRK,
Class
A,
5.87%,
03/05/35
(a)(b)
.................
4,000
4,114,791
701,412,997
Interest
Only
Collateralized
Mortgage
Obligations
—
0.0%
Barclays
Mortgage
Loan
Trust
(a)(b)
Series
2024-NQM4,
Class
XS,
2.27%,
12/26/64
......................
15,710
507,464
Series
2025-NQM1,
Class
XS,
0.00%,
01/25/65
......................
15,463
455,870
Series
2025-NQM2,
Class
XS2,
1.54%,
05/25/65
......................
16,383
417,139
1,380,473
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
(a)
BBCMS
Trust
(b)
Series
2015-SRCH,
Class
XA,
0.98%,
08/10/35
......................
64,422
429,821
Series
2015-SRCH,
Class
XB,
0.30%,
08/10/35
......................
35,000
68,145
Commercial
Mortgage
Trust,
Series
2014-UBS5,
Class
XB2,
0.92%,
09/10/47
(b)
..........
12,675
96,778
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C22,
Class
XA,
0.55%,
09/15/47
300
3
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(b)
40,477
81,290
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
X,
1.06%,
03/10/50
(b)
......
28,502
96,422
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C26,
Class
XD,
1.64%,
10/15/48
(b)
.......................
5,686
215
Morgan
Stanley
Capital
I
Trust,
Series
2016-
UBS9,
Class
XD,
1.71%,
03/15/49
(b)
......
13,600
175,043
Natixis
Commercial
Mortgage
Securities
Trust
(b)
Series
2017-75B,
Class
XA,
0.34%,
04/10/37
40,610
74,966
Series
2017-75B,
Class
XB,
0.11%,
04/10/37
27,000
14,070
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
71
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Wells
Fargo
Commercial
Mortgage
Trust
Series
2016-BNK1,
Class
XD,
1.49%,
08/15/49
(b)
.....................
USD
11,784
$
60,557
Series
2016-LC25,
Class
XA,
0.92%,
12/15/59
......................
15,764
27,477
WFRBS
Commercial
Mortgage
Trust,
Series
2014-C20,
Class
XB,
0.48%,
05/15/47
....
40,914
323
1,125,110
Total
Non-Agency
Mortgage-Backed
Securities
—
11.2%
(Cost:
$1,193,083,307)
............................
1,182,527,018
Preferred
Securities
Capital
Trusts
—
2.0%
Automobiles
—
0.1%
(a)(l)
RCI
Banque
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.84%),
6.13%
(c)
..............
EUR
600
713,013
Stellantis
NV
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.77%),
6.25%
(c)
.......................
1,350
1,554,349
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.08%),
8.25%
(c)
.........
GBP
1,075
1,423,152
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.24%),
6.88%
(c)
.......................
EUR
1,150
1,323,925
5,014,439
Banks
—
0.8%
(a)
ABN
AMRO
Bank
NV,
(5-Year
EUR
Swap
Annual
+
3.90%),
6.38%
(c)(l)
.................
700
862,633
AIB
Group
plc
(l)
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.39%),
7.13%
(c)
.......................
587
732,975
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.71%),
6.00%
(c)
.......................
3,041
3,628,637
Banco
Bilbao
Vizcaya
Argentaria
SA
(l)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.10%),
9.38%
....
USD
751
826,838
(5-Year
EUR
Swap
Annual
+
4.27%),
6.88%
(c)
EUR
1,400
1,754,020
Banco
de
Sabadell
SA,
(5-Year
EUR
Swap
Annual
+
5.17%),
5.00%
(c)(l)
............
200
236,197
Banco
Mercantil
del
Norte
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.07%),
8.38%
(b)(l)
...........
USD
708
750,402
Banco
Santander
SA
(l)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
9.63%
....
1,000
1,098,179
(5-Year
EUR
Swap
Annual
+
4.43%),
7.00%
(c)
EUR
1,000
1,245,043
Bank
of
America
Corp.
(l)
Series
RR,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.76%),
4.38%
........................
USD
528
523,152
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.68%),
6.63%
....
2,716
2,801,185
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.35%),
6.25%
....
716
723,640
Bank
of
Ireland
Group
plc,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.63%),
6.13%
(c)(l)
.........
EUR
400
477,676
Bank
of
Montreal,
Series
6,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.98%),
6.88%, 11/26/85
..............
USD
1,200
1,227,990
Bank
of
Nova
Scotia
(The),
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.02%),
8.00%, 01/27/84
..............
1,554
1,648,029
Barclays
plc
(l)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.96%),
8.88%
(c)
.........
GBP
1,766
2,483,126
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.41%),
4.38%
....
USD
2,771
$
2,678,169
(5-year
SONIA
Mid-Swaps
Rate
+
5.64%),
9.25%
........................
GBP
700
1,010,830
(USISSO05
+
5.78%),
9.63%
...........
USD
2,532
2,825,611
(USISSO05
+
3.69%),
7.63%
...........
708
745,701
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.56%),
6.13%
(c)
.......................
EUR
1,975
2,287,273
BNP
Paribas
Fortis
SA,
(3-mo.
EURIBOR
+
2.00%),
4.15%
(c)(l)(m)
.................
1,500
1,696,943
BNP
Paribas
SA
(l)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.90%),
7.75%
(b)
...
USD
3,502
3,673,143
(5-Year
EUR
Swap
Annual
+
4.65%),
6.88%
(c)
EUR
400
497,254
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.94%),
4.50%
(b)
...
USD
924
859,198
BPER
Banca
SpA
(l)
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.35%),
6.50%
(c)
.......................
EUR
1,109
1,343,866
(5-Year
EURIBOR
ICE
Swap
Rate
at
0.00%
Floor
+
3.57%),
5.88%
(c)
............
2,600
3,047,828
CaixaBank
SA
(l)
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.30%),
7.50%
(c)
.......................
1,200
1,538,655
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.35%),
5.88%
(c)
.......................
400
464,726
Citigroup,
Inc.
(l)
Series
T,
(3-mo.
CME
Term
SOFR
+
4.78%),
6.25%
........................
USD
519
519,120
Series
CC,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.69%),
7.13%
........................
2,639
2,677,630
Series
EE,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.57%),
6.75%
........................
926
931,602
Series
FF,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.73%),
6.95%
........................
196
199,469
Series
GG,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.89%),
6.88%
........................
4,995
5,071,433
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
6.63%
....
1,830
1,852,430
Series
DD,
(10-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.76%),
7.00%
........................
235
244,113
Commerzbank
AG
(l)
(5-Year
EUR
Swap
Annual
+
6.74%),
6.50%
(c)
EUR
400
492,107
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.13%),
7.88%
(c)
.......................
800
1,043,112
Cooperatieve
Rabobank
UA
(l)
(5-Year
EUR
Swap
Annual
+
3.72%),
4.88%
(c)
1,200
1,415,523
6.50%
(c)
.........................
266
353,947
Credit
Agricole
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.64%),
5.88%
(c)(l)
..............
1,000
1,186,854
Eurobank
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.79%),
6.25%
(c)(l)
.................
2,450
2,846,688
HSBC
Holdings
plc,
(5-Year
EUR
Swap
Annual
+
3.84%),
4.75%
(c)(l)
...................
3,516
4,105,921
ING
Groep
NV,
(USISSO05
+
4.36%),
8.00%
(c)(l)
USD
2,072
2,213,744
Intesa
Sanpaolo
SpA
(l)
(5-Year
EURIBOR
ICE
Swap
Rate
+
6.26%),
9.13%
(c)
.......................
EUR
980
1,302,898
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.03%),
5.50%
(c)
.......................
475
541,456
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
72
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
JPMorgan
Chase
&
Co.
(l)
Series
KK,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.85%),
3.65%
........................
USD
230
$
229,582
Series
PP,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.08%),
6.10%
........................
1,157
1,157,000
KBC
Group
NV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.99%),
6.25%
(c)(l)
..............
EUR
800
972,209
Lloyds
Banking
Group
plc
(l)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.82%),
6.75%
....
USD
362
363,229
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.88%),
8.50%
...........
GBP
2,694
3,794,078
(5-year
SONIA
Mid-Swaps
Rate
+
5.11%),
7.88%
(c)
.......................
498
700,341
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.91%),
8.00%
....
USD
200
213,289
National
Bank
of
Greece
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.32%),
5.80%
(c)(l)
......
EUR
600
692,711
NatWest
Group
plc,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.75%),
8.13%
(l)
....................
USD
289
319,077
Piraeus
Bank
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.70%),
6.13%
(c)(l)
..............
EUR
1,366
1,573,622
PNC
Financial
Services
Group,
Inc.
(The),
Series
W,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.81%),
6.25%
(l)
..
USD
162
164,624
Societe
Generale
SA
(b)(l)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.39%),
9.38%
....
1,906
2,010,016
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.51%),
5.38%
....
645
618,949
Toronto-Dominion
Bank
(The),
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.98%),
7.25%, 07/31/84
......
1,008
1,047,138
Unicaja
Banco
SA,
(5-Year
EUR
Swap
Annual
+
5.02%),
4.88%
(c)(l)
...................
EUR
1,200
1,412,912
UniCredit
SpA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.21%),
6.50%
(c)(l)
..............
1,102
1,359,616
87,315,359
Broadline
Retail
—
0.0%
Rakuten
Group,
Inc.,
(5-Year
EUR
Swap
Annual
+
4.74%),
4.25%
(a)(c)(l)
................
1,907
2,185,074
Capital
Markets
—
0.2%
(a)
Brookfield
Finance,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.08%),
6.30%, 01/15/55
..............
USD
690
667,642
Charles
Schwab
Corp.
(The),
Series
K,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.26%),
5.00%
(l)
......
134
133,168
Deutsche
Bank
AG
(l)
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.75%),
4.63%
(c)
.......................
EUR
1,200
1,389,894
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.69%),
6.75%
(c)
.......................
1,400
1,696,511
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.26%),
8.13%
(c)
.......................
2,400
3,016,637
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.60%),
7.13%
(c)
.......................
600
735,294
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.11%),
7.38%
(c)
.......................
2,000
2,486,072
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.04%),
6.75%
(c)
.......................
1,400
1,659,436
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Goldman
Sachs
Group,
Inc.
(The)
(l)
Series
U,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.92%),
3.65%
........................
USD
357
$
355,880
Series
V,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.95%),
4.13%
........................
332
328,666
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.46%),
6.85%
....
336
346,154
Series
Y,
(10-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.40%),
6.13%
........................
1,477
1,488,030
State
Street
Corp.,
(3-mo.
CME
Term
SOFR
+
1.26%),
4.94%, 06/15/47
..............
1,115
985,842
UBS
Group
AG
(l)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.75%),
9.25%
(b)
...
200
216,425
(USISSO05
+
3.08%),
7.00%
(b)
.........
1,130
1,155,290
(USISSO05
+
3.12%),
6.60%
(b)
.........
200
201,673
(USISSO05
+
3.24%),
6.63%
(b)
.........
