UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-23339
 
Name of Fund:  BlackRock Funds V
BlackRock Core Bond Portfolio
BlackRock GNMA Portfolio
BlackRock High Yield Bond Portfolio
BlackRock Income Fund
BlackRock Low Duration Bond Portfolio
BlackRock U.S. Government Bond Portfolio
                       
 
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds V, 55 East 52nd Street, New York, NY 10055
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 09/30/2021
 
Date of reporting period: 09/30/2021
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
(b)
   
Not Applicable
September
30,
2021
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2021
Annual
Report
BlackRock
Funds
V
BlackRock
Core
Bond
Portfolio
BlackRock
High
Yield
Bond
Portfolio
BlackRock
Low
Duration
Bond
Portfolio
Dear
Shareholder,
The
12-month
reporting
period
as
of
September
30,
2021
was
a
remarkable
period
of
adaptation
and
recovery,
as
the
global
economy
dealt
with
the
implications
of
the
coronavirus
(or
“COVID-19”)
pandemic.
The
United
States
began
the
reporting
period
as
the
initial
reopening-led
economic
rebound
was
beginning
to
slow.
Nonetheless,
the
economy
continued
to
grow
at
a
brisk
pace
for
the
reporting
period,
eventually
regaining
the
output
lost
from
the
pandemic.
Equity
prices
rose
with
the
broader
economy,
as
strong
fiscal
and
monetary
support,
as
well
as
the
development
of
vaccines,
made
investors
increasingly
optimistic
about
the
economic
outlook.
The
implementation
of
mass
vaccination
campaigns
and
passage
of
two
additional
fiscal
stimulus
packages
further
boosted
stocks,
and
many
equity
indices
neared
or
surpassed
all-time
highs
late
in
the
reporting
period.
In
the
United
States,
returns
of
small-capitalization
stocks,
which
benefited
the
most
from
the
resumption
of
in-person
activities,
outpaced
large-capitalization
stocks.
International
equities
also
gained,
as
both
developed
and
emerging
markets
continued
to
recover
from
the
effects
of
the
pandemic.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
had
fallen
sharply
prior
to
the
beginning
of
the
reporting
period,
which
meant
bonds
were
priced
for
extreme
risk
avoidance
and
economic
disruption.
Despite
expectations
of
doom
and
gloom,
the
economy
expanded
rapidly,
stoking
inflation
concerns
in
early
2021,
which
led
to
higher
yields
and
a
negative
overall
return
for
most
U.S.
Treasuries.
In
the
corporate
bond
market,
support
from
the
U.S.
Federal
Reserve
(the
“Fed”)
assuaged
credit
concerns
and
led
to
solid
returns
for
high-yield
corporate
bonds,
although
investment-grade
corporates
declined
slightly.
The
Fed
remained
committed
to
accommodative
monetary
policy
by
maintaining
near-zero
interest
rates
and
by
reiterating
that
inflation
could
exceed
its
2%
target
for
a
sustained
period
without
triggering
a
rate
increase.
In
response
to
rising
inflation
late
in
the
period,
the
Fed
changed
its
market
guidance,
raising
the
possibility
of
higher
rates
in
2022
and
reducing
bond
purchasing
beginning
in
late
2021.
Looking
ahead,
we
believe
that
the
global
expansion
will
continue
to
broaden
as
Europe
and
other
developed
market
economies
gain
momentum,
although
the
delta
variant
of
the
coronavirus
remains
a
threat,
particularly
in
emerging
markets.
While
we
expect
inflation
to
remain
elevated
in
the
medium-term
as
the
expansion
continues,
we
believe
the
recent
uptick
owes
more
to
temporary
supply
disruptions
than
a
lasting
change
in
fundamentals.
The
change
in
Fed
policy
also
means
that
moderate
inflation
is
less
likely
to
be
followed
by
interest
rate
hikes
that
could
threaten
the
economic
expansion.
Overall,
we
favor
a
moderately
positive
stance
toward
risk,
with
an
overweight
in
equities.
Sectors
that
are
better
poised
to
manage
the
transition
to
a
lower-carbon
world,
such
as
technology
and
health
care,
are
particularly
attractive
in
the
long-term.
U.S.
small-capitalization
stocks
and
European
equities
are
likely
to
benefit
from
the
continuing
vaccine-led
restart,
while
Chinese
equities
stand
to
gain
from
a
more
accommodative
monetary
and
fiscal
environment
as
the
Chinese
economy
slows.
We
are
underweight
long-term
credit,
but
inflation-protected
U.S.
Treasuries,
Asian
fixed
income,
and
emerging
market
local-currency
bonds
offer
potential
opportunities.
We
believe
that
international
diversification
and
a
focus
on
sustainability
can
help
provide
portfolio
resilience,
and
the
disruption
created
by
the
coronavirus
appears
to
be
accelerating
the
shift
toward
sustainable
investments.
In
this
environment,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
September
30,
2021
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
9.18%
30.00%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(0.25)
47.68
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
4.70
25.73
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(3.45)
18.20
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.01
0.07
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
2.92
(6.22)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
1.88
(0.90)
Tax-exempt
municipal
bonds
(S&P
Municipal
Bond
Index)
1.24
2.71
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
3.65
11.27
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Fund
Summaries
.......................................................................................................
4
The
Benefits
and
Risks
of
Leveraging
..........................................................................................
13
About
Fund
Performance
..................................................................................................
14
Disclosure
of
Expenses
...................................................................................................
15
Derivative
Financial
Instruments
.............................................................................................
15
Financial
Statements:
Schedules
of
Investments
...............................................................................................
16
Statements
of
Assets
and
Liabilities
.........................................................................................
114
Statements
of
Operations
................................................................................................
117
Statements
of
Changes
in
Net
Assets
........................................................................................
118
Financial
Highlights
.....................................................................................................
120
Notes
to
Financial
Statements
...............................................................................................
137
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
157
Important
Tax
Information
.................................................................................................
158
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
..................................................................
159
Trustee
and
Officer
Information
..............................................................................................
163
Additional
Information
....................................................................................................
166
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
168
Fund
Summary
as
of
September
30,
2021
2021
BlackRock
Annual
Report
to
Shareholders
4
BlackRock
Core
Bond
Portfolio
Investment
Objective
BlackRock
Core
Bond
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management.
On
September
24,
2021,
the
Board
approved
a
proposal
to
amend
the
Fund's
investment
objective.
Effective
November
1,
2021,
the
Fund's
investment
objective
will
be
to
seek
to
realize
a
total
return
that
exceeds
that
of
the
reference
benchmark.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
September
30,
2021,
all
of
the
Fund’s
share
classes
outperformed
its
benchmark,
the
Bloomberg
U.S.
Aggregate
Bond
Index,
with
the
exception
of
the
Investor
C
Shares,
which
underperformed
the
benchmark.
What
factors
influenced
performance?
The
Fund’s
active
positioning
with
respect
to
duration
(sensitivity
to
interest
rate
changes)
was
the
most
significant
contributor
to
performance
relative
to
the
benchmark
as
longer-term
interest
rates
rose
over
the
period.
Holdings
of
structured
products,
U.S.
investment
grade
corporate
credit
and
agency
mortgage-backed
securities
(“MBS”)
also
contributed
to
performance.
Conversely,
positioning
in
global
developed
market
government
bonds,
foreign
currencies
and
U.S.
municipal
bonds
detracted
from
relative
performance
over
the
period.
The
Fund
held
derivatives
in
the
form
of
futures
and
forward
contracts
for
risk
management
purposes
as
well
as
to
manage
exposures,
with
the
objectives
of
generating
return
and
managing
risk.
The
use
of
derivatives
detracted
from
Fund
performance
during
the
period.
The
Fund
held
an
average
7.7%
cash
position
over
the
period.
The
investment
adviser
believed
that
U.S.
Treasury
securities
were
unattractive
from
a
risk/reward
perspective,
which
led
the
Fund
to
remain
underweight
duration
versus
the
benchmark
while
also
holding
an
elevated
cash
position.
The
Fund’s
cash
position
did
not
have
a
material
impact
on
performance
during
the
period.
Describe
recent
portfolio
activity.
Throughout
the
fourth
quarter
of
2020,
the
Fund’s
nominal
duration
exposure
on
the
long
end
of
the
yield
curve
was
modestly
trimmed,
while
the
investment
adviser
favored
European
peripheral
markets
given
more
attractive
valuations.
In
addition,
the
Fund
continued
to
reduce
high
quality
assets
that
trade
at
a
yield
spread
relative
to
U.S.
Treasuries
given
stretched
valuations.
The
Fund
remained
marginally
underweight
agency
MBS,
while
reducing
exposure
to
up-in-quality
U.S.
investment
grade
corporates
and
U.S.
municipal
bonds.
The
investment
adviser
continued
to
remain
patient
across
the
securitized
asset
complex,
focusing
on
higher
quality
assets
with
strong
levels
of
protection.
Lastly,
the
Fund
favored
emerging
market
debt
given
a
supportive
growth
backdrop,
a
favorable
technical
environment
and
attractive
relative
value.
At
the
start
of
2021,
the
investment
adviser
began
to
shift
the
portfolio
toward
a
slightly
more
“risk-on”
tone,
favoring
structured
products,
a
larger
allocation
to
credit,
and
emerging
market
debt.
In
addition,
the
investment
adviser
began
to
trim
exposure
to
high
quality
spread
assets,
including
U.S.
investment
grade
corporate
credit
and
agency
MBS
given
stretched
valuations,
while
also
reducing
duration
at
the
back
end
of
the
yield
curve
given
the
outlook
for
higher
U.S.
interest
rates.
Entering
the
second
half
of
2021,
the
Fund
remained
underweight
duration
relative
to
the
benchmark,
holding
a
preference
for
exposure
to
global
rates,
including
Chinese
sovereign
bonds
given
more
attractive
yields.
In
addition,
the
Fund
began
to
increase
its
allocation
to
agency
MBS
given
a
positive
supply/demand
backdrop.
Finally,
the
Fund
maintained
exposure
to
select
emerging
market
hard
currency
corporate
issues,
while
also
favoring
structured
products
given
attractive
incremental
yield.
Describe
portfolio
positioning
at
period
end.
At
period
end,
the
Fund
maintained
a
duration
underweight
versus
the
benchmark
given
the
outlook
for
continued
economic
recovery.
In
sector
terms,
the
Fund
favored
segments
of
the
structured
product
market,
including
multi-family,
hotels
and
select
office
properties
in
commercial
MBS,
as
well
as
non-agency
MBS
given
robust
housing
fundamentals.
The
Fund
held
exposure
to
both
U.S.
and
non-U.S.
corporate
credit.
In
addition,
the
Fund
had
exposure
to
Chinese
and
European
government
bonds,
although
at
somewhat
reduced
levels
in
view
of
less
attractive
valuations.
Finally,
the
Fund
maintained
an
allocation
to
emerging
market
debt
given
the
improved
outlook
for
economic
reopening
and
growth,
with
a
tilt
toward
hard
currency
corporate
credit
and
select
local
rate
sovereign
bonds.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
September
30,
2021
(continued)
5
Fund
Summary
BlackRock
Core
Bond
Portfolio
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
Performance
Summary
for
the
Period
Ended
September
30,
2021
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(b)
The
Fund
normally
invests
at
least
80%
of
its
assets
in
bonds
and
maintains
an
average
portfolio
duration
that
is
within
±20%
of
the
duration
of
the
Bloomberg
U.S.
Aggregate
Bond
Index
(formerly
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index)
(the
“benchmark”).
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
Core
Bond
Portfolio
(the
“Predecessor
Fund”),
a
series
of
BlackRock
Funds
II,
through
a
tax-free
reorganization
(the
“Reorganization”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
(c)
Bloomberg
U.S.
Aggregate
Bond
Index
-
a
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
Average
Annual
Total
Returns
(a)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
w/o
sales
charge
w/sales
charge
w/o
sales
charge
w/sales
charge
w/o
sales
charge
w/sales
charge
Institutional
..................................
1.22‌%
1.13‌%
(0.04‌)%
N/A‌
3.27‌%
N/A‌
3.56‌%
N/A‌
Investor
A
...................................
0.93‌
0.82‌
(0.29‌)
(4.28‌)%
3.01‌
2.17‌%
3.24‌
2.82‌%
Investor
C
...................................
0.23‌
0.14‌
(1.14‌)
(2.09‌)
2.22‌
2.22‌
2.64‌
2.64‌
Class
K
....................................
1.27‌
1.23‌
0.02‌
N/A‌
3.31‌
N/A‌
3.62‌
N/A‌
Class
R
....................................
0.72‌
0.47‌
(0.64‌)
N/A‌
2.73‌
N/A‌
2.98‌
N/A‌
Bloomberg
U.S.
Aggregate
Bond
Index
............
—‌
—‌
(0.90‌)
N/A‌
2.94‌
N/A‌
3.01‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
N/A
–
Not
applicable
as
share
class
and
Index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Fund
Summary
as
of
September
30,
2021
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
6
BlackRock
Core
Bond
Portfolio
Expense
Example
Portfolio
Information
Actual
Hypothetical
(a)
Beginning
Account
Value
(04/01/21)
Ending
Account
Value
(09/30/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(04/01/21)
Ending
Account
Value
(09/30/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,019.30‌
$
2.23‌
$
1,000.00‌
$
1,022.86‌
$
2.23‌
0.44‌%
Investor
A
................................
1,000.00‌
1,018.00‌
3.49‌
1,000.00‌
1,021.61‌
3.50‌
0.69‌
Investor
C
................................
1,000.00‌
1,013.20‌
7.27‌
1,000.00‌
1,017.85‌
7.28‌
1.44‌
Class
K
..................................
1,000.00‌
1,019.50‌
1.97‌
1,000.00‌
1,023.11‌
1.98‌
0.39‌
Class
R
..................................
1,000.00‌
1,016.70‌
4.75‌
1,000.00‌
1,020.36‌
4.76‌
0.94‌
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
..............
34‌
%
Corporate
Bonds
...................................
27‌
U.S.
Treasury
Obligations
.............................
20‌
Asset-Backed
Securities
..............................
7‌
Non-Agency
Mortgage-Backed
Securities
..................
6‌
Foreign
Government
Obligations
........................
5‌
Municipal
Bonds
...................................
1‌
Capital
Trusts
.....................................
—‌
(b)
Foreign
Agency
Obligations
............................
—‌
(b)
Other
Interests
....................................
—‌
(b)
(a)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(a)
Percent
of
Total
Investments
(b)
AAA/
Aaa
(c)
......................................
60‌
%
AA/Aa
.........................................
4‌
A
............................................
15‌
BBB/Baa
.......................................
18‌
BB/Ba
.........................................
1‌
CCC/
Caa
.......................................
—‌
(d)
NR
...........................................
2‌
(a)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/
Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(b)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
(c)
The
investment
adviser
evaluates
the
credit
quality
of
unrated
investments
based
upon
certain
factors
including,
but
not
limited
to,
credit
ratings
for
similar
investments
and
financial
analysis
of
sectors,
individual
investments
and/or
issuers.
Using
this
approach,
the
investment
adviser
has
deemed
unrated
U.S.
Government
Sponsored
Agency
Securities
and
U.S.
Treasury
Obligations
to
be
of
similar
credit
quality
as
investments
rated
AAA/Aaa.
(d)
Represents
less
than
1%
of
the
Fund's
total
investments.
Fund
Summary
as
of
September
30,
2021
7
Fund
Summary
BlackRock
High
Yield
Bond
Portfolio
Investment
Objective
BlackRock
High
Yield
Bond
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
September
30,
2021,
the
Fund’s
Institutional
and
Class
K
Shares
outperformed
its
benchmark,
the
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index,
while
the
Fund’s
Service,
Investor
A,
Investor
C,
and
Class
R
shares
underperformed
the
benchmark.
What
factors
influenced
performance?
From
a
sector
perspective,
security
selection
within
the
information
technology,
independent
energy
and
banking
sectors
contributed
positively
to
relative
performance
over
the
period.
By
rating
category,
the
Fund’s
tactical
allocation
within
investment
grade
corporates
to
BBB-rated
names
proved
additive
along
with
an
overweight
allocation
to
B-rated
credits.
From
an
asset
allocation
perspective,
tactical
out-of-benchmark
allocations
to
equities,
indexed
high
yield
products
and
term
loans
positively
contributed
to
returns.
Conversely,
underweight
positions
to
oil
field
services
and
finance
companies
and
security
selection
within
retailers
detracted
from
Fund
performance.
By
credit
rating,
selection
within
BB-rated
and
CCC-rated
names
weighed
on
returns.
Describe
recent
portfolio
activity.
The
Fund
maintained
an
underweight
stance
to
BB-rated
issues
while
overweighting
issues
rated
B
and
CCC.
In
addition,
the
Fund’s
tactical
out-of-benchmark
exposure
to
investment
grade
corporate
credit
was
reduced.
While
energy
exposure
remained
somewhat
underweight,
the
Fund
shifted
to
an
overweight
to
the
sector
on
a
risk-adjusted
basis,
through
positions
in
bonds,
loans
and
–
to
a
modest
extent
–
common
equity
in
areas
such
as
independent
energy.
While
energy
is
one
of
the
highest-risk
areas
within
the
high
yield
market
historically,
the
investment
adviser
believes
that
positive
sentiment
driven
by
elevated
oil
prices
and
economic
recovery
should
continue
to
benefit
the
sector.
Index
product
usage
was
active
over
the
period
as
the
investment
adviser
focused
on
maintaining
portfolio
liquidity.
Index
products
allowed
the
Fund
to
maintain
market
exposure
while
providing
the
ability
to
quickly
reduce
risk
under
volatile
market
conditions.
Describe
portfolio
positioning
at
period
end.
From
a
credit
quality
perspective,
the
Fund
remained
underweight
in
BB-rated
names
and
overweight
in
B
and
select
CCC
issues
with
improving
credit
positions.
Importantly,
the
Fund
was
underweight
in
the
higher-yielding
segment
of
the
market
that
contains
a
larger
concentration
of
stressed
assets.
The
most
significant
sector
overweight
positions
were
to
information
technology,
building
materials
and
health
care.
Within
information
technology,
the
Fund
favored
software
names
supported
by
the
COVID-driven
acceleration
of
digital
transformation
and
cloud
adoption.
Within
building
materials,
while
recognizing
recent
tailwinds
to
sentiment
from
potential
infrastructure
legislation
and
residential
demand,
the
Fund’s
positions
were
primarily
based
on
single
name,
idiosyncratic
preferences.
Within
health
care,
the
Fund
was
modestly
overweight
certain
hospital
names
given
improved
fundamental
conditions
as
severity
of
patient
conditions
has
increased
given
treatment
delays
caused
by
the
pandemic.
The
most
significant
underweights
were
to
media
&
entertainment,
finance
companies
and
food
&
beverage.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
September
30,
2021
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
8
BlackRock
High
Yield
Bond
Portfolio
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
Performance
Summary
for
the
Period
Ended
September
30,
2021
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(b)
The
Fund
invests
primarily
in
non-investment
grade
bonds
with
maturities
of
ten
years
or
less.
The
Fund
normally
invests
at
least
80%
of
its
assets
in
high
yield
bonds.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
High
Yield
Bond
Portfolio
(the
“Predecessor
Fund”),
a
series
of
BlackRock
Funds
II,
through
a
tax-free
reorganization
(the
“Reorganization”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
(c)
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index
(formerly
Bloomberg
Barclays
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
-
an
unmanaged
index
comprised
of
issues
that
meet
the
following
criteria:
at
least
$150
million
par
value
outstanding,
maximum
credit
rating
of
Ba1,
at
least
one
year
to
maturity,
and
no
issuer
represents
more
than
2
percent
of
the
index.
Average
Annual
Total
Returns
(a)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
w/o
sales
charge
w/sales
charge
w/o
sales
charge
w/sales
charge
w/o
sales
charge
w/sales
charge
Institutional
..................................
3.39‌%
3.39‌%
11.58‌%
N/A‌
6.59‌%
N/A‌
7.46‌%
N/A‌
Service
....................................
3.09‌
3.09‌
11.11‌
N/A‌
6.29‌
N/A‌
7.14‌
N/A‌
Investor
A
...................................
2.93‌
2.93‌
11.06‌
6.62‌%
6.22‌
5.36‌%
7.11‌
6.67‌%
Investor
C
...................................
2.41‌
2.40‌
10.46‌
9.46‌
5.50‌
5.50‌
6.47‌
6.47‌
Class
K
....................................
3.47‌
3.47‌
11.53‌
N/A‌
6.70‌
N/A‌
7.55‌
N/A‌
Class
R
....................................
2.81‌
2.81‌
10.94‌
N/A‌
5.95‌
N/A‌
6.79‌
N/A‌
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index
................
—‌
—‌
11.27‌
N/A‌
6.50‌
N/A‌
7.42‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
N/A
–
Not
applicable
as
share
class
and
Index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Fund
Summary
as
of
September
30,
2021
(continued)
9
Fund
Summary
BlackRock
High
Yield
Bond
Portfolio
Expense
Example
Portfolio
Information
Actual
Hypothetical
(a)
Beginning
Account
Value
(04/01/21)
Ending
Account
Value
(09/30/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(04/01/21)
Ending
Account
Value
(09/30/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,039.70‌
$
2.91‌
$
1,000.00‌
$
1,022.21‌
$
2.89‌
0.57‌%
Service
..................................
1,000.00‌
1,036.90‌
4.39‌
1,000.00‌
1,020.76‌
4.36‌
0.86‌
Investor
A
................................
1,000.00‌
1,036.70‌
4.65‌
1,000.00‌
1,020.51‌
4.61‌
0.91‌
Investor
C
................................
1,000.00‌
1,034.60‌
7.96‌
1,000.00‌
1,017.25‌
7.89‌
1.56‌
Class
K
..................................
1,000.00‌
1,038.80‌
2.50‌
1,000.00‌
1,022.61‌
2.48‌
0.49‌
Class
R
..................................
1,000.00‌
1,036.70‌
5.87‌
1,000.00‌
1,019.30‌
5.82‌
1.15‌
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
85‌
%
Floating
Rate
Loan
Interests
...........................
12‌
Common
Stocks
...................................
2‌
Preferred
Securities
.................................
1‌
Investment
Companies
...............................
—‌
(b)
Asset-Backed
Securities
..............................
—‌
(b)
Foreign
Agency
Obligations
............................
—‌
(b)
Other
Interests
....................................
—‌
(b)
(a)
Excludes
short-term
securities
and
options
purchased
.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(a)
Percent
of
Total
Investments
(b)
A
............................................
—‌
%
(c)
BBB/Baa
.......................................
6‌
BB/Ba
.........................................
39‌
B
............................................
37‌
CCC/
Caa
.......................................
12‌
CC/Ca
........................................
—‌
(c)
NR
...........................................
6‌
(a)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/
Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(b)
Excludes
short-term
securities
and
options
purchased
.
(c)
Represents
less
than
1%
of
the
Fund's
total
investments.
Fund
Summary
as
of
September
30,
2021
2021
BlackRock
Annual
Report
to
Shareholders
10
BlackRock
Low
Duration
Bond
Portfolio
Investment
Objective
BlackRock
Low
Duration
Bond
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management.
On
September
24,
2021,
the
Board
approved
a
proposal
to
amend
the
Fund's
investment
objective.
Effective
November
1,
2021,
the
Fund's
investment
objective
will
be
to
seek
total
return
in
excess
of
the
reference
benchmark
in
a
manner
that
is
consistent
with
preservation
of
capital.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
September
30,
2021,
the
Fund
outperformed
the
ICE
BofA
1-3
Year
U.S.
Corporate
&
Government
Index.
What
factors
influenced
performance?
During
the
period,
the
largest
contributions
to
Fund
performance
came
from
allocations
to
investment
grade
and
high
yield
corporate
bonds.
Exposure
to
securitized
assets
also
contributed
positively,
most
notably
holdings
of
asset-backed
securities
(“ABS”),
commercial
mortgage-backed
securities
(“CMBS”)
and
residential
mortgage-backed
securities
(“MBS”).
Finally,
holdings
of
emerging
market
bonds
added
to
relative
performance.
The
use
of
futures
for
hedging
purposes
weighed
modestly
on
Fund
performance.
The
Fund’s
cash
position
was
6.6%
of
portfolio
assets
at
period
end.
The
Fund’s
cash
position
did
not
have
a
material
impact
on
performance
during
the
period.
The
Fund
used
derivatives
during
the
period,
most
notably
futures
contracts
and
interest
rate
swaps
for
hedging
duration
and
yield
curve
positioning.
Overall,
the
use
of
derivatives
had
contributed
positively
to
Fund
performance.
Describe
recent
portfolio
activity.
Throughout
the
reporting
period,
the
Fund
maintained
a
short
duration
bias
on
the
view
that
interest
rates
would
continue
to
rise.
Early
in
the
period,
as
U.S.
corporate
credit
spreads
continued
to
tighten
the
Fund
selectively
rotated
into
Asian
investment
grade
corporate
securities
based
on
more
attractive
risk-adjusted
return
potential
as
the
region
recovers
from
COVID-19.
The
Fund
began
the
period
with
elevated
exposure
to
high
yield
corporates
compared
to
its
historical
average
but
reduced
the
allocation
on
the
back
of
strong
performance,
spread
compression
and
valuation
concerns.
Amid
a
low
interest
rate
environment,
the
Fund
reduced
exposure
to
agency
MBS
given
prepayment
risk
and
on
the
belief
that
the
market
was
potentially
relying
too
heavily
on
the
Fed’s
asset
purchase
program
for
demand.
The
Fund
reduced
the
allocation
to
Canadian
housing
bonds
as
they
benefited
from
quantitative
easing
by
Canada’s
central
bank.
As
relative
value
opportunities
became
less
obvious
with
tight
spreads
for
most
spread
assets,
the
Fund
increased
its
exposure
to
high-quality
collateralized
loan
obligations
offering
attractive
risk-adjusted
income
compared
to
other
spread
assets.
The
Fund
also
took
positions
in
other
securitized
assets
as
a
replacement
for
investment
grade
corporate
credit,
including
ABS
backed
by
private
student
loans
and
euro-denominated
ABS.
Within
CMBS,
the
Fund
maintained
single-asset,
single-
borrower
exposures
in
the
hotel,
office
and
industrial
segments
on
general
market
expectations
for
a
continued
global
economic
recovery.
Describe
portfolio
positioning
at
period
end.
From
a
sector
allocation
perspective,
the
Fund
remained
underweight
in
investment
grade
corporate
credit
as
well
as
government
sectors
such
as
U.S.
Treasuries,
agencies
and
sovereigns.
The
Fund
held
out-of-benchmark
allocations
to
high
yield
corporates,
ABS,
CMBS,
and
agency
and
non-agency
MBS.
The
Fund
also
held
an
out-of-
benchmark
allocation
to
emerging
market
debt.
At
the
end
of
the
reporting
period,
the
Fund
was
positioned
with
a
short
duration
bias
on
the
view
that
interest
rates
were
likely
to
trend
higher
as
the
Fed
begins
to
taper
its
asset
purchases
and
otherwise
normalize
policy
against
a
backdrop
of
expectations
for
continued
economic
growth
and
solid
inflation.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
September
30,
2021
(continued)
11
Fund
Summary
BlackRock
Low
Duration
Bond
Portfolio
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
Performance
Summary
for
the
Period
Ended
September
30,
2021
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(b)
The
Fund
invests
primarily
in
investment
grade
bonds
and
maintains
an
average
portfolio
duration
that
is
between
0-3
years.
The
Fund
normally
invests
at
least
80%
of
its
assets
in
debt
securities.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
Low
Duration
Bond
Portfolio
(the
“Predecessor
Fund”),
a
series
of
BlackRock
Funds
II,
through
a
tax-free
reorganization
(the
“Reorganization”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
(c)
An
unmanaged
index
comprised
of
investment
grade
corporate
bonds
and
U.S.
Government
Agency
and
U.S.
Treasury
securities
with
a
maturity
ranging
from
one
to
three
years.
On
3/1/2021
the
Fund
began
to
track
the
4pm
pricing
variant
of
the
ICE
BofA
1-3
Year
U.S.
Corporate
&
Government
Index
(the
"Index").
Historical
index
data
prior
to
3/1/2021
is
for
the
3pm
pricing
variant
of
the
Index.
Index
data
on
and
after
3/1/2021
is
for
the
4pm
pricing
variant
of
the
Index.
Average
Annual
Total
Returns
(a)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
w/o
sales
charge
w/sales
charge
w/o
sales
charge
w/sales
charge
w/o
sales
charge
w/sales
charge
Institutional
..................................
0.94‌%
0.91‌%
1.47‌%
N/A‌
2.32‌%
N/A‌
2.34‌%
N/A‌
Investor
A
...................................
0.68‌
0.60‌
1.22‌
(1.06‌)%
2.08‌
1.62‌%
2.03‌
1.80‌%
Investor
A1
..................................
0.84‌
0.75‌
1.48‌
N/A‌
2.24‌
N/A‌
2.20‌
N/A‌
Investor
C
...................................
(0.05‌)
(0.07‌)
0.57‌
(0.43‌)
1.32‌
1.32‌
1.44‌
1.44‌
Class
K
....................................
0.99‌
0.98‌
1.63‌
N/A‌
2.39‌
N/A‌
2.39‌
N/A‌
Class
R
....................................
0.44‌
0.27‌
1.07‌
N/A‌
1.83‌
N/A‌
1.73‌
N/A‌
ICE
BofA
1-3
Year
U.S.
Corporate
&
Government
Index
.......................
—‌
—‌
0.35‌
N/A‌
1.92‌
N/A‌
1.51‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees,
and
how
performance
was
calculated
for
certain
classes.
N/A
–
Not
applicable
as
share
class
and
Index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Fund
Summary
as
of
September
30,
2021
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
12
BlackRock
Low
Duration
Bond
Portfolio
Expense
Example
Portfolio
Information
Actual
Hypothetical
(a)
Expenses
Paid
During
the
Period
Including
Interest
Expense
Excluding
Interest
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(04/01/21)
Ending
Account
Value
(09/30/21)
Including
Interest
Expense
(b)
Excluding
Interest
Expense
(b)
Beginning
Account
Value
(04/01/21)
Ending
Account
Value
(09/30/21)
Expenses
Paid
During
the
Period
(b)
Ending
Account
Value
(09/30/21)
Expenses
Paid
During
the
Period
(b)
Including
Interest
Expense
Excluding
Interest
Expense
Institutional
......
$
1,000.00‌
$
1,002.00‌
$
2.06‌
$
2.06‌
$
1,000.00‌
$
1,023.01‌
$
2.08‌
$
1,023.01‌
$
2.08‌
0.41‌%
0.41‌%
Investor
A
.......
1,000.00‌
1,000.70‌
3.31‌
3.31‌
1,000.00‌
1,021.76‌
3.35‌
1,021.76‌
3.35‌
0.66‌
0.66‌
Investor
A1
......
1,000.00‌
1,001.50‌
2.56‌
2.56‌
1,000.00‌
1,022.51‌
2.59‌
1,022.51‌
2.59‌
0.51‌
0.51‌
Investor
C
.......
1,000.00‌
998.00‌
7.06‌
7.06‌
1,000.00‌
1,018.00‌
7.13‌
1,018.00‌
7.13‌
1.41‌
1.41‌
Class
K
........
1,000.00‌
1,003.20‌
1.81‌
1.81‌
1,000.00‌
1,023.26‌
1.83‌
1,023.26‌
1.83‌
0.36‌
0.36‌
Class
R
........
1,000.00‌
999.40‌
4.56‌
4.56‌
1,000.00‌
1,020.51‌
4.61‌
1,020.51‌
4.61‌
0.91‌
0.91‌
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
33‌
%
U.S.
Treasury
Obligations
.............................
29‌
Asset-Backed
Securities
..............................
16‌
Non-Agency
Mortgage-Backed
Securities
..................
11‌
U.S.
Government
Sponsored
Agency
Securities
..............
6‌
Investment
Companies
...............................
2‌
Foreign
Government
Obligations
........................
2‌
Foreign
Agency
Obligations
............................
1‌
Floating
Rate
Loan
Interests
...........................
—‌
(b)
(a)
Excludes
short-term
securities,
options
purchased
and
options
written.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(a)
Percent
of
Total
Investments
(b)
AAA/
Aaa
(c)
.....................................
56‌%
AA/Aa
........................................
2‌ 
A
...........................................
9‌ 
BBB/Baa
......................................
18‌ 
BB/Ba
........................................
6‌ 
B
...........................................
3‌ 
CCC/
Caa
......................................
—‌
(d)
C
...........................................
—‌
(d)
D
...........................................
—‌
(d)
NR
..........................................
6‌ 
(a)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/
Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(b)
Excludes
short-term
securities,
options
purchased
and
options
written.
(c)
The
investment
adviser
evaluates
the
credit
quality
of
unrated
investments
based
upon
certain
factors
including,
but
not
limited
to,
credit
ratings
for
similar
investments
and
financial
analysis
of
sectors,
individual
investments
and/or
issuers.
Using
this
approach,
the
investment
adviser
has
deemed
unrated
U.S.
Government
Sponsored
Agency
Securities
and
U.S.
Treasury
Obligations
to
be
of
similar
credit
quality
as
investments
rated
AAA/Aaa.
(d)
Represents
less
than
1%
of
the
Fund's
total
investments.
The
Benefits
and
Risks
of
Leveraging
13
The
Benefits
and
Risks
of
Leveraging
The
Funds
may
utilize
leverage
to
seek
to
enhance
returns
and
net
asset
value
(“NAV”).
However,
there
is
no
guarantee
that
these
objectives
can
be
achieved
in
all
interest
rate
environments.  
The
Funds
may
utilize
leverage
by
entering
into
reverse
repurchase
agreements. 
In
general,
the
concept
of
leveraging
is
based
on
the
premise
that
the
financing
cost
of
leverage,
which
is
based
on
short-term
interest
rates,
is
normally
lower
than
the
income
earned
by
each
Fund
on
its
longer-term
portfolio
investments
purchased
with
the
proceeds
from
leverage.
To
the
extent
that
the
total
assets
of
each
Fund
(including
the
assets
obtained
from
leverage)
are
invested
in
higher-yielding
portfolio
investments, each
Fund's
shareholders
benefit
from
the
incremental
net
income.
The
interest
earned
on
securities
purchased
with
the
proceeds
from
leverage
is
distributed
to each
Fund's
shareholders,
and
the
value
of
these
portfolio
holdings
is
reflected
in each
Fund's
per
share
NAV.
However,
in
order
to
benefit
shareholders,
the
return
on
assets
purchased
with
leverage
proceeds
must
exceed
the
ongoing
costs
associated
with
the
leverage.
If
interest
and
other
ongoing
costs
of
leverage
exceed
a
Fund’s
return
on
assets
purchased
with
leverage
proceeds,
income
to
shareholders
is
lower
than
if
the
Funds
had
not
used
leverage.
Furthermore,
the
value
of
each
Fund’s
portfolio
investments
generally
varies
inversely
with
the
direction
of
long-term
interest
rates,
although
other
factors
can
also
influence
the
value
of
portfolio
investments.
As
a
result,
changes
in
interest
rates
can
influence
each
Fund’s
NAV
positively
or
negatively
in
addition
to
the
impact
on
each
Fund’s
performance
from
leverage.
Changes
in
the
direction
of
interest
rates
are
difficult
to
predict
accurately,
and
there
is
no
assurance
that
a
Fund’s
leveraging
strategy
will
be
successful.
The
use
of
leverage
also
generally
causes
greater
changes
in
each
Fund’s
NAV
and
dividend
rates
than
comparable
portfolios
without
leverage.
In
a
declining
market,
leverage
is
likely
to
cause
a
greater
decline
in
the
NAV
of a
Fund’s
shares
than
if 
the
Fund
were
not
leveraged.
In
addition,
each
Fund
may
be
required
to
sell
portfolio
securities
at
inopportune
times
or
at
distressed
values
in
order
to
comply
with
regulatory
requirements
applicable
to
the
use
of
leverage
or
as
required
by
the
terms
of
the
leverage
instruments,
which
may
cause
the
Fund
to
incur
losses.
The
use
of
leverage
may
limit a
Fund’s
ability
to
invest
in
certain
types
of
securities
or
use
certain
types
of
hedging
strategies.
Each
Fund
incurs
expenses
in
connection
with
the
use
of
leverage,
all
of
which
are
borne
by
each
Fund’s
shareholders
and
may
reduce
income.
About
Fund
Performance
2021
BlackRock
Annual
Report
to
Shareholders
14
Institutional
and
Class
K
Shares
are
not
subject
to
any
sales
charge.
These
shares
bear
no
ongoing
distribution
or
service
fees
and
are
available
only
to
certain
eligible
investors.
Service
Shares
(available
only
in
BlackRock
High
Yield
Bond
Portfolio)
are
not
subject
to
any
sales
charge.
These
shares
are
subject
to
a
service
fee
of
0.25%
per
year
(but
no
distribution
fee)
and
are
only
available
to
certain
eligible
investors.
On
July
6,
2021,
BlackRock
Core
Bond
Portfolio
and
BlackRock
Low
Duration
Bond
Portfolio's
("Low
Duration
Bond")
issued
and
outstanding
Service
Shares
converted
into
Investor
A
Shares
with
the
same
relative
aggregate
net
asset
value
(“NAV”).
Investor
A
Shares
are
subject
to
a
maximum
initial
sales
charge
(front-end
load)
of
4.00%
for
all
funds
included
in
this
report,
except
for
Low
Duration
Bond
which
is
subject
to
an
initial
sales
charge
of
2.25%.
These
shares
are
subject
to
a
service
fee
of
0.25%
per
year
(but
no
distribution
fee).
Certain
redemptions
of
these
shares
may
be
subject
to
a
contingent
deferred
sales
charge
("CDSC")
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
These
shares
are
generally
available
through
financial
intermediaries.
Investor
A1
Shares
(available
only
in
Low
Duration
Bond)
are
subject
to
a
maximum
initial
sales
charge
(front-end
load)
of
1.00%
and
a
service
fee
of
0.10%
per
year
(but
no
distribution
fee).
The
maximum
initial
sales
charge
does
not
apply
to
current
eligible
shareholders
of
Investor
A1
Shares
of
the
Fund.
These
shares
are
only
available
for
dividend
and
capital
gain
reinvestment
by
existing
shareholders
and
for
purchase
by
certain
eligible
employer-sponsored
retirement
plans.
Certain
redemption
of
these
shares
may
be
subject
to
a
CDSC
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
However,
the
CDSC
does
not
apply
to
redemptions
by
certain
employer
-
sponsored
retirement
plans
or
to
redemptions
of
shares
acquired
through
the
reinvestment
of
dividends
and
capital
gains
by
existing
shareholders.
Investor
C
Shares
are
subject
to
a
1.00%
CDSC
if
redeemed
within
one
year
of
purchase.
In
addition,
these
shares
are
subject
to
a
distribution
fee
of
0.75%
per
year
and
a
service
fee
of
0.25%
per
year.
These
shares
are
generally
available
through
financial
intermediaries.
These
shares
automatically
convert
to
Investor
A
Shares
after
approximately
eight
years.
Class
R
Shares
are
not
subject
to
any
sales
charge.
These
shares
are
subject
to
a
distribution
fee
of
0.25%
per
year
and
a
service
fee
of
0.25%
per
year.
These
shares
are
available
only
to
certain
employer-sponsored
retirement
plans.
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund's
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Refer
to
blackrock.com 
to
obtain
performance
data
current
to
the
most
recent
month-end.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Figures
shown
in
the
performance
table(s) assume
reinvestment
of
all
distributions,
if
any,
at
NAV
on
the
ex-dividend
date
or
payable
date,
as
applicable.
Investment
return
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost
.
Distributions
paid
to
each
class
of
shares
will
vary
because
of
the
different
levels
of
service,
distribution
and
transfer
agency
fees
applicable
to
each
class,
which
are
deducted
from
the
income
available
to
be
paid
to
shareholders. 
BlackRock
Advisors,
LLC
(the
"Manager”),
each
Fund's
investment
adviser,
has
contractually
and/or
voluntarily
agreed
to
waive
and/or
reimburse
a
portion
of
each
Fund’s
expenses.
Without
such
waiver(s)
and/or
reimbursement(s),
each
Fund's
performance
would
have
been
lower.
With
respect
to
each
Fund's
voluntary
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
waive
and/or
reimburse
or
to
continue
waiving
and/or
reimbursing
its
fees
and
such
voluntary
waiver(s)
may
be
reduced
or
discontinued
at
any
time. With
respect
to
each
Fund's
contractual
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
continue
waiving
and/or
reimbursing
its
fees
after
the
applicable
termination
date
of
such agreement.
See
the
Notes
to
Financial
Statements
for
additional
information
on
waivers
and/or
reimbursements. 
The
standardized
30-day
yield
includes
the
effects
of
any
waivers
and/or
reimbursements.
The
unsubsidized
30-day
yield
excludes
the
effects
of
any
waivers
and/or
reimbursements. 
Disclosure
of
Expenses
15
Disclosure
of
Expenses
/
Derivative
Financial
Instruments
Shareholders
of
each
Fund
may
incur
the
following
charges:
(a)
transactional
expenses,
such
as
sales
charges;
and
(b)
operating
expenses,
including
investment
advisory
fees, administration
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
examples shown
(which are
based
on
a
hypothetical
investment
of
$1,000
invested
on April
1,
2021 and
held
through
September
30,
2021) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their
Fund and
share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
these
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Funds may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument.
The
Funds’
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation a
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Funds’
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
—
8.9%
522
Funding
CLO
Ltd.,
Series
2019-4A,
Class
DR,
(LIBOR
USD
3
Month
+
3.65%),
3.78%,
04/20/30
(a)(b)(c)
....................
USD
470
$
470,201
Adams
Mill
CLO
Ltd.
(a)(b)(c)
:
Series
2014-1A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.10%),
1.23%,
07/15/26
....
106
105,788
Series
2014-1A,
Class
C1R,
(LIBOR
USD
3
Month
+
2.35%),
2.48%,
07/15/26
....
390
389,759
AGL
CLO
12
Ltd.,
Series
2021-12A,
Class
A1,
(LIBOR
USD
3
Month
+
1.16%),
1.29%,
07/20/34
(a)(b)(c)
....................
1,730
1,729,951
AGL
CLO
7
Ltd.
(a)(b)(c)
:
Series
2020-7A,
Class
AR,
(LIBOR
USD
3
Month
+
1.20%),
1.33%,
07/15/34
....
540
540,387
Series
2020-7A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
3.23%,
07/15/34
....
250
249,998
AGL
Core
CLO
2
Ltd.,
Series
2019-2A,
Class
A1,
(LIBOR
USD
3
Month
+
1.39%),
1.52%,
04/20/32
(a)(b)(c)
....................
1,320
1,322,463
AIMCO
CLO
(a)(b)(c)
:
Series
2017-AA,
Class
CR,
(LIBOR
USD
3
Month
+
2.10%),
2.23%,
04/20/34
....
250
250,385
Series
2018-BA,
Class
AR,
(LIBOR
USD
3
Month
+
1.10%),
1.23%,
01/15/32
....
1,290
1,290,098
Ajax
Mortgage
Loan
Trust,
Series
2021-C,
Class
A,
2.12%,
01/25/61
(b)(d)
..........
10,682
10,695,109
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
A1,
(LIBOR
USD
3
Month
+
1.08%),
1.21%,
10/21/28
(a)(b)(c)
....................
1,066
1,065,683
ALM
Ltd.,
Series
2020-1A,
Class
A2,
(LIBOR
USD
3
Month
+
1.85%),
1.98%,
10/15/29
(a)(b)
(c)
............................
1,660
1,660,152
AMMC
CLO
22
Ltd.,
Series
2018-22A,
Class
B,
(LIBOR
USD
3
Month
+
1.45%),
1.58%,
04/25/31
(a)(b)(c)
....................
250
250,011
AMMC
CLO
XIII
Ltd.,
Series
2013-13A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.05%),
1.18%,
07/24/29
(a)(b)(c)
...............
640
640,234
AMSR
Trust,
Series
2020-SFR2,
Class
D,
3.28%,
07/17/37
(b)
.................
557
571,336
Anchorage
Capital
CLO
17
Ltd.,
Series
2021-
17A,
Class
A1,
(LIBOR
USD
3
Month
+
1.17%),
1.32%,
07/15/34
(a)(b)(c)
.........
2,495
2,489,295
Anchorage
Capital
CLO
1-R
Ltd.,
Series
2018-
1RA,
Class
A1,
(LIBOR
USD
3
Month
+
0.99%),
1.12%,
04/13/31
(a)(b)(c)
.........
2,240
2,239,408
Anchorage
Capital
CLO
3-R
Ltd.,
Series
2014-3RA,
Class
B,
(LIBOR
USD
3
Month
+
1.50%),
1.63%,
01/28/31
(a)(b)(c)
.........
1,040
1,037,916
Anchorage
Capital
CLO
4-R
Ltd.
(a)(b)(c)
:
Series
2014-4RA,
Class
A,
(LIBOR
USD
3
Month
+
1.05%),
1.18%,
01/28/31
....
920
919,833
Series
2014-4RA,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
1.98%,
01/28/31
....
360
359,138
Anchorage
Capital
CLO
5-R
Ltd.
(a)(b)(c)
:
Series
2014-5RA,
Class
B,
(LIBOR
USD
3
Month
+
1.45%),
1.58%,
01/15/30
....
420
419,703
Series
2014-5RA,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
1.98%,
01/15/30
....
250
249,809
Anchorage
Capital
CLO
6
Ltd.,
Series
2015-6A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.05%),
1.18%,
07/15/30
(a)(b)(c)
...............
1,220
1,219,737
Anchorage
Capital
CLO
7
Ltd.
(a)(b)(c)
:
Series
2015-7A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.09%),
1.22%,
01/28/31
....
930
929,793
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2015-7A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.75%),
1.88%,
01/28/31
....
USD
1,640
$
1,639,992
Series
2015-7A,
Class
D1R2,
(LIBOR
USD
3
Month
+
3.50%),
3.63%,
01/28/31
....
250
250,117
Anchorage
Capital
CLO
8
Ltd.
(a)(b)(c)
:
Series
2016-8A,
Class
AR,
(LIBOR
USD
3
Month
+
1.00%),
1.13%,
07/28/28
....
410
410,300
Series
2016-8A,
Class
BR,
(LIBOR
USD
3
Month
+
1.60%),
1.73%,
07/28/28
....
650
649,798
Anchorage
Capital
CLO
Ltd.,
Series
2013-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.25%),
1.38%,
10/13/30
(a)(b)(c)
...............
670
670,029
Anchorage
Capital
Europe
CLO
2
DAC
(a)(b)
:
Series
2A,
Class
B1R,
(EURIBOR
3
Month
+
1.60%),
1.60%,
04/15/34
..........
EUR
522
604,784
Series
2A,
Class
CR,
(EURIBOR
3
Month
+
2.40%),
2.40%,
04/15/34
..........
271
315,567
Series
2A,
Class
DR,
(EURIBOR
3
Month
+
3.55%),
3.55%,
04/15/34
..........
460
535,850
Anchorage
Capital
Europe
CLO
DAC
(a)(b)
:
Series
4A,
Class
D,
(EURIBOR
3
Month
+
3.20%),
3.20%,
04/25/34
..........
250
291,181
Series
5A,
Class
A,
(EURIBOR
3
Month
+
1.02%),
0.00%,
07/15/34
..........
680
787,678
Series
5A,
Class
B1,
(EURIBOR
3
Month
+
1.70%),
0.00%,
07/15/34
..........
310
359,089
Antares
CLO
Ltd.,
Series
2021-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.53%),
1.66%,
07/25/33
(a)(b)(c)
....................
USD
2,420
2,412,958
Apidos
CLO
XII,
Series
2013-12A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
1.21%,
04/15/31
(a)(b)(c)
....................
4,916
4,913,514
Apidos
CLO
XV,
Series
2013-15A,
Class
A1RR,
(LIBOR
USD
3
Month
+
1.01%),
1.14%,
04/20/31
(a)(b)(c)
....................
500
499,923
Apidos
CLO
XVIII,
Series
2018-18A,
Class
A1,
(LIBOR
USD
3
Month
+
1.14%),
1.28%,
10/22/30
(a)(b)(c)
....................
350
349,890
Apidos
CLO
XXI,
Series
2015-21A,
Class
A1R,
(LIBOR
USD
3
Month
+
0.93%),
1.06%,
07/18/27
(a)(b)(c)
....................
132
132,401
Apidos
CLO
XXII
(a)(b)(c)
:
Series
2015-22A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.50%),
1.63%,
04/20/31
....
250
249,886
Series
2015-22A,
Class
CR,
(LIBOR
USD
3
Month
+
2.95%),
3.08%,
04/20/31
....
250
249,253
Aqueduct
European
CLO
4
DAC,
Series
2019-
4X,
Class
B1,
(EURIBOR
3
Month
+
1.80%),
1.80%,
07/15/32
(a)(e)
................
EUR
340
393,800
Ares
European
CLO
XII
DAC
(a)
:
Series
12A,
Class
B1R,
(EURIBOR
3
Month
+
1.70%),
0.00%,
04/20/32
(b)
........
297
344,030
Series
12X,
Class
B1,
(EURIBOR
3
Month
+
1.75%),
1.75%,
04/20/32
(e)
.........
200
231,975
Ares
LII
CLO
Ltd.,
Series
2019-52A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.05%),
1.19%,
04/22/31
(a)(b)(c)
....................
USD
1,770
1,772,919
Ares
LIX
CLO
Ltd.,
Series
2021-59A,
Class
A,
(LIBOR
USD
3
Month
+
1.03%),
1.21%,
04/25/34
(a)(b)(c)
....................
250
248,018
Ares
XXXVII
CLO
Ltd.,
Series
2015-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.17%),
1.30%,
10/15/30
(a)(b)(c)
...............
310
310,004
Armada
Euro
CLO
III
DAC
(a)(b)
:
Series
3A,
Class
CR,
(EURIBOR
3
Month
+
2.35%),
2.35%,
07/15/31
..........
EUR
580
673,779
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
3A,
Class
DR,
(EURIBOR
3
Month
+
3.30%),
3.30%,
07/15/31
..........
EUR
287
$
333,755
Assurant
CLO
Ltd.
(a)(b)(c)
:
Series
2017-1A,
Class
C,
(LIBOR
USD
3
Month
+
2.10%),
2.23%,
10/20/29
....
USD
330
329,501
Series
2018-2A,
Class
A,
(LIBOR
USD
3
Month
+
1.04%),
1.17%,
04/20/31
....
250
249,879
Atrium
IX,
Series
9A,
Class
AR2,
(LIBOR
USD
3
Month
+
0.99%),
1.11%,
05/28/30
(a)(b)(c)
..
990
989,771
Atrium
XII,
Series
12A,
Class
AR,
(LIBOR
USD
3
Month
+
0.83%),
0.97%,
04/22/27
(a)(b)(c)
..
342
342,158
Avery
Point
V
CLO
Ltd.,
Series
2014-5A,
Class
BR,
(LIBOR
USD
3
Month
+
1.50%),
1.63%,
07/17/26
(a)(b)(c)
....................
617
616,637
Avery
Point
VI
CLO
Ltd.
(a)(b)(c)
:
Series
2015-6A,
Class
AR2,
(LIBOR
USD
3
Month
+
0.90%),
1.02%,
08/05/27
....
924
923,653
Series
2015-6A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.35%),
1.47%,
08/05/27
....
850
849,149
Avery
Point
VII
CLO
Ltd.,
Series
2015-7A,
Class
AR2,
(LIBOR
USD
3
Month
+
0.96%),
1.09%,
01/15/28
(a)(b)(c)
...............
1,508
1,509,151
Avoca
CLO
XVII
DAC,
Series
17A,
Class
B1R,
(EURIBOR
3
Month
+
1.70%),
1.70%,
10/15/32
(a)(b)
.....................
EUR
262
303,751
Avoca
CLO
XVIII
DAC,
Series
18X,
Class
C,
(EURIBOR
3
Month
+
1.75%),
1.75%,
04/15/31
(a)(e)
.....................
100
116,638
Avoca
CLO
XXII
DAC,
Series
22X,
Class
B1,
(EURIBOR
3
Month
+
1.30%),
1.30%,
04/15/35
(a)(e)
.....................
200
231,636
Avoca
CLO
XXIV
DAC,
Series
24A,
Class
AR,
(EURIBOR
3
Month
+
0.90%),
0.90%,
07/15/34
(a)(b)
.....................
1,620
1,873,161
Babson
CLO
Ltd.,
Series
2015-IA,
Class
BR,
(LIBOR
USD
3
Month
+
1.40%),
1.53%,
01/20/31
(a)(b)(c)
....................
USD
250
248,829
Bain
Capital
Credit
CLO,
Series
2018-2A,
Class
B,
(LIBOR
USD
3
Month
+
1.60%),
1.73%,
07/19/31
(a)(b)(c)
....................
250
250,011
Bain
Capital
Credit
CLO
Ltd.
(a)(b)(c)
:
Series
2017-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.50%),
1.63%,
07/20/30
....
250
248,901
Series
2018-2A,
Class
A1,
(LIBOR
USD
3
Month
+
1.08%),
1.21%,
07/19/31
....
330
330,165
Series
2019-3A,
Class
C,
(LIBOR
USD
3
Month
+
2.85%),
2.98%,
10/21/32
....
250
250,138
Bain
Capital
Euro
CLO
DAC,
Series
2019-1X,
Class
C,
(EURIBOR
3
Month
+
2.40%),
2.40%,
04/15/32
(a)(e)
................
EUR
240
278,370
Bardot
CLO
Ltd.,
Series
2019-2A,
Class
DR,
(LIBOR
USD
3
Month
+
3.00%),
0.00%,
10/22/32
(a)(b)(c)
....................
USD
250
250,000
Barings
CLO
Ltd.
(a)(b)(c)
:
Series
2016-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
1.21%,
07/20/28
....
192
192,573
Series
2018-3A,
Class
A1,
(LIBOR
USD
3
Month
+
0.95%),
1.08%,
07/20/29
....
270
270,000
Battalion
CLO
18
Ltd.
(a)(b)
:
Series
2020-18A,
Class
B,
(LIBOR
USD
3
Month
+
2.30%),
2.43%,
10/15/32
....
375
375,129
Series
2020-18A,
Class
D1,
(LIBOR
USD
3
Month
+
4.00%),
4.13%,
10/15/32
....
326
326,070
Battalion
CLO
VII
Ltd.
(a)(b)(c)
:
Series
2014-7A,
Class
A1RR,
(LIBOR
USD
3
Month
+
1.04%),
1.17%,
07/17/28
...
296
296,124
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2014-7A,
Class
CRR,
(LIBOR
USD
3
Month
+
2.93%),
3.06%,
07/17/28
....
USD
250
$
250,217
Battalion
CLO
VIII
Ltd.
(a)(b)(c)
:
Series
2015-8A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.07%),
1.20%,
07/18/30
....
1,332
1,331,708
Series
2015-8A,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.55%),
1.68%,
07/18/30
....
666
661,667
Battalion
CLO
X
Ltd.
(a)(b)(c)
:
Series
2016-10A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.17%),
1.30%,
01/25/35
...
5,370
5,367,321
Series
2016-10A,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.55%),
1.68%,
01/25/35
...
630
625,499
Battalion
CLO
XI
Ltd.,
Series
2017-11A,
Class
BR,
(LIBOR
USD
3
Month
+
1.72%),
1.85%,
04/24/34
(a)(b)(c)
....................
250
250,077
Battalion
CLO
XX
Ltd.,
Series
2021-20A,
Class
A,
(LIBOR
USD
3
Month
+
1.18%),
1.32%,
07/15/34
(a)(b)
.....................
1,000
1,000,038
BDS
Ltd.,
Series
2021-FL7,
Class
A,
(LIBOR
USD
1
Month
+
1.07%),
1.15%,
06/16/36
(a)(b)
(c)
............................
9,610
9,609,998
Benefit
Street
Partners
CLO
II
Ltd.,
Series
2013-IIA,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.45%),
1.58%,
07/15/29
(a)(b)(c)
........
1,000
998,952
Benefit
Street
Partners
CLO
III
Ltd.,
Series
2013-IIIA,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.65%),
1.78%,
07/20/29
(a)(b)(c)
...
400
399,715
Benefit
Street
Partners
CLO
V-B
Ltd.,
Series
2018-5BA,
Class
A1A,
(LIBOR
USD
3
Month
+
1.09%),
1.22%,
04/20/31
(a)(b)(c)
........
960
959,730
Bilbao
CLO
II
DAC,
Series
2A,
Class
A1R,
(EURIBOR
3
Month
+
0.97%),
0.97%,
08/20/35
(a)(b)
.....................
EUR
1,130
1,311,102
Birch
Grove
CLO
Ltd.
(a)(b)(c)
:
Series
19A,
Class
CR,
(LIBOR
USD
3
Month
+
2.20%),
2.32%,
06/15/31
.........
USD
250
249,837
Series
19A,
Class
DR,
(LIBOR
USD
3
Month
+
3.35%),
3.47%,
06/15/31
.........
250
249,998
BlueMountain
CLO
DAC,
Series
2021-1A,
Class
D,
(EURIBOR
3
Month
+
3.20%),
3.20%,
04/15/34
(a)(b)
................
EUR
350
406,701
BlueMountain
CLO
Ltd.
(a)(b)(c)
:
Series
2013-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.23%),
1.36%,
01/20/29
....
USD
772
772,205
Series
2013-2A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.18%),
1.32%,
10/22/30
....
1,735
1,737,502
Series
2015-3A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.00%),
1.13%,
04/20/31
....
250
249,880
Series
2016-2A,
Class
BR2,
(LIBOR
USD
3
Month
+
2.25%),
2.37%,
08/20/32
....
300
299,415
BlueMountain
CLO
XXII
Ltd.,
Series
2018-22A,
Class
B,
(LIBOR
USD
3
Month
+
1.50%),
1.63%,
07/15/31
(a)(b)(c)
...............
870
867,799
BlueMountain
CLO
XXIX
Ltd.,
Series
2020-29A,
Class
BR,
(LIBOR
USD
3
Month
+
1.75%),
1.88%,
07/25/34
(a)(b)(c)
...............
250
250,250
BlueMountain
CLO
XXVIII
Ltd.,
Series
2021-
28A,
Class
A,
(LIBOR
USD
3
Month
+
1.26%),
1.39%,
04/15/34
(a)(b)(c)
.........
130
130,292
BlueMountain
Fuji
Eur
CLO
V
DAC,
Series
5X,
Class
C,
(EURIBOR
3
Month
+
2.45%),
2.45%,
01/15/33
(a)(e)
................
EUR
340
394,094
Buttermilk
Park
CLO
Ltd.,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.10%),
1.23%,
10/15/31
(a)(b)(c)
...............
USD
250
250,230
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Cairn
CLO
XII
DAC
(a)(b)
:
Series
2020-12A,
Class
B,
(EURIBOR
3
Month
+
2.30%),
2.30%,
04/15/33
....
EUR
250
$
289,810
Series
2020-12A,
Class
C,
(EURIBOR
3
Month
+
3.00%),
3.00%,
04/15/33
....
250
289,935
Canyon
Capital
CLO
Ltd.,
Series
2019-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.10%),
1.23%,
04/15/32
(a)(b)(c)
...............
USD
610
609,558
Canyon
CLO
Ltd.,
Series
2020-3A,
Class
B,
(LIBOR
USD
3
Month
+
1.70%),
1.83%,
01/15/34
(a)(b)(c)
....................
350
350,015
Carlyle
C17
CLO
Ltd.,
Series
C17A,
Class
A1AR,
(LIBOR
USD
3
Month
+
1.03%),
1.16%,
04/30/31
(a)(b)(c)
...............
1,860
1,861,466
Carlyle
Euro
CLO
DAC,
Series
2021-2A,
Class
C,
(EURIBOR
3
Month
+
3.30%),
0.00%,
10/15/35
(a)(b)
.....................
EUR
530
613,926
Carlyle
Global
Market
Strategies
CLO
Ltd.
(a)(b)(c)
:
Series
2014-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
0.97%),
1.10%,
04/17/31
....
USD
798
799,432
Series
2014-3RA,
Class
A1A,
(LIBOR
USD
3
Month
+
1.05%),
1.18%,
07/27/31
....
3,333
3,335,888
Series
2015-3A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.60%),
1.73%,
07/28/28
....
530
529,119
Carlyle
US
CLO
Ltd.
(a)(b)(c)
:
Series
2016-4A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.45%),
1.58%,
10/20/27
....
250
248,180
Series
2018-1A,
Class
A2,
(LIBOR
USD
3
Month
+
1.50%),
1.63%,
04/20/31
....
250
249,376
Series
2021-6A,
Class
A1,
(LIBOR
USD
3
Month
+
1.16%),
1.27%,
07/15/34
....
800
800,069
CarVal
CLO
II
Ltd.,
Series
2019-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.20%),
3.33%,
04/20/32
(a)(b)(c)
....................
1,130
1,133,929
CBAM
Ltd.,
Series
2017-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.25%),
1.38%,
07/20/30
(a)(b)
(c)
............................
1,600
1,600,977
CDO
Repack
SPC
Ltd.,
Series
2006-CLF1,
Class
D1,
7.11%,
05/20/30
(b)(c)
.........
60
60,872
Cedar
Funding
II
CLO
Ltd.
(a)(b)(c)
:
Series
2013-1A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.08%),
1.21%,
04/20/34
....
710
709,178
Series
2013-1A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.35%),
1.48%,
04/20/34
....
680
667,385
Cedar
Funding
VI
CLO
Ltd.,
Series
2016-6A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.05%),
1.18%,
04/20/34
(a)(b)(c)
...............
3,930
3,918,629
Cedar
Funding
XI
CLO
Ltd.,
Series
2019-11A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.35%),
1.47%,
05/29/32
(a)(b)(c)
...............
280
280,073
CIFC
Funding
2021-IV
Ltd.,
Series
2021-4A,
Class
A,
(LIBOR
USD
3
Month
+
1.05%),
1.14%,
07/15/33
(a)(b)(c)
...............
1,450
1,447,984
CIFC
Funding
Ltd.
(a)(b)(c)
:
Series
2013-4A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.60%),
1.73%,
04/27/31
....
250
249,405
Series
2014-2RA,
Class
B1,
(LIBOR
USD
3
Month
+
2.80%),
2.93%,
04/24/30
....
250
250,000
Series
2014-4RA,
Class
A1A,
(LIBOR
USD
3
Month
+
1.13%),
1.26%,
10/17/30
....
6,450
6,448,865
Series
2015-2A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.00%),
2.13%,
04/15/30
....
633
632,999
Series
2015-3A,
Class
BR,
(LIBOR
USD
3
Month
+
1.15%),
1.28%,
04/19/29
....
330
326,736
Series
2017-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.01%),
1.14%,
04/23/29
....
1,189
1,188,977
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2017-1A,
Class
B,
(LIBOR
USD
3
Month
+
1.70%),
1.83%,
04/23/29
....
USD
340
$
340,015
Series
2018-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.00%),
1.13%,
04/18/31
....
2,380
2,380,000
Series
2020-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.15%),
1.26%,
07/15/36
....
300
300,059
Series
2020-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.76%,
07/15/36
....
740
740,014
Series
2020-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
3.21%,
07/15/36
....
380
379,997
Clontarf
Park
CLO
DAC,
Series
1X,
Class
CE,
(EURIBOR
3
Month
+
3.05%),
3.05%,
08/05/30
(a)(e)
.....................
EUR
390
453,119
Cloud
Pass-Through
Trust,
Series
2019-1A,
Class
CLOU,
3.55%,
12/05/22
(a)(b)
.......
USD
118
118,362
College
Avenue
Student
Loans
LLC
(b)
:
Series
2021-B,
Class
C,
2.42%,
06/25/52
.
250
249,117
Series
2021-B,
Class
D,
2.72%,
06/25/52
.
100
100,062
Contego
CLO
VIII
DAC,
Series
8A,
Class
DR,
(EURIBOR
3
Month
+
3.20%),
3.20%,
01/25/34
(a)(b)
.....................
EUR
250
287,420
Crown
Point
CLO
10
Ltd.,
Series
2021-10A,
Class
A,
(LIBOR
USD
3
Month
+
1.17%),
1.32%,
07/20/34
(a)(b)(c)
...............
USD
3,600
3,595,940
Cumberland
Park
CLO
Ltd.,
Series
2015-2A,
Class
CR,
(LIBOR
USD
3
Month
+
1.80%),
1.93%,
07/20/28
(a)(b)(c)
...............
310
309,907
CVC
Cordatus
Loan
Fund
IV
DAC,
Series
4X,
Class
BR1,
(EURIBOR
3
Month
+
1.30%),
1.30%,
02/22/34
(a)(e)
................
EUR
260
300,364
CVC
Cordatus
Loan
Fund
VI
DAC,
Series
6X,
Class
CR,
(EURIBOR
3
Month
+
1.60%),
1.60%,
04/15/32
(a)(e)
................
250
288,502
Dartry
Park
CLO
DAC,
Series
1A,
Class
CRR,
(EURIBOR
3
Month
+
3.35%),
3.35%,
01/28/34
(a)(b)
.....................
250
290,581
Deer
Creek
CLO
Ltd.,
Series
2017-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.18%),
1.31%,
10/20/30
(a)(b)(c)
....................
USD
1,500
1,501,296
Dryden
43
Senior
Loan
Fund,
Series
2016-43A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.04%),
1.17%,
04/20/34
(a)(b)(c)
...............
1,180
1,179,271
Dryden
50
Senior
Loan
Fund,
Series
2017-50A,
Class
B,
(LIBOR
USD
3
Month
+
1.65%),
1.78%,
07/15/30
(a)(b)(c)
...............
250
250,101
Dryden
53
CLO
Ltd.,
Series
2017-53A,
Class
A,
(LIBOR
USD
3
Month
+
1.12%),
1.25%,
01/15/31
(a)(b)(c)
....................
4,900
4,898,616
Dryden
65
CLO
Ltd.,
Series
2018-65A,
Class
B,
(LIBOR
USD
3
Month
+
1.60%),
1.73%,
07/18/30
(a)(b)(c)
....................
250
249,999
Dryden
76
CLO
Ltd.,
Series
2019-76A,
Class
A1,
(LIBOR
USD
3
Month
+
1.33%),
1.46%,
10/20/32
(a)(b)(c)
....................
250
250,034
Dryden
77
CLO
Ltd.,
Series
2020-77A,
Class
AR,
(LIBOR
USD
3
Month
+
1.12%),
1.26%,
05/20/34
(a)(b)(c)
....................
810
808,589
Dryden
87
CLO
Ltd.,
Series
2021-87A,
Class
A1,
(LIBOR
USD
3
Month
+
1.10%),
1.24%,
05/20/34
(a)(b)(c)
....................
520
518,509
Dryden
XXV
Senior
Loan
Fund,
Series
2012-
25A,
Class
ARR,
(LIBOR
USD
3
Month
+
0.90%),
1.03%,
10/15/27
(a)(b)(c)
.........
2,320
2,319,267
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-
26A,
Class
AR,
(LIBOR
USD
3
Month
+
0.90%),
1.03%,
04/15/29
(a)(b)(c)
.........
325
324,626
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Dryden
XXVIII
Senior
Loan
Fund,
Series
2013-
28A,
Class
A1LR,
(LIBOR
USD
3
Month
+
1.20%),
1.32%,
08/15/30
(a)(b)(c)
.........
USD
1,660
$
1,660,119
Elmwood
CLO
II
Ltd.
(a)(b)(c)
:
Series
2019-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
1.28%,
04/20/34
....
1,000
999,486
Series
2019-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.78%,
04/20/34
....
250
250,017
Elmwood
CLO
V
Ltd,
Series
2020-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.77%,
10/20/34
(a)(b)(c)
....................
620
620,047
Elmwood
CLO
V
Ltd.,
Series
2020-2A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
2.12%,
10/20/34
(a)(b)(c)
....................
541
538,835
Elmwood
CLO
X
Ltd.,
Series
2021-3A,
Class
A,
(LIBOR
USD
3
Month
+
1.04%),
1.13%,
10/20/34
(a)(b)(c)
....................
1,620
1,619,637
Euro-Galaxy
IV
CLO
BV,
Series
2015-4A,
Class
ARR,
(EURIBOR
3
Month
+
0.90%),
0.90%,
07/30/34
(a)(b)
.....................
EUR
2,220
2,562,315
Euro-Galaxy
VI
CLO
DAC,
Series
2018-6X,
Class
A,
(EURIBOR
3
Month
+
0.71%),
0.71%,
04/11/31
(a)(e)
................
460
532,333
Euro-Galaxy
VII
CLO
DAC,
Series
2019-7A,
Class
CR,
(EURIBOR
3
Month
+
2.40%),
2.40%,
07/25/35
(a)(b)
................
260
302,230
Flatiron
CLO
21
Ltd.,
Series
2021-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.11%),
1.26%,
07/19/34
(a)(b)(c)
....................
USD
3,150
3,151,610
FS
RIALTO,
Series
2021-FL2,
Class
A,
(LIBOR
USD
1
Month
+
1.22%),
1.30%,
04/16/28
(a)(b)
(c)
............................
1,830
1,829,343
Galaxy
XV
CLO
Ltd.,
Series
2013-15A,
Class
ARR,
(LIBOR
USD
3
Month
+
0.97%),
1.10%,
10/15/30
(a)(b)(c)
...............
400
400,120
Galaxy
XVIII
CLO
Ltd.,
Series
2018-28A,
Class
A1,
(LIBOR
USD
3
Month
+
1.10%),
1.23%,
07/15/31
(a)(b)(c)
....................
280
280,133
Galaxy
XXII
CLO
Ltd.,
Series
2016-22A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.20%),
1.33%,
04/16/34
(a)(b)(c)
...............
910
912,607
Gilbert
Park
CLO
Ltd.,
Series
2017-1A,
Class
C,
(LIBOR
USD
3
Month
+
1.95%),
2.08%,
10/15/30
(a)(b)(c)
....................
640
639,679
GoldenTree
Loan
Management
CLO
3
Ltd.,
Series
2018-3A,
Class
B1,
(LIBOR
USD
3
Month
+
1.55%),
1.68%,
04/20/30
(a)(b)(c)
...
250
249,999
GoldenTree
Loan
Opportunities
IX
Ltd.
(a)(b)(c)
:
Series
2014-9A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.11%),
1.24%,
10/29/29
....
420
420,014
Series
2014-9A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.60%),
1.73%,
10/29/29
....
500
500,019
GoldenTree
Loan
Opportunities
X
Ltd.,
Series
2015-10A,
Class
DR,
(LIBOR
USD
3
Month
+
3.05%),
3.18%,
07/20/31
(a)(b)
.........
250
250,020
Golub
Capital
BDC
3
CLO
1
LLC,
Series
2021-1A,
Class
C1,
(LIBOR
USD
3
Month
+
2.80%),
2.93%,
04/15/33
(a)(b)
..........
250
250,395
Great
Lakes
CLO
Ltd.,
Series
2019-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.56%),
1.69%,
07/15/31
(a)(b)(c)
....................
970
968,382
Great
Lakes
CLO
V
Ltd.,
Series
2021-5A,
Class
A,
(LIBOR
USD
3
Month
+
1.70%),
1.90%,
04/15/33
(a)(b)(c)
....................
540
542,227
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Grippen
Park
CLO
Ltd.
(a)(b)(c)
:
Series
2017-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.26%),
1.39%,
01/20/30
....
USD
251
$
251,019
Series
2017-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.30%),
3.43%,
01/20/30
....
250
250,056
GSAA
Home
Equity
Trust,
Series
2006-5,
Class
2A1,
(LIBOR
USD
1
Month
+
0.14%),
0.23%,
03/25/36
(a)
......................
502
227,018
Gulf
Stream
Meridian
1
Ltd.,
Series
2020-IA,
Class
A1,
(LIBOR
USD
3
Month
+
1.37%),
1.50%,
04/15/33
(a)(b)(c)
...............
1,180
1,181,153
Gulf
Stream
Meridian
4
Ltd.,
Series
2021-4A,
Class
A1,
(LIBOR
USD
3
Month
+
1.20%),
1.31%,
07/15/34
(a)(b)(c)
...............
2,580
2,580,448
Gulf
Stream
Meridian
5
Ltd.,
Series
2021-5A,
Class
A2,
(LIBOR
USD
3
Month
+
1.80%),
1.90%,
07/15/34
(a)(b)(c)
...............
280
280,251
Halcyon
Loan
Advisors
Funding
Ltd.,
Series
2015-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
1.21%,
07/25/27
(a)(b)(c)
.........
452
452,317
Harvest
CLO
XXIII
DAC,
Series
23A,
Class
CE,
(EURIBOR
3
Month
+
2.05%),
2.05%,
10/20/32
(a)(b)
.....................
EUR
310
359,838
Henley
CLO
IV
DAC
(a)
:
Series
4A,
Class
C,
(EURIBOR
3
Month
+
2.10%),
2.10%,
04/25/34
(b)
.........
250
288,944
Series
4X,
Class
B1,
(EURIBOR
3
Month
+
1.35%),
1.35%,
04/25/34
(e)
.........
130
149,209
Highbridge
Loan
Management,
Series
3A-2014,
Class
A1R,
(LIBOR
USD
3
Month
+
1.18%),
1.31%,
07/18/29
(a)(b)(c)
...............
USD
680
679,836
Highbridge
Loan
Management
Ltd.,
Series
12A-18,
Class
A1B,
(LIBOR
USD
3
Month
+
1.25%),
1.38%,
07/18/31
(a)(b)(c)
.........
250
249,753
HPS
Loan
Management
10-2016
Ltd.,
Series
10A-16,
Class
A1RR,
(LIBOR
USD
3
Month
+
1.14%),
1.27%,
04/20/34
(a)(b)(c)
........
1,540
1,534,654
HPS
Loan
Management
Ltd.,
Series
6A-2015,
Class
A1R,
(LIBOR
USD
3
Month
+
1.00%),
1.12%,
02/05/31
(a)(b)(c)
...............
3,009
3,008,609
ICG
US
CLO
Ltd.,
Series
2015-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.14%),
1.27%,
10/19/28
(a)(b)(c)
....................
766
765,774
Invesco
Euro
CLO
II
DAC,
Series
2A,
Class
B1R,
(EURIBOR
3
Month
+
1.70%),
1.70%,
08/15/34
(a)(b)
.....................
EUR
300
347,400
Invitation
Homes
Trust,
Series
2018-SFR3,
Class
A,
(LIBOR
USD
1
Month
+
1.00%),
1.08%,
07/17/37
(a)(b)
................
USD
623
624,316
Jamestown
CLO
XII
Ltd.,
Series
2019-1A,
Class
A2,
(LIBOR
USD
3
Month
+
2.15%),
2.28%,
04/20/32
(a)(b)(c)
...............
360
362,055
Kayne
CLO
5
Ltd.,
Series
2019-5A,
Class
A,
(LIBOR
USD
3
Month
+
1.35%),
1.48%,
07/24/32
(a)(b)(c)
....................
800
799,853
Kayne
CLO
II
Ltd.,
Series
2018-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
1.21%,
10/15/31
(a)(b)(c)
....................
710
710,971
LCM
29
Ltd.,
Series
29A,
Class
AR,
(LIBOR
USD
3
Month
+
1.07%),
1.20%,
04/15/31
(a)(b)
(c)
............................
250
250,237
LCM
XIV
LP,
Series
14A,
Class
AR,
(LIBOR
USD
3
Month
+
1.04%),
1.17%,
07/20/31
(a)(b)
(c)
............................
250
250,000
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
LCM
XXI
LP,
Series
21A,
Class
AR,
(LIBOR
USD
3
Month
+
0.88%),
1.01%,
04/20/28
(a)(b)
(c)
............................
USD
423
$
422,482
Lendmark
Funding
Trust
(b)
:
Series
2021-1A,
Class
B,
2.47%,
11/20/31
.
380
381,761
Series
2021-1A,
Class
C,
3.41%,
11/20/31
.
290
291,451
LoanCore
Issuer
Ltd.,
Series
2018-CRE1,
Class
A,
(LIBOR
USD
1
Month
+
1.13%),
1.21%,
05/15/28
(a)(b)(c)
....................
182
182,308
Logan
CLO
I
Ltd.,
Series
2021-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.16%),
1.31%,
07/20/34
(a)(b)(c)
....................
1,010
1,010,037
Longfellow
Place
CLO
Ltd.,
Series
2013-1A,
Class
BR3,
(LIBOR
USD
3
Month
+
1.75%),
1.88%,
04/15/29
(a)(b)(c)
...............
250
249,922
Madison
Park
Funding
X
Ltd.,
Series
2012-10A,
Class
AR3,
(LIBOR
USD
3
Month
+
1.01%),
1.14%,
01/20/29
(a)(b)(c)
...............
2,035
2,034,544
Madison
Park
Funding
XI
Ltd.,
Series
2013-
11A,
Class
AR2,
(LIBOR
USD
3
Month
+
0.90%),
1.04%,
07/23/29
(a)(b)(c)
.........
2,221
2,220,655
Madison
Park
Funding
XIII
Ltd.
(a)(b)(c)
:
Series
2014-13A,
Class
AR2,
(LIBOR
USD
3
Month
+
0.95%),
1.08%,
04/19/30
....
1,080
1,080,784
Series
2014-13A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.50%),
1.63%,
04/19/30
....
960
955,170
Madison
Park
Funding
XIX
Ltd.,
Series
2015-
19A,
Class
A1R2,
(LIBOR
USD
3
Month
+
0.92%),
1.06%,
01/22/28
(a)(b)(c)
.........
1,166
1,166,303
Madison
Park
Funding
XLV
Ltd.,
Series
2020-
45A,
Class
AR,
(LIBOR
USD
3
Month
+
1.12%),
1.25%,
07/15/34
(a)(b)(c)(f)
........
1,050
1,049,685
Madison
Park
Funding
XXIII
Ltd.
(a)(b)(c)
:
Series
2017-23A,
Class
BR,
(LIBOR
USD
3
Month
+
1.55%),
1.68%,
07/27/31
....
250
250,089
Series
2017-23A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
2.13%,
07/27/31
....
250
249,999
Madison
Park
Funding
XXV
Ltd.,
Series
2017-
25A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.65%),
1.78%,
04/25/29
(a)(b)(c)
.........
320
319,999
Madison
Park
Funding
XXVI
Ltd.,
Series
2017-
26A,
Class
AR,
(LIBOR
USD
3
Month
+
1.20%),
1.33%,
07/29/30
(a)(b)(c)
.........
1,665
1,667,211
Madison
Park
Funding
XXVII
Ltd.,
Series
2018-
27A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.03%),
1.16%,
04/20/30
(a)(b)(c)
.........
250
249,928
Madison
Park
Funding
XXXV
Ltd.,
Series
2019-
35A,
Class
A1R,
(LIBOR
USD
3
Month
+
0.99%),
1.12%,
04/20/32
(a)(b)(c)
.........
730
730,426
Madison
Park
Funding
XXXVI
Ltd.,
Series
2019-36A,
Class
B1,
(LIBOR
USD
3
Month
+
1.85%),
1.98%,
01/15/33
(a)(b)(c)
........
530
530,343
Madison
Park
Funding
XXXVIII
Ltd.,
Series
2021-38A,
Class
A,
(LIBOR
USD
3
Month
+
1.12%),
1.25%,
07/17/34
(a)(b)(c)
.........
1,130
1,128,653
Marble
Point
CLO
XI
Ltd.,
Series
2017-2A,
Class
A,
(LIBOR
USD
3
Month
+
1.18%),
1.31%,
12/18/30
(a)(b)(c)
...............
430
429,884
Mariner
CLO
LLC
(a)(b)(c)
:
Series
2016-3A,
Class
AR2,
(LIBOR
USD
3
Month
+
0.99%),
1.13%,
07/23/29
....
400
399,867
Series
2016-3A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.05%),
2.19%,
07/23/29
....
1,125
1,124,910
Mariner
Finance
Issuance
Trust
(b)
:
Series
2020-AA,
Class
B,
3.21%,
08/21/34
260
267,243
Series
2020-AA,
Class
C,
4.10%,
08/21/34
330
341,406
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
MidOcean
Credit
CLO
III,
Series
2014-3A,
Class
A3A2,
(LIBOR
USD
3
Month
+
0.97%),
1.10%,
04/21/31
(a)(b)(c)
...............
USD
472
$
472,234
MP
CLO
III
Ltd.,
Series
2013-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.25%),
1.38%,
10/20/30
(a)(b)(c)
....................
830
830,213
MP
CLO
VIII
Ltd.
(a)(b)(c)
:
Series
2015-2A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.20%),
1.33%,
04/28/34
....
1,420
1,415,103
Series
2015-2A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.80%),
1.93%,
04/28/34
....
1,500
1,493,401
Navient
Private
Education
Refi
Loan
Trust
(b)
:
Series
2020-A,
Class
A2B,
(LIBOR
USD
1
Month
+
0.90%),
0.98%,
11/15/68
(a)
...
490
493,867
Series
2021-DA,
Class
B,
2.61%,
04/15/60
(f)
370
370,000
Series
2021-DA,
Class
C,
3.48%,
04/15/60
(f)
950
950,000
Series
2021-DA,
Class
D,
4.00%,
04/15/60
(f)
300
291,600
Neuberger
Berman
CLO
XVI-S
Ltd.,
Series
2017-16SA,
Class
AR,
(LIBOR
USD
3
Month
+
1.04%),
1.17%,
04/15/34
(a)(b)(c)
........
570
568,385
Neuberger
Berman
CLO
XX
Ltd.,
Series
2015-
20A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.65%),
1.79%,
07/15/34
(a)(b)(c)
.........
250
249,999
Neuberger
Berman
CLO
XXII
Ltd.,
Series
2016-22A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.78%,
10/17/30
(a)(b)(c)
........
400
399,999
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.
(a)(b)(c)
:
Series
2017-26A,
Class
A,
(LIBOR
USD
3
Month
+
1.17%),
1.30%,
10/18/30
....
1,430
1,430,019
Series
2017-26A,
Class
B,
(LIBOR
USD
3
Month
+
1.50%),
1.63%,
10/18/30
....
250
249,898
Neuberger
Berman
Loan
Advisers
CLO
37
Ltd.,
Series
2020-37A,
Class
BR,
(LIBOR
USD
3
Month
+
1.45%),
1.58%,
07/20/31
(a)(b)(c)
...
250
249,752
Neuberger
Berman
Loan
Advisers
CLO
42
Ltd.,
Series
2021-42A,
Class
A,
(LIBOR
USD
3
Month
+
1.10%),
1.24%,
07/16/35
(a)(b)(c)
...
880
877,946
Oaktree
CLO
Ltd.,
Series
2015-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
0.87%),
1.00%,
10/20/27
(a)(b)(c)
....................
198
197,861
Ocean
Trails
CLO
VI
(a)(b)(c)
:
Series
2016-6A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.45%),
1.58%,
07/15/28
....
720
719,091
Series
2016-6A,
Class
CRR,
(LIBOR
USD
3
Month
+
2.25%),
2.38%,
07/15/28
....
900
900,247
OCP
CLO
Ltd.
(a)(b)(c)
:
Series
2013-4A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.90%),
2.03%,
04/24/29
....
945
944,234
Series
2014-5A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.08%),
1.21%,
04/26/31
....
140
139,998
Series
2015-10A,
Class
BR,
(LIBOR
USD
3
Month
+
1.85%),
1.98%,
10/26/27
....
380
379,513
Series
2016-12A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.12%),
1.25%,
10/18/28
....
504
504,529
Series
2017-14A,
Class
B,
(LIBOR
USD
3
Month
+
1.95%),
2.08%,
11/20/30
....
250
249,344
Series
2020-18A,
Class
AR,
(LIBOR
USD
3
Month
+
1.09%),
1.22%,
07/20/32
....
320
320,501
Series
2020-19A,
Class
BR,
(LIBOR
USD
3
Month
+
1.70%),
1.83%,
10/20/34
....
250
250,000
OCP
Euro
CLO
DAC
(a)
:
Series
2017-2X,
Class
B,
(EURIBOR
3
Month
+
1.35%),
1.35%,
01/15/32
(e)
...
EUR
170
196,579
Series
2020-4A,
Class
B1R,
(EURIBOR
3
Month
+
1.70%),
1.70%,
09/22/34
(b)(f)
..
690
799,262
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2020-4A,
Class
DR,
(EURIBOR
3
Month
+
3.20%),
3.20%,
09/22/34
(b)(f)
..
EUR
250
$
289,587
Octagon
Investment
Partners
18-R
Ltd.,
Series
2018-18A,
Class
A1A,
(LIBOR
USD
3
Month
+
0.96%),
1.09%,
04/16/31
(a)(b)(c)
........
USD
1,780
1,779,460
Octagon
Investment
Partners
33
Ltd.,
Series
2017-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.19%),
1.32%,
01/20/31
(a)(b)(c)
.........
250
250,004
Octagon
Investment
Partners
46
Ltd.,
Series
2020-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.76%,
07/15/36
(a)(b)(c)
.........
710
707,375
Octagon
Investment
Partners
51
Ltd.,
Series
2021-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.15%),
1.26%,
07/20/34
(a)(b)(c)
.........
2,660
2,658,425
Octagon
Investment
Partners
XV
Ltd.,
Series
2013-1A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.35%),
1.48%,
07/19/30
(a)(b)(c)
........
320
320,337
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.02%),
1.15%,
07/17/30
(a)(b)(c)
........
2,755
2,753,250
Octagon
Investment
Partners
XVII
Ltd.,
Series
2013-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.00%),
1.13%,
01/25/31
(a)(b)(c)
........
2,640
2,639,259
OHA
Credit
Funding
2
Ltd.,
Series
2019-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
1.28%,
04/21/34
(a)(b)(c)
...............
3,220
3,218,428
OHA
Credit
Funding
3
Ltd.
(a)(b)(c)
:
Series
2019-3A,
Class
AR,
(LIBOR
USD
3
Month
+
1.14%),
1.29%,
07/02/35
....
1,450
1,449,173
Series
2019-3A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.80%,
07/02/35
....
668
668,614
OHA
Loan
Funding
Ltd.
(a)(b)(c)
:
Series
2013-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.04%),
1.17%,
05/23/31
....
4,495
4,492,289
Series
2015-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.34%),
1.46%,
11/15/32
....
1,170
1,170,500
OneMain
Financial
Issuance
Trust
(b)
:
Series
2019-2A,
Class
A,
3.14%,
10/14/36
.
3,140
3,358,650
Series
2020-1A,
Class
A,
3.84%,
05/14/32
.
2,800
2,894,067
Series
2020-2A,
Class
C,
2.76%,
09/14/35
.
550
565,302
Series
2020-2A,
Class
D,
3.45%,
09/14/35
.
1,410
1,487,164
Series
2021-1A,
Class
C,
2.22%,
06/16/36
.
100
99,694
Series
2021-1A,
Class
D,
2.47%,
06/16/36
.
210
209,035
Owl
Rock
CLO
VI
Ltd.,
Series
2021-6A,
Class
A,
(LIBOR
USD
3
Month
+
1.45%),
1.57%,
06/21/32
(a)(b)(c)
....................
250
249,077
OZLM
Funding
IV
Ltd.,
Series
2013-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.25%),
1.39%,
10/22/30
(a)(b)(c)
...............
9,022
9,021,842
OZLM
VI
Ltd.,
Series
2014-6A,
Class
A2AS,
(LIBOR
USD
3
Month
+
1.75%),
1.88%,
04/17/31
(a)(b)(c)
....................
250
250,011
OZLM
VIII
Ltd.,
Series
2014-8A,
Class
BRR,
(LIBOR
USD
3
Month
+
2.20%),
2.33%,
10/17/29
(a)(b)(c)
....................
340
339,232
OZLM
XXIV
Ltd.,
Series
2019-24A,
Class
A2AR,
(LIBOR
USD
3
Month
+
1.70%),
1.82%,
07/20/32
(a)(b)(c)
...............
250
250,004
Palmer
Square
CLO
Ltd.
(a)(b)(c)
:
Series
2015-1A,
Class
A1A4,
(LIBOR
USD
3
Month
+
1.13%),
1.26%,
05/21/34
....
5,525
5,555,528
Series
2015-1A,
Class
A2R4,
(LIBOR
USD
3
Month
+
1.70%),
1.83%,
05/21/34
....
250
251,237
Series
2015-2A,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.55%),
1.68%,
07/20/30
....
500
500,052
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.03%),
1.16%,
04/18/31
....
USD
850
$
850,152
Series
2018-2A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.10%),
1.23%,
07/16/31
....
1,070
1,070,242
Series
2018-3A,
Class
A2,
(LIBOR
USD
3
Month
+
1.35%),
1.47%,
08/15/26
....
776
775,286
Series
2018-3A,
Class
B,
(LIBOR
USD
3
Month
+
1.90%),
2.02%,
08/15/26
....
350
350,073
Palmer
Square
Loan
Funding
Ltd.
(a)(b)(c)
:
Series
2018-4A,
Class
A1,
(LIBOR
USD
3
Month
+
0.90%),
1.02%,
11/15/26
....
166
165,831
Series
2018-5A,
Class
A2,
(LIBOR
USD
3
Month
+
1.40%),
1.53%,
01/20/27
....
327
326,999
Series
2019-2A,
Class
C,
(LIBOR
USD
3
Month
+
3.25%),
3.38%,
04/20/27
....
250
250,048
Series
2019-3A,
Class
A2,
(LIBOR
USD
3
Month
+
1.60%),
1.73%,
08/20/27
....
440
440,141
Series
2019-3A,
Class
B,
(LIBOR
USD
3
Month
+
2.10%),
2.23%,
08/20/27
....
350
350,525
Series
2019-4A,
Class
B,
(LIBOR
USD
3
Month
+
2.10%),
2.23%,
10/24/27
....
290
290,085
Series
2020-1A,
Class
A2,
(LIBOR
USD
3
Month
+
1.35%),
1.48%,
02/20/28
....
990
988,422
Series
2020-2A,
Class
A2,
(LIBOR
USD
3
Month
+
1.55%),
1.68%,
04/20/28
....
1,270
1,270,134
Series
2020-4A,
Class
A2,
(LIBOR
USD
3
Month
+
1.60%),
1.73%,
11/25/28
....
560
560,193
Park
Avenue
Institutional
Advisers
CLO
Ltd.
(a)
(b)(c)
:
Series
2017-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.24%),
1.36%,
02/14/34
....
1,390
1,390,842
Series
2017-1A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.55%),
1.67%,
02/14/34
....
970
963,340
Penta
CLO
DAC,
Series
2021-9A,
Class
A,
(EURIBOR
3
Month
+
0.85%),
0.85%,
07/25/36
(a)(b)
.....................
EUR
1,390
1,600,783
Pikes
Peak
CLO
1,
Series
2018-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.18%),
1.31%,
07/24/31
(a)(b)(c)
....................
USD
275
274,914
Pikes
Peak
CLO
8,
Series
2021-8A,
Class
A,
(LIBOR
USD
3
Month
+
1.17%),
1.32%,
07/20/34
(a)(b)(c)
....................
1,570
1,567,217
Post
CLO
Ltd.,
Series
2018-1A,
Class
D,
(LIBOR
USD
3
Month
+
2.95%),
3.08%,
04/16/31
(a)(b)(c)
....................
500
500,009
PPM
CLO
4
Ltd.,
Series
2020-4A,
Class
B,
(LIBOR
USD
3
Month
+
1.90%),
2.03%,
10/18/31
(a)(b)(c)
....................
250
250,000
Prodigy
Finance
DAC
(a)(b)(c)
:
Series
2021-1A,
Class
A,
(LIBOR
USD
1
Month
+
1.25%),
1.34%,
07/25/51
....
1,758
1,764,523
Series
2021-1A,
Class
B,
(LIBOR
USD
1
Month
+
2.50%),
2.59%,
07/25/51
....
280
281,625
Series
2021-1A,
Class
C,
(LIBOR
USD
1
Month
+
3.75%),
3.84%,
07/25/51
....
250
251,793
Progress
Residential
Trust,
Series
2020-SFR2,
Class
D,
3.87%,
06/17/37
(b)
...........
400
413,627
Race
Point
IX
CLO
Ltd.,
Series
2015-9A,
Class
A1A2,
(LIBOR
USD
3
Month
+
0.94%),
1.07%,
10/15/30
(a)(b)(c)
...............
1,026
1,025,755
Recette
CLO
Ltd.,
Series
2015-1A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.40%),
1.53%,
04/20/34
(a)(b)(c)
....................
250
246,356
Regatta
VI
Funding
Ltd.,
Series
2016-1A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.16%),
1.29%,
04/20/34
(a)(b)(c)
...............
1,040
1,040,968
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
22
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Regatta
VII
Funding
Ltd.
(a)(b)(c)
:
Series
2016-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.15%),
1.27%,
06/20/34
....
USD
720
$
720,618
Series
2016-1A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.60%),
1.72%,
06/20/34
....
250
250,000
Regatta
XVIII
Funding
Ltd.,
Series
2021-1A,
Class
B,
(LIBOR
USD
3
Month
+
1.45%),
1.58%,
01/15/34
(a)(b)(c)
...............
250
248,182
Regional
Management
Issuance
Trust
(b)
:
Series
2021-2,
Class
B,
2.35%,
08/15/33
..
130
128,844
Series
2021-2,
Class
C,
3.23%,
08/15/33
..
323
319,458
Riserva
CLO
Ltd.,
Series
2016-3A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.06%),
1.19%,
01/18/34
(a)(b)(c)
....................
1,220
1,217,049
Rockford
Tower
CLO
Ltd.
(a)(b)(c)
:
Series
2017-1A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.10%),
1.23%,
04/20/34
....
2,417
2,405,948
Series
2017-1A,
Class
BR2A,
(LIBOR
USD
3
Month
+
1.65%),
1.78%,
04/20/34
...
1,511
1,499,946
Series
2017-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.50%),
1.63%,
10/15/29
....
1,945
1,944,291
Series
2017-2A,
Class
DR,
(LIBOR
USD
3
Month
+
2.85%),
2.98%,
10/15/29
....
1,039
1,039,001
Series
2017-3A,
Class
A,
(LIBOR
USD
3
Month
+
1.19%),
1.32%,
10/20/30
....
3,237
3,237,001
Series
2018-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.10%),
1.23%,
05/20/31
....
297
297,091
Series
2018-2A,
Class
A,
(LIBOR
USD
3
Month
+
1.16%),
1.29%,
10/20/31
....
250
249,918
Series
2019-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.78%,
08/20/32
....
250
249,540
Series
2021-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.17%),
1.25%,
07/20/34
....
1,730
1,729,057
Rockford
Tower
Europe
CLO
DAC
(a)(e)
:
Series
2018-1X,
Class
B,
(EURIBOR
3
Month
+
1.85%),
1.85%,
12/20/31
....
EUR
826
956,916
Series
2018-1X,
Class
C,
(EURIBOR
3
Month
+
2.47%),
2.47%,
12/20/31
....
280
324,568
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.03%),
1.16%,
04/20/31
(a)(b)(c)
....................
USD
960
960,323
RR
3
Ltd.,
Series
2018-3A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.09%),
1.22%,
01/15/30
(a)(b)(c)
....................
1,090
1,092,048
RR
5
Ltd.,
Series
2018-5A,
Class
A2,
(LIBOR
USD
3
Month
+
1.65%),
1.78%,
10/15/31
(a)(b)
(c)
............................
250
250,005
RR
LLC,
Series
2017-1A,
Class
A1AB,
(LIBOR
USD
3
Month
+
1.15%),
1.23%,
07/15/35
(a)(b)
2,140
2,140,450
RRE
2
Loan
Management
DAC,
Series
2A,
Class
A1R,
(EURIBOR
3
Month
+
0.86%),
0.86%,
07/15/35
(a)(b)
................
EUR
2,120
2,448,997
RRE
9
Loan
Management
DAC,
Series
9A,
Class
A2,
(EURIBOR
3
Month
+
1.70%),
0.00%,
10/15/36
(a)(b)
................
650
752,928
Shackleton
CLO
Ltd.,
Series
2016-9A,
Class
AR,
(LIBOR
USD
3
Month
+
1.13%),
1.26%,
10/20/28
(a)(b)(c)
....................
USD
186
185,709
Signal
Peak
CLO
1
Ltd.,
Series
2014-1A,
Class
AR3,
(LIBOR
USD
3
Month
+
1.16%),
1.29%,
04/17/34
(a)(b)
................
5,180
5,187,664
Signal
Peak
CLO
2
LLC
(a)(b)
:
Series
2015-1A,
Class
AR2,
(LIBOR
USD
3
Month
+
0.98%),
1.11%,
04/20/29
....
249
249,349
Series
2015-1A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.50%),
1.63%,
04/20/29
....
1,466
1,455,738
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Signal
Peak
CLO
8
Ltd.,
Series
2020-8A,
Class
A,
(LIBOR
USD
3
Month
+
1.27%),
1.40%,
04/20/33
(a)(b)(c)
....................
USD
640
$
641,958
Silver
Creek
CLO
Ltd.
(a)(b)(c)
:
Series
2014-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.24%),
1.37%,
07/20/30
....
500
500,256
Series
2014-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.30%),
2.43%,
07/20/30
....
500
498,720
Sixth
Street
CLO
XIX
Ltd.,
Series
2021-19A,
Class
A,
(LIBOR
USD
3
Month
+
1.10%),
1.23%,
07/20/34
(a)(b)(c)
...............
3,815
3,820,335
SLM
Private
Credit
Student
Loan
Trust
(a)
:
Series
2004-B,
Class
A3,
(LIBOR
USD
3
Month
+
0.33%),
0.45%,
03/15/24
....
401
400,338
Series
2006-A,
Class
A5,
(LIBOR
USD
3
Month
+
0.29%),
0.41%,
06/15/39
....
2,559
2,514,865
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(LIBOR
USD
1
Month
+
4.75%),
4.83%,
10/15/41
(a)(b)
..........
3,683
4,124,914
SMB
Private
Education
Loan
Trust
(b)
:
Series
2015-B,
Class
B,
3.50%,
12/17/40
..
990
1,019,576
Series
2020-B,
Class
B,
2.76%,
07/15/53
..
510
512,008
Series
2020-PTA,
Class
A2A,
1.60%,
09/15/54
.....................
4,599
4,648,749
Series
2020-PTA,
Class
B,
2.50%,
09/15/54
1,540
1,557,036
Series
2021-A,
Class
B,
2.31%,
01/15/53
..
1,010
1,023,415
Series
2021-A,
Class
C,
2.99%,
01/15/53
.
2,870
2,909,713
Series
2021-A,
Class
D1,
3.86%,
01/15/53
.
1,340
1,337,437
Series
2021-A,
Class
D2,
3.86%,
01/15/53
.
730
728,209
Series
2021-C,
Class
B,
2.30%,
01/15/53
.
190
190,410
Series
2021-C,
Class
C,
3.00%,
01/15/53
(f)
160
160,000
Series
2021-C,
Class
D,
3.93%,
01/15/53
(f)
100
100,000
Sound
Point
CLO
XII
Ltd.,
Series
2016-2A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.05%),
2.18%,
10/20/28
(a)(b)(c)
...............
900
897,827
Sound
Point
CLO
XV
Ltd.,
Series
2017-1A,
Class
ARR,
(LIBOR
USD
3
Month
+
0.90%),
1.04%,
01/23/29
(a)(b)(c)
...............
310
309,753
Sound
Point
CLO
XXIII,
Series
2019-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.17%),
1.32%,
07/15/34
(a)(b)(c)
....................
4,180
4,170,099
Sound
Point
CLO
XXVI
Ltd.,
Series
2020-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.35%),
3.48%,
07/20/34
(a)(b)(c)
...............
320
320,561
Sound
Point
CLO
XXVIII
Ltd.,
Series
2020-3A,
Class
A1,
(LIBOR
USD
3
Month
+
1.28%),
1.41%,
01/25/32
(a)(b)(c)
...............
460
460,212
Sound
Point
Euro
CLO
II
Funding
DAC,
Series
2A,
Class
B1,
(EURIBOR
3
Month
+
1.85%),
1.85%,
10/26/32
(a)(b)
................
EUR
610
707,109
St
Paul's
CLO
VI
DAC
(a)(b)
:
Series
6A,
Class
CRR,
(EURIBOR
3
Month
+
2.60%),
2.60%,
05/20/34
.........
600
700,367
Series
6A,
Class
DRRE,
(EURIBOR
3
Month
+
3.30%),
3.30%,
05/20/34
.........
500
574,898
St
Paul's
CLO
XII
DAC,
Series
12X,
Class
B1,
(EURIBOR
3
Month
+
1.60%),
1.60%,
04/15/33
(a)(e)
.....................
310
361,450
Steele
Creek
CLO
Ltd.,
Series
2017-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.25%),
1.38%,
10/15/30
(a)(b)(c)
....................
USD
1,070
1,070,029
Sutton
Park
CLO
DAC,
Series
1X,
Class
BE,
(EURIBOR
3
Month
+
2.35%),
2.35%,
11/15/31
(a)(e)
.....................
EUR
202
234,361
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Symphony
CLO
XVI
Ltd.,
Series
2015-16A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
1.28%,
10/15/31
(a)(b)(c)
...............
USD
250
$
250,095
Symphony
CLO
XVII
Ltd.,
Series
2016-17A,
Class
AR,
(LIBOR
USD
3
Month
+
0.88%),
1.01%,
04/15/28
(a)(b)(c)
...............
672
672,703
Symphony
CLO
XXVI
Ltd.,
Series
2021-26A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
1.21%,
04/20/33
(a)(b)(c)
...............
514
513,988
TCI-Flatiron
CLO
Ltd.,
Series
2017-1A,
Class
AR,
(LIBOR
USD
3
Month
+
0.96%),
1.08%,
11/18/30
(a)(b)(c)
....................
890
890,058
TIAA
CLO
III
Ltd.,
Series
2017-2A,
Class
A,
(LIBOR
USD
3
Month
+
1.15%),
1.28%,
01/16/31
(a)(b)(c)
....................
910
909,738
TICP
CLO
IX
Ltd.,
Series
2017-9A,
Class
A,
(LIBOR
USD
3
Month
+
1.14%),
1.27%,
01/20/31
(a)(b)(c)
....................
670
671,198
TICP
CLO
VI
Ltd.
(a)(b)(c)
:
Series
2016-6A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.12%),
1.25%,
01/15/34
....
1,060
1,059,420
Series
2016-6A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.50%),
1.63%,
01/15/34
....
1,360
1,340,976
Towd
Point
Mortgage
Trust,
Series
2019-SJ2,
Class
M1,
4.50%,
11/25/58
(a)(b)
.........
3,000
3,013,074
Trestles
CLO
III
Ltd.
(a)(b)(c)
:
Series
2020-3A,
Class
A1,
(LIBOR
USD
3
Month
+
1.33%),
1.46%,
01/20/33
....
1,830
1,831,453
Series
2020-3A,
Class
B1,
(LIBOR
USD
3
Month
+
1.85%),
1.98%,
01/20/33
....
530
530,353
Trestles
CLO
IV
Ltd.,
Series
2021-4A,
Class
A,
(LIBOR
USD
3
Month
+
1.17%),
1.29%,
07/21/34
(a)(b)(c)
....................
1,550
1,547,284
Tricon
American
Homes,
Series
2020-SFR1,
Class
D,
2.55%,
07/17/38
(b)
...........
2,225
2,245,256
Trinitas
CLO
IV
Ltd.,
Series
2016-4A,
Class
A2L2,
(LIBOR
USD
3
Month
+
1.40%),
1.53%,
10/18/31
(a)(b)(c)
...............
220
220,003
Trinitas
CLO
XIV
Ltd.
(a)(b)(c)
:
Series
2020-14A,
Class
B,
(LIBOR
USD
3
Month
+
2.00%),
2.13%,
01/25/34
....
730
732,068
Series
2020-14A,
Class
C,
(LIBOR
USD
3
Month
+
3.00%),
3.13%,
01/25/34
....
530
532,409
Venture
32
CLO
Ltd.,
Series
2018-32A,
Class
A2A,
(LIBOR
USD
3
Month
+
1.07%),
1.20%,
07/18/31
(a)(b)(c)
...............
350
350,034
Venture
XVIII
CLO
Ltd.,
Series
2014-18A,
Class
AR,
(LIBOR
USD
3
Month
+
1.22%),
1.35%,
10/15/29
(a)(b)(c)
....................
3,230
3,230,824
Voya
CLO
Ltd.
(a)(b)(c)
:
Series
2014-3A,
Class
CR,
(LIBOR
USD
3
Month
+
2.65%),
2.78%,
07/25/26
....
350
349,978
Series
2015-2A,
Class
AR,
(LIBOR
USD
3
Month
+
0.97%),
1.11%,
07/23/27
....
436
436,166
Series
2017-3A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.04%),
1.17%,
04/20/34
....
465
463,408
Series
2017-4A,
Class
A1,
(LIBOR
USD
3
Month
+
1.13%),
1.26%,
10/15/30
....
1,680
1,679,579
Series
2019-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.06%),
1.19%,
04/15/31
....
2,064
2,063,376
Voya
Euro
CLO
II
DAC
(a)(b)
:
Series
2A,
Class
AR,
(EURIBOR
3
Month
+
0.96%),
0.96%,
07/15/35
(f)
..........
EUR
1,360
1,576,144
Series
2A,
Class
CR,
(EURIBOR
3
Month
+
2.15%),
2.15%,
07/15/35
..........
250
289,587
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Voya
Euro
CLO
V
DAC
(a)(b)(f)
:
Series
5A,
Class
B1,
(EURIBOR
3
Month
+
1.75%),
1.75%,
04/15/35
..........
EUR
440
$
509,674
Series
5A,
Class
D,
(EURIBOR
3
Month
+
3.10%),
3.10%,
04/15/35
..........
250
289,588
Whitebox
CLO
I
Ltd.,
Series
2019-1A,
Class
CR,
(LIBOR
USD
3
Month
+
3.05%),
3.15%,
07/24/32
(a)(b)(c)
....................
USD
900
900,007
Whitebox
CLO
II
Ltd.
(a)(b)(c)
:
Series
2020-2A,
Class
A1,
(LIBOR
USD
3
Month
+
1.75%),
1.88%,
10/24/31
....
280
280,568
Series
2020-2A,
Class
B,
(LIBOR
USD
3
Month
+
2.25%),
2.38%,
10/24/31
....
280
280,263
Series
2020-2A,
Class
D,
(LIBOR
USD
3
Month
+
4.15%),
4.28%,
10/24/31
....
280
280,125
Wind
River
CLO
Ltd.,
Series
2016-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.05%),
1.18%,
07/15/28
(a)(b)(c)
....................
578
577,710
Woodmont
Trust,
Series
2017-2A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.67%),
1.80%,
04/20/33
(a)(b)
.....................
2,030
2,036,574
York
CLO-2
Ltd.,
Series
2015-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
1.29%,
01/22/31
(a)(b)(c)
....................
1,250
1,249,997
York
CLO-3
Ltd.
(a)(b)(c)
:
Series
2016-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.25%),
1.38%,
10/20/29
....
520
520,090
Series
2016-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.75%),
1.88%,
10/20/29
....
930
930,982
York
CLO-4
Ltd.,
Series
2016-2A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.09%),
1.22%,
04/20/32
(a)(b)(c)
....................
1,050
1,050,497
Total
Asset-Backed
Securities
—
8.9%
(Cost:
$382,943,116)
..............................
383,118,732
Corporate
Bonds
—
33.6%
Aerospace
&
Defense
—
1.5%
BAE
Systems
Holdings,
Inc.,
3.85%,
12/15/25
(b)
(c)
..........................
530
578,153
BAE
Systems
plc,
3.40%,
04/15/30
(b)(c)
.....
2,647
2,857,186
Boeing
Co.
(The):
2.25%,
06/15/26
..................
1,495
1,519,608
5.93%,
05/01/60
..................
853
1,165,262
Embraer
Netherlands
Finance
BV,
5.40%,
02/01/27
(c)
.....................
218
232,306
Embraer
Overseas
Ltd.,
5.70%,
09/16/23
(c)(e)
.
308
326,827
General
Dynamics
Corp.,
3.63%,
04/01/30
..
3,884
4,350,641
Huntington
Ingalls
Industries,
Inc.:
2.04%,
08/16/28
(b)
.................
436
430,109
4.20%,
05/01/30
..................
2,110
2,381,590
L3Harris
Technologies,
Inc.:
4.40%,
06/15/28
..................
6,690
7,633,997
1.80%,
01/15/31
..................
6,312
6,091,006
Leidos,
Inc.:
4.38%,
05/15/30
..................
3,778
4,267,667
2.30%,
02/15/31
..................
3,171
3,098,225
Lockheed
Martin
Corp.:
3.60%,
03/01/35
..................
3,540
4,004,319
3.80%,
03/01/45
..................
844
978,994
2.80%,
06/15/50
..................
513
507,185
Northrop
Grumman
Corp.:
3.25%,
01/15/28
..................
5,857
6,336,668
4.03%,
10/15/47
..................
1,192
1,395,500
5.25%,
05/01/50
..................
512
717,993
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
24
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
Raytheon
Technologies
Corp.:
3.15%,
12/15/24
..................
USD
920
$
976,706
7.20%,
08/15/27
..................
630
820,588
7.00%,
11/01/28
..................
2,010
2,620,952
4.13%,
11/16/28
..................
2,680
3,050,338
2.15%,
05/18/30
..................
EUR
938
1,211,131
4.20%,
12/15/44
..................
USD
515
596,107
2.82%,
09/01/51
..................
2,600
2,464,298
Textron,
Inc.:
3.90%,
09/17/29
..................
2,448
2,712,945
2.45%,
03/15/31
..................
799
800,609
64,126,910
Air
Freight
&
Logistics
—
0.2%
FedEx
Corp.:
4.25%,
05/15/30
..................
2,440
2,800,651
2.40%,
05/15/31
..................
4,724
4,764,861
United
Parcel
Service,
Inc.:
3.40%,
03/15/29
..................
1,409
1,566,125
2.50%,
09/01/29
..................
864
905,345
10,036,982
Airlines
—
0.5%
Air
Canada
Pass-Through
Trust
(b)(c)
:
Series
2017-1,
Class
B,
3.70%,
01/15/26
.
7
6,895
Series
2017-1,
Class
AA,
3.30%,
01/15/30
430
438,656
American
Airlines
Pass-Through
Trust:
Series
2015-2,
Class
B,
4.40%,
09/22/23
.
1,614
1,589,655
Series
2016-1,
Class
B,
5.25%,
01/15/24
.
1,085
1,070,585
Series
2016-2,
Class
B,
4.38%,
06/15/24
(b)
643
632,328
Series
2017-1,
Class
B,
4.95%,
02/15/25
.
533
534,190
Series
2015-2,
Class
AA,
3.60%,
09/22/27
311
322,376
Series
2016-1,
Class
AA,
3.58%,
01/15/28
2,324
2,370,152
Series
2019-1,
Class
B,
3.85%,
02/15/28
.
1,056
1,005,998
Series
2016-2,
Class
AA,
3.20%,
06/15/28
445
448,318
Series
2016-3,
Class
AA,
3.00%,
10/15/28
930
927,034
Series
2017-1,
Class
AA,
3.65%,
02/15/29
354
365,307
Series
2017-2,
Class
AA,
3.35%,
10/15/29
678
682,596
Series
2019-1,
Class
AA,
3.15%,
02/15/32
1,043
1,052,993
Delta
Air
Lines
Pass-Through
Trust,
Series
2019-1,
Class
AA,
3.20%,
04/25/24
.....
2,489
2,626,986
United
Airlines
Pass-Through
Trust:
Series
2014-1,
Class
B,
4.75%,
04/11/22
.
14
14,567
Series
2014-2,
Class
B,
4.63%,
09/03/22
.
121
123,365
Series
2016-2,
Class
B,
3.65%,
10/07/25
.
82
81,693
Series
2020-1,
Class
B,
4.88%,
01/15/26
.
785
831,026
Series
2020-1,
Class
A,
5.88%,
10/15/27
.
2,727
3,051,379
Series
2015-1,
Class
AA,
3.45%,
12/01/27
914
962,942
Series
2019-2,
Class
B,
3.50%,
05/01/28
.
1,069
1,050,912
Series
2016-1,
Class
AA,
3.10%,
07/07/28
54
55,911
Series
2016-2,
Class
AA,
2.88%,
10/07/28
445
450,241
Series
2018-1,
Class
AA,
3.50%,
03/01/30
550
579,552
Series
2019-1,
Class
AA,
4.15%,
08/25/31
629
677,173
Series
2019-2,
Class
AA,
2.70%,
05/01/32
851
859,880
22,812,710
Automobiles
—
0.2%
General
Motors
Co.,
4.00%,
04/01/25
.....
698
758,969
Hyundai
Capital
America
(b)
:
3.95%,
02/01/22
..................
290
293,266
2.38%,
02/10/23
..................
586
598,901
Nissan
Motor
Acceptance
Co.
LLC,
2.45%,
09/15/28
(b)
.....................
114
112,725
Nissan
Motor
Co.
Ltd.,
4.81%,
09/17/30
(b)(c)
..
6,832
7,683,960
9,447,821
Security
Par
(000)
Par
(000)
Value
Banks
—
4.9%
Banco
Santander
SA
(c)
:
2.71%,
06/27/24
..................
USD
2,400
$
2,524,286
1.85%,
03/25/26
..................
1,400
1,418,010
3.31%,
06/27/29
..................
2,200
2,379,027
Bank
of
America
Corp.:
(LIBOR
USD
3
Month
+
0.79%),
3.00%,
12/20/23
(a)
....................
843
868,771
(SOFR
+
0.74%),
0.81%,
10/24/24
(a)
....
1,155
1,159,001
Series
L,
3.95%,
04/21/25
...........
901
981,876
(LIBOR
USD
3
Month
+
0.87%),
2.46%,
10/22/25
(a)
....................
9,812
10,248,928
4.45%,
03/03/26
..................
4,872
5,455,323
(SOFR
+
1.15%),
1.32%,
06/19/26
(a)
....
2,551
2,550,377
(SOFR
+
1.01%),
1.20%,
10/24/26
(a)
....
2,360
2,342,266
Series
N,
(SOFR
+
0.91%),
1.66%,
03/11/27
(a)
....................
6,696
6,734,436
(SOFR
+
0.96%),
1.73%,
07/22/27
(a)
....
3,661
3,676,064
(LIBOR
USD
3
Month
+
1.58%),
3.82%,
01/20/28
(a)
....................
5,226
5,767,153
(LIBOR
USD
3
Month
+
1.51%),
3.71%,
04/24/28
(a)
....................
711
781,367
(LIBOR
USD
3
Month
+
1.37%),
3.59%,
07/21/28
(a)
....................
6,747
7,396,707
(LIBOR
USD
3
Month
+
1.07%),
3.97%,
03/05/29
(a)
....................
1,422
1,581,493
(LIBOR
USD
3
Month
+
1.31%),
4.27%,
07/23/29
(a)
....................
2,018
2,288,336
(LIBOR
USD
3
Month
+
1.21%),
3.97%,
02/07/30
(a)
....................
2,712
3,036,148
(LIBOR
USD
3
Month
+
1.18%),
3.19%,
07/23/30
(a)
....................
2,865
3,048,497
(SOFR
+
1.37%),
1.92%,
10/24/31
(a)
....
3,462
3,330,341
Series
N,
(SOFR
+
1.22%),
2.65%,
03/11/32
(a)
....................
1,614
1,643,567
(SOFR
+
1.22%),
2.30%,
07/21/32
(a)
....
2,600
2,562,878
(LIBOR
USD
3
Month
+
1.32%),
4.08%,
04/23/40
(a)
....................
756
870,351
(SOFR
+
1.93%),
2.68%,
06/19/41
(a)
....
3,885
3,750,649
Barclays
plc
(a)(c)
:
(LIBOR
USD
3
Month
+
1.90%),
4.97%,
05/16/29
.....................
4,631
5,384,082
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.70%),
3.81%,
03/10/42
................
439
465,930
Citigroup,
Inc.
(a)
:
(LIBOR
USD
3
Month
+
1.39%),
3.67%,
07/24/28
.....................
1,509
1,658,698
(SOFR
+
1.42%),
2.98%,
11/05/30
......
10,814
11,369,703
Citizens
Financial
Group,
Inc.,
3.25%,
04/30/30
1,112
1,191,067
Danske
Bank
A/S
(c)
:
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.03%),
1.17%,
12/08/23
(a)(b)
..............
1,325
1,331,304
5.38%,
01/12/24
(e)
.................
514
564,116
5.38%,
01/12/24
(b)
.................
3,127
3,431,890
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.35%),
1.62%,
09/11/26
(a)(b)
..............
1,818
1,818,209
1.55%,
09/10/27
(b)
.................
1,812
1,797,781
Discover
Bank,
3.45%,
07/27/26
.........
2,020
2,189,933
Grupo
Aval
Ltd.
(c)
:
4.75%,
09/26/22
(e)
.................
232
237,452
4.38%,
02/04/30
(b)
.................
1,896
1,864,953
HSBC
Holdings
plc
(a)(c)
:
(LIBOR
USD
3
Month
+
1.53%),
4.58%,
06/19/29
.....................
1,592
1,807,498
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(LIBOR
USD
3
Month
+
1.61%),
3.97%,
05/22/30
.....................
USD
1,702
$
1,878,565
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.25%),
4.70%
(g)
......................
2,176
2,205,920
(SOFR
+
1.19%),
2.80%,
05/24/32
......
2,116
2,144,498
ING
Groep
NV,
4.63%,
01/06/26
(b)(c)
.......
2,897
3,287,759
Intercorp
Peru
Ltd.,
3.88%,
08/15/29
(b)(c)
....
554
539,457
JPMorgan
Chase
&
Co.
(a)
:
(SOFR
+
1.16%),
2.30%,
10/15/25
......
2,358
2,445,747
(SOFR
+
1.59%),
2.00%,
03/13/26
......
16,827
17,235,649
(LIBOR
USD
3
Month
+
1.25%),
3.96%,
01/29/27
.....................
4,777
5,271,861
(LIBOR
USD
3
Month
+
1.34%),
3.78%,
02/01/28
.....................
7,853
8,653,271
(LIBOR
USD
3
Month
+
1.38%),
3.54%,
05/01/28
.....................
2,434
2,658,503
(LIBOR
USD
3
Month
+
1.33%),
4.45%,
12/05/29
.....................
2,412
2,778,196
(LIBOR
USD
3
Month
+
1.58%),
4.26%,
02/22/48
.....................
1,886
2,274,027
(LIBOR
USD
3
Month
+
1.46%),
4.03%,
07/24/48
.....................
1,589
1,851,815
(LIBOR
USD
3
Month
+
1.22%),
3.90%,
01/23/49
.....................
426
489,057
KeyCorp,
2.55%,
10/01/29
............
22
22,897
Lloyds
Banking
Group
plc
(c)
:
3.75%,
01/11/27
..................
3,215
3,535,342
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.85%),
1.63%,
05/11/27
(a)
...............
640
639,462
Mitsubishi
UFJ
Financial
Group,
Inc.
(c)
:
3.00%,
02/22/22
..................
1,276
1,289,528
3.46%,
03/02/23
..................
2,589
2,700,792
2.19%,
02/25/25
..................
7,052
7,294,404
Mizuho
Financial
Group,
Inc.
(a)(c)
:
(SOFR
+
1.24%),
2.84%,
07/16/25
......
542
569,837
(SOFR
+
1.36%),
2.55%,
09/13/25
......
2,440
2,553,684
(SOFR
+
1.77%),
2.20%,
07/10/31
......
2,147
2,111,336
(SOFR
+
1.53%),
1.98%,
09/08/31
......
3,438
3,318,720
NBK
Tier
1
Financing
Ltd.,
(USD
Swap
Semi
6
Year
+
2.88%),
3.62%
(a)(b)(c)(g)
..........
1,238
1,238,774
Santander
UK
Group
Holdings
plc
(a)(c)
:
(SOFR
+
0.79%),
1.09%,
03/15/25
......
2,441
2,445,280
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.25%),
1.53%,
08/21/26
................
2,853
2,847,270
Sumitomo
Mitsui
Financial
Group,
Inc.
(c)
:
2.70%,
07/16/24
..................
4,183
4,393,694
2.35%,
01/15/25
..................
3,382
3,511,682
US
Bancorp,
3.00%,
07/30/29
..........
1,028
1,104,271
Wells
Fargo
&
Co.
(a)
:
(LIBOR
USD
3
Month
+
1.31%),
3.58%,
05/22/28
.....................
750
821,152
(SOFR
+
1.43%),
2.88%,
10/30/30
......
2,002
2,090,810
(SOFR
+
4.03%),
4.48%,
04/04/31
......
1,101
1,281,879
(SOFR
+
2.53%),
3.07%,
04/30/41
......
3,536
3,633,569
212,627,176
Beverages
—
0.6%
Anheuser-Busch
Cos.
LLC,
4.70%,
02/01/36
(c)
5,100
6,163,047
Anheuser-Busch
InBev
Finance,
Inc.,
4.00%,
01/17/43
(c)
.....................
960
1,058,504
Anheuser-Busch
InBev
Worldwide,
Inc.
(c)
:
4.00%,
04/13/28
..................
417
470,613
4.75%,
01/23/29
..................
9,035
10,636,701
Security
Par
(000)
Par
(000)
Value
Beverages
(continued)
4.60%,
04/15/48
..................
USD
1,834
$
2,189,474
Coca-Cola
Co.
(The):
2.50%,
06/01/40
..................
1,283
1,246,985
1.00%,
03/09/41
..................
EUR
1,170
1,302,279
Keurig
Dr
Pepper,
Inc.,
3.20%,
05/01/30
....
USD
2,581
2,779,639
PepsiCo,
Inc.,
3.63%,
03/19/50
.........
430
495,342
26,342,584
Biotechnology
—
0.8%
AbbVie,
Inc.:
2.60%,
11/21/24
..................
1,252
1,316,140
3.80%,
03/15/25
..................
7,462
8,102,633
3.20%,
05/14/26
..................
4,669
5,037,373
2.95%,
11/21/26
..................
904
968,316
4.50%,
05/14/35
..................
1,736
2,075,145
4.30%,
05/14/36
..................
435
510,091
4.85%,
06/15/44
..................
4
5,033
4.70%,
05/14/45
..................
1,910
2,356,400
4.88%,
11/14/48
..................
588
754,288
Amgen,
Inc.:
2.45%,
02/21/30
..................
2,876
2,937,230
4.40%,
05/01/45
..................
2,481
2,967,719
Biogen,
Inc.:
2.25%,
05/01/30
..................
2,536
2,522,387
3.25%,
02/15/51
(b)
.................
814
800,243
Gilead
Sciences,
Inc.:
4.15%,
03/01/47
..................
1,872
2,190,370
2.80%,
10/01/50
..................
1,048
987,944
33,531,312
Building
Products
—
0.1%
Carrier
Global
Corp.,
2.24%,
02/15/25
.....
5,469
5,665,860
Johnson
Controls
International
plc,
5.13%,
09/14/45
......................
10
13,104
Owens
Corning,
3.95%,
08/15/29
........
318
354,800
6,033,764
Capital
Markets
—
3.1%
Credit
Suisse
AG
(c)
:
3.63%,
09/09/24
..................
2,137
2,303,311
1.25%,
08/07/26
..................
3,804
3,749,968
Credit
Suisse
Group
AG
(b)(c)
:
3.57%,
01/09/23
..................
624
629,118
(LIBOR
USD
3
Month
+
1.24%),
4.21%,
06/12/24
(a)
....................
1,753
1,851,020
(SOFR
+
1.73%),
3.09%,
05/14/32
(a)
....
928
948,904
Deutsche
Bank
AG
(c)
:
(SOFR
+
1.13%),
1.45%,
04/01/25
(a)
....
4,899
4,932,836
1.69%,
03/19/26
..................
4,744
4,770,959
E*TRADE
Financial
Corp.,
4.50%,
06/20/28
..
981
1,122,287
Goldman
Sachs
Group,
Inc.
(The):
4.00%,
03/03/24
..................
439
472,906
3.50%,
01/23/25
..................
7,756
8,307,694
3.50%,
04/01/25
..................
18,221
19,589,457
3.75%,
05/22/25
..................
1,630
1,766,382
(SOFR
+
0.61%),
0.86%,
02/12/26
(a)
....
4,963
4,915,199
(LIBOR
USD
3
Month
+
1.17%),
1.29%,
05/15/26
(a)
....................
871
892,814
3.50%,
11/16/26
..................
640
691,596
3.85%,
01/26/27
..................
2,778
3,052,275
(SOFR
+
0.80%),
1.43%,
03/09/27
(a)
....
4,289
4,277,205
(LIBOR
USD
3
Month
+
1.51%),
3.69%,
06/05/28
(a)
....................
7,304
8,039,747
Huarong
Finance
2019
Co.
Ltd.,
4.50%,
05/29/29
(c)
.....................
300
274,650
Intercontinental
Exchange,
Inc.:
3.75%,
09/21/28
..................
973
1,085,543
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
2.10%,
06/15/30
..................
USD
964
$
953,314
1.85%,
09/15/32
..................
666
626,751
Moody's
Corp.,
3.25%,
01/15/28
.........
1,335
1,449,877
Morgan
Stanley:
3.63%,
01/20/27
..................
1,380
1,521,226
(SOFR
+
0.88%),
1.59%,
05/04/27
(a)
....
9,686
9,714,817
(SOFR
+
0.86%),
1.51%,
07/20/27
(a)
....
2,179
2,168,640
(LIBOR
USD
3
Month
+
1.34%),
3.59%,
07/22/28
(a)
....................
7,304
8,009,841
(LIBOR
USD
3
Month
+
1.14%),
3.77%,
01/24/29
(a)
....................
4,156
4,598,679
(LIBOR
USD
3
Month
+
1.63%),
4.43%,
01/23/30
(a)
....................
9,362
10,810,034
(SOFR
+
1.14%),
2.70%,
01/22/31
(a)
....
6,286
6,481,449
Nomura
Holdings,
Inc.,
2.61%,
07/14/31
(c)
...
2,431
2,422,170
Northern
Trust
Corp.,
3.15%,
05/03/29
.....
628
685,379
UBS
AG,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%),
4.38%
(a)(b)
(c)(g)
.........................
570
575,814
UBS
Group
AG
(a)(b)(c)
:
(LIBOR
USD
3
Month
+
0.95%),
2.86%,
08/15/23
.....................
703
717,804
(USD
Swap
Semi
5
Year
+
4.34%),
7.00%
(g)
4,115
4,489,300
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.85%),
1.49%,
08/10/27
................
4,470
4,418,241
133,317,207
Chemicals
—
0.4%
Dow
Chemical
Co.
(The),
1.13%,
03/15/32
..
EUR
1,156
1,364,152
DuPont
de
Nemours,
Inc.,
4.49%,
11/15/25
..
USD
3,602
4,050,145
Ecolab,
Inc.,
2.75%,
08/18/55
(b)
.........
2,365
2,272,390
Equate
Petrochemical
BV
(c)
:
4.25%,
11/03/26
(e)
.................
202
222,301
2.63%,
04/28/28
(b)
.................
545
547,044
LYB
International
Finance
III
LLC,
4.20%,
05/01/50
......................
1,579
1,798,413
MEGlobal
Canada
ULC,
5.00%,
05/18/25
(b)(c)
.
700
771,006
Orbia
Advance
Corp.
SAB
de
CV,
1.88%,
05/11/26
(b)(c)
....................
1,265
1,262,331
Sherwin-Williams
Co.
(The),
2.30%,
05/15/30
.
2,238
2,259,058
Westlake
Chemical
Corp.,
3.38%,
08/15/61
..
1,049
986,583
15,533,423
Commercial
Services
&
Supplies
—
0.3%
RELX
Capital,
Inc.
(c)
:
3.50%,
03/16/23
..................
595
619,965
4.00%,
03/18/29
..................
2,571
2,893,273
3.00%,
05/22/30
..................
3,694
3,921,570
Republic
Services,
Inc.:
3.38%,
11/15/27
..................
513
559,896
3.95%,
05/15/28
..................
9
10,153
Waste
Management,
Inc.,
1.15%,
03/15/28
..
3,421
3,294,172
11,299,029
Communications
Equipment
—
0.3%
Motorola
Solutions,
Inc.:
4.60%,
05/23/29
..................
5,164
5,997,086
2.75%,
05/24/31
..................
3,881
3,960,625
5.50%,
09/01/44
..................
1,293
1,684,717
11,642,428
Construction
&
Engineering
—
0.1%
Mexico
City
Airport
Trust,
5.50%,
07/31/47
(c)(e)
.
2,089
2,122,946
Consumer
Finance
—
0.6%
AerCap
Ireland
Capital
DAC
(c)
:
3.50%,
01/15/25
..................
299
314,611
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
4.45%,
10/01/25
..................
USD
473
$
517,005
4.45%,
04/03/26
..................
1,150
1,252,624
Capital
One
Financial
Corp.,
3.90%,
01/29/24
2,642
2,828,001
Discover
Financial
Services,
4.50%,
01/30/26
424
474,951
General
Motors
Financial
Co.,
Inc.:
3.55%,
07/08/22
..................
5,097
5,218,335
3.70%,
05/09/23
..................
2,616
2,729,383
5.10%,
01/17/24
..................
2,023
2,208,472
4.00%,
01/15/25
..................
2,900
3,139,491
2.75%,
06/20/25
..................
2,538
2,653,480
1.25%,
01/08/26
..................
1,022
1,009,038
Hyundai
Capital
Services,
Inc.,
3.00%,
08/29/22
(b)(c)
....................
1,650
1,681,247
Synchrony
Financial:
4.50%,
07/23/25
..................
64
70,672
3.70%,
08/04/26
..................
874
948,381
25,045,691
Containers
&
Packaging
—
0.0%
International
Paper
Co.,
6.00%,
11/15/41
...
807
1,128,259
Packaging
Corp.
of
America,
3.05%,
10/01/51
416
410,194
1,538,453
Diversified
Financial
Services
—
0.3%
GE
Capital
International
Funding
Co.
Unlimited
Co.,
4.42%,
11/15/35
..............
3,269
3,922,971
MDGH
-
GMTN
BV
(b)(c)
:
2.50%,
11/07/24
..................
857
894,708
2.88%,
11/07/29
..................
672
708,036
ORIX
Corp.,
2.90%,
07/18/22
(c)
.........
941
960,178
Shell
International
Finance
BV,
2.38%,
11/07/29
(c)
.....................
5,611
5,828,563
12,314,456
Diversified
Telecommunication
Services
—
1.7%
AT&T,
Inc.:
0.00%,
11/27/22
(b)(h)
................
8,000
7,944,428
3.90%,
03/11/24
..................
440
470,249
2.30%,
06/01/27
..................
1,789
1,851,572
1.65%,
02/01/28
..................
4,283
4,248,699
2.75%,
06/01/31
..................
993
1,019,612
2.25%,
02/01/32
..................
1,594
1,552,020
2.55%,
12/01/33
..................
967
951,352
4.50%,
05/15/35
..................
1,480
1,732,553
3.15%,
09/04/36
..................
EUR
385
539,974
2.60%,
05/19/38
..................
1,050
1,381,308
5.15%,
03/15/42
..................
USD
414
513,050
3.50%,
09/15/53
..................
1,975
1,954,697
3.55%,
09/15/55
..................
3,019
2,977,168
3.65%,
09/15/59
..................
3,643
3,631,790
3.50%,
02/01/61
..................
1,150
1,100,489
Deutsche
Telekom
International
Finance
BV,
3.60%,
01/19/27
(b)(c)
...............
2,606
2,863,652
Verizon
Communications,
Inc.:
2.10%,
03/22/28
..................
5,736
5,822,556
4.33%,
09/21/28
..................
5,813
6,682,202
3.15%,
03/22/30
..................
1,100
1,176,404
1.50%,
09/18/30
..................
5,726
5,418,880
1.68%,
10/30/30
..................
5,415
5,149,307
1.75%,
01/20/31
..................
2,364
2,246,958
2.55%,
03/21/31
..................
75
75,922
4.50%,
08/10/33
..................
965
1,149,034
4.27%,
01/15/36
..................
3,087
3,626,338
2.65%,
11/20/40
..................
1,334
1,253,387
2.85%,
09/03/41
..................
648
632,429
2.88%,
11/20/50
..................
2,543
2,370,447
3.00%,
11/20/60
..................
528
487,742
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
3.70%,
03/22/61
..................
USD
1,459
$
1,540,599
72,364,818
Electric
Utilities
—
3.0%
AEP
Texas,
Inc.:
3.95%,
06/01/28
..................
2,458
2,737,355
Series
H,
3.45%,
01/15/50
...........
520
536,679
3.45%,
05/15/51
..................
1,095
1,131,163
AEP
Transmission
Co.
LLC:
3.80%,
06/15/49
..................
618
705,743
3.15%,
09/15/49
..................
1,683
1,737,748
Series
M,
3.65%,
04/01/50
...........
1,678
1,873,893
Alabama
Power
Co.:
Series
A,
4.30%,
07/15/48
...........
1,271
1,564,270
3.45%,
10/01/49
..................
527
568,899
Atlantic
City
Electric
Co.,
4.00%,
10/15/28
...
415
470,102
Baltimore
Gas
&
Electric
Co.:
3.50%,
08/15/46
..................
1,218
1,321,020
3.75%,
08/15/47
..................
557
629,965
4.25%,
09/15/48
..................
831
1,014,193
3.20%,
09/15/49
..................
1,036
1,078,054
CenterPoint
Energy
Houston
Electric
LLC:
Series
AE,
2.35%,
04/01/31
..........
1,709
1,742,572
3.95%,
03/01/48
..................
448
533,317
Series
AD,
2.90%,
07/01/50
..........
620
626,189
Series
AF,
3.35%,
04/01/51
..........
1,003
1,091,949
Commonwealth
Edison
Co.,
Series
130,
3.13%,
03/15/51
......................
1,247
1,285,114
DTE
Electric
Co.:
4.30%,
07/01/44
..................
2
2,447
Series
A,
4.05%,
05/15/48
...........
1,505
1,789,571
3.95%,
03/01/49
..................
1,541
1,819,483
Duke
Energy
Carolinas
LLC:
3.95%,
11/15/28
..................
1,410
1,602,483
3.88%,
03/15/46
..................
942
1,063,156
3.45%,
04/15/51
..................
1,127
1,217,922
Duke
Energy
Florida
LLC:
2.50%,
12/01/29
..................
11,482
11,875,616
1.75%,
06/15/30
..................
1,161
1,125,791
Duke
Energy
Progress
LLC:
3.70%,
09/01/28
..................
605
674,223
3.45%,
03/15/29
..................
4,704
5,200,430
Edison
International:
2.40%,
09/15/22
..................
38
38,614
3.13%,
11/15/22
..................
8
8,202
4.95%,
04/15/25
..................
2,198
2,420,120
Entergy
Arkansas
LLC,
3.35%,
06/15/52
....
720
759,824
Entergy
Louisiana
LLC,
4.20%,
09/01/48
...
1,581
1,894,736
Exelon
Corp.:
5.10%,
06/15/45
..................
312
409,315
4.70%,
04/15/50
..................
512
646,981
FEL
Energy
VI
SARL,
5.75%,
12/01/40
(c)(e)
...
837
873,740
FirstEnergy
Corp.:
Series
B,
4.40%,
07/15/27
(d)
..........
1,839
2,017,712
2.65%,
03/01/30
..................
2,240
2,228,800
Series
B,
2.25%,
09/01/30
...........
1,970
1,901,050
Series
C,
3.40%,
03/01/50
...........
411
395,119
FirstEnergy
Transmission
LLC
(b)
:
4.35%,
01/15/25
..................
5,908
6,424,443
5.45%,
07/15/44
..................
267
340,304
4.55%,
04/01/49
..................
3,044
3,562,673
Florida
Power
&
Light
Co.:
4.05%,
10/01/44
..................
467
560,116
3.95%,
03/01/48
..................
1,353
1,633,582
4.13%,
06/01/48
..................
403
493,907
3.15%,
10/01/49
..................
3,597
3,808,706
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
MidAmerican
Energy
Co.:
3.10%,
05/01/27
..................
USD
90
$
97,864
3.65%,
04/15/29
..................
4,992
5,585,947
3.65%,
08/01/48
..................
180
201,959
4.25%,
07/15/49
..................
910
1,124,567
3.15%,
04/15/50
..................
1,371
1,434,988
Mid-Atlantic
Interstate
Transmission
LLC,
4.10%,
05/15/28
(b)
................
317
355,122
Northern
States
Power
Co.:
4.00%,
08/15/45
..................
669
790,282
2.90%,
03/01/50
..................
1,200
1,205,377
3.20%,
04/01/52
..................
540
575,551
NRG
Energy,
Inc.
(b)
:
2.45%,
12/02/27
..................
3,615
3,668,395
4.45%,
06/15/29
..................
1,496
1,655,162
NSTAR
Electric
Co.,
3.95%,
04/01/30
.....
425
485,319
Ohio
Power
Co.:
Series
Q,
1.63%,
01/15/31
...........
623
594,781
4.00%,
06/01/49
..................
983
1,145,124
Series
R,
2.90%,
10/01/51
...........
1,172
1,132,465
Oncor
Electric
Delivery
Co.
LLC:
3.70%,
11/15/28
..................
3,698
4,180,632
3.80%,
09/30/47
..................
565
649,640
3.80%,
06/01/49
..................
968
1,131,965
5.35%,
10/01/52
..................
384
561,206
PECO
Energy
Co.,
3.05%,
03/15/51
......
1,924
1,957,837
Public
Service
Electric
&
Gas
Co.:
3.65%,
09/01/28
..................
2,089
2,335,632
3.20%,
05/15/29
..................
472
514,816
3.00%,
03/01/51
..................
545
559,839
Southern
California
Edison
Co.:
1.85%,
02/01/22
..................
155
155,118
Series
E,
3.70%,
08/01/25
...........
1,286
1,398,243
Series
20C,
1.20%,
02/01/26
.........
730
723,497
2.25%,
06/01/30
..................
5,033
4,940,661
Southwestern
Public
Service
Co.,
Series
8,
3.15%,
05/01/50
.................
2,123
2,224,533
Star
Energy
Geothermal
Darajat
II,
4.85%,
10/14/38
(b)(c)
....................
835
932,225
Tampa
Electric
Co.:
4.45%,
06/15/49
..................
892
1,101,913
3.45%,
03/15/51
..................
508
543,163
Trans-Allegheny
Interstate
Line
Co.,
3.85%,
06/01/25
(b)
.....................
3,808
4,091,161
Virginia
Electric
&
Power
Co.:
Series
A,
3.15%,
01/15/26
...........
807
868,555
Series
A,
3.50%,
03/15/27
...........
577
636,821
4.00%,
01/15/43
..................
1,160
1,329,854
Vistra
Operations
Co.
LLC,
4.30%,
07/15/29
(b)
3,137
3,343,278
131,670,783
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Corning,
Inc.,
4.38%,
11/15/57
..........
1,034
1,240,252
Entertainment
—
0.2%
Activision
Blizzard,
Inc.:
1.35%,
09/15/30
..................
2,133
1,976,858
2.50%,
09/15/50
..................
666
576,663
Electronic
Arts,
Inc.,
1.85%,
02/15/31
......
2,914
2,818,047
Walt
Disney
Co.
(The):
2.75%,
09/01/49
..................
2,429
2,332,279
4.70%,
03/23/50
..................
1,140
1,494,690
9,198,537
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.3%
American
Tower
Corp.:
2.40%,
03/15/25
..................
2,350
2,443,405
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
28
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
1.30%,
09/15/25
..................
USD
3,183
$
3,183,627
1.60%,
04/15/26
..................
818
821,341
3.95%,
03/15/29
..................
885
983,875
3.80%,
08/15/29
..................
3,482
3,861,181
Boston
Properties
LP,
3.13%,
09/01/23
.....
616
642,201
CC
Holdings
GS
V
LLC,
3.85%,
04/15/23
...
463
485,999
Crown
Castle
International
Corp.:
1.35%,
07/15/25
..................
1,864
1,872,796
1.05%,
07/15/26
..................
541
529,471
3.10%,
11/15/29
..................
4,449
4,674,176
3.30%,
07/01/30
..................
1,993
2,124,027
2.25%,
01/15/31
..................
2,420
2,364,981
Digital
Dutch
Finco
BV
(e)
:
1.50%,
03/15/30
..................
EUR
1,950
2,369,644
1.00%,
01/15/32
..................
1,070
1,212,801
Duke
Realty
LP,
1.75%,
02/01/31
........
USD
3,245
3,091,982
Equinix,
Inc.:
1.25%,
07/15/25
..................
601
598,559
1.00%,
09/15/25
..................
3,463
3,415,441
2.15%,
07/15/30
..................
2,427
2,380,127
2.50%,
05/15/31
..................
1,201
1,209,173
GLP
Capital
LP:
5.25%,
06/01/25
..................
2,013
2,244,656
4.00%,
01/15/30
..................
4,627
4,968,565
4.00%,
01/15/31
..................
2,571
2,773,081
National
Retail
Properties,
Inc.:
2.50%,
04/15/30
..................
1,554
1,574,801
3.50%,
04/15/51
..................
1,224
1,273,512
3.00%,
04/15/52
..................
474
448,619
Prologis
Euro
Finance
LLC,
1.50%,
09/10/49
.
EUR
1,560
1,764,275
Realty
Income
Corp.,
3.25%,
01/15/31
.....
USD
1,331
1,444,351
Service
Properties
Trust,
4.35%,
10/01/24
...
990
1,003,098
55,759,765
Food
&
Staples
Retailing
—
0.1%
Alimentation
Couche-Tard,
Inc.,
3.55%,
07/26/27
(b)(c)
....................
3,065
3,375,288
Walmart,
Inc.,
2.65%,
09/22/51
.........
442
439,971
3,815,259
Food
Products
—
0.0%
Mondelez
International,
Inc.,
2.75%,
04/13/30
1,387
1,451,261
Gas
Utilities
—
0.2%
Atmos
Energy
Corp.,
4.13%,
03/15/49
.....
684
794,858
CenterPoint
Energy
Resources
Corp.,
1.75%,
10/01/30
......................
5,245
5,038,681
ONE
Gas,
Inc.,
2.00%,
05/15/30
.........
480
470,092
Piedmont
Natural
Gas
Co.,
Inc.,
2.50%,
03/15/31
......................
1,045
1,050,560
Promigas
SA
ESP
(c)
:
3.75%,
10/16/29
(b)
.................
600
599,745
3.75%,
10/16/29
(e)
.................
936
935,602
8,889,538
Health
Care
Equipment
&
Supplies
—
0.1%
Boston
Scientific
Corp.,
2.65%,
06/01/30
...
1,287
1,328,142
DH
Europe
Finance
II
SARL,
1.80%,
09/18/49
EUR
800
972,629
Medtronic
Global
Holdings
SCA:
1.50%,
07/02/39
..................
785
945,313
1.38%,
10/15/40
..................
528
618,611
1.75%,
07/02/49
..................
800
971,498
4,836,193
Health
Care
Providers
&
Services
—
1.4%
Aetna,
Inc.:
6.63%,
06/15/36
..................
USD
344
497,015
4.50%,
05/15/42
..................
745
890,243
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
4.75%,
03/15/44
..................
USD
5
$
6,198
Anthem,
Inc.:
3.65%,
12/01/27
..................
774
859,811
4.10%,
03/01/28
..................
2,049
2,319,494
3.60%,
03/15/51
..................
726
793,144
Centene
Corp.:
2.45%,
07/15/28
..................
1,254
1,260,270
3.00%,
10/15/30
..................
3,317
3,399,925
Cigna
Corp.:
3.40%,
03/01/27
..................
2,935
3,207,246
4.38%,
10/15/28
..................
3,951
4,565,834
CVS
Health
Corp.:
3.25%,
08/15/29
..................
6,740
7,244,421
3.75%,
04/01/30
..................
6,477
7,195,643
5.13%,
07/20/45
..................
2,128
2,742,414
HCA,
Inc.:
4.75%,
05/01/23
..................
4,793
5,092,713
5.00%,
03/15/24
..................
429
470,818
5.25%,
04/15/25
..................
3,462
3,924,362
5.25%,
06/15/26
..................
3,142
3,605,507
2.38%,
07/15/31
..................
5,518
5,422,975
Humana,
Inc.:
4.50%,
04/01/25
..................
491
545,237
4.88%,
04/01/30
..................
824
978,511
UnitedHealth
Group,
Inc.:
3.38%,
04/15/27
..................
80
88,053
6.88%,
02/15/38
..................
333
509,817
4.63%,
11/15/41
..................
1,829
2,295,107
4.20%,
01/15/47
..................
953
1,165,605
3.70%,
08/15/49
..................
596
677,010
2.90%,
05/15/50
..................
914
916,466
60,673,839
Hotels,
Restaurants
&
Leisure
—
0.2%
Expedia
Group,
Inc.,
3.25%,
02/15/30
.....
584
603,975
Marriott
International,
Inc.,
Series
HH,
2.85%,
04/15/31
......................
1,145
1,159,635
McDonald's
Corp.:
2.63%,
09/01/29
..................
9
9,387
2.13%,
03/01/30
..................
871
879,120
3.60%,
07/01/30
..................
1,565
1,740,611
4.45%,
03/01/47
..................
918
1,119,844
4.45%,
09/01/48
..................
990
1,215,586
4.20%,
04/01/50
..................
15
17,882
Starbucks
Corp.:
2.25%,
03/12/30
..................
2,010
2,026,241
2.55%,
11/15/30
..................
808
829,976
9,602,257
Household
Durables
—
0.2%
DR
Horton,
Inc.,
1.30%,
10/15/26
........
4,340
4,291,096
Lennar
Corp.,
4.13%,
01/15/22
.........
3,020
3,020,000
PulteGroup,
Inc.,
5.50%,
03/01/26
........
866
1,003,746
8,314,842
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Colbun
SA,
3.15%,
03/06/30
(b)(c)
.........
200
205,787
Industrial
Conglomerates
—
0.0%
General
Electric
Co.:
4.25%,
05/01/40
..................
5
5,841
4.50%,
03/11/44
..................
16
19,294
4.35%,
05/01/50
..................
623
752,239
Roper
Technologies,
Inc.,
2.95%,
09/15/29
..
741
785,993
1,563,367
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Insurance
—
0.4%
American
International
Group,
Inc.:
3.40%,
06/30/30
..................
USD
2,582
$
2,817,452
4.50%,
07/16/44
..................
750
915,672
Aon
Corp.:
4.50%,
12/15/28
..................
1,371
1,581,422
3.75%,
05/02/29
..................
938
1,044,120
2.80%,
05/15/30
..................
3,868
4,040,716
Hartford
Financial
Services
Group,
Inc.
(The),
5.95%,
10/15/36
.................
721
981,139
Marsh
&
McLennan
Cos.,
Inc.:
1.35%,
09/21/26
..................
EUR
1,005
1,229,182
1.98%,
03/21/30
..................
1,422
1,825,678
2.25%,
11/15/30
..................
USD
1,547
1,558,145
15,993,526
Internet
&
Direct
Marketing
Retail
—
0.1%
Amazon.com,
Inc.,
2.50%,
06/03/50
......
3,349
3,136,514
eBay,
Inc.,
1.40%,
05/10/26
...........
1,815
1,820,837
4,957,351
IT
Services
—
0.8%
Fidelity
National
Information
Services,
Inc.:
1.00%,
12/03/28
..................
EUR
2,550
3,038,478
2.95%,
05/21/39
..................
1,169
1,640,500
Fiserv,
Inc.:
4.20%,
10/01/28
..................
USD
2,957
3,365,867
3.50%,
07/01/29
..................
5,311
5,783,388
Global
Payments,
Inc.:
1.20%,
03/01/26
..................
5,280
5,226,514
4.80%,
04/01/26
..................
3,096
3,507,074
3.20%,
08/15/29
..................
2,895
3,060,294
International
Business
Machines
Corp.:
3.30%,
05/15/26
..................
4,346
4,736,881
1.95%,
05/15/30
..................
6,311
6,232,998
36,591,994
Life
Sciences
Tools
&
Services
—
0.2%
Agilent
Technologies,
Inc.:
3.05%,
09/22/26
..................
2,061
2,210,046
2.75%,
09/15/29
..................
820
855,642
2.10%,
06/04/30
..................
245
242,529
2.30%,
03/12/31
..................
585
585,595
Thermo
Fisher
Scientific,
Inc.:
2.80%,
10/15/41
..................
719
717,168
1.88%,
10/01/49
..................
EUR
1,600
1,947,511
6,558,491
Machinery
—
0.2%
CNH
Industrial
Capital
LLC,
4.20%,
01/15/24
.
USD
4,790
5,140,814
Otis
Worldwide
Corp.,
2.57%,
02/15/30
....
1,407
1,444,441
6,585,255
Media
—
1.1%
Charter
Communications
Operating
LLC:
2.25%,
01/15/29
..................
133
132,895
6.48%,
10/23/45
..................
5,099
6,932,500
5.38%,
05/01/47
..................
3,700
4,429,994
3.85%,
04/01/61
..................
1,390
1,325,633
4.40%,
12/01/61
..................
805
837,168
3.95%,
06/30/62
..................
440
424,464
Comcast
Corp.:
3.15%,
02/15/28
..................
1,876
2,036,295
4.15%,
10/15/28
..................
779
895,877
2.65%,
02/01/30
..................
5,485
5,722,477
4.25%,
10/15/30
..................
685
797,904
1.95%,
01/15/31
..................
2,897
2,842,942
3.25%,
11/01/39
..................
947
999,841
3.40%,
07/15/46
..................
1,090
1,155,970
Security
Par
(000)
Par
(000)
Value
Media
(continued)
3.97%,
11/01/47
..................
USD
814
$
929,437
2.45%,
08/15/52
..................
3,087
2,724,124
2.94%,
11/01/56
(b)
.................
1,161
1,096,664
Cox
Communications,
Inc.
(b)
:
3.15%,
08/15/24
..................
2,304
2,439,193
3.60%,
06/15/51
..................
977
1,024,567
Discovery
Communications
LLC,
1.90%,
03/19/27
......................
EUR
2,645
3,264,995
Interpublic
Group
of
Cos.,
Inc.
(The),
4.75%,
03/30/30
......................
USD
958
1,128,470
Omnicom
Group,
Inc.,
2.45%,
04/30/30
....
611
618,385
Time
Warner
Cable
LLC:
6.55%,
05/01/37
..................
674
909,418
5.88%,
11/15/40
..................
994
1,253,833
ViacomCBS,
Inc.:
4.38%,
03/15/43
..................
679
776,749
5.85%,
09/01/43
..................
1,120
1,526,310
46,226,105
Metals
&
Mining
—
0.4%
Anglo
American
Capital
plc
(b)(c)
:
5.63%,
04/01/30
..................
1,911
2,292,302
2.88%,
03/17/31
..................
490
490,860
AngloGold
Ashanti
Holdings
plc,
3.75%,
10/01/30
(c)
.....................
234
239,265
Glencore
Funding
LLC
(b)(c)
:
1.63%,
04/27/26
..................
2,945
2,930,976
2.50%,
09/01/30
..................
3,349
3,278,598
2.85%,
04/27/31
..................
3,782
3,804,617
Newmont
Corp.,
2.25%,
10/01/30
........
1,212
1,205,622
Nucor
Corp.,
3.95%,
05/01/28
..........
933
1,047,905
Vale
Overseas
Ltd.,
3.75%,
07/08/30
(c)
.....
1,435
1,481,207
16,771,352
Multi-Utilities
—
0.1%
Ameren
Illinois
Co.:
3.80%,
05/15/28
..................
430
481,083
3.25%,
03/15/50
..................
1,389
1,475,729
Consumers
Energy
Co.:
3.80%,
11/15/28
..................
81
90,943
4.05%,
05/15/48
..................
625
741,809
3.75%,
02/15/50
..................
1,096
1,263,151
3.10%,
08/15/50
..................
734
758,306
3.50%,
08/01/51
..................
1,199
1,322,537
6,133,558
Oil,
Gas
&
Consumable
Fuels
—
2.5%
Boardwalk
Pipelines
LP,
4.80%,
05/03/29
...
9
10,304
BP
Capital
Markets
America,
Inc.:
3.79%,
02/06/24
..................
1,163
1,245,196
3.22%,
04/14/24
..................
439
465,896
3.19%,
04/06/25
..................
1,585
1,696,646
3.00%,
03/17/52
..................
1,650
1,577,708
Cameron
LNG
LLC
(b)
:
3.30%,
01/15/35
..................
3,606
3,851,581
3.40%,
01/15/38
..................
717
753,537
Cenovus
Energy,
Inc.,
3.75%,
02/15/52
(c)
...
126
122,440
Cheniere
Corpus
Christi
Holdings
LLC:
7.00%,
06/30/24
..................
2,820
3,189,479
5.88%,
03/31/25
..................
778
878,853
5.13%,
06/30/27
..................
6,196
7,163,238
Chevron
USA,
Inc.:
4.95%,
08/15/47
..................
917
1,224,470
2.34%,
08/12/50
..................
581
523,596
Devon
Energy
Corp.,
4.50%,
01/15/30
(b)
....
423
461,022
Diamondback
Energy,
Inc.:
3.50%,
12/01/29
..................
2,707
2,894,965
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
30
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
3.13%,
03/24/31
..................
USD
3,758
$
3,902,180
Energy
Transfer
LP:
2.90%,
05/15/25
..................
1,622
1,700,167
5.95%,
12/01/25
..................
1,740
2,018,040
4.20%,
04/15/27
..................
3,659
4,046,174
6.63%,
10/15/36
..................
396
519,582
7.50%,
07/01/38
..................
16
22,225
6.50%,
02/01/42
..................
685
889,968
6.10%,
02/15/42
..................
541
670,259
5.15%,
02/01/43
..................
537
600,451
Enterprise
Products
Operating
LLC:
3.13%,
07/31/29
..................
4,589
4,928,521
3.30%,
02/15/53
..................
534
520,780
EOG
Resources,
Inc.,
4.15%,
01/15/26
....
686
765,458
Exxon
Mobil
Corp.,
1.41%,
06/26/39
......
EUR
2,120
2,374,978
Galaxy
Pipeline
Assets
Bidco
Ltd.
(b)(c)
:
2.16%,
03/31/34
..................
USD
910
891,800
2.94%,
09/30/40
..................
995
991,876
KazMunayGas
National
Co.
JSC,
3.50%,
04/14/33
(b)(c)
....................
290
298,700
Kinder
Morgan
Energy
Partners
LP,
6.55%,
09/15/40
......................
578
800,435
Marathon
Petroleum
Corp.,
5.00%,
09/15/54
.
1,003
1,195,452
MPLX
LP:
4.88%,
12/01/24
..................
1,524
1,688,056
1.75%,
03/01/26
..................
888
893,468
NGPL
PipeCo
LLC
(b)
:
4.88%,
08/15/27
..................
2,939
3,335,672
3.25%,
07/15/31
..................
2,540
2,602,494
Northwest
Pipeline
LLC,
4.00%,
04/01/27
...
5,629
6,233,769
Sabine
Pass
Liquefaction
LLC:
5.63%,
04/15/23
(d)
.................
1,205
1,280,571
5.75%,
05/15/24
..................
6,544
7,288,111
5.63%,
03/01/25
..................
10,870
12,336,862
5.88%,
06/30/26
..................
2,204
2,593,882
5.00%,
03/15/27
..................
579
665,624
Santos
Finance
Ltd.,
5.25%,
03/13/29
(c)(e)
...
600
673,042
Suncor
Energy,
Inc.,
6.50%,
06/15/38
(c)
....
902
1,253,164
Texas
Eastern
Transmission
LP,
3.50%,
01/15/28
(b)
.....................
3,645
3,942,651
TransCanada
PipeLines
Ltd.,
4.63%,
03/01/34
(c)
411
484,130
Transcontinental
Gas
Pipe
Line
Co.
LLC:
7.85%,
02/01/26
..................
3,912
4,877,482
4.00%,
03/15/28
..................
4,054
4,531,105
3.95%,
05/15/50
..................
466
522,543
108,398,603
Paper
&
Forest
Products
—
0.1%
Georgia-Pacific
LLC:
0.95%,
05/15/26
(b)
.................
745
735,447
2.30%,
04/30/30
(b)
.................
1,784
1,816,324
8.88%,
05/15/31
..................
165
257,544
Suzano
Austria
GmbH
(c)
:
3.75%,
01/15/31
..................
570
584,107
3.13%,
01/15/32
..................
790
761,461
4,154,883
Pharmaceuticals
—
0.4%
AstraZeneca
plc,
1.38%,
08/06/30
(c)
.......
4,048
3,852,161
Eli
Lilly
&
Co.,
1.70%,
11/01/49
.........
EUR
800
1,020,284
Merck
&
Co.,
Inc.,
2.45%,
06/24/50
.......
USD
755
703,168
Pfizer,
Inc.:
2.63%,
04/01/30
..................
637
672,627
1.70%,
05/28/30
..................
3,347
3,300,678
Takeda
Pharmaceutical
Co.
Ltd.:
5.00%,
11/26/28
(c)
.................
1,379
1,647,506
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
2.05%,
03/31/30
(c)
.................
USD
1,918
$
1,887,916
2.00%,
07/09/40
..................
EUR
2,215
2,753,943
15,838,283
Real
Estate
Management
&
Development
—
0.0%
MAF
Global
Securities
Ltd.,
4.75%,
05/07/24
(c)(e)
USD
232
251,140
Road
&
Rail
—
0.7%
Burlington
Northern
Santa
Fe
LLC:
5.75%,
05/01/40
..................
1,030
1,443,707
4.45%,
03/15/43
..................
406
506,704
3.30%,
09/15/51
..................
1,669
1,799,360
Canadian
Pacific
Railway
Co.,
2.05%,
03/05/30
(c)
.....................
1,017
1,004,357
CSX
Corp.:
4.30%,
03/01/48
..................
1,496
1,814,635
4.75%,
11/15/48
..................
1,081
1,395,565
4.25%,
11/01/66
..................
408
496,656
Norfolk
Southern
Corp.:
3.65%,
08/01/25
..................
1,005
1,092,360
2.90%,
06/15/26
..................
730
781,061
4.45%,
06/15/45
..................
23
28,177
3.40%,
11/01/49
..................
842
897,476
3.05%,
05/15/50
..................
455
453,529
4.05%,
08/15/52
..................
709
832,517
Penske
Truck
Leasing
Co.
LP
(b)
:
4.25%,
01/17/23
..................
1,550
1,622,319
2.70%,
11/01/24
..................
710
745,353
4.00%,
07/15/25
..................
1,555
1,699,440
1.20%,
11/15/25
..................
1,773
1,752,438
1.70%,
06/15/26
..................
736
740,032
Ryder
System,
Inc.:
2.50%,
09/01/24
..................
549
573,797
4.63%,
06/01/25
..................
3,096
3,467,445
3.35%,
09/01/25
..................
999
1,076,528
Union
Pacific
Corp.:
3.25%,
01/15/25
..................
585
625,967
2.75%,
03/01/26
..................
1,178
1,254,132
2.95%,
03/10/52
..................
217
215,721
3.95%,
08/15/59
..................
39
45,586
3.84%,
03/20/60
..................
2,355
2,701,867
2.97%,
09/16/62
..................
1,712
1,650,841
Union
Pacific
Railroad
Co.
Pass-Through
Trust,
Series
2014-1,
3.23%,
05/14/26
.......
1,276
1,370,098
32,087,668
Semiconductors
&
Semiconductor
Equipment
—
1.5%
Applied
Materials,
Inc.,
2.75%,
06/01/50
....
984
963,716
Broadcom
Corp.,
3.88%,
01/15/27
.......
3,281
3,605,556
Broadcom,
Inc.:
3.15%,
11/15/25
..................
1,154
1,233,375
4.11%,
09/15/28
..................
834
927,935
4.75%,
04/15/29
..................
1,038
1,192,091
3.42%,
04/15/33
(b)
.................
8,852
9,163,340
3.47%,
04/15/34
(b)
.................
1,041
1,071,956
Intel
Corp.:
3.73%,
12/08/47
..................
2,636
2,940,667
3.20%,
08/12/61
..................
458
460,444
KLA
Corp.:
4.10%,
03/15/29
..................
3,672
4,178,993
3.30%,
03/01/50
..................
3,091
3,252,147
Lam
Research
Corp.:
3.75%,
03/15/26
..................
5,152
5,715,203
4.88%,
03/15/49
..................
1,602
2,159,460
2.88%,
06/15/50
..................
497
498,381
NVIDIA
Corp.:
1.55%,
06/15/28
..................
6,172
6,146,830
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
3.50%,
04/01/50
..................
USD
380
$
425,765
NXP
BV
(b)(c)
:
4.30%,
06/18/29
..................
6,751
7,644,664
3.40%,
05/01/30
..................
1,493
1,615,519
2.50%,
05/11/31
..................
6,611
6,672,533
QUALCOMM,
Inc.:
4.80%,
05/20/45
..................
790
1,038,381
4.30%,
05/20/47
..................
1,913
2,374,198
63,281,154
Software
—
1.0%
Autodesk,
Inc.,
3.50%,
06/15/27
.........
4,420
4,843,951
Citrix
Systems,
Inc.:
4.50%,
12/01/27
..................
2,695
2,982,699
3.30%,
03/01/30
..................
1,277
1,304,164
Microsoft
Corp.:
2.53%,
06/01/50
..................
2,257
2,171,814
2.92%,
03/17/52
..................
1,642
1,697,495
Oracle
Corp.:
3.90%,
05/15/35
..................
2,544
2,800,579
3.80%,
11/15/37
..................
2,558
2,760,411
6.13%,
07/08/39
..................
387
523,866
3.60%,
04/01/40
..................
7,525
7,803,508
3.65%,
03/25/41
..................
2,072
2,142,943
4.13%,
05/15/45
..................
5,375
5,787,746
4.00%,
07/15/46
..................
1,339
1,418,506
3.60%,
04/01/50
..................
1,517
1,518,818
4.38%,
05/15/55
..................
531
595,710
salesforce.com,
Inc.,
3.05%,
07/15/61
.....
461
466,368
ServiceNow,
Inc.,
1.40%,
09/01/30
.......
2,255
2,115,011
VMware,
Inc.:
1.80%,
08/15/28
..................
1,969
1,939,789
2.20%,
08/15/31
..................
1,596
1,560,518
44,433,896
Specialty
Retail
—
0.4%
Home
Depot,
Inc.
(The):
2.95%,
06/15/29
..................
4,605
4,970,482
2.75%,
09/15/51
..................
348
338,874
InRetail
Consumer,
3.25%,
03/22/28
(b)(c)
....
635
631,944
Lowe's
Cos.,
Inc.:
4.00%,
04/15/25
..................
4,624
5,067,032
2.50%,
04/15/26
..................
820
864,959
1.30%,
04/15/28
..................
1,569
1,526,368
3.65%,
04/05/29
..................
1,432
1,585,479
2.80%,
09/15/41
..................
614
597,277
15,582,415
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
Apple,
Inc.:
2.38%,
02/08/41
..................
1,020
979,690
3.85%,
05/04/43
..................
1,243
1,452,248
2.55%,
08/20/60
..................
2,713
2,473,096
Dell
International
LLC:
4.90%,
10/01/26
..................
2,171
2,500,905
8.35%,
07/15/46
..................
265
429,792
Hewlett
Packard
Enterprise
Co.,
4.65%,
10/01/24
......................
4,026
4,447,517
HP,
Inc.,
2.65%,
06/17/31
(b)
............
476
471,285
Seagate
HDD
Cayman,
4.09%,
06/01/29
...
252
264,600
13,019,133
Thrifts
&
Mortgage
Finance
—
0.1%
BPCE
SA,
2.70%,
10/01/29
(b)(c)
..........
3,436
3,565,931
Tobacco
—
0.5%
Altria
Group,
Inc.:
2.20%,
06/15/27
..................
EUR
944
1,177,457
Security
Par
(000)
Par
(000)
Value
Tobacco
(continued)
3.40%,
05/06/30
..................
USD
1,187
$
1,256,074
3.13%,
06/15/31
..................
EUR
2,880
3,815,692
2.45%,
02/04/32
..................
USD
3,472
3,326,975
5.80%,
02/14/39
..................
342
420,551
3.40%,
02/04/41
..................
1,968
1,863,773
BAT
Capital
Corp.
(c)
:
3.22%,
09/06/26
..................
1,075
1,146,110
2.73%,
03/25/31
..................
5,222
5,142,447
4.76%,
09/06/49
..................
64
69,184
3.98%,
09/25/50
..................
937
901,337
Philip
Morris
International,
Inc.,
1.45%,
08/01/39
......................
EUR
2,600
2,839,374
Reynolds
American,
Inc.,
5.85%,
08/15/45
(c)
..
USD
1,002
1,202,256
23,161,230
Trading
Companies
&
Distributors
—
0.1%
Air
Lease
Corp.,
1.88%,
08/17/26
........
1,432
1,427,000
United
Rentals
North
America,
Inc.,
3.88%,
11/15/27
......................
1,880
1,969,300
3,396,300
Wireless
Telecommunication
Services
—
0.4%
Empresa
Nacional
de
Telecomunicaciones
SA,
4.75%,
08/01/26
(b)(c)
...............
266
290,937
T-Mobile
USA,
Inc.:
3.75%,
04/15/27
..................
3,917
4,315,323
3.88%,
04/15/30
..................
8,983
9,918,688
2.55%,
02/15/31
..................
483
484,721
VEON
Holdings
BV,
3.38%,
11/25/27
(b)(c)
....
776
787,786
Vodafone
Group
plc,
5.25%,
05/30/48
(c)
....
1,851
2,395,883
18,193,338
Total
Corporate
Bonds
—
33.6%
(Cost:
$1,423,587,235)
............................
1,452,540,996
Foreign
Agency
Obligations
—
0.3%
Colombia
—
0.1%
(c)
Ecopetrol
SA:
5.38%,
06/26/26
..................
353
382,555
6.88%,
04/29/30
..................
2,126
2,483,168
Empresas
Publicas
de
Medellin
ESP
(b)
:
4.25%,
07/18/29
..................
552
548,619
4.38%,
02/15/31
..................
511
505,430
3,919,772
Mexico
—
0.2%
Petroleos
Mexicanos:
7.19%,
09/12/24
..................
MXN
—
973,413
6.88%,
10/16/25
(c)(e)
................
USD
1,369
1,499,055
5.35%,
02/12/28
(c)
.................
703
691,183
6.50%,
01/23/29
(c)
.................
2,518
2,580,383
5.63%,
01/23/46
(c)
.................
69
54,948
6.35%,
02/12/48
(c)
.................
319
272,426
7.69%,
01/23/50
(c)
.................
901
848,652
6.95%,
01/28/60
(c)
.................
174
150,754
7,070,814
Panama
—
0.0%
Aeropuerto
Internacional
de
Tocumen
SA,
5.13%
,
08/11/61
(b)(c)
................
400
419,575
Qatar
—
0.0%
Qatar
Petroleum
(b)(c)
:
3.13%,
07/12/41
..................
577
576,885
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Qatar
(continued)
3.30%,
07/12/51
..................
USD
1,015
$
1,021,775
1,598,660
Total
Foreign
Agency
Obligations
—
0.3%
(Cost:
$12,904,300)
...............................
13,008,821
Foreign
Government
Obligations
—
6.0%
Austria
—
0.1%
Republic
of
Austria,
2.10%
,
09/20/17
(b)(e)
....
EUR
1,989
3,679,992
China
—
3.9%
People's
Republic
of
China:
1.99%,
04/09/25
..................
CNY
484,100
73,347,410
2.41%,
06/19/25
..................
119,720
18,398,520
2.85%,
06/04/27
..................
86,010
13,354,869
3.01%,
05/13/28
..................
35,320
5,530,090
2.68%,
05/21/30
..................
386,260
58,449,379
169,080,268
Colombia
—
0.4%
Republic
of
Colombia
(c)
:
4.50%,
03/15/29
..................
USD
7,518
7,918,803
3.00%,
01/30/30
..................
3,002
2,828,072
3.13%,
04/15/31
..................
6,534
6,108,473
3.25%,
04/22/32
..................
1,200
1,117,800
17,973,148
Hungary
—
0.1%
Hungary
Government
Bond,
5.38%
,
03/25/24
(c)
2,860
3,176,030
Indonesia
—
0.1%
Republic
of
Indonesia:
2.85%,
02/14/30
(c)
.................
298
307,275
7.13%,
06/15/42
..................
IDR
23,790,000
1,696,441
3.05%,
03/12/51
(c)
.................
USD
2,624
2,479,969
4,483,685
Mexico
—
0.2%
United
Mexican
States
(c)
:
2.66%,
05/24/31
..................
4,749
4,580,708
4.50%,
01/31/50
..................
5,805
5,945,771
10,526,479
Panama
—
0.1%
Republic
of
Panama
(c)
:
3.88%,
03/17/28
..................
1,275
1,383,216
4.50%,
04/01/56
..................
2,439
2,647,534
4,030,750
Peru
—
0.1%
Republic
of
Peru
(c)
:
4.13%,
08/25/27
..................
536
592,548
3.55%,
03/10/51
..................
2,119
2,101,518
2,694,066
Philippines
—
0.1%
Republic
of
Philippines
(c)
:
3.00%,
02/01/28
..................
3,147
3,358,604
3.20%,
07/06/46
..................
2,747
2,702,664
6,061,268
Russia
—
0.6%
Russian
Federation:
7.65%,
04/10/30
..................
RUB
216,303
3,057,817
5.90%,
03/12/31
..................
1,423,885
17,822,219
6.10%,
07/18/35
..................
507,717
6,206,610
27,086,646
Security
Par
(000)
Par
(000)
Value
Spain
—
0.2%
Kingdom
of
Spain,
3.45%
,
07/30/66
(b)(e)
.....
EUR
4,299
$
7,635,864
Uruguay
—
0.1%
Oriental
Republic
of
Uruguay
(c)
:
4.38%,
10/27/27
..................
USD
1,813
2,081,110
5.10%,
06/18/50
..................
1,369
1,741,399
3,822,509
Total
Foreign
Government
Obligations
—
6.0%
(Cost:
$254,491,426)
..............................
260,250,705
Municipal
Bonds
—
0.8%
California
-
0.4%
Bay
Area
Toll
Authority,
Series
2010S-1,
RB,
7.04%, 04/01/50
..................
1,925
3,405,652
Los
Angeles
Community
College
District,
Series
2010E,
GO,
6.60%, 08/01/42
..........
980
1,541,569
Los
Angeles
Unified
School
District,
Series
2010I,
GO,
6.76%, 07/01/34
..........
2,505
3,548,633
State
of
California:
Series
2018,
GO,
4.60%, 04/01/38
......
4,110
4,746,927
Series
2009,
GO,
7.55%, 04/01/39
......
1,300
2,188,264
University
of
California,
Series
2012AD,
RB,
4.86%, 05/15/12
..................
425
592,450
16,023,495
Georgia
-
0.0%
Municipal
Electric
Authority
of
Georgia,
Series
2010A,
RB,
6.64%, 04/01/57
..........
682
1,026,233
Illinois
-
0.1%
State
of
Illinois,
Series
2003,
GO,
5.10%, 06/01/33
..................
4,725
5,508,830
Massachusetts
-
0.0%
Massachusetts
Housing
Finance
Agency,
Series
2015A,
RB,
4.50%, 12/01/48
.....
230
243,092
New
Jersey
-
0.0%
New
Jersey
Turnpike
Authority,
Series
2009F,
RB,
7.41%, 01/01/40
...............
665
1,087,056
New
York
-
0.1%
Metropolitan
Transportation
Authority:
Series
2010A,
RB,
6.67%, 11/15/39
.....
270
386,332
Series
2010E,
RB,
6.81%, 11/15/40
.....
730
1,055,930
New
York
City
Water
&
Sewer
System,
Series
2011CC,
RB,
5.88%, 06/15/44
.........
440
673,455
New
York
State
Dormitory
Authority,
Series
2010H,
RB,
5.39%, 03/15/40
..........
320
427,667
Port
Authority
of
New
York
&
New
Jersey,
Series
2014-181,
RB,
4.96%, 08/01/46
...
1,665
2,260,620
4,804,004
Ohio
-
0.0%
American
Municipal
Power,
Inc.,
Series
2010B,
RB,
8.08%, 02/15/50
...............
765
1,421,722
Texas
-
0.2%
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2010A,
RB,
5.81%, 02/01/41
.....
1,095
1,579,987
State
of
Texas,
Series
2009A,
GO,
5.52%, 04/01/39
..................
1,235
1,764,951
3,344,938
Total
Municipal
Bonds
—
0.8%
(Cost:
$29,546,153)
...............................
33,459,370
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Non-Agency
Mortgage-Backed
Securities
—
7.1%
Collateralized
Mortgage
Obligations
—
1.3%
Angel
Oak
Mortgage
Trust
(a)(b)
:
Series
2020-3,
Class
A3,
2.87%,
04/25/65
.
USD
1,232
$
1,247,057
Series
2020-3,
Class
M1,
3.81%,
04/25/65
.
880
897,995
Series
2020-4,
Class
A3,
2.81%,
06/25/65
.
537
543,601
Angel
Oak
Mortgage
Trust
I
LLC,
Series
2019-
4,
Class
A3,
3.30%,
07/26/49
(a)(b)
.......
663
667,642
CHL
Mortgage
Pass-Through
Trust,
Series
2004-29,
Class
1A1,
(LIBOR
USD
1
Month
+
0.54%),
0.63%,
02/25/35
(a)
...........
217
214,261
COLT
Mortgage
Loan
Trust
(a)(b)
:
Series
2020-2,
Class
M1,
5.25%,
03/25/65
.
1,283
1,313,611
Series
2020-3,
Class
A3,
2.38%,
04/27/65
.
380
380,759
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2020-SPT1,
Class
M1,
3.39%,
04/25/65
(a)(b)
.....................
1,020
1,048,666
Deephaven
Residential
Mortgage
Trust,
Series
2020-2,
Class
A3,
2.86%,
05/25/65
(b)
.....
2,000
2,027,329
Homeward
Opportunities
Fund
I
Trust
(a)(b)
:
Series
2020-2,
Class
A2,
2.63%,
05/25/65
.
1,733
1,758,401
Series
2020-2,
Class
A3,
3.20%,
05/25/65
.
1,237
1,265,360
J.P.
Morgan
Mortgage
Trust,
Series
2021-INV5,
Class
A2A,
2.50%,
12/25/51
(a)(b)
........
22,038
22,289,371
MFA
Trust,
Series
2020-NQM1,
Class
A3,
2.30%,
08/25/49
(a)(b)
................
792
797,686
Mortgage
Loan
Resecuritization
Trust,
Series
2009-RS1,
Class
A85,
(LIBOR
USD
1
Month
+
0.34%),
0.43%,
04/16/36
(a)(b)
.........
2,509
2,339,094
MortgageIT
Trust,
Series
2004-1,
Class
A1,
(LIBOR
USD
1
Month
+
0.78%),
0.86%,
11/25/34
(a)
......................
307
309,694
New
Residential
Mortgage
Loan
Trust,
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
(a)(b)
..
285
299,263
Prima
Capital
CRE
Securitization
Ltd.,
Series
2015-4A,
Class
C,
4.00%,
08/24/49
(b)(c)(f)
..
370
363,821
Residential
Mortgage
Loan
Trust
(a)(b)
:
Series
2020-2,
Class
A2,
2.51%,
05/25/60
.
1,500
1,523,064
Series
2020-2,
Class
M1,
3.57%,
05/25/60
.
1,680
1,721,748
Station
Place
Securitization
Trust
(a)(b)
:
Series
2021-WL1,
Class
E,
(LIBOR
USD
1
Month
+
2.00%),
2.09%,
01/26/54
....
1,500
1,496,218
Series
2021-WL1,
Class
F,
(LIBOR
USD
1
Month
+
2.50%),
2.59%,
01/26/54
....
400
398,995
Structured
Asset
Securities
Corp.
Assistance
Loan
Trust,
Series
2003-AL1,
Class
A,
3.36%,
04/25/31
(b)
.................
138
138,096
Verus
Securitization
Trust
(b)
:
Series
2019-INV2,
Class
M1,
3.50%,
07/25/59
(a)
....................
3,000
3,033,171
Series
2020-4,
Class
A3,
2.32%,
05/25/65
(d)
1,195
1,204,944
Series
2020-4,
Class
M1,
3.29%,
05/25/65
(a)
670
682,990
Series
2020-5,
Class
M1,
2.60%,
05/25/65
(a)
1,700
1,708,491
Series
2020-INV1,
Class
A2,
3.04%,
03/25/60
(a)
....................
902
928,680
Series
2020-INV1,
Class
A3,
3.89%,
03/25/60
(a)
....................
1,000
1,037,753
Visio
Trust,
Series
2020-1,
Class
M1,
4.45%,
08/25/55
(a)(b)
.....................
2,000
2,094,600
Vista
Point
Securitization
Trust
(a)(b)
:
Series
2020-1,
Class
A1,
1.76%,
03/25/65
.
1,239
1,244,052
Series
2020-2,
Class
A3,
2.50%,
04/25/65
.
1,250
1,260,181
56,236,594
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
—
5.4%
1211
Avenue
of
the
Americas
Trust
(a)(b)
:
Series
2015-1211,
Class
C,
4.28%,
08/10/35
USD
100
$
107,307
Series
2015-1211,
Class
D,
4.28%,
08/10/35
1,401
1,466,566
280
Park
Avenue
Mortgage
Trust,
Series
2017-280P,
Class
D,
(LIBOR
USD
1
Month
+
1.54%),
1.62%,
09/15/34
(a)(b)
..........
640
639,991
Alen
Mortgage
Trust,
Series
2021-ACEN,
Class
D,
(LIBOR
USD
1
Month
+
3.10%),
3.18%,
04/15/34
(a)(b)
.....................
587
588,839
AOA
Mortgage
Trust,
Series
2015-1177,
Class
C,
3.11%,
12/13/29
(a)(b)
..............
2,390
2,388,420
Arbor
Multifamily
Mortgage
Securities
Trust
(b)
:
Series
2020-MF1,
Class
D,
1.75%,
05/15/53
1,080
973,462
Series
2020-MF1,
Class
E,
1.75%,
05/15/53
600
515,399
Ashford
Hospitality
Trust,
Series
2018-ASHF,
Class
D,
(LIBOR
USD
1
Month
+
2.10%),
2.18%,
04/15/35
(a)(b)
................
174
172,467
Atrium
Hotel
Portfolio
Trust,
Series
2017-ATRM,
Class
D,
(LIBOR
USD
1
Month
+
1.95%),
2.03%,
12/15/36
(a)(b)
................
4,050
4,032,117
BAMLL
Commercial
Mortgage
Securities
Trust
(a)
(b)
:
Series
2017-SCH,
Class
AF,
(LIBOR
USD
1
Month
+
1.00%),
1.08%,
11/15/33
....
1,480
1,450,289
Series
2017-SCH,
Class
CL,
(LIBOR
USD
1
Month
+
1.50%),
1.58%,
11/15/32
....
1,450
1,264,777
Series
2017-SCH,
Class
DL,
(LIBOR
USD
1
Month
+
2.00%),
2.08%,
11/15/32
....
1,490
1,237,624
Series
2018-DSNY,
Class
C,
(LIBOR
USD
1
Month
+
1.35%),
1.43%,
09/15/34
....
1,000
996,218
Series
2018-DSNY,
Class
D,
(LIBOR
USD
1
Month
+
1.70%),
1.78%,
09/15/34
....
830
824,618
BANK:
Series
2019-BN21,
Class
A5,
2.85%,
10/17/52
.....................
251
266,132
Series
2020-BN28,
Class
D,
2.50%,
03/15/63
(b)
....................
767
701,641
Series
2021-BN32,
Class
A5,
2.64%,
04/15/54
.....................
1,710
1,783,031
Series
2021-BN33,
Class
A5,
2.56%,
05/15/64
.....................
12,600
13,053,044
Series
2021-BN35,
Class
A5,
2.29%,
06/15/64
.....................
1,280
1,293,853
Barclays
Commercial
Mortgage
Trust,
Series
2019-C3,
Class
B,
4.10%,
05/15/52
.....
2,970
3,334,926
Bayview
Commercial
Asset
Trust
(a)(b)
:
Series
2005-3A,
Class
A1,
(LIBOR
USD
1
Month
+
0.48%),
0.57%,
11/25/35
....
255
244,271
Series
2005-4A,
Class
A1,
(LIBOR
USD
1
Month
+
0.45%),
0.54%,
01/25/36
....
1,901
1,831,586
Series
2006-4A,
Class
A1,
(LIBOR
USD
1
Month
+
0.35%),
0.43%,
12/25/36
....
419
406,700
BBCMS
Mortgage
Trust:
Series
2017-C1,
Class
B,
4.09%,
02/15/50
.
2,000
2,183,670
Series
2018-TALL,
Class
A,
(LIBOR
USD
1
Month
+
0.72%),
0.81%,
03/15/37
(a)(b)
..
232
231,275
Series
2019-BWAY,
Class
D,
(LIBOR
USD
1
Month
+
2.16%),
2.24%,
11/15/34
(a)(b)
..
233
228,323
BBCMS
Trust,
Series
2015-SRCH,
Class
A1,
3.31%,
08/10/35
(b)
.................
971
1,030,812
BB-UBS
Trust,
Series
2012-SHOW,
Class
E,
4.16%,
11/05/36
(a)(b)
................
260
222,297
Bear
Stearns
Commercial
Mortgage
Securities
Trust
(a)
:
Series
2005-PWR7,
Class
B,
5.21%,
02/11/41
.....................
85
84,751
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2007-T26,
Class
AM,
5.51%,
01/12/45
.....................
USD
170
$
168,837
Benchmark
Mortgage
Trust:
Series
2018-B3,
Class
D,
3.21%,
04/10/51
(a)
(b)
..........................
130
121,407
Series
2018-B5,
Class
A3,
3.94%,
07/15/51
1,110
1,249,500
Series
2018-B5,
Class
C,
4.76%,
07/15/51
(a)
2,690
3,008,722
Series
2019-B10,
Class
3CCA,
4.03%,
03/15/62
(a)(b)
...................
823
874,650
Series
2020-B16,
Class
C,
3.66%,
02/15/53
(a)
....................
126
129,684
Series
2020-B16,
Class
D,
2.50%,
02/15/53
(b)
....................
14
12,197
Series
2021-B25,
Class
A5,
2.58%,
04/15/54
580
601,527
Series
2021-B28,
Class
A5,
2.22%,
08/15/54
(a)
....................
5,553
5,583,104
BWAY
Mortgage
Trust
(b)
:
Series
2013-1515,
Class
A2,
3.45%,
03/10/33
.....................
419
447,046
Series
2013-1515,
Class
C,
3.45%,
03/10/33
2,810
2,941,444
Series
2013-1515,
Class
E,
3.72%,
03/10/33
100
103,260
BX
Commercial
Mortgage
Trust
(b)
:
Series
2018-BIOA,
Class
D,
(LIBOR
USD
1
Month
+
1.32%),
1.40%,
03/15/37
(a)
...
370
370,109
Series
2019-XL,
Class
D,
(LIBOR
USD
1
Month
+
1.45%),
1.53%,
10/15/36
(a)
...
3,747
3,750,140
Series
2020-BXLP,
Class
D,
(LIBOR
USD
1
Month
+
1.25%),
1.33%,
12/15/36
(a)
...
1,631
1,630,712
Series
2020-VIV2,
Class
C,
3.66%,
03/09/44
(a)
....................
1,450
1,527,323
Series
2020-VIV3,
Class
B,
3.66%,
03/09/44
(a)
....................
180
193,084
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
3,856
4,018,123
Series
2021-VINO,
Class
D,
(LIBOR
USD
1
Month
+
1.35%),
1.44%,
05/15/38
(a)
...
3,600
3,598,924
BX
Trust
(b)
:
Series
2019-OC11,
Class
A,
3.20%,
12/09/41
.....................
71
75,895
Series
2019-OC11,
Class
D,
4.08%,
12/09/41
(a)
....................
1,832
1,936,217
Series
2021-SOAR,
Class
D,
(LIBOR
USD
1
Month
+
1.40%),
1.48%,
06/15/38
(a)
...
3,030
3,034,868
Series
2021-VIEW,
Class
D,
(LIBOR
USD
1
Month
+
2.90%),
2.98%,
06/15/23
(a)
...
2,110
2,109,997
Series
2021-VIV5,
Class
A,
1.00%,
03/09/44
(a)
....................
2,214
2,287,860
BXP
Trust
(a)(b)
:
Series
2017-CC,
Class
D,
(LIBOR
USD
1
Month
+
0.00%),
3.67%,
08/13/37
....
210
220,746
Series
2017-GM,
Class
D,
3.54%,
06/13/39
140
146,877
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
D,
(LIBOR
USD
1
Month
+
1.75%),
1.83%,
12/15/37
(a)(b)
..........
815
815,255
CD
Mortgage
Trust:
Series
2017-CD3,
Class
A4,
3.63%,
02/10/50
.....................
280
307,468
Series
2017-CD5,
Class
B,
3.96%,
08/15/50
(a)
....................
446
486,065
Series
2018-CD7,
Class
C,
5.01%,
08/15/51
(a)
....................
4,250
4,688,824
CFCRE
Commercial
Mortgage
Trust:
Series
2016-C3,
Class
A3,
3.87%,
01/10/48
110
120,607
Series
2017-C8,
Class
B,
4.20%,
06/15/50
(a)
667
727,294
Series
2018-TAN,
Class
A,
4.24%,
02/15/33
(b)
....................
410
423,347
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2018-TAN,
Class
C,
5.29%,
02/15/33
(b)
....................
USD
840
$
867,341
CHC
Commercial
Mortgage
Trust,
Series
2019-CHC,
Class
B,
(LIBOR
USD
1
Month
+
1.50%),
1.58%,
06/15/34
(a)(b)
..........
1,600
1,598,387
CIM
Retail
Portfolio
Trust,
Series
2021-RETL,
Class
A,
(LIBOR
USD
1
Month
+
1.40%),
1.48%,
08/15/36
(a)(b)
................
2,220
2,222,764
Citigroup
Commercial
Mortgage
Trust:
Series
2013-375P,
Class
C,
3.63%,
05/10/35
(a)(b)
...................
245
250,210
Series
2014-GC19,
Class
C,
5.26%,
03/10/47
(a)
....................
120
128,641
Series
2015-GC27,
Class
B,
3.77%,
02/10/48
.....................
240
251,823
Series
2016-C1,
Class
D,
5.11%,
05/10/49
(a)
(b)
..........................
110
112,310
Series
2016-P3,
Class
C,
5.06%,
04/15/49
(a)
121
126,925
Series
2016-P3,
Class
D,
2.80%,
04/15/49
(a)
(b)
..........................
29
23,695
Series
2017-C4,
Class
A4,
3.47%,
10/12/50
290
317,361
Series
2018-C6,
Class
A4,
4.41%,
11/10/51
460
533,610
Series
2019-C7,
Class
A4,
3.10%,
12/15/72
260
280,245
Series
2019-PRM,
Class
D,
4.35%,
05/10/36
(b)
....................
1,800
1,892,266
Commercial
Mortgage
Trust:
Series
2013-GAM,
Class
E,
3.53%,
02/10/28
(a)(b)
...................
490
464,317
Series
2014-CR15,
Class
C,
4.86%,
02/10/47
(a)
....................
853
911,035
Series
2014-CR18,
Class
A4,
3.55%,
07/15/47
.....................
110
114,894
Series
2014-CR21,
Class
A3,
3.53%,
12/10/47
.....................
302
319,818
Series
2015-CR24,
Class
B,
4.53%,
08/10/48
(a)
....................
1,892
2,055,928
Series
2015-LC19,
Class
D,
2.87%,
02/10/48
(b)
....................
75
72,920
Series
2015-LC23,
Class
A4,
3.77%,
10/10/48
.....................
200
218,745
Series
2016-667M,
Class
D,
3.28%,
10/10/36
(a)(b)
...................
440
425,277
Series
2017-COR2,
Class
D,
3.00%,
09/10/50
(b)
....................
929
871,641
Series
2021-LBA,
Class
A,
(LIBOR
USD
1
Month
+
0.69%),
0.77%,
03/15/38
(a)(b)
..
4,430
4,428,658
Credit
Suisse
Mortgage
Capital
Certificates
(a)(b)
:
Series
2019-ICE4,
Class
B,
(LIBOR
USD
1
Month
+
1.23%),
1.31%,
05/15/36
....
4,240
4,243,019
Series
2020-NET,
Class
D,
3.83%,
08/15/37
600
627,003
Series
2021-980M,
Class
D,
3.65%,
07/15/31
.....................
5,810
5,759,040
CSAIL
Commercial
Mortgage
Trust:
Series
2015-C2,
Class
A4,
3.50%,
06/15/57
270
289,815
Series
2015-C4,
Class
D,
3.71%,
11/15/48
(a)
1,270
1,278,549
Series
2016-C5,
Class
B,
4.46%,
11/15/48
(a)
510
553,698
Series
2016-C5,
Class
C,
4.80%,
11/15/48
(a)
1,410
1,509,836
Series
2018-CX12,
Class
A4,
4.22%,
08/15/51
(a)
....................
90
102,161
Series
2018-CX12,
Class
C,
4.92%,
08/15/51
(a)
....................
268
292,291
Series
2019-C15,
Class
A4,
4.05%,
03/15/52
870
983,231
Series
2019-C16,
Class
C,
4.24%,
06/15/52
(a)
....................
649
691,103
Series
2019-C17,
Class
C,
3.93%,
09/15/52
672
707,871
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2019-C18,
Class
D,
2.50%,
12/15/52
(b)
....................
USD
2,849
$
2,595,964
Series
2020-C19,
Class
A3,
2.56%,
03/15/53
1,415
1,454,796
CSMC
Trust
(b)
:
Series
2017-CALI,
Class
C,
3.90%,
11/10/32
(a)
....................
370
388,680
Series
2017-PFHP,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
1.03%,
12/15/30
(a)
...
530
530,064
Series
2017-TIME,
Class
A,
3.65%,
11/13/39
230
235,383
DBGS
Mortgage
Trust,
Series
2018-5BP,
Class
B,
(LIBOR
USD
1
Month
+
0.98%),
1.06%,
06/15/33
(a)(b)
.....................
610
608,468
DBJPM
Mortgage
Trust,
Series
2016-C1,
Class
A4,
3.28%,
05/10/49
...............
240
257,617
DBUBS
Mortgage
Trust
(b)
:
Series
2017-BRBK,
Class
A,
3.45%,
10/10/34
.....................
1,080
1,145,335
Series
2017-BRBK,
Class
D,
(LIBOR
USD
1
Month
+
0.00%),
3.65%,
10/10/34
(a)
...
360
372,055
Extended
Stay
America
Trust
(a)(b)
:
Series
2021-ESH,
Class
B,
(LIBOR
USD
1
Month
+
1.38%),
1.46%,
07/15/38
....
5,561
5,585,611
Series
2021-ESH,
Class
D,
(LIBOR
USD
1
Month
+
2.25%),
2.33%,
07/15/38
....
5,541
5,609,859
GCT
Commercial
Mortgage
Trust
(a)(b)
:
Series
2021-GCT,
Class
A,
(LIBOR
USD
1
Month
+
0.80%),
0.88%,
02/15/38
....
410
410,413
Series
2021-GCT,
Class
C,
(LIBOR
USD
1
Month
+
1.70%),
1.78%,
02/15/38
....
2,060
2,059,999
GS
Mortgage
Securities
Corp.
II
(b)
:
Series
2005-ROCK,
Class
A,
5.37%,
05/03/32
.....................
800
904,539
Series
2012-TMSQ,
Class
D,
3.57%,
12/10/30
(a)
....................
250
238,165
GS
Mortgage
Securities
Corp.
Trust
(b)
:
Series
2017-GPTX,
Class
A,
2.86%,
05/10/34
.....................
570
568,660
Series
2019-BOCA,
Class
A,
(LIBOR
USD
1
Month
+
1.20%),
1.28%,
06/15/38
(a)
...
317
317,293
Series
2020-TWN3,
Class
B,
(LIBOR
USD
1
Month
+
2.50%),
2.58%,
11/15/37
(a)
...
1,800
1,811,344
Series
2020-TWN3,
Class
D,
(LIBOR
USD
1
Month
+
3.70%),
3.78%,
11/15/37
(a)
...
300
303,701
GS
Mortgage
Securities
Trust:
Series
2012-GCJ9,
Class
C,
4.45%,
11/10/45
(a)(b)
...................
380
390,739
Series
2014-GC20,
Class
B,
4.53%,
04/10/47
(a)
....................
400
412,527
Series
2015-GC32,
Class
C,
4.57%,
07/10/48
(a)
....................
170
179,910
Series
2015-GS1,
Class
A3,
3.73%,
11/10/48
.....................
150
163,803
Series
2017-GS7,
Class
D,
3.00%,
08/10/50
(b)
....................
150
138,335
Series
2017-GS7,
Class
E,
3.00%,
08/10/50
(b)
....................
50
44,437
Series
2019-GSA1,
Class
C,
3.93%,
11/10/52
(a)
....................
110
115,899
HMH
Trust,
Series
2017-NSS,
Class
A,
3.06%,
07/05/31
(b)
......................
1,890
1,895,340
IMT
Trust
(b)
:
Series
2017-APTS,
Class
AFX,
3.48%,
06/15/34
.....................
440
464,455
Series
2017-APTS,
Class
DFX,
3.61%,
06/15/34
(a)
....................
730
749,434
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2021-MHC,
Class
D,
(LIBOR
USD
1
Month
+
1.70%),
1.78%,
04/15/38
(a)(b)
.....................
USD
1,550
$
1,551,923
JPMBB
Commercial
Mortgage
Securities
Trust
(a)
:
Series
2014-C22,
Class
B,
4.70%,
09/15/47
2,772
2,863,120
Series
2015-C33,
Class
D1,
4.27%,
12/15/48
(b)
....................
553
544,422
JPMCC
Commercial
Mortgage
Securities
Trust:
Series
2017-JP5,
Class
D,
4.76%,
03/15/50
(a)(b)
...................
248
251,617
Series
2017-JP6,
Class
A5,
3.49%,
07/15/50
270
294,877
Series
2017-JP7,
Class
B,
4.05%,
09/15/50
90
98,287
Series
2019-COR5,
Class
A3,
3.12%,
06/13/52
.....................
390
412,073
Series
2019-COR5,
Class
C,
3.75%,
06/13/52
.....................
219
226,070
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2018-C8,
Class
A4,
4.21%,
06/15/51
200
227,167
JPMorgan
Chase
Commercial
Mortgage
Securities
Corp.,
Series
2018-AON,
Class
A,
4.13%,
07/05/31
(b)
.................
642
676,564
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust:
Series
2012-CBX,
Class
A4FL,
(LIBOR
USD
1
Month
+
1.30%),
1.38%,
06/15/45
(a)(b)
.
25
25,251
Series
2015-JP1,
Class
C,
4.89%,
01/15/49
(a)
....................
730
790,335
Series
2015-JP1,
Class
D,
4.39%,
01/15/49
(a)
....................
770
747,230
Series
2015-JP1,
Class
E,
4.39%,
01/15/49
(a)
(b)
..........................
199
171,638
Series
2016-NINE,
Class
A,
2.95%,
09/06/38
(a)(b)
...................
193
204,567
Series
2018-PHH,
Class
A,
(LIBOR
USD
1
Month
+
1.06%),
2.56%,
06/15/35
(a)(b)
..
1,832
1,824,759
Series
2018-WPT,
Class
DFX,
5.35%,
07/05/33
(b)
....................
1,000
1,048,012
Series
2020-609M,
Class
D,
(LIBOR
USD
1
Month
+
2.77%),
2.85%,
10/15/33
(a)(b)
..
1,300
1,302,854
MAD
Mortgage
Trust,
Series
2017-330M,
Class
D,
4.11%,
08/15/34
(a)(b)
..............
300
305,129
Manhattan
West
Mortgage
Trust,
Series
2020-
1MW,
Class
D,
(LIBOR
USD
1
Month
+
0.00%),
2.41%,
09/10/39
(a)(b)
..........
267
264,328
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust:
Series
2014-C14,
Class
C,
5.22%,
02/15/47
(a)
....................
1,160
1,242,588
Series
2015-C23,
Class
A4,
3.72%,
07/15/50
248
268,480
Series
2015-C23,
Class
D,
4.28%,
07/15/50
(a)(b)
...................
116
116,978
Series
2015-C25,
Class
B,
4.68%,
10/15/48
(a)
....................
620
679,886
Series
2015-C25,
Class
C,
4.68%,
10/15/48
(a)
....................
320
341,729
Series
2015-C26,
Class
D,
3.06%,
10/15/48
(b)
....................
176
171,445
Series
2017-C33,
Class
C,
4.56%,
05/15/50
(a)
....................
585
604,669
Morgan
Stanley
Capital
I
Trust:
Series
2007-T27,
Class
AJ,
6.21%,
06/11/42
(a)
....................
297
302,252
Series
2014-150E,
Class
D,
4.44%,
09/09/32
(a)(b)
...................
642
655,937
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2017-H1,
Class
B,
4.08%,
06/15/50
.
USD
3,302
$
3,588,220
Series
2017-H1,
Class
C,
4.28%,
06/15/50
(a)
121
127,608
Series
2017-H1,
Class
D,
2.55%,
06/15/50
(b)
2,440
2,056,743
Series
2017-HR2,
Class
D,
2.73%,
12/15/50
(f)
....................
1,360
1,157,360
Series
2018-H3,
Class
A5,
4.18%,
07/15/51
37
41,907
Series
2018-H3,
Class
C,
5.01%,
07/15/51
(a)
220
247,202
Series
2018-H3,
Class
D,
3.00%,
07/15/51
(b)
291
270,239
Series
2018-H4,
Class
C,
5.24%,
12/15/51
(a)
150
163,217
Series
2018-L1,
Class
A3,
4.14%,
10/15/51
120
134,602
Series
2018-MP,
Class
A,
4.42%,
07/11/40
(a)
(b)
..........................
3,761
4,205,790
Series
2018-SUN,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
0.98%,
07/15/35
(a)(b)
..
300
299,998
Series
2019-L2,
Class
A4,
4.07%,
03/15/52
347
393,670
Series
2020-L4,
Class
D,
2.50%,
02/15/53
(b)
29
26,344
Natixis
Commercial
Mortgage
Securities
Trust
(b)
:
Series
2018-FL1,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
1.03%,
06/15/35
(a)
...
176
173,403
Series
2018-SOX,
Class
A,
4.40%,
06/17/38
886
984,004
Series
2019-LVL,
Class
D,
4.44%,
08/15/38
310
303,456
One
Market
Plaza
Trust,
Series
2017-1MKT,
Class
D,
4.15%,
02/10/32
(b)
...........
920
931,235
Scorpio
European
Loan
Conduit
No.
34
DAC,
Series
34A,
Class
C,
(LIBOR
GBP
3
Month
+
2.10%),
2.17%,
05/17/29
(a)(b)
.........
GBP
260
349,920
SG
Commercial
Mortgage
Securities
Trust,
Series
2019-PREZ,
Class
D,
3.59%,
09/15/39
(a)(b)
.....................
USD
460
456,255
SLG
Office
Trust,
Series
2021-OVA,
Class
A,
2.59%,
07/15/41
(b)
.................
8,060
8,331,242
Taurus
CMBS,
Series
2021-UK4A,
Class
D,
(SONIO/N
+
2.10%),
2.15%,
08/17/31
(a)(b)
..
GBP
780
1,051,760
TPGI
Trust,
Series
2021-DGWD,
Class
D,
(LIBOR
USD
1
Month
+
1.50%),
1.58%,
06/15/26
(a)(b)
.....................
USD
3,400
3,397,947
UBS
Commercial
Mortgage
Trust,
Series
2018-
C12,
Class
B,
4.79%,
08/15/51
(a)
.......
1,160
1,305,595
UBS-Barclays
Commercial
Mortgage
Trust,
Series
2012-C3,
Class
D,
5.21%,
08/10/49
(a)
(b)
............................
130
132,554
VMC
Finance
LLC,
Series
2021-FL4,
Class
A,
(LIBOR
USD
1
Month
+
1.10%),
1.19%,
06/16/36
(a)(b)
.....................
6,464
6,472,916
VNDO
Trust,
Series
2016-350P,
Class
D,
4.03%,
01/10/35
(a)(b)
................
710
725,582
Wells
Fargo
Commercial
Mortgage
Trust:
Series
2016-C32,
Class
A3FL,
(LIBOR
USD
1
Month
+
1.42%),
1.50%,
01/15/59
(a)
..
681
678,339
Series
2016-C34,
Class
A3FL,
(LIBOR
USD
1
Month
+
1.04%),
1.12%,
06/15/49
(a)(b)
.
390
394,113
Series
2016-NXS5,
Class
B,
5.12%,
01/15/59
(a)
....................
200
219,993
Series
2016-NXS5,
Class
D,
5.15%,
01/15/59
(a)
....................
2,137
2,300,989
Series
2017-C39,
Class
D,
4.49%,
09/15/50
(a)(b)
...................
120
112,800
Series
2017-C41,
Class
B,
4.19%,
11/15/50
(a)
....................
3,000
3,219,105
Series
2017-C42,
Class
B,
4.00%,
12/15/50
(a)
....................
1,500
1,635,961
Series
2017-HSDB,
Class
A,
(LIBOR
USD
1
Month
+
0.85%),
0.93%,
12/13/31
(a)(b)
..
397
393,625
Series
2018-1745,
Class
A,
3.87%,
06/15/36
(a)(b)
...................
210
230,955
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2018-C44,
Class
D,
3.00%,
05/15/51
(b)
....................
USD
83
$
76,174
Series
2018-C45,
Class
C,
4.73%,
06/15/51
309
339,836
Series
2018-C46,
Class
B,
4.63%,
08/15/51
429
487,277
Series
2018-C48,
Class
B,
4.90%,
01/15/52
(a)
....................
766
881,765
Series
2019-C49,
Class
B,
4.55%,
03/15/52
1,688
1,914,916
Series
2019-C49,
Class
C,
4.87%,
03/15/52
(a)
....................
1,270
1,416,732
Series
2019-C50,
Class
B,
4.19%,
05/15/52
2,639
2,930,882
Series
2019-C50,
Class
C,
4.35%,
05/15/52
416
448,997
Series
2019-C52,
Class
C,
3.56%,
08/15/52
94
97,091
Series
2020-SDAL,
Class
D,
(LIBOR
USD
1
Month
+
2.09%),
2.17%,
02/15/37
(a)(b)
..
720
701,985
Series
2021-FCMT,
Class
D,
(LIBOR
USD
1
Month
+
3.50%),
3.58%,
05/15/31
(a)(b)
..
1,890
1,894,728
232,663,991
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.4%
(a)
245
Park
Avenue
Trust,
Series
2017-245P,
Class
XA,
0.27%,
06/05/37
(b)
..........
11,000
107,023
Banc
of
America
Commercial
Mortgage
Trust:
Series
2017-BNK3,
Class
XB,
0.78%,
02/15/50
.....................
4,185
134,639
Series
2017-BNK3,
Class
XD,
1.43%,
02/15/50
(b)
....................
2,000
120,900
BANK:
Series
2019-BN20,
Class
XB,
0.46%,
09/15/62
.....................
8,371
233,526
Series
2021-BN33,
Class
XA,
1.18%,
05/15/64
.....................
12,303
976,504
Series
2021-BN33,
Class
XB,
0.59%,
05/15/64
.....................
81,230
3,438,466
Barclays
Commercial
Mortgage
Trust,
Series
2019-C3,
Class
XA,
1.50%,
05/15/52
....
2,184
187,783
BBCMS
Trust,
Series
2015-SRCH,
Class
XA,
1.10%,
08/10/35
(b)
.................
7,066
300,360
BB-UBS
Trust,
Series
2012-SHOW,
Class
XA,
0.73%,
11/05/36
(b)
.................
65,905
1,214,181
Benchmark
Mortgage
Trust:
Series
2019-B13,
Class
XA,
1.26%,
08/15/57
.....................
12,294
858,439
Series
2019-B9,
Class
XA,
(LIBOR
USD
1
Month
+
0.00%),
1.21%,
03/15/52
....
3,051
200,525
Series
2020-B17,
Class
XB,
(LIBOR
USD
1
Month
+
0.00%),
0.65%,
03/15/53
....
1,560
57,486
Series
2020-B21,
Class
XA,
1.57%,
12/17/53
.....................
1,888
200,758
Series
2021-B23,
Class
XA,
1.39%,
02/15/54
.....................
5,798
538,847
Series
2021-B24,
Class
XA,
1.27%,
03/15/54
.....................
19,428
1,640,185
Series
2021-B25,
Class
XA,
1.23%,
04/15/54
.....................
3,355
284,657
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
XB,
0.87%,
05/10/58
....
2,030
62,321
Citigroup
Commercial
Mortgage
Trust,
Series
2020-420K,
Class
X,
0.91%,
11/10/42
(b)
...
10,100
634,259
Commercial
Mortgage
Trust:
Series
2013-CR6,
Class
XA,
1.14%,
03/10/46
.....................
14,361
95,542
Series
2015-3BP,
Class
XA,
0.17%,
02/10/35
(b)
....................
40,878
126,313
Series
2018-COR3,
Class
XD,
1.75%,
05/10/51
(b)
....................
770
74,269
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
CSAIL
Commercial
Mortgage
Trust:
Series
2017-CX10,
Class
XB,
0.22%,
11/15/50
.....................
USD
3,170
$
44,927
Series
2019-C16,
Class
XA,
1.73%,
06/15/52
.....................
6,759
664,770
Series
2019-C17,
Class
XA,
1.51%,
09/15/52
.....................
2,071
176,578
Series
2019-C17,
Class
XB,
0.70%,
09/15/52
.....................
4,040
159,257
DBGS
Mortgage
Trust,
Series
2019-1735,
Class
X,
0.43%,
04/10/37
(b)
...........
5,975
127,985
DBJPM
Mortgage
Trust,
Series
2017-C6,
Class
XD,
(LIBOR
USD
1
Month
+
0.00%),
1.00%,
06/10/50
.......................
3,040
140,813
GS
Mortgage
Securities
Trust:
Series
2019-GSA1,
Class
XA,
0.96%,
11/10/52
.....................
9,753
566,681
Series
2020-GSA2,
Class
XA,
1.85%,
12/12/53
(b)
....................
8,221
1,036,132
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C22,
Class
XA,
0.98%,
09/15/47
.......................
917
18,290
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(b)
......................
1,800
59,094
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust:
Series
2013-LC11,
Class
XB,
0.65%,
04/15/46
.....................
4,040
30,899
Series
2016-JP3,
Class
XC,
0.75%,
08/15/49
(b)
....................
4,330
140,335
Ladder
Capital
Commercial
Mortgage
Mortgage
Trust,
Series
2013-GCP,
Class
XA,
1.34%,
02/15/36
(b)
......................
2,905
175,812
Morgan
Stanley
Capital
I
Trust:
Series
2017-H1,
Class
XD,
2.32%,
06/15/50
(b)
....................
3,030
304,000
Series
2019-H6,
Class
XB,
0.87%,
06/15/52
5,210
256,853
Series
2019-L2,
Class
XA,
1.19%,
03/15/52
2,042
129,594
Olympic
Tower
Mortgage
Trust,
Series
2017-
OT,
Class
XA,
0.51%,
05/10/39
(b)
.......
10,700
221,811
One
Market
Plaza
Trust
(b)
:
Series
2017-1MKT,
Class
XCP,
0.22%,
02/10/32
.....................
17,050
10,230
Series
2017-1MKT,
Class
XNCP,
0.00%,
02/10/32
(f)
....................
3,410
3,410
UBS
Commercial
Mortgage
Trust:
Series
2019-C17,
Class
XA,
1.62%,
10/15/52
.....................
6,762
638,000
Series
2019-C18,
Class
XA,
1.17%,
12/15/52
.....................
7,244
466,011
Wells
Fargo
Commercial
Mortgage
Trust:
Series
2016-BNK1,
Class
XD,
1.40%,
08/15/49
(b)
....................
1,180
60,593
Series
2019-C50,
Class
XA,
1.58%,
05/15/52
.....................
13,178
1,111,656
Series
2020-C58,
Class
XA,
2.01%,
07/15/53
.....................
3,821
514,817
18,545,531
Total
Non-Agency
Mortgage-Backed
Securities
—
7.1%
(Cost:
$305,051,993)
..............................
307,446,116
Security
Beneficial
Interest
(000)
Value
Other
Interests
—
0.0%
(i)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(f)(j)(k)
.......
USD
16,030
$
—
Total
Other
Interests
—
0.0%
(Cost:
$0)
.....................................
—
Par
(000)
Pa
r
(
000)
Capital
Trusts
—
0.5%
(a)(g)
Banks
—
0.2%
Bank
of
America
Corp.,
Series
FF,
(LIBOR
USD
3
Month
+
2.93%),
5.87%
............
2,700
3,081,645
Citigroup,
Inc.:
Series
W,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%),
4.00%
.......................
5,817
6,027,575
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%),
3.88%
.......................
1,308
1,335,795
10,445,015
Capital
Markets
—
0.3%
Bank
of
New
York
Mellon
Corp.
(The):
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%),
3.70%
.......................
3,100
3,249,234
Series
F,
(LIBOR
USD
3
Month
+
3.13%),
4.62%
.......................
1,874
2,033,290
Charles
Schwab
Corp.
(The),
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
......
3,200
3,300,800
State
Street
Corp.:
Series
F,
(LIBOR
USD
3
Month
+
3.60%),
3.71%
.......................
370
371,776
Series
H,
(LIBOR
USD
3
Month
+
2.54%),
5.63%
.......................
3,780
4,000,496
12,955,596
Total
Capital
Trusts
—
0.5%
(Cost:
$22,554,228)
...............................
23,400,611
U.S.
Government
Sponsored
Agency
Securities
—
42.2%
Agency
Obligations
—
0.0%
Federal
National
Mortgage
Association,
6.63%, 11/15/30
..................
1,500
2,141,586
Collateralized
Mortgage
Obligations
—
0.0%
Federal
Home
Loan
Mortgage
Corp.:
Series
1591,
Class
PK,
6.35%, 10/15/23
..
86
90,491
Series
2996,
Class
MK,
5.50%, 06/15/35
..
4
4,673
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes,
Series
K104,
Class
X1,
1.25%, 02/25/52
(a)
.................
14,228
1,156,938
Federal
National
Mortgage
Association,
Series
2005-29,
Class
WB,
4.75%, 04/25/35
....
41
43,568
1,295,670
Commercial
Mortgage-Backed
Securities
—
0.1%
(a)
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes:
Series
2018-K80,
Class
B,
4.37%, 08/25/50
(b)
...............
340
382,587
Series
2018-SB53,
Class
A10F,
3.66%, 06/25/28
................
297
320,101
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2006-M2,
Class
A2A,
5.27%, 10/25/32
..............
USD
2,442
$
2,675,502
3,378,190
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.4%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates,
Series
KL06,
Class
XFX,
1.36%, 12/25/29
......
1,480
130,519
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
(a)
:
Series
K099,
Class
X1,
1.00%, 09/25/29
..
3,357
210,589
Series
K105,
Class
X1,
1.64%, 03/25/53
..
15,231
1,687,312
Series
K110,
Class
X1,
1.81%, 04/25/30
..
10,182
1,258,747
Series
K111,
Class
X1,
1.68%, 05/25/30
..
4,359
513,168
Series
K113,
Class
X1,
1.49%, 06/25/30
..
16,599
1,746,374
Series
K115,
Class
X1,
1.43%, 06/25/30
..
35,670
3,599,806
Series
K120,
Class
X1,
1.13%, 10/25/30
..
41,255
3,299,487
Series
K121,
Class
X1,
1.12%, 10/25/30
..
3,096
244,855
Series
K122,
Class
X1,
0.97%, 11/25/30
..
23,594
1,627,506
Series
KL05,
Class
X1P,
1.02%, 06/25/29
.
13,486
876,544
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
:
Series
2012-23,
0.20%, 06/16/53
.......
448
2,918
Series
2013-30,
0.60%, 09/16/53
.......
1,470
26,107
Series
2013-63,
0.76%, 09/16/51
.......
2,428
66,863
Series
2013-78,
0.46%, 10/16/54
.......
1,717
33,923
Series
2013-191,
0.37%, 11/16/53
......
500
6,239
Series
2015-22,
0.55%, 03/16/55
.......
1,221
30,161
Series
2015-37,
0.65%, 10/16/56
.......
258
9,365
Series
2015-48,
0.61%, 02/16/50
.......
729
20,610
Series
2016-26,
0.76%, 02/16/58
.......
4,013
154,428
Series
2016-92,
0.77%, 04/16/58
.......
648
28,495
Series
2016-96,
0.80%, 12/16/57
.......
1,132
53,014
Series
2016-110,
0.92%, 05/16/58
......
2,480
127,928
Series
2016-113,
(LIBOR
USD
1
Month
+
0.00%),
1.09%, 02/16/58
..........
1,024
62,711
Series
2016-165,
0.75%, 12/16/57
......
534
25,719
15,843,388
Mortgage-Backed
Securities
—
41.7%
Federal
Home
Loan
Mortgage
Corp.:
2.50%, 01/01/29
-
04/01/31
...........
4,422
4,651,949
3.00%, 09/01/27
-
12/01/46
...........
5,274
5,622,843
3.50%, 04/01/42
-
01/01/48
...........
5,471
5,994,722
4.00%, 08/01/40
-
12/01/45
...........
2,140
2,364,149
4.50%, 02/01/39
-
04/01/49
...........
18,065
20,077,228
5.00%, 07/01/35
-
11/01/48
...........
2,668
3,027,472
5.50%, 05/01/36
-
06/01/41
...........
1,622
1,888,916
6.00%, 06/01/29
-
12/01/32
...........
3
4,063
8.00%, 11/01/22
..................
—
(l)
34
Federal
National
Mortgage
Association:
4.00%, 01/01/41
..................
113
124,325
7.00%, 06/01/32
..................
8
8,800
Government
National
Mortgage
Association:
2.00%, 10/15/51
(m)
.................
60,712
61,587,107
2.50%, 10/15/51
(m)
.................
58,540
60,431,117
3.00%, 12/20/44
-
05/20/51
...........
101,580
106,261,602
3.00%, 10/15/51
(m)
.................
35,199
36,775,061
3.50%, 01/15/42
-
04/20/48
...........
11,889
12,791,663
3.50%, 10/15/51
-
11/15/51
(m)
..........
54,815
57,648,513
4.00%, 04/20/39
-
05/20/50
...........
12,892
13,877,747
4.00%, 10/15/51
(m)
.................
8,485
9,004,206
4.50%, 12/20/39
-
04/20/50
...........
10,404
11,353,983
4.50%, 10/15/51
(m)
.................
492
524,596
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
5.00%, 12/15/38
-
07/20/41
...........
USD
2,940
$
3,365,054
5.50%, 03/15/32
-
11/15/33
...........
3
3,396
6.00%, 12/15/36
..................
43
48,296
7.50%, 11/15/29
..................
—
(l)
319
Uniform
Mortgage-Backed
Securities:
1.50%, 10/25/36
-
11/25/51
(m)
..........
107,047
105,099,851
2.00%, 10/01/31
-
03/01/32
...........
2,411
2,491,221
2.00%, 10/25/36
-
11/25/51
(m)
..........
423,397
425,492,309
2.50%, 09/01/27
-
12/01/35
...........
24,940
26,284,041
2.50%, 10/25/36
-
11/25/51
(m)
..........
413,906
426,686,019
3.00%, 04/01/28
-
08/01/50
...........
62,195
66,648,893
3.00%, 10/25/36
-
11/25/51
(m)
..........
67,491
70,592,233
3.50%, 08/01/27
-
08/01/50
...........
55,938
60,285,411
3.50%, 10/25/51
-
11/25/51
(m)
..........
42,480
44,957,149
4.00%, 08/01/33
-
01/01/51
...........
40,575
44,822,276
4.00%, 10/25/51
(m)
.................
23,592
25,276,162
4.50%, 02/01/25
-
12/01/49
...........
47,143
52,584,316
5.00%, 11/01/32
-
05/01/49
...........
5,575
6,229,052
5.00%, 10/25/51
(m)
.................
13,305
14,625,109
5.50%, 10/01/21
-
04/01/41
...........
3,759
4,333,711
6.00%, 10/01/21
-
06/01/41
...........
5,480
6,427,690
6.50%, 05/01/40
..................
1,155
1,361,629
1,801,634,233
Total
U.S.
Government
Sponsored
Agency
Securities
—
42.2%
(Cost:
$1,818,904,675)
............................
1,824,293,067
U.S.
Treasury
Obligations
—
24.9%
U.S.
Treasury
Bonds:
4.25%, 05/15/39
-
11/15/40
...........
4,474
6,129,215
4.50%, 08/15/39
..................
1,764
2,477,524
4.38%, 11/15/39
..................
1,764
2,444,518
4.63%, 02/15/40
..................
2,710
3,873,500
1.13%, 05/15/40
-
08/15/40
...........
29,168
25,155,691
3.88%, 08/15/40
..................
2,710
3,553,487
1.38%, 11/15/40
..................
14,584
13,100,534
1.75%, 08/15/41
..................
365
348,917
3.13%, 02/15/43
..................
6,784
8,083,825
2.88%, 05/15/43
-
11/15/46
...........
13,320
15,356,217
3.63%, 08/15/43
..................
6,784
8,707,635
3.75%, 11/15/43
..................
6,784
8,875,380
2.50%, 02/15/45
..................
36,899
39,848,037
2.75%, 11/15/47
..................
36,899
41,923,606
3.00%, 02/15/48
(n)(o)
................
43,435
51,646,930
2.25%, 08/15/49
..................
9,235
9,572,655
U.S.
Treasury
Notes:
1.50%, 01/31/22
-
02/15/30
...........
142,073
145,261,938
1.75%, 04/30/22
-
11/15/29
...........
194,795
199,976,739
2.13%, 12/31/22
-
05/15/25
...........
40,484
42,141,028
0.50%, 03/15/23
-
05/31/27
...........
87,883
87,060,846
0.13%, 03/31/23
-
05/31/23
...........
25,683
25,649,559
0.25%, 04/15/23
..................
55,882
55,923,475
2.75%, 05/31/23
..................
13,062
13,610,502
2.00%, 02/15/25
..................
16,322
17,072,429
0.38%, 04/30/25
-
12/31/25
...........
106,001
104,650,764
0.75%, 05/31/26
..................
10,210
10,124,252
1.63%, 11/30/26
-
05/15/31
...........
32,179
33,047,056
2.38%, 05/15/27
-
05/15/29
...........
16,772
17,969,999
2.25%, 08/15/27
..................
45,063
47,895,280
1.25%, 03/31/28
-
05/31/28
...........
13,368
13,358,601
2.88%, 08/15/28
..................
3,916
4,325,803
3.13%, 11/15/28
..................
5,507
6,187,200
2.63%, 02/15/29
..................
8,146
8,881,686
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
1.13%, 02/15/31
..................
USD
1,591
$
1,541,033
Total
U.S.
Treasury
Obligations
—
24.9%
(Cost:
$1,077,778,325)
............................
1,075,775,861
Total
Long-Term
Investments
—
124.3%
(Cost:
$5,327,761,451)
............................
5,373,294,279
Shares
Shares
Short-Term
Securities
—
4.9%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
(p)(q)
..................
213,787,818
213,787,818
Total
Short-Term
Securities
—
4.9%
(Cost:
$213,787,818)
..............................
213,787,818
Total
Options
Purchased
—
0.1%
(Cost:
$4,626,507)
...............................
2,723,484
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
129.3%
(Cost:
$5,546,175,776
)
............................
5,589,805,581
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$150,211)
.....................
(254,006)
Security
Par
(000)
Pa
r
(
000)
Value
TBA
Sale
Commitments
—
(8.0)%
(m)
Mortgage-Backed
Securities
—
(8.0)%
Government
National
Mortgage
Association:
3.00%
,
 10/15/51
..................
USD
20,031
$
(20,927,708)
3.50%
,
 10/15/51
..................
23,322
(24,523,664)
4.00%
,
 10/15/51
..................
543
(576,227)
Uniform
Mortgage-Backed
Securities:
2.50%
,
 10/25/36
-
11/25/51
...........
23,918
(24,617,002)
3.50%
,
 10/25/36
-
10/25/51
...........
11,989
(12,733,486)
1.50%
,
 10/25/51
..................
38,231
(37,137,534)
2.00%
,
 10/25/51
..................
182,645
(183,137,287)
3.00%
,
 10/25/51
..................
30,206
(31,606,567)
4.00%
,
 10/25/51
..................
1,646
(1,763,503)
4.50%
,
 10/25/51
..................
7,494
(8,104,648)
Total
TBA
Sale
Commitments
—
(8.0)%
(Proceeds:
$347,212,682)
..........................
(345,127,626)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
121.3%
(Cost:
$5,198,812,883
)
............................
5,244,423,949
Liabilities
in
Excess
of
Other
Assets
—
(21.3)%
............
(920,630,541)
Net
Assets
—
100.0%
...............................
$
4,323,793,408
(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)
U.S.
dollar
denominated
security
issued
by
foreign
domiciled
entity.
(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)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
Perpetual
security
with
no
stated
maturity
date.
(h)
Zero-coupon
bond.
(i)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(j)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(k)
Non-income
producing
security.
(l)
Rounds
to
less
than
1,000.
(m)
Represents
or
includes
a
TBA
transaction.
(n)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
TBA
commitments.
(o)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(p)
Annualized
7-day
yield
as
of
period
end.
(q)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
September
30,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
09/30/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/21
Shares
Held
at
09/30/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
364,094,477
$
—
$
(150,306,659)
$
—
$
—
$
213,787,818
213,787,818
$
83,148
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
40
Schedule
of
Investments
(continued)
September
30,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
Long
Bond
....................................................
664
12/21/21
$
105,908
$
(2,002,435)
U.S.
Treasury
Ultra
Bond
....................................................
643
12/21/21
123,175
(2,580,995)
U.S.
Treasury
2
Year
Note
....................................................
814
12/31/21
179,144
(109,883)
90-day
Eurodollar
.........................................................
1,378
12/19/22
342,795
55,894
(4,637,419)
Short
Contracts
Euro-Bund
..............................................................
48
12/08/21
9,442
154,707
Euro-
Buxl
...............................................................
181
12/08/21
42,633
1,378,639
U.S.
Treasury
10
Year
Note
...................................................
1,233
12/21/21
162,409
1,765,294
U.S.
Treasury
10
Year
Ultra
Note
...............................................
1,112
12/21/21
161,744
1,357,860
U.S.
Treasury
5
Year
Note
....................................................
527
12/31/21
64,714
(106,394)
90-day
Eurodollar
.........................................................
1,784
03/18/24
440,314
(2,288)
4,547,818
$
(89,601)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
980,000
BRL
5,153,428
Credit
Suisse
International
10/04/21
$
33,679
USD
980,000
BRL
5,194,902
HSBC
Bank
plc
10/04/21
26,063
KZT
112,257,600
USD
257,000
Citibank
NA
10/08/21
6,304
RUB
96,467,604
USD
1,310,000
Goldman
Sachs
International
10/20/21
11,944
USD
1,644,212
EUR
1,390,000
State
Street
Bank
and
Trust
Co.
10/20/21
33,597
USD
983,335
EUR
840,000
UBS
AG
10/20/21
10,014
USD
970,000
MXN
19,988,887
Goldman
Sachs
International
10/20/21
4,142
USD
1,640,000
MXN
33,120,162
Morgan
Stanley
&
Co.
International
plc
10/20/21
39,642
USD
980,000
PLN
3,861,144
Citibank
NA
10/20/21
9,218
USD
990,000
PLN
3,807,496
Northern
Trust
Co.
10/20/21
32,707
USD
1,310,000
RUB
95,515,597
Goldman
Sachs
International
10/20/21
1,101
USD
1,899,547
MXN
38,181,000
Barclays
Bank
plc
10/29/21
56,969
USD
2,607,100
MXN
52,726,000
Citibank
NA
10/29/21
62,594
USD
1,675,208
MXN
34,307,590
UBS
AG
10/29/21
19,557
USD
998,202
MXN
20,321,545
Goldman
Sachs
International
11/24/21
21,333
USD
1,136,691
AUD
1,538,000
Royal
Bank
of
Canada
12/15/21
24,398
USD
1,116,113
CAD
1,405,000
Bank
of
America
NA
12/15/21
6,862
USD
42,729,999
EUR
36,073,500
BNP
Paribas
SA
12/15/21
878,931
USD
42,760,878
EUR
36,073,500
HSBC
Bank
plc
12/15/21
909,810
USD
784,117
GBP
566,000
Natwest
Markets
plc
12/15/21
21,394
2,210,259
BRL
5,119,324
USD
980,000
Goldman
Sachs
International
10/04/21
(39,941)
BRL
5,190,975
USD
980,000
Royal
Bank
of
Canada
10/04/21
(26,784)
EUR
2,230,000
USD
2,630,688
Citibank
NA
10/20/21
(46,752)
EUR
830,000
USD
963,981
Commonwealth
Bank
of
Australia
10/20/21
(2,247)
MXN
32,741,317
USD
1,640,000
Natwest
Markets
plc
10/20/21
(57,948)
USD
1,300,000
NOK
11,384,387
Morgan
Stanley
&
Co.
International
plc
10/20/21
(2,139)
USD
935,040
RUB
69,458,527
Credit
Suisse
International
10/26/21
(15,993)
USD
7,734,714
RUB
574,385,983
HSBC
Bank
plc
10/26/21
(129,839)
USD
1,498,537
RUB
112,033,661
JPMorgan
Chase
Bank
NA
10/26/21
(35,439)
USD
15,034,914
RUB
1,119,947,291
Morgan
Stanley
&
Co.
International
plc
10/26/21
(299,519)
IDR
19,032,573,482
USD
1,331,880
Barclays
Bank
plc
10/29/21
(6,642)
IDR
65,662,181,389
USD
4,591,492
BNP
Paribas
SA
10/29/21
(19,432)
MXN
54,951,831
USD
2,747,898
BNP
Paribas
SA
10/29/21
(95,975)
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
41
Schedule
of
Investments
(continued)
September
30,
2021
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
MXN
71,625,529
USD
3,582,799
Deutsche
Bank
AG
10/29/21
$
(126,220)
USD
3,208,962
IDR
46,878,912,331
Bank
of
America
NA
10/29/21
(55,217)
USD
1,807,075
IDR
26,512,494,500
BNP
Paribas
SA
10/29/21
(38,990)
USD
466,938
IDR
6,788,805,944
Citibank
NA
10/29/21
(5,767)
USD
467,291
IDR
6,788,805,943
HSBC
Bank
plc
10/29/21
(5,414)
USD
1,573,228
IDR
22,830,690,199
Citibank
NA
11/17/21
(12,911)
USD
5,552,073
CNY
36,050,000
BNP
Paribas
SA
11/24/21
(15,800)
USD
31,750,599
CNY
207,775,922
Citibank
NA
11/24/21
(340,105)
USD
910,741
RUB
67,531,446
Citibank
NA
12/02/21
(8,007)
USD
1,175,463
RUB
86,929,000
HSBC
Bank
plc
12/02/21
(7,184)
EUR
1,156,000
USD
1,358,418
Royal
Bank
of
Canada
12/15/21
(17,272)
USD
85,962,062
CNY
557,996,939
Barclays
Bank
plc
12/15/21
(73,821)
(1,485,358)
$
724,901
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
USD
Currency
...............
One-Touch
HSBC
Bank
plc
03/10/22
CNH
6.70
CNH
6.70
USD
935
$
167,726
$
–
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
90-day
Eurodollar
December
2021
Futures
..........
15,663
12/10/21
USD
99.38
USD
3,915,750
$
881,044
90-day
Eurodollar
March
2022
Futures
.............
1,767
03/11/22
USD
98.75
USD
441,750
894,544
$
1,775,588
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........................
Goldman
Sachs
International
10/20/21
MXN
20.30
USD
3,934
$
87,085
AUD
Currency
...........................
Goldman
Sachs
International
11/10/21
USD
0.74
AUD
28,893
89,054
EUR
Currency
...........................
BNP
Paribas
SA
11/10/21
USD
1.18
EUR
27,880
49,499
GBP
Currency
...........................
UBS
AG
11/10/21
USD
1.37
GBP
16,728
96,379
AUD
Currency
...........................
Citibank
NA
11/12/21
USD
0.74
AUD
28,893
92,952
EUR
Currency
...........................
Standard
Chartered
Bank
11/12/21
USD
1.18
EUR
27,880
67,819
GBP
Currency
...........................
Standard
Chartered
Bank
11/12/21
USD
1.37
GBP
16,728
95,567
578,355
Put
USD
Currency
...........................
Royal
Bank
of
Canada
11/10/21
CAD
1.25
USD
25,345
110,279
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
11/12/21
CAD
1.25
USD
25,345
86,655
196,934
$
775,289
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
42
Schedule
of
Investments
(continued)
September
30,
2021
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
90-day
Eurodollar
March
2022
Futures
..............
1,767
03/11/22
USD
98.25
USD
441,750
$
(254,006)
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.74%
Semi-Annual
Bank
of
America
NA
11/10/21
0.74
%
USD
52,016
$
4,881
(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)
CDX.NA.IG.37.V1
...................
1.00
%
Quarterly
12/20/26
USD
3,775
$
(91,301)
$
(89,193)
$
(2,108)
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
2.46%
At
Termination
1
month
USCPI
At
Termination
03/24/31
USD
1,833
$
80,310
$
57,315
$
22,995
1
month
USCPI
At
Termination
2.47%
At
Termination
04/26/31
USD
36,114
(1,451,963)
—
(1,451,963)
1
month
USCPI
At
Termination
2.64%
At
Termination
05/21/31
USD
21,450
(427,696)
—
(427,696)
1
month
USCPI
At
Termination
2.53%
At
Termination
08/11/31
USD
19,871
(315,145)
—
(315,145)
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.38%
At
Termination
12/15/40
GBP
726
(154,321)
—
(154,321)
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.38%
At
Termination
12/15/40
GBP
3,200
(678,868)
—
(678,868)
3.53%
At
Termination
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
03/15/41
GBP
180
27,231
14,065
13,166
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.79%
At
Termination
09/15/41
GBP
1,723
(9,607)
—
(9,607)
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.89%
At
Termination
09/15/41
GBP
863
31,078
—
31,078
$
(2,898,981)
$
71,380
$
(2,970,361)
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)
Republic
of
Chile
..........
1.00
%
Quarterly
Barclays
Bank
plc
12/20/26
USD
1,076
$
(7,191)
$
(13,814)
$
6,623
Republic
of
Colombia
.......
1.00
Quarterly
Goldman
Sachs
International
12/20/26
USD
3,618
122,087
84,731
37,356
Republic
of
Colombia
.......
1.00
Quarterly
Goldman
Sachs
International
12/20/26
USD
7,657
258,381
179,321
79,060
Republic
of
Indonesia
.......
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
USD
2,302
(22,036)
(26,431)
4,395
United
Mexican
States
......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
USD
26,213
13,542
(47,498)
61,040
United
Mexican
States
......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
USD
6,747
3,486
(12,226)
15,712
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
43
Schedule
of
Investments
(continued)
September
30,
2021
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CMBX.NA.9.AAA
..........
0.50
%
Monthly
Credit
Suisse
International
09/17/58
USD
1,279
$
(11,988)
$
15,699
$
(27,687)
CMBX.NA.9.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
09/17/58
USD
1,029
(9,646)
12,801
(22,447)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
1,569
(14,704)
20,736
(35,440)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
859
(8,054)
10,548
(18,602)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
719
(6,743)
8,831
(15,574)
CMBX.NA.9.BBB-
.........
3.00
Monthly
Citigroup
Global
Markets,
Inc.
09/17/58
USD
440
33,821
14,358
19,463
CMBX.NA.9.BBB-
.........
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
288
22,137
15,362
6,775
CMBX.NA.6.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
641
(1,633)
(95)
(1,538)
CMBX.NA.6.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
1,498
(3,814)
(1,139)
(2,675)
CMBX.NA.6.BBB-
.........
3.00
Monthly
JPMorgan
Securities
LLC
05/11/63
USD
270
76,711
24,053
52,658
CMBX.NA.6.BBB-
.........
3.00
Monthly
JPMorgan
Securities
LLC
05/11/63
USD
10
2,841
572
2,269
CMBX.NA.14.BBB-
........
3.00
Monthly
Goldman
Sachs
International
12/16/72
USD
280
9,483
14,104
(4,621)
$
–
$
–
$
–
$
456,680
$
299,913
$
156,767
$
–
$
–
$
–
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)
Trust
Fibra
Uno
.......
1.00
%
Quarterly
Citibank
NA
06/20/26
NR
USD
139
$
(9,403)
$
(14,650)
$
5,247
Trust
Fibra
Uno
.......
1.00
Quarterly
Citibank
NA
06/20/26
BBB
USD
543
(36,734)
(57,233)
20,499
CMBX.NA.3.AM
.......
0.50
Monthly
Credit
Suisse
International
12/13/49
NR
USD
—
—
(4)
4
CMBX.NA.3.AM
.......
0.50
Monthly
Goldman
Sachs
International
12/13/49
NR
USD
—
—
(11)
11
CMBX.NA.3.AM
.......
0.50
Monthly
JPMorgan
Chase
Bank
NA
12/13/49
NR
USD
1
—
(54)
54
CMBX.NA.9.BBB-
.....
3.00
Monthly
Deutsche
Bank
AG
09/17/58
NR
USD
352
(27,057)
(34,717)
7,660
CMBX.NA.9.BBB-
.....
3.00
Monthly
Deutsche
Bank
AG
09/17/58
NR
USD
531
(40,815)
(59,062)
18,247
CMBX.NA.9.BBB-
.....
3.00
Monthly
Goldman
Sachs
International
09/17/58
NR
USD
280
(21,522)
(30,037)
8,515
CMBX.NA.9.BBB-
.....
3.00
Monthly
JPMorgan
Securities
LLC
09/17/58
NR
USD
170
(13,067)
(37,337)
24,270
CMBX.NA.9.BBB-
.....
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
NR
USD
207
(15,911)
(23,422)
7,511
CMBX.NA.9.BBB-
.....
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
NR
USD
210
(16,142)
(54,052)
37,910
CMBX.NA.9.BBB-
.....
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
NR
USD
240
(18,448)
244
(18,692)
CMBX.NA.10.A
.......
2.00
Monthly
Deutsche
Bank
AG
11/17/59
NR
USD
2,020
(3,598)
(82,018)
78,420
CMBX.NA.10.A
.......
2.00
Monthly
Deutsche
Bank
AG
11/17/59
NR
USD
4,050
(7,214)
(161,671)
154,457
CMBX.NA.10.BBB-
....
3.00
Monthly
JPMorgan
Securities
LLC
11/17/59
NR
USD
35
(3,048)
(2,785)
(263)
CMBX.NA.6.BBB-
.....
3.00
Monthly
Credit
Suisse
International
05/11/63
BBB-
USD
280
(79,550)
(20,631)
(58,919)
$
(292,509)
$
(577,440)
$
284,931
(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.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
44
Schedule
of
Investments
(continued)
September
30,
2021
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)
0.76%
Annual
6
month
WIBOR
Semi-Annual
N/A
06/18/23
PLN
23,889
$
30,297
$
—
$
30,297
0.83%
Semi-Annual
6
month
WIBOR
Semi-Annual
N/A
06/22/23
PLN
55,734
52,523
—
52,523
0.60%
Annual
6
month
WIBOR
Semi-Annual
N/A
07/23/23
PLN
13,345
32,400
—
32,400
28
day
MXIBTIIE
Monthly
5.84%
Monthly
N/A
08/14/23
MXN
336,962
(137,140)
—
(137,140)
1.39%
Annual
3
month
WIBOR
Quarterly
09/05/22
(a)
09/05/23
PLN
36,830
28,633
—
28,633
0.51%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
04/07/24
USD
17,676
(31,805)
—
(31,805)
28
day
MXIBTIIE
Monthly
6.11%
Monthly
N/A
08/15/24
MXN
223,884
(164,076)
—
(164,076)
28
day
MXIBTIIE
Monthly
6.12%
Monthly
N/A
08/15/24
MXN
13,352
(9,523)
—
(9,523)
2.91%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/23/26
USD
844
(78,010)
—
(78,010)
1.69%
Annual
6
month
WIBOR
Semi-Annual
N/A
09/07/26
PLN
38,433
77,586
—
77,586
0.99%
Semi-Annual
3
month
LIBOR
Quarterly
11/12/21
(a)
11/12/26
USD
8,533
53,188
—
53,188
2.93%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/24/28
USD
1,870
(206,566)
—
(206,566)
3.16%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/03/28
USD
1,035
(143,778)
—
(143,778)
28
day
MXIBTIIE
Monthly
7.08%
Monthly
N/A
09/02/31
MXN
89,589
(110,459)
—
(110,459)
$
(606,730)
$
—
$
(606,730)
(a)
Forward
swap.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1.42%
Semi-Annual
1
day
CLICP
Semi-Annual
Bank
of
America
NA
04/01/23
CLP
6,530,622
$
284,415
$
—
$
284,415
1
day
CLICP
Semi-Annual
1.65%
Semi-Annual
Bank
of
America
NA
05/28/23
CLP
6,530,622
(303,249)
—
(303,249)
$
(18,834)
$
—
$
(18,834)
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
71,380
$
(89,193)
$
341,866
$
(3,921,065)
$
—
OTC
Swaps
.....................................................
401,360
(678,887)
932,571
(509,707)
—
Options
Written
...................................................
N/A
N/A
—
(103,795)
(254,006)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statements
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
45
Schedule
of
Investments
(continued)
September
30,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
—
$
—
$
4,712,394
$
—
$
4,712,394
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
2,210,259
—
—
2,210,259
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
—
—
943,015
1,780,469
—
2,723,484
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
274,627
67,239
341,866
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
1,049,516
—
—
284,415
—
1,333,931
$
—
$
1,049,516
$
—
$
3,153,274
$
7,051,905
$
67,239
$
11,321,934
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
4,801,995
—
4,801,995
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
1,485,358
—
—
1,485,358
Options
written
Options
written
at
value
.....................
—
—
—
—
254,006
—
254,006
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
2,108
—
—
881,357
3,037,600
3,921,065
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
885,345
—
—
303,249
—
1,188,594
$
—
$
887,453
$
—
$
1,485,358
$
6,240,607
$
3,037,600
$
11,651,018
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
forward
settling
swaptions.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
For
the
period
ended
September
30,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
259,523
$
—
$
259,523
Forward
foreign
currency
exchange
contracts
....
—
—
—
(10,500,814)
—
—
(10,500,814)
Options
purchased
(a)
....................
—
—
—
(1,420,733)
(3,096,931)
—
(4,517,664)
Options
written
........................
—
—
—
44,935
5,521,005
—
5,565,940
Swaps
..............................
—
(1,081,691)
—
—
(4,484,116)
(1,288,816)
(6,854,623)
$
—
$
(1,081,691)
$
—
$
(11,876,612)
$
(1,800,519)
$
(1,288,816)
$
(16,047,638)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
.......................
—
—
—
—
744,579
—
744,579
Forward
foreign
currency
exchange
contracts
....
—
—
—
(105,107)
—
—
(105,107)
Options
purchased
(b)
....................
—
—
—
271,912
(389,396)
—
(117,484)
Options
written
........................
—
—
—
—
(309,595)
—
(309,595)
Swaps
..............................
—
718,564
—
—
(326,976)
(4,023,786)
(3,632,198)
$
—
$
718,564
$
—
$
166,805
$
(281,388)
$
(4,023,786)
$
(3,419,805)
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
46
Schedule
of
Investments
(continued)
September
30,
2021
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts:
Average
notional
value
of
contracts
—
long
..................................................................................
$
707,932,224
Average
notional
value
of
contracts
—
short
.................................................................................
785,913,571
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
—
in
USD
....................................................................................
313,218,987
Average
amounts
sold
—
in
USD
........................................................................................
78,231,631
Options:
Average
value
of
option
contracts
purchased
................................................................................
12,563,510
Average
value
of
option
contracts
written
...................................................................................
6,068,095
Average
notional
value
of
swaption
contracts
written
...........................................................................
180,587,000
Credit
default
swaps:
Average
notional
value
—
buy
protection
...................................................................................
51,426,339
Average
notional
value
—
sell
protection
...................................................................................
8,476,353
Interest
rate
swaps:
Average
notional
value
—
pays
fixed
rate
...................................................................................
80,903,131
Average
notional
value
—
receives
fixed
rate
................................................................................
202,718,438
Inflation
swaps:
Average
notional
value
—
pays
fixed
rate
...................................................................................
74,789,010
Average
notional
value
—
receives
fixed
rate
................................................................................
32,277,718
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
439,502
$
380,300
Forward
foreign
currency
exchange
contracts
.................................................................
2,210,259
1,485,358
Options
(a)(b)
........................................................................................
2,723,484
254,006
Swaps
—
Centrally
cleared
.............................................................................
—
43,093
Swaps
—
OTC
(c)
....................................................................................
1,333,931
1,188,594
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
6,707,176
$
3,351,351
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(2,215,090)
(677,399)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
4,492,086
$
2,673,952
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
47
Schedule
of
Investments
(continued)
September
30,
2021
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)
Bank
of
America
NA
..............................
$
296,158
$
(296,158)
$
—
$
—
$
—
Barclays
Bank
plc
................................
63,592
(63,592)
—
—
—
BNP
Paribas
SA
.................................
928,430
(170,197)
—
—
758,233
Citibank
NA
....................................
196,814
(196,814)
—
—
—
Citigroup
Global
Markets,
Inc.
........................
33,821
—
—
—
33,821
Credit
Suisse
International
..........................
49,382
(49,382)
—
—
—
Deutsche
Bank
AG
...............................
271,585
(271,585)
—
—
—
Goldman
Sachs
International
........................
617,757
(74,610)
—
—
543,147
HSBC
Bank
plc
..................................
1,103,599
(142,437)
—
—
961,162
JPMorgan
Chase
Bank
NA
..........................
4,449
(4,449)
—
—
—
JPMorgan
Securities
LLC
...........................
103,822
(40,385)
—
—
63,437
Morgan
Stanley
&
Co.
International
plc
..................
310,966
(310,966)
—
—
—
Natwest
Markets
plc
..............................
21,394
(21,394)
—
—
—
Northern
Trust
Co.
...............................
32,707
—
—
—
32,707
Royal
Bank
of
Canada
.............................
134,677
(44,056)
—
—
90,621
Standard
Chartered
Bank
...........................
163,386
—
—
—
163,386
State
Street
Bank
and
Trust
Co.
......................
33,597
—
—
—
33,597
UBS
AG
......................................
125,950
—
—
—
125,950
$
4,492,086
$
(1,686,025)
$
—
$
—
$
2,806,061
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
(c)
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(d)
Bank
of
America
NA
..............................
$
358,466
$
(296,158)
$
—
$
—
$
62,308
Barclays
Bank
plc
................................
94,277
(63,592)
—
(20,000)
10,685
BNP
Paribas
SA
.................................
170,197
(170,197)
—
—
—
Citibank
NA
....................................
485,425
(196,814)
—
—
288,611
Commonwealth
Bank
of
Australia
.....................
2,247
—
—
—
2,247
Credit
Suisse
International
..........................
123,234
(49,382)
—
—
73,852
Deutsche
Bank
AG
...............................
491,582
(271,585)
—
(170,000)
49,997
Goldman
Sachs
International
........................
74,610
(74,610)
—
—
—
HSBC
Bank
plc
..................................
142,437
(142,437)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
61,924
(4,449)
—
—
57,475
JPMorgan
Securities
LLC
...........................
40,385
(40,385)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
527,164
(310,966)
(
216,198
)
—
—
Natwest
Markets
plc
..............................
57,948
(21,394)
—
—
36,554
Royal
Bank
of
Canada
.............................
44,056
(44,056)
—
—
—
$
2,673,952
$
(1,686,025)
$
(
216,198
)
$
(
190
,
000
)
$
581,729
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(c)
Excess
of
collateral
pledged
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(d)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
48
Schedule
of
Investments
(continued)
September
30,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments:
Asset-Backed
Securities
....................................
$
—
$
376,733,192
$
6,385,540
$
383,118,732
Corporate
Bonds
........................................
—
1,452,540,996
—
1,452,540,996
Foreign
Agency
Obligations
.................................
—
13,008,821
—
13,008,821
Foreign
Government
Obligations
..............................
—
260,250,705
—
260,250,705
Municipal
Bonds
.........................................
—
33,459,370
—
33,459,370
Non-Agency
Mortgage-Backed
Securities
........................
—
305,921,525
1,524,591
307,446,116
Other
Interests
..........................................
—
—
—
—
Capital
Trusts
...........................................
—
23,400,611
—
23,400,611
U.S.
Government
Sponsored
Agency
Securities
....................
—
1,824,293,067
—
1,824,293,067
U.S.
Treasury
Obligations
...................................
—
1,075,775,861
—
1,075,775,861
Short-Term
Securities
.......................................
213,787,818
—
—
213,787,818
Options
Purchased:
Foreign
currency
exchange
contracts
...........................
—
943,015
—
943,015
Interest
rate
contracts
......................................
1,775,588
4,881
—
1,780,469
Liabilities:
Investments:
TBA
Sale
Commitments
....................................
—
(345,127,626)
—
(345,127,626)
$
215,563,406
$
5,021,204,418
$
7,910,131
$
5,244,677,955
Derivative
Financial
Instruments
(a)
Assets:
Credit
contracts
...........................................
$
—
$
648,156
$
—
$
648,156
Foreign
currency
exchange
contracts
............................
—
2,210,259
—
2,210,259
Interest
rate
contracts
.......................................
4,712,394
559,042
—
5,271,436
Other
contracts
...........................................
—
67,239
—
67,239
Liabilities:
Credit
contracts
...........................................
—
(208,566)
—
(208,566)
Foreign
currency
exchange
contracts
............................
—
(1,485,358)
—
(1,485,358)
Interest
rate
contracts
.......................................
(5,056,001)
(1,184,606)
—
(6,240,607)
Other
contracts
...........................................
—
(3,037,600)
—
(3,037,600)
$
(343,607)
$
(2,431,434)
$
—
$
(2,775,041)
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
BlackRock
High
Yield
Bond
Portfolio
49
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
—
0.1%
(a)
AlbaCore
EURO
CLO
I
DAC,
Series
1X,
Class
ER,
(EURIBOR
3
Month
+
5.96%),
5.96%,
10/18/34
(b)
......................
EUR
1,400
$
1,611,163
Anchorage
Capital
Europe
CLO
2
DAC,
Series
2X,
Class
ER,
(EURIBOR
3
Month
+
6.45%),
6.45%,
04/15/34
(b)
.................
1,561
1,804,864
Aqueduct
European
CLO
2
DAC,
Series
2017-
2X,
Class
E,
(EURIBOR
3
Month
+
4.40%),
4.40%,
10/15/30
(b)
.................
884
974,411
ARBOUR
CLO
VIII
DAC,
Series
8X,
Class
ER,
(EURIBOR
3
Month
+
6.11%),
6.11%,
10/15/34
(b)
......................
700
802,737
Atrium
VIII,
Series
8A,
Class
SUB,
0.00%,
10/23/24
(c)(d)
.....................
USD
11,500
340,400
Aurium
CLO
II
DAC,
Series
2X,
Class
ERR,
(EURIBOR
3
Month
+
6.08%),
6.08%,
06/22/34
(b)
......................
EUR
500
572,741
Avoca
CLO
XV
DAC,
Series
15X,
Class
ER,
(EURIBOR
3
Month
+
4.13%),
4.13%,
04/15/31
(b)
......................
620
694,353
Avoca
CLO
XVIII
DAC,
Series
18X,
Class
E,
(EURIBOR
3
Month
+
4.60%),
4.60%,
04/15/31
(b)
......................
700
778,791
BBAM
European
CLO
I
DAC,
Series
1X,
Class
ER,
(EURIBOR
3
Month
+
5.91%),
5.91%,
07/22/34
(b)
......................
500
572,105
BBAM
European
CLO
II
DAC,
Series
2X,
Class
E,
(EURIBOR
3
Month
+
6.11%),
6.11%,
10/15/34
(b)
......................
1,400
1,605,473
Bilbao
CLO
I
DAC,
Series
1X,
Class
D,
(EURIBOR
3
Month
+
4.73%),
4.73%,
07/20/31
(b)
......................
400
452,014
Bilbao
CLO
II
DAC,
Series
2X,
Class
DR,
(EURIBOR
3
Month
+
5.97%),
5.97%,
08/20/35
(b)
......................
1,000
1,147,799
BlueMountain
Fuji
Eur
CLO
IV
DAC,
Series
4X,
Class
ER,
(EURIBOR
3
Month
+
6.21%),
6.21%,
02/25/34
(b)
.................
1,000
1,152,305
Cairn
CLO
XIV
DAC,
Series
2021-14X,
Class
E,
(EURIBOR
3
Month
+
6.11%),
5.45%,
10/29/34
(b)
......................
1,400
1,605,473
Capital
Four
CLO
III
DAC,
Series
3X,
Class
E,
(EURIBOR
3
Month
+
6.06%),
6.06%,
10/15/34
(b)
......................
1,020
1,169,702
Carlyle
Global
Market
Strategies
CLO
Ltd.,
Series
2015-4A,
Class
SBB1,
(LIBOR
USD
3
Month
+
8.50%),
8.63%,
07/20/32
(c)(d)
....
USD
840
811,641
Contego
CLO
IX
DAC,
Series
9X,
Class
E,
(EURIBOR
3
Month
+
6.01%),
6.01%,
01/24/34
(b)
......................
EUR
674
767,376
Contego
CLO
VIII
DAC,
Series
8X,
Class
ER,
(EURIBOR
3
Month
+
6.06%),
6.06%,
01/25/34
(b)
......................
1,400
1,608,979
CVC
Cordatus
Loan
Fund
XX
DAC,
Series
20X,
Class
E,
(EURIBOR
3
Month
+
5.61%),
5.61%,
06/22/34
(b)
.................
263
299,177
Galaxy
XVIII
CLO
Ltd.,
Series
2018-28A,
Class
C,
(LIBOR
USD
3
Month
+
1.95%),
2.08%,
07/15/31
(c)(d)
.....................
USD
250
248,287
Greene
King
Finance
plc,
Series
B2,  (LIBOR
GBP
3
Month
+
2.08%),
2.15%,
03/15/36
(b)
GBP
100
112,575
Harvest
CLO
XVI
DAC,
Series
16X,
Class
ER,
(EURIBOR
3
Month
+
5.57%),
5.57%,
10/15/31
(b)
......................
EUR
1,125
1,280,059
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Harvest
CLO
XXIII
DAC,
Series
23X,
Class
E,
(EURIBOR
3
Month
+
5.33%),
5.33%,
10/20/32
(b)
......................
EUR
148
$
168,290
Invesco
Euro
CLO,
Series
6X,
Class
E,
(EURIBOR
3
Month
+
5.99%),
5.99%,
07/15/34
(b)
......................
770
879,400
Invesco
Euro
CLO
III
DAC,
Series
3X,
Class
F,
(EURIBOR
3
Month
+
8.07%),
8.07%,
07/15/32
(b)
......................
259
298,849
Jamestown
CLO
IV
Ltd.,
Series
2014-4A,
Class
SUB,
0.00%,
07/15/26
(c)(d)
............
USD
2,000
200
Neuberger
Berman
Loan
Advisers
Euro
CLO
DAC,
Series
2021-2X,
Class
E,
(EURIBOR
3
Month
+
6.06%),
6.06%,
04/15/34
(b)
.....
EUR
1,223
1,403,346
North
Westerly
VII
ESG
CLO
DAC,
Series
VII-X,
Class
E,
(EURIBOR
3
Month
+
5.66%),
5.66%,
05/15/34
(b)
...........
200
226,327
Northwoods
Capital
21
Euro
DAC,
Series
2020-21X,
Class
ER,
(EURIBOR
3
Month
+
6.06%),
6.06%,
07/22/34
(b)
...........
500
567,978
Northwoods
Capital
23
Euro
DAC,
Series
2021-
23X,
Class
E,
(EURIBOR
3
Month
+
6.21%),
6.21%,
03/15/34
(b)
.................
500
569,320
OCP
Euro
CLO
DAC
(b)
:
Series
2017-2X,
Class
E,
(EURIBOR
3
Month
+
5.00%),
5.00%,
01/15/32
....
1,347
1,509,880
Series
2017-2X,
Class
F,
(EURIBOR
3
Month
+
6.40%),
6.40%,
01/15/32
....
900
1,007,254
Series
2019-3X,
Class
ER,
(EURIBOR
3
Month
+
6.02%),
6.02%,
04/20/33
....
300
341,159
OZLME
III
DAC,
Series
3X,
Class
E,
(EURIBOR
3
Month
+
4.80%),
4.80%,
08/24/30
(b)
....
1,000
1,122,659
Providus
CLO
III
DAC,
Series
3X,
Class
ER,
(EURIBOR
3
Month
+
6.26%),
6.26%,
07/18/34
(b)
......................
1,000
1,151,140
Rockfield
Park
CLO
DAC,
Series
1X,
Class
D,
(EURIBOR
3
Month
+
5.95%),
5.95%,
07/16/34
(b)
......................
613
703,671
Rockford
Tower
Europe
CLO
DAC,
Series
2018-1X,
Class
E,
(EURIBOR
3
Month
+
5.36%),
5.36%,
12/20/31
(b)
...........
300
345,373
Seneca
Park
CLO
Ltd.,
Series
2014-1A,
Class
SUB,
0.00%,
07/17/26
(c)(d)
............
USD
2,500
12,750
Voya
Euro
CLO
II
DAC,
Series
2X,
Class
ER,
(EURIBOR
3
Month
+
6.02%),
6.02%,
07/15/35
(b)
......................
EUR
670
767,655
Total
Asset-Backed
Securities
—
0.1%
(Cost:
$44,325,615)
...............................
31,487,676
Shares
Shares
Common
Stocks
—
2.3%
Auto
Components
—
0.0%
Lear
Corp.
........................
2,755
431,102
Building
Products
—
0.0%
AZEK
Co.,
Inc.
(The)
(e)
................
14,842
542,178
Chemicals
—
0.2%
Diversey
Holdings
Ltd.
(e)
...............
1,635,391
26,231,672
Element
Solutions,
Inc.
................
1,159,030
25,127,770
51,359,442
Commercial
Services
&
Supplies
—
0.0%
FreedomPay,
Inc.
(e)(f)
..................
314,534
3
BlackRock
High
Yield
Bond
Portfolio
50
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Shares
Shares
Value
Communications
Equipment
—
0.0%
CommScope
Holding
Co.,
Inc.
(e)
..........
542,581
$
7,373,676
Diversified
Telecommunication
Services
—
0.0%
Liberty
Global
plc,
Class
A
(d)(e)
...........
12,998
387,340
Electrical
Equipment
—
0.2%
(e)
Ardagh
MP
USA,
Inc.,
(Acquired
08/02/21,
cost
$21,863,306)
(g)
...................
2,223,387
22,144,934
Sensata
Technologies
Holding
plc
.........
368,041
20,139,204
42,284,138
Energy
Equipment
&
Services
—
0.0%
Pioneer
Energy
Services
Corp.
(e)(f)
.........
43,326
674,153
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.5%
Gaming
and
Leisure
Properties,
Inc.
.......
861,582
39,908,478
VICI
Properties,
Inc.
..................
2,309,098
65,601,474
105,509,952
Hotels,
Restaurants
&
Leisure
—
0.1%
Aramark
..........................
319,453
10,497,226
Life
Sciences
Tools
&
Services
—
0.2%
(e)
Avantor,
Inc.
.......................
682,902
27,930,692
Syneos
Health,
Inc.
..................
257,452
22,521,901
50,452,593
Media
—
0.1%
Clear
Channel
Outdoor
Holdings,
Inc.
(e)(h)
....
4,249,634
11,516,508
Metals
&
Mining
—
0.1%
Constellium
SE,
Class
A
(e)
..............
1,483,734
27,864,524
Oil,
Gas
&
Consumable
Fuels
—
0.9%
Chesapeake
Energy
Corp.
.............
966,663
59,536,774
Devon
Energy
Corp.
..................
256,155
9,096,064
Diamondback
Energy,
Inc.
..............
247,650
23,445,026
DT
Midstream,
Inc.
...................
306,154
14,156,561
Energy
Transfer
LP
..................
1,955,707
18,735,673
Enterprise
Products
Partners
LP
..........
497,827
10,772,976
EQT
Corp.
(e)
.......................
1,488,444
30,453,564
Extraction
Oil
&
Gas,
Inc.
(e)
.............
30,500
1,721,725
Extraction
Oil
&
Gas,
Inc.,
(Acquired
03/05/21,
cost
$8,357,243)
(e)(g)
................
238,642
13,471,341
KCAD
Holdings
I
Ltd.
(d)(e)(f)
..............
4,067,849,248
40,679
Plains
All
American
Pipeline
LP
..........
2,635,536
26,803,401
SM
Energy
Co.
.....................
334,497
8,824,031
217,057,815
Road
&
Rail
—
0.0%
Uber
Technologies,
Inc.
(e)
..............
218,400
9,784,320
Semiconductors
&
Semiconductor
Equipment
—
0.0%
(e)
Maxeon
Solar
Technologies
Ltd.
..........
171
3,015
SunPower
Corp.
....................
1,369
31,049
34,064
Total
Common
Stocks
—
2.3%
(Cost:
$442,673,380)
..............................
535,769,034
Par
(000)
Par
(000)
Corporate
Bonds
—
82.2%
Aerospace
&
Defense
—
2.9%
Boeing
Co.
(The),
5.93%,
05/01/60
.......
USD
41,703
56,969,430
Bombardier,
Inc.
(c)(d)
:
7.50%,
12/01/24
..................
13,465
14,003,600
7.50%,
03/15/25
..................
4,496
4,591,405
7.13%,
06/15/26
..................
43,309
45,474,450
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
7.88%,
04/15/27
..................
USD
16,499
$
17,104,926
6.00%,
02/15/28
..................
23,457
23,720,891
7.45%,
05/01/34
..................
1,604
1,874,675
BWX
Technologies,
Inc.
(c)
:
4.13%,
06/30/28
..................
10,487
10,762,284
4.13%,
04/15/29
..................
9,203
9,421,571
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
(c)(d)
21,776
22,429,280
Howmet
Aerospace,
Inc.,
5.13%,
10/01/24
..
505
556,914
Kratos
Defense
&
Security
Solutions,
Inc.,
6.50%,
11/30/25
(c)
................
21,326
22,099,068
Rolls-Royce
plc:
4.63%,
02/16/26
(b)
.................
EUR
722
926,251
5.75%,
10/15/27
(c)(d)
................
USD
36,087
39,876,135
5.75%,
10/15/27
(b)
.................
GBP
312
466,724
Spirit
AeroSystems,
Inc.,
5.50%,
01/15/25
(c)
..
USD
12,439
13,154,242
TransDigm,
Inc.:
8.00%,
12/15/25
(c)
.................
15,543
16,572,724
6.25%,
03/15/26
(c)
.................
285,457
297,588,922
6.38%,
06/15/26
..................
1,862
1,920,951
7.50%,
03/15/27
..................
7,602
7,963,095
4.63%,
01/15/29
..................
19,046
19,012,765
4.88%,
05/01/29
..................
20,926
20,964,922
Triumph
Group,
Inc.,
8.88%,
06/01/24
(c)
....
43,429
47,771,900
695,227,125
Airlines
—
1.8%
Air
Canada,
3.88%,
08/15/26
(c)(d)
.........
27,635
27,885,097
Air
France-KLM,
3.88%,
07/01/26
(b)
.......
EUR
1,100
1,264,832
American
Airlines,
Inc.
(c)
:
11.75%,
07/15/25
.................
USD
40,020
49,524,750
5.50%,
04/20/26
..................
18,245
19,180,364
5.75%,
04/20/29
..................
58,695
63,243,809
Delta
Air
Lines,
Inc.
(c)
:
7.00%,
05/01/25
..................
11,154
13,008,353
4.75%,
10/20/28
..................
33,580
37,441,700
Deutsche
Lufthansa
AG
(b)
:
2.00%,
07/14/24
..................
EUR
1,900
2,241,154
2.88%,
02/11/25
..................
1,100
1,313,927
3.75%,
02/11/28
..................
2,800
3,405,744
3.50%,
07/14/29
..................
2,400
2,870,558
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(c)
................
USD
16,152
16,899,030
International
Consolidated
Airlines
Group
SA:
0.63%,
11/17/22
(b)(i)
................
EUR
100
113,699
2.75%,
03/25/25
(b)
.................
2,200
2,570,678
1.50%,
07/04/27
(b)
.................
800
853,148
1.13%,
05/18/28
..................
3,100
3,536,698
3.75%,
03/25/29
(b)
.................
1,600
1,875,623
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(c)
USD
49,504
53,831,640
Spirit
Loyalty
Cayman
Ltd.,
8.00%,
09/20/25
(c)
2,945
3,302,851
United
Airlines
Pass-Through
Trust:
Series
2020-1,
Class
B,
4.88%,
01/15/26
.
4,129
4,372,779
Series
2020-1,
Class
A,
5.88%,
10/15/27
.
53,339
59,688,705
United
Airlines,
Inc.
(c)
:
4.38%,
04/15/26
..................
26,120
26,805,650
4.63%,
04/15/29
..................
27,551
28,472,581
423,703,370
Auto
Components
—
1.8%
Adient
US
LLC,
9.00%,
04/15/25
(c)
.......
12,490
13,489,200
Allison
Transmission,
Inc.
(c)
:
5.88%,
06/01/29
..................
14,548
15,828,951
3.75%,
01/30/31
..................
14,979
14,567,078
Clarios
Global
LP:
6.75%,
05/15/25
(c)
.................
14,870
15,687,850
4.38%,
05/15/26
(b)
.................
EUR
4,100
4,909,588
BlackRock
High
Yield
Bond
Portfolio
51
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Auto
Components
(continued)
6.25%,
05/15/26
(c)
.................
USD
46,610
$
48,970,792
8.50%,
05/15/27
(c)
.................
126,368
134,423,960
Dana
Financing
Luxembourg
SARL,
3.00%,
07/15/29
(b)
.....................
EUR
1,500
1,772,276
Dealer
Tire
LLC,
8.00%,
02/01/28
(c)
.......
USD
15,694
16,430,320
Dornoch
Debt
Merger
Sub,
Inc.,
6.63%,
10/15/29
(c)
.....................
7,439
7,439,000
Faurecia
SE,
3.75%,
06/15/28
(b)
.........
EUR
1,579
1,902,196
Goodyear
Europe
BV,
2.75%,
08/15/28
(b)
...
1,003
1,171,359
Goodyear
Tire
&
Rubber
Co.
(The):
9.50%,
05/31/25
..................
USD
4,574
5,019,965
5.00%,
07/15/29
(c)
.................
9,592
10,179,510
5.25%,
07/15/31
(c)
.................
22,646
24,117,990
5.63%,
04/30/33
..................
21,093
22,991,370
Grupo
Antolin-Irausa
SA,
3.50%,
04/30/28
(b)
..
EUR
2,196
2,410,190
Icahn
Enterprises
LP:
4.75%,
09/15/24
..................
USD
6,704
6,972,160
6.25%,
05/15/26
..................
11,189
11,692,505
5.25%,
05/15/27
..................
32,568
33,789,300
4.38%,
02/01/29
..................
14,595
14,576,756
IHO
Verwaltungs
GmbH,
3.88%,
(3.88%
Cash
or
4.63%
PIK),
05/15/27
(a)(b)(j)
.........
EUR
2,811
3,341,439
Leather
2
SpA,
(EURIBOR
3
Month
+
4.50%),
4.50%,
09/30/28
(a)
................
827
959,871
Patrick
Industries,
Inc.,
4.75%,
05/01/29
(c)
...
USD
4,873
4,970,460
Tenneco,
Inc.,
7.88%,
01/15/29
(c)
........
4,032
4,500,720
ZF
Europe
Finance
BV
(b)
:
2.00%,
02/23/26
..................
EUR
1,100
1,285,299
2.50%,
10/23/27
..................
2,100
2,484,664
ZF
Finance
GmbH,
2.00%,
05/06/27
(b)
.....
1,800
2,095,455
427,980,224
Automobiles
—
0.1%
Ford
Motor
Co.:
4.75%,
01/15/43
..................
USD
5,441
5,702,876
5.29%,
12/08/46
..................
2,727
3,037,196
Jaguar
Land
Rover
Automotive
plc:
6.88%,
11/15/26
(b)
.................
EUR
1,000
1,289,021
5.88%,
01/15/28
(c)(d)
................
USD
400
401,520
Mclaren
Finance
plc,
7.50%,
08/01/26
(c)(d)
...
725
733,881
RCI
Banque
SA,
(EUR
Swap
Annual
5
Year
+
2.85%),
2.63%,
02/18/30
(a)(b)
..........
EUR
2,200
2,583,130
Renault
SA,
2.38%,
05/25/26
(b)
..........
1,400
1,637,907
Volvo
Car
AB,
2.50%,
10/07/27
(b)
........
1,051
1,325,460
Winnebago
Industries,
Inc.,
6.25%,
07/15/28
(c)
USD
9,309
10,007,175
26,718,166
Banks
—
0.7%
AIB
Group
plc,
(EUR
Swap
Annual
5
Year
+
6.63%),
6.25%
(a)(k)
................
EUR
1,000
1,290,402
Banco
BPM
SpA
(a)(b)
:
(EUR
Swap
Annual
5
Year
+
5.42%),
5.00%,
09/14/30
.....................
882
1,114,187
(EUR
Swap
Annual
5
Year
+
3.17%),
2.87%,
06/29/31
.....................
3,950
4,583,526
Banco
de
Sabadell
SA
(a)(b)
:
(EUR
Swap
Annual
5
Year
+
2.20%),
2.00%,
01/17/30
.....................
2,500
2,881,396
(EUR
Swap
Annual
5
Year
+
2.95%),
2.50%,
04/15/31
.....................
1,000
1,176,605
Banco
Espirito
Santo
SA
(e)(l)
:
2.63%,
05/08/17
..................
10,400
1,746,792
4.75%,
01/15/18
(b)
.................
12,300
2,065,917
4.00%,
01/21/19
(b)
.................
12,000
2,015,529
Banco
Santander
SA,
(EUR
Swap
Annual
5
Year
+
4.53%),
4.38%
(a)(b)(k)
...........
1,400
1,693,093
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Bank
of
Cyprus
PCL,
(EUR
Swap
Annual
5
Year
+
2.79%),
2.50%,
06/24/27
(a)(b)
........
EUR
2,300
$
2,621,018
Barclays
plc
(d)
:
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.87%),
6.13%
(a)(k)
.....................
USD
800
885,504
5.20%,
05/12/26
..................
7,800
8,918,208
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%),
4.38%
(a)(k)
.....................
30,365
30,343,744
CaixaBank
SA,
(EUR
Swap
Annual
5
Year
+
6.22%),
6.37%
(a)(b)(k)
...............
EUR
2,800
3,502,306
CIT
Group,
Inc.,
6.00%,
04/01/36
........
USD
23,131
27,063,270
Commerzbank
AG,
(EUR
Swap
Annual
5
Year
+
6.36%),
6.12%
(a)(b)(k)
...............
EUR
4,000
5,079,365
HSBC
Bank
plc,
Series
1M,
(LIBOR
USD
6
Month
+
0.25%),
0.42%
(a)(d)(k)
.........
USD
2,720
2,571,488
HSBC
Holdings
plc
(a)(d)(k)
:
(USD
Swap
Rate
5
Year
+
3.75%),
6.00%
.
24,053
26,368,101
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.65%),
4.60%
.......................
6,310
6,308,107
Intesa
Sanpaolo
SpA:
(EUR
Swap
Annual
5
Year
+
6.07%),
5.88%
(a)(b)(k)
....................
EUR
1,200
1,530,626
(EUR
Swap
Annual
5
Year
+
7.19%),
7.75%
(a)(b)(k)
....................
1,883
2,658,789
(EUR
Swap
Annual
5
Year
+
5.75%),
5.88%,
03/04/29
(a)(b)
...................
1,313
1,701,412
5.15%,
06/10/30
..................
GBP
1,400
2,116,719
4.20%,
06/01/32
(c)(d)
................
USD
10,505
10,769,235
4.95%,
06/01/42
(c)(d)
................
7,665
7,943,627
(EUR
Swap
Annual
5
Year
+
6.09%),
5.88%
(a)(k)
.....................
EUR
1,325
1,793,814
UniCredit
SpA
(a)
:
(EURIBOR
Swap
Rate
5
Year
+
7.33%),
7.50%
(b)(k)
.....................
800
1,091,166
(EUR
Swap
Annual
5
Year
+
2.40%),
2.00%,
09/23/29
(b)
....................
1,200
1,415,507
(EUR
Swap
Annual
5
Year
+
2.80%),
2.73%,
01/15/32
(b)
....................
1,000
1,202,828
(EURIBOR
Swap
Rate
5
Year
+
4.08%),
3.88%
(b)(k)
.....................
2,200
2,490,716
(EUR
Swap
Annual
5
Year
+
6.39%),
6.62%
(k)
......................
1,400
1,721,019
168,664,016
Biotechnology
—
0.1%
180
Medical,
Inc.,
3.88%,
10/15/29
.......
USD
9,308
9,308,000
Cidron
Aida
Finco
SARL:
5.00%,
04/01/28
..................
EUR
1,786
2,084,056
6.25%,
04/01/28
..................
GBP
1,624
2,211,263
Emergent
BioSolutions,
Inc.,
3.88%,
08/15/28
(c)
USD
5,317
5,170,783
Grifols
Escrow
Issuer
SA,
3.88%,
10/15/28
(b)
.
EUR
1,138
1,333,032
HCRX
Investments
Holdco
LP,
4.50%,
08/01/29
(c)
.....................
USD
8,803
8,847,015
28,954,149
Building
Products
—
1.0%
Advanced
Drainage
Systems,
Inc.,
5.00%,
09/30/27
(c)
.....................
10,364
10,820,016
APi
Group
DE,
Inc.,
4.13%,
07/15/29
(c)
.....
8,850
8,671,673
Builders
FirstSource,
Inc.,
6.75%,
06/01/27
(c)
.
6,098
6,463,880
Cornerstone
Building
Brands,
Inc.,
6.13%,
01/15/29
(c)
.....................
19,784
21,029,897
CP
Atlas
Buyer,
Inc.,
7.00%,
12/01/28
(c)
....
17,712
17,756,280
Forterra
Finance
LLC,
6.50%,
07/15/25
(c)
...
21,461
22,963,270
BlackRock
High
Yield
Bond
Portfolio
52
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Building
Products
(continued)
Griffon
Corp.,
5.75%,
03/01/28
..........
USD
3,470
$
3,643,500
HT
Troplast
GmbH,
9.25%,
07/15/25
......
EUR
1,071
1,359,392
James
Hardie
International
Finance
DAC,
5.00%,
01/15/28
(c)
................
USD
3,204
3,364,200
JELD-WEN,
Inc.
(c)
:
6.25%,
05/15/25
..................
9,275
9,785,125
4.63%,
12/15/25
..................
4,547
4,616,705
4.88%,
12/15/27
..................
3,220
3,355,369
Masonite
International
Corp.
(c)
:
5.38%,
02/01/28
..................
3,050
3,211,650
3.50%,
02/15/30
..................
14,331
14,223,517
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(c)
:
6.25%,
03/15/26
..................
3,485
3,603,490
5.25%,
07/15/28
..................
5,389
5,449,626
9.75%,
07/15/28
..................
8,367
9,099,113
PCF
GmbH
(b)
:
4.75%,
04/15/26
..................
EUR
1,503
1,797,583
(EURIBOR
3
Month
+
4.75%),
4.75%,
04/15/26
(a)
....................
1,052
1,228,942
SRM
Escrow
Issuer
LLC,
6.00%,
11/01/28
(c)
..
USD
31,585
33,440,619
Standard
Industries,
Inc.:
2.25%,
11/21/26
(b)
.................
EUR
1,659
1,895,116
4.75%,
01/15/28
(c)
.................
USD
604
626,650
4.38%,
07/15/30
(c)
.................
19,247
19,631,940
3.38%,
01/15/31
(c)
.................
10,944
10,415,405
Summit
Materials
LLC,
5.25%,
01/15/29
(c)
...
11,390
11,959,500
Victors
Merger
Corp.,
6.38%,
05/15/29
(c)
....
10,118
9,687,985
240,100,443
Capital
Markets
—
0.7%
Aretec
Escrow
Issuer,
Inc.,
7.50%,
04/01/29
(c)
8,343
8,593,290
Coinbase
Global,
Inc.
(c)
:
3.38%,
10/01/28
..................
20,270
19,476,024
3.63%,
10/01/31
..................
19,605
18,637,003
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(c)
................
15,274
15,980,423
Credit
Suisse
Group
AG
(a)(d)(k)
:
(USD
Swap
Semi
5
Year
+
3.46%),
6.25%
(c)
3,600
3,878,597
(USD
Swap
Rate
5
Year
+
4.33%),
7.25%
(b)
2,200
2,438,590
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%),
6.37%
(c)
......................
12,614
13,843,865
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%),
5.25%
(c)
......................
16,191
16,939,834
(USD
Swap
Semi
5
Year
+
4.60%),
7.50%
969
1,058,632
Drawbridge
Special
Opportunities
Fund
LP,
3.88%,
02/15/26
(c)
................
1,189
1,221,690
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
(e)(f)(l)
:
5.38%,
10/17/12
..................
EUR
4,550
54,813
4.75%,
01/16/14
..................
14,545
176,906
(EURIBOR
3
Month
+
0.30%),
0.30%,
02/05/14
(a)
....................
22,800
279,950
MSCI,
Inc.
(c)
:
3.63%,
09/01/30
..................
USD
5,813
6,009,188
3.88%,
02/15/31
..................
12,796
13,419,805
3.63%,
11/01/31
..................
6,565
6,831,375
3.25%,
08/15/33
..................
12,093
12,231,586
Owl
Rock
Technology
Finance
Corp.,
3.75%,
06/17/26
(c)
.....................
10,170
10,736,417
UBS
AG,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%),
4.38%
(a)(c)
(d)(k)
.........................
13,275
13,410,405
165,218,393
Security
Par
(000)
Par
(000)
Value
Chemicals
—
1.8%
Ashland
LLC,
3.38%,
09/01/31
(c)
.........
USD
23,421
$
23,625,934
Axalta
Coating
Systems
LLC
(c)
:
4.75%,
06/15/27
..................
8,994
9,376,245
3.38%,
02/15/29
..................
14,644
14,241,290
CeramTec
BondCo
GmbH,
5.25%,
12/15/25
.
EUR
1,220
1,442,016
Chemours
Co.
(The):
4.00%,
05/15/26
..................
1,100
1,297,839
5.75%,
11/15/28
(c)
.................
USD
8,287
8,678,146
Diamond
BC
BV,
4.63%,
10/01/29
(c)
.......
17,616
17,880,240
Element
Solutions,
Inc.,
3.88%,
09/01/28
(c)
..
85,939
86,798,390
Gates
Global
LLC,
6.25%,
01/15/26
(c)
......
24,410
25,325,375
GCP
Applied
Technologies,
Inc.,
5.50%,
04/15/26
(c)
.....................
12,110
12,382,475
HB
Fuller
Co.,
4.25%,
10/15/28
.........
7,592
7,724,860
Herens
Midco
SARL:
4.75%,
05/15/28
(c)(d)
................
16,360
16,441,800
5.25%,
05/15/29
(b)
.................
EUR
3,743
4,205,633
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(c)
....
USD
33,988
37,471,770
Ingevity
Corp.,
3.88%,
11/01/28
(c)
........
6,220
6,204,450
Kraton
Polymers
LLC,
5.25%,
05/15/26
....
EUR
1,497
1,781,736
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(c)
...
USD
7,540
7,540,000
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(c)
10,828
11,234,050
Monitchem
HoldCo
2
SA,
9.50%,
09/15/26
(b)
.
EUR
1,000
1,253,914
Monitchem
HoldCo
3
SA,
5.25%,
03/15/25
(b)
.
2,893
3,434,871
Nobian
Finance
BV,
3.63%,
07/15/26
(b)
.....
1,408
1,615,166
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(c)(d)
.
USD
1,606
1,678,270
OCI
NV,
5.25%,
11/01/24
(c)(d)
...........
4,434
4,560,812
Olin
Corp.,
5.50%,
08/15/22
...........
255
264,244
Olympus
Water
US
Holding
Corp.
(b)
:
3.88%,
10/01/28
..................
EUR
797
923,390
5.38%,
10/01/29
..................
858
982,733
SCIH
Salt
Holdings,
Inc.
(c)
:
4.88%,
05/01/28
..................
USD
16,952
17,036,760
6.63%,
05/01/29
..................
13,740
13,190,400
Scotts
Miracle-Gro
Co.
(The)
(c)
:
4.00%,
04/01/31
..................
18,299
18,264,598
4.38%,
02/01/32
..................
1,779
1,793,454
SPCM
SA,
3.13%,
03/15/27
(c)(d)
.........
6,314
6,321,577
Valvoline,
Inc.,
3.63%,
06/15/31
(c)
........
83
81,962
WR
Grace
Holdings
LLC,
5.63%,
08/15/29
(c)
.
62,964
64,853,550
429,907,950
Commercial
Services
&
Supplies
—
2.8%
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(c)
.
14,705
14,833,669
Allied
Universal
Holdco
LLC:
6.63%,
07/15/26
(c)
.................
83,780
88,578,918
9.75%,
07/15/27
(c)
.................
34,429
37,457,891
3.63%,
06/01/28
..................
EUR
1,820
2,068,732
4.63%,
06/01/28
(c)
.................
USD
84,641
84,453,583
4.88%,
06/01/28
..................
GBP
827
1,096,415
6.00%,
06/01/29
(c)
.................
USD
35,597
35,126,764
APX
Group,
Inc.
(c)
:
6.75%,
02/15/27
..................
12,991
13,800,989
5.75%,
07/15/29
..................
17,899
17,667,208
Aramark
Services,
Inc.
(c)
:
5.00%,
04/01/25
..................
1,951
1,996,751
6.38%,
05/01/25
..................
15,573
16,371,116
5.00%,
02/01/28
..................
1,894
1,946,085
Brink's
Co.
(The),
5.50%,
07/15/25
(c)
......
1,038
1,084,710
Clean
Harbors,
Inc.
(c)
:
4.88%,
07/15/27
..................
4,516
4,685,350
5.13%,
07/15/29
..................
6,714
7,351,830
Covanta
Holding
Corp.,
5.00%,
09/01/30
...
10,099
10,199,990
Garda
World
Security
Corp.
(c)(d)
:
4.63%,
02/15/27
..................
15,205
15,205,000
9.50%,
11/01/27
..................
10,407
11,264,016
BlackRock
High
Yield
Bond
Portfolio
53
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
GFL
Environmental,
Inc.
(c)(d)
:
4.25%,
06/01/25
..................
USD
5,193
$
5,355,281
3.75%,
08/01/25
..................
11,709
12,045,634
5.13%,
12/15/26
..................
28,866
30,312,475
4.00%,
08/01/28
..................
24,292
24,109,810
3.50%,
09/01/28
..................
9,176
9,233,350
4.75%,
06/15/29
..................
22,541
23,160,878
4.38%,
08/15/29
..................
9,063
9,153,630
IAA,
Inc.,
5.50%,
06/15/27
(c)
...........
11,777
12,306,965
Intrum
AB
(b)
:
3.13%,
07/15/24
..................
EUR
2,000
2,328,399
4.88%,
08/15/25
..................
1,046
1,268,533
3.50%,
07/15/26
..................
1,654
1,956,624
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(c)
.....................
USD
8,312
8,519,800
Madison
IAQ
LLC
(c)
:
4.13%,
06/30/28
..................
2,478
2,478,000
5.88%,
06/30/29
..................
29,359
29,579,193
Nielsen
Finance
LLC
(c)
:
5.63%,
10/01/28
..................
14,259
14,793,713
5.88%,
10/01/30
..................
15,474
16,292,110
4.75%,
07/15/31
..................
4,873
4,740,259
Paprec
Holding
SA,
3.50%,
07/01/28
......
EUR
1,240
1,454,153
Prime
Security
Services
Borrower
LLC
(c)
:
5.75%,
04/15/26
..................
USD
4,437
4,799,771
3.38%,
08/31/27
..................
1,513
1,451,542
6.25%,
01/15/28
..................
17,590
18,184,190
Ritchie
Bros
Auctioneers,
Inc.,
5.38%,
01/15/25
(c)(d)
....................
4,373
4,478,936
Stericycle,
Inc.,
3.88%,
01/15/29
(c)
........
11,322
11,391,177
Techem
Verwaltungsgesellschaft
674
mbH,
6.00%,
07/30/26
.................
EUR
2,462
2,935,609
Verde
Bidco
SpA,
4.63%,
10/01/26
(b)
......
528
622,664
Verisure
Holding
AB
(b)
:
(EURIBOR
3
Month
+
5.00%),
5.00%,
04/15/25
(a)
....................
791
933,435
3.88%,
07/15/26
..................
1,425
1,691,915
3.25%,
02/15/27
..................
4,381
5,096,654
Verisure
Midholding
AB,
5.25%,
02/15/29
(b)
..
2,529
3,005,282
WASH
Multifamily
Acquisition,
Inc.,
5.75%,
04/15/26
(c)
.....................
USD
6,939
7,245,877
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(c)
....
29,283
29,575,830
665,690,706
Communications
Equipment
—
0.8%
Avaya,
Inc.,
6.13%,
09/15/28
(c)
..........
29,026
30,519,968
CommScope
Technologies
LLC,
6.00%,
06/15/25
(c)
.....................
14,047
14,222,587
CommScope,
Inc.
(c)
:
6.00%,
03/01/26
..................
2,553
2,650,857
8.25%,
03/01/27
..................
2,988
3,127,614
7.13%,
07/01/28
..................
25,373
25,892,385
4.75%,
09/01/29
..................
33,686
33,643,893
Nokia
OYJ,
6.63%,
05/15/39
(d)
..........
7,393
10,091,445
ViaSat,
Inc.
(c)
:
5.63%,
04/15/27
..................
20,844
21,729,870
6.50%,
07/15/28
..................
30,003
31,599,760
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(c)
....
19,675
19,718,285
193,196,664
Construction
&
Engineering
—
0.3%
Arcosa,
Inc.,
4.38%,
04/15/29
(c)
.........
24,997
25,309,463
Brand
Industrial
Services,
Inc.,
8.50%,
07/15/25
(c)
.....................
14,967
15,023,126
Dycom
Industries,
Inc.,
4.50%,
04/15/29
(c)
...
7,681
7,713,452
Heathrow
Finance
plc,
4.62%,
09/01/29
(b)(m)
..
GBP
2,042
2,795,523
Security
Par
(000)
Par
(000)
Value
Construction
&
Engineering
(continued)
MasTec,
Inc.,
4.50%,
08/15/28
(c)
.........
USD
13,119
$
13,692,956
64,534,520
Consumer
Finance
—
1.3%
American
Express
Co.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%),
3.55%
(a)(k)
...............
48,915
49,837,048
Encore
Capital
Group,
Inc.:
4.88%,
10/15/25
(b)
.................
EUR
1,332
1,616,560
5.38%,
02/15/26
..................
GBP
1,000
1,412,924
4.25%,
06/01/28
..................
2,373
3,191,625
Ford
Motor
Credit
Co.
LLC:
3.81%,
01/09/24
..................
USD
1,844
1,903,930
5.58%,
03/18/24
..................
3,500
3,761,940
3.66%,
09/08/24
..................
6,120
6,318,900
4.06%,
11/01/24
..................
10,022
10,538,033
4.69%,
06/09/25
..................
5,702
6,101,140
5.13%,
06/16/25
..................
10,736
11,661,980
4.13%,
08/04/25
..................
10,779
11,398,792
3.38%,
11/13/25
..................
6,710
6,894,525
4.39%,
01/08/26
..................
16,342
17,424,657
2.70%,
08/10/26
..................
19,658
19,697,316
4.27%,
01/09/27
..................
846
900,296
4.13%,
08/17/27
..................
7,728
8,195,543
3.82%,
11/02/27
..................
2,510
2,604,125
2.90%,
02/16/28
..................
16,777
16,756,029
5.11%,
05/03/29
..................
7,180
8,023,650
4.00%,
11/13/30
..................
16,480
17,139,200
3.63%,
06/17/31
..................
2,286
2,300,288
Global
Aircraft
Leasing
Co.
Ltd.
(c)(d)(j)
:
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
.....................
8,500
8,323,792
Series
2021,
7.25%,
(7.25%
Cash
or
7.25%
PIK),
09/15/24
.................
12,040
11,158,672
Navient
Corp.:
7.25%,
09/25/23
..................
3,544
3,864,803
6.13%,
03/25/24
..................
3,829
4,099,902
5.88%,
10/25/24
..................
1,709
1,824,357
6.75%,
06/25/25
..................
1,258
1,374,365
5.00%,
03/15/27
..................
227
233,810
OneMain
Finance
Corp.:
6.88%,
03/15/25
..................
11,432
12,846,710
7.13%,
03/15/26
..................
13,690
15,863,288
3.50%,
01/15/27
..................
18,425
18,433,291
6.63%,
01/15/28
..................
14,896
17,130,400
5.38%,
11/15/29
..................
1,625
1,761,256
4.00%,
09/15/30
..................
7,320
7,283,400
311,876,547
Containers
&
Packaging
—
1.7%
ARD
Finance
SA,
6.50%,
06/30/27
(c)(d)
.....
59,184
62,873,827
Ardagh
Metal
Packaging
Finance
USA
LLC:
2.00%,
09/01/28
(b)
.................
EUR
1,166
1,360,766
3.00%,
09/01/29
(b)
.................
2,080
2,412,635
4.00%,
09/01/29
(c)
.................
USD
59,253
59,919,596
Ardagh
Packaging
Finance
plc
(c)
:
4.13%,
08/15/26
..................
17,692
18,364,296
4.75%,
07/15/27
..................
GBP
4,000
5,510,866
5.25%,
08/15/27
..................
USD
38,359
39,049,654
Ball
Corp.,
3.13%,
09/15/31
...........
27,865
27,518,858
CANPACK
SA,
3.13%,
11/01/25
(c)(d)
.......
8,284
8,426,381
Crown
Americas
LLC:
4.75%,
02/01/26
..................
69
71,111
4.25%,
09/30/26
..................
8,441
9,047,824
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
1,896
2,341,560
BlackRock
High
Yield
Bond
Portfolio
54
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
Graphic
Packaging
International
LLC:
4.88%,
11/15/22
..................
USD
223
$
229,690
4.75%,
07/15/27
(c)
.................
1,424
1,541,480
3.50%,
03/15/28
(c)
.................
519
526,785
3.50%,
03/01/29
(c)
.................
1,974
1,964,130
Intertape
Polymer
Group,
Inc.,
4.38%,
06/15/29
(c)(d)
....................
9,636
9,796,054
Kleopatra
Finco
SARL,
4.25%,
03/01/26
(b)
...
EUR
1,122
1,271,362
LABL,
Inc.,
10.50%,
07/15/27
(c)
.........
USD
7,716
8,313,990
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(c)
................
14,665
14,793,319
OI
European
Group
BV,
2.88%,
02/15/25
(b)
..
EUR
2,084
2,446,098
Sealed
Air
Corp.
(c)
:
5.25%,
04/01/23
..................
USD
534
558,030
4.00%,
12/01/27
..................
5,815
6,192,393
6.88%,
07/15/33
..................
158
206,408
Silgan
Holdings,
Inc.,
4.13%,
02/01/28
.....
184
189,060
Titan
Holdings
II
BV,
5.13%,
07/15/29
(b)
....
EUR
854
1,004,014
Trivium
Packaging
Finance
BV
(m)
:
3.75%,
08/15/26
(b)
.................
753
892,299
5.50%,
08/15/26
(c)(d)
................
USD
27,457
28,755,991
8.50%,
08/15/27
(c)(d)
................
75,099
80,637,551
396,216,028
Distributors
—
0.1%
(c)
American
Builders
&
Contractors
Supply
Co.,
Inc.:
4.00%,
01/15/28
..................
3,395
3,467,144
3.88%,
11/15/29
..................
3,240
3,230,928
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
8,157
8,116,215
Wolverine
Escrow
LLC,
9.00%,
11/15/26
....
1,120
1,034,600
15,848,887
Diversified
Consumer
Services
—
0.5%
Graham
Holdings
Co.,
5.75%,
06/01/26
(c)
...
2,623
2,739,199
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(c)
...
13,728
13,350,480
Rekeep
SpA,
7.25%,
02/01/26
(b)
.........
EUR
3,002
3,748,671
Service
Corp.
International:
5.13%,
06/01/29
..................
USD
1,427
1,551,363
3.38%,
08/15/30
..................
11,094
11,071,534
4.00%,
05/15/31
..................
33,449
34,577,904
Sotheby's
(c)
:
7.38%,
10/15/27
..................
36,781
38,895,908
5.88%,
06/01/29
..................
15,671
16,121,541
122,056,600
Diversified
Financial
Services
—
0.9%
Arrow
Global
Finance
plc,
5.13%,
09/15/24
..
GBP
1,421
1,914,655
doValue
SpA,
3.38%,
07/31/26
..........
EUR
1,724
2,026,950
Garfunkelux
Holdco
3
SA
(b)
:
6.75%,
11/01/25
..................
2,757
3,333,762
7.75%,
11/01/25
..................
GBP
1,954
2,750,191
Jefferies
Finance
LLC,
5.00%,
08/15/28
(c)
...
USD
21,680
21,978,100
MPH
Acquisition
Holdings
LLC,
5.50%,
09/01/28
(c)
.....................
21,756
21,696,171
ProGroup
AG,
3.00%,
03/31/26
(b)
........
EUR
1,100
1,288,520
Sabre
GLBL,
Inc.
(c)
:
9.25%,
04/15/25
..................
USD
20,366
23,538,819
7.38%,
09/01/25
..................
12,679
13,513,278
Shift4
Payments
LLC,
4.63%,
11/01/26
(c)
....
19,882
20,751,838
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(c)
..
101,762
107,231,708
220,023,992
Diversified
Telecommunication
Services
—
6.0%
Altice
France
Holding
SA:
8.00%,
05/15/27
(c)
.................
EUR
1,000
1,232,485
8.00%,
05/15/27
(b)
.................
954
1,175,790
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
10.50%,
05/15/27
(c)(d)
...............
USD
114,872
$
125,624,019
6.00%,
02/15/28
(c)(d)
................
37,846
36,350,137
Altice
France
SA:
2.50%,
01/15/25
..................
EUR
1,477
1,679,231
7.38%,
05/01/26
(c)(d)
................
USD
7,275
7,548,540
5.88%,
02/01/27
..................
EUR
4,100
4,964,660
8.13%,
02/01/27
(c)(d)
................
USD
48,282
51,951,432
5.50%,
01/15/28
(c)(d)
................
13,655
13,883,380
4.13%,
01/15/29
(b)
.................
EUR
3,123
3,576,830
5.13%,
01/15/29
(c)(d)
................
USD
10,979
10,759,420
5.13%,
07/15/29
(c)(d)
................
73,635
72,197,277
4.25%,
10/15/29
(b)
.................
EUR
1,685
1,927,422
5.50%,
10/15/29
(c)(d)
................
USD
32,070
31,745,532
CCO
Holdings
LLC:
5.13%,
05/01/27
(c)
.................
24,439
25,448,575
5.00%,
02/01/28
(c)
.................
18,403
19,210,891
5.38%,
06/01/29
(c)
.................
12,358
13,346,640
4.75%,
03/01/30
(c)
.................
15,962
16,687,872
4.50%,
08/15/30
(c)
.................
30,143
31,099,136
4.25%,
02/01/31
(c)
.................
39,393
40,076,469
4.50%,
05/01/32
..................
20,782
21,405,460
4.50%,
06/01/33
(c)
.................
12,536
12,758,138
4.25%,
01/15/34
(c)
.................
59,242
58,686,606
Cellnex
Telecom
SA,
0.75%,
11/20/31
(b)(i)
....
EUR
12,200
13,885,572
Cincinnati
Bell,
Inc.
(c)
:
7.00%,
07/15/24
..................
USD
34,421
35,031,284
8.00%,
10/15/25
..................
6,103
6,360,547
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(c)
.....................
25,679
27,893,814
Frontier
Communications
Corp.
(c)
:
5.88%,
10/15/27
..................
30,457
32,360,562
5.00%,
05/01/28
..................
27,413
28,783,650
6.75%,
05/01/29
..................
32,962
34,733,708
Intelsat
Jackson
Holdings
SA,
8.00%,
02/15/24
(c)(d)(m)
..................
4,260
4,371,825
Level
3
Financing,
Inc.
(c)
:
4.63%,
09/15/27
..................
9,420
9,691,296
4.25%,
07/01/28
..................
9,443
9,515,994
3.75%,
07/15/29
..................
10,355
10,007,901
Lorca
Telecom
Bondco
SA,
4.00%,
09/18/27
(b)
EUR
1,468
1,709,147
Lumen
Technologies,
Inc.:
Series
W,
6.75%,
12/01/23
...........
USD
8,467
9,281,949
Series
Y,
7.50%,
04/01/24
...........
10,062
11,143,665
5.13%,
12/15/26
(c)
.................
34,084
35,362,150
4.00%,
02/15/27
(c)
.................
15,717
16,059,631
4.50%,
01/15/29
(c)
.................
17,035
16,506,574
5.38%,
06/15/29
(c)
.................