793
798,519
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.31%),
4.38%
(c)
...
2,400
2,200,247
(USISSO05
+
4.16%),
7.75%
(b)
.........
1,583
1,688,675
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.76%),
9.25%
(b)
...
2,391
2,790,390
(USISSO05
+
3.18%),
7.13%
(b)
.........
1,390
1,422,559
(USISSO05
+
3.30%),
7.00%
(b)
.........
1,365
1,389,102
(USISSO05
+
3.32%),
7.00%
(b)
.........
600
608,950
27,761,056
Chemicals
—
0.0%
FMC
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.37%),
8.45%, 11/01/55
(a)
..................
743
492,411
Construction
Materials
—
0.0%
Cemex
SAB
de
CV,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.52%),
7.20%
(a)(b)(l)
.................
540
559,175
Consumer
Finance
—
0.0%
(a)(l)
American
Express
Co.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.85%),
3.55%
....................
683
676,540
General
Motors
Financial
Co.,
Inc.,
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.00%),
5.70%
.......
654
642,623
Volkswagen
International
Finance
NV
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.17%),
5.49%
(c)
.......................
EUR
200
235,398
(EUAMDB08
+
3.49%),
5.99%
(c)
.........
600
709,460
2,264,021
Diversified
REITs
—
0.0%
Unibail-Rodamco-Westfield
SE,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.43%),
4.75%
(a)
(c)(l)
.............................
1,300
1,512,531
Diversified
Telecommunication
Services
—
0.0%
(a)
British
Telecommunications
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.82%),
8.38%, 12/20/83
(c)
............
GBP
1,726
2,469,018
Telefonica
Emisiones
SA
(l)
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.84%),
4.38%
(c)
.......................
EUR
300
344,841
(EUAMDB08
+
2.13%),
4.88%
(c)
.........
400
455,345
3,269,204
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
73
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
—
0.2%
(a)
Alliant
Energy
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.08%),
5.75%, 04/01/56
..............
USD
1,015
$
997,668
Duke
Energy
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.59%),
6.45%, 09/01/54
..............
139
145,220
EDP
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.05%),
4.75%, 05/29/54
(c)
............
EUR
2,700
3,204,017
Electricite
de
France
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.94%),
5.13%
(c)(l)
.........
200
238,430
Enel
SpA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.66%),
4.13%
(c)(l)
...................
450
512,958
Eversource
Energy
Series
A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.52%),
6.10%, 08/15/56
.................
USD
685
682,223
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.33%),
6.35%, 08/15/56
.................
785
784,649
NextEra
Energy
Capital
Holdings,
Inc.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.46%),
6.75%, 06/15/54
.................
412
431,415
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.05%),
6.38%, 08/15/55
.................
625
637,833
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.55%),
3.80%, 03/15/82
.................
1,101
1,073,840
NRG
Energy,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.92%),
10.25%
(b)(l)
..................
1,396
1,516,477
PG&E
Corp.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.88%),
7.38%, 03/15/55
.................
2,931
3,014,701
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.23%),
6.85%, 09/15/56
.................
2,611
2,610,477
15,849,908
Financial
Services
—
0.0%
(a)
Apollo
Global
Management,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.17%),
6.00%, 12/15/54
......
375
366,811
Corebridge
Financial,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.65%),
6.38%, 09/15/54
..............
260
258,531
Nationwide
Building
Society
(l)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.63%),
5.75%
(c)
.........
GBP
511
695,190
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.85%),
7.50%
(c)
.........
499
690,707
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.59%),
7.88%
(c)
.........
225
315,814
2,327,053
Gas
Utilities
—
0.0%
AltaGas
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.57%),
7.20%, 10/15/54
(a)(b)
.................
USD
229
237,917
Hotels,
Restaurants
&
Leisure
—
0.0%
Gohl
Capital
Holdings
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.71%),
7.63%
(a)(c)(l)
.................
1,273
1,260,601
Security
Par
(000)
Par
(000)
Value
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
(a)
AES
Andes
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.84%),
8.15%, 06/10/55
(b)
..................
USD
860
$
906,225
AES
Corp.
(The),
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.20%),
7.60%, 01/15/55
..............
308
313,769
Orsted
A/S
(5-Year
EUR
Swap
Annual
+
1.86%),
1.50%, 02/18/3021
(c)
..............
EUR
823
830,667
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
2.14%),
2.50%, 02/18/3021
(c)
.
GBP
886
932,925
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.59%),
5.13%, 03/14/3024
(c)
..............
EUR
400
473,561
Vistra
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.74%),
7.00%
(b)(l)
........................
USD
1,725
1,730,039
5,187,186
Insurance
—
0.1%
(a)(l)
Achmea
BV
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.78%),
4.63%
(c)
.......................
EUR
400
468,073
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.74%),
6.13%
(c)
.......................
300
355,535
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.21%),
5.75%
(c)
.......................
350
393,114
Ageas
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.04%),
5.88%
(c)
...................
600
701,556
Athora
Netherlands
NV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.57%),
6.75%
(c)
..........
863
1,045,257
AXA
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.60%),
5.75%
(c)
...................
400
479,661
BNP
Paribas
Cardif
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.37%),
6.00%
(c)
..........
2,800
3,260,850
BUPA
Finance
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.17%),
4.00%
(c)
.........................
GBP
466
531,496
Legal
&
General
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.38%),
5.63%
(c)
...................
793
1,023,907
NN
Group
NV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.45%),
5.75%
(c)
..................
EUR
1,839
2,147,939
Standard
Life
plc,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.19%),
8.50%
(c)
...................
USD
600
639,778
Unipol
Assicurazioni
SpA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.24%),
6.00%
(c)
..........
EUR
614
714,987
11,762,153
Multi-Utilities
—
0.1%
(a)
CenterPoint
Energy,
Inc.,
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.95%),
6.85%, 02/15/55
......
USD
77
81,316
Dominion
Energy,
Inc.
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.51%),
7.00%, 06/01/54
.................
290
309,224
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.21%),
6.63%, 05/15/55
.................
85
86,933
Sempra,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.79%),
6.88%, 10/01/54
...................
3,465
3,526,351
Veolia
Environnement
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.84%),
4.32%
(c)(l)
.........
EUR
500
570,687
4,574,511
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
74
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
—
0.3%
(a)
Enbridge,
Inc.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.97%),
7.20%, 06/27/54
.................
USD
414
$
442,649
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.12%),
7.38%, 03/15/55
.................
603
637,580
Energy
Transfer
LP
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.69%),
6.50%
(l)
.......................
1,655
1,656,951
Series
G,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
7.13%
(l)
.......................
3,015
3,096,511
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.02%),
8.00%, 05/15/54
.................
1,219
1,292,173
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.83%),
7.13%, 10/01/54
.................
332
340,873
Sunoco
LP,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.23%),
7.88%
(b)(l)
........................
4,719
4,886,789
Var
Energi
ASA
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.77%),
7.86%, 11/15/83
(c)
................
EUR
1,078
1,368,946
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.31%),
4.95%, 04/29/86
(c)
................
600
698,908
Venture
Global
LNG,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.44%),
9.00%
(b)(l)
..................
USD
3,810
3,768,253
Wintershall
Dea
Finance
2
BV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.94%),
6.12%
(c)(l)
......
EUR
1,190
1,417,375
19,607,008
Paper
&
Forest
Products
—
0.0%
(c)
Stora
Enso
OYJ
(a)(l)
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.84%),
5.63%
(c)
.......................
300
355,303
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.12%),
5.88%
(c)
.......................
250
295,506
650,809
Passenger
Airlines
—
0.0%
(a)(c)
Air
France-KLM,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.58%),
5.75%
(l)
...............
400
451,250
Deutsche
Lufthansa
AG,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.86%),
5.25%, 01/15/55
....
900
1,034,948
1,486,198
Pharmaceuticals
—
0.1%
(c)
Bayer
AG
(a)
(5-Year
EUR
Swap
Annual
+
3.75%),
4.50%, 03/25/82
(c)
................
1,500
1,769,109
Series
NC5,
(5-Year
EUR
Swap
Annual
+
3.43%),
6.63%, 09/25/83
(c)
..........
200
246,105
(5-Year
EUR
Swap
Annual
+
3.90%),
7.00%, 09/25/83
(c)
................
1,400
1,781,762
3,796,976
Real
Estate
Management
&
Development
—
0.1%
Aroundtown
Finance
SARL
(a)(l)
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.43%),
5.25%
(c)
.......................
2,961
3,289,612
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.04%),
5.13%
(c)
.......................
550
605,538
Citycon
OYJ,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.18%),
3.63%
(a)(c)(l)
................
658
557,781
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
Grand
City
Properties
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.18%),
1.50%
(a)(c)(l)
........
EUR
1,700
$
1,987,536
Heimstaden
Bostad
AB,
(5-Year
EUR
Swap
Annual
+
3.15%),
2.63%
(a)(c)(l)
...........
2,025
2,316,520
Vivion
Investments
SARL
(5-Year
EURIBOR
ICE
Swap
Rate
+
6.16%),
8.13%
(a)(c)(l)
.....................
900
930,996
9,687,983
Wireless
Telecommunication
Services
—
0.0%
(a)
SoftBank
Group
Corp.,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.46%),
6.50%, 10/29/62
(c)
...
597
608,731
Telefonica
Europe
BV
(l)
(7-Year
EUR
Swap
Annual
+
3.35%),
6.14%
(c)
1,200
1,477,265
(EUAMDB08
+
3.12%),
5.75%
(c)
.........
700
852,399
2,938,395
Total
Capital
Trusts
—
2.0%
(Cost:
$198,331,228)
..............................
209,739,968
Shares
Shares
Preferred
Stocks
—
0.1%
Automobiles
—
0.0%
Porsche
Automobil
Holding
SE
(Preference)
...
2,648
96,350
Chemicals
—
0.0%
FUCHS
SE
(Preference)
................
7,724
364,243
Household
Products
—
0.0%
Henkel
AG
&
Co.
KGaA
(Preference)
........
38,072
2,770,426
IT
Services
—
0.0%
(e)
Veritas
Newco
.......................
2,876
55,367
Veritas
Newco,
Series
G-1
(a)
.............
1,987
38,242
93,609
Machinery
—
0.0%
Jungheinrich
AG
(Preference)
............
7,821
235,637
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Samsung
Electronics
Co.
Ltd.
(Preference)
...
68,820
7,428,013
Total
Preferred
Stocks
—
0.1%
(Cost:
$10,617,266)
...............................
10,988,278
Total
Preferred
Securities
—
2.1%
(Cost:
$208,948,494)
..............................
220,728,246
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Commercial
Mortgage-Backed
Securities
—
0.1%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes,
Series
2018-W5FX,
Class
CFX,
3.79%, 04/25/28
(a)(b)
.................
USD
4,627
4,355,840
Mortgage-Backed
Securities
—
0.0%
Federal
National
Mortgage
Association,
2.02%, 05/01/30
...................
3,831
3,522,815
Total
U.S.
Government
Sponsored
Agency
Securities
—
0.1%
(Cost:
$8,095,934)
...............................
7,878,655
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
75
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Warrants
Diversified
Consumer
Services
—
0.0%
Service
King
Midas
International
(Issued/
Exercisable
07/14/22,
1
Share
for
1
Warrant,
Expires
04/26/27,
Strike
Price
USD
10.00)
(e)(f)
1,841
$
—
Total
Warrants
—
0.0%
(Cost:
$—)
.....................................
—
Total
Long-Term
Investments
—
95.6%
(Cost:
$9,635,273,288)
............................
10,099,983,673
Par
(000)
Pa
r
(
000)
Short-Term
Securities
Foreign
Government
Obligations
—
0.3%
Brazil
—
0.1%
Letras
do
Tesouro
Nacional
Treasury
Bills,
13.71%,
10/01/26
(r)
.................
BRL
83
15,838,189
Egypt
—
0.1%
Arab
Republic
of
Egypt
Treasury
Bills,
22.93%,
05/05/26
(r)
........................
EGP
285,200
5,307,741
Mexico
—
0.1%
Mexico
Cetes
(r)
7.11%,
08/06/26
...................
MXN
11,690
6,572,258
Security
Par
(000)
Par
(000)
Value
Mexico
(continued)
119.84%,
03/18/27
..................
MXN
6,588
$
3,546,398
10,118,656
Total
Foreign
Government
Obligations
—
0.3%
(Cost:
$31,404,634)
...............................
31,264,586
Shares
Shares
Money
Market
Funds
—
6.4%
(s)(t)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.83%
(u)
...................
215,378,853
215,443,467
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
3.54%
.....................
462,671,825
462,671,825
Total
Money
Market
Funds
—
6.4%
(Cost:
$678,114,695)
..............................
678,115,292
Total
Short-Term
Securities
—
6.7%
(Cost:
$709,519,329)
..............................
709,379,878
Total
Options
Purchased
—
0.0%
(
Cost:
$1,336,591
)
...............................
957,391
Total
Investments
Before
Options
Written
—
102.3%
(Cost:
$10,346,129,208
)
............................
10,810,320,942
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$(1,014,913))
...................
(1,095,621)
Total
Investments
Net
of
Options
Written
—
102.3%
(Cost:
$10,345,114,295
)
............................
10,809,225,321
Liabilities
in
Excess
of
Other
Assets
—
(2.3)%
.............
(238,817,724)
Net
Assets
—
100.0%
...............................
$
10,570,407,597
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(e)
Non-income
producing
security.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
All
or
a
portion
of
this
security
is
on
loan.
(h)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(i)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$28,560,601,
representing
0.27%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$27,712,259.
(j)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(k)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(l)
Perpetual
security
with
no
stated
maturity
date.
(m)
Convertible
security.
(n)
Zero-coupon
bond.
(o)
Rounds
to
less
than
1,000.
(p)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
(q)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(r)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(s)
Affiliate
of
the
Fund.
(t)
Annualized
7-day
yield
as
of
period
end.
(u)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
76
Affiliates 
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
April
30,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/26
Shares
Held
at
04/30/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
256,829,462
$
—
$
(41,370,640)
(a)
$
(1,201)
$
(14,154)
$
215,443,467
215,378,853
$
1,067,166
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
652,613,416
—
(189,941,591)
(a)
—
—
462,671,825
462,671,825
15,550,397
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
(c)
..............
199,780,796
—
(200,330,461)
1,957,582
(1,407,917)
—
—
1,085,714
—
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
(c)
..............
219,135,324
—
(222,081,648)
2,699,359
246,965
—
—
3,819,001
—
iShares
Core
1-5
Year
USD
Bond
ETF
(c)
..........
55,124,727
—
(55,212,225)
393,634
(
306,136)
—
—
193,198
—
iShares
Core
Dividend
Growth
ETF
(c)
..............
304,953,227
44,653,827
(361,645,692)
27,796,083
(15,757,445)
—
—
216,311
—
iShares
Core
MSCI
Emerging
Markets
ETF
..........
—
213,010,345
(123,811,616)
8,215,735
16,332,224
113,746,688
1,449,187
3,609,117
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
....
213,066,320
—
—
—
—
213,066,320
2,650,738
9,305,193
—
iShares
MSCI
Australia
ETF
(c)
—
22,950,823
(24,783,527)
1,832,704
—
—
—
362,620
—
$
42,893,896
$
(906,463)
$
1,004,928,300
$
35,208,717
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
77
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
.......................................................
578
06/18/26
$
209,344
$
2,845,820
U.S.
Treasury
10-Year
Note
...................................................
5,691
06/18/26
629,122
(
567,725
)
U.S.
Treasury
Ultra
Bond
.....................................................
1,932
06/18/26
221,878
(
11,005,128
)
MSCI
EAFE
Index
.........................................................
14
06/19/26
2,132
77,631
U.S.
Treasury
5-Year
Note
....................................................
23,669
06/30/26
2,551,999
(
24,787,556
)
(
33,436,958
)
Short
Contracts
EUR
Currency
............................................................
474
06/15/26
69,678
(
179,562
)
GBP
Currency
............................................................
507
06/15/26
43,098
(
741,209
)
U.S.
Treasury
10-Year
Note
...................................................
41
06/18/26
4,532
112,288
U.S.
Treasury
10-Year
Ultra
Note
...............................................
102
06/18/26
11,505
284,069
U.S.
Treasury
Long
Bond
.....................................................
52
06/18/26
5,860
216,406
U.S.
Treasury
Ultra
Bond
.....................................................
16
06/18/26
1,838
89,540
(
218,468
)
$
(
33,655,426
)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
BRL
112,527,128
USD
21,246,000
Barclays
Bank
plc
05/05/26
$
1,472,371
BRL
157,868,515
USD
31,598,982
Citibank
NA
05/05/26
273,471
BRL
41,934,477
USD
8,411,204
HSBC
Bank
plc
05/05/26
55,048
COP
53,244,274,196
USD
13,860,822
Citibank
NA
05/11/26
749,226
COP
11,857,961,650
USD
3,047,536
JPMorgan
Chase
Bank
NA
05/11/26
206,248
GBP
490,000
USD
661,486
BNP
Paribas
SA
05/15/26
5,274
USD
3,026,421
CHF
2,360,000
Bank
of
America
NA
05/15/26
2,348
USD
341,063
EUR
290,000
Bank
of
America
NA
05/15/26
526
USD
398,415,907
EUR
337,550,000
Deutsche
Bank
AG
05/15/26
2,042,889
EGP
29,490,000
USD
537,648
Morgan
Stanley
&
Co.
International
plc
05/21/26
7,164
CZK
134,777,653
USD
6,462,906
BNP
Paribas
SA
05/26/26
25,763
USD
11,187,869
CLP
9,961,119,440
Bank
of
America
NA
05/26/26
117,260
USD
1,192,886
COP
4,268,146,035
JPMorgan
Chase
Bank
NA
05/26/26
26,039
USD
9,118,874
IDR
157,235,824,278
Citibank
NA
05/26/26
39,449
USD
940,958
MXN
16,355,699
Barclays
Bank
plc
05/26/26
6,432
USD
2,102,598
MYR
8,304,840
Barclays
Bank
plc
05/26/26
9,286
USD
1,513,617
PEN
5,221,440
HSBC
Bank
plc
05/26/26
27,291
USD
18,909,123
PHP
1,138,439,644
Barclays
Bank
plc
05/26/26
378,904
USD
11,553,103
RON
50,307,270
HSBC
Bank
plc
05/26/26
206,234
USD
13,019,781
ZAR
215,136,302
State
Street
Bank
and
Trust
Co.
05/26/26
126,520
INR
1,218,633,067
USD
12,787,000
Citibank
NA
05/27/26
13,455
USD
4,262,000
INR
402,586,389
Citibank
NA
05/27/26
33,255
BRL
90,807,226
USD
18,049,000
Citibank
NA
06/02/26
147,862
BRL
54,929,024
USD
10,586,133
JPMorgan
Chase
Bank
NA
06/02/26
421,095
USD
98,801
EUR
84,000
Barclays
Bank
plc
06/17/26
8
HUF
3,750,024,949
USD
12,039,500
Canadian
Imperial
Bank
of
Commerce
06/24/26
8,457
JPY
506,429,992
USD
3,197,000
HSBC
Bank
plc
06/24/26
52,070
MXN
37,255,000
JPY
330,183,129
Citibank
NA
06/24/26
4,981
PEN
22,604,796
USD
6,393,000
Citibank
NA
06/24/26
29,698
USD
1,492,000
COP
5,385,511,264
BNP
Paribas
SA
06/24/26
29,074
USD
1,031,732
EUR
876,250
Deutsche
Bank
AG
06/24/26
846
USD
4,262,000
INR
404,037,600
JPMorgan
Chase
Bank
NA
06/24/26
30,785
USD
3,197,000
MXN
55,995,851
Citibank
NA
06/24/26
5,566
COP
11,857,961,650
USD
3,062,688
Citibank
NA
07/07/26
149,337
COP
15,274,411,330
USD
3,944,519
JPMorgan
Chase
Bank
NA
07/07/26
192,937
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
78
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
6,535,253
MXN
114,179,793
HSBC
Bank
plc
07/10/26
$
36,542
USD
2,709,756
MXN
47,137,370
State
Street
Bank
and
Trust
Co.
07/10/26
26,863
AUD
9,490,000
USD
6,690,066
Barclays
Bank
plc
07/15/26
132,563
CAD
27,000
USD
19,811
Barclays
Bank
plc
07/15/26
128
CAD
19,156,000
USD
13,923,136
Deutsche
Bank
AG
07/15/26
223,331
CAD
3,110,000
USD
2,283,766
UBS
AG
07/15/26
12,930
CAD
362,000
USD
265,838
Westpac
Banking
Corp.
07/15/26
1,494
CHF
191,000
USD
244,847
UBS
AG
07/15/26
1,554
EUR
572,000
USD
670,592
Westpac
Banking
Corp.
07/15/26
2,952
GBP
1,731,000
USD
2,335,717
UBS
AG
07/15/26
19,189
JPY
759,082,000
USD
4,796,427
Barclays
Bank
plc
07/15/26
81,977
JPY
26,538,000
USD
168,098
Deutsche
Bank
AG
07/15/26
2,454
NZD
7,419,000
USD
4,347,255
Deutsche
Bank
AG
07/15/26
45,941
USD
854,910
EUR
724,000
Deutsche
Bank
AG
07/15/26
2,383
USD
1,957,898
HKD
15,277,000
Deutsche
Bank
AG
07/15/26
2,260
USD
999,076
SGD
1,262,000
Barclays
Bank
plc
07/15/26
2,389
USD
1,892,109
SGD
2,393,000
Citibank
NA
07/15/26
2,195
USD
15,292,769
EUR
12,912,855
BNP
Paribas
SA
07/16/26
86,962
USD
611,766
EUR
517,036
Credit
Agricole
Corporate
&
Investment
Bank
SA
07/16/26
2,920
USD
700
EUR
592
State
Street
Bank
and
Trust
Co.