32,184
32,839,266
Series
P,
7.60%,
09/15/39
...........
5,997
6,716,640
Series
U,
7.65%,
03/15/42
...........
25,179
28,200,480
Sable
International
Finance
Ltd.,
5.75%,
09/07/27
(c)(d)
....................
5,600
5,880,000
Sprint
Capital
Corp.:
6.88%,
11/15/28
..................
64,556
82,631,680
8.75%,
03/15/32
..................
71,136
106,267,225
Switch
Ltd.
(c)
:
3.75%,
09/15/28
..................
20,283
20,587,245
4.13%,
06/15/29
..................
28,366
29,110,607
Telecom
Italia
Capital
SA
(d)
:
6.38%,
11/15/33
..................
12,703
14,782,481
6.00%,
09/30/34
..................
11,437
12,838,033
7.20%,
07/18/36
..................
11,490
14,075,250
7.72%,
06/04/38
..................
8,383
10,730,240
Telecom
Italia
Finance
SA,
7.75%,
01/24/33
.
EUR
3,262
5,510,990
Telecom
Italia
SpA:
4.00%,
04/11/24
(b)
.................
2,664
3,295,410
BlackRock
High
Yield
Bond
Portfolio
55
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
5.30%,
05/30/24
(c)(d)
................
USD
8,657
$
9,326,619
2.75%,
04/15/25
(b)
.................
EUR
2,313
2,810,012
3.00%,
09/30/25
(b)
.................
1,000
1,229,489
3.63%,
05/25/26
(b)
.................
1,900
2,427,831
1.63%,
01/18/29
(b)
.................
3,643
4,130,197
Telesat
Canada,
4.88%,
06/01/27
(c)(d)
......
USD
8,641
7,949,720
Virgin
Media
Finance
plc,
3.75%,
07/15/30
(b)
.
EUR
1,533
1,797,947
Virgin
Media
Secured
Finance
plc:
5.25%,
05/15/29
..................
GBP
300
426,957
5.50%,
05/15/29
(c)(d)
................
USD
800
843,200
4.50%,
08/15/30
(c)(d)
................
8,466
8,603,573
Zayo
Group
Holdings,
Inc.
(c)
:
4.00%,
03/01/27
..................
42,605
42,401,774
6.13%,
03/01/28
..................
73,764
74,780,468
1,436,228,545
Electric
Utilities
—
1.0%
FirstEnergy
Corp.:
Series
B,
4.40%,
07/15/27
(m)
..........
5,811
6,375,707
2.65%,
03/01/30
..................
11,260
11,203,700
Series
B,
2.25%,
09/01/30
...........
1,684
1,625,060
Series
C,
7.38%,
11/15/31
...........
6,492
8,868,461
Series
C,
5.35%,
07/15/47
(m)
..........
26,172
31,913,453
Series
C,
3.40%,
03/01/50
...........
38,776
37,277,695
FirstEnergy
Transmission
LLC
(c)
:
5.45%,
07/15/44
..................
24,848
31,669,909
4.55%,
04/01/49
..................
14,576
17,059,632
NextEra
Energy
Operating
Partners
LP,
4.25%,
09/15/24
(c)
.....................
106
111,830
NRG
Energy,
Inc.:
5.75%,
01/15/28
..................
35
37,231
3.63%,
02/15/31
(c)
.................
21,150
20,774,588
3.88%,
02/15/32
(c)
.................
23,640
23,374,050
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(c)
.....................
23,744
24,753,120
PG&E
Corp.,
5.25%,
07/01/30
..........
11,221
11,487,499
Vistra
Operations
Co.
LLC,
4.38%,
05/01/29
(c)
14,685
14,775,019
241,306,954
Electrical
Equipment
—
0.2%
Atkore,
Inc.,
4.25%,
06/01/31
(c)
..........
11,808
12,162,240
Energizer
Gamma
Acquisition
BV,
3.50%,
06/30/29
(b)
.....................
EUR
1,449
1,665,458
Sensata
Technologies
BV
(c)
:
5.63%,
11/01/24
..................
USD
3,212
3,555,009
5.00%,
10/01/25
..................
7,564
8,329,855
4.00%,
04/15/29
..................
16,929
17,232,876
42,945,438
Electronic
Equipment,
Instruments
&
Components
—
0.3%
Belden,
Inc.:
4.13%,
10/15/26
..................
EUR
3,020
3,570,595
3.88%,
03/15/28
(b)
.................
900
1,083,381
3.38%,
07/15/31
(b)
.................
872
1,047,927
CDW
LLC:
4.13%,
05/01/25
..................
USD
5,227
5,416,479
3.25%,
02/15/29
..................
12,801
13,121,025
Sensata
Technologies,
Inc.
(c)
:
4.38%,
02/15/30
..................
22,606
24,323,152
3.75%,
02/15/31
..................
12,268
12,351,913
60,914,472
Energy
Equipment
&
Services
—
0.6%
Archrock
Partners
LP
(c)
:
6.88%,
04/01/27
..................
2,004
2,104,200
6.25%,
04/01/28
..................
45,627
47,188,584
CGG
SA,
7.75%,
04/01/27
(b)
...........
EUR
1,242
1,461,545
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
(continued)
ChampionX
Corp.,
6.38%,
05/01/26
.......
USD
4,251
$
4,421,040
Pioneer
Energy
Services
Corp.
(c)(f)
:
(LIBOR
USD
3
Month
+
9.50%),
11.00%,
05/15/25
(a)
....................
16,996
18,582,911
5.00%,
(5.00%
Cash
or
5.00%
PIK),
11/15/25
(i)(j)
....................
12,701
14,583,251
Tervita
Corp.,
11.00%,
12/01/25
(c)(d)
.......
7,278
8,235,130
Transocean,
Inc.,
11.50%,
01/30/27
(c)
......
6,899
7,105,970
USA
Compression
Partners
LP:
6.88%,
04/01/26
..................
15,036
15,655,510
6.88%,
09/01/27
..................
18,104
19,164,895
Vallourec
SA,
8.50%,
06/30/26
..........
EUR
1,696
2,010,949
140,513,985
Entertainment
—
0.8%
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(c)
.....................
USD
10,386
10,736,735
Live
Nation
Entertainment,
Inc.
(c)
:
4.88%,
11/01/24
..................
1,420
1,435,862
6.50%,
05/15/27
..................
50,513
55,564,300
4.75%,
10/15/27
..................
5,095
5,177,717
3.75%,
01/15/28
..................
13,618
13,537,143
Netflix,
Inc.:
4.88%,
04/15/28
..................
6,679
7,697,548
5.88%,
11/15/28
..................
22,279
27,300,687
6.38%,
05/15/29
..................
7,184
9,087,760
5.38%,
11/15/29
(c)
.................
12,302
14,900,797
4.88%,
06/15/30
(c)
.................
1,327
1,562,542
Playtika
Holding
Corp.,
4.25%,
03/15/29
(c)
...
26,684
26,769,122
WMG
Acquisition
Corp.:
3.88%,
07/15/30
(c)
.................
4,383
4,558,320
2.25%,
08/15/31
(b)
.................
EUR
1,968
2,277,609
180,606,142
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.7%
American
Finance
Trust,
Inc.,
4.50%,
09/30/28
(c)
USD
4,382
4,382,000
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(c)
.....................
11,937
11,817,630
CTR
Partnership
LP,
3.88%,
06/30/28
(c)
....
11,037
11,450,888
Diversified
Healthcare
Trust,
9.75%,
06/15/25
10,907
11,929,531
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(c)
...
9,103
9,038,793
GLP
Capital
LP,
4.00%,
01/15/31
........
4,544
4,901,158
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(c)
....
13,101
13,297,515
Iron
Mountain
UK
plc,
3.88%,
11/15/25
.....
GBP
4,732
6,447,626
Iron
Mountain,
Inc.
(c)
:
5.25%,
03/15/28
..................
USD
5,371
5,612,695
5.25%,
07/15/30
..................
14,170
15,037,629
5.63%,
07/15/32
..................
13,768
14,766,180
MGM
Growth
Properties
Operating
Partnership
LP:
5.63%,
05/01/24
..................
19,390
21,086,625
4.63%,
06/15/25
(c)
.................
20,554
22,146,935
4.50%,
09/01/26
..................
20,710
22,522,125
5.75%,
02/01/27
..................
4,476
5,147,400
4.50%,
01/15/28
..................
19,313
21,099,453
3.88%,
02/15/29
(c)
.................
16,973
18,076,245
MPT
Operating
Partnership
LP:
4.63%,
08/01/29
..................
24,072
25,829,256
3.50%,
03/15/31
..................
69,188
70,571,760
RHP
Hotel
Properties
LP:
4.75%,
10/15/27
..................
30,176
31,231,255
4.50%,
02/15/29
(c)
.................
12,431
12,456,110
RLJ
Lodging
Trust
LP
(c)
:
3.75%,
07/01/26
..................
9,090
9,135,450
4.00%,
09/15/29
..................
6,543
6,532,793
SBA
Communications
Corp.,
3.88%,
02/15/27
44,916
46,544,205
BlackRock
High
Yield
Bond
Portfolio
56
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Service
Properties
Trust:
4.35%,
10/01/24
..................
USD
2,862
$
2,899,864
7.50%,
09/15/25
..................
13,945
15,656,613
5.50%,
12/15/27
..................
7,155
7,625,157
Uniti
Group
LP
(c)
:
7.88%,
02/15/25
..................
7,927
8,375,668
4.75%,
04/15/28
..................
18,594
18,989,123
6.50%,
02/15/29
..................
27,363
28,147,360
6.00%,
01/15/30
..................
9,000
8,921,250
VICI
Properties
LP
(c)
:
3.50%,
02/15/25
..................
6,504
6,634,080
4.25%,
12/01/26
..................
40,705
42,509,453
3.75%,
02/15/27
..................
15,580
16,125,300
4.63%,
12/01/29
..................
21,831
23,468,325
4.13%,
08/15/30
..................
45,330
48,049,800
648,463,250
Food
&
Staples
Retailing
—
0.6%
Albertsons
Cos.,
Inc.:
5.75%,
03/15/25
..................
302
308,010
3.25%,
03/15/26
(c)
.................
20,210
20,513,150
4.63%,
01/15/27
(c)
.................
25,454
26,702,111
5.88%,
02/15/28
(c)
.................
19,068
20,307,420
4.88%,
02/15/30
(c)
.................
2,431
2,619,403
Casino
Guichard
Perrachon
SA:
3.58%,
02/07/25
(b)(m)
...............
EUR
1,900
2,127,136
4.05%,
08/05/26
(m)
................
900
1,013,846
5.25%,
04/15/27
..................
2,466
2,870,774
(EURIBOR
Swap
Rate
5
Year
+
3.82%),
3.99%
(a)(k)
.....................
1,600
1,316,812
Iceland
Bondco
plc
(b)
:
4.63%,
03/15/25
..................
GBP
1,900
2,380,856
4.38%,
05/15/28
..................
800
956,654
Ocado
Group
plc,
3.88%,
10/08/26
(d)
......
USD
1,848
2,489,995
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
(c)
.....................
22,629
22,685,572
Picard
Groupe
SAS,
3.88%,
07/01/26
(b)
....
EUR
1,231
1,447,603
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(c)
USD
6,852
7,417,290
US
Foods,
Inc.
(c)
:
6.25%,
04/15/25
..................
6,772
7,103,489
4.75%,
02/15/29
..................
14,371
14,748,239
137,008,360
Food
Products
—
2.3%
Chobani
LLC
(c)
:
7.50%,
04/15/25
..................
42,407
44,124,484
4.63%,
11/15/28
..................
15,917
16,434,302
JBS
Investments
II
GmbH,
7.00%,
01/15/26
(c)
.
1,800
1,881,810
JBS
USA
LUX
SA
(c)
:
6.75%,
02/15/28
..................
6,468
6,996,759
6.50%,
04/15/29
..................
27,917
31,197,247
3.75%,
12/01/31
..................
24,688
25,688,605
Kraft
Heinz
Foods
Co.:
4.25%,
03/01/31
..................
47,156
53,310,853
5.00%,
07/15/35
..................
6,073
7,468,365
6.88%,
01/26/39
..................
8,509
12,562,122
4.63%,
10/01/39
..................
6,926
8,072,123
6.50%,
02/09/40
..................
8,755
12,432,063
5.00%,
06/04/42
..................
3,696
4,532,552
5.20%,
07/15/45
..................
11,149
13,964,615
4.38%,
06/01/46
..................
30,448
34,644,340
4.88%,
10/01/49
..................
77,488
94,310,252
5.50%,
06/01/50
..................
78,117
103,065,273
Lamb
Weston
Holdings,
Inc.,
4.88%,
05/15/28
(c)
4,589
5,044,458
Pilgrim's
Pride
Corp.,
3.50%,
03/01/32
(c)
....
34,497
35,079,137
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
Post
Holdings,
Inc.
(c)
:
5.75%,
03/01/27
..................
USD
280
$
290,983
5.63%,
01/15/28
..................
1,943
2,041,316
5.50%,
12/15/29
..................
52
55,120
4.63%,
04/15/30
..................
2,951
2,973,811
4.50%,
09/15/31
..................
7,738
7,646,150
Premier
Foods
Finance
plc,
3.50%,
10/15/26
.
GBP
1,469
1,991,717
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(c)
....
USD
18,974
19,116,305
Tereos
Finance
Groupe
I
SA,
7.50%,
10/30/25
EUR
1,065
1,324,205
TreeHouse
Foods,
Inc.,
4.00%,
09/01/28
...
USD
4,486
4,390,314
550,639,281
Gas
Utilities
—
0.0%
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(c)
.....................
9,321
9,670,537
Health
Care
Equipment
&
Supplies
—
1.0%
Avantor
Funding,
Inc.,
4.63%,
07/15/28
(c)
...
43,043
45,302,758
Hologic,
Inc.,
3.25%,
02/15/29
(c)
.........
5,281
5,283,508
Mozart
Debt
Merger
Sub,
Inc.
(c)
:
3.88%,
04/01/29
..................
31,708
31,708,000
5.25%,
10/01/29
..................
68,989
68,989,000
Ortho-Clinical
Diagnostics,
Inc.
(c)
:
7.38%,
06/01/25
..................
22,252
23,475,860
7.25%,
02/01/28
..................
51,057
54,637,367
Teleflex,
Inc.:
4.63%,
11/15/27
..................
1,930
2,012,025
4.25%,
06/01/28
(c)
.................
7,074
7,350,523
238,759,041
Health
Care
Providers
&
Services
—
4.9%
Acadia
Healthcare
Co.,
Inc.
(c)
:
5.50%,
07/01/28
..................
10,004
10,516,205
5.00%,
04/15/29
..................
5,096
5,306,210
AdaptHealth
LLC
(c)
:
6.13%,
08/01/28
..................
7,719
8,201,437
4.63%,
08/01/29
..................
5,561
5,556,829
5.13%,
03/01/30
..................
6,743
6,746,372
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(c)
.
18,297
18,479,970
Akumin
Escrow,
Inc.,
7.50%,
08/01/28
(c)
....
3,899
3,772,283
Akumin,
Inc.,
7.00%,
11/01/25
(c)
.........
8,648
8,388,560
BUPA
Finance
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
3.17%),
4.00%
(a)(k)
.....................
GBP
700
928,070
CAB
SELAS,
3.38%,
02/01/28
(b)
.........
EUR
1,992
2,327,466
Cano
Health
LLC,
6.25%,
10/01/28
(c)
......
USD
5,999
6,058,990
Centene
Corp.:
4.25%,
12/15/27
..................
7,161
7,495,061
2.45%,
07/15/28
..................
41,736
41,944,680
4.63%,
12/15/29
..................
37,391
40,748,712
3.00%,
10/15/30
..................
64,351
65,959,775
2.50%,
03/01/31
..................
86,916
85,720,905
2.63%,
08/01/31
..................
28,140
27,949,773
Chrome
Bidco
SASU,
3.50%,
05/31/28
(b)
....
EUR
1,658
1,961,356
Chrome
Holdco
SASU,
5.00%,
05/31/29
(b)
...
841
998,527
Community
Health
Systems,
Inc.
(c)
:
6.63%,
02/15/25
..................
USD
50,093
52,409,801
8.00%,
03/15/26
..................
65,492
69,452,629
5.63%,
03/15/27
..................
47,034
49,250,713
6.00%,
01/15/29
..................
39,333
41,692,980
6.88%,
04/15/29
..................
4,832
4,843,355
6.13%,
04/01/30
..................
21,072
20,476,189
DaVita,
Inc.,
4.63%,
06/01/30
(c)
.........
635
653,168
Encompass
Health
Corp.:
4.50%,
02/01/28
..................
4,086
4,218,795
4.75%,
02/01/30
..................
30,180
31,741,815
4.63%,
04/01/31
..................
14,410
15,145,630
BlackRock
High
Yield
Bond
Portfolio
57
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
HCA,
Inc.:
5.38%,
02/01/25
..................
USD
10,572
$
11,814,210
5.38%,
09/01/26
..................
6,556
7,501,048
5.63%,
09/01/28
..................
40,402
48,066,259
5.88%,
02/01/29
..................
11,815
14,197,938
3.50%,
09/01/30
..................
53,264
56,427,349
HealthEquity,
Inc.,
4.50%,
10/01/29
(c)
......
18,459
18,735,885
Korian
SA,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
9.08%),
4.13%
(a)(b)(k)
GBP
1,800
2,419,931
Laboratoire
Eimer
Selas,
5.00%,
02/01/29
...
EUR
628
751,086
Legacy
LifePoint
Health
LLC
(c)
:
6.75%,
04/15/25
..................
USD
11,850
12,452,572
4.38%,
02/15/27
..................
2,392
2,386,020
LifePoint
Health,
Inc.,
5.38%,
01/15/29
(c)
....
14,640
14,237,400
MEDNAX,
Inc.,
6.25%,
01/15/27
(c)
........
8,127
8,543,509
ModivCare
Escrow
Issuer,
Inc.,
5.00%,
10/01/29
(c)
.....................
11,128
11,534,728
ModivCare,
Inc.,
5.88%,
11/15/25
(c)
.......
5,536
5,854,320
Molina
Healthcare,
Inc.
(c)
:
4.38%,
06/15/28
..................
13,678
14,230,318
3.88%,
11/15/30
..................
18,087
18,900,915
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(c)
.....................
31,346
33,618,585
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(c)
................
4,909
5,185,131
RP
Escrow
Issuer
LLC,
5.25%,
12/15/25
(c)
...
11,086
11,404,722
Surgery
Center
Holdings,
Inc.
(c)
:
6.75%,
07/01/25
..................
31,990
32,550,249
10.00%,
04/15/27
.................
25,121
27,130,680
Tenet
Healthcare
Corp.:
4.63%,
07/15/24
..................
3,502
3,554,530
4.63%,
09/01/24
(c)
.................
11,186
11,437,685
7.50%,
04/01/25
(c)
.................
13,948
14,802,315
4.88%,
01/01/26
(c)
.................
39,524
40,904,178
6.25%,
02/01/27
(c)
.................
4,248
4,407,300
5.13%,
11/01/27
(c)
.................
30,518
31,815,015
4.63%,
06/15/28
(c)
.................
923
956,376
6.13%,
10/01/28
(c)
.................
19,566
20,553,594
4.25%,
06/01/29
(c)
.................
21,367
21,687,505
US
Acute
Care
Solutions
LLC,
6.38%,
03/01/26
(c)
.....................
7,815
8,244,825
Vizient,
Inc.,
6.25%,
05/15/27
(c)
.........
13,273
13,870,285
1,169,122,719
Health
Care
Technology
—
0.1%
IQVIA,
Inc.
(c)
:
5.00%,
10/15/26
..................
12,786
13,103,988
5.00%,
05/15/27
..................
837
869,375
13,973,363
Hotels,
Restaurants
&
Leisure
—
5.1%
1011778
BC
ULC
(c)(d)
:
5.75%,
04/15/25
..................
5,262
5,524,311
3.88%,
01/15/28
..................
15,440
15,592,084
4.38%,
01/15/28
..................
27,003
27,413,715
Accor
SA,
0.70%,
12/07/27
............
EUR
2,453
1,472,310
Affinity
Gaming,
6.88%,
12/15/27
(c)
.......
USD
11,094
11,667,837
Aramark
International
Finance
SARL,
3.13%,
04/01/25
(b)
.....................
EUR
1,140
1,330,093
Boyd
Gaming
Corp.:
8.63%,
06/01/25
(c)
.................
USD
21,706
23,523,878
4.75%,
12/01/27
..................
10,866
11,199,477
4.75%,
06/15/31
(c)
.................
23,687
24,427,219
Boyne
USA,
Inc.,
4.75%,
05/15/29
(c)
......
16,493
17,029,023
Burger
King
France
SAS,
6.00%,
05/01/24
..
EUR
1,886
2,221,328
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Caesars
Entertainment,
Inc.
(c)
:
6.25%,
07/01/25
..................
USD
77,518
$
81,607,656
8.13%,
07/01/27
..................
54,516
61,288,250
4.63%,
10/15/29
..................
26,138
26,464,725
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(c)
.....................
14,094
14,858,247
Carnival
Corp.:
11.50%,
04/01/23
(c)
................
3,620
4,040,825
10.13%,
02/01/26
.................
EUR
1,776
2,361,708
10.50%,
02/01/26
(c)
................
USD
32,516
37,725,063
7.63%,
03/01/26
(b)
.................
EUR
1,757
2,193,968
5.75%,
03/01/27
(c)
.................
USD
48,770
50,415,988
9.88%,
08/01/27
(c)
.................
14,311
16,516,485
4.00%,
08/01/28
(c)
.................
62,496
63,120,960
Carrols
Restaurant
Group,
Inc.,
5.88%,
07/01/29
(c)
.....................
4,097
3,856,301
CCM
Merger,
Inc.,
6.38%,
05/01/26
(c)
......
13,107
13,795,117
Cedar
Fair
LP:
5.50%,
05/01/25
(c)
.................
36,549
37,965,274
6.50%,
10/01/28
..................
3,917
4,202,392
Churchill
Downs,
Inc.
(c)
:
5.50%,
04/01/27
..................
23,538
24,420,675
4.75%,
01/15/28
..................
10,522
11,008,643
Cirsa
Finance
International
SARL
(b)
:
4.75%,
05/22/25
..................
EUR
2,920
3,390,838
4.50%,
03/15/27
..................
502
575,165
Codere
Finance
2
Luxembourg
SA:
10.75%,
09/30/23
(b)(m)
...............
1,962
2,420,407
10.75%,
09/30/23
.................
362
451,812
4.50%,
11/01/23
(a)(c)(d)
...............
USD
1,346
854,263
4.50%,
(4.50%
Cash
or
10.75%
PIK),
11/01/23
(a)(j)
....................
EUR
1,602
1,186,291
CPUK
Finance
Ltd.:
4.88%,
08/28/25
..................
GBP
1,750
2,375,635
4.50%,
08/28/27
(b)
.................
1,165
1,595,571
Everi
Holdings,
Inc.,
5.00%,
07/15/29
(c)
.....
USD
3,422
3,506,455
Full
House
Resorts,
Inc.,
8.25%,
02/15/28
(c)
..
5,045
5,423,375
Gamma
Bidco
SpA:
5.13%,
07/15/25
..................
EUR
400
472,718
6.25%,
07/15/25
(b)
.................
2,472
2,982,131
Genting
New
York
LLC,
3.30%,
02/15/26
(c)
...
USD
6,668
6,611,765
Golden
Nugget,
Inc.,
6.75%,
10/15/24
(c)
....
32,589
32,631,366
Hilton
Domestic
Operating
Co.,
Inc.:
5.38%,
05/01/25
(c)
.................
5,562
5,812,290
5.75%,
05/01/28
(c)
.................
11,868
12,781,836
4.88%,
01/15/30
..................
27,511
29,512,700
4.00%,
05/01/31
(c)
.................
15,135
15,362,025
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
......................
4,937
5,103,722
International
Game
Technology
plc,
3.50%,
06/15/26
(b)
.....................
EUR
2,500
2,970,299
IRB
Holding
Corp.,
7.00%,
06/15/25
(c)
.....
USD
8,718
9,256,119
Life
Time,
Inc.
(c)
:
5.75%,
01/15/26
..................
14,315
14,816,025
8.00%,
04/15/26
..................
12,353
13,094,180
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(c)
7,598
7,343,201
Merlin
Entertainments
Ltd.,
5.75%,
06/15/26
(c)(d)
7,701
7,951,283
MGM
Resorts
International:
7.75%,
03/15/22
..................
13,111
13,471,552
6.00%,
03/15/23
..................
6,120
6,471,533
5.75%,
06/15/25
..................
744
810,960
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(c)
.....................
17,807
18,140,881
NCL
Corp.
Ltd.
(c)
:
10.25%,
02/01/26
.................
9,259
10,624,702
BlackRock
High
Yield
Bond
Portfolio
58
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
5.88%,
03/15/26
..................
USD
16,622
$
17,037,550
NCL
Finance
Ltd.,
6.13%,
03/15/28
(c)
......
15,334
15,909,025
Peninsula
Pacific
Entertainment
LLC,
8.50%,
11/15/27
(c)
.....................
17,489
18,778,814
Penn
National
Gaming,
Inc.,
4.13%,
07/01/29
(c)
6,033
5,963,017
Powdr
Corp.,
6.00%,
08/01/25
(c)
.........
20,872
21,915,600
Premier
Entertainment
Sub
LLC
(c)
:
5.63%,
09/01/29
..................
7,762
7,839,620
5.88%,
09/01/31
..................
7,762
7,841,925
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(c)(d)
.
11,858
12,109,983
Royal
Caribbean
Cruises
Ltd.
(c)
:
10.88%,
06/01/23
.................
7,560
8,467,200
9.13%,
06/15/23
..................
4,493
4,883,017
11.50%,
06/01/25
.................
7,435
8,483,335
5.50%,
08/31/26
..................
5,242
5,388,461
5.50%,
04/01/28
..................
27,797
28,431,022
Scientific
Games
International,
Inc.:
8.63%,
07/01/25
(c)
.................
11,100
12,020,571
5.00%,
10/15/25
(c)
.................
7,742
7,964,582
3.38%,
02/15/26
(b)
.................
EUR
8,200
9,570,658
8.25%,
03/15/26
(c)
.................
USD
18,155
19,266,994
7.00%,
05/15/28
(c)
.................
7,540
8,133,775
7.25%,
11/15/29
(c)
.................
4,781
5,372,111
Sisal
Group
SpA,
7.00%,
07/31/23
.......
EUR
688
796,366
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(c)
USD
36,514
38,887,410
Station
Casinos
LLC,
4.50%,
02/15/28
(c)
....
10,413
10,578,046
Stonegate
Pub
Co.
Financing
plc
(b)
:
8.00%,
07/13/25
..................
GBP
1,764
2,462,379
8.25%,
07/31/25
..................
2,796
3,959,464
Travel
+
Leisure
Co.,
6.63%,
07/31/26
(c)
....
USD
8,798
10,018,898
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(c)
......
11,406
12,061,845
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(c)
.....................
13,022
13,022,000
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(c)
.....................
10,404
10,861,048
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(c)
...
7,671
7,747,557
Wynn
Resorts
Finance
LLC
(c)
:
7.75%,
04/15/25
..................
7,193
7,588,759
5.13%,
10/01/29
..................
38,610
38,899,575
Yum!
Brands,
Inc.:
7.75%,
04/01/25
(c)
.................
4,681
5,005,042
4.75%,
01/15/30
(c)
.................
1,570
1,701,598
5.35%,
11/01/43
..................
718
789,800
1,225,001,699
Household
Durables
—
1.0%
Ashton
Woods
USA
LLC
(c)
:
6.63%,
01/15/28
..................
3,575
3,798,437
4.63%,
08/01/29
..................
6,659
6,723,792
4.63%,
04/01/30
..................
6,780
6,818,138
Brookfield
Residential
Properties,
Inc.
(c)(d)
:
5.00%,
06/15/29
..................
15,280
15,624,564
4.88%,
02/15/30
..................
22,091
22,532,820
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(c)
15,282
16,167,974
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(c)
.....................
6,390
6,693,525
K.
Hovnanian
Enterprises,
Inc.
(c)
:
10.00%,
11/15/25
.................
4,335
4,616,775
7.75%,
02/15/26
..................
19,092
20,046,600
KB
Home,
4.00%,
06/15/31
............
6,644
6,818,405
Mattamy
Group
Corp.
(c)(d)
:
5.25%,
12/15/27
..................
7,685
8,030,825
4.63%,
03/01/30
..................
8,540
8,726,642
Meritage
Homes
Corp.,
5.13%,
06/06/27
....
2,751
3,063,926
New
Home
Co.,
Inc.
(The),
7.25%,
10/15/25
(c)
5,333
5,611,756
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
Newell
Brands,
Inc.:
4.88%,
06/01/25
..................
USD
3,845
$
4,243,727
6.00%,
04/01/46
(m)
................
7,468
9,652,390
Nobel
Bidco
BV,
3.13%,
06/15/28
(b)
.......
EUR
1,357
1,560,092
Picasso
Finance
Sub,
Inc.,
6.13%,
06/15/25
(c)
USD
8,960
9,474,214
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(c)
.
15,186
14,795,720
Taylor
Morrison
Communities,
Inc.
(c)
:
5.88%,
06/15/27
..................
7,720
8,800,800
5.13%,
08/01/30
..................
4,190
4,509,571
Tempur
Sealy
International,
Inc.
(c)
:
4.00%,
04/15/29
..................
19,119
19,692,570
3.88%,
10/15/31
..................
18,453
18,476,066
Toll
Brothers
Finance
Corp.,
4.35%,
02/15/28
.
639
699,705
TRI
Pointe
Homes,
Inc.:
5.25%,
06/01/27
..................
4,958
5,354,640
5.70%,
06/15/28
..................
3,737
4,063,988
Williams
Scotsman
International,
Inc.,
4.63%,
08/15/28
(c)
.....................
13,640
14,208,924
250,806,586
Household
Products
—
0.2%
Central
Garden
&
Pet
Co.:
4.13%,
10/15/30
..................
12,377
12,655,482
4.13%,
04/30/31
(c)
.................
11,979
12,164,986
Energizer
Holdings,
Inc.
(c)
:
4.75%,
06/15/28
..................
6,161
6,267,247
4.38%,
03/31/29
..................
1,324
1,313,997
Spectrum
Brands,
Inc.:
5.75%,
07/15/25
..................
61
62,525
5.00%,
10/01/29
(c)
.................
6,057
6,511,275
5.50%,
07/15/30
(c)
.................
6,692
7,411,390
3.88%,
03/15/31
(c)
.................
6,078
6,141,238
52,528,140
Independent
Power
and
Renewable
Electricity
Producers
—
0.5%
(c)
Calpine
Corp.:
5.25%,
06/01/26
..................
2,429
2,498,785
4.50%,
02/15/28
..................
10,120
10,322,400
5.13%,
03/15/28
..................
54,635
55,330,728
4.63%,
02/01/29
..................
4,525
4,457,125
5.00%,
02/01/31
..................
13,820
13,820,000
3.75%,
03/01/31
..................
55
52,937
Clearway
Energy
Operating
LLC:
4.75%,
03/15/28
..................
6,026
6,379,124
3.75%,
01/15/32
..................
17,025
17,003,719
109,864,818
Insurance
—
1.8%
Acrisure
LLC,
6.00%,
08/01/29
(c)
.........
15,402
15,206,549
Alliant
Holdings
Intermediate
LLC
(c)
:
4.25%,
10/15/27
..................
77,669
78,445,690
6.75%,
10/15/27
..................
102,333
105,914,655
AmWINS
Group,
Inc.,
4.88%,
06/30/29
(c)
....
17,836
18,086,596
Ardonagh
Midco
2
plc,
11.50%,
(11.50%
Cash
or
12.70%
PIK),
01/15/27
(c)(d)(j)
.........
6,760
7,198,502
AssuredPartners,
Inc.,
5.63%,
01/15/29
(c)
...
14,985
15,077,907
BroadStreet
Partners,
Inc.,
5.88%,
04/15/29
(c)
12,646
12,598,577
Galaxy
Bidco
Ltd.,
6.50%,
07/31/26
(b)
......
GBP
1,884
2,653,084
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
(c)
..
USD
15,058
15,886,190
Highlands
Holdings
Bond
Issuer
Ltd.,
7.63%,
10/15/25
(c)(d)
....................
6,208
6,591,655
HUB
International
Ltd.,
7.00%,
05/01/26
(c)
...
43,202
44,660,067
NFP
Corp.
(c)
:
4.88%,
08/15/28
..................
30,171
30,683,907
6.88%,
08/15/28
..................
66,253
67,647,626
BlackRock
High
Yield
Bond
Portfolio
59
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Societa
Cattolica
di
Assicurazioni
SC,
(EURIBOR
3
Month
+
4.46%),
4.25%,
12/14/47
(a)(b)
....................
EUR
2,100
$
2,803,497
Unipol
Gruppo
SpA,
3.25%,
09/23/30
(b)
.....
2,025
2,725,768
426,180,270
Interactive
Media
&
Services
—
0.1%
(c)
Rackspace
Technology
Global,
Inc.,
5.38%,
12/01/28
......................
USD
11,720
11,514,900
Twitter,
Inc.,
3.88%,
12/15/27
...........
19,774
21,108,745
32,623,645
Internet
&
Direct
Marketing
Retail
—
0.3%
ANGI
Group
LLC,
3.88%,
08/15/28
(c)
......
13,407
13,339,965
Go
Daddy
Operating
Co.
LLC
(c)
:
5.25%,
12/01/27
..................
7,055
7,354,838
3.50%,
03/01/29
..................
8,144
8,072,740
HSE
Finance
SARL,
5.63%,
10/15/26
.....
EUR
1,080
1,299,220
Match
Group
Holdings
II
LLC
(c)
:
4.63%,
06/01/28
..................
USD
8,267
8,642,942
4.13%,
08/01/30
..................
8,305
8,647,581
3.63%,
10/01/31
..................
7,276
7,189,634
MercadoLibre,
Inc.,
2.38%,
01/14/26
(d)
.....
115
113,131
Rakuten
Group,
Inc.,
(EUR
Swap
Annual
5
Year
+
4.74%),
4.25%
(a)(k)
...............
EUR
2,225
2,599,442
Very
Group
Funding
plc
(The),
6.50%,
08/01/26
GBP
2,608
3,561,845
60,821,338
IT
Services
—
1.5%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(c)
..
USD
26,543
26,410,285
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(c)
..
8,002
8,062,015
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(c)
.....
7,796
7,904,248
Austin
BidCo,
Inc.,
7.13%,
12/15/28
(c)
......
5,164
5,202,730
Banff
Merger
Sub,
Inc.,
8.38%,
09/01/26
(b)
...
EUR
1,147
1,378,982
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
(c)
USD
19,556
19,653,780
Booz
Allen
Hamilton,
Inc.
(c)
:
3.88%,
09/01/28
..................
17,995
18,447,034
4.00%,
07/01/29
..................
26,893
27,565,325
Cablevision
Lightpath
LLC
(c)
:
3.88%,
09/15/27
..................
9,893
9,708,495
5.63%,
09/15/28
..................
12,238
12,282,363
Centurion
Bidco
SpA,
5.88%,
09/30/26
(b)
....
EUR
2,168
2,628,912
Endure
Digital,
Inc.,
6.00%,
02/15/29
(c)
.....
USD
11,706
11,120,700
Gartner,
Inc.
(c)
:
4.50%,
07/01/28
..................
14,426
15,147,300
3.63%,
06/15/29
..................
15,299
15,415,272
3.75%,
10/01/30
..................
20,884
21,493,813
ION
Trading
Technologies
SARL,
5.75%,
05/15/28
(c)(d)
....................
12,139
12,377,247
MoneyGram
International,
Inc.,
5.38%,
08/01/26
(c)
.....................
7,090
7,196,350
Nexi
SpA,
0.00%,
02/24/28
(n)
...........
EUR
1,500
1,676,800
Northwest
Fiber
LLC
(c)
:
4.75%,
04/30/27
..................
USD
15,132
15,220,901
6.00%,
02/15/28
..................
16,836
16,746,432
10.75%,
06/01/28
.................
6,083
6,843,375
Square,
Inc.,
3.50%,
06/01/31
(c)
.........
44,582
45,729,095
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(c)
..
20,268
21,281,400
Twilio,
Inc.,
3.88%,
03/15/31
...........
23,854
24,421,964
Unisys
Corp.,
6.88%,
11/01/27
(c)
.........
1,893
2,068,103
United
Group
BV:
4.88%,
07/01/24
..................
EUR
1,696
1,987,036
4.00%,
11/15/27
(b)
.................
4,099
4,688,460
4.63%,
08/15/28
(b)
.................
1,731
2,010,618
364,669,035
Security
Par
(000)
Par
(000)
Value
Leisure
Products
—
0.2%
Mattel,
Inc.:
5.88%,
12/15/27
(c)
.................
USD
4,302
$
4,662,293
3.75%,
04/01/29
(c)
.................
7,999
8,338,957
6.20%,
10/01/40
..................
5,698
7,321,930
5.45%,
11/01/41
..................
17,534
20,777,790
41,100,970
Life
Sciences
Tools
&
Services
—
0.3%
(c)
Charles
River
Laboratories
International,
Inc.:
4.25%,
05/01/28
..................
8,238
8,549,808
3.75%,
03/15/29
..................
1,064
1,086,610
4.00%,
03/15/31
..................
4,678
4,901,281
Indigo
Merger
Sub,
Inc.,
2.88%,
07/15/26
...
21,821
22,039,210
Syneos
Health,
Inc.,
3.63%,
01/15/29
.....
26,838
26,762,854
63,339,763
Machinery
—
1.2%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(c)
..
12,691
13,243,312
ATS
Automation
Tooling
Systems,
Inc.,
4.13%,
12/15/28
(c)(d)
....................
7,709
7,905,811
Clark
Equipment
Co.,
5.88%,
06/01/25
(c)(d)
...
4,858
5,068,412
Colfax
Corp.,
6.38%,
02/15/26
(c)
.........
2,160
2,271,672
EnPro
Industries,
Inc.,
5.75%,
10/15/26
....
6,448
6,730,100
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(c)
...
10,037
10,300,471
Grinding
Media,
Inc.,
7.38%,
12/15/23
(c)
....
11,995
12,228,903
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(c)(d)(j)
.........
18,299
19,442,688
IMA
Industria
Macchine
Automatiche
SpA:
3.75%,
01/15/28
(b)
.................
EUR
1,807
2,108,837
(EURIBOR
3
Month
+
4.00%),
4.00%,
01/15/28
(a)
....................
1,460
1,704,585
Meritor,
Inc.,
4.50%,
12/15/28
(c)
.........
USD
5,330
5,343,325
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(c)
7,360
7,619,072
Novafives
SAS,
5.00%,
06/15/25
(b)
.......
EUR
1,000
1,083,057
RBS
Global,
Inc.,
4.88%,
12/15/25
(c)
......
USD
20,588
21,089,935
Renk
AG,
5.75%,
07/15/25
(b)
...........
EUR
1,021
1,230,574
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(c)
.....................
USD
8,160
8,364,000
Schenck
Process
Holding
GmbH,
5.38%,
06/15/23
(b)
.....................
EUR
1,923
2,244,213
Stevens
Holding
Co.,
Inc.,
6.13%,
10/01/26
(c)
.
USD
7,007
7,558,801
Terex
Corp.,
5.00%,
05/15/29
(c)
.........
18,820
19,502,225
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(c)(d)
...
27,975
28,582,757
Titan
International,
Inc.,
7.00%,
04/30/28
(c)
..
4,434
4,672,328
TK
Elevator
Holdco
GmbH:
6.63%,
07/15/28
(b)
.................
EUR
1,800
2,213,860
7.63%,
07/15/28
(c)(d)
................
USD
13,673
14,613,019
TK
Elevator
Midco
GmbH,
4.38%,
07/15/27
(b)
.
EUR
3,669
4,435,966
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(c)
(d)
..........................
USD
54,862
57,494,004
Wabash
National
Corp.
(c)
:
5.50%,
10/01/25
..................
14,911
15,118,263
4.50%,
10/15/28
..................
14,768
14,749,540
296,919,730
Marine
—
0.1%
CMA
CGM
SA,
7.50%,
01/15/26
(b)
........
EUR
2,900
3,716,971
Danaos
Corp.,
8.50%,
03/01/28
(c)(d)
.......
USD
3,114
3,440,970
Seaspan
Corp.,
5.50%,
08/01/29
(c)(d)
......
22,903
23,379,841
30,537,782
Media
—
5.7%
Advantage
Sales
&
Marketing,
Inc.,
6.50%,
11/15/28
(c)
.....................
8,460
8,817,350
Altice
Financing
SA:
2.25%,
01/15/25
(b)
.................
EUR
2,251
2,510,710
3.00%,
01/15/28
..................
1,749
1,907,031
5.00%,
01/15/28
(c)(d)
................
USD
12,472
12,025,814
BlackRock
High
Yield
Bond
Portfolio
60
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Series
SEPT,
4.25%,
08/15/29
(b)
.......
EUR
1,932
$
2,195,966
5.75%,
08/15/29
(c)(d)
................
USD
64,885
62,849,558
AMC
Networks,
Inc.:
4.75%,
08/01/25
..................
6,612
6,777,300
4.25%,
02/15/29
..................
4,970
4,945,150
Block
Communications,
Inc.,
4.88%,
03/01/28
(c)
6,846
7,000,035
Cable
One,
Inc.,
1.13%,
03/15/28
(c)(i)
......
16,595
16,837,785
Century
Communications
Corp.
Escrow,
0.00%,
03/15/13
(e)(f)(l)
...................
625
—
Clear
Channel
International
BV,
6.63%,
08/01/25
(c)(d)
....................
26,240
27,322,400
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
:
7.75%,
04/15/28
..................
37,988
39,982,370
7.50%,
06/01/29
..................
55,714
57,942,560
Clear
Channel
Worldwide
Holdings,
Inc.,
5.13%,
08/15/27
(c)
................
77,390
80,083,946
CSC
Holdings
LLC:
5.25%,
06/01/24
..................
10,856
11,628,730
6.50%,
02/01/29
(c)
.................
2,456
2,659,725
5.75%,
01/15/30
(c)
.................
17,017
17,301,609
4.13%,
12/01/30
(c)
.................
20,063
19,686,819
4.63%,
12/01/30
(c)
.................
57,262
54,282,945
3.38%,
02/15/31
(c)
.................
14,149
13,158,570
4.50%,
11/15/31
(c)
.................
22,467
22,186,163
5.00%,
11/15/31
(c)
.................
12,425
11,908,741
DIRECTV
Holdings
LLC,
5.88%,
08/15/27
(c)
..
26,093
27,234,569
DISH
DBS
Corp.:
5.88%,
07/15/22
..................
43,935
45,280,509
5.00%,
03/15/23
..................
42,252
43,783,635
5.88%,
11/15/24
..................
26,788
28,804,601
7.75%,
07/01/26
..................
18,984
21,437,208
5.13%,
06/01/29
..................
45,637
44,714,676
DISH
Network
Corp.
(i)
:
2.38%,
03/15/24
..................
17,298
16,854,739
3.38%,
08/15/26
..................
24,335
25,296,232
GCI
LLC,
4.75%,
10/15/28
(c)
...........
6,216
6,525,569
iHeartCommunications,
Inc.,
8.38%,
05/01/27
2,668
2,851,781
LCPR
Senior
Secured
Financing
DAC
(c)
:
6.75%,
10/15/27
..................
24,961
26,458,660
5.13%,
07/15/29
..................
25,380
26,140,131
Liberty
Broadband
Corp.
(c)(i)
:
1.25%,
09/30/50
..................
27,902
28,334,481
2.75%,
09/30/50
..................
57,437
60,633,015
Midas
OpCo
Holdings
LLC,
5.63%,
08/15/29
(c)
6,744
6,978,354
Midcontinent
Communications,
5.38%,
08/15/27
(c)
.....................
8,651
9,001,452
News
Corp.,
3.88%,
05/15/29
(c)
.........
8,398
8,628,945
Outfront
Media
Capital
LLC
(c)
:
5.00%,
08/15/27
..................
4,276
4,385,679
4.25%,
01/15/29
..................
6,794
6,733,873
PFD
ADELPHIA,
Series
B,
10.50%,
12/31/49
(e)(f)
(l)
..........................
800
—
Quebecor
Media,
Inc.,
5.75%,
01/15/23
(d)
...
1,537
1,625,377
Radiate
Holdco
LLC
(c)
:
4.50%,
09/15/26
..................
29,103
30,048,847
6.50%,
09/15/28
..................
71,901
73,314,574
Scripps
Escrow
II,
Inc.,
3.88%,
01/15/29
(c)
...
1,213
1,217,233
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(c)
.....................
17,697
17,298,818
Sirius
XM
Radio,
Inc.
(c)
:
3.13%,
09/01/26
..................
32,759
33,209,436
5.00%,
08/01/27
..................
7,637
7,980,665
4.00%,
07/15/28
..................
34,888
35,476,735
4.13%,
07/01/30
..................
1,115
1,120,171
3.88%,
09/01/31
..................
44,027
43,008,876
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Summer
BC
Bidco
B
LLC,
5.50%,
10/31/26
(c)
.
USD
200
$
204,980
Summer
BC
Holdco
A
SARL,
9.25%,
10/31/27
EUR
1,352
1,701,026
Summer
BC
Holdco
B
SARL,
5.75%,
10/31/26
4,851
5,886,066
Summer
BidCo
BV
(j)
:
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
(a)
....................
1,480
1,749,586
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
.....................
1,165
1,379,881
TEGNA,
Inc.:
5.50%,
09/15/24
(c)
.................
USD
988
999,085
4.63%,
03/15/28
..................
446
455,968
Tele
Columbus
AG,
3.88%,
05/02/25
(b)
.....
EUR
700
812,872
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(c)(d)
...............
USD
7,800
8,193,900
Terrier
Media
Buyer,
Inc.,
8.88%,
12/15/27
(c)
..
34,761
36,755,586
Univision
Communications,
Inc.
(c)
:
5.13%,
02/15/25
..................
8,403
8,525,684
6.63%,
06/01/27
..................
3,952
4,292,860
UPC
Broadband
Finco
BV,
4.88%,
07/15/31
(c)(d)
26,036
26,657,219
UPC
Holding
BV,
3.88%,
06/15/29
(b)
......
EUR
1,700
2,021,221
UPCB
Finance
VII
Ltd.,
3.63%,
06/15/29
(b)
...
4,635
5,509,887
Videotron
Ltd.,
3.63%,
06/15/29
(c)(d)
.......
USD
24,445
24,781,119
Virgin
Media
Vendor
Financing
Notes
III
DAC,
4.88%,
07/15/28
.................
GBP
1,427
1,957,907
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(c)(d)
...............
USD
32,158
33,214,390
Ziggo
Bond
Co.
BV
(c)(d)
:
6.00%,
01/15/27
..................
3,625
3,747,561
5.13%,
02/28/30
..................
8,336
8,548,360
Ziggo
BV:
5.50%,
01/15/27
(c)(d)
................
10,783
11,146,926
2.88%,
01/15/30
(b)
.................
EUR
1,018
1,190,573
4.88%,
01/15/30
(c)(d)
................
USD
4,401
4,538,531
1,362,661,306
Metals
&
Mining
—
1.9%
Allegheny
Technologies,
Inc.:
7.88%,
08/15/23
(m)
................
5,284
5,944,500
4.88%,
10/01/29
..................
6,787
6,812,451
5.13%,
10/01/31
..................
7,651
7,709,913
Arconic
Corp.
(c)
:
6.00%,
05/15/25
..................
6,518
6,845,334
6.13%,
02/15/28
..................
13,934
14,770,319
Big
River
Steel
LLC,
6.63%,
01/31/29
(c)
....
60,958
65,910,838
Constellium
SE
(c)
:
5.88%,
02/15/26
..................
14,382
14,597,730
5.63%,
06/15/28
..................
18,362
19,291,025
3.75%,
04/15/29
..................
27,213
26,503,285
Freeport-McMoRan,
Inc.:
4.55%,
11/14/24
..................
3,140
3,395,125
4.38%,
08/01/28
..................
11,605
12,141,731
5.40%,
11/14/34
..................
2,108
2,532,235
5.45%,
03/15/43
..................
66,106
81,393,013
Glencore
Funding
LLC,
0.00%,
03/27/25
(d)(n)
..
2,000
1,994,140
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%,
08/01/28
(c)
.....................
6,306
6,991,777
Kaiser
Aluminum
Corp.
(c)
:
4.63%,
03/01/28
..................
4,166
4,301,395
4.50%,
06/01/31
..................
9,428
9,663,700
KME
SE,
6.75%,
02/01/23
(b)
...........
EUR
1,566
1,715,078
New
Gold,
Inc.
(c)(d)
:
6.38%,
05/15/25
..................
USD
4,100
4,223,000
7.50%,
07/15/27
..................
22,772
23,429,655
Novelis
Corp.
(c)
:
3.25%,
11/15/26
..................
31,162
31,603,877
4.75%,
01/30/30
..................
35,840
37,728,768
BlackRock
High
Yield
Bond
Portfolio
61
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
3.88%,
08/15/31
..................
USD
39,863
$
39,426,500
Novelis
Sheet
Ingot
GmbH,
3.38%,
04/15/29
(b)
EUR
1,559
1,881,642
thyssenkrupp
AG,
2.88%,
02/22/24
(b)
......
1,000
1,187,309
United
States
Steel
Corp.:
6.25%,
03/15/26
..................
USD
416
429,000
6.88%,
03/01/29
..................
19,122
20,388,163
Vedanta
Resources
Finance
II
plc,
8.95%,
03/11/25
(c)(d)
....................
12,594
12,562,515
465,374,018
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.:
5.00%,
12/15/21
..................
1,396
1,398,792
5.50%,
11/01/23
(c)
.................
2,231
2,340,274
3,739,066
Multiline
Retail
—
0.1%
Marks
&
Spencer
plc,
4.50%,
07/10/27
(b)(m)
...
GBP
1,100
1,580,895
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
(c)
...
USD
21,317
22,622,666
24,203,561
Oil,
Gas
&
Consumable
Fuels
—
9.6%
Aethon
United
BR
LP,
8.25%,
02/15/26
(c)
....
34,077
36,803,160
Antero
Midstream
Partners
LP
(c)
:
7.88%,
05/15/26
..................
30,411
33,252,908
5.75%,
03/01/27
..................
2,451
2,532,005
5.38%,
06/15/29
..................
14,226
14,652,780
Antero
Resources
Corp.
(c)
:
7.63%,
02/01/29
..................
14,703
16,437,954
5.38%,
03/01/30
..................
5,776
6,082,994
Apache
Corp.:
4.25%,
01/15/30
..................
12,249
13,198,543
5.10%,
09/01/40
..................
28,734
32,181,505
5.25%,
02/01/42
..................
4,362
4,787,295
5.35%,
07/01/49
..................
2,923
3,246,576
Ascent
Resources
Utica
Holdings
LLC:
9.00%,
11/01/27
(b)
.................
215
294,550
9.00%,
11/01/27
(c)
.................
27,183
37,240,710
8.25%,
12/31/28
(c)
.................
772
841,480
5.88%,
06/30/29
(c)
.................
28,054
28,663,473
BP
Capital
Markets
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
4.17%),
4.25%
(a)(b)(k)
...............
GBP
1,375
1,967,904
Buckeye
Partners
LP:
4.13%,
03/01/25
(c)
.................
USD
361
374,090
5.85%,
11/15/43
..................
5,448
5,452,903
5.60%,
10/15/44
..................
10,558
10,267,655
Callon
Petroleum
Co.:
6.13%,
10/01/24
..................
7,251
7,125,775
9.00%,
04/01/25
(c)
.................
50,563
54,674,025
8.00%,
08/01/28
(c)
.................
41,708
41,186,650
Centennial
Resource
Production
LLC,
6.88%,
04/01/27
(c)
.....................
7,314
7,451,028
Cheniere
Energy
Partners
LP:
4.50%,
10/01/29
..................
30,396
32,314,899
4.00%,
03/01/31
(c)
.................
44,500
46,600,400
3.25%,
01/31/32
(c)
.................
32,915
33,023,620
Cheniere
Energy,
Inc.,
4.63%,
10/15/28
....
94,978
100,083,068
Chesapeake
Energy
Corp.,
5.88%,
02/01/29
(c)
1,024
1,094,093
CITGO
Petroleum
Corp.
(c)
:
7.00%,
06/15/25
..................
14,761
15,093,122
6.38%,
06/15/26
..................
19,039
19,419,780
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(c)
6,203
6,298,991
CNX
Resources
Corp.,
6.00%,
01/15/29
(c)
...
3,010
3,183,075
Colgate
Energy
Partners
III
LLC
(c)
:
7.75%,
02/15/26
..................
9,807
10,321,867
5.88%,
07/01/29
..................
19,938
20,087,535
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Comstock
Resources,
Inc.
(c)
:
7.50%,
05/15/25
..................
USD
7,533
$
7,831,156
6.75%,
03/01/29
..................
35,392
38,223,360
5.88%,
01/15/30
..................
19,742
20,531,680
Continental
Resources,
Inc.:
4.50%,
04/15/23
..................
2,361
2,446,586
4.90%,
06/01/44
..................
3,996
4,475,520
CQP
Holdco
LP,
5.50%,
06/15/31
(c)
.......
24,078
25,608,157
CrownRock
LP,
5.63%,
10/15/25
(c)
........
39,572
40,499,963
DCP
Midstream
Operating
LP:
6.45%,
11/03/36
(c)
.................
12,909
16,040,465
6.75%,
09/15/37
(c)
.................
13,525
17,447,250
5.60%,
04/01/44
..................
1,634
1,903,610
DT
Midstream,
Inc.
(c)
:
4.13%,
06/15/29
..................
29,797
30,215,946
4.38%,
06/15/31
..................
33,176
34,171,280
Endeavor
Energy
Resources
LP,
5.50%,
01/30/26
(c)
.....................
26,367
27,484,961
Energy
Transfer
LP,
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.69%),
6.50%
(a)(k)
...........
43,069
44,850,765
EnLink
Midstream
LLC:
5.63%,
01/15/28
(c)
.................
12,534
13,345,451
5.38%,
06/01/29
..................
502
531,104
EnLink
Midstream
Partners
LP:
4.40%,
04/01/24
..................
9,993
10,386,924
4.15%,
06/01/25
..................
377
388,510
4.85%,
07/15/26
..................
1,948
2,044,815
5.60%,
04/01/44
..................
8,933
8,531,015
5.05%,
04/01/45
..................
1,662
1,516,575
EQM
Midstream
Partners
LP:
6.00%,
07/01/25
(c)
.................
15,139
16,595,372
4.13%,
12/01/26
..................
1,685
1,730,832
6.50%,
07/01/27
(c)
.................
19,149
21,537,837
5.50%,
07/15/28
..................
9,013
9,901,862
4.50%,
01/15/29
(c)
.................
11,074
11,489,275
4.75%,
01/15/31
(c)
.................
17,291
17,982,986
EQT
Corp.:
6.63%,
02/01/25
(m)
................
3,000
3,433,650
3.13%,
05/15/26
(c)
.................
13,022
13,349,113
3.90%,
10/01/27
..................
10,163
10,998,703
5.00%,
01/15/29
..................
2,134
2,402,777
7.50%,
02/01/30
(m)
................
12,978
16,705,282
3.63%,
05/15/31
(c)
.................
3,659
3,812,678
Genesis
Energy
LP:
6.50%,
10/01/25
..................
355
353,225
8.00%,
01/15/27
..................
9,593
9,712,912
7.75%,
02/01/28
..................
1,513
1,511,578
Great
Western
Petroleum
LLC,
12.00%,
09/01/25
(c)
.....................
8,167
8,291,833
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(c)
..
3,633
3,869,690
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(c)
.....................
16,996
17,187,205
Independence
Energy
Finance
LLC,
7.25%,
05/01/26
(c)
.....................
25,845
26,612,855
ITT
Holdings
LLC,
6.50%,
08/01/29
(c)
......
23,018
23,219,408
Matador
Resources
Co.,
5.88%,
09/15/26
...
46,744
48,319,273
Murphy
Oil
Corp.:
5.75%,
08/15/25
..................
6,527
6,737,300
6.37%,
12/01/42
(m)
................
1,714
1,727,078
Neptune
Energy
Bondco
plc,
6.63%,
05/15/25
(c)
(d)
..........................
4,626
4,758,998
New
Fortress
Energy,
Inc.
(c)
:
6.75%,
09/15/25
..................
66,966
64,454,775
6.50%,
09/30/26
..................
86,626
82,836,113
BlackRock
High
Yield
Bond
Portfolio
62
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(c)
USD
13,649
$
13,904,919
NGPL
PipeCo
LLC,
7.77%,
12/15/37
(c)
.....
9,239
13,240,582
Northern
Oil
and
Gas,
Inc.,
8.13%,
03/01/28
(c)
32,747
34,981,983
NuStar
Logistics
LP:
5.75%,
10/01/25
..................
7,223
7,782,783
6.00%,
06/01/26
..................
6,462
6,978,960
6.38%,
10/01/30
..................
1,866
2,052,600
Occidental
Petroleum
Corp.:
6.95%,
07/01/24
..................
5,108
5,772,040
5.50%,
12/01/25
..................
6,740
7,464,550
5.55%,
03/15/26
..................
2,441
2,709,510
3.00%,
02/15/27
..................
400
399,692
7.20%,
03/15/29
..................
5,695
6,677,387
8.88%,
07/15/30
..................
3,023
4,106,534
6.13%,
01/01/31
..................
17,199
20,646,970
4.30%,
08/15/39
..................
27,765
27,384,064
6.20%,
03/15/40
..................
28,152
33,154,610
4.50%,
07/15/44
..................
22,399
22,506,739
4.63%,
06/15/45
..................
25,101
25,665,772
6.60%,
03/15/46
..................
3,328
4,176,657
4.40%,
04/15/46
..................
25,470
25,402,505
4.10%,
02/15/47
..................
5,577
5,303,169
4.20%,
03/15/48
..................
21,725
20,801,688
4.40%,
08/15/49
..................
14,073
13,809,131
Ovintiv
Exploration,
Inc.,
5.38%,
01/01/26
...
2,656
3,003,038
Ovintiv,
Inc.:
7.38%,
11/01/31
..................
6,283
8,522,608
6.50%,
08/15/34
..................
3,037
4,095,938
Parkland
Corp.,
5.88%,
07/15/27
(c)(d)
......
6,300
6,678,000
PDC
Energy,
Inc.:
6.13%,
09/15/24
..................
5,203
5,281,045
6.25%,
12/01/25
..................
2,220
2,253,300
Range
Resources
Corp.:
4.88%,
05/15/25
..................
4,830
5,099,514
9.25%,
02/01/26
..................
2,104
2,293,465
Repsol
International
Finance
BV
(a)(b)(k)
:
(EUR
Swap
Annual
5
Year
+
4.00%),
3.75%
EUR
1,250
1,541,662
(EUR
Swap
Annual
5
Year
+
4.41%),
4.25%
2,710
3,437,660
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(c)
..
USD
13,542
13,745,130
Rubis
Terminal
Infra
SAS,
5.63%,
05/15/25
(b)
.
EUR
3,555
4,323,831
SM
Energy
Co.:
10.00%,
01/15/25
(c)
................
USD
49,116
54,783,004
5.63%,
06/01/25
..................
4,857
4,884,830
6.75%,
09/15/26
..................
7,838
8,004,871
6.50%,
07/15/28
..................
5,293
5,479,949
Southwestern
Energy
Co.:
8.38%,
09/15/28
..................
3,191
3,614,542
5.38%,
02/01/29
(c)
.................
38,741
41,445,509
Sunoco
LP,
6.00%,
04/15/27
...........
637
663,276
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(c)
.
39,382
40,317,323
Targa
Resources
Partners
LP:
5.88%,
04/15/26
..................
12,267
12,811,348
5.38%,
02/01/27
..................
1,247
1,292,141
6.50%,
07/15/27
..................
4,294
4,629,920
6.88%,
01/15/29
..................
5,588
6,261,214
5.50%,
03/01/30
..................
16,005
17,500,467
4.88%,
02/01/31
..................
26,284
28,353,865
4.00%,
01/15/32
(c)
.................
8,119
8,390,581
TerraForm
Power
Operating
LLC
(c)
:
4.25%,
01/31/23
..................
3,297
3,387,668
5.00%,
01/31/28
..................
63
67,646
4.75%,
01/15/30
..................
9,487
9,925,774
UGI
International
LLC,
3.25%,
11/01/25
(b)
...
EUR
1,600
1,879,081
Venture
Global
Calcasieu
Pass
LLC
(c)
:
3.88%,
08/15/29
..................
USD
51,985
53,547,149
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
4.13%,
08/15/31
..................
USD
46,784
$
48,772,320
Vine
Energy
Holdings
LLC,
6.75%,
04/15/29
(c)
35,081
37,865,730
Western
Midstream
Operating
LP:
4.75%,
08/15/28
..................
2,229
2,430,245
5.45%,
04/01/44
..................
19,455
22,346,791
5.30%,
03/01/48
..................
17,884
20,611,310
5.50%,
08/15/48
..................
5,569
6,515,730
6.50%,
02/01/50
(m)
................
51,692
60,830,112
2,296,054,548
Personal
Products
—
0.1%
Coty,
Inc.:
4.00%,
04/15/23
..................
EUR
4,230
4,927,348
3.88%,
04/15/26
(b)
.................
3,009
3,564,805
4.75%,
04/15/26
(b)
.................
1,600
1,870,655
Edgewell
Personal
Care
Co.,
5.50%,
06/01/28
(c)
USD
6,371
6,728,604
Prestige
Brands,
Inc.,
3.75%,
04/01/31
(c)
....
12,066
11,643,690
28,735,102
Pharmaceuticals
—
2.2%
Almirall
SA,
2.13%,
09/30/26
(b)
..........
EUR
817
953,470
Bausch
Health
Americas,
Inc.
(c)
:
9.25%,
04/01/26
..................
USD
9,296
9,927,895
8.50%,
01/31/27
..................
31,928
34,009,706
Bausch
Health
Cos.,
Inc.
(c)
:
6.13%,
04/15/25
..................
2,770
2,827,200
9.00%,
12/15/25
..................
10,374
10,949,498
5.75%,
08/15/27
..................
10,173
10,656,217
7.00%,
01/15/28
..................
24,811
25,423,832
5.00%,
01/30/28
..................
8,674
8,229,197
4.88%,
06/01/28
..................
15,585
16,149,956
5.00%,
02/15/29
..................
16,753
15,601,231
6.25%,
02/15/29
..................
31,805
31,471,684
7.25%,
05/30/29
..................
21,116
21,640,733
5.25%,
01/30/30
..................
2,806
2,616,595
5.25%,
02/15/31
..................
619
569,239
Catalent
Pharma
Solutions,
Inc.:
5.00%,
07/15/27
(c)
.................
5,833
6,059,029
2.38%,
03/01/28
(b)
.................
EUR
6,315
7,398,605
3.13%,
02/15/29
(c)
.................
USD
8,402
8,250,344
3.50%,
04/01/30
(c)
.................
30,680
30,680,000
Cheplapharm
Arzneimittel
GmbH:
4.38%,
01/15/28
(b)
.................
EUR
1,605
1,933,518
5.50%,
01/15/28
(c)(d)
................
USD
16,805
17,411,156
Elanco
Animal
Health,
Inc.,
5.90%,
08/28/28
(m)
4,050
4,738,500
Endo
DAC,
9.50%,
07/31/27
(c)
..........
32,379
32,450,881
Endo
Luxembourg
Finance
Co.
I
SARL,
6.13%,
04/01/29
(c)
.....................
36,965
36,965,000
Gruenenthal
GmbH
(b)
:
3.63%,
11/15/26
..................
EUR
1,502
1,804,425
4.13%,
05/15/28
..................
1,889
2,292,540
Jazz
Securities
DAC,
4.38%,
01/15/29
(c)
....
USD
24,839
25,740,656
Nidda
BondCo
GmbH:
5.00%,
09/30/25
..................
EUR
2,300
2,653,681
7.25%,
09/30/25
..................
1,599
1,880,826
Nidda
Healthcare
Holding
GmbH:
3.50%,
09/30/24
..................
4,531
5,213,913
Organon
&
Co.:
2.88%,
04/30/28
..................
1,848
2,184,325
4.13%,
04/30/28
(c)
.................
USD
39,429
40,217,580
5.13%,
04/30/31
(c)
.................
39,222
41,196,828
P&L
Development
LLC,
7.75%,
11/15/25
(c)
...
16,803
17,453,276
Par
Pharmaceutical,
Inc.,
7.50%,
04/01/27
(c)
.
51,620
52,587,875
Teva
Pharmaceutical
Finance
Netherlands
II
BV:
6.00%,
01/31/25
..................
EUR
3,400
4,256,661
BlackRock
High
Yield
Bond
Portfolio
63
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
4.50%,
03/01/25
..................
EUR
2,200
$
2,644,412
1.88%,
03/31/27
..................
600
647,575
1.63%,
10/15/28
..................
500
524,624
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
7.13%,
01/31/25
(d)
.............
USD
245
266,407
538,479,090
Professional
Services
—
0.6%
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
(c)
...
7,006
7,216,180
ASGN,
Inc.,
4.63%,
05/15/28
(c)
..........
3,361
3,478,635
CoreLogic,
Inc.,
4.50%,
05/01/28
(c)
.......
21,244
21,111,225
Dun
&
Bradstreet
Corp.
(The)
(c)
:
6.88%,
08/15/26
..................
14,134
14,823,033
10.25%,
02/15/27
.................
12,604
13,549,300
House
of
Finance
NV
(The),
4.38%,
07/15/26
(b)
EUR
1,300
1,543,501
Intertrust
Group
BV,
3.38%,
11/15/25
(b)
.....
2,173
2,560,011
Jaguar
Holding
Co.
II
(c)
:
4.63%,
06/15/25
..................
USD
3,068
3,186,885
5.00%,
06/15/28
..................
39,897
42,942,737
KBR,
Inc.,
4.75%,
09/30/28
(c)
...........
13,182
13,346,775
La
Financiere
Atalian
SASU,
5.13%,
05/15/25
(b)
EUR
1,195
1,373,885
Science
Applications
International
Corp.,
4.88%,
04/01/28
(c)
................
USD
8,711
9,002,383
134,134,550
Real
Estate
Management
&
Development
—
0.5%
ADLER
Group
SA
(b)
:
3.25%,
08/05/25
..................
EUR
2,400
2,446,435
2.75%,
11/13/26
..................
2,100
2,079,817
2.25%,
01/14/29
..................
800
752,935
Aedas
Homes
Opco
SLU,
4.00%,
08/15/26
..
1,058
1,267,080
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
(c)
................
USD
17,352
18,826,920
DIC
Asset
AG,
2.25%,
09/22/26
(b)
........
EUR
1,900
2,163,340
Fastighets
AB
Balder,
(EUR
Swap
Annual
5
Year
+
3.19%),
2.87%,
06/02/81
(a)(b)
.....
2,725
3,113,102
Five
Point
Operating
Co.
LP,
7.88%,
11/15/25
(c)
USD
8,725
9,117,625
Forestar
Group,
Inc.,
3.85%,
05/15/26
(c)
....
7,864
7,854,170
Heimstaden
Bostad
AB
(a)(k)
:
(EUR
Swap
Annual
5
Year
+
3.91%),
3.38%
(b)
......................
EUR
1,200
1,423,381
(EUR
Swap
Annual
5
Year
+
3.15%),
2.63%
3,725
4,206,982
Howard
Hughes
Corp.
(The)
(c)
:
5.38%,
08/01/28
..................
USD
11,561
12,182,404
4.13%,
02/01/29
..................
6,258
6,265,822
4.38%,
02/01/31
..................
14,172
14,255,757
Kennedy-Wilson,
Inc.,
4.75%,
02/01/30
....
9,124
9,263,141
Realogy
Group
LLC
(c)
:
7.63%,
06/15/25
..................
5,964
6,369,254
5.75%,
01/15/29
..................
19,032
19,741,132
Unique
Pub
Finance
Co.
plc
(The),
Series
N,
6.46%,
03/30/32
(m)
................
GBP
2,516
4,067,260
125,396,557
Road
&
Rail
—
0.8%
Avis
Budget
Car
Rental
LLC,
5.38%,
03/01/29
(c)
USD
8,549
9,035,438
EC
Finance
plc:
2.38%,
11/15/22
..................
EUR
2,400
2,790,070
3.00%,
10/15/26
(b)
.................
2,374
2,765,323
Loxam
SAS
(b)
:
4.25%,
04/15/24
..................
1,100
1,284,888
3.25%,
01/14/25
..................
1,531
1,787,330
3.75%,
07/15/26
..................
1,102
1,303,947
5.75%,
07/15/27
..................
989
1,193,472
National
Express
Group
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(a)(k)
................
GBP
300
418,400
Security
Par
(000)
Par
(000)
Value
Road
&
Rail
(continued)
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(c)
..
USD
14,731
$
15,278,993
Uber
Technologies,
Inc.
(c)
:
7.50%,
05/15/25
..................
38,819
41,381,054
0.00%,
12/15/25
(i)(n)
................
25,622
24,920,738
8.00%,
11/01/26
..................
11,774
12,443,646
7.50%,
09/15/27
..................
38,452
41,984,778
6.25%,
01/15/28
..................
14,188
15,216,488
4.50%,
08/15/29
..................
31,249
31,463,837
203,268,402
Semiconductors
&
Semiconductor
Equipment
—
0.4%
ams
AG
(b)(i)
:
0.00%,
03/05/25
(n)
.................
EUR
1,800
1,842,395
2.13%,
11/03/27
..................
1,600
1,831,416
Entegris,
Inc.
(c)
:
4.38%,
04/15/28
..................
USD
4,461
4,672,897
3.63%,
05/01/29
..................
7,430
7,579,622
Microchip
Technology,
Inc.,
4.25%,
09/01/25
.
38,583
40,347,433
ON
Semiconductor
Corp.,
3.88%,
09/01/28
(c)
.
19,231
19,856,007
Synaptics,
Inc.,
4.00%,
06/15/29
(c)
........
12,957
13,255,918
89,385,688
Software
—
2.6%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(c)
....
21,586
22,557,370
Ascend
Learning
LLC:
6.88%,
08/01/25
(c)
.................
32,124
32,703,860
Boxer
Parent
Co.,
Inc.:
6.50%,
10/02/25
(b)
.................
EUR
5,621
6,836,015
7.13%,
10/02/25
(c)
.................
USD
22,000
23,481,700
9.13%,
03/01/26
(c)
.................
38,315
40,175,576
Camelot
Finance
SA,
4.50%,
11/01/26
(c)
....
15,887
16,502,621
Castle
US
Holding
Corp.,
9.50%,
02/15/28
(c)
.
14,183
14,821,235
CDK
Global,
Inc.,
4.88%,
06/01/27
.......
3,256
3,409,781
Cedacri
Mergeco
SpA,
(EURIBOR
3
Month
+
4.63%),
4.62%,
05/15/28
(a)(b)
..........
EUR
2,169
2,525,023
Change
Healthcare
Holdings
LLC,
5.75%,
03/01/25
(c)
.....................
USD
68,086
68,596,645
Clarivate
Science
Holdings
Corp.
(c)
:
3.88%,
07/01/28
..................
25,934
25,934,000
4.88%,
07/01/29
..................
34,569
34,636,410
Consensus
Cloud
Solutions,
Inc.
(c)
:
6.00%,
10/15/26
..................
4,772
4,903,230
6.50%,
10/15/28
..................
4,321
4,484,118
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
.
20,130
20,062,564
Elastic
NV,
4.13%,
07/15/29
(c)
..........
25,169
25,294,845
Fair
Isaac
Corp.,
4.00%,
06/15/28
(c)
.......
5,403
5,538,075
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(c)
.....................
10,630
10,470,550
MicroStrategy,
Inc.,
6.13%,
06/15/28
(c)
.....
20,478
20,682,780
NCR
Corp.
(c)
:
5.00%,
10/01/28
..................
7,692
7,859,763
5.13%,
04/15/29
..................
9,148
9,433,875
6.13%,
09/01/29
..................
7,012
7,608,020
5.25%,
10/01/30
..................
6,891
7,225,420
Nuance
Communications,
Inc.,
5.63%,
12/15/26
4,984
5,158,440
Open
Text
Corp.,
3.88%,
02/15/28
(c)(d)
......
7,687
7,840,740
Open
Text
Holdings,
Inc.,
4.13%,
02/15/30
(c)(d)
4,386
4,506,615
PTC,
Inc.
(c)
:
3.63%,
02/15/25
..................
734
745,010
4.00%,
02/15/28
..................
7,643
7,843,629
Rocket
Software,
Inc.,
6.50%,
02/15/29
(c)
...
30,389
30,085,110
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(c)
.
58,566
61,841,743
Veritas
US,
Inc.,
7.50%,
09/01/25
(c)
.......
62,607
65,111,280
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(c)
27,798
27,659,010
626,535,053
BlackRock
High
Yield
Bond
Portfolio
64
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
—
2.3%
Asbury
Automotive
Group,
Inc.:
4.50%,
03/01/28
..................
USD
7,004
$
7,187,855
4.75%,
03/01/30
..................
4,457
4,651,994
BCPE
Ulysses
Intermediate,
Inc.,
7.75%,
(7.75%
Cash
or
8.50%
PIK),
04/01/27
(c)(j)
..
4,604
4,370,539
Carvana
Co.
(c)
:
5.50%,
04/15/27
..................
19,854
20,264,978
4.88%,
09/01/29
..................
14,912
14,767,279
Constellation
Automotive
Financing
plc,
4.88%,
07/15/27
(b)
.....................
GBP
2,096
2,801,840
Douglas
GmbH,
6.00%,
04/08/26
(b)
.......
EUR
1,200
1,411,148
Dufry
One
BV
(b)
:
2.50%,
10/15/24
..................
1,000
1,145,096
2.00%,
02/15/27
..................
751
828,774
eG
Global
Finance
plc:
4.38%,
02/07/25
(b)
.................
817
940,306
6.75%,
02/07/25
(c)(d)
................
USD
30,036
30,711,810
6.25%,
10/30/25
..................
EUR
6,009
7,110,176
8.50%,
10/30/25
(c)(d)
................
USD
16,076
16,739,135
Gap,
Inc.
(The)
(c)
:
3.63%,
10/01/29
..................
6,715
6,731,788
3.88%,
10/01/31
..................
5,214
5,214,000
Goldstory
SASU,
5.38%,
03/01/26
.......
EUR
1,740
2,087,080
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(c)
.
USD
3,037
3,090,147
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(c)
...
16,002
16,182,023
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(c)
9,662
9,927,705
L
Brands,
Inc.:
6.63%,
10/01/30
(c)
.................
7,188
8,158,380
6.88%,
11/01/35
..................
12,525
15,718,875
6.75%,
07/01/36
..................
3,311
4,105,640
LBM
Acquisition
LLC,
6.25%,
01/15/29
(c)
....
33,156
33,139,422
LCM
Investments
Holdings
II
LLC:
4.88%,
05/01/29
(c)
.................
19,739
20,253,596
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(c)
......
9,298
9,650,952
Matalan
Finance
plc,
6.75%,
01/31/23
.....
GBP
971
1,225,210
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
.....
USD
4,526
4,791,902
Penske
Automotive
Group,
Inc.:
3.50%,
09/01/25
..................
11,322
11,647,507
3.75%,
06/15/29
..................
4,684
4,710,371
PetSmart,
Inc.
(c)
:
4.75%,
02/15/28
..................
20,686
21,254,865
7.75%,
02/15/29
..................
79,989
87,287,996
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(c)
................
15,450
16,222,500
SRS
Distribution,
Inc.
(c)
:
4.63%,
07/01/28
..................
30,923
31,547,645
6.13%,
07/01/29
..................
24,066
24,787,980
Staples,
Inc.
(c)
:
7.50%,
04/15/26
..................
36,515
37,034,426
10.75%,
04/15/27
.................
13,182
12,835,972
Tendam
Brands
SAU:
5.00%,
09/15/24
..................
EUR
546
625,020
(EURIBOR
3
Month
+
5.25%),
5.25%,
09/15/24
(a)
....................
364
418,983
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(c)
...
USD
27,390
28,896,450
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(c)(j)
............
17,016
17,569,020
548,046,385
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Hurricane
Finance
plc,
8.00%,
10/15/25
(b)
...
GBP
1,412
2,044,933
Xerox
Corp.,
4.80%,
03/01/35
..........
USD
9,712
9,713,942
11,758,875
Security
Par
(000)
Par
(000)
Value
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
BK
LC
Lux
Finco1
SARL,
5.25%,
04/30/29
..
EUR
1,012
$
1,216,209
Crocs,
Inc.
(c)
:
4.25%,
03/15/29
..................
USD
12,273
12,629,776
4.13%,
08/15/31
..................
13,183
13,281,873
European
TopSoho
SARL,
Series
SMCP,
4.00%,
09/21/21
(b)(e)(i)(l)
.............
EUR
2,700
2,784,297
Hanesbrands,
Inc.,
5.38%,
05/15/25
(c)
.....
USD
937
980,926
Levi
Strauss
&
Co.,
3.50%,
03/01/31
(c)
.....
7,014
7,084,140
William
Carter
Co.
(The)
(c)
:
5.50%,
05/15/25
..................
2,617
2,749,682
5.63%,
03/15/27
..................
2,686
2,784,442
Wolverine
World
Wide,
Inc.,
4.00%,
08/15/29
(c)
6,758
6,825,580
50,336,925
Thrifts
&
Mortgage
Finance
—
0.6%
Deutsche
Pfandbriefbank
AG,
4.60%,
02/22/27
(b)
.....................
EUR
1,100
1,404,839
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(c)
....
USD
28,936
31,591,457
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(c)
..
14,991
13,589,641
Jerrold
Finco
plc,
5.25%,
01/15/27
(b)
......
GBP
2,747
3,841,588
Ladder
Capital
Finance
Holdings
LLLP
(c)
:
4.25%,
02/01/27
..................
USD
11,466
11,351,340
4.75%,
06/15/29
..................
9,201
9,136,133
MGIC
Investment
Corp.,
5.25%,
08/15/28
...
11,025
11,764,226
Nationstar
Mortgage
Holdings,
Inc.
(c)
:
6.00%,
01/15/27
..................
10,472
10,962,090
5.50%,
08/15/28
..................
6,575
6,772,250
5.13%,
12/15/30
..................
6,852
6,867,143
Rocket
Mortgage
LLC
(c)
:
2.88%,
10/15/26
..................
12,679
12,389,919
4.00%,
10/15/33
..................
12,813
12,716,902
132,387,528
Trading
Companies
&
Distributors
—
0.7%
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
(c)
7,445
7,398,469
Fortress
Transportation
&
Infrastructure
Investors
LLC
(c)
:
6.50%,
10/01/25
..................
5,358
5,515,418
9.75%,
08/01/27
..................
3,399
3,849,368
5.50%,
05/01/28
..................
15,282
15,384,771
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
(c)
.....................
12,863
12,605,740
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
(c)
.....................
3,962
3,946,548
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(c)
.....
16,735
17,558,780
Imola
Merger
Corp.,
4.75%,
05/15/29
(c)
.....
38,184
39,502,058
United
Rentals
North
America,
Inc.,
5.25%,
01/15/30
......................
2,941
3,220,395
WESCO
Distribution,
Inc.
(c)
:
7.13%,
06/15/25
..................
29,801
31,801,541
7.25%,
06/15/28
..................
28,673
31,755,348
172,538,436
Transportation
Infrastructure
—
0.1%
Abertis
Infraestructuras
Finance
BV,
(EUR
Swap
Annual
5
Year
+
3.69%),
3.25%
(a)(b)(k)
.
EUR
1,800
2,138,482
Atlantia
SpA,
1.88%,
02/12/28
(b)
.........
1,964
2,365,663
Autostrade
per
l'Italia
SpA:
1.88%,
11/04/25
(b)
.................
700
842,650
1.75%,
06/26/26
(b)
.................
500
597,942
1.75%,
02/01/27
(b)
.................
1,700
2,035,061
2.00%,
12/04/28
..................
3,754
4,563,729
2.00%,
01/15/30
..................
3,748
4,552,058
Getlink
SE,
3.50%,
10/30/25
(b)
..........
3,019
3,618,406
20,713,991
BlackRock
High
Yield
Bond
Portfolio
65
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Water
Utilities
—
0.1%
Solaris
Midstream
Holdings
LLC,
7.63%,
04/01/26
(c)
.....................
USD
8,022
$
8,596,817
Thames
Water
Kemble
Finance
plc,
4.63%,
05/19/26
......................
GBP
3,179
4,462,595
13,059,412
Wireless
Telecommunication
Services
—
1.6%
Connect
Finco
SARL,
6.75%,
10/01/26
(c)(d)
...
USD
98,905
103,479,356
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
......................
3,334
3,759,085
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(a)(c)(j)
.........
26,529
23,985,115
Matterhorn
Telecom
SA
(b)
:
3.13%,
09/15/26
..................
EUR
400
463,340
4.00%,
11/15/27
..................
4,700
5,570,660
Oi
Movel
SA:
8.75%,
07/30/26
(b)(d)
................
USD
2,117
2,159,340
SoftBank
Group
Corp.:
(USD
Swap
Rate
5
Year
+
4.23%),
6.00%
(a)
(b)(d)(k)
........................
3,502
3,493,595
2.13%,
07/06/24
(b)
.................
EUR
1,341
1,535,266
4.50%,
04/20/25
(b)
.................
1,300
1,584,491
4.75%,
07/30/25
(b)
.................
1,409
1,722,779
3.13%,
09/19/25
(b)
.................
2,500
2,888,213
2.88%,
01/06/27
(b)
.................
1,294
1,435,651
5.00%,
04/15/28
(b)
.................
1,700
2,065,725
3.38%,
07/06/29
..................
558
610,234
4.00%,
09/19/29
(b)
.................
1,408
1,610,733
Sprint
Corp.:
7.88%,
09/15/23
..................
USD
10,849
12,122,130
7.13%,
06/15/24
..................
7,210
8,206,422
7.63%,
03/01/26
..................
21,944
26,590,094
Telefonica
Europe
BV
(a)(b)(k)
:
(EUR
Swap
Annual
10
Year
+
4.30%),
5.88%
.......................
EUR
1,800
2,311,777
(EUR
Swap
Annual
10
Year
+
4.30%),
5.88%
.......................
100
128,432
(EUR
Swap
Annual
6
Year
+
4.11%),
4.38%
3,800
4,770,639
(EUR
Swap
Annual
8
Year
+
2.97%),
3.88%
3,300
4,137,916
T-Mobile
USA,
Inc.:
2.63%,
02/15/29
..................
USD
25,048
25,312,482
2.88%,
02/15/31
..................
29,791
30,044,220
3.50%,
04/15/31
..................
30,530
32,197,998
3.50%,
04/15/31
(c)
.................
16,599
17,505,881
Vmed
O2
UK
Financing
I
plc:
4.00%,
01/31/29
..................
GBP
2,630
3,570,239
4.25%,
01/31/31
(c)(d)
................
USD
3,235
3,226,913
4.50%,
07/15/31
(b)
.................
GBP
2,742
3,768,462
4.75%,
07/15/31
(c)(d)
................
USD
44,439
45,402,438
Vodafone
Group
plc
(a)
:
(EUR
Swap
Annual
5
Year
+
3.43%),
4.20%,
10/03/78
(b)
....................
EUR
2,100
2,748,765
Series
NC10,
(EUR
Swap
Annual
5
Year
+
3.23%),
3.00%,
08/27/80
..........
1,700
2,026,762
380,435,153
Total
Corporate
Bonds
—
82.2%
(Cost:
$18,739,823,303)
............................
19,647,707,289
Security
Par
(000)
Par
(000)
Value
Floating
Rate
Loan
Interests
—
11.3%
Aerospace
&
Defense
—
0.5%
(a)
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 02/01/28
.
USD
63,318
$
63,328,047
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
7.75%),
8.50%
,
 02/01/29
.
23,381
23,819,394
Sequa
Mezzanine
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.75%
,
 11/28/23
..................
10,054
10,189,570
Sequa
Mezzanine
Holdings
LLC,
2nd
Lien
Term
Loan,
04/28/24
(f)(o)
.................
583
573,050
Spirit
Aerosystems,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
5.25%),
6.00%
,
 01/15/25
.
14,179
14,220,257
112,130,318
Air
Freight
&
Logistics
—
0.0%
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
 04/06/28
(a)
.................
5,276
5,289,190
Airlines
—
0.6%
(a)
AAdvantage
Loyality
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
 04/20/28
(d)
.................
47,675
49,270,714
Air
Canada,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.25%
,
 08/11/28
(d)
..........
23,425
23,503,005
SkyMiles
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.75%
,
 10/20/27
......
20,697
21,999,414
United
AirLines,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 04/21/28
.
49,549
49,853,108
144,626,241
Auto
Components
—
0.0%
Clarios
Global
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
 04/30/26
(a)
5,898
5,868,564
Automobiles
—
0.0%
Dealer
Tire
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.25%),
4.33%
,
 01/01/38
(a)
.....
4,024
4,022,630
Building
Products
—
0.0%
(a)
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
 11/23/27
..
5,392
5,371,685
CPG
International
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.25%
,
 05/05/24
.
5,399
5,397,963
10,769,648
Chemicals
—
0.4%
(a)
Alpha
3
BV,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.00%
,
 03/18/28
(d)
...........
25,516
25,478,797
Arc
Falcon
I,
Inc.,
Delayed
Draw
Term
Loan,
09/22/28
(o)
......................
1,607
1,606,009
Arc
Falcon
I,
Inc.,
Term
Loan,
09/22/28
(o)
....
11,010
11,001,165
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
 08/27/26
..................
19,944
20,165,106
Invictus
US
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.75%),
6.83%
,
 03/30/26
.
2,354
2,348,993
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.58%
,
 06/30/27
..................
9,928
9,907,286
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.34%
,
 05/15/24
............
3,953
3,944,815
Nouryon
Finance
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
2.83%
,
 10/01/25
(d)
....
2,063
2,047,554
BlackRock
High
Yield
Bond
Portfolio
66
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
WR
Grace
Holdings
LLC,
Term
Loan,
09/22/28
(o)
......................
USD
21,060
$
21,125,918
97,625,643
Commercial
Services
&
Supplies
—
0.5%
(a)
Brand
Energy
&
Infrastructure
Services,
Inc.,
Term
Loan,
06/21/24
(o)
..............
115,098
113,999,046
GFL
Environmental,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.50%
,
 05/30/25
(d)
2,549
2,552,240
Tempo
Acquisition
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
 11/02/26
..
1,448
1,449,837
TruGreen
Ltd.
Partnership,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.50%),
9.25%
,
 11/02/28
(f)
.................
12,384
12,538,800
130,539,923
Construction
Materials
—
0.2%
(a)
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
 01/31/28
..................
3,318
3,293,421
Standard
Industries,
Inc.,
Term
Loan,
09/22/28
(o)
......................
31,942
31,959,249
35,252,670
Containers
&
Packaging
—
0.1%
(a)
Charter
NEX
US,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 12/01/27
..................
4,180
4,187,323
Kleopatra
Finco
SARL,
Facility
Term
Loan
B,
(LIBOR
USD
6
Month
+
4.75%),
5.25%
,
 02/12/26
(d)
.................
3,034
3,039,458
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
 04/03/24
..................
22,243
21,766,293
28,993,074
Diversified
Consumer
Services
—
0.1%
(a)
Mileage
Plus
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.25%
,
 06/21/27
.
13,311
14,134,685
Sotheby's,
Term
Loan,
(LIBOR
USD
2
Month
+
4.50%),
5.00%
,
 01/15/27
............
3,742
3,751,306
17,885,991
Diversified
Financial
Services
—
1.1%
(a)
Acuris
Finance
US,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.50%
,
 02/16/28
.
7,885
7,906,445
Advisor
Group
Holdings,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.50%),
4.58%
,
 07/31/26
..................
5,166
5,171,254
Connect
Finco
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.50%
,
 12/11/26
(d)
....
5,730
5,731,985
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.75%
,
 04/09/27
..................
2,526
2,531,424
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.75%),
7.50%
,
 04/07/28
..................
16,090
16,572,700
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 12/01/27
.
25,287
25,304,726
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
4.75%
,
 10/01/27
..................
55,561
55,642,489
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 12/17/27
..................
3,789
3,750,618
Security
Par
(000)
Par
(000)
Value
Diversified
Financial
Services
(continued)
Lealand
Finance
Co.,
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.08%
,
 06/28/24
(d)(f)
USD
758
$
416,772
Mercury
Borrower,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
2
Month
+
6.50%),
7.00%
,
 08/02/29
(f)
.................
9,792
9,694,080
Proofpoint,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
6.75%
,
 08/31/29
(f)
.
26,322
26,585,220
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
3.25%
,
 12/11/26
..................
8,808
8,778,669
Veritas
US,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
5.00%),
6.00%
,
 09/01/25
......
61,380
61,597,577
White
Cap
Buyer
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
 10/19/27
.....
30,580
30,649,675
260,333,634
Diversified
Telecommunication
Services
—
0.3%
(a)
Altice
France
SA,
Term
Loan
B13,
(LIBOR
USD
3
Month
+
4.00%),
4.12%
,
 08/14/26
(d)
....
6,448
6,420,957
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 05/01/28
..................
18,284
18,244,133
Northwest
Fiber
LLC,
1st
Lien
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.75%),
3.83%
,
 04/30/27
..................
8,624
8,610,584
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.08%
,
 03/09/27
.
47,451
47,008,746
80,284,420
Entertainment
—
0.1%
MSG
National
Properties
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
7.00%
,
 11/12/25
(a)(f)
................
29,774
30,443,923
Health
Care
Equipment
&
Supplies
—
0.0%
Ortho-Clinical
Diagnostics,
Inc.,
Term
Loan,
(EURIBOR
3
Month
+
3.50%),
3.50%
,
 06/30/25
(a)
.................
EUR
8,563
9,917,114
Health
Care
Providers
&
Services
—
0.3%
(a)
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
3.63%
,
 07/24/26
.
USD
3,248
3,225,236
Envision
Healthcare
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
3.83%
,
 10/10/25
.
30,652
27,203,894
Gentiva
Health
Services,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
2.88%
,
 07/02/25
..................
2,266
2,265,375
Medical
Solutions
LLC,
2nd
Lien
Term
Loan,
09/24/28
(o)
......................
9,132
9,040,680
Quorum
Health
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
7.00%),
8.00%
,
 04/29/25
.....
13,919
13,927,470
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
5.00%
,
 01/08/27
..................
9,875
9,908,970
65,571,625
Health
Care
Technology
—
0.7%
(a)
athenahealth,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.25%),
4.38%
,
 02/11/26
..................
9,959
9,978,873
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.50%
,
 06/02/28
..................
25,379
25,426,713
BlackRock
High
Yield
Bond
Portfolio
67
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Health
Care
Technology
(continued)
Verscend
Holding
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.00%),
7.50%
,
 04/02/29
(f)
.................
USD
51,206
$
51,462,030
Verscend
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
4.08%
,
 08/27/25
.
70,944
71,002,867
157,870,483
Hotels,
Restaurants
&
Leisure
—
0.3%
(a)
Caesars
Resort
Collection
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
3.58%
,
 07/21/25
..................
12,213
12,217,178
Golden
Nugget
Online
Gaming,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
12.00%),
13.00%
,
 10/04/23
(f)
................
3,252
3,512,434
Golden
Nugget,
Inc.,
Term
Loan
B,
(LIBOR
USD
2
Month
+
2.50%),
3.25%
,
 10/04/23
.
16,510
16,423,028
IRB
Holding
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.25%
,
 12/15/27
......
20,064
20,088,907
Life
Time,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.75%
,
 12/16/24
......
19,138
19,269,715
Raptor
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
11/01/26
(d)(o)
.....................
3,698
3,708,169
75,219,431
Household
Durables
—
0.1%
SWF
Holdings
I
Corp.,
Term
Loan
B,
09/17/28
(a)
(o)
............................
18,283
18,134,542
Industrial
Conglomerates
—
0.1%
AVSC
Holding
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
8.25%
,
 09/01/25
(a)
.................
15,568
12,065,416
Insurance
—
0.2%
(a)
Alliant
Holdings
Intermediate
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
 11/05/27
..................
10,084
10,087,065
Hub
International
Ltd.,
Term
Loan
B3,
(LIBOR
USD
3
Month
+
3.25%),
4.00%
,
 04/25/25
.
8,741
8,741,109
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan:
(LIBOR
USD
1
Month
+
3.25%),
3.33%, 12/31/25
................
9,876
9,793,948
(LIBOR
USD
1
Month
+
3.75%),
3.83%, 09/03/26
................
9,846
9,815,029
(LIBOR
USD
1
Month
+
4.25%),
5.25%, 09/03/26
................
8,738
8,745,563
47,182,714
Interactive
Media
&
Services
—
0.1%
(a)
Camelot
US
Acquisition
1
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 10/30/26
..................
9,520
9,540,909
Grab
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
5.50%
,
 01/29/26
(d)
.....
13,035
13,143,077
22,683,986
Internet
&
Direct
Marketing
Retail
—
0.0%
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 11/08/27
(a)
.................
7,672
7,677,279
Security
Par
(000)
Par
(000)
Value
IT
Services
—
0.7%
(a)
Camelot
US
Acquisition
1
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.08%
,
 10/30/26
..................
USD
4,778
$
4,764,306
CoreLogic,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.50%),
7.00%
,
 06/04/29
(f)
.
19,962
20,361,240
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.75%),
8.75%
,
 07/31/28
..................
6,927
7,108,834
Epicor
Software
Corp.,
Term
Loan
C,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
 07/30/27
.
9,115
9,110,408
Flexential
Intermediate
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.33%
,
 08/01/25
..................
3,818
3,501,529
Mitchell
International,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
 11/29/24
..................
2,513
2,507,844
Mitchell
International,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.33%
,
 12/01/25
..................
5,095
5,083,641
Pug
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.58%
,
 02/12/27
............
9,218
9,006,932
Sophia
LP,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.00%),
9.00%
,
 10/09/28
......
61,702
63,591,932
Sophia
LP,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 10/07/27
............
41,706
41,844,434
TierPoint
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 05/05/26
.
3,726
3,730,308
170,611,408
Life
Sciences
Tools
&
Services
—
0.2%
(a)(d)
ICON
Luxembourg
SARL,
Term
Loan:
(LIBOR
USD
3
Month
+
2.50%),
3.00%, 07/03/28
(d)
...............
26,231
26,314,243
(LIBOR
USD
3
Month
+
2.50%),
3.00%, 07/03/28
................
6,535
6,556,338
Parexel
International
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
2.83%
,
 09/27/24
.
18,616
18,600,183
51,470,764
Machinery
—
0.4%
(a)
Madison
IAQ
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
 06/21/28
......
6,638
6,626,915
MHI
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.08%
,
 09/21/26
......
27,146
27,261,259
Titan
Acquisition
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.17%
,
 03/28/25
(d)
....
43,780
42,953,820
Vertiv
Group
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.75%),
2.83%
,
 03/02/27
.....
8,355
8,299,695
85,141,689
Media
—
1.3%
Ascend
Learning
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 07/12/24
(a)
....
5,869
5,863,910
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
3.63%
,
 08/21/26
(a)
.................
43,987
43,037,274
DirectTV
Financing
LLC,
Term
Loan,
08/02/27
(a)
(o)
............................
33,419
33,429,360
Intelsat
Jackson
Holdings
SA,
Term
Loan
B3,
11/27/23
(a)(d)(o)
....................
33,635
34,006,848
Intelsat
Jackson
Holdings
SA,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
5.50%),
8.75%
,
 01/02/24
(a)(d)
................
17,838
18,094,098
Intelsat
Jackson
Holdings
SA,
Term
Loan
B5,
8.63%
,
 01/02/24
(d)(p)
................
84,234
85,427,756
BlackRock
High
Yield
Bond
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Intelsat
Jackson
Holdings
SA.,
Term
Loan,
07/13/22
(a)(d)(o)
....................
USD
50,278
$
50,571,316
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.25%
,
 12/01/23
(a)
.................
3,894
3,731,394
Promotora
de
Informaciones
SA,
Term
Loan,
(EURIBOR
6
Month
+
4.50%),
4.50%
,
 03/31/25
(a)
.................
EUR
406
443,231
Radiate
Holdco
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
4.25%
,
 09/25/26
(a)
USD
2,353
2,349,723
Xplornet
Communications,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
4.84%
,
 12/31/28
(a)(d)
................
27,071
27,036,809
303,991,719
Metals
&
Mining
—
0.0%
Grinding
Media,
Inc.,
Term
Loan
B,
09/22/28
(a)(f)
(o)
............................
6,364
6,371,955
Oil,
Gas
&
Consumable
Fuels
—
0.6%
Ascent
Resources
Utica
Holdings
LLC,
2nd
Lien
Term
Loan,
11/01/25
(a)(o)
..........
121,442
132,776,083
Pharmaceuticals
—
0.1%
Endo
Luxembourg
Finance
Co.
I
SARL,
Term
Loan,
(LIBOR
USD
3
Month
+
5.00%),
5.75%
,
 03/27/28
(a)(d)
................
30,165
29,444,594
Professional
Services
—
0.1%
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.34%
,
 02/06/26
(a)
.................
13,186
13,170,002
Software
—
1.9%
Barracuda
Networks,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.50%
,
 10/30/28
(a)
.................
14,200
14,355,085
BMC
Software,
Inc.,
2nd
Lien
Term
Loan,
02/27/26
(a)(f)(o)
....................
27,676
27,987,355
Boxer
Parent
Co.,
Inc.,
Term
Loan,
10/02/25
(a)(o)
17,823
17,714,938
Castle
US
Holding
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
3.88%
,
 01/29/27
(a)
6,230
6,174,735
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
08/10/29
(a)
(f)(o)
...........................
17,860
17,770,700
Cloudera,
Inc.,
Term
Loan,
07/08/28
(a)(o)
.....
50,929
50,833,763
Greeneden
US
Holdings
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
 12/01/27
(a)
.................
17,614
17,667,759
Helios
Software
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
3.92%
,
 03/11/28
(a)
.................
6,950
6,939,632
Informatica
LLC,
2nd
Lien
Term
Loan,
7.13%
,
 02/25/25
(p)
.................
23,229
23,530,977
Informatica
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
 02/25/27
(a)
.....
1,666
1,659,478
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.00%),
5.75%
,
 07/27/28
(a)
.................
56,631
56,613,444
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.25%),
9.00%
,
 07/27/29
(a)(f)
................
30,053
30,015,434
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.25%),
6.34%
,
 02/23/29
(a)
4,143
4,201,251
Planview
Parent,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
8.00%
,
 12/18/28
(a)(f)
................
12,161
12,100,195
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Project
Alpha
Intermediate
Holding,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.09%
,
 04/26/24
(a)
.................
USD
9,554
$
9,545,767
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
 08/31/28
(a)
16,344
16,254,108
RealPage,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 04/24/28
(a)
17,053
16,994,338
RealPage,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.50%),
7.25%
,
 04/23/29
(a)
42,762
43,617,024
Sabre
GLBL,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 12/17/27
(a)
....
10,710
10,646,153
Sabre
GLBL,
Inc.,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 12/17/27
(a)
....
17,072
16,970,600
Sovos
Compliance
LLC,
1st
Lien
Delayed
Draw
Term
Loan,
08/11/28
(a)(o)
.............
1,730
1,739,345
Sovos
Compliance
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
5.00%
,
 08/11/28
(a)
.................
10,018
10,072,020
TIBCO
Software,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.34%
,
 03/03/28
(a)
.................
18,473
18,648,493
UKG,
Inc.,
1st
Lien
Term
Loan
(a)
:
(LIBOR
USD
1
Month
+
3.75%),
3.83%, 05/04/26
................
5,378
5,385,998
(LIBOR
USD
3
Month
+
3.25%),
4.00%, 05/04/26
................
14,779
14,798,656
452,237,248
Specialty
Retail
—
0.2%
(a)
PetSmart
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 02/11/28
.......
33,792
33,840,323
Staples,
Inc.,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
5.00%),
5.13%
,
 04/16/26
......
10,945
10,417,684
44,258,007
Transportation
Infrastructure
—
0.0%
(a)(o)
KKR
Apple
Bidco
LLC,
1st
Lien
Term
Loan,
09/22/28
.......................
7,103
7,092,843
KKR
Apple
Bidco
LLC,
2nd
Lien
Term
Loan,
09/21/29
.......................
1,747
1,772,122
8,864,965
Wireless
Telecommunication
Services
—
0.1%
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.25%),
3.43%
,
 05/27/24
(a)(d)
................
13,818
13,326,017
Total
Floating
Rate
Loan
Interests
—
11.3%
(Cost:
$2,655,402,207)
............................
2,692,052,910
Foreign
Agency
Obligations
—
0.1%
Finland
—
0.0%
Finnair
OYJ,
4.25%
,
05/19/25
(b)
..........
EUR
2,525
3,023,547
France
—
0.1%
Electricite
de
France
SA
(a)(k)
:
(EUR
Swap
Annual
5
Year
+
3.37%),
2.87%
(b)
......................
1,200
1,435,554
(EUR
Swap
Annual
5
Year
+
3.20%),
3.00%
(b)
......................
400
481,480
(EUR
Swap
Annual
5
Year
+
4.00%),
3.38%
7,000
8,524,495
(GBP
Swap
13
Year
+
3.96%),
6.00%
....
GBP
3,900
5,799,841
16,241,370
Greece
—
0.0%
Public
Power
Corp.
SA,
3.38%
,
07/31/28
(b)
...
EUR
1,209
1,446,744
BlackRock
High
Yield
Bond
Portfolio
69
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Italy
—
0.0%
Banca
Monte
dei
Paschi
di
Siena
SpA:
3.63%,
09/24/24
..................
EUR
400
$
483,150
2.63%,
04/28/25
..................
1,750
2,072,666
Poste
Italiane
SpA,
(EURIBOR
Swap
Rate
5
Year
+
2.68%),
2.63%
(a)(b)(k)
...........
2,975
3,415,938
5,971,754
Total
Foreign
Agency
Obligations
—
0.1%
(Cost:
$25,473,431)
...............................
26,683,415
Shares
Shares
Investment
Companies
—
0.2%
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
(h)
.........................
380,000
41,556,800
Western
Midstream
Partners
LP
..........
183,321
3,842,408
Total
Investment
Companies
—
0.2%
(Cost:
$44,430,006)
...............................
45,399,208
Beneficial
Interest
(000)
Other
Interests
—
0.0%
(q)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
(e)(l)
.......................
USD
11,550
78,541
Lehman
Brothers
Holdings
Capital
Trust
VII
Escrow
Bonds
(a)
...................
5,500
37,400
Lehman
Brothers
Holdings
Capital
Trust
VII
Escrow
Bonds
....................
1,000
6,800
Lehman
Brothers
Holdings,
Inc.
(e)(l)
........
5,675
38,590
161,331
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
(a)(e)(f)(l)
GenOn
Energy
Holdings
LLC,
Escrow
......
1,864
—
GenOn
Energy
Holdings
LLC,
Escrow
(h)
.....
3,270
—
—
Media
—
0.0%
Adelphia
Communications
Corp.,
Escrow
(e)(f)(l)
.
325
—
Total
Other
Interests
—
0.0%
(Cost:
$0)
.....................................
161,331
Preferred
Securities
—
1.3%
Par
(000)
Pa
r
(
000)
Capital
Trusts
—
1.1%
Banks
—
0.4%
(a)(k)
Banco
Bilbao
Vizcaya
Argentaria
SA,
(EUR
Swap
Annual
5
Year
+
6.46%),
6.00%
(b)
...
EUR
800
1,055,720
Bank
of
America
Corp.:
Series
X,
(LIBOR
USD
3
Month
+
3.71%),
6.25%
.......................
USD
11,144
12,258,400
Series
AA,
(LIBOR
USD
3
Month
+
3.90%),
6.10%
.......................
5,669
6,321,672
CIT
Group,
Inc.,
Series
A,
(LIBOR
USD
3
Month
+
3.97%),
5.80%
..................
14,850
15,165,563
Citigroup,
Inc.,
Series
W,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%),
4.00%
..................
12,335
12,781,527
JPMorgan
Chase
&
Co.:
Series
FF,
(SOFR
+
3.38%),
5.00%
.....
20,732
21,639,025
Series
HH,
(SOFR
+
3.13%),
4.60%
.....
5,845
5,976,513
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Wells
Fargo
&
Co.,
Series
BB,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
3.90%
..............
USD
30,860
$
31,824,375
107,022,795
Capital
Markets
—
0.5%
(a)(k)
Charles
Schwab
Corp.
(The),
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
......
66,975
69,084,712
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%),
4.95%
.
39,265
41,620,900
110,705,612
Consumer
Finance
—
0.0%
General
Motors
Financial
Co.,
Inc.,
Series
C,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%),
5.70%
(a)
(k)
............................
10,625
12,232,031
Electric
Utilities
—
0.2%
Edison
International,
Series
A,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.70%),
5.38%
(a)(k)
............
37,000
38,259,850
Total
Capital
Trusts
—
1.1%
(Cost:
$257,532,808)
..............................
268,220,288
Shares
Shares
Preferred
Stocks
—
0.2%
Banks
—
0.0%
CF-B
L2
(D)
LLC,
(Acquired
04/08/15-12/15/15,
cost
$3,532,445)
(g)
.................
3,704,388
38,118
Capital
Markets
—
0.0%
Verscend
Intermediate
Holding
Corp.,
12.25%
(f)
9,756
10,713,903
Insurance
—
0.1%
Alliant
Holdings
I,
Inc.,
9.75%
(f)
...........
20,162
21,008,594
Wireless
Telecommunication
Services
—
0.1%
Ligado
Networks
LLC
(e)(r)
...............
235,644
11,075,251
Total
Preferred
Stocks
—
0.2%
(Cost:
$68,614,819)
...............................
42,835,866
Total
Preferred
Securities
—
1.3%
(Cost:
$326,147,627)
..............................
311,056,154
Total
Long-Term
Investments
—
97.5%
(Cost:
$22,278,275,569)
............................
23,290,317,017
Short-Term
Securities
—
4.2%
(s)(t)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
....................
842,548,387
842,548,387
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.13%
(u)
........................
153,724,385
153,770,503
Total
Short-Term
Securities
—
4.2%
(Cost:
$996,318,597)
..............................
996,318,890
Total
Options
Purchased
—
0.0%
(Cost:
$69,560)
.................................
167,949
Total
Investments
—
101.7%
(Cost:
$23,274,663,726
)
............................
24,286,803,856
Liabilities
in
Excess
of
Other
Assets
—
(1.7)%
.............
(395,499,398)
Net
Assets
—
100.0%
...............................
$
23,891,304,458
BlackRock
High
Yield
Bond
Portfolio
70
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(c)
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.
(d)
U.S.
dollar
denominated
security
issued
by
foreign
domiciled
entity.
(e)
Non-income
producing
security.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$35,654,393,
representing
0.15%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$33,752,994.
(h)
All
or
a
portion
of
this
security
is
on
loan.
(i)
Convertible
security.
(j)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(k)
Perpetual
security
with
no
stated
maturity
date.
(l)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(m)
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.
(n)
Zero-coupon
bond.
(o)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(p)
Fixed
rate.
(q)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(r)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
See
Note
1
of
the
Notes
to
Financial
Statements
for
details
on
the
wholly-owned
subsidiary.
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
September
30,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
09/30/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/21
Shares
Held
at
09/30/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
604,504,790
$
238,043,597
$
—
$
—
$
—
$
842,548,387
842,548,387
$
125,484
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
167,903,259
—
(14,189,068)
55,442
870
153,770,503
153,724,385
655,138
(b)
—
iShares
0-5
Year
High
Yield
Corporate
Bond
ETF
(c)
.....
—
136,168,850
(137,414,162)
1,245,312
—
—
—
977,187
—
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
(c)
.....
161,143,972
61,266,520
(228,401,840)
17,057,027
(11,065,679)
—
—
5,198,445
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(c)
.....
226,194,400
586,015,300
(820,960,669)
14,896,316
(6,145,347)
—
—
7,434,041
—
iShares
Preferred
&
Income
Securities
ETF
(c)
.........
313,470,000
251,694,270
(578,933,866)
11,908,668
1,860,928
—
—
8,452,077
—
$
45,162,765
$
(15,349,228)
$
996,318,890
$
22,842,372
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
71
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Short
Contracts
Euro-Bund
..............................................................
46
12/08/21
$
9,049
$
157,006
U.S.
Treasury
10
Year
Note
...................................................
91
12/21/21
11,986
115,107
U.S.
Treasury
Long
Bond
....................................................
48
12/21/21
7,656
178,819
U.S.
Treasury
Ultra
Bond
....................................................
294
12/21/21
56,319
1,368,562
Long
Gilt
...............................................................
69
12/29/21
11,635
387,056
$
2,206,550
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
731,000
USD
846,045
Morgan
Stanley
&
Co.
International
plc
10/05/21
$
726
USD
302,613,819
EUR
255,472,500
BNP
Paribas
SA
12/15/21
6,224,587
USD
1,838,039
EUR
1,569,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
12/15/21
17,747
USD
303,035,298
EUR
255,646,500
HSBC
Bank
plc
12/15/21
6,444,198
USD
26,906
EUR
23,000
Morgan
Stanley
&
Co.
International
plc
12/15/21
222
USD
4,643,937
EUR
3,968,000
State
Street
Bank
and
Trust
Co.
12/15/21
40,418
USD
92,295,787
GBP
66,622,000
Natwest
Markets
plc
12/15/21
2,518,164
USD
158,026
GBP
117,201
State
Street
Bank
and
Trust
Co.
12/15/21
89
15,246,151
EUR
2,451,000
USD
2,862,700
State
Street
Bank
and
Trust
Co.
10/01/21
(23,583)
USD
847,191
EUR
731,000
Morgan
Stanley
&
Co.
International
plc
12/15/21
(887)
(24,470)
$
15,221,681
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
EURO
STOXX
Bank
Index
.....................
648
12/17/21
EUR
100.00
EUR
3,250
$
167,949
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)
Lumen
Technologies,
Inc.
1.00
%
Quarterly
Barclays
Bank
plc
06/20/23
NR
USD
20,000
$
(67,262)
$
(778,303)
$
711,041
Lumen
Technologies,
Inc.
1.00
Quarterly
Barclays
Bank
plc
12/20/23
BBB+
USD
5,176
(39,244)
(176,307)
137,063
Lumen
Technologies,
Inc.
1.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
3,720
(146,287)
(367,334)
221,047
ADLER
Real
Estate
AG
.
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/25
AA-
EUR
900
(66,335)
131,057
(197,392)
Virgin
Media
Finance
plc
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
BBB
EUR
1,050
146,104
118,563
27,541
ADLER
Real
Estate
AG
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/26
BBB
EUR
750
(53,903)
81,927
(135,830)
ADLER
Real
Estate
AG
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/26
AA-
EUR
700
(50,309)
68,429
(118,738)
CMA
CGM
SA
........
5.00
Quarterly
Credit
Suisse
International
06/20/26
A-
EUR
370
44,584
18,010
26,574
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
72
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
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)
CMA
CGM
SA
........
5.00
%
Quarterly
Goldman
Sachs
International
06/20/26
BBB
EUR
240
$
28,919
$
21,046
$
7,873
Altice
France
SA
......
5.00
Quarterly
Credit
Suisse
International
12/20/26
A+
EUR
1,280
84,568
100,530
(15,962)
$
(119,165)
$
(782,382)
$
663,217
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
(Amount)/
Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
month
LIBOR
minus
1.05%
.........
At
Termination
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
At
Termination
Goldman
Sachs
International
10/07/21
USD
1,000
$
(198,174)
$
—
$
(198,174)
1
month
LIBOR
minus
1.20%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
Goldman
Sachs
International
10/07/21
USD
2,000
(505,595)
—
(505,595)
1
month
LIBOR
minus
1.30%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
JPMorgan
Chase
Bank
NA
10/12/21
USD
2,000
(838,869)
—
(838,869)
1
month
LIBOR
minus
1.60%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
Merrill
Lynch
International
&
Co.
10/12/21
USD
2,000
(561,635)
—
(561,635)
1
month
LIBOR
minus
1.25%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
Goldman
Sachs
International
10/29/21
USD
2,000
—
—
—
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Barclays
Bank
plc
12/20/21
USD
24,920
746,624
(115)
746,739
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/20/21
USD
20,766
538,617
(2,394)
541,011
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/20/21
USD
23,100
516,495
(722)
517,217
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/20/21
USD
19,280
438,452
(1,024)
439,476
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/20/21
USD
50,000
1,176,924
(4,996)
1,181,920
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/20/21
USD
23,640
876,530
(3,878)
880,408
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
BNP
Paribas
SA
03/20/22
USD
54,475
572,278
(4,129)
576,407
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
BNP
Paribas
SA
03/20/22
USD
36,888
210,204
(2,164)
212,368
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
73
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
OTC
Total
Return
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
(Amount)/
Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
BNP
Paribas
SA
03/20/22
USD
106,143
$
709,786
$
(10,948)
$
720,734
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
JPMorgan
Chase
Bank
NA
03/20/22
USD
36,149
194,839
(3,502)
198,341
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
03/20/22
USD
81,282
262,972
(4,543)
267,515
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
03/20/22
USD
175,280
567,085
(8,427)
575,512
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
03/20/22
USD
39,000
461,424
(2,968)
464,392
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
06/20/22
USD
50,000
(303,946)
(12,489)
(291,457)
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
06/20/22
USD
148,044
(642,619)
(1,461)
(641,158)
$
4,221,392
$
(63,760)
$
4,285,152
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.08
%
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.13
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
OTC
Swaps
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
OTC
Swaps
...................................................................
$
539,562
$
(1,385,704)
$
8,453,179
$
(3,504,810)
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
74
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
—
$
—
$
2,206,550
$
—
$
2,206,550
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
15,246,151
—
—
15,246,151
Options
purchased
Investments
at
value
—
unaffiliated
(b)
...........
—
—
167,949
—
—
—
167,949
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
1,670,701
—
—
7,322,040
—
8,992,741
$
—
$
1,670,701
$
167,949
$
15,246,151
$
9,528,590
$
—
$
26,613,391
Liabilities
—
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
24,470
—
—
24,470
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
1,789,866
2,104,273
—
996,375
—
4,890,514
$
—
$
1,789,866
$
2,104,273
$
24,470
$
996,375
$
—
$
4,914,984
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Consolidated
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
options
purchased
at
value
as
reported
in
the
Consolidated
Schedule
of
Investments.
For
the
period
ended
September
30,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
contracts
.......................
$
—
$
—
$
(7,424,146)
$
—
$
67,555,424
$
—
$
60,131,278
Forward
foreign
currency
exchange
contracts
....
—
—
—
4,075,910
—
—
4,075,910
Options
purchased
(a)
....................
—
—
(8,802,283)
—
—
—
(8,802,283)
Options
written
........................
—
—
4,635,571
—
—
—
4,635,571
Swaps
..............................
—
31,892,611
48,011,154
—
75,626,672
—
155,530,437
$
—
$
31,892,611
$
36,420,296
$
4,075,910
$
143,182,096
$
—
$
215,570,913
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
.......................
—
—
—
—
6,468,204
—
6,468,204
Forward
foreign
currency
exchange
contracts
....
—
—
—
(1,173,420)
—
—
(1,173,420)
Options
purchased
(b)
....................
—
—
29,782
—
—
—
29,782
Options
written
........................
—
—
(44,778)
—
—
—
(44,778)
Swaps
..............................
—
1,097,207
(3,314,228)
—
(16,356,777)
—
(18,573,798)
$
—
$
1,097,207
$
(3,329,224)
$
(1,173,420)
$
(9,888,573)
$
—
$
(13,294,010)
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
75
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts:
Average
notional
value
of
contracts
—
short
.................................................................................
$
557,801,348
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
—
in
USD
....................................................................................
865,228,126
Average
amounts
sold
—
in
USD
........................................................................................
88,347,252
Options:
Average
value
of
option
contracts
purchased
................................................................................
290,907
Average
value
of
option
contracts
written
...................................................................................
34,041
Credit
default
swaps:
Average
notional
value
—
buy
protection
...................................................................................
3,926,159
Average
notional
value
—
sell
protection
...................................................................................
130,440,933
Total
return
swaps:
Average
notional
value
...............................................................................................
813,467,000
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
107,940
$
189,299
Forward
foreign
currency
exchange
contracts
.................................................................
15,246,151
24,470
Options
(a)
.........................................................................................
167,949
—
Swaps
—
OTC
(b)
....................................................................................
8,992,741
4,890,514
Total
derivative
assets
and
liabilities
in
the
S
tatements
of
Assets
and
Liabilities
............................................
$
24,514,781
$
5,104,283
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(275,889)
(189,299)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
24,238,892
$
4,914,984
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
of
Assets
and
Liabilities
and
reported
in
the
Consolidated
Schedule
of
Investments.
(b)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(c)(d)
Barclays
Bank
plc
................................
$
1,815,890
$
(1,322,059)
$
—
$
(470,000)
$
23,831
BNP
Paribas
SA
.................................
7,734,096
(17,241)
—
(2,640,000)
5,076,855
Credit
Agricole
Corporate
and
Investment
Bank
SA
..........
17,747
—
—
—
17,747
Credit
Suisse
International
..........................
145,114
(15,962)
—
(129,152)
—
Goldman
Sachs
International
........................
28,919
(28,919)
—
—
—
HSBC
Bank
plc
..................................
6,444,198
—
—
—
6,444,198
JPMorgan
Chase
Bank
NA
..........................
494,801
(494,801)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
4,999,456
(1,173,796)
—
(3,825,660)
—
Natwest
Markets
plc
..............................
2,518,164
—
—
—
2,518,164
State
Street
Bank
and
Trust
Co.
......................
40,507
(23,583)
—
—
16,924
$
24,238,892
$
(3,076,361)
$
—
$
(7,064,812)
$
14,097,719
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
76
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
(e)
Net
Amount
of
Derivative
Liabilities
(d)(f)
Barclays
Bank
plc
................................
$
1,322,059
$
(1,322,059)
$
—
$
—
$
—
BNP
Paribas
SA
.................................
17,241
(17,241)
—
—
—
Credit
Suisse
International
..........................
15,962
(15,962)
—
—
—
Goldman
Sachs
International
........................
703,769
(28,919)
—
(674,850)
—
JPMorgan
Chase
Bank
NA
..........................
1,096,939
(494,801)
—
(410,000)
192,138
Merrill
Lynch
International
&
Co.
......................
561,635
—
—
(561,635)
—
Morgan
Stanley
&
Co.
International
plc
..................
1,173,796
(1,173,796)
—
—
—
State
Street
Bank
and
Trust
Co.
......................
23,583
(23,583)
—
—
—
$
4,914,984
$
(3,076,361)
$
—
$
(1,646,485)
$
192,138
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
received
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(e)
Excess
of
collateral
pledged
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(f)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
77
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Consolidated
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments:
Asset-Backed
Securities
...................................
$
—
$
31,487,676
$
—
$
31,487,676
Common
Stocks:
Auto
Components
......................................
431,102
—
—
431,102
Building
Products
.......................................
542,178
—
—
542,178
Chemicals
............................................
51,359,442
—
—
51,359,442
Commercial
Services
&
Supplies
.............................
—
—
3
3
Communications
Equipment
................................
7,373,676
—
—
7,373,676
Diversified
Telecommunication
Services
........................
387,340
—
—
387,340
Electrical
Equipment
.....................................
20,139,204
22,144,934
—
42,284,138
Energy
Equipment
&
Services
..............................
—
—
674,153
674,153
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
105,509,952
—
—
105,509,952
Hotels,
Restaurants
&
Leisure
..............................
10,497,226
—
—
10,497,226
Life
Sciences
Tools
&
Services
..............................
50,452,593
—
—
50,452,593
Media
...............................................
11,516,508
—
—
11,516,508
Metals
&
Mining
........................................
27,864,524
—
—
27,864,524
Oil,
Gas
&
Consumable
Fuels
...............................
203,545,795
13,471,341
40,679
217,057,815
Road
&
Rail
...........................................
9,784,320
—
—
9,784,320
Semiconductors
&
Semiconductor
Equipment
....................
34,064
—
—
34,064
Corporate
Bonds:
Aerospace
&
Defense
....................................
—
695,227,125
—
695,227,125
Airlines
..............................................
—
423,703,370
—
423,703,370
Auto
Components
......................................
—
427,980,224
—
427,980,224
Automobiles
..........................................
—
26,718,166
—
26,718,166
Banks
...............................................
—
168,664,016
—
168,664,016
Biotechnology
.........................................
—
28,954,149
—
28,954,149
Building
Products
.......................................
—
240,100,443
—
240,100,443
Capital
Markets
........................................
—
164,706,724
511,669
165,218,393
Chemicals
............................................
—
429,907,950
—
429,907,950
Commercial
Services
&
Supplies
.............................
—
665,690,706
—
665,690,706
Communications
Equipment
................................
—
193,196,664
—
193,196,664
Construction
&
Engineering
................................
—
64,534,520
—
64,534,520
Consumer
Finance
......................................
—
311,876,547
—
311,876,547
Containers
&
Packaging
..................................
—
396,216,028
—
396,216,028
Distributors
...........................................
—
15,848,887
—
15,848,887
Diversified
Consumer
Services
..............................
—
122,056,600
—
122,056,600
Diversified
Financial
Services
...............................
—
220,023,992
—
220,023,992
Diversified
Telecommunication
Services
........................
—
1,436,228,545
—
1,436,228,545
Electric
Utilities
........................................
—
241,306,954
—
241,306,954
Electrical
Equipment
.....................................
—
42,945,438
—
42,945,438
Electronic
Equipment,
Instruments
&
Components
.................
—
60,914,472
—
60,914,472
Energy
Equipment
&
Services
..............................
—
107,347,823
33,166,162
140,513,985
Entertainment
.........................................
—
180,606,142
—
180,606,142
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
648,463,250
—
648,463,250
Food
&
Staples
Retailing
..................................
—
137,008,360
—
137,008,360
Food
Products
.........................................
—
550,639,281
—
550,639,281
Gas
Utilities
...........................................
—
9,670,537
—
9,670,537
Health
Care
Equipment
&
Supplies
...........................
—
238,759,041
—
238,759,041
Health
Care
Providers
&
Services
............................
—
1,169,122,719
—
1,169,122,719
Health
Care
Technology
..................................
—
13,973,363
—
13,973,363
Hotels,
Restaurants
&
Leisure
..............................
—
1,225,001,699
—
1,225,001,699
Household
Durables
.....................................
—
250,806,586
—
250,806,586
Household
Products
.....................................
—
52,528,140
—
52,528,140
Independent
Power
and
Renewable
Electricity
Producers
............
—
109,864,818
—
109,864,818
Insurance
............................................
—
426,180,270
—
426,180,270
Interactive
Media
&
Services
...............................
—
32,623,645
—
32,623,645
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
78
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
Level
1
Level
2
Level
3
Total
Internet
&
Direct
Marketing
Retail
............................
$
—
$
60,821,338
$
—
$
60,821,338
IT
Services
...........................................
—
364,669,035
—
364,669,035
Leisure
Products
.......................................
—
41,100,970
—
41,100,970
Life
Sciences
Tools
&
Services
..............................
—
63,339,763
—
63,339,763
Machinery
............................................
—
296,919,730
—
296,919,730
Marine
..............................................
—
30,537,782
—
30,537,782
Media
...............................................
—
1,362,661,306
—
1,362,661,306
Metals
&
Mining
........................................
—
465,374,018
—
465,374,018
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
3,739,066
—
3,739,066
Multiline
Retail
.........................................
—
24,203,561
—
24,203,561
Oil,
Gas
&
Consumable
Fuels
...............................
—
2,296,054,548
—
2,296,054,548
Personal
Products
......................................
—
28,735,102
—
28,735,102
Pharmaceuticals
.......................................
—
538,479,090
—
538,479,090
Professional
Services
....................................
—
134,134,550
—
134,134,550
Real
Estate
Management
&
Development
.......................
—
125,396,557
—
125,396,557
Road
&
Rail
...........................................
—
203,268,402
—
203,268,402
Semiconductors
&
Semiconductor
Equipment
....................
—
89,385,688
—
89,385,688
Software
.............................................
—
626,535,053
—
626,535,053
Specialty
Retail
........................................
—
548,046,385
—
548,046,385
Technology
Hardware,
Storage
&
Peripherals
....................
—
11,758,875
—
11,758,875
Textiles,
Apparel
&
Luxury
Goods
............................
—
50,336,925
—
50,336,925
Thrifts
&
Mortgage
Finance
................................
—
132,387,528
—
132,387,528
Trading
Companies
&
Distributors
............................
—
172,538,436
—
172,538,436
Transportation
Infrastructure
...............................
—
20,713,991
—
20,713,991
Water
Utilities
.........................................
—
13,059,412
—
13,059,412
Wireless
Telecommunication
Services
.........................
—
380,435,153
—
380,435,153
Floating
Rate
Loan
Interests:
Aerospace
&
Defense
....................................
—
111,557,268
573,050
112,130,318
Air
Freight
&
Logistics
....................................
—
5,289,190
—
5,289,190
Airlines
..............................................
—
144,626,241
—
144,626,241
Auto
Components
......................................
—
5,868,564
—
5,868,564
Automobiles
..........................................
—
4,022,630
—
4,022,630
Building
Products
.......................................
—
10,769,648
—
10,769,648
Chemicals
............................................
—
97,625,643
—
97,625,643
Commercial
Services
&
Supplies
.............................
—
118,001,123
12,538,800
130,539,923
Construction
Materials
....................................
—
35,252,670
—
35,252,670
Containers
&
Packaging
..................................
—
28,993,074
—
28,993,074
Diversified
Consumer
Services
..............................
—
17,885,991
—
17,885,991
Diversified
Financial
Services
...............................
—
223,637,562
36,696,072
260,333,634
Diversified
Telecommunication
Services
........................
—
80,284,420
—
80,284,420
Entertainment
.........................................
—
—
30,443,923
30,443,923
Health
Care
Equipment
&
Supplies
...........................
—
9,917,114
—
9,917,114
Health
Care
Providers
&
Services
............................
—
65,571,625
—
65,571,625
Health
Care
Technology
..................................
—
106,408,453
51,462,030
157,870,483
Hotels,
Restaurants
&
Leisure
..............................
—
71,706,997
3,512,434
75,219,431
Household
Durables
.....................................
—
18,134,542
—
18,134,542
Industrial
Conglomerates
..................................
—
12,065,416
—
12,065,416
Insurance
............................................
—
47,182,714
—
47,182,714
Interactive
Media
&
Services
...............................
—
22,683,986
—
22,683,986
Internet
&
Direct
Marketing
Retail
............................
—
7,677,279
—
7,677,279
IT
Services
...........................................
—
150,250,168
20,361,240
170,611,408
Life
Sciences
Tools
&
Services
..............................
—
51,470,764
—
51,470,764
Machinery
............................................
—
85,141,689
—
85,141,689
Media
...............................................
—
303,991,719
—
303,991,719
Metals
&
Mining
........................................
—
—
6,371,955
6,371,955
Oil,
Gas
&
Consumable
Fuels
...............................
—
132,776,083
—
132,776,083
Pharmaceuticals
.......................................
—
29,444,594
—
29,444,594
Professional
Services
....................................
—
13,170,002
—
13,170,002
Software
.............................................
—
364,363,564
87,873,684
452,237,248
Specialty
Retail
........................................
—
44,258,007
—
44,258,007
Transportation
Infrastructure
...............................
—
8,864,965
—
8,864,965
Wireless
Telecommunication
Services
.........................
—
13,326,017
—
13,326,017
Foreign
Agency
Obligations
.................................
—
26,683,415
—
26,683,415
Investment
Companies
....................................
45,399,208
—
—
45,399,208
Other
Interests
..........................................
—
161,331
—
161,331
Preferred
Securities:
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
79
Consolidated
Schedule
of
Investments
(continued)
September
30,
2021
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Banks
...............................................
$
—
$
107,022,795
$
—
$
107,022,795
Capital
Markets
........................................
—
110,705,612
10,713,903
121,419,515
Consumer
Finance
......................................
—
12,232,031
—
12,232,031
Electric
Utilities
........................................
—
38,259,850
—
38,259,850
Insurance
............................................
—
—
21,008,594
21,008,594
Wireless
Telecommunication
Services
.........................
—
11,075,251
—
11,075,251
Short-Term
Securities
.......................................
842,548,387
—
—
842,548,387
Options
Purchased:
Equity
contracts
..........................................
167,949
—
—
167,949
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
190,353
—
190,353
$
1,387,553,468
$
22,429,683,769
$
315,948,351
$
24,133,185,588
Investments
valued
at
NAV
(b)
......................................
153,808,621
$
—
$
24,286,994,209
$
—
Derivative
Financial
Instruments
(c)
Assets:
Credit
contracts
...........................................
$
—
$
1,131,139
$
—
$
1,131,139
Foreign
currency
exchange
contracts
............................
—
15,246,151
—
15,246,151
Interest
rate
contracts
.......................................
2,206,550
7,322,040
—
9,528,590
Liabilities:
Credit
contracts
...........................................
—
(467,922)
—
(467,922)
Equity
contracts
...........................................
—
(2,104,273)
—
(2,104,273)
Foreign
currency
exchange
contracts
............................
—
(24,470)
—
(24,470)
Interest
rate
contracts
.......................................
—
(932,615)
—
(932,615)
$
2,206,550
$
20,170,050
$
—
$
22,376,600
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(c)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
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
year
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
Floating
Rate
Loan
Interests
Other
Interests
Preferred
Securities
Total
Investments:
Assets:
Opening
balance,
as
of
September
30,
2020
.......................................
$
16,040,107
$
20,659,635
$
68,473,659
$
249,113
$
—
$
105,422,514
Transfers
into
level
3
.....................................................
—
7,110,760
—
—
—
7,110,760
Transfers
out
of
level
3
....................................................
(1,622,170)
(6,545,882)
(33,421,470)
(249,113)
—
(41,838,635)
Accrued
discounts/premiums
.................................................
—
775,988
267,231
—
—
1,043,219
Net
realized
gain
(loss)
....................................................
(3,967,824)
362,067
(10,312)
—
—
(3,616,069)
Net
change
in
unrealized
appreciation
(a)(b)
........................................
4,506,863
11,919,904
14,726,838
—
2,302,047
33,455,652
Purchases
.............................................................
—
1,069,312
240,985,701
—
29,420,450
271,475,463
Sales
................................................................
(14,242,141)
(1,673,953)
(41,188,459)
—
—
(57,104,553)
Closing
balance,
as
of
September
30,
2021
.......................................
$
714,835
$
33,677,831
$
249,833,188
$
—
$
31,722,497
$
315,948,351
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
September
30,
2021
(b)
$
(1,008,326)
$
11,919,904
$
4,444,481
$
—
$
2,302,047
$
17,658,106
(a)
Included
in
the
related
net
change
in
unrealized
appreciation
(depreciation)
in
the
Statements
of
Operations.
(b)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
September
30,
2021
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
The
Fund’s
financial
instruments
that
are
categorized
as
Level
3
were
valued
utilizing
third
party
pricing
information
without
adjustment.
Such
valuations
are
based
on
unobservable
inputs.
A
significant
change
in
third
party
information
could
result
in
a
significantly
lower
or
higher
value
of
such
Level
3
financial
instruments.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
80
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
—
15.3%
AGL
CLO
12
Ltd.,
Series
2021-12A,
Class
A1,
(LIBOR
USD
3
Month
+
1.16%),
1.29%,
07/20/34
(a)(b)(c)
....................
USD
5,500
$
5,499,844
AIMCO
CLO
(a)(b)(c)
:
Series
2017-AA,
Class
AR,
(LIBOR
USD
3
Month
+
1.05%),
1.18%,
04/20/34
....
8,000
7,959,024
Series
2018-BA,
Class
AR,
(LIBOR
USD
3
Month
+
1.10%),
1.23%,
01/15/32
....
3,500
3,500,267
Ajax
Mortgage
Loan
Trust
(b)(d)
:
Series
2019-G,
Class
A,
3.00%,
09/25/59
.
6,346
6,384,114
Series
2021-C,
Class
A,
2.12%,
01/25/61
..
2,671
2,673,777
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
A1,
(LIBOR
USD
3
Month
+
1.08%),
1.21%,
10/21/28
(a)(b)(c)
....................
5,282
5,281,263
AmeriCredit
Automobile
Receivables
Trust,
Series
2020-2,
Class
B,
0.97%,
02/18/26
..
3,870
3,896,203
AMMC
CLO
XIII
Ltd.,
Series
2013-13A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.05%),
1.18%,
07/24/29
(a)(b)(c)
...............
8,750
8,753,199
Anchorage
Capital
CLO
17
Ltd.,
Series
2021-
17A,
Class
A1,
(LIBOR
USD
3
Month
+
1.17%),
1.32%,
07/15/34
(a)(b)(c)
.........
26,000
25,940,551
Anchorage
Capital
CLO
7
Ltd.,
Series
2015-7A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.09%),
1.22%,
01/28/31
(a)(b)(c)
...............
14,523
14,519,766
Anchorage
Capital
CLO
LLC,
Series
2019-13A,
Class
AR,
(LIBOR
USD
3
Month
+
1.10%),
1.23%,
04/15/34
(a)(b)(c)
...............
27,170
27,018,432
Aqua
Finance
Trust,
Series
2021-A,
Class
A,
1.54%,
07/17/46
(b)
.................
3,500
3,499,540
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2021-FL2,
Class
A,
(LIBOR
USD
1
Month
+
1.10%),
1.18%,
05/15/36
(a)(b)(c)
..
14,460
14,473,358
ARI
Fleet
Lease
Trust,
Series
2020-A,
Class
B,
2.06%,
11/15/28
(b)
.................
1,470
1,496,161
Assurant
CLO
Ltd.,
Series
2018-2A,
Class
A,
(LIBOR
USD
3
Month
+
1.04%),
1.17%,
04/20/31
(a)(b)(c)
....................
1,750
1,749,151
Atlas
Senior
Loan
Fund
III
Ltd.,
Series
2013-1A,
Class
AR,
(LIBOR
USD
3
Month
+
0.83%),
0.95%,
11/17/27
(a)(b)(c)
...............
2,947
2,946,370
Atrium
XII,
Series
12A,
Class
AR,
(LIBOR
USD
3
Month
+
0.83%),
0.97%,
04/22/27
(a)(b)(c)
..
8,735
8,734,025
Autoflorence
2
Srl
(a)(e)
:
Series
2,
Class
C,
(EURIBOR
1
Month
+
1.15%),
0.00%,
12/21/44
..........
EUR
414
479,813
Series
2,
Class
D,
(EURIBOR
1
Month
+
2.35%),
0.00%,
12/21/44
..........
222
257,288
Autonoria
Spain
(a)(e)
:
Series
2021-SP,
Class
C,
(EURIBOR
1
Month
+
1.05%),
0.49%,
01/31/39
....
2,100
2,433,914
Series
2021-SP,
Class
D,
(EURIBOR
1
Month
+
1.55%),
0.99%,
01/31/39
....
800
927,201
Series
2021-SP,
Class
E,
(EURIBOR
1
Month
+
2.65%),
2.09%,
01/31/39
....
600
695,392
Autonoria
Spain
2021
FT,
Series
2021-SP,
Class
F,
(EURIBOR
1
Month
+
3.90%),
3.34%,
01/31/39
(a)(e)
................
100
115,897
Azure
Finance
No.
2
plc,
Series
2,
Class
C,
(SONIA1M
IR
+
3.00%),
3.05%,
07/20/30
(a)(e)
GBP
1,055
1,445,697
Bain
Capital
Credit
CLO
Ltd.,
Series
2017-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.50%),
1.63%,
07/20/30
(a)(b)(c)
...............
USD
1,350
1,344,066
Ballyrock
CLO
Ltd.,
Series
2016-1A,
Class
CR2,
(LIBOR
USD
3
Month
+
1.90%),
2.03%,
10/15/28
(a)(b)(c)
...............
2,250
2,246,442
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Battalion
CLO
X
Ltd.,
Series
2016-10A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.17%),
1.30%,
01/25/35
(a)(b)(c)
...............
USD
5,500
$
5,497,256
Battalion
CLO
XX
Ltd.,
Series
2021-20A,
Class
A,
(LIBOR
USD
3
Month
+
1.18%),
1.32%,
07/15/34
(a)(b)
.....................
4,500
4,500,171
Benefit
Street
Partners
CLO
II
Ltd.,
Series
2013-IIA,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.45%),
1.58%,
07/15/29
(a)(b)(c)
........
8,400
8,391,195
Benefit
Street
Partners
CLO
III
Ltd.,
Series
2013-IIIA,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.65%),
1.78%,
07/20/29
(a)(b)(c)
...
1,350
1,349,037
Benefit
Street
Partners
CLO
V-B
Ltd.,
Series
2018-5BA,
Class
A1A,
(LIBOR
USD
3
Month
+
1.09%),
1.22%,
04/20/31
(a)(b)(c)
........
2,230
2,229,372
BHG
Securitization
Trust,
Series
2021-A,
Class
A,
1.42%,
11/17/33
(b)
...............
461
461,300
BL
Consumer
Credit
(a)(e)
:
Series
2021-1,
Class
C,
(EURIBOR
1
Month
+
1.10%),
0.54%,
09/25/38
.........
EUR
528
612,258
Series
2021-1,
Class
D,
(EURIBOR
1
Month
+
1.65%),
1.09%,
09/25/38
.........
681
793,860
Series
2021-1,
Class
E,
(EURIBOR
1
Month
+
2.85%),
2.29%,
09/25/38
.........
356
416,949
BlueMountain
CLO
Ltd.,
Series
2012-2A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.05%),
1.18%,
11/20/28
(a)(b)(c)
...............
USD
9,235
9,232,731
BlueMountain
Fuji
US
CLO
III
Ltd.,
Series
2017-3A,
Class
A2,
(LIBOR
USD
3
Month
+
1.15%),
1.28%,
01/15/30
(a)(b)(c)
.........
250
250,000
Brex
Commercial
Charge
Card
Master
Trust,
Series
2021-1,
Class
A,
2.09%,
07/15/24
(b)
.
2,130
2,152,156
Brignole
Co.
SRL,
Series
2021,
Class
D,
(EURIBOR
1
Month
+
1.60%),
1.05%,
07/24/36
(a)(e)
.....................
EUR
100
115,920
Carlyle
Global
Market
Strategies
CLO
Ltd.
(a)(b)(c)
:
Series
2014-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
0.97%),
1.10%,
04/17/31
....
USD
3,988
3,997,159
Series
2014-5A,
Class
A1RR,
(LIBOR
USD
3
Month
+
1.14%),
1.27%,
07/15/31
...
5,996
5,992,089
CBAM
Ltd.,
Series
2019-9A,
Class
B2,
(LIBOR
USD
3
Month
+
1.90%),
2.03%,
02/12/30
(a)(b)
(c)
............................
3,500
3,499,846
Cedar
Funding
II
CLO
Ltd.,
Series
2013-1A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.08%),
1.21%,
04/20/34
(a)(b)(c)
...............
8,750
8,739,864
Cedar
Funding
VI
CLO
Ltd.,
Series
2016-6A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.05%),
1.18%,
04/20/34
(a)(b)(c)
...............
26,890
26,812,199
Cedar
Funding
XI
CLO
Ltd.,
Series
2019-11A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.35%),
1.47%,
05/29/32
(a)(b)(c)
...............
1,500
1,500,391
Chesapeake
Funding
II
LLC
(b)(c)
:
Series
2019-1A,
Class
B,
3.11%,
04/15/31
.
5,230
5,302,872
Series
2019-1A,
Class
C,
3.36%,
04/15/31
.
4,930
5,002,850
Series
2019-1A,
Class
D,
3.80%,
04/15/31
.
6,630
6,742,433
Series
2020-1A,
Class
B,
1.24%,
08/16/32
.
1,170
1,182,557
Series
2020-1A,
Class
C,
2.14%,
08/16/32
.
720
735,877
CIFC
Funding
2021-IV
Ltd.
(a)(b)(c)
:
Series
2021-4A,
Class
A,
(LIBOR
USD
3
Month
+
1.05%),
1.14%,
07/15/33
....
5,000
4,993,046
Series
2021-4A,
Class
B,
(LIBOR
USD
3
Month
+
1.58%),
1.67%,
07/15/33
....
500
499,452
CIFC
Funding
Ltd.
(a)(b)(c)
:
Series
2014-4RA,
Class
A1A,
(LIBOR
USD
3
Month
+
1.13%),
1.26%,
10/17/30
....
17,860
17,856,857
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
81
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2015-2A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.01%),
1.14%,
04/15/30
....
USD
27,350
$
27,344,347
Series
2015-3A,
Class
BR,
(LIBOR
USD
3
Month
+
1.15%),
1.28%,
04/19/29
....
8,500
8,415,933
College
Avenue
Student
Loans
LLC
(a)(b)
:
Series
2021-A,
Class
A1,
(LIBOR
USD
1
Month
+
1.10%),
1.19%,
07/25/51
....
480
483,890
Series
2021-B,
Class
A2,
(LIBOR
USD
1
Month
+
0.00%),
0.89%,
06/25/52
....
5,846
5,858,623
Credit
Acceptance
Auto
Loan
Trust
(b)
:
Series
2019-1A,
Class
A,
3.33%,
02/15/28
.
4,222
4,233,939
Series
2019-3A,
Class
A,
2.38%,
11/15/28
.
13,620
13,812,986
Series
2020-1A,
Class
A,
2.01%,
02/15/29
.
26,840
27,216,785
Series
2020-2A,
Class
A,
1.37%,
07/16/29
.
6,450
6,514,024
Series
2021-2A,
Class
A,
0.96%,
02/15/30
.
18,920
18,972,655
Crop,
Series
2021-T1,
Class
A,
2.43%,
11/15/27
(b)
......................
730
726,801
Dryden
43
Senior
Loan
Fund,
Series
2016-43A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.04%),
1.17%,
04/20/34
(a)(b)(c)
...............
5,750
5,746,446
Dryden
45
Senior
Loan
Fund,
Series
2016-45A,
Class
BR,
(LIBOR
USD
3
Month
+
1.70%),
1.83%,
10/15/30
(a)(b)(c)
...............
3,150
3,150,192
Dryden
49
Senior
Loan
Fund,
Series
2017-49A,
Class
BR,
(LIBOR
USD
3
Month
+
1.60%),
1.73%,
07/18/30
(a)(b)(c)
...............
3,250
3,249,990
Dryden
65
CLO
Ltd.,
Series
2018-65A,
Class
B,
(LIBOR
USD
3
Month
+
1.60%),
1.73%,
07/18/30
(a)(b)(c)
....................
500
499,999
Dryden
77
CLO
Ltd.,
Series
2020-77A,
Class
AR,
(LIBOR
USD
3
Month
+
1.12%),
1.26%,
05/20/34
(a)(b)(c)
....................
1,000
998,258
Dryden
87
CLO
Ltd.,
Series
2021-87A,
Class
A1,
(LIBOR
USD
3
Month
+
1.10%),
1.24%,
05/20/34
(a)(b)(c)
....................
750
747,850
Dryden
XXV
Senior
Loan
Fund,
Series
2012-
25A,
Class
ARR,
(LIBOR
USD
3
Month
+
0.90%),
1.03%,
10/15/27
(a)(b)(c)
.........
21,907
21,904,192
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-
26A,
Class
AR,
(LIBOR
USD
3
Month
+
0.90%),
1.03%,
04/15/29
(a)(b)(c)
.........
13,577
13,575,261
EDvestinU
Private
Education
Loan
Issue
No.
1
LLC,
Series
2019-A,
Class
A,
3.58%,
11/25/38
(a)(b)
.....................
6,241
6,463,866
EDvestinU
Private
Education
Loan
Issue
No.
3
LLC,
Series
2021-A,
Class
B,
3.50%,
11/25/50
(b)
......................
640
642,457
Elmwood
CLO
II
Ltd.
(a)(b)(c)
:
Series
2019-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
1.28%,
04/20/34
....
27,000
26,986,125
Series
2019-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.78%,
04/20/34
....
4,200
4,200,290
Fairstone
Financial
Issuance
Trust
I,
Series
2020-1A,
Class
A,
2.51%,
10/20/39
(b)
....
CAD
9,610
7,632,818
FCT
Autonoria
,
Series
2019-1,
Class
E,
(EURIBOR
1
Month
+
2.70%),
2.14%,
09/25/35
(a)(e)
.....................
EUR
289
338,368
FCT
Noria
,
Series
2021-1,
Class
D,
(EURIBOR
1
Month
+
1.50%),
0.94%,
10/25/49
(a)(e)
...
900
1,043,705
Flatiron
CLO
21
Ltd.,
Series
2021-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.11%),
1.26%,
07/19/34
(a)(b)(c)
....................
USD
8,500
8,504,344
FNA
VI
LLC,
Series
2021-1A,
Class
A,
1.35%,
01/10/32
(b)
......................
573
572,136
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
FS
RIALTO,
Series
2021-FL2,
Class
A,
(LIBOR
USD
1
Month
+
1.22%),
1.30%,
04/16/28
(a)(b)
(c)
............................
USD
6,690
$
6,687,598
FT
Santander
Consumer
Spain
Auto
(e)
:
Series
2020-1,
Class
B,
(EURIBOR
3
Month
+
0.95%),
0.41%,
03/20/33
(a)
........
EUR
757
879,827
Series
2020-1,
Class
C,
(EURIBOR
3
Month
+
1.95%),
1.41%,
03/20/33
(a)
........
227
265,977
Series
2020-1,
Class
D,
3.50%,
03/20/33
..
379
448,583
Galaxy
XXVII
CLO
Ltd.,
Series
2018-27A,
Class
A,
(LIBOR
USD
3
Month
+
1.02%),
1.14%,
05/16/31
(a)(b)(c)
....................
USD
10,500
10,501,180
GoldenTree
Loan
Opportunities
X
Ltd.,
Series
2015-10A,
Class
AR,
(LIBOR
USD
3
Month
+
1.12%),
1.25%,
07/20/31
(a)(b)
.........
5,275
5,275,152
GoldenTree
Loan
Opportunities
XI
Ltd.,
Series
2015-11A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.07%),
1.20%,
01/18/31
(a)(b)(c)
........
3,815
3,814,994
GoodLeap
Sustainable
Home
Solutions
Trust,
Series
2021-4GS,
Class
A,
1.93%,
07/20/48
(b)
......................
5,250
5,205,466
Gracie
Point
International
Funding,
Series
2020-B,
Class
A,
(LIBOR
USD
1
Month
+
1.40%),
1.49%,
05/02/23
(a)(b)(c)
.........
5,840
5,883,968
Gulf
Stream
Meridian
4
Ltd.,
Series
2021-4A,
Class
A1,
(LIBOR
USD
3
Month
+
1.20%),
1.31%,
07/15/34
(a)(b)(c)
...............