07/16/26
3
COP
49,507,882,500
USD
13,322,000
Citibank
NA
07/17/26
57,505
USD
1,209,175
MXN
21,112,226
State
Street
Bank
and
Trust
Co.
07/23/26
8,851
USD
3,250,836
IDR
55,703,068,117
Bank
of
America
NA
08/03/26
46,183
USD
2,060,749
IDR
35,613,861,714
Citibank
NA
08/03/26
11,848
USD
2,653,461
IDR
45,364,904,036
Credit
Agricole
Corporate
&
Investment
Bank
SA
08/03/26
43,573
USD
589,736
IDR
10,057,948,992
Morgan
Stanley
&
Co.
International
plc
08/03/26
11,092
MXN
196,052,000
USD
10,411,356
Morgan
Stanley
&
Co.
International
plc
08/18/26
710,288
USD
675,762
MXN
11,865,746
Toronto
Dominion
Bank
08/18/26
2,642
USD
1,370,718
PEN
4,748,440
Citibank
NA
10/23/26
28,415
8,504,596
PEN
14,251,702
USD
4,262,000
Citibank
NA
05/04/26
(
199,140
)
USD
4,262,000
PEN
15,023,550
Citibank
NA
05/04/26
(
20,898
)
USD
37,618,472
BRL
199,802,992
Barclays
Bank
plc
05/05/26
(
2,720,233
)
USD
21,246,000
BRL
107,002,771
Citibank
NA
05/05/26
(
357,046
)
USD
3,104,178
COP
11,857,961,650
Citibank
NA
05/11/26
(
149,606
)
USD
13,865,344
COP
53,244,274,197
JPMorgan
Chase
Bank
NA
05/11/26
(
744,704
)
USD
585,451
EUR
500,000
Deutsche
Bank
AG
05/15/26
(
1,681
)
USD
129,031
EUR
110,000
Goldman
Sachs
International
05/15/26
(
138
)
USD
57,688,805
GBP
42,550,000
Deutsche
Bank
AG
05/15/26
(
210,430
)
USD
162,039
GBP
120,000
Morgan
Stanley
&
Co.
International
plc
05/15/26
(
1,249
)
PHP
89,342,359
USD
1,471,126
Citibank
NA
05/26/26
(
16,913
)
PHP
304,789,708
USD
5,008,255
JPMorgan
Chase
Bank
NA
05/26/26
(
47,236
)
USD
11,931,401
CZK
248,092,123
JPMorgan
Chase
Bank
NA
05/26/26
(
12,624
)
USD
7,666,496
HUF
2,390,596,192
BNP
Paribas
SA
05/26/26
(
27,604
)
USD
2,648,579
PLN
9,603,778
Barclays
Bank
plc
05/26/26
(
783
)
USD
567,957
HUF
178,006,801
Canadian
Imperial
Bank
of
Commerce
05/29/26
(
4,849
)
USD
31,378,217
BRL
157,868,515
Citibank
NA
06/02/26
(
257,059
)
USD
8,352,899
BRL
41,934,477
HSBC
Bank
plc
06/02/26
(
50,352
)
USD
2,364,824
BRL
13,185,787
JPMorgan
Chase
Bank
NA
06/02/26
(
277,476
)
HUF
504,601,380
EUR
1,383,000
Barclays
Bank
plc
06/09/26
(
3,308
)
USD
3,259,768
CAD
4,449,000
Toronto
Dominion
Bank
06/17/26
(
21,774
)
USD
16,644,725
EUR
14,428,000
Bank
of
New
York
Mellon
06/17/26
(
324,088
)
USD
176,498
EUR
153,000
Barclays
Bank
plc
06/17/26
(
3,446
)
USD
7,916,868
EUR
6,867,000
Societe
Generale
SA
06/17/26
(
159,431
)
USD
5,536,638
EUR
4,800,000
Toronto
Dominion
Bank
06/17/26
(
108,656
)
USD
320,129
GBP
241,000
JPMorgan
Chase
Bank
NA
06/17/26
(
7,783
)
USD
1,721,537
GBP
1,296,000
Toronto
Dominion
Bank
06/17/26
(
41,843
)
CHF
3,309,763
USD
4,262,000
Bank
of
America
NA
06/24/26
(
1,916
)
CLP
8,256,542,270
USD
9,377,000
HSBC
Bank
plc
06/24/26
(
200,654
)
CNY
21,726,815
USD
3,196,500
Societe
Generale
SA
06/24/26
(
4,259
)
CZK
154,488,205
USD
7,457,000
JPMorgan
Chase
Bank
NA
06/24/26
(
16,492
)
IDR
182,834,472,500
USD
10,655,000
Citibank
NA
06/24/26
(
113,130
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
79
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
INR
199,723,926
USD
2,131,000
Barclays
Bank
plc
06/24/26
$
(
39,425
)
KRW
5,330,272,500
USD
3,625,000
Barclays
Bank
plc
06/24/26
(
1,859
)
MXN
378,340,202
USD
21,737,000
Barclays
Bank
plc
06/24/26
(
173,834
)
MYR
83,944,352
USD
21,310,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/24/26
(
130,914
)
PEN
1,825,055
USD
530,000
Deutsche
Bank
AG
06/24/26
(
11,447
)
PLN
67,062,613
USD
18,542,000
Bank
of
America
NA
06/24/26
(
42,773
)
THB
596,337,778
USD
18,541,400
HSBC
Bank
plc
06/24/26
(
169,899
)
USD
1,647,380
AUD
2,304,500
Morgan
Stanley
&
Co.
International
plc
06/24/26
(
10,101
)
USD
2,131,000
CHF
1,675,609
Barclays
Bank
plc
06/24/26
(
25,720
)
USD
1,121,331
INR
107,098,324
Barclays
Bank
plc
06/24/26
(
238
)
USD
1,009,669
INR
96,635,420
Morgan
Stanley
&
Co.
International
plc
06/24/26
(
2,329
)
ZAR
243,201,806
USD
14,712,000
Bank
of
America
NA
06/24/26
(
169,828
)
USD
1,489,962
HUF
500,411,319
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/29/26
(
117,251
)
INR
203,617,050
USD
2,131,000
Citibank
NA
07/06/26
(
1,334
)
USD
11,043,935
COP
42,759,355,585
Citibank
NA
07/07/26
(
538,506
)
USD
7,436,455
COP
28,262,434,795
JPMorgan
Chase
Bank
NA
07/07/26
(
219,133
)
USD
8,513,301
MXN
153,072,988
Barclays
Bank
plc
07/10/26
(
199,074
)
INR
106,560,372
USD
1,130,734
Barclays
Bank
plc
07/13/26
(
17,285
)
INR
195,003,854
USD
2,066,266
Citibank
NA
07/13/26
(
28,671
)
EUR
74,000
USD
87,547
Bank
of
America
NA
07/15/26
(
410
)
EUR
32,000
USD
37,893
Barclays
Bank
plc
07/15/26
(
212
)
HKD
7,892,000
USD
1,011,458
Bank
of
New
York
Mellon
07/15/26
(
1,188
)
SGD
765,000
USD
605,873
Citibank
NA
07/15/26
(
1,701
)
USD
579,106
AUD
814,000
Westpac
Banking
Corp.
07/15/26
(
6,102
)
USD
170,943
CAD
234,000
Barclays
Bank
plc
07/15/26
(
1,863
)
USD
1,682,167
CAD
2,296,000
Deutsche
Bank
AG
07/15/26
(
13,400
)
USD
4,173,373
CHF
3,256,000
Deutsche
Bank
AG
07/15/26
(
27,046
)
USD
441,087
EUR
376,000
Barclays
Bank
plc
07/15/26
(
1,662
)
USD
6,035,867
EUR
5,138,000
Deutsche
Bank
AG
07/15/26
(
14,250
)
USD
804,024
JPY
127,153,000
Barclays
Bank
plc
07/15/26
(
13,153
)
USD
657,957
KRW
973,684,000
Deutsche
Bank
AG
07/15/26
(
4,305
)
USD
4,463,592
SGD
5,655,000
Bank
of
America
NA
07/15/26
(
2,545
)
EUR
53,581
USD
63,455
HSBC
Bank
plc
07/16/26
(
360
)
USD
810,315
EUR
691,497
Deutsche
Bank
AG
07/16/26
(
3,972
)
USD
8,059,246
PLN
29,613,957
BNP
Paribas
SA
08/06/26
(
107,836
)
USD
2,657,456
PLN
9,868,701
HSBC
Bank
plc
08/06/26
(
64,183
)
USD
6,271,451
ZAR
108,829,922
Citibank
NA
08/17/26
(
207,350
)
USD
22,000,504
MXN
392,104,000
HSBC
Bank
plc
08/18/26
(
242,784
)
USD
1,279,000
INR
123,832,780
HSBC
Bank
plc
10/01/26
(
2,852
)
(
8,723,596
)
$
(
219,000
)
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Put
USD
Currency
................
One-Touch
Standard
Chartered
Bank
05/11/26
INR
89.00
INR
89.00
USD
426
$
8
EUR
Currency
................
One-Touch
Bank
of
America
NA
05/14/26
MXN
19.80
MXN
19.80
EUR
179
207
EUR
Currency
................
One-Touch
BNP
Paribas
SA
05/14/26
USD
1.16
USD
1.16
EUR
181
18,608
EUR
Currency
................
One-Touch
Deutsche
Bank
AG
06/04/26
USD
1.13
USD
1.13
EUR
550
14,643
EUR
Currency
................
One-Touch
BNP
Paribas
SA
06/12/26
USD
1.15
USD
1.15
EUR
181
19,208
USD
Currency
................
One-Touch
Bank
of
America
NA
07/09/26
CNH
6.65
CNH
6.65
USD
426
19,129
AUD
Currency
................
One-Touch
Deutsche
Bank
AG
07/16/26
USD
0.68
USD
0.68
AUD
297
19,123
$
90,926
$
–
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
80
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
Nasdaq-100
E-Mini
Index
......................
3
09/18/26
USD
29,500.00
USD
8,236
$
198,505
Nasdaq-100
E-Mini
Index
......................
6
09/18/26
USD
29,500.00
USD
3,342
79,170
$
277,675
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........................
Deutsche
Bank
AG
05/06/26
ZAR
17.50
USD
533
$
85
USD
Currency
...........................
Standard
Chartered
Bank
05/14/26
INR
92.80
USD
4,262
96,910
USD
Currency
...........................
Bank
of
America
NA
05/22/26
ZAR
17.10
USD
4,262
21,983
USD
Currency
...........................
Citibank
NA
05/22/26
THB
32.50
USD
2,131
18,799
USD
Currency
...........................
Citibank
NA
05/22/26
THB
32.70
USD
4,262
27,188
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
05/22/26
COP
3,850.00
USD
4,262
11,125
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
05/27/26
COP
3,920.00
USD
4,262
10,282
EUR
Currency
...........................
Barclays
Bank
plc
06/08/26
HUF
410.00
EUR
1,844
528
USD
Currency
...........................
BNP
Paribas
SA
06/25/26
BRL
5.10
USD
4,262
56,679
USD
Currency
...........................
Citibank
NA
06/29/26
BRL
5.35
USD
1,599
8,267
251,846
Put
AUD
Currency
...........................
JPMorgan
Chase
Bank
NA
05/04/26
USD
0.71
AUD
5,950
1,228
EUR
Currency
...........................
Barclays
Bank
plc
05/05/26
USD
1.15
EUR
5,454
348
USD
Currency
...........................
HSBC
Bank
plc
05/06/26
ZAR
16.80
USD
2,131
25,486
EUR
Currency
...........................
Barclays
Bank
plc
05/12/26
HUF
373.00
EUR
1,816
51,447
USD
Currency
...........................
Deutsche
Bank
AG
06/03/26
CLP
875.00
USD
2,131
10,710
USD
Currency
...........................
Societe
Generale
SA
06/05/26
HUF
329.00
USD
3,197
192,116
EUR
Currency
...........................
Bank
of
America
NA
06/22/26
HUF
365.00
EUR
2,725
36,647
USD
Currency
...........................
HSBC
Bank
plc
01/08/27
INR
92.40
USD
8,524
18,962
336,944
$
588,790
OTC
Currency
Options
Written
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
.............................
HSBC
Bank
plc
05/06/26
ZAR
17.50
USD
533
$
(
85
)
USD
Currency
.............................
Bank
of
New
York
Mellon
05/11/26
CNH
6.82
USD
17,048
(
41,039
)
USD
Currency
.............................
Societe
Generale
SA
05/11/26
CNH
6.83
USD
4,262
(
6,857
)
USD
Currency
.............................
BNP
Paribas
SA
05/14/26
CLP
910.00
USD
2,131
(
14,840
)
USD
Currency
.............................
Standard
Chartered
Bank
05/14/26
INR
92.80
USD
4,262
(
96,910
)
USD
Currency
.............................
Citibank
NA
05/22/26
ZAR
17.10
USD
4,262
(
21,983
)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
05/22/26
COP
4,000.00
USD
2,131
(
1,671
)
USD
Currency
.............................
Standard
Chartered
Bank
05/22/26
INR
94.00
USD
2,131
(
27,104
)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
05/27/26
COP
4,200.00
USD
6,393
(
2,386
)
EUR
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
06/08/26
HUF
410.00
EUR
1,844
(
528
)
USD
Currency
.............................
BNP
Paribas
SA
06/25/26
BRL
5.30
USD
4,262
(
24,387
)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
06/29/26
BRL
5.35
USD
3,197
(
16,534
)
USD
Currency
.............................
Bank
of
America
NA
09/28/26
ZAR
17.40
USD
2,131
(
44,465
)
–
(
298,789
)
–
Put
EUR
Currency
.............................
Barclays
Bank
plc
05/12/26
HUF
365.00
EUR
2,724
(
21,644
)
USD
Currency
.............................
Barclays
Bank
plc
05/12/26
HUF
320.00
USD
2,131
(
68,081
)
USD
Currency
.............................
BNP
Paribas
SA
05/14/26
CLP
910.00
USD
2,131
(
38,986
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
81
OTC
Currency
Options
Written
(continued)
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
USD
Currency
.............................
BNP
Paribas
SA
05/15/26
COP
3,600.00
USD
1,066
$
(
5,060
)
USD
Currency
.............................
Barclays
Bank
plc
05/18/26
HUF
330.00
USD
4,262
(
268,101
)
USD
Currency
.............................
Bank
of
America
NA
05/22/26
CLP
890.00
USD
1,705
(
14,669
)
USD
Currency
.............................
HSBC
Bank
plc
05/22/26
INR
94.00
USD
2,131
(
3,419
)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
05/22/26
COP
3,600.00
USD
2,131
(
15,370
)
EUR
Currency
.............................
Societe
Generale
SA
06/05/26
HUF
372.00
EUR
2,766
(
74,112
)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
06/29/26
BRL
5.25
USD
3,197
(
168,560
)
EUR
Currency
.............................
BNP
Paribas
SA
07/03/26
BRL
6.05
EUR
2,714
(
106,138
)
AUD
Currency
.............................
BNP
Paribas
SA
07/16/26
USD
0.68
AUD
5,947
(
12,692
)
–
(
796,832
)
–
$
(
1,095,621
)
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
5-Year
Interest
Rate
Swap
(a)
.
3.86%
Annual
6-mo.
PRIBOR
Semi-Annual
JPMorgan
Chase
Bank
NA
05/05/26
3
.86
%
CZK
169,539
$
—
(a)
Forward
settling
swaption.
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
46.V1
.....................
5
.00
%
Quarterly
06/20/31
USD
18,680
$
(
1,440,192
)
$
(
942,776
)
$
(
497,416
)
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Verizon
Communications,
Inc.
.............
1
.00
%
Quarterly
06/20/29
BBB+
USD
7,197
$
132,254
$
88,707
$
43,547
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
6.91%
Monthly
1-day
TIIEOIS
Monthly
N/A
09/11/26
MXN
148,225
$
(
9,811
)
$
—
$
(
9,811
)
3-mo.
JIBAR
Quarterly
7.42%
Quarterly
06/17/26
(a)
06/17/27
ZAR
81,197
(
997
)
—
(
997
)
3.71%
Annual
6-mo.
PRIBOR
Semi-Annual
N/A
12/17/27
CZK
33,950
9,959
—
9,959
3.72%
Annual
6-mo.
PRIBOR
Semi-Annual
N/A
12/17/27
CZK
101,850
28,684
—
28,684
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
82
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
BZDIOVER
At
Termination
13.73%
At
Termination
N/A
01/03/28
BRL
13,335
$
(
3,997
)
$
—
$
(
3,997
)
1-day
BZDIOVER
At
Termination
13.75%
At
Termination
N/A
01/03/28
BRL
26,659
(
5,494
)
—
(
5,494
)
1-day
BZDIOVER
At
Termination
13.80%
At
Termination
N/A
01/03/28
BRL
1,619
(
148
)
—
(
148
)
3-mo.
JIBAR
Quarterly
7.30%
Quarterly
06/17/26
(a)
06/17/28
ZAR
33,000
(
7,131
)
—
(
7,131
)
4.15%
Annual
6-mo.
PRIBOR
Semi-Annual
06/17/26
(a)
06/17/28
CZK
245,361
21,351
—
21,351
1-week
CNREPOFIX_
CFXS
Quarterly
1.52%
Quarterly
N/A
12/17/28
CNY
15,557
2,469
—
2,469
1-week
CNREPOFIX_
CFXS
Quarterly
1.53%
Quarterly
N/A
12/17/28
CNY
46,671
10,339
—
10,339
7.52%
Quarterly
3-mo.
JIBAR
Quarterly
06/17/26
(a)
06/17/29
ZAR
81,197
1,000
—
1,000
1-day
BZDIOVER
At
Termination
13.18%
At
Termination
N/A
01/02/31
BRL
12,369
(
42,366
)
—
(
42,366
)
3.62%
Annual
6-mo.
PRIBOR
Semi-Annual
N/A
03/18/31
CZK
9,828
15,965
—
15,965
3.58%
Annual
6-mo.
PRIBOR
Semi-Annual
N/A
03/18/31
CZK
9,798
16,669
—
16,669
3.74%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
03/18/31
PLN
22,775
218,197
—
218,197
1-day
THOR
Quarterly
1.62%
Quarterly
06/17/26
(a)
06/17/31
THB
125,433
(
15,229
)
—
(
15,229
)
1-day
THOR
Quarterly
1.62%
Quarterly
06/17/26
(a)
06/17/31
THB
249,068
(
32,502
)
—
(
32,502
)
1-day
THOR
Quarterly
1.64%
Quarterly
06/17/26
(a)
06/17/31
THB
85,769
(
8,131
)
—
(
8,131
)
1-day
THOR
Quarterly
1.65%
Quarterly
06/17/26
(a)
06/17/31
THB
85,764
(
6,608
)
—
(
6,608
)
6-mo.
PRIBOR
Semi-Annual
4.37%
Annual
06/17/26
(a)
06/17/31
CZK
51,473
(
3,767
)
—
(
3,767
)
6-mo.
PRIBOR
Semi-Annual
4.44%
Annual
06/17/26
(a)
06/17/31
CZK
115,461
7,887
—
7,887
1-day
MIBOR
Semi-Annual
6.51%
Semi-Annual
06/17/26
(a)
06/17/31
INR
453,464
(
30,045
)
—
(
30,045
)
3-mo.
JIBAR
Quarterly
7.51%
Quarterly
06/17/26
(a)
06/17/31
ZAR
34,983
(
15,373
)
—
(
15,373
)
4.12%
Annual
6-mo.
WIBOR
Semi-Annual
06/17/26
(a)
06/17/31
PLN
8,842
48,814
—
48,814
4.40%
Annual
6-mo.
WIBOR
Semi-Annual
06/17/26
(a)
06/17/31
PLN
8,842
18,946
—
18,946
4.22%
Annual
6-mo.
WIBOR
Semi-Annual
06/17/26
(a)
06/17/31
PLN
17,043
73,878
—
73,878
6-mo.
BUBOR
Semi-Annual
5.49%
Annual
06/18/31
(a)
06/18/36
HUF
150,412
41
—
41
6-mo.
BUBOR
Semi-Annual
5.54%
Annual
06/18/31
(a)
06/18/36
HUF
149,761
835
—
835
6-mo.
BUBOR
Semi-Annual
5.65%
Annual
06/18/31
(a)
06/18/36
HUF
152,735
2,552
—
2,552
$
295,987
$
—
$
295,987
(a)
Forward
swap.
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Campbell's
Co.
(The)
.......
1
.00
%
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
USD
11,820
$
(
20,806
)
$
(
26,826
)
$
6,020
Conagra
Brands,
Inc.
.......
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
USD
8,400
(
23,186
)
41,660
(
64,846
)
General
Mills,
Inc.
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
USD
991
(
17,256
)
(
13,619
)
(
3,637
)
General
Mills,
Inc.
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
USD
3,887
(
67,695
)
(
53,625
)
(
14,070
)
General
Mills,
Inc.
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
USD
3,887
(
67,695
)
(
53,625
)
(
14,070
)
$
–
$
–
$
–
$
(
196,638
)
$
(
106,035
)
$
(
90,603
)
$
–
$
–
$
–
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
83
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
ADLER
Real
Estate
GmbH
5
.00
%
Quarterly
Goldman
Sachs
International
06/20/26
NR
EUR
800
$
8,428
$
(
582
)
$
9,010
Prudential
Financial,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/26
A
USD
4,810
10,882
5,191
5,691
TK
Elevator
Holdco
GmbH
5
.00
Quarterly
Goldman
Sachs
International
12/20/26
NR
EUR
476
19,608
3,701
15,907
CMA
CGM
SA
........