14,100
14,102,448
Halcyon
Loan
Advisors
Funding
Ltd.,
Series
2015-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
1.21%,
07/25/27
(a)(b)(c)
.........
1,833
1,833,240
Harley-Davidson
Motorcycle
Trust,
Series
2020-
A,
Class
A3,
1.87%,
10/15/24
.........
13,483
13,597,902
Jamestown
CLO
XII
Ltd.,
Series
2019-1A,
Class
A2,
(LIBOR
USD
3
Month
+
2.15%),
2.28%,
04/20/32
(a)(b)(c)
...............
1,000
1,005,709
KKR
CLO
16
Ltd.,
Series
16,
Class
A2R,
(LIBOR
USD
3
Month
+
1.80%),
1.93%,
01/20/29
(a)(b)(c)
....................
10,610
10,610,000
Lendmark
Funding
Trust
(b)
:
Series
2019-2A,
Class
A,
2.78%,
04/20/28
.
6,170
6,302,216
Series
2021-1A,
Class
A,
1.90%,
11/20/31
.
6,470
6,500,682
Litigation
Fee
Residual
Funding
LLC,
Series
2015-1,  4.00%,
10/30/27
(f)
...........
1,511
1,511,360
LoanCore
Issuer
Ltd.
(a)(b)(c)
:
Series
2018-CRE1,
Class
A,
(LIBOR
USD
1
Month
+
1.13%),
1.21%,
05/15/28
....
3,702
3,700,859
Series
2021-CRE5,
Class
A,
(LIBOR
USD
1
Month
+
1.30%),
1.38%,
07/15/36
....
5,310
5,315,998
Loanpal
Solar
Loan
Ltd.
(b)(c)
:
Series
2020-2GF,
Class
A,
2.75%,
07/20/47
2,280
2,356,340
Series
2021-1GS,
Class
A,
2.29%,
01/20/48
3,314
3,348,487
Series
2021-2GS,
Class
A,
2.22%,
03/20/48
6,766
6,766,764
Logan
CLO
I
Ltd.,
Series
2021-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.16%),
1.31%,
07/20/34
(a)(b)(c)
....................
5,000
5,000,186
Longfellow
Place
CLO
Ltd.,
Series
2013-1A,
Class
BR3,
(LIBOR
USD
3
Month
+
1.75%),
1.88%,
04/15/29
(a)(b)(c)
...............
5,000
4,998,449
Madison
Park
Funding
XIX
Ltd.,
Series
2015-
19A,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.50%),
1.64%,
01/22/28
(a)(b)(c)
.........
15,900
15,820,848
Madison
Park
Funding
XXV
Ltd.,
Series
2017-
25A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.65%),
1.78%,
04/25/29
(a)(b)(c)
.........
5,550
5,549,978
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
82
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Madison
Park
Funding
XXVII
Ltd.,
Series
2018-
27A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.03%),
1.16%,
04/20/30
(a)(b)(c)
.........
USD
1,400
$
1,399,598
Madison
Park
Funding
XXXVIII
Ltd.,
Series
2021-38A,
Class
A,
(LIBOR
USD
3
Month
+
1.12%),
1.25%,
07/17/34
(a)(b)(c)
.........
3,000
2,996,423
Marathon
CRE
Ltd.,
Series
2018-FL1,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
1.23%,
06/15/28
(a)(b)(c)
....................
1,103
1,103,869
Mariner
Finance
Issuance
Trust
(b)
:
Series
2019-AA,
Class
A,
2.96%,
07/20/32
.
6,804
6,935,259
Series
2020-AA,
Class
A,
2.19%,
08/21/34
.
3,020
3,086,368
Series
2021-AA,
Class
B,
2.33%,
03/20/36
1,610
1,626,995
Series
2021-AA,
Class
C,
2.96%,
03/20/36
380
384,174
Series
2021-AA,
Class
D,
3.83%,
03/20/36
345
353,455
Mercury
Financial
Credit
Card
Master
Trust,
Series
2021-1A,
Class
A,
1.54%,
03/20/26
(b)
8,260
8,283,146
Mill
City
Mortgage
Loan
Trust,
Series
2016-1,
Class
A1,
(LIBOR
USD
1
Month
+
0.00%),
2.50%,
04/25/57
(a)(b)
................
1,844
1,849,705
Mill
City
Solar
Loan
Ltd.,
Series
2019-2GS,
Class
A,
3.69%,
07/20/43
(b)
...........
10,882
11,573,349
Mosaic
Solar
Loan
Trust
(b)
:
Series
2019-2A,
Class
A,
2.88%,
09/20/40
.
286
298,106
Series
2020-2A,
Class
B,
2.21%,
08/20/46
.
1,417
1,408,847
Series
2021-1A,
Class
B,
2.05%,
12/20/46
.
849
849,331
Navient
Private
Education
Loan
Trust,
Series
2020-IA,
Class
A1B,
(LIBOR
USD
1
Month
+
1.00%),
1.08%,
04/15/69
(a)(b)
..........
14,941
15,073,798
Navient
Private
Education
Refi
Loan
Trust
(b)
:
Series
2019-CA,
Class
A2,
3.13%,
02/15/68
3,556
3,643,215
Series
2019-EA,
Class
A2B,
(LIBOR
USD
1
Month
+
0.92%),
1.00%,
05/15/68
(a)
...
12,612
12,685,434
Series
2019-GA,
Class
A,
2.40%,
10/15/68
1,266
1,289,810
Series
2020-A,
Class
A2B,
(LIBOR
USD
1
Month
+
0.90%),
0.98%,
11/15/68
(a)
...
1,480
1,491,679
Series
2021-A,
Class
A,
0.84%,
05/15/69
..
1,896
1,893,004
Series
2021-DA,
Class
A,
(US
Prime
Rate
-
1.99%),
1.26%,
04/15/60
(a)
.........
13,552
13,557,503
Series
2021-FA,
Class
A,
1.11%,
02/18/70
.
17,210
17,206,902
Navient
Student
Loan
Trust,
Series
2018-EA,
Class
A2,
4.00%,
12/15/59
(b)
..........
1,620
1,679,893
Nelnet
Student
Loan
Trust
(b)
:
Series
2021-A,
Class
APT2,
1.36%,
04/20/62
.....................
21,317
21,309,237
Series
2021-A,
Class
D,
4.93%,
04/20/62
.
1,150
1,166,257
Series
2021-BA,
Class
AFL,
(LIBOR
USD
1
Month
+
0.78%),
0.87%,
04/20/62
(a)
...
13,946
13,968,381
Series
2021-BA,
Class
AFX,
1.42%,
04/20/62
.....................
20,786
20,796,486
Series
2021-CA,
Class
AFL,
(LIBOR
USD
1
Month
+
0.74%),
0.83%,
04/20/62
(a)
...
15,540
15,561,196
Neuberger
Berman
CLO
XX
Ltd.,
Series
2015-
20A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.16%),
1.30%,
07/15/34
(a)(b)(c)
.........
20,000
20,007,128
Neuberger
Berman
Loan
Advisers
CLO
42
Ltd.,
Series
2021-42A,
Class
A,
(LIBOR
USD
3
Month
+
1.10%),
1.24%,
07/16/35
(a)(b)(c)
...
4,000
3,990,663
Newday
Funding
Master
Issuer
plc,
Series
2021-1X,
Class
B,
(SONIA1M
IR
+
1.55%),
1.60%,
03/15/29
(a)(e)
................
GBP
775
1,050,637
NLY
Commercial
Mortgage
Trust,
Series
2019-FL2,
Class
A,
(LIBOR
USD
1
Month
+
1.30%),
1.38%,
02/15/36
(a)(b)
..........
USD
4,621
4,620,679
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Ocean
Trails
CLO
VI,
Series
2016-6A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.45%),
1.58%,
07/15/28
(a)(b)(c)
...............
USD
11,000
$
10,986,112
Octagon
Investment
Partners
30
Ltd.,
Series
2017-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.95%),
2.08%,
03/17/30
(a)(b)(c)
.........
4,200
4,199,980
Octagon
Investment
Partners
33
Ltd.,
Series
2017-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.19%),
1.32%,
01/20/31
(a)(b)(c)
.........
2,400
2,400,036
Octagon
Investment
Partners
51
Ltd.,
Series
2021-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.15%),
1.26%,
07/20/34
(a)(b)(c)
.........
8,895
8,889,734
Octagon
Investment
Partners
XV
Ltd.,
Series
2013-1A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.35%),
1.48%,
07/19/30
(a)(b)(c)
........
1,750
1,751,841
Octagon
Investment
Partners
XVII
Ltd.,
Series
2013-1A,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.10%),
1.23%,
01/25/31
(a)(b)(c)
........
1,750
1,750,001
OHA
Credit
Funding
2
Ltd.,
Series
2019-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
1.28%,
04/21/34
(a)(b)(c)
...............
11,300
11,294,485
OneMain
Direct
Auto
Receivables
Trust,
Series
2018-1A,
Class
A,
3.43%,
12/16/24
(b)
....
3,133
3,140,510
OneMain
Financial
Issuance
Trust,
Series
2018-1A,
Class
A,
3.30%,
03/14/29
(b)
....
2,315
2,320,718
Oportun
Issuance
Trust,
Series
2021-B,
Class
C,
3.65%,
05/08/31
(b)
...............
370
371,682
Palmer
Square
CLO
Ltd.
(a)(b)(c)
:
Series
2014-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.13%),
1.26%,
01/17/31
....
15,000
15,003,621
Series
2015-1A,
Class
A1A4,
(LIBOR
USD
3
Month
+
1.13%),
1.26%,
05/21/34
....
1,500
1,508,288
Palmer
Square
Loan
Funding
Ltd.
(a)(b)(c)
:
Series
2018-5A,
Class
A1,
(LIBOR
USD
3
Month
+
0.85%),
0.98%,
01/20/27
....
5,951
5,951,159
Series
2019-1A,
Class
B,
(LIBOR
USD
3
Month
+
2.25%),
2.38%,
04/20/27
....
3,450
3,451,221
Parallel
Ltd.,
Series
2015-1A,
Class
AR,
(LIBOR
USD
3
Month
+
0.85%),
0.98%,
07/20/27
(a)(b)
(c)
............................
1,893
1,893,380
Park
Avenue
Institutional
Advisers
CLO
Ltd.,
Series
2018-1A,
Class
A1BR,
(LIBOR
USD
3
Month
+
1.25%),
1.38%,
10/20/31
(a)(b)(c)
...
10,000
10,001,061
PCL
Funding
IV
plc,
Series
2020-1,
Class
C,
(SONIA1M
IR
+
2.20%),
2.25%,
09/15/24
(a)(e)
GBP
230
312,454
PCL
Funding
V
plc,
Series
2021-1,
Class
C,
(SONIA1M
IR
+
1.70%),
1.75%,
10/15/25
(a)(e)
116
156,971
PFS
Financing
Corp.
(b)
:
Series
2019-A,
Class
A1,
(LIBOR
USD
1
Month
+
0.55%),
0.63%,
04/15/24
(a)
...
USD
8,480
8,498,733
Series
2019-A,
Class
A2,
2.86%,
04/15/24
.
10,780
10,929,917
Series
2020-F,
Class
A,
0.93%,
08/15/24
..
3,840
3,860,751
Series
2020-G,
Class
A,
0.97%,
02/15/26
.
6,800
6,839,666
Series
2021-A,
Class
A,
0.71%,
04/15/26
..
4,740
4,729,826
PPM
CLO
4
Ltd.,
Series
2020-4A,
Class
B,
(LIBOR
USD
3
Month
+
1.90%),
2.03%,
10/18/31
(a)(b)(c)
....................
6,500
6,500,000
Prodigy
Finance
DAC,
Series
2021-1A,
Class
A,
(LIBOR
USD
1
Month
+
1.25%),
1.34%,
07/25/51
(a)(b)(c)
....................
4,240
4,254,559
Recette
CLO
Ltd.,
Series
2015-1A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.08%),
1.21%,
04/20/34
(a)(b)(c)
....................
10,000
9,994,230
Red
&
Black
Auto
Germany
8
UG,
Series
8,
Class
C,
(EURIBOR
1
Month
+
0.95%),
0.00%,
09/15/30
(a)(e)
................
EUR
400
463,417
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
83
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Regional
Management
Issuance
Trust
(b)
:
Series
2019-1,
Class
A,
3.05%,
11/15/28
..
USD
5,930
$
5,990,117
Series
2020-1,
Class
A,
2.34%,
10/15/30
..
2,430
2,479,110
Series
2021-2,
Class
A,
1.90%,
08/15/33
..
5,706
5,658,174
Republic
Finance
Issuance
Trust
(b)
:
Series
2019-A,
Class
A,
3.43%,
11/22/27
..
7,710
7,775,564
Series
2020-A,
Class
A,
2.47%,
11/20/30
..
2,910
2,988,353
Rockford
Tower
CLO
Ltd.,
Series
2021-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.17%),
1.25%,
07/20/34
(a)(b)(c)
...............
10,750
10,744,141
RR
LLC,
Series
2017-1A,
Class
A1AB,
(LIBOR
USD
3
Month
+
1.15%),
1.23%,
07/15/35
(a)(b)
5,500
5,501,156
Santander
Drive
Auto
Receivables
Trust:
Series
2020-2,
Class
B,
0.96%,
11/15/24
..
2,810
2,818,347
Series
2020-2,
Class
C,
1.46%,
09/15/25
..
9,680
9,779,597
SC
Germany
SA
Compartment
Consumer
(a)(e)
:
Series
2020-1,
Class
C,
(EURIBOR
1
Month
+
1.75%),
1.19%,
11/14/34
.........
EUR
3,900
4,575,033
Series
2020-1,
Class
D,
(EURIBOR
1
Month
+
2.50%),
1.94%,
11/14/34
.........
1,600
1,878,701
Sesac
Finance
LLC,
Series
2019-1,
Class
A2,
5.22%,
07/25/49
(b)
.................
USD
2,999
3,180,911
Signal
Peak
CLO
8
Ltd.,
Series
2020-8A,
Class
B,
(LIBOR
USD
3
Month
+
1.65%),
1.78%,
04/20/33
(a)(b)(c)
....................
2,500
2,491,636
Silver
Creek
CLO
Ltd.,
Series
2014-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.24%),
1.37%,
07/20/30
(a)(b)(c)
....................
5,000
5,002,561
Sixth
Street
CLO
XIX
Ltd.,
Series
2021-19A,
Class
A,
(LIBOR
USD
3
Month
+
1.10%),
1.23%,
07/20/34
(a)(b)(c)
...............
32,000
32,044,746
SLM
Private
Credit
Student
Loan
Trust
(a)
:
Series
2004-A,
Class
A3,
(LIBOR
USD
3
Month
+
0.40%),
0.52%,
06/15/33
....
994
985,154
Series
2004-B,
Class
A3,
(LIBOR
USD
3
Month
+
0.33%),
0.45%,
03/15/24
....
1,094
1,091,832
Series
2005-A,
Class
A4,
(LIBOR
USD
3
Month
+
0.31%),
0.43%,
12/15/38
....
7,909
7,794,928
Series
2005-B,
Class
A4,
(LIBOR
USD
3
Month
+
0.33%),
0.45%,
06/15/39
....
6,771
6,638,612
Series
2007-A,
Class
A4A,
(LIBOR
USD
3
Month
+
0.24%),
0.36%,
12/16/41
....
4,759
4,694,658
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(LIBOR
USD
1
Month
+
4.75%),
4.83%,
10/15/41
(a)(b)
..........
18,630
20,865,367
SLM
Student
Loan
Trust,
Series
2013-4,
Class
A,
(LIBOR
USD
1
Month
+
0.55%),
0.64%,
06/25/43
(a)
......................
4,651
4,651,076
SMB
Private
Education
Loan
Trust
(b)
:
Series
2015-A,
Class
A2A,
2.49%,
06/15/27
1,063
1,067,309
Series
2018-B,
Class
A2B,
(LIBOR
USD
1
Month
+
0.72%),
0.80%,
01/15/37
(a)
...
7,839
7,869,876
Series
2020-A,
Class
A2B,
(LIBOR
USD
1
Month
+
0.83%),
0.91%,
09/15/37
(a)
...
1,410
1,414,372
Series
2021-A,
Class
APL,
0.77%,
01/15/53
20,375
20,412,585
Series
2021-A,
Class
B,
2.31%,
01/15/53
..
3,930
3,982,201
Series
2021-B,
Class
A,
1.31%,
07/17/51
..
14,404
14,397,360
Series
2021-C,
Class
APT1,
1.39%,
01/15/53
.....................
8,487
8,463,831
Series
2021-C,
Class
D,
3.93%,
01/15/53
(f)
400
400,000
SoFi
Professional
Loan
Program
LLC
(b)
:
Series
2016-A,
Class
A2,
2.76%,
12/26/36
.
1,011
1,018,274
Series
2016-C,
Class
A2B,
2.36%,
12/27/32
457
460,408
Series
2016-D,
Class
A2B,
2.34%,
04/25/33
724
736,133
Series
2016-E,
Class
A2B,
2.49%,
01/25/36
234
235,633
Series
2018-A,
Class
A2B,
2.95%,
02/25/42
4,047
4,118,601
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2019-A,
Class
A2FX,
3.69%,
06/15/48
.....................
USD
4,141
$
4,274,884
SoFi
Professional
Loan
Program
Trust
(b)
:
Series
2018-C,
Class
A2FX,
3.59%,
01/25/48
.....................
2,899
2,990,311
Series
2020-A,
Class
A2FX,
2.54%,
05/15/46
.....................
12,040
12,356,889
Series
2021-A,
Class
AFX,
1.03%,
08/17/43
3,896
3,891,184
Sound
Point
CLO
XV
Ltd.,
Series
2017-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.05%),
2.19%,
01/23/29
(a)(b)(c)
...............
1,500
1,499,350
Soundview
Home
Loan
Trust,
Series
2003-2,
Class
A2,
(LIBOR
USD
1
Month
+
1.30%),
1.39%,
11/25/33
(a)
.................
222
222,417
SpringCastle
America
Funding
LLC,
Series
2020-AA,
Class
A,
1.97%,
09/25/37
(b)
....
8,232
8,300,509
Springleaf
Funding
Trust,
Series
2017-AA,
Class
A,
2.68%,
07/15/30
(b)
...........
1,221
1,222,305
TAGUS-
Sociedade
de
Titularizacao
de
Creditos
SA,
Series
2,
Class
D,
(EURIBOR
1
Month
+
2.85%),
2.30%,
09/20/38
(a)(e)
..........
EUR
900
1,042,513
Towd
Point
Mortgage
Trust
(a)(b)
:
Series
2016-3,
Class
A1,
2.25%,
04/25/56
.
USD
1,172
1,174,495
Series
2016-4,
Class
A1,
2.25%,
07/25/56
.
3,203
3,223,868
Transportation
Finance
Equipment
Trust,
Series
2019-1,
Class
A3,
1.85%,
04/24/23
(b)
.....
11,190
11,273,881
Treman
Park
CLO
Ltd.,
Series
2015-1A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.07%),
1.20%,
10/20/28
(a)(b)(c)
...............
18,716
18,714,863
Trinitas
CLO
IV
Ltd.,
Series
2016-4A,
Class
A2L2,
(LIBOR
USD
3
Month
+
1.40%),
1.53%,
10/18/31
(a)(b)(c)
...............
1,250
1,250,018
Tryon
Park
CLO
Ltd.,
Series
2013-1A,
Class
A1SR,
(LIBOR
USD
3
Month
+
0.89%),
1.02%,
04/15/29
(a)(b)(c)
...............
4,855
4,854,576
Turbo
Finance
plc,
Series
9,
Class
B,
(SONIA1M
IR
+
1.65%),
1.70%,
08/20/28
(a)(e)
GBP
1,590
2,165,032
Upstart
Pass-Through
Trust
(b)
:
Series
2021-ST3,
Class
A,
2.00%,
05/20/27
USD
1,278
1,282,103
Series
2021-ST5,
Class
A,
2.00%,
07/20/27
158
158,142
Series
2021-ST7,
Class
A,
1.85%,
09/20/29
6,471
6,465,458
Verizon
Owner
Trust,
Series
2020-A,
Class
A1A,
1.85%,
07/22/24
..............
9,930
10,060,804
Voya
CLO
Ltd.,
Series
2017-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
0.95%),
1.08%,
04/17/30
(a)(b)(c)
....................
2,250
2,249,494
Total
Asset-Backed
Securities
—
15.3%
(Cost:
$1,311,781,015)
............................
1,317,725,276
Corporate
Bonds
—
31.0%
Aerospace
&
Defense
—
0.3%
Boeing
Co.
(The):
2.70%,
05/01/22
..................
4,580
4,638,678
2.20%,
02/04/26
..................
4,800
4,835,384
Kratos
Defense
&
Security
Solutions,
Inc.,
6.50%,
11/30/25
(b)
................
237
245,591
L3Harris
Technologies,
Inc.,
3.85%,
06/15/23
.
1,194
1,258,005
Raytheon
Technologies
Corp.,
3.65%,
08/16/23
37
39,083
Rolls-Royce
plc,
5.75%,
10/15/27
(b)(c)
......
1,043
1,152,515
Spirit
AeroSystems,
Inc.,
5.50%,
01/15/25
(b)
..
424
448,380
TransDigm
,
Inc.:
8.00%,
12/15/25
(b)
.................
2,785
2,969,506
6.25%,
03/15/26
(b)
.................
6,686
6,970,155
6.38%,
06/15/26
..................
276
284,738
7.50%,
03/15/27
..................
117
122,558
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
84
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
Triumph
Group,
Inc.,
8.88%,
06/01/24
(b)
....
USD
840
$
924,000
23,888,593
Airlines
—
0.2%
Air
Canada,
3.88%,
08/15/26
(b)(c)
.........
783
790,086
American
Airlines,
Inc.
(b)
:
11.75%,
07/15/25
.................
1,875
2,320,313
5.50%,
04/20/26
..................
1,449
1,522,746
Avianca
Holdings
SA,
9.00%,
03/31/22
(c)
....
2,913
2,904,287
Gol
Finance
SA,
7.00%,
01/31/25
(b)(c)
......
610
577,899
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(b)
................
644
673,785
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(b)
993
1,079,808
Northwest
Airlines
Pass-Through
Trust,
Series
2002-1,
Class
G-2,
6.26%,
11/20/21
.....
171
170,788
Spirit
Loyalty
Cayman
Ltd.,
8.00%,
09/20/25
(b)
110
123,623
United
Airlines
Pass-Through
Trust:
Series
2020-1,
Class
B,
4.88%,
01/15/26
.
948
1,004,156
Series
2020-1,
Class
A,
5.88%,
10/15/27
.
5,626
6,295,804
United
Airlines,
Inc.,
4.38%,
04/15/26
(b)
.....
1,196
1,227,395
18,690,690
Auto
Components
—
0.2%
Adient
US
LLC,
9.00%,
04/15/25
(b)
.......
233
251,640
Clarios
Global
LP
(b)
:
6.75%,
05/15/25
..................
2,580
2,721,900
6.25%,
05/15/26
..................
2,865
3,010,112
Conti-Gummi
Finance
BV,
1.13%,
09/25/24
(e)
.
EUR
2,240
2,676,257
Denso
Corp.,
1.24%,
09/16/26
(c)(e)
........
USD
2,050
2,035,069
Goodyear
Tire
&
Rubber
Co.
(The),
9.50%,
05/31/25
......................
69
75,728
Icahn
Enterprises
LP:
4.75%,
09/15/24
..................
100
104,000
6.38%,
12/15/25
..................
485
497,610
6.25%,
05/15/26
..................
112
117,040
5.25%,
05/15/27
..................
1,305
1,353,937
Nemak
SAB
de
CV,
3.63%,
06/28/31
(b)(c)
....
1,585
1,569,150
ZF
Finance
GmbH,
3.00%,
09/21/25
(e)
.....
EUR
2,700
3,291,741
ZF
North
America
Capital,
Inc.,
4.50%,
04/29/22
(b)(c)
....................
USD
2,431
2,464,426
20,168,610
Automobiles
—
1.1%
BMW
Finance
NV,
0.00%,
04/14/23
(e)
......
EUR
6,120
7,125,753
Daimler
International
Finance
BV,
0.25%,
11/06/23
(e)
.....................
1,970
2,301,935
General
Motors
Co.,
5.40%,
10/02/23
.....
USD
4,920
5,365,550
Hyundai
Capital
America,
1.65%,
09/17/26
(b)
.
8,000
7,928,832
Kia
Corp.,
1.75%,
10/16/26
(c)(e)
..........
1,950
1,950,858
Nissan
Motor
Acceptance
Co.
LLC,
2.00%,
03/09/26
(b)
.....................
21,000
21,049,124
Nissan
Motor
Co.
Ltd.:
3.04%,
09/15/23
(b)(c)
................
12,483
12,985,645
3.52%,
09/17/25
(b)(c)
................
10,047
10,681,569
2.65%,
03/17/26
(e)
.................
EUR
2,440
3,063,761
4.35%,
09/17/27
(c)(e)
................
USD
1,996
2,192,928
4.35%,
09/17/27
(b)(c)
................
5,300
5,822,907
RCI
Banque
SA,
0.75%,
04/10/23
(e)
.......
EUR
9,855
11,531,064
Stellantis
NV,
3.38%,
07/07/23
(e)
.........
3,250
3,964,171
TML
Holdings
Pte.
Ltd.,
4.35%,
06/09/26
(c)
...
USD
500
503,125
Volkswagen
Group
of
America
Finance
LLC,
2.70%,
09/26/22
(b)(c)
...............
2,145
2,193,362
98,660,584
Banks
—
6.4%
ABQ
Finance
Ltd.
(c)(e)
:
1.88%,
09/08/25
..................
3,645
3,640,444
2.00%,
07/06/26
..................
1,850
1,836,125
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Banco
Bradesco
SA,
2.85%,
01/27/23
(b)(c)
...
USD
19,500
$
19,841,250
Banco
de
Credito
del
Peru,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%),
3.13%,
07/01/30
(a)(b)(c)
........
690
678,787
Banco
de
Sabadell
SA
(e)
:
0.88%,
07/22/25
..................
EUR
1,500
1,773,523
(EUR
Swap
Annual
1
Year
+
0.97%),
0.63%,
11/07/25
(a)
....................
1,900
2,223,177
(EUR
Swap
Annual
1
Year
+
1.55%),
1.12%,
03/11/27
(a)
....................
700
833,273
Banco
do
Brasil
SA,
4.75%,
03/20/24
(c)(e)
....
USD
920
977,672
Banco
Internacional
del
Peru
SAA
Interbank,
3.25%,
10/04/26
(b)(c)
...............
1,025
1,045,244
Banco
Nacional
de
Panama,
2.50%,
08/11/30
(b)
(c)
..........................
1,305
1,245,786
Banco
Santander
SA
(c)
:
2.75%,
05/28/25
..................
10,800
11,328,849
1.85%,
03/25/26
..................
15,000
15,192,967
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%),
1.72%,
09/14/27
(a)
...............
3,000
2,986,059
Bancolombia
SA,
3.00%,
01/29/25
(c)
......
690
697,461
Bank
Leumi
Le-Israel
BM,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.63%),
3.27%,
01/29/31
(a)(b)(c)(e)
.......
1,798
1,832,274
Bank
Negara
Indonesia
Persero
Tbk.
PT,
3.75%,
03/30/26
(c)(e)
...............
700
715,827
Bank
of
America
Corp.
(a)
:
(SOFR
+
0.91%),
0.98%,
09/25/25
......
16,700
16,723,046
(SOFR
+
1.15%),
1.32%,
06/19/26
......
7,605
7,603,142
(SOFR
+
1.01%),
1.20%,
10/24/26
......
16,100
15,979,020
Series
N,
(SOFR
+
0.91%),
1.66%,
03/11/27
13,500
13,577,491
(SOFR
+
0.96%),
1.73%,
07/22/27
......
29,555
29,676,614
Banque
Federative
du
Credit
Mutuel
SA
(e)
:
0.13%,
02/05/24
..................
EUR
3,400
3,973,638
2.63%,
03/18/24
..................
500
620,058
Barclays
plc:
(LIBOR
USD
3
Month
+
1.40%),
4.61%,
02/15/23
(a)(c)
...................
USD
6,970
7,076,499
3.65%,
03/16/25
(c)
.................
7,610
8,177,359
(EUR
Swap
Annual
1
Year
+
3.70%),
3.38%,
04/02/25
(a)(e)
...................
EUR
1,700
2,130,715
(LIBOR
USD
3
Month
+
1.61%),
3.93%,
05/07/25
(a)(c)
...................
USD
565
606,353
BBVA
Bancomer
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.31%),
5.87%,
09/13/34
(a)(b)(c)
.........
561
615,277
BNP
Paribas
SA
(a)
:
(SOFR
+
1.00%),
1.32%,
01/13/27
(b)(c)
...
13,856
13,623,358
(EURIBOR
3
Month
+
0.70%),
0.25%,
04/13/27
(e)
....................
EUR
5,700
6,570,057
Chong
Hing
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.03%),
3.88%,
07/26/27
(a)(c)(e)
........
USD
1,859
1,869,805
CIT
Group,
Inc.,
(SOFR
+
3.83%),
3.93%,
06/19/24
(a)
.....................
4,726
4,942,758
Citigroup,
Inc.
(a)
:
(SOFR
+
0.67%),
0.98%,
05/01/25
......
13,490
13,533,688
(SOFR
+
2.84%),
3.11%,
04/08/26
......
12,805
13,595,709
(SOFR
+
0.77%),
1.46%,
06/09/27
......
18,655
18,545,064
CMB
Wing
Lung
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.75%),
3.75%,
11/22/27
(a)(c)(e)
........
3,725
3,788,558
Commerzbank
AG,
(EURIBOR
3
Month
+
1.30%),
0.75%,
03/24/26
(a)(e)
..........
EUR
800
944,658
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
85
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Credit
Agricole
SA,
(SOFR
+
0.89%),
1.25%,
01/26/27
(a)(b)(c)
...................
USD
19,330
$
19,056,821
Credit
Mutuel
Arkea
SA,
0.01%,
01/28/26
(e)
..
EUR
2,700
3,120,802
Dah
Sing
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.55%),
4.25%,
11/30/26
(a)(c)(e)
.........
USD
1,854
1,862,459
Danske
Bank
A/S
(a)(b)(c)
:
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.55%),
0.98%,
09/10/25
................
9,415
9,399,205
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.35%),
1.62%,
09/11/26
................
20,650
20,652,369
Doha
Finance
Ltd.,
2.38%,
03/31/26
(c)(e)
....
900
912,375
HSBC
Holdings
plc,
(SOFR
+
1.40%),
2.63%,
11/07/25
(a)(c)
....................
5,159
5,381,180
ICICI
Bank
Ltd.
(c)(e)
:
4.00%,
03/18/26
..................
2,001
2,157,703
3.80%,
12/14/27
..................
2,900
3,120,763
ING
Groep
NV:
1.00%,
09/20/23
(e)
.................
EUR
4,500
5,342,889
(EURIBOR
3
Month
+
0.60%),
0.10%,
09/03/25
(a)(e)
...................
1,700
1,974,327
(SOFR
+
1.01%),
1.73%,
04/01/27
(a)(c)
...
USD
4,530
4,555,678
Itau
Unibanco
Holding
SA,
3.25%,
01/24/25
(b)(c)
950
952,308
JPMorgan
Chase
&
Co.:
(LIBOR
USD
3
Month
+
0.89%),
3.80%,
07/23/24
(a)
....................
27,900
29,494,571
1.50%,
01/27/25
(e)
.................
EUR
1,855
2,262,515
(SOFR
+
1.85%),
2.08%,
04/22/26
(a)
....
USD
20,755
21,347,793
(SOFR
+
0.89%),
1.58%,
04/22/27
(a)
....
17,100
17,134,679
KBC
Group
NV,
1.13%,
01/25/24
(e)
.......
EUR
3,800
4,541,925
Lloyds
Banking
Group
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.10%),
1.33%,
06/15/23
(a)(c)
........
USD
4,950
4,981,793
Mizuho
Financial
Group,
Inc.,
0.52%,
06/10/24
(e)
.....................
EUR
4,565
5,376,947
NatWest
Group
plc
(c)
:
3.88%,
09/12/23
..................
USD
8,585
9,102,173
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.15%),
2.36%,
05/22/24
(a)
...............
9,520
9,768,785
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%),
1.64%,
06/14/27
(a)
...............
12,340
12,339,179
NatWest
Markets
plc,
1.60%,
09/29/26
(b)(c)
...
10,970
10,964,015
Nordea
Bank
Abp,
1.50%,
09/30/26
(b)(c)
.....
16,300
16,251,589
Samba
Funding
Ltd.,
2.90%,
01/29/27
(c)(e)
...
3,847
4,023,241
Santander
Holdings
USA,
Inc.,
3.50%,
06/07/24
3,000
3,186,904
Santander
UK
Group
Holdings
plc
(c)
:
3.57%,
01/10/23
..................
1,715
1,729,759
(LIBOR
USD
3
Month
+
1.08%),
3.37%,
01/05/24
(a)
....................
3,715
3,837,201
Shinhan
Bank
Co.
Ltd.,
3.75%,
09/20/27
(c)(e)
..
662
721,083
Societe
Generale
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.00%),
1.79%,
06/09/27
(a)(b)(c)
.........
10,585
10,527,557
Standard
Chartered
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.78%),
0.99%,
01/12/25
(a)(b)(c)
........
2,770
2,760,356
State
Bank
of
India,
4.50%,
09/28/23
(c)(e)
....
2,900
3,091,487
Svenska
Handelsbanken
AB,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.63%),
1.42%,
06/11/27
(a)(b)(c)
....
8,100
8,062,609
Toronto-Dominion
Bank
(The),
0.38%,
04/25/24
(e)
.....................
EUR
2,625
3,082,075
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
UniCredit
SpA
:
6.95%,
10/31/22
(e)
.................
EUR
6,430
$
7,990,717
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.30%),
2.57%,
09/22/26
(a)(b)(c)
.............
USD
4,475
4,549,934
Virgin
Money
UK
plc,
(EUR
Swap
Annual
1
Year
+
0.85%),
0.38%,
05/27/24
(a)(e)
........
EUR
2,350
2,744,172
Wells
Fargo
&
Co.,
3.75%,
01/24/24
......
USD
18,005
19,248,716
548,632,239
Beverages
—
0.2%
Anadolu
Efes
Biracilik
ve
Malt
Sanayii
A/S,
3.38%,
06/29/28
(b)(c)
...............
1,063
1,080,274
Asahi
Group
Holdings
Ltd.
(e)
:
0.01%,
04/19/24
..................
EUR
2,062
2,396,013
0.16%,
10/23/24
..................
1,200
1,398,499
1.15%,
09/19/25
..................
1,700
2,054,619
Central
American
Bottling
Corp.,
5.75%,
01/31/27
(b)(c)
....................
USD
1,990
2,041,989
Coca-Cola
Femsa
SAB
de
CV,
1.85%,
09/01/32
(c)
.....................
410
387,270
Pernod
Ricard
SA,
0.00%,
10/24/23
(e)
.....
EUR
3,600
4,191,344
13,550,008
Biotechnology
—
0.3%
AbbVie,
Inc.:
1.50%,
11/15/23
..................
5,760
6,902,017
1.25%,
06/01/24
..................
1,305
1,560,648
2.95%,
11/21/26
..................
USD
13,915
14,904,997
23,367,662
Building
Products
—
0.1%
Carrier
Global
Corp.,
2.24%,
02/15/25
.....
1,765
1,828,532
CRH
Finland
Services
OYJ,
0.88%,
11/05/23
(e)
EUR
1,670
1,976,345
Forterra
Finance
LLC,
6.50%,
07/15/25
(b)
...
USD
468
500,760
JELD-WEN,
Inc.,
6.25%,
05/15/25
(b)
......
243
256,365
National
Central
Cooling
Co.
PJSC,
2.50%,
10/21/27
(c)(e)
....................
1,838
1,844,892
New
Enterprise
Stone
&
Lime
Co.,
Inc.,
5.25%,
07/15/28
(b)
.....................
111
112,249
6,519,143
Capital
Markets
—
1.7%
CICC
Hong
Kong
Finance
2016
MTN
Ltd.,
2.00%,
01/26/26
(c)(e)
...............
2,500
2,479,225
Coinbase
Global,
Inc.,
3.38%,
10/01/28
(b)
...
367
352,625
Credit
Suisse
Group
AG
(b)(c)
:
3.57%,
01/09/23
..................
8,565
8,635,250
(SOFR
+
0.98%),
1.31%,
02/02/27
(a)
....
12,265
11,986,048
Deutsche
Bank
AG
(a)
:
(SOFR
+
1.13%),
1.45%,
04/01/25
(c)
.....
7,780
7,833,734
(EURIBOR
3
Month
+
1.60%),
1.00%,
11/19/25
(e)
....................
EUR
2,700
3,194,631
Goldman
Sachs
Group,
Inc.
(The)
(a)
:
(EURIBOR
3
Month
+
0.55%),
0.00%,
04/21/23
(e)
....................
4,890
5,675,724
(SOFR
+
0.80%),
1.43%,
03/09/27
......
USD
7,500
7,479,375
Guotai
Junan
International
Holdings
Ltd.,
2.00%,
03/03/26
(c)(e)
...............
570
564,448
Haitong
International
Securities
Group
Ltd.,
3.13%,
05/18/25
(c)(e)
...............
2,849
2,949,249
Huarong
Finance
Co.
Ltd.,
4.25%,
11/07/27
(c)(e)
2,971
2,740,747
Korea
Investment
&
Securities
Co.
Ltd.,
2.13%,
07/19/26
(c)(e)
....................
1,700
1,700,918
Macquarie
Bank
Ltd.,
4.88%,
06/10/25
(c)(e)
...
2,091
2,316,227
Mirae
Asset
Securities
Co.
Ltd.
(c)(e)
:
1.38%,
07/07/24
..................
1,500
1,503,525
2.63%,
07/30/25
..................
2,841
2,908,119
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
86
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Morgan
Stanley,
(SOFR
+
1.99%),
2.19%,
04/28/26
(a)
.....................
USD
27,640
$
28,538,402
OMERS
Finance
Trust,
1.10%,
03/26/26
(b)(c)
..
17,380
17,389,584
SURA
Asset
Management
SA,
4.88%,
04/17/24
(b)(c)
....................
1,290
1,388,604
UBS
AG,
0.75%,
04/21/23
(e)
...........
EUR
4,405
5,183,713
UBS
Group
AG
(a)
:
(LIBOR
USD
3
Month
+
0.95%),
2.86%,
08/15/23
(b)(c)
...................
USD
5,810
5,932,347
(EUR
Swap
Annual
1
Year
+
0.55%),
0.25%,
01/29/26
(e)
....................
EUR
2,640
3,076,025
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.85%),
1.49%,
08/10/27
(b)(c)
..............
USD
15,780
15,597,281
Volvo
Treasury
AB
(e)
:
0.10%,
05/24/22
..................
EUR
240
278,773
0.00%,
02/11/23
..................
940
1,093,248
XP,
Inc.,
3.25%,
07/01/26
(b)(c)
...........
USD
2,115
2,056,838
142,854,660
Chemicals
—
0.6%
Air
Products
&
Chemicals,
Inc.,
1.50%,
10/15/25
......................
865
880,715
Alpek
SAB
de
CV,
3.25%,
02/25/31
(b)(c)
.....
200
201,850
Arkema
SA,
0.13%,
10/14/26
(e)
..........
EUR
800
932,828
Axalta
Coating
Systems
LLC,
4.75%,
06/15/27
(b)
.....................
USD
704
733,920
BASF
SE
(e)
:
2.00%,
12/05/22
..................
EUR
4,520
5,385,222
0.10%,
06/05/23
..................
3,500
4,081,713
Covestro
AG,
0.88%,
02/03/26
(e)
.........
1,430
1,707,757
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
..
USD
959
968,590
Equate
Petrochemical
BV
(c)
:
4.25%,
11/03/26
(e)
.................
3,037
3,342,218
4.25%,
11/03/26
(b)
.................
1,039
1,143,420
2.63%,
04/28/28
(b)
.................
306
307,148
GCP
Applied
Technologies,
Inc.,
5.50%,
04/15/26
(b)
.....................
1,571
1,606,347
Herens
Midco
SARL,
4.75%,
05/15/28
(b)(c)
...
696
699,480
International
Flavors
&
Fragrances,
Inc.,
1.23%,
10/01/25
(b)
.....................
21,372
21,195,987
LYB
International
Finance
III
LLC,
1.25%,
10/01/25
......................
3,915
3,911,650
Orbia
Advance
Corp.
SAB
de
CV,
1.88%,
05/11/26
(b)(c)
....................
735
733,449
Phosagro
OAO,
3.05%,
01/23/25
(b)(c)
......
590
610,761
Sasol
Financing
USA
LLC
(c)
:
4.38%,
09/18/26
..................
620
627,471
5.50%,
03/18/31
..................
1,015
1,035,554
SCIH
Salt
Holdings,
Inc.,
4.88%,
05/01/28
(b)
..
356
357,780
Sociedad
Quimica
y
Minera
de
Chile
SA,
3.50%,
09/10/51
(b)(c)
...............
1,606
1,540,154
SPCM
SA,
3.13%,
03/15/27
(b)(c)
.........
200
200,240
52,204,254
Commercial
Services
&
Supplies
—
0.3%
ADT
Security
Corp.
(The),
4.13%,
06/15/23
..
396
414,323
Allied
Universal
Holdco
LLC
(b)
:
6.63%,
07/15/26
..................
4,698
4,967,102
4.63%,
06/01/28
..................
1,944
1,939,798
APX
Group,
Inc.,
6.75%,
02/15/27
(b)
.......
483
513,115
Aramark
Services,
Inc.
(b)
:
5.00%,
04/01/25
..................
2,329
2,383,615
6.38%,
05/01/25
..................
1,908
2,005,785
5.00%,
02/01/28
..................
1,018
1,045,995
Brink's
Co.
(The),
5.50%,
07/15/25
(b)
......
40
41,800
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Garda
World
Security
Corp.,
4.63%,
02/15/27
(b)
(c)
..........................
USD
695
$
695,000
GFL
Environmental,
Inc.
(b)(c)
:
4.25%,
06/01/25
..................
226
233,062
3.75%,
08/01/25
..................
361
371,379
5.13%,
12/15/26
..................
3,143
3,300,496
4.00%,
08/01/28
..................
96
95,280
GLP
China
Holdings
Ltd.
(c)(e)
:
4.97%,
02/26/24
..................
1,965
2,091,251
2.95%,
03/29/26
..................
1,320
1,323,696
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
.....................
303
310,575
Madison
IAQ
LLC,
4.13%,
06/30/28
(b)
......
135
135,000
Prime
Security
Services
Borrower
LLC
(b)
:
5.25%,
04/15/24
..................
179
190,913
5.75%,
04/15/26
..................
1,242
1,343,546
3.38%,
08/31/27
..................
221
212,023
WASH
Multifamily
Acquisition,
Inc.,
5.75%,
04/15/26
(b)
.....................
210
219,287
23,833,041
Communications
Equipment
—
0.1%
(b)
CommScope
Technologies
LLC,
6.00%,
06/15/25
......................
814
824,175
CommScope
,
Inc.:
6.00%,
03/01/26
..................
1,748
1,815,001
8.25%,
03/01/27
..................
184
192,597
ViaSat,
Inc.,
5.63%,
04/15/27
..........
2,926
3,050,355
5,882,128
Construction
&
Engineering
—
0.1%
Aeropuertos
Dominicanos
Siglo
XXI
SA,
6.75%,
03/30/29
(b)(c)
....................
530
553,287
GMR
Hyderabad
International
Airport
Ltd.,
5.38%,
04/10/24
(c)(e)
...............
800
817,900
Heathrow
Funding
Ltd.,
1.50%,
10/12/25
(e)
..
EUR
6,045
7,311,094
Mexico
City
Airport
Trust,
4.25%,
10/31/26
(b)(c)
.
USD
2,080
2,210,260
10,892,541
Construction
Materials
—
0.1%
Cemex
SAB
de
CV
(b)(c)
:
5.20%,
09/17/30
..................
1,455
1,562,743
3.88%,
07/11/31
..................
373
372,291
Holcim
Finance
Luxembourg
SA,
0.13%,
07/19/27
(e)
.....................
EUR
1,900
2,178,671
Inversiones
CMPC
SA,
3.85%,
01/13/30
(b)(c)
..
USD
1,170
1,232,888
5,346,593
Consumer
Finance
—
2.1%
AerCap
Ireland
Capital
DAC
(c)
:
3.95%,
02/01/22
..................
7,750
7,814,818
3.50%,
05/26/22
..................
21,035
21,386,789
4.63%,
07/01/22
..................
4,515
4,649,539
2.88%,
08/14/24
..................
9,600
10,001,448
Azure
Nova
International
Finance
Ltd.,
4.25%,
03/21/27
(c)(e)
....................
4,046
4,436,682
CDBL
Funding
1,
3.50%,
10/24/27
(c)(e)
.....
3,938
4,156,874
FCA
Bank
SpA
(e)
:
0.50%,
09/18/23
..................
EUR
2,474
2,894,874
0.13%,
11/16/23
..................
810
941,741
0.00%,
04/16/24
..................
1,250
1,448,563
Ford
Motor
Credit
Co.
LLC:
3.34%,
03/28/22
..................
USD
8,532
8,580,035
3.35%,
11/01/22
..................
357
363,287
4.14%,
02/15/23
..................
10,234
10,491,897
3.37%,
11/17/23
..................
22,661
23,225,259
3.81%,
01/09/24
..................
1,213
1,252,422
5.13%,
06/16/25
..................
779
846,189
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
87
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
3.38%,
11/13/25
..................
USD
221
$
227,078
2.70%,
08/10/26
..................
3,218
3,224,436
4.13%,
08/17/27
..................
200
212,100
3.82%,
11/02/27
..................
200
207,500
2.90%,
02/16/28
..................
627
626,216
General
Motors
Financial
Co.,
Inc.:
4.20%,
11/06/21
..................
14,325
14,375,543
4.00%,
01/15/25
..................
3,800
4,113,816
Hyundai
Capital
Services,
Inc.,
3.63%,
08/29/27
(c)(e)
....................
3,020
3,293,310
Manappuram
Finance
Ltd.,
5.90%,
01/13/23
(c)(e)
1,000
1,026,437
Muthoot
Finance
Ltd.
(c)
:
6.13%,
10/31/22
(b)
.................
1,110
1,143,508
4.40%,
09/02/23
(e)
.................
800
812,400
Navient
Corp.:
7.25%,
09/25/23
..................
62
67,612
6.13%,
03/25/24
..................
181
193,806
6.75%,
06/15/26
..................
296
326,674
OneMain
Finance
Corp.:
6.88%,
03/15/25
..................
145
162,944
7.13%,
03/15/26
..................
926
1,073,003
3.50%,
01/15/27
..................
372
372,167
6.63%,
01/15/28
..................
800
920,000
PACCAR
Financial
Europe
BV,
0.00%,
03/01/26
(e)
.....................
EUR
6,600
7,654,590
PSA
Banque
France
SA,
0.00%,
01/22/25
(e)
..
2,100
2,430,102
Shriram
Transport
Finance
Co.
Ltd.
(c)(e)
:
5.95%,
10/24/22
..................
USD
667
677,755
5.10%,
07/16/23
..................
1,000
1,016,438
Synchrony
Financial,
4.50%,
07/23/25
.....
9,360
10,335,747
Volkswagen
Bank
GmbH,
1.88%,
01/31/24
(e)
.
EUR
7,000
8,462,595
Volkswagen
Leasing
GmbH
(e)
:
1.00%,
02/16/23
..................
9,800
11,532,438
0.38%,
07/20/26
..................
1,020
1,183,608
178,162,240
Containers
&
Packaging
—
0.6%
Ardagh
Packaging
Finance
plc,
4.13%,
08/15/26
(b)
.....................
USD
1,783
1,850,754
Ball
Corp.,
5.25%,
07/01/25
...........
12,214
13,633,877
CANPACK
SA,
3.13%,
11/01/25
(b)(c)
.......
471
479,095
Crown
Americas
LLC:
4.75%,
02/01/26
..................
1,175
1,210,955
4.25%,
09/30/26
..................
280
300,129
Graphic
Packaging
International
LLC,
4.88%,
11/15/22
......................
389
400,670
Klabin
Austria
GmbH,
3.20%,
01/12/31
(b)(c)
...
1,040
993,200
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(b)
................
2,404
2,425,035
SAN
Miguel
Industrias
Pet
SA,
3.50%,
08/02/28
(b)(c)
....................
2,157
2,119,253
Sealed
Air
Corp.
(b)
:
5.13%,
12/01/24
..................
5,330
5,789,712
4.00%,
12/01/27
..................
123
130,983
SIG
Combibloc
PurchaseCo
SARL:
1.88%,
06/18/23
..................
EUR
10,105
12,045,512
2.13%,
06/18/25
(e)
.................
1,295
1,584,112
Smurfit
Kappa
Treasury
ULC,
1.50%,
09/15/27
(e)
.....................
2,800
3,438,826
Trivium
Packaging
Finance
BV,
5.50%,
08/15/26
(b)(c)(d)
...................
USD
3,616
3,787,073
WRKCo,
Inc.,
3.75%,
03/15/25
..........
2,210
2,391,642
52,580,828
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
—
0.0%
(b)
Graham
Holdings
Co.,
5.75%,
06/01/26
....
USD
1,323
$
1,381,609
Sotheby's,
7.38%,
10/15/27
............
1,736
1,835,820
3,217,429
Diversified
Financial
Services
—
0.2%
Jefferies
Finance
LLC,
5.00%,
08/15/28
(b)
...
396
401,445
MPH
Acquisition
Holdings
LLC,
5.50%,
09/01/28
(b)
.....................
450
448,763
Ocean
Laurel
Co.
Ltd.,
2.38%,
10/20/25
(c)(e)
..
3,612
3,528,744
Operadora
de
Servicios
Mega
SA
de
CV
SOFOM
ER,
8.25%,
02/11/25
(b)(c)
.......
286
287,573
Petronas
Capital
Ltd.,
3.50%,
04/21/30
(b)(c)
...
1,954
2,115,068
REC
Ltd.
(c)(e)
:
2.25%,
09/01/26
..................
575
561,811
3.88%,
07/07/27
..................
2,511
2,635,451
Sabre
GLBL,
Inc.
(b)
:
9.25%,
04/15/25
..................
812
938,502
7.38%,
09/01/25
..................
420
447,636
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
....
687
717,056
Siemens
Financieringsmaatschappij
NV,
0.38%,
09/06/23
(e)
.....................
EUR
5,710
6,709,290
18,791,339
Diversified
Telecommunication
Services
—
0.6%
Altice
France
SA
(b)(c)
:
7.38%,
05/01/26
..................
USD
357
370,423
8.13%,
02/01/27
..................
2,944
3,167,744
5.50%,
01/15/28
..................
2,624
2,667,887
AT&T,
Inc.:
1.05%,
09/05/23
..................
EUR
3,815
4,520,639
1.70%,
03/25/26
..................
USD
16,090
16,289,189
CCO
Holdings
LLC,
5.13%,
05/01/27
(b)
.....
3,383
3,522,752
Frontier
Communications
Corp.
(b)
:
5.88%,
10/15/27
..................
1,115
1,184,688
5.00%,
05/01/28
..................
743
780,150
KT
Corp.,
1.38%,
01/21/27
(c)(e)
..........
1,900
1,878,093
Level
3
Financing,
Inc.:
5.25%,
03/15/26
..................
1,640
1,692,480
4.25%,
07/01/28
(b)
.................
959
966,413
Liquid
Telecommunications
Financing
plc,
5.50%,
09/04/26
(b)(c)
...............
280
288,400
Lumen
Technologies,
Inc.:
Series
W,
6.75%,
12/01/23
...........
1,452
1,591,755
Series
Y,
7.50%,
04/01/24
...........
931
1,031,082
5.13%,
12/15/26
(b)
.................
3,263
3,385,363
4.00%,
02/15/27
(b)
.................
1,310
1,338,558
Telecom
Italia
SpA,
5.30%,
05/30/24
(b)(c)
....
1,555
1,675,279
Telesat
Canada,
4.88%,
06/01/27
(b)(c)
......
166
152,720
Tower
Bersama
Infrastructure
Tbk.
PT,
2.75%,
01/20/26
(c)(e)
....................
1,200
1,215,975
Zayo
Group
Holdings,
Inc.,
4.00%,
03/01/27
(b)
5,245
5,219,981
52,939,571
Electric
Utilities
—
1.3%
Adani
Electricity
Mumbai
Ltd.,
3.95%,
02/12/30
(b)(c)
....................
390
389,951
Adani
Transmission
Ltd.,
4.00%,
08/03/26
(c)
..
2,891
3,068,616
Alliant
Energy
Finance
LLC,
3.75%,
06/15/23
(b)
8,085
8,476,589
Enel
Finance
International
NV:
0.00%,
06/17/24
(e)
.................
EUR
5,190
6,038,289
0.00%,
05/28/26
(e)
.................
160
184,393
1.38%,
07/12/26
(b)(c)
................
USD
8,840
8,789,738
ESB
Finance
DAC,
3.49%,
01/12/24
(e)
.....
EUR
2,185
2,739,088
FirstEnergy
Corp.
(d)
:
Series
A,
3.35%,
07/15/22
...........
USD
4,346
4,397,500
Series
B,
4.75%,
03/15/23
...........
12,020
12,502,362
Series
B,
4.40%,
07/15/27
...........
2,753
3,020,534
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
88
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
India
Cleantech
Energy,
4.70%,
08/10/26
(b)(c)
.
USD
695
$
702,819
ITC
Holdings
Corp.,
2.70%,
11/15/22
......
2,180
2,230,397
Kallpa
Generacion
SA,
4.88%,
05/24/26
(c)(e)
..
441
469,885
NextEra
Energy
Capital
Holdings,
Inc.,
2.75%,
05/01/25
......................
5,870
6,190,817
NextEra
Energy
Operating
Partners
LP,
4.25%,
07/15/24
(b)
.....................
998
1,056,633
NRG
Energy,
Inc.,
6.63%,
01/15/27
.......
1,153
1,194,450
Pacific
Gas
&
Electric
Co.:
(LIBOR
USD
3
Month
+
1.38%),
1.50%,
11/15/21
(a)
....................
17,415
17,422,036
1.37%,
03/10/23
..................
30,545
30,438,345
3.45%,
07/01/25
..................
4,820
5,034,200
Vistra
Operations
Co.
LLC,
5.63%,
02/15/27
(b)
1,819
1,882,774
116,229,416
Electrical
Equipment
—
0.1%
Schneider
Electric
SE,
0.25%,
09/09/24
(e)
...
EUR
2,900
3,407,296
Sensata
Technologies
BV
(b)
:
5.63%,
11/01/24
..................
USD
339
375,202
5.00%,
10/01/25
..................
1,249
1,375,461
5,157,959
Electronic
Equipment,
Instruments
&
Components
—
0.3%
AAC
Technologies
Holdings,
Inc.,
2.63%,
06/02/26
(c)(e)
....................
960
959,655
Amphenol
Technologies
Holding
GmbH,
0.75%,
05/04/26
(e)
.....................
EUR
2,645
3,153,606
CDW
LLC:
5.50%,
12/01/24
..................
USD
312
343,590
4.13%,
05/01/25
..................
18,724
19,402,745
23,859,596
Energy
Equipment
&
Services
—
0.1%
Archrock
Partners
LP,
6.88%,
04/01/27
(b)
....
2,120
2,226,000
Halliburton
Co.,
3.80%,
11/15/25
........
398
435,878
USA
Compression
Partners
LP:
6.88%,
04/01/26
..................
2,953
3,074,669
6.88%,
09/01/27
..................
241
255,122
5,991,669
Entertainment
—
0.2%
Live
Nation
Entertainment,
Inc.
(b)
:
4.88%,
11/01/24
..................
65
65,726
6.50%,
05/15/27
..................
1,626
1,788,600
4.75%,
10/15/27
..................
183
185,971
3.75%,
01/15/28
..................
494
491,067
Netflix,
Inc.:
5.88%,
02/15/25
..................
1,573
1,792,795
3.63%,
06/15/25
(b)
.................
15,000
15,937,500
20,261,659
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.4%
American
Finance
Trust,
Inc.,
4.50%,
09/30/28
(b)
.....................
79
79,000
American
Tower
Corp.:
2.40%,
03/15/25
..................
4,355
4,528,098
1.30%,
09/15/25
..................
2,245
2,245,442
1.60%,
04/15/26
..................
18,365
18,440,006
0.45%,
01/15/27
..................
EUR
4,705
5,442,407
0.40%,
02/15/27
..................
1,820
2,100,612
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
.....................
USD
245
242,550
Crown
Castle
International
Corp.:
3.20%,
09/01/24
..................
1,539
1,637,797
1.35%,
07/15/25
..................
11,410
11,463,840
CTR
Partnership
LP,
3.88%,
06/30/28
(b)
....
200
207,500
CyrusOne
LP,
1.45%,
01/22/27
.........
EUR
945
1,099,698
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Digital
Dutch
Finco
BV,
0.63%,
07/15/25
(e)
...
EUR
6,335
$
7,478,790
Diversified
Healthcare
Trust,
9.75%,
06/15/25
USD
497
543,594
Equinix
,
Inc.:
2.63%,
11/18/24
..................
8,000
8,377,893
1.25%,
07/15/25
..................
28,500
28,384,271
GAIF
Bond
Issuer
Pty.
Ltd.,
3.40%,
09/30/26
(c)(e)
380
411,231
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(b)
...
300
297,884
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(b)
....
238
241,570
Healthpeak
Properties,
Inc.,
1.35%,
02/01/27
.
4,255
4,207,959
MGM
Growth
Properties
Operating
Partnership
LP:
5.63%,
05/01/24
..................
1,574
1,711,725
4.50%,
09/01/26
..................
860
935,250
5.75%,
02/01/27
..................
1,846
2,122,900
Nationwide
Health
Properties,
Inc.,
6.59%,
07/07/38
......................
1,400
1,744,071
RHP
Hotel
Properties
LP,
4.75%,
10/15/27
..
865
895,249
RLJ
Lodging
Trust
LP,
3.75%,
07/01/26
(b)
...
166
166,830
SBA
Communications
Corp.,
3.88%,
02/15/27
2,993
3,101,496
Service
Properties
Trust,
7.50%,
09/15/25
...
377
423,273
Simon
International
Finance
SCA,
1.38%,
11/18/22
(e)
.....................
EUR
2,510
2,952,274
Trust
Fibra
Uno,
5.25%,
01/30/26
(b)(c)
......
USD
745
824,715
Uniti
Group
LP,
4.75%,
04/15/28
(b)
........
854
872,148
VICI
Properties
LP
(b)
:
3.50%,
02/15/25
..................
248
252,960
4.25%,
12/01/26
..................
2,228
2,326,767
3.75%,
02/15/27
..................
2,870
2,970,450
118,730,250
Food
&
Staples
Retailing
—
0.2%
7-Eleven,
Inc.,
0.95%,
02/10/26
(b)
........
5,040
4,949,864
Albertsons
Cos.,
Inc.
(b)
:
3.25%,
03/15/26
..................
907
920,605
4.63%,
01/15/27
..................
1,469
1,541,031
Alimentation
Couche-Tard,
Inc.,
1.88%,
05/06/26
(e)
.....................
EUR
3,920
4,840,529
Walmart,
Inc.,
1.05%,
09/17/26
.........
USD
7,145
7,143,305
19,395,334
Food
Products
—
0.3%
BRF
GmbH,
4.35%,
09/29/26
(c)(e)
........
508
523,018
China
Mengniu
Dairy
Co.
Ltd.,
1.88%,
06/17/25
(c)(e)
....................
2,800
2,804,088
China
Modern
Dairy
Holdings
Ltd.,
2.13%,
07/14/26
(c)(e)
....................
1,350
1,313,469
Darling
Ingredients,
Inc.,
5.25%,
04/15/27
(b)
..
505
525,440
General
Mills,
Inc.,
0.45%,
01/15/26
......
EUR
1,420
1,670,990
Kraft
Heinz
Foods
Co.:
3.00%,
06/01/26
..................
USD
7,400
7,794,727
3.88%,
05/15/27
..................
3,045
3,324,874
Post
Holdings,
Inc.,
5.75%,
03/01/27
(b)
.....
894
929,067
Viterra
Finance
BV,
0.38%,
09/24/25
(e)
.....
EUR
3,350
3,880,046
Wens
Foodstuffs
Group
Co.
Ltd.,
2.35%,
10/29/25
(c)(e)
....................
USD
2,046
1,881,706
24,647,425
Gas
Utilities
—
0.1%
ONE
Gas,
Inc.,
1.10%,
03/11/24
.........
8,375
8,375,408
Promigas
SA
ESP,
3.75%,
10/16/29
(b)(c)
.....
360
359,847
Redexis
Gas
Finance
BV,
1.88%,
05/28/25
(e)
.
EUR
900
1,101,991
Snam
SpA,
0.00%,
08/15/25
(e)
..........
1,400
1,619,955
11,457,201
Health
Care
Equipment
&
Supplies
—
0.3%
Abbott
Ireland
Financing
DAC
(e)
:
0.88%,
09/27/23
..................
4,445
5,267,804
0.10%,
11/19/24
..................
3,290
3,843,403
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
89
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
(continued)
Avantor
Funding,
Inc.,
4.63%,
07/15/28
(b)
...
USD
1,112
$
1,170,380
Becton
Dickinson
and
Co.:
1.40%,
05/24/23
..................
EUR
1,325
1,572,853
0.03%,
08/13/25
..................
2,460
2,845,525
Becton
Dickinson
Euro
Finance
SARL,
1.21%,
06/04/26
......................
1,935
2,337,461
Danaher
Corp.,
1.70%,
03/30/24
........
1,600
1,937,364
Medtronic
Global
Holdings
SCA:
0.00%,
12/02/22
..................
400
465,244
0.38%,
03/07/23
..................
4,330
5,063,806
0.00%,
10/15/25
..................
2,380
2,760,185
27,264,025
Health
Care
Providers
&
Services
—
0.6%
Akumin
Escrow,
Inc.,
7.50%,
08/01/28
(b)
....
USD
81
78,367
Akumin,
Inc.,
7.00%,
11/01/25
(b)
.........
257
249,290
Centene
Corp.,
2.45%,
07/15/28
.........
864
868,320
Community
Health
Systems,
Inc.
(b)
:
6.63%,
02/15/25
..................
1,440
1,506,600
8.00%,
03/15/26
..................
2,102
2,229,118
Fresenius
Finance
Ireland
plc,
0.00%,
10/01/25
(e)
.....................
EUR
2,830
3,266,441
HCA,
Inc.:
5.38%,
02/01/25
..................
USD
2,105
2,352,338
5.25%,
04/15/25
..................
7,000
7,934,874
5.88%,
02/15/26
..................
11,013
12,623,651
5.38%,
09/01/26
..................
6,367
7,284,803
Legacy
LifePoint
Health
LLC,
6.75%,
04/15/25
(b)
645
677,798
MEDNAX,
Inc.,
6.25%,
01/15/27
(b)
........
436
458,345
ModivCare,
Inc.,
5.88%,
11/15/25
(b)
.......
359
379,643
PeaceHealth
Obligated
Group,
Series
2020,
1.38%,
11/15/25
.................
2,185
2,203,443
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(b)
.....................
817
876,233
RP
Escrow
Issuer
LLC,
5.25%,
12/15/25
(b)
...
408
419,730
Tenet
Healthcare
Corp.:
4.63%,
07/15/24
..................
124
125,860
4.63%,
09/01/24
(b)
.................
1,518
1,552,155
4.88%,
01/01/26
(b)
.................
2,297
2,377,211
US
Acute
Care
Solutions
LLC,
6.38%,
03/01/26
(b)
.....................
164
173,020
Vizient,
Inc.,
6.25%,
05/15/27
(b)
.........
680
710,600
48,347,840
Health
Care
Technology
—
0.0%
IQVIA,
Inc.,
5.00%,
05/15/27
(b)
..........
1,772
1,840,541
Hotels,
Restaurants
&
Leisure
—
0.6%
1011778
BC
ULC
(b)(c)
:
5.75%,
04/15/25
..................
1,764
1,851,936
3.88%,
01/15/28
..................
228
230,246
4.38%,
01/15/28
..................
1,135
1,152,263
Affinity
Gaming,
6.88%,
12/15/27
(b)
.......
347
364,949
Booking
Holdings,
Inc.,
0.10%,
03/08/25
....
EUR
3,610
4,193,514
Caesars
Entertainment,
Inc.,
6.25%,
07/01/25
(b)
USD
3,513
3,698,337
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(b)
.....................
1,350
1,423,204
Carnival
Corp.
(b)
:
11.50%,
04/01/23
.................
39
43,534
10.50%,
02/01/26
.................
535
620,707
5.75%,
03/01/27
..................
1,191
1,231,196
9.88%,
08/01/27
..................
364
420,096
4.00%,
08/01/28
..................
1,412
1,426,120
Cedar
Fair
LP,
5.50%,
05/01/25
(b)
........
1,056
1,096,920
Champion
Path
Holdings
Ltd.
(c)
:
4.50%,
01/27/26
..................
667
680,340
4.85%,
01/27/28
..................
667
675,046
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Churchill
Downs,
Inc.,
5.50%,
04/01/27
(b)
...
USD
2,132
$
2,211,950
Fortune
Star
BVI
Ltd.
(c)(e)
:
5.95%,
01/29/23
..................
667
676,922
5.95%,
10/19/25
..................
1,167
1,187,422
5.00%,
05/18/26
..................
1,500
1,481,250
Haidilao
International
Holding
Ltd.,
2.15%,
01/14/26
(c)(e)
....................
995
962,663
Hilton
Domestic
Operating
Co.,
Inc.,
5.38%,
05/01/25
(b)
.....................
3,034
3,170,530
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
......................
1,800
1,860,786
Life
Time,
Inc.,
5.75%,
01/15/26
(b)
........
407
421,245
MGM
China
Holdings
Ltd.
(c)(e)
:
5.25%,
06/18/25
..................
667
673,378
5.88%,
05/15/26
..................
667
681,299
MGM
Resorts
International:
7.75%,
03/15/22
..................
1,271
1,305,952
5.75%,
06/15/25
..................
757
825,130
NCL
Corp.
Ltd.,
10.25%,
02/01/26
(b)
.......
80
91,800
Powdr
Corp.,
6.00%,
08/01/25
(b)
.........
455
477,750
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)(c)
.
246
251,228
Royal
Caribbean
Cruises
Ltd.,
5.50%,
08/31/26
(b)
.....................
781
802,821
Sands
China
Ltd.,
3.80%,
01/08/26
(c)
......
1,937
1,994,819
Scientific
Games
International,
Inc.
(b)
:
5.00%,
10/15/25
..................
710
730,412
8.25%,
03/15/26
..................
284
301,395
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(b)
1,384
1,473,960
Studio
City
Finance
Ltd.,
6.00%,
07/15/25
(c)(e)
.
1,000
990,000
Travel
+
Leisure
Co.,
6.63%,
07/31/26
(b)
....
235
267,611
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(b)
......
244
258,030
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(b)
...
718
725,166
Wynn
Macau
Ltd.
(c)(e)
:
4.88%,
10/01/24
..................
667
645,239
5.50%,
01/15/26
..................
1,000
966,250
Wynn
Resorts
Finance
LLC,
7.75%,
04/15/25
(b)
1,186
1,251,254
Yum!
Brands,
Inc.,
7.75%,
04/01/25
(b)
......
2,713
2,900,807
48,695,477
Household
Durables
—
0.3%
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(b)
277
293,059
DR
Horton,
Inc.,
1.30%,
10/15/26
........
4,140
4,093,350
KB
Home,
7.63%,
05/15/23
............
15,000
15,975,000
Meritage
Homes
Corp.,
5.13%,
06/06/27
....
507
564,671
New
Home
Co.,
Inc.
(The),
7.25%,
10/15/25
(b)
178
187,304
Picasso
Finance
Sub,
Inc.,
6.13%,
06/15/25
(b)
1,139
1,204,367
PulteGroup,
Inc.,
5.00%,
01/15/27
........
781
904,687
TRI
Pointe
Homes,
Inc.,
5.25%,
06/01/27
...
565
610,200
23,832,638
Household
Products
—
0.0%
Kimberly-Clark
de
Mexico
SAB
de
CV,
2.43%,
07/01/31
(b)(c)
....................
605
597,710
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Alexander
Funding
Trust,
1.84%,
11/15/23
(b)
.
8,395
8,556,404
Calpine
Corp.,
5.25%,
06/01/26
(b)
........
1,781
1,832,168
Cikarang
Listrindo
Tbk.
PT,
4.95%,
09/14/26
(c)(e)
500
510,719
Colbun
SA,
3.15%,
03/06/30
(b)(c)
.........
295
303,537
11,202,828
Industrial
Conglomerates
—
0.1%
(c)
Alfa
SAB
de
CV,
6.88%,
03/25/44
(b)
.......
300
399,000
CITIC
Ltd.,
3.88%,
02/28/27
(e)
..........
3,996
4,325,171
Grupo
KUO
SAB
de
CV,
5.75%,
07/07/27
(b)
..
560
575,855
5,300,026
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
90
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Insurance
—
0.2%
Alliant
Holdings
Intermediate
LLC,
4.25%,
10/15/27
(b)
.....................
USD
2,860
$
2,888,600
China
Life
Insurance
Overseas
Co.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.53%),
3.35%,
07/27/27
(a)
(c)(e)
.........................
3,755
3,806,068
E.ON
International
Finance
BV
(e)
:
0.75%,
11/30/22
..................
EUR
1,150
1,344,824
1.00%,
04/13/25
..................
300
359,327
Guoren
Property
&
Casualty
Insurance
Co.
Ltd.,
3.35%,
06/01/26
(c)(e)
...............
USD
855
869,637
Highlands
Holdings
Bond
Issuer
Ltd.,
7.63%,
10/15/25
(b)(c)
....................
231
245,293
Marsh
&
McLennan
Cos.,
Inc.,
1.35%,
09/21/26
EUR
3,040
3,718,124
NFP
Corp.,
4.88%,
08/15/28
(b)
..........
USD
602
612,234
Vigorous
Champion
International
Ltd.,
2.75%,
06/02/25
(c)(e)
....................
2,814
2,833,220
ZhongAn
Online
P&C
Insurance
Co.
Ltd.,
3.50%,
03/08/26
(c)(e)
...............
1,400
1,396,500
18,073,827
Interactive
Media
&
Services
—
0.2%
(c)
Baidu,
Inc.:
2.88%,
07/06/22
..................
8,205
8,334,229
3.63%,
07/06/27
..................
3,200
3,496,600
Tencent
Holdings
Ltd.,
3.60%,
01/19/28
(e)
...
2,300
2,457,504
Weibo
Corp.,
3.50%,
07/05/24
..........
2,800
2,919,525
17,207,858
IT
Services
—
0.4%
21Vianet
Group,
Inc.,
7.88%,
10/15/21
(c)(e)
...
800
798,720
Amadeus
IT
Group
SA
(e)
:
(EURIBOR
3
Month
+
0.65%),
0.11%,
02/09/23
(a)
....................
EUR
13,900
16,108,858
2.50%,
05/20/24
..................
5,200
6,387,560
Cablevision
Lightpath
LLC,
3.88%,
09/15/27
(b)
USD
694
681,057
Capgemini
SE,
0.63%,
06/23/25
(e)
........
EUR
2,400
2,847,840
Gartner,
Inc.,
4.50%,
07/01/28
(b)
.........
USD
921
967,050
ION
Trading
Technologies
SARL,
5.75%,
05/15/28
(b)(c)
....................
269
274,280
MoneyGram
International,
Inc.,
5.38%,
08/01/26
(b)
.....................
378
383,670
Northwest
Fiber
LLC,
4.75%,
04/30/27
(b)
....
290
291,704
Square,
Inc.,
2.75%,
06/01/26
(b)
.........
933
945,735
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(b)
..
200
210,000
Unisys
Corp.,
6.88%,
11/01/27
(b)
.........
407
444,647
VeriSign,
Inc.,
5.25%,
04/01/25
.........
1,523
1,731,087
32,072,208
Life
Sciences
Tools
&
Services
—
0.0%
Indigo
Merger
Sub,
Inc.,
2.88%,
07/15/26
(b)
..
547
552,470
Thermo
Fisher
Scientific,
Inc.,
2.00%,
04/15/25
EUR
2,550
3,152,725
3,705,195
Machinery
—
0.3%
Colfax
Corp.,
6.38%,
02/15/26
(b)
.........
USD
976
1,026,459
EnPro
Industries,
Inc.,
5.75%,
10/15/26
....
156
162,825
Illinois
Tool
Works,
Inc.,
0.25%,
12/05/24
...
EUR
5,360
6,281,274
KION
Group
AG,
1.63%,
09/24/25
(e)
.......
1,300
1,586,147
Parker-Hannifin
Corp.,
2.70%,
06/14/24
....
USD
2,115
2,219,758
RBS
Global,
Inc.,
4.88%,
12/15/25
(b)
......
1,185
1,213,890
Stevens
Holding
Co.,
Inc.,
6.13%,
10/01/26
(b)
.
522
563,108
Titan
International,
Inc.,
7.00%,
04/30/28
(b)
..
59
62,171
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
(c)
..........................
1,982
2,077,087
Traton
Finance
Luxembourg
SA
(e)
:
0.00%,
06/14/24
..................
EUR
2,400
2,780,763
0.13%,
03/24/25
..................
4,100
4,748,124
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
..
USD
303
$
302,621
23,024,227
Marine
—
0.0%
Pelabuhan
Indonesia
II
PT,
4.25%,
05/05/25
(c)(e)
3,000
3,255,330
Media
—
0.8%
Altice
Financing
SA,
5.00%,
01/15/28
(b)(c)
....
1,996
1,924,593
AMC
Networks,
Inc.,
5.00%,
04/01/24
.....
304
307,420
Charter
Communications
Operating
LLC,
4.91%,
07/23/25
.................
5,480
6,162,942
Clear
Channel
International
BV,
6.63%,
08/01/25
(b)(c)
....................
1,103
1,148,499
Clear
Channel
Worldwide
Holdings,
Inc.,
5.13%,
08/15/27
(b)
................
2,848
2,947,139
Comcast
Corp.,
0.00%,
09/14/26
........
EUR
4,530
5,220,564
CSC
Holdings
LLC,
5.25%,
06/01/24
......
USD
4,208
4,507,525
DIRECTV
Holdings
LLC,
5.88%,
08/15/27
(b)
..
832
868,400
DISH
DBS
Corp.:
5.88%,
07/15/22
..................
548
564,783
5.00%,
03/15/23
..................
887
919,154
7.75%,
07/01/26
..................
2,237
2,526,076
Informa
plc
(e)
:
1.50%,
07/05/23
..................
EUR
5,000
5,939,509
2.13%,
10/06/25
..................
9,855
12,084,650
Interpublic
Group
of
Cos.,
Inc.
(The),
3.75%,
10/01/21
......................
USD
1,545
1,545,000
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27
(b)
.....................
649
687,940
Outfront
Media
Capital
LLC,
5.00%,
08/15/27
(b)
155
158,976
Radiate
Holdco
LLC,
4.50%,
09/15/26
(b)
....
2,449
2,528,593
Sinclair
Television
Group,
Inc.,
5.13%,
02/15/27
(b)
.....................
726
720,555
Sirius
XM
Radio,
Inc.
(b)
:
3.13%,
09/01/26
..................
975
988,406
5.00%,
08/01/27
..................
701
732,545
4.00%,
07/15/28
..................
952
968,065
Univision
Communications,
Inc.,
6.63%,
06/01/27
(b)
.....................
596
647,405
ViacomCBS,
Inc.,
3.88%,
04/01/24
.......
3,860
4,118,741
Videotron
Ltd.,
5.13%,
04/15/27
(b)(c)
.......
1,052
1,088,820
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(b)(c)
...............
1,143
1,180,548
WPP
Finance
2013,
3.00%,
11/20/23
(e)
.....
EUR
3,960
4,901,335
Ziggo
Bond
Co.
BV,
6.00%,
01/15/27
(b)(c)
....
USD
472
487,958
Ziggo
BV,
5.50%,
01/15/27
(b)(c)
..........
3,467
3,584,011
69,460,152
Metals
&
Mining
—
0.3%
Allegheny
Technologies,
Inc.,
7.88%,
08/15/23
(d)
138
155,250
AngloGold
Ashanti
Holdings
plc,
3.75%,
10/01/30
(c)
.....................
455
465,237
Antofagasta
plc,
2.38%,
10/14/30
(b)(c)
......
505
487,325
Arconic
Corp.
(b)
:
6.00%,
05/15/25
..................
628
659,538
6.13%,
02/15/28
..................
181
191,864
Constellium
SE
(b)
:
5.88%,
02/15/26
..................
2,776
2,817,640
5.63%,
06/15/28
..................
735
772,187
Freeport-McMoRan,
Inc.,
4.55%,
11/14/24
...
849
917,981
Fresnillo
plc,
4.25%,
10/02/50
(b)(c)
........
1,130
1,172,234
Glencore
Funding
LLC,
3.88%,
10/27/27
(c)(e)
..
3,087
3,365,139
Gold
Fields
Orogen
Holdings
BVI
Ltd.,
5.13%,
05/15/24
(b)(c)
....................
1,260
1,353,161
Industrias
Penoles
SAB
de
CV,
4.75%,
08/06/50
(b)(c)
....................
685
757,910
JSW
Steel
Ltd.,
5.38%,
04/04/25
(c)(e)
......
667
701,309
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
91
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
New
Gold,
Inc.,
7.50%,
07/15/27
(b)(c)
......
USD
716
$
736,678
Newcastle
Coal
Infrastructure
Group
Pty.
Ltd.,
4.40%,
09/29/27
(c)(e)
...............
1,867
1,910,739
Nexa
Resources
SA,
5.38%,
05/04/27
(b)(c)
...
1,201
1,256,021
Novelis
Corp.,
3.25%,
11/15/26
(b)
........
923
936,088
Nucor
Corp.,
2.00%,
06/01/25
..........
1,245
1,281,631
Periama
Holdings
LLC,
5.95%,
04/19/26
(c)
...
667
714,023
Steel
Dynamics,
Inc.,
2.40%,
06/15/25
.....
765
796,186
Usiminas
International
SARL,
5.88%,
07/18/26
(b)(c)
....................
510
536,010
Vale
Overseas
Ltd.,
3.75%,
07/08/30
(c)
.....
1,040
1,073,488
Vedanta
Resources
Finance
II
plc
(c)
:
8.00%,
04/23/23
(e)
.................
834
809,918
13.88%,
01/21/24
(e)
................
667
716,191
8.95%,
03/11/25
(b)
.................
200
199,500
8.95%,
03/11/25
(e)
.................
833
830,918
25,614,166
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.,
5.50%,
11/01/23
(b)
.....................
75
78,674
Multi-Utilities
—
0.1%
(e)
Engie
SA,
0.38%,
02/28/23
............
EUR
3,600
4,203,470
National
Grid
Electricity
Transmission
plc,
0.19%,
01/20/25
.................
1,490
1,737,143
Veolia
Environnement
SA,
0.67%,
03/30/22
..
5,400
6,270,878
12,211,491
Oil,
Gas
&
Consumable
Fuels
—
2.4%
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
....
USD
1,102
1,190,160
Antero
Midstream
Partners
LP
(b)
:
7.88%,
05/15/26
..................
625
683,406
5.75%,
03/01/27
..................
557
575,409
5.75%,
01/15/28
..................
48
49,740
Antero
Resources
Corp.,
8.38%,
07/15/26
(b)
..
136
154,051
APT
Pipelines
Ltd.,
4.25%,
07/15/27
(c)(e)
....
4,200
4,769,184
Azure
Power
Energy
Ltd.,
3.58%,
08/19/26
(b)(c)
600
606,000
Blue
Racer
Midstream
LLC,
7.63%,
12/15/25
(b)
652
704,975
BPRL
International
Singapore
Pte.
Ltd.,
4.38%,
01/18/27
(c)(e)
....................
2,886
3,059,701
Buckeye
Partners
LP,
4.50%,
03/01/28
(b)
....
775
786,625
Centennial
Resource
Production
LLC,
6.88%,
04/01/27
(b)
.....................
554
564,379
Chesapeake
Energy
Corp.,
5.50%,
02/01/26
(b)
119
124,355
Colgate
Energy
Partners
III
LLC,
7.75%,
02/15/26
(b)
.....................
249
262,072
Contemporary
Ruiding
Development
Ltd.,
1.88%,
09/17/25
(c)(e)
...............
3,000
3,021,480
Continental
Resources,
Inc.,
4.50%,
04/15/23
119
123,314
Continuum
Energy
Levanter
Pte.
Ltd.,
4.50%,
02/09/27
(b)(c)
....................
372
382,423
CrownRock
LP,
5.63%,
10/15/25
(b)
.......
2,736
2,800,159
Diamondback
Energy,
Inc.:
0.90%,
03/24/23
..................
7,495
7,492,726
2.88%,
12/01/24
..................
8,710
9,145,511
4.75%,
05/31/25
..................
8,600
9,606,454
Enbridge,
Inc.,
2.50%,
01/15/25
(c)
........
1,710
1,781,135
Endeavor
Energy
Resources
LP
(b)
:
6.63%,
07/15/25
..................
568
598,530
5.50%,
01/30/26
..................
1,445
1,506,268
Energean
Israel
Finance
Ltd.,
4.50%,
03/30/24
(b)(c)(e)
...................
1,295
1,319,605
Energy
Transfer
LP:
3.45%,
01/15/23
..................
8,080
8,314,221
3.60%,
02/01/23
..................
2,900
2,989,931
4.25%,
03/15/23
..................
35,795
37,316,076
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.88%,
01/15/24
..................
USD
10,825
$
11,896,927
4.50%,
04/15/24
..................
1,433
1,549,692
EnLink
Midstream
LLC,
5.63%,
01/15/28
(b)
..
401
426,961
EnLink
Midstream
Partners
LP,
4.85%,
07/15/26
......................
570
598,329
EQM
Midstream
Partners
LP:
6.00%,
07/01/25
(b)
.................
705
772,821
6.50%,
07/01/27
(b)
.................
1,032
1,160,742
5.50%,
07/15/28
..................
721
792,105
EQT
Corp.,
3.13%,
05/15/26
(b)
..........
217
222,451
Genesis
Energy
LP,
8.00%,
01/15/27
......
552
558,900
Geopark
Ltd.,
5.50%,
01/17/27
(b)(c)
........
520
513,922
GNL
Quintero
SA,
4.63%,
07/31/29
(c)(e)
.....
1,294
1,401,969
Greenko
Dutch
BV,
3.85%,
03/29/26
(c)(e)
....
1,334
1,355,511
Greenko
Mauritius
Ltd.,
6.25%,
02/21/23
(c)(e)
..
1,998
2,042,955
Hindustan
Petroleum
Corp.
Ltd.,
4.00%,
07/12/27
(c)(e)
....................
1,961
2,066,159
HPCL-Mittal
Energy
Ltd.,
5.45%,
10/22/26
(c)(e)
.
500
519,000
Independence
Energy
Finance
LLC,
7.25%,
05/01/26
(b)
.....................
870
895,848
India
Green
Energy
Holdings
(c)
:
5.38%,
04/29/24
(e)
.................
800
830,000
5.38%,
04/29/24
(b)
.................
810
840,375
Investment
Energy
Resources
Ltd.,
6.25%,
04/26/29
(b)(c)
....................
365
395,569
KazMunayGas
National
Co.
JSC,
3.50%,
04/14/33
(b)(c)
....................
540
556,200
Leviathan
Bond
Ltd.,
5.75%,
06/30/23
(b)(c)(e)
..
1,487
1,545,239
Matador
Resources
Co.,
5.88%,
09/15/26
...
1,719
1,776,930
MEG
Energy
Corp.,
6.50%,
01/15/25
(b)(c)
....
575
591,658
Mongolian
Mining
Corp.,
9.25%,
04/15/24
(b)(c)
.
333
298,867
MPLX
LP,
3.50%,
12/01/22
............
4,885
5,039,476
New
Fortress
Energy,
Inc.
(b)
:
6.75%,
09/15/25
..................
2,101
2,022,213
6.50%,
09/30/26
..................
2,094
2,002,387
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(b)
333
339,244
NuStar
Logistics
LP,
5.75%,
10/01/25
......
466
502,115
Occidental
Petroleum
Corp.:
6.95%,
07/01/24
..................
174
196,620
2.90%,
08/15/24
..................
2,615
2,661,809
5.50%,
12/01/25
..................
517
572,577
5.55%,
03/15/26
..................
1,980
2,197,800
8.50%,
07/15/27
..................
629
787,778
Oil
India
International
Pte.
Ltd.,
4.00%,
04/21/27
(c)(e)
....................
1,948
2,061,593
Oil
India
Ltd.,
5.38%,
04/17/24
(c)(e)
........
950
1,037,459
ONGC
Videsh
Vankorneft
Pte.
Ltd.,
3.75%,
07/27/26
(c)(e)
....................
1,981
2,089,088
OQ
SAOC,
5.13%,
05/06/28
(b)(c)
.........
2,031
2,048,771
Ovintiv
Exploration,
Inc.:
5.63%,
07/01/24
..................
9,278
10,287,875
5.38%,
01/01/26
..................
139
157,162
Parkland
Corp.,
5.88%,
07/15/27
(b)(c)
......
433
458,980
PDC
Energy,
Inc.,
5.75%,
05/15/26
.......
235
244,694
Petrobras
Global
Finance
BV,
5.30%,
01/27/25
(c)
.....................
2,225
2,479,640
Pioneer
Natural
Resources
Co.:
0.55%,
05/15/23
..................
4,255
4,259,327
1.13%,
01/15/26
..................
6,380
6,298,201
PTTEP
Treasury
Center
Co.
Ltd.,
2.59%,
06/10/27
(c)(e)
....................
2,600
2,687,425
Puma
International
Financing
SA,
5.13%,
10/06/24
(c)
.....................
495
496,856
Range
Resources
Corp.:
5.00%,
08/15/22
..................
200
203,562
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
92
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
9.25%,
02/01/26
..................
USD
605
$
659,480
Rattler
Midstream
LP,
5.63%,
07/15/25
(b)
....
672
699,754
ReNew
Power
Pvt
Ltd.,
5.88%,
03/05/27
(c)(e)
..
834
874,553
ReNew
Power
Synthetic,
6.67%,
03/12/24
(c)(e)
.
333
346,799
Sabine
Pass
Liquefaction
LLC,
5.75%,
05/15/24
5,967
6,645,501
Santos
Finance
Ltd.,
4.13%,
09/14/27
(c)(e)
...
1,943
2,080,551
Sinopec
Group
Overseas
Development
2017
Ltd.,
3.63%,
04/12/27
(c)(e)
............
2,250
2,458,440
SK
Battery
America,
Inc.,
2.13%,
01/26/26
(c)(e)
.
1,989
1,964,058
SM
Energy
Co.:
10.00%,
01/15/25
(b)
................
1,591
1,774,570
5.63%,
06/01/25
..................
65
65,372
6.75%,
09/15/26
..................
130
132,768
6.50%,
07/15/28
..................
214
221,558
Southwestern
Energy
Co.:
4.10%,
03/15/22
..................
54
54,135
6.45%,
01/23/25
(d)
.................
33
36,335
Sunoco
LP,
6.00%,
04/15/27
...........
54
56,227
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(b)
.
810
829,238
Targa
Resources
Partners
LP,
5.88%,
04/15/26
755
788,503
TerraForm
Power
Operating
LLC,
4.25%,
01/31/23
(b)
.....................
1,648
1,693,320
Western
Midstream
Operating
LP:
3.95%,
06/01/25
..................
742
784,120
4.65%,
07/01/26
..................
901
974,531
4.75%,
08/15/28
..................
356
388,141
208,197,626
Paper
&
Forest
Products
—
0.0%
Suzano
Austria
GmbH,
3.13%,
01/15/32
(c)
...
940
906,043
Pharmaceuticals
—
0.5%
Bausch
Health
Americas,
Inc.
(b)
:
9.25%,
04/01/26
..................
442
472,045
8.50%,
01/31/27
..................
1,712
1,823,622
Bausch
Health
Cos.,
Inc.
(b)
:
6.13%,
04/15/25
..................
2,724
2,780,251
5.50%,
11/01/25
..................
387
392,805
9.00%,
12/15/25
..................
2,071
2,185,889
4.88%,
06/01/28
..................
154
159,582
Bayer
AG,
0.05%,
01/12/25
(e)
...........
EUR
2,900
3,360,203
Bayer
Capital
Corp.
BV,
1.50%,
06/26/26
(e)
..
2,600
3,181,992
Catalent
Pharma
Solutions,
Inc.,
5.00%,
07/15/27
(b)
.....................
USD
248
257,610
Merck
Financial
Services
GmbH,
0.01%,
12/15/23
(e)
.....................
EUR
4,500
5,242,693
Organon
&
Co.,
4.13%,
04/30/28
(b)
.......
USD
1,730
1,764,600
P&L
Development
LLC,
7.75%,
11/15/25
(b)
...
582
604,523
Par
Pharmaceutical,
Inc.,
7.50%,
04/01/27
(b)
.
2,254
2,296,263
Teva
Pharmaceutical
Finance
Netherlands
III
BV
(c)
:
2.80%,
07/21/23
..................
11,000
10,873,500
7.13%,
01/31/25
..................
210
228,349
Upjohn
Finance
BV,
0.82%,
06/23/22
(e)
.....
EUR
5,090
5,941,990
41,565,917
Professional
Services
—
0.1%
CoreLogic,
Inc.,
4.50%,
05/01/28
(b)
.......
USD
379
376,631
Dun
&
Bradstreet
Corp.
(The),
6.88%,
08/15/26
(b)
.....................
2,241
2,350,249
Jaguar
Holding
Co.
II,
4.63%,
06/15/25
(b)
...
616
639,870
MMS
USA
Holdings,
Inc.,
0.63%,
06/13/25
(e)
.
EUR
3,300
3,895,940
7,262,690
Real
Estate
Management
&
Development
—
1.0%
Agile
Group
Holdings
Ltd.
(c)(e)
:
5.75%,
01/02/25
..................
USD
1,000
937,500
6.05%,
10/13/25
..................
900
843,750
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
Arabian
Centres
Sukuk
II
Ltd.,
5.63%,
10/07/26
(b)(c)
....................
USD
1,665
$
1,733,681
Central
China
Real
Estate
Ltd.
(c)(e)
:
7.65%,
08/27/23
..................
584
367,920
7.25%,
07/16/24
..................
583
354,646
China
Aoyuan
Group
Ltd.
(c)(e)
:
6.35%,
02/08/24
..................
1,000
848,000
5.98%,
08/18/25
..................
1,000
770,000
6.20%,
03/24/26
..................
834
633,840
China
Evergrande
Group
(c)(e)(g)(h)
:
8.25%,
03/23/22
..................
667
172,586
9.50%,
04/11/22
..................
667
165,916
11.50%,
01/22/23
.................
1,334
320,160
10.00%,
04/11/23
.................
666
159,008
China
Overseas
Grand
Oceans
Finance
IV
Cayman
Ltd.,
2.45%,
02/09/26
(c)(e)
......
550
543,916
China
SCE
Group
Holdings
Ltd.
(c)(e)
:
7.25%,
04/19/23
..................
667
648,157
7.38%,
04/09/24
..................
667
640,320
5.95%,
09/29/24
..................
667
613,640
7.00%,
05/02/25
..................
667
623,645
CIFI
Holdings
Group
Co.
Ltd.
(c)(e)
:
6.45%,
11/07/24
..................
667
665,333
6.00%,
07/16/25
..................
750
744,375
5.95%,
10/20/25
..................
750
742,500
Country
Garden
Holdings
Co.
Ltd.
(c)(e)
:
7.25%,
04/08/26
..................
600
629,250
5.63%,
12/15/26
..................
2,086
2,150,927
Easy
Tactic
Ltd.
(c)(e)
:
9.13%,
07/28/22
..................
333
262,071
12.38%,
11/18/22
.................
333
259,740
5.88%,
02/13/23
..................
667
483,575
8.13%,
02/27/23
..................
667
483,575
11.75%,
08/02/23
.................
667
483,575
Esic
Sukuk
Ltd.,
3.94%,
07/30/24
(c)(e)
......
1,903
1,964,610
Fantasia
Holdings
Group
Co.
Ltd.
(c)(e)
:
10.88%,
01/09/23
(g)(h)
...............
1,167
361,770
11.88%,
06/01/23
(g)(h)
...............
667
206,770
9.25%,
07/28/23
(g)(h)
................
667
211,772
9.88%,
10/19/23
..................
333
99,900
Forestar
Group,
Inc.,
3.85%,
05/15/26
(b)
....
177
176,779
Global
Prime
Capital
Pte.
Ltd.,
5.95%,
01/23/25
(c)(e)
....................
667
687,344
Howard
Hughes
Corp.
(The),
5.38%,
08/01/28
(b)
736
775,560
Hysan
MTN
Ltd.,
2.88%,
06/02/27
(c)(e)
......
3,773
3,950,567
Kaisa
Group
Holdings
Ltd.
(c)
:
11.50%,
01/30/23
(e)
................
1,000
844,250
10.88%,
07/23/23
.................
1,000
822,375
9.75%,
09/28/23
..................
667
525,262
11.95%,
11/12/23
(e)
................
1,334
1,093,880
9.38%,
06/30/24
(e)
.................
467
359,590
11.70%,
11/11/25
(e)
................
200
152,500
KWG
Group
Holdings
Ltd.
(c)(e)
:
7.88%,
09/01/23
..................
667
643,655
7.40%,
03/05/24
..................
667
643,655
5.88%,
11/10/24
..................
667
606,970
Logan
Group
Co.
Ltd.
(c)
:
5.75%,
01/14/25
(e)
.................
1,000
992,500
4.50%,
01/13/28
..................
1,167
1,070,723
Longfor
Group
Holdings
Ltd.
(c)(e)
:
3.90%,
04/16/23
..................
2,600
2,687,425
3.38%,
04/13/27
..................
1,895
1,945,691
Mirvac
Group
Finance
Ltd.,
3.63%,
03/18/27
(c)(e)
3,916
4,232,544
Modern
Land
China
Co.
Ltd.,
9.80%,
04/11/23
(c)
(e)
..........................
667
553,610
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
93
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
New
Metro
Global
Ltd.
(c)(e)
:
6.80%,
08/05/23
..................
USD
1,000
$
988,938
4.50%,
05/02/26
..................
667
611,972
Powerlong
Real
Estate
Holdings
Ltd.,
6.25%,
08/10/24
(c)(e)
....................
800
770,000
Radiance
Capital
Investments
Ltd.,
8.80%,
09/17/23
(c)(e)
....................
200
192,288
Redco
Properties
Group
Ltd.,
9.90%,
02/17/24
(c)
(e)
..........................
200
169,162
Redsun
Properties
Group
Ltd.
(c)(e)
:
10.50%,
10/03/22
.................
333
307,671
9.70%,
04/16/23
..................
1,000
917,500
7.30%,
01/13/25
..................
667
552,776
RKPF
Overseas
2019
A
Ltd.
(c)(e)
:
6.70%,
09/30/24
..................
666
661,005
5.90%,
03/05/25
..................
834
807,938
6.00%,
09/04/25
..................
667
643,655
RKPF
Overseas
2020
A
Ltd.,
5.20%,
01/12/26
(c)
(e)
..........................
667
616,141
Ronshine
China
Holdings
Ltd.
(c)(e)
:
7.35%,
12/15/23
..................
1,334
993,830
7.10%,
01/25/25
..................
667
453,560
Scenery
Journey
Ltd.
(c)(e)(g)(h)
:
11.50%,
10/24/22
.................
834
148,035
13.00%,
11/06/22
.................
834
144,021
12.00%,
10/24/23
.................
999
184,815
Seazen
Group
Ltd.,
6.45%,
06/11/22
(c)(e)
....
667
656,995
Shimao
Group
Holdings
Ltd.,
5.60%,
07/15/26
(c)
(e)
..........................
2,026
2,004,854
Sino-Ocean
Land
Treasure
Finance
II
Ltd.,
5.95%,
02/04/27
(c)(e)
...............
2,048
2,148,864
Sino-Ocean
Land
Treasure
IV
Ltd.,
3.25%,
05/05/26
(c)(e)
....................
1,450
1,386,834
Sunac
China
Holdings
Ltd.
(c)(e)
:
7.95%,
10/11/23
..................
666
542,790
7.50%,
02/01/24
..................
834
677,625
6.65%,
08/03/24
..................
834
667,200
6.50%,
01/10/25
..................
667
540,270
7.00%,
07/09/25
..................
917
731,307
Times
China
Holdings
Ltd.
(c)(e)
:
6.75%,
07/08/25
..................
1,417
1,296,555
6.20%,
03/22/26
..................
1,417
1,278,843
Unique
Pub
Finance
Co.
plc
(The),
Series
M,
7.40%,
03/28/24
(d)
................
GBP
4,172
5,942,097
Vonovia
Finance
BV
(e)
:
0.13%,
04/06/23
..................
EUR
4,100
4,773,437
1.63%,
04/07/24
..................
1,800
2,167,727
Vonovia
SE,
0.00%,
09/16/24
(e)
.........
3,200
3,716,669
Wanda
Properties
International
Co.
Ltd.,
7.25%,
01/29/24
(c)(e)
....................
USD
667
643,655
Wanda
Properties
Overseas
Ltd.,
6.88%,
07/23/23
(c)(e)
....................
667
643,780
Yango
Justice
International
Ltd.
(c)(e)
:
10.00%,
02/12/23
.................
666
619,380
8.25%,
11/25/23
..................
667
460,230
7.50%,
04/15/24
..................
834
642,180
Yanlord
Land
HK
Co.
Ltd.,
6.80%,
02/27/24
(c)(e)
800
798,000
Yuzhou
Group
Holdings
Co.
Ltd.
(c)(e)
:
8.50%,
02/26/24
..................
667
523,595
8.38%,
10/30/24
..................
667
511,922
7.70%,
02/20/25
..................
834
596,310
8.30%,
05/27/25
..................
834
610,905
7.38%,
01/13/26
..................
833
558,110
Zhenro
Properties
Group
Ltd.
(c)(e)
:
9.15%,
05/06/23
..................
333
324,529
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
8.35%,
03/10/24
..................
USD
667
$
637,110
7.88%,
04/14/24
..................
667
602,093
7.35%,
02/05/25
..................
333
287,212
6.63%,
01/07/26
..................
333
281,385
89,327,078
Road
&
Rail
—
0.3%
CMB
International
Leasing
Management
Ltd.
(c)
(e)
:
1.25%,
09/16/24
..................
1,200
1,193,112
1.88%,
08/12/25
..................
2,709
2,696,810
1.75%,
09/16/26
..................
1,165
1,146,313
DAE
Funding
LLC
(b)(c)
:
1.55%,
08/01/24
..................
906
897,719
2.63%,
03/20/25
..................
1,305
1,325,636
Penske
Truck
Leasing
Co.
LP
(b)
:
1.20%,
11/15/25
..................
3,970
3,923,960
1.70%,
06/15/26
..................
4,295
4,318,529
Rumo
Luxembourg
SARL,
5.88%,
01/18/25
(b)(c)
850
879,909
SMBC
Aviation
Capital
Finance
DAC,
2.30%,
06/15/28
(b)(c)
....................
2,835
2,844,513
Uber
Technologies,
Inc.
(b)
:
7.50%,
05/15/25
..................
1,507
1,606,462
7.50%,
09/15/27
..................
1,012
1,104,978
6.25%,
01/15/28
..................
868
930,921
22,868,862
Semiconductors
&
Semiconductor
Equipment
—
0.5%
Broadcom,
Inc.,
4.70%,
04/15/25
........
25,555
28,471,383
Microchip
Technology,
Inc.,
4.25%,
09/01/25
.
2,381
2,489,885
NXP
BV
(b)(c)
:
2.70%,
05/01/25
..................
3,801
3,963,255
3.88%,
06/18/26
..................
6,000
6,598,200
41,522,723
Software
—
0.6%
Boxer
Parent
Co.,
Inc.,
7.13%,
10/02/25
(b)
...
3,444
3,675,953
Camelot
Finance
SA,
4.50%,
11/01/26
(b)
....
1,554
1,614,218
CDK
Global,
Inc.,
4.88%,
06/01/27
.......
1,792
1,876,636
Change
Healthcare
Holdings
LLC,
5.75%,
03/01/25
(b)
.....................
1,784
1,797,380
Clarivate
Science
Holdings
Corp.,
3.88%,
07/01/28
(b)
.....................
855
855,000
Consensus
Cloud
Solutions,
Inc.
(b)
:
6.00%,
10/15/26
..................
98
100,695
6.50%,
10/15/28
..................
131
135,945
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(b)
.....................
200
197,000
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
.....
429
433,290
Nuance
Communications,
Inc.,
5.63%,
12/15/26
1,247
1,290,645
Oracle
Corp.,
1.65%,
03/25/26
..........
24,635
24,985,021
PTC,
Inc.,
3.63%,
02/15/25
(b)
...........
1,030
1,045,450
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
.
1,274
1,345,258
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
.......
1,711
1,779,440
VMware,
Inc.,
1.40%,
08/15/26
.........
15,275
15,206,263
56,338,194
Specialty
Retail
—
0.1%
eG
Global
Finance
plc
(b)(c)
:
6.75%,
02/07/25
..................
1,006
1,028,635
8.50%,
10/30/25
..................
200
208,250
InRetail
Consumer,
3.25%,
03/22/28
(b)(c)
....
485
482,666
Penske
Automotive
Group,
Inc.,
3.50%,
09/01/25
......................
494
508,203
PetSmart,
Inc.,
4.75%,
02/15/28
(b)
........
1,660
1,705,650
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
................
495
519,750
SRS
Distribution,
Inc.,
4.63%,
07/01/28
(b)
...
987
1,006,937
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
94
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
Staples,
Inc.,
7.50%,
04/15/26
(b)
.........
USD
1,125
$
1,141,003
Zhongsheng
Group
Holdings
Ltd.,
3.00%,
01/13/26
(c)(e)
....................
670
675,360
7,276,454
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Litigation
Systems,
Inc.,
4.00%,
10/30/27
(f)
..
4,189
4,131,611
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
Li
&
Fung
Ltd.,
4.50%,
08/18/25
(c)(e)
.......
1,874
1,932,328
William
Carter
Co.
(The),
5.63%,
03/15/27
(b)
..
503
521,435
2,453,763
Thrifts
&
Mortgage
Finance
—
0.1%
BPCE
SA,
0.63%,
04/28/25
(e)
...........
EUR
1,700
2,014,459
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
....
USD
869
948,748
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(b)
..
563
510,370
Ladder
Capital
Finance
Holdings
LLLP,
4.25%,
02/01/27
(b)
.....................
613
606,870
Nationstar
Mortgage
Holdings,
Inc.,
6.00%,
01/15/27
(b)
.....................
551
576,787
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(b)
...
229
223,779
4,881,013
Tobacco
—
0.7%
Altria
Group,
Inc.,
1.70%,
06/15/25
.......
EUR
7,900
9,593,249
BAT
Capital
Corp.:
1.13%,
11/16/23
(e)
.................
2,350
2,780,017
3.22%,
08/15/24
(c)
.................
USD
4,845
5,136,212
2.79%,
09/06/24
(c)
.................
29,510
31,034,310
BAT
International
Finance
plc:
0.88%,
10/13/23
(e)
.................
EUR
2,124
2,498,943
1.67%,
03/25/26
(c)
.................
USD
4,700
4,702,618
Philip
Morris
International,
Inc.:
2.88%,
03/03/26
..................
EUR
1,550
2,013,664
0.13%,
08/03/26
..................
730
840,159
58,599,172
Trading
Companies
&
Distributors
—
0.5%
Air
Lease
Corp.:
2.63%,
07/01/22
..................
USD
8,375
8,492,885
3.88%,
07/03/23
..................
4,500
4,731,089
1.88%,
08/17/26
..................
5,265
5,246,616
Aviation
Capital
Group
LLC
(b)
:
1.95%,
01/30/26
..................
5,785
5,764,101
1.95%,
09/20/26
..................
8,480
8,390,081
BOC
Aviation
Ltd.,
3.50%,
09/18/27
(c)(e)
.....
3,889
4,141,785
Fortress
Transportation
&
Infrastructure
Investors
LLC
(b)
:
6.50%,
10/01/25
..................
196
201,758
9.75%,
08/01/27
..................
89
100,793
5.50%,
05/01/28
..................
378
380,542
WESCO
Distribution,
Inc.,
7.13%,
06/15/25
(b)
.
3,447
3,678,397
41,128,047
Transportation
Infrastructure
—
0.1%
Fraport
AG
Frankfurt
Airport
Services
Worldwide,
1.63%,
07/09/24
(e)
.........
EUR
8,450
10,105,563
Water
Utilities
—
0.0%
Solaris
Midstream
Holdings
LLC,
7.63%,
04/01/26
(b)
.....................
USD
182
195,041
Wireless
Telecommunication
Services
—
0.6%
Bharti
Airtel
Ltd.,
4.38%,
06/10/25
(c)(e)
......
2,017
2,170,544
Connect
Finco
SARL,
6.75%,
10/01/26
(b)(c)
...
4,004
4,189,185
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
......................
1,365
1,539,038
Millicom
International
Cellular
SA
(b)(c)
:
5.13%,
01/15/28
..................
1,476
1,531,534
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
4.50%,
04/27/31
..................
USD
1,355
$
1,422,750
Sprint
Corp.:
7.88%,
09/15/23
..................
1,843
2,059,276
7.13%,
06/15/24
..................
892
1,015,275
7.63%,
02/15/25
..................
1,082
1,264,836
7.63%,
03/01/26
..................
1,248
1,512,233
Sprint
Spectrum
Co.
LLC,
4.74%,
03/20/25
(b)
.
7,096
7,578,795
T-Mobile
USA,
Inc.:
1.50%,
02/15/26
..................
17,445
17,502,364
2.63%,
04/15/26
..................
1,817
1,857,882
VEON
Holdings
BV
(b)(c)
:
4.00%,
04/09/25
..................
1,995
2,092,256
3.38%,
11/25/27
..................
1,189
1,207,058
VTR
Comunicaciones
SpA,
4.38%,
04/15/29
(b)(c)
935
958,375
47,901,401
Total
Corporate
Bonds
—
31.0%
(Cost:
$2,646,113,670)
............................
2,662,358,073
Floating
Rate
Loan
Interests
—
0.0%
Chemicals
—
0.0%
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.58%
,
 06/30/27
(a)
.................
35
34,888
Total
Floating
Rate
Loan
Interests
—
0.0%
(Cost:
$34,160)
.................................
34,888
Foreign
Agency
Obligations
—
0.7%
Bahrain
—
0.0%
(c)
CBB
International
Sukuk
Co.
7
SPC,
6.88%
,
10/05/25
(e)
......................
587
669,180
CBB
International
Sukuk
Programme
Co.,
6.25%
,
11/14/24
(b)
.................
202
218,198
887,378
Canada
—
0.3%
CPPIB
Capital,
Inc.,
0.50%
,
09/16/24
(b)(c)
....
22,650
22,569,555
Chile
—
0.0%
Corp.
Nacional
del
Cobre
de
Chile,
3.75%
,
01/15/31
(b)(c)
.....................
505
539,593
Colombia
—
0.0%
Ecopetrol
SA,
5.38%
,
06/26/26
(c)
.........
2,070
2,243,311
Dominican
Republic
—
0.0%
Banco
de
Reservas
de
la
Republica
Dominicana
,
7.00%
,
02/01/23
(c)(e)
.......
1,458
1,521,332
India
—
0.1%
(c)(e)
Export-Import
Bank
of
India,
3.38%
,
08/05/26
.
1,987
2,108,455
Indian
Oil
Corp.
Ltd.,
4.75%
,
01/16/24
......
2,000
2,147,875
NTPC
Ltd.,
3.75%
,
04/03/24
............
2,013
2,116,544
Power
Finance
Corp.
Ltd.,
3.75%
,
06/18/24
..
1,948
2,046,374
8,419,248
Indonesia
—
0.1%
Bank
Tabungan
Negara
Persero
Tbk
.
PT,
4.20%
,
01/23/25
(c)(e)
................
667
679,579
Pertamina
Persero
PT
(c)(e)
:
1.40%,
02/09/26
..................
3,000
2,932,830
3.10%,
08/27/30
..................
2,097
2,139,171
5,751,580
Italy
—
0.0%
ACEA
SpA
,
0.00%
,
09/28/25
(e)
...........
EUR
1,885
2,183,009
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
95
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Mexico
—
0.1%
Petroleos
Mexicanos
(c)
:
6.88%,
08/04/26
..................
USD
1,720
$
1,862,072
6.84%,
01/23/30
..................
1,570
1,613,803
5.95%,
01/28/31
..................
5,370
5,192,253
8,668,128
Panama
—
0.0%
Aeropuerto
Internacional
de
Tocumen
SA
(b)(c)
:
4.00%,
08/11/41
..................
2,121
2,157,190
5.13%,
08/11/61
..................
990
1,038,448
Banco
Latinoamericano
de
Comercio
Exterior
SA,
2.38%
,
09/14/25
(b)(c)
.............
1,110
1,132,061
4,327,699
Peru
—
0.0%
Corp.
Financiera
de
Desarrollo
SA,
2.40%
,
09/28/27
(b)(c)
.....................
690
679,650
Qatar
—
0.0%
Qatar
Petroleum,
3.30%
,
07/12/51
(b)(c)
......
1,565
1,575,446
Saudi
Arabia
—
0.1%
Saudi
Arabian
Oil
Co.
(b)(c)
:
2.88%,
04/16/24
..................
3,245
3,378,856
2.25%,
11/24/30
..................
1,035
1,008,608
4,387,464
Total
Foreign
Agency
Obligations
—
0.7%
(Cost:
$64,028,372)
...............................
63,753,393
Foreign
Government
Obligations
—
1.4%
Bahrain
—
0.1%
Kingdom
of
Bahrain
(c)
:
7.00%,
01/26/26
(e)
.................
2,374
2,620,748
4.25%,
01/25/28
(b)
.................
780
769,275
7.38%,
05/14/30
(e)
.................
1,607
1,780,556
5,170,579
Brazil
—
0.1%
Federative
Republic
of
Brazil
(c)
:
6.00%,
04/07/26
..................
877
1,007,070
4.63%,
01/13/28
..................
1,940
2,044,032
3.88%,
06/12/30
..................
4,114
3,983,638
7,034,740
Chile
—
0.1%
Republic
of
Chile
(c)
:
2.45%,
01/31/31
..................
1,930
1,911,062
2.55%,
07/27/33
..................
1,825
1,786,675
3.10%,
05/07/41
..................
1,205
1,163,427
4,861,164
Colombia
—
0.1%
Republic
of
Colombia
(c)
:
4.00%,
02/26/24
..................
384
401,352
8.13%,
05/21/24
..................
3,010
3,476,174
3.88%,
04/25/27
..................
2,510
2,602,242
4.50%,
03/15/29
..................
869
915,329
3.25%,
04/22/32
..................
820
763,830
4.13%,
05/15/51
..................
510
439,492
8,598,419
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond
(c)
:
4.50%,
01/30/30
(b)
.................
2,904
2,946,289
4.88%,
09/23/32
(b)
.................
1,715
1,749,622
5.30%,
01/21/41
(e)
.................
1,084
1,072,347
Security
Par
(000)
Par
(000)
Value
Dominican
Republic
(continued)
6.40%,
06/05/49
(e)
.................
USD
1,100
$
1,164,831
6,933,089
Egypt
—
0.1%
Arab
Republic
of
Egypt:
6.13%,
01/31/22
(c)(e)
................
500
503,500
5.58%,
02/21/23
(b)(c)
................
1,160
1,190,566
4.75%,
04/11/25
(b)
.................
EUR
290
340,960
5.88%,
06/11/25
(c)(e)
................
USD
989
1,018,571
5.25%,
10/06/25
(b)(c)
................
1,595
1,618,925
7.60%,
03/01/29
(c)(e)
................
1,168
1,203,040
5.88%,
02/16/31
(b)(c)
................
250
228,125
6.38%,
04/11/31
(b)
.................
EUR
1,250
1,415,359
7,519,046
Ghana
—
0.0%
Republic
of
Ghana
(c)
:
6.38%,
02/11/27
(e)
.................
USD
634
590,413
8.63%,
04/07/34
(b)
.................
1,948
1,840,860
2,431,273
Hungary
—
0.0%
Hungary
Government
Bond,
3.13%
,
09/21/51
(b)
(c)
............................
980
961,241
India
—
0.0%
Indian
Railway
Finance
Corp.
Ltd.,
3.73%
,
03/29/24
(c)(e)
.....................
1,957
2,064,929
Indonesia
—
0.1%
(c)(e)
Bank
Mandiri
Persero
Tbk
.
PT,
4.75%
,
05/13/25
2,041
2,256,963
Perusahaan
Listrik
Negara
PT,
4.13%
,
05/15/27
3,059
3,313,853
Republic
of
Indonesia
(c)
:
4.75%,
01/08/26
(e)
.................
2,010
2,278,586
3.50%,
01/11/28
..................
1,600
1,734,300
4.10%,
04/24/28
..................
1,190
1,335,254
4.75%,
02/11/29
..................
450
524,300
11,443,256
Israel
—
0.0%
State
of
Israel
Government
Bond,
2.75%
,
07/03/30
(c)
......................
990
1,052,494
Mexico
—
0.1%
United
Mexican
States
(c)
:
4.13%,
01/21/26
..................
1,460
1,633,740
4.50%,
04/22/29
..................
1,997
2,242,631
3.25%,
04/16/30
..................
1,416
1,449,453
2.66%,
05/24/31
..................
1,513
1,459,383
4.75%,
04/27/32
..................
831
934,771
7,719,978
Mongolia
—
0.0%
State
of
Mongolia,
5.13%
,
04/07/26
(c)(e)
.....
800
838,088
Morocco
—
0.1%
Kingdom
of
Morocco
(b)(c)
:
2.38%,
12/15/27
..................
1,467
1,435,826
3.00%,
12/15/32
..................
2,173
2,061,634
4.00%,
12/15/50
..................
745
678,881
4,176,341
Nigeria
—
0.0%
Federal
Republic
of
Nigeria,
7.88%
,
02/16/32
(c)
(e)
............................
957
990,675
Oman
—
0.0%
Oman
Sovereign
Sukuk
Co.,
4.88%
,
06/15/30
(b)
(c)
............................
450
472,781
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
96
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Pakistan
—
0.0%
Islamic
Republic
of
Pakistan,
6.00%
,
04/08/26
(c)
(e)
............................
USD
255
$
252,478
Panama
—
0.1%
Republic
of
Panama
(c)
:
3.88%,
03/17/28
..................
2,560
2,777,280
3.16%,
01/23/30
..................
1,395
1,437,983
2.25%,
09/29/32
..................
1,004
942,066
5,157,329
Paraguay
—
0.1%
Republic
of
Paraguay
(c)
:
5.00%,
04/15/26
(e)
.................
1,569
1,736,981
4.95%,
04/28/31
(b)
.................
4,368
4,914,819
2.74%,
01/29/33
(b)
.................
1,985
1,899,149
8,550,949
Peru
—
0.0%
Peru
Government
Bond,
1.86%
,
12/01/32
(c)
..
970
881,063
Republic
of
Peru
(c)
:
2.39%,
01/23/26
..................
2,345
2,390,141
3.30%,
03/11/41
..................
857
830,862
4,102,066
Philippines
—
0.1%
Republic
of
Philippines,
3.75%
,
01/14/29
(c)
...
4,460
4,969,555
Qatar
—
0.1%
State
of
Qatar
(c)
:
4.50%,
04/23/28
(e)
.................
3,055
3,562,512
4.00%,
03/14/29
(b)
.................
3,740
4,248,640
7,811,152
Romania
—
0.0%
Romania
Government
Bond,
3.00%
,
02/14/31
(b)
(c)
............................
2,858
2,913,017
Russia
—
0.0%
Russian
Federation,
4.25%
,
06/23/27
(c)(e)
....
1,600
1,783,200
Saudi
Arabia
—
0.1%
Kingdom
of
Saudi
Arabia
(c)
:
4.00%,
04/17/25
(e)
.................
2,050
2,243,725
3.25%,
10/26/26
(e)
.................
854
920,185
3.63%,
03/04/28
(e)
.................
600
658,500
4.38%,
04/16/29
(b)
.................
2,180
2,510,270
6,332,680
South
Africa
—
0.0%
Republic
of
South
Africa,
4.88%
,
04/14/26
(c)
..
901
963,113
Ukraine
—
0.0%
Ukraine
Government
Bond
(c)
:
8.99%,
02/01/24
(e)
.................
930
1,023,930
7.75%,
09/01/24
(e)
.................
953
1,030,908
9.75%,
11/01/28
(e)
.................
1,017
1,193,576
7.25%,
03/15/33
(b)
.................
200
201,725
3,450,139
United
Arab
Emirates
—
0.0%
Sharjah
Sukuk
Program
Ltd.,
2.94%
,
06/10/27
(c)
(e)
............................
2,885
2,913,850
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay,
4.38%
,
10/27/27
(c)
......................
1,684
1,932,700
Total
Foreign
Government
Obligations
—
1.4%
(Cost:
$123,510,080)
..............................
123,400,321
Security
Shares
Shares
Value
Investment
Companies
—
1.9%
iShares
Short
Maturity
Bond
ETF
(
i
)
........
3,180,000
$
159,445,199
Total
Investment
Companies
—
1.9%
(Cost:
$159,438,279)
..............................
159,445,199
Par
(000)
Par
(000)
Non-Agency
Mortgage-Backed
Securities
—
10.5%
Collateralized
Mortgage
Obligations
—
1.6%
Atlas
Funding
plc
(a)
:
Series
2021-1,
Class
C,
(SONIA3M
IR
+
1.70%),
1.75%,
07/25/58
(e)
.........
GBP
125
170,345
Series
2021-1,
Class
D,
(SONIA3M
IR
+
2.25%),
2.30%,
07/25/58
(e)
.........
110
150,409
Banc
of
America
Mortgage
Trust,
Series
2003-J,
Class
2A1,
2.67%,
11/25/33
(a)
.........
USD
179
176,424
Bear
Stearns
ARM
Trust,
Series
2004-5,
Class
2A,
2.92%,
07/25/34
(a)
..............
313
324,662
BlackRock
Capital
Finance
LP,
Series
1997-R2,
Class
AP,
0.00%,
12/25/35
(a)(b)(
i
)
........
16
13,876
Canada
Square
Funding
plc,
Series
2021-2,
Class
C,
(SONIA3M
IR
+
1.60%),
1.65%,
06/17/58
(a)(e)
.....................
GBP
102
138,295
Cascade
MH
Asset
Trust,
Series
2021-MH1,
Class
A1,
1.75%,
02/25/46
(b)
..........
USD
2,793
2,791,437
Chase
Home
Lending
Mortgage
Trust
(a)(b)
:
Series
2019-ATR2,
Class
A11,
(LIBOR
USD
1
Month
+
0.90%),
0.99%,
07/25/49
...
1,238
1,243,351
Series
2019-ATR2,
Class
A3,
3.50%,
07/25/49
.....................
2,649
2,701,759
CHL
Mortgage
Pass-Through
Trust:
Series
2004-29,
Class
1A1,
(LIBOR
USD
1
Month
+
0.54%),
0.63%,
02/25/35
(a)
...
248
244,911
Series
2005-17,
Class
1A6,
5.50%,
09/25/35
343
345,391
Series
2005-HYB8,
Class
2A1,
2.70%,
12/20/35
(a)
....................
631
601,254
CMF
plc
(a)
:
Series
2020-1,
Class
B,
(SONIA1M
IR
+
1.00%),
1.05%,
01/16/57
(e)
.........
GBP
220
295,787
Series
2020-1,
Class
C,
(SONIA1M
IR
+
1.25%),
1.30%,
01/16/57
(e)
.........
105
141,377
CSMC
Trust
(a)(b)
:
Series
2013-HYB1,
Class
B2,
2.94%,
04/25/43
.....................
USD
5,440
5,455,668
Series
2013-HYB1,
Class
B4,
2.94%,
04/25/43
.....................
4,835
4,831,744
Series
2019-RP10,
Class
A1,
2.99%,
12/26/59
.....................
3,484
3,501,865
Dutch
Property
Finance
BV
(a)
:
Series
2021-1,
Class
B,
(EURIBOR
3
Month
+
1.10%),
0.56%,
07/28/58
(e)
........
EUR
740
865,903
Series
2021-2,
Class
B,
(EURIBOR
3
Month
+
0.80%),
0.26%,
04/28/59
(e)
........
820
950,065
Series
2021-2,
Class
C,
(EURIBOR
3
Month
+
1.05%),
0.51%,
04/28/59
(e)
........
503
582,784
Finsbury
Square,
Series
2021-1GRX,
Class
C,
(SONIA3M
IR
+
1.25%),
1.30%,
12/16/67
(a)(e)
GBP
1,045
1,413,917
Finsbury
Square
plc,
Series
2020-1A,
Class
C,
(SONIA3M
IR
+
1.35%),
1.40%,
03/16/70
(a)(b)
225
304,397
Gemgarto
plc,
Series
2021-1X,
Class
C,
(SONIA3M
IR
+
1.30%),
1.35%,
12/16/67
(a)(e)
218
294,655
Gosforth
Funding
plc,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
0.45%),
0.58%,
08/25/60
(a)(b)(c)
....................
USD
3,054
3,058,582
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
97
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
GS
Mortgage-Backed
Securities
Corp.
Trust
(a)(b)
:
Series
2019-PJ1,
Class
B1,
4.27%,
08/25/49
USD
2,706
$
2,744,433
Series
2020-PJ4,
Class
A2,
3.00%,
01/25/51
5,431
5,518,045
Hops
Hill
No.
1
plc
(a)
:
Series
1,
Class
C,
(SONIA1M
IR
+
1.85%),
1.90%,
05/27/54
(e)
...............
GBP
200
273,748
Series
1,
Class
D,
(SONIA1M
IR
+
2.35%),
2.40%,
05/27/54
(e)
...............
100
137,217
JPMorgan
Mortgage
Trust
(a)(b)
:
Series
2016-2,
Class
A1,
2.38%,
06/25/46
.
USD
5,050
5,008,052
Series
2020-7,
Class
A3,
3.00%,
01/25/51
.
4,207
4,286,228
Series
2020-LTV1,
Class
A11,
(LIBOR
USD
1
Month
+
1.00%),
1.08%,
06/25/50
...
3,085
3,097,650
Lanebrook
Mortgage
Transaction
plc
(a)
:
Series
2020-1,
Class
C,
(SONIA3M
IR
+
2.25%),
2.30%,
06/12/57
(e)
.........
GBP
370
509,936
Series
2021-1,
Class
C,
(SONIO/N
+
1.25%),
1.30%,
07/20/58
(e)
.........
158
213,205
MortgageIT
Trust,
Series
2004-1,
Class
A1,
(LIBOR
USD
1
Month
+
0.78%),
0.86%,
11/25/34
(a)
......................
USD
565
570,609
Mortimer
BTL
plc,
Series
2021-1,
Class
C,
(SONIA3M
IR
+
1.45%),
1.50%,
06/23/53
(a)(e)
GBP
111
151,552
New
Residential
Mortgage
Loan
Trust
(a)(b)
:
Series
2016-3A,
Class
A1B,
3.25%,
09/25/56
.....................
USD
1,615
1,698,005
Series
2018-1A,
Class
A1A,
4.00%,
12/25/57
.....................
5,917
6,314,957
Series
2020-1A,
Class
A1B,
3.50%,
10/25/59
.....................
14,071
14,700,309
Residential
Mortgage
Securities
32
plc,
Series
32X,
Class
C,
(SONIA3M
IR
+
2.20%),
2.25%,
06/20/70
(a)(e)
................
GBP
1,025
1,407,940
RMAC
Securities
No.
1
plc,
Series
2007-NS1X,
Class
A2A,
(LIBOR
GBP
3
Month
+
0.15%),
0.21%,
06/12/44
(a)(e)
................
373
486,184
Seasoned
Credit
Risk
Transfer
Trust:
Series
2018-2,
Class
MA,
3.50%,
11/25/57
USD
6,081
6,354,744
Series
2018-3,
Class
MA,
3.50%,
08/25/57
(a)
16,395
17,167,791
Series
2019-4,
Class
MA,
3.00%,
02/25/59
15,688
16,336,069
Sequoia
Mortgage
Trust,
Series
2017-CH1,
Class
A2,
3.50%,
08/25/47
(a)(b)
.........
1,575
1,589,701
Starwood
Mortgage
Residential
Trust,
Series
2020-INV1,
Class
A1,
1.03%,
11/25/55
(a)(b)
.
5,495
5,486,332
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2004-13,
Class
A2,
(LIBOR
USD
1
Month
+
0.30%),
0.39%,
09/25/34
(a)
622
598,007
Together
Asset-Backed
Securitisation
2021-1st1
plc,
Series
2021-1ST1,
Class
C,
(SONIO/N
+
1.25%),
1.30%,
07/12/63
(a)(e)
.........
GBP
108
145,533
TORRENS
Trust,
Series
2013-1,
Class
A,
(ASX
Australia
Bank
Bill
Short
Term
Rates
1
Month
Mid
+
0.95%),
0.95%,
04/12/44
(a)
..
AUD
3,507
2,543,727
Tower
Bridge
Funding
(a)
:
Series
2021-1,
Class
C,
(SONIA3M
IR
+
1.85%),
1.90%,
07/21/64
(e)
.........
GBP
365
497,980
Series
2021-1,
Class
D,
(SONIA3M
IR
+
2.15%),
2.20%,
07/21/64
(e)
.........
252
343,751
Tower
Bridge
Funding
plc
(a)
:
Series
2020-1,
Class
C,
(SONIA3M
IR
+
2.45%),
2.50%,
09/20/63
(e)
.........
145
198,851
Series
2020-1,
Class
D,
(SONIA3M
IR
+
3.45%),
3.50%,
09/20/63
(e)
.........
120
164,963
Series
2021-2,
Class
C,
(SONIA3M
IR
+
1.50%),
1.55%,
11/20/63
(e)
.........
140
190,987
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2021-2,
Class
D,
(SONIA3M
IR
+
1.80%),
1.85%,
11/20/63
(e)
.........
GBP
169
$
229,882
Twin
Bridges
plc
(a)
:
Series
2020-1,
Class
C,
(SONIA3M
IR
+
2.25%),
2.30%,
12/12/54
(e)
.........
395
544,987
Series
2020-1,
Class
D,
(SONIA3M
IR
+
3.00%),
3.05%,
12/12/54
(e)
.........
225
312,575
Series
2021-1,
Class
C,
(SONIA3M
IR
+
1.60%),
1.65%,
03/12/55
(e)
.........
436
598,117
Series
2021-1,
Class
D,
(SONIA3M
IR
+
2.10%),
2.15%,
03/12/55
(e)
.........
220
302,705
Series
2021-2,
Class
C,
(SONIO/N
+
1.15%),
1.20%,
09/12/55
(e)
.........
435
586,294
Series
2021-2,
Class
D,
(SONIO/N
+
1.50%),
1.55%,
09/12/55
(e)
.........
187
252,029
Walsh
Acceptance,
Series
1997-2,
Class
A,
(LIBOR
USD
1
Month
+
2.00%),
2.09%,
03/01/27
(a)(b)
.....................
USD
3
1,521
Wells
Fargo
Mortgage
Backed
Securities
Trust
(a)(b)
:
Series
2019-4,
Class
A2,
3.00%,
09/25/49
.
1,478
1,497,201
Series
2020-RR1,
Class
A1,
3.00%,
05/25/50
.....................
2,581
2,617,044
136,277,719
Commercial
Mortgage-Backed
Securities
—
8.9%
Alen
Mortgage
Trust,
Series
2021-ACEN,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
1.23%,
04/15/34
(a)(b)
.....................
8,030
8,037,566
AOA
Mortgage
Trust,
Series
2015-1177,
Class
D,
3.11%,
12/13/29
(a)(b)
..............
4,855
4,832,828
Atom
Mortgage
Securities
DAC
(a)
:
Series
1X,
Class
D,
(SONIO/N
+
1.90%),
1.95%,
07/22/31
(e)
...............
GBP
1,960
2,641,836
Series
1X,
Class
E,
(SONIO/N
+
2.80%),
2.85%,
07/22/31
(e)
...............
2,219
2,989,355
BAMLL
Commercial
Mortgage
Securities
Trust
(a)
(b)
:
Series
2017-SCH,
Class
AF,
(LIBOR
USD
1
Month
+
1.00%),
1.08%,
11/15/33
....
USD
3,270
3,204,353
Series
2018-DSNY,
Class
A,
(LIBOR
USD
1
Month
+
0.85%),
0.93%,
09/15/34
....
12,495
12,487,267
BANK:
Series
2018-BN14,
Class
A2,
4.13%,
09/15/60
.....................
6,000
6,274,338
Series
2019-BN16,
Class
A2,
3.93%,
02/15/52
.....................
12,200
12,851,819
Series
2019-BN18,
Class
A2,
3.47%,
05/15/62
.....................
15,479
16,357,162
Bear
Stearns
Commercial
Mortgage
Securities
Trust,
Series
2005-PW10,
Class
AJ,
5.78%,
12/11/40
(a)
......................
—
(j)
1
Benchmark
Mortgage
Trust,
Series
2019-B9,
Class
A5,
4.02%,
03/15/52
...........
10,000
11,372,864
BX
Commercial
Mortgage
Trust
(b)
:
Series
2018-IND,
Class
A,
(LIBOR
USD
1
Month
+
0.75%),
0.83%,
11/15/35
(a)
...
1,164
1,164,897
Series
2019-XL,
Class
A,
(LIBOR
USD
1
Month
+
0.92%),
1.00%,
10/15/36
(a)
...
23,387
23,432,422
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
5,820
6,064,853
Series
2021-VINO,
Class
A,
(LIBOR
USD
1
Month
+
0.65%),
0.74%,
05/15/38
(a)
...
6,930
6,937,046
BX
Trust
(a)(b)
:
Series
2021-LBA,
Class
AJV,
(LIBOR
USD
1
Month
+
0.80%),
0.88%,
02/15/36
....
4,700
4,702,901
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
98
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2021-LBA,
Class
AV,
(LIBOR
USD
1
Month
+
0.80%),
0.88%,
02/15/36
....
USD
6,280
$
6,283,876
Series
2021-SDMF,
Class
A,
(LIBOR
USD
1
Month
+
0.59%),
0.69%,
09/15/23
....
7,130
7,109,975
Series
2021-SOAR,
Class
A,
(LIBOR
USD
1
Month
+
0.67%),
0.75%,
06/15/38
....
12,210
12,215,652
Series
2021-VIEW,
Class
A,
(LIBOR
USD
1
Month
+
1.28%),
1.36%,
06/15/23
....
3,450
3,453,211
CFCRE
Commercial
Mortgage
Trust
(b)
:
Series
2018-TAN,
Class
A,
4.24%,
02/15/33
15,000
15,488,307
Series
2018-TAN,
Class
B,
4.69%,
02/15/33
7,905
8,142,605
Citigroup
Commercial
Mortgage
Trust:
Series
2012-GC8,
Class
A4,
3.02%,
09/10/45
.....................
13,817
13,970,111
Series
2013-GC11,
Class
A3,
2.82%,
04/10/46
.....................
26,424
27,090,281
Series
2015-GC31,
Class
A4,
3.76%,
06/10/48
.....................
9,000
9,813,257
Series
2015-P1,
Class
A4,
3.46%,
09/15/48
13,174
14,061,041
Series
2016-P3,
Class
A2,
2.74%,
04/15/49
3,496
3,494,244
Series
2016-P4,
Class
A4,
2.90%,
07/10/49
14,575
15,504,776
Commercial
Mortgage
Trust:
Series
2012-CR1,
Class
A3,
3.39%,
05/15/45
.....................
7,316
7,373,894
Series
2013-CR13,
Class
A4,
4.19%,
11/10/46
(a)
....................
4,515
4,822,453
Series
2014-CR21,
Class
A3,
3.53%,
12/10/47
.....................
15,052
15,966,683
Series
2014-UBS5,
Class
ASB,
3.55%,
09/10/47
.....................
4,157
4,311,522
Series
2014-UBS6,
Class
ASB,
3.39%,
12/10/47
.....................
1,162
1,208,514
Series
2015-CR22,
Class
A3,
3.21%,
03/10/48
.....................
28,180
28,317,214
Series
2015-CR23,
Class
A2,
2.85%,
05/10/48
.....................
3,860
3,904,688
Series
2015-CR23,
Class
A4,
3.50%,
05/10/48
.....................
7,750
8,368,431
Series
2015-CR24,
Class
ASB,
3.45%,
08/10/48
.....................
5,732
6,001,815
Series
2015-PC1,
Class
B,
4.46%,
07/10/50
(a)
....................
4,175
4,518,407
Credit
Suisse
Mortgage
Capital
Certificates
(b)
:
Series
2020-NET,
Class
A,
2.26%,
08/15/37
7,128
7,325,611
Series
2021-980M,
Class
A,
2.39%,
07/15/31
.....................
6,240
6,352,298
Series
2021-980M,
Class
C,
3.20%,
07/15/31
.....................
3,450
3,512,952
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C2,
Class
A4,
3.50%,
06/15/57
.....
2,458
2,638,388
Extended
Stay
America
Trust,
Series
2021-
ESH,
Class
A,
(LIBOR
USD
1
Month
+
1.08%),
1.16%,
07/15/38
(a)(b)
..........
12,813
12,849,509
GS
Mortgage
Securities
Corp.
II:
Series
2005-ROCK,
Class
F,
5.52%,
05/03/32
(b)
....................
2,000
2,245,200
Series
2013-GC10,
Class
A4,
2.68%,
02/10/46
.....................
3,644
3,714,091
GS
Mortgage
Securities
Corp.
Trust
(b)
:
Series
2012-ALOH,
Class
A,
3.55%,
04/10/34
.....................
17,000
17,118,050
Series
2020-TWN3,
Class
A,
(LIBOR
USD
1
Month
+
2.00%),
2.08%,
11/15/37
(a)
...
11,900
11,956,793
GS
Mortgage
Securities
Trust:
Series
2011-GC5,
Class
AS,
5.21%,
08/10/44
(a)(b)
...................
6,968
6,997,269
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2013-GC13,
Class
AAB,
3.72%,
07/10/46
(a)
....................
USD
2,665
$
2,726,723
Series
2014-GC24,
Class
AAB,
3.65%,
09/10/47
.....................
5,626
5,853,767
Series
2015-GS1,
Class
A3,
3.73%,
11/10/48
.....................
5,900
6,442,914
Series
2019-GC38,
Class
A2,
3.87%,
02/10/52
.....................
8,134
8,590,543
Haus
European
Loan
Conduit
No.
DAC
(a)
:
Series
39X,
Class
C,
(EURIBOR
3
Month
+
1.40%),
1.40%,
07/28/51
(e)
.........
EUR
841
975,849
Series
39X,
Class
D,
(EURIBOR
3
Month
+
2.00%),
2.00%,
07/28/51
(e)
.........
970
1,124,971
Hawaii
Hotel
Trust,
Series
2019-MAUI,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
1.23%,
05/15/38
(a)(b)
.....................
USD
9,675
9,683,978
HONO
Mortgage
Trust,
Series
2021-LULU,
Class
D,
(LIBOR
USD
1
Month
+
2.50%),
2.60%,
10/15/36
(a)(b)
................
2,000
2,000,000
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2021-MHC,
Class
A,
(LIBOR
USD
1
Month
+
0.80%),
0.88%,
04/15/38
(a)(b)
.....................
3,676
3,687,536
JPMBB
Commercial
Mortgage
Securities
Trust:
Series
2014-C23,
Class
ASB,
3.66%,
09/15/47
.....................
4,090
4,278,304
Series
2016-C1,
Class
A5,
3.58%,
03/15/49
2,250
2,447,989
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2017-JP6,
Class
A3,
3.11%,
07/15/50
17,260
17,872,095
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust:
Series
2012-HSBC,
Class
D,
4.67%,
07/05/32
(a)(b)
...................
6,490
6,598,526
Series
2013-C16,
Class
A4,
4.17%,
12/15/46
13,920
14,783,658
Series
2018-WPT,
Class
AFX,
4.25%,
07/05/33
(b)
....................
7,070
7,457,670
Series
2019-BKWD,
Class
A,
(LIBOR
USD
1
Month
+
1.00%),
1.08%,
09/15/29
(a)(b)
..
1,864
1,866,772
KNDL
Mortgage
Trust,
Series
2019-KNSQ,
Class
D,
(LIBOR
USD
1
Month
+
1.35%),
1.43%,
05/15/36
(a)(b)
................
2,972
2,976,361
Last
Mile
Logistics
Pan
Euro
Finance
DAC
(a)
:
Series
1X,
Class
C,
(EURIBOR
3
Month
+
1.40%),
1.40%,
08/17/33
(e)
.........
EUR
1,356
1,572,460
Series
1X,
Class
D,
(EURIBOR
3
Month
+
1.90%),
1.90%,
08/17/33
(e)
.........
1,050
1,217,656
Last
Mile
Securities
PE
DAC
(a)
:
Series
2021-1X,
Class
B,
(EURIBOR
3
Month
+
1.20%),
1.20%,
08/17/31
(e)
...
939
1,089,524
Series
2021-1X,
Class
C,
(EURIBOR
3
Month
+
1.60%),
1.60%,
08/17/31
(e)
...
1,061
1,232,192
MHC
Commercial
Mortgage
Trust,
Series
2021-MHC,
Class
A,
(LIBOR
USD
1
Month
+
0.80%),
0.88%,
04/15/38
(a)(b)
..........
USD
12,380
12,391,174
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust:
Series
2013-C13,
Class
A4,
4.04%,
11/15/46
11,900
12,643,355
Series
2013-C9,
Class
AAB,
2.66%,
05/15/46
.....................
1,814
1,838,107
Series
2014-C15,
Class
A4,
4.05%,
04/15/47
9,800
10,476,569
Series
2014-C18,
Class
ASB,
3.62%,
10/15/47
.....................
5,345
5,562,405
Series
2014-C19,
Class
ASB,
3.33%,
12/15/47
.....................
5,109
5,308,426
Series
2015-C24,
Class
A4,
3.73%,
05/15/48
16,494
17,968,517
Series
2015-C25,
Class
A5,
3.64%,
10/15/48
8,717
9,487,891
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
99
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Morgan
Stanley
Capital
I
Trust:
Series
2007-T27,
Class
AJ,
6.21%,
06/11/42
(a)
....................
USD
4,185
$
4,253,909
Series
2012-C4,
Class
A4,
3.24%,
03/15/45
2,921
2,936,810
Series
2018-BOP,
Class
A,
(LIBOR
USD
1
Month
+
0.85%),
0.93%,
08/15/33
(a)(b)
..
3,671
3,668,504
Series
2018-H4,
Class
A4,
4.31%,
12/15/51
4,995
5,758,470
Series
2018-SUN,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
0.98%,
07/15/35
(a)(b)
..
1,300
1,299,992
Series
2019-NUGS,
Class
D,
(LIBOR
USD
1
Month
+
1.80%),
3.30%,
12/15/36
(a)(b)
..
8,000
8,026,434
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2018-FL1,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
1.03%,
06/15/35
(a)(b)
....
6,017
5,941,315
Pearl
Finance
2020
DAC
(a)
:
Series
2020-1,
Class
A2,
(EURIBOR
3
Month
+
1.90%),
1.90%,
11/17/32
(e)
...
EUR
1,195
1,386,904
Series
2020-1,
Class
B,
(EURIBOR
3
Month
+
2.50%),
2.50%,
11/17/32
(e)
........
1,435
1,665,404
PFP
Ltd.,
Series
2019-5,
Class
A,
(LIBOR
USD
1
Month
+
0.97%),
1.05%,
04/14/36
(a)(b)(c)
..
USD
1,745
1,744,253
PKHL
Commercial
Mortgage
Trust,
Series
2021-MF,
Class
A,
(LIBOR
USD
1
Month
+
0.88%),
0.96%,
07/15/38
(a)(b)
..........
15,473
15,477,634
Sage
AR
Funding
No.
1
plc,
Series
1X,
Class
C,
(SONIO/N
+
2.15%),
2.20%,
11/17/30
(a)(e)
..
GBP
535
724,352
Taurus
CMBS,
Series
2021-UK4X,
Class
D,
(SONIO/N
+
2.10%),
2.15%,
08/17/31
(a)(e)
..
1,483
1,999,693
Taurus
UK
DAC
(a)
:
Series
2021-UK1X,
Class
B,
(SONIO/N
+
1.30%),
1.35%,
05/17/31
(e)
.........
886
1,194,802
Series
2021-UK1X,
Class
C,
(SONIO/N
+
1.65%),
1.70%,
05/17/31
(e)
.........
540
728,316
Series
2021-UK1X,
Class
D,
(SONIO/N
+
2.60%),
2.65%,
05/17/31
(e)
.........
551
745,556
TPGI
Trust,
Series
2021-DGWD,
Class
A,
(LIBOR
USD
1
Month
+
0.70%),
0.78%,
06/15/26
(a)(b)
.....................
USD
10,540
10,543,168
TTAN
MHC,
Series
2021-MHC,
Class
A,
(LIBOR
USD
1
Month
+
0.85%),
0.93%,
03/15/38
(a)(b)
.....................
8,400
8,399,938
UBS
Commercial
Mortgage
Trust:
Series
2012-C1,
Class
A3,
3.40%,
05/10/45
3,477
3,484,090
Series
2019-C18,
Class
A4,
3.04%,
12/15/52
7,873
8,386,195
UBS-Barclays
Commercial
Mortgage
Trust:
Series
2013-C5,
Class
AS,
3.35%,
03/10/46
(b)
....................
9,713
9,971,528
Series
2013-C6,
Class
ASB,
2.79%,
04/10/46
.....................
1,984
2,006,902
Velocity
Commercial
Capital
Loan
Trust
(b)
:
Series
2018-1,
Class
A,
3.59%,
04/25/48
..
717
733,625
Series
2019-3,
Class
A,
3.03%,
10/25/49
(a)
.
4,235
4,320,569
Wells
Fargo
Commercial
Mortgage
Trust:
Series
2014-LC16,
Class
ASB,
3.48%,
08/15/50
.....................
6,388
6,612,551
Series
2015-C28,
Class
ASB,
3.31%,
05/15/48
.....................
3,935
4,114,251
Series
2017-C39,
Class
A5,
3.42%,
09/15/50
25,064
27,357,303
WFRBS
Commercial
Mortgage
Trust:
Series
2012-C10,
Class
ASB,
2.45%,
12/15/45
.....................
3,675
3,703,399
Series
2012-C6,
Class
A4,
3.44%,
04/15/45
353
353,688
Series
2014-C21,
Class
ASB,
3.39%,
08/15/47
.....................
7,742
7,987,238
Series
2014-C21,
Class
ASBF,
(LIBOR
USD
1
Month
+
0.56%),
0.64%,
08/15/47
(a)(b)
.
2,003
1,994,034
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2014-C24,
Class
ASB,
3.32%,
11/15/47
.....................
USD
6,306
$
6,549,329
763,708,714
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
Commercial
Mortgage
Trust,
Series
2015-
CR23,
Class
XA,
1.03%,
05/10/48
(a)
.....
33,223
815,824
Total
Non-Agency
Mortgage-Backed
Securities
—
10.5%
(Cost:
$894,011,209)
..............................
900,802,257
U.S.
Government
Sponsored
Agency
Securities
—
5.3%
Collateralized
Mortgage
Obligations
—
1.1%
Federal
Home
Loan
Mortgage
Corp.:
Series
1165,
Class
LD,
7.00%, 11/15/21
..
—
(j)
14
Series
3710,
Class
MG,
4.00%, 08/15/25
(d)
410
440,322
Series
3959,
Class
MA,
4.50%, 11/15/41
..
1,246
1,368,111
Series
3986,
Class
M,
4.50%, 09/15/41
...
950
991,902
Series
4459,
Class
BN,
3.00%, 08/15/43
..
5,215
5,535,687
Series
4569,
Class
JA,
3.00%, 03/15/42
..
7,287
7,495,281
Series
5105,
Class
LA,
1.50%, 04/15/44
..
48,945
49,690,483
Federal
Home
Loan
Mortgage
Corp.
STACR
Trust
Variable
Rate
Notes,
Series
2019-
FTR2,
Class
M1,
(LIBOR
USD
1
Month
+
0.95%),
1.04%, 11/25/48
(a)(b)
..........
655
655,053
Federal
Home
Loan
Mortgage
Corp.
Structured
Agency
Credit
Risk
Debt
Variable
Rate
Notes,
Series
2017-DNA2,
Class
M1,
(LIBOR
USD
1
Month
+
1.20%),
1.29%, 10/25/29
(a)
.................
2,978
2,979,030
Federal
National
Mortgage
Association:
Series
2011-48,
Class
MG,
4.00%, 06/25/26
(d)
...............
766
821,141
Series
2011-84,
Class
MG,
4.00%, 09/25/26
(d)
...............
1,057
1,121,769
Series
2014-48,
Class
AB,
4.00%, 10/25/40
363
363,171
Federal
National
Mortgage
Association
Variable
Rate
Notes,
Series
1997-20,
Class
FB,
0.66%, 03/25/27
(a)
.................
31
31,245
Government
National
Mortgage
Association:
Series
2013-131,
Class
PA,
3.50%, 06/16/42
1,813
1,872,484
Series
2017-136,
Class
GB,
3.00%, 03/20/47
................
7,864
8,046,455
Series
2018-36,
Class
AM,
3.00%, 07/20/45
16,322
16,905,360
98,317,508
Commercial
Mortgage-Backed
Securities
—
0.4%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates:
Series
KIR2,
Class
A1,
2.75%, 03/25/27
..
5,781
6,077,296
Series
KJ05,
Class
A2,
2.16%, 10/25/21
..
309
309,205
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)(b)
:
Series
2012-K18,
Class
B,
4.32%, 01/25/45
5,450
5,499,674
Series
2012-K20,
Class
B,
4.00%, 05/25/45
3,030
3,086,049
Series
2012-K21,
Class
B,
4.06%, 07/25/45
3,053
3,120,905
Series
2013-K25,
Class
B,
3.74%, 11/25/45
1,505
1,549,913
Series
2013-K26,
Class
B,
3.72%, 12/25/45
1,247
1,285,831
Series
2013-K27,
Class
B,
3.62%, 01/25/46
2,875
2,973,039
Series
2015-K720,
Class
B,
3.51%, 07/25/22
10,055
10,246,296
34,148,208
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
(a)
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes:
Series
K121,
Class
X1,
1.12%, 10/25/30
..
11,983
947,827
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
100
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Series
K718,
Class
X1,
0.69%, 01/25/22
..