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
BB+
EUR
1,090
72,128
57,678
14,450
Verizon
Communications,
Inc.
.............
1
.00
Quarterly
Bank
of
America
NA
06/20/27
BBB+
USD
5,712
53,363
42,180
11,183
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Bank
of
America
NA
12/20/27
NR
EUR
304
16,308
(
17,588
)
33,896
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
513
27,553
(
26,806
)
54,359
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
183
9,803
(
9,537
)
19,340
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Citibank
NA
12/20/27
NR
EUR
149
7,995
(
8,007
)
16,002
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Goldman
Sachs
International
12/20/27
NR
EUR
259
13,899
18,508
(
4,609
)
ADLER
Real
Estate
GmbH
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
NR
EUR
312
16,732
(
17,951
)
34,683
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
NR
EUR
226
12,131
(
12,954
)
25,085
Altice
France
SA
......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC+
EUR
414
27,013
16,388
10,625
Altice
France
SA
......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC+
EUR
720
46,979
32,937
14,042
Altice
France
SA
......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC+
EUR
359
23,424
12,838
10,586
Altice
France
SA
......
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
CCC+
EUR
400
26,100
14,525
11,575
Virgin
Media
Finance
plc
.
5
.00
Quarterly
Goldman
Sachs
International
12/20/28
B-
EUR
257
18,962
19,804
(
842
)
Virgin
Media
Finance
plc
.
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/28
B-
EUR
632
46,631
50,486
(
3,855
)
AT&T,
Inc.
...........
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB
USD
150
2,675
1,514
1,161
AT&T,
Inc.
...........
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB
USD
150
2,675
1,518
1,157
AT&T,
Inc.
...........
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB
USD
650
11,591
5,942
5,649
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
130
15,625
12,259
3,366
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
144
17,308
13,970
3,338
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
342
41,106
33,001
8,105
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
216
26,014
20,649
5,365
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
303
36,419
29,410
7,009
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
130
15,625
12,338
3,287
Kinder
Morgan,
Inc.
....
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BBB+
USD
282
6,077
3,312
2,765
Kinder
Morgan,
Inc.
....
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BBB+
USD
393
8,469
4,813
3,656
iTraxx
Europe
Crossover
Index
Series
42.V3
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/29
BB-
EUR
2,083
324,496
210,108
114,388
iTraxx
Europe
Crossover
Index
Series
42.V3
..
5
.00
Quarterly
Goldman
Sachs
International
12/20/29
BB-
EUR
863
134,499
123,488
11,011
Zegona
Finance
plc
....
5
.00
Quarterly
BNP
Paribas
SA
06/20/30
BB
EUR
374
62,821
54,635
8,186
Zegona
Finance
plc
....
5
.00
Quarterly
Deutsche
Bank
AG
06/20/30
BB
EUR
371
62,235
42,881
19,354
Boeing
Co.
(The)
......
1
.00
Quarterly
Bank
of
America
NA
12/20/30
BBB-
USD
1,704
29,541
23,226
6,315
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
250
23,770
29,073
(
5,303
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
240
22,819
26,974
(
4,155
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
470
44,688
52,782
(
8,094
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
470
44,688
53,197
(
8,509
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
280
26,622
31,729
(
5,107
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
240
22,819
26,853
(
4,034
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
120
11,410
13,775
(
2,365
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
470
44,688
53,850
(
9,162
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Goldman
Sachs
International
12/20/30
BB-
USD
1,760
167,340
194,132
(
26,792
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
84
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CCO
Holdings
LLC
....
5
.00
%
Quarterly
Goldman
Sachs
International
12/20/30
BB-
USD
630
$
59,900
$
70,412
$
(
10,512
)
CCO
Holdings
LLC
....
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
BB-
USD
230
21,868
25,302
(
3,434
)
Eutelsat
SA
..........
5
.00
Quarterly
Deutsche
Bank
AG
12/20/30
NR
EUR
500
90,015
68,335
21,680
Forvia
SE
...........
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
BB-
EUR
2,659
348,525
237,873
110,652
Oracle
Corp.
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
BBB
USD
2,210
(
56,668
)
(
10,034
)
(
46,634
)
Petroleos
Mexicanos
...
1
.00
Quarterly
BNP
Paribas
SA
12/20/30
BBB
USD
226
(
13,308
)
(
17,718
)
4,410
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Bank
of
America
NA
12/20/30
BB+
USD
1,124
13,278
116
13,162
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Goldman
Sachs
International
12/20/30
BB+
USD
180
2,126
19
2,107
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
BB+
USD
120
1,418
12
1,406
ZF
Europe
Finance
BV
..
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
EUR
364
33,934
40,827
(
6,893
)
Albion
Financing
1
SARL
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB-
EUR
377
46,511
45,339
1,172
IMA
Industria
Macchine
Automatiche
SpA
....
5
.00
Quarterly
Bank
of
America
NA
06/20/31
B
EUR
1,421
113,348
117,225
(
3,877
)
IMA
Industria
Macchine
Automatiche
SpA
....
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
B
EUR
296
23,610
24,418
(
808
)
Opal
Bidco
SAS
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
B+
EUR
798
92,158
84,890
7,268
Q-Park
Holding
I
BV
....
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB
EUR
261
46,228
45,732
496
Q-Park
Holding
I
BV
....
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB
EUR
261
46,227
46,077
150
$
2,533,129
$
2,035,065
$
498,064
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
IBR
Quarterly
9.31%
Quarterly
HSBC
Bank
plc
N/A
12/17/27
COP
6,295,000
$
(
77,425
)
$
—
$
(
77,425
)
1-day
IBR
Quarterly
9.38%
Quarterly
HSBC
Bank
plc
N/A
12/17/27
COP
6,295,000
(
75,490
)
—
(
75,490
)
1-day
IBR
Quarterly
9.54%
Quarterly
Morgan
Stanley
&
Co.
International
plc
N/A
12/17/27
COP
12,491,466
(
141,020
)
—
(
141,020
)
4.50%
Semi-Annual
1-day
CLICP
Semi-Annual
Citibank
NA
N/A
12/17/27
CLP
8,324,121
55,813
—
55,813
4.59%
Semi-Annual
1-day
CLICP
Semi-Annual
HSBC
Bank
plc
N/A
12/17/27
CLP
2,774,707
12,930
—
12,930
1-day
IBR
Quarterly
11.89%
Quarterly
Citibank
NA
06/17/26
(a)
06/17/28
COP
22,639,095
(
45,680
)
—
(
45,680
)
1-day
IBR
Quarterly
12.38%
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/17/26
(a)
06/17/28
COP
28,352,073
8,804
—
8,804
9.36%
Quarterly
1-day
IBR
Quarterly
HSBC
Bank
plc
N/A
12/17/29
COP
3,505,167
75,314
—
75,314
9.42%
Quarterly
1-day
IBR
Quarterly
HSBC
Bank
plc
N/A
12/17/29
COP
3,505,167
73,484
—
73,484
9.54%
Quarterly
1-day
IBR
Quarterly
Morgan
Stanley
&
Co.
International
plc
N/A
12/17/29
COP
6,878,674
137,313
—
137,313
11.87%
Quarterly
1-day
IBR
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/17/26
(a)
06/17/30
COP
15,742,449
9,096
—
9,096
5.06%
Semi-Annual
1-day
CLICP
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
06/17/26
(a)
06/17/31
CLP
2,211,187
3,376
—
3,376
11.10%
Quarterly
1-day
IBR
Quarterly
Citibank
NA
06/17/26
(a)
06/17/33
COP
8,218,562
50,969
—
50,969
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
85
OTC
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
5.42%
Semi-Annual
1-day
CLICP
Semi-Annual
BNP
Paribas
SA
06/17/26
(a)
06/17/36
CLP
1,859,511
$
(
14,465
)
$
—
$
(
14,465
)
$
73,019
$
—
$
73,019
(a)
Forward
swap.
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0
.05
%
1-day
CLICP
.........................................
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
0
.01
1-day
IBR
...........................................
Colombian
Reference
Banking
Indicator
10
.53
1-day
MIBOR
........................................
Mumbai
Interbank
Offered
Rate
5
.34
1-day
THOR
.........................................
Thailand
Overnight
Repo
Rate
ON
0
.99
1-day
TIIEOIS
........................................
Mexico
Interbank
TIIE
1-day
6
.87
1-week
CNREPOFIX_CFXS
..............................
China
Fixing
Repo
Rates
1
.40
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
6
.78
6-mo.
BUBOR
........................................
Budapest
Interbank
Offered
Rate
6
.25
6-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
3
.66
6-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
3
.78
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
86
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
—
Inputs
that
are
unobservable
and
significant
to the
entire
fair
value
measurement
for
the asset
or
liability (including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/
or may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Consolidated
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
1,099,751,565
$
—
$
1,099,751,565
Common
Stocks
Aerospace
&
Defense
....................................
57,941,032
41,540,276
—
99,481,308
Air
Freight
&
Logistics
....................................
16,206,609
1,555,712
—
17,762,321
Automobile
Components
..................................
3,699,917
2,604,032
—
6,303,949
Automobiles
..........................................
—
7,122,461
—
7,122,461
Banks
...............................................
110,414,027
168,497,350
117
278,911,494
Beverages
...........................................
35,093,037
1,660,308
—
36,753,345
Biotechnology
.........................................
16,120,015
2,531,369
—
18,651,384
Broadline
Retail
........................................
18,489,692
10,338,925
—
28,828,617
Building
Products
.......................................
17,911,437
7,742,255
—
25,653,692
Capital
Markets
........................................
61,049,538
15,175,420
—
76,224,958
Chemicals
............................................
22,518,888
24,881,091
—
47,399,979
Commercial
Services
&
Supplies
.............................
6,262,821
10,028,658
—
16,291,479
Communications
Equipment
................................
6,850,375
2,371,430
—
9,221,805
Construction
&
Engineering
................................
5,820,184
10,942,214
379,429
17,141,827
Construction
Materials
....................................
—
4,452,461
—
4,452,461
Consumer
Finance
......................................
10,732,885
—
—
10,732,885
Consumer
Staples
Distribution
&
Retail
........................
21,952,966
1,224,374
—
23,177,340
Containers
&
Packaging
..................................
10,932,047
22,524
—
10,954,571
Diversified
Consumer
Services
..............................
4,620,817
31,152
—
4,651,969
Diversified
REITs
.......................................
10,840,100
9,355,038
—
20,195,138
Diversified
Telecommunication
Services
........................
23,748,890
14,350,520
—
38,099,410
Electric
Utilities
........................................
172,386,319
21,908,749
—
194,295,068
Electrical
Equipment
.....................................
13,395,741
30,770,793
—
44,166,534
Electronic
Equipment,
Instruments
&
Components
.................
11,648,639
6,148,464
—
17,797,103
Energy
Equipment
&
Services
..............................
6,778,055
378,939
—
7,156,994
Entertainment
.........................................