USD
8,192
$
5,796
Government
National
Mortgage
Association
Variable
Rate
Notes,
Series
2012-120,
0.66%, 02/16/53
..................
13,295
295,208
1,248,831
Mortgage-Backed
Securities
—
3.8%
Federal
Home
Loan
Mortgage
Corp.:
3.00%, 02/01/36
..................
3,602
3,818,371
4.00%, 02/01/34
-
06/01/37
...........
21,274
23,118,795
4.50%, 07/01/47
-
03/01/49
...........
62,191
69,602,394
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes,
(LIBOR
USD
12
Month
+
1.63%),
2.96%, 10/01/45
(a)
...........
1,959
2,054,663
Federal
National
Mortgage
Association
Variable
Rate
Notes
(a)
:
(LIBOR
USD
12
Month
+
1.73%),
2.73%, 09/01/42
................
3,607
3,810,454
(LIBOR
USD
12
Month
+
1.58%),
2.84%, 09/01/45
................
3,062
3,201,304
(LIBOR
USD
12
Month
+
1.59%),
2.90%, 11/01/45
................
268
280,965
(LIBOR
USD
12
Month
+
1.59%),
3.09%, 06/01/45
................
3,335
3,484,950
Uniform
Mortgage-Backed
Securities:
2.50%, 12/01/27
-
04/01/32
...........
30,018
31,456,896
3.00%, 12/01/26
-
09/01/35
...........
42,335
44,896,218
3.50%, 04/01/34
..................
2,962
3,225,568
4.00%, 04/01/26
-
03/01/38
...........
74,724
79,943,081
4.50%, 03/01/47
-
04/01/49
...........
47,959
53,420,717
5.50%, 10/01/21
..................
—
(j)
3
322,314,379
Total
U.S.
Government
Sponsored
Agency
Securities
—
5.3%
(Cost:
$442,081,529)
..............................
456,028,926
U.S.
Treasury
Obligations
—
27.3%
U.S.
Treasury
Notes:
0.13%, 01/15/24
(k)
.................
562,650
559,638,945
0.13%, 02/15/24
..................
175,000
173,995,117
0.25%, 03/15/24
-
06/15/24
...........
979,910
975,453,972
0.38%, 08/15/24
-
09/15/24
...........
624,000
621,491,013
0.88%, 06/30/26
..................
15,845
15,789,295
Total
U.S.
Treasury
Obligations
—
27.3%
(Cost:
$2,351,050,878)
............................
2,346,368,342
Total
Long-Term
Investments
—
93.4%
(Cost:
$7,992,049,192)
............................
8,029,916,675
Security
Par
(000)
Par
(000)
Value
Short-Term
Securities
—
6.6%
Commercial
Paper
—
4.4%
(l)
Aviation
Capital
Group
LLC,
0.45%
,
10/01/21
.
USD
40,000
$
39,999,900
Cigna
Corp.,
0.25%
,
12/01/21
...........
20,000
19,993,421
Enel
Finance
America
LLC:
0.41%,
04/25/22
..................
30,000
29,947,042
0.37%,
07/18/22
..................
25,000
24,927,048
0.40%,
08/09/22
..................
20,000
19,934,618
0.40%,
09/20/22
..................
25,000
24,900,403
Eni
Finance
USA,
Inc.,
0.42%
,
04/13/22
(c)
...
32,000
31,948,866
General
Motors
Financial
Co.,
Inc.:
0.31%,
11/01/21
..................
31,000
30,991,127
0.38%,
02/25/22
..................
31,000
30,947,366
Natwest
Markets
plc,
0.37%
,
01/28/22
(b)(c)
...
30,000
29,984,000
Viatris
,
Inc.:
0.52%,
12/08/21
..................
15,000
14,988,241
0.46%,
12/21/21
..................
16,000
15,984,621
0.55%,
12/31/21
..................
30,000
29,966,880
VW
Credit,
Inc.,
0.38%
,
02/16/22
(c)
........
25,000
24,977,895
Total
Commercial
Paper
—
4.4%
(Cost:
$369,404,051)
..............................
369,491,428
Shares
Shares
Money
Market
Funds
—
0.6%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
(
i
)(m)
..................
52,560,109
52,560,109
Total
Money
Market
Funds
—
0.6%
(Cost:
$52,560,109)
...............................
52,560,109
Total
Repurchase
Agreements
—
1.6%
(Cost:
$140,000,000
)
..............................
140,000,000
Total
Short-Term
Securities
—
6.6%
(Cost:
$561,964,160)
..............................
562,051,537
Total
Options
Purchased
—
0.3%
(Cost:
$30,260,177)
...............................
28,841,400
Total
Investments
Before
Options
Written
—
100.3%
(Cost:
$8,584,273,529
)
............................
8,620,809,612
Total
Options
Written
—
(0.3)%
(Premium
Received
—
$32,396,412)
...................
(25,259,014)
Total
Investments
Net
of
Options
Written
—
100.0%
(Cost:
$8,551,877,117
)
............................
8,595,550,598
Other
Assets
Less
Liabilities
—
0.0%
....................
3,852,658
Net
Assets
—
100.0%
...............................
$
8,599,403,256
(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)
U.S.
dollar
denominated
security
issued
by
foreign
domiciled
entity.
(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)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(h)
Non-income
producing
security.
(i)
Affiliate
of
the
Fund.
(j)
Rounds
to
less
than
1,000.
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
101
Schedule
of
Investments
(continued)
September
30,
2021
(k)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(l)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(m)
Annualized
7-day
yield
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
September
30,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
09/30/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/21
Par/Shares
Held
at
09/30/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
270,721,972
$
—
$
(218,161,863)
$
—
$
—
$
52,560,109
52,560,109
$
35,404
$
—
BlackRock
Capital
Finance
LP,
Series
1997-R2,
Class
AP
...
17,535
—
(2,927)
—
(732)
13,876
15,614
874
—
iShares
Short
Maturity
Bond
ETF
159,349,800
—
—
—
95,399
159,445,199
3,180,000
1,401,273
—
$
—
$
94,667
$
212,019,184
$
1,437,551
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Goldman
Sachs
&
Co.
LLC
0.57
%
(a)
09/30/21
08/06/22
$
140,000
$
140,000
$
140,687
,
165
Corporate/Debt
Obligations,
0.00%
to
6.75%,
due
09/30/22
to
01/25/41
.........
$
179,286,921
$
147,000,000
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
102
Schedule
of
Investments
(continued)
September
30,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
Ultra
Bond
....................................................
176
12/21/21
$
33,715
$
(1,247,064)
U.S.
Treasury
2
Year
Note
....................................................
15,565
12/31/21
3,425,516
(1,708,594)
90-day
Eurodollar
.........................................................
884
12/18/23
218,481
(200,121)
(3,155,779)
Short
Contracts
Euro-
Bobl
...............................................................
1,191
12/08/21
186,149
1,211,348
Euro-Bund
..............................................................
8
12/08/21
1,574
18,863
Euro-Schatz
.............................................................
993
12/08/21
129,063
86,842
U.S.
Treasury
10
Year
Note
...................................................
2,257
12/21/21
297,289
3,142,832
U.S.
Treasury
10
Year
Ultra
Note
...............................................
794
12/21/21
115,490
1,941,192
U.S.
Treasury
Long
Bond
....................................................
83
12/21/21
13,239
239,277
U.S.
Treasury
5
Year
Note
....................................................
10,002
12/31/21
1,228,214
6,675,983
90-day
Eurodollar
.........................................................
1,312
12/16/24
322,768
577,554
13,893,891
$
10,738,112
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
1,560,000
USD
1,804,984
Westpac
Banking
Corp.
10/05/21
$
2,079
USD
1,768,744
EUR
1,494,568
Toronto
Dominion
Bank
10/20/21
36,965
USD
3,034,155
AUD
4,104,000
JPMorgan
Chase
Bank
NA
12/15/21
66,111
USD
7,694,247
CAD
9,686,000
Bank
of
America
NA
12/15/21
47,126
USD
3,345,786
EUR
2,849,000
Bank
of
New
York
Mellon
12/15/21
40,487
USD
238,397,703
EUR
201,260,000
BNP
Paribas
SA
12/15/21
4,903,699
USD
238,569,981
EUR
201,260,000
HSBC
Bank
plc
12/15/21
5,075,977
USD
3,593,279
EUR
3,039,000
Morgan
Stanley
&
Co.
International
plc
12/15/21
67,550
USD
1,805,002
EUR
1,537,000
Natwest
Markets
plc
12/15/21
21,835
USD
3,982,645
EUR
3,393,000
State
Street
Bank
and
Trust
Co.
12/15/21
46,218
USD
5,702,770
GBP
4,165,000
Bank
of
Montreal
12/15/21
90,153
USD
1,185,608
GBP
859,000
BNP
Paribas
SA
12/15/21
28,048
USD
25,404,823
GBP
18,338,000
Natwest
Markets
plc
12/15/21
693,135
11,119,383
USD
1,807,428
EUR
1,560,000
Westpac
Banking
Corp.
12/15/21
(2,423)
$
11,116,960
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
90-day
Eurodollar
October
2021
Futures
............
1,496
10/15/21
USD
99.25
USD
374,000
$
9,350
U.S.
Treasury
10
Year
Note
.....................
375
11/26/21
USD
133.00
USD
37,500
609,377
$
618,727
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
103
Schedule
of
Investments
(continued)
September
30,
2021
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
1.31%
Semi-Annual
Barclays
Bank
plc
03/28/22
1.31
%
USD
80,870
$
883,203
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
1.53%
Semi-Annual
JPMorgan
Chase
Bank
NA
04/05/22
1.53
USD
41,835
770,864
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
1.39%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
04/08/22
1.39
USD
81,970
1,095,757
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
1.20%
Semi-Annual
Bank
of
America
NA
04/28/22
1.20
USD
116,590
931,160
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.97%
Semi-Annual
Goldman
Sachs
Bank
USA
06/24/24
1.97
USD
13,220
575,330
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
2.00%
Semi-Annual
Goldman
Sachs
Bank
USA
06/28/24
2.00
USD
13,220
594,808
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.68%
Semi-Annual
Goldman
Sachs
Bank
USA
07/22/24
1.68
USD
15,650
486,366
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.55%
Semi-Annual
Bank
of
America
NA
07/29/24
1.55
USD
25,990
694,408
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.68%
Semi-Annual
Wells
Fargo
Bank
NA
08/02/24
1.68
USD
15,820
496,106
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.49%
Semi-Annual
Citibank
NA
02/25/25
1.49
USD
14,560
389,748
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.28%
Semi-Annual
Goldman
Sachs
Bank
USA
06/04/25
1.28
USD
6,435
139,757
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.43%
Semi-Annual
Citibank
NA
06/05/25
1.43
USD
41,250
1,064,993
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.43%
Semi-Annual
Deutsche
Bank
AG
06/05/25
1.43
USD
22,650
582,783
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.43%
Semi-Annual
UBS
AG
06/05/25
1.43
USD
6,435
165,572
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
2.60%
Semi-Annual
Deutsche
Bank
AG
04/07/26
2.60
USD
21,710
1,755,006
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
2.07%
Semi-Annual
JPMorgan
Chase
Bank
NA
01/17/40
2.07
USD
11,730
794,216
11,420,077
Put
5-Year
Interest
Rate
Swap
(a)
.
(0.15)%
Annual
6
month
EURIBOR
Semi-Annual
Barclays
Bank
plc
11/15/21
(0.15)
EUR
75,450
165,847
5-Year
Interest
Rate
Swap
(a)
.
1.31%
Semi-Annual
3
month
LIBOR
Quarterly
Barclays
Bank
plc
03/28/22
1.31
USD
80,870
615,282
5-Year
Interest
Rate
Swap
(a)
.
1.53%
Semi-Annual
3
month
LIBOR
Quarterly
JPMorgan
Chase
Bank
NA
04/05/22
1.53
USD
41,835
197,064
5-Year
Interest
Rate
Swap
(a)
.
1.39%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
04/08/22
1.39
USD
81,970
552,816
5-Year
Interest
Rate
Swap
(a)
.
1.25%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
07/15/22
1.25
USD
115,320
1,615,387
10-Year
Interest
Rate
Swap
(a)
1.97%
Semi-Annual
3
month
LIBOR
Quarterly
Goldman
Sachs
Bank
USA
06/24/24
1.97
USD
13,220
578,806
10-Year
Interest
Rate
Swap
(a)
2.00%
Semi-Annual
3
month
LIBOR
Quarterly
Goldman
Sachs
Bank
USA
06/28/24
2.00
USD
13,220
563,901
10-Year
Interest
Rate
Swap
(a)
1.68%
Semi-Annual
3
month
LIBOR
Quarterly
Goldman
Sachs
Bank
USA
07/22/24
1.68
USD
15,650
918,282
10-Year
Interest
Rate
Swap
(a)
1.68%
Semi-Annual
3
month
LIBOR
Quarterly
Wells
Fargo
Bank
NA
08/02/24
1.68
USD
15,820
929,477
10-Year
Interest
Rate
Swap
(a)
1.80%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
08/05/24
1.80
USD
37,140
1,957,716
10-Year
Interest
Rate
Swap
(a)
1.49%
Semi-Annual
3
month
LIBOR
Quarterly
Citibank
NA
02/25/25
1.49
USD
14,560
1,080,938
10-Year
Interest
Rate
Swap
(a)
1.28%
Semi-Annual
3
month
LIBOR
Quarterly
Goldman
Sachs
Bank
USA
06/04/25
1.28
USD
6,435
572,716
10-Year
Interest
Rate
Swap
(a)
1.43%
Semi-Annual
3
month
LIBOR
Quarterly
Citibank
NA
06/05/25
1.43
USD
41,250
3,291,762
10-Year
Interest
Rate
Swap
(a)
1.43%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
06/05/25
1.43
USD
22,650
1,811,555
10-Year
Interest
Rate
Swap
(a)
1.43%
Semi-Annual
3
month
LIBOR
Quarterly
UBS
AG
06/05/25
1.43
USD
6,435
514,674
10-Year
Interest
Rate
Swap
(a)
2.60%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
04/07/26
2.60
USD
21,710
744,328
10-Year
Interest
Rate
Swap
(a)
2.07%
Semi-Annual
3
month
LIBOR
Quarterly
JPMorgan
Chase
Bank
NA
01/17/40
2.07
USD
11,730
692,045
16,802,596
$
28,222,673
(a)
Forward
settling
swaption.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
104
Schedule
of
Investments
(continued)
September
30,
2021
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
U.S.
Treasury
10
Year
Note
......................
375
11/26/21
USD
136.00
USD
37,500
$
(11,719)
Put
U.S.
Treasury
10
Year
Note
......................
750
11/26/21
USD
131.00
USD
75,000
(480,470)
$
(492,189)
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
10-Year
Interest
Rate
Swap
(a)
1.78%
Semi-Annual
3
month
LIBOR
Quarterly
Goldman
Sachs
Bank
USA
10/14/21
1.78
%
USD
17,720
$
(401,273)
10-Year
Interest
Rate
Swap
(a)
1.00%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
11/04/21
1.00
USD
37,140
(3,343)
10-Year
Interest
Rate
Swap
(a)
1.30%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
11/12/21
1.30
USD
38,600
(68,965)
2-Year
Interest
Rate
Swap
(a)
.
0.51%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
01/10/22
0.51
USD
229,990
(366,063)
10-Year
Interest
Rate
Swap
(a)
1.65%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
01/18/22
1.65
USD
16,320
(300,709)
10-Year
Interest
Rate
Swap
(a)
1.65%
Semi-Annual
3
month
LIBOR
Quarterly
JPMorgan
Chase
Bank
NA
01/18/22
1.65
USD
49,450
(911,156)
10-Year
Interest
Rate
Swap
(a)
1.00%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
01/27/22
1.00
USD
21,190
(35,402)
10-Year
Interest
Rate
Swap
(a)
1.25%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
01/27/22
1.25
USD
19,430
(88,283)
10-Year
Interest
Rate
Swap
(a)
1.62%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
02/18/22
1.62
USD
18,710
(333,984)
2-Year
Interest
Rate
Swap
(a)
.
0.41%
Semi-Annual
3
month
LIBOR
Quarterly
Goldman
Sachs
Bank
USA
02/23/22
0.41
USD
166,840
(110,976)
2-Year
Interest
Rate
Swap
(a)
.
0.51%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
03/01/22
0.51
USD
196,890
(287,191)
2-Year
Interest
Rate
Swap
(a)
.
0.49%
Semi-Annual
3
month
LIBOR
Quarterly
JPMorgan
Chase
Bank
NA
03/02/22
0.49
USD
147,305
(184,549)
2-Year
Interest
Rate
Swap
(a)
.
0.52%
Semi-Annual
3
month
LIBOR
Quarterly
Citibank
NA
03/03/22
0.52
USD
100,585
(154,700)
2-Year
Interest
Rate
Swap
(a)
.
0.56%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
03/21/22
0.56
USD
100,585
(197,929)
2-Year
Interest
Rate
Swap
(a)
.
0.57%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
03/23/22
0.57
USD
203,900
(415,127)
5-Year
Interest
Rate
Swap
(a)
.
0.90%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
04/22/22
0.90
USD
58,290
(158,042)
5-Year
Interest
Rate
Swap
(a)
.
0.90%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
04/28/22
0.90
USD
174,880
(479,145)
10-Year
Interest
Rate
Swap
(a)
1.40%
Semi-Annual
3
month
LIBOR
Quarterly
JPMorgan
Chase
Bank
NA
06/07/22
1.40
USD
27,520
(329,530)
10-Year
Interest
Rate
Swap
(a)
1.53%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
09/01/22
1.53
USD
44,520
(796,828)
10-Year
Interest
Rate
Swap
(a)
1.06%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
10/11/22
1.06
USD
14,550
(95,706)
10-Year
Interest
Rate
Swap
(a)
1.23%
Semi-Annual
3
month
LIBOR
Quarterly
Goldman
Sachs
Bank
USA
12/16/22
1.23
USD
13,193
(142,336)
10-Year
Interest
Rate
Swap
(a)
1.25%
Semi-Annual
3
month
LIBOR
Quarterly
Goldman
Sachs
Bank
USA
12/16/22
1.25
USD
13,193
(146,128)
10-Year
Interest
Rate
Swap
(a)
1.25%
Semi-Annual
3
month
LIBOR
Quarterly
Citibank
NA
12/30/22
1.25
USD
14,780
(169,678)
10-Year
Interest
Rate
Swap
(a)
1.44%
Semi-Annual
3
month
LIBOR
Quarterly
Barclays
Bank
plc
01/09/23
1.44
USD
27,230
(456,952)
10-Year
Interest
Rate
Swap
(a)
2.01%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
03/01/23
2.01
USD
30,000
(1,304,248)
30-Year
Interest
Rate
Swap
(a)
1.85%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
09/17/24
1.85
USD
10,560
(966,200)
30-Year
Interest
Rate
Swap
(a)
2.00%
Semi-Annual
3
month
LIBOR
Quarterly
Barclays
Bank
plc
09/30/24
2.00
USD
7,130
(778,020)
(9,682,463)
Put
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.78%
Semi-Annual
Goldman
Sachs
Bank
USA
10/14/21
1.78
USD
17,720
(5,679)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.50%
Semi-Annual
Deutsche
Bank
AG
11/12/21
1.50
USD
38,600
(465,770)
2-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.50%
Semi-Annual
Barclays
Bank
plc
12/06/21
0.50
USD
88,660
(58,454)
2-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.45%
Semi-Annual
Deutsche
Bank
AG
12/10/21
0.45
USD
87,387
(98,848)
2-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.51%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
01/10/22
0.51
USD
229,990
(307,953)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
2.15%
Semi-Annual
Bank
of
America
NA
01/18/22
2.15
USD
16,320
(43,348)
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
105
Schedule
of
Investments
(continued)
September
30,
2021
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
2.15%
Semi-Annual
JPMorgan
Chase
Bank
NA
01/18/22
2.15
%
USD
49,450
$
(131,346)
2-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.50%
Semi-Annual
Deutsche
Bank
AG
01/19/22
0.50
USD
61,530
(99,827)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.25%
Semi-Annual
Bank
of
America
NA
01/27/22
1.25
USD
19,430
(729,987)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.50%
Semi-Annual
Deutsche
Bank
AG
01/27/22
1.50
USD
21,190
(441,314)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.62%
Semi-Annual
Bank
of
America
NA
02/18/22
1.62
USD
18,710
(316,815)
2-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.75%
Semi-Annual
Deutsche
Bank
AG
02/25/22
0.75
USD
166,840
(158,737)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.60%
Semi-Annual
Deutsche
Bank
AG
02/28/22
1.60
USD
15,890
(295,564)
2-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.51%
Semi-Annual
Deutsche
Bank
AG
03/01/22
0.51
USD
196,890
(509,994)
2-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.49%
Semi-Annual
JPMorgan
Chase
Bank
NA
03/02/22
0.49
USD
147,305
(419,417)
2-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.52%
Semi-Annual
Citibank
NA
03/03/22
0.52
USD
100,585
(256,786)
2-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.56%
Semi-Annual
Deutsche
Bank
AG
03/21/22
0.56
USD
100,585
(262,325)
2-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.57%
Semi-Annual
Deutsche
Bank
AG
03/23/22
0.57
USD
203,900
(527,488)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
2.40%
Semi-Annual
JPMorgan
Chase
Bank
NA
06/07/22
2.40
USD
27,520
(147,521)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.53%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
09/01/22
1.53
USD
44,520
(1,609,138)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.06%
Semi-Annual
Deutsche
Bank
AG
10/11/22
1.06
USD
14,550
(1,013,967)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.23%
Semi-Annual
Goldman
Sachs
Bank
USA
12/16/22
1.23
USD
13,193
(809,259)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.25%
Semi-Annual
Goldman
Sachs
Bank
USA
12/16/22
1.25
USD
13,193
(797,681)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.25%
Semi-Annual
Citibank
NA
12/30/22
1.25
USD
14,780
(897,006)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.44%
Semi-Annual
Barclays
Bank
plc
01/09/23
1.44
USD
27,230
(1,338,479)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
2.01%
Semi-Annual
Bank
of
America
NA
03/01/23
2.01
USD
30,000
(746,113)
10-Year
Interest
Rate
Swap
(a)
6
month
EURIBOR
Semi-Annual
0.70%
Annual
Barclays
Bank
plc
05/15/23
0.70
EUR
37,720
(627,550)
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.85%
Semi-Annual
Deutsche
Bank
AG
09/17/24
1.85
USD
10,560
(1,247,865)
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
2.00%
Semi-Annual
Barclays
Bank
plc
09/30/24
2.00
USD
7,130
(720,131)
(15,084,362)
$
(24,766,825)
(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)
CDX.NA.HY.37.V1
...................
5.00
%
Quarterly
12/20/26
USD
46,780
$
(4,412,889)
$
(4,507,176)
$
94,287
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)
3
month
LIBOR
Quarterly
1.10%
Semi-Annual
N/A
03/01/23
USD
75,820
$
986,284
$
—
$
986,284
3
month
LIBOR
Quarterly
0.90%
Semi-Annual
N/A
03/02/23
USD
11,490
116,402
—
116,402
3
month
LIBOR
Quarterly
0.25%
Semi-Annual
07/08/22
(a)
07/08/23
USD
28,890
(54,106)
—
(54,106)
3
month
LIBOR
Quarterly
0.34%
Semi-Annual
12/13/21
(a)
12/13/23
USD
1,930
(4,474)
—
(4,474)
0.52%
Semi-Annual
3
month
LIBOR
Quarterly
12/30/21
(a)
12/30/23
USD
7,550
(5,977)
—
(5,977)
3
month
LIBOR
Quarterly
0.38%
Semi-Annual
02/07/22
(a)
02/07/24
USD
53,680
(160,950)
—
(160,950)
3
month
LIBOR
Quarterly
0.40%
Semi-Annual
02/08/22
(a)
02/08/24
USD
56,080
(149,889)
—
(149,889)
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
106
Schedule
of
Investments
(continued)
September
30,
2021
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)
3
month
LIBOR
Quarterly
0.45%
Semi-Annual
03/01/22
(a)
03/01/24
USD
81,190
$
(187,425)
$
—
$
(187,425)
3
month
LIBOR
Quarterly
0.49%
Semi-Annual
03/02/22
(a)
03/02/24
USD
13,370
(20,898)
—
(20,898)
3
month
LIBOR
Quarterly
0.46%
Semi-Annual
03/07/22
(a)
03/07/24
USD
27,335
(59,815)
—
(59,815)
0.56%
Semi-Annual
3
month
LIBOR
Quarterly
03/24/22
(a)
03/24/24
USD
52,650
34,867
—
34,867
0.60%
Semi-Annual
3
month
LIBOR
Quarterly
03/25/22
(a)
03/25/24
USD
26,400
(3,236)
—
(3,236)
0.61%
Semi-Annual
3
month
LIBOR
Quarterly
03/28/22
(a)
03/28/24
USD
50,740
(7,404)
—
(7,404)
0.63%
Semi-Annual
3
month
LIBOR
Quarterly
03/29/22
(a)
03/29/24
USD
26,650
(17,749)
—
(17,749)
0.64%
Semi-Annual
3
month
LIBOR
Quarterly
03/29/22
(a)
03/29/24
USD
48,890
(36,713)
—
(36,713)
3
month
LIBOR
Quarterly
0.63%
Semi-Annual
03/30/22
(a)
03/30/24
USD
50,550
30,744
—
30,744
0.65%
Semi-Annual
3
month
LIBOR
Quarterly
03/30/22
(a)
03/30/24
USD
26,680
(25,633)
—
(25,633)
0.62%
Semi-Annual
3
month
LIBOR
Quarterly
03/31/22
(a)
03/31/24
USD
41,120
(16,230)
—
(16,230)
3
month
LIBOR
Quarterly
0.59%
Semi-Annual
04/20/22
(a)
04/20/24
USD
51,740
(47,271)
—
(47,271)
0.73%
Semi-Annual
3
month
LIBOR
Quarterly
06/21/22
(a)
06/21/24
USD
53,090
7,115
—
7,115
0.74%
Semi-Annual
3
month
LIBOR
Quarterly
06/23/22
(a)
06/23/24
USD
2,410
(90)
—
(90)
0.77%
Semi-Annual
3
month
LIBOR
Quarterly
06/28/22
(a)
06/28/24
USD
26,605
(10,246)
—
(10,246)
0.74%
Semi-Annual
3
month
LIBOR
Quarterly
08/12/22
(a)
08/12/24
USD
64,490
100,240
—
100,240
0.78%
Semi-Annual
3
month
LIBOR
Quarterly
08/15/22
(a)
08/15/24
USD
36,090
31,495
—
31,495
3
month
LIBOR
Quarterly
0.36%
Semi-Annual
N/A
06/02/25
USD
5,860
(92,610)
—
(92,610)
3
month
LIBOR
Quarterly
0.48%
Semi-Annual
N/A
01/21/26
USD
40,810
(802,240)
—
(802,240)
1.54%
Semi-Annual
3
month
LIBOR
Quarterly
02/25/25
(a)
02/25/26
USD
71,870
127,081
—
127,081
1.62%
Semi-Annual
3
month
LIBOR
Quarterly
02/26/25
(a)
02/26/26
USD
51,810
49,110
—
49,110
1.71%
Semi-Annual
3
month
LIBOR
Quarterly
03/06/25
(a)
03/06/26
USD
19,970
2,402
—
2,402
3
month
LIBOR
Quarterly
0.93%
Semi-Annual
N/A
09/17/26
USD
48,330
(314,945)
—
(314,945)
6
month
EURIBOR
Semi-Annual
(0.15)%
Annual
11/16/21
(a)
11/16/26
EUR
37,720
61,078
—
61,078
1.29%
Semi-Annual
3
month
LIBOR
Quarterly
04/20/22
(a)
04/20/27
USD
21,260
(14,271)
—
(14,271)
3
month
LIBOR
Quarterly
0.65%
Semi-Annual
06/20/22
(a)
06/20/27
USD
21,680
(721,845)
—
(721,845)
3
month
LIBOR
Quarterly
0.68%
Semi-Annual
06/20/22
(a)
06/20/27
USD
21,680
(692,716)
—
(692,716)
3
month
LIBOR
Quarterly
1.19%
Semi-Annual
07/19/22
(a)
07/19/27
USD
24,070
(201,202)
—
(201,202)
3
month
LIBOR
Quarterly
1.22%
Semi-Annual
08/16/22
(a)
08/16/27
USD
11,060
(88,940)
—
(88,940)
0.50%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/17/27
USD
25,550
1,017,733
—
1,017,733
0.84%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
11/15/27
USD
22,970
466,494
—
466,494
1.27%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/15/28
USD
33,330
(60,044)
—
(60,044)
3
month
LIBOR
Quarterly
1.05%
Semi-Annual
N/A
05/15/28
USD
6,540
(101,347)
—
(101,347)
3
month
LIBOR
Quarterly
0.65%
Semi-Annual
07/12/23
(a)
07/12/28
USD
21,830
(1,076,260)
—
(1,076,260)
2.50%
Semi-Annual
3
month
LIBOR
Quarterly
03/20/26
(a)
03/20/31
USD
2
(43)
—
(43)
6
month
EURIBOR
Semi-Annual
(0.20)%
Annual
N/A
04/29/31
EUR
870
(30,891)
—
(30,891)
1
day
SOFR
Annual
1.11%
Annual
12/31/21
(a)
05/15/31
USD
26,800
(450,159)
—
(450,159)
3
month
LIBOR
Quarterly
1.51%
Semi-Annual
N/A
08/19/31
USD
1,780
(3,041)
—
(3,041)
(0.05)%
Annual
6
month
EURIBOR
Semi-Annual
N/A
08/31/31
EUR
4,040
91,102
—
91,102
(0.05)%
Annual
6
month
EURIBOR
Semi-Annual
N/A
09/01/31
EUR
4,940
111,106
—
111,106
1.14%
Annual
1
day
SOFR
Annual
N/A
09/10/31
USD
2,450
31,258
—
31,258
1
day
SOFR
Annual
1.12%
Annual
N/A
09/14/31
USD
3,540
(53,292)
—
(53,292)
1
day
SOFR
Annual
1.08%
Annual
N/A
09/16/31
USD
5,625
(103,741)
—
(103,741)
1.15%
Annual
1
day
SOFR
Annual
N/A
09/20/31
USD
5,620
70,385
—
70,385
1.15%
Annual
1
day
SOFR
Annual
N/A
09/20/31
USD
5,620
67,935
—
67,935
1.20%
Annual
1
day
SOFR
Annual
N/A
09/21/31
USD
5,560
41,997
—
41,997
1.19%
Annual
1
day
SOFR
Annual
N/A
09/21/31
USD
7,500
61,755
—
61,755
3
month
LIBOR
Quarterly
1.40%
Semi-Annual
N/A
09/21/31
USD
33,410
(474,953)
—
(474,953)
1.43%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
09/21/31
USD
16,705
191,471
—
191,471
1
day
SOFR
Annual
1.12%
Annual
N/A
09/22/31
USD
5,670
(83,580)
—
(83,580)
1.39%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
09/22/31
USD
16,705
252,335
—
252,335
1
day
SOFR
Annual
1.11%
Annual
N/A
09/24/31
USD
10,820
(170,887)
—
(170,887)
1
day
SOFR
Annual
1.12%
Annual
N/A
09/24/31
USD
5,410
(84,405)
—
(84,405)
1
day
SOFR
Annual
1.14%
Annual
N/A
09/24/31
USD
5,350
(73,200)
—
(73,200)
1.52%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
09/24/31
USD
34,890
100,878
—
100,878
1.24%
Annual
1
day
SOFR
Annual
N/A
09/27/31
USD
5,390
22,944
—
22,944
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
107
Schedule
of
Investments
(continued)
September
30,
2021
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)
1.21%
Annual
1
day
SOFR
Annual
N/A
09/27/31
USD
5,390
$
35,364
$
—
$
35,364
1.14%
Annual
1
day
SOFR
Annual
N/A
09/27/31
USD
3,080
40,611
—
40,611
6
month
EURIBOR
Semi-Annual
0.13%
Annual
N/A
09/28/31
EUR
5,670
(20,222)
(1,754)
(18,468)
1.25%
Annual
1
day
SOFR
Annual
N/A
09/28/31
USD
5,430
15,131
—
15,131
1.26%
Annual
1
day
SOFR
Annual
N/A
09/28/31
USD
5,430
9,085
—
9,085
1.29%
Annual
1
day
SOFR
Annual
N/A
09/29/31
USD
5,460
(7,289)
—
(7,289)
1.34%
Annual
1
day
SOFR
Annual
N/A
09/30/31
USD
5,460
(31,674)
—
(31,674)
1.32%
Annual
1
day
SOFR
Annual
10/01/21
(a)
10/01/31
USD
5,510
(22,478)
—
(22,478)
3
month
LIBOR
Quarterly
1.59%
Semi-Annual
12/29/21
(a)
12/29/31
USD
13,590
(20,392)
—
(20,392)
1.62%
Semi-Annual
3
month
LIBOR
Quarterly
02/22/22
(a)
02/22/32
USD
3,960
6,010
—
6,010
1.59%
Semi-Annual
3
month
LIBOR
Quarterly
02/22/22
(a)
02/22/32
USD
7,920
32,210
—
32,210
0.44%
Annual
6
month
EURIBOR
Semi-Annual
05/16/23
(a)
05/16/33
EUR
13,300
(118,164)
—
(118,164)
3
month
LIBOR
Quarterly
1.67%
Semi-Annual
08/06/24
(a)
08/06/34
USD
14,850
(466,095)
—
(466,095)
0.97%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/17/40
USD
3,550
492,030
—
492,030
1.45%
Annual
1
day
SOFR
Annual
12/31/21
(a)
02/15/47
USD
47,380
1,226,768
(145,779)
1,372,547
1
day
SOFR
Annual
1.43%
Annual
12/31/21
(a)
02/15/47
USD
11,910
(353,021)
—
(353,021)
3
month
LIBOR
Quarterly
1.02%
Semi-Annual
N/A
08/17/50
USD
2,470
(479,303)
—
(479,303)
3
month
LIBOR
Quarterly
1.87%
Semi-Annual
N/A
02/19/51
USD
3,135
18,232
—
18,232
3
month
LIBOR
Quarterly
1.91%
Semi-Annual
N/A
02/22/51
USD
1,568
21,896
—
21,896
3
month
LIBOR
Quarterly
2.00%
Semi-Annual
N/A
04/22/51
USD
370
16,374
—
16,374
3
month
LIBOR
Quarterly
1.90%
Semi-Annual
N/A
06/11/51
USD
3,360
59,774
—
59,774
1.09%
Semi-Annual
3
month
LIBOR
Quarterly
06/20/22
(a)
06/20/52
USD
3,940
764,436
—
764,436
1.14%
Semi-Annual
3
month
LIBOR
Quarterly
06/20/22
(a)
06/20/52
USD
3,940
721,177
—
721,177
0.88%
Semi-Annual
3
month
LIBOR
Quarterly
07/12/23
(a)
07/12/53
USD
4,020
1,020,337
—
1,020,337
$
532,290
$
(147,533)
$
679,823
(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)
Financial
Guaranty
Insurance
Company
.............
1.00
%
Quarterly
JPMorgan
Chase
Bank
NA
12/20/24
USD
1,500
$
(29,202)
$
29,638
$
(58,840)
$
–
$
–
$
–
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)
Financial
Guaranty
Insurance
Company
..
1.00
%
Quarterly
Citibank
NA
06/20/24
A+
USD
15,005
$
270,358
$
(625,232)
$
895,590
(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.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
108
Schedule
of
Investments
(continued)
September
30,
2021
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
0.05
%
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.13
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
(0.53)
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
—
$
(4,654,709)
$
8,793,712
$
(8,019,602)
$
—
OTC
Swaps
.....................................................
29,638
(625,232)
895,590
(58,840)
—
Options
Written
...................................................
N/A
N/A
10,785,670
(3,648,272)
(25,259,014)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statements
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
109
Schedule
of
Investments
(continued)
September
30,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
—
$
—
$
13,893,891
$
—
$
13,893,891
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
11,119,383
—
—
11,119,383
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
—
—
—
28,841,400
—
28,841,400
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
94,287
—
—
8,699,425
—
8,793,712
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
925,228
—
—
—
—
925,228
$
—
$
1,019,515
$
—
$
11,119,383
$
51,434,716
$
—
$
63,573,614
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
3,155,779
—
3,155,779
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
2,423
—
—
2,423
Options
written
(b)
Options
written
at
value
.....................
—
—
—
—
25,259,014
—
25,259,014
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
8,019,602
—
8,019,602
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
684,072
—
—
—
—
684,072
$
—
$
684,072
$
—
$
2,423
$
36,434,395
$
—
$
37,120,890
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
forward
settling
swaptions.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
For
the
period
ended
September
30,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
17,440,889
$
—
$
17,440,889
Forward
foreign
currency
exchange
contracts
....
—
—
—
(2,863,653)
—
—
(2,863,653)
Options
purchased
(a)
....................
—
—
—
—
3,791,495
—
3,791,495
Options
written
........................
—
—
—
—
4,144,850
—
4,144,850
Swaps
..............................
—
(3,594,385)
—
—
(17,194,929)
(101,600)
(20,890,914)
$
—
$
(3,594,385)
$
—
$
(2,863,653)
$
8,182,305
$
(101,600)
$
1,622,667
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
.......................
—
—
—
—
10,565,830
—
10,565,830
Forward
foreign
currency
exchange
contracts
....
—
—
—
(1,019,813)
—
—
(1,019,813)
Options
purchased
(b)
....................
—
—
—
—
(1,454,042)
—
(1,454,042)
Options
written
........................
—
—
—
—
11,193,933
—
11,193,933
Swaps
..............................
—
153,945
—
—
(4,355,258)
—
(4,201,313)
$
—
$
153,945
$
—
$
(1,019,813)
$
15,950,463
$
—
$
15,084,595
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
110
Schedule
of
Investments
(continued)
September
30,
2021
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts:
Average
notional
value
of
contracts
—
long
..................................................................................
$
3,056,813,951
Average
notional
value
of
contracts
—
short
.................................................................................
1,863,174,794
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
—
in
USD
....................................................................................
901,618,246
Average
amounts
sold
—
in
USD
........................................................................................
133,904,930
Options:
Average
value
of
option
contracts
purchased
................................................................................
1,393,938
Average
value
of
option
contracts
written
...................................................................................
1,048,058
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
1,219,703,086
Average
notional
value
of
swaption
contracts
written
...........................................................................
3,317,905,443
Credit
default
swaps:
Average
notional
value
—
buy
protection
...................................................................................
70,127,500
Average
notional
value
—
sell
protection
...................................................................................
15,306,500
Interest
rate
swaps:
Average
notional
value
—
pays
fixed
rate
...................................................................................
951,945,376
Average
notional
value
—
receives
fixed
rate
................................................................................
643,064,305
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
714,483
$
1,951,315
Forward
foreign
currency
exchange
contracts
.................................................................
11,119,383
2,423
Options
(a)(b)
........................................................................................
28,841,400
25,259,014
Swaps
—
Centrally
cleared
.............................................................................
—
210,283
Swaps
—
OTC
(c)
....................................................................................
925,228
684,072
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
41,600,494
$
28,107,107
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(1,333,210)
(2,653,787)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
40,267,284
$
25,453,320
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
111
Schedule
of
Investments
(continued)
September
30,
2021
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(c)(d)
Bank
of
America
NA
..............................
$
3,288,081
$
(3,288,081)
$
—
$
—
$
—
Bank
of
Montreal
................................
90,153
—
—
—
90,153
Bank
of
New
York
Mellon
...........................
40,487
—
—
—
40,487
Barclays
Bank
plc
................................
1,664,332
(1,664,332)
—
—
—
BNP
Paribas
SA
.................................
4,931,747
—
—
—
4,931,747
Citibank
NA
....................................
6,723,031
(2,103,402)
—
(4,260,000)
359,629
Deutsche
Bank
AG
...............................
6,851,388
(6,851,388)
—
—
—
Goldman
Sachs
Bank
USA
..........................
4,429,966
(2,413,332)
—
(1,930,000)
86,634
HSBC
Bank
plc
..................................
5,075,977
—
—
—
5,075,977
JPMorgan
Chase
Bank
NA
..........................
2,549,938
(2,182,359)
—
—
367,579
Morgan
Stanley
&
Co.
International
plc
..................
1,716,123
(1,716,123)
—
—
—
Natwest
Markets
plc
..............................
714,970
—
—
—
714,970
State
Street
Bank
and
Trust
Co.
......................
46,218
—
—
—
46,218
Toronto
Dominion
Bank
............................
36,965
—
—
—
36,965
UBS
AG
......................................
680,246
—
—
(680,246)
—
Wells
Fargo
Bank
NA
..............................
1,425,583
—
—
(1,420,000)
5,583
Westpac
Banking
Corp.
............................
2,079
(2,079)
—
—
—
$
40,267,284
$
(20,221,096)
$
—
$
(8,290,246)
$
11,755,942
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
(e)
Cash
Collateral
Pledged
(e)
Net
Amount
of
Derivative
Liabilities
(d)(f)
Bank
of
America
NA
..............................
$
4,500,674
$
(3,288,081)
$
—
$
(1,212,593)
$
—
Barclays
Bank
plc
................................
3,979,586
(1,664,332)
(1,835,443)
(240,000)
239,811
Citibank
NA
....................................
2,103,402
(2,103,402)
—
—
—
Deutsche
Bank
AG
...............................
7,191,562
(6,851,388)
—
(340,174)
—
Goldman
Sachs
Bank
USA
..........................
2,413,332
(2,413,332)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
2,182,359
(2,182,359)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
3,079,982
(1,716,123)
(1,363,859)
—
—
Westpac
Banking
Corp.
............................
2,423
(2,079)
—
—
344
$
25,453,320
$
(20,221,096)
$
(3,199,302)
$
(1,792,767)
$
240,155
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
received
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(e)
Excess
of
collateral
pledged
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(f)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
112
Schedule
of
Investments
(continued)
September
30,
2021
Fair
Value
Hierar
chy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments:
Asset-Backed
Securities
....................................
$
—
$
1,315,813,916
$
1,911,360
$
1,317,725,276
Corporate
Bonds:
Aerospace
&
Defense
....................................
—
23,888,593
—
23,888,593
Airlines
..............................................
—
18,690,690
—
18,690,690
Auto
Components
......................................
—
20,168,610
—
20,168,610
Automobiles
..........................................
—
98,660,584
—
98,660,584
Banks
...............................................
—
548,632,239
—
548,632,239
Beverages
...........................................
—
13,550,008
—
13,550,008
Biotechnology
.........................................
—
23,367,662
—
23,367,662
Building
Products
.......................................
—
6,519,143
—
6,519,143
Capital
Markets
........................................
—
142,854,660
—
142,854,660
Chemicals
............................................
—
52,204,254
—
52,204,254
Commercial
Services
&
Supplies
.............................
—
23,833,041
—
23,833,041
Communications
Equipment
................................
—
5,882,128
—
5,882,128
Construction
&
Engineering
................................
—
10,892,541
—
10,892,541
Construction
Materials
....................................
—
5,346,593
—
5,346,593
Consumer
Finance
......................................
—
178,162,240
—
178,162,240
Containers
&
Packaging
..................................
—
52,580,828
—
52,580,828
Diversified
Consumer
Services
..............................
—
3,217,429
—
3,217,429
Diversified
Financial
Services
...............................
—
18,791,339
—
18,791,339
Diversified
Telecommunication
Services
........................
—
52,939,571
—
52,939,571
Electric
Utilities
........................................
—
116,229,416
—
116,229,416
Electrical
Equipment
.....................................
—
5,157,959
—
5,157,959
Electronic
Equipment,
Instruments
&
Components
.................
—
23,859,596
—
23,859,596
Energy
Equipment
&
Services
..............................
—
5,991,669
—
5,991,669
Entertainment
.........................................
—
20,261,659
—
20,261,659
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
118,730,250
—
118,730,250
Food
&
Staples
Retailing
..................................
—
19,395,334
—
19,395,334
Food
Products
.........................................
—
24,647,425
—
24,647,425
Gas
Utilities
...........................................
—
11,457,201
—
11,457,201
Health
Care
Equipment
&
Supplies
...........................
—
27,264,025
—
27,264,025
Health
Care
Providers
&
Services
............................
—
48,347,840
—
48,347,840
Health
Care
Technology
..................................
—
1,840,541
—
1,840,541
Hotels,
Restaurants
&
Leisure
..............................
—
48,695,477
—
48,695,477
Household
Durables
.....................................
—
23,832,638
—
23,832,638
Household
Products
.....................................
—
597,710
—
597,710
Independent
Power
and
Renewable
Electricity
Producers
............
—
11,202,828
—
11,202,828
Industrial
Conglomerates
..................................
—
5,300,026
—
5,300,026
Insurance
............................................
—
18,073,827
—
18,073,827
Interactive
Media
&
Services
...............................
—
17,207,858
—
17,207,858
IT
Services
...........................................
—
32,072,208
—
32,072,208
Life
Sciences
Tools
&
Services
..............................
—
3,705,195
—
3,705,195
Machinery
............................................
—
23,024,227
—
23,024,227
Marine
..............................................
—
3,255,330
—
3,255,330
Media
...............................................
—
69,460,152
—
69,460,152
Metals
&
Mining
........................................
—
25,614,166
—
25,614,166
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
78,674
—
78,674
Multi-Utilities
..........................................
—
12,211,491
—
12,211,491
Oil,
Gas
&
Consumable
Fuels
...............................
—
208,197,626
—
208,197,626
Paper
&
Forest
Products
..................................
—
906,043
—
906,043
Pharmaceuticals
.......................................
—
41,565,917
—
41,565,917
Professional
Services
....................................
—
7,262,690
—
7,262,690
Real
Estate
Management
&
Development
.......................
—
89,327,078
—
89,327,078
Road
&
Rail
...........................................
—
22,868,862
—
22,868,862
Semiconductors
&
Semiconductor
Equipment
....................
—
41,522,723
—
41,522,723
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
113
Schedule
of
Investments
(continued)
September
30,
2021
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Software
.............................................
$
—
$
56,338,194
$
—
$
56,338,194
Specialty
Retail
........................................
—
7,276,454
—
7,276,454
Technology
Hardware,
Storage
&
Peripherals
....................
—
—
4,131,611
4,131,611
Textiles,
Apparel
&
Luxury
Goods
............................
—
2,453,763
—
2,453,763
Thrifts
&
Mortgage
Finance
................................
—
4,881,013
—
4,881,013
Tobacco
.............................................
—
58,599,172
—
58,599,172
Trading
Companies
&
Distributors
............................
—
41,128,047
—
41,128,047
Transportation
Infrastructure
...............................
—
10,105,563
—
10,105,563
Water
Utilities
.........................................
—
195,041
—
195,041
Wireless
Telecommunication
Services
.........................
—
47,901,401
—
47,901,401
Floating
Rate
Loan
Interests
.................................
—
34,888
—
34,888
Foreign
Agency
Obligations
.................................
—
63,753,393
—
63,753,393
Foreign
Government
Obligations
..............................
—
123,400,321
—
123,400,321
Investment
Companies
....................................
159,445,199
—
—
159,445,199
Non-Agency
Mortgage-Backed
Securities
........................
—
900,802,257
—
900,802,257
U.S.
Government
Sponsored
Agency
Securities
....................
—
456,028,926
—
456,028,926
U.S.
Treasury
Obligations
...................................
—
2,346,368,342
—
2,346,368,342
Short-Term
Securities:
Commercial
Paper
.......................................
—
369,491,428
—
369,491,428
Money
Market
Funds
......................................
52,560,109
—
—
52,560,109
Repurchase
Agreements
...................................
—
140,000,000
—
140,000,000
Options
Purchased:
Interest
rate
contracts
......................................
618,727
28,222,673
—
28,841,400
$
212,624,035
$
8,402,142,606
$
6,042,971
$
8,620,809,612
Derivative
Financial
Instruments
(a)
Assets:
Credit
contracts
...........................................
$
—
$
989,877
$
—
$
989,877
Foreign
currency
exchange
contracts
............................
—
11,119,383
—
11,119,383
Interest
rate
contracts
.......................................
13,893,891
8,699,425
—
22,593,316
Liabilities:
Credit
contracts
...........................................
—
(58,840)
—
(58,840)
Foreign
currency
exchange
contracts
............................
—
(2,423)
—
(2,423)
Interest
rate
contracts
.......................................
(3,647,968)
(32,786,427)
—
(36,434,395)
$
10,245,923
$
(12,039,005)
$
—
$
(1,793,082)
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
Statements
of
Assets
and
Liabilities

September
30,
2021
2021
BlackRock
Annual
Report
to
Shareholders
114
BlackRock
Core
Bond
Portfolio
BlackRock
High
Yield
Bond
Portfolio
(a)
BlackRock
Low
Duration
Bond
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(b)
(c)
.........................................................
$
5,376,017,763‌
$
23,290,484,966‌
$
8,268,790,428‌
Investments,
at
value
—
affiliated
(d)
...........................................................
213,787,818‌
996,318,890‌
212,019,184‌
Cash  
...............................................................................
—‌
14,596,779‌
—‌
Cash
pledged:
Collateral
—
OTC
derivatives
..............................................................
190,000‌
3,455,000‌
2,65
0,000‌
Collateral
—
TBA
commitments
.............................................................
817,000‌
—‌
—‌
Futures
contracts
......................................................................
4,960,520‌
3,024,000‌
14,159,000‌
Centrally
cleared
swaps
..................................................................
5,062,778‌
—‌
6,191,000‌
Foreign
currency,
at
value
(e)
................................................................
28,740,552‌
2,443,654‌
2,992,680‌
Repurchase
agreements,
at
value
—
unaffiliated
(f)
.................................................
—‌
—‌
140,000,000‌
Receivables:
–‌
–‌
–‌
Investments
sold
......................................................................
218,063,480‌
182,646,643‌
239,863,608‌
Securities
lending
income
—
affiliated
........................................................
—‌
104,284‌
—‌
TBA
sale
commitments
..................................................................
347,212,682‌
—‌
—‌
Capital
shares
sold
.....................................................................
5,030,106‌
81,678,026‌
27,983,957‌
Dividends
—
affiliated
...................................................................
718‌
3,917‌
564‌
Dividends
—
unaffiliated
.................................................................
—‌
1,697,592‌
—‌
Interest
—
unaffiliated
...................................................................
23,939,971‌
274,65
5
,
576‌
28,932,819‌
From
the
Manager
.....................................................................
179,359‌
—‌
76,407‌
Variation
margin
on
futures
contracts
.........................................................
439,502‌
107,940‌
714,483‌
Swap
premiums
paid
.....................................................................
401,360‌
539,562‌
29,638‌
Unrealized
appreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
2,210,259‌
15,246,151‌
11,119,383‌
OTC
swaps
..........................................................................
932,571‌
8,453,179‌
895,590‌
Unfunded
floating
rate
loan
interests
.........................................................
—‌
190,353‌
—‌
Prepaid
expenses
.......................................................................
157,022‌
793,672‌
149,883‌
Other
assets
...........................................................................
—‌
13,678‌
—‌
Total
assets
...........................................................................
6,228,143,461‌
24,876,453,862‌
8,956,
56
8,624‌
LIABILITIES
Bank
overdraft
..........................................................................
1,116,809‌
—‌
59
2,864‌
Cash
received:
Collateral
—
OTC
derivatives
..............................................................
—‌
11,520,000‌
8,342,000‌
Collateral
on
securities
loaned,
at
value
.........................................................
—‌
153,387,409‌
—‌
Options
written,
at
value
(g)
..................................................................
254,006‌
—‌
25,259,014‌
TBA
sale
commitments,
at
value
(h)
............................................................
345,127,626‌
—‌
—‌
Payables:
–‌
–‌
–‌
Investments
purchased
..................................................................
1,541,464,298‌
665,766,468‌
289,194,180‌
Swaps  
............................................................................
—‌
438,039‌
—‌
Accounting
services
fees
.................................................................
181,306‌
791,278‌
300,459‌
Administration
fees
.....................................................................
131,996‌
1,028,839‌
264,429‌
Capital
shares
redeemed
.................................................................
9,042,163‌
122,596,566‌
24,322,428‌
Custodian
fees
........................................................................
101,249‌
200,451‌
101,611‌
Deferred
foreign
capital
gain
tax
............................................................
2,781‌
—‌
—‌
Income
dividend
distributions
..............................................................
1,085,017‌
10,081,244‌
918,767‌
Investment
advisory
fees
.................................................................
1,139,311‌
8,018,841‌
1,991,249‌
Trustees'
and
Officer's
fees
...............................................................
3,420‌
164,781‌
56,468‌
Other
affiliate
fees
.....................................................................
5,161‌
109,630‌
1,077‌
Professional
fees
......................................................................
127,046‌
323,358‌
137,859‌
Registration
fees
......................................................................
—‌
—‌
99,391‌
Service
and
distribution
fees
...............................................................
131,720‌
545,602‌
335,454‌
Transfer
agent
fees
....................................................................
1,058,949‌
4,749,204‌
1,898,015‌
Other
accrued
expenses
.................................................................
279,850‌
323,411‌
502,010‌
Variation
margin
on
futures
contracts
.........................................................
380,300‌
189,299‌
1,951,315‌
Variation
margin
on
centrally
cleared
swaps
....................................................
43,093‌
—‌
210,283‌
Swap
premiums
received
..................................................................
678,887‌
1,385,704‌
625,232‌
Unrealized
depreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
1,485,358‌
24,470‌
2,423‌
OTC
swaps
..........................................................................
509,707‌
3,504,810‌
58,840‌
Total
liabilities
..........................................................................
1,904,350,053‌
985,149,404‌
35
7
,
16
5,368‌
NET
ASSETS
..........................................................................
$
4,323,793,408‌
$
23,891,304,458‌
$
8,599,403,256‌
Statements
of
Assets
and
Liabilities
(continued)
September
30,
2021
115
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Core
Bond
Portfolio
BlackRock
High
Yield
Bond
Portfolio
(a)
BlackRock
Low
Duration
Bond
Portfolio
NET
ASSETS
CONSIST
OF
Paid-in
capital
..........................................................................
$
4,275,255,384‌
$
22,884,145,152‌
$
8,576,708,926‌
Accumulated
earnings
....................................................................
48,538,024‌
1,007,159,306‌
22,694,330‌
NET
ASSETS
..........................................................................
$
4,323,793,408‌
$
23,891,304,458‌
$
8,599,403,256‌
(a)
  Consolidated
Statement
of
Assets
and
Liabilities.
(b)
  Investments,
at
cost
—
unaffiliated
..........................................................
$
5,332,387,958‌
$
22,278,345,129‌
$
8,232,259,598‌
(c)
  Securities
loaned,
at
value
................................................................
$
—‌
$
149,930,930‌
$
—‌
(d)
  Investments,
at
cost
—
affiliated
............................................................
$
213,787,818‌
$
996,318,597‌
$
212,013,931‌
(e)
  Foreign
currency,
at
cost
.................................................................
$
27,522,887‌
$
2,469,946‌
$
3,011,231‌
(f)
  Repurchase
agreements,
at
cost
............................................................
$
—‌
$
—‌
$
140,000,000‌
(g)
  Premiums
received
....................................................................
$
150,211‌
$
—‌
$
32,396,412‌
(h)
  Proceeds
from
TBA
sale
commitments
.......................................................
$
347,212,682‌
$
—‌
$
—‌
Statements
of
Assets
and
Liabilities
(continued)
September
30,
2021
2021
BlackRock
Annual
Report
to
Shareholders
116
See
notes
to
financial
statements.
BlackRock
Core
Bond
Portfolio
BlackRock
High
Yield
Bond
Portfolio
(a)
BlackRock
Low
Duration
Bond
Portfolio
NET
ASSET
VALUE
Institutional
Net
assets
......................................................................
$
2,892,879,033‌
$
14,197,255,064‌
$
6,395,606,452‌
Shares
outstanding
...............................................................
292,928,695‌
1,800,201,379‌
657,769,542‌
Net
asset
value
..................................................................
$
9.88‌
$
7.89‌
$
9.72‌
Shares
authorized
................................................................
Unlimited
Unlimited
Unlimited
Par
value
......................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Service
Net
assets
......................................................................
$
—‌
$
133,294,822‌
$
—‌
Shares
outstanding
...............................................................
—‌
16,892,446‌
—‌
Net
asset
value
..................................................................
$
—‌
$
7.89‌
$
—‌
Shares
authorized
................................................................
—
Unlimited
—
Par
value
......................................................................
$
—‌
$
0.001‌
$
—‌
Investor
A
Net
assets
......................................................................
$
451,799,654‌
$
1,408,666,383‌
$
1,199,702,430‌
Shares
outstanding
...............................................................
45,685,651‌
178,685,305‌
123,419,875‌
Net
asset
value
..................................................................
$
9.89‌
$
7.88‌
$
9.72‌
Shares
authorized
................................................................
Unlimited
Unlimited
Unlimited
Par
value
......................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Investor
A1
Net
assets
......................................................................
$
—‌
$
—
$
6,709,516‌
Shares
outstanding
...............................................................
—
—
689,708‌
Net
asset
value
..................................................................
$
—
$
—
$
9.73‌
Shares
authorized
................................................................
—
—
Unlimited
Par
value
......................................................................
$
—
$
—
$
0.00
1‌
Investor
C
Net
assets
......................................................................
$
25,318,904‌
$
159,580,418‌
$
51,625,306‌
Shares
outstanding
...............................................................
2,571,972‌
20,209,942‌
5,313,529‌
Net
asset
value
..................................................................
$
9.84‌
$
7.90‌
$
9.72‌
Shares
authorized
................................................................
Unlimited
Unlimited
Unlimited
Par
value
......................................................................
$
0.00
1‌
$
0.00
1‌
$
0.00
1‌
Class
K
Net
assets
......................................................................
$
952,546,944‌
$
7,883,370,133‌
$
943,606,922‌
Shares
outstanding
...............................................................
96,149,836‌
998,955,810‌
97,122,507‌
Net
asset
value
..................................................................
$
9.91‌
$
7.89‌
$
9.72‌
Shares
authorized
................................................................
Unlimited
Unlimited
Unlimited
Par
value
......................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Class
R
Net
assets
......................................................................
$
1,248,873‌
$
109,137,638‌
$
2,152,630‌
Shares
outstanding
...............................................................
126,230‌
13,840,937‌
221,488‌
Net
asset
value
..................................................................
$
9.89‌
$
7.89‌
$
9.72‌
Shares
authorized
................................................................
Unlimited
Unlimited
Unlimited
Par
value
......................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Statements
of
Operations

Year
Ended
September
30,
2021
117
Financial
Statements
BlackRock
Core
Bond
Portfolio
BlackRock
High
Yield
Bond
Portfolio
(a)
BlackRock
Low
Duration
Bond
Portfolio
INVESTMENT
INCOME
–
–
–
Dividends
—
affiliated
...................................................................
$
83,148‌
$
22,187,234‌
$
1,436,677‌
Dividends
—
unaffiliated
.................................................................
32‌
29,373,548‌
63‌
Interest
—
affiliated
....................................................................
—‌
—‌
874‌
Interest
—
unaffiliated
...................................................................
81,699,637‌
1,304,642,169‌
131,174,857‌
Securities
lending
income
—
affiliated
—
net
...................................................
—‌
655,138‌
—‌
Foreign
taxes
withheld
..................................................................
(95,037‌)
(13,561‌)
(590‌)
Total
investment
income
...................................................................
81,687,780‌
1,356,844,528‌
132,611,881‌
EXPENSES
Investment
advisory
....................................................................
15,256,799‌
103,721,898‌
23,325,387‌
Transfer
agent
—
class
specific
............................................................
3,909,622‌
16,777,652‌
6,711,604‌
Service
and
distribution
—
class
specific
......................................................
1,805,101‌
6,104,149‌
4,443,014‌
Administration
.......................................................................
1,676,083‌
8,179,744‌
2,874,796‌
Administration
—
class
specific
............................................................
915,975‌
5,111,151‌
1,653,593‌
Accounting
services
....................................................................
303,310‌
1,443,052‌
510,132‌
Registration
.........................................................................
286,621‌
1,046,446‌
263,696‌
Custodian
...........................................................................
177,232‌
350,936‌
187,812‌
Professional
.........................................................................
139,276‌
357,562‌
150,089‌
Trustees
and
Officer
....................................................................
52,609‌
307,169‌
95,042‌
Miscellaneous
........................................................................
392,361‌
664,914‌
574,207‌
Total
expenses
excluding
interest
expense
.......................................................
24,914,989‌
144,064,673‌
40,789,372‌
Interest
expense
........................................................................
—‌
—‌
37,928‌
Total
expenses
.........................................................................
24,914,989‌
144,064,673‌
40,827,300‌
Less:
–‌
–‌
–‌
Transfer
agent
fees
waived
and/or
reimbursed
—
class
specific
.......................................
(2,170,548‌)
—‌
(1,221,452‌)
Administration
fees
waived
—
class
specific
....................................................
(914,284‌)
—‌
(1,532,070‌)
Fees
waived
and/or
reimbursed
by
the
Manager
.................................................
(625,405‌)
(2,096,278‌)
(517,522‌)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
21,204,752‌
141,968,395‌
37,556,256‌
Net
investment
income
....................................................................
60,483,028‌
1,214,876,133‌
95,055,625‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(56,969,276‌)
$
1,573,253,774‌
$
19,626,574‌
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...............................................................
$
—‌
$
45,162,765‌
$
—‌
Investments
—
unaffiliated
(b)
............................................................
49,719,062‌
881,855,760‌
84,203,660‌
Forward
foreign
currency
exchange
contracts
.................................................
(10,500,814‌)
4,075,910‌
(2,863,653‌)
Foreign
currency
transactions
...........................................................
1,107,886‌
2,438,525‌
(1,473,401‌)
Futures
contracts
....................................................................
259,523‌
60,131,278‌
17,440,889‌
Options
written
.....................................................................
5,565,940‌
4,635,571‌
4,144,850‌
Swaps  
..........................................................................
(6,854,623‌)
155,530,437‌
(20,890,914‌)
39,296,974‌
1,153,830,246‌
80,561,431‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...............................................................
—‌
(15,349,228‌)
94,667‌
Investments
—
unaffiliated
(c)
............................................................
(93,248,510‌)
448,480,543‌
(77,874,975‌)
Forward
foreign
currency
exchange
contracts
.................................................
(105,107‌)
(1,173,420‌)
(1,019,813‌)
Foreign
currency
translations
............................................................
284,582‌
(225,147‌)
306,814‌
Futures
contracts
....................................................................
744,579‌
6,468,204‌
10,565,830‌
Options
written
.....................................................................
(309,595‌)
(44,778‌)
11,193,933‌
Swaps  
..........................................................................
(3,632,198‌)
(18,573,798‌)
(4,201,313‌)
Unfunded
floating
rate
loan
interests
.......................................................
—‌
(158,848‌)
—‌
(96,266,249‌)
419,423,528‌
(60,934,857‌)
Net
realized
and
unrealized
gain
(loss)
.........................................................
(56,969,275‌)
1,573,253,774‌
19,626,574‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................................
$
3,513,753‌
$
2,788,129,907‌
$
114,682,199‌
(a)
  Consolidated
Statement
of
Operations.
(b)
Net
of
foreign
capital
gain
tax
of
............................................................
$
(27,196‌)
$
—‌
$
—‌
(c)
Net
of
increase
in
deferred
foreign
capital
gain
tax
of
..............................................
$
(2,781‌)
$
—‌
$
—‌
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

2021
BlackRock
Annual
Report
to
Shareholders
118
See
notes
to
financial
statements.
BlackRock
Core
Bond
Portfolio
Year
Ended
September
30,
2021
2020
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
60,483,028‌
$
74,528,293‌
Net
realized
gain
......................................................................................
39,296,974‌
170,468,573‌
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
(96,266,249‌)
27,583,224‌
Net
increase
in
net
assets
resulting
from
operations
.................................................................
3,513,753‌
272,580,090‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
.........................................................................................
(147,057,926‌)
(49,434,860‌)
  Service
............................................................................................
(2,087,346‌)
(787,490‌)
  Investor
A
..........................................................................................
(28,032,259‌)
(8,763,836‌)
  Investor
C
..........................................................................................
(1,522,843‌)
(513,089‌)
  Class
K
............................................................................................
(57,938,079‌)
(20,445,401‌)
  Class
R
............................................................................................
(74,964‌)
(39,393‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(236,713,417‌)
(79,984,069‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.......................................................
303,314,101‌
711,251,379‌
NET
ASSETS
Total
increase
in
net
assets
.................................................................................
70,114,437‌
903,847,400‌
Beginning
of
year
........................................................................................
4,253,678,971‌
3,349,831,571‌
End
of
year
............................................................................................
$
4,323,793,408‌
$
4,253,678,971‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
119
Financial
Statements
See
notes
to
financial
statements.
BlackRock
High
Yield
Bond
Portfolio
(a)
BlackRock
Low
Duration
Bond
Portfolio
Year
Ended
September
30,
Year
Ended
September
30,
2021
2020
2021
2020
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
1,214,876,133‌
$
1,066,858,901‌
$
95,055,625‌
$
141,970,339‌
Net
realized
gain
(loss)
....................................................
1,153,830,246‌
(198,808,848‌)
80,561,431‌
(15,262,360‌)
Net
change
in
unrealized
appreciation
(depreciation)
................................
419,423,528‌
303,650,825‌
(60,934,857‌)
72,397,633‌
Net
increase
in
net
assets
resulting
from
operations
...................................
2,788,129,907‌
1,171,700,878‌
114,682,199‌
199,105,612‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
From
net
investment
income:
  Institutional
...........................................................
(644,347,623‌)
(616,071,967‌)
(80,178,572‌)
(115,301,168‌)
  Service
..............................................................
(6,184,504‌)
(6,666,756‌)
(238,097‌)
(591,917‌)
  Investor
A
............................................................
(62,995,346‌)
(67,742,223‌)
(16,614,960‌)
(26,897,801‌)
  Investor
A1
...........................................................
—
—
(93,386‌)
(176,265‌)
  Investor
C
............................................................
(6,536,033‌)
(10,830,785‌)
(232,004‌)
(1,648,998‌)
  Investor
C1
...........................................................
—‌
(25,535‌)
—
—‌
  Investor
C2
...........................................................
—
—
—‌
(94‌)
  Investor
C3
...........................................................
—
—
—‌
(2,568‌)
  Class
K
..............................................................
(511,983,631‌)
(404,866,808‌)
(10,050,344‌)
(12,119,525‌)
  Class
R
..............................................................
(4,660,585‌)
(5,876,512‌)
(18,462‌)
(51,743‌)
Return
of
capital:
–
–
–
–
  Institutional
...........................................................
—‌
—‌
—‌
(310,562‌)
  Service
..............................................................
—‌
—‌
—‌
(1,594‌)
  Investor
A
............................................................
—‌
—‌
—‌
(72,449‌)
  Investor
A1
...........................................................
—
—
—‌
(475‌)
  Investor
C
............................................................
—‌
—‌
—‌
(4,442‌)
  Investor
C3
...........................................................
—
—
—‌
(7‌)
  Class
K
..............................................................
—‌
—‌
—‌
(32,644‌)
  Class
R
..............................................................
—‌
—‌
—‌
(139‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(1,236,707,722‌)
(1,112,080,586‌)
(107,425,825‌)
(157,212,391‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(2,531,970,831‌)
7,601,116,726‌
1,135,062,865‌
12,327,310‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(980,548,646‌)
7,660,737,018‌
1,142,319,239‌
54,220,531‌
Beginning
of
year
..........................................................
24,871,853,104‌
17,211,116,086‌
7,457,084,017‌
7,402,863,486‌
End
of
year
..............................................................
$
23,891,304,458‌
$
24,871,853,104‌
$
8,599,403,256‌
$
7,457,084,017‌
(a)
Consolidated
Statements
of
Changes
in
Net
Assets.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
120
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(e)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Core
Bond
Portfolio
Institutional
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
10.43‌
$
9.92‌
$
9.25‌
$
9.65‌
$
9.86‌
Net
investment
income
(a)
.....................................
0.14‌
0.20‌
0.28‌
0.25‌
0.23‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.14‌)
0.53‌
0.68‌
(0.39‌)
(0.19‌)
Net
increase
(decrease)
from
investment
operations
....................
(
0.00‌
)
0.73‌
0.96‌
(0.14‌)
0.04‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.19‌)
(0.22‌)
(0.29‌)
(0.26‌)
(0.25‌)
From
net
realized
gain
.......................................
(0.36‌)
—‌
—‌
—‌
—‌
Total
distributions
...........................................
(0.55‌)
(0.22‌)
(0.29‌)
(0.26‌)
(0.25‌)
Net
asset
value,
end
of
year
...................................
$
9.88‌
$
10.43‌
$
9.92‌
$
9.25‌
$
9.65‌
Total
Return
(c)
(0.04)%
7.42%
10.52%
(1.50)%
—
Based
on
net
asset
value
......................................
(0.04)%
7.42%
10.52%
(1.50)%
0.46%
Ratios
to
Average
Net
Assets
(d)
Total
expenses
.............................................
0.53%
0.54%
0.60%
0.62%
0.66%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.44%
0.43%
0.51%
0.54%
0.52%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.44%
0.43%
0.43%
0.44%
0.43%
Net
investment
income
.......................................
1.35%
1.98%
2.94%
2.61%
2.36%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
2,892,879‌
$
2,608,893‌
$
1,935,102‌
$
1,762,677‌
$
1,778,980‌
Portfolio
turnover
rate
(e)
.......................................
585%
692%
684%
658%
712%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.01%
0.02%
—%
—%
—%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
387%
488%
481%
455%
493%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
121
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(e)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Core
Bond
Portfolio
Investor
A
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
10.44‌
$
9.93‌
$
9.26‌
$
9.66‌
$
9.87‌
Net
investment
income
(a)
.....................................
0.11‌
0.18‌
0.26‌
0.22‌
0.20‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.14‌)
0.52‌
0.67‌
(0.39‌)
(0.18‌)
Net
increase
(decrease)
from
investment
operations
....................
(0.03‌)
0.70‌
0.93‌
(0.17‌)
0.02‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.16‌)
(0.19‌)
(0.26‌)
(0.23‌)
(0.23‌)
From
net
realized
gain
.......................................
(0.36‌)
—‌
—‌
—‌
—‌
Total
distributions
...........................................
(0.52‌)
(0.19‌)
(0.26‌)
(0.23‌)
(0.23‌)
Net
asset
value,
end
of
year
...................................
$
9.89‌
$
10.44‌
$
9.93‌
$
9.26‌
$
9.66‌
Total
Return
(c)
(0.29)%
7.15%
10.24%
(1.74)%
—
Based
on
net
asset
value
......................................
(0.29)%
7.15%
10.24%
(1.74)%
0.21%
Ratios
to
Average
Net
Assets
(d)
Total
expenses
.............................................
0.80%
0.81%
0.93%
0.97%
0.96%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.69%
0.68%
0.76%
0.79%
0.78%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.69%
0.68%
0.68%
0.69%
0.68%
Net
investment
income
.......................................
1.10%
1.75%
2.69%
2.36%
2.11%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
451,800‌
$
532,706‌
$
492,426‌
$
427,610‌
$
470,559‌
Portfolio
turnover
rate
(e)
.......................................
585%
692%
684%
658%
712%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.01%
0.02%
—%
—%
—%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
387%
488%
481%
455%
493%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
122
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(e)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
(f)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Core
Bond
Portfolio
Investor
C
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
10.40‌
$
9.89‌
$
9.22‌
$
9.62‌
$
9.83‌
Net
investment
income
(a)
.....................................
0.04‌
0.10‌
0.19‌
0.15‌
0.13‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.16‌)
0.53‌
0.67‌
(0.39‌)
(0.19‌)
Net
increase
(decrease)
from
investment
operations
....................
(0.12‌)
0.63‌
0.86‌
(0.24‌)
(0.06‌)
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.08‌)
(0.12‌)
(0.19‌)
(0.16‌)
(0.15‌)
From
net
realized
gain
.......................................
(0.36‌)
—‌
—‌
—‌
—‌
Total
distributions
...........................................
(0.44‌)
(0.12‌)
(0.19‌)
(0.16‌)
(0.15‌)
Net
asset
value,
end
of
year
...................................
$
9.84‌
$
10.40‌
$
9.89‌
$
9.22‌
$
9.62‌
Total
Return
(c)
(1.14)%
6.37%
9.45%
(2.49)%
(0.55)%
Based
on
net
asset
value
......................................
(1.14)%
6.37%
9.45%
(2.49)%
(0.55)%
Ratios
to
Average
Net
Assets
(d)
Total
expenses
.............................................
1.53%
1.57%
1.68%
1.68%
1.68%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
....................
1.44%
1.43%
1.51%
1.54%
1.52%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
1.44%
1.43%
1.43%
1.44%
1.44%
Net
investment
income
.......................................
0.36%
1.02%
1.96%
1.63%
1.35%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
25,319‌
$
36,599‌
$
49,848‌
$
61,437‌
$
71,628‌
Portfolio
turnover
rate
(f)
.......................................
585%
692%
684%
658%
712%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.01%
0.02%
—%
—%
—%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
387%
488%
481%
455%
493%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
123
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(e)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Core
Bond
Portfolio
Class
K
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
10.46‌
$
9.95‌
$
9.28‌
$
9.68‌
$
9.89‌
Net
investment
income
(a)
.....................................
0.14‌
0.21‌
0.29‌
0.25‌
0.23‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.14‌)
0.52‌
0.67‌
(0.39‌)
(0.18‌)
Net
increase
(decrease)
from
investment
operations
....................
0.00‌
0.73‌
0.96‌
(0.14‌)
0.05‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.19‌)
(0.22‌)
(0.29‌)
(0.26‌)
(0.26‌)
From
net
realized
gain
.......................................
(0.36‌)
—‌
—‌
—‌
—‌
Total
distributions
...........................................
(0.55‌)
(0.22‌)
(0.29‌)
(0.26‌)
(0.26‌)
Net
asset
value,
end
of
year
...................................
$
9.91‌
$
10.46‌
$
9.95‌
$
9.28‌
$
9.68‌
Total
Return
(c)
0.02%
7.46%
10.55%
(1.44)%
—
Based
on
net
asset
value
......................................
0.02%
7.46%
10.55%
(1.44)%
0.52%
Ratios
to
Average
Net
Assets
(d)
Total
expenses
.............................................
0.42%
0.42%
0.51%
0.54%
0.54%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.39%
0.38%
0.46%
0.49%
0.48%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.39%
0.38%
0.38%
0.39%
0.38%
Net
investment
income
.......................................
1.40%
2.04%
2.99%
2.66%
2.41%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
952,547‌
$
1,029,002‌
$
829,549‌
$
701,197‌
$
753,563‌
Portfolio
turnover
rate
(e)
.......................................
585%
692%
684%
658%
712%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.01%
0.02%
—%
—%
—%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
387%
488%
481%
455%
493%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
124
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(e)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Core
Bond
Portfolio
Class
R
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
10.45‌
$
9.94‌
$
9.27‌
$
9.67‌
$
9.88‌
Net
investment
income
(a)
.....................................
0.09‌
0.16‌
0.23‌
0.20‌
0.18‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.15‌)
0.52‌
0.68‌
(0.39‌)
(0.19‌)
Net
increase
(decrease)
from
investment
operations
....................
(0.06‌)
0.68‌
0.91‌
(0.19‌)
(0.01‌)
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.14‌)
(0.17‌)
(0.24‌)
(0.21‌)
(0.20‌)
From
net
realized
gain
.......................................
(0.36‌)
—‌
—‌
—‌
—‌
Total
distributions
...........................................
(0.50‌)
(0.17‌)
(0.24‌)
(0.21‌)
(0.20‌)
Net
asset
value,
end
of
year
...................................
$
9.89‌
$
10.45‌
$
9.94‌
$
9.27‌
$
9.67‌
Total
Return
(c)
(0.64)%
6.88%
9.95%
(1.98)%
—
Based
on
net
asset
value
......................................
(0.64)%
6.88%
9.95%
(1.98)%
(0.04)%
Ratios
to
Average
Net
Assets
(d)
Total
expenses
.............................................
1.13%
1.08%
1.21%
1.25%
1.24%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.94%
0.93%
1.01%
1.04%
1.03%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.94%
0.93%
0.93%
0.94%
0.93%
Net
investment
income
.......................................
0.87%
1.54%
2.45%
2.13%
1.86%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
1,249‌
$
2,023‌
$
2,712‌
$
2,921‌
$
3,900‌
Portfolio
turnover
rate
(e)
.......................................
585%
692%
684%
658%
712%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.01%
0.02%
—%
—%
—%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
387%
488%
481%
455%
493%
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
125
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
BlackRock
High
Yield
Bond
Portfolio
Institutional
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
7.42‌
$
7.68‌
$
7.67‌
$
7.85‌
$
7.61‌
Net
investment
income
(a)
.....................................
0.37‌
0.40‌
0.44‌
0.42‌
0.43‌
Net
realized
and
unrealized
gain
(loss)
............................
0.48‌
(0.24‌)
0.02‌
(0.16‌)
0.28‌
Net
increase
from
investment
operations
............................
0.85‌
0.16‌
0.46‌
0.26‌
0.71‌
Distributions
from
net
investment
income
(b)
........................
(0.38‌)
(0.42‌)
(0.45‌)
(0.44‌)
(0.47‌)
Net
asset
value,
end
of
year
...................................
$
7.89‌
$
7.42‌
$
7.68‌
$
7.67‌
$
7.85‌
Total
Return
(c)
11.58%
2.21%
6.34%
3.48%
—
Based
on
net
asset
value
......................................
11.58%
2.21%
6.34%
3.48%
9.64%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.............................................
0.57%
0.59%
0.60%
0.61%
0.62%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.56%
0.58%
0.60%
0.61%
0.61%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
income
tax
...........................................
0.56%
0.58%
0.60%
0.61%
0.59%
Net
investment
income
.......................................
4.73%
5.37%
5.89%
5.49%
5.61%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
14,197,255‌
$
11,680,175‌
$
10,693,110‌
$
9,680,691‌
$
9,728,106‌
Portfolio
turnover
rate
........................................
76%
119%
102%
90%
86%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.02%
0.04%
0.02%
0.01%
0.01%
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
126
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(f)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees,
the
expense
ratios
were
as
follows:
BlackRock
High
Yield
Bond
Portfolio
Service
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
7.43‌
$
7.68‌
$
7.67‌
$
7.85‌
$
7.62‌
Net
investment
income
(a)
.....................................
0.35‌
0.38‌
0.42‌
0.40‌
0.41‌
Net
realized
and
unrealized
gain
(loss)
............................
0.46‌
(0.23‌)
0.02‌
(0.16‌)
0.27‌
Net
increase
from
investment
operations
............................
0.81‌
0.15‌
0.44‌
0.24‌
0.68‌
Distributions
from
net
investment
income
(b)
........................
(0.35‌)
(0.40‌)
(0.43‌)
(0.42‌)
(0.45‌)
Net
asset
value,
end
of
year
...................................
$
7.89‌
$
7.43‌
$
7.68‌
$
7.67‌
$
7.85‌
Total
Return
(c)
11.11%
2.08%
6.06%
3.19%
—
Based
on
net
asset
value
......................................
11.11%
2.08%
6.06%
3.19%
9.15%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
(f)
............................................
0.86%
0.86%
0.87%
0.90%
0.93%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.85%
0.85%
0.87%
0.89%
0.93%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
income
tax
...........................................
0.85%
0.85%
0.87%
0.89%
0.90%
Net
investment
income
.......................................
4.45%
5.13%
5.64%
5.20%
5.31%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
133,295‌
$
125,536‌
$
154,658‌
$
176,188‌
$
231,741‌
Portfolio
turnover
rate
........................................
76%
119%
102%
90%
86%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.02%
0.04%
0.02%
0.01%
0.01%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Expense
ratios
.............................................
N/A
N/A
N/A
0.90%
N/A
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
127
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(f)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees,
the
expense
ratios
were
as
follows:
BlackRock
High
Yield
Bond
Portfolio
Investor
A
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
7.42‌
$
7.68‌
$
7.67‌
$
7.85‌
$
7.61‌
Net
investment
income
(a)
.....................................
0.34‌
0.38‌
0.42‌
0.40‌
0.41‌
Net
realized
and
unrealized
gain
(loss)
............................
0.47‌
(0.25‌)
0.02‌
(0.16‌)
0.28‌
Net
increase
from
investment
operations
............................
0.81‌
0.13‌
0.44‌
0.24‌
0.69‌
Distributions
from
net
investment
income
(b)
........................
(0.35‌)
(0.39‌)
(0.43‌)
(0.42‌)
(0.45‌)
Net
asset
value,
end
of
year
...................................
$
7.88‌
$
7.42‌
$
7.68‌
$
7.67‌
$
7.85‌
Total
Return
(c)
11.06%
1.90%
6.00%
3.15%
—
Based
on
net
asset
value
......................................
11.06%
1.90%
6.00%
3.15%
9.29%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
(f)
............................................
0.91%
0.90%
0.94%
0.96%
0.98%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.90%
0.89%
0.92%
0.93%
0.94%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
income
tax
...........................................
0.90%
0.89%
0.92%
0.93%
0.91%
Net
investment
income
.......................................
4.40%
5.09%
5.58%
5.17%
5.29%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
1,408,666‌
$
1,298,176‌
$
1,329,156‌
$
1,326,541‌
$
1,672,705‌
Portfolio
turnover
rate
........................................
76%
119%
102%
90%
86%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.02%
0.04%
0.02%
0.01%
0.01%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Expense
ratios
.............................................
N/A
N/A
N/A
N/A
0.97%
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
128
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
BlackRock
High
Yield
Bond
Portfolio
Investor
C
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
7.43‌
$
7.69‌
$
7.68‌
$
7.86‌
$
7.62‌
Net
investment
income
(a)
.....................................
0.29‌
0.33‌
0.37‌
0.35‌
0.35‌
Net
realized
and
unrealized
gain
(loss)
............................
0.48‌
(0.25‌)
0.02‌
(0.16‌)
0.28‌
Net
increase
from
investment
operations
............................
0.77‌
0.08‌
0.39‌
0.19‌
0.63‌
Distributions
from
net
investment
income
(b)
........................
(0.30‌)
(0.34‌)
(0.38‌)
(0.37‌)
(0.39‌)
Net
asset
value,
end
of
year
...................................
$
7.90‌
$
7.43‌
$
7.69‌
$
7.68‌
$
7.86‌
Total
Return
(c)
10.46%
1.19%
5.25%
2.43%
—
Based
on
net
asset
value
......................................
10.46%
1.19%
5.25%
2.43%
8.48%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.............................................
1.57%
1.61%
1.64%
1.64%
1.69%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
1.56%
1.60%
1.64%
1.63%
1.68%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
income
tax
...........................................
1.56%
1.60%
1.64%
1.63%
1.66%
Net
investment
income
.......................................
3.74%
4.39%
4.87%
4.47%
4.55%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
159,580‌
$
186,558‌
$
262,204‌
$
329,005‌
$
417,276‌
Portfolio
turnover
rate
........................................
76%
119%
102%
90%
86%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.02%
0.04%
0.02%
0.01%
0.01%
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
129
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(f)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees,
the
expense
ratios
were
as
follows:
BlackRock
High
Yield
Bond
Portfolio
Class
K
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
7.43‌
$
7.68‌
$
7.68‌
$
7.85‌
$
7.62‌
Net
investment
income
(a)
.....................................
0.38‌
0.40‌
0.45‌
0.43‌
0.44‌
Net
realized
and
unrealized
gain
(loss)
............................
0.46‌
(0.22‌)
0.01‌
(0.15‌)
0.27‌
Net
increase
from
investment
operations
............................
0.84‌
0.18‌
0.46‌
0.28‌
0.71‌
Distributions
from
net
investment
income
(b)
........................
(0.38‌)
(0.43‌)
(0.46‌)
(0.45‌)
(0.48‌)
Net
asset
value,
end
of
year
...................................
$
7.89‌
$
7.43‌
$
7.68‌
$
7.68‌
$
7.85‌
Total
Return
(c)
11.53%
2.46%
6.32%
3.73%
—
Based
on
net
asset
value
......................................
11.53%
2.46%
6.32%
3.73%
9.59%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
(f)
............................................
0.48%
0.48%
0.49%
0.50%
0.53%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.47%
0.47%
0.49%
0.50%
0.52%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
income
tax
...........................................
0.47%
0.47%
0.49%
0.50%
0.50%
Net
investment
income
.......................................
4.86%
5.40%
5.99%
5.59%
5.70%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
7,883,370‌
$
11,470,944‌
$
4,644,939‌
$
4,312,394‌
$
5,363,522‌
Portfolio
turnover
rate
........................................
76%
119%
102%
90%
86%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.02%
0.04%
0.02%
0.01%
0.01%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Expense
ratios
.............................................
N/A
N/A
0.49%
0.50%
0.53%
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
130
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(f)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees,
the
expense
ratios
were
as
follows:
BlackRock
High
Yield
Bond
Portfolio
Class
R
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
7.42‌
$
7.68‌
$
7.67‌
$
7.85‌
$
7.61‌
Net
investment
income
(a)
.....................................
0.32‌
0.36‌
0.40‌
0.38‌
0.38‌
Net
realized
and
unrealized
gain
(loss)
............................
0.48‌
(0.25‌)
0.02‌
(0.16‌)
0.28‌
Net
increase
from
investment
operations
............................
0.80‌
0.11‌
0.42‌
0.22‌
0.66‌
Distributions
from
net
investment
income
(b)
........................
(0.33‌)
(0.37‌)
(0.41‌)
(0.40‌)
(0.42‌)
Net
asset
value,
end
of
year
...................................
$
7.89‌
$
7.42‌
$
7.68‌
$
7.67‌
$
7.85‌
Total
Return
(c)
10.94%
1.64%
5.69%
2.83%
—
Based
on
net
asset
value
......................................
10.94%
1.64%
5.69%
2.83%
8.94%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
(f)
............................................
1.15%
1.16%
1.22%
1.24%
1.26%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
1.14%
1.15%
1.21%
1.24%
1.26%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
income
tax
...........................................
1.14%
1.15%
1.21%
1.24%
1.23%
Net
investment
income
.......................................
4.16%
4.84%
5.28%
4.86%
4.96%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
109,138‌
$
110,465‌
$
125,710‌
$
128,584‌
$
132,868‌
Portfolio
turnover
rate
........................................
76%
119%
102%
90%
86%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.02%
0.04%
0.02%
0.01%
0.01%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Expense
ratios
.............................................
N/A
N/A
N/A
N/A
1.26%
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
131
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(g)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
(h)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Low
Duration
Bond
Portfolio
Institutional
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
9.71‌
$
9.64‌
$
9.47‌
$
9.63‌
$
9.65‌
Net
investment
income
(a)
.....................................
0.12‌
0.19‌
0.25‌
0.21‌
0.16‌
Net
realized
and
unrealized
gain
(loss)
............................
0.02‌
0.09‌
0.18‌
(0.14‌)
0.02‌
Net
increase
from
investment
operations
............................
0.14‌
0.28‌
0.43‌
0.07‌
0.18‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.13‌)
(0.21‌)
(0.26‌)
(0.21‌)
(0.20‌)
R
eturn
of
capital
...........................................
—‌
(0.00‌)
(c)
(0.00‌)
(c)
(0.02‌)
—‌
Total
distributions
...........................................
(0.13‌)
(0.21‌)
(0.26‌)
(0.23‌)
(0.20‌)
Net
asset
value,
end
of
year
...................................
$
9.72‌
$
9.71‌
$
9.64‌
$
9.47‌
$
9.63‌
Total
Return
(d)
1.46%
3.00%
4.59%
0.69%
—
Based
on
net
asset
value
......................................
1.47%
3.00%
4.59%
(e)
0.69%
(e)
1.88%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.............................................
0.44%
0.45%
0.45%
0.52%
(g)
0.49%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.40%
0.41%
0.40%
0.48%
0.43%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.40%
0.40%
0.40%
0.40%
0.41%
Net
investment
income
.......................................
1.20%
2.03%
2.60%
2.21%
1.69%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
6,395,606‌
$
5,375,701‌
$
5,374,564‌
$
4,274,410‌
$
3,097,000‌
Portfolio
turnover
rate
(h)
.......................................
129%
213%
182%
218%
292%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.01%
0.01%
0.01%
0.00%
0.00%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
125%
170%
144%
169%
208%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
132
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Low
Duration
Bond
Portfolio
Investor
A
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
9.71‌
$
9.63‌
$
9.47‌
$
9.63‌
$
9.64‌
Net
investment
income
(a)
.....................................
0.09‌
0.17‌
0.22‌
0.18‌
0.14‌
Net
realized
and
unrealized
gain
(loss)
............................
0.03‌
0.10‌
0.17‌
(0.14‌)
0.02‌
Net
increase
from
investment
operations
............................
0.12‌
0.27‌
0.39‌
0.04‌
0.16‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.11‌)
(0.19‌)
(0.23‌)
(0.18‌)
(0.17‌)
R
eturn
of
capital
...........................................
—‌
(0.00‌)
(c)
(0.00‌)
(c)
(0.02‌)
—‌
Total
distributions
...........................................
(0.11‌)
(0.19‌)
(0.23‌)
(0.20‌)
(0.17‌)
Net
asset
value,
end
of
year
...................................
$
9.72‌
$
9.71‌
$
9.63‌
$
9.47‌
$
9.63‌
Total
Return
(d)
1.22%
2.85%
4.23%
0.43%
—
Based
on
net
asset
value
......................................
1.22%
2.85%
4.23%
(e)
0.43%
(e)
1.73%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.............................................
0.74%
0.76%
0.78%
0.88%
0.81%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.65%
0.66%
0.65%
0.74%
0.68%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.65%
0.65%
0.65%
0.66%
0.66%
Net
investment
income
.......................................
0.96%
1.77%
2.35%
1.94%
1.47%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
1,199,702‌
$
1,412,985‌
$
1,318,473‌
$
1,267,494‌
$
1,309,023‌
Portfolio
turnover
rate
(g)
.......................................
129%
213%
182%
218%
292%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.01%
0.01%
0.01%
0.00%
0.00%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
125%
170%
144%
169%
208%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
133
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Low
Duration
Bond
Portfolio
Investor
A1
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
9.71‌
$
9.64‌
$
9.48‌
$
9.64‌
$
9.65‌
Net
investment
income
(a)
.....................................
0.11‌
0.19‌
0.24‌
0.20‌
0.15‌
Net
realized
and
unrealized
gain
(loss)
............................
0.03‌
0.09‌
0.17‌
(0.14‌)
0.03‌
Net
increase
from
investment
operations
............................
0.14‌
0.28‌
0.41‌
0.06‌
0.18‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.12‌)
(0.21‌)
(0.25‌)
(0.20‌)
(0.19‌)
R
eturn
of
capital
...........................................
—‌
(0.00‌)
(c)
(0.00‌)
(c)
(0.02‌)
—‌
Total
distributions
...........................................
(0.12‌)
(0.21‌)
(0.25‌)
(0.22‌)
(0.19‌)
Net
asset
value,
end
of
year
...................................
$
9.73‌
$
9.71‌
$
9.64‌
$
9.48‌
$
9.64‌
Total
Return
(d)
1.48%
2.90%
4.38%
0.59%
—
Based
on
net
asset
value
......................................
1.48%
2.90%
4.38%
(e)
0.59%
(e)
1.88%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.............................................
0.59%
0.60%
0.59%
0.70%
0.66%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.50%
0.51%
0.50%
0.59%
0.53%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.50%
0.50%
0.50%
0.51%
0.51%
Net
investment
income
.......................................
1.13%
1.93%
2.51%
2.09%
1.59%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
6,710‌
$
8,141‌
$
8,621‌
$
9,492‌
$
10,751‌
Portfolio
turnover
rate
(g)
.......................................
129%
213%
182%
218%
292%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.01%
0.01%
0.01%
0.00%
0.00%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
125%
170%
144%
169%
208%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
134
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Low
Duration
Bond
Portfolio
Investor
C
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
9.70‌
$
9.63‌
$
9.46‌
$
9.63‌
$
9.64‌
Net
investment
income
(a)
.....................................
0.02‌
0.10‌
0.15‌
0.11‌
0.06‌
Net
realized
and
unrealized
gain
(loss)
............................
0.04‌
0.09‌
0.18‌
(0.15‌)
0.03‌
Net
increase
(decrease)
from
investment
operations
....................
0.06‌
0.19‌
0.33‌
(0.04‌)
0.09‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.04‌)
(0.12‌)
(0.16‌)
(0.11‌)
(0.10‌)
R
eturn
of
capital
...........................................
—‌
(0.00‌)
(c)
(0.00‌)
(c)
(0.02‌)
—‌
Total
distributions
...........................................
(0.04‌)
(0.12‌)
(0.16‌)
(0.13‌)
(0.10‌)
Net
asset
value,
end
of
year
...................................
$
9.72‌
$
9.70‌
$
9.63‌
$
9.46‌
$
9.63‌
Total
Return
(d)
0.57%
1.98%
3.56%
(0.42)%
—
Based
on
net
asset
value
......................................
0.57%
1.98%
3.56%
(e)
(0.42)%
(e)
0.97%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.............................................
1.45%
1.50%
1.52%
1.62%
1.58%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
1.40%
1.41%
1.40%
1.49%
1.43%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
1.40%
1.40%
1.40%
1.41%
1.42%
Net
investment
income
.......................................
0.23%
1.05%
1.61%
1.18%
0.67%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
51,625‌
$
69,913‌
$
152,890‌
$
172,631‌
$
243,527‌
Portfolio
turnover
rate
(g)
.......................................
129%
213%
182%
218%
292%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.01%
0.01%
0.01%
0.00%
0.00%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
125%
170%
144%
169%
208%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
135
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Low
Duration
Bond
Portfolio
Class
K
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
9.70‌
$
9.63‌
$
9.46‌
$
9.62‌
$
9.64‌
Net
investment
income
(a)
.....................................
0.12‌
0.20‌
0.25‌
0.22‌
0.15‌
Net
realized
and
unrealized
gain
(loss)
............................
0.04‌
0.09‌
0.18‌
(0.15‌)
0.03‌
Net
increase
from
investment
operations
............................
0.16‌
0.29‌
0.43‌
0.07‌
0.18‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.14‌)
(0.22‌)
(0.26‌)
(0.21‌)
(0.20‌)
R
eturn
of
capital
...........................................
—‌
(0.00‌)
(c)
(0.00‌)
(c)
(0.02‌)
—‌
Total
distributions
...........................................
(0.14‌)
(0.22‌)
(0.26‌)
(0.23‌)
(0.20‌)
Net
asset
value,
end
of
year
...................................
$
9.72‌
$
9.70‌
$
9.63‌
$
9.46‌
$
9.62‌
Total
Return
(d)
1.63%
3.05%
4.65%
0.73%
—
Based
on
net
asset
value
......................................
1.63%
3.05%
4.65%
(e)
0.73%
(e)
1.93%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.............................................
0.37%
0.38%
0.37%
0.46%
0.43%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.36%
0.36%
0.35%
0.44%
0.37%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.36%
0.35%
0.35%
0.35%
0.36%
Net
investment
income
.......................................
1.23%
2.07%
2.64%
2.27%
1.63%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
943,607‌
$
557,997‌
$
512,940‌
$
258,340‌
$
161,006‌
Portfolio
turnover
rate
(g)
.......................................
129%
213%
182%
218%
292%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.01%
0.01%
0.01%
0.00%
0.00%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
125%
170%
144%
169%
208%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
136
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Low
Duration
Bond
Portfolio
Class
R
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
9.70‌
$
9.63‌
$
9.47‌
$
9.63‌
$
9.64‌
Net
investment
income
(a)
.....................................
0.07‌
0.15‌
0.20‌
0.16‌
0.11‌
Net
realized
and
unrealized
gain
(loss)
............................
0.03‌
0.09‌
0.17‌
(0.14‌)
0.03‌
Net
increase
from
investment
operations
............................
0.10‌
0.24‌
0.37‌
0.02‌
0.14‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.08‌)
(0.17‌)
(0.21‌)
(0.16‌)
(0.15‌)
R
eturn
of
capital
...........................................
—‌
(0.00‌)
(c)
(0.00‌)
(c)
(0.02‌)
—‌
Total
distributions
...........................................
(0.08‌)
(0.17‌)
(0.21‌)
(0.18‌)
(0.15‌)
Net
asset
value,
end
of
year
...................................
$
9.72‌
$
9.70‌
$
9.63‌
$
9.47‌
$
9.63‌
Total
Return
(d)
1.07%
2.49%
3.97%
0.18%
—
Based
on
net
asset
value
......................................
1.07%
2.49%
3.97%
(e)
0.18%
(e)
1.47%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.............................................
1.07%
1.08%
1.18%
1.24%
1.25%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.91%
0.91%
0.90%
0.99%
0.93%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.91%
0.90%
0.90%
0.91%
0.92%
Net
investment
income
.......................................
0.72%
1.54%
2.10%
1.69%
1.18%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
2,153‌
$
2,405‌
$
3,949‌
$
4,493‌
$
4,794‌
Portfolio
turnover
rate
(g)
.......................................
129%
213%
182%
218%
292%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.01%
0.01%
0.01%
0.00%
0.00%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
125%
170%
144%
169%
208%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
137
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Funds
V (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Massachusetts
business trust.
The
following, each
of
which
is
a
series
of
the
Trust,
are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
Each
Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional,
Service
and
Class
K
shares
are
sold
only
to
certain
eligible
investors.
Service,
Investor
A,
Investor
A1,
Investor C
and
Class
R
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares,
and
Investor
C
and
Class R
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor
A
and
Investor
C
Shares
are
generally
available
through
financial
intermediaries.
Investor
A1
Shares
are
only
available
for
dividend
and
capital
gain
reinvestment
by
existing
shareholders,
and
for
purchase
by
certain
employer-sponsored
retirement
plans.
Class
R
Shares
are
available
to
only
certain
employer-sponsored
retirement
plans.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures
(except
that
Investor
C
shareholders
may
vote
on
material
changes
to
the
Investor
A
Shares
distribution
and
service
plan).
(a)
 Investor
A
Shares
may
be
subject
to
a
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
(b)
 Investor
A1
Shares
are
subject
to
a
maximum
sales
charge
on
purchases
of
1.00%.
The
sales
charge
does
not
apply
to
dividend
and
capital
gain
reinvestments
by
existing
shareholders
and
new
purchases
for
certain
employer-sponsored
retirement
plans,
which
are
currently
the
only
investors
who
may
invest
in
Investor
A1
Shares.
(c)
 Investor
A1
Shares
may
be
subject
to
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
However,
the
CDSC
does
not
apply
to
redemptions
by
certain
employer-sponsored
retirement
plans
or
to
redemptions
of
shares
acquired
through
reinvestment
of
dividends
and
capital
gains
by
existing
shareholders.
(d)
 A
CDSC
of
1.00%
is
assessed
on
certain
redemptions
of
Investor
C
Shares
made
within
one
year
after
purchase.
On
July
6,
2021,
Core
Bond
and
Low
Duration
Bond’s
Service
Shares
converted
into
Investor
A
Shares.
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
"Manager") or
its
affiliates,
are
included
in
a
complex
of
non-index
fixed-income
mutual
funds
and
all
BlackRock-advised
closed-end
funds
referred
to
as
the
BlackRock
Fixed-Income
Complex.
Basis
of
Consolidation:
 The
accompanying
consolidated
financial
statements
of High
Yield
Bond
include
the
accounts
of
BLK
BR
HY
(Luxembourg)
Investments,
S.a.r.l.
(the
“Luxembourg
Subsidiary”)
and
BR-HIYLD
Subsidiary
II,
LLC
(the
“U.S.
Subsidiary”),
both
of
which
are
wholly-owned
taxable
subsidiaries
of
High
Yield
Bond
(together,
the
“Taxable
Subsidiaries”).
The
U.S.
Subsidiary
enables
High
Yield
Bond
to
hold
investments
in
operating
companies
and
still
satisfy
regulated
investment
company
tax
requirements.
Income
earned
and
gains
realized
on
the
investments
held
by
the
U.S.
Subsidiary
are
taxable
to
such
subsidiary.
The
Luxembourg
Subsidiary
holds
shares
of
private
Canadian
companies.
Such
shares
are
held
in
the
Luxembourg
Subsidiary
in
order
to
realize
benefits
under
the
Double
Tax
Avoidance
Convention
between
Canada
and
Luxembourg,
the
result
of
which
that
gains
on
the
sale
of
such
shares
will
generally
not
be
subject
to
capital
gains
taxes
in
Canada.
Income
earned
on
the
investments
held
by
the
Luxembourg
Subsidiary
may
be
taxable
to
such
subsidiary
in
Luxembourg.
A
tax
provision
for
income,
if
any,
is
shown
as
income
tax
in
the
Consolidated
Statement
of
Operations
for
High
Yield
Bond.
A
tax
provision
for
realized
and
unrealized
gains,
if
any,
is
included
as
a
reduction
of
realized
and/or
unrealized
gain
(loss)
in
the
Consolidated
Statement
of
Operations
for
High
Yield
Bond.
High
Yield
Bond
may
invest
up
to
25%
of
its
total
assets
in
the
U.S.
Subsidiary.
The
net
assets
of
the
Luxembourg
Subsidiary
and
U.S.
Subsidiary
as
of
period
end
were
$780,816
and
$11,075,251,
which
is
0.0%
and
0.0%,
respectively,
of
High
Yield
Bond's
consolidated
net
assets.
Intercompany
accounts
and
transactions
have
been
eliminated. The
Taxable
Subsidiaries
are
subject
to
the
same
investment
policies
and
restrictions
that
apply
to
High
Yield
Bond.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
Core
Bond
Portfolio
...............................................
Core
Bond
Diversified
BlackRock
High
Yield
Bond
Portfolio
............................................
High
Yield
Bond
Diversified
BlackRock
Low
Duration
Bond
Portfolio
..........................................
Low
Duration
Bond
Diversified
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charge
("CDSC")
Conversion
Privilege
Institutional,
Service,
Class
K
and
Class
R
Shares
..........................
No
No
None
Investor
A
Shares
..............................................
Yes
No
(a)
None
Investor
A1
Shares
.............................................
No
(b)
No
(c)
None
Investor
C
Shares
.............................................
No
Yes
(d)
To
Investor
A
Shares
after
approximately
8
years
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
138
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. For
convertible
securities,
premiums
attributable
to
the
debt
instrument
are
amortized,
but
premiums
attributable
to
the
conversion
feature
are
not
amortized.
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”)
.
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
September
30,
2021
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Segregation
and
Collateralization:
In
cases
where a
Fund
enters
into
certain
investments
(e.g.,
dollar
rolls,
TBA
sale
commitments,
futures
contracts,
forward
foreign
currency
exchange
contracts,
options
written
and
swaps)
that
would
be
treated
as
“senior
securities”
for
1940
Act
purposes, a
Fund
may
segregate
or
designate
on
its
books
and
records
cash
or
liquid
assets
having
a
market
value
at
least
equal
to
the
amount
of
its
future
obligations
under
such
investments.
Doing
so
allows
the
investments
to
be
excluded
from
treatment
as
a
“senior
security.” 
Furthermore,
if
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/
or
securities
to/with
an
exchange,
or
broker-dealer
or
custodian
as
collateral
for
certain
investments
or
obligations.  
Distributions:
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
Distributions
of
capital
gains
are
recorded
on
the
ex-dividend
dates
and
made
at
least
annually.
The
portion
of
distributions,
if
any,
that
exceeds
a
fund’s
current
and
accumulated
earnings
and
profits,
as
measured
on
a
tax
basis,
constitute
a
non-taxable
return
of
capital.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
.
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan”)
approved
by
the
Board
of
Trustees
of
the
Trust
(the
“Board”)
, 
the
trustees
who
are
not
“interested
persons”
of
the
Funds,
as
defined
in
the
1940
Act
(“Independent
Trustees
”),
may
defer
a
portion
of
their
annual
complex-wide
compensation.
Deferred
amounts
earn
an
approximate
return
as
though
equivalent
dollar
amounts
had
been
invested
in
common
shares
of
certain
funds
in
the
BlackRock
Fixed-Income
Complex
selected
by
the
Independent
Trustees
.
This
has
the
same
economic
effect
for
the
Independent 
Trustees
as
if
the
Independent 
Trustees
had
invested
the
deferred
amounts
directly
in
certain
funds
in
the
BlackRock
Fixed-Income
Complex.  
The
Plan
is
not
funded
and
obligations
thereunder
represent
general
unsecured
claims
against
the
general
assets
of
each
Fund,
as
applicable.
Deferred
compensation
liabilities,
if
any, are
included
in
the
Trustees’
and
Officer’s
fees
payable
in
the
Statements
of
Assets
and
Liabilities
and
will
remain
as
a
liability
of
the
Funds
until
such
amounts
are
distributed
in
accordance
with
the
Plan. 
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
a
Fund
or
its
classes
are
charged
to
that
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Funds
and
other
shared
expenses
prorated
to
the
Funds
are
allocated
daily
to
each
class
based
on
their
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager
,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods. 
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 Each
Fund's
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities: 
Notes
to
Financial
Statements
(continued)
139
Notes
to
Financial
Statements
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day's official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.
Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third-party
pricing
service.
Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day's
published net
asset
value
(“NAV”). 
High
Yield
Bond
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Exchange-traded
options
are
valued
at
the
mean
between
the
last bid
and
ask
prices
at
the
close
of
the
options
market in
which
the
options
trade.
An
exchange-
traded
option
for
which there
is
no
mean
price
is
valued
at
the
last
bid
(long
positions)
or
ask
(short
positions)
price.
If
no
bid
or
ask
price
is
available,
the
prior
day's
price will
be
used,
unless
it
is
determined
that
the
prior
day's
price
no
longer
reflects
the
fair
value
of
the
option.
Over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
prices
of
the
underlying
instruments. 
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Repurchase
agreements
are
valued
at
amortized
cost,
which
approximates
market
value. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Global
Valuation
Committee,
or
its
delegate,
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Global
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Global
Valuation
Committee,
or
its
delegate,
seeks
to
determine
the
price
that
each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Global
Valuation
Committee,
or
its
delegate,
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
The
pricing
of
all
Fair
Valued
Investments
is
subsequently
reported
to
the
Board
or
a
committee
thereof
on
a
quarterly
basis.  
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
140
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Global
Valuation
Committee
and
third-party
pricing
services
utilize
one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by
a
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date
a
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price
a
Fund
could
receive
upon
the
sale
of
the
investment. 
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
each
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Global
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
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
September
30,
2021,
certain
investments
of
the
Funds
were
fair
valued
using
NAV per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy. 
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
Standard
Inputs
Generally
Considered
By
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(continued)
141
Notes
to
Financial
Statements
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets. 
Multiple
Class
Pass-Through
Securities:
Multiple
class
pass-through
securities,
including
collateralized
mortgage
obligations
(“CMOs”)
and
commercial
mortgage-backed
securities,
may
be
issued
by
Ginnie
Mae,
U.S.
Government
agencies
or
instrumentalities
or
by
trusts
formed
by
private
originators
of,
or
investors
in,
mortgage
loans.
In
general,
CMOs
are
debt
obligations
of
a
legal
entity
that
are
collateralized
by
a
pool
of
residential
or
commercial
mortgage
loans
or
Mortgage
Assets.
The
payments
on
these
are
used
to
make
payments
on
the
CMOs
or
multiple
pass-through
securities.
Multiple
class
pass-through
securities
represent
direct
ownership
interests
in
the
Mortgage
Assets.
Classes
of
CMOs
include
interest
only
(“IOs”),
principal
only
(“POs”),
planned
amortization
classes
and
targeted
amortization
classes.
IOs
and
POs
are
stripped
mortgage-backed
securities
representing
interests
in
a
pool
of
mortgages,
the
cash
flow
from
which
has
been
separated
into
interest
and
principal
components.
IOs
receive
the
interest
portion
of
the
cash
flow
while
POs
receive
the
principal
portion.
IOs
and
POs
can
be
extremely
volatile
in
response
to
changes
in
interest
rates.
As
interest
rates
rise
and
fall,
the
value
of
IOs
tends
to
move
in
the
same
direction
as
interest
rates.
POs
perform
best
when
prepayments
on
the
underlying
mortgages
rise
since
this
increases
the
rate
at
which
the
principal
is
returned
and
the
yield
to
maturity
on
the
PO.
When
payments
on
mortgages
underlying
a
PO
are
slower
than
anticipated,
the
life
of
the
PO
is
lengthened
and
the
yield
to
maturity
is
reduced.
If
the
underlying
Mortgage
Assets
experience
greater
than
anticipated
prepayments
of
principal,
a
fund’s
initial
investment
in
the
IOs
may
not
fully
recoup. 
Stripped
Mortgage-Backed
Securities:
Stripped
mortgage-backed
securities
are
typically
issued
by
the
U.S.
Government,
its
agencies
and
instrumentalities.
Stripped
mortgage
-backed
securities
are
usually
structured
with
two
classes
that
receive
different
proportions
of
the
interest
(IOs)
and
principal
(POs)
distributions
on
a
pool
of
Mortgage
Assets.
Stripped
mortgage-backed
securities
may
be
privately
issued.
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments. 
Capital
Securities
and
Trust
Preferred
Securities:
Capital
securities,
including
trust
preferred
securities,
are
typically
issued
by
corporations,
generally
in
the
form
of
interest-bearing
notes
with
preferred
securities
characteristics.
In
the
case
of
trust
preferred
securities,
an
affiliated
business
trust
of
a
corporation
issues
these
securities,
generally
in
the
form
of
beneficial
interests
in
subordinated
debentures
or
similarly
structured
securities.
The
securities
can
be
structured
with
either
a
fixed
or
adjustable
coupon
that
can
have
either
a
perpetual
or
stated
maturity
date.
For
trust
preferred
securities,
the
issuing
bank
or
corporation
pays
interest
to
the
trust,
which
is
then
distributed
to
holders
of
these
securities
as
a
dividend.
Dividends
can
be
deferred
without
creating
an
event
of
default
or
acceleration,
although
maturity
cannot
take
place
unless
all
cumulative
payment
obligations
have
been
met.
The
deferral
of
payments
does
not
affect
the
purchase
or
sale
of
these
securities
in
the
open
market.
These
securities
generally
are
rated
below
that
of
the
issuing
company’s
senior
debt
securities
and
are
freely
callable
at
the
issuer’s
option. 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
Floating
Rate
Loan
Interests:
Floating
rate
loan
interests
are
typically
issued
to
companies
(the
“borrower”)
by
banks,
other
financial
institutions,
or
privately
and
publicly
offered
corporations
(the
“lender”).
Floating
rate
loan
interests
are
generally
non-investment
grade,
often
involve
borrowers
whose
financial
condition
is
troubled
or
uncertain
and
companies
that
are
highly
leveraged
or
in
bankruptcy
proceedings.
In
addition,
transactions
in
floating
rate
loan
interests
may
settle
on
a
delayed
basis,
which
may
result
in
proceeds
from
the
sale
not
being
readily
available
for
a
fund
to
make
additional
investments
or
meet
its
redemption
obligations.
Floating
rate
loan
interests
may
include
fully
funded
term
loans
or
revolving
lines
of
credit.
Floating
rate
loan
interests
are
typically
senior
in
the
corporate
capital
structure
of
the
borrower.
Floating
rate
loan
interests
generally
pay
interest
at
rates
that
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
Since
the
rates
reset
only
periodically,
changes
in
prevailing
interest
rates
(and
particularly
sudden
and
significant
changes)
can
be
expected
to
cause
some
fluctuations
in
the
NAV
of
a
fund
to
the
extent
that
it
invests
in
floating
rate
loan
interests.
The
base
lending
rates
are
generally
the
lending
rate
offered
by
one
or
more
European
banks,
such
as
the
London
Interbank
Offered
Rate
(“LIBOR”),
the
prime
rate
offered
by
one
or
more
U.S.
banks
or
the
certificate
of
deposit
rate.
Floating
rate
loan
interests
may
involve
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies. 
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
142
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
penalty
fees,
which
may
be
received
by
a
fund
upon
the
prepayment
of
a
floating
rate
loan
interest
by
a
borrower,
are
recorded
as
realized
gains.
A
fund
may
invest
in
multiple
series
or
tranches
of
a
loan.
A
different
series
or
tranche
may
have
varying
terms
and
carry
different
associated
risks.
Floating
rate
loan
interests
are
usually
freely
callable
at
the
borrower’s
option.
A
fund
may
invest
in
such
loans
in
the
form
of
participations
in
loans
(“Participations”)
or
assignments
(“Assignments”)
of
all
or
a
portion
of
loans
from
third
parties.
Participations
typically
will
result
in
a
fund
having
a
contractual
relationship
only
with
the
lender,
not
with
the
borrower.
A
fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
lender
selling
the
Participation
and
only
upon
receipt
by
the
lender
of
the
payments
from
the
borrower.
In
connection
with
purchasing
Participations,
a
fund
generally
will
have
no
right
to
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement,
nor
any
rights
of
offset
against
the
borrower.
A
fund
may
not
benefit
directly
from
any
collateral
supporting
the
loan
in
which
it
has
purchased
the
Participation.
As
a
result,
a
fund
assumes
the
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
Participation.
A
fund’s
investment
in
loan
participation
interests
involves
the
risk
of
insolvency
of
the
financial
intermediaries
who
are
parties
to
the
transactions.
In
the
event
of
the
insolvency
of
the
lender
selling
the
Participation,
a
fund
may
be
treated
as
a
general
creditor
of
the
lender
and
may
not
benefit
from
any
offset
between
the
lender
and
the
borrower.
Assignments
typically
result
in
a
fund
having
a
direct
contractual
relationship
with
the
borrower,
and
a
fund
may
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement.
In
connection
with
floating
rate
loan
interests,
certain
Funds
may
also
enter
into
unfunded
floating
rate
loan
interests
(“commitments”).
In
connection
with
these
commitments,
a
fund
earns
a
commitment
fee,
typically
set
as
a
percentage
of
the
commitment
amount.
Such
fee
income,
which
is
included
in
interest
income
in
the
Statements
of
Operations,
is
recognized
ratably
over
the
commitment
period.
Unfunded
floating
rate
loan
interests
are
marked-to-market
daily,
and
any
unrealized
appreciation
(depreciation)
is
included
in
the
Statements
of
Assets
and
Liabilities
and
Statements
of
Operations.
As
of
period
end,
High
Yield
Bond
had
the
following
unfunded
floating
rate
loan
interests:
TBA
Commitments:
TBA
commitments
are
forward
agreements
for
the
purchase
or
sale
of
securities,
including
mortgage-backed
securities
for
a
fixed
price,
with
payment
and
delivery
on
an
agreed
upon
future
settlement
date.
The
specific
securities
to
be
delivered
are
not
identified
at
the
trade
date.
However,
delivered
securities
must
meet
specified
terms,
including
issuer,
rate
and
mortgage
terms.
When
entering
into
TBA
commitments,
a
fund
may
take
possession
of
or
deliver
the
underlying
mortgage-backed
securities
but
can
extend
the
settlement
or
roll
the
transaction.
TBA
commitments
involve
a
risk
of
loss
if
the
value
of
the
security
to
be
purchased
or
sold
declines
or
increases,
respectively,
prior
to
settlement
date,
if
there
are
expenses
or
delays
in
connection
with
the
TBA
transactions,
or
if
the
counterparty
fails
to
complete
the
transaction.
In
order
to
better
define
contractual
rights
and
to
secure
rights
that
will
help
a
fund
mitigate its
counterparty
risk,
TBA
commitments
may
be
entered
into
by
a
fund
under
Master
Securities
Forward
Transaction
Agreements
(each,
an
“MSFTA”).
An
MSFTA
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
default
and/or
termination
event. The
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
the
collateral
currently
pledged
by
a
fund
and
the
counterparty. Cash
collateral
that
has
been
pledged
to
cover
the
obligations
of
a
fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
for
TBA
commitments
or
cash
received
as
collateral
for
TBA
commitments,
respectively.
Non-cash
collateral
pledged
by
a
fund,
if
any,
is
noted
in
the
Schedules
of
Investments. Typically,
a
fund
is
permitted
to
sell,
re-pledge
or
use
the
collateral
it
receives;
however,
the
counterparty
is
not
permitted
to
do
so.
To
the
extent
amounts
due
to
a
fund
are
not
fully
collateralized,
contractually
or
otherwise,
a
fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Mortgage
Dollar
Roll
Transactions
:
The
Funds
may
sell
TBA
mortgage-backed
securities
and
simultaneously
contract
to
repurchase
substantially
similar
(i.e.,
same
type,
coupon
and
maturity)
securities
on
a
specific
future
date
at
an
agreed
upon
price.
During
the
period
between
the
sale
and
repurchase,
a
fund
is
not
entitled
to
receive
interest
and
principal
payments
on
the
securities
sold.
Mortgage
dollar
roll
transactions
are
treated
as
purchases
and
sales
and
a
fund 
realizes
gains
and
losses
on
these
transactions.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
that
a
fund
is
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities. 
Repurchase
Agreements:
Repurchase
agreements
are
commitments
to
purchase
a
security
from
a
counterparty
who
agrees
to
repurchase
the
same
security
at
a
mutually
agreed
upon
date
and
price.
On
a
daily
basis,
the
counterparty
is
required
to
maintain
collateral
subject
to
the
agreement
and
in
value
no
less
than
the
agreed
upon
repurchase
amount.
Repurchase
agreements
may
be
traded
bilaterally,
in
a
tri-party
arrangement
or
may
be
centrally
cleared
through
a
sponsoring
agent.
Subject
to
the
custodial
undertaking
associated
with
a
tri-party
repurchase
arrangement
and
for
centrally
cleared
repurchase
agreements,
a
third-party
custodian
maintains
accounts
to
hold
collateral
for
a
fund
and
its
counterparties.
Typically,
a
fund
and
counterparty
are
not
permitted
to
sell,
re-pledge
or
use
the
collateral
absent
a
default
by
the
counterparty
or the
fund,
respectively.
In
the
event
the
counterparty
defaults
and
the
fair
value
of
the
collateral
declines, a
fund
could
experience
losses,
delays
and
costs
in
liquidating
the
collateral.
Repurchase
agreements
are
entered
into
by
a
fund
under
Master
Repurchase
Agreements
(each,
an
“MRA”).
The
MRA
permits the
fund,
under
certain
circumstances
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
with
collateral
held
by
and/or
posted
to
the
counterparty.
As
a
result,
one
single
net
payment
is
created.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Based
on
the
terms
of
the
MRA, the
fund
receives
collateral
with
a
market
value
in
excess
of
the
repurchase
price
at
maturity.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty, the
fund
would
recognize
a
liability
with
respect
to
such
excess
collateral.
The
liability
reflects the
fund’s
obligation
under
bankruptcy
law
to
return
the
excess
to
the
counterparty.
Reverse
Repurchase
Agreements:
Reverse
repurchase
agreements
are
agreements
with
qualified
third-party
broker
dealers
in
which
a
fund
sells
securities
to
a
bank
or
broker-dealer
and
agrees
to
repurchase
the
same
securities
at
a
mutually
agreed
upon
date
and
price.
A
fund
receives
cash
from
the
sale
to
use
for
other
investment
purposes.
During
the
term
of
the
reverse
repurchase
agreement,
a
fund
continues
to
receive
the
principal
and
interest
payments
on
the
securities
sold.
Certain
agreements
Fund
Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
High
Yield
Bond
Intelsat
Jackson
Holdings
SA.,
Term
Loan
................
$
10,055,639‌
$
9,923,910‌
$
10,114,263‌
$
190,353‌
Notes
to
Financial
Statements
(continued)
143
Notes
to
Financial
Statements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
Interest
on
the
value
of
the
reverse
repurchase
agreements
issued
and
outstanding
is
based
upon
competitive
market
rates
determined
at
the
time
of
issuance.
A
fund
may
utilize
reverse
repurchase
agreements
when
it
is
anticipated
that
the
interest
income
to
be
earned
from
the
investment
of
the
proceeds
of
the
transaction
is
greater
than
the
interest
expense
of
the
transaction.
Reverse
repurchase
agreements
involve
leverage
risk.
If
a
fund
suffers
a
loss
on
its
investment
of
the
transaction
proceeds
from
a
reverse
repurchase
agreement,
a
fund
would
still
be
required
to
pay
the
full
repurchase
price.
Further,
a
fund
remains
subject
to
the
risk
that
the
market
value
of
the
securities
repurchased
declines
below
the
repurchase
price.
In
such
cases,
a
fund
would
be
required
to
return
a
portion
of
the
cash
received
from
the
transaction
or
provide
additional
securities
to
the
counterparty. 
Cash
received
in
exchange
for
securities
delivered
plus
accrued
interest
due
to
the
counterparty
is
recorded
as
a
liability
in
the
Statements
of
Assets
and
Liabilities
at
face
value
including
accrued
interest.
Due
to
the
short-term
nature
of
the
reverse
repurchase
agreements,
face
value
approximates
fair
value.
Interest
payments
made
by
a
fund
to
the
counterparties
are
recorded
as
a
component
of
interest
expense
in
the
Statements
of
Operations.
In
periods
of
increased
demand
for
the
security,
a
fund
may
receive
a
fee
for
the
use
of
the
security
by
the
counterparty,
which
may
result
in
interest
income
to
a
fund.
For
the
year
ended
September
30,
2021,
the
average
daily
amount
of
reverse
repurchase
agreements
outstanding
and
the
weighted
average
interest
rate
for
the
Fund
were
as
follows:
Reverse
repurchase
transactions are
entered
into
by
a
fund
under
MRA,
which
permit
a
fund,
under
certain
circumstances,
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
under
the
MRA
with
collateral
held
and/or
posted
to
the
counterparty
and
create
one
single
net
payment
due
to
or
from
a
fund.
With
reverse
repurchase
transactions,
typically
a
fund
and
counterparty
under
an
MRA
are
permitted
to
sell,
re-pledge,
or
use
the
collateral
associated
with
the
transaction.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Pursuant
to
the
terms
of
the
MRA,
a
fund
receives
or
posts
securities
and
cash
as
collateral
with
a
market
value
in
excess
of
the
repurchase
price
to
be
paid
or
received
by
a
fund
upon
the
maturity
of
the
transaction.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty,
a
fund
is
considered
an
unsecured
creditor
with
respect
to
excess
collateral
and,
as
such,
the
return
of
excess
collateral
may
be
delayed.
In
the
event
the
counterparty
of
securities
under
an
MRA
files
for
bankruptcy
or
becomes
insolvent,
a
fund’s
use
of
the
proceeds
from
the
agreement
may
be
restricted
while
the
counterparty,
or
its
trustee
or
receiver,
determines
whether
or
not
to
enforce
a
fund’s
obligation
to
repurchase
the
securities.
Securities
Lending:
 Certain
Funds
may
lend
their
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Funds
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund,
or
excess
collateral returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Funds
are
entitled
to
all
distributions
made
on
or in
respect
of
the
loaned
securities,
but
do
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent,
BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedules
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Funds’
Schedules
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
collateral
are
shown
separately
in
the
Statements
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned
at
value,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
Low
Duration
Bond
Average
Borrowings
.................................................................................................
$
16,230,383‌
Daily
Weighted
Average
Interest
Rate
.....................................................................................
0.19%
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
144
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Funds
benefit
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
the
Funds.
5.
Derivative
Financial
Instruments
The
Funds
engage
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Funds
and/or
to
manage
their
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedules
of
Investments.
These
contracts
may
be
transacted
on
an
exchange
or
OTC.
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).  
Futures
contracts
are
exchange-traded agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Funds
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statements
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the Statements
of
Assets
and
Liabilities. Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statements
of
Assets
and
Liabilities.
A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Options:
The
Funds
may purchase
and
write
call
and
put
options
to
increase
or
decrease
their
exposure
to
the
risks
of
underlying
instruments,
including
equity
risk,
interest
rate
risk
and/or
commodity
price
risk
and/or,
in
the
case
of
options
written,
to
generate
gains
from
options
premiums.
A
call
option
gives
the
purchaser
(holder)
of
the
option
the
right
(but
not
the
obligation)
to
buy,
and
obligates
the
seller
(writer)
to
sell
(when
the
option
is
exercised)
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
A
put
option
gives
the
holder
the
right
to
sell
and
obligates
the
writer
to
buy
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
Premiums
paid
on
options
purchased
and
premiums
received
on
options
written,
as
well
as
the
daily
fluctuation
in
market
value,
are
included
in
investments
at
value
–
unaffiliated
and
options
written
at
value,
respectively,
in
the
Statements
of
Assets
and
Liabilities.
When
an
instrument
is
purchased
or
sold
through
the
exercise
of
an
option,
As
of
period
end,
the
following
table
is
a
summary
of
High
Yield
Bond’s
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
BNP
Paribas
SA
.................................
$
16,404,000‌
$
(16,404,000‌)
$
—‌
$
—‌
BofA
Securities,
Inc.
...............................
14,376,466‌
(14,376,466‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................
41,119,360‌
(41,119,360‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
....................
616,254‌
(616,254‌)
—‌
—‌
J
.
P
.
Morgan
Securities
LLC
..........................
46,149,920‌
(46,149,920‌)
—‌
—‌
Toronto
Dominion
Bank
.............................
31,264,930‌
(31,264,930‌)
—‌
—‌
$
149,930,930‌
$
(149,930,930‌)
$
—‌
$
—‌
(a)
Collateral
received
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Consolidated
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(continued)
145
Notes
to
Financial
Statements
the
premium
is
offset
against
the
cost
or
proceeds
of
the
underlying
instrument.
When
an
option
expires,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
to
the
extent
of
the
premiums
received
or
paid.
When
an
option
is
closed
or
sold,
a
gain
or
loss
is
recorded
in
the
Statements
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Funds
write
a
call
option,
such
option
is
typically
“covered,”
meaning
that
they
hold
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Funds
write
a
put
option,
cash
is
segregated
in
an
amount
sufficient
to
cover
the
obligation.
These
amounts,
which
are
considered
restricted,
are
included
in
cash
pledged
as
collateral
for
options
written
in
the
Statements
of
Assets
and
Liabilities.
Swaptions
–
The
Funds
may purchase
and
write
swaptions
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
the
Funds’
holdings,
as
a
duration
management
technique
or
to
protect
against
an
increase
in
the
price
of
securities
it
anticipates
purchasing
at
a
later
date.
The
purchaser
and
writer
of
a
swaption
is
buying
or
granting
the
right
to
enter
into
a
previously
agreed
upon
interest
rate
or
credit
default
swap
agreement
(interest
rate
risk
and/or
credit
risk)
at
any
time
before
the
expiration
of
the
option.
Foreign
currency
options
– The
Funds
may purchase
and
write
foreign
currency
options,
foreign
currency
futures
and
options
on
foreign
currency
futures
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
Foreign
currency
options
give
the
purchaser
the
right
to
buy
from
or
sell
to
the
writer
a
foreign
currency
at
any
time
before
the
expiration
of
the
option.
Barrier
options
– The
Funds
may
purchase
and
write
a
variety
of
options
with
non-standard
payout
structures
or
other
features
(“barrier
options”)
that
are
generally
traded
OTC.
The
Funds
may
invest
in
various
types
of
barrier
options,
including
down-and-out
options,
down-and-in
options,
double
no-touch
options,
one-touch
options,
up-and-
out
options
and
up-and-in
options.
Down-and-out
options
expire
worthless
to
the
purchaser
if
the
price
of
the
underlying
instrument
falls
below
a
specific
barrier
price
level
prior
to
the
expiration
date.
Down-and-in
options
expire
worthless
to
the
purchaser
unless
the
price
of
the
underlying
instrument
falls
below
a
specific
barrier
price
level
prior
to
the
expiration
date.
Double
no-touch
options
provide
the
purchaser
an
agreed-upon
payout
if
the
price
of
the
underlying
instrument
does
not
reach
or
surpass
predetermined
barrier
price
levels
prior
to
the
option’s
expiration
date.
One-touch
options
provide
the
purchaser
an
agreed-upon
payout
if
the
price
of
the
underlying
instrument
reaches
or
surpasses
predetermined
barrier
price
levels
prior
to
the
expiration
date.
Up-and-out
options
expire
worthless
to
the
purchaser
if
the
price
of
the
underlying
instrument
increases
beyond
a
predetermined
barrier
price
level
prior
to
the
expiration
date.
Up-and-in
options
can
only
be
exercised
when
the
price
of
the
underlying
instrument
increases
beyond
a
predetermined
barrier
price
level.
In
purchasing
and
writing
options,
the
Funds
bear
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
they
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Funds
purchasing
or
selling
a
security
when they
otherwise
would
not,
or
at
a
price
different
from
the
current
market
value.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Funds
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statements
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds’
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Funds’
counterparty
on
the
swap. Each
Fund is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap, each
Fund is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract, each
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and recorded
as
realized
gains
(losses)
in
the
Statements
of
Operations,
including
those
at
termination.
Credit
default
swaps
—
Credit
default
swaps
are
entered
into
to
manage
exposure
to
the
market
or
certain
sectors
of
the
market,
to
reduce
risk
exposure
to
defaults
of
corporate
and/or
sovereign
issuers
or
to
create
exposure
to
corporate
and/or
sovereign
issuers
to
which
a
fund
is
not
otherwise
exposed
(credit
risk). 
The
Funds
may
either
buy
or
sell
(write)
credit
default
swaps
on
single-name
issuers
(corporate
or
sovereign),
a
combination
or
basket
of
single-name
issuers
or
traded
indexes.
Credit
default
swaps
are
agreements
in
which
the
protection
buyer
pays
fixed
periodic
payments
to
the
seller
in
consideration
for
a
promise
from
the
protection
seller
to
make
a
specific
payment
should
a
negative
credit
event
take
place
with
respect
to
the
referenced
entity
(e.g.,
bankruptcy,
failure
to
pay,
obligation
acceleration,
repudiation,
moratorium
or
restructuring).
As
a
buyer,
if
an
underlying
credit
event
occurs,
the
Funds
will
either
(i)
receive
from
the
seller
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
security
or
underlying
securities
comprising
the
index,
or
(ii)
receive
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
As
a
seller
(writer),
if
an
underlying
credit
event
occurs,
the
Funds
will
either
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
security
or
underlying
securities
comprising
the
index
or
pay
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
Total
return
swaps
—
Total
return
swaps
are
entered
into
to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or
market
(e.g.,
fixed-income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk). 
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
146
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
of
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
instrument(s)
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Funds
receive
payment
from
or
make
a
payment
to
the
counterparty.
Interest
rate
swaps
—
Interest
rate
swaps
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
or
to
manage
duration,
the
yield
curve
or
interest
rate
(interest
rate
risk).
Interest
rate
swaps
are
agreements
in
which
one
party
pays
a
stream
of
interest
payments,
either
fixed
or
floating,
in
exchange
for
another
party’s
stream
of
interest
payments,
either
fixed
or
floating,
on
the
same
notional
amount
for
a
specified
period
of
time.
In
more
complex
interest
rate
swaps,
the
notional
principal
amount
may
decline
(or
amortize)
over
time.
Forward
swaps
— The
Funds
may enter
into
forward
interest
rate
swaps
and
forward
total
return
swaps.
In
a
forward
swap,
each
Fund
and
the
counterparty
agree
to
make
periodic
net
payments
beginning
on
a
specified
date
or
a
net
payment
at
termination.
Inflation
swaps
—
Inflation
swaps
are
entered
into
to
gain
or
reduce
exposure
to
inflation
(inflation
risk).
In
an
inflation
swap,
one
party
makes
fixed
interest
payments
on
a
notional
principal
amount
in
exchange
for
another
party’s
variable
payments
based
on
an
inflation
index,
such
as
the
Consumer
Price
Index.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risk
in
excess
of
the
amounts
recognized
in
the
Statements
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, a
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Funds
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Funds
from the
counterparties
are
not
fully
collateralized, each
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of
their
agreement
with
such
counterparty, each
Fund bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Funds,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Funds'
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”)
,
to
provide
investment
advisory
services.
The
Manager
is
responsible
for
the
management
of each
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of each
Fund.
For
such
services,
each
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
each
Fund’s
net
assets:
Core
Bond
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
Billion
..........................................................................................................
0.350‌%
$1
Billion
-
$2
Billion
......................................................................................................
0.340‌
$2
Billion
-
$3
Billion
.....................................................................................................
0.330‌
Greater
than
$3
Billion
....................................................................................................
0.320‌
Notes
to
Financial
Statements
(continued)
147
Notes
to
Financial
Statements
The
Manager
provides
investment
management
and
other
services
to
the
Taxable
Subsidiaries.
The
Manager
does
not
receive
separate
compensation
from
the
Taxable
Subsidiaries
for
providing
investment
management
or
administrative
services.
However,
High
Yield
Bond pays
the
Manager
based
on
the
Fund's
net
assets,
which
includes
the
assets
of
the
Taxable
Subsidiaries.
With
respect
to
High
Yield
Bond
and
Low
Duration
Bond,
the
Manager
entered
into
separate
sub-advisory
agreements
with
BlackRock
International
Limited
(“BIL”)
(the
"Sub-Adviser"),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of
each
Fund
for
which
BIL,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
each
Fund
to
the
Manager.
With
respect
to
Core
Bond,
the
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BIL
and
BlackRock
(Singapore)
Limited
(“BRS”)
(collectively,
the
"Sub-
Advisers"),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
and
BRS
for
services
they
provide
for
that
portion
of
Core
Bond
for
which
BIL
and
BRS,
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
Core
Bond
to
the
Manager.
With
respect
to
Low
Duration
Bond,
the
Manager
entered
into
a
sub-advisory
agreement,
effective
November
24,
2020,
with
BRS,
(the
"Sub-Adviser"),
an
affiliate
of
the
Manager.
The
Manager
pays
BRS
for
services
it
provides
for
that
portion
of
Low
Duration
Bond
for
which
BRS,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
Low
Duration
Bond
to
the
Manager.
Service
and
Distribution
Fees:
The
Trust,
on behalf
of
the
Funds,
entered
into
a
Distribution
Agreement
and
a Distribution and
Service
Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution
and
Service
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act,
each
Fund
pays
BRIL
ongoing
service
and
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of
each
Fund
as
follows:
(a)
On
July
6,
2021,
Core
Bond
and
Low
Duration
Bond’s
issued
and
outstanding
Service
Shares
converted
into
Investor
A
Shares.
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
and
distribution
services to
the
Funds.
The
ongoing
service
and/or
distribution
fee compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
servicing
and/or
distribution related
services
to
shareholders.
For
the
year
ended
September
30,
2021,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
each
Fund:
High
Yield
Bond
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
Billion
..........................................................................................................
0.500‌%
$1
Billion
-
$2
Billion
......................................................................................................
0.450‌
$2
Billion
-
$3
Billion
.....................................................................................................
0.425‌
$3
Billion
-
$25
Billion
.....................................................................................................
0.400‌
$25
Billion
-
$30
Billion
....................................................................................................
0.375‌
Greater
than
$30
Billion
...................................................................................................
0.350‌
Low
Duration
Bond
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
Billion
..........................................................................................................
0.310‌%
$1
Billion
-
$3
Billion
......................................................................................................
0.290‌
$3
Billion
-
$5
Billion
.....................................................................................................
0.280‌
$5
Billion
-
$10
Billion
.....................................................................................................
0.270‌
Greater
than
$10
Billion
...................................................................................................
0.260‌
Service
Fees
Distribution
Fees
Service
(a)
.................................................................................................
0.25‌%
—‌%
Investor
A
.................................................................................................
0.25‌
—‌
Investor
A1
................................................................................................
0.10‌
—‌
Investor
C
.................................................................................................
0.25‌
0.75‌
Class
R
..................................................................................................
0.25‌
0.25‌
Core
Bond
High
Yield
Bond
Low
Duration
Bond
Service
....................................................................
$
78,992‌
$
340,860‌
$
50,378‌
Investor
A
...................................................................
1,402,234‌
3,509,057‌
3,761,755‌
Investor
A1
..................................................................
—‌
—‌
7,318‌
Investor
C
...................................................................
317,187‌
1,706,097‌
612,979‌
Class
R
....................................................................
6,688‌
548,135‌
10,584‌
$
1,805,101‌
$
6,104,149‌
$
4,443,014‌
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
148
Administration:
The
Trust,
on
behalf
of
the
Funds,
entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
each
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statements
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration —
class
specific
in
the
Statements
of
Operations,
at
an
annual
rate
of
0.02%
of
the
average
daily
net
assets
of
each
respective
class.
For
the
year
ended
September
30,
2021, the
following
table
shows
the
class
specific
administration
fees
borne
directly
by
each
share
class
of
each
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
year
ended
September
30,
2021,
the
Funds
paid
the
following
amounts
to
affiliates
of
BlackRock
in
return
for
these
services,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statements
of
Operations:
The
Manager
maintains
a
call
center
that
is
responsible
for
providing
certain
shareholder
services
to
the
Funds.
Shareholder
services
include
responding
to
inquiries
and
processing
purchases
and
sales
based
upon
instructions
from
shareholders.
For
the
year
ended
September
30,
2021,
each
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statements
of
Operations:
For
the
year
ended
September
30,
2021,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Average
Daily
Net
Assets
Administration
Fees
First
$500
Million
0.0425
%
$500
Million
-
$1
Billion
0.0400
$1
Billion
-
$2
Billion
0.0375
$2
Billion
-
$4
Billion
0.0350
$4
Billion
-
$13
Billion
0.0325
Greater
than
$13
Billion
0.0300
Core
Bond
High
Yield
Bond
Low
Duration
Bond
Institutional
..................................................................
$
572,725‌
$
2,676,212‌
$
1,188,657‌
Service
....................................................................
6,319‌
27,267‌
4,030‌
Investor
A
...................................................................
112,170‌
280,702‌
300,916‌
Investor
A1
..................................................................
—‌
—‌
1,464‌
Investor
C
...................................................................
6,343‌
34,119‌
12,259‌
Class
K
....................................................................
218,151‌
2,070,927‌
145,844‌
Class
R
....................................................................
267‌
21,924‌
423‌
$
915,975‌
$
5,111,151‌
$
1,653,593‌
Fund
Name
Institutional
Service
Investor
A
Total
Core
Bond
..........................................................................
$
604,646‌
$
—‌
$
3,517‌
$
608,163‌
High
Yield
Bond
.......................................................................
318,999‌
2‌
1,376‌
320,377‌
Low
Duration
Bond
....................................................................
211,891‌
—‌
—‌
211,891‌
Core
Bond
High
Yield
Bond
Low
Duration
Bond
Institutional
..................................................................
$
5,569‌
$
23,326‌
$
9,582‌
Service
....................................................................
—‌
221‌
194‌
Investor
A
...................................................................
4,810‌
28,443‌
6,051‌
Investor
A1
..................................................................
—‌
—‌
137‌
Investor
C
...................................................................
889‌
2,791‌
1,006‌
Class
K
....................................................................
2,186‌
—‌
1,099‌
Class
R
....................................................................
34‌
746‌
36‌
$
13,488‌
$
55,527‌
$
18,105‌
Core
Bond
High
Yield
Bond
Low
Duration
Bond
Institutional
..................................................................
$
3,053,694‌
$
13,078,226‌
$
4,561,566‌
Service
....................................................................
57,752‌
181,798‌
28,870‌
Investor
A
...................................................................
713,840‌
2,551,376‌
2,001,923‌
Investor
A1
..................................................................
—‌
—‌
9,714‌
Investor
C
...................................................................
36,035‌
165,738‌
59,031‌
Class
K
....................................................................
45,457‌
612,877‌
45,994‌
Class
R
....................................................................
2,844‌
187,637‌
4,506‌
$
3,909,622‌
$
16,777,652‌
$
6,711,604‌
Notes
to
Financial
Statements
(continued)
149
Notes
to
Financial
Statements
Other
Fees:
For
the year
ended September
30,
2021,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of each
Fund’s Investor
A
Shares as
follows:
For
the year
ended
September
30,
2021,
affiliates
received
CDSCs
as
follows:
Expense
Limitations,
Waivers
&
Reimbursements:
With
respect
to each
Fund,
the
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
each
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
January
31,
2022
.
The
contractual
agreement
may
be
terminated upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver. These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
t
he
year
ended
September
30,
2021
,
the
amounts
waived
were
as
follows:
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
each
Fund's
assets
invested
in
affiliated
equity
and
fixed-income
mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
January
31,
2022.
 The
contractual
agreement
may
be terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees, or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
year
ended
September
30,
2021,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
these
arrangements
were
as
follows:
With
respect
to
each
Fund,
the
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of each
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets are
as
follows:
(a)
On
July
6,
2021,
Core
Bond
and
Low
Duration
Bond’s
issued
and
outstanding
Service
Shares
converted
into
Investor
A
Shares.
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
January
31,
2022,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund. For
the
year
ended
September
30,
2021,
the
amounts
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
Core
Bond
.............................................................................................................
$
44,394‌
High
Yield
Bond
..........................................................................................................
101,624‌
Low
Duration
Bond
.......................................................................................................
96,738‌
Fund
Name
Investor
A
Investor
C
Core
Bond
..................................................................................................
$
20,497‌
$
6,021‌
High
Yield
Bond
...............................................................................................
37,989‌
38,201‌
Low
Duration
Bond
............................................................................................
42,739‌
14,826‌
Core
Bond
.................................................................................................................
$
201,016‌
High
Yield
Bond
..............................................................................................................
291,923‌
Low
Duration
Bond
...........................................................................................................
87,130‌
High
Yield
Bond
..............................................................................................................
$
1,804,355‌
Low
Duration
Bond
...........................................................................................................
430,392‌
Fund
Name
Institutional
Service
(a)
Investor
A
Investor
A1
Investor
C
Class
K
Class
R
Core
Bond
.......................................
0.43‌%
0.68‌%
0.68‌%
N/A‌
1.43‌%
0.38‌%
0.93‌%
High
Yield
Bond
....................................
0.67‌
1.02‌
0.92‌
N/A‌
1.72‌
0.58‌
1.28‌
Low
Duration
Bond
.................................
0.40‌
0.65‌
0.65‌
0.50‌%
1.40‌
0.35‌
0.90‌
Core
Bond
...............................................................................................................
$
424,389‌
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
150
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in administration
fees
waived
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
—
class
specific,
respectively,
in
the
Statements
of
Operations.
For
the
year
ended
September
30,
2021,
class
specific
expense
waivers
and/or
reimbursements are
as
follows: 
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits
BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Funds
are
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the
Money
Market
Series
will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Funds.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
High
Yield
Bond
retains
82%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock
Fixed-Income
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
High
Yield
Bond,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
85%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
The
share
of
securities
lending
income
earned
by High
Yield
Bond
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the Statements
of
Operations.
For
the
year
ended
September
30,
2021,
the
Fund
paid
BIM
$132,542
for
securities
lending
agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
each
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
each
Fund’s
investment
policies
and
restrictions.
Each
Fund
is
currently
permitted
to borrow
under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
Fund
Name/Share
Class
Administration
Fees
Waived
Transfer
Agent
Fees
Waived
and/or
Reimbursed
Core
Bond
Institutional
....................................................................................
$
571,110‌
$
1,626,451‌
Service
......................................................................................
6,319‌
42,074‌
Investor
A
.....................................................................................
112,101‌
434,500‌
Investor
C
.....................................................................................
6,338‌
20,239‌
Class
K
......................................................................................
218,149‌
45,108‌
Class
R
......................................................................................
267‌
2,176‌
$
914,284‌
$
2,170,548‌
Low
Duration
Bond
Institutional
....................................................................................
1,188,068‌
265,902‌
Service
......................................................................................
4,030‌
14,316‌
Investor
A
.....................................................................................
300,914‌
917,355‌
Investor
A1
....................................................................................
1,464‌
4,451‌
Investor
C
.....................................................................................
11,863‌
15,153‌
Class
K
......................................................................................
25,308‌
1,311‌
Class
R
......................................................................................
423‌
2,964‌
$
1,532,070‌
$
1,221,452‌
Notes
to
Financial
Statements
(continued)
151
Notes
to
Financial
Statements
For
the
year
ended
September
30,
2021,
Core
Bond
and
Low
Duration
Bond
did
not
participate
in
the
Interfund
Lending
Program.
High
Yield
Bond
activity
in
the
Interfund
Lending
Program
during
the
period
for
which
loans
were
no
longer
outstanding
was
as
follows:
(a)
Reflects
actual
activity
for
the
period.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Funds'
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statements
of
Operations. 
Other
Transactions:
The
Funds
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common trustees.
For
th
e
year
ended
September
30,
2021
,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the
year
ended
September
30,
2021,
purchases
and
sales
of
investments,
including
paydowns
and
mortgage
dollar
rolls
and
excluding
short-term
investments,
were
as
follows:
TABLERULEABOVE
For
the
year ended
September
30,
2021,
purchases
and
sales
related
to
mortgage
dollar
rolls
were
as
follow:
8.
INCOME
TAX
INFORMATION 
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
Each Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
each
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
fiscal
years
after
they
are
filed.
The
statutes
of
limitations
on
each
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Funds
as
of
September
30,
2021,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
Fund
Name
Borrower
or
Lender
Average
Loan
Balance
(a)
Weighted
Average
Interest
Rate
Interest
Expenses
High
Yield
Bond
Borrower
$
25,000‌
0.
59‌
%
$
1‌
Fund
Name
Purchases 
Sales 
Net
Realized
Gain
(Loss)
Core
Bond
.......................................................................
$
3,914,564‌
$
5,549,569‌
$
(339,906‌)
High
Yield
Bond
....................................................................
12,978,166‌
5,284,761‌
130,176‌
Low
Duration
Bond
.................................................................
12,313,347‌
—‌
—‌
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
Core
Bond
..........................................................
$
935,478,868‌
$
505,799,876‌
$
27,646,967,154‌
$
27,241,488,638‌
High
Yield
Bond
.......................................................
—‌
—‌
18,687,160,016‌
21,103,512,266‌
Low
Duration
Bond
....................................................
6,741,900,599‌
5,086,159,351‌
4,379,011,409‌
4,853,032,215‌
Fund
Name
Purchases
Sales
Core
Bond
..........................................................................................
$
9,383,888,906‌
$
9,392,349,907‌
Low
Duration
Bond
....................................................................................
306,192,854‌
306,506,102‌
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
152
The
tax
character
of
distributions
paid
was
as
follows: 
As
of
period
end,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:  
During
the
year
ended September
30,
2021,
the
Funds
listed
below
utilized
the
following
amounts
of
their
respective
capital
loss
carryforwards: 
As
of
September
30,
2021, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Trust,
on
behalf
of
the
Funds,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”),
is
a
party
to
a
364-day,
$2.25
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Funds
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Funds,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
one-month
LIBOR
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum
or
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed.
The
agreement
expires
in
April
2022
unless
extended
or
renewed.
These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
year
ended
September
30,
2021,
the
Funds
did
not
borrow
under
the
credit
agreement.
Fund
Name
Year
Ended
09/30/21
Year
Ended
09/30/20
Core
Bond
Ordinary
income
...........................................................................................