7,377,351
846,297
—
8,223,648
Financial
Services
......................................
12,183,630
2,122,154
602,535
14,908,319
Food
Products
.........................................
12,605,321
7,535,221
—
20,140,542
Gas
Utilities
...........................................
10,814,582
9,094,920
—
19,909,502
Ground
Transportation
...................................
51,280,249
3,764,605
—
55,044,854
Health
Care
Equipment
&
Supplies
...........................
37,323,497
5,707,503
—
43,031,000
Health
Care
Providers
&
Services
............................
58,164,992
785,270
—
58,950,262
Health
Care
REITs
......................................
34,623,222
3,330,663
—
37,953,885
Health
Care
Technology
..................................
—
25,044
—
25,044
Hotel
&
Resort
REITs
....................................
—
1,645,791
—
1,645,791
Hotels,
Restaurants
&
Leisure
..............................
14,516,241
4,285,720
213,948
19,015,909
Household
Durables
.....................................
21,564
12,256,239
—
12,277,803
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
87
Level
1
Level
2
Level
3
Total
Household
Products
.....................................
$
11,062,655
$
1,019,360
$
—
$
12,082,015
Independent
Power
and
Renewable
Electricity
Producers
............
5,389,762
3,173,712
—
8,563,474
Industrial
Conglomerates
..................................
805,881
28,522,334
—
29,328,215
Industrial
REITs
........................................
26,978,761
20,893,371
—
47,872,132
Insurance
............................................
26,705,426
30,847,648
—
57,553,074
Interactive
Media
&
Services
...............................
82,721,898
613,859
—
83,335,757
IT
Services
...........................................
23,070,133
8,703,547
268,526
32,042,206
Leisure
Products
.......................................
3,776,096
—
—
3,776,096
Life
Sciences
Tools
&
Services
..............................
1,780,773
1,072,443
—
2,853,216
Machinery
............................................
44,275,517
23,777,941
—
68,053,458
Marine
Transportation
....................................
461,773
305,826
—
767,599
Media
...............................................
7,229,356
3,241,802
—
10,471,158
Metals
&
Mining
........................................
14,617,927
13,798,063
81
28,416,071
Multi-Utilities
..........................................
66,945,468
20,371,404
—
87,316,872
Office
REITs
..........................................
10,298,734
93,368
—
10,392,102
Oil,
Gas
&
Consumable
Fuels
...............................
174,689,641
35,655,305
56
210,345,002
Passenger
Airlines
......................................
1,034,306
381,058
—
1,415,364
Personal
Care
Products
..................................
447,178
3,611,601
—
4,058,779
Pharmaceuticals
.......................................
41,399,660
36,390,078
—
77,789,738
Professional
Services
....................................
13,971,655
5,570,063
—
19,541,718
Real
Estate
Management
&
Development
.......................
3,344,592
27,503,034
8
30,847,634
Residential
REITs
.......................................
31,241,351
1,469,435
—
32,710,786
Retail
REITs
..........................................
22,592,109
3,623,299
—
26,215,408
Semiconductors
&
Semiconductor
Equipment
....................
81,726,106
46,748,657
—
128,474,763
Software
.............................................
90,103,889
5,589,185
—
95,693,074
Specialized
REITs
......................................
55,369,222
3,370,427
—
58,739,649
Specialty
Retail
........................................
13,184,098
6,799,582
—
19,983,680
Technology
Hardware,
Storage
&
Peripherals
....................
38,275,473
24,455,730
—
62,731,203
Textiles,
Apparel
&
Luxury
Goods
............................
916,798
9,950,204
—
10,867,002
Tobacco
.............................................
17,266,157
20,823,824
—
38,089,981
Trading
Companies
&
Distributors
............................
13,027,527
7,408,064
—
20,435,591
Transportation
Infrastructure
...............................
4,581,441
54,719,389
—
59,300,830
Water
Utilities
.........................................
4,406,155
2,170,369
—
6,576,524
Wireless
Telecommunication
Services
.........................
845,848
5,485,631
4
6,331,483
Corporate
Bonds
Aerospace
&
Defense
....................................
—
61,459,946
—
61,459,946
Air
Freight
&
Logistics
....................................
—
1,818,168
—
1,818,168
Automobile
Components
..................................
—
30,284,958
—
30,284,958
Automobiles
..........................................
—
17,928,298
—
17,928,298
Banks
...............................................
—
141,895,708
—
141,895,708
Beverages
...........................................
—
4,049,821
—
4,049,821
Biotechnology
.........................................
—
20,628,246
—
20,628,246
Broadline
Retail
........................................
—
17,108,716
—
17,108,716
Building
Products
.......................................
—
21,811,169
—
21,811,169
Capital
Markets
........................................
—
74,999,250
—
74,999,250
Chemicals
............................................
—
71,825,886
—
71,825,886
Commercial
Services
&
Supplies
.............................
—
66,388,339
—
66,388,339
Communications
Equipment
................................
—
6,442,658
—
6,442,658
Construction
&
Engineering
................................
—
10,289,662
—
10,289,662
Construction
Materials
....................................
—
423,020
—
423,020
Consumer
Finance
......................................
—
57,257,321
—
57,257,321
Consumer
Staples
Distribution
&
Retail
........................
—
19,715,663
—
19,715,663
Containers
&
Packaging
..................................
—
40,348,246
—
40,348,246
Distributors
...........................................
—
2,257,298
—
2,257,298
Diversified
Consumer
Services
..............................
—
9,506,970
—
9,506,970
Diversified
REITs
.......................................
—
8,364,046
—
8,364,046
Diversified
Telecommunication
Services
........................
—
137,182,135
—
137,182,135
Electric
Utilities
........................................
—
90,144,965
3,017,250
93,162,215
Electrical
Equipment
.....................................
—
10,130,379
—
10,130,379
Electronic
Equipment,
Instruments
&
Components
.................
—
7,726,304
—
7,726,304
Energy
Equipment
&
Services
..............................
—
22,439,335
—
22,439,335
Entertainment
.........................................
—
7,581,357
—
7,581,357
Financial
Services
......................................
—
63,441,179
11,468,907
74,910,086
Food
Products
.........................................
—
29,951,444
—
29,951,444
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
88
Level
1
Level
2
Level
3
Total
Gas
Utilities
...........................................
$
—
$
5,835,918
$
—
$
5,835,918
Ground
Transportation
...................................
—
35,597,352
—
35,597,352
Health
Care
Equipment
&
Supplies
...........................
—
19,676,679
—
19,676,679
Health
Care
Providers
&
Services
............................
—
72,730,746
—
72,730,746
Health
Care
REITs
......................................
—
11,728,831
—
11,728,831
Health
Care
Technology
..................................
—
1,262,811
—
1,262,811
Hotel
&
Resort
REITs
....................................
—
13,093,534
—
13,093,534
Hotels,
Restaurants
&
Leisure
..............................
—
82,240,555
—
82,240,555
Household
Durables
.....................................
—
16,110,916
—
16,110,916
Household
Products
.....................................
—
1,379,394
—
1,379,394
Independent
Power
and
Renewable
Electricity
Producers
............
—
25,140,984
—
25,140,984
Industrial
Conglomerates
..................................
—
6,476,667
—
6,476,667
Industrial
REITs
........................................
—
825,083
—
825,083
Insurance
............................................
—
82,800,761
—
82,800,761
Interactive
Media
&
Services
...............................
—
9,510,286
—
9,510,286
IT
Services
...........................................
—
72,815,222
685,200
73,500,422
Leisure
Products
.......................................
—
97,600
—
97,600
Life
Sciences
Tools
&
Services
..............................
—
1,494,230
—
1,494,230
Machinery
............................................
—
16,851,639
—
16,851,639
Media
...............................................
—
76,947,833
—
76,947,833
Metals
&
Mining
........................................
—
45,911,119
—
45,911,119
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
2,663,130
—
2,663,130
Multi-Utilities
..........................................
—
5,160,910
—
5,160,910
Office
REITs
..........................................
—
2,250,482
—
2,250,482
Oil,
Gas
&
Consumable
Fuels
...............................
—
149,336,064
—
149,336,064
Paper
&
Forest
Products
..................................
—
5,682,295
—
5,682,295
Passenger
Airlines
......................................
—
3,928,953
—
3,928,953
Personal
Care
Products
..................................
—
4,432,895
—
4,432,895
Pharmaceuticals
.......................................
—
56,811,748
—
56,811,748
Professional
Services
....................................
—
7,918,590
—
7,918,590
Real
Estate
Management
&
Development
.......................
—
17,974,571
—
17,974,571
Residential
REITs
.......................................
—
4,114,935
—
4,114,935
Retail
REITs
..........................................
—
4,297,556
—
4,297,556
Semiconductors
&
Semiconductor
Equipment
....................
—
21,909,282
—
21,909,282
Software
.............................................
—
58,578,835
3,465,000
62,043,835
Specialized
REITs
......................................
—
13,821,558
—
13,821,558
Specialty
Retail
........................................
—
29,495,674
—
29,495,674
Technology
Hardware,
Storage
&
Peripherals
....................
—
4,897,427
—
4,897,427
Textiles,
Apparel
&
Luxury
Goods
............................
—
10,221,621
—
10,221,621
Tobacco
.............................................
—
19,261,766
—
19,261,766
Trading
Companies
&
Distributors
............................
—
30,795,845
—
30,795,845
Transportation
Infrastructure
...............................
—
636,540
—
636,540
Water
Utilities
.........................................
—
311,014
—
311,014
Wireless
Telecommunication
Services
.........................
—
37,961,809
—
37,961,809
Equity-Linked
Notes
......................................
—
1,524,699,397
—
1,524,699,397
Fixed
Rate
Loan
Interests
Financial
Services
......................................
—
—
30,022,240
30,022,240
Health
Care
Technology
..................................
—
811,738
—
811,738
Software
.............................................
—
1,981,034
—
1,981,034
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
18,096,616
—
18,096,616
Automobile
Components
..................................
—
11,865,342
—
11,865,342
Automobiles
..........................................
—
2,661,403
—
2,661,403
Beverages
...........................................
—
2,606,813
—
2,606,813
Biotechnology
.........................................
—
3,257,083
—
3,257,083
Broadline
Retail
........................................
—
3,902,896
—
3,902,896
Building
Products
.......................................
—
6,194,879
1,895,970
8,090,849
Capital
Markets
........................................
—
30,882,051
5,035,737
35,917,788
Chemicals
............................................
—
20,690,451
1,761,435
22,451,886
Commercial
Services
&
Supplies
.............................
—
19,415,981
1,511,810
20,927,791
Communications
Equipment
................................
—
2,086,718
—
2,086,718
Construction
&
Engineering
................................
—
5,728,980
2,088,841
7,817,821
Construction
Materials
....................................
—
9,847,086
—
9,847,086
Consumer
Staples
Distribution
&
Retail
........................
—
4,651,871
—
4,651,871
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
89
Level
1
Level
2
Level
3
Total
Containers
&
Packaging
..................................