$
165,152,726‌
$
79
,
984
,
069‌
Long-term
capital
gains
......................................................................................
71,560,691‌
—‌
$
236,713,417‌
$
79
,
984
,
069‌
High
Yield
Bond
Ordinary
income
...........................................................................................
$
1
,
236
,
707
,
722‌
$
1
,
112
,
080
,
586‌
Low
Duration
Bond
Ordinary
income
...........................................................................................
$
107,425,825‌
$
156
,
790
,
079‌
Tax
return
of
capital
.........................................................................................
—‌
$
422
,
312‌
$
107,425,825‌
$
157,212,391‌
Fund
Name
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Non-expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Qualified
Late-year
Losses
(c)
Total
Core
Bond
....................................
$
—‌
$
26,428,783‌
$
—‌
$
30,294,112‌
$
(8,184,871‌)
$
48,538,024‌
High
Yield
Bond
.................................
80,963,189‌
—‌
(24,888,654‌)
951,084,771‌
—‌
1,007,159,306‌
Low
Duration
Bond
..............................
10,807,494‌
—‌
(14,203,559‌)
26,090,395‌
—‌
22,694,330‌
(a)
Subject
to
limitation,
amounts
available
to
offset
future
realized
capital
gains.
(b)
The
differences
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
were
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales
and
straddles,
the
deferral
of
compensation
to
trustees,
the
timing
and
recognition
of
partnership
income,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures,
options,
and
foreign
currency
contracts,
unrealized
gain
on
stock
of
passive
foreign
investment
companies,
the
accounting
for
swap
agreements,
the
classification
of
investments,
the
accrual
of
income
on
securities
in
default,
and
amortization
methods
for
premiums
and
discounts
on
fixed
income
securities.
(c)
The
Fund
has
elected
to
defer
certain
qualified
late-year
losses
and
recognize
such
losses
in
the
next
taxable
year.
Fund
Name
Amount
Utilized
High
Yield
Bond
......................................................................................................
$
999,787,369‌
Low
Duration
Bond
...................................................................................................
58,151,822‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Core
Bond
......................................................
$
5,549,
712
,
500‌
$
91,
867
,
234‌
$
(51,107,908‌)
$
40,
759
,
326‌
High
Yield
Bond
..................................................
23,309,456,676‌
1,194,110,357‌
(214,847,306‌)
979,263,051‌
Low
Duration
Bond
................................................
8,59
1
,
157
,
549‌
107,
016
,
59
4‌
(69,094,132‌)
3
7
,
922
,
46
2‌
Notes
to
Financial
Statements
(continued)
153
Notes
to
Financial
Statements
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business, the
Funds
invest
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject. 
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market
Risk:
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer's
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
The duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
each
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which a
Fund
invests. 
The
price a
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from a
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore a
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by a
Fund,
and a
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
A
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
For
OTC
options
purchased,
each
Fund
bears
the
risk
of
loss
in
the
amount
of
the
premiums
paid
plus
the
positive
change
in
market
values
net
of
any
collateral
held
by
the
Funds
should
the
counterparty
fail
to
perform
under
the
contracts.
Options
written
by
the
Funds
do
not
typically
give
rise
to
counterparty
credit
risk,
as
options
written
generally
obligate
the
Funds,
and
not
the
counterparty,
to
perform.
The
Funds
may
be
exposed
to
counterparty
credit
risk
with
respect
to
options
written
to
the
extent
each
Fund
deposits
collateral
with
its
counterparty
to
a
written
option. 
With
exchange-traded
options
purchased
and
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
154
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds. 
Concentration
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund's
portfolio
are
disclosed
in
its Schedule
of
Investments.
Certain
Funds
invest
a
significant
portion
of their
assets
in
high
yield
securities.
High
yield
securities
that
are
rated
below
investment-grade
(commonly
referred
to
as
“junk
bonds”)
or
are
unrated
may
be
deemed
speculative,
involve
greater
levels
of
risk
than
higher-rated
securities
of
similar
maturity
and
are
more
likely
to
default.
High
yield
securities
may
be
issued
by
less
creditworthy
issuers,
and
issuers
of
high
yield
securities
may
be
unable
to
meet
their
interest
or
principal
payment
obligations.
High
yield
securities
are
subject
to
extreme
price
fluctuations,
may
be
less
liquid
than
higher
rated
fixed-income
securities,
even
under
normal
economic
conditions,
and
frequently
have
redemption
features.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
fixed-income
securities
and/or
use
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
increase
as
interest
rates
fall
and
decrease
as
interest
rates
rise.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
current
period
of
historically
low
rates.
Certain Funds
invest
a
significant
portion
of their
assets
in
securities
backed
by
commercial
or
residential
mortgage
loans
or
in
issuers
that
hold
mortgage
and
other
asset-
backed
securities.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
a
greater
risk
of
prepayment
or
payment
extension
by
securities
issuers.
Changes
in
economic
conditions,
including
delinquencies
and/or
defaults
on
assets
underlying
these
securities,
can
affect
the
value,
income
and/or
liquidity
of
such
positions.
Investment
percentages
in
these
securities
are
presented
in
the
Schedules
of
Investments.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
the
LIBOR.
Although
many
LIBOR
rates
will
be
phased
out
by
the
end
of
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain. 
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Year
Ended
09/30/21
Year
Ended
09/30/20
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Core
Bond
Institutional
Shares
sold
.............................................
146,861,908‌
$
1,465,303,277‌
134,404,550‌
$
1,359,648,885‌
Shares
issued
in
reinvestment
of
distributions
........................
13,416,841‌
135,058,084‌
4,496,191‌
45,651,411‌
Shares
redeemed
.........................................
(117,482,177‌)
(1,173,424,202‌)
(83,877,161‌)
(850,407,309‌)
42,796,572‌
$
426,937,159‌
55,023,580‌
$
554,892,987‌
Service
(a)
Shares
sold
.............................................
496,923‌
$
5,031,908‌
1,009,098‌
$
10,274,747‌
Shares
issued
in
reinvestment
of
distributions
........................
206,010‌
2,077,002‌
77,519‌
785,902‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
(4,964,009‌)
(49,405,453‌)
(877,089‌)
(8,840,329‌)
(4,261,076‌)
$
(42,296,543‌)
209,528‌
$
2,220,320‌
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
21,327,998‌
$
213,818,647‌
22,589,308‌
$
229,295,262‌
Shares
issued
in
reinvestment
of
distributions
........................
2,677,486‌
26,987,670‌
830,302‌
8,433,724‌
Shares
redeemed
.........................................
(29,321,690‌)
(293,102,535‌)
(21,994,722‌)
(219,559,631‌)
(5,316,206‌)
$
(52,296,218‌)
1,424,888‌
$
18,169,355‌
Investor
C
Shares
sold
.............................................
761,644‌
$
7,755,757‌
2,244,234‌
$
22,701,181‌
Shares
issued
in
reinvestment
of
distributions
........................
148,749‌
1,490,084‌
46,395‌
472,173‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
(1,857,559‌)
(18,626,746‌)
(3,811,378‌)
(38,725,941‌)
(947,166‌)
$
(9,380,905‌)
(1,520,749‌)
$
(15,552,587‌)
Class
K
Shares
sold
.............................................
37,044,972‌
$
371,883,372‌
28,911,044‌
$
293,522,415‌
Shares
issued
in
reinvestment
of
distributions
........................
5,591,242‌
56,445,382‌
1,955,306‌
19,903,710‌
Shares
redeemed
.........................................
(44,846,318‌)
(447,284,268‌)
(15,896,382‌)
(161,100,856‌)
(2,210,104‌)
$
(18,955,514‌)
14,969,968‌
$
152,325,269‌
Notes
to
Financial
Statements
(continued)
155
Notes
to
Financial
Statements
d
Year
Ended
09/30/21
Year
Ended
09/30/20
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Class
R
Shares
sold
.............................................
35,518‌
$
357,673‌
40,768‌
$
412,171‌
Shares
issued
in
reinvestment
of
distributions
........................
7,401‌
74,754‌
3,879‌
39,263‌
Shares
redeemed
.........................................
(110,305‌)
(1,126,305‌)
(124,001‌)
(1,255,399‌)
(67,386‌)
$
(693,878‌)
(79,354‌)
$
(803,965‌)
29,994,634‌
$
303,314,101‌
70,027,861‌
$
711,251,379‌
High
Yield
Bond
Institutional
Shares
sold
.............................................
824,852,468‌
$
6,410,669,037‌
1,362,364,926‌
$
9,885,297,950‌
Shares
issued
in
reinvestment
of
distributions
........................
73,930,879‌
576,217,758‌
74,815,528‌
553,158,606‌
Shares
redeemed
.........................................
(671,776,568‌)
(5,229,340,817‌)
(1,256,575,349‌)
(9,220,251,586‌)
227,006,779‌
$
1,757,545,978‌
180,605,105‌
$
1,218,204,970‌
Service
Shares
sold
.............................................
11,246,499‌
$
87,722,006‌
15,027,160‌
$
112,040,919‌
Shares
issued
in
reinvestment
of
distributions
........................
784,180‌
6,115,039‌
877,553‌
6,511,172‌
Shares
redeemed
.........................................
(12,037,446‌)
(94,117,592‌)
(19,136,696‌)
(143,776,526‌)
(6,767‌)
$
(280,547‌)
(3,231,983‌)
$
(25,224,435‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
62,813,707‌
$
488,151,335‌
80,997,936‌
$
594,145,280‌
Shares
issued
in
reinvestment
of
distributions
........................
7,276,569‌
56,668,714‌
8,263,622‌
61,014,132‌
Shares
redeemed
.........................................
(66,322,210‌)
(516,851,805‌)
(87,500,067‌)
(643,971,138‌)
3,768,066‌
$
27,968,244‌
1,761,491‌
$
11,188,274‌
Investor
C
Shares
sold
.............................................
5,160,537‌
$
40,252,080‌
7,765,572‌
$
56,928,089‌
Shares
issued
in
reinvestment
of
distributions
........................
798,716‌
6,223,376‌
1,317,314‌
9,741,496‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
(10,845,575‌)
(84,458,348‌)
(18,096,014‌)
(133,120,822‌)
(4,886,322‌)
$
(37,982,892‌)
(9,013,128‌)
$
(66,451,237‌)
Investor
C1
(b)
Shares
sold
.............................................
—‌
$
—‌
3,706‌
$
28,586‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
2,744‌
21,204‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
—‌
—‌
(180,597‌)
(1,401,444‌)
—‌
$
—‌
(174,147‌)
$
(1,351,654‌)
Class
K
Shares
sold
.............................................
425,944,961‌
$
3,303,403,535‌
1,326,886,474‌
$
9,271,564,944‌
Shares
issued
in
reinvestment
of
distributions
........................
61,687,273‌
479,747,223‌
51,411,454‌
378,762,871‌
Shares
redeemed
.........................................
(1,032,593,243‌)
(8,054,462,814‌)
(438,883,456‌)
(3,175,032,394‌)
(544,961,009‌)
$
(4,271,312,056‌)
939,414,472‌
$
6,475,295,421‌
Class
R
Shares
sold
.............................................
2,714,264‌
$
21,146,656‌
3,595,177‌
$
26,543,807‌
Shares
issued
in
reinvestment
of
distributions
........................
597,520‌
4,653,443‌
794,604‌
5,868,673‌
Shares
redeemed
.........................................
(4,351,405‌)
(33,709,657‌)
(5,883,470‌)
(42,957,093‌)
(1,039,621‌)
$
(7,909,558‌)
(1,493,689‌)
$
(10,544,613‌)
(320,118,874‌)
$
(2,531,970,831‌)
1,107,868,121‌
$
7,601,116,726‌
Low
Duration
Bond
Institutional
Shares
sold
.............................................
345,506,551‌
$
3,368,814,025‌
252,306,828‌
$
2,424,543,808‌
Shares
issued
in
reinvestment
of
distributions
........................
7,793,536‌
75,988,063‌
11,606,960‌
111,604,816‌
Shares
redeemed
.........................................
(249,280,518‌)
(2,429,961,590‌)
(267,833,212‌)
(2,561,179,821‌)
104,019,569‌
$
1,014,840,498‌
(3,919,424‌)
$
(25,031,197‌)
Service
(a)
Shares
sold
.............................................
475,605‌
$
4,641,229‌
783,706‌
$
7,542,255‌
Shares
issued
in
reinvestment
of
distributions
........................
23,759‌
231,652‌
61,469‌
590,499‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
(3,585,030‌)
(34,931,908‌)
(972,470‌)
(9,276,519‌)
(3,085,666‌)
$
(30,059,027‌)
(127,295‌)
$
(1,143,765‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
56,499,893‌
$
551,014,420‌
74,849,323‌
$
719,875,315‌
Shares
issued
in
reinvestment
of
distributions
........................
1,611,680‌
15,710,142‌
2,704,195‌
25,989,312‌
Shares
redeemed
.........................................
(80,279,964‌)
(781,941,813‌)
(68,813,099‌)
(661,832,086‌)
(22,168,391‌)
$
(215,217,251‌)
8,740,419‌
$
84,032,541‌
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
156
(a)
On
July
6,
2021,
each
Fund's
issued
and
outstanding
Service
Shares,
as
applicable,
converted
into
Investor
A
Shares.
(b)
On
February
24,
2020,
each
Fund's
issued
and
outstanding
Investor
C1,
Investor
C2
and
Investor
C3
Shares,
as
applicable,
converted
into
Investor
A
Shares.
12.
SUBSEQUENT
EVENTS 
Management’s
evaluation
of
the
impact
of
all
subsequent
events
on
the
Funds’
financial
statements
was
completed
through
the
date
the
financial
statements
were
issued
and
the
following
items
were
noted:
On
September
24,
2021,
the
Board
approved
a
proposal
to
amend
Core
Bond's
investment
objective.
Effective
November
1,
2021,
the
Fund's
investment
objective
will
be
to
seek
to
realize
a
total
return
that
exceeds
that
of
the
reference
benchmark.
On
September
24,
2021,
the
Board
approved
a
proposal
to
amend
Low
Duration
Bond's
investment
objective.
Effective
November
1,
2021,
the
Fund's
investment
objective
will
be
to
seek
total
return
in
excess
of
the
reference
benchmark
in
a
manner
that
is
consistent
with
preservation
of
capital.
d
Year
Ended
09/30/21
Year
Ended
09/30/20
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Investor
A1
Shares
sold
.............................................
7,719‌
$
75,282‌
826‌
$
7,971‌
Shares
issued
in
reinvestment
of
distributions
........................
6,876‌
67,063‌
13,881‌
133,510‌
Shares
redeemed
.........................................
(163,027‌)
(1,591,464‌)
(70,658‌)
(679,577‌)
(148,432‌)
$
(1,449,119‌)
(55,951‌)
$
(538,096‌)
Investor
C
Shares
sold
.............................................
2,247,567‌
$
21,899,495‌
3,388,045‌
$
32,498,708‌
Shares
issued
in
reinvestment
of
distributions
........................
22,017‌
214,438‌
143,791‌
1,378,936‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
(4,163,020‌)
(40,573,232‌)
(12,201,122‌)
(117,518,178‌)
(1,893,436‌)
$
(18,459,299‌)
(8,669,286‌)
$
(83,640,534‌)
Investor
C2
(b)
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
8‌
81‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
—‌
—‌
(1,365‌)
(13,216‌)
—‌
$
—‌
(1,357‌)
$
(13,135‌)
Investor
C3
(b)
Shares
sold
.............................................
—‌
$
—‌
268‌
$
2,582‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
223‌
2,150‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
—‌
—‌
(48,538‌)
(469,472‌)
—‌
$
—‌
(48,047‌)
$
(464,740‌)
Class
K
Shares
sold
.............................................
65,474,722‌
$
637,928,535‌
34,069,034‌
$
326,711,070‌
Shares
issued
in
reinvestment
of
distributions
........................
995,773‌
9,701,067‌
1,246,422‌
11,974,110‌
Shares
redeemed
.........................................
(26,875,494‌)
(261,964,532‌)
(31,060,287‌)
(298,001,286‌)
39,595,001‌
$
385,665,070‌
4,255,169‌
$
40,683,894‌
Class
R
Shares
sold
.............................................
101,987‌
$
994,041‌
153,881‌
$
1,478,313‌
Shares
issued
in
reinvestment
of
distributions
........................
1,866‌
18,179‌
5,343‌
51,307‌
Shares
redeemed
.........................................
(130,273‌)
(1,270,227‌)
(321,305‌)
(3,087,278‌)
(26,420‌)
$
(258,007‌)
(162,081‌)
$
(1,557,658‌)
116,292,225‌
$
1,135,062,865‌
12,147‌
$
12,327,310‌
Report
of
Independent
Registered
Public
Accounting
Firm
157
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Shareholders
of
BlackRock
Core
Bond
Portfolio,
BlackRock
High
Yield
Bond
Portfolio
and
BlackRock
Low
Duration
Bond
Portfolio
and
the
Board
of
Trustees
of
BlackRock
Funds
V:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
BlackRock
Core
Bond
Portfolio
and
BlackRock
Low
Duration
Bond
Portfolio
of
BlackRock
Funds
V,
including
the
schedules
of
investments,
as
of
September
30,
2021,
the
related
statements
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
and
the
related
notes.
We
have
also
audited
the
accompanying
consolidated
statement
of
assets
and
liabilities
of
BlackRock
High
Yield
Bond
Portfolio
of
BlackRock
Funds
V
(collectively
with
BlackRock
Core
Bond
Portfolio
and
BlackRock
Low
Duration
Bond
Portfolio,
the
“Funds”),
including
the
consolidated
schedule
of
investments,
as
of
September
30,
2021,
the
related
consolidated
statement
of
operations
for
the
year
then
ended,
the
consolidated
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
the
consolidated
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
and
the
related
notes.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
September
30,
2021,
and
the
results
of
their
operations
for
the
year
then
ended,
the
changes
in
their
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Funds
are
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
their
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Funds’
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
Our
procedures
included
confirmation
of
securities
owned
as
of
September
30,
2021,
by
correspondence
with
the
custodian,
brokers
and
agent
banks;
when
replies
were
not
received
from
brokers
or
agent
banks,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Deloitte
&
Touche
LLP
Boston,
Massachusetts
November
22,
2021
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Important
Tax
Information
(unaudited)
2021
BlackRock
Annual
Report
to
Shareholders
158
The
following
amounts,
or maximum
amounts
allowable
by
law, are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
September
30,
2021:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
of
distributions
from
direct
federal
obligation
interest
for
the
fiscal
year
ended
September
30,
2021:
The
law
varies
in
each
state
as
to
whether
and
what
percent
of
ordinary
income
dividends
attributable
to
federal
obligations
is
exempt
from
state
income
tax.
Shareholders
are
advised
to
check
with
their
tax
advisers
to
determine
if
any
portion
of
the
dividends
received
is
exempt
from
state
income
tax.
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
capital
gain
dividends,
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%,
for
the
fiscal
year
ended
September
30,
2021:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
September
30,
2021
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
fiscal
year
ended
September
30,
2021:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
interest-related
dividends eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
year
ended
September
30,
2021:
Fund
Name
Qualified
Dividend
Income
BlackRock
Core
Bond
Portfolio
.........................................................................................
$
1,224,970
BlackRock
High
Yield
Bond
Portfolio
......................................................................................
40,135,208
Fund
Name
Federal
Obligation
Interest
BlackRock
Core
Bond
Portfolio
.........................................................................................
$
8,589,974
BlackRock
Low
Duration
Bond
Portfolio
....................................................................................
2,951,368
Fund
Name
20%
Rate
Long-Term
Capital
Gain
Dividends
BlackRock
Core
Bond
Portfolio
.........................................................................................
$
71,560,691
Fund
Name
Dividend-Received
Deduction
BlackRock
Core
Bond
Portfolio
...........................................................................................
1.
23
%
BlackRock
High
Yield
Bond
Portfolio
........................................................................................
1.99
Fund
Name
Interest
Dividends
BlackRock
Core
Bond
Portfolio
.........................................................................................
$
73,827,804
BlackRock
High
Yield
Bond
Portfolio
......................................................................................
1,159,970,495
BlackRock
Low
Duration
Bond
Portfolio
....................................................................................
140,081,576
Fund
Name
Interest-Related
Dividends
BlackRock
Core
Bond
Portfolio
.........................................................................................
$
57,489,089
BlackRock
High
Yield
Bond
Portfolio
......................................................................................
961,117,091
BlackRock
Low
Duration
Bond
Portfolio
....................................................................................
84,917,208
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
159
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Funds
V
(the
“Trust”)
met
on
May
4,
2021
(the
“May
Meeting”)
and
June
8-9,
2021
(the
“June
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Trust,
on
behalf
of
BlackRock
Core
Bond
Portfolio
(the
“Core
Bond
Portfolio”),
BlackRock
High
Yield
Bond
Portfolio
(the
“High
Yield
Bond
Portfolio”)
and
BlackRock
Low
Duration
Bond
Portfolio
(the
“Low
Duration
Bond
Portfolio”
and
collectively
with
the
Core
Bond
Portfolio
and
the
High
Yield
Bond
Portfolio,
the
“Funds”
and
each,
a
“Fund,”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-advisory
agreements
(the
“Sub-Advisory
Agreements”)
between
(1)
the
Manager
and
BlackRock
International
Limited
(“BIL”),
with
respect
to
each
Fund
and
(2)
BlackRock
(Singapore)
Limited
(“BRS”
and
together
with
BIL,
the
“Sub-Advisors”),
with
respect
to
the
Core
Bond
Portfolio.
The
Manager
and
the
Sub-Advisors
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreements
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreement
for
each
Fund
on
an
annual
basis.
The
Board
members
whom
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
each
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
per
year,
each
typically
extending
for
two
days,
as
well
as
additional
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
had
a
fifth
one-day
meeting
to
consider
specific
information
surrounding
the
renewal
of
the
Agreement.
In
particular,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
each
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
each
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreement,
including
the
services
and
support
provided
by
BlackRock
to
each
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
relevant
benchmarks,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
analyses
of
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
each
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
each
Fund;
(d)
the
resources
devoted
to,
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
each
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
each
Fund’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
applicable;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
each
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
each
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
May
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreement.
The
Independent
Board
Members
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
May
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
each
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
each
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreement
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts,
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
each
Fund;
(g)
a
summary
of
aggregate
amounts
paid
by
each
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
each
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
each
Fund’s
operations.
At
the
May
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreement.
As
a
result
of
the
discussions
that
occurred
during
the
May
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
June
Meeting.
At
the
June
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b)
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
each
Fund;
(d)
each
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
each
Fund;
and
(g)
other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
160
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services,
and
the
resulting
performance
of
each
Fund.
Throughout
the
year,
the
Board
compared
Fund
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmarks,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
each
Fund’s
portfolio
management
team
discussing
each
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
number,
education
and
experience
of
investment
personnel
generally
and
each
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
each
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
each
Fund.
BlackRock
and
its
affiliates
provide
each
Fund
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
each
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
each
Fund.
In
particular,
BlackRock
and
its
affiliates
provide
each
Fund
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers
including,
among
others,
each
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
each
Fund,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
each
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans,
including
in
light
of
the
ongoing
COVID-19
pandemic.
B.
The
Investment
Performance
of
each
Fund
and
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
each
Fund
throughout
the
year
and
at
the
May
meeting.
In
preparation
for
the
May
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
each
Fund’s
performance
as
of
December
31,
2020,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers.
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
each
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
the
Core
Bond
Portfolio
ranked
in
the
second,
first
and
second
quartiles,
respectively,
against
its
Performance
Peers.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
the
High
Yield
Bond
Portfolio
ranked
in
the
second,
first
and
first
quartiles,
respectively,
against
its
Performance
Peers.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
the
Low
Duration
Bond
Portfolio
ranked
in
the
third,
third
and
second
quartiles,
respectively,
against
its
Performance
Peers.
The
Board
and
BlackRock
reviewed
the
Low
Duration
Bond
Portfolio’s
underperformance
relative
to
its
Performance
Peers
during
the
applicable
periods.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
each
Fund
The
Board,
including
the
Independent
Board
Members,
reviewed
each
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
each
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
the
services
provided
and
the
fees
charged
by
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
161
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
each
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
each
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2020
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
is
difficult.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
of
other
advisors
is
not
publicly
available.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
technology
at
BlackRock,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreement
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time,
assumption
of
risk,
and
liability
profile
in
servicing
each
Fund,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
the
Core
Bond
Portfolio’s
contractual
management
fee
rate
ranked
in
the
third
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
second
and
third
quartiles,
respectively,
relative
to
the
Core
Bond
Portfolio’s
Expense
Peers.
The
Board
also
noted
that
the
Core
Bond
Portfolio
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Core
Bond
Portfolio
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Core
Bond
Portfolio
were
to
decrease,
the
Core
Bond
Portfolio
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Core
Bond
Portfolio’s
total
expenses
as
a
percentage
of
the
Core
Bond
Portfolio’s
average
daily
net
assets
on
a
class-by-class
basis.
The
Board
noted
that
the
High
Yield
Bond
Portfolio’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
first
and
second
quartiles,
respectively,
relative
to
the
High
Yield
Bond
Portfolio’s
Expense
Peers.
The
Board
also
noted
that
the
High
Yield
Bond
Portfolio
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
High
Yield
Bond
Portfolio
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
High
Yield
Bond
Portfolio
were
to
decrease,
the
High
Yield
Bond
Portfolio
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
High
Yield
Bond
Portfolio’s
total
expenses
as
a
percentage
of
the
High
Yield
Bond
Portfolio’s
average
daily
net
assets
on
a
class-by-class
basis.
The
Board
noted
that
the
Low
Duration
Bond
Portfolio’s
contractual
management
fee
rate
ranked
in
the
second
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
Low
Duration
Bond
Portfolio’s
Expense
Peers.
The
Board
also
noted
that
the
Low
Duration
Bond
Portfolio
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Low
Duration
Bond
Portfolio
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Low
Duration
Bond
Portfolio
were
to
decrease,
the
Low
Duration
Bond
Portfolio
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Low
Duration
Bond
Portfolio’s
total
expenses
as
a
percentage
of
the
Low
Duration
Bond
Portfolio’s
average
daily
net
assets
on
a
class-by-class
basis.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
each
Fund
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
each
Fund
benefits
from
such
economies
of
scale
in
a
variety
of
ways,
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
breakpoint
structure
in
order
to
enable
each
Fund
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
each
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
each
Fund,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
each
Fund,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreement,
the
Board
also
received
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
their
Fund
shares
if
they
believe
that
each
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
each
Fund.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
162
Conclusion
The
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
the
Advisory
Agreement
between
the
Manager
and
the
Trust,
on
behalf
of
each
Fund,
for
a
one-year
term
ending
June
30,
2022,
and
the
Sub-Advisory
Agreements
between
(1)
the
Manager
and
BIL,
with
respect
to
each
Fund
and
(2)
the
Manager
and
BRS,
with
respect
to
the
Core
Bond
Portfolio,
for
a
one-year
term
ending
June
30,
2022.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreement
were
fair
and
reasonable
and
in
the
best
interest
of
each
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreement,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
also
assisted
by
the
advice
of
independent
legal
counsel
in
making
this
determination.
Trustee
and
Officer
Information
163
Trustee
and
Officer
Information
Independent
Trustees
(a)
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
Five
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
Five
Years
Richard
E.
Cavanagh
1946
Co-Chair
of
the
Board
and
Trustee
(Since
2019)
Director,
The
Guardian
Life
Insurance
Company
of
America
since
1998;
Board
Chair,
Volunteers
of
America
(a
not-for-profit
organization)
from
2015
to
2018
(board
member
since
2009);
Director,
Arch
Chemicals
(chemical
and
allied
products)
from
1999
to
2011;
Trustee,
Educational
Testing
Service
from
1997
to
2009
and
Chairman
thereof
from
2005
to
2009;
Senior
Advisor,
The
Fremont
Group
since
2008
and
Director
thereof
since
1996;
Faculty
Member/Adjunct
Lecturer,
Harvard
University
since
2007
and
Executive
Dean
from
1987
to
1995;
President
and
Chief
Executive
Officer,
The
Conference
Board,
Inc.
(global
business
research
organization)
from
1995
to
2007.
74
RICs
consisting
of
101
Portfolios
None
Karen
P.
Robards
1950
Co-Chair
of
the
Board
and
Trustee
(Since
2019)
Principal
of
Robards
&
Company,
LLC
(consulting
and
private
investing)
since
1987;
Co-founder
and
Director
of
the
Cooke
Center
for
Learning
and
Development
(a
not-for-profit
organization)
since
1987;
Director
of
Enable
Injections,
LLC
(medical
devices)
since
2019;
Investment
Banker
at
Morgan
Stanley
from
1976
to
1987.
74
RICs
consisting
of
101
Portfolios
Greenhill
&
Co.,
Inc.;
AtriCure,
Inc.
(medical
devices)
from
2000
until
2017
Michael
J.
Castellano
1946
Trustee
(Since
2019)
Chief
Financial
Officer
of
Lazard
Group
LLC
from
2001
to
2011;
Chief
Financial
Officer
of
Lazard
Ltd
from
2004
to
2011;
Director,
Support
Our
Aging
Religious
(non-profit)
from
2009
to
June
2015
and
from
2017
to
September
2020;
Director,
National
Advisory
Board
of
Church
Management
at
Villanova
University
since
2010;
Trustee,
Domestic
Church
Media
Foundation
since
2012;
Director,
CircleBlack
Inc.
(financial
technology
company)
from
2015
to
July
2020.
74
RICs
consisting
of
101
Portfolios
None
Cynthia
L.
Egan
1955
Trustee
(Since
2019)
Advisor,
U.S.
Department
of
the
Treasury
from
2014
to
2015;
President,
Retirement
Plan
Services,
for
T.
Rowe
Price
Group,
Inc.
from
2007
to
2012;
executive
positions
within
Fidelity
Investments
from
1989
to
2007.
74
RICs
consisting
of
101
Portfolios
Unum
(insurance);
The
Hanover
Insurance
Group
(Board
Chair)
(insurance);
Huntsman
Corporation
(chemical
products);
Envestnet
(investment
platform)
from
2013
until
2016
Frank
J.
Fabozzi
(d)
1948
Trustee
(Since
2019)
Editor
of
The
Journal
of
Portfolio
Management
since
1986;
Professor
of
Finance,
EDHEC
Business
School
(France)
since
2011;
Visiting
Professor,
Princeton
University
for
the
2013
to
2014
academic
year
and
Spring
2017
semester;
Professor
in
the
Practice
of
Finance,
Yale
University
School
of
Management
from
1994
to
2011
and
currently
a
Teaching
Fellow
in
Yale's
Executive
Programs;
Board
Member,
BlackRock
Equity-Liquidity
Funds
from
2014
to
2016;
affiliated
professor
Karlsruhe
Institute
of
Technology
from
2008
to
2011;
Visiting
Professor,
Rutgers
University
for
the
Spring
2019
semester;
Visiting
Professor,
New
York
University
for
the
2019
academic
year;
Adjunct
Professor
of
Finance,
Carnegie
Mellon
University
in
fall
2020
semester.
76
RICs
consisting
of
103
Portfolios
None
Lorenzo
A.
Flores
1964
Trustee
(Since
2021)
Vice
Chairman,
Kioxia,
Inc.
since
2019;
Chief
Financial
Officer,
Xilinx,
Inc.
from
2016
to
2019;
Corporate
Controller,
Xilinx,
Inc.
from
2008
to
2016.
74
RICs
consisting
of
101
Portfolios
None
Stayce
D.
Harris
1959
Trustee
(Since
2021)
Lieutenant
General,
Inspector
General,
Office
of
the
Secretary
of
the
United
States
Air
Force
from
2017
to
2019;
Lieutenant
General,
Assistant
Vice
Chief
of
Staff
and
Director,
Air
Staff,
United
States
Air
Force
from
2016
to
2017;
Major
General,
Commander,
22nd
Air
Force,
AFRC,
Dobbins
Air
Reserve
Base,
Georgia
from
2014
to
2016;
Pilot,
United
Airlines
from
1990
to
2020.
74
RICs
consisting
of
101
Portfolios
The
Boeing
Company
since
2021
J.
Phillip
Holloman
1955
Trustee
(Since
2021)
President
and
Chief
Operating
Officer,
Cintas
Corporation
from
2008
to
2018.
74
RICs
consisting
of
101
Portfolios
PulteGroup,
Inc.
(home
construction);
Rockwell
Automation
Inc.
(industrial
automation)
Trustee
and
Officer
Information
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
164
Interested
Trustees
(a)(e)
(a)
The
address
of
each
Trustee
is
c/o
BlackRock,
Inc.,
55
East
52nd
Street,
New
York,
New
York
10055.
(b)
Each
Independent
Trustee
holds
office
until
his
or
her
successor
is
duly
elected
and
qualifies
or
until
his
or
her
earlier
death,
resignation,
retirement
or
removal
as
provided
by
the
Trust’s
by-laws
or
charter
or
statute,
or
until
December
31
of
the
year
in
which
he
or
she
turns
75.
Trustees
who
are
“interested
persons,”
as
defined
in
the
Investment
Company
Act
serve
until
their
successor
is
duly
elected
and
qualifies
or
until
their
earlier
death,
resignation,
retirement
or
removal
as
provided
by
the
Trust’s
by-laws
or
statute,
or
until
December
31
of
the
year
in
which
they
turn
72.
The
Board
may
determine
to
extend
the
terms
of
Independent
Trustees
on
a
case-by-case
basis,
as
appropriate.
(c)
Following
the
combination
of
Merrill
Lynch
Investment
Managers,
L.P.
(“MLIM”)
and
BlackRock,
Inc.
in
September
2006,
the
various
legacy
MLIM
and
legacy
BlackRock
fund
boards
were
realigned
and
consolidated
into
three
new
fund
boards
in
2007.
Certain
Independent
Trustees
first
became
members
of
the
boards
of
other
legacy
MLIM
or
legacy
BlackRock
funds
as
follows:
Richard
E.
Cavanagh,
1994;
Frank
J.
Fabozzi,
1988;
R.
Glenn
Hubbard,
2004;
W.
Carl
Kester,
1995;
and
Karen
P.
Robards,
1998.
Certain
other
Independent
Trustees
became
members
of
the
boards
of
the
closed-end
funds
in
the
Fixed-Income
Complex
as
follows:
Michael
J.
Castellano,
2011;
Cynthia
L.
Egan,
2016;
and
Catherine
A.
Lynch,
2016.
(d)
Dr.
Fabozzi,
Dr.
Kester,
Ms.
Lynch
and
Mr.
Perlowski
are
also
trustees
of
the
BlackRock
Credit
Strategies
Fund
and
BlackRock
Private
Investments
Fund.
(e)
Mr.
Fairbairn
and
Mr.
Perlowski
are
both
“interested
persons,”
as
defined
in
the
1940
Act,
of
the
Trust
based
on
their
positions
with
BlackRock,
Inc.
and
its
affiliates.
Mr.
Fairbairn
and
Mr.
Perlowski
are
also
board
members
of
the
BlackRock
Multi-Asset
Complex.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
Five
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
Five
Years
R.
Glenn
Hubbard
1958
Trustee
(Since
2019)
Dean,
Columbia
Business
School
from
2004
to
2019;
Faculty
member,
Columbia
Business
School
since
1988.
74
RICs
consisting
of
101
Portfolios
ADP
(data
and
information
services)
2004-2020;
Metropolitan
Life
Insurance
Company
(insurance);
KKR
Financial
Corporation
(finance)
from
2004
until
2014
W.
Carl
Kester
(d)
1951
Trustee
(Since
2019)
George
Fisher
Baker
Jr.
Professor
of
Business
Administration,
Harvard
Business
School
since
2008;
Deputy
Dean
for
Academic
Affairs
from
2006
to
2010;
Chairman
of
the
Finance
Unit,
from
2005
to
2006;
Senior
Associate
Dean
and
Chairman
of
the
MBA
Program
from
1999
to
2005;
Member
of
the
faculty
of
Harvard
Business
School
since
1981.
76
RICs
consisting
of
103
Portfolios
None
Catherine
A.
Lynch
(d)
1961
Trustee
(Since
2019)
Chief
Executive
Officer,
Chief
Investment
Officer
and
various
other
positions,
National
Railroad
Retirement
Investment
Trust
from
2003
to
2016;
Associate
Vice
President
for
Treasury
Management,
The
George
Washington
University
from
1999
to
2003;
Assistant
Treasurer,
Episcopal
Church
of
America
from
1995
to
1999.
76
RICs
consisting
of
103
Portfolios
None
Robert
Fairbairn
1965
Trustee
(Since
2015)
Vice
Chairman
of
BlackRock,
Inc.
since
2019;
Member
of
BlackRock's
Global
Executive
and
Global
Operating
Committees;
Co-Chair
of
BlackRock's
Human
Capital
Committee;
Senior
Managing
Director
of
BlackRock,
Inc.
from
2010
to
2019;
oversaw
BlackRock's
Strategic
Partner
Program
and
Strategic
Product
Management
Group
from
2012
to
2019;
Member
of
the
Board
of
Managers
of
BlackRock
Investments,
LLC
from
2011
to
2018;
Global
Head
of
BlackRock's
Retail
and
iShares
®
businesses
from
2012
to
2016.
104
RICs
consisting
of
255
Portfolios
None
John
M.
Perlowski
(d)
1964
Trustee
(Since
2015);
President
and
Chief
Executive
Officer
(Since
2010)
Managing
Director
of
BlackRock,
Inc.
since
2009;
Head
of
BlackRock
Global
Accounting
and
Product
Services
since
2009;
Advisory
Director
of
Family
Resource
Network
(charitable
foundation)
since
2009.
106
RICs
consisting
of
257
Portfolios
None
Independent
Trustees
(a)
(continued)
Trustee
and
Officer
Information
(continued)
165
Trustee
and
Officer
Information
Officers
Who
Are
Not
Trustees
(a)
(a)
The
address
of
each
Officer
is
c/o
BlackRock,
Inc.,
55
East
52nd
Street,
New
York,
New
York
10055.
(b)
Officers
of
the
Trust
serve
at
the
pleasure
of
the
Board.
Further
information
about
the
Trust’s
Trustees
and
Officers
is
available
in
the
Trust’s
Statement
of
Additional
Information,
which
can
be
obtained
without
charge
by
calling
(800)
441-7762.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
Principal
Occupation(s)
During
Past
Five
Years
Jennifer
McGovern
1977
Vice
President
(Since
2014)
Managing
Director
of
BlackRock,
Inc.
since
2016;
Director
of
BlackRock,
Inc.
from
2011
to
2015;
Head
of
Americas
Product
Development
and
Governance
for
BlackRock’s
Global
Product
Group
since
2019;
Head
of
Product
Structure
and
Oversight
for
BlackRock's
U.S.
Wealth
Advisory
Group
from
2013
to
2019.
Trent
Walker
1974
Chief
Financial
Officer
(Since
2021)
Managing
Director
of
BlackRock,
Inc.
since
September
2019;
Executive
Vice
President
of
PIMCO
from
2016
to
2019;
Senior
Vice
President
of
PIMCO
from
2008
to
2015;
Treasurer
from
2013
to
2019
and
Assistant
Treasurer
from
2007
to
2017
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Jay
M.
Fife
1970
Treasurer
(Since
2007)
Managing
Director
of
BlackRock,
Inc.
since
2007.
Charles
Park
1967
Chief
Compliance
Officer
(Since
2014)
Anti-Money
Laundering
Compliance
Officer
for
certain
BlackRock-advised
Funds
from
2014
to
2015;
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
since
2014;
Principal
of
and
Chief
Compliance
Officer
for
iShares
®
Delaware
Trust
Sponsor
LLC
since
2012
and
BlackRock
Fund
Advisors
(“BFA”)
since
2006;
Chief
Compliance
Officer
for
the
BFA-advised
iShares
®
exchange
traded
funds
since
2006;
Chief
Compliance
Officer
for
BlackRock
Asset
Management
International
Inc.
since
2012.
Lisa
Belle
1968
Anti-Money
Laundering
Compliance
Officer
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2019;
Global
Financial
Crime
Head
for
Asset
and
Wealth
Management
of
JP
Morgan
from
2013
to
2019;
Managing
Director
of
RBS
Securities
from
2012
to
2013;
Head
of
Financial
Crimes
for
Barclays
Wealth
Americas
from
2010
to
2012.
Janey
Ahn
1975
Secretary
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Director
of
BlackRock,
Inc.
from
2009
to
2017.
Neal
J.
Andrews
retired
as
the
Chief
Financial
Officer
effective
December
31,
2020,
and
Trent
Walker
was
elected
as
the
Chief
Financial
Officer
effective
January
1,
2021.
Effective
June
10,
2021,
Stayce
D.
Harris
and
J.
Phillip
Holloman
were
each
appointed
to
serve
as
a
Trustee
of
the
Trust.
Effective
July
30,
2021,
Lorenzo
A.
Flores
was
appointed
to
serve
as
a
Trustee
of
the
Trust.
Additional
Information
2021
BlackRock
Annual
Report
to
Shareholders
166
Regulation
Regarding
Derivatives
On
October
28,
2020,
the
Securities
and
Exchange
Commission
(the
“SEC”)
adopted
new
regulations
governing
the
use
of
derivatives
by
registered
investment
companies
(“Rule
18f-4”).
The
Funds
will
be
required
to
implement
and
comply
with
Rule
18f-4
by
August
19, 2022.
Once
implemented,
Rule
18f-4
will
impose
limits
on
the
amount
of
derivatives
a
fund
can
enter
into,
eliminate
the
asset
segregation
framework
currently
used
by
funds
to
comply
with
Section
18
of
the
1940
Act,
treat
derivatives
as
senior
securities
and
require
funds
whose
use
of
derivatives
is
more
than
a
limited
specified
exposure
amount
to
establish
and
maintain
a
comprehensive
derivatives
risk
management
program
and
appoint
a
derivatives
risk
manager.
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Funds
will
mail
only
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copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
and
proxy
statements,
to
shareholders
with
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accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
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reduce
expenses
and
eliminate
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Mailings
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instruct
us
otherwise.
If
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do
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mailing
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household,
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call
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(800)
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Quarterly
Schedule
of
Investments
The
Funds
file
their
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of
portfolio
holdings
with
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SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
blackrock.com/
fundreports
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Procedures
and
Voting
Records
A
description
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policies
and
procedures
that
the
Funds
use
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determine
how
to
vote
proxies
relating
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portfolio
securities
and
information
about
how
the
Funds
voted
proxies
relating
to
securities
held
in
the
Funds'
portfolios
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-
7762
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
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styles
and
managed
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fixed-income
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tax-exempt
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ET
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balances,
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You
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Automatic
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Plans
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class
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want
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invest
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arrange
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$50
or
more
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Systematic
Withdrawal
Plans
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class
shareholders
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or
more
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BlackRock
funds,
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long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
167
Additional
Information
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
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non-public
personal
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The
following
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is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
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select
parties.
If
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are
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laws,
rules
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regulations
require
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to
provide
you
with
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or
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privacy-related
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set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
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from
and
about
you
from
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sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
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forms
or
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information
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transactions
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us,
our
affiliates,
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information
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receive
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reporting
agency;
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(iv)
from
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our
websites.
BlackRock
does
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sell
or
disclose
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third
parties
any
non-public
personal
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Clients,
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permitted
by
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is
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requests
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to
service
Client
accounts.
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parties
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and
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its
intended
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We
may
share
information
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our
affiliates
to
service
your
account
or
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provide
you
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information
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other
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products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
BlackRock
International
Limited
Edinburgh,
EH3
8BL
United
Kingdom
BlackRock
(Singapore)
Limited
(a)
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
(a)
For
BlackRock
Core
Bond
Portfolio
and
BlackRock
Low
Duration
Bond
Portfolio.
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10022
Legal
Counsel
Willkie
Farr
&
Gallagher
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
Glossary
of
Terms
Used
in
this
Report
2021
BlackRock
Annual
Report
to
Shareholders
168
Currency
Abbreviations
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CLP
Chilean
Peso
CNH
Chinese
Yuan
Offshore
CNY
Chinese
Yuan
EUR
Euro
GBP
British
Pound
IDR
Indonesian
Rupiah
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
NOK
Norwegian
Krone
PLN
Polish
Zloty
RUB
New
Russian
Ruble
USD
United
States
Dollar
Portfolio
Abbreviations
CLO
Collateralized
Loan
Obligation
CSMC
Credit
Suisse
Mortgage
Capital
DAC
Designated
Activity
Company
ESG
Environmental,
Social
And
Governance
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GO
General
Obligation
Bonds
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
PJSC
Public
Joint
Stock
Company
RB
Revenue
Bonds
REIT
Real
Estate
Investment
Trust
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
TBA
To-be-announced
WIBOR
Warsaw
Interbank
Offered
Rate
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds’
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
Taxable3-9/21-AR
September
30,
2021
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2021
Annual
Report
BlackRock
Funds
V
BlackRock
GNMA
Portfolio
BlackRock
Income
Fund
BlackRock
U.S.
Government
Bond
Portfolio
Dear
Shareholder,
The
12-month
reporting
period
as
of
September
30,
2021
was
a
remarkable
period
of
adaptation
and
recovery,
as
the
global
economy
dealt
with
the
implications
of
the
coronavirus
(or
“COVID-19”)
pandemic.
The
United
States
began
the
reporting
period
as
the
initial
reopening-led
economic
rebound
was
beginning
to
slow.
Nonetheless,
the
economy
continued
to
grow
at
a
brisk
pace
for
the
reporting
period,
eventually
regaining
the
output
lost
from
the
pandemic.
Equity
prices
rose
with
the
broader
economy,
as
strong
fiscal
and
monetary
support,
as
well
as
the
development
of
vaccines,
made
investors
increasingly
optimistic
about
the
economic
outlook.
The
implementation
of
mass
vaccination
campaigns
and
passage
of
two
additional
fiscal
stimulus
packages
further
boosted
stocks,
and
many
equity
indices
neared
or
surpassed
all-time
highs
late
in
the
reporting
period.
In
the
United
States,
returns
of
small-capitalization
stocks,
which
benefited
the
most
from
the
resumption
of
in-person
activities,
outpaced
large-capitalization
stocks.
International
equities
also
gained,
as
both
developed
and
emerging
markets
continued
to
recover
from
the
effects
of
the
pandemic.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
had
fallen
sharply
prior
to
the
beginning
of
the
reporting
period,
which
meant
bonds
were
priced
for
extreme
risk
avoidance
and
economic
disruption.
Despite
expectations
of
doom
and
gloom,
the
economy
expanded
rapidly,
stoking
inflation
concerns
in
early
2021,
which
led
to
higher
yields
and
a
negative
overall
return
for
most
U.S.
Treasuries.
In
the
corporate
bond
market,
support
from
the
U.S.
Federal
Reserve
(the
“Fed”)
assuaged
credit
concerns
and
led
to
solid
returns
for
high-yield
corporate
bonds,
although
investment-grade
corporates
declined
slightly.
The
Fed
remained
committed
to
accommodative
monetary
policy
by
maintaining
near-zero
interest
rates
and
by
reiterating
that
inflation
could
exceed
its
2%
target
for
a
sustained
period
without
triggering
a
rate
increase.
In
response
to
rising
inflation
late
in
the
period,
the
Fed
changed
its
market
guidance,
raising
the
possibility
of
higher
rates
in
2022
and
reducing
bond
purchasing
beginning
in
late
2021.
Looking
ahead,
we
believe
that
the
global
expansion
will
continue
to
broaden
as
Europe
and
other
developed
market
economies
gain
momentum,
although
the
delta
variant
of
the
coronavirus
remains
a
threat,
particularly
in
emerging
markets.
While
we
expect
inflation
to
remain
elevated
in
the
medium-term
as
the
expansion
continues,
we
believe
the
recent
uptick
owes
more
to
temporary
supply
disruptions
than
a
lasting
change
in
fundamentals.
The
change
in
Fed
policy
also
means
that
moderate
inflation
is
less
likely
to
be
followed
by
interest
rate
hikes
that
could
threaten
the
economic
expansion.
Overall,
we
favor
a
moderately
positive
stance
toward
risk,
with
an
overweight
in
equities.
Sectors
that
are
better
poised
to
manage
the
transition
to
a
lower-carbon
world,
such
as
technology
and
health
care,
are
particularly
attractive
in
the
long-term.
U.S.
small-capitalization
stocks
and
European
equities
are
likely
to
benefit
from
the
continuing
vaccine-led
restart,
while
Chinese
equities
stand
to
gain
from
a
more
accommodative
monetary
and
fiscal
environment
as
the
Chinese
economy
slows.
We
are
underweight
long-term
credit,
but
inflation-protected
U.S.
Treasuries,
Asian
fixed
income,
and
emerging
market
local-currency
bonds
offer
potential
opportunities.
We
believe
that
international
diversification
and
a
focus
on
sustainability
can
help
provide
portfolio
resilience,
and
the
disruption
created
by
the
coronavirus
appears
to
be
accelerating
the
shift
toward
sustainable
investments.
In
this
environment,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
September
30,
2021
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
9.18%
30.00%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(0.25)
47.68
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
4.70
25.73
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(3.45)
18.20
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.01
0.07
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
2.92
(6.22)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
1.88
(0.90)
Tax-exempt
municipal
bonds
(S&P
Municipal
Bond
Index)
1.24
2.71
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
3.65
11.27
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Fund
Summaries
.......................................................................................................
4
The
Benefits
and
Risks
of
Leveraging
..........................................................................................
14
About
Fund
Performance
.................................................................................................
15
Disclosure
of
Expenses
...................................................................................................
16
Derivative
Financial
Instruments
.............................................................................................
16
Financial
Statements:
Schedules
of
Investments
...............................................................................................
17
Statements
of
Assets
and
Liabilities
.........................................................................................
85
Statements
of
Operations
................................................................................................
88
Statements
of
Changes
in
Net
Assets
........................................................................................
89
Financial
Highlights
.....................................................................................................
91
Notes
to
Financial
Statements
...............................................................................................
104
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
121
Important
Tax
Information
.................................................................................................
122
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
..................................................................
123
Trustee
and
Officer
Information
..............................................................................................
127
Additional
Information
....................................................................................................
130
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
132
Fund
Summary
as
of
September
30,
2021
2021
BlackRock
Annual
Report
to
Shareholders
4
BlackRock
GNMA
Portfolio
Investment
Objective
BlackRock
GNMA
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
September
30,
2021,
the
Fund
outperformed
its
benchmark,
the
Bloomberg
GNMA
MBS
Index.
What
factors
influenced
performance?
The
Fund's
active
strategy,
which
seeks
to
optimize
the
blend
of
to-be-announced
(“TBA”)
securities
and
existing
mortgage-backed
securities
(“MBS”)
versus
the
benchmark,
contributed
positively
to
relative
performance,
driven
by
exposure
to
specified
mortgage
pools.
In
addition,
relative
value
strategies
within
the
GNMA
coupon
stack,
including
exposure
to
up-in-coupon
trades,
added
to
performance.
Finally,
out-of-benchmark
allocations
to
fixed
rate
agency
collateralized
mortgage
obligations
(“CMOs”)
benefited
return.
The
Fund’s
exposure
to
agency
MBS
derivative
positions
such
as
interest-only
instruments
detracted
from
relative
performance.
Describe
recent
portfolio
activity.
Within
the
GNMA
coupon
stack,
the
Fund
shifted
from
an
underweight
to
an
overweight
in
middle
coupons
(3.0%
and
3.5%).
The
Fund
slightly
trimmed
its
allocation
to
agency
CMOs
based
off
of
seasoned
collateral.
The
Fund
maintained
a
modest
position
in
agency
commercial
MBS
during
the
period
primarily
in
the
form
of
multi-family
deals.
The
Fund
held
a
small
percentage
of
net
assets
in
derivatives
as
a
means
to
manage
risk
to
allocations
in
MBS
and
securitized
assets.
The
Fund’s
overall
use
of
derivatives
had
a
positive
impact
on
Fund
performance
during
the
period.
The
Fund’s
cash
position
was
somewhat
elevated
at
times
during
the
period
and
was
11.1%
at
period
end.
The
cash
position
did
not
have
any
material
impact
on
Fund
performance.
Describe
portfolio
positioning
at
period
end.
The
Fund
maintained
an
allocation
to
higher
coupon,
more-seasoned
GNMA
pools,
along
with
increased
exposure
to
current
production
coupons
and
TBAs
on
the
view
that
Fed
and
domestic
bank
support
should
provide
a
solid
technical
tailwind
into
the
end
of
the
year.
The
Fund
continued
to
hold
allocations
to
agency
CMOs
backed
by
prepayment-protected,
seasoned
collateral.
Finally,
the
Fund
was
overweight
duration
(and
corresponding
interest
rate
sensitivity)
relative
to
the
benchmark
while
being
neutrally
positioned
along
the
yield
curve.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Portfolio
Information
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
..............
100‌
%
Non-Agency
Mortgage-Backed
Securities
..................
—‌
(b)
(a)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(a)
Percent
of
Total
Investments
(b)
AAA/
Aaa
(c)
......................................
100‌
%
NR
...........................................
—‌
(d)
(a)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/
Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(b)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
(c)
The
investment
adviser
evaluates
the
credit
quality
of
unrated
investments
based
upon
certain
factors
including,
but
not
limited
to,
credit
ratings
for
similar
investments
and
financial
analysis
of
sectors,
individual
investments
and/or
issuers.
Using
this
approach,
the
investment
adviser
has
deemed
unrated
U.S.
Government
Sponsored
Agency
Securities
and
U.S.
Treasury
Obligations
to
be
of
similar
credit
quality
as
investments
rated
AAA/Aaa.
(d)
Represents
less
than
1%
of
the
Fund's
total
investments.
Fund
Summary
as
of
September
30,
2021
(continued)
5
Fund
Summary
BlackRock
GNMA
Portfolio
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
Performance
Summary
for
the
Period
Ended
September
30,
2021
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(b)
Under
normal
circumstances,
the
Fund
invests
at
least
80%
of
its
assets
in
Government
National
Mortgage
Association
("GNMA")
securities.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
GNMA
Portfolio
(the
“Predecessor
Fund”),
a
series
of
BlackRock
Funds
II,
through
a
tax-free
reorganization
(the
“Reorganizatio
n”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
(c)
Bloomberg
GNMA
MBS
Index
(formerly
Bloomberg
Barclays
GNMA
MBS
Index)
-
an
unmanaged
index
comprised
of
mortgage-backed
pass
through
securities
of
GNMA.
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
w/o
sales
charge
w/sales
charge
w/o
sales
charge
w/sales
charge
w/o
sales
charge
w/sales
charge
Institutional
..................................
0.63‌%
0.49‌%
0.47‌%
N/A‌
2.06‌%
N/A‌
2.34‌%
N/A‌
Investor
A
...................................
0.36‌
0.22‌
0.23‌
(3.78‌)%
1.81‌
0.98‌%
2.04‌
1.62‌%
Investor
C
...................................
(0.36‌)
(0.45‌)
(0.53‌)
(1.51‌)
1.06‌
1.06‌
1.43‌
1.43‌
Class
K
....................................
0.68‌
0.58‌
0.52‌
N/A‌
2.12‌
N/A‌
2.38‌
N/A‌
Bloomberg
GNMA
MBS
Index
..................
—‌
—‌
(0.64‌)
N/A‌
1.91‌
N/A‌
2.16‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
Under
normal
circumstances,
the
Fund
invests
at
least
80%
of
its
assets
in
GNMA
securities.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
the
Predecessor
Fund
,
a
series
of
BlackRock
Funds
II,
through
the
Reorganization.
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization
.
N/A
-
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Fund
Summary
as
of
September
30,
2021
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
6
BlackRock
GNMA
Portfolio
Expense
Example
Actual
Hypothetical
(a)
Expenses
Paid
During
the
Period
Including
Interest
Expense
Excluding
Interest
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(04/01/21)
Ending
Account
Value
(09/30/21)
Including
Interest
Expense
(b)
Excluding
Interest
Expense
(b)
Beginning
Account
Value
(04/01/21)
Ending
Account
Value
(09/30/21)
Expenses
Paid
During
the
Period
(b)
Ending
Account
Value
(09/30/21)
Expenses
Paid
During
the
Period
(b)
Including
Interest
Expense
Excluding
Interest
Expense
Institutional
......
$
1,000.00‌
$
1,000.30‌
$
2.16‌
$
2.16‌
$
1,000.00‌
$
1,022.91‌
$
2.18‌
$
1,022.91‌
$
2.18‌
0.43‌%
0.43‌%
Investor
A
.......
1,000.00‌
999.10‌
3.41‌
3.41‌
1,000.00‌
1,021.66‌
3.45‌
1,021.66‌
3.45‌
0.68‌
0.68‌
Investor
C
.......
1,000.00‌
995.30‌
7.15‌
7.15‌
1,000.00‌
1,017.90‌
7.23‌
1,017.90‌
7.23‌
1.43‌
1.43‌
Class
K
........
1,000.00‌
1,000.50‌
1.91‌
1.91‌
1,000.00‌
1,023.16‌
1.93‌
1,023.16‌
1.93‌
0.38‌
0.38‌
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Fund
Summary
as
of
September
30,
2021
7
Fund
Summary
BlackRock
Income
Fund
Investment
Objective
BlackRock
Income
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
provide
high
current
income,
with
a
secondary
objective
of
long-term
capital
appreciation.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
September
30,
2021,
the
Fund
underperformed
its
Customized
Reference
Benchmark
except
for
the
Fund’s
Institutional
Shares,
which
performed
in
line.
The
Customized
Reference
Benchmark
is
comprised
of
the
returns
of
the
Bloomberg
Global
High
Yield
100%
Hedged
USD
Index
(25%),
S&P/LSTA
Leveraged
Loan
Index
(25%),
Bloomberg
U.S.
CMBS
Investment
Grade
Index
(25%),
and
JPMorgan
Corporate
Emerging
Markets
Bond
Index
Broad
Diversified
(CEMBI
Broad
Diversified)
(25%).
The
Fund
is
not
managed
with
reference
to
the
current
performance
benchmark
and
its
exposures
may
deviate
meaningfully
from
the
current
performance
benchmark.
What
factors
influenced
performance?
The
largest
detractor
from
performance
over
the
period
was
the
Fund’s
Asian
corporate
credit
exposure.
Positioning
with
respect
to
interest
rates
also
detracted
modestly
as
rates
rose
across
the
yield
curve.
The
Fund’s
exposure
to
U.S.
high
yield
corporate
bonds
was
the
largest
contributor
to
performance
for
the
12-month
period.
Holdings
in
floating
rate
loan
interests
(“bank
loans”)
and
collateralized
loan
obligations
(“CLOs”),
capital
securities,
U.S.
investment
grade
corporate
bonds
and
European
corporate
credit
were
also
additive.
The
Fund’s
cash
position
was
16.2%
of
portfolio
assets
at
period
end.
The
Fund
remains
selective
as
the
investment
adviser
seeks
the
best
opportunities
to
generate
income.
The
Fund’s
performance
would
have
been
improved
if
the
cash
position
had
been
allocated
across
credit
sectors.
Lastly,
as
part
of
its
investment
strategy,
the
Fund
utilizes
derivatives,
mainly
forward
contracts,
to
hedge
foreign
currency
exposure
of
non-U.S.
positions
back
to
U.S.
dollars,
and
interest
rate
futures
to
adjust
duration
(sensitivity
to
interest
rate
changes)
positioning
tactically
as
needed.
During
the
period,
the
Fund’s
derivative
holdings
had
a
positive
impact
on
Fund
performance.
Describe
recent
portfolio
activity.
The
Fund
navigated
a
period
that
saw
continued
recovery
in
the
broader
economy
and
volatility
in
interest
rates
driven
by
persistently
strong
inflation.
Over
the
period,
the
Fund
increased
exposure
to
bank
loans
and
CLOs
following
a
period
of
underperformance
and
on
the
view
that
rates
were
likely
to
rise
following
a
pickup
in
inflation
expectations.
In
addition,
the
Fund
reduced
exposure
to
high
yield
and
investment
grade
corporate
securities.
Both
sectors
had
performed
well
as
the
Fed
stepped
in
to
provide
support
during
the
depths
of
the
financial
market
sell-off.
While
the
Fund
remained
constructive
regarding
high
yield
corporate
securities,
the
investment
adviser
believes
that
they
have
identified
more
attractive
relative
value
opportunities
elsewhere.
Finally,
exposure
to
emerging
markets
was
reduced.
Describe
portfolio
positioning
at
period
end.
At
period
end,
the
Fund
was
positioned
to
seek
positive
returns
in
corporate
credit
instruments,
on
the
view
that
the
upward
movement
in
interest
rates
reflected
growing
investor
conviction
surrounding
the
outlook
for
economic
recovery.
Thematically,
the
Fund
deemphasized
exposure
to
U.S.
high
yield
in
favor
of
floating
rate
instruments
that
should
fare
well
in
a
steeper
yield
curve
environment,
and
which
offered
attractive
yield.
Additionally,
the
Fund
maintained
a
shorter
duration
profile
compared
with
historical
levels,
as
well
as
a
preference
for
cyclical
assets
sensitive
to
the
economy.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
September
30,
2021
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
8
BlackRock
Income
Fund
Portfolio
Information
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
52‌
%
Floating
Rate
Loan
Interests
...........................
32‌
Asset-Backed
Securities
..............................
9‌
Investment
Companies
...............................
3‌
Foreign
Agency
Obligations
............................
1‌
Preferred
Securities
.................................
1‌
Non-Agency
Mortgage-Backed
Securities
..................
1‌
Common
Stocks
...................................
1‌
Foreign
Government
Obligations
........................
—‌
(b)
U.S.
Government
Sponsored
Agency
Securities
..............
—‌
(b)
Warrants
........................................
—‌
(b)
Other
Interests
....................................
—‌
(b)
(a)
Excludes
short-term
securities,
options
purchased
and
options
written.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(a)
Percent
of
Total
Investments
(b)
AAA/
Aaa
(c)
......................................
—‌
%
(d)
AA/Aa
.........................................
1‌
A
............................................
5‌
BBB/Baa
.......................................
14‌
BB/Ba
.........................................
26‌
B
............................................
41‌
CCC/
Caa
.......................................
5‌
CC/Ca
........................................
—‌
(d)
C
............................................
—‌
(d)
D
............................................
—‌
(d)
NR
...........................................
8‌
(a)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/
Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(b)
Excludes
short-term
securities,
options
purchased
and
options
written.
(c)
The
investment
adviser
evaluates
the
credit
quality
of
unrated
investments
based
upon
certain
factors
including,
but
not
limited
to,
credit
ratings
for
similar
investments
and
financial
analysis
of
sectors,
individual
investments
and/or
issuers.
Using
this
approach,
the
investment
adviser
has
deemed
unrated
U.S.
Government
Sponsored
Agency
Securities
and
U.S.
Treasury
Obligations
to
be
of
similar
credit
quality
as
investments
rated
AAA/Aaa.
(d)
Represents
less
than
1%
of
the
Fund's
total
investments.
Fund
Summary
as
of
September
30,
2021
(continued)
9
Fund
Summary
BlackRock
Income
Fund
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(b)
Under
normal
market
conditions,
the
Fund
invests
at
least
80%
of
its
net
assets
(plus
the
amount
of
any
borrowing
for
investment
purposes)
in
fixed-income
securities.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
Credit
Strategies
Income
Fund
(the
“Predecessor
Fund”),
a
series
of
BlackRock
Funds
II,
through
a
tax-free
reorganization
(the
“Reorganization”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
The
Predecessor
Fund’s
returns
between
July
2,
2012
and
July
1,
2016
are
the
returns
of
the
Predecessor
Fund
when
it
followed
different
investment
objectives
and
different
investment
strategies
under
the
name
BlackRock
Secured
Credit
Portfolio.
The
Predecessor
Fund’s
returns
prior
to
July
2,
2012
are
the
returns
of
the
Predecessor
Fund
when
it
followed
different
investment
objectives
and
investment
strategies
under
the
name
BlackRock
Multi-Sector
Bond
Portfolio.
(c)
Market
value-weighted
index
designed
to
measure
the
performance
of
U.S.
leveraged
loan
market.
It
mirrors
the
market-weighted
performance
of
the
largest
institutional
leveraged
loans
based
upon
market
weightings,
spreads
and
interest
payments.
(d)
Bloomberg
Global
High
Yield
100%
Hedged
USD
Index
(formerly
Bloomberg
Barclays
Global
High
Yield
100%
Hedged
USD
Index)
is
a
“hedged”
version
of
the
Bloomberg
Global
High
Yield
Index
(formerly
Bloomberg
Barclays
Global
High
Yield
Index)
which
is
a
multi-currency
flagship
measure
of
the
global
high
yield
debt
market.
The
index
represents
the
union
of
the
U.S.
High
Yield,
the
Pan-European
High
Yield,
and
Emerging
Markets
(EM)
Hard
Currency
High
Yield
Indices.
The
high
yield
and
emerging
markets
sub-components
are
mutually
exclusive.
(e)
Bloomberg
U.S.
CMBS
Investment
Grade
Index
(formerly
Bloomberg
Barclays
U.S.
CMBS
Investment
Grade
Index)
measures
the
market
of
conduit
and
fusion
CMBS
deals
with
a
minimum
current
deal
size
of
$300
million.
The
index
is
divided
into
two
subcomponents:
the
U.S.
Aggregate-eligible
component,
which
contains
bonds
that
are
Employee
Retirement
Income
Security
Act
of
1974,
as
amended
(“ERISA”),
eligible
under
the
underwriter’s
exemption,
and
the
non-U.S.
Aggregate-eligible
component,
which
consists
of
bonds
that
are
not
ERISA
eligible.
(f)
An
expansion
of
the
JPMorgan
Corporate
Emerging
Markets
Bond
Index
(CEMBI).
The
CEMBI
is
a
market
capitalization
weighted
index
consisting
of
U.S.
dollar
denominated
emerging
market
corporate
bonds.
(g)
A
customized
performance
benchmark
comprised
of
the
returns
of
the
Bloomberg
Global
High
Yield
100%
Hedged
USD
Index
(25%),
the
S&P/LSTA
Leveraged
Loan
Index
(25%),
the
Bloomberg
U.S.
CMBS
Investment
Grade
Index
(25%)
and
the
JPMorgan
Corporate
Emerging
Markets
Bond
Index
Broad
Diversified
(CEMBI
Broad
Diversified)
(25%).
Fund
Summary
as
of
September
30,
2021
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
10
BlackRock
Income
Fund
Performance
Summary
for
the
Period
Ended
September
30,
2021
Expense
Example
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
w/o
sales
charge
w/sales
charge
w/o
sales
charge
w/sales
charge
w/o
sales
charge
w/sales
charge
Institutional
..................................
3.11‌%
3.01‌%
6.13‌%
N/A‌
5.16‌%
N/A‌
5.25‌%
N/A‌
Investor
A
...................................
2.79‌
2.76‌
5.77‌
3.12‌%
4.90‌
4.37‌%
4.98‌
4.72‌%
Investor
C
...................................
2.10‌
2.09‌
4.97‌
3.97‌
4.12‌
4.12‌
4.36‌
4.36‌
Class
K
....................................
3.17‌
3.17‌
6.09‌
N/A‌
5.20‌
N/A‌
5.27‌
N/A‌
S&P/LSTA
Leveraged
Loan
Index
................
—‌
—‌
8.40‌
N/A‌
4.58‌
N/A‌
4.91‌
N/A‌
Bloomberg
Global
High
Yield
100%
Hedged
USD
Index
.
—‌
—‌
9.87‌
N/A‌
5.59‌
N/A‌
7.49‌
N/A‌
Bloomberg
U.S.
CMBS
Investment
Grade
Index
......
—‌
—‌
0.52‌
N/A‌
3.30‌
N/A‌
4.06‌
N/A‌
JPMorgan
CEMBI
Broad
Diversified
Index
..........
—‌
—‌
6.03‌
N/A‌
5.21‌
N/A‌
6.12‌
N/A‌
Customized
Reference
Benchmark
..............
—‌
—‌
6.17‌
N/A‌
4.72‌
N/A‌
5.68‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
fees,
and
how
performance
was
calculated
for
certain
share
classes.
(b)
Under
normal
market
conditions,
the
Fund
invests
at
least
80%
of
its
net
assets
(plus
the
amount
of
any
borrowing
for
investment
purposes)
in
fixed-income
securities.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
the
Predecessor
Fund,
a
series
of
BlackRock
Funds
II,
through
the
Reorganization.
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
The
Predecessor
Fund’s
returns
between
July
2,
2012
and
July
1,
2016
are
the
returns
of
the
Predecessor
Fund
when
it
followed
different
investment
objectives
and
different
investment
strategies
under
the
name
BlackRock
Secured
Credit
Portfolio.
The
Predecessor
Fund’s
returns
prior
to
July
2,
2012
are
the
returns
of
the
Predecessor
Fund
when
it
followed
different
investment
objectives
and
investment
strategies
under
the
name
BlackRock
Multi-Sector
Bond
Portfolio.
N/A
-
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Actual
Hypothetical
(a)
Expenses
Paid
During
the
Period
Including
Interest
Expense
Excluding
Interest
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(04/01/21)
Ending
Account
Value
(09/30/21)
Including
Interest
Expense
(b)
Excluding
Interest
Expense
(b)
Beginning
Account
Value
(04/01/21)
Ending
Account
Value
(09/30/21)
Expenses
Paid
During
the
Period
(b)
Ending
Account
Value
(09/30/21)
Expenses
Paid
During
the
Period
(b)
Including
Interest
Expense
Excluding
Interest
Expense
Institutional
.......
$
1,000.00‌
$
1,005.50‌
$
3.12‌
$
3.12‌
$
1,000.00‌
$
1,021.96‌
$
3.14‌
$
1,021.96‌
$
3.14‌
0.62‌%
0.62‌%
Investor
A
........
1,000.00‌
1,003.30‌
4.37‌
4.37‌
1,000.00‌
1,020.71‌
4.41‌
1,020.71‌
4.41‌
0.87‌
0.87‌
Investor
C
........
1,000.00‌
999.50‌
8.12‌
8.12‌
1,000.00‌
1,016.95‌
8.19‌
1,016.95‌
8.19‌
1.62‌
1.62‌
Class
K
.........
1,000.00‌
1,004.90‌
2.81‌
2.81‌
1,000.00‌
1,022.26‌
2.84‌
1,022.26‌
2.84‌
0.56‌
0.56‌
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Fund
Summary
as
of
September
30,
2021
11
Fund
Summary
BlackRock
U.S.
Government
Bond
Portfolio
Investment
Objective
BlackRock
U.S.
Government
Bond
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
September
30,
2021,
all
of
the
Fund’s
share
classes
outperformed
the
benchmark,
the
Bloomberg
U.S.
Government/Mortgage
Index,
with
the
exception
of
the
Fund’s
Investor
C
Shares,
which
underperformed
the
benchmark.
What
factors
influenced
performance?
The
largest
contributors
to
the
Fund’s
performance
relative
to
the
benchmark
were
security
selection
and
relative
value
strategies
within
the
agency
mortgage-backed
securities
(“MBS”)
market.
U.S.
interest
rate
strategies
including
the
Fund’s
stance
with
respect
to
duration
(and
corresponding
interest
rate
sensitivity)
and
positioning
along
the
yield
curve
also
contributed
positively.
An
out-of-benchmark
allocation
to
commercial
mortgage-backed
securities
(“CMBS”)
proved
beneficial
as
the
sector
rebounded
from
the
sell-off
in
credit
assets
seen
in
the
first
quarter
of
2020.
The
largest
detractors
from
the
Fund’s
relative
performance
were
strategies
with
respect
to
inflation
and
real
interest
rates.
Describe
recent
portfolio
activity.
Over
the
period,
the
Fund’s
maintained
a
slight
overweight
to
MBS
while
favoring
current
production
coupons.
Out-of-benchmark
allocations
to
sectors
such
as
emerging
market
interest
rates
and
CMBS
were
maintained.
The
Fund
held
a
small
percentage
of
net
assets
in
derivatives
as
a
means
to
manage
risk
to
allocations
in
MBS
and
securitized
assets
as
well
as
manage
overall
portfolio
risk
exposures.
The
Fund’s
use
of
derivatives
had
a
positive
impact
on
Fund
performance.
The
Fund’s
cash
position
was
5.5%
at
period
end.
The
cash
position
did
not
have
a
material
impact
on
Fund
performance
over
the
period.
Describe
portfolio
positioning
at
period
end.
The
Fund
held
a
modestly
constructive
stance
with
respect
to
agency
MBS
based
on
the
outlook
for
strong
near-term
demand
supported
by
the
Fed’s
ongoing
purchases
of
low-coupon
pools.
The
Fund’s
duration
at
the
headline
level
was
slightly
underweight
on
the
view
that
rates
are
likely
to
move
higher
over
the
medium-term
given
the
combination
of
stronger-than-expected
economic
data
and
record
high
net
U.S.
Treasury
supply.
Within
global
interest
rates
and
currencies,
the
Fund
maintained
small
long
positions
in
select
European
peripheral
markets
and
Asian
emerging
market
sovereign
issues.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
September
30,
2021
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
12
BlackRock
U.S.
Government
Bond
Portfolio
Portfolio
Information
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
..............
48‌
%
U.S.
Treasury
Obligations
.............................
43‌
Non-Agency
Mortgage-Backed
Securities
..................
6‌
Foreign
Government
Obligations
........................
2‌
Asset-Backed
Securities
..............................
1‌
Foreign
Agency
Obligations
............................
—‌
(b)
(a)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(a)
Percent
of
Total
Investments
(b)
AAA/
Aaa
(c)
......................................
94‌
%
AA/Aa
.........................................
1‌
A
............................................
2‌
BBB/Baa
.......................................
1‌
NR
...........................................
2‌
(a)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/
Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(b)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
(c)
The
investment
adviser
evaluates
the
credit
quality
of
unrated
investments
based
upon
certain
factors
including,
but
not
limited
to,
credit
ratings
for
similar
investments
and
financial
analysis
of
sectors,
individual
investments
and/or
issuers.
Using
this
approach,
the
investment
adviser
has
deemed
unrated
U.S.
Government
Sponsored
Agency
Securities
and
U.S.
Treasury
Obligations
to
be
of
similar
credit
quality
as
investments
rated
AAA/Aaa.
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(b)
Under
normal
circumstances,
the
Fund
invests
at
least
80%
of
its
assets
in
bonds
that
are
issued
or
guaranteed
by
the
U.S.
Government
and
its
agencies.
The
Fund
invests
primarily
in
the
highest
rated
government
and
agency
bonds
and
maintains
an
average
portfolio
duration
that
is
within
±20%
of
the
duration
of
the
Bloomberg
U.S.
Government/Mortgage
Index
(formerly
Bloomberg
Barclays
U.S.
Government/Mortgage
Index)
.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
U.S.
Government
Bond
Portfolio
(the
“Predecessor
Fund”),
a
series
of
BlackRock
Funds
II,
through
a
tax-free
reorganization
(the
“Reorganization”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
(c)
A
n
index
that
measures
debt
issued
by
the
U.S.
Government,
and
its
agencies,
as
well
as
mortgage-backed
pass-through
securities
of
Ginnie
Mae,
Fannie
Mae
and
Freddie
Mac.
Fund
Summary
as
of
September
30,
2021
(continued)
13
Fund
Summary
BlackRock
U.S.
Government
Bond
Portfolio
Performance
Summary
for
the
Period
Ended
September
30,
2021
Expense
Example
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
w/o
sales
charge
w/sales
charge
w/o
sales
charge
w/sales
charge
w/o
sales
charge
w/sales
charge
Institutional
..................................
0.69‌%
0.47‌%
(1.16‌)%
N/A‌
2.34‌%
N/A‌
2.31‌%
N/A‌
Investor
A
...................................
0.42‌
0.21‌
(1.49‌)
(5.43‌)%
2.07‌
1.24‌%
2.02‌
1.61‌%
Investor
C
...................................
(0.31‌)
(0.49‌)
(2.23‌)
(3.20‌)
1.31‌
1.31‌
1.38‌
1.38‌
Class
K
....................................
0.74‌
0.60‌
(1.11‌)
N/A‌
2.38‌
N/A‌
2.33‌
N/A‌
Class
R
....................................
0.19‌
(0.26‌)
(1.73‌)
N/A‌
1.83‌
N/A‌
1.75‌
N/A‌
Bloomberg
U.S.
Government/Mortgage
Index
........
—‌
—‌
(2.07‌)
N/A‌
2.24‌
N/A‌
2.31‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees,
and
how
performance
was
calculated
for
certain
share
classes.
(b)
Under
normal
circumstances,
the
Fund
invests
at
least
80%
of
its
assets
in
bonds
that
are
issued
or
guaranteed
by
the
U.S.
Government
and
its
agencies.
The
Fund
invests
primarily
in
the
highest
rated
government
and
agency
bonds
and
maintains
an
average
portfolio
duration
that
is
within
±20%
of
the
duration
of
the
Bloomberg
U.S.
Government/Mortgage
Index
.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
the
Predecessor
Fund,
a
series
of
BlackRock
Funds
II,
through
the
Reorganization.
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
N/A
-
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Actual
Hypothetical
(a)
Expenses
Paid
During
the
Period
Including
Interest
Expense
Excluding
Interest
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(04/01/21)
Ending
Account
Value
(09/30/21)
Including
Interest
Expense
(b)
Excluding
Interest
Expense
(b)
Beginning
Account
Value
(04/01/21)
Ending
Account
Value
(09/30/21)
Expenses
Paid
During
the
Period
(b)
Ending
Account
Value
(09/30/21)
Expenses
Paid
During
the
Period
(b)
Including
Interest
Expense
Excluding
Interest
Expense
Institutional
......
$
1,000.00‌
$
1,011.30‌
$
2.27‌
$
2.27‌
$
1,000.00‌
$
1,022.81‌
$
2.28‌
$
1,022.81‌
$
2.28‌
0.45‌%
0.45‌%
Investor
A
.......
1,000.00‌
1,010.10‌
3.53‌
3.53‌
1,000.00‌
1,021.56‌
3.55‌
1,021.56‌
3.55‌
0.70‌
0.70‌
Investor
C
.......
1,000.00‌
1,006.30‌
7.29‌
7.29‌
1,000.00‌
1,017.80‌
7.33‌
1,017.80‌
7.33‌
1.45‌
1.45‌
Class
K
........
1,000.00‌
1,011.60‌
2.02‌
2.02‌
1,000.00‌
1,023.06‌
2.03‌
1,023.06‌
2.03‌
0.40‌
0.40‌
Class
R
........
1,000.00‌
1,008.80‌
4.78‌
4.78‌
1,000.00‌
1,020.31‌
4.81‌
1,020.31‌
4.81‌
0.95‌
0.95‌
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
The
Benefits
and
Risks
of
Leveraging
2021
BlackRock
Annual
Report
to
Shareholders
14
The
Funds
may
utilize
leverage
to
seek
to
enhance
returns
and
net
asset
value
(“NAV”).
However,
there
is
no
guarantee
that
these
objectives
can
be
achieved
in
all
interest
rate
environments.  
The
Funds
may
utilize
leverage
by
entering
into
reverse
repurchase
agreements. 
In
general,
the
concept
of
leveraging
is
based
on
the
premise
that
the
financing
cost
of
leverage,
which
is
based
on
short-term
interest
rates,
is
normally
lower
than
the
income
earned
by
each
Fund
on
its
longer-term
portfolio
investments
purchased
with
the
proceeds
from
leverage.
To
the
extent
that
the
total
assets
of
each
Fund
(including
the
assets
obtained
from
leverage)
are
invested
in
higher-yielding
portfolio
investments, each
Fund's
shareholders
benefit
from
the
incremental
net
income.
The
interest
earned
on
securities
purchased
with
the
proceeds
from
leverage
is
distributed
to each
Fund's
shareholders,
and
the
value
of
these
portfolio
holdings
is
reflected
in each
Fund's
per
share
NAV.
However,
in
order
to
benefit
shareholders,
the
return
on
assets
purchased
with
leverage
proceeds
must
exceed
the
ongoing
costs
associated
with
the
leverage.
If
interest
and
other
ongoing
costs
of
leverage
exceed
a
Fund’s
return
on
assets
purchased
with
leverage
proceeds,
income
to
shareholders
is
lower
than
if
the
Funds
had
not
used
leverage.
Furthermore,
the
value
of
each
Fund’s
portfolio
investments
generally
varies
inversely
with
the
direction
of
long-term
interest
rates,
although
other
factors
can
also
influence
the
value
of
portfolio
investments.
As
a
result,
changes
in
interest
rates
can
influence
each
Fund’s
NAV
positively
or
negatively
in
addition
to
the
impact
on
each
Fund’s
performance
from
leverage.
Changes
in
the
direction
of
interest
rates
are
difficult
to
predict
accurately,
and
there
is
no
assurance
that
a
Fund’s
leveraging
strategy
will
be
successful.
The
use
of
leverage
also
generally
causes
greater
changes
in
each
Fund’s
NAV
and
dividend
rates
than
comparable
portfolios
without
leverage.
In
a
declining
market,
leverage
is
likely
to
cause
a
greater
decline
in
the
NAV
of a
Fund’s
shares
than
if
the
Fund
were
not
leveraged.
In
addition,
each
Fund
may
be
required
to
sell
portfolio
securities
at
inopportune
times
or
at
distressed
values
in
order
to
comply
with
regulatory
requirements
applicable
to
the
use
of
leverage
or
as
required
by
the
terms
of
the
leverage
instruments,
which
may
cause
the
Fund
to
incur
losses.
The
use
of
leverage
may
limit a
Fund’s
ability
to
invest
in
certain
types
of
securities
or
use
certain
types
of
hedging
strategies.
Each
Fund
incurs
expenses
in
connection
with
the
use
of
leverage,
all
of
which
are
borne
by
each
Fund’s
shareholders
and
may
reduce
income.
About
Fund
Performance
15
About
Fund
Performance
Institutional
and
Class
K
Shares
are
not
subject
to
any
sales
charge.
These
shares
bear
no
ongoing
distribution
or
service
fees
and
are
available
only
to
certain
eligible
investors.
Class
K
Shares
performance
shown
prior
to
the
Income
Fund's
Class
K
Shares
inception
date
of
August
1,
2016
and
U.S.
Government
Bond
Portfolio's
Class
K
Shares
inception
date
of
January
25,
2018
is
that
of
Institutional
Shares.
The
performance
of
each
Fund’s
Class
K
Shares
would
be
substantially
similar
to
Institutional
Shares
because
Class
K
Shares
and
Institutional
Shares
invest
in
the
same
portfolio
of
securities
and
performance
would
only
differ
to
the
extent
that
Class
K
Shares
and
Institutional
Shares
have
different
expenses.
The
actual
returns
of
Class
K
Shares
would
have
been
higher
than
those
of
the
Institutional
Shares
because
Class
K
Shares
have
lower
expenses
than
the
Institutional
Shares.
Investor
A
Shares
are
subject
to
a
maximum
initial
sales
charge
(front-end
load)
of
4.00%
for
all
Funds
included
in
this
report,
except
for
Income
Fund
(which
is
subject
to
an
initial
sales
charge
of
2.50%)
and
a
service
fee
of
0.25%
per
year
(but
no
distribution
fee).
Certain
redemptions
of
these
shares
may
be
subject
to
a
contingent
deferred
sales
charge
("CDSC")
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
These
shares
are
generally
available
through
financial
intermediaries.
On
July
6,
2021,
the
GNMA
Portfolio
and
U.S.
Government
Bond
Portfolio's
issued
and
outstanding
Service
Shares
converted
into
Investor
A
Shares
with
the
same
relative
aggregate
NAV.
Investor
C
Shares
are
subject
to
a
1.00%
CDSC
if
redeemed
within
one
year
of
purchase.
In
addition,
these
shares
are
subject
to
a
distribution
fee
of
0.75%
per
year
and
a
service
fee
of
0.25%
per
year.
These
shares
are
generally
available
through
financial
intermediaries.
These
shares
automatically
convert
to
Investor
A
Shares
after
approximately
eight
years.
Class
R
Shares
(available
only
in
U.S.
Government
Bond
Portfolio)
are
not
subject
to
any
sales
charge.
These
shares
are
subject
to
a
distribution
fee
of
0.25%
per
year
and
a
service
fee
of
0.25%
per
year.
These
shares
are
available
only
to
certain
employer-sponsored
retirement
plans.
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund's
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Refer
to
blackrock.com 
to
obtain
performance
data
current
to
the
most
recent
month-end.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Figures
shown
in
the
performance
table(s) assume
reinvestment
of
all
distributions,
if
any,
at
NAV
on
the
ex-dividend
date
or
payable
date,
as
applicable.
Investment
return
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Distributions
paid
to
each
class
of
shares
will
vary
because
of
the
different
levels
of
service,
distribution
and
transfer
agency
fees
applicable
to
each
class,
which
are
deducted
from
the
income
available
to
be
paid
to
shareholders. 
BlackRock
Advisors,
LLC
(the
"Manager”),
each
Fund's
investment
adviser,
has
contractually
and/or
voluntarily
agreed
to
waive
and/or
reimburse
a
portion
of
each
Fund’s
expenses.
Without
such
waiver(s)
and/or
reimbursement(s),
each
Fund's
performance
would
have
been
lower.
With
respect
to
each
Fund's
voluntary
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
waive
and/or
reimburse
or
to
continue
waiving
and/or
reimbursing
its
fees
and
such
voluntary
waiver(s)
may
be
reduced
or
discontinued
at
any
time. With
respect
to
each
Fund's
contractual
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
continue
waiving
and/or
reimbursing
its
fees
after
the
applicable
termination
date
of
such agreement.
See
the
Notes
to
Financial
Statements
for
additional
information
on
waivers
and/or
reimbursements. 
The
standardized
30-day
yield
includes
the
effects
of
any
waivers
and/or
reimbursements.
The
unsubsidized
30-day
yield
excludes
the
effects
of
any
waivers
and/or
reimbursements.
Disclosure
of
Expenses
2021
BlackRock
Annual
Report
to
Shareholders
16
Shareholders
of
each
Fund
may
incur
the
following
charges:
(a)
transactional
expenses,
such
as
sales
charges;
and
(b)
operating
expenses,
including
investment
advisory
fees,
administration
fees, service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
examples shown
(which are
based
on
a
hypothetical
investment
of
$1,000
invested
on April
1,
2021 and
held
through
September
30,
2021) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their
Fund and
share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
these
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Funds may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument.
The
Funds’
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation a
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Funds’
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
BlackRock
GNMA
Portfolio
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Non-Agency
Mortgage-Backed
Securities
—
0.3%
Collateralized
Mortgage
Obligations
—
0.3%
Seasoned
Credit
Risk
Transfer
Trust:
Series
2018-3,
Class
MA,
3.50%,
08/25/57
(a)
USD
682
$
714,166
Series
2018-4,
Class
MA,
3.50%,
03/25/58
732
767,301
1,481,467
Total
Non-Agency
Mortgage-Backed
Securities
—
0.3%
(Cost:
$1,435,109)
...............................
1,481,467
U.S.
Government
Sponsored
Agency
Securities
—
157.2%
Collateralized
Mortgage
Obligations
—
7.5%
Federal
Home
Loan
Mortgage
Corp.:
Series
3745,
Class
ZA,
4.00%, 10/15/40
..
367
405,729
Series
3780,
Class
ZA,
4.00%, 12/15/40
..
1,261
1,414,455
Series
3960,
Class
PL,
4.00%, 11/15/41
..
900
1,019,075
Series
4161,
Class
BW,
2.50%, 02/15/43
..
500
522,932
Series
4325,
Class
ZX,
4.50%, 04/15/44
..
2,651
2,982,246
Series
4384,
Class
LB,
3.50%, 08/15/43
..
1,500
1,614,122
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes,
Series
K104,
Class
X1,
1.25%, 02/25/52
(a)
.................
2,220
180,541
Federal
National
Mortgage
Association:
Series
1996-48,
Class
Z,
7.00%, 11/25/26
.
78
83,978
Series
2010-134,
Class
KZ,
4.50%, 12/25/40
136
141,724
Series
2010-141,
Class
LZ,
4.50%, 12/25/40
182
191,828
Series
2011-8,
Class
ZA,
4.00%, 02/25/41
.
1,119
1,192,032
Series
2011-131,
Class
LZ,
4.50%, 12/25/41
139
145,373
Series
2017-76,
Class
PB,
3.00%, 10/25/57
1,125
1,184,221
Series
2018-21,
Class
CA,
3.50%, 04/25/45
436
444,645
Federal
National
Mortgage
Association
Variable
Rate
Notes,
Series
2018-32,
Class
PS,
(LIBOR
USD
1
Month
+
7.23%),
7.13%, 05/25/48
(a)
.................
1,726
1,920,357
Government
National
Mortgage
Association:
Series
2015-79,
Class
MY,
3.50%, 05/20/45
3,278
3,635,151
Series
2015-106,
Class
DY,
3.50%, 07/20/45
2,411
2,698,129
Series
2016-123,
Class
LM,
3.00%, 09/20/46
................
400
428,547
Series
2019-5,
Class
P,
3.50%, 07/20/48
..
289
304,608
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
:
Series
2009-31,
Class
PT,
3.47%, 05/20/39
183
192,290
Series
2014-107,
Class
WX,
6.79%, 07/20/39
................
834
967,918
Series
2015-55,
Class
A,
5.39%, 03/16/36
.
6,618
7,422,173
Series
2015-103,
Class
B,
6.91%, 01/20/40
4,104
4,717,018
Series
2015-187,
Class
C,
5.29%, 03/20/41
7,253
8,494,332
42,303,424
Commercial
Mortgage-Backed
Securities
—
0.5%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)
:
Series
2019-SB60,
Class
A10F,
3.31%, 01/25/29
................
1,301
1,374,275
Series
2019-SB61,
Class
A10F,
3.17%, 01/25/29
................
1,066
1,123,378
2,497,653
Interest
Only
Collateralized
Mortgage
Obligations
—
2.2%
Federal
Home
Loan
Mortgage
Corp.:
Series
4062,
Class
GI,
4.00%, 02/15/41
..
66
4,833
Series
4533,
Class
JI,
5.00%, 12/15/45
...
491
96,862
Security
Par
(000)
Par
(000)
Value
Interest
Only
Collateralized
Mortgage
Obligations
(continued)
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)
:
Series
4119,
Class
SC,
(LIBOR
USD
1
Month
+
6.15%),
6.07%, 10/15/42
....
USD
1,270
$
236,386
Series
4901,
Class
CS,
(LIBOR
USD
1
Month
+
6.10%),
6.01%, 07/25/49
....
2,736
485,456
Series
4941,
Class
SH,
(LIBOR
USD
1
Month
+
5.95%),
5.86%, 12/25/49
....
2,181
363,886
Federal
National
Mortgage
Association:
Series
2013-10,
Class
PI,
3.00%, 02/25/43
83
7,539
Series
2014-68,
Class
YI,
4.50%, 11/25/44
.
102
18,040
Series
2015-74,
Class
IA,
6.00%, 10/25/45
2,878
623,330
Series
2015-77,
6.00%, 10/25/45
.......
3,373
735,807
Series
2017-68,
Class
IE,
4.50%, 09/25/47
2,464
383,381
Series
2020-32,
4.00%, 05/25/50
.......
1,488
222,623
Series
2020-32,
Class
PI,
4.00%, 05/25/50
1,480
220,547
Series
2021-23,
Class
CI,
3.50%, 07/25/46
1,115
177,927
Series
2021-41,
3.50%, 07/25/51
.......
2,143
326,536
Federal
National
Mortgage
Association
Variable
Rate
Notes
(a)
:
Series
2015-66,
Class
AS,
(LIBOR
USD
1
Month
+
6.25%),
6.16%, 09/25/45
....
4,999
856,372
Series
2016-60,
Class
SD,
(LIBOR
USD
1
Month
+
6.10%),
6.01%, 09/25/46
....
711
120,147
Series
2016-78,
Class
CS,
(LIBOR
USD
1
Month
+
6.10%),
6.01%, 05/25/39
....
904
154,516
Series
2017-70,
Class
SA,
(LIBOR
USD
1
Month
+
6.15%),
6.06%, 09/25/47
....
919
194,491
Series
2019-5,
Class
SA,
(LIBOR
USD
1
Month
+
6.10%),
6.01%, 03/25/49
....
3,795
725,741
Series
2019-25,
Class
SA,
(LIBOR
USD
1
Month
+
6.05%),
5.96%, 06/25/49
....
3,246
610,146
Series
2019-35,
Class
SA,
(LIBOR
USD
1
Month
+
6.10%),
6.01%, 07/25/49
....
1,565
286,076
Government
National
Mortgage
Association:
Series
2017-139,
Class
IB,
4.50%, 09/20/47
372
59,436
Series
2017-144,
Class
DI,
4.50%, 09/20/47
280
45,634
Series
2019-42,
Class
AI,
4.00%, 01/20/46
7,704
1,146,426
Series
2020-115,
Class
IM,
3.50%, 08/20/50
1,689
226,746
Series
2020-146,
Class
DI,
2.50%, 10/20/50
2,006
237,233
Series
2020-151,
Class
MI,
2.50%, 10/20/50
23,249
2,832,727
Series
2020-162,
Class
TI,
2.50%, 10/20/50
3,702
470,189
Series
2020-175,
Class
DI,
2.50%, 11/20/50
747
87,275
Series
2020-185,
Class
MI,
2.50%, 12/20/50
2,562
318,500
Government
National
Mortgage
Association
Variable
Rate
Notes,
Series
2017-101,
Class
SL,
(LIBOR
USD
1
Month
+
6.20%),
6.11%, 07/20/47
(a)
.................
1,655
336,681
12,611,489
Interest
Only
Commercial
Mortgage-Backed
Securities
—
1.1%
(a)
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes:
Series
K094,
Class
X1,
1.02%, 06/25/29
..
2,286
138,875
Series
K105,
Class
X1,
1.64%, 03/25/53
..
7,306
809,407
Series
K107,
Class
X1,
1.71%, 01/25/30
..
1,994
231,958
Series
K109,
Class
X1,
1.70%, 04/25/30
..
1,455
169,109
Series
K110,
Class
X1,
1.81%, 04/25/30
..
651
80,461
Series
K113,
Class
X1,
1.49%, 06/25/30
..
2,600
273,528
Series
K115,
Class
X1,
1.43%, 06/25/30
..
3,236
326,604
Series
K116,
Class
X1,
1.53%, 07/25/30
..
1,128
120,217
Series
K119,
Class
X1,
1.03%, 09/25/30
..
1,795
129,070
Series
K120,
Class
X1,
1.13%, 10/25/30
..
9,137
730,806
Series
K122,
Class
X1,
0.97%, 11/25/30
..
2,772
191,208
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
GNMA
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2020-M21,
Class
AX,
1.94%, 01/25/58
...........
USD
2,674
$
468,355
Government
National
Mortgage
Association
Variable
Rate
Notes:
Series
2016-22,
0.78%, 11/16/55
.......
12,046
381,259
Series
2016-45,
0.86%, 02/16/58
.......
5,527
262,867
Series
2016-92,
0.77%, 04/16/58
.......
1,759
77,361
Series
2016-110,
0.92%, 05/16/58
......
2,746
141,635
Series
2016-113,
(LIBOR
USD
1
Month
+
0.00%),
1.09%, 02/16/58
..........
5,981
366,245
Series
2016-151,
1.01%, 06/16/58
......
12,043
672,004
Series
2017-53,
0.55%, 11/16/56
.......
10,047
403,842
Series
2017-61,
0.74%, 05/16/59
.......
2,210
114,935
Series
2017-64,
0.75%, 11/16/57
.......
1,613
83,794
6,173,540
Mortgage-Backed
Securities
—
145.9%
Federal
Home
Loan
Mortgage
Corp.:
3.00%, 06/01/35
-
07/01/35
...........
728
776,275
3.50%, 07/01/26
-
09/01/26
...........
21
22,442
4.00%, 06/01/25
-
05/01/26
...........
94
99,481
5.00%, 05/01/35
-
12/01/38
...........
61
69,114
5.65%, 05/01/37
-
12/01/37
...........
783
877,135
5.75%, 08/01/37
-
04/01/38
...........
1,326
1,484,638
7.50%, 03/01/27
..................
—
(c)
57
Federal
National
Mortgage
Association:
3.50%, 11/01/46
..................
1,035
1,120,029
4.45%, 03/01/36
-
06/01/36
...........
496
518,886
4.94%, 01/01/35
-
05/01/35
...........
166
171,940
5.00%, 04/01/36
..................
94
98,084
5.20%, 08/01/34
-
09/01/34
...........
200
208,326
5.25%, 08/01/37
-
09/01/37
...........
500
525,253
5.54%, 01/01/35
..................
68
71,476
5.75%, 04/01/37
..................
288
306,443
5.80%, 07/01/34
..................
44
45,400
5.94%, 09/01/34
..................
69
72,245
6.50%, 09/01/28
-
02/01/31
...........
1,057
1,167,660
Government
National
Mortgage
Association:
2.00%, 10/15/51
(b)
.................
122,112
123,871,969
2.50%, 11/20/40
-
04/20/51
...........
30,672
31,925,889
2.50%, 10/15/51
(b)
.................
131,525
135,773,991
3.00%, 05/15/42
-
09/20/51
...........
109,007
114,723,646
3.00%, 01/20/51
(d)
.................
42,999
44,978,462
3.00%, 10/15/51
(b)
.................
34,057
35,581,135
3.50%, 04/15/41
-
09/20/51
...........
74,269
80,112,694
3.50%, 10/15/51
-
11/15/51
(b)
..........
84,727
89,107,128
4.00%, 10/20/41
-
05/20/51
...........
32,137
34,783,897
4.00%, 10/15/51
(b)
.................
24,727
26,240,060
4.50%, 12/15/34
-
05/20/50
...........
16,886
18,479,123
5.00%, 09/15/28
-
05/20/50
...........
12,388
14,243,309
5.00%, 10/15/51
(b)
.................
1,900
2,045,766
5.30%, 02/15/37
-
04/15/37
...........
181
205,071
5.50%, 03/15/32
-
12/15/34
...........
5,592
6,442,920
5.64%, 03/15/37
-
06/15/37
...........
1,432
1,621,405
5.65%, 05/20/37
-
10/20/37
...........
584
646,424
5.75%, 08/20/37
-
12/20/37
...........
319
346,791
5.80%, 11/15/36
-
03/15/37
...........
1,435
1,609,066
6.00%, 03/20/28
-
01/15/39
...........
7,568
8,704,329
6.50%, 09/20/27
-
10/20/40
...........
2,628
3,021,093
7.00%, 03/20/24
-
05/20/27
...........
10
10,296
7.50%, 10/20/25
..................
1
1,516
8.00%, 01/15/22
-
05/15/30
...........
22
23,219
8.50%, 01/15/22
-
02/15/25
...........
11
11,396
9.50%, 09/15/22
..................
—
(c)
38
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
Uniform
Mortgage-Backed
Securities:
2.00%, 10/25/51
-
11/25/51
(b)
..........
USD
17,390
$
17,420,843
2.50%, 10/25/36
-
10/25/51
(b)
..........
660
682,145
3.00%, 06/01/38
-
06/01/44
...........
10,421
11,082,913
3.00%, 10/25/51
(b)
.................
4,000
4,185,469
3.50%, 10/25/36
(b)
.................
1,796
1,916,284
3.50%, 03/01/43
-
08/01/43
...........
1,201
1,305,733
4.00%, 01/01/45
..................
2,193
2,424,264
4.00%, 10/25/51
(b)
.................
75
80,354
5.00%, 07/01/34
-
07/01/35
...........
1,043
1,187,622
5.25%, 07/01/37
-
08/01/37
...........
367
406,372
5.50%, 12/01/32
-
04/01/35
...........
109
124,020
6.50%, 08/01/35
..................
587
673,592
823,635,128
Total
U.S.
Government
Sponsored
Agency
Securities
—
157.2%
(Cost:
$880,976,820)
..............................
887,221,234
Total
Long-Term
Investments
—
157.5%
(Cost:
$882,411,929)
..............................
888,702,701
Shares
Shares
Short-Term
Securities
—
19.8%
Money
Market
Funds
—
0.5%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
(e)(f)
..................
2,823,535
2,823,535
Total
Money
Market
Funds
—
0.5%
(Cost:
$2,823,535)
...............................
2,823,535
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
19.3%
U.S.
Treasury
Bills
(g)
:
0.03%, 12/09/21
..................
464
463,975
0.05%, 12/16/21
..................
685
684,948
0.05%, 12/23/21
..................
4,614
4,613,610
0.04%, 12/30/21
..................
21,220
21,217,878
0.05%, 01/06/22
..................
1,913
1,912,820
0.05%, 01/13/22
..................
3,125
3,124,659
0.05%, 01/20/22
..................
3,305
3,304,618
0.05%, 02/03/22
..................
1,101
1,100,818
0.05%, 02/10/22
..................
2,587
2,586,573
0.05%, 02/17/22
..................
55,362
55,351,847
0.05%, 02/24/22
..................
1,270
1,269,743
0.05%, 03/03/22
..................
536
535,900
0.05%, 03/10/22
..................
301
300,936
0.04%, 03/17/22
..................
1,092
1,091,759
0.04%, 03/24/22
..................
11,069
11,066,459
Total
U.S.
Treasury
Obligations
—
19.3%
(Cost:
$108,627,514)
..............................
108,626,543
Total
Short-Term
Securities
—
19.8%
(Cost:
$111,451,049)
..............................
111,450,078
Total
Options
Purchased
—
0.0%
(Cost:
$426,322)
.................................
201,119
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
177.3%
(Cost:
$994,289,300
)
..............................
1,000,353,898
Total
Options
Written
—
(0.3)%
(Premium
Received
—
$1,801,715)
....................
(1,495,507)
BlackRock
GNMA
Portfolio
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Pa
r
(
000)
Value
TBA
Sale
Commitments
—
(12.8)%
(b)
Mortgage-Backed
Securities
—
(12.8)%
Government
National
Mortgage
Association:
2.00%
,
 10/15/51
..................
USD
2,292
$
(2,325,037)
3.00%
,
 10/15/51
..................
160
(167,163)
3.50%
,
 10/15/51
..................
30,415
(31,981,044)
4.50%
,
 10/15/51
..................
9,500
(10,129,384)
Uniform
Mortgage-Backed
Securities:
2.00%
,
 10/25/51
..................
8,862
(8,885,886)
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
3.00%
,
 10/25/51
-
11/25/51
...........
USD
15,118
$
(15,804,479)
3.50%
,
 10/25/51
..................
364
(385,136)
4.00%
,
 10/25/51
..................
2,242
(2,402,050)
Total
TBA
Sale
Commitments
—
(12.8)%
(Proceeds:
$72,142,992)
...........................
(72,080,179)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
164.2%
(Cost:
$920,344,593
)
..............................
926,778,212
Liabilities
in
Excess
of
Other
Assets
—
(64.2)%
............
(362,356,895)
Net
Assets
—
100.0%
...............................
$
564,421,317
(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)
Represents
or
includes
a
TBA
transaction.
(c)
Rounds
to
less
than
1,000.
(d)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
TBA
commitments.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
Affiliate
of
the
Fund.
(g)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
September
30,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
09/30/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/21
Shares
Held
at
09/30/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
3,225,583
$
—
$
(402,048)
$
—
$
—
$
2,823,535
2,823,535
$
817
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
GNMA
Portfolio
20
Schedule
of
Investments
(continued)
September
30,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Short
Contracts
90-day
Eurodollar
.........................................................
10
12/13/21
$
2,496
$
(4,701)
U.S.
Treasury
10
Year
Note
...................................................
226
12/21/21
29,768
175,368
U.S.
Treasury
10
Year
Ultra
Note
...............................................
25
12/21/21
3,636
45,663
U.S.
Treasury
Long
Bond
....................................................
66
12/21/21
10,527
197,591
U.S.
Treasury
Ultra
Bond
....................................................
12
12/21/21
2,299
55,860
U.S.
Treasury
2
Year
Note
....................................................
32
12/31/21
7,043
2,972
U.S.
Treasury
5
Year
Note
....................................................
202
12/31/21
24,805
126,588
90-day
Eurodollar
.........................................................
10
03/14/22
2,496
(3,839)
90-day
Eurodollar
.........................................................
5
06/13/22
1,247
(1,008)
90-day
Eurodollar
.........................................................
5
09/19/22
1,246
806
90-day
Eurodollar
.........................................................
5
12/19/22
1,244
555
90-day
Eurodollar
.........................................................
5
03/13/23
1,242
1,118
$
596,973
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Put
10-Year
Interest
Rate
Swap
(a)
2.25%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
02/22/22
2.25
%
USD
12,000
$
37,934
10-Year
Interest
Rate
Swap
(a)
2.15%
Semi-Annual
3
month
LIBOR
Quarterly
Barclays
Bank
plc
12/12/22
2.15
USD
9,500
163,185
$
201,119
(a)
Forward
settling
swaption.
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
10-Year
Interest
Rate
Swap
(a)
1.44%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
12/09/21
1.44
%
USD
4,300
$
(28,388)
10-Year
Interest
Rate
Swap
(a)
1.75%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
03/02/22
1.75
USD
2,400
(61,501)
10-Year
Interest
Rate
Swap
(a)
1.84%
Semi-Annual
3
month
LIBOR
Quarterly
Barclays
Bank
plc
04/20/22
1.84
USD
12,100
(383,105)
10-Year
Interest
Rate
Swap
(a)
1.99%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
10/28/22
1.99
USD
12,100
(505,583)
(978,577)
Put
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.44%
Semi-Annual
Bank
of
America
NA
12/09/21
1.44
USD
4,300
(83,828)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.75%
Semi-Annual
Deutsche
Bank
AG
03/02/22
1.75
USD
2,400
(30,648)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.84%
Semi-Annual
Barclays
Bank
plc
04/20/22
1.84
USD
12,100
(162,797)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.99%
Semi-Annual
Deutsche
Bank
AG
10/28/22
1.99
USD
12,100
(239,657)
(516,930)
$
(1,495,507)
(a)
Forward
settling
swaption.
BlackRock
GNMA
Portfolio
Schedules
of
Investments
21
Schedule
of
Investments
(continued)
September
30,
2021
i
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.05%
Quarterly
1
day
Fed
Funds
Quarterly
10/21/22
USD
1,048
$
642
$
—
$
642
1
day
SOFR
Quarterly
0.05%
Quarterly
10/21/22
USD
1,048
(289)
—
(289)
2.66%
Semi-Annual
3
month
LIBOR
Quarterly
02/06/23
USD
12,000
(440,662)
—
(440,662)
2.87%
Semi-Annual
3
month
LIBOR
Quarterly
03/23/23
USD
9,600
(377,100)
—
(377,100)
0.18%
Quarterly
1
day
Fed
Funds
Quarterly
10/21/25
USD
179
3,865
—
3,865
1
day
SOFR
Quarterly
0.17%
Quarterly
10/21/25
USD
179
(3,707)
—
(3,707)
1.03%
Semi-Annual
3
month
LIBOR
Quarterly
06/04/26
USD
9,700
(35,655)
—
(35,655)
3
month
LIBOR
Quarterly
0.89%
Semi-Annual
06/04/26
USD
9,700
(30,423)
—
(30,423)
0.56%
Quarterly
1
day
Fed
Funds
Quarterly
10/21/30
USD
41
2,435
—
2,435
1
day
SOFR
Quarterly
0.53%
Quarterly
10/21/30
USD
41
(2,428)
—
(2,428)
$
(883,322)
$
—
$
(883,322)
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
Fed
Funds
......................................
1
day
Fed
Funds
0.06
%
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
0.05
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.13
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
Options
Written
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
—
$
—
$
6,942
$
(890,264)
$
—
Options
Written
...................................................
N/A
N/A
442,247
(136,039)
(1,495,507)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statements
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
—
$
—
$
606,521
$
—
$
606,521
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
—
—
—
201,119
—
201,119
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
6,942
—
6,942
$
—
$
—
$
—
$
—
$
814,582
$
—
$
814,582
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
9,548
—
9,548
Options
written
(b)
Options
written
at
value
.....................
—
—
—
—
1,495,507
—
1,495,507
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
890,264
—
890,264
$
—
$
—
$
—
$
—
$
2,395,319
$
—
$
2,395,319
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
GNMA
Portfolio
22
Schedule
of
Investments
(continued)
September
30,
2021
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
forward
settling
swaptions.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
For
the
year
ended
September
30,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
1,396,871
$
—
$
1,396,871
Options
purchased
(a)
....................
—
—
—
—
911,841
—
911,841
Options
written
........................
—
—
—
—
666,863
—
666,863
Swaps
..............................
—
—
—
—
(924,183)
—
(924,183)
$
—
$
—
$
—
$
—
$
2,051,392
$
—
$
2,051,392
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
.......................
—
—
—
—
713,217
—
713,217
Options
purchased
(b)
....................
—
—
—
—
(255,624)
—
(255,624)
Options
written
........................
—
—
—
—
189,388
—
189,388
Swaps
..............................
—
—
—
—
865,747
—
865,747
$
—
$
—
$
—
$
—
$
1,512,728
$
—
$
1,512,728
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts:
Average
notional
value
of
contracts
—
long
..................................................................................
$
25,727,814
Average
notional
value
of
contracts
—
short
.................................................................................
98,247,339
Options:
Average
value
of
option
contracts
written
...................................................................................
1,270
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
21,775,000
Average
notional
value
of
swaption
contracts
written
...........................................................................
34,800,000
Interest
rate
swaps:
Average
notional
value
—
pays
fixed
rate
...................................................................................
29,217,531
Average
notional
value
—
receives
fixed
rate
................................................................................
6,117,531
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
1,875
$
130,105
Options
(a)(b)
........................................................................................
201,119
1,495,507
Swaps
—
Centrally
cleared
.............................................................................
—
2,551
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
202,994
$
1,628,163
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(1,875)
(132,656)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
201,119
$
1,495,507
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
BlackRock
GNMA
Portfolio
Schedules
of
Investments
23
Schedule
of
Investments
(continued)
September
30,
2021
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
Barclays
Bank
plc
................................
$
163,185
$
(163,185)
$
—
$
—
$
—
Deutsche
Bank
AG
...............................
37,934
(37,934)
—
—
—
$
201,119
$
(201,119)
$
—
$
—
$
—
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
(b)
Net
Amount
of
Derivative
Liabilities
(c)
Bank
of
America
NA
..............................
$
112,216
$
—
$
—
$
—
$
112,216
Barclays
Bank
plc
................................
545,902
(163,185)
—
(382,717)
—
Deutsche
Bank
AG
...............................
837,389
(37,934)
—
(799,455)
—
$
1,495,507
$
(201,119)
$
—
$
(1,182,172)
$
112,216
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
pledged
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
GNMA
Portfolio
24
Schedule
of
Investments
(continued)
September
30,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments
......................................
$
—
$
888,702,701
$
—
$
888,702,701
Short-Term
Securities:
Money
Market
Funds
......................................
2,823,535
—
—
2,823,535
U.S.
Treasury
Obligations
...................................
—
108,626,543
—
108,626,543
Options
Purchased:
Interest
rate
contracts
......................................
—
201,119
—
201,119
Liabilities:
Investments:
TBA
Sale
Commitments
....................................
—
(72,080,179)
—
(72,080,179)
$
2,823,535
$
925,450,184
$
—
$
928,273,719
Derivative
Financial
Instruments
(a)
Assets:
Interest
rate
contracts
.......................................
$
606,521
$
6,942
$
—
$
613,463
Liabilities:
Interest
rate
contracts
.......................................
(9,548)
(2,385,771)
—
(2,395,319)
$
596,973
$
(2,378,829)
$
—
$
(1,781,856)
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
options
written.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
BlackRock
Income
Fund
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
—
7.9%
AGL
CLO
11
Ltd.
(a)(b)(c)
:
Series
2021-11A,
Class
C,
(LIBOR
USD
3
Month
+
2.05%),
2.21%,
04/15/34
...
USD
1,000
$
992,468
Series
2021-11A,
Class
D,
(LIBOR
USD
3
Month
+
3.15%),
3.31%,
04/15/34
...
1,000
999,984
AGL
CLO
12
Ltd.,
Series
2021-12A,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
1.98%,
07/20/34
(a)(b)(c)
...................
1,000
996,164
AIG
CLO
LLC
(a)(b)
:
Series
2020-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
2.13%,
04/15/34
...
3,000
3,003,169
Series
2020-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.00%),
3.13%,
04/15/34
...
3,000
2,999,967
AIG
CLO
Ltd.
(a)(b)
:
Series
2018-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.05%),
2.18%,
04/20/32
(c)
..
1,000
1,000,000
Series
2018-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
3.23%,
04/20/32
(c)
..
2,000
2,003,977
Series
2019-2A,
Class
A,
(LIBOR
USD
3
Month
+
1.36%),
1.49%,
10/25/32
(c)
..
3,000
3,004,544
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.05%),
3.14%,
07/20/34
...
500
497,501
AIMCO
CLO,
Series
2015-AA,
Class
DR2,
(LIBOR
USD
3
Month
+
3.05%),
0.00%,
10/17/34
(a)(b)(c)
...................
1,000
1,000,000
Ajax
Mortgage
Loan
Trust
(b)
:
Series
2018-G,
Class
A,
4.38%,
06/25/57
(a)
1,844
1,844,741
Series
2019-E,
Class
A,
3.00%,
09/25/59
(d)
1,675
1,681,506
Series
2019-E,
Class
B,
4.88%,
09/25/59
(d)
280
275,789
Series
2019-E,
Class
C,
0.00%,
09/25/59
609
522,263
AlbaCore
EURO
CLO
I
DAC,
Series
1X,
Class
ER,
(EURIBOR
3
Month
+
5.96%),
5.96%,
10/18/34
(a)(e)
....................
EUR
1,400
1,611,163
Alinea
CLO
Ltd.,
Series
2018-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.10%),
3.23%,
07/20/31
(a)(b)(c)
...................
USD
1,000
1,000,106
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
B,
(LIBOR
USD
3
Month
+
2.15%),
2.28%,
10/21/28
(a)(b)(c)
...................
1,000
995,003
ALM
Ltd.,
Series
2020-1A,
Class
A2,
(LIBOR
USD
3
Month
+
1.85%),
1.98%,
10/15/29
(a)(b)
(c)
...........................
3,000
3,000,274
Anchorage
Capital
CLO
18
Ltd.,
Series
2021-
18A,
Class
C,
(LIBOR
USD
3
Month
+
2.25%),
2.45%,
04/15/34
(a)(b)(c)
........
1,000
988,921
Anchorage
Capital
CLO
4-R
Ltd.
(a)(b)(c)
:
Series
2014-4RA,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
1.98%,
01/28/31
...
1,000
997,607
Series
2014-4RA,
Class
D,
(LIBOR
USD
3
Month
+
2.60%),
2.73%,
01/28/31
...
1,000
986,999
Anchorage
Capital
CLO
Ltd.,
Series
2013-1A,
Class
CR,
(LIBOR
USD
3
Month
+
3.20%),
3.33%,
10/13/30
(a)(b)(c)
..............
1,000
1,000,109
Anchorage
Capital
Europe
CLO
2
DAC,
Series
2X,
Class
ER,
(EURIBOR
3
Month
+
6.45%),
6.45%,
04/15/34
(a)(e)
.........
EUR
140
161,871
Anchorage
Capital
Europe
CLO
DAC,
Series
4X,
Class
E,
(EURIBOR
3
Month
+
5.71%),
5.71%,
04/25/34
(a)(e)
...............
100
114,172
Apidos
CLO
XV,
Series
2013-15A,
Class
CRR,
(LIBOR
USD
3
Month
+
1.85%),
1.98%,
04/20/31
(a)(b)(c)
...................
USD
500
498,699
Apidos
CLO
XX
(a)(b)(c)
:
Series
2015-20A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.95%),
2.08%,
07/16/31
..
1,000
1,000,073
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2015-20A,
Class
CR,
(LIBOR
USD
3
Month
+
2.95%),
3.08%,
07/16/31
...
USD
1,500
$
1,500,096
Apidos
CLO
XXII,
Series
2015-22A,
Class
CR,
(LIBOR
USD
3
Month
+
2.95%),
3.08%,
04/20/31
(a)(b)(c)
...................
500
498,507
Apidos
CLO
XXIX,
Series
2018-29A,
Class
B,
(LIBOR
USD
3
Month
+
1.90%),
2.03%,
07/25/30
(a)(b)(c)
...................
1,000
1,000,032
Apidos
CLO
XXXII,
Series
2019-32A,
Class
C,
(LIBOR
USD
3
Month
+
2.40%),
2.53%,
01/20/33
(a)(b)(c)
...................
500
500,882
Ares
XLIX
CLO
Ltd.,
Series
2018-49A,
Class
D,
(LIBOR
USD
3
Month
+
3.00%),
3.14%,
07/22/30
(a)(b)(c)
...................
1,000
1,000,052
Ares
XXXVII
CLO
Ltd.
(a)(b)(c)
:
Series
2015-4A,
Class
BR,
(LIBOR
USD
3
Month
+
1.80%),
1.93%,
10/15/30
...
250
249,338
Series
2015-4A,
Class
CR,
(LIBOR
USD
3
Month
+
2.65%),
2.78%,
10/15/30
...
1,000
997,513
Atrium
XV,
Series
15A,
Class
D,
(LIBOR
USD
3
Month
+
3.00%),
3.14%,
01/23/31
(a)(b)(c)
..
500
500,031
Aurium
CLO
II
DAC,
Series
2X,
Class
ERR,
(EURIBOR
3
Month
+
6.08%),
6.08%,
06/22/34
(a)(e)
....................
EUR
1,100
1,260,031
Avoca
CLO
XV
DAC,
Series
15X,
Class
ER,
(EURIBOR
3
Month
+
4.13%),
4.13%,
04/15/31
(a)(e)
....................
260
291,180
Ballyrock
CLO
Ltd.,
Series
2019-2A,
Class
CR,
(LIBOR
USD
3
Month
+
3.15%),
3.28%,
11/20/30
(a)(b)(c)
...................
USD
1,000
999,483
Battalion
CLO
17
Ltd.
(a)(b)
:
Series
2021-17A,
Class
C,
(LIBOR
USD
3
Month
+
2.10%),
2.23%,
03/09/34
...
1,000
999,225
Series
2021-17A,
Class
D,
(LIBOR
USD
3
Month
+
3.25%),
3.38%,
03/09/34
...
1,000
999,988
Battalion
CLO
X
Ltd.
(a)(b)(c)
:
Series
2016-10A,
Class
BR2,
(LIBOR
USD
3
Month
+
2.05%),
2.18%,
01/25/35
..
2,000
1,996,979
Series
2016-10A,
Class
CR2,
(LIBOR
USD
3
Month
+
3.45%),
3.58%,
01/25/35
..
1,000
997,493
Battalion
CLO
XIV
Ltd.,
Series
2019-14A,
Class
D,
(LIBOR
USD
3
Month
+
3.95%),
4.08%,
04/20/32
(a)(b)(c)
...................
1,000
1,000,248
BBAM
European
CLO
I
DAC,
Series
1X,
Class
ER,
(EURIBOR
3
Month
+
5.91%),
5.91%,
07/22/34
(a)(e)
....................
EUR
1,100
1,258,631
Bear
Stearns
Asset-Backed
Securities
I
Trust,
Series
2007-HE5,
Class
1A4,
(LIBOR
USD
1
Month
+
0.30%),
0.39%,
06/25/47
(a)
...
USD
3,300
3,182,007
Bilbao
CLO
II
DAC,
Series
2X,
Class
DR,
(EURIBOR
3
Month
+
5.97%),
5.97%,
08/20/35
(a)(e)
....................
EUR
1,400
1,606,918
Birch
Grove
CLO
Ltd.,
Series
19A,
Class
CR,
(LIBOR
USD
3
Month
+
2.20%),
2.32%,
06/15/31
(a)(b)(c)
...................
USD
2,000
1,998,697
BlueMountain
CLO
DAC,
Series
2021-1X,
Class
E,
(EURIBOR
3
Month
+
5.41%),
5.41%,
04/15/34
(a)(e)(f)
..............
EUR
100
113,997
BlueMountain
Fuji
CLO
IV
DAC,
Series
4X,
Class
ER,
(EURIBOR
3
Month
+
6.21%),
6.21%,
02/25/34
(a)(e)
...............
1,400
1,613,228
Buttermilk
Park
CLO
Ltd.,
Series
2018-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.10%),
3.23%,
10/15/31
(a)(b)(c)
..............
USD
2,000
2,000,161
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
26
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Canyon
CLO
Ltd.
(a)(b)(c)
:
Series
2020-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.05%),
2.20%,
07/15/34
...
USD
1,000
$
1,000,047
Series
2020-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
3.30%,
07/15/34
...
1,000
999,984
Capital
Four
CLO
II
DAC,
Series
2X,
Class
E,
(EURIBOR
3
Month
+
5.91%),
5.91%,
01/15/34
(a)(e)
....................
EUR
100
114,708
CarVal
CLO
IV
Ltd.,
Series
2021-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.25%),
3.39%,
07/20/34
(a)(b)(c)
...................
USD
4,200
4,199,714
CIFC
European
Funding
CLO
III
DAC,
Series
3X,
Class
E,
(EURIBOR
3
Month
+
5.61%),
5.61%,
01/15/34
(a)(e)
...............
EUR
100
113,933
CIFC
Funding
Ltd.
(a)(b)(c)
:
Series
2013-2A,
Class
A3LR,
(LIBOR
USD
3
Month
+
1.95%),
2.08%,
10/18/30
...
USD
500
498,782
Series
2013-4A,
Class
CRR,
(LIBOR
USD
3
Month
+
1.90%),
2.03%,
04/27/31
...
1,000
1,000,050
Series
2013-4A,
Class
DRR,
(LIBOR
USD
3
Month
+
2.80%),
2.93%,
04/27/31
...
1,000
999,999
Series
2014-4RA,
Class
C,
(LIBOR
USD
3
Month
+
3.20%),
3.33%,
10/17/30
...
1,000
1,000,043
Series
2016-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.95%),
2.08%,
10/21/31
...
1,000
1,000,237
Series
2016-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.80%),
2.93%,
10/21/31
...
1,000
1,000,571
Series
2017-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.50%),
3.63%,
04/23/29
...
1,000
1,000,221
Series
2017-5A,
Class
B,
(LIBOR
USD
3
Month
+
1.85%),
1.98%,
11/16/30
...
1,500
1,496,196
Series
2019-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.05%),
2.18%,
04/20/32
...
1,500
1,500,017
Series
2019-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
3.23%,
04/20/32
...
1,250
1,249,986
Contego
CLO
IX
DAC,
Series
9X,
Class
E,
(EURIBOR
3
Month
+
6.01%),
6.01%,
01/24/34
(a)(e)
....................
EUR
809
921,079
Cook
Park
CLO
Ltd.,
Series
2018-1A,
Class
C,
(LIBOR
USD
3
Month
+
1.75%),
1.88%,
04/17/30
(a)(b)(c)
...................
USD
1,250
1,246,730
CVC
Cordatus
Loan
Fund
XX
DAC,
Series
20X,
Class
E,
(EURIBOR
3
Month
+
5.61%),
5.61%,
06/22/34
(a)(e)
...............
EUR
475
540,339
Dryden
33
Senior
Loan
Fund,
Series
2014-33A,
Class
DR3,
(LIBOR
USD
3
Month
+
3.65%),
3.78%,
04/15/29
(a)(b)(c)
..............
USD
1,300
1,300,420
Dryden
40
Senior
Loan
Fund,
Series
2015-40A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
3.22%,
08/15/31
(a)(b)(c)
..............
1,000
1,000,247
Dryden
50
Senior
Loan
Fund,
Series
2017-50A,
Class
C,
(LIBOR
USD
3
Month
+
2.25%),
2.38%,
07/15/30
(a)(b)(c)
..............
2,000
2,003,261
Dryden
70
CLO
Ltd.,
Series
2018-70A,
Class
D,
(LIBOR
USD
3
Month
+
3.75%),
3.88%,
01/16/32
(a)(b)(c)
...................
1,000
1,000,438
Dryden
72
CLO
Ltd.,
Series
2019-72A,
Class
DR,
(LIBOR
USD
3
Month
+
3.00%),
3.12%,
05/15/32
(a)(b)(c)
...................
1,000
1,000,610
Dryden
76
CLO
Ltd.,
Series
2019-76A,
Class
D1,
(LIBOR
USD
3
Month
+
3.85%),
3.98%,
10/20/32
(a)(b)(c)
...................
750
750,405
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-
26A,
Class
CR,
(LIBOR
USD
3
Month
+
1.85%),
1.98%,
04/15/29
(a)(b)(c)
........
1,000
998,797
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Eaton
Vance
CLO
Ltd.,
Series
2015-1A,
Class
CR,
(LIBOR
USD
3
Month
+
1.90%),
2.03%,
01/20/30
(a)(b)(c)
...................
USD
763
$
763,201
Elmwood
CLO
IV
Ltd.,
Series
2020-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.15%),
3.28%,
04/15/33
(a)(b)(c)
...................
1,000
1,000,000
Elmwood
CLO
IX
Ltd.,
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
2.95%),
3.08%,
07/20/34
(a)(b)(c)
...................
1,250
1,251,054
Elmwood
CLO
V
Ltd.,
Series
2020-2A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
3.22%,
10/20/34
(a)(b)(c)
...................
1,715
1,721,860
Flatiron
CLO
17
Ltd.,
Series
2017-1A,
Class
CR,
(LIBOR
USD
3
Month
+
1.90%),
2.02%,
05/15/30
(a)(b)
....................
400
400,168
Flatiron
CLO
19
Ltd.
(a)(b)(c)
:
Series
2019-1A,
Class
C,
(LIBOR
USD
3
Month
+
2.70%),
2.82%,
11/16/32
...
1,000
1,004,458
Series
2019-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.90%),
4.02%,
11/16/32
...
1,500
1,501,958
Flatiron
CLO
21
Ltd.
(a)(b)(c)
:
Series
2021-1A,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
2.00%,
07/19/34
...
2,000
1,990,050
Series
2021-1A,
Class
D,
(LIBOR
USD
3
Month
+
2.90%),
3.05%,
07/19/34
...
2,450
2,430,904
Galaxy
XVIII
CLO
Ltd.,
Series
2018-28A,
Class
C,
(LIBOR
USD
3
Month
+
1.95%),
2.08%,
07/15/31
(a)(b)(c)
...................
500
496,574
Galaxy
XXII
CLO
Ltd.,
Series
2016-22A,
Class
CRR,
(LIBOR
USD
3
Month
+
2.15%),
2.28%,
04/16/34
(a)(b)(c)
..............
1,000
1,003,208
Generate
CLO
9
Ltd.,
Series
9A,
Class
D,
(LIBOR
USD
3
Month
+
3.35%),
0.00%,
10/20/34
(a)(b)(c)
...................
1,000
1,000,000
Gilbert
Park
CLO
Ltd.,
Series
2017-1A,
Class
D,
(LIBOR
USD
3
Month
+
2.95%),
3.08%,
10/15/30
(a)(b)(c)
...................
1,000
1,000,014
GoldenTree
Loan
Management
US
CLO
3
Ltd.,
Series
2018-3A,
Class
C,
(LIBOR
USD
3
Month
+
1.90%),
2.03%,
04/20/30
(a)(b)(c)
..
1,000
998,888
GoldenTree
Loan
Management
US
CLO
4
Ltd.,
Series
2019-4A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
2.13%,
04/24/31
(a)(b)(c)
..
1,000
996,927
GoldenTree
Loan
Management
US
CLO
5
Ltd.
(a)(b)(c)
:
Series
2019-5A,
Class
D,
(LIBOR
USD
3
Month
+
3.85%),
3.98%,
10/20/32
...
1,000
1,000,000
Series
2019-5A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
0.00%,
10/20/32
...
1,000
1,000,000
GoldentTree
Loan
Management
US
CLO
1
Ltd.,
Series
2021-10A,
Class
D,
(LIBOR
USD
3
Month
+
3.05%),
3.17%,
07/20/34
(a)(b)
...
1,000
1,002,648
Golub
Capital
Partners
CLO
53B
Ltd.,
Series
2021-53A,
Class
C,
(LIBOR
USD
3
Month
+
2.05%),
2.18%,
07/20/34
(a)(b)(c)
........
1,000
999,820
Greene
King
Finance
plc
(a)
:
Series
B1,  (LIBOR
GBP
3
Month
+
1.80%),
1.87%,
12/15/34
...............
GBP
100
113,204
Series
B2,  (LIBOR
GBP
3
Month
+
2.08%),
2.15%,
03/15/36
(e)
..............
100
112,575
Greywolf
CLO
III
Ltd.,
Series
2020-3RA,
Class
CR,
(LIBOR
USD
3
Month
+
3.35%),
3.49%,
04/15/33
(a)(b)(c)
...................
USD
2,000
2,000,983
Greywolf
CLO
V
Ltd.
(a)(b)(c)
:
Series
2015-1A,
Class
BR,
(LIBOR
USD
3
Month
+
2.00%),
2.13%,
01/27/31
...
500
499,713
BlackRock
Income
Fund
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2015-1A,
Class
CR,
(LIBOR
USD
3
Month
+
3.00%),
3.13%,
01/27/31
...
USD
1,700
$
1,689,802
GT
Loan
Financing
I
Ltd.,
Series
2013-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.10%),
2.23%,
07/28/31
(a)(b)(c)
..............
1,000
1,000,035
Gulf
Stream
Meridian
1
Ltd.
(a)(b)(c)
:
Series
2020-IA,
Class
A1,
(LIBOR
USD
3
Month
+
1.37%),
1.50%,
04/15/33
...
3,000
3,002,933
Series
2020-IA,
Class
B,
(LIBOR
USD
3
Month
+
2.00%),
2.13%,
04/15/33
...
2,000
2,002,708
HalseyPoint
CLO
4
Ltd.,
Series
2021-4A,
Class
C,
(LIBOR
USD
3
Month
+
2.15%),
2.30%,
04/20/34
(a)(b)(c)
...................
1,750
1,749,768
Harbor
Park
CLO
18-1
Ltd.,
Series
2018-1A,
Class
D,
(LIBOR
USD
3
Month
+
2.90%),
3.03%,
01/20/31
(a)(b)(c)
..............
1,000
999,990
Harvest
CLO
XVI
DAC,
Series
16X,
Class
ER,
(EURIBOR
3
Month
+
5.57%),
5.57%,
10/15/31
(a)(e)
....................
EUR
330
375,484
Henley
CLO
IV
DAC,
Series
4X,
Class
E,
(EURIBOR
3
Month
+
5.25%),
5.25%,
04/25/34
(a)(e)(f)
...................
100
111,346
Invesco
Euro
CLO,
Series
6X,
Class
E,
(EURIBOR
3
Month
+
5.99%),
5.99%,
07/15/34
(a)(e)
....................
847
967,339
Invesco
Euro
CLO
V
DAC,
Series
5X,
Class
E,
(EURIBOR
3
Month
+
5.81%),
5.81%,
01/15/34
(a)(e)
....................
100
115,799
Kayne
CLO
5
Ltd.,
Series
2019-5A,
Class
D,
(LIBOR
USD
3
Month
+
3.80%),
3.93%,
07/24/32
(a)(b)(c)
...................
USD
500
500,318
Legacy
Mortgage
Asset
Trust,
Series
2019-
SL2,
Class
A,
3.38%,
02/25/59
(a)(b)
.....
2,079
2,083,941
Lucali
CLO
Ltd.,
Series
2020-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.60%),
3.73%,
01/15/33
(a)(b)(c)
...................
1,000
1,002,132
Madison
Park
Funding
X
Ltd.,
Series
2012-10A,
Class
CR3,
(LIBOR
USD
3
Month
+
2.10%),
2.23%,
01/20/29
(a)(b)(c)
..............
1,250
1,250,090
Marino
Park
CLO
DAC,
Series
1X,
Class
D,
(EURIBOR
3
Month
+
5.67%),
5.67%,
01/16/34
(a)(e)
....................
EUR
100
113,366
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust,
Series
2007-HE6,
Class
A2,
(LIBOR
USD
1
Month
+
0.14%),
0.23%,
05/25/37
(a)
....
USD
2,879
2,643,411
Neuberger
Berman
CLO
XVII
Ltd.,
Series
2014-
17A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.00%),
2.14%,
04/22/29
(a)(b)(c)
........
1,000
1,000,124
Neuberger
Berman
CLO
XX
Ltd.,
Series
2015-
20A,
Class
DRR,
(LIBOR
USD
3
Month
+
2.95%),
3.09%,
07/15/34
(a)(b)(c)
........
1,150
1,153,440
Neuberger
Berman
CLO
XXI
Ltd.,
Series
2016-
21A,
Class
DR2,
(LIBOR
USD
3
Month
+
3.30%),
3.43%,
04/20/34
(a)(b)(c)
........
1,500
1,507,455
Neuberger
Berman
CLO
XXII
Ltd.,
Series
2016-22A,
Class
CR,
(LIBOR
USD
3
Month
+
2.20%),
2.33%,
10/17/30
(a)(b)(c)
.......
1,000
1,000,095
Neuberger
Berman
CLO
XXIII
Ltd.
(a)(b)(c)
:
Series
2016-23A,
Class
CR,
(LIBOR
USD
3
Month
+
2.15%),
2.28%,
10/17/27
...
1,500
1,500,105
Series
2016-23A,
Class
DR,
(LIBOR
USD
3
Month
+
2.90%),
3.03%,
10/17/27
...
2,000
1,999,982
Neuberger
Berman
Loan
Advisers
CLO
31
Ltd.,
Series
2019-31A,
Class
CR,
(LIBOR
USD
3
Month
+
1.95%),
2.08%,
04/20/31
(a)(b)(c)
..
1,000
1,000,332
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Neuberger
Berman
Loan
Advisers
CLO
37
Ltd.,
Series
2020-37A,
Class
CR,
(LIBOR
USD
3
Month
+
1.80%),
1.93%,
07/20/31
(a)(b)(c)
..
USD
1,000
$
997,138
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd.
(a)(b)(c)
:
Series
2021-40A,
Class
C,
(LIBOR
USD
3
Month
+
1.75%),
1.88%,
04/16/33
...
1,000
993,819
Series
2021-40A,
Class
D,
(LIBOR
USD
3
Month
+
2.75%),
2.88%,
04/16/33
...
1,000
999,991
Neuberger
Berman
Loan
Advisers
Euro
CLO,
Series
2021-1X,
Class
E,
(EURIBOR
3
Month
+
5.52%),
5.52%,
04/17/34
(a)(e)
...
EUR
100
110,766
Neuberger
Berman
Loan
Advisers
Euro
CLO
DAC,
Series
2021-2X,
Class
E,
(EURIBOR
3
Month
+
6.06%),
6.06%,
04/15/34
(a)(e)
..
1,223
1,403,346
North
Westerly
VII
ESG
CLO
DAC,
Series
VII-X,
Class
E,
(EURIBOR
3
Month
+
5.66%),
5.66%,
05/15/34
(a)(e)
.........
410
463,970
Northwoods
Capital
21
Euro
DAC,
Series
2020-21X,
Class
ER,
(EURIBOR
3
Month
+
6.06%),
6.06%,
07/22/34
(a)(e)
.........
1,100
1,249,551
Northwoods
Capital
23
Euro
DAC,
Series
2021-
23X,
Class
E,
(EURIBOR
3
Month
+
6.21%),
6.21%,
03/15/34
(a)(e)
...............
300
341,592
OCP
CLO
Ltd.
(a)(b)(c)
:
Series
2014-5A,
Class
CR,
(LIBOR
USD
3
Month
+
2.90%),
3.03%,
04/26/31
...
USD
1,000
980,585
Series
2019-16A,
Class
CR,
(LIBOR
USD
3
Month
+
1.85%),
1.97%,
04/10/33
...
2,750
2,738,178
Series
2019-17A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
2.13%,
07/20/32
...
2,500
2,499,865
OCP
Euro
CLO
DAC
(a)(e)
:
Series
2017-2X,
Class
E,
(EURIBOR
3
Month
+
5.00%),
5.00%,
01/15/32
...
EUR
148
165,896
Series
2017-2X,
Class
F,
(EURIBOR
3
Month
+
6.40%),
6.40%,
01/15/32
...
100
111,917
Series
2019-3X,
Class
ER,
(EURIBOR
3
Month
+
6.02%),
6.02%,
04/20/33
...
673
765,334
Octagon
Investment
Partners
28
Ltd.,
Series
2016-1A,
Class
C1R,
(LIBOR
USD
3
Month
+
2.25%),
2.38%,
10/24/30
(a)(b)(c)
.......
USD
1,000
1,000,063
Octagon
Investment
Partners
29
Ltd.,
Series
2016-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
3.23%,
01/24/33
(a)(b)(c)
........
2,000
2,000,693
Octagon
Investment
Partners
37
Ltd.,
Series
2018-2A,
Class
B,
(LIBOR
USD
3
Month
+
1.75%),
1.88%,
07/25/30
(a)(b)(c)
........
1,000
999,000
Octagon
Investment
Partners
41
Ltd.,
Series
2019-2A,
Class
DR,
(LIBOR
USD
3
Month
+
3.20%),
0.00%,
10/15/33
(a)(b)(c)
........
1,250
1,250,000
OHA
Credit
Funding
2
Ltd.,
Series
2019-2A,
Class
CR,
(LIBOR
USD
3
Month
+
2.20%),
2.33%,
04/21/34
(a)(b)(c)
..............
1,000
1,004,050
OHA
Credit
Funding
4
Ltd.,
Series
2019-4A,
Class
D,
(LIBOR
USD
3
Month
+
3.75%),
3.89%,
10/22/32
(a)(b)(c)
..............
1,000
1,000,529
OHA
Credit
Funding
6
Ltd,
Series
2020-6A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
3.28%,
07/20/34
(a)(b)(c)
..............
1,250
1,253,119
OHA
Credit
Partners
XI
Ltd.,
Series
2015-11A,
Class
DR,
(LIBOR
USD
3
Month
+
2.95%),
3.08%,
01/20/32
(a)(b)(c)
..............
500
500,010
OHA
Credit
Partners
XII
Ltd.,
Series
2015-12A,
Class
CR,
(LIBOR
USD
3
Month
+
1.90%),
2.04%,
07/23/30
(a)(b)
...............
1,500
1,495,961
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
28
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Option
One
Mortgage
Loan
Trust,
Series
2007-
FXD1,
Class
2A1,
5.87%,
01/25/37
(d)
....
USD
992
$
989,647
Palmer
Square
CLO
Ltd.
(a)(b)(c)
:
Series
2013-2A,
Class
BR3,
(LIBOR
USD
3
Month
+
1.85%),
1.98%,
10/17/31
...
2,000
2,000,126
Series
2015-1A,
Class
CR4,
(LIBOR
USD
3
Month
+
2.85%),
2.98%,
05/21/34
...
1,000
999,986
Series
2015-2A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.75%),
2.88%,
07/20/30
...
1,750
1,748,253
Series
2018-2A,
Class
A2,
(LIBOR
USD
3
Month
+
1.65%),
1.78%,
07/16/31
...
1,000
1,000,163
Series
2019-1A,
Class
B,
(LIBOR
USD
3
Month
+
2.65%),
2.77%,
11/14/32
...
1,000
1,001,284
Series
2019-1A,
Class
C,
(LIBOR
USD
3
Month
+
3.75%),
3.87%,
11/14/32
...
1,000
1,001,084
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
2.90%),
3.01%,
07/15/34
...
1,000
999,987
Palmer
Square
Loan
Funding
Ltd.,
Series
2019-3A,
Class
A2,
(LIBOR
USD
3
Month
+
1.60%),
1.73%,
08/20/27
(a)(b)(c)
........
1,500
1,500,480
Park
Avenue
Institutional
Advisers
CLO
Ltd.,
Series
2019-1A,
Class
C,
(LIBOR
USD
3
Month
+
3.85%),
3.97%,
05/15/32
(a)(b)(c)
..
1,500
1,500,645
Pikes
Peak
CLO
3,
Series
2019-3A,
Class
CRR,
(LIBOR
USD
3
Month
+
2.15%),
2.24%,
10/25/34
(a)(b)(c)(f)
.............
1,000
1,000,000
Pikes
Peak
CLO
7
(a)(b)(c)
:
Series
2021-7A,
Class
C,
(LIBOR
USD
3
Month
+
2.20%),
2.33%,
02/25/34
...
1,000
1,000,730
Series
2021-7A,
Class
D,
(LIBOR
USD
3
Month
+
3.40%),
3.53%,
02/25/34
...
1,000
1,002,066
PPM
CLO
Ltd.,
Series
2018-1A,
Class
C,
(LIBOR
USD
3
Month
+
2.15%),
2.28%,
07/15/31
(a)(b)(c)
...................
1,000
1,000,015
Progress
Residential
Trust,
Series
2019-SFR4,
Class
E,
3.44%,
10/17/36
(b)
..........
3,000
3,041,952
Providus
CLO
III
DAC,
Series
3X,
Class
ER,
(EURIBOR
3
Month
+
6.26%),
6.26%,
07/18/34
(a)(e)
....................
EUR
1,100
1,266,254
Providus
CLO
V
DAC,
Series
5X,
Class
E,
(EURIBOR
3
Month
+
5.29%),
5.29%,
02/15/35
(a)(e)
....................
100
110,790
Regata
XII
Funding
Ltd.
(a)(b)(c)
:
Series
2019-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.75%),
3.88%,
10/15/32
...
USD
1,000
1,000,372
Series
2019-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
0.00%,
10/15/32
...
1,000
1,000,000
Regatta
VII
Funding
Ltd.
(a)(b)(c)
:
Series
2016-1A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.05%),
2.17%,
06/20/34
...
1,350
1,351,146
Series
2016-1A,
Class
DR2,
(LIBOR
USD
3
Month
+
3.05%),
3.17%,
06/20/34
...
1,500
1,503,790
Regatta
XVI
Funding
Ltd.
(a)(b)(c)
:
Series
2019-2A,
Class
C,
(LIBOR
USD
3
Month
+
2.70%),
2.83%,
01/15/33
...
1,000
1,002,113
Series
2019-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.90%),
4.03%,
01/15/33
...
1,000
1,004,946
Riserva
CLO
Ltd.
(a)(b)(c)
:
Series
2016-3A,
Class
CRR,
(LIBOR
USD
3
Month
+
1.80%),
1.93%,
01/18/34
...
1,500
1,488,690
Series
2016-3A,
Class
DRR,
(LIBOR
USD
3
Month
+
3.25%),
3.38%,
01/18/34
...
1,000
996,219
Rockfield
Park
CLO
DAC,
Series
1X,
Class
D,
(EURIBOR
3
Month
+
5.95%),
5.95%,
07/16/34
(a)(e)
....................
EUR
716
821,906
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Rockford
Tower
CLO
Ltd.
(a)(b)(c)
:
Series
2017-1A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.10%),
2.23%,
04/20/34
...
USD
1,000
$
996,147
Series
2017-2A,
Class
DR,
(LIBOR
USD
3
Month
+
2.85%),
2.98%,
10/15/29
...
500
500,001
Series
2017-3A,
Class
A,
(LIBOR
USD
3
Month
+
1.19%),
1.32%,
10/20/30
...
1,500
1,500,001
Series
2018-2A,
Class
C,
(LIBOR
USD
3
Month
+
2.20%),
2.33%,
10/20/31
...
500
500,023
Series
2018-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.10%),
3.23%,
10/20/31
...
2,000
2,000,212
Series
2019-2A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
2.13%,
08/20/32
...
1,500
1,499,082
Series
2021-1A,
Class
C,
(LIBOR
USD
3
Month
+
2.00%),
2.08%,
07/20/34
...
1,000
996,111
Series
2021-2A,
Class
C,
(LIBOR
USD
3
Month
+
2.10%),
2.21%,
07/20/34
...
1,000
996,125
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.25%),
3.36%,
07/20/34
...
1,000
1,000,009
Rockford
Tower
Europe
CLO
DAC,
Series
2021-1X,
Class
E,
(EURIBOR
3
Month
+
5.96%),
5.96%,
04/20/34
(a)(e)
.........
EUR
100
112,991
RR
3
Ltd.,
Series
2018-3A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.80%),
1.93%,
01/15/30
(a)(b)
(c)
...........................
USD
1,250
1,250,000
Signal
Peak
CLO
2
LLC,
Series
2015-1A,
Class
CR2,
(LIBOR
USD
3
Month
+
1.90%),
2.03%,
04/20/29
(a)(b)
...............
2,500
2,499,325
Signal
Peak
CLO
4
Ltd.,
Series
2017-4A,
Class
D,
(LIBOR
USD
3
Month
+
3.05%),
3.18%,
10/26/29
(a)(b)(c)
...................
2,300
2,288,692
Signal
Peak
CLO
8
Ltd.,
Series
2020-8A,
Class
C,
(LIBOR
USD
3
Month
+
2.00%),
2.13%,
04/20/33
(a)(b)(c)
...................
1,250
1,245,523
Sixth
Street
CLO
XIX
Ltd.
(a)(b)(c)
:
Series
2021-19A,
Class
C,
(LIBOR
USD
3
Month
+
2.00%),
2.13%,
07/20/34
...
1,000
999,958
Series
2021-19A,
Class
D,
(LIBOR
USD
3
Month
+
3.00%),
3.13%,
07/20/34
...
3,500
3,501,753
Sound
Point
CLO
XXIII,
Series
2019-2A,
Class
CR,
(LIBOR
USD
3
Month
+
2.25%),
2.40%,
07/15/34
(a)(b)(c)
...................
3,500
3,486,215
Sound
Point
CLO
XXIX
Ltd.,
Series
2021-1A,
Class
C1,
(LIBOR
USD
3
Month
+
2.30%),
2.44%,
04/25/34
(a)(b)(c)
..............
1,000
996,191
Sound
Point
Euro
CLO
V
Funding
DAC,
Series
5X,
Class
E,
(EURIBOR
3
Month
+
5.84%),
5.84%,
07/25/35
(a)(e)
...............
EUR
200
226,670
Southwick
Park
CLO
LLC,
Series
2019-4A,
Class
C,
(LIBOR
USD
3
Month
+
2.50%),
2.63%,
07/20/32
(a)(b)(c)
..............
USD
1,000
1,000,299
Symphony
CLO
XX
Ltd.,
Series
2018-20A,
Class
DR,
(LIBOR
USD
3
Month
+
3.75%),
3.88%,
01/16/32
(a)(b)(c)
..............
1,750
1,767,489
Tallman
Park
CLO
Ltd.,
Series
2021-1A,
Class
C,
(LIBOR
USD
3
Month
+
1.95%),
2.11%,
04/20/34
(a)(b)(c)
...................
1,000
999,226
TCW
CLO
Ltd.
(a)(b)(c)
:
Series
2017-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.05%),
2.18%,
07/29/29
...
1,000
1,000,000
Series
2017-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
3.28%,
07/29/29
...
2,000
2,000,000
Series
2018-1A,
Class
CR,
(LIBOR
USD
3
Month
+
3.40%),
3.53%,
04/25/31
...
1,000
1,000,799
Series
2020-1A,
Class
CRR,
(LIBOR
USD
3
Month
+
2.05%),
2.21%,
04/20/34
...
1,500
1,498,826
BlackRock
Income
Fund
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2020-1A,
Class
DRR,
(LIBOR
USD
3
Month
+
3.40%),
3.56%,
04/20/34
...
USD
1,250
$
1,241,256
Series
2021-1A,
Class
D2,
(LIBOR
USD
3
Month
+
3.88%),
4.01%,
03/18/34
...
2,000
2,011,393
Series
2021-2A,
Class
C,
(LIBOR
USD
3
Month
+
2.10%),
2.22%,
07/25/34
...
2,500
2,490,139
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.25%),
3.37%,
07/25/34
...
5,000
4,999,665
TICP
CLO
IX
Ltd.,
Series
2017-9A,
Class
D,
(LIBOR
USD
3
Month
+
2.90%),
3.03%,
01/20/31
(a)(b)(c)
...................
1,000
999,990
TICP
CLO
V
Ltd.,
Series
2016-5A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
3.28%,
07/17/31
(a)(b)(c)
...................
1,050
1,050,297
TICP
CLO
VI
Ltd.,
Series
2016-6A,
Class
DR2,
(LIBOR
USD
3
Month
+
2.90%),
3.03%,
01/15/34
(a)(b)(c)
...................
1,100
1,099,991
TICP
CLO
VIII
Ltd.,
Series
2017-8A,
Class
C,
(LIBOR
USD
3
Month
+
3.10%),
3.23%,
10/20/30
(a)(b)(c)
...................
1,000
1,000,109
TICP
CLO
XI
Ltd.
(a)(b)(c)
:
Series
2018-11A,
Class
C,
(LIBOR
USD
3
Month
+
2.15%),
2.28%,
10/20/31
...
600
600,009
Series
2018-11A,
Class
D,
(LIBOR
USD
3
Month
+
3.05%),
3.18%,
10/20/31
...
1,050
1,050,083
TICP
CLO
XV
Ltd.
(a)(b)(c)
:
Series
2020-15A,
Class
A,
(LIBOR
USD
3
Month
+
1.28%),
1.41%,
04/20/33
...
3,500
3,503,508
Series
2020-15A,
Class
C,
(LIBOR
USD
3
Month
+
2.15%),
2.28%,
04/20/33
...
1,000
1,000,347
Trestles
CLO
III
Ltd.,
Series
2020-3A,
Class
B1,
(LIBOR
USD
3
Month
+
1.85%),
1.98%,
01/20/33
(a)(b)(c)
...................
1,000
1,000,667
Voya
Euro
CLO
II
DAC,
Series
2X,
Class
ER,
(EURIBOR
3
Month
+
6.02%),
6.02%,
07/15/35
(a)(e)
....................
EUR
781
894,833
Webster
Park
CLO
Ltd.,
Series
2015-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.80%),
1.93%,
07/20/30
(a)(b)(c)
...................
USD
500
499,900
York
CLO
1
Ltd.,
Series
2014-1A,
Class
DRR,
(LIBOR
USD
3
Month
+
3.01%),
3.15%,
10/22/29
(a)(b)(c)
...................
1,750
1,750,104
Total
Asset-Backed
Securities
—
7.9%
(Cost:
$256,737,046)
.............................
257,448,779
Shares
Shares
Common
Stocks
—
0.5%
Banks
—
0.2%
ABN
AMRO
Bank
NV,
CVA
(b)(e)(g)
.........
24,271
350,167
Banco
Bilbao
Vizcaya
Argentaria
SA
......
51,810
341,978
Banco
Santander
SA
................
132,262
479,101
Barclays
plc
......................
346,626
880,770
ING
Groep
NV
.....................
41,278
600,121
Lloyds
Banking
Group
plc
.............
273,228
170,063
Nordea
Bank
Abp
..................
39,122
504,137
Societe
Generale
SA
................
29,842
934,498
UniCredit
SpA
.....................
71,164
941,762
5,202,597
Building
Products
—
0.0%
AZEK
Co.,
Inc.
(The)
(g)
...............
234
8,548
Security
Shares
Shares
Value
Capital
Markets
—
0.1%
Credit
Suisse
Group
AG
(Registered)
.....
106,219
$
1,049,047
UBS
Group
AG
(Registered)
...........
46,160
736,788
1,785,835
Chemicals
—
0.0%
Diversey
Holdings
Ltd.
(g)
..............
30,649
491,610
Element
Solutions,
Inc.
...............
14,739
319,541
811,151
Commercial
Services
&
Supplies
—
0.0%
Preston
Holdings
LLC
(f)(g)
..............
1,227
160
Communications
Equipment
—
0.0%
CommScope
Holding
Co.,
Inc.
(g)
.........
5,307
72,122
Construction
&
Engineering
—
0.0%
Mcdermott
International
Ltd.
(g)
..........
48,333
24,167
Diversified
Telecommunication
Services
—
0.0%
Liberty
Global
plc,
Class
A
(c)(g)
..........
8,722
259,916
Electric
Utilities
—
0.0%
Electricite
de
France
SA
..............
34,513
433,696
Electrical
Equipment
—
0.0%
(g)
Ardagh
MP
USA,
Inc.,
(Acquired
08/02/21,
cost
$276,327)
(h)
....................
28,101
279,886
Sensata
Technologies
Holding
plc
........
4,388
240,111
519,997
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Gaming
and
Leisure
Properties,
Inc.
......
16,349
757,285
VICI
Properties,
Inc.
.................
43,814
1,244,756
2,002,041
Hotels,
Restaurants
&
Leisure
—
0.0%
Aramark
.........................
5,207
171,102
Life
Sciences
Tools
&
Services
—
0.0%
(g)
Avantor
,
Inc.
......................
12,800
523,520
Syneos
Health,
Inc.
.................
5,030
440,024
963,544
Machinery
—
0.0%
Ameriforge
Group,
Inc.
(g)
..............
283
425
Marine
—
0.0%
Projector
SA
(c)(f)(g)
...................
1,227
—
Media
—
0.0%
Clear
Channel
Outdoor
Holdings,
Inc.
(g)
....
57,518
155,874
Telenet
Group
Holding
NV
.............
22,898
874,288
1,030,162
Metals
&
Mining
—
0.0%
Constellium
SE,
Class
A
(g)
.............
28,109
527,887
Oil,
Gas
&
Consumable
Fuels
—
0.1%
California
Resources
Corp.
(g)
...........
1,004
41,164
Chesapeake
Energy
Corp.
............
17,992
1,108,127
Devon
Energy
Corp.
.................
4,853
172,330
Diamondback
Energy,
Inc.
.............
4,043
382,751
DT
Midstream,
Inc.
..................
5,012
231,755
Energy
Transfer
LP
.................
36,284
347,601
Enterprise
Products
Partners
LP
.........
7,681
166,217
EQT
Corp.
(g)
......................
28,858
590,434
Extraction
Oil
&
Gas,
Inc.
(g)
............
602
33,983
Extraction
Oil
&
Gas,
Inc.,
(Acquired
03/05/21,
cost
$122,710)
(g)(h)
................
3,504
197,801
Plains
All
American
Pipeline
LP
.........
51,971
528,545
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
30
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
SM
Energy
Co.
....................
6,337
$
167,170
3,967,878
Professional
Services
—
0.0%
NMG,
Inc.
(g)
.......................
1,905
246,063
Road
&
Rail
—
0.0%
Uber
Technologies,
Inc.
(g)
.............
2,700
120,960
Software
—
0.0%
Avaya
Holdings
Corp.
(g)
...............
12
237
Total
Common
Stocks
—
0.5%
(Cost:
$16,953,821)
..............................
18,148,488
Par
(000)
Par
(000)
Corporate
Bonds
—
44.2%
Aerospace
&
Defense
—
0.6%
Bombardier,
Inc.
(b)(c)
:
7.50%,
12/01/24
.................
USD
263
273,520
7.50%,
03/15/25
.................
1,024
1,045,729
7.13%,
06/15/26
.................
1,061
1,114,050
7.88%,
04/15/27
.................
42
43,542
6.00%,
02/15/28
.................
385
389,331
7.45%,
05/01/34
.................
182
212,713
BWX
Technologies,
Inc.
(b)
:
4.13%,
06/30/28
.................
82
84,153
4.13%,
04/15/29
.................
523
535,421
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
(b)(c)
349
359,470
Kratos
Defense
&
Security
Solutions,
Inc.,
6.50%,
11/30/25
(b)
...............
266
275,642
Raytheon
Technologies
Corp.,
4.63%,
11/16/48
120
152,242
Rolls-Royce
plc:
0.88%,
05/09/24
(e)
................
EUR
100
115,068
4.63%,
02/16/26
(e)
................
351
450,296
5.75%,
10/15/27
(e)
................
GBP
1,100
1,645,501
5.75%,
10/15/27
(b)(c)
...............
USD
1,198
1,323,790
Safran
SA,
0.00%,
04/01/28
(e)(i)(j)
........
EUR
233
491,207
Spirit
AeroSystems,
Inc.,
5.50%,
01/15/25
(b)
.
USD
233
246,398
TransDigm
,
Inc.:
8.00%,
12/15/25
(b)
................
2,107
2,246,589
6.25%,
03/15/26
(b)
................
4,407
4,594,298
6.38%,
06/15/26
.................
265
273,390
7.50%,
03/15/27
.................
100
104,750
4.63%,
01/15/29
.................
240
239,581
4.88%,
05/01/29
.................
670
671,246
Triumph
Group,
Inc.,
8.88%,
06/01/24
(b)
...
1,056
1,161,600
18,049,527
Airlines
—
0.9%
Air
Canada,
3.88%,
08/15/26
(b)(c)
........
632
637,720
Air
France-KLM,
3.88%,
07/01/26
(e)
......
EUR
700
804,893
American
Airlines,
Inc.
(b)
:
11.75%,
07/15/25
................
USD
1,088
1,346,400
5.50%,
04/20/26
.................
471
494,939
5.75%,
04/20/29
.................
1,475
1,589,084
British
Airways
Pass-Through
Trust,
Series
2020-1,
Class
A,
4.25%,
11/15/32
(b)(c)(k)
..
2,520
2,717,723
Delta
Air
Lines,
Inc.
(b)
:
7.00%,
05/01/25
.................
227
264,739
4.75%,
10/20/28
.................
838
934,370
Deutsche
Lufthansa
AG
(e)
:
2.00%,
07/14/24
.................
EUR
1,600
1,887,288
2.88%,
02/11/25
.................
800
955,583
3.75%,
02/11/28
.................
1,400
1,702,872
Security
Par
(000)
Par
(000)
Value
Airlines
(continued)
3.50%,
07/14/29
.................
EUR
1,900
$
2,272,525
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(b)
...............
USD
336
351,540
International
Consolidated
Airlines
Group
SA:
0.63%,
11/17/22
(e)(
i
)
...............
EUR
300
341,097
2.75%,
03/25/25
(e)
................
1,000
1,168,490
1.50%,
07/04/27
(e)
................
300
319,930
1.13%,
05/18/28
.................
1,500
1,711,306
3.75%,
03/25/29
(e)
................
700
820,585
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(b)
USD
739
803,603
Singapore
Airlines
Ltd.,
1.63%,
12/03/25
...
SGD
1,000
822,654
Spirit
Loyalty
Cayman
Ltd.,
8.00%,
09/20/25
(b)
USD
49
54,440
United
Airlines
Pass-Through
Trust:
Series
2020-1,
Class
B,
4.88%,
01/15/26
817
865,652
Series
2020-1,
Class
A,
5.88%,
10/15/27
4,879
5,459,269
United
Airlines,
Inc.
(b)
:
4.38%,
04/15/26
.................
693
711,191
4.63%,
04/15/29
.................
993
1,026,216
30,064,109
Auto
Components
—
0.8%
Adient
US
LLC,
9.00%,
04/15/25
(b)
......
190
205,200
Allison
Transmission,
Inc.
(b)
:
5.88%,
06/01/29
.................
228
248,075
3.75%,
01/30/31
.................
908
883,030
Clarios
Global
LP:
6.75%,
05/15/25
(b)
................
591
623,505
4.38%,
05/15/26
(e)
................
EUR
1,000
1,197,461
6.25%,
05/15/26
(b)
................
USD
764
802,696
8.50%,
05/15/27
(b)
................
4,044
4,301,805
Dana
Financing
Luxembourg
SARL,
3.00%,
07/15/29
(e)
....................
EUR
800
945,214
Dealer
Tire
LLC,
8.00%,
02/01/28
(b)
......
USD
387
405,157
Dornoch
Debt
Merger
Sub,
Inc.,
6.63%,
10/15/29
(b)
....................
140
140,000
Faurecia
SE
(e)
:
3.75%,
06/15/28
.................
EUR
327
393,932
2.38%,
06/15/29
.................
462
540,509
Goodyear
Europe
BV,
2.75%,
08/15/28
(e)
..
617
720,567
Goodyear
Tire
&
Rubber
Co.
(The):
9.50%,
05/31/25
.................
USD
241
264,498
5.00%,
07/15/29
(b)
................
125
132,656
5.25%,
07/15/31
(b)
................
753
801,945
5.63%,
04/30/33
.................
304
331,360
Grupo
Antolin-Irausa
SA,
3.50%,
04/30/28
(e)
.
EUR
1,563
1,715,450
Icahn
Enterprises
LP:
4.75%,
09/15/24
.................
USD
93
96,720
5.25%,
05/15/27
.................
649
673,337
4.38%,
02/01/29
.................
724
723,095
IHO
Verwaltungs
GmbH
(e)(l)
:
3.63%,
(3.63%
Cash
or
4.38%
PIK),
05/15/25
....................
EUR
500
588,534
3.88%,
(3.88%
Cash
or
4.63%
PIK),
05/15/27
(a)
...................
900
1,069,831
Leather
2
SpA,
(EURIBOR
3
Month
+
4.50%),
4.50%,
09/30/28
(a)
...............
570
661,580
Patrick
Industries,
Inc.,
4.75%,
05/01/29
(b)
..
USD
60
61,200
Schaeffler
AG,
3.38%,
10/12/28
(e)
.......
EUR
200
259,182
Tenneco,
Inc.,
7.88%,
01/15/29
(b)
.......
USD
101
112,741
ZF
Europe
Finance
BV
(e)
:
2.00%,
02/23/26
.................
EUR
500
584,227
2.50%,
10/23/27
.................
700
828,221
3.00%,
10/23/29
.................
1,000
1,204,325
ZF
Finance
GmbH
(e)
:
2.00%,
05/06/27
.................
800
931,313
BlackRock
Income
Fund
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Auto
Components
(continued)
3.75%,
09/21/28
.................
EUR
2,300
$
2,903,984
25,351,350
Automobiles
—
0.6%
Ferrari
NV,
1.50%,
05/27/25
(e)
.........
400
481,531
Ford
Motor
Co.:
4.35%,
12/08/26
.................
USD
30
31,950
4.75%,
01/15/43
.................
379
397,241
5.29%,
12/08/46
.................
75
83,531
Jaguar
Land
Rover
Automotive
plc:
7.75%,
10/15/25
(b)(c)
...............
200
215,890
6.88%,
11/15/26
(e)
................
EUR
600
773,412
4.50%,
07/15/28
(e)
................
1,105
1,261,745
Mclaren
Finance
plc,
7.50%,
08/01/26
(b)(c)
..
USD
475
480,819
Nissan
Motor
Co.
Ltd.:
3.20%,
09/17/28
(e)
................
EUR
500
650,282
4.81%,
09/17/30
(b)(c)
...............
USD
4,175
4,695,628
RCI
Banque
SA,
(EUR
Swap
Annual
5
Year
+
2.85%),
2.63%,
02/18/30
(a)(e)
.........
EUR
2,600
3,052,790
Renault
SA,
1.25%,
06/24/25
(e)
.........
200
229,287
Stellantis
NV
(e)
:
3.88%,
01/05/26
.................
600
793,553
4.50%,
07/07/28
.................
400
573,073
1.25%,
06/20/33
.................
350
398,388
TML
Holdings
Pte.
Ltd.,
4.35%,
06/09/26
(c)
..
USD
2,300
2,314,375
Volvo
Car
AB,
2.50%,
10/07/27
(e)
.......
EUR
1,617
2,039,267
Winnebago
Industries,
Inc.,
6.25%,
07/15/28
(b)
USD
162
174,150
18,646,912
Banks
—
4.2%
ABN
AMRO
Bank
NV,
(EUR
Swap
Annual
5
Year
+
4.67%),
4.38%
(a)(e)(m)
.........
EUR
300
372,699
ABQ
Finance
Ltd.,
2.00%,
07/06/26
(c)(e)
....
USD
1,600
1,588,000
Ahli
United
Sukuk
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.01%),
3.88%
(a)(c)(e)(m)
...........
1,025
1,016,031
AIB
Group
plc
(a)(m)
:
(EUR
Swap
Annual
5
Year
+
5.70%),
5.25%
(e)
.....................
EUR
400
494,036
(EUR
Swap
Annual
5
Year
+
6.63%),
6.25%
2,340
3,019,541
Axis
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.32%),
4.10%
(a)(c)(e)(m)
..................
USD
1,600
1,584,000
Banco
BPM
SpA
(a)(e)
:
(EUR
Swap
Annual
5
Year
+
5.42%),
5.00%,
09/14/30
...............
EUR
588
742,791
(EUR
Swap
Annual
5
Year
+
3.17%),
2.87%,
06/29/31
...............
1,175
1,363,454
Banco
de
Credito
del
Peru,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%),
3.25%,
09/30/31
(a)(c)(e)
.......
USD
679
665,335
Banco
de
Credito
e
Inversiones
SA,
3.50%,
10/12/27
(c)(e)
...................
1,205
1,286,940
Banco
de
Sabadell
SA
(e)
:
(EUR
Swap
Annual
5
Year
+
6.20%),
5.75%
(a)(m)
....................
EUR
400
494,036
5.63%,
05/06/26
.................
300
408,799
(EUR
Swap
Annual
5
Year
+
2.20%),
2.00%,
01/17/30
(a)
..............
1,200
1,383,070
(EUR
Swap
Annual
5
Year
+
2.95%),
2.50%,
04/15/31
(a)
..............
2,000
2,353,211
Banco
General
SA,
4.13%,
08/07/27
(c)(e)
...
USD
1,179
1,265,951
Banco
Inbursa
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
Inbursa
(c)(e)
:
4.13%,
06/06/24
.................
653
695,445
4.38%,
04/11/27
.................
170
181,560
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Banco
Internacional
del
Peru
SAA
Interbank,
3.25%,
10/04/26
(c)(e)
..............
USD
1,248
$
1,272,648
Banco
Nacional
de
Comercio
Exterior
SNC,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%),
2.72%,
08/11/31
(a)(b)(c)
..................
810
810,000
Banco
Santander
SA
(a)(e)(m)
:
(EUR
Swap
Annual
5
Year
+
6.80%),
6.75%
EUR
300
357,131
(EUR
Swap
Annual
5
Year
+
4.53%),
4.38%
2,200
2,660,575
Bangkok
Bank
PCL
(a)(c)(e)
:
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.73%),
5.00%
(m)
.....................
USD
2,147
2,232,612
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.90%),
3.73%,
09/25/34
...............
682
693,406
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.15%),
3.47%,
09/23/36
...............
3,000
2,971,800
Bank
Leumi
Le-Israel
BM,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.63%),
3.27%,
01/29/31
(a)(b)(c)(e)
......
1,280
1,304,400
Bank
of
America
Corp.:
Series
L,
4.18%,
11/25/27
(k)
.........
2,000
2,229,507
(LIBOR
USD
3
Month
+
1.18%),
3.19%,
07/23/30
(a)
...................
850
904,441
Bank
of
Communications
Co.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%),
3.80%
(a)(c)(e)(m)
..
1,372
1,420,363
Bank
of
Communications
Hong
Kong
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.40%),
2.30%,
07/08/31
(a)
(c)(e)
........................
2,400
2,364,696
Bank
of
Cyprus
PCL,
(EUR
Swap
Annual
5
Year
+
2.79%),
2.50%,
06/24/27
(a)(e)
....
EUR
1,575
1,794,828
Bank
of
East
Asia
Ltd.
(The)
(a)(c)(e)(m)
:
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.26%),
5.87%
......................
USD
2,177
2,250,474
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.53%),
5.83%
......................
2,577
2,692,965
Bank
of
Ireland
Group
plc
(a)
:
(EUR
Swap
Annual
5
Year
+
6.43%),
6.00%
(e)(m)
....................
EUR
300
385,394
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.50%),
4.12%,
09/19/27
(c)
..............
USD
1,000
1,021,000
Barclays
plc
(a)(m)
:
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
6.58%),
7.13%
...
GBP
2,265
3,417,913
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.87%),
6.13%
(c)
.....................
USD
400
442,752
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%),
4.38%
(c)
.....................
2,899
2,896,971
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
6.02%),
6.37%
...
GBP
500
742,361
BBVA
Bancomer
SA,
4.38%,
04/10/24
(c)(e)
..
USD
650
703,747
BNP
Paribas
SA
(a)(c)(m)
:
(LIBOR
USD
6
Month
+
0.08%),
0.23%
.
420
399,000
(USD
Swap
Semi
5
Year
+
5.15%),
7.38%
(e)
500
580,000
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
32
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Burgan
Bank
SAK
(a)(c)(e)
:
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.01%),
5.75%
(m)
.....................
USD
256
$
260,848
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.23%),
2.71%,
12/15/31
...............
1,175
1,078,062
CaixaBank
SA
(a)(e)(m)
:
(EUR
Swap
Annual
5
Year
+
6.22%),
6.37%
EUR
600
750,494
(EUR
Swap
Annual
5
Year
+
6.50%),
6.75%
600
778,411
(EUR
Swap
Annual
5
Year
+
4.50%),
5.25%
800
989,020
Chong
Hing
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.86%),
5.70%
(a)(c)(e)(m)
...........
USD
250
257,859
Citigroup,
Inc.,
4.30%,
11/20/26
........
500
561,565
Commercial
Bank
PSQC
(The),
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%),
4.50%
(a)(c)(e)(m)
........
1,330
1,339,975
Commerzbank
AG
(e)
:
(EUR
Swap
Annual
5
Year
+
6.36%),
6.12%
(a)(m)
....................
EUR
3,600
4,571,428
4.00%,
03/23/26
.................
150
195,176
(EUR
Swap
Annual
5
Year
+
6.74%),
6.50%
(a)(m)
....................
200
271,344
Credit
Suisse
Group
Guernsey
VII
Ltd.,
Series
BR,
3.00%,
11/12/21
(b)(e)(i)
...........
CHF
39
44,777
DBS
Group
Holdings
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.92%),
3.30%
(a)(c)(e)(m)
...........
USD
995
1,019,875
Dukhan
Tier
1
Sukuk
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.08%),
3.95%
(a)(c)(e)(m)
...........
650
646,750
Emirates
NBD
Bank
PJSC
(a)(c)(m)
:
(USD
Swap
Semi
6
Year
+
3.16%),
4.25%
(e)
640
651,392
(USD
Swap
Semi
6
Year
+
3.66%),
6.13%
257
271,058
HDFC
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.93%),
3.70%
(a)(c)(e)(m)
.............
1,800
1,791,000
HSBC
Bank
plc,
Series
1M,
(LIBOR
USD
6
Month
+
0.25%),
0.42%
(a)(c)(m)
........
1,650
1,559,910
HSBC
Holdings
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.65%),
4.60%
(a)(c)(m)
..............
200
199,940
ING
Groep
NV,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.86%),
3.88%
(a)(c)(m)
...................
13,585
13,176,091
Intesa
Sanpaolo
SpA
:
(EUR
Swap
Annual
5
Year
+
6.07%),
5.88%
(a)(e)(m)
..................
EUR
2,100
2,678,596
(EUR
Swap
Annual
5
Year
+
7.19%),
7.75%
(a)(e)(m)
..................
904
1,276,445
(EUR
Swap
Annual
5
Year
+
4.75%),
4.38%,
07/12/29
(a)(e)
.............
1,000
1,264,103
5.15%,
06/10/30
(e)
................
GBP
2,125
3,212,876
4.95%,
06/01/42
(b)(c)
...............
USD
7,215
7,477,269
(EUR
Swap
Annual
5
Year
+
6.09%),
5.88%
(a)(m)
....................
EUR
275
372,301
JPMorgan
Chase
&
Co.:
3.63%,
12/01/27
.................
USD
300
327,689
Series
W,
(LIBOR
USD
3
Month
+
1.00%),
1.12%,
05/15/47
(a)
..............
1,000
889,820
Kasikornbank
PCL
(a)(c)(e)
:
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.94%),
5.28%
(m)
.....................
1,725
1,805,105
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.34%),
4.00%
(m)
.....................
USD
1,600
$
1,590,400
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.70%),
3.34%,
10/02/31
...............
534
537,938
Krung
Thai
Bank
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.53%),
4.40%
(a)(c)(e)(m)
...........
3,095
3,087,262
Mizrahi
Tefahot
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.25%),
3.08%,
04/07/31
(a)(b)(c)(e)
......
1,297
1,314,834
Nanyang
Commercial
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%),
5.00%
(a)(c)(e)(m)
........
681
687,597
NatWest
Group
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
4.99%),
5.13%
(a)(m)
....................
GBP
400
578,035
Nordea
Bank
Abp,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%),
3.75%
(a)(b)(c)(m)
.............
USD
2,220
2,183,925
QNB
Finance
Ltd.,
2.75%,
02/12/27
(c)(e)
....
1,231
1,284,318
Rizal
Commercial
Banking
Corp.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
6.24%),
6.50%
(a)(c)(e)(m)
........
2,068
2,187,298
Santander
UK
Group
Holdings
plc,
(GBP
Swap
5
Year
+
5.79%),
6.75%
(a)(e)(m)
........
GBP
385
569,327
Shinhan
Financial
Group
Co.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.06%),
2.88%
(a)(c)(e)(m)
..
USD
1,750
1,736,875
Shizuoka
Bank
Ltd.
(The),
(LIBOR
USD
3
Month
-
0.50%),
0.00%,
01/25/23
(a)(c)(e)(i)
..
100
98,250
Societe
Generale
SA
(a)(c)(m)
:
(USD
Swap
Semi
5
Year
+
4.98%),
7.88%
(e)
500
550,995
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.51%),
5.38%
(b)
.....................
361
386,497
Standard
Chartered
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%),
6.00%
(a)(c)(e)(m)
...........
400
438,764
SVB
Financial
Group,
Series
C,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.20%),
4.00%
(a)(m)
..........
4,346
4,454,650
TMBThanachart
Bank
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.26%),
4.90%
(a)(c)(e)(m)
...........
478
482,571
UniCredit
SpA
(a)
:
(EURIBOR
Swap
Rate
5
Year
+
7.33%),
7.50%
(e)(m)
....................
EUR
2,196
2,995,250
(EURIBOR
Swap
Rate
5
Year
+
4.74%),
4.87%,
02/20/29
(e)
..............
600
755,167
(EUR
Swap
Annual
5
Year
+
2.40%),
2.00%,
09/23/29
(e)
..............
1,400
1,651,425
(EUR
Swap
Annual
5
Year
+
2.80%),
2.73%,
01/15/32
(e)
..............
400
481,132
(EURIBOR
Swap
Rate
5
Year
+
4.08%),
3.88%
(e)(m)
....................
3,200
3,622,859
(EUR
Swap
Annual
5
Year
+
6.39%),
6.62%
(m)
.....................
200
245,860
Wells
Fargo
&
Co.,
5.38%,
11/02/43
.....
USD
500
663,322
Woori
Bank,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.66%),
4.25%
(a)(c)(e)(m)
..................
718
746,182
138,513,795
BlackRock
Income
Fund
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Beverages
—
0.2%
(c)
Anheuser-Busch
InBev
Worldwide,
Inc.:
4.60%,
04/15/48
.................
USD
750
$
895,368
4.44%,
10/06/48
(k)
................
2,225
2,603,033
Coca-Cola
Femsa
SAB
de
CV,
2.75%,
01/22/30
1,172
1,204,450
Coca-Cola
Icecek
A/S,
4.22%,
09/19/24
(e)
..
250
261,453
Embotelladora
Andina
SA,
3.95%,
01/21/50
(b)
1,826
1,918,213
Fomento
Economico
Mexicano
SAB
de
CV,
3.50%,
01/16/50
................
498
517,910
7,400,427
Biotechnology
—
0.2%
AbbVie,
Inc.:
2.80%,
03/15/23
.................
1,012
1,041,169
4.88%,
11/14/48
.................
500
641,401
Cidron
Aida
Finco
SARL:
5.00%,
04/01/28
.................
EUR
1,500
1,750,327
6.25%,
04/01/28
.................
GBP
796
1,083,846
Emergent
BioSolutions,
Inc.,
3.88%,
08/15/28
(b)
USD
89
86,553
Grifols
Escrow
Issuer
SA,
3.88%,
10/15/28
(e)
EUR
827
968,732
Grifols
SA
(e)
:
1.63%,
02/15/25
.................
200
231,675
3.20%,
05/01/25
.................
1,000
1,161,213
HCRX
Investments
Holdco
LP,
4.50%,
08/01/29
(b)
....................
USD
144
144,720
7,109,636
Building
Products
—
0.3%
Advanced
Drainage
Systems,
Inc.,
5.00%,
09/30/27
(b)
....................
206
215,064
APi
Group
DE,
Inc.,
4.13%,
07/15/29
(b)
....
145
142,078
Builders
FirstSource,
Inc.,
6.75%,
06/01/27
(b)
101
107,060
Cornerstone
Building
Brands,
Inc.,
6.13%,
01/15/29
(b)
....................
679
721,760
CP
Atlas
Buyer,
Inc.,
7.00%,
12/01/28
(b)
...
530
531,325
Forterra
Finance
LLC,
6.50%,
07/15/25
(b)
..
403
431,210
Griffon
Corp.,
5.75%,
03/01/28
.........
197
206,850
HT
Troplast
GmbH,
9.25%,
07/15/25
.....
EUR
292
370,628
James
Hardie
International
Finance
DAC,
5.00%,
01/15/28
(b)
...............
USD
200
210,000
JELD-WEN,
Inc.
(b)
:
6.25%,
05/15/25
.................
150
158,250
4.63%,
12/15/25
.................
72
73,104
4.88%,
12/15/27
.................
23
23,967
Masonite
International
Corp.
(b)
:
5.38%,
02/01/28
.................
53
55,809
3.50%,
02/15/30
.................
235
233,238
National
Central
Cooling
Co.
PJSC,
2.50%,
10/21/27
(c)(e)
...................
674
676,527
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(b)
:
6.25%,
03/15/26
.................
70
72,380
5.25%,
07/15/28
.................
101
102,136
9.75%,
07/15/28
.................
144
156,600
PCF
GmbH
(e)
:
4.75%,
04/15/26
.................
EUR
753
900,585
(EURIBOR
3
Month
+
4.75%),
4.75%,
04/15/26
(a)
...................
526
614,471
SRM
Escrow
Issuer
LLC,
6.00%,
11/01/28
(b)
USD
887
939,111
Standard
Industries,
Inc.
(b)
:
5.00%,
02/15/27
.................
124
127,875
4.38%,
07/15/30
.................
657
670,140
3.38%,
01/15/31
.................
191
181,775
Summit
Materials
LLC,
5.25%,
01/15/29
(b)
..
206
216,300
Victors
Merger
Corp.,
6.38%,
05/15/29
(b)
...
145
138,838
8,277,081
Security
Par
(000)
Par
(000)
Value
Capital
Markets
—
1.0%
Aretec
Escrow
Issuer,
Inc.,
7.50%,
04/01/29
(b)
USD
105
$
108,150
Cerah
Capital
Ltd.,
0.00%,
08/08/24
(c)(e)(i)(j)
..
1,300
1,293,918
Cindai
Capital
Ltd.,
0.00%,
02/08/23
(c)(e)(i)(j)
..
900
922,109
Coinbase
Global,
Inc.
(b)
:
3.38%,
10/01/28
.................
386
370,880
3.63%,
10/01/31
.................
374
355,534
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(b)
...............
203
212,389
Credit
Suisse
AG,
1.13%,
12/15/25
(e)
.....
GBP
2,300
3,062,830
Credit
Suisse
Group
AG
(a)(c)
:
(USD
Swap
Semi
5
Year
+
4.60%),
7.50%
(b)
(m)
.........................
USD
400
428,000
(USD
Swap
Semi
5
Year
+
3.46%),
6.25%
(e)
(m)
.........................
1,577
1,699,041
(USD
Swap
Semi
5
Year
+
3.46%),
6.25%
(b)
(m)
.........................
400
430,955
(SOFR
+
1.56%),
2.59%,
09/11/25
(b)(k)
...
1,500
1,554,969
(USD
Swap
Rate
5
Year
+
4.33%),
7.25%
(e)
(m)
.........................
1,600
1,773,520
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%),
6.37%
(b)(m)
....................
350
384,125
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%),
5.25%
(b)(m)
....................
845
884,081
(SOFR
+
1.73%),
3.09%,
05/14/32
(b)
...
2,610
2,668,793
(USD
Swap
Semi
5
Year
+
4.60%),
7.50%
(m)
600
655,500
Drawbridge
Special
Opportunities
Fund
LP,
3.88%,
02/15/26
(b)
...............
250
256,873
Dua
Capital
Ltd.,
2.78%,
05/11/31
(c)(e)
.....
1,655
1,636,762
Huarong
Finance
2017
Co.
Ltd.,
4.75%,
04/27/27
(c)(e)
...................
2,300
2,162,000
Huarong
Finance
2019
Co.
Ltd.
(c)(e)
:
(LIBOR
USD
3
Month
+
1.13%),
1.25%,
02/24/23
(a)
...................
200
183,500
2.50%,
02/24/23
.................
214
202,765
3.75%,
05/29/24
.................
200
189,500
4.50%,
05/29/29
.................
500
457,750
3.63%,
09/30/30
.................
530
451,825
Huarong
Finance
Co.
Ltd.,
3.88%,
11/13/29
(c)(e)
1,000
877,500
Intermediate
Capital
Group
plc,
1.63%,
02/17/27
(e)
....................
EUR
600
717,320
JAB
Holdings
BV,
3.38%,
04/17/35
(e)
.....
100
140,291
Korea
Investment
&
Securities
Co.
Ltd.,
2.13%,
07/19/26
(c)(e)
...................
USD
1,450
1,450,783
MDGH
GMTN
RSC
Ltd.,
3.40%,
06/07/51
(c)(e)
1,525
1,586,000
MSCI,
Inc.
(b)
:
3.63%,
09/01/30
.................
144
148,860
3.88%,
02/15/31
.................
111
116,411
3.63%,
11/01/31
.................
113
117,585
3.25%,
08/15/33
.................
620
627,105
Owl
Rock
Technology
Finance
Corp.,
3.75%,
06/17/26
(b)
....................
235
248,088
Pingan
Real
Estate
Capital
Ltd.
(c)(e)
:
2.75%,
07/29/24
.................
605
593,075
3.45%,
07/29/26
.................
800
774,624
SBI
Holdings,
Inc.,
0.00%,
09/13/23
(j)
.....
JPY
110,000
1,029,381
SURA
Asset
Management
SA
(c)(e)
:
4.88%,
04/17/24
.................
USD
400
430,575
4.88%,
04/17/24
.................
1,318
1,418,745
UBS
AG,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%),
4.38%
(a)(b)
(c)(m)
........................
325
328,315
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
34
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
UBS
Group
AG,
(USD
Swap
Semi
5
Year
+
4.87%),
7.00%
(a)(c)(e)(m)
.............
USD
325
$
369,688
33,320,115
Chemicals
—
0.9%
Ashland
LLC,
3.38%,
09/01/31
(b)
........
385
388,369
Axalta
Coating
Systems
LLC
(b)
:
4.75%,
06/15/27
.................
196
204,330
3.38%,
02/15/29
.................
528
513,480
Bluestar
Finance
Holdings
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
3
Year
+
5.63%),
3.10%
(a)(c)(e)(m)
........
720
725,400
Braskem
Netherlands
Finance
BV,
5.88%,
01/31/50
(c)(e)
...................
529
599,754
CeramTec
BondCo
GmbH,
5.25%,
12/15/25
EUR
1,000
1,181,980
Chemours
Co.
(The):
4.00%,
05/15/26
.................
1,000
1,179,854
5.75%,
11/15/28
(b)
................
USD
210
219,912
Diamond
BC
BV,
4.63%,
10/01/29
(b)
......
336
341,040
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
.
1,868
1,886,680
Equate
Petrochemical
BV,
2.63%,
04/28/28
(b)(c)
1,323
1,327,961
Gates
Global
LLC,
6.25%,
01/15/26
(b)
.....
280
290,500
GC
Treasury
Center
Co.
Ltd.,
2.98%,
03/18/31
(c)(e)
...................
675
682,509
GCP
Applied
Technologies,
Inc.,
5.50%,
04/15/26
(b)
....................
416
425,360
HB
Fuller
Co.,
4.25%,
10/15/28
........
162
164,835
Herens
Midco
SARL:
4.75%,
05/15/28
(b)(c)
...............
402
404,010
5.25%,
05/15/29
(e)
................
EUR
2,375
2,668,549
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(b)
...
USD
652
718,830
INEOS
Finance
plc,
2.13%,
11/15/25
(e)
....
EUR
1,000
1,152,243
Ingevity
Corp.,
3.88%,
11/01/28
(b)
.......
USD
144
143,640
Kraton
Polymers
LLC,
5.25%,
05/15/26
...
EUR
645
767,682
Kronos
International,
Inc.,
3.75%,
09/15/25
(e)
200
235,145
LG
Chem
Ltd.,
2.38%,
07/07/31
(c)(e)
......
USD
1,280
1,260,352
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(b)
..
142
142,000
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(b)
196
203,350
Monitchem
HoldCo
2
SA,
9.50%,
09/15/26
(e)
EUR
500
626,957
Monitchem
HoldCo
3
SA,
5.25%,
03/15/25
(e)
1,396
1,657,477
Nobian
Finance
BV,
3.63%,
07/15/26
(e)
....
1,020
1,170,078
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(b)(c)
USD
21
21,945
OCI
NV,
5.25%,
11/01/24
(b)(c)
..........
200
205,720
Olympus
Water
US
Holding
Corp.
(e)
:
3.88%,
10/01/28
.................
EUR
491
568,864
5.38%,
10/01/29
.................
572
655,155
Orbia
Advance
Corp.
SAB
de
CV,
5.50%,
01/15/48
(c)(e)
...................
USD
1,147
1,346,506
Pearl
Holding
III
Ltd.,
9.50%,
12/11/22
(c)(e)(g)(n)
1,000
364,604
SCIH
Salt
Holdings,
Inc.
(b)
:
4.88%,
05/01/28
.................
400
402,000
6.63%,
05/01/29
.................
171
164,160
Scotts
Miracle-
Gro
Co.
(The)
(b)
:
4.00%,
04/01/31
.................
249
248,532
4.38%,
02/01/32
.................
29
29,235
Sociedad
Quimica
y
Minera
de
Chile
SA,
4.25%,
05/07/29
(c)(e)
..............
824
925,352
SPCM
SA,
3.13%,
03/15/27
(b)(c)
........
200
200,240
UPL
Corp.
Ltd.
(c)(e)
:
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%),
5.25%
(a)(m)
....................
700
713,790
4.50%,
03/08/28
.................
898
955,416
4.63%,
06/16/30
.................
202
214,284
Valvoline,
Inc.,
3.63%,
06/15/31
(b)
.......
2
1,975
WR
Grace
Holdings
LLC,
5.63%,
08/15/29
(b)
1,313
1,352,403
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Yingde
Gases
Investment
Ltd.,
6.25%,
01/19/23
(b)(c)
...................
USD
200
$
206,000
29,858,458
Commercial
Services
&
Supplies
—
1.0%
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(b)
221
222,934
Allied
Universal
Holdco
LLC:
6.63%,
07/15/26
(b)
................
2,117
2,238,262
9.75%,
07/15/27
(b)
................
1,498
1,629,787
3.63%,
06/01/28
.................
EUR
1,431
1,626,569
4.63%,
06/01/28
(b)
................
USD
1,887
1,882,248
4.88%,
06/01/28
.................
GBP
414
548,870
6.00%,
06/01/29
(b)
................
USD
1,345
1,327,232
APX
Group,
Inc.
(b)
:
6.75%,
02/15/27
.................
935
993,297
5.75%,
07/15/29
.................
294
290,193
Aramark
Services,
Inc.
(b)
:
5.00%,
04/01/25
.................
435
445,201
6.38%,
05/01/25
.................
245
257,556
5.00%,
02/01/28
.................
607
623,692
Brink's
Co.
(The),
5.50%,
07/15/25
(b)
.....
56
58,520
Clean
Harbors,
Inc.
(b)
:
4.88%,
07/15/27
.................
215
223,063
5.13%,
07/15/29
.................
192
210,240
Covanta
Holding
Corp.,
5.00%,
09/01/30
..
151
152,510
Garda
World
Security
Corp.
(b)(c)
:
4.63%,
02/15/27
.................
355
355,000
9.50%,
11/01/27
.................
250
270,588
GFL
Environmental,
Inc.
(b)(c)
:
4.25%,
06/01/25
.................
86
88,688
3.75%,
08/01/25
.................
778
800,368
4.00%,
08/01/28
.................
765
759,262
3.50%,
09/01/28
.................
730
734,562
4.75%,
06/15/29
.................
324
332,910
4.38%,
08/15/29
.................
451
455,510
GLP
China
Holdings
Ltd.,
2.95%,
03/29/26
(c)(e)
1,670
1,674,676
IAA,
Inc.,
5.50%,
06/15/27
(b)
..........
259
270,655
Intrum
AB
(e)
:
3.13%,
07/15/24
.................
EUR
500
582,100
4.88%,
08/15/25
.................
607
736,137
3.50%,
07/15/26
.................
1,751
2,071,371
ISS
Global
A/S,
1.50%,
08/31/27
(e)
......
100
120,597
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
....................
USD
248
254,200
Madison
IAQ
LLC
(b)
:
4.13%,
06/30/28
.................
107
107,000
5.88%,
06/30/29
.................
572
576,290
Nielsen
Finance
LLC
(b)
:
5.63%,
10/01/28
.................
255
264,563
5.88%,
10/01/30
.................
628
661,202
4.75%,
07/15/31
.................
61
59,338
Paprec
Holding
SA,
3.50%,
07/01/28
.....
EUR
855
1,002,662
Prime
Security
Services
Borrower
LLC
(b)
:
5.25%,
04/15/24
.................
USD
214
228,242
5.75%,
04/15/26
.................
156
168,755
6.25%,
01/15/28
.................
566
585,119
Stericycle,
Inc.,
3.88%,
01/15/29
(b)
.......
97
97,593
Techem
Verwaltungsgesellschaft
674
mbH,
6.00%,
07/30/26
................
EUR
1,231
1,467,804
Techem
Verwaltungsgesellschaft
675
mbH,
2.00%,
07/15/25
(e)
...............
1,500
1,725,362
Verde
Bidco
SpA,
4.63%,
10/01/26
(e)
.....
396
466,998
Verisure
Holding
AB
(e)
:
(EURIBOR
3
Month
+
5.00%),
5.00%,
04/15/25
(a)
...................
500
590,035
3.88%,
07/15/26
.................
500
593,654
BlackRock
Income
Fund
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Verisure
Midholding
AB,
5.25%,
02/15/29
(e)
.
EUR
633
$
752,212
WASH
Multifamily
Acquisition,
Inc.,
5.75%,
04/15/26
(b)
....................
USD
105
109,644
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
...
805
813,050
32,506,321
Communications
Equipment
—
0.3%
Avaya,
Inc.,
6.13%,
09/15/28
(b)
.........
1,384
1,455,234
CommScope
Technologies
LLC,
6.00%,
06/15/25
(b)
....................
254
257,175
CommScope
,
Inc.
(b)
:
6.00%,
03/01/26
.................
299
310,461
8.25%,
03/01/27
.................
48
50,243
7.13%,
07/01/28
.................
645
658,203
4.75%,
09/01/29
.................
676
675,155
Nokia
OYJ:
2.00%,
03/15/24
(e)
................
EUR
200
240,520
4.38%,
06/12/27
(c)
................
USD
611
670,572
6.63%,
05/15/39
(c)
................
79
107,835
ViaSat
,
Inc.
(b)
:
5.63%,
04/15/27
.................
429
447,232
6.50%,
07/15/28
.................
858
903,663
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(b)
...
370
370,814
Xiaomi
Best
Time
International
Ltd.
(c)(e)
:
0.00%,
12/17/27
(
i
)(j)
...............
300
304,050
2.88%,
07/14/31
.................
1,130
1,119,265
4.10%,
07/14/51
.................
705
704,692
8,275,114
Construction
&
Engineering
—
0.3%
Arcosa,
Inc.,
4.38%,
04/15/29
(b)
........
523
529,537
Brand
Industrial
Services,
Inc.,
8.50%,
07/15/25
(b)
....................
716
718,685
Delhi
International
Airport
Ltd.,
6.13%,
10/31/26
(c)(e)
...................
250
251,375
Dycom
Industries,
Inc.,
4.50%,
04/15/29
(b)
..
97
97,410
GMR
Hyderabad
International
Airport
Ltd.
(c)(e)
:
5.38%,
04/10/24
.................
836
854,706
4.25%,
10/27/27
.................
700
668,631
Heathrow
Finance
plc,
4.62%,
09/01/29
(d)(e)
.
GBP
2,643
3,618,300
Heathrow
Funding
Ltd.,
1.88%,
03/14/34
(e)
.
EUR
100
120,786
Interchile
SA,
4.50%,
06/30/56
(b)(c)
.......
USD
590
614,485
MasTec,
Inc.,
4.50%,
08/15/28
(b)
........
218
227,537
Summit
Digitel
Infrastructure
Pvt
Ltd.,
2.88%,
08/12/31
(c)(e)
...................
1,495
1,436,575
9,138,027
Construction
Materials
—
0.1%
Inversiones
CMPC
SA
(c)
:
4.75%,
09/15/24
(e)
................
600
652,950
3.85%,
01/13/30
(e)
................
593
624,874
3.00%,
04/06/31
(b)
................
525
519,828
1,797,652
Consumer
Finance
—
0.6%
Ally
Financial,
Inc.,
8.00%,
11/01/31
.....
400
576,931
American
Express
Co.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%),
3.55%
(a)(m)
.............
550
560,368
Cembra
Money
Bank
AG,
0.00%,
07/09/26
(e)(i)(j)
CHF
400
421,186
Encore
Capital
Group,
Inc.:
4.88%,
10/15/25
(e)
................
EUR
546
662,644
5.38%,
02/15/26
.................
GBP
2,300
3,249,726
4.25%,
06/01/28
.................
1,529
2,056,466
Ford
Motor
Credit
Co.
LLC:
4.69%,
06/09/25
.................
USD
200
214,000
5.13%,
06/16/25
.................
470
510,538
4.13%,
08/04/25
.................
379
400,792
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
3.38%,
11/13/25
.................
USD
200
$
205,500
4.39%,
01/08/26
.................
700
746,375
2.70%,
08/10/26
.................
323
323,646
2.90%,
02/16/28
.................
684
683,145
4.00%,
11/13/30
.................
200
208,000
General
Motors
Financial
Co.,
Inc.,
4.20%,
11/06/21
.....................
475
476,676
Global
Aircraft
Leasing
Co.
Ltd.,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(b)(c)(l)
.....
335
328,086
Manappuram
Finance
Ltd.,
5.90%,
01/13/23
(c)(e)
1,203
1,234,804
Muthoot
Finance
Ltd.,
4.40%,
09/02/23
(c)(e)
..
850
863,175
Navient
Corp.:
7.25%,
09/25/23
.................
70
76,336
6.13%,
03/25/24
.................
97
103,863
5.88%,
10/25/24
.................
13
13,878
6.75%,
06/15/26
.................
50
55,181
5.00%,
03/15/27
.................
26
26,780
New
Lion
Bridge
Co.
Ltd.,
6.50%,
03/31/22
(c)(e)
800
768,075
OneMain
Finance
Corp.:
7.13%,
03/15/26
.................
303
351,101
3.50%,
01/15/27
.................
536
536,241
6.63%,
01/15/28
.................
302
347,300
5.38%,
11/15/29
.................
40
43,354
Shriram
Transport
Finance
Co.
Ltd.
(c)(e)
:
5.95%,
10/24/22
.................
681
691,981
5.10%,
07/16/23
.................
1,368
1,390,487
18,126,635
Containers
&
Packaging
—
0.6%
ARD
Finance
SA,
6.50%,
06/30/27
(b)(c)
....
1,885
2,002,530
Ardagh
Metal
Packaging
Finance
USA
LLC:
2.00%,
09/01/28
(e)
................
EUR
786
917,291
3.00%,
09/01/29
(e)
................
1,000
1,159,921
4.00%,
09/01/29
(b)
................
USD
1,319
1,333,839
Ardagh
Packaging
Finance
plc
(b)
:
4.13%,
08/15/26
.................
656
680,928
5.25%,
08/15/27
.................
1,437
1,462,873
Ball
Corp.:
1.50%,
03/15/27
.................
EUR
200
236,806
3.13%,
09/15/31
.................
USD
529
522,429
Berry
Global,
Inc.,
1.00%,
01/15/25
(e)
.....
EUR
200
236,011
CANPACK
SA,
3.13%,
11/01/25
(b)(c)
......
USD
211
214,627
Crown
Americas
LLC,
4.75%,
02/01/26
...
75
77,295
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
77
95,095
Graphic
Packaging
International
LLC
(b)
:
4.75%,
07/15/27
.................
23
24,897
3.50%,
03/15/28
.................
8
8,120
3.50%,
03/01/29
.................
113
112,435
Intertape
Polymer
Group,
Inc.,
4.38%,
06/15/29
(b)(c)
...................
128
130,126
Kleopatra
Finco
SARL,
4.25%,
03/01/26
(e)
..
EUR
593
671,941
LABL,
Inc.,
10.50%,
07/15/27
(b)
........
USD
343
369,583
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(b)
...............
852
859,455
OI
European
Group
BV
(e)
:
3.13%,
11/15/24
.................
EUR
300
359,014
2.88%,
02/15/25
.................
1,200
1,408,502
Sealed
Air
Corp.:
4.50%,
09/15/23
(e)
................
100
123,934
4.00%,
12/01/27
(b)
................
USD
69
73,478
Silgan
Holdings,
Inc.:
4.13%,
02/01/28
.................
26
26,715
2.25%,
06/01/28
.................
EUR
1,000
1,165,590
Smurfit
Kappa
Treasury
ULC,
1.50%,
09/15/27
(e)
....................
1,000
1,228,152
Titan
Holdings
II
BV,
5.13%,
07/15/29
(e)
...
598
703,045
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
36
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
Trivium
Packaging
Finance
BV
(b)(c)(d)
:
5.50%,
08/15/26
.................
USD
853
$
893,356
8.50%,
08/15/27
.................
2,279
2,447,076
19,545,064
Distributors
—
0.0%
(b)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
.............
54
53,849
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
104
103,480
Wolverine
Escrow
LLC,
9.00%,
11/15/26
...
76
70,205
227,534
Diversified
Consumer
Services
—
0.1%
Graham
Holdings
Co.,
5.75%,
06/01/26
(b)
..
48
50,126
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(b)
..
204
198,390
Rekeep
SpA,
7.25%,
02/01/26
(e)
........
EUR
1,807
2,256,445
Service
Corp.
International,
4.00%,
05/15/31
USD
913
943,814
Sotheby's
(b)
:
7.38%,
10/15/27
.................
978
1,034,235
5.88%,
06/01/29
.................
400
411,500
4,894,510
Diversified
Financial
Services
—
0.8%
Arrow
Global
Finance
plc,
5.13%,
09/15/24
.
GBP
1,100
1,482,140
China
Cinda
2020
I
Management
Ltd.:
3.00%,
01/20/31
(c)(e)
...............
USD
271
265,546
doValue
SpA,
3.38%,
07/31/26
.........
EUR
1,150
1,352,084
Garfunkelux
Holdco
3
SA
(e)
:
6.75%,
11/01/25
.................
2,158
2,609,452
7.75%,
11/01/25
.................
GBP
1,989
2,799,452
GE
Capital
Funding
LLC,
4.40%,
05/15/30
.
USD
5,000
5,793,598
GE
Capital
International
Funding
Co.
Unlimited
Co.,
4.42%,
11/15/35
(k)
............
3,766
4,519,397
Jefferies
Finance
LLC,
5.00%,
08/15/28
(b)
..
357
361,909
MPH
Acquisition
Holdings
LLC,
5.50%,
09/01/28
(b)
....................
357
356,018
ProGroup
AG,
3.00%,
03/31/26
(e)
.......
EUR
1,400
1,639,934
Sabre
GLBL,
Inc.
(b)
:
9.25%,
04/15/25
.................
USD
614
709,655
7.38%,
09/01/25
.................
293
312,279
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
...
474
494,738
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(b)
.
2,513
2,648,074
25,344,276
Diversified
Telecommunication
Services
—
2.3%
Altice
France
Holding
SA:
8.00%,
05/15/27
(b)
................
EUR
200
246,497
8.00%,
05/15/27
(e)
................
300
369,745
10.50%,
05/15/27
(b)(c)
..............
USD
1,606
1,756,322
6.00%,
02/15/28
(b)(c)
...............
342
328,482
Altice
France
SA:
2.50%,
01/15/25
.................
EUR
600
682,152
7.38%,
05/01/26
(b)(c)
...............
USD
251
260,438
5.88%,
02/01/27
.................
EUR
350
423,812
8.13%,
02/01/27
(b)(c)
...............
USD
1,203
1,294,428
5.50%,
01/15/28
(b)(c)
...............
296
300,951
4.13%,
01/15/29
(e)
................
EUR
1,654
1,894,357
5.13%,
01/15/29
(b)(c)
...............
USD
200
196,000
5.13%,
07/15/29
(b)(c)
...............
2,398
2,351,179
4.25%,
10/15/29
(e)
................
EUR
1,173
1,341,760
5.50%,
10/15/29
(b)(c)
...............
USD
1,225
1,212,606
Arqiva
Broadcast
Finance
plc,
6.75%,
09/30/23
GBP
800
1,099,621
AT&T,
Inc.:
2.45%,
03/15/35
.................
EUR
100
130,459
3.65%,
09/15/59
.................
USD
165
164,492
CCO
Holdings
LLC:
5.13%,
05/01/27
(b)
................
69
71,850
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
5.00%,
02/01/28
(b)
................
USD
14
$
14,615
5.38%,
06/01/29
(b)
................
258
278,640
4.75%,
03/01/30
(b)
................
517
540,511
4.50%,
08/15/30
(b)
................
651
671,650
4.25%,
02/01/31
(b)
................
688
699,937
4.50%,
05/01/32
.................
1,206
1,242,180
4.50%,
06/01/33
(b)
................
159
161,817
4.25%,
01/15/34
(b)
................
1,374
1,361,118
Cellnex
Telecom
SA
(e)
:
1.00%,
04/20/27
.................
EUR
100
114,448
0.75%,
11/20/31
(
i
)
................
9,400
10,698,720
Cincinnati
Bell,
Inc.
(b)
:
7.00%,
07/15/24
.................
USD
278
282,929
8.00%,
10/15/25
.................
82
85,460
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(b)
....................
980
1,064,525
Frontier
Communications
Corp.
(b)
:
5.88%,
10/15/27
.................
435
462,187
5.00%,
05/01/28
.................
684
718,200
6.75%,
05/01/29
.................
1,381
1,455,229
Global
Switch
Finance
BV,
1.38%,
10/07/30
(e)
EUR
200
235,261
Intelsat
Jackson
Holdings
SA,
8.00%,
02/15/24
(b)(c)(d)
..................
USD
574
589,067
Level
3
Financing,
Inc.
(b)
:
4.25%,
07/01/28
.................
535
539,136
3.75%,
07/15/29
.................
496
479,374
Lorca
Telecom
Bondco
SA:
4.00%,
09/18/27
(e)
................
EUR
1,113
1,295,832
Lumen
Technologies,
Inc.:
Series
W,
6.75%,
12/01/23
..........
USD
388
425,345
Series
Y,
7.50%,
04/01/24
..........
47
52,052
5.13%,
12/15/26
(b)
................
1,102
1,143,325
4.00%,
02/15/27
(b)
................
331
338,216
4.50%,
01/15/29
(b)
................
1,147
1,111,420
5.38%,
06/15/29
(b)
................
500
510,180
Series
P,
7.60%,
09/15/39
..........
21
23,520
Series
U,
7.65%,
03/15/42
..........
433
484,960
Network
i2i
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.27%),
5.65%
(a)(c)(e)(m)
..................
1,729
1,839,548
Ooredoo
International
Finance
Ltd.
(c)(e)
:
3.75%,
06/22/26
.................
1,139
1,257,741
2.63%,
04/08/31
.................
1,150
1,173,000
Sable
International
Finance
Ltd.,
5.75%,
09/07/27
(b)(c)
...................
200
210,000
Sprint
Capital
Corp.:
6.88%,
11/15/28
.................
1,765
2,259,200
8.75%,
03/15/32
.................
1,048
1,565,565
Switch
Ltd.
(b)
:
3.75%,
09/15/28
.................
409
415,135
4.13%,
06/15/29
.................
635
651,669
Telecom
Italia
Capital
SA
(c)
:
6.38%,
11/15/33
.................
691
804,117
7.20%,
07/18/36
.................
85
104,125
7.72%,
06/04/38
.................
396
506,880
Telecom
Italia
Finance
SA,
7.75%,
01/24/33
EUR
900
1,520,506
Telecom
Italia
SpA
:
4.00%,
04/11/24
(e)
................
500
618,508
5.30%,
05/30/24
(b)(c)
...............
USD
389
419,089
2.75%,
04/15/25
(e)
................
EUR
500
607,439
2.38%,
10/12/27
(e)
................
800
959,021
1.63%,
01/18/29
(e)
................
1,025
1,162,079
5.25%,
03/17/55
.................
1,300
1,825,849
Telesat
Canada,
4.88%,
06/01/27
(b)(c)
.....
USD
140
128,800
BlackRock
Income
Fund
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Verizon
Communications,
Inc.:
3.88%,
02/08/29
.................
USD
325
$
364,514
4.50%,
08/10/33
.................
500
595,354
5.01%,
04/15/49
.................
29
37,990
2.99%,
10/30/56
.................
624
576,180
3.70%,
03/22/61
.................
5,768
6,090,591
Virgin
Media
Finance
plc:
3.75%,
07/15/30
.................
EUR
1,142
1,339,371
Virgin
Media
Secured
Finance
plc:
5.50%,
05/15/29
(b)(c)
...............
USD
800
843,200
4.25%,
01/15/30
.................
GBP
1,400
1,905,224
4.50%,
08/15/30
(b)(c)
...............
USD
300
304,875
Zayo
Group
Holdings,
Inc.
(b)
:
4.00%,
03/01/27
.................
2,248
2,237,277
6.13%,
03/01/28
.................
1,971
1,998,160
75,526,012
Electric
Utilities
—
0.6%
ACEN
Finance
Ltd.,
4.00%
(c)(m)
.........
1,440
1,400,400
Adani
Electricity
Mumbai
Ltd.
(c)(e)
:
3.95%,
02/12/30
.................
800
799,900
3.87%,
07/22/31
.................
380
375,508
AES
Panama
Generation
Holdings
SRL,
4.38%,
05/31/30
(b)(c)
..............
644
663,964
China
Huadian
Overseas
Development
2018
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
6.07%),
3.38%
(a)(c)
(e)(m)
........................
1,030
1,071,200
Clean
Renewable
Power
Mauritius
Pte.
Ltd.,
4.25%,
03/25/27
(c)(e)
..............
965
974,831
Duke
Energy
Corp.,
3.95%,
08/15/47
.....
750
827,118
FirstEnergy
Corp.:
Series
B,
4.40%,
07/15/27
(d)
.........
214
234,796
2.65%,
03/01/30
.................
199
198,005
Series
B,
2.25%,
09/01/30
..........
39
37,635
Series
C,
5.35%,
07/15/47
(d)
.........
293
357,277
Series
C,
3.40%,
03/01/50
..........
759
729,672
FirstEnergy
Transmission
LLC
(b)
:
5.45%,
07/15/44
.................
810
1,032,382
4.55%,
04/01/49
.................
270
316,006
Huachen
Energy
Co.
Ltd.,
6.63%,
05/18/20
(c)(e)(g)
(n)
.........................
275
105,875
India
Green
Power
Holdings,
4.00%,
02/22/27
(c)
(e)
.........................
1,640
1,639,795
LLPL
Capital
Pte.
Ltd.,
6.88%,
02/04/39
(c)(e)
.
426
498,687
Mong
Duong
Finance
Holdings
BV,
5.13%,
05/07/29
(c)(e)
...................
1,358
1,351,903
NextEra
Energy
Operating
Partners
LP,
4.25%,
09/15/24
(b)
....................
2
2,110
NRG
Energy,
Inc.
(b)
:
3.63%,
02/15/31
.................
269
264,225
3.88%,
02/15/32
.................
585
578,419
Oncor
Electric
Delivery
Co.
LLC,
3.10%,
09/15/49
.....................
165
172,264
Pacific
Gas
&
Electric
Co.,
4.20%,
06/01/41
.
4,040
3,968,067
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
....................
313
326,303
PG&E
Corp.,
5.25%,
07/01/30
.........
139
142,301
Star
Energy
Geothermal
Darajat
II,
4.85%,
10/14/38
(b)(c)
...................
1,191
1,329,677
Star
Energy
Geothermal
Wayang
Windu
Ltd.,
6.75%,
04/24/33
(c)(e)
..............
709
812,350
Texas
Competitive
Electric
Holdings
Co.
LLC,
5.10%,
12/31/49
(f)(g)(n)
.............
815
—
Virginia
Electric
&
Power
Co.,
Series
B,
3.80%,
09/15/47
.....................
500
564,218
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Vistra
Operations
Co.
LLC,
4.38%,
05/01/29
(b)
USD
216
$
217,324
20,992,212
Electrical
Equipment
—
0.1%
Atkore,
Inc.,
4.25%,
06/01/31
(b)
.........
157
161,710
Energizer
Gamma
Acquisition
BV,
3.50%,
06/30/29
(e)
....................
EUR
979
1,125,247
Orano
SA,
2.75%,
03/08/28
(e)
.........
1,000
1,222,064
Sensata
Technologies
BV
(b)
:
5.63%,
11/01/24
.................
USD
123
136,135
5.00%,
10/01/25
.................
42
46,253
4.00%,
04/15/29
.................
815
829,629
3,521,038
Electronic
Equipment,
Instruments
&
Components
—
0.1%
AAC
Technologies
Holdings,
Inc.,
3.75%,
06/02/31
(c)(e)
...................
735
746,573
Belden,
Inc.:
4.13%,
10/15/26
.................
EUR
310
366,518
3.88%,
03/15/28
(e)
................
300
361,127
3.38%,
07/15/31
(e)
................
548
658,560
CDW
LLC,
3.25%,
02/15/29
..........
USD
349
357,725
Sensata
Technologies,
Inc.,
4.38%,
02/15/30
(b)
846
910,262
Zhen
Ding
Technology
Holding
Ltd.,
0.00%,
06/30/25
(c)(e)(i)(j)
.................
400
399,400
3,800,165
Energy
Equipment
&
Services
—
0.4%
Anton
Oilfield
Services
Group,
7.50%,
12/02/22
(c)(e)
...................
3,350
3,325,503
Archrock
Partners
LP
(b)
:
6.88%,
04/01/27
.................
284
298,200
6.25%,
04/01/28
.................
1,087
1,124,203
CGG
SA,
7.75%,
04/01/27
(e)
..........
EUR
870
1,023,788
ChampionX
Corp.,
6.38%,
05/01/26
......
USD
66
68,640
Hilong
Holding
Ltd.,
9.75%,
11/18/24
(c)(e)
...
4,600
4,048,000
Tervita
Corp.,
11.00%,
12/01/25
(b)(c)
......
175
198,014
Transocean,
Inc.,
11.50%,
01/30/27
(b)
.....
104
107,120
USA
Compression
Partners
LP:
6.88%,
04/01/26
.................
854
889,186
6.88%,
09/01/27
.................
591
625,633
Vallourec
SA,
8.50%,
06/30/26
.........
EUR
1,100
1,304,271
13,012,558
Entertainment
—
0.3%
Banijay
Group
SAS,
6.50%,
03/01/26
(e)
....
1,100
1,328,542
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(b)
....................
USD
135
139,559
Live
Nation
Entertainment,
Inc.
(b)
:
4.88%,
11/01/24
.................
58
58,648
6.50%,
05/15/27
.................
910
1,001,000
3.75%,
01/15/28
.................
816
811,155
Netflix,
Inc.:
5.88%,
11/15/28
.................
146
178,908
6.38%,
05/15/29
.................
48
60,720
3.88%,
11/15/29
(e)
................
EUR
1,000
1,401,613
5.38%,
11/15/29
(b)
................
USD
955
1,156,744
4.88%,
06/15/30
(b)
................
7
8,242
Pinewood
Finance
Co.
Ltd.,
3.25%,
09/30/25
GBP
344
469,234
Playtika
Holding
Corp.,
4.25%,
03/15/29
(b)
..
USD
754
756,405
WMG
Acquisition
Corp.:
3.88%,
07/15/30
(b)
................
126
131,040
2.25%,
08/15/31
(e)
................
EUR
1,265
1,464,012
8,965,822
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
38
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.6%
American
Finance
Trust,
Inc.,
4.50%,
09/30/28
(b)
....................
USD
82
$
82,000
American
Tower
Corp.,
3.13%,
01/15/27
...
1,000
1,065,718
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
....................
227
224,730
Crown
Castle
International
Corp.:
3.80%,
02/15/28
.................
1,000
1,099,678
3.30%,
07/01/30
.................
865
921,868
CTR
Partnership
LP,
3.88%,
06/30/28
(b)
...
179
185,712
Diversified
Healthcare
Trust,
9.75%,
06/15/25
215
235,156
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(b)
..
138
137,027
GLP
Capital
LP,
4.00%,
01/15/31
.......
90
97,074
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(b)
...
214
217,210
Iron
Mountain,
Inc.
(b)
:
5.25%,
03/15/28
.................
194
202,730
5.63%,
07/15/32
.................
710
761,475
LMIRT
Capital
Pte.
Ltd.,
7.25%,
06/19/24
(c)(e)
334
346,901
MGM
Growth
Properties
Operating
Partnership
LP:
5.63%,
05/01/24
.................
512
556,800
4.63%,
06/15/25
(b)
................
363
391,132
5.75%,
02/01/27
.................
36
41,400
4.50%,
01/15/28
.................
584
638,020
3.88%,
02/15/29
(b)
................
1,031
1,098,015
MPT
Operating
Partnership
LP:
5.00%,
10/15/27
.................
85
89,569
4.63%,
08/01/29
.................
485
520,405
3.50%,
03/15/31
.................
1,440
1,468,800
RHP
Hotel
Properties
LP:
4.75%,
10/15/27
.................
617
638,577
4.50%,
02/15/29
(b)
................
673
674,359
RLJ
Lodging
Trust
LP
(b)
:
3.75%,
07/01/26
.................
149
149,745
4.00%,
09/15/29
.................
125
124,805
SBA
Communications
Corp.:
4.88%,
09/01/24
.................
65
66,087
3.88%,
02/15/27
.................
846
876,668
Service
Properties
Trust:
4.35%,
10/01/24
.................
46
46,608
7.50%,
09/15/25
.................
185
207,707
5.50%,
12/15/27
.................
590
628,769
Trust
Fibra
Uno
(c)
:
4.87%,
01/15/30
(b)
................
905
983,712
6.95%,
01/30/44
(e)
................
471
581,185
Uniti
Group
LP
(b)
:
4.75%,
04/15/28
.................
334
341,097
6.50%,
02/15/29
.................
929
955,630
6.00%,
01/15/30
.................
295
292,419
VICI
Properties
LP
(b)
:
3.50%,
02/15/25
.................
203
207,060
4.25%,
12/01/26
.................
562
586,913
4.63%,
12/01/29
.................
952
1,023,400
4.13%,
08/15/30
.................
1,107
1,173,420
19,939,581
Food
&
Staples
Retailing
—
0.5%
Albertsons
Cos.,
Inc.
(b)
:
3.25%,
03/15/26
.................
531
538,965
4.63%,
01/15/27
.................
765
802,511
4.88%,
02/15/30
.................
333
358,807
Bellis
Acquisition
Co.
plc,
3.25%,
02/16/26
(e)
GBP
656
868,170
Casino
Guichard
Perrachon
SA:
3.58%,
02/07/25
(d)(e)
...............
EUR
600
671,727
5.25%,
04/15/27
.................
1,075
1,251,453
(EURIBOR
Swap
Rate
5
Year
+
3.82%),
3.99%
(a)(m)
....................
1,200
987,609
Security
Par
(000)
Par
(000)
Value
Food
&
Staples
Retailing
(continued)
Iceland
Bondco
plc
(e)
:
4.63%,
03/15/25
.................
GBP
1,900
$
2,380,856
4.38%,
05/15/28
.................
580
693,574
Ocado
Group
plc,
3.88%,
10/08/26
(c)
.....
USD
1,491
2,008,973
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
(b)
....................
496
497,240
Picard
Groupe
SAS,
3.88%,
07/01/26
(e)
...
EUR
839
986,628
Quatrim
SASU,
5.88%,
01/15/24
.......
1,500
1,788,956
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(b)
USD
164
177,530
US
Foods,
Inc.
(b)
:
6.25%,
04/15/25
.................
142
148,951
4.75%,
02/15/29
.................
619
635,249
14,797,199
Food
Products
—
0.7%
China
Modern
Dairy
Holdings
Ltd.,
2.13%,
07/14/26
(c)(e)
...................
1,150
1,118,881
Chobani
LLC
(b)
:
7.50%,
04/15/25
.................
1,549
1,611,735
4.63%,
11/15/28
.................
563
581,297
CP
Foods
Capital
Ltd.,
0.50%,
06/18/25
(c)(e)(i)
800
806,000
Gruma
SAB
de
CV,
4.88%,
12/01/24
(c)(e)
...
760
836,380
Health
&
Happiness
H&H
International
Holdings
Ltd.,
5.63%,
10/24/24
(c)(e)
...........
800
819,400
Indofood
CBP
Sukses
Makmur
Tbk.
PT,
3.40%,
06/09/31
(c)(e)
...................
1,257
1,269,708
JBS
USA
LUX
SA
(b)
:
6.75%,
02/15/28
.................
103
111,420
6.50%,
04/15/29
.................
500
558,750
3.75%,
12/01/31
.................
856
890,694
Knight
Castle
Investments
Ltd.,
7.99%,
01/23/21
(c)(e)(g)(n)
.................
1,400
981,750
Kraft
Heinz
Foods
Co.:
2.25%,
05/25/28
(e)
................
EUR
600
755,823
4.25%,
03/01/31
.................
USD
1,584
1,790,745
6.88%,
01/26/39
.................
219
323,317
4.63%,
10/01/39
.................
67
78,087
6.50%,
02/09/40
.................
145
205,899
5.00%,
06/04/42
.................
9
11,037
5.20%,
07/15/45
.................
427
534,836
4.38%,
06/01/46
.................
1,591
1,810,272
4.88%,
10/01/49
.................
679
826,408
5.50%,
06/01/50
.................
1,186
1,564,774
Lamb
Weston
Holdings,
Inc.,
4.88%,
05/15/28
(b)
65
71,451
Pilgrim's
Pride
Corp.,
3.50%,
03/01/32
(b)
...
715
727,066
Post
Holdings,
Inc.
(b)
:
5.63%,
01/15/28
.................
643
675,536
4.50%,
09/15/31
.................
357
352,762
Premier
Foods
Finance
plc,
3.50%,
10/15/26
GBP
948
1,285,329
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(b)
..
USD
368
370,760
Tereos
Finance
Groupe
I
SA,
7.50%,
10/30/25
EUR
815
1,013,358
TreeHouse
Foods,
Inc.,
4.00%,
09/01/28
..
USD
141
137,993
22,121,468
Gas
Utilities
—
0.0%
China
Oil
&
Gas
Group
Ltd.,
5.50%,
01/25/23
(c)
(e)
.........................
200
204,162
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(b)
....................
159
164,963
369,125
Health
Care
Equipment
&
Supplies
—
0.2%
Avantor
Funding,
Inc.:
2.63%,
11/01/25
(e)
................
EUR
400
473,543
4.63%,
07/15/28
(b)
................
USD
1,373
1,445,082
Hologic,
Inc.,
3.25%,
02/15/29
(b)
........
95
95,045
BlackRock
Income
Fund
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
(continued)
Mozart
Debt
Merger
Sub,
Inc.
(b)
:
3.88%,
04/01/29
.................
USD
602
$
602,000
5.25%,
10/01/29
.................
1,319
1,319,000
Ortho-Clinical
Diagnostics,
Inc.
(b)
:
7.38%,
06/01/25
.................
1,246
1,314,530
7.25%,
02/01/28
.................
836
894,625
6,143,825
Health
Care
Providers
&
Services
—
1.1%
180
Medical,
Inc.,
3.88%,
10/15/29
......
200
200,000
Acadia
Healthcare
Co.,
Inc.
(b)
:
5.50%,
07/01/28
.................
237
249,134
5.00%,
04/15/29
.................
66
68,723
AdaptHealth
LLC
(b)
:
6.13%,
08/01/28
.................
70
74,375
4.63%,
08/01/29
.................
256
255,808
5.13%,
03/01/30
.................
111
111,055
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(b)
301
304,010
Akumin
Escrow,
Inc.,
7.50%,
08/01/28
(b)
...
64
61,920
Akumin,
Inc.,
7.00%,
11/01/25
(b)
........
152
147,440
BUPA
Finance
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
3.17%),
4.00%
(a)(m)
....................
GBP
525
696,053
CAB
SELAS:
3.38%,
02/01/28
.................
EUR
1,564
1,827,388
Cano
Health
LLC,
6.25%,
10/01/28
(b)
.....
USD
113
114,130
Centene
Corp.:
2.45%,
07/15/28
.................
680
683,400
4.63%,
12/15/29
.................
972
1,059,286
3.00%,
10/15/30
.................
748
766,700
2.50%,
03/01/31
.................
1,205
1,188,431
2.63%,
08/01/31
.................
1,095
1,087,598
Chrome
Bidco
SASU,
3.50%,
05/31/28
(e)
...
EUR
853
1,009,069
Chrome
Holdco
SASU,
5.00%,
05/31/29
(e)
..
808
959,345
Community
Health
Systems,
Inc.
(b)
:
6.63%,
02/15/25
.................
USD
1,911
1,999,384
8.00%,
03/15/26
.................
1,000
1,060,475
5.63%,
03/15/27
.................
1,002
1,049,224
6.00%,
01/15/29
.................
1,106
1,172,360
6.88%,
04/15/29
.................
142
142,334
6.13%,
04/01/30
.................
309
300,263
CVS
Health
Corp.,
5.05%,
03/25/48
......
600
772,321
DaVita,
Inc.,
4.63%,
06/01/30
(b)
........
11
11,315
Encompass
Health
Corp.:
4.50%,
02/01/28
.................
44
45,430
4.75%,
02/01/30
.................
554
582,669
4.63%,
04/01/31
.................
231
242,793
HCA,
Inc.:
5.63%,
09/01/28
.................
387
460,414
5.88%,
02/01/29
.................
138
165,833
3.50%,
09/01/30
.................
1,615
1,710,915
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
.....
348
353,220
Korian
SA,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
9.08%),
4.13%
(a)(e)(m)
GBP
1,300
1,747,728
Laboratoire
Eimer
Selas,
5.00%,
02/01/29
..
EUR
295
352,819
Legacy
LifePoint
Health
LLC
(b)
:
6.75%,
04/15/25
.................
USD
190
199,662
4.38%,
02/15/27
.................
53
52,867
LifePoint
Health,
Inc.,
5.38%,
01/15/29
(b)
...
781
759,522
MEDNAX,
Inc.,
6.25%,
01/15/27
(b)
.......
126
132,457
ModivCare
Escrow
Issuer,
Inc.,
5.00%,
10/01/29
(b)
....................
183
189,689
ModivCare,
Inc.,
5.88%,
11/15/25
(b)
......
133
140,647
Molina
Healthcare,
Inc.
(b)
:
4.38%,
06/15/28
.................
94
97,796
3.88%,
11/15/30
.................
508
530,860
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Phoenix
PIB
Dutch
Finance
BV,
2.38%,
08/05/25
(e)
....................
EUR
1,000
$
1,194,838
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(b)
....................
USD
792
849,420
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(b)
...............
115
121,469
RP
Escrow
Issuer
LLC,
5.25%,
12/15/25
(b)
..
176
181,060
Surgery
Center
Holdings,
Inc.
(b)
:
6.75%,
07/01/25
.................
267
271,673
10.00%,
04/15/27
................
2,297
2,480,760
Tenet
Healthcare
Corp.
(b)
:
4.63%,
09/01/24
.................
219
223,927
7.50%,
04/01/25
.................
263
279,109
4.88%,
01/01/26
.................
1,250
1,293,650
6.25%,
02/01/27
.................
640
664,000
5.13%,
11/01/27
.................
5
5,213
4.63%,
06/15/28
.................
48
49,736
6.13%,
10/01/28
.................
843
885,550
4.25%,
06/01/29
.................
441
447,615
US
Acute
Care
Solutions
LLC,
6.38%,
03/01/26
(b)
....................
116
122,380
Vizient,
Inc.,
6.25%,
05/15/27
(b)
........
254
265,430
34,472,692
Health
Care
Technology
—
0.0%
IQVIA,
Inc.
(b)
:
5.00%,
10/15/26
.................
319
326,933
5.00%,
05/15/27
.................
373
387,428
714,361
Hotels,
Restaurants
&
Leisure
—
2.0%
1011778
BC
ULC
(b)(c)
:
3.88%,
01/15/28
.................
569
574,605
4.38%,
01/15/28
.................
884
897,445
Accor
SA,
0.70%,
12/07/27
...........
EUR
459
275,518
Affinity
Gaming,
6.88%,
12/15/27
(b)
......
USD
243
255,569
Boyd
Gaming
Corp.:
8.63%,
06/01/25
(b)
................
25
27,094
4.75%,
12/01/27
.................
268
276,225
4.75%,
06/15/31
(b)
................
653
673,406
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
.....
240
247,800
Burger
King
France
SAS,
6.00%,
05/01/24
.
EUR
1,400
1,648,918
Caesars
Entertainment,
Inc.
(b)
:
6.25%,
07/01/25
.................
USD
1,925
2,026,558
8.13%,
07/01/27
.................
1,834
2,061,829
4.63%,
10/15/29
.................
496
502,200
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(b)
....................
1,030
1,085,852
Carnival
Corp.:
11.50%,
04/01/23
(b)
...............
100
111,625
10.13%,
02/01/26
................
EUR
1,928
2,563,836
10.50%,
02/01/26
(b)
...............
USD
145
168,229
7.63%,
03/01/26
(e)
................
EUR
506
631,843
5.75%,
03/01/27
(b)
................
USD
1,334
1,379,022
9.88%,
08/01/27
(b)
................
458
528,583
4.00%,
08/01/28
(b)
................
1,356
1,369,560
Carrols
Restaurant
Group,
Inc.,
5.88%,
07/01/29
(b)
....................
67
63,064
CCM
Merger,
Inc.,
6.38%,
05/01/26
(b)
.....
212
223,130
Cedar
Fair
LP:
5.50%,
05/01/25
(b)
................
814
845,542
6.50%,
10/01/28
.................
93
99,776
Champion
Path
Holdings
Ltd.
(c)
:
4.50%,
01/27/26
.................
1,906
1,944,120
4.85%,
01/27/28
.................
678
686,178
Churchill
Downs,
Inc.,
4.75%,
01/15/28
(b)
..
933
976,151
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
40
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Cirsa
Finance
International
SARL:
6.25%,
12/20/23
.................
EUR
85
$
99,790
4.75%,
05/22/25
(e)
................
929
1,078,797
4.50%,
03/15/27
(e)
................
1,049
1,201,889
Codere
Finance
2
Luxembourg
SA:
10.75%,
09/30/23
(d)(e)
..............
195
240,561
10.75%,
09/30/23
................
41
51,172
4.50%,
(4.50%
Cash
or
10.75%
PIK),
11/01/23
(a)(l)
...................
309
229,161
CPUK
Finance
Ltd.:
4.88%,
08/28/25
.................
GBP
1,200
1,629,007
4.50%,
08/28/27
(e)
................
603
825,862
Everi
Holdings,
Inc.,
5.00%,
07/15/29
(b)
....
USD
56
57,382
Expedia
Group,
Inc.:
6.25%,
05/01/25
(b)
................
1,658
1,911,562
2.95%,
03/15/31
.................
2,120
2,142,387
Fortune
Star
BVI
Ltd.
(c)(e)
:
5.95%,
01/29/23
.................
200
202,975
6.75%,
07/02/23
.................
256
264,688
6.85%,
07/02/24
.................
1,382
1,433,825
5.95%,
10/19/25
.................
1,380
1,404,150
5.05%,
01/27/27
.................
600
586,500
Full
House
Resorts,
Inc.,
8.25%,
02/15/28
(b)
.
59
63,425
Gamma
Bidco
SpA,
6.25%,
07/15/25
(e)
....
EUR
2,045
2,467,014
Golden
Nugget,
Inc.,
6.75%,
10/15/24
(b)
...
USD
713
713,927
Hilton
Domestic
Operating
Co.,
Inc.:
5.38%,
05/01/25
(b)
................
74
77,330
4.88%,
01/15/30
.................
418
448,414
4.00%,
05/01/31
(b)
................
874
887,110
InterContinental
Hotels
Group
plc,
3.38%,
10/08/28
(e)
....................
GBP
175
250,514
International
Game
Technology
plc,
3.50%,
06/15/26
(e)
....................
EUR
2,000
2,376,239
IRB
Holding
Corp.,
7.00%,
06/15/25
(b)
....
USD
210
222,962
Life
Time,
Inc.
(b)
:
5.75%,
01/15/26
.................
442
457,470
8.00%,
04/15/26
.................
187
198,220
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(b)
99
95,680
Marriott
International,
Inc.,
Series
EE,
5.75%,
05/01/25
.....................
98
112,071
Melco
Resorts
Finance
Ltd.
(c)(e)
:
5.25%,
04/26/26
.................
1,933
1,943,631
5.38%,
12/04/29
.................
545
553,993
MGM
Resorts
International:
6.00%,
03/15/23
.................
186
196,684
5.75%,
06/15/25
.................
23
25,070
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(b)
....................
246
250,613
Minor
International
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
7.92%),
2.70%
(a)(c)(e)(m)
...........
695
695,000
NCL
Corp.
Ltd.
(b)
:
10.25%,
02/01/26
................
140
160,650
5.88%,
03/15/26
.................
223
228,575
NCL
Finance
Ltd.,
6.13%,
03/15/28
(b)
.....
606
628,725
Peninsula
Pacific
Entertainment
LLC,
8.50%,
11/15/27
(b)
....................
311
333,936
Penn
National
Gaming,
Inc.,
4.13%,
07/01/29
(b)
99
97,852
Powdr
Corp.,
6.00%,
08/01/25
(b)
........
191
200,550
Premier
Entertainment
Sub
LLC
(b)
:
5.63%,
09/01/29
.................
128
129,280
5.88%,
09/01/31
.................
128
129,318
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)(c)
194
198,122
Royal
Caribbean
Cruises
Ltd.
(b)
:
10.88%,
06/01/23
................
125
140,000
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
9.13%,
06/15/23
.................
USD
196
$
213,014
11.50%,
06/01/25
................
263
300,083
5.50%,
08/31/26
.................
86
88,403
5.50%,
04/01/28
.................
705
721,080
Scientific
Games
International,
Inc.
(b)
:
8.63%,
07/01/25
.................
626
677,917
5.00%,
10/15/25
.................
379
389,896
8.25%,
03/15/26
.................
256
271,680
7.00%,
05/15/28
.................
138
148,867
7.25%,
11/15/29
.................
50
56,182
Sisal
Group
SpA,
7.00%,
07/31/23
......
EUR
825
955,639
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(b)
USD
1,294
1,378,110
Station
Casinos
LLC,
4.50%,
02/15/28
(b)
...
186
188,948
Stonegate
Pub
Co.
Financing
plc
(e)
:
8.00%,
07/13/25
.................
GBP
1,272
1,775,593
8.25%,
07/31/25
.................
2,113
2,992,256
Studio
City
Finance
Ltd.
(c)
:
6.00%,
07/15/25
(e)
................
USD
1,018
1,007,820
5.00%,
01/15/29
(b)
................
1,500
1,382,813
5.00%,
01/15/29
(e)
................
575
530,078
Travel
+
Leisure
Co.,
6.63%,
07/31/26
(b)
...
152
173,093
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(b)
.....
154
162,855
Viking
Cruises
Ltd.,
5.88%,
09/15/27
(b)
....
250
241,875
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(b)
....................
196
196,000
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(b)
....................
147
153,458
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(b)
..
183
184,826
Wynn
Resorts
Finance
LLC
(b)
:
7.75%,
04/15/25
.................
328
346,047
5.13%,
10/01/29
.................
823
829,172
Yum!
Brands,
Inc.,
4.75%,
01/15/30
(b)
.....
12
13,006
65,164,472
Household
Durables
—
0.5%
Ashton
Woods
USA
LLC
(b)
:
6.63%,
01/15/28
.................
54
57,375
4.63%,
08/01/29
.................
110
111,070
4.63%,
04/01/30
.................
129
129,726
Brookfield
Residential
Properties,
Inc.
(b)(c)
:
5.00%,
06/15/29
.................
388
396,749
4.88%,
02/15/30
.................
450
459,000
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(b)
286
302,581
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(b)
....................
101
105,798
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(b)
....................
340
357,000
KB
Home,
4.00%,
06/15/31
...........
106
108,783
Mattamy
Group
Corp.
(b)(c)
:
5.25%,
12/15/27
.................
118
123,310
4.63%,
03/01/30
.................
141
144,082
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
60
66,825
New
Home
Co.,
Inc.
(The),
7.25%,
10/15/25
(b)
127
133,638
Newell
Brands,
Inc.,
6.00%,
04/01/46
(d)
....
8,263
10,679,928
Nobel
Bidco
BV,
3.13%,
06/15/28
(e)
......
EUR
1,018
1,170,356
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(b)
USD
288
280,598
Taylor
Morrison
Communities,
Inc.
(b)
:
5.88%,
06/15/27
.................
2
2,280
5.13%,
08/01/30
.................
79
85,025
Tempur
Sealy
International,
Inc.
(b)
:
4.00%,
04/15/29
.................
258
265,740
3.88%,
10/15/31
.................
352
352,440
TRI
Pointe
Homes,
Inc.:
5.25%,
06/01/27
.................
2
2,160
5.70%,
06/15/28
.................
65
70,687
BlackRock
Income
Fund
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
Williams
Scotsman
International,
Inc.,
4.63%,
08/15/28
(b)
....................
USD
790
$
822,951
16,228,102
Household
Products
—
0.0%
Central
Garden
&
Pet
Co.:
4.13%,
10/15/30
.................
394
402,865
4.13%,
04/30/31
(b)
................
186
188,888
Energizer
Holdings,
Inc.
(b)
:
4.75%,
06/15/28
.................
95
96,638
4.38%,
03/31/29
.................
23
22,826
Spectrum
Brands,
Inc.
(b)
:
5.00%,
10/01/29
.................
298
320,350
5.50%,
07/15/30
.................
82
90,815
3.88%,
03/15/31
.................
73
73,760
1,196,142
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
Adani
Green
Energy
Ltd.,
4.38%,
09/08/24
(c)
795
796,192
Calpine
Corp.
(b)
:
4.50%,
02/15/28
.................
121
123,420
5.13%,
03/15/28
.................
1,395
1,412,764
4.63%,
02/01/29
.................
307
302,395
5.00%,
02/01/31
.................
11
11,000
3.75%,
03/01/31
.................
89
85,663
Clearway
Energy
Operating
LLC
(b)
:
4.75%,
03/15/28
.................
97
102,684
3.75%,
01/15/32
.................
333
332,584
Colbun
SA,
3.15%,
03/06/30
(c)(e)
........
1,853
1,906,621
5,073,323
Insurance
—
0.9%
Acrisure
LLC,
6.00%,
08/01/29
(b)
........
253
249,789
AIA
Group
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.76%),
2.70%
(a)(c)(e)(m)
..................
915
924,150
Alliant
Holdings
Intermediate
LLC
(b)
:
4.25%,
10/15/27
.................
1,790
1,807,900
6.75%,
10/15/27
.................
2,295
2,375,325
AmWINS
Group,
Inc.,
4.88%,
06/30/29
(b)
...
292
296,103
Ardonagh
Midco
2
plc,
0.00%,
(0.00%
Cash
or
12.70%
PIK),
01/15/27
(b)(c)(l)
.........
226
241,074
Asahi
Mutual
Life
Insurance
Co.,
(USD
Swap
Semi
5
Year
+
4.59%),
6.50%
(a)(c)(e)(m)
....
1,056
1,135,200
Assicurazioni
Generali
SpA,
(EURIBOR
3
Month
+
5.35%),
5.50%,
10/27/47
(a)(e)
...
EUR
150
213,624
AssuredPartners,
Inc.,
5.63%,
01/15/29
(b)
..
USD
175
176,085
AXA
SA,
(EURIBOR
3
Month
+
2.40%),
1.37%,
10/07/41
(a)(e)
...................
EUR
2,400
2,774,791
BNP
Paribas
Cardif
SA,
(EURIBOR
3
Month
+
3.93%),
4.03%
(a)(e)(m)
..............
200
261,283
BroadStreet
Partners,
Inc.,
5.88%,
04/15/29
(b)
USD
182
181,317
CNP
Assurances,
(EURIBOR
3
Month
+
4.60%),
4.50%,
06/10/47
(a)(e)
.........
EUR
100
139,025
FWD
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.08%),
5.50%
(a)(c)(e)(m)
..................
USD
1,200
1,206,000
Galaxy
Bidco
Ltd.,
6.50%,
07/31/26
(e)
.....
GBP
2,955
4,161,287
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
(b)
.
USD
507
534,885
HUB
International
Ltd.,
7.00%,
05/01/26
(b)
..
956
988,265
KDB
Life
Insurance
Co.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.66%),
7.50%
(a)(c)(e)(m)
........
1,260
1,269,292
Legal
&
General
Group
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
5.38%),
5.63%
(a)(e)(m)
..............
GBP
700
1,054,004
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Liberty
Mutual
Group,
Inc.,
(EUR
Swap
Annual
5
Year
+
3.70%),
3.63%,
05/23/59
(a)(e)
...
EUR
1,300
$
1,572,866
NFP
Corp.
(b)
:
4.88%,
08/15/28
.................
USD
655
666,135
6.88%,
08/15/28
.................
1,760
1,797,048
QBE
Insurance
Group
Ltd.,
(USD
Swap
Rate
10
Year
+
4.40%),
5.87%,
06/17/46
(a)(c)(e)
.
1,200
1,352,880
Societa
Cattolica
di
Assicurazioni
SC,
(EURIBOR
3
Month
+
4.46%),
4.25%,
12/14/47
(a)(e)
...................
EUR
1,000
1,334,998
Tongyang
Life
Insurance
Co.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.98%),
5.25%
(a)(c)(e)(m)
........
USD
800
846,000
Unipol
Gruppo
SpA,
3.25%,
09/23/30
(e)
....
EUR
700
942,241
ZhongAn
Online
P&C
Insurance
Co.
Ltd.
(c)(e)
:
3.13%,
07/16/25
.................
USD
700
693,000
3.50%,
03/08/26
.................
500
498,750
29,693,317
Interactive
Media
&
Services
—
0.0%
Baidu,
Inc.,
4.13%,
06/30/25
(c)
.........
600
654,112
Rackspace
Technology
Global,
Inc.,
5.38%,
12/01/28
(b)
....................
337
331,102
Twitter,
Inc.,
3.88%,
12/15/27
(b)
.........
315
336,263
1,321,477
Internet
&
Direct
Marketing
Retail
—
0.2%
ANGI
Group
LLC,
3.88%,
08/15/28
(b)
.....
303
301,485
Baozun,
Inc.,
1.63%,
05/01/24
(c)(i)
.......
413
379,960
Go
Daddy
Operating
Co.
LLC
(b)
:
5.25%,
12/01/27
.................
120
125,100
3.50%,
03/01/29
.................
119
117,959
HSE
Finance
SARL,
5.63%,
10/15/26
....
EUR
994
1,195,763
Match
Group
Holdings
II
LLC
(b)
:
4.13%,
08/01/30
.................
USD
163
169,724
3.63%,
10/01/31
.................
138
136,362
Rakuten
Group,
Inc.,
(EUR
Swap
Annual
5
Year
+
4.74%),
4.25%
(a)(m)
.............
EUR
2,300
2,687,064
Very
Group
Funding
plc
(The),
6.50%,
08/01/26
GBP
1,714
2,340,875
7,454,292
IT
Services
—
0.6%
21Vianet
Group,
Inc.,
7.88%,
10/15/21
(c)(e)
..
USD
819
817,690
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(b)
.
584
581,080
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(b)
100
100,750
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(b)
....
195
197,708
Austin
BidCo,
Inc.,
7.13%,
12/15/28
(b)
.....
128
128,960
Banff
Merger
Sub,
Inc.,
8.38%,
09/01/26
(e)
..
EUR
410
492,923
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
(b)
USD
302
303,510
Booz
Allen
Hamilton,
Inc.
(b)
:
3.88%,
09/01/28
.................
376
385,445
4.00%,
07/01/29
.................
781
800,525
Cablevision
Lightpath
LLC
(b)
:
3.88%,
09/15/27
.................
614
602,549
5.63%,
09/15/28
.................
200
200,725
Centurion
Bidco
SpA,
5.88%,
09/30/26
(e)
...
EUR
1,936
2,347,589
Endure
Digital,
Inc.,
6.00%,
02/15/29
(b)
....
USD
137
130,150
Gartner,
Inc.
(b)
:
4.50%,
07/01/28
.................
261
274,050
3.63%,
06/15/29
.................
440
443,344
3.75%,
10/01/30
.................
224
230,541
Global
Payments,
Inc.,
2.90%,
05/15/30
(k)
..
3,260
3,363,597
ION
Trading
Technologies
SARL,
5.75%,
05/15/28
(b)(c)
...................
200
203,925
MoneyGram
International,
Inc.,
5.38%,
08/01/26
(b)
....................
116
117,740
Nexi
SpA,
0.00%,
02/24/28
(j)
..........
EUR
500
558,933
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
42
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Northwest
Fiber
LLC
(b)
:
4.75%,
04/30/27
.................
USD
297
$
298,745
6.00%,
02/15/28
.................
542
539,116
10.75%,
06/01/28
................
109
122,625
Square,
Inc.,
3.50%,
06/01/31
(b)
........
781
801,095
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(b)
.
196
205,800
Twilio,
Inc.,
3.88%,
03/15/31
..........
555
568,215
Unisys
Corp.,
6.88%,
11/01/27
(b)
........
43
46,978
United
Group
BV:
4.88%,
07/01/24
.................
EUR
600
702,961
4.00%,
11/15/27
(e)
................
2,199
2,515,229
4.63%,
08/15/28
(e)
................
1,196
1,389,196
19,471,694
Leisure
Products
—
0.0%
Mattel,
Inc.:
3.75%,
04/01/29
(b)
................
USD
246
256,455
6.20%,
10/01/40
.................
344
442,040
5.45%,
11/01/41
.................
149
176,565
875,060
Life
Sciences
Tools
&
Services
—
0.0%
(b)
Charles
River
Laboratories
International,
Inc.:
4.25%,
05/01/28
.................
15
15,568
3.75%,
03/15/29
.................
32
32,680
4.00%,
03/15/31
.................
93
97,439
Indigo
Merger
Sub,
Inc.,
2.88%,
07/15/26
..
512
517,120
Syneos
Health,
Inc.,
3.63%,
01/15/29
....
546
544,471
1,207,278
Machinery
—
0.4%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(b)
.
108
112,700
ATS
Automation
Tooling
Systems,
Inc.,
4.13%,
12/15/28
(b)(c)
...................
191
195,876
Clark
Equipment
Co.,
5.88%,
06/01/25
(b)(c)
..
34
35,473
Colfax
Corp.,
6.38%,
02/15/26
(b)
........
132
138,824
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
284
296,425
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(b)
..
341
349,951
Grinding
Media,
Inc.,
7.38%,
12/15/23
(b)
...
285
290,557
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(b)(c)(l)
........
167
177,438
IMA
Industria
Macchine
Automatiche
SpA
:
3.75%,
01/15/28
(e)
................
EUR
508
592,855
(EURIBOR
3
Month
+
4.00%),
4.00%,
01/15/28
(a)
...................
373
435,487
Meritor,
Inc.,
4.50%,
12/15/28
(b)
........
USD
133
133,332
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(b)
98
101,450
Novafives
SAS,
5.00%,
06/15/25
(e)
......
EUR
800
866,446
RBS
Global,
Inc.,
4.88%,
12/15/25
(b)
.....
USD
10
10,244
Renk
AG,
5.75%,
07/15/25
(e)
..........
EUR
749
902,742
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(b)
....................
USD
153
156,825
Schenck
Process
Holding
GmbH,
5.38%,
06/15/23
(e)
....................
EUR
1,200
1,400,445
Stevens
Holding
Co.,
Inc.,
6.13%,
10/01/26
(b)
USD
80
86,300
Terex
Corp.,
5.00%,
05/15/29
(b)
........
507
525,379
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(b)(c)
..
1,492
1,524,414
Titan
International,
Inc.,
7.00%,
04/30/28
(b)
.
54
56,903
TK
Elevator
Holdco
GmbH:
6.63%,
07/15/28
(e)
................
EUR
990
1,217,623
7.63%,
07/15/28
(b)(c)
...............
USD
843
900,956
TK
Elevator
Midco
GmbH,
4.38%,
07/15/27
(e)
EUR
1,888
2,282,666
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
(c)
.........................
USD
1,282
1,343,504
Wabash
National
Corp.
(b)
:
5.50%,
10/01/25
.................
235
238,266
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
4.50%,
10/15/28
.................
USD
281
$
280,649
14,653,730
Marine
—
0.2%
CMA
CGM
SA,
7.50%,
01/15/26
(e)
.......
EUR
1,800
2,307,086
Danaos
Corp.,
8.50%,
03/01/28
(b)(c)
......
USD
2,413
2,666,365
Seaspan
Corp.,
5.50%,
08/01/29
(b)(c)
.....
1,210
1,235,192
6,208,643
Media
—
1.9%
Advantage
Sales
&
Marketing,
Inc.,
6.50%,
11/15/28
(b)
....................
201
209,490
Altice
Financing
SA:
2.25%,
01/15/25
(e)
................
EUR
380
423,843
3.00%,
01/15/28
.................
1,847
2,013,885
5.00%,
01/15/28
(b)(c)
...............
USD
903
870,695
Series
SEPT,
4.25%,
08/15/29
(e)
......
EUR
1,449
1,646,975
5.75%,
08/15/29
(b)(c)
...............
USD
1,384
1,340,584
AMC
Networks,
Inc.:
5.00%,
04/01/24
.................
10
10,112
4.75%,
08/01/25
.................
317
324,925
4.25%,
02/15/29
.................
117
116,415
Block
Communications,
Inc.,
4.88%,
03/01/28
(b)
254
259,715
Cable
One,
Inc.
(b)
:
1.13%,
03/15/28
(
i
)
................
227
230,321
4.00%,
11/15/30
.................
163
162,389
Charter
Communications
Operating
LLC:
5.13%,
07/01/49
(k)
................
1,000
1,176,248
3.70%,
04/01/51
(k)
................
2,410
2,346,433
4.40%,
12/01/61
.................
5,750
5,979,770
Clear
Channel
International
BV,
6.63%,
08/01/25
(b)(c)
...................
764
795,515
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
:
7.75%,
04/15/28
.................
545
573,613
7.50%,
06/01/29
.................
1,378
1,433,120
Clear
Channel
Worldwide
Holdings,
Inc.,
5.13%,
08/15/27
(b)
...............
1,992
2,061,342
Comcast
Corp.:
3.75%,
04/01/40
.................
910
1,022,407
4.05%,
11/01/52
.................
260
302,486
2.94%,
11/01/56
(b)
................
448
423,174
2.99%,
11/01/63
(b)
................
299
280,191
CSC
Holdings
LLC:
6.75%,
11/15/21
.................
92
92,230
5.25%,
06/01/24
.................
167
178,887
5.75%,
01/15/30
(b)
................
450
457,526
4.13%,
12/01/30
(b)
................
266
261,013
4.63%,
12/01/30
(b)
................
1,109
1,051,304
4.50%,
11/15/31
(b)
................
446
440,425
5.00%,
11/15/31
(b)
................
595
570,278
DIRECTV
Holdings
LLC,
5.88%,
08/15/27
(b)
.
607
633,556
DISH
DBS
Corp.:
5.88%,
07/15/22
.................
958
987,339
5.00%,
03/15/23
.................
174
180,307
5.88%,
11/15/24
.................
414
445,166
7.75%,
07/01/26
.................
400
451,690
5.13%,
06/01/29
.................
862
844,579
DISH
Network
Corp.
(
i
)
:
2.38%,
03/15/24
.................
322
313,749
3.38%,
08/15/26
.................
524
544,698
GCI
LLC,
4.75%,
10/15/28
(b)
..........
108
113,379
Grupo
Televisa
SAB
(c)
:
4.63%,
01/30/26
.................
562
619,359
5.00%,
05/13/45
.................
1,133
1,353,439
iHeartCommunications,
Inc.,
8.38%,
05/01/27
34
35,982
ITV
plc,
1.38%,
09/26/26
(e)
...........
EUR
100
120,875
BlackRock
Income
Fund
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Media
(continued)
LCPR
Senior
Secured
Financing
DAC
(b)
:
6.75%,
10/15/27
.................
USD
394
$
417,640
5.13%,
07/15/29
.................
971
1,000,081
Liberty
Broadband
Corp.
(b)(
i
)
:
1.25%,
09/30/50
.................
487
494,549
2.75%,
09/30/50
.................
1,131
1,193,933
Midas
OpCo
Holdings
LLC,
5.63%,
08/15/29
(b)
111
114,857
Midcontinent
Communications,
5.38%,
08/15/27
(b)
....................
122
126,942
News
Corp.,
3.88%,
05/15/29
(b)
........
118
121,245
Outfront
Media
Capital
LLC
(b)
:
5.00%,
08/15/27
.................
212
217,438
4.25%,
01/15/29
.................
172
170,478
Radiate
Holdco
LLC
(b)
:
4.50%,
09/15/26
.................
1,033
1,066,573
6.50%,
09/15/28
.................
2,041
2,081,126
Scripps
Escrow
II,
Inc.,
3.88%,
01/15/29
(b)
..
88
88,307
SES
SA,
(EUR
Swap
Annual
5
Year
+
3.19%),
2.87%
(a)(e)(m)
...................
EUR
1,650
1,946,586
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(b)
....................
USD
162
158,355
Sirius
XM
Radio,
Inc.
(b)
:
3.13%,
09/01/26
.................
715
724,831
4.00%,
07/15/28
.................
560
569,450
4.13%,
07/01/30
.................
48
48,223
3.88%,
09/01/31
.................
1,282
1,252,354
Summer
BC
Bidco
B
LLC,
5.50%,
10/31/26
(b)
350
358,715
Summer
BC
Holdco
A
SARL,
9.25%,
10/31/27
EUR
1,261
1,587,624
Summer
BC
Holdco
B
SARL,
5.75%,
10/31/26
1,839
2,231,390
Summer
BidCo
BV
(l)
:
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
(a)
...................
103
121,415
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
....................
182
216,111
Tele
Columbus
AG,
3.88%,
05/02/25
(e)
....
500
580,623
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(b)(c)
..............
USD
800
840,400
Terrier
Media
Buyer,
Inc.,
8.88%,
12/15/27
(b)
885
935,781
Univision
Communications,
Inc.
(b)
:
5.13%,
02/15/25
.................
46
46,672
6.63%,
06/01/27
.................
106
115,142
UPC
Broadband
Finco
BV,
4.88%,
07/15/31
(b)(c)
427
437,188
UPC
Holding
BV,
3.88%,
06/15/29
(e)
.....
EUR
1,400
1,664,535
UPCB
Finance
VII
Ltd.,
3.63%,
06/15/29
(e)
..
2,169
2,578,413
Videotron
Ltd.,
3.63%,
06/15/29
(b)(c)
......
USD
529
536,274
Virgin
Media
Vendor
Financing
Notes
III
DAC,
4.88%,
07/15/28
................
GBP
500
686,022
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(b)(c)
..............
USD
1,168
1,206,369
Ziggo
Bond
Co.
BV,
5.13%,
02/28/30
(b)(c)
...
485
497,355
Ziggo
BV
(b)(c)
:
5.50%,
01/15/27
.................
217
224,323
4.88%,
01/15/30
.................
435
448,594
60,805,343
Metals
&
Mining
—
1.1%
ABJA
Investment
Co.
Pte.
Ltd.,
5.95%,
07/31/24
(c)(e)
...................
1,563
1,688,333
Allegheny
Technologies,
Inc.:
7.88%,
08/15/23
(d)
................
50
56,250
4.88%,
10/01/29
.................
129
129,484
5.13%,
10/01/31
.................
145
146,116
ArcelorMittal
SA,
1.75%,
11/19/25
(e)
......
EUR
600
731,441
Arconic
Corp.
(b)
:
6.00%,
05/15/25
.................
USD
94
98,721
6.13%,
02/15/28
.................
467
495,029
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
...
USD
1,510
$
1,632,687
Constellium
SE
(b)
:
5.88%,
02/15/26
.................
931
944,965
5.63%,
06/15/28
.................
250
262,649
3.75%,
04/15/29
.................
989
963,207
Freeport-McMoRan,
Inc.:
4.38%,
08/01/28
.................
239
250,054
5.40%,
11/14/34
.................
34
40,842
5.45%,
03/15/43
.................
1,653
2,035,256
Glencore
Funding
LLC,
0.00%,
03/27/25
(c)(j)
.
1,800
1,794,726
GUSAP
III
LP,
4.25%,
01/21/30
(c)(e)
......
1,234
1,315,753
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%,
08/01/28
(b)
....................
252
279,405
JSW
Steel
Ltd.
(c)(e)
:
5.95%,
04/18/24
.................
200
211,412
5.38%,
04/04/25
.................
678
712,875
3.95%,
04/05/27
.................
1,350
1,340,739
Kaiser
Aluminum
Corp.
(b)
:
4.63%,
03/01/28
.................
439
453,268
4.50%,
06/01/31
.................
123
126,075
KME
SE,
6.75%,
02/01/23
(e)
..........
EUR
882
965,964
New
Gold,
Inc.
(b)(c)
:
6.38%,
05/15/25
.................
USD
57
58,710
7.50%,
07/15/27
.................
765
787,093
Novelis
Corp.
(b)
:
3.25%,
11/15/26
.................
624
632,848
4.75%,
01/30/30
.................
887
933,745
3.88%,
08/15/31
.................
992
981,138
Novelis
Sheet
Ingot
GmbH,
3.38%,
04/15/29
(e)
EUR
1,183
1,427,827
Periama
Holdings
LLC,
5.95%,
04/19/26
(c)
..
USD
1,630
1,744,915
thyssenkrupp
AG,
2.88%,
02/22/24
(e)
.....
EUR
1,586
1,883,072
United
States
Steel
Corp.:
6.25%,
03/15/26
.................
USD
5
5,156
6.88%,
03/01/29
.................
419
446,744
Vale
Overseas
Ltd.
(c)
:
6.25%,
08/10/26
.................
874
1,035,078
3.75%,
07/08/30
.................
660
681,252
Vedanta
Resources
Finance
II
plc
(c)
:
8.00%,
04/23/23
(e)
................
1,846
1,792,697
13.88%,
01/21/24
(e)
...............
2,582
2,772,423
8.95%,
03/11/25
(e)
................
500
498,750
8.95%,
03/11/25
(b)
................
400
399,000
9.25%,
04/23/26
(e)
................
1,570
1,489,537
Vedanta
Resources
Ltd.
(c)(e)
:
7.13%,
05/31/23
.................
539
515,688
6.13%,
08/09/24
.................
502
448,286
35,209,210
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.,
5.50%,
11/01/23
(b)
....................
54
56,645
Multiline
Retail
—
0.1%
Falabella
SA,
4.38%,
01/27/25
(c)(e)
.......
606
651,753
Marks
&
Spencer
plc,
4.50%,
07/10/27
(d)(e)
..
GBP
1,000
1,437,178
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
(b)
..
USD
377
400,091
2,489,022
Oil,
Gas
&
Consumable
Fuels
—
2.9%
Adani
Green
Energy
UP
Ltd.,
6.25%,
12/10/24
(c)
(e)
.........................
829
898,584
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
...
627
677,160
Antero
Midstream
Partners
LP
(b)
:
7.88%,
05/15/26
.................
733
801,499
5.75%,
03/01/27
.................
77
79,545
5.38%,
06/15/29
.................
226
232,780
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
44
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Antero
Resources
Corp.
(b)
:
7.63%,
02/01/29
.................
USD
370
$
413,660
5.38%,
03/01/30
.................
97
102,156
Apache
Corp.:
4.25%,
01/15/30
.................
264
284,465
5.10%,
09/01/40
.................
503
563,350
5.25%,
02/01/42
.................
123
134,993
5.35%,
07/01/49
.................
86
95,520
Ascent
Resources
Utica
Holdings
LLC
(b)
:
9.00%,
11/01/27
.................
414
567,180
8.25%,
12/31/28
.................
59
64,310
5.88%,
06/30/29
.................
631
644,708
BP
Capital
Markets
plc,
1.00%,
04/28/23
(e)(i)
.
GBP
900
1,264,780
Buckeye
Partners
LP:
4.13%,
03/01/25
(b)
................
USD
14
14,508
5.85%,
11/15/43
.................
161
161,145
5.60%,
10/15/44
.................
173
168,242
Callon
Petroleum
Co.:
6.13%,
10/01/24
.................
271
266,320
9.00%,
04/01/25
(b)
................
1,026
1,109,419
8.00%,
08/01/28
(b)
................
660
651,750
Centennial
Resource
Production
LLC,
6.88%,
04/01/27
(b)
....................
199
202,728
Cheniere
Corpus
Christi
Holdings
LLC,
5.13%,
06/30/27
.....................
500
578,053
Cheniere
Energy
Partners
LP:
4.50%,
10/01/29
.................
193
205,184
4.00%,
03/01/31
(b)
................
1,165
1,219,988
3.25%,
01/31/32
(b)
................
626
628,066
Cheniere
Energy,
Inc.,
4.63%,
10/15/28
...
2,251
2,371,991
Chesapeake
Energy
Corp.,
5.88%,
02/01/29
(b)
17
18,164
CITGO
Petroleum
Corp.
(b)
:
7.00%,
06/15/25
.................
325
332,312
6.38%,
06/15/26
.................
222
226,440
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(b)
118
119,826
CNX
Resources
Corp.,
6.00%,
01/15/29
(b)
..
135
142,762
Colgate
Energy
Partners
III
LLC
(b)
:
7.75%,
02/15/26
.................
115
121,038
5.88%,
07/01/29
.................
487
490,652
Comstock
Resources,
Inc.
(b)
:
7.50%,
05/15/25
.................
33
34,306
6.75%,
03/01/29
.................
863
932,040
5.88%,
01/15/30
.................
325
338,000
Contemporary
Ruiding
Development
Ltd.,
2.63%,
09/17/30
(c)(e)
..............
1,135
1,138,655
Continental
Resources,
Inc.:
4.50%,
04/15/23
.................
30
31,087
4.90%,
06/01/44
.................
139
155,680
Continuum
Energy
Levanter
Pte.
Ltd.,
4.50%,
02/09/27
(c)(e)
...................
695
713,856
CQP
Holdco
LP,
5.50%,
06/15/31
(b)
......
403
428,611
CrownRock
LP,
5.63%,
10/15/25
(b)
......
903
924,175
DCP
Midstream
Operating
LP:
6.45%,
11/03/36
(b)
................
221
274,610
6.75%,
09/15/37
(b)
................
207
267,030
5.60%,
04/01/44
.................
28
32,620
Diamondback
Energy,
Inc.,
4.75%,
05/31/25
(k)
1,525
1,703,470
DT
Midstream,
Inc.
(b)
:
4.13%,
06/15/29
.................
476
482,693
4.38%,
06/15/31
.................
826
850,780
Enbridge,
Inc.
(c)
:
4.00%,
10/01/23
.................
514
544,370
(LIBOR
USD
3
Month
+
3.64%),
6.25%,
03/01/78
(a)
...................
360
401,218
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Endeavor
Energy
Resources
LP,
5.50%,
01/30/26
(b)
....................
USD
790
$
823,496
Energy
Transfer
LP:
5.88%,
03/01/22
.................
500
504,240
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.69%),
6.50%
(a)(m)
....................
703
732,083
5.15%,
02/01/43
.................
150
167,724
5.30%,
04/15/47
.................
721
844,643
5.00%,
05/15/50
.................
1,060
1,222,947
Eni
SpA,
Series
NC9,
(EUR
Swap
Annual
5
Year
+
2.77%),
2.75%
(a)(e)(m)
.........
EUR
850
996,423
EnLink
Midstream
LLC:
5.63%,
01/15/28
(b)
................
USD
209
222,531
5.38%,
06/01/29
.................
44
46,551
EnLink
Midstream
Partners
LP:
4.40%,
04/01/24
.................
85
88,351
4.15%,
06/01/25
.................
4
4,122
4.85%,
07/15/26
.................
126
132,262
5.60%,
04/01/44
.................
30
28,650
5.05%,
04/01/45
.................
379
345,838
Enterprise
Products
Operating
LLC:
4.80%,
02/01/49
.................
320
391,742
3.95%,
01/31/60
.................
320
346,338
EQM
Midstream
Partners
LP:
6.00%,
07/01/25
(b)
................
301
329,956
4.13%,
12/01/26
.................
64
65,741
6.50%,
07/01/27
(b)
................
879
988,655
4.50%,
01/15/29
(b)
................
344
356,900
4.75%,
01/15/31
(b)
................
6
6,240
EQT
Corp.:
3.13%,
05/15/26
(b)
................
169
173,245
3.90%,
10/01/27
.................
164
177,486
5.00%,
01/15/29
.................
36
40,534
7.50%,
02/01/30
(d)
................
417
536,763
3.63%,
05/15/31
(b)
................
108
112,536
Galaxy
Pipeline
Assets
Bidco
Ltd.,
2.63%,
03/31/36
(c)(e)
...................
1,527
1,500,277
Genesis
Energy
LP:
6.50%,
10/01/25
.................
12
11,940
8.00%,
01/15/27
.................
554
560,925
7.75%,
02/01/28
.................
60
59,944
Great
Western
Petroleum
LLC,
12.00%,
09/01/25
(b)
....................
69
70,055
Greenko
Dutch
BV,
3.85%,
03/29/26
(c)(e)
...
200
203,225
Greenko
Mauritius
Ltd.,
6.25%,
02/21/23
(c)(e)
.
200
204,500
Greenko
Solar
Mauritius
Ltd.
(c)(e)
:
5.55%,
01/29/25
.................
850
865,937
5.95%,
07/29/26
.................
1,015
1,071,967
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(b)
.
51
54,323
Hess
Corp.,
5.80%,
04/01/47
..........
3,200
4,167,392
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(b)
....................
280
283,150
HPCL-Mittal
Energy
Ltd.,
5.45%,
10/22/26
(c)(e)
456
473,328
Independence
Energy
Finance
LLC,
7.25%,
05/01/26
(b)
....................
569
585,905
India
Green
Energy
Holdings,
5.38%,
04/29/24
(c)(e)
...................
680
705,500
ITT
Holdings
LLC,
6.50%,
08/01/29
(b)
.....
533
537,664
Lukoil
Securities
BV,
3.88%,
05/06/30
(b)(c)
..
600
630,000
Matador
Resources
Co.,
5.88%,
09/15/26
..
1,146
1,184,620
Medco
Oak
Tree
Pte.
Ltd.,
7.38%,
05/14/26
(c)(e)
650
691,356
Medco
Platinum
Road
Pte.
Ltd.,
6.75%,
01/30/25
(c)(e)
...................
680
704,353
BlackRock
Income
Fund
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Mongolian
Mining
Corp.
(c)
:
9.25%,
04/15/24
(e)
................
USD
6,467
$
5,804,133
9.25%,
04/15/24
(b)
................
340
305,150
Murphy
Oil
Corp.:
5.75%,
08/15/25
.................
135
139,350
6.37%,
12/01/42
(d)
................
16
16,122
Neptune
Energy
Bondco
plc,
6.63%,
05/15/25
(b)
(c)
.........................
1,550
1,594,562
New
Fortress
Energy,
Inc.
(b)
:
6.75%,
09/15/25
.................
1,295
1,246,437
6.50%,
09/30/26
.................
2,110
2,017,688
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(b)
194
197,637
NGPL
PipeCo
LLC,
7.77%,
12/15/37
(b)
....
122
174,840
Northern
Oil
and
Gas,
Inc.,
8.13%,
03/01/28
(b)
729
778,754
NuStar
Logistics
LP:
5.75%,
10/01/25
.................
43
46,332
6.00%,
06/01/26
.................
162
174,960
6.38%,
10/01/30
.................
47
51,700
Occidental
Petroleum
Corp.:
6.95%,
07/01/24
.................
118
133,340
5.50%,
12/01/25
.................
299
331,142
5.55%,
03/15/26
.................
108
119,880
3.00%,
02/15/27
.................
6
5,995
8.88%,
07/15/30
.................
72
97,807
6.13%,
01/01/31
.................
933
1,120,043
4.30%,
08/15/39
.................
582
574,015
6.20%,
03/15/40
.................
835
983,380
4.50%,
07/15/44
.................
212
213,020
6.60%,
03/15/46
.................
26
32,630
4.40%,
04/15/46
.................
502
500,669
4.10%,
02/15/47
.................
95
90,336
4.20%,
03/15/48
.................
465
445,238
4.40%,
08/15/49
.................
127
124,619
Ovintiv
Exploration,
Inc.,
5.38%,
01/01/26
..
31
35,051
Ovintiv
,
Inc.:
7.38%,
11/01/31
.................
72
97,665
6.50%,
08/15/34
.................
46
62,039
Parkland
Corp.,
5.88%,
07/15/27
(b)(c)
.....
147
155,820
PDC
Energy,
Inc.:
6.13%,
09/15/24
.................
38
38,570
6.25%,
12/01/25
.................
38
38,570
Raizen
Fuels
Finance
SA,
5.30%,
01/20/27
(b)(c)
1,200
1,345,440
Range
Resources
Corp.:
4.88%,
05/15/25
.................
101
106,636
9.25%,
02/01/26
.................
25
27,251
Reliance
Industries
Ltd.
(c)(e)
:
4.13%,
01/28/25
.................
750
810,247
3.67%,
11/30/27
.................
412
448,385
ReNew
Power
Pvt
Ltd.,
5.88%,
03/05/27
(c)(e)
.
1,598
1,675,703
ReNew
Power
Synthetic
(c)
:
6.67%,
03/12/24
(b)
................
200
208,288
6.67%,
03/12/24
(e)
................
2,151
2,240,132
Repsol
International
Finance
BV
(a)(e)
:
(EUR
Swap
Annual
5
Year
+
4.00%),
3.75%
(m)
.....................
EUR
200
246,666
(EUR
Swap
Annual
5
Year
+
4.41%),
4.25%
(m)
.....................
2,311
2,931,524
(EUR
Swap
Annual
10
Year
+
4.20%),
4.50%,
03/25/75
...............
400
504,434
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(b)
.
USD
254
257,810
Rubis
Terminal
Infra
SAS,
5.63%,
05/15/25
(e)
EUR
1,381
1,679,665
SA
Global
Sukuk
Ltd.,
2.69%,
06/17/31
(c)
..
USD
900
910,125
SM
Energy
Co.:
10.00%,
01/15/25
(b)
...............
1,537
1,714,339
5.63%,
06/01/25
.................
268
269,536
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
6.75%,
09/15/26
.................
USD
131
$
133,789
6.50%,
07/15/28
.................
82
84,896
Southwestern
Energy
Co.:
6.45%,
01/23/25
(d)
................
71
78,176
8.38%,
09/15/28
.................
141
159,715
5.38%,
02/01/29
(b)
................
875
936,084
Sunoco
LP:
6.00%,
04/15/27
.................
25
26,031
5.88%,
03/15/28
.................
36
37,980
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(b)
748
765,765
Targa
Resources
Partners
LP:
5.38%,
02/01/27
.................
15
15,543
6.50%,
07/15/27
.................
36
38,816
6.88%,
01/15/29
.................
394
441,467
5.50%,
03/01/30
.................
986
1,078,130
4.88%,
02/01/31
.................
416
448,760
TerraForm
Power
Operating
LLC,
4.75%,
01/15/30
(b)
....................
38
39,758
Thaioil
Treasury
Center
Co.
Ltd.,
3.75%,
06/18/50
(c)(e)
...................
1,185
1,065,244
UGI
International
LLC,
3.25%,
11/01/25
(e)
..
EUR
200
234,885
Venture
Global
Calcasieu
Pass
LLC
(b)
:
3.88%,
08/15/29
.................
USD
859
884,813
4.13%,
08/15/31
.................
1,040
1,084,200
Vine
Energy
Holdings
LLC,
6.75%,
04/15/29
(b)
907
978,998
Western
Midstream
Operating
LP:
4.75%,
08/15/28
.................
249
271,481
5.45%,
04/01/44
.................
337
387,092
5.30%,
03/01/48
.................
154
177,485
5.50%,
08/15/48
.................
87
101,790
6.50%,
02/01/50
(d)
................
1,217
1,432,141
93,385,551
Paper
&
Forest
Products
—
0.0%
Suzano
Austria
GmbH,
3.75%,
01/15/31
(c)
..
1,275
1,306,556
Personal
Products
—
0.2%
Coty,
Inc.:
4.00%,
04/15/23
.................
EUR
2,650
3,086,872
3.88%,
04/15/26
(e)
................
2,120
2,511,594
4.75%,
04/15/26
(e)
................
800
935,328
6.50%,
04/15/26
(b)
................
USD
100
102,465
Edgewell
Personal
Care
Co.,
5.50%,
06/01/28
(b)
87
91,884
Prestige
Brands,
Inc.,
3.75%,
04/01/31
(b)
...
239
230,635
6,958,778
Pharmaceuticals
—
1.0%
Almirall
SA,
2.13%,
09/30/26
(e)
.........
EUR
572
667,545
Bausch
Health
Cos.,
Inc.
(b)
:
7.00%,
01/15/28
.................
USD
599
613,795
5.00%,
01/30/28
.................
15
14,231
4.88%,
06/01/28
.................
528
547,140
5.00%,
02/15/29
.................
1,086
1,011,337
6.25%,
02/15/29
.................
356
352,269
7.25%,
05/30/29
.................
504
516,525
5.25%,
01/30/30
.................
67
62,478
5.25%,
02/15/31
.................
136
125,067
Catalent
Pharma
Solutions,
Inc.:
5.00%,
07/15/27
(b)
................
56
58,170
2.38%,
03/01/28
(e)
................
EUR
910
1,066,149
3.13%,
02/15/29
(b)
................
USD
171
167,913
3.50%,
04/01/30
(b)
................
594
594,000
Cheplapharm
Arzneimittel
GmbH:
3.50%,
02/11/27
(e)
................
EUR
396
463,867
4.38%,
01/15/28
(e)
................
1,687
2,032,302
5.50%,
01/15/28
(b)(c)
...............
USD
275
284,919
Elanco
Animal
Health,
Inc.,
5.90%,
08/28/28
(d)
28
32,760
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
46
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
Endo
DAC,
9.50%,
07/31/27
(b)
.........
USD
393
$
393,872
Endo
Luxembourg
Finance
Co.
I
SARL,
6.13%,
04/01/29
(b)
....................
457
457,000
Gruenenthal
GmbH
(e)
:
3.63%,
11/15/26
.................
EUR
687
825,326
4.13%,
05/15/28
.................
1,784
2,165,110
Jazz
Securities
DAC,
4.38%,
01/15/29
(b)
...
USD
829
859,093
Luye
Pharma
Group
Ltd.,
1.50%,
07/09/24
(c)(e)(i)
1,500
1,533,168
Nidda
BondCo
GmbH:
5.00%,
09/30/25
.................
EUR
1,500
1,730,662
7.25%,
09/30/25
.................
300
352,875
Nidda
Healthcare
Holding
GmbH:
3.50%,
09/30/24
.................
3,902
4,488,833
Organon
&
Co.:
2.88%,
04/30/28
.................
915
1,081,525
4.13%,
04/30/28
(b)
................
USD
1,568
1,599,360
5.13%,
04/30/31
(b)
................
1,151
1,208,953
P&L
Development
LLC,
7.75%,
11/15/25
(b)
..
277
287,720
Par
Pharmaceutical,
Inc.,
7.50%,
04/01/27
(b)
1,841
1,875,519
Rossini
SARL,
6.75%,
10/30/25
........
EUR
1,467
1,762,853
Teva
Pharmaceutical
Finance
Netherlands
II
BV:
6.00%,
01/31/25
.................
2,761
3,456,659
4.50%,
03/01/25
.................
454
545,711
1.88%,
03/31/27
.................
500
539,646
1.63%,
10/15/28
.................
100
104,925
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
7.13%,
01/31/25
(c)
............
USD
200
217,475
34,096,752
Professional
Services
—
0.2%
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
(b)
..
150
154,500
ASGN,
Inc.,
4.63%,
05/15/28
(b)
.........
65
67,275
CoreLogic,
Inc.,
4.50%,
05/01/28
(b)
......
496
492,900
Dun
&
Bradstreet
Corp.
(The)
(b)
:
6.88%,
08/15/26
.................
510
534,862
10.25%,
02/15/27
................
891
957,825
House
of
Finance
NV
(The),
4.38%,
07/15/26
(e)
EUR
1,500
1,780,963
Intertrust
Group
BV,
3.38%,
11/15/25
(e)
....
1,000
1,178,100
Jaguar
Holding
Co.
II
(b)
:
4.63%,
06/15/25
.................
USD
113
117,379
5.00%,
06/15/28
.................
613
659,796
KBR,
Inc.,
4.75%,
09/30/28
(b)
..........
229
231,862
La
Financiere
Atalian
SASU
(e)
:
5.13%,
05/15/25
.................
EUR
512
588,644
6.63%,
05/15/25
.................
GBP
1,000
1,337,257
Science
Applications
International
Corp.,
4.88%,
04/01/28
(b)
...............
USD
124
128,148
8,229,511
Real
Estate
Management
&
Development
—
6.9%
ADLER
Group
SA
(e)
:
3.25%,
08/05/25
.................
EUR
800
815,478
2.75%,
11/13/26
.................
2,900
2,872,129
2.25%,
01/14/29
.................
900
847,052
Aedas
Homes
Opco
SLU,
4.00%,
08/15/26
.
529
633,540
Agile
Group
Holdings
Ltd.
(c)(e)
:
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
9.22%),
6.87%
(a)(m)
....................
USD
4,100
3,751,500
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
11.29%),
7.88%
(a)(m)
....................
677
612,685
5.75%,
01/02/25
.................
885
829,687
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
11.08%),
7.75%
(a)(m)
....................
516
464,336
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
6.05%,
10/13/25
.................
USD
1,060
$
993,750
Alam
Sutera
Realty
Tbk.
PT,
6.00%,
(6.00%
Cash
or
6.25%
PIK),
05/02/24
(c)(l)
......
184
158,240
Aldar
Sukuk
No.
2
Ltd.,
3.88%,
10/22/29
(c)(e)
.
929
1,011,042
Aroundtown
SA,
(EUR
Swap
Annual
5
Year
+
3.98%),
3.37%
(a)(e)(m)
..............
EUR
800
969,539
Canary
Wharf
Group
Investment
Holdings
plc
(e)
:
1.75%,
04/07/26
.................
2,250
2,654,681
3.38%,
04/23/28
.................
GBP
825
1,130,929
Celulosa
Arauco
y
Constitucion
SA
(c)(e)
:
4.25%,
04/30/29
.................
USD
920
991,024
5.15%,
01/29/50
.................
962
1,087,541
Central
China
Real
Estate
Ltd.
(c)(e)
:
6.88%,
08/08/22
.................
200
144,000
7.25%,
04/24/23
.................
1,800
1,197,000
7.65%,
08/27/23
.................
2,069
1,303,470
7.90%,
11/07/23
.................
1,741
1,070,715
7.75%,
05/24/24
.................
490
298,287
7.25%,
07/16/24
.................
971
590,671
7.25%,
08/13/24
.................
919
558,293
CFLD
Cayman
Investment
Ltd.
(c)(e)(g)(n)
:
8.63%,
02/28/21
.................
200
80,000
6.92%,
06/16/22
.................
200
80,000
8.75%,
09/28/22
.................
603
248,662
6.90%,
01/13/23
.................
1,000
435,000
8.60%,
04/08/24
.................
200
82,350
China
Aoyuan
Group
Ltd.
(c)(e)
:
8.50%,
01/23/22
.................
200
193,788
5.38%,
09/13/22
.................
207
186,391
7.95%,
02/19/23
.................
1,016
914,400
6.35%,
02/08/24
.................
4,494
3,810,912
7.95%,
06/21/24
.................
521
448,060
5.98%,
08/18/25
.................
2,252
1,734,040
6.20%,
03/24/26
.................
1,129
858,040
China
Evergrande
Group
(c)(e)(g)(n)
:
8.25%,
03/23/22
.................
1,982
512,842
9.50%,
04/11/22
.................
2,172
540,285
11.50%,
01/22/23
................
2,333
559,920
10.00%,
04/11/23
................
3,681
878,839
12.00%,
01/22/24
................
1,270
301,625
China
Overseas
Finance
Cayman
VIII
Ltd.,
2.75%,
03/02/30
(c)(e)
..............
678
672,618
China
Overseas
Grand
Oceans
Finance
IV
Cayman
Ltd.,
2.45%,
02/09/26
(c)(e)
.....
550
543,916
China
SCE
Group
Holdings
Ltd.
(c)(e)
:
7.25%,
04/19/23
.................
600
583,050
7.38%,
04/09/24
.................
1,592
1,528,320
5.95%,
09/29/24
.................
1,290
1,186,800
7.00%,
05/02/25
.................
1,835
1,715,725
China
South
City
Holdings
Ltd.,
10.88%,
06/26/22
(c)(e)
...................
1,800
1,458,000
CIFI
Holdings
Group
Co.
Ltd.
(c)(e)
:
6.55%,
03/28/24
.................
400
401,500
6.45%,
11/07/24
.................
480
478,800
6.00%,
07/16/25
.................
673
667,952
5.95%,
10/20/25
.................
200
198,000
5.25%,
05/13/26
.................
560
543,200
4.45%,
08/17/26
.................
200
188,500
Corp.
Inmobiliaria
Vesta
SAB
de
CV,
3.63%,
05/13/31
(b)(c)
...................
1,300
1,318,200
Country
Garden
Holdings
Co.
Ltd.
(c)(e)
:
6.50%,
04/08/24
.................
200
203,350
6.15%,
09/17/25
.................
200
209,000
3.13%,
10/22/25
.................
1,305
1,233,356
7.25%,
04/08/26
.................
300
314,625
BlackRock
Income
Fund
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
2.70%,
07/12/26
.................
USD
735
$
683,550
4.80%,
08/06/30
.................
400
395,000
3.30%,
01/12/31
.................
1,130
1,029,924
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
(b)
...............
206
223,510
DaFa
Properties
Group
Ltd.,
9.95%,
01/18/22
(c)
(e)
.........................
1,640
1,523,970
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
1.88%,
10/15/24
(e)
...............
EUR
1,700
1,870,538
Dexin
China
Holdings
Co.
Ltd.
(c)(e)
:
11.88%,
04/23/22
................
USD
332
320,961
9.95%,
12/03/22
.................
1,408
1,269,224
DIC
Asset
AG,
2.25%,
09/22/26
(e)
.......
EUR
1,500
1,707,900
Easy
Tactic
Ltd.
(c)(e)
:
9.13%,
07/28/22
.................
USD
600
472,200
12.38%,
11/18/22
................
541
421,980
5.88%,
02/13/23
.................
684
495,900
8.13%,
02/27/23
.................
400
290,000
11.75%,
08/02/23
................
1,955
1,417,375
8.63%,
02/27/24
.................
519
345,135
8.63%,
03/05/24
.................
565
375,725
11.63%,
09/03/24
................
2,270
1,498,200
Elect
Global
Investments
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%),
4.10%
(a)(c)(e)(m)
........
950
965,319
ESR
Cayman
Ltd.,
1.50%,
09/30/25
(c)(e)(i)
...
700
710,850
Fantasia
Holdings
Group
Co.
Ltd.
(c)(e)
:
15.00%,
12/18/21
(g)(n)
..............
200
134,000
11.75%,
04/17/22
(g)(n)
..............
5,280
2,059,200
7.95%,
07/05/22
.................
750
255,000
12.25%,
10/18/22
................
755
249,150
10.88%,
01/09/23
(g)(n)
..............
1,192
369,520
11.88%,
06/01/23
(g)(n)
..............
1,265
392,150
9.25%,
07/28/23
(g)(n)
...............
1,619
514,032
9.88%,
10/19/23
.................
3,164
949,200
Fastighets
AB
Balder,
(EUR
Swap
Annual
5
Year
+
3.19%),
2.87%,
06/02/81
(a)(e)
....
EUR
1,900
2,170,603
Five
Point
Operating
Co.
LP,
7.88%,
11/15/25
(b)
USD
1,433
1,497,485
Forestar
Group,
Inc.,
3.85%,
05/15/26
(b)
...
99
98,876
Global
Prime
Capital
Pte.
Ltd.
(c)(e)
:
5.50%,
10/18/23
.................
200
203,288
5.95%,
01/23/25
.................
479
493,609
GLP
Pte.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.74%),
4.50%
(a)(c)(e)(m)
..................
2,100
2,060,625
Greenland
Global
Investment
Ltd.
(c)(e)
:
6.75%,
04/21/22
.................
371
290,493
5.60%,
11/13/22
.................
1,399
965,310
5.90%,
02/12/23
.................
400
295,832
6.13%,
04/22/23
.................
965
627,250
6.75%,
09/26/23
.................
575
350,750
Haimen
Zhongnan
Investment
Development
International
Co.
Ltd.
(c)(e)
:
12.00%,
06/08/22
................
799
719,000
10.88%,
06/18/22
................
991
891,900
Heimstaden
Bostad
AB
(a)(m)
:
(EUR
Swap
Annual
5
Year
+
3.91%),
3.38%
(e)
.....................
EUR
825
978,574
(EUR
Swap
Annual
5
Year
+
3.27%),
3.00%
(e)
.....................
1,550
1,770,834
(EUR
Swap
Annual
5
Year
+
3.15%),
2.63%
475
536,461
Hong
Seng
Ltd.,
9.88%,
08/27/22
(c)(e)
.....
USD
800
796,650
Hopson
Development
Holdings
Ltd.,
7.00%,
05/18/24
(c)(e)
...................
200
188,350
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
Howard
Hughes
Corp.
(The)
(b)
:
4.13%,
02/01/29
.................
USD
218
$
218,272
4.38%,
02/01/31
.................
767
771,533
JGC
Ventures
Pte.
Ltd.,
10.75%,
08/30/21
(c)(e)(g)
(n)
.........................
1,500
791,250
Jiayuan
International
Group
Ltd.,
13.75%,
02/18/23
(c)(e)
...................
1,550
1,581,775
Jingrui
Holdings
Ltd.
(c)(e)
:
10.88%,
10/04/21
................
1,800
1,795,500
12.00%,
07/25/22
................
1,650
1,480,153
Kaisa
Group
Holdings
Ltd.
(c)
:
11.95%,
10/22/22
(e)
...............
3,200
2,716,160
11.50%,
01/30/23
(e)
...............
2,379
2,008,471
10.88%,
07/23/23
................
1,128
927,639
9.75%,
09/28/23
.................
681
536,288
11.95%,
11/12/23
(e)
...............
932
764,240
9.38%,
06/30/24
(e)
................
3,842
2,958,340
11.25%,
04/16/25
(e)
...............
1,965
1,517,962
9.95%,
07/23/25
(e)
................
1,342
1,001,467
11.70%,
11/11/25
(e)
...............
1,190
907,375
11.70%,
11/11/25
(e)
...............
800
610,000
Kennedy-Wilson,
Inc.,
4.75%,
02/01/30
...
150
152,288
KWG
Group
Holdings
Ltd.
(c)(e)
:
7.88%,
09/01/23
.................
932
899,380
7.40%,
03/05/24
.................
683
659,095
5.88%,
11/10/24
.................
1,032
939,120
6.30%,
02/13/26
.................
2,300
2,072,300
6.00%,
08/14/26
.................
1,350
1,188,000
Logan
Group
Co.
Ltd.
(c)
:
6.50%,
07/16/23
.................
200
199,350
6.90%,
06/09/24
(e)
................
811
814,193
5.75%,
01/14/25
(e)
................
1,022
1,014,335
5.25%,
10/19/25
(e)
................
200
193,500
4.85%,
12/14/26
(e)
................
840
787,500
MAF
Sukuk
Ltd.,
4.64%,
05/14/29
(c)(e)
.....
894
1,015,416
Modern
Land
China
Co.
Ltd.
(c)(e)
:
12.85%,
10/25/21
................
1,329
1,302,420
11.80%,
02/26/22
................
1,800
1,670,400
11.50%,
11/13/22
................
200
166,413
9.80%,
04/11/23
.................
4,467
3,707,610
New
Metro
Global
Ltd.
(c)(e)
:
6.80%,
08/05/23
.................
810
801,039
4.80%,
12/15/24
.................
925
871,813
4.63%,
10/15/25
.................
1,500
1,380,000
4.50%,
05/02/26
.................
300
275,250
NWD
Finance
BVI
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.86%),
4.12%
(a)(c)(e)(m)
...........
2,000
1,975,000
NWD
MTN
Ltd.,
4.13%,
07/18/29
(c)(e)
.....
1,200
1,203,225
Powerlong
Real
Estate
Holdings
Ltd.
(c)(e)
:
7.13%,
11/08/22
.................
200
199,163
6.95%,
07/23/23
.................
1,300
1,289,681
6.25%,
08/10/24
.................
2,120
2,040,500
5.95%,
04/30/25
.................
1,415
1,356,631
4.90%,
05/13/26
.................
510
477,513
Radiance
Capital
Investments
Ltd.,
8.80%,
09/17/23
(c)(e)
...................
200
192,288
Realogy
Group
LLC
(b)
:
7.63%,
06/15/25
.................
149
159,125
5.75%,
01/15/29
.................
517
536,263
Redco
Properties
Group
Ltd.,
9.90%,
02/17/24
(c)(e)
...................
1,110
938,852
Redsun
Properties
Group
Ltd.
(c)
:
9.95%,
04/11/22
.................
2,400
2,323,200
10.50%,
10/03/22
(e)
...............
200
184,788
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
48
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
9.70%,
04/16/23
(e)
................
USD
2,334
$
2,141,445
7.30%,
01/13/25
(e)
................
684
566,865
RKPF
Overseas
2019
A
Ltd.
(c)(e)
:
6.70%,
09/30/24
.................
676
670,930
5.90%,
03/05/25
.................
854
827,313
6.00%,
09/04/25
.................
682
658,130
RKPF
Overseas
2020
A
Ltd.,
5.20%,
01/12/26
(c)
(e)
.........................
1,902
1,756,973
RongXingDa
Development
BVI
Ltd.,
8.00%,
04/24/22
(c)(e)
...................
2,150
1,104,966
Ronshine
China
Holdings
Ltd.
(c)(e)
:
5.50%,
02/01/22
.................
1,650
1,520,372
10.50%,
03/01/22
................
200
165,537
8.95%,
01/22/23
.................
1,040
759,200
8.10%,
06/09/23
.................
1,365
955,500
7.35%,
12/15/23
.................
2,682
1,998,090
6.75%,
08/05/24
.................
2,095
1,445,550
7.10%,
01/25/25
.................
1,560
1,060,800
Scenery
Journey
Ltd.
(c)(e)(g)(n)
:
11.50%,
10/24/22
................
3,747
665,093
13.00%,
11/06/22
................
2,796
482,834
12.00%,
10/24/23
................
1,222
226,070
13.75%,
11/06/23
................
750
138,750
Seazen
Group
Ltd.
(c)(e)
:
6.45%,
06/11/22
.................
807
794,895
6.00%,
08/12/24
.................
819
790,335
Shimao
Group
Holdings
Ltd.
(c)(e)
:
5.60%,
07/15/26
.................
2,901
2,870,721
3.45%,
01/11/31
.................
2,200
1,966,250
Shui
On
Development
Holding
Ltd.
(c)
:
5.75%,
11/12/23
(e)
................
200
198,500
6.15%,
08/24/24
(e)
................
683
677,878
5.50%,
03/03/25
(e)
................
1,155
1,123,237
5.50%,
06/29/26
.................
1,210
1,149,500
Sinic
Holdings
Group
Co.
Ltd.
(c)(e)
:
8.50%,
01/24/22
.................
1,100
220,000
10.50%,
06/18/22
(g)(n)
..............
1,740
261,000
Sinochem
Offshore
Capital
Co.
Ltd.,
2.38%,
09/23/31
(c)(e)
...................
1,800
1,741,779
Sino-Ocean
Land
Treasure
III
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.26%),
4.90%
(a)(c)(e)(m)
..
408
342,720
Sino-Ocean
Land
Treasure
IV
Ltd.
(c)(e)
:
3.25%,
05/05/26
.................
1,235
1,181,200
4.75%,
08/05/29
.................
1,060
1,004,218
Summit
Properties
Ltd.,
2.00%,
01/31/25
(e)
.
EUR
1,000
1,144,566
Sunac
China
Holdings
Ltd.
(c)
:
7.25%,
06/14/22
(e)
................
USD
200
183,100
7.95%,
10/11/23
(e)
................
683
556,645
7.50%,
02/01/24
(e)
................
950
771,875
5.95%,
04/26/24
.................
1,420
1,143,810
6.65%,
08/03/24
(e)
................
2,338
1,870,400
6.50%,
01/10/25
(e)
................
682
552,420
7.00%,
07/09/25
(e)
................
3,545
2,827,138
6.50%,
01/26/26
(e)
................
775
616,125
Theta
Capital
Pte.
Ltd.
(c)(e)
:
8.13%,
01/22/25
.................
200
207,725
6.75%,
10/31/26
.................
200
197,413
Times
China
Holdings
Ltd.
(c)(e)
:
6.75%,
07/16/23
.................
322
311,998
5.55%,
06/04/24
.................
665
615,125
6.75%,
07/08/25
.................
3,950
3,614,250
6.20%,
03/22/26
.................
2,398
2,164,195
5.75%,
01/14/27
.................
1,600
1,400,000
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
Unique
Pub
Finance
Co.
plc
(The):
Series
A4,
5.66%,
06/30/27
.........
GBP
55
$
82,841
Series
N,
6.46%,
03/30/32
(d)
.........
300
484,967
Vanke
Real
Estate
Hong
Kong
Co.
Ltd.,
3.50%,
11/12/29
(c)(e)
...................
USD
1,166
1,168,769
Wanda
Group
Overseas
Ltd.
(c)(e)
:
7.50%,
07/24/22
.................
780
733,200
8.88%,
03/21/23
.................
1,690
1,567,475
Wanda
Properties
International
Co.
Ltd.,
7.25%,
01/29/24
(c)(e)
...................
619
597,335
Wanda
Properties
Overseas
Ltd.
(c)(e)
:
7.25%,
04/28/22
.................
1,500
1,481,250
6.88%,
07/23/23
.................
4,493
4,336,587
Yango
Justice
International
Ltd.
(c)(e)
:
10.00%,
02/12/23
................
683
635,190
9.25%,
04/15/23
.................
754
603,200
8.25%,
11/25/23
.................
1,080
745,200
7.50%,
04/15/24
.................
1,687
1,298,990
7.88%,
09/04/24
.................
1,315
854,750
7.50%,
02/17/25
.................
1,275
828,750
Yanlord
Land
HK
Co.
Ltd.
(c)(e)
:
6.75%,
04/23/23
.................
200
201,850
6.80%,
02/27/24
.................
483
481,792
Yuzhou
Group
Holdings
Co.
Ltd.
(c)(e)
:
6.00%,
10/25/23
.................
2,194
1,689,380
8.50%,
02/26/24
.................
751
589,535
8.38%,
10/30/24
.................
2,662
2,043,085
7.70%,
02/20/25
.................
2,400
1,716,000
8.30%,
05/27/25
.................
2,700
1,977,750
7.38%,
01/13/26
.................
1,250
837,500
7.85%,
08/12/26
.................
1,800
1,206,000
6.35%,
01/13/27
.................
200
128,000
Zhenro
Properties
Group
Ltd.
(c)(e)
:
8.70%,
08/03/22
.................
1,400
1,360,887
9.15%,
05/06/23
.................
485
472,663
8.30%,
09/15/23
.................
1,804
1,719,776
8.35%,
03/10/24
.................
500
477,594
7.88%,
04/14/24
.................
1,569
1,416,317
7.10%,
09/10/24
.................
1,335
1,158,112
7.35%,
02/05/25
.................
1,391
1,199,737
6.63%,
01/07/26
.................
705
595,725
6.70%,
08/04/26
.................
1,200
984,000
Zhongliang
Holdings
Group
Co.
Ltd.:
8.50%,
05/19/22
(c)(e)
...............
1,790
1,449,900
226,510,677
Road
&
Rail
—
0.4%
Avis
Budget
Car
Rental
LLC,
5.38%,
03/01/29
(b)
100
105,690
EC
Finance
plc:
2.38%,
11/15/22
.................
EUR
1,573
1,828,659
3.00%,
10/15/26
(e)
................
1,290
1,502,639
Loxam
SAS
(e)
:
4.25%,
04/15/24
.................
1,100
1,284,888
3.25%,
01/14/25
.................
500
583,713
3.75%,
07/15/26
.................
1,200
1,419,906
5.75%,
07/15/27
.................
800
965,397
National
Express
Group
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(a)(m)
...............
GBP
800
1,115,733
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(b)
.
USD
217
225,072
Uber
Technologies,
Inc.
(b)
:
7.50%,
05/15/25
.................
1,045
1,113,970
0.00%,
12/15/25
(
i
)(j)
...............
343
333,612
7.50%,
09/15/27
.................
703
767,588
6.25%,
01/15/28
.................
587
629,552
4.50%,
08/15/29
.................