$
—
$
15,724,492
$
—
$
15,724,492
Diversified
Consumer
Services
..............................
—
2,965,117
—
2,965,117
Diversified
Telecommunication
Services
........................
—
8,769,753
—
8,769,753
Electric
Utilities
........................................
—
2,884,776
—
2,884,776
Electronic
Equipment,
Instruments
&
Components
.................
—
3,884,994
1,574,884
5,459,878
Energy
Equipment
&
Services
..............................
—
1,903,371
—
1,903,371
Entertainment
.........................................
—
17,924,847
—
17,924,847
Financial
Services
......................................
—
16,805,497
17,614,644
34,420,141
Food
Products
.........................................
—
7,297,827
—
7,297,827
Gas
Utilities
...........................................
—
3,286,673
—
3,286,673
Ground
Transportation
...................................
—
4,013,568
10,455,437
14,469,005
Health
Care
Equipment
&
Supplies
...........................
—
8,554,262
—
8,554,262
Health
Care
Providers
&
Services
............................
—
14,376,684
—
14,376,684
Health
Care
Technology
..................................
—
6,608,947
1,023,075
7,632,022
Hotels,
Restaurants
&
Leisure
..............................
—
26,936,141
12,852,500
39,788,641
Household
Durables
.....................................
—
4,626,181
—
4,626,181
Household
Products
.....................................
—
1,368,768
—
1,368,768
Independent
Power
and
Renewable
Electricity
Producers
............
—
3,891,013
—
3,891,013
Industrial
Conglomerates
..................................
—
12,522,452
—
12,522,452
Insurance
............................................
—
21,378,239
—
21,378,239
IT
Services
...........................................
—
18,923,854
—
18,923,854
Leisure
Products
.......................................
—
400,120
—
400,120
Life
Sciences
Tools
&
Services
..............................
—
2,061,256
—
2,061,256
Machinery
............................................
—
21,875,447
510,361
22,385,808
Media
...............................................
—
11,714,531
—
11,714,531
Multi-Utilities
..........................................
—
2,356,407
—
2,356,407
Oil,
Gas
&
Consumable
Fuels
...............................
—
11,200,708
—
11,200,708
Passenger
Airlines
......................................
—
9,313,994
—
9,313,994
Pharmaceuticals
.......................................
—
7,385,836
—
7,385,836
Professional
Services
....................................
—
8,962,213
—
8,962,213
Real
Estate
Management
&
Development
.......................
—
—
431,606
431,606
Semiconductors
&
Semiconductor
Equipment
....................
—
3,862,780
—
3,862,780
Software
.............................................
—
41,841,767
—
41,841,767
Specialty
Retail
........................................
—
7,683,785
—
7,683,785
Technology
Hardware,
Storage
&
Peripherals
....................
—
2,179,597
—
2,179,597
Tobacco
.............................................
—
99,763
—
99,763
Trading
Companies
&
Distributors
............................
—
4,898,532
662,159
5,560,691
Transportation
Infrastructure
...............................
—
4,426,948
1,220,724
5,647,672
Wireless
Telecommunication
Services
.........................
—
1,298,745
—
1,298,745
Foreign
Agency
Obligations
.................................
—
29,623,638
—
29,623,638
Foreign
Government
Obligations
..............................
—
219,855,087
—
219,855,087
Investment
Companies
....................................
326,813,008
—
—
326,813,008
Non-Agency
Mortgage-Backed
Securities
........................
—
1,173,762,252
8,764,766
1,182,527,018
Preferred
Securities
Automobiles
..........................................
—
5,110,789
—
5,110,789
Banks
...............................................
—
87,315,359
—
87,315,359
Broadline
Retail
........................................
—
2,185,074
—
2,185,074
Capital
Markets
........................................
—
27,761,056
—
27,761,056
Chemicals
............................................
364,243
492,411
—
856,654
Construction
Materials
....................................
—
559,175
—
559,175
Consumer
Finance
......................................
—
2,264,021
—
2,264,021
Diversified
REITs
.......................................
—
1,512,531
—
1,512,531
Diversified
Telecommunication
Services
........................
—
3,269,204
—
3,269,204
Electric
Utilities
........................................
—
15,849,908
—
15,849,908
Financial
Services
......................................
—
2,327,053
—
2,327,053
Gas
Utilities
...........................................
—
237,917
—
237,917
Hotels,
Restaurants
&
Leisure
..............................
—
1,260,601
—
1,260,601
Household
Products
.....................................
—
2,770,426
—
2,770,426
Independent
Power
and
Renewable
Electricity
Producers
............
—
5,187,186
—
5,187,186
Insurance
............................................
—
11,762,153
—
11,762,153
IT
Services
...........................................
—
93,609
—
93,609
Machinery
............................................
—
235,637
—
235,637
Multi-Utilities
..........................................
—
4,574,511
—
4,574,511
Oil,
Gas
&
Consumable
Fuels
...............................
—
19,607,008
—
19,607,008
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
90
Level
1
Level
2
Level
3
Total
Paper
&
Forest
Products
..................................
$
—
$
650,809
$
—
$
650,809
Passenger
Airlines
......................................
—
1,486,198
—
1,486,198
Pharmaceuticals
.......................................
—
3,796,976
—
3,796,976
Real
Estate
Management
&
Development
.......................
—
9,687,983
—
9,687,983
Technology
Hardware,
Storage
&
Peripherals
....................
—
7,428,013
—
7,428,013
Wireless
Telecommunication
Services
.........................
—
2,938,395
—
2,938,395
U.S.
Government
Sponsored
Agency
Securities
....................
—
7,878,655
—
7,878,655
Warrants
..............................................
—
—
—
—
Short-Term
Securities
Foreign
Government
Obligations
..............................
—
31,264,586
—
31,264,586
Money
Market
Funds
......................................
678,115,292
—
—
678,115,292
Options
Purchased
Equity
contracts
..........................................
79,170
198,505
—
277,675
Foreign
currency
exchange
contracts
...........................
—
679,716
—
679,716
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
—
2,769
136,959
139,728
Liabilities
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
—
(
125
)
(
16,858
)
(
16,983
)
$
2,844,239,759
$
7,848,556,577
$
117,647,351
$
10,810,443,687
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
702,616
$
—
$
702,616
Equity
contracts
...........................................
2,923,451
—
—
2,923,451
Foreign
currency
exchange
contracts
............................
—
8,504,596
—
8,504,596
Interest
rate
contracts
.......................................
702,303
904,685
—
1,606,988
Liabilities
Credit
contracts
...........................................
—
(
749,024
)
—
(
749,024
)
Foreign
currency
exchange
contracts
............................
(
920,771
)
(
9,819,217
)
—
(
10,739,988
)
Interest
rate
contracts
.......................................
(
36,360,409
)
(
535,679
)
—
(
36,896,088
)
$
(
33,655,426
)
$
(
992,023
)
$
—
$
(
34,647,449
)
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Common
Stocks
Corporate
Bonds
Fixed
Rate
Loan
Interests
Floating
Rate
Loan
Interests
Non-Agency
Mortgage-
Backed
Securities
Preferred
Securities
Unfunded
Floating
Rate
Loan
Interests
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
July
31,
2025
............................
$
2,749,871
$
10,554,329
$
29,961,173
$
55,354,688
$
28,645,355
$
109,413
$
102,319
$
127,477,148
Transfers
into
Level
3
(a)
.....................................
—
—
—
4,152,716
—
—
—
4,152,716
Transfers
out
of
Level
3
(b)
....................................
(
763,380
)
—
—
(
2,884,506
)
(
19,926,612
)
(
109,413
)
—
(
23,683,911
)
Accrued
discounts/premiums
..................................
—
35,431
107,940
41,451
20,778
—
—
205,600
Net
realized
gain
(loss)
.....................................
65,318
74,445
—
(
586,906
)
—
—
—
(
447,143
)
Net
change
in
unrealized
appreciation
(depreciation)
(c)
.................
(
620,774
)
87,783
(
1,555,932
)
(
13,779,308
)
25,245
—
17,782
(
15,825,204
)
Purchases
..............................................
826,089
8,685,838
18,108,699
67,396,496
—
—
—
95,017,122
Sales
.................................................
(
792,420
)
(
801,469
)
(
16,599,640
)
(
51,055,448
)
—
—
—
(
69,248,977
)
Closing
balance,
as
of
April
30,
2026
.............................
$
1,464,704
$
18,636,357
$
30,022,240
$
58,639,183
$
8,764,766
$
—
$
120,101
$
117,647,351
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
April
30,
2026
(c)
........................................
$
(
620,774
)
$
95,053
$
(
1,555,932
)
$
(
1,060,432
)
$
25,245
$
—
$
17,782
$
(
3,099,058
)
(a)
As
of
July
31,
2025,
the
Fund
used
observable
inputs
in
determining
the
value
of
certain
investments.
As
of
April
30,
2026,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
2
to
Level
3
in
the
fair
value
hierarchy.
(b)
As
of
July
31,
2025,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
certain
investments.
As
of
April
30,
2026,
the
Fund
used
observable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
3
to
Level
2
in
the
fair
value
hierarchy.
(c)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
April
30,
2026
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Multi-Asset
Income
Portfolio
91
Currency
Abbreviation
ARS
Argentine
Peso
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNH
Chinese
Yuan
Offshore
CNY
Chinese
Yuan
COP
Colombian
Peso
CZK
Czech
Koruna
EGP
Egyptian
Pound
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NZD
New
Zealand
Dollar
PEN
Peruvian
Sol
PHP
Philippine
Peso
PLN
Polish
Zloty
PYG
Paraguayan
Guarani
RON
Romanian
Leu
SGD
Singapore
Dollar
THB
Thai
Baht
TRY
Turkish
Lira
USD
United
States
Dollar
UYU
Uruguayan
Peso
ZAR
South
African
Rand
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
BUBOR
Budapest
Interbank
Offered
Rate
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CLICP
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
CLO
Collateralized
Loan
Obligation
CMT
Constant
Maturity
Treasury
CNREPOFIX_CFXS
China
Fixing
Repo
Rates
CSMC
Credit
Suisse
Mortgage
Capital
CVA
Certification
Van
Aandelon
(Dutch
Certificate)
CWABS
Countrywide
Asset-Backed
Certificates
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GDR
Global
Depositary
Receipts
IBR
Colombian
Reference
Banking
Indicator
JIBAR
Johannesburg
Interbank
Average
Rate
JSC
Joint
Stock
Company
MIBOR
Mumbai
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
Nasdaq
National
Association
of
Securities
Dealers
Automated
Quotations
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
PJSC
Public
Joint
Stock
Company
PRIBOR
Prague
Interbank
Offered
Rate
REIT
Real
Estate
Investment
Trust
SAB
Special
Assessment
Bonds
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
TIIEOIS
Mexico
Interbank
TIIE
1-day
THOR
Thailand
Overnight
Repo
Rate
ON
WIBOR
Warsaw
Interbank
Offered
Rate