876
882,023
BlackRock
Income
Fund
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Road
&
Rail
(continued)
Union
Pacific
Corp.,
3.75%,
02/05/70
.....
USD
175
$
196,714
12,955,156
Semiconductors
&
Semiconductor
Equipment
—
0.2%
ams
AG
(e)(
i
)
:
0.00%,
03/05/25
(j)
................
EUR
2,200
2,251,816
2.13%,
11/03/27
.................
100
114,464
Broadcom,
Inc.,
3.75%,
02/15/51
(b)
......
USD
1,980
1,975,841
Entegris
,
Inc.
(b)
:
4.38%,
04/15/28
.................
156
163,410
3.63%,
05/01/29
.................
92
93,853
KLA
Corp.,
3.30%,
03/01/50
..........
560
589,195
Microchip
Technology,
Inc.:
1.63%,
02/15/25
(
i
)
................
69
233,996
4.25%,
09/01/25
.................
521
544,826
ON
Semiconductor
Corp.,
3.88%,
09/01/28
(b)
375
387,187
Synaptics,
Inc.,
4.00%,
06/15/29
(b)
.......
182
186,199
6,540,787
Software
—
0.8%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(b)
...
303
316,635
Ascend
Learning
LLC:
6.88%,
08/01/25
(b)
................
741
754,779
Boxer
Parent
Co.,
Inc.:
6.50%,
10/02/25
(e)
................
EUR
2,000
2,432,312
7.13%,
10/02/25
(b)
................
USD
283
302,060
9.13%,
03/01/26
(b)
................
669
701,487
Brunello
Bidco
SpA,
(EURIBOR
3
Month
+
3.75%),
3.75%,
02/15/28
(a)(e)
.........
EUR
1,053
1,219,743
Camelot
Finance
SA,
4.50%,
11/01/26
(b)
...
USD
208
216,060
Castle
US
Holding
Corp.,
9.50%,
02/15/28
(b)
217
226,765
Cedacri
Mergeco
SpA,
(EURIBOR
3
Month
+
4.63%),
4.62%,
05/15/28
(a)(e)
.........
EUR
1,080
1,257,273
Change
Healthcare
Holdings
LLC,
5.75%,
03/01/25
(b)
....................
USD
1,122
1,130,415
Clarivate
Science
Holdings
Corp.
(b)
:
3.88%,
07/01/28
.................
430
430,000
4.88%,
07/01/29
.................
790
791,540
Consensus
Cloud
Solutions,
Inc.
(b)
:
6.00%,
10/15/26
.................
90
92,475
6.50%,
10/15/28
.................
83
86,133
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
274
273,082
Elastic
NV,
4.13%,
07/15/29
(b)
.........
492
494,460
Fair
Isaac
Corp.,
4.00%,
06/15/28
(b)
......
130
133,250
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(b)
....................
200
197,000
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
....
526
531,260
NCR
Corp.
(b)
:
5.00%,
10/01/28
.................
253
258,518
5.13%,
04/15/29
.................
431
444,469
6.13%,
09/01/29
.................
29
31,465
5.25%,
10/01/30
.................
130
136,309
Nuance
Communications,
Inc.,
5.63%,
12/15/26
.....................
190
196,650
Open
Text
Holdings,
Inc.,
4.13%,
02/15/30
(b)(c)
234
240,435
Oracle
Corp.,
3.95%,
03/25/51
.........
8,055
8,494,956
PTC,
Inc.,
4.00%,
02/15/28
(b)
..........
174
178,567
Rocket
Software,
Inc.,
6.50%,
02/15/29
(b)
..
672
665,280
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
1,294
1,366,377
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
......
1,172
1,218,880
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
632
628,840
25,447,475
Specialty
Retail
—
0.9%
Asbury
Automotive
Group,
Inc.:
4.50%,
03/01/28
.................
121
124,177
4.75%,
03/01/30
.................
119
124,206
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
BCPE
Ulysses
Intermediate,
Inc.,
7.75%,
(7.75%
Cash
or
8.50%
PIK),
04/01/27
(b)(l)
.
USD
54
$
51,262
Carvana
Co.
(b)
:
5.50%,
04/15/27
.................
432
440,943
4.88%,
09/01/29
.................
245
242,622
China
Grand
Automotive
Services
Ltd.,
8.63%,
04/08/22
(c)(e)
...................
1,660
1,553,449
Constellation
Automotive
Financing
plc,
4.88%,
07/15/27
(e)
....................
GBP
1,416
1,892,846
Douglas
GmbH,
6.00%,
04/08/26
(e)
......
EUR
800
940,766
Dufry
One
BV
(e)
:
2.50%,
10/15/24
.................
500
572,548
0.75%,
03/30/26
(
i
)
................
CHF
1,200
1,269,042
2.00%,
02/15/27
.................
EUR
100
110,356
eG
Global
Finance
plc:
4.38%,
02/07/25
(e)
................
389
447,710
6.75%,
02/07/25
(b)(c)
...............
USD
2,144
2,192,240
6.25%,
10/30/25
.................
EUR
2,768
3,275,248
8.50%,
10/30/25
(b)(c)
...............
USD
200
208,250
6.25%,
03/30/26
(e)
................
GBP
1,275
1,769,473
Gap,
Inc.
(The)
(b)
:
3.63%,
10/01/29
.................
USD
128
128,320
3.88%,
10/01/31
.................
99
99,000
Goldstory
SASU,
5.38%,
03/01/26
......
EUR
1,615
1,937,146
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(b)
USD
44
44,770
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(b)
..
225
227,531
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(b)
158
162,345
L
Brands,
Inc.:
6.63%,
10/01/30
(b)
................
177
200,895
6.88%,
11/01/35
.................
295
370,225
6.75%,
07/01/36
.................
8
9,920
LBM
Acquisition
LLC,
6.25%,
01/15/29
(b)
...
811
810,595
LCM
Investments
Holdings
II
LLC:
4.88%,
05/01/29
(b)
................
302
309,873
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(b)
.....
144
149,466
Matalan
Finance
plc,
6.75%,
01/31/23
....
GBP
200
252,360
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
USD
109
115,404
Penske
Automotive
Group,
Inc.,
3.75%,
06/15/29
.....................
75
75,422
PetSmart,
Inc.
(b)
:
4.75%,
02/15/28
.................
574
589,785
7.75%,
02/15/29
.................
1,848
2,016,630
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
...............
435
456,750
SRS
Distribution,
Inc.
(b)
:
4.63%,
07/01/28
.................
659
672,312
6.13%,
07/01/29
.................
378
389,340
Staples,
Inc.
(b)
:
7.50%,
04/15/26
.................
2,087
2,116,688
10.75%,
04/15/27
................
190
185,012
Tendam
Brands
SAU:
5.00%,
09/15/24
.................
EUR
500
572,363
(EURIBOR
3
Month
+
5.25%),
5.25%,
09/15/24
(a)
...................
300
345,315
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(b)
..
USD
1,298
1,369,390
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(b)(l)
...........
199
205,468
29,027,463
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Hurricane
Finance
plc,
8.00%,
10/15/25
(e)
..
GBP
230
333,098
Xerox
Corp.,
4.80%,
03/01/35
.........
USD
144
144,029
477,127
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
50
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
BK
LC
Lux
Finco1
SARL:
5.25%,
04/30/29
.................
EUR
855
$
1,027,529
Crocs,
Inc.
(b)
:
4.25%,
03/15/29
.................
USD
148
152,302
4.13%,
08/15/31
.................
495
498,713
Delta
Merlin
Dunia
Tekstil
PT
(c)
:
Series
A,
2.50%,
06/26/28
(d)
.........
300
58,556
Series
B,
0.00%,
06/26/32
(j)
.........
300
17,110
European
TopSoho
SARL,
Series
SMCP,
4.00%,
09/21/21
(e)(g)(i)(n)
............
EUR
500
515,611
Hanesbrands,
Inc.,
5.38%,
05/15/25
(b)
....
USD
9
9,422
Levi
Strauss
&
Co.,
3.50%,
03/01/31
(b)
....
105
106,050
Prime
Bloom
Holdings
Ltd.,
6.95%,
07/05/22
(c)(e)
955
191,000
PVH
Corp.,
3.13%,
12/15/27
(e)
.........
EUR
500
660,029
William
Carter
Co.
(The)
(b)
:
5.50%,
05/15/25
.................
USD
34
35,724
5.63%,
03/15/27
.................
44
45,612
Wolverine
World
Wide,
Inc.,
4.00%,
08/15/29
(b)
111
112,110
3,429,768
Thrifts
&
Mortgage
Finance
—
0.2%
Deutsche
Pfandbriefbank
AG,
4.60%,
02/22/27
(e)
....................
EUR
200
255,425
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
...
USD
874
954,207
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(b)
.
302
273,769
Jerrold
Finco
plc,
5.25%,
01/15/27
(e)
.....
GBP
674
942,566
Ladder
Capital
Finance
Holdings
LLLP
(b)
:
4.25%,
02/01/27
.................
USD
230
227,700
4.75%,
06/15/29
.................
150
148,943
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
157
167,527
Nationstar
Mortgage
Holdings,
Inc.
(b)
:
5.50%,
08/15/28
.................
570
587,100
5.13%,
12/15/30
.................
475
476,050
Nationwide
Building
Society,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
5.39%),
5.88%
(a)(m)
...............
GBP
739
1,084,490
Rocket
Mortgage
LLC
(b)
:
2.88%,
10/15/26
.................
USD
241
235,505
4.00%,
10/15/33
.................
244
242,170
5,595,452
Tobacco
—
0.0%
Altria
Group,
Inc.:
4.40%,
02/14/26
.................
63
70,758
5.95%,
02/14/49
.................
485
614,238
Imperial
Brands
Finance
plc,
2.13%,
02/12/27
(e)
EUR
100
123,431
808,427
Trading
Companies
&
Distributors
—
0.1%
Air
Lease
Corp.,
3.88%,
07/03/23
.......
USD
125
131,419
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
(b)
96
95,400
Fortress
Transportation
&
Infrastructure
Investors
LLC
(b)
:
6.50%,
10/01/25
.................
133
136,908
9.75%,
08/01/27
.................
59
66,817
5.50%,
05/01/28
.................
703
707,728
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
(b)
....................
183
179,340
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
(b)
....................
28
27,891
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
....
353
370,376
Imola
Merger
Corp.,
4.75%,
05/15/29
(b)
....
911
942,447
United
Rentals
North
America,
Inc.,
5.25%,
01/15/30
.....................
11
12,045
WESCO
Distribution,
Inc.
(b)
:
7.13%,
06/15/25
.................
474
505,820
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
(continued)
7.25%,
06/15/28
.................
USD
647
$
716,552
3,892,743
Transportation
Infrastructure
—
0.4%
Abertis
Infraestructuras
Finance
BV,
(EUR
Swap
Annual
5
Year
+
3.69%),
3.25%
(a)(e)(m)
EUR
1,000
1,188,045
Atlantia
SpA
(e)
:
1.88%,
07/13/27
.................
100
120,587
1.88%,
02/12/28
.................
921
1,109,356
Autostrade
per
l'Italia
SpA
:
2.00%,
12/04/28
.................
882
1,072,245
2.00%,
01/15/30
(e)
................
2,847
3,457,767
DP
World
Crescent
Ltd.,
3.75%,
01/30/30
(c)(e)
USD
1,242
1,325,835
Fraport
AG
Frankfurt
Airport
Services
Worldwide,
1.88%,
03/31/28
(e)
........
EUR
1,000
1,200,558
Getlink
SE,
3.50%,
10/30/25
(e)
.........
2,000
2,397,090
11,871,483
Water
Utilities
—
0.1%
Solaris
Midstream
Holdings
LLC,
7.63%,
04/01/26
(b)
....................
USD
101
108,237
Thames
Water
Kemble
Finance
plc,
4.63%,
05/19/26
.....................
GBP
2,197
3,084,090
3,192,327
Wireless
Telecommunication
Services
—
1.3%
Connect
Finco
SARL,
6.75%,
10/01/26
(b)(c)
..
USD
2,566
2,684,678
Digicel
International
Finance
Ltd.,
8.75%,
05/25/24
(b)(c)
...................
200
206,663
Empresa
Nacional
de
Telecomunicaciones
SA,
4.75%,
08/01/26
(c)(e)
..............
367
401,406
Globe
Telecom,
Inc.,
3.00%,
07/23/35
(c)(e)
..
370
341,741
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
.....................
201
226,628
Ligado
Networks
LLC,
0.00%,
(0.00%
Cash
or
15.50%
PIK),
11/01/23
(a)(b)(l)
.........
663
599,089
Matterhorn
Telecom
SA
(e)
:
3.13%,
09/15/26
.................
EUR
200
231,670
4.00%,
11/15/27
.................
1,650
1,955,657
Oi
Movel
SA:
8.75%,
07/30/26
(c)(e)
...............
USD
1,425
1,453,500
SoftBank
Group
Corp.:
(USD
Swap
Rate
5
Year
+
4.23%),
6.00%
(a)
(c)(e)(m)
.......................
2,331
2,325,406
2.13%,
07/06/24
(e)
................
EUR
968
1,108,231
4.50%,
04/20/25
(e)
................
300
365,652
4.75%,
07/30/25
(e)
................
2,085
2,549,322
3.13%,
09/19/25
(e)
................
1,500
1,732,927
2.88%,
01/06/27
(e)
................
1,235
1,370,192
5.00%,
04/15/28
(e)
................
1,200
1,458,159
4.63%,
07/06/28
(c)(e)
...............
USD
1,500
1,469,968
3.38%,
07/06/29
.................
EUR
797
871,607
4.00%,
09/19/29
(e)
................
1,719
1,966,513
5.25%,
07/06/31
(c)(e)
...............
USD
1,500
1,481,250
Sprint
Corp.,
7.63%,
03/01/26
.........
477
577,993
Telefonica
Europe
BV
(a)(e)(m)
:
(EUR
Swap
Annual
6
Year
+
4.11%),
4.38%
EUR
500
627,715
(EUR
Swap
Annual
8
Year
+
2.97%),
3.88%
3,800
4,764,873
T-Mobile
USA,
Inc.:
2.63%,
02/15/29
.................
USD
172
173,816
2.88%,
02/15/31
.................
755
761,418
3.50%,
04/15/31
(b)
................
719
758,282
3.50%,
04/15/31
.................
419
441,892
Vmed
O2
UK
Financing
I
plc:
4.00%,
01/31/29
.................
GBP
1,400
1,900,507
4.50%,
07/15/31
(e)
................
1,939
2,664,861
4.75%,
07/15/31
(b)(c)
...............
USD
1,060
1,082,981
BlackRock
Income
Fund
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
Vodafone
Group
plc:
2.50%,
05/24/39
(e)
................
EUR
100
$
134,033
(EUR
Swap
Annual
5
Year
+
3.43%),
4.20%,
10/03/78
(a)(e)
.............
2,368
3,099,559
Series
NC10,
(EUR
Swap
Annual
5
Year
+
3.23%),
3.00%,
08/27/80
(a)
........
1,200
1,430,656
43,218,845
Total
Corporate
Bonds
—
44.2%
(Cost:
$1,483,428,720)
...........................
1,444,875,229
Floating
Rate
Loan
Interests
—
27.4%
Aerospace
&
Defense
—
0.8%
(a)
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.25%),
5.00%
,
 05/25/28
.................
USD
7,002
7,021,454
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C,
(LIBOR
USD
3
Month
+
4.25%),
5.00%
,
 05/25/28
.................
1,424
1,428,092
Bleriot
US
Bidco
,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.13%
,
 10/30/26
....
210
209,978
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
3.50%),
3.63%
,
 04/06/26
.................
2,734
2,671,478
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2,
(LIBOR
USD
3
Month
+
3.50%),
3.63%
,
 04/06/26
.................
1,470
1,436,190
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 02/01/28
9,753
9,754,594
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
7.75%),
8.50%
,
 02/01/29
2,200
2,241,250
Sequa
Mezzanine
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.75%
,
 11/28/23
.................
283
286,519
TransDigm
,
Inc.,
Term
Loan
F,
(LIBOR
USD
1
Month
+
2.25%),
2.33%
,
 12/09/25
.....
2,537
2,505,732
27,555,287
Air
Freight
&
Logistics
—
0.0%
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
 04/06/28
(a)
................
395
395,987
Airlines
—
0.5%
(a)
AAdvantage
Loyality
IP
Ltd.,
Term
Loan,
04/20/28
(c)(o)
....................
3,877
4,006,763
Air
Canada,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.25%
,
 08/11/28
(c)
.........
4,159
4,173,251
American
Airlines,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
2.08%
,
 12/15/23
1,065
1,040,746
Kestrel
Bidco
,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
4.00%
,
 12/11/26
(c)
.....
2,079
2,026,801
United
AirLines
,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 04/21/28
5,149
5,180,741
16,428,302
Auto
Components
—
0.5%
(a)
Clarios
Global
LP,
1st
Lien
Term
Loan:
(EURIBOR
1
Month
+
3.25%),
3.25%, 04/30/26
...............
EUR
1,000
1,146,766
(LIBOR
USD
1
Month
+
3.25%),
3.33%, 04/30/26
...............
USD
6,889
6,854,225
Truck
Hero,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
 01/31/28
.....
3,328
3,318,726
Security
Par
(000)
Par
(000)
Value
Auto
Components
(continued)
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.00%),
3.08%
,
 02/05/26
.................
USD
4,354
$
4,312,760
15,632,477
Automobiles
—
0.1%
Dealer
Tire
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.25%),
4.33%
,
 01/01/38
(a)
....
3,710
3,708,440
Building
Products
—
0.6%
(a)
CHI
Overhead
Doors,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.50%
,
 07/31/25
.................
55
55,423
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 04/12/28
.................
285
284,402
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
 11/23/27
.
5,706
5,684,193
CP
Iris
Holdco
I,
Inc.,
Delayed
Draw
Term
Loan,
10/02/28
(o)
.....................
149
148,329
CP
Iris
Holdco
I,
Inc.,
Term
Loan,
10/02/28
(o)
.
743
741,616
CPG
International
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.25%
,
 05/05/24
1,357
1,356,448
Jeld-Wen
,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.25%),
2.33%
,
 07/28/28
.....
1,423
1,420,472
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
12/17/27
(o)
.....................
661
654,060
LBM
Acquisition
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
12/17/27
(o)
.............
330
327,030
LSF10
XL
Bidco
SCA,
Facility
Term
Loan
B4,
04/12/28
(o)
.....................
EUR
2,000
2,318,878
MI
Windows
and
Doors
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 12/18/27
.................
USD
244
244,460
Wilsonart
LLC,
Term
Loan
E,
(LIBOR
USD
3
Month
+
3.50%),
4.50%
,
 12/31/26
.....
4,699
4,700,811
17,936,122
Capital
Markets
—
0.2%
(a)
Azalea
TopCo
,
Inc.,
1st
Lien
Term
Loan,
07/24/26
(o)
.....................
1,485
1,487,193
Cogeco
Communications
Finance
LP,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.50%),
3.00%
,
 09/01/28
.................
3,617
3,592,875
Focus
Financial
Partners
LLC,
Delayed
Draw
Term
Loan,
06/30/28
(o)
.............
326
324,659
Focus
Financial
Partners
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.50%),
3.00%
,
 06/30/28
.................
1,408
1,403,337
Greenhill
&
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
 04/12/24
(f)
...
135
134,152
6,942,216
Chemicals
—
0.9%
(a)
Alpha
3
BV,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.00%
,
 03/18/28
(c)
.........
4,843
4,835,792
Arc
Falcon
I,
Inc.,
Delayed
Draw
Term
Loan,
09/22/28
(o)
.....................
221
220,393
Arc
Falcon
I,
Inc.,
Term
Loan,
09/22/28
(o)
...
1,511
1,509,693
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.75%
,
 11/24/27
.................
311
311,824
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
 08/27/26
...........
2,139
2,162,499
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
52
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
CPC
Acquisition
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 12/29/27
.................
USD
397
$
396,509
Ecovyst
Catalyst
Technologies
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
3.25%
,
 06/09/28
.................
2,408
2,408,471
Element
Solutions,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.00%),
2.08%
,
 01/31/26
2,348
2,343,609
Greenrock
Finance,
Inc.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
4.50%
,
 06/28/24
.................
367
365,047
Herens
Holdco
SARL,
Facility
Term
Loan
B,
(LIBOR
USD
6
Month
+
4.00%),
4.75%
,
 07/03/28
(c)
................
886
888,154
Invictus
US
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.08%
,
 03/28/25
(c)
1,085
1,081,660
Invictus
US
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.75%),
6.83%
,
 03/30/26
68
68,233
IPS
Acquisition
LLC,
1st
Lien
Term
Loan
B2,
(LIBOR
USD
3
Month
+
2.25%),
5.50%
,
 11/07/24
.................
341
340,415
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.58%
,
 06/30/27
.................
2,246
2,241,098
Messer
Industries
GmbH,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
2.50%),
2.58%
,
 01/01/38
.................
1,456
1,447,481
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.34%
,
 05/15/24
...........
3,222
3,215,324
Nouryon
Finance
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
2.83%
,
 10/01/25
(c)
...
61
60,608
Oxea
Holding
Vier
GmbH,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.25%),
3.38%
,
 10/14/24
(c)
................
2,383
2,370,908
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.00%),
4.75%
,
 03/16/27
.................
1,110
1,110,095
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.25%
,
 08/02/28
.................
1,100
1,101,375
WR
Grace
Holdings
LLC,
Term
Loan,
09/22/28
(o)
.....................
604
605,891
29,085,079
Commercial
Services
&
Supplies
—
0.9%
(a)
Allied
Universal
Holdco
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
 05/12/28
.................
2,663
2,663,721
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B5,
(LIBOR
USD
1
Month
+
2.50%),
2.58%
,
 04/06/28
.................
716
710,149
Asplundh
Tree
Expert
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
1.83%
,
 09/07/27
533
530,548
Brand
Energy
&
Infrastructure
Services,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
5.25%
,
 06/21/24
.................
7,247
7,177,738
Clean
Harbors,
Inc.,
Term
Loan
B,
09/21/28
(o)
1,242
1,241,478
EnergySolutions
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.75%
,
 05/09/25
(f)
...
202
201,009
GFL
Environmental,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.50%
,
 05/30/25
(c)
244
244,319
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
KAR
Auction
Services,
Inc.,
Term
Loan
B6,
(LIBOR
USD
1
Month
+
2.25%),
2.38%
,
 09/19/26
(f)
................
USD
640
$
623,670
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1,
09/23/26
(o)
...........
2,348
2,344,472
Recycle
and
Resource
US
LLC,
1st
Lien
Term
Loan,
07/14/28
(c)(f)(o)
...............
522
520,695
Spring
Education
Group,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
4.38%
,
 07/30/25
.................
2,080
2,018,634
Tempo
Acquisition
LLC,
Term
Loan:
 11/02/26
(o)
.....................
9,247
9,260,446
(LIBOR
USD
1
Month
+
3.00%),
3.50%, 08/31/28
...............
608
608,505
TruGreen
Ltd.,
Partnership,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
 11/02/27
.................
1,005
1,004,603
Vericast
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
7.75%),
8.75%
,
 06/16/26
.....
152
141,947
Viad
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
5.00%),
5.50%
,
 07/30/28
(f)
...........
972
967,140
30,259,074
Construction
&
Engineering
—
0.3%
(a)
Pike
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.09%
,
 01/21/28
...........
1,617
1,615,593
SRS
Distribution,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
 06/02/28
....
6,263
6,260,370
USIC
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.25%
,
 05/12/28
.................
1,861
1,858,272
9,734,235
Construction
Materials
—
0.3%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
2.08%
,
 01/15/27
...........
3,516
3,490,515
Forterra
Finance
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 10/25/23
....
503
502,747
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
 01/31/28
.................
1,355
1,345,026
Standard
Industries,
Inc.,
Term
Loan,
09/22/28
(o)
.....................
3,463
3,464,870
TAMKO
Building
Products
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.13%
,
 05/29/26
.................
669
664,700
9,467,858
Containers
&
Packaging
—
0.6%
(a)
Charter
NEX
US,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 12/01/27
.................
6,549
6,560,623
Flex
Acquisition
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 03/02/28
1,619
1,615,512
Kleopatra
Finco
SARL,
Facility
Term
Loan
B,
(LIBOR
USD
6
Month
+
4.75%),
5.25%
,
 02/12/26
(c)
................
2,800
2,805,194
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
 04/03/24
.................
4,920
4,814,285
Pactiv
Evergreen,
Inc.,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
 02/05/26
259
257,539
Pregis
TopCo
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.08%
,
 07/31/26
2,021
2,022,281
BlackRock
Income
Fund
Schedules
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
Tosca
Services
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.25%
,
 08/18/27
(f)
...
USD
808
$
805,875
Trident
TPI
Holdings,
Inc.,
Delayed
Draw
Term
Loan
B3,
09/15/28
(o)
...............
177
177,366
Trident
TPI
Holdings,
Inc.,
Term
Loan
B3,
09/15/28
(o)
.....................
1,249
1,250,428
20,309,103
Distributors
—
0.0%
PAI
Holdco,
Inc.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
4.25%
,
 10/28/27
(a)
644
644,316
Diversified
Consumer
Services
—
0.5%
(a)
Ascend
Learning
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.75%
,
 07/12/24
....
468
468,504
Bright
Horizons
Family
Solutions
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
2.50%
,
 11/07/23
.................
1,267
1,262,034
Midas
Intermediate
Holdco
II
LLC,
Term
Loan,
12/22/25
(o)
.....................
4,612
4,382,491
Mileage
Plus
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.25%
,
 06/21/27
4,905
5,208,521
Research
Now
Group,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.50%),
6.50%
,
 12/20/24
.................
747
737,970
SIRVA
Worldwide,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.50%),
5.63%
,
 08/04/25
.................
336
316,414
Sotheby's,
Term
Loan,
(LIBOR
USD
2
Month
+
4.50%),
5.00%
,
 01/15/27
...........
1,827
1,832,047
Verisure
Holding
AB,
Facility
Term
Loan
B,
(EURIBOR
3
Month
+
3.25%),
3.25%
,
 03/27/28
.................
EUR
2,000
2,301,780
Voyage
Australia
Pty
Ltd.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 07/20/28
(c)
................
USD
782
781,023
17,290,784
Diversified
Financial
Services
—
2.4%
(a)
Acuris
Finance
US,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.50%
,
 02/16/28
1,369
1,372,360
Advisor
Group
Holdings,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.50%),
4.58%
,
 07/31/26
.................
3,695
3,698,746
Alchemy
Copyrights
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.50%
,
 03/10/28
(f)
1,078
1,078,292
Belron
Finance
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
2.44%
,
 10/30/26
....
489
485,661
Belron
Group
SA,
Term
Loan:
(EURIBOR
3
Month
+
2.75%),
2.75%, 04/13/28
...............
EUR
2,000
2,305,117
(LIBOR
USD
3
Month
+
2.75%),
3.25%, 04/13/28
...............
USD
2,529
2,523,541
Connect
Finco
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.50%
,
 12/11/26
(c)
...
10,030
10,033,594
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.75%
,
 04/09/27
.................
7,982
7,998,230
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 12/01/27
5,340
5,343,409
Delta
Topco,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
8.00%
,
 12/01/28
184
185,303
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
4.75%
,
 10/01/27
.................
5,924
5,932,576
Security
Par
(000)
Par
(000)
Value
Diversified
Financial
Services
(continued)
Genuine
Financial
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
3.83%
,
 07/11/25
.................
USD
1,489
$
1,473,442
INEOS
Styrolution
Group
Gmbh
,
Term
Loan
B,
(EURIBOR
1
Month
+
2.75%),
2.75%
,
 01/29/26
.................
EUR
3,000
3,448,987
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
12/17/27
(o)
.....................
USD
3,618
3,582,093
Lealand
Finance
Co.,
BV,
Term
Loan,
06/28/24
(c)(f)(o)
...................
17
9,441
Lealand
Finance
Co.,
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
1.00%),
1.08%
,
 06/30/25
(c)
112
50,130
LEB
Holdings
(USA),
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 11/02/27
.
632
633,439
Mercury
Borrower,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
2
Month
+
3.50%),
4.00%
,
 08/02/28
.................
3,636
3,623,892
RVR
Dealership
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.75%
,
 02/08/28
.................
1,487
1,482,814
SMG
US
Midco
2,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
2.58%
-
2.63%
,
 01/23/25
.................
1,904
1,867,972
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
3.25%
,
 12/11/26
.................
1,087
1,083,380
Travelport
Finance
(Luxembourg)
SARL,
1st
Lien
Term
Loan,
05/29/26
(c)(o)
.........
3,745
3,210,103
Travelport
Finance
(Luxembourg)
SARL,
Term
Loan,
02/28/25
(c)(o)
................
461
477,982
UPC
Financing
Partnership,
Facility
Term
Loan
AX,
(LIBOR
USD
1
Month
+
3.00%),
3.08%
,
 01/31/29
.................
425
423,496
Veritas
US,
Inc.,
Term
Loan
B,
09/01/25
(o)
..
7,346
7,371,510
VS
Buyer
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.08%
,
 02/28/27
(f)
.....
6,525
6,516,558
White
Cap
Buyer
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
 10/19/27
1,044
1,046,480
Winterfell
Financing
SARL,
Facility
Term
Loan
B,
(EURIBOR
3
Month
+
3.50%),
3.50%
,
 05/04/28
.................
EUR
1,000
1,148,365
Ziggo
Financing
Partnership,
Facility
Term
Loan
I,
(LIBOR
USD
1
Month
+
2.50%),
2.58%
,
 04/30/28
.................
USD
1,161
1,151,135
79,558,048
Diversified
Telecommunication
Services
—
1.1%
(a)
Altice
Financing
SA,
Term
Loan:
(LIBOR
USD
3
Month
+
2.75%),
2.88%, 07/15/25
(c)
..............
662
650,823
(LIBOR
USD
3
Month
+
2.75%),
2.90%, 01/31/26
(c)
..............
3,427
3,364,437
Altice
France
SA,
Term
Loan
B13,
(LIBOR
USD
3
Month
+
4.00%),
4.12%
,
 08/14/26
(c)
...
5,576
5,553,177
Cablevision
Lightpath
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 11/30/27
.
153
152,960
Consolidated
Communications,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
4.25%
,
 10/02/27
.................
601
601,487
Eircom
Finco
SARL,
Facility
Term
Loan
B,
(EURIBOR
1
Month
+
3.00%),
3.00%
,
 05/15/26
.................
EUR
1,000
1,155,454
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
54
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 05/01/28
.................
USD
1,365
$
1,362,363
GCI
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.75%),
3.50%
,
 10/15/25
...........
510
508,897
Iridium
Satellite
LLC,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
2.50%),
3.25%
,
 11/04/26
.
1,941
1,941,949
Level
3
Financing,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
1.83%
,
 03/01/27
498
492,113
Lorca
Holdco
Ltd.,
Term
Loan
B2,
(EURIBOR
6
Month
+
4.25%),
4.25%
,
 09/17/27
.....
EUR
1,000
1,159,126
Orbcomm
,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
5.00%
,
 09/01/28
USD
833
831,609
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
Q,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
 01/31/29
.................
1,257
1,256,648
Virgin
Media
Ireland
Ltd.,
Facility
Term
Loan
B1,
(EURIBOR
6
Month
+
3.50%),
3.50%
,
 07/15/29
.................
EUR
3,000
3,459,412
Zayo
Group
Holdings,
Inc.,
Term
Loan,
03/09/27
(o)
.....................
USD
12,634
12,515,986
35,006,441
Electric
Utilities
—
0.0%
(a)
Calpine
Construction
Finance
Co.
LP,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
2.08%
,
 01/15/25
.................
222
219,471
Edgewater
Generation
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
3.83%
,
 12/13/25
.................
459
436,905
656,376
Electrical
Equipment
—
0.3%
(a)
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
06/23/28
(f)(o)
.....................
1,274
1,274,000
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
3.58%
,
 09/13/24
9,251
9,219,759
10,493,759
Entertainment
—
0.6%
(a)
City
Football
Group
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 07/21/28
(c)(f)
2,922
2,907,390
Kingpin
Intermediate
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.50%
,
 07/03/24
(f)
................
2,837
2,830,049
Live
Nation
Entertainment,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
1.88%
,
 10/19/26
.................
4,075
3,970,227
Playtika
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
2.83%
,
 03/13/28
2,354
2,352,287
Renaissance
Holding
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
 05/30/25
.................
36
35,570
William
Morris
Endeavor
Entertainment
LLC,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
2.84%
,
 05/18/25
.....
5,717
5,595,752
WMG
Acquisition
Corp.,
Term
Loan
G,
(LIBOR
USD
1
Month
+
2.13%),
2.21%
,
 01/20/28
469
466,600
18,157,875
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
(a)
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
2.83%
,
 08/21/25
.................
USD
1,630
$
1,614,580
RHP
Hotel
Properties
LP,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
2.09%
,
 05/11/24
.
129
127,196
1,741,776
Food
&
Staples
Retailing
—
0.2%
(a)
H-Food
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.69%),
3.77%
,
 05/23/25
....
113
113,030
H-Food
Holdings
LLC,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
4.00%),
4.08%
,
 05/23/25
2,455
2,456,347
US
Foods,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
1.83%
,
 06/27/23
.....
1,567
1,556,782
US
Foods,
Inc.,
Term
Loan
B,
09/13/26
(o)
...
2,200
2,168,847
6,295,006
Food
Products
—
0.8%
(a)
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
1.84%
,
 11/19/26
(c)
................
634
625,982
8th
Avenue
Food
&
Provisions,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
3.84%
,
 10/01/25
.................
1,618
1,595,262
B&G
Foods,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.50%),
2.58%
,
 10/10/26
....
112
111,907
Chobani
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.50%
,
 10/25/27
.....
7,994
8,005,028
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B2,
01/29/27
(c)(o)
..............
5,686
5,614,933
Hostess
Brands
LLC,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
2.25%),
3.00%
,
 08/03/25
.................
257
255,967
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 06/08/28
.................
900
900,044
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 03/31/28
.................
6,437
6,424,831
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.08%
,
 01/20/28
.................
2,596
2,590,694
26,124,648
Health
Care
Equipment
&
Supplies
—
0.2%
(a)
CTC
AcquiCo
GmbH,
Facility
Term
Loan
B1,
(EURIBOR
3
Month
+
2.50%),
2.50%
,
 03/07/25
.................
EUR
1,000
1,152,234
Insulet
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 05/04/28
.....
USD
661
662,447
Mozart
Debt
Merger
Sub,
Inc.,
Term
Loan
B:
 09/30/28
(o)
.....................
3,100
3,093,211
0.00%, 09/30/28
(p)
................
EUR
1,000
1,155,454
6,063,346
Health
Care
Providers
&
Services
—
0.9%
(a)
Azalea
TopCo
,
Inc.,
1st
Lien
Term
Loan,
07/24/26
(o)
.....................
USD
3,378
3,354,971
CAB,
Facility
Term
Loan
B,
(EURIBOR
6
Month
+
3.50%),
3.50%
,
 02/09/28
..........
EUR
1,000
1,152,072
CHG
Healthcare
Services,
Inc.
Term
Loan,
09/29/28
(o)
.....................
USD
1,371
1,372,467
Envision
Healthcare
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
3.83%
,
 10/10/25
2,879
2,554,766
BlackRock
Income
Fund
Schedules
of
Investments
55
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
EyeCare
Partners
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
3.88%
,
 02/18/27
.................
USD
2,032
$
2,018,906
Femur
Buyer,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
4.63%
,
 03/05/26
605
568,081
Medical
Solutions
LLC,
2nd
Lien
Term
Loan,
09/24/28
(o)
.....................
841
832,590
Option
Care
Health,
Inc.,
Term
Loan
B,
08/06/26
(o)
.....................
6,482
6,478,633
Ortho-Clinical
Diagnostics,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.08%
,
 06/30/25
(c)
................
4,385
4,379,925
PetVet
Care
Centers
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.25%
,
 02/14/25
.................
30
29,763
Unified
Womens
Healthcare
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.25%),
5.00%
,
 12/20/27
.................
1,870
1,870,767
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
5.00%
,
 01/08/27
.................
1,501
1,506,641
WP
CityMD
Bidco
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 08/13/26
2,218
2,223,749
28,343,331
Health
Care
Technology
—
0.4%
(a)
athenahealth
,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.25%),
4.38%
,
 02/11/26
.................
213
213,356
GoodRx
,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
2.83%
,
 10/10/25
....
1,888
1,884,590
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.50%
,
 06/02/28
.................
7,223
7,236,673
Verscend
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
4.08%
,
 08/27/25
3,024
3,026,993
12,361,612
Hotels,
Restaurants
&
Leisure
—
1.2%
(a)
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
3.83%
,
 02/02/26
.................
247
242,237
Aristocrat
Leisure
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.75%
,
 10/19/24
(c)
268
268,868
Bally's
Corp.,
Term
Loan
B,
10/02/28
(o)
....
1,538
1,536,939
Boyd
Gaming
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Week
+
2.25%),
2.32%
,
 09/15/23
.
251
251,006
Caesars
Resort
Collection
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.75%),
2.83%
,
 12/23/24
.................
6,620
6,576,529
Caesars
Resort
Collection
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
3.58%
,
 07/21/25
.................
2,210
2,210,346
Churchill
Downs,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
2.09%
,
 03/17/28
(f)
645
638,312
Flutter
Entertainment
plc,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
2.38%
,
 07/21/26
(c)
1,344
1,338,811
Four
Seasons
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
2.09%
,
 11/30/23
(c)
................
486
484,197
Golden
Nugget
Online
Gaming,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
12.00%),
13.00%
,
 10/04/23
(f)
...............
58
63,064
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Golden
Nugget,
Inc.,
Term
Loan
B,
(LIBOR
USD
2
Month
+
2.50%),
3.25%
,
 10/04/23
USD
3,741
$
3,721,096
IRB
Holding
Corp.,
Term
Loan,
12/15/27
(o)
..
8,266
8,276,494
IRB
Holding
Corp.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
2.75%),
3.75%
,
 02/05/25
....
786
784,945
Packers
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.00%
,
 03/09/28
5,330
5,301,918
Playa
Resorts
Holding
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
3.75%
,
 04/29/24
(c)
99
96,354
Scientific
Games
International,
Inc.,
Term
Loan
B5,
(LIBOR
USD
1
Month
+
2.75%),
2.83%
,
 08/14/24
.................
851
847,005
Station
Casinos
LLC,
Facility
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.25%),
2.50%
,
 02/08/27
.................
2,033
2,012,669
Whatabrands
LLC,
Term
Loan
B,
08/03/28
(o)
.
3,472
3,466,861
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
1.83%
,
 05/30/25
.................
147
145,715
38,263,366
Household
Durables
—
0.2%
(a)
ACProducts
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
4.75%
,
 05/17/28
4,838
4,826,651
Serta
Simmons
Bedding
LLC,
Term
Loan:
(LIBOR
USD
1
Month
+
7.50%),
8.50%, 08/10/23
...............
253
247,199
SWF
Holdings
I
Corp.,
Term
Loan
B,
09/17/28
(o)
1,047
1,038,498
Weber-Stephen
Products
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.25%),
4.00%
,
 10/30/27
.................
509
510,338
6,622,686
Household
Products
—
0.1%
(a)
Diamond
(BC)
BV,
Term
Loan
B,
09/29/28
(o)
.
3,207
3,209,213
Pilot
Travel
Centers
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
2.08%
,
 08/04/28
1,180
1,175,787
Spectrum
Brands,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.00%),
2.50%
,
 03/03/28
413
411,719
4,796,719
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
(a)
Calpine
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
2.08%
,
 08/12/26
.....
—
(q)
408
ExGen
Renewables
IV
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.50%
,
 12/15/27
.................
1,977
1,974,463
1,974,871
Industrial
Conglomerates
—
0.2%
(a)
Filtration
Group
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.08%
,
 03/31/25
....
4,401
4,376,225
Filtration
Group
Corp.,
Term
Loan
A,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 03/29/25
623
624,347
Quimper
AB,
Facility
Term
Loan
B1,
(EURIBOR
3
Month
+
3.50%),
3.25%
,
 02/16/26
....
EUR
1,000
1,150,624
6,151,196
Information
Technology
—
0.0%
Idemia
Group
S.A.S.,
Facility
Term
Loan
B3,
(EURIBOR
3
Month
+
4.50%),
4.50%
,
 01/10/26
(a)
................
1,000
1,161,246
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
56
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Insurance
—
1.0%
(a)
Alliant
Holdings
Intermediate
LLC,
Term
Loan:
 05/09/25
(o)
.....................
USD
3,650
$
3,622,749
(LIBOR
USD
1
Month
+
3.75%),
4.25%, 11/05/27
...............
1,625
1,625,411
AmWINS
Group,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.25%),
3.00%
,
 02/19/28
....
3,025
3,005,908
AssuredPartners
,
Inc.,
Term
Loan:
(LIBOR
USD
1
Month
+
3.50%),
3.58%, 02/12/27
...............
2,379
2,362,926
(LIBOR
USD
1
Month
+
3.50%),
4.00%, 02/12/27
...............
279
278,487
Asurion
LLC,
2nd
Lien
Term
Loan
B3,
(LIBOR
USD
1
Month
+
5.25%),
5.33%
,
 01/31/28
2,320
2,311,484
Asurion
LLC,
2nd
Lien
Term
Loan
B4,
(LIBOR
USD
1
Month
+
5.25%),
5.33%
,
 01/20/29
1,768
1,758,718
Asurion
LLC,
Term
Loan
B6,
(LIBOR
USD
1
Month
+
3.13%),
3.21%
,
 11/03/23
......
726
721,470
Asurion
LLC,
Term
Loan
B8,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
 12/23/26
.....
3,353
3,301,446
Hub
International
Ltd.,
Term
Loan,
04/25/25
(o)
5,230
5,177,105
Hub
International
Ltd.,
Term
Loan
B3,
(LIBOR
USD
3
Month
+
3.25%),
4.00%
,
 04/25/25
236
235,590
NFP
Corp.,
Term
Loan,
02/15/27
(o)
.......
331
327,494
Ryan
Specialty
Group
LLC,
Term
Loan,
09/01/27
(o)
.....................
761
760,287
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan:
(LIBOR
USD
1
Month
+
3.25%),
3.33%, 12/31/25
...............
599
594,485
(LIBOR
USD
1
Month
+
3.75%),
3.83%, 09/03/26
...............
1,652
1,646,824
(LIBOR
USD
1
Month
+
4.25%),
5.25%, 09/03/26
...............
216
216,132
USI,
Inc.,
Term
Loan:
 05/16/24
(o)
.....................
4,350
4,318,348
(LIBOR
USD
3
Month
+
3.25%),
3.38%, 12/02/26
...............
86
85,839
32,350,703
Interactive
Media
&
Services
—
0.7%
(a)
Adevinta
ASA,
Facility
Term
Loan
B2,
06/26/28
(c)(o)
....................
3,026
3,025,516
Arches
Buyer,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 12/06/27
.....
1,613
1,603,547
Camelot
US
Acquisition
1
Co.,
Term
Loan,
10/30/26
(o)
.....................
9,907
9,928,424
Grab
Holdings,
Inc.,
Term
Loan,
01/29/26
(c)(o)
7,108
7,167,708
21,725,195
Internet
&
Direct
Marketing
Retail
—
0.2%
(a)
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 11/08/27
.................
3,701
3,703,732
Eagle
Bidco
Ltd.,
Facility
Term
Loan
B,
(EURIBOR
3
Month
+
3.75%),
3.75%
,
 03/20/28
.................
EUR
2,000
2,294,506
Pug
LLC,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
4.25%),
4.75%
,
 02/12/27
(f)
.........
USD
305
304,619
6,302,857
Security
Par
(000)
Par
(000)
Value
IT
Services
—
0.9%
(a)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
 09/19/24
.................
USD
1,552
$
1,551,751
Applied
Systems,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.50%),
6.25%
,
 09/19/25
.................
469
474,609
Camelot
US
Acquisition
1
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.08%
,
 10/30/26
.................
2,012
2,005,685
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.75%),
8.75%
,
 07/31/28
.................
528
541,860
Epicor
Software
Corp.,
Term
Loan
C,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
 07/30/27
2,144
2,142,565
FleetCor
Technologies
Operating
Co.
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
1.83%
,
 04/28/28
...........
1,670
1,664,455
Flexential
Intermediate
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
3.58%
,
 08/01/24
.................
171
158,022
Flexential
Intermediate
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.33%
,
 08/01/25
.................
168
154,069
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.00%),
2.08%
,
 08/10/27
.................
1,883
1,871,263
Ion
Trading
Finance
Ltd,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
4.92%
,
 04/01/28
(c)
563
563,226
Mitchell
International,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
 11/29/24
.................
1,209
1,207,138
Mitchell
International,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.33%
,
 12/01/25
.................
270
269,719
Mitchell
International,
Inc.,
Facility
1st
Lien
Term
Loan,
11/29/24
(o)
.............
1,446
1,445,004
Pug
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.58%
,
 02/12/27
...........
4,102
4,008,335
Sophia
LP,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 10/07/27
...........
7,200
7,223,560
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
1.75%),
1.83%
,
 04/16/25
.................
254
251,429
Trader
Interactive
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.50%
,
 07/28/28
(f)
664
662,340
Trans
Union
LLC,
Term
Loan
B5,
(LIBOR
USD
1
Month
+
1.75%),
1.83%
,
 11/16/26
....
428
425,093
Virtusa
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 02/11/28
......
496
496,253
WEX,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
2.33%
,
 03/31/28
..........
814
810,068
ZoomInfo
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.08%
,
 02/02/26
243
243,000
28,169,444
Life
Sciences
Tools
&
Services
—
0.6%
(a)
Avantor
Funding,
Inc.,
Term
Loan
B5,
(LIBOR
USD
1
Month
+
2.25%),
2.75%
,
 11/08/27
.
1,091
1,091,883
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3,
02/22/28
(o)
.....................
1,899
1,898,164
eResearchTechnology
,
Inc.,
1st
Lien
Term
Loan,
02/04/27
(o)
.................
5,529
5,553,500
ICON
Luxembourg
SARL,
Term
Loan
(o)
:
 07/03/28
......................
942
945,265
BlackRock
Income
Fund
Schedules
of
Investments
57
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Life
Sciences
Tools
&
Services
(continued)
 07/03/28
(c)
.....................
USD
3,782
$
3,793,943
Iqvia
,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
1.75%),
1.83%
,
 03/07/24
.....
58
58,050
Maravai
Intermediate
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.75%
,
 10/19/27
.................
708
709,830
Parexel
International
Corp.,
Term
Loan,
08/11/28
(o)
.....................
2,453
2,453,392
PPD,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
2.50%
,
 01/13/28
...........
2,732
2,726,587
19,230,614
Machinery
—
0.9%
(a)
Clark
Equipment
Co.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
2.38%
,
 05/18/24
....
1,240
1,237,452
Columbus
McKinnon
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
3.25%
,
 05/14/28
389
387,180
Gates
Global
LLC,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
2.50%),
3.25%
,
 03/31/27
....
2,542
2,537,043
Ingersoll-Rand
Services
Co.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
1.75%),
1.83%
,
 03/01/27
.................
652
643,238
Madison
IAQ
LLC,
Term
Loan,
06/21/28
(o)
..
6,963
6,951,372
Titan
Acquisition
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.17%
,
 03/28/25
(c)
...
8,983
8,813,819
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1,
07/30/27
(c)(o)
..................
805
806,467
Vertiv
Group
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.75%),
2.83%
,
 03/02/27
....
4,096
4,068,381
Wittur
Holding
GmbH,
Facility
1st
Lien
Term
Loan
B,
(EURIBOR
6
Month
+
4.50%),
4.50%
,
 10/02/26
.................
EUR
2,000
2,306,576
Zephyr
German
BidCo
GmbH,
Facility
Term
Loan
B1,
(EURIBOR
1
Month
+
3.75%),
3.00%
,
 03/10/28
.................
1,000
1,153,346
Zurn
Industries
LLC,
Term
Loan
B,
10/04/28
(o)
USD
186
185,953
29,090,827
Media
—
1.4%
Ascend
Learning
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 07/12/24
(a)
...
743
742,749
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
3.25%),
4.50%
,
 03/03/25
(a)
................
5,368
4,773,467
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B3,
5.00%
,
 10/15/26
(p)
................
377
453,281
Cable
One,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.00%),
2.08%
,
 05/03/28
(a)
....
948
940,812
Charter
Communications
Operating
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
1.75%),
1.84%
,
 04/30/25
(a)
................
1,063
1,061,879
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
3.63%
,
 08/21/26
(a)
................
9,906
9,692,376
CSC
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
2.58%
,
 04/15/27
(a)
....
2,713
2,678,341
DirectTV
Financing
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.00%),
5.75%
,
 08/02/27
(a)
4,570
4,571,277
Eagle
Broadband
Investments
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.75%
,
 11/12/27
(a)
................
523
523,048
EW
Scripps
Co.
(The),
Term
Loan
B3,
(LIBOR
USD
1
Month
+
3.00%),
3.75%
,
 01/07/28
(a)
415
415,241
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Gray
Television,
Inc.,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
2.25%),
2.34%
,
 02/07/24
(a)
USD
390
$
389,172
Intelsat
Jackson
Holdings
SA,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
4.75%),
8.00%
,
 11/27/23
(a)(c)
...............
145
146,605
Intelsat
Jackson
Holdings
SA.,
Term
Loan,
07/13/22
(a)(c)(o)
...................
57
57,552
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
12/01/23
(a)(o)
................
2,967
2,843,046
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
2.33%
,
 03/24/25
(a)
................
778
770,472
Nexstar
Broadcasting,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.50%),
2.59%
,
 09/18/26
(a)
................
411
410,051
Radiate
Holdco
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
4.25%
,
 09/25/26
(a)
4,259
4,252,482
Terrier
Media
Buyer,
Inc.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.58%
,
 12/17/26
(a)
................
1,618
1,613,594
Trader
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 09/28/23
(a)(c)(f)
.
4,061
4,050,752
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
N,
(LIBOR
USD
1
Month
+
2.50%),
2.58%
,
 01/31/28
(a)
................
603
598,760
Xplornet
Communications,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
4.84%
,
 12/31/28
(a)(c)
...............
2,485
2,481,438
Ziggo
BV,
Facility
Term
Loan
H,
(EURIBOR
6
Month
+
3.00%),
3.00%
,
 01/31/29
(a)
....
EUR
1,000
1,145,098
44,611,493
Metals
&
Mining
—
0.2%
(a)
Ball
Metalpack
Finco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
4.62%
,
 07/31/25
.................
USD
1,210
1,207,006
Equinox
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
3.00%),
4.00%
,
 03/08/24
.................
6,731
6,221,479
7,428,485
Oil,
Gas
&
Consumable
Fuels
—
0.1%
(a)
Ascent
Resources
Utica
Holdings
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
9.00%),
10.00%
,
 11/01/25
...........
244
266,773
EG
Group
Ltd.,
Facility
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.13%
,
 02/07/25
2,980
2,968,156
Murphy
Oil
USA,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
2.25%
,
 01/31/28
811
810,967
4,045,896
Personal
Products
—
0.2%
Sunshine
Luxembourg
VII
SARL,
Facility
Term
Loan
B3,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 10/01/26
(a)(c)
...............
7,390
7,408,087
Pharmaceuticals
—
0.4%
(a)
Amneal
Pharmaceuticals
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
3.63%
,
 05/04/25
.................
2,175
2,143,524
Bausch
Health
Cos.,
Inc.,
Term
Loan,
06/02/25
(c)(o)
....................
2,770
2,765,408
Cidron
Aida
Finco
SARL,
Facility
Term
Loan
B,
(EURIBOR
3
Month
+
5.00%),
5.00%
,
 05/29/28
.................
EUR
2,000
2,321,241
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
58
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
Elanco
Animal
Health,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
1.84%
,
 08/01/27
USD
386
$
380,684
Grifols
Worldwide
Operations
Ltd.,
Term
Loan
B,
(LIBOR
USD
1
Week
+
2.00%),
2.07%
,
 11/15/27
.................
271
266,652
Jazz
Pharmaceuticals
plc,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 05/05/28
(c)
2,935
2,937,961
Organon
&
Co.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.50%
,
 06/02/28
.....
1,306
1,307,830
Precision
Medicine
Group
LLC,
Delayed
Draw
Term
Loan,
11/18/27
(o)
.............
118
118,066
Precision
Medicine
Group
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.75%
,
 11/18/27
.................
1,228
1,227,699
Prestige
Brands,
Inc.,
Term
Loan
B5,
(LIBOR
USD
1
Month
+
2.00%),
2.50%
,
 07/03/28
539
538,073
14,007,138
Professional
Services
—
0.5%
(a)
AlixPartners
LLP,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
3.25%
,
 02/04/28
.....
1,921
1,914,874
CoreLogic
,
Inc.,
1st
Lien
Term
Loan,
06/02/28
(o)
6,499
6,490,876
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
02/06/26
(o)
.....................
8,463
8,451,938
16,857,688
Real
Estate
Management
&
Development
—
0.1%
Foncia
Management,
Facility
Term
Loan
B,
(EURIBOR
3
Month
+
3.50%),
3.50%
,
 03/27/28
(a)
................
EUR
3,000
3,446,381
Road
&
Rail
—
0.2%
Uber
Technologies,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
3.58%
,
 02/25/27
(a)
USD
6,922
6,916,113
Semiconductors
&
Semiconductor
Equipment
—
0.0%
ON
Semiconductor
Corp.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.00%),
2.08%
,
 09/19/26
(a)
................
224
223,541
Software
—
3.7%
Avast
Software
BV,
Term
Loan,
(EURIBOR
3
Month
+
2.00%),
2.00%
,
 03/22/28
(a)
....
EUR
975
1,127,980
Barracuda
Networks,
Inc.,
1st
Lien
Term
Loan,
02/12/25
(a)(o)
....................
USD
4,751
4,762,157
Boxer
Parent
Co.,
Inc.,
Term
Loan
(a)
:
(LIBOR
USD
3
Month
+
3.75%),
3.88%, 10/02/25
...............
3,719
3,696,278
(EURIBOR
3
Month
+
4.00%),
4.00%, 10/02/25
...............
EUR
1,491
1,725,283
CCC
Intelligent
Solutions,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.00%
,
 09/21/28
(a)
................
USD
2,142
2,139,323
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
08/10/29
(a)
(f)(o)
..........................
1,687
1,678,565
Cloudera,
Inc.,
Term
Loan
(a)
:
(LIBOR
USD
1
Month
+
2.50%),
3.25%, 12/22/27
...............
1,347
1,345,546
 07/08/28
(o)
.....................
6,955
6,941,994
ConnectWise
LLC,
Term
Loan,
09/29/28
(a)(o)
.
1,444
1,440,390
Cornerstone
OnDemand
,
Inc.,
Term
Loan
(a)
:
(LIBOR
USD
1
Month
+
3.25%),
3.33%, 04/22/27
...............
262
261,274
 09/21/28
(o)
.....................
1,518
1,514,205
DTI
Holdco,
Inc.,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.75%),
5.75%
,
 09/29/23
(a)
....
1,924
1,897,612
Security
Par
(000)
Par
(000)
Value
Software
(continued)
E2open
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 02/04/28
(a)
.........
USD
313
$
312,806
Greeneden
US
Holdings
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
 12/01/27
(a)
................
9,034
9,061,692
Helios
Software
Holdings,
Inc.,
Term
Loan
(a)
:
(EURIBOR
3
Month
+
3.75%),
3.75%, 03/11/28
...............
EUR
2,644
3,058,345
(LIBOR
USD
3
Month
+
3.75%),
3.92%, 03/11/28
...............
USD
1,624
1,621,564
Informatica
LLC,
2nd
Lien
Term
Loan,
7.13%
,
 02/25/25
(p)
................
676
684,788
Informatica
LLC,
Term
Loan,
02/25/27
(a)(o)
...
8,671
8,638,199
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
07/27/28
(a)(o)
....................
8,789
8,786,275
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
07/27/29
(a)(f)(o)
...................
3,251
3,246,936
McAfee
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
3.84%
,
 09/30/24
(a)
....
1,175
1,175,611
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.75%
,
 09/13/24
(a)
1,379
1,382,067
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.25%),
6.34%
,
 02/23/29
(a)
2,209
2,240,059
Misys
Ltd.,
1st
Lien
Term
Loan,
(EURIBOR
3
Month
+
3.00%),
4.00%
,
 06/13/24
(a)
....
EUR
992
1,148,180
Netsmart
,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.75%
,
 10/01/27
(a)
USD
1,346
1,350,891
Planview
Parent,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.75%
,
 12/17/27
(a)
................
3,714
3,721,068
Project
Alpha
Intermediate
Holding,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.09%
,
 04/26/24
(a)
................
1,346
1,344,632
Proofpoint
,
Inc.,
1st
Lien
Term
Loan,
08/31/28
(a)
(o)
...........................
8,702
8,654,139
RealPage
,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 04/24/28
(a)
14,618
14,568,177
Severin
Acquisition
LLC,
1st
Lien
Term
Loan,
08/01/25
(a)(o)
....................
6,054
6,019,148
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
1.83%
,
 04/16/25
(a)(c)
...............
192
190,354
TIBCO
Software,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.34%
,
 03/03/28
(a)
................
3,324
3,356,070
UKG,
Inc.,
1st
Lien
Term
Loan
(a)
:
(LIBOR
USD
1
Month
+
3.75%),
3.83%, 05/04/26
...............
4,961
4,968,014
(LIBOR
USD
3
Month
+
3.25%),
4.00%, 05/04/26
...............
5,513
5,520,464
UKG,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.50%
,
 05/03/27
(a)
....
613
622,704
120,202,790
Specialty
Retail
—
0.7%
(a)
Belron
Finance
US
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
2.38%
,
 11/13/25
.
90
89,915
EG
Group
Ltd.,
Facility
Term
Loan,
03/31/26
(o)
3,737
3,733,070
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan,
05/04/28
(o)
..........
4,742
4,750,831
MED
ParentCo
.
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.25%),
4.33%
,
 08/31/26
.................
2,356
2,348,864
BlackRock
Income
Fund
Schedules
of
Investments
59
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
Optiv
,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.25%
,
 02/01/24
.....
USD
3,264
$
3,216,493
Peer
Holding
III
BV,
Facility
Term
Loan
B,
(EURIBOR
3
Month
+
3.25%),
3.25%
,
 01/16/27
.................
EUR
1,000
1,156,786
PetSmart
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 02/11/28
......
USD
8,213
8,225,145
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 12/21/27
.................
254
253,885
23,774,989
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Electronics
for
Imaging,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.08%
,
 07/23/26
(a)
................
1,179
1,110,392
Trading
Companies
&
Distributors
—
0.3%
(a)
Beacon
Roofing
Supply,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.25%),
2.33%
,
 05/19/28
.................
1,431
1,422,252
Core
&
Main
LP,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.50%),
2.59%
,
 07/27/28
.....
8,024
7,983,628
TMK
Hawk
Parent
Corp.,
Term
Loan
A,
05/30/24
(f)(o)
.....................
229
224,332
TMK
Hawk
Parent
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
4.50%
,
 08/28/24
746
657,865
10,288,077
Transportation
Infrastructure
—
0.1%
(a)
First
Student
Bidco
,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.00%),
3.50%
,
 07/21/28
1,318
1,310,358
First
Student
Bidco
,
Inc.,
Term
Loan
C,
(LIBOR
USD
3
Month
+
3.00%),
3.50%
,
 07/21/28
487
483,689
KKR
Apple
Bidco
LLC,
1st
Lien
Term
Loan,
09/22/28
(o)
.....................
673
672,038
KKR
Apple
Bidco
LLC,
2nd
Lien
Term
Loan,
09/21/29
(o)
.....................
274
277,940
2,744,025
Wireless
Telecommunication
Services
—
0.2%
(a)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.25%),
3.43%
,
 05/27/24
(c)
................
3,340
3,220,605
Gogo
Intermediate
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 04/30/28
.................
1,011
1,012,064
MetroNet
Systems
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 06/02/28
.................
673
673,966
SBA
Senior
Finance
II
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
1.84%
,
 04/11/25
.
1,055
1,044,142
5,950,777
Total
Floating
Rate
Loan
Interests
—
27.4%
(Cost:
$894,344,565)
.............................
895,047,094
Foreign
Agency
Obligations
—
1.0%
Chile
—
0.0%
Corp.
Nacional
del
Cobre
de
Chile,
3.63%
,
08/01/27
(c)(e)
....................
1,163
1,247,536
Security
Par
(000)
Par
(000)
Value
China
—
0.0%
Industrial
&
Commercial
Bank
of
China
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.37%),
3.20%
(a)
(c)(e)(m)
.........................
USD
720
$
721,800
Colombia
—
0.0%
Ecopetrol
SA
(c):
6.88%,
04/29/30
.................
1,284
1,499,712
5.88%,
05/28/45
.................
190
191,900
1,691,612
Finland
—
0.0%
Finnair
OYJ,
4.25%
,
05/19/25
(e)
.........
EUR
1,300
1,556,678
France
—
0.3%
Electricite
de
France
SA
(a)(m)
:
(EUR
Swap
Annual
5
Year
+
3.37%),
2.87%
(e)
.....................
600
717,777
(EUR
Swap
Annual
5
Year
+
3.20%),
3.00%
(e)
.....................
400
481,480
(EUR
Swap
Annual
5
Year
+
4.00%),
3.38%
4,600
5,601,811
(GBP
Swap
13
Year
+
3.96%),
6.00%
...
GBP
1,300
1,933,280
8,734,348
Greece
—
0.1%
Public
Power
Corp.
SA
(e):
3.88%,
03/30/26
.................
EUR
803
969,686
3.38%,
07/31/28
.................
770
921,417
1,891,103
India
—
0.1%
Oil
India
Ltd.,
5.13%
,
02/04/29
(c)(e)
........
USD
640
715,120
Power
Finance
Corp.
Ltd.
(c)(e):
4.50%,
06/18/29
.................
2,147
2,280,248
3.95%,
04/23/30
.................
800
815,650
3,811,018
Indonesia
—
0.0%
Bank
Tabungan
Negara
Persero
Tbk
.
PT,
4.20%
,
01/23/25
(c)(e)
...............
819
834,447
Pertamina
Persero
PT
(c)(e):
4.30%,
05/20/23
.................
569
597,912
4.18%,
01/21/50
.................
200
201,350
1,633,709
Italy
—
0.1%
Banca
Monte
dei
Paschi
di
Siena
SpA
,
2.63%
,
04/28/25
......................
EUR
125
148,047
Poste
Italiane
SpA
,
(EURIBOR
Swap
Rate
5
Year
+
2.68%),
2.63%
(a)(e)(m)
..........
1,925
2,210,313
2,358,360
Mexico
—
0.0%
Petroleos
Mexicanos
(c):
6.50%,
03/13/27
.................
USD
461
484,050
5.35%,
02/12/28
.................
140
137,647
621,697
Pakistan
—
0.1%
Pakistan
Water
&
Power
Development
Authority,
7.50%
,
06/04/31
(c)(e)
........
2,325
2,299,657
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
60
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Panama
—
0.1%
(c)
Aeropuerto
Internacional
de
Tocumen
SA,
5.13%
,
08/11/61
(b)
................
USD
678
$
711,179
Banco
Latinoamericano
de
Comercio
Exterior
SA,
2.38%
,
09/14/25
(b)
.............
858
875,053
Empresa
de
Transmision
Electrica
SA,
5.13%
,
05/02/49
(e)
.....................
1,139
1,270,697
2,856,929
Qatar
—
0.1%
Qatar
Petroleum
(c)(e):
3.13%,
07/12/41
.................
900
899,820
3.30%,
07/12/51
.................
825
830,507
1,730,327
Saudi
Arabia
—
0.1%
Saudi
Arabian
Oil
Co.
(c):
3.50%,
04/16/29
(e)
................
1,181
1,267,582
3.50%,
11/24/70
(b)
................
760
713,450
1,981,032
Sri
Lanka
—
0.0%
SriLankan
Airlines
Ltd.,
7.00%
,
06/25/24
(c)(e)
.
850
519,191
United
Arab
Emirates
—
0.0%
Abu
Dhabi
National
Energy
Co.
PJSC,
2.00%
,
04/29/28
(b)(c)
....................
455
457,275
Total
Foreign
Agency
Obligations
—
1.0%
(Cost:
$34,087,514)
..............................
34,112,272
Foreign
Government
Obligations
—
0.4%
Indonesia
—
0.0%
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara,
6.25%
,
01/25/49
(c)(e)
....................
600
754,237
Mongolia
—
0.0%
State
of
Mongolia,
5.13%
,
04/07/26
(c)(e)
....
1,339
1,402,750
Pakistan
—
0.2%
Islamic
Republic
of
Pakistan
(c)(e):
6.00%,
04/08/26
.................
1,785
1,767,346
7.38%,
04/08/31
.................
1,990
1,982,757
8.88%,
04/08/51
.................
1,045
1,050,340
4,800,443
Sri
Lanka
—
0.2%
Democratic
Socialist
Republic
of
Sri
Lanka
(c)(e):
6.85%,
03/14/24
.................
809
513,867
6.35%,
06/28/24
.................
819
522,266
6.85%,
11/03/25
.................
200
125,162
6.83%,
07/18/26
.................
1,218
754,247
6.20%,
05/11/27
.................
2,382
1,446,767
7.85%,
03/14/29
.................
800
486,900
7.55%,
03/28/30
.................
2,408
1,468,579
5,317,788
Total
Foreign
Government
Obligations
—
0.4%
(Cost:
$13,545,341)
..............................
12,275,218
Shares
Shares
Investment
Companies
—
2.1%
Invesco
Senior
Loan
ETF
.............
183,131
4,049,027
iShares
0-5
Year
High
Yield
Corporate
Bond
ETF
(r)
.........................
530,200
24,230,140
iShares
Floating
Rate
Bond
ETF
(r)
........
308,079
15,662,737
Security
Shares
Shares
Value
Investment
Companies
(continued)
VanEck
J.
P.
Morgan
EM
Local
Currency
Bond
ETF
..........................
846,706
$
25,375,779
Western
Midstream
Partners
LP
.........
3,216
67,407
Total
Investment
Companies
—
2.1%
(Cost:
$70,499,498)
..............................
69,385,090
Par
(000)
Par
(000)
Non-Agency
Mortgage-Backed
Securities
—
0.7%
Collateralized
Mortgage
Obligations
—
0.1%
Alternative
Loan
Trust:
Series
2006-OA11,
Class
A1B,
(LIBOR
USD
1
Month
+
0.38%),
0.47%,
09/25/46
(a)
.
USD
1,943
1,911,979
Series
2007-3T1,
Class
1A1,
6.00%,
04/25/37
....................
1,896
1,210,894
3,122,873
Commercial
Mortgage-Backed
Securities
—
0.5%
BX
Commercial
Mortgage
Trust,
Series
2019-XL,
Class
G,
(LIBOR
USD
1
Month
+
2.30%),
2.38%,
10/15/36
(a)(b)
.........
2,651
2,658,445
Citigroup
Commercial
Mortgage
Trust,
Series
2016-GC37,
Class
D,
2.79%,
04/10/49
(b)
.
1,000
910,863
Commercial
Mortgage
Trust,
Series
2016-
667M,
Class
D,
3.28%,
10/10/36
(a)(b)
....
1,000
966,539
CSAIL
Commercial
Mortgage
Trust,
Series
2019-C17,
Class
C,
3.93%,
09/15/52
...
2,158
2,273,193
DBUBS
Mortgage
Trust,
Series
2017-BRBK,
Class
D,
(LIBOR
USD
1
Month
+
0.00%),
3.65%,
10/10/34
(a)(b)
...............
990
1,023,153
GS
Mortgage
Securities
Trust,
Series
2015-
GC32,
Class
D,
3.35%,
07/10/48
......
220
210,090
Hudson
Yards
Mortgage
Trust,
Series
2019-
55HY,
Class
F,
3.04%,
12/10/41
(a)(b)
.....
1,886
1,796,928
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2017-JP5,
Class
D,
4.76%,
03/15/50
(a)(b)
....................
614
622,954
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust:
Series
2015-C23,
Class
D,
4.28%,
07/15/50
(a)(b)
..................
310
312,613
Series
2015-C25,
Class
D,
3.07%,
10/15/48
650
636,168
USDC,
Series
2018,
Class
E,
4.64%,
05/13/38
(a)(b)
....................
2,000
1,712,658
Velocity
Commercial
Capital
Loan
Trust
(a)(b)
:
Series
2019-3,
Class
M2,
3.28%,
10/25/49
2,928
2,956,293
Series
2019-3,
Class
M3,
3.38%,
10/25/49
874
872,893
Wells
Fargo
Commercial
Mortgage
Trust
(a)
:
Series
2015-C30,
Class
C,
4.65%,
09/15/58
1,000
1,077,250
Series
2016-NXS5,
Class
D,
5.15%,
01/15/59
....................
308
331,635
18,361,675
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
(a)
Benchmark
Mortgage
Trust,
Series
2019-B13,
Class
XA,
1.26%,
08/15/57
..........
25,520
1,781,894
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2016-JP3,
Class
XC,
0.75%,
08/15/49
(b)
.............
8,700
281,965
2,063,859
Total
Non-Agency
Mortgage-Backed
Securities
—
0.7%
(Cost:
$23,412,235)
..............................
23,548,407
BlackRock
Income
Fund
Schedules
of
Investments
61
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Beneficial
Interest
(000)
Value
Other
Interests
—
0.0%
(s)
Capital
Markets
—
0.0%
Millennium
Corp.
Claim
(f)
..............
USD
811
$
—
Total
Other
Interests
—
0.0%
(Cost:
$0)
....................................
—
Par
(000)
Pa
r
(
000)
Preferred
Securities
—
0.9%
Capital
Trusts
—
0.9%
Banks
—
0.6%
(a)(m)
Banco
Bilbao
Vizcaya
Argentaria
SA,
(EUR
Swap
Annual
5
Year
+
6.46%),
6.00%
(e)
..
EUR
2,000
2,639,300
Bank
of
America
Corp.:
Series
X,
(LIBOR
USD
3
Month
+
3.71%),
6.25%
......................
USD
108
118,800
Series
Z,
(LIBOR
USD
3
Month
+
4.17%),
6.50%
......................
30
33,570
Series
AA,
(LIBOR
USD
3
Month
+
3.90%),
6.10%
......................
3
3,345
Series
DD,
(LIBOR
USD
3
Month
+
4.55%),
6.30%
......................
60
69,600
Citigroup,
Inc.:
Series
V,
(SOFR
+
3.23%),
4.70%
.....
10,975
11,221,938
Series
W,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%),
4.00%
......................
4,190
4,341,678
JPMorgan
Chase
&
Co.:
Series
FF,
(SOFR
+
3.38%),
5.00%
....
389
406,019
Series
HH,
(SOFR
+
3.13%),
4.60%
....
180
184,050
Wells
Fargo
&
Co.:
Series
U,
(LIBOR
USD
3
Month
+
3.99%),
5.87%
......................
83
92,504
Series
BB,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
3.90%
......................
520
536,250
19,647,054
Capital
Markets
—
0.2%
(a)(m)
Charles
Schwab
Corp.
(The):
Series
I,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%),
4.00%
......................
4,500
4,691,250
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
................
1,050
1,083,075
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%),
4.95%
340
360,400
6,134,725
Consumer
Finance
—
0.0%
General
Motors
Financial
Co.,
Inc.,
Series
C,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%),
5.70%
(a)
(m)
...........................
150
172,688
Electric
Utilities
—
0.0%
Edison
International,
Series
A,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.70%),
5.38%
(a)(m)
...........
400
413,620
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
—
0.1%
Energy
Transfer
LP,
Series
G,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%),
7.13%
(a)(m)
...........
USD
2,070
$
2,170,913
Total
Capital
Trusts
—
0.9%
(Cost:
$28,060,209)
..............................
28,539,000
Shares
Shares
Preferred
Stocks
—
0.0%
Banks
—
0.0%
CF-B
L2
(D)
LLC,
(Acquired
04/08/15-12/15/15,
cost
$53,170)
(h)
..................
57,545
592
Total
Preferred
Stocks
—
0.0%
(Cost:
$56,330)
................................
592
Total
Preferred
Securities
—
0.9%
(Cost:
$28,116,539)
..............................
28,539,592
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
—
0.0%
Collateralized
Mortgage
Obligations
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Structured
Agency
Credit
Risk
Debt
Variable
Rate
Notes,
Series
2018-DNA1,
Class
B1,
(LIBOR
USD
1
Month
+
3.15%),
3.24%, 07/25/30
(a)
................
1,500
1,529,847
Total
U.S.
Government
Sponsored
Agency
Securities
—
0.0%
(Cost:
$1,500,000)
..............................
1,529,847
Shares
Shares
Warrants
—
0.0%
Energy
Equipment
&
Services
—
0.0%
Afglobal
UK
Ltd.
(Issued/exercisable
08/30/17,
1
share
for
1
warrant,
Expires
06/08/22,
Strike
Price
USD
1.00)
(g)
............
897
—
Oil,
Gas
&
Consumable
Fuels
—
0.0%
California
Resources
Corp.
(Issued/exercisable
10/23/20,
1
share
for
1
warrant,
Expires
10/27/24,
Strike
Price
USD
36.00)
(g)
....
495
5,940
Total
Warrants
—
0.0%
.............................
5,940
Total
Long-Term
Investments
—
85.1%
(Cost:
$2,822,625,279)
...........................
2,784,915,956
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
62
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
x
Security
Shares
Shares
Value
Short-Term
Securities
—
15.9%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
(r)(t)
..................
518,858,639
$
518,858,639
Total
Short-Term
Securities
—
15.9%
(Cost:
$518,858,639)
.............................
518,858,639
Total
Options
Purchased
—
0.1%
(Cost:
$3,488,164)
..............................
2,580,921
Total
Investments
Before
Options
Written
—
101.1%
(Cost:
$3,344,972,082
)
...........................
3,306,355,516
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$848,467)
....................
(636,257)
Total
Investments
Net
of
Options
Written
—
101.1%
(Cost:
$3,344,123,615
)
...........................
3,305,719,259
Liabilities
in
Excess
of
Other
Assets
—
(1.1)%
............
(34,487,091)
Net
Assets
—
100.0%
..............................
$
3,271,232,168
(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)
U.S.
dollar
denominated
security
issued
by
foreign
domiciled
entity.
(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)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
Non-income
producing
security.
(h)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$478,279,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$452,207.
(i)
Convertible
security.
(j)
Zero-coupon
bond.
(k)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(l)
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.
(m)
Perpetual
security
with
no
stated
maturity
date.
(n)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(o)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(p)
Fixed
rate.
(q)
Rounds
to
less
than
1,000.
(r)
Affiliate
of
the
Fund.
(s)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(t)
Annualized
7-day
yield
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
September
30,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
09/30/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/21
Shares
Held
at
09/30/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
137,443,744
$
381,414,895
$
—
$
—
$
—
$
518,858,639
518,858,639
$
52,818
$
—
iShares
0-5
Year
High
Yield
Corporate
Bond
ETF
......
23,302,290
—
—
—
927,850
24,230,140
530,200
1,191,983
—
iShares
Floating
Rate
Bond
ETF
15,625,767
—
—
—
36,970
15,662,737
308,079
74,371
—
$
—
$
964,820
$
558,751,516
$
1,319,172
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
BlackRock
Income
Fund
Schedules
of
Investments
63
Schedule
of
Investments
(continued)
September
30,
2021
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
64
Schedule
of
Investments
(continued)
September
30,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
10
Year
Note
...................................................
1,772
12/21/21
$
233,406
$
(2,566,311)
U.S.
Treasury
Long
Bond
....................................................
110
12/21/21
17,545
(404,909)
U.S.
Treasury
Ultra
Bond
....................................................
14
12/21/21
2,682
(66,715)
U.S.
Treasury
2
Year
Note
....................................................
234
12/31/21
51,498
(24,355)
(3,062,290)
Short
Contracts
Euro-Bobl
...............................................................
47
12/08/21
7,346
49,260
Euro-Bund
..............................................................
83
12/08/21
16,327
283,294
U.S.
Treasury
10
Year
Ultra
Note
...............................................
79
12/21/21
11,491
144,294
Long
Gilt
...............................................................
48
12/29/21
8,094
269,257
U.S.
Treasury
5
Year
Note
....................................................
83
12/31/21
10,192
42,502
788,607
$
(2,273,683)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
3,804,988
CHF
3,490,000
Standard
Chartered
Bank
10/14/21
$
59,157
USD
2,986,812
EUR
2,560,000
Bank
of
America
NA
10/14/21
20,837
USD
428,439,853
EUR
361,950,000
BNP
Paribas
SA
10/14/21
9,090,420
USD
1,903,096
EUR
1,640,000
Citibank
NA
10/14/21
3,019
USD
461,432
EUR
390,000
Goldman
Sachs
International
10/14/21
9,584
USD
2,828,632
EUR
2,410,000
JPMorgan
Chase
Bank
NA
10/14/21
36,445
USD
11,684,726
EUR
9,870,000
Morgan
Stanley
&
Co.
International
plc
10/14/21
249,503
USD
1,417,572
EUR
1,210,000
Standard
Chartered
Bank
10/14/21
15,686
USD
422,626
GBP
310,000
Barclays
Bank
plc
10/14/21
4,928
USD
75,951,094
GBP
54,740,000
BNP
Paribas
SA
10/14/21
2,193,700
USD
4,217,665
GBP
3,040,000
JPMorgan
Chase
Bank
NA
10/14/21
121,527
USD
457,537
GBP
330,000
Morgan
Stanley
&
Co.
International
plc
10/14/21
12,891
USD
127,660
SEK
1,100,000
Bank
of
America
NA
10/14/21
1,999
USD
1,122,617
JPY
123,581,620
Goldman
Sachs
International
12/15/21
11,478
USD
743,022
SGD
1,000,000
BNP
Paribas
SA
12/15/21
6,655
11,837,829
EUR
76,000
USD
88,263
JPMorgan
Chase
Bank
NA
10/14/21
(210)
USD
592,720
GBP
440,000
Deutsche
Bank
AG
10/14/21
(142)
(352)
$
11,837,477
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
EURO
STOXX
Bank
Index
.....................
432
12/17/21
EUR
100.00
EUR
2,167
$
111,966
Put
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
26,438
10/15/21
USD
86.50
USD
231,306
700,607
BlackRock
Income
Fund
Schedules
of
Investments
65
Schedule
of
Investments
(continued)
September
30,
2021
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
iShares
Russell
2000
ETF
......................
4,947
10/15/21
USD
214.00
USD
108,216
$
1,454,418
2,155,025
$
2,266,991
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........................
Bank
of
America
NA
11/22/21
CNH
6.65
USD
389,257
$
313,930
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
26,438
10/15/21
USD
84.50
USD
231,306
$
(277,599)
iShares
Russell
2000
ETF
.......................
4,947
10/15/21
USD
200.00
USD
108,216
(358,658)
$
(636,257)
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)
Lumen
Technologies,
Inc.
1.00
%
Quarterly
Barclays
Bank
plc
12/20/23
BBB+
USD
30
$
(227)
$
(1,022)
$
795
ADLER
Real
Estate
AG
.
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/25
AA-
EUR
310
(22,849)
45,142
(67,991)
Virgin
Media
Finance
plc
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
BBB
EUR
170
23,654
19,196
4,458
ADLER
Real
Estate
AG
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/26
BBB
EUR
500
(35,935)
54,618
(90,553)
ADLER
Real
Estate
AG
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/26
AA-
EUR
470
(33,779)
45,945
(79,724)
CMA
CGM
SA
........
5.00
Quarterly
Credit
Suisse
International
06/20/26
A-
EUR
180
21,690
8,762
12,928
CMA
CGM
SA
........
5.00
Quarterly
Goldman
Sachs
International
06/20/26
BBB
EUR
160
19,280
14,031
5,249
Altice
France
SA
......
5.00
Quarterly
Credit
Suisse
International
12/20/26
A+
EUR
190
12,553
14,922
(2,369)
TK
Elevator
Holdco
GmbH
5.00
Quarterly
Goldman
Sachs
International
12/20/26
CCC+
EUR
605
51,800
23,895
27,905
$
36,187
$
225,489
$
(189,302)
(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.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
66
Schedule
of
Investments
(continued)
September
30,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
OTC
Swaps
and
Options
Written
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
OTC
Swaps
.....................................................
$
226,511
$
(1,022)
$
51,335
$
(240,637)
$
—
Options
Written
...................................................
N/A
N/A
212,210
—
(636,257)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
—
$
—
$
788,607
$
—
$
788,607
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
11,837,829
—
—
11,837,829
Options
purchased
Investments
at
value
—
unaffiliated
(b)
...........
—
—
2,266,991
313,930
—
—
2,580,921
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
277,846
—
—
—
—
277,846
$
—
$
277,846
$
2,266,991
$
12,151,759
$
788,607
$
—
$
15,485,203
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
3,062,290
—
3,062,290
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
352
—
—
352
Options
written
Options
written
at
value
.....................
—
—
636,257
—
—
—
636,257
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
241,659
—
—
—
—
241,659
$
—
$
241,659
$
636,257
$
352
$
3,062,290
$
—
$
3,940,558
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
For
the
year
ended
September
30,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
contracts
.......................
$
—
$
—
$
(652,731)
$
—
$
554,630
$
—
$
(98,101)
Forward
foreign
currency
exchange
contracts
....
—
—
—
6,369,636
—
—
6,369,636
Options
purchased
(a)
....................
—
595,394
11,669,139
—
(1,927,754)
—
10,336,779
Options
written
........................
—
606,036
(1,514,578)
—
307,968
—
(600,574)
Swaps
..............................
—
2,351,377
—
—
—
—
2,351,377
$
—
$
3,552,807
$
9,501,830
$
6,369,636
$
(1,065,156)
$
—
$
18,359,117
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
.......................
—
—
—
—
(2,100,750)
—
(2,100,750)
Forward
foreign
currency
exchange
contracts
....
—
—
—
10,479,612
—
—
10,479,612
Options
purchased
(b)
....................
—
—
(278,775)
(677,508)
567,492
—
(388,791)
Options
written
........................
—
—
222,848
—
—
—
222,848
Swaps
..............................
—
(108,181)
—
—
—
—
(108,181)
$
—
$
(108,181)
$
(55,927)
$
9,802,104
$
(1,533,258)
$
—
$
8,104,738
BlackRock
Income
Fund
Schedules
of
Investments
67
Schedule
of
Investments
(continued)
September
30,
2021
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts:
Average
notional
value
of
contracts
—
long
..................................................................................
$
145,362,078
Average
notional
value
of
contracts
—
short
.................................................................................
113,131,423
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
—
in
USD
....................................................................................
437,008,355
Average
amounts
sold
—
in
USD
........................................................................................
9,485,820
Options:
Average
value
of
option
contracts
purchased
................................................................................
2,504,887
Average
value
of
option
contracts
written
...................................................................................
962,618
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
40,339,975
Average
notional
value
of
swaption
contracts
written
...........................................................................
10,695,000
Credit
default
swaps:
Average
notional
value
—
buy
protection
...................................................................................
62,255
Average
notional
value
—
sell
protection
...................................................................................
48,640,952
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
1,085,280
$
550,856
Forward
foreign
currency
exchange
contracts
.................................................................
11,837,829
352
Options
(a)
.........................................................................................
2,580,921
636,257
Swaps
—
OTC
(b)
....................................................................................
277,846
241,659
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
15,781,876
$
1,429,124
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(3,352,271)
(1,187,113)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
12,429,605
$
242,011
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(c)(d)
Bank
of
America
NA
..............................
$
336,766
$
—
$
—
$
(336,766)
$
—
Barclays
Bank
plc
................................
5,723
(1,022)
—
—
4,701
BNP
Paribas
SA
.................................
11,290,775
—
—
—
11,290,775
Citibank
NA
....................................
3,019
—
—
—
3,019
Credit
Suisse
International
..........................
36,612
(2,369)
—
—
34,243
Goldman
Sachs
International
........................
92,142
—
—
—
92,142
JPMorgan
Chase
Bank
NA
..........................
282,189
(170,487)
—
(20,000)
91,702
Morgan
Stanley
&
Co.
International
plc
..................
307,536
(67,991)
—
—
239,545
Standard
Chartered
Bank
...........................
74,843
—
—
—
74,843
$
12,429,605
$
(241,869)
$
—
$
(356,766)
$
11,830,970
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
68
Schedule
of
Investments
(continued)
September
30,
2021
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(d)(e)
Barclays
Bank
plc
................................
$
1,022
$
(1,022)
$
—
$
—
$
—
Credit
Suisse
International
..........................
2,369
(2,369)
—
—
—
Deutsche
Bank
AG
...............................
142
—
—
—
142
JPMorgan
Chase
Bank
NA
..........................
170,487
(170,487)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
67,991
(67,991)
—
—
—
$
242,011
$
(241,869)
$
—
$
—
$
142
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
received
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(e)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
BlackRock
Income
Fund
Schedules
of
Investments
69
Schedule
of
Investments
(continued)
September
30,
2021
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments:
Asset-Backed
Securities
....................................
$
—
$
256,223,436
$
1,225,343
$
257,448,779
Common
Stocks:
Banks
...............................................
—
5,202,597
—
5,202,597
Building
Products
.......................................
8,548
—
—
8,548
Capital
Markets
........................................
—
1,785,835
—
1,785,835
Chemicals
............................................
811,151
—
—
811,151
Commercial
Services
&
Supplies
.............................
—
—
160
160
Communications
Equipment
................................
72,122
—
—
72,122
Construction
&
Engineering
................................
24,167
—
—
24,167
Diversified
Telecommunication
Services
........................
259,916
—
—
259,916
Electric
Utilities
........................................
—
433,696
—
433,696
Electrical
Equipment
.....................................
240,111
279,886
—
519,997
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
2,002,041
—
—
2,002,041
Hotels,
Restaurants
&
Leisure
..............................
171,102
—
—
171,102
Life
Sciences
Tools
&
Services
..............................
963,544
—
—
963,544
Machinery
............................................
—
425
—
425
Marine
..............................................
—
—
—
—
Media
...............................................
155,874
874,288
—
1,030,162
Metals
&
Mining
........................................
527,887
—
—
527,887
Oil,
Gas
&
Consumable
Fuels
...............................
3,770,077
197,801
—
3,967,878
Professional
Services
....................................
—
246,063
—
246,063
Road
&
Rail
...........................................
120,960
—
—
120,960
Software
.............................................
237
—
—
237
Corporate
Bonds:
Aerospace
&
Defense
....................................
—
18,049,527
—
18,049,527
Airlines
..............................................
—
30,064,109
—
30,064,109
Auto
Components
......................................
—
25,351,350
—
25,351,350
Automobiles
..........................................
—
18,646,912
—
18,646,912
Banks
...............................................
—
138,513,795
—
138,513,795
Beverages
...........................................
—
7,400,427
—
7,400,427
Biotechnology
.........................................
—
7,109,636
—
7,109,636
Building
Products
.......................................
—
8,277,081
—
8,277,081
Capital
Markets
........................................
—
33,320,115
—
33,320,115
Chemicals
............................................
—
29,858,458
—
29,858,458
Commercial
Services
&
Supplies
.............................
—
32,506,321
—
32,506,321
Communications
Equipment
................................
—
8,275,114
—
8,275,114
Construction
&
Engineering
................................
—
9,138,027
—
9,138,027
Construction
Materials
....................................
—
1,797,652
—
1,797,652
Consumer
Finance
......................................
—
18,126,635
—
18,126,635
Containers
&
Packaging
..................................
—
19,545,064
—
19,545,064
Distributors
...........................................
—
227,534
—
227,534
Diversified
Consumer
Services
..............................
—
4,894,510
—
4,894,510
Diversified
Financial
Services
...............................
—
25,344,276
—
25,344,276
Diversified
Telecommunication
Services
........................
—
75,526,012
—
75,526,012
Electric
Utilities
........................................
—
20,992,212
—
20,992,212
Electrical
Equipment
.....................................
—
3,521,038
—
3,521,038
Electronic
Equipment,
Instruments
&
Components
.................
—
3,800,165
—
3,800,165
Energy
Equipment
&
Services
..............................
—
13,012,558
—
13,012,558
Entertainment
.........................................
—
8,965,822
—
8,965,822
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
19,939,581
—
19,939,581
Food
&
Staples
Retailing
..................................
—
14,797,199
—
14,797,199
Food
Products
.........................................
—
22,121,468
—
22,121,468
Gas
Utilities
...........................................
—
369,125
—
369,125
Health
Care
Equipment
&
Supplies
...........................
—
6,143,825
—
6,143,825
Health
Care
Providers
&
Services
............................
—
34,472,692
—
34,472,692
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
70
Schedule
of
Investments
(continued)
September
30,
2021
Level
1
Level
2
Level
3
Total
Health
Care
Technology
..................................
$
—
$
714,361
$
—
$
714,361
Hotels,
Restaurants
&
Leisure
..............................
—
65,164,472
—
65,164,472
Household
Durables
.....................................
—
16,228,102
—
16,228,102
Household
Products
.....................................
—
1,196,142
—
1,196,142
Independent
Power
and
Renewable
Electricity
Producers
............
—
5,073,323
—
5,073,323
Insurance
............................................
—
29,693,317
—
29,693,317
Interactive
Media
&
Services
...............................
—
1,321,477
—
1,321,477
Internet
&
Direct
Marketing
Retail
............................
—
7,454,292
—
7,454,292
IT
Services
...........................................
—
19,471,694
—
19,471,694
Leisure
Products
.......................................
—
875,060
—
875,060
Life
Sciences
Tools
&
Services
..............................
—
1,207,278
—
1,207,278
Machinery
............................................
—
14,653,730
—
14,653,730
Marine
..............................................
—
6,208,643
—
6,208,643
Media
...............................................
—
60,805,343
—
60,805,343
Metals
&
Mining
........................................
—
35,209,210
—
35,209,210
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
56,645
—
56,645
Multiline
Retail
.........................................
—
2,489,022
—
2,489,022
Oil,
Gas
&
Consumable
Fuels
...............................
—
93,385,551
—
93,385,551
Paper
&
Forest
Products
..................................
—
1,306,556
—
1,306,556
Personal
Products
......................................
—
6,958,778
—
6,958,778
Pharmaceuticals
.......................................
—
34,096,752
—
34,096,752
Professional
Services
....................................
—
8,229,511
—
8,229,511
Real
Estate
Management
&
Development
.......................
—
226,510,677
—
226,510,677
Road
&
Rail
...........................................
—
12,955,156
—
12,955,156
Semiconductors
&
Semiconductor
Equipment
....................
—
6,540,787
—
6,540,787
Software
.............................................
—
25,447,475
—
25,447,475
Specialty
Retail
........................................
—
29,027,463
—
29,027,463
Technology
Hardware,
Storage
&
Peripherals
....................
—
477,127
—
477,127
Textiles,
Apparel
&
Luxury
Goods
............................
—
3,429,768
—
3,429,768
Thrifts
&
Mortgage
Finance
................................
—
5,595,452
—
5,595,452
Tobacco
.............................................
—
808,427
—
808,427
Trading
Companies
&
Distributors
............................
—
3,892,743
—
3,892,743
Transportation
Infrastructure
...............................
—
11,871,483
—
11,871,483
Water
Utilities
.........................................
—
3,192,327
—
3,192,327
Wireless
Telecommunication
Services
.........................
—
43,218,845
—
43,218,845
Floating
Rate
Loan
Interests:
Aerospace
&
Defense
....................................
—
27,555,287
—
27,555,287
Air
Freight
&
Logistics
....................................
—
395,987
—
395,987
Airlines
..............................................
—
16,428,302
—
16,428,302
Auto
Components
......................................
—
15,632,477
—
15,632,477
Automobiles
..........................................
—
3,708,440
—
3,708,440
Building
Products
.......................................
—
17,936,122
—
17,936,122
Capital
Markets
........................................
—
6,808,064
134,152
6,942,216
Chemicals
............................................
—
29,085,079
—
29,085,079
Commercial
Services
&
Supplies
.............................
—
27,946,560
2,312,514
30,259,074
Construction
&
Engineering
................................
—
9,734,235
—
9,734,235
Construction
Materials
....................................
—
9,467,858
—
9,467,858
Containers
&
Packaging
..................................
—
19,503,228
805,875
20,309,103
Distributors
...........................................
—
644,316
—
644,316
Diversified
Consumer
Services
..............................
—
17,290,784
—
17,290,784
Diversified
Financial
Services
...............................
—
71,953,757
7,604,291
79,558,048
Diversified
Telecommunication
Services
........................
—
35,006,441
—
35,006,441
Electric
Utilities
........................................
—
656,376
—
656,376
Electrical
Equipment
.....................................
—
9,219,759
1,274,000
10,493,759
Entertainment
.........................................
—
12,420,436
5,737,439
18,157,875
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
1,741,776
—
1,741,776
Food
&
Staples
Retailing
..................................
—
6,295,006
—
6,295,006
Food
Products
.........................................
—
26,124,648
—
26,124,648
Health
Care
Equipment
&
Supplies
...........................
—
6,063,346
—
6,063,346
Health
Care
Providers
&
Services
............................
—
28,343,331
—
28,343,331
Health
Care
Technology
..................................
—
12,361,612
—
12,361,612
Hotels,
Restaurants
&
Leisure
..............................
—
37,561,990
701,376
38,263,366
Household
Durables
.....................................
—
6,622,686
—
6,622,686
Household
Products
.....................................
—
4,796,719
—
4,796,719
Independent
Power
and
Renewable
Electricity
Producers
............
—
1,974,871
—
1,974,871
Industrial
Conglomerates
..................................
—
6,151,196
—
6,151,196
BlackRock
Income
Fund
Schedules
of
Investments
71
Schedule
of
Investments
(continued)
September
30,
2021
Level
1
Level
2
Level
3
Total
Information
Technology
...................................
$
—
$
1,161,246
$
—
$
1,161,246
Insurance
............................................
—
32,350,703
—
32,350,703
Interactive
Media
&
Services
...............................
—
21,725,195
—
21,725,195
Internet
&
Direct
Marketing
Retail
............................
—
5,998,238
304,619
6,302,857
IT
Services
...........................................
—
27,507,104
662,340
28,169,444
Life
Sciences
Tools
&
Services
..............................
—
19,230,614
—
19,230,614
Machinery
............................................
—
29,090,827
—
29,090,827
Media
...............................................
—
40,560,741
4,050,752
44,611,493
Metals
&
Mining
........................................
—
7,428,485
—
7,428,485
Oil,
Gas
&
Consumable
Fuels
...............................
—
4,045,896
—
4,045,896
Personal
Products
......................................
—
7,408,087
—
7,408,087
Pharmaceuticals
.......................................
—
14,007,138
—
14,007,138
Professional
Services
....................................
—
16,857,688
—
16,857,688
Real
Estate
Management
&
Development
.......................
—
3,446,381
—
3,446,381
Road
&
Rail
...........................................
—
6,916,113
—
6,916,113
Semiconductors
&
Semiconductor
Equipment
....................
—
223,541
—
223,541
Software
.............................................
—
115,277,289
4,925,501
120,202,790
Specialty
Retail
........................................
—
23,774,989
—
23,774,989
Technology
Hardware,
Storage
&
Peripherals
....................
—
1,110,392
—
1,110,392
Trading
Companies
&
Distributors
............................
—
10,063,745
224,332
10,288,077
Transportation
Infrastructure
...............................
—
2,744,025
—
2,744,025
Wireless
Telecommunication
Services
.........................
—
5,950,777
—
5,950,777
Foreign
Agency
Obligations
.................................
—
34,112,272
—
34,112,272
Foreign
Government
Obligations
..............................
—
12,275,218
—
12,275,218
Investment
Companies
....................................
69,385,090
—
—
69,385,090
Non-Agency
Mortgage-Backed
Securities
........................
—
23,548,407
—
23,548,407
Other
Interests
..........................................
—
—
—
—
Preferred
Securities
......................................
—
28,539,000
—
28,539,000
U.S.
Government
Sponsored
Agency
Securities
....................
—
1,529,847
—
1,529,847
Warrants
..............................................
5,940
—
—
5,940
Short-Term
Securities
.......................................
518,858,639
—
—
518,858,639
Options
Purchased:
Equity
contracts
..........................................
2,266,991
—
—
2,266,991
Foreign
currency
exchange
contracts
...........................
—
313,930
—
313,930
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
217
—
217
$
599,644,397
$
2,676,748,050
$
29,962,694
$
3,306,355,141
Investments
valued
at
NAV
(b)
......................................
592
$
—
$
3,306,355,733
$
—
Derivative
Financial
Instruments
(c)
Assets:
Credit
contracts
...........................................
$
—
$
51,335
$
—
$
51,335
Foreign
currency
exchange
contracts
............................
—
11,837,829
—
11,837,829
Interest
rate
contracts
.......................................
788,607
—
—
788,607
Liabilities:
Credit
contracts
...........................................
—
(240,637)
—
(240,637)
Equity
contracts
...........................................
(636,257)
—
—
(636,257)
Foreign
currency
exchange
contracts
............................
—
(352)
—
(352)
Interest
rate
contracts
.......................................
(3,062,290)
—
—
(3,062,290)
$
(2,909,940)
$
11,648,175
$
—
$
8,738,235
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(c)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Income
Fund
72
Schedule
of
Investments
(continued)
September
30,
2021
See
notes
to
financial
statements.
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
year
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Asset-
Backed
Securities
Common
Stocks
Floating
Rate
Loan
Interests
Non-Agency
Mortgage-
Backed
Securities
Total
Investments:
Assets:
Opening
balance,
as
of
September
30,
2020
...............................................
$
11,344,347
$
9,820
$
3,978,718
$
1,973,708
$
17,306,593
Transfers
into
level
3
.............................................................
—
—
2,865,213
—
2,865,213
Transfers
out
of
level
3
............................................................
(5,276,974)
—
(1,564,579)
(984,052)
(7,825,605)
Accrued
discounts/premiums
.........................................................
178
—
30,964
(71)
31,071
Net
realized
gain
................................................................
6,507
—
4,383
2,787
13,677
Net
change
in
unrealized
appreciation
(depreciation)
(a)(b)
.......................................
(31,213)
(9,660)
229,275
(2,717)
185,685
Purchases
.....................................................................
1,236,379
—
37,861,295
—
39,097,674
Sales
........................................................................
(6,053,881)
—
(14,668,078)
(989,655)
(21,711,614)
Closing
balance,
as
of
September
30,
2021
...............................................
$
1,225,343
$
160
$
28,737,191
$
—
$
29,962,694
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
Se
ptember
30,
2021
(b)
........
$
(11,258)
$
(9,660)
$
209,281
$
—
$
188,363
(a)
Included
in
the
related
net
change
in
unrealized
appreciation
(depreciation)
in
the
Statements
of
Operations.
(b)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
September
30,
2021
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
The
Fund’s
financial
instruments
that
are
categorized
as
Level
3
were
valued
utilizing
third
party
pricing
information
without
adjustment.
Such
valuations
are
based
on
unobservable
inputs.
A
significant
change
in
third
party
information
could
result
in
a
significantly
lower
or
higher
value
of
such
Level
3
financial
instruments.
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
73
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
—
0.9%
(a)
Dryden
XXVIII
Senior
Loan
Fund,
Series
2013-
28A,
Class
A1LR,
(LIBOR
USD
3
Month
+
1.20%),
1.32%,
08/15/30
(b)(c)
.........
USD
5,800
$
5,800,417
Mosaic
Solar
Loan
Trust,
Series
2019-2A,
Class
A,
2.88%,
09/20/40
...........
120
125,518
Total
Asset-Backed
Securities
—
0.9%
(Cost:
$5,920,277)
..............................
5,925,935
Foreign
Agency
Obligations
—
0.0%
Mexico
—
0.0%
Petroleos
Mexicanos
:
7.19%,
09/12/24
.................
MXN
12
55,359
5.35%,
02/12/28
(c)
................
USD
39
38,345
6.50%,
01/23/29
(c)
................
154
157,815
251,519
Total
Foreign
Agency
Obligations
—
0.0%
(Cost:
$254,389)
................................
251,519
Foreign
Government
Obligations
—
3.3%
Austria
—
0.1%
Republic
of
Austria,
2.10%
,
09/20/17
(a)(d)
...
EUR
295
545,801
China
—
2.6%
People's
Republic
of
China:
1.99%,
04/09/25
.................
CNY
52,640
7,975,640
2.41%,
06/19/25
.................
10,500
1,613,636
2.85%,
06/04/27
.................
7,400
1,149,006
3.01%,
05/13/28
.................
1,830
286,525
2.68%,
05/21/30
.................
43,260
6,546,161
17,570,968
Colombia
—
0.2%
Republic
of
Colombia
(c)
:
4.50%,
03/15/29
.................
USD
462
486,630
3.13%,
04/15/31
.................
810
757,249
1,243,879
Indonesia
—
0.0%
Republic
of
Indonesia,
7.13%
,
06/15/42
....
IDR
1,097,000
78,226
Russia
—
0.2%
Russian
Federation:
7.65%,
04/10/30
.................
RUB
9,979
141,070
5.90%,
03/12/31
.................
69,020
863,897
6.10%,
07/18/35
.................
24,612
300,871
1,305,838
Spain
—
0.2%
Kingdom
of
Spain,
3.45%
,
07/30/66
(a)(d)
....
EUR
636
1,129,660
Total
Foreign
Government
Obligations
—
3.3%
(Cost:
$21,083,462)
..............................
21,874,372
Non-Agency
Mortgage-Backed
Securities
—
8.6%
Commercial
Mortgage-Backed
Securities
—
7.8%
280
Park
Avenue
Mortgage
Trust,
Series
2017-280P,
Class
A,
(LIBOR
USD
1
Month
+
0.88%),
0.96%,
09/15/34
(a)(b)
.........
USD
2,760
2,759,967
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2018-DSNY,
Class
A,
(LIBOR
USD
1
Month
+
0.85%),
0.93%,
09/15/34
(a)(b)
...
427
426,736
BFLD
Trust
(a)(b)
:
Series
2019-DPLO,
Class
A,
(LIBOR
USD
1
Month
+
1.09%),
1.17%,
10/15/34
...
45
45,014
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2020-EYP,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
1.23%,
10/15/35
...
USD
1,984
$
1,993,924
BPR
Trust,
Series
2021-TY,
Class
A,
(LIBOR
USD
1
Month
+
1.05%),
1.15%,
09/25/38
(a)(b)
1,120
1,122,799
BX
Commercial
Mortgage
Trust
(a)
:
Series
2019-XL,
Class
A,
(LIBOR
USD
1
Month
+
0.92%),
1.00%,
10/15/36
(b)
..
1,371
1,374,107
Series
2019-XL,
Class
D,
(LIBOR
USD
1
Month
+
1.45%),
1.53%,
10/15/36
(b)
..
2,828
2,830,294
Series
2020-FOX,
Class
B,
(LIBOR
USD
1
Month
+
1.35%),
1.43%,
11/15/32
(b)
..
2,083
2,084,062
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
3,490
3,636,828
Series
2021-VINO,
Class
A,
(LIBOR
USD
1
Month
+
0.65%),
0.74%,
05/15/38
(b)
..
1,470
1,471,495
BX
Trust
(a)
:
Series
2018-BILT,
Class
A,
(LIBOR
USD
1
Month
+
0.80%),
0.88%,
05/15/30
(b)
..
282
281,824
Series
2019-OC11,
Class
A,
3.20%,
12/09/41
....................
3,955
4,227,651
Series
2021-MFM1,
Class
C,
(LIBOR
USD
1
Month
+
1.20%),
1.28%,
01/15/34
(b)
..
450
450,423
Series
2021-VIEW,
Class
A,
(LIBOR
USD
1
Month
+
1.28%),
1.36%,
06/15/23
(b)
..
780
780,726
CFK
Trust,
Series
2020-MF2,
Class
B,
2.79%,
03/15/39
(a)
.....................
810
824,414
CHT
Mortgage
Trust,
Series
2017-CSMO,
Class
A,
(LIBOR
USD
1
Month
+
0.93%),
1.01%,
11/15/36
(a)(b)
...............
460
460,415
CIM
Retail
Portfolio
Trust,
Series
2021-RETL,
Class
A,
(LIBOR
USD
1
Month
+
1.40%),
1.48%,
08/15/36
(a)(b)
...............
220
220,274
Citigroup
Commercial
Mortgage
Trust:
Series
2016-P6,
Class
B,
4.36%,
12/10/49
(b)
735
804,135
Series
2020-420K,
Class
B,
2.86%,
11/10/42
(a)
...................
100
100,289
Commercial
Mortgage
Trust:
Series
2017-COR2,
Class
AM,
3.80%,
09/10/50
....................
297
326,846
Series
2017-PANW,
Class
A,
3.24%,
10/10/29
(a)
...................
4,050
4,196,143
Series
2019-521F,
Class
B,
(LIBOR
USD
1
Month
+
1.10%),
1.18%,
06/15/34
(a)(b)
.
923
909,596
Credit
Suisse
Mortgage
Capital
Certificates
(a)
:
Series
2020-NET,
Class
A,
2.26%,
08/15/37
972
998,947
Series
2021-980M,
Class
A,
2.39%,
07/15/31
....................
600
610,798
CSAIL
Commercial
Mortgage
Trust:
Series
2018-CX11,
Class
A5,
4.03%,
04/15/51
(b)
...................
658
736,728
Series
2019-C16,
Class
A3,
3.33%,
06/15/52
....................
2,205
2,386,626
Series
2019-C17,
Class
C,
3.93%,
09/15/52
863
909,066
GCT
Commercial
Mortgage
Trust,
Series
2021-GCT,
Class
A,
(LIBOR
USD
1
Month
+
0.80%),
0.88%,
02/15/38
(a)(b)
.........
630
630,635
Great
Wolf
Trust,
Series
2019-WOLF,
Class
A,
(LIBOR
USD
1
Month
+
1.03%),
1.12%,
12/15/36
(a)(b)
....................
1,907
1,906,410
GS
Mortgage
Securities
Corp.
Trust,
Series
2020-TWN3,
Class
A,
(LIBOR
USD
1
Month
+
2.00%),
2.08%,
11/15/37
(a)(b)
........
3,800
3,818,135
GS
Mortgage
Securities
Trust,
Series
2012-
GCJ9,
Class
C,
4.45%,
11/10/45
(a)(b)
....
200
205,652
Hawaii
Hotel
Trust,
Series
2019-MAUI,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
1.23%,
05/15/38
(a)(b)
....................
100
100,093
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
74
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Hudson
Yards
Mortgage
Trust,
Series
2019-
30HY,
Class
D,
3.56%,
07/10/39
(a)(b)
....
USD
526
$
544,615
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
:
Series
2020-609M,
Class
A,
(LIBOR
USD
1
Month
+
1.37%),
1.45%,
10/15/33
...
1,400
1,401,733
Series
2020-609M,
Class
D,
(LIBOR
USD
1
Month
+
2.77%),
2.85%,
10/15/33
...
400
400,878
Series
2020-MKST,
Class
B,
(LIBOR
USD
1
Month
+
1.05%),
1.13%,
12/15/36
...
986
983,656
KKR
Industrial
Portfolio
Trust
(a)(b)
:
Series
2020-AIP,
Class
A,
(LIBOR
USD
1
Month
+
1.04%),
1.12%,
03/15/37
...
396
396,538
Series
2021-KDIP,
Class
B,
(LIBOR
USD
1
Month
+
0.80%),
0.88%,
12/15/37
...
140
140,092
Morgan
Stanley
Capital
I
Trust
(b)
:
Series
2018-H3,
Class
B,
4.62%,
07/15/51
533
598,772
Series
2018-SUN,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
0.98%,
07/15/35
(a)
..
1,480
1,479,991
MSCG
Trust,
Series
2018-SELF,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
0.98%,
10/15/37
(a)(b)
....................
464
464,140
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2021-FCMT,
Class
A,
(LIBOR
USD
1
Month
+
1.20%),
1.28%,
05/15/31
(a)(b)
...
2,180
2,186,760
52,228,227
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.8%
(b)
Arbor
Multifamily
Mortgage
Securities
Trust
(a)
:
Series
2020-MF1,
Class
XA,
1.09%,
05/15/53
....................
999
69,106
Series
2021-MF3,
Class
XA,
1.00%,
10/15/54
....................
1,463
81,940
BANK:
Series
2020-BN29,
Class
XA,
1.46%,
11/15/53
....................
2,771
280,819
Series
2021-BN33,
Class
XA,
1.18%,
05/15/64
....................
9,664
767,083
Benchmark
Mortgage
Trust:
Series
2020-B20,
Class
XA,
1.74%,
10/15/53
....................
16,383
1,746,878
Series
2020-B21,
Class
XA,
1.57%,
12/17/53
....................
2,727
289,983
CSAIL
Commercial
Mortgage
Trust:
Series
2018-C14,
Class
XA,
0.72%,
11/15/51
....................
3,473
111,097
Series
2019-C16,
Class
XA,
1.73%,
06/15/52
....................
10,209
1,004,107
UBS
Commercial
Mortgage
Trust,
Series
2019-
C17,
Class
XA,
1.62%,
10/15/52
......
7,674
724,020
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2021-C59,
Class
XA,
1.69%,
04/15/54
......................
2,490
286,031
5,361,064
Total
Non-Agency
Mortgage-Backed
Securities
—
8.6%
(Cost:
$57,129,884)
..............................
57,589,291
U.S.
Government
Sponsored
Agency
Securities
—
64.7%
Agency
Obligations
—
0.7%
Federal
Home
Loan
Bank,
4.00%, 04/10/28
.
4,100
4,790,472
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
—
0.9%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes,
Series
K104,
Class
X1,
1.25%, 02/25/52
(b)
................
USD
2,661
$
216,381
Federal
National
Mortgage
Association:
Series
2011-8,
Class
ZA,
4.00%, 02/25/41
1,072
1,142,364
Series
2014-27,
Class
VC,
4.00%, 05/25/31
3,236
3,295,298
Government
National
Mortgage
Association,
Series
2016-123,
Class
LM,
3.00%, 09/20/46
.................
500
535,684
Government
National
Mortgage
Association
Variable
Rate
Notes,
Series
2014-107,
Class
WX,
6.79%, 07/20/39
(b)
.............
811
941,449
6,131,176
Commercial
Mortgage-Backed
Securities
—
0.5%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(b)
:
Series
2019-SB60,
Class
A10F,
3.31%, 01/25/29
...............
1,737
1,834,351
Series
2019-SB61,
Class
A10F,
3.17%, 01/25/29
...............
1,428
1,504,948
3,339,299
Interest
Only
Collateralized
Mortgage
Obligations
—
0.4%
Federal
National
Mortgage
Association:
Series
2020-32,
4.00%, 05/25/50
......
2,084
311,672
Series
2020-32,
Class
PI,
4.00%, 05/25/50
2,153
320,796
Government
National
Mortgage
Association:
Series
2020-115,
Class
IM,
3.50%, 08/20/50
2,252
302,328
Series
2020-146,
Class
DI,
2.50%, 10/20/50
2,918
345,067
Series
2020-162,
Class
TI,
2.50%, 10/20/50
5,182
658,264
Series
2020-175,
Class
DI,
2.50%, 11/20/50
1,027
120,003
Series
2020-185,
Class
MI,
2.50%, 12/20/50
3,510
436,462
2,494,592
Interest
Only
Commercial
Mortgage-Backed
Securities
—
1.1%
Federal
Home
Loan
Mortgage
Corp.,
Series
2015-K718,
Class
X2A,
0.10%, 02/25/48
(a)
132,495
14,680
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
(b)
:
Series
K094,
Class
X1,
1.02%, 06/25/29
.
2,799
170,033
Series
K105,
Class
X1,
1.64%, 03/25/53
.
9,014
998,535
Series
K107,
Class
X1,
1.71%, 01/25/30
.
2,471
287,507
Series
K109,
Class
X1,
1.70%, 04/25/30
.
1,898
220,607
Series
K110,
Class
X1,
1.81%, 04/25/30
.
795
98,232
Series
K113,
Class
X1,
1.49%, 06/25/30
.
3,200
336,650
Series
K115,
Class
X1,
1.43%, 06/25/30
.
3,907
394,265
Series
K116,
Class
X1,
1.53%, 07/25/30
.
1,409
150,111
Series
K119,
Class
X1,
1.03%, 09/25/30
.
2,363
169,987
Series
K120,
Class
X1,
1.13%, 10/25/30
.
11,398
911,576
Series
K122,
Class
X1,
0.97%, 11/25/30
.
3,432
236,753
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2020-M21,
Class
AX,
1.94%, 01/25/58
(b)
.........
3,273
573,361
Government
National
Mortgage
Association
Variable
Rate
Notes
(b)
:
Series
2005-9,
0.30%, 01/16/45
.......
818
6
Series
2005-50,
0.37%, 06/16/45
......
1,530
9,164
Series
2006-30,
2.73%, 05/16/46
......
295
21
Series
2016-22,
0.78%, 11/16/55
......
14,080
445,614
Series
2016-45,
0.86%, 02/16/58
......
6,994
332,621
Series
2016-92,
0.77%, 04/16/58
......
2,281
100,357
Series
2016-113,
(LIBOR
USD
1
Month
+
0.00%),
1.09%, 02/16/58
.........
7,634
467,469
Series
2016-151,
1.01%, 06/16/58
.....
7,080
395,058
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
75
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Series
2017-30,
0.61%, 08/16/58
......
USD
3,392
$
127,396
Series
2017-44,
0.63%, 04/17/51
......
3,508
134,346
Series
2017-53,
0.55%, 11/16/56
......
9,669
388,674
Series
2017-61,
0.74%, 05/16/59
......
2,239
116,456
Series
2017-64,
0.75%, 11/16/57
......
1,878
97,578
7,177,057
Mortgage-Backed
Securities
—
61.1%
Federal
Home
Loan
Mortgage
Corp.:
2.50%, 03/01/30
-
04/01/31
..........
1,259
1,324,749
3.00%, 09/01/27
-
12/01/46
..........
2,161
2,302,221
3.50%, 04/01/42
-
01/01/48
..........
1,684
1,846,316
4.00%, 08/01/40
-
12/01/45
..........
1,540
1,709,137
4.50%, 02/01/39
-
08/01/48
..........
1,941
2,164,447
5.00%, 04/01/36
-
11/01/48
..........
799
908,005
5.50%, 06/01/41
.................
699
815,031
Federal
National
Mortgage
Association:
3.50%, 11/01/46
.................
1,214
1,313,137
4.00%, 01/01/41
.................
38
41,442
Government
National
Mortgage
Association:
2.00%, 10/15/51
(e)
................
18,439
18,704,781
2.50%, 10/15/51
(e)
................
13,582
14,020,762
3.00%, 02/15/45
-
08/20/51
..........
15,389
16,098,593
3.00%, 10/15/51
(e)
................
9,866
10,307,532
3.50%, 01/15/42
-
10/20/46
..........
8,364
8,946,929
3.50%, 10/15/51
-
11/15/51
(e)
.........
3,090
3,249,386
4.00%, 04/20/39
-
05/20/50
..........
4,146
4,484,914
4.00%, 10/15/51
(e)
................
801
850,014
4.50%, 12/20/39
-
08/20/50
..........
3,818
4,192,624
5.00%, 12/15/38
-
07/20/41
..........
1,493
1,707,946
7.00%, 06/15/23
-
11/15/23
..........
—
(f)
17
Uniform
Mortgage-Backed
Securities:
1.50%, 10/25/36
-
11/25/51
(e)
.........
24,836
24,384,521
2.00%, 10/01/31
-
03/01/32
..........
736
760,947
2.00%, 10/25/36
-
11/25/51
(e)
.........
102,381
102,855,888
2.50%, 04/01/30
-
12/01/35
..........
8,511
8,971,132
2.50%, 10/25/51
-
11/25/51
(e)
.........
82,447
84,981,555
3.00%, 04/01/28
-
08/01/50
..........
20,247
21,602,281
3.00%, 10/25/51
-
11/25/51
(e)
.........
16,295
17,039,671
3.50%, 11/01/28
-
08/01/50
..........
13,537
14,712,677
3.50%, 10/25/51
-
11/25/51
(e)
.........
10,875
11,508,599
4.00%, 09/01/33
-
06/01/50
..........
10,183
11,233,779
4.00%, 10/25/51
(e)
................
3,001
3,214,795
4.50%, 02/01/25
-
07/01/48
..........
4,570
5,072,548
5.00%, 11/01/32
-
05/01/49
..........
1,287
1,431,318
5.00%, 10/25/51
(e)
................
2,157
2,371,015
5.50%, 02/01/35
-
04/01/41
..........
2,223
2,565,942
6.00%, 05/01/33
-
06/01/41
..........
2,050
2,400,661
6.50%, 05/01/40
.................
446
525,628
410,620,940
Total
U.S.
Government
Sponsored
Agency
Securities
—
64.7%
(Cost:
$435,232,704)
.............................
434,553,536
U.S.
Treasury
Obligations
—
57.4%
U.S.
Treasury
Bonds:
4.25%, 05/15/39
-
11/15/40
..........
3,503
4,794,704
4.50%, 08/15/39
.................
1,760
2,471,906
4.38%, 11/15/39
.................
1,760
2,438,975
4.63%, 02/15/40
.................
1,743
2,491,333
3.88%, 08/15/40
.................
1,743
2,285,509
1.75%, 08/15/41
.................
87
83,453
3.13%, 02/15/43
.................
6,770
8,067,143
2.88%, 05/15/43
-
11/15/46
..........
13,280
15,310,033
3.63%, 08/15/43
.................
6,770
8,689,665
3.75%, 11/15/43
.................
6,770
8,857,064
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
2.50%, 02/15/45
.................
USD
6,264
$
6,764,631
2.75%, 11/15/47
.................
6,264
7,116,981
3.00%, 02/15/48
(h)
................
12,774
15,189,084
2.25%, 08/15/49
.................
9,205
9,541,558
U.S.
Treasury
Notes:
1.50%, 01/31/22
-
02/15/30
..........
28,190
28,329,008
1.75%, 04/30/22
-
11/15/29
..........
60,870
62,189,964
2.13%, 12/31/22
-
05/15/25
..........
40,360
42,012,014
0.50%, 03/15/23
-
05/31/27
..........
35,575
35,141,714
0.25%, 04/15/23
.................
8,835
8,841,557
2.75%, 05/31/23
.................
13,020
13,566,738
2.25%, 11/15/24
-
08/15/27
..........
27,938
29,540,105
2.00%, 02/15/25
.................
16,270
17,018,039
0.38%, 04/30/25
.................
14,918
14,752,504
1.50%, 08/15/26
(g)
................
18,880
19,354,950
0.63%, 03/31/27
.................
5,911
5,768,074
2.88%, 08/15/28
.................
3,910
4,319,175
3.13%, 11/15/28
.................
3,910
4,392,946
1.63%, 08/15/29
.................
6,070
6,182,390
Total
U.S.
Treasury
Obligations
—
57.4%
(Cost:
$376,551,757)
.............................
385,511,217
Total
Long-Term
Investments
—
134.9%
(Cost:
$896,172,473)
.............................
905,705,870
Shares
Shares
Short-Term
Securities
—
7.1%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
(
i
)(j)
..................
47,493,852
47,493,852
Total
Short-Term
Securities
—
7.1%
(Cost:
$47,493,852)
..............................
47,493,852
Total
Options
Purchased
—
0.0%
(Cost:
$1,028,720)
..............................
472,345
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
142.0%
(Cost:
$944,695,045
)
.............................
953,672,067
Total
Options
Written
—
(0.3)%
(Premium
Received
—
$2,245,336)
...................
(1,882,241)
Par
(000)
Pa
r
(
000)
TBA
Sale
Commitments
—
(12.6)%
(e)
Mortgage-Backed
Securities
—
(12.6)%
Government
National
Mortgage
Association:
2.00%
,
 10/15/51
.................
349
(354,031)
3.00%
,
 10/15/51
.................
2,824
(2,950,419)
3.50%
,
 10/15/51
.................
1,390
(1,461,404)
4.00%
,
 10/15/51
.................
113
(119,915)
4.50%
,
 10/15/51
.................
1,868
(1,991,757)
5.00%
,
 10/15/51
.................
185
(199,193)
Uniform
Mortgage-Backed
Securities:
2.50%
,
 10/25/36
-
11/25/51
..........
6,597
(6,815,350)
3.00%
,
 10/25/36
-
10/25/51
..........
8,835
(9,250,959)
3.50%
,
 10/25/36
-
10/25/51
..........
3,903
(4,135,126)
1.50%
,
 10/25/51
.................
8,870
(8,616,570)
2.00%
,
 10/25/51
.................
45,131
(45,252,643)
4.00%
,
 10/25/51
.................
380
(407,127)
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
76
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
4.50%
,
 10/25/51
.................
USD
3,062
$
(3,311,508)
Total
TBA
Sale
Commitments
—
(12.6)%
(Proceeds:
$85,366,834)
..........................
(84,866,002)
Security
Par
(000)
Par
(000)
Value
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
129.1%
(Cost:
$857,082,875
)
.............................
866,923,824
Liabilities
in
Excess
of
Other
Assets
—
(29.1)%
...........
(195,316,873)
Net
Assets
—
100.0%
..............................
$
671,606,951
(a)
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.
(b)
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.
(c)
U.S.
dollar
denominated
security
issued
by
foreign
domiciled
entity.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Represents
or
includes
a
TBA
transaction.
(f)
Rounds
to
less
than
1,000.
(g)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(h)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
TBA
commitments.
(i)
Annualized
7-day
yield
as
of
period
end.
(j)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
September
30,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
09/30/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/21
Shares
Held
at
09/30/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
28,606,884
$
18,886,968
$
—
$
—
$
—
$
47,493,852
47,493,852
$
4,103
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
77
Schedule
of
Investments
(continued)
September
30,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
10
Year
Note
...................................................
47
12/21/21
$
6,191
$
(2,399)
U.S.
Treasury
10
Year
Ultra
Note
...............................................
3
12/21/21
436
119
U.S.
Treasury
2
Year
Note
....................................................
99
12/31/21
21,788
(12,609)
90-day
Eurodollar
.........................................................
215
12/19/22
53,484
8,724
(6,165)
Short
Contracts
Euro-
Buxl
...............................................................
12
12/08/21
2,826
91,401
U.S.
Treasury
Long
Bond
....................................................
81
12/21/21
12,920
221,759
U.S.
Treasury
Ultra
Bond
....................................................
17
12/21/21
3,257
4,372
U.S.
Treasury
5
Year
Note
....................................................
242
12/31/21
29,717
25,526
90-day
Eurodollar
.........................................................
278
03/18/24
68,614
(358)
342,700
$
336,535
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
50,000
BRL
262,930
Credit
Suisse
International
10/04/21
$
1,718
USD
50,000
BRL
265,046
HSBC
Bank
plc
10/04/21
1,330
KZT
9,845,472
USD
22,540
Citibank
NA
10/08/21
555
RUB
5,154,757
USD
70,000
Goldman
Sachs
International
10/20/21
638
USD
82,802
EUR
70,000
State
Street
Bank
and
Trust
Co.
10/20/21
1,692
USD
46,826
EUR
40,000
UBS
AG
10/20/21
476
USD
50,000
MXN
1,030,355
Goldman
Sachs
International
10/20/21
214
USD
80,000
MXN
1,615,522
State
Street
Bank
and
Trust
Co.
10/20/21
1,938
USD
50,000
PLN
196,997
Citibank
NA
10/20/21
470
USD
50,000
PLN
192,298
Northern
Trust
Co.
10/20/21
1,652
USD
70,000
RUB
5,103,872
Goldman
Sachs
International
10/20/21
59
USD
89,054
MXN
1,790,000
Barclays
Bank
plc
10/29/21
2,670
USD
118,572
MXN
2,398,000
Citibank
NA
10/29/21
2,847
USD
85,521
MXN
1,751,439
UBS
AG
10/29/21
998
USD
56,816
MXN
1,156,538
Goldman
Sachs
International
11/24/21
1,220
USD
283,589
CAD
357,000
Bank
of
America
NA
12/15/21
1,737
USD
1,708,087
EUR
1,442,000
BNP
Paribas
SA
12/15/21
35,134
USD
1,709,321
EUR
1,442,000
HSBC
Bank
plc
12/15/21
36,369
91,717
BRL
264,840
USD
50,000
Deutsche
Bank
AG
10/04/21
(1,368)
BRL
261,190
USD
50,000
Goldman
Sachs
International
10/04/21
(2,038)
EUR
110,000
USD
129,777
Citibank
NA
10/20/21
(2,318)
EUR
40,000
USD
46,457
Natwest
Markets
plc
10/20/21
(108)
MXN
1,597,139
USD
80,000
Natwest
Markets
plc
10/20/21
(2,827)
USD
70,000
NOK
612,908
State
Street
Bank
and
Trust
Co.
10/20/21
(104)
USD
47,157
RUB
3,503,028
Credit
Suisse
International
10/26/21
(807)
USD
387,228
RUB
28,755,721
HSBC
Bank
plc
10/26/21
(6,498)
USD
69,133
RUB
5,168,496
JPMorgan
Chase
Bank
NA
10/26/21
(1,635)
USD
722,643
RUB
53,825,405
Morgan
Stanley
&
Co.
International
plc
10/26/21
(14,341)
IDR
1,226,534,268
USD
85,832
Barclays
Bank
plc
10/29/21
(427)
IDR
4,128,314,692
USD
288,678
BNP
Paribas
SA
10/29/21
(1,224)
MXN
2,575,867
USD
128,808
BNP
Paribas
SA
10/29/21
(4,499)
MXN
3,425,569
USD
171,351
Deutsche
Bank
AG
10/29/21
(6,036)
USD
156,032
IDR
2,278,873,985
Bank
of
America
NA
10/29/21
(2,646)
USD
83,354
IDR
1,222,933,500
BNP
Paribas
SA
10/29/21
(1,799)
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
78
Schedule
of
Investments
(continued)
September
30,
2021
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
24,209
IDR
351,980,162
Citibank
NA
10/29/21
$
(299)
USD
24,228
IDR
351,980,161
HSBC
Bank
plc
10/29/21
(280)
USD
123,956
IDR
1,798,848,803
Citibank
NA
11/17/21
(1,017)
USD
287,691
CNY
1,868,000
BNP
Paribas
SA
11/24/21
(819)
USD
2,754,246
CNY
18,023,785
Citibank
NA
11/24/21
(29,503)
USD
44,305
RUB
3,285,186
Citibank
NA
12/02/21
(389)
USD
57,182
RUB
4,228,800
HSBC
Bank
plc
12/02/21
(350)
USD
7,954,010
CNY
51,631,070
Barclays
Bank
plc
12/15/21
(6,831)
(88,163)
$
3,554
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
USD
Currency
...............
One-Touch
HSBC
Bank
plc
03/10/22
CNH
6.70
CNH
6.70
USD
145
$
26,009
$
–
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
90-day
Eurodollar
December
2021
Futures
..........
2,465
12/10/21
USD
99.38
USD
616,250
$
138,656
90-day
Eurodollar
March
2022
Futures
.............
275
03/11/22
USD
98.75
USD
68,750
139,219
$
277,875
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........................
Goldman
Sachs
International
10/20/21
MXN
20.30
USD
204
$
4,516
AUD
Currency
...........................
Goldman
Sachs
In
ternational
11/10/21
USD
0.74
AUD
4,486
13,827
EUR
Currency
...........................
BNP
Paribas
SA
11/10/21
USD
1.18
EUR
4,328
7,684
GBP
Currency
...........................
UBS
AG
11/10/21
USD
1.37
GBP
2,597
14,963
AUD
Currency
...........................
Citibank
NA
11/12/21
USD
0.74
AUD
4,486
14,432
EUR
Currency
...........................
Standard
Chartered
Bank
11/12/21
USD
1.18
EUR
4,328
10,528
GBP
Currency
...........................
Standard
Chartered
Bank
11/12/21
USD
1.37
GBP
2,597
14,837
80,787
Put
USD
Currency
...........................
Royal
Bank
of
Canada
11/10/21
CAD
1.25
USD
3,935
17,122
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
11/12/21
CAD
1.25
USD
3,935
13,454
30,576
$
111,363
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
79
Schedule
of
Investments
(continued)
September
30,
2021
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.74%
Semi-Annual
Bank
of
America
NA
11/10/21
0.74
%
USD
8,833
$
829
Put
10-Year
Interest
Rate
Swap
(a)
2.25%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
02/22/22
2.25
USD
17,800
56,269
$
57,098
(a)
Forward
settling
swaption.
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
90-day
Eurodollar
March
2022
Futures
..............
275
03/11/22
USD
98.25
USD
68,750
$
(39,531)
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
10-Year
Interest
Rate
Swap
(a)
1.44%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
12/09/21
1.44
%
USD
5,100
$
(33,670)
10-Year
Interest
Rate
Swap
(a)
1.75%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
03/02/22
1.75
USD
3,000
(76,876)
10-Year
Interest
Rate
Swap
(a)
1.84%
Semi-Annual
3
month
LIBOR
Quarterly
Barclays
Bank
plc
04/20/22
1.84
USD
15,000
(474,924)
10-Year
Interest
Rate
Swap
(a)
1.99%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
10/28/22
1.99
USD
14,900
(622,577)
(1,208,047)
Put
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.44%
Semi-Annual
Bank
of
America
NA
12/09/21
1.44
USD
5,100
(99,424)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.75%
Semi-Annual
Deutsche
Bank
AG
03/02/22
1.75
USD
3,000
(38,310)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.84%
Semi-Annual
Barclays
Bank
plc
04/20/22
1.84
USD
15,000
(201,814)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.99%
Semi-Annual
Deutsche
Bank
AG
10/28/22
1.99
USD
14,900
(295,115)
(634,663)
$
(1,842,710)
(a)
Forward
settling
swaption.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.76%
Annual
6
month
WIBOR
Semi-Annual
N/A
06/18/23
PLN
1,165
$
1,477
$
—
$
1,477
0.83%
Semi-Annual
6
month
WIBOR
Semi-Annual
N/A
06/22/23
PLN
2,719
2,562
—
2,562
0.60%
Annual
6
month
WIBOR
Semi-Annual
N/A
07/23/23
PLN
616
1,496
—
1,496
28
day
MXIBTIIE
Monthly
5.84%
Monthly
N/A
08/14/23
MXN
16,994
(6,916)
—
(6,916)
1.39%
Annual
3
month
WIBOR
Quarterly
09/05/22
(a)
09/05/23
PLN
1,907
1,483
—
1,483
0.51%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
04/07/24
USD
959
(1,726)
—
(1,726)
28
day
MXIBTIIE
Monthly
6.11%
Monthly
N/A
08/15/24
MXN
11,241
(8,238)
—
(8,238)
28
day
MXIBTIIE
Monthly
6.12%
Monthly
N/A
08/15/24
MXN
670
(478)
—
(478)
3
month
LIBOR
Quarterly
0.89%
Semi-Annual
N/A
06/04/26
USD
11,900
(37,323)
—
(37,323)
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
80
Schedule
of
Investments
(continued)
September
30,
2021
i
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)
1.03%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
06/04/26
USD
11,900
$
(43,742)
$
—
$
(43,742)
1.69%
Annual
6
month
WIBOR
Semi-Annual
N/A
09/07/26
PLN
1,991
4,019
—
4,019
0.99%
Semi-Annual
3
month
LIBOR
Quarterly
11/12/21
(a)
11/12/26
USD
1,449
9,032
—
9,032
1.61%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/01/29
USD
4,700
(102,161)
—
(102,161)
28
day
MXIBTIIE
Monthly
7.08%
Monthly
N/A
09/02/31
MXN
4,640
(5,721)
—
(5,721)
$
(186,236)
$
—
$
(186,236)
(a)
Forward
swap.
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
month
USCPI
At
Termination
2.50%
At
Termination
04/28/31
USD
3,455
$
(130,424)
$
—
$
(130,424)
1
month
USCPI
At
Termination
2.54%
At
Termination
06/18/31
USD
5,503
(144,347)
—
(144,347)
1
month
USCPI
At
Termination
2.53%
At
Termination
08/11/31
USD
3,025
(47,975)
—
(47,975)
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.38%
At
Termination
12/15/40
GBP
490
(103,951)
—
(103,951)
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.38%
At
Termination
12/15/40
GBP
313
(66,532)
—
(66,532)
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.79%
At
Termination
09/15/41
GBP
269
(1,498)
—
(1,498)
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.89%
At
Termination
09/15/41
GBP
135
4,845
—
4,845
$
(489,882)
$
—
$
(489,882)
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)
Republic
of
Colombia
.......
1.00
%
Quarterly
Goldman
Sachs
International
12/20/26
USD
372
$
12,554
$
8,712
$
3,842
United
Mexican
States
......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
USD
750
387
(1,359)
1,746
$
–
$
–
$
–
$
12,941
$
7,353
$
5,588
$
–
$
–
$
–
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1.42%
Semi-Annual
1
day
CLICP
Semi-Annual
Bank
of
America
NA
04/01/23
CLP
356,555
$
15,528
$
—
$
15,528
1
day
CLICP
Semi-Annual
1.65%
Semi-Annual
Bank
of
America
NA
05/28/23
CLP
356,555
(16,557)
—
(16,557)
1
week
CNREPOFI
Quarterly
2.56%
Quarterly
Bank
of
America
NA
12/15/26
CNY
50,000
17,844
—
17,844
$
16,815
$
—
$
16,815
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
81
Schedule
of
Investments
(continued)
September
30,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
CLICP
.........................................
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
0.00
%
1
month
USCPI
.......................................
U.S.
Consumer
Price
Index
5.40
1
week
CNREPOFI
....................................
China
Fixing
Repo
Rates
2.37
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
4.75
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.13
3
month
WIBOR
......................................
Warsaw
Interbank
Offered
Rate
0.13
6
month
WIBOR
......................................
Warsaw
Interbank
Offered
Rate
0.21
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
—
$
—
$
24,914
$
(701,032)
$
—
OTC
Swaps
.....................................................
8,712
(1,359)
38,960
(16,557)
—
Options
Written
...................................................
N/A
N/A
545,640
(182,545)
(1,882,241)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statements
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
—
$
—
$
351,901
$
—
$
351,901
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
91,717
—
—
91,717
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
—
—
137,372
334,973
—
472,345
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
20,069
4,845
24,914
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
14,300
—
—
33,372
—
47,672
$
—
$
14,300
$
—
$
229,089
$
740,315
$
4,845
$
988,549
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
15,366
—
15,366
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
88,163
—
—
88,163
Options
written
(b)
Options
written
at
value
.....................
—
—
—
—
1,882,241
—
1,882,241
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
206,305
494,727
701,032
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
1,359
—
—
16,557
—
17,916
$
—
$
1,359
$
—
$
88,163
$
2,120,469
$
494,727
$
2,704,718
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
forward
settling
swaptions.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
82
Schedule
of
Investments
(continued)
September
30,
2021
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
For
the
year
ended
September
30,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
3,282,566
$
—
$
3,282,566
Forward
foreign
currency
exchange
contracts
....
—
—
—
(1,625,124)
—
—
(1,625,124)
Options
purchased
(a)
....................
—
—
—
(265,429)
1,394,96
5
—
1,129,53
6
Options
written
........................
—
—
—
8,387
1,231,281
—
1,239,668
Swaps
..............................
—
(8,481)
—
—
(1,066,383)
(191,674)
(1,266,538)
$
—
$
(8,481)
$
—
$
(1,882,166)
$
4,842,42
9
$
(191,674)
$
2,760,10
8
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
.......................
—
—
—
—
344,803
—
344,803
Forward
foreign
currency
exchange
contracts
....
—
—
—
51,582
—
—
51,582
Options
purchased
(b)
....................
—
—
—
54,054
(268,148)
—
(214,094)
Options
written
........................
—
—
—
—
143,738
—
143,738
Swaps
..............................
—
5,588
—
—
752,172
(714,592)
43,168
$
—
$
5,588
$
—
$
105,636
$
972,565
$
(714,592)
$
369,197
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts:
Average
notional
value
of
contracts
—
long
..................................................................................
$
109,008,254
Average
notional
value
of
contracts
—
short
.................................................................................
112,607,238
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
—
in
USD
....................................................................................
22,726,690
Average
amounts
sold
—
in
USD
........................................................................................
11,739,551
Options:
Average
value
of
option
contracts
purchased
................................................................................
2,043,111
Average
value
of
option
contracts
written
...................................................................................
1,006,212
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
27,120,750
Average
notional
value
of
swaption
contracts
written
...........................................................................
68,380,000
Credit
default
swaps:
Average
notional
value
—
buy
protection
...................................................................................
561,000
Interest
rate
swaps:
Average
notional
value
—
pays
fixed
rate
...................................................................................
24,278,933
Average
notional
value
—
receives
fixed
rate
................................................................................
51,700,551
Inflation
swaps:
Average
notional
value
—
pays
fixed
rate
...................................................................................
11,098,896
Average
notional
value
—
receives
fixed
rate
................................................................................
7,987,880
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
40,258
$
71,841
Forward
foreign
currency
exchange
contracts
.................................................................
91,717
88,163
Options
(a)(b)
........................................................................................
472,345
1,882,241
Swaps
—
Centrally
cleared
.............................................................................
—
27,609
Swaps
—
OTC
(c)
....................................................................................
47,672
17,916
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
651,992
$
2,087,770
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(318,133)
(138,981)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
333,859
$
1,948,789
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
83
Schedule
of
Investments
(continued)
September
30,
2021
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)(c)
Bank
of
America
NA
..............................
$
35,938
$
(35,938)
$
—
$
—
$
—
Barclays
Bank
plc
................................
2,670
(2,670)
—
—
—
BNP
Paribas
SA
.................................
42,818
(8,341)
—
—
34,477
Citibank
NA
....................................
18,304
(18,304)
—
—
—
Credit
Suisse
International
..........................
1,718
(807)
—
—
911
Deutsche
Bank
AG
...............................
56,269
(56,269)
—
—
—
Goldman
Sachs
International
........................
33,028
(2,038)
—
—
30,990
HSBC
Bank
plc
..................................
63,708
(7,128)
—
—
56,580
Morgan
Stanley
&
Co.
International
plc
..................
15,200
(15,200)
—
—
—
Northern
Trust
Co.
...............................
1,652
—
—
—
1,652
Royal
Bank
of
Canada
.............................
17,122
—
—
—
17,122
Standard
Chartered
Bank
...........................
25,365
—
—
—
25,365
State
Street
Bank
and
Trust
Co.
......................
3,630
(104)
—
—
3,526
UBS
AG
......................................
16,437
—
—
—
16,437
$
333,859
$
(146,799)
$
—
$
—
$
187,060
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
(d)
Cash
Collateral
Pledged
(d)
Net
Amount
of
Derivative
Liabilities
(c)(e)
Bank
of
America
NA
..............................
$
152,297
$
(35,938)
$
—
$
—
$
116,359
Barclays
Bank
plc
................................
683,996
(2,670)
—
(681,326)
—
BNP
Paribas
SA
.................................
8,341
(8,341)
—
—
—
Citibank
NA
....................................
33,526
(18,304)
—
—
15,222
Credit
Suisse
International
..........................
807
(807)
—
—
—
Deutsche
Bank
AG
...............................
1,040,282
(56,269)
—
(984,013)
—
Goldman
Sachs
International
........................
2,038
(2,038)
—
—
—
HSBC
Bank
plc
..................................
7,128
(7,128)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
1,635
—
—
—
1,635
Morgan
Stanley
&
Co.
International
plc
..................
15,700
(15,200)
(500)
—
—
Natwest
Markets
plc
..............................
2,935
—
—
—
2,935
State
Street
Bank
and
Trust
Co.
......................
104
(104)
—
—
—
$
1,948,789
$
(146,799)
$
(500)
$
(1,665,339)
$
136,151
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(d)
Excess
of
collateral
pledged
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(e)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
84
Schedule
of
Investments
(continued)
September
30,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments
......................................
$
—
$
905,705,870
$
—
$
905,705,870
Short-Term
Securities
.......................................
47,493,852
—
—
47,493,852
Options
Purchased:
Foreign
currency
exchange
contracts
...........................
—
137,372
—
137,372
Interest
rate
contracts
......................................
277,875
57,098
—
334,973
Liabilities:
Investments:
TBA
Sale
Commitments
....................................
—
(84,866,002)
—
(84,866,002)
$
47,771,727
$
821,034,338
$
—
$
868,806,065
Derivative
Financial
Instruments
(a)
Assets:
Credit
contracts
...........................................
$
—
$
5,588
$
—
$
5,588
Foreign
currency
exchange
contracts
............................
—
91,717
—
91,717
Interest
rate
contracts
.......................................
351,901
53,441
—
405,342
Other
contracts
...........................................
—
4,845
—
4,845
Liabilities:
Foreign
currency
exchange
contracts
............................
—
(88,163)
—
(88,163)
Interest
rate
contracts
.......................................
(54,897)
(2,065,572)
—
(2,120,469)
Other
contracts
...........................................
—
(494,727)
—
(494,727)
$
297,004
$
(2,492,871)
$
—
$
(2,195,867)
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
Statements
of
Assets
and
Liabilities

September
30,
2021
85
Financial
Statements
BlackRock
GNMA
Portfolio
BlackRock
Income
Fund
BlackRock
U.S.
Government
Bond
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(a)
..........................................................
$
997,530,363‌
$
2,747,604,000‌
$
906,178,215‌
Investments,
at
value
—
affiliated
(b)
...........................................................
2,823,535‌
558,751,516‌
47,493,852‌
Cash  
...............................................................................
—‌
7,300,110‌
—‌
Cash
pledged:
Collateral
—
OTC
derivatives
..............................................................
1,690,000‌
—‌
2,180,000‌
Collateral
—
TBA
commitments
.............................................................
647,000‌
—‌
—‌
Futures
contracts
......................................................................
854,310‌
5,054,768‌
442,000‌
Centrally
cleared
swaps
..................................................................
158,000‌
—‌
810,560‌
Foreign
currency,
at
value
(c)
................................................................
—‌
10,185,299‌
4,540,149‌
Receivables:
–‌
–‌
–‌
Investments
sold
......................................................................
32,574,214‌
20,732,674‌
38,137,801‌
TBA
sale
commitments
..................................................................
72,142,992‌
—‌
85,366,834‌
Capital
shares
sold
.....................................................................
989,999‌
7,851,589‌
1,783,802‌
Dividends
—
affiliated
...................................................................
15‌
2,331‌
149‌
Dividends
—
unaffiliated
.................................................................
—‌
28,928‌
—‌
Interest
—
unaffiliated
...................................................................
2,136,166‌
24,556,737‌
2,895,611‌
From
the
Manager
.....................................................................
19,063‌
150,478‌
49,950‌
Variation
margin
on
futures
contracts
.........................................................
1,875‌
1,085,280‌
40,258‌
Swap
premiums
paid
.....................................................................
—‌
226,511‌
8,712‌
Unrealized
appreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
—‌
11,837,829‌
91,717‌
OTC
swaps
..........................................................................
—‌
51,335‌
38,960‌
Unfunded
floating
rate
loan
interests
.........................................................
—‌
217‌
—‌
Prepaid
expenses
.......................................................................
75,511‌
150,964‌
83
,
30
9‌
Total
assets
...........................................................................
1,111,643,043‌
3,395,570,566‌
1,090,1
41
,
87
9‌
LIABILITIES
Bank
overdraft
..........................................................................
161,290‌
—‌
1,038,140‌
Cash
received:
Collateral
—
OTC
derivatives
..............................................................
—‌
530,000‌
—‌
Collateral
—
TBA
commitments
.............................................................
13,000‌
—‌
—‌
Options
written,
at
value
(d)
..................................................................
1,495,507‌
636,257‌
1,882,241‌
TBA
sale
commitments,
at
value
(e)
............................................................
72,080,179‌
—‌
84,866,002‌
Payables:
–‌
–‌
–‌
Investments
purchased
..................................................................
471,333,639‌
110,570,175‌
328,339,062‌
Accounting
services
fees
.................................................................
48,453‌
275,577‌
65,057‌
Administration
fees
.....................................................................
19,862‌
109,424‌
23,342‌
Capital
shares
redeemed
.................................................................
1,252,234‌
8,274,871‌
1,149,916‌
Custodian
fees
........................................................................
26,642‌
87,613‌
29,750‌
Deferred
foreign
capital
gain
tax
............................................................
—‌
—‌
128‌
Income
dividend
distributions
..............................................................
179,471‌
878,502‌
298,680‌
Investment
advisory
fees
.................................................................
122,928‌
1,200,257‌
157,811‌
Trustees'
and
Officer's
fees
...............................................................
591‌
—‌
955‌
Other
affiliate
fees
.....................................................................
7,622‌
2,150‌
9,482‌
Professional
fees
......................................................................
67,611‌
89,788‌
69,293‌
Registration
fees
......................................................................
—‌
5,068‌
—‌
Service
and
distribution
fees
...............................................................
50,077‌
78,588‌
89,733‌
Transfer
agent
fees
....................................................................
172,757‌
776,364‌
274,799‌
Other
accrued
expenses
.................................................................
57,207‌
30,897‌
35
,
00
8‌
Variation
margin
on
futures
contracts
.........................................................
130,105‌
550,856‌
71,841‌
Variation
margin
on
centrally
cleared
swaps
....................................................
2,551‌
—‌
27,609‌
Swap
premiums
received
..................................................................
—‌
1,022‌
1,359‌
Unrealized
depreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
—‌
352‌
88,163‌
OTC
swaps
..........................................................................
—‌
240,637‌
16,557‌
Total
liabilities
..........................................................................
547,221,726‌
124,338,398‌
418,5
34
,
92
8‌
NET
ASSETS
..........................................................................
$
564,421,317‌
$
3,271,232,168‌
$
671,606,951‌
Statements
of
Assets
and
Liabilities
(continued)
September
30,
2021
2021
BlackRock
Annual
Report
to
Shareholders
86
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
BlackRock
Income
Fund
BlackRock
U.S.
Government
Bond
Portfolio
NET
ASSETS
CONSIST
OF
Paid-in
capital
..........................................................................
$
638,624,595‌
$
3,255,171,186‌
$
699,658,863‌
Accumulated
e
arnings
(loss)
................................................................
(74,203,278‌)
16,060,982‌
(28,051,912‌)
NET
ASSETS
..........................................................................
$
564,421,317‌
$
3,271,232,168‌
$
671,606,951‌
(a)
  Investments,
at
cost
—
unaffiliated
..........................................................
$
991,465,765‌
$
2,785,784,651‌
$
897,201,193‌
(b)
  Investments,
at
cost
—
affiliated
............................................................
$
2,823,535‌
$
559,187,431‌
$
47,493,852‌
(c)
  Foreign
currency,
at
cost
.................................................................
$
—‌
$
10,226,275‌
$
4,353,498‌
(d)
  Premiums
received
....................................................................
$
1,801,715‌
$
848,467‌
$
2,245,336‌
(e)
  Proceeds
from
TBA
sale
commitments
.......................................................
$
72,142,992‌
$
—‌
$
85,366,834‌
Statements
of
Assets
and
Liabilities
(continued)
September
30,
2021
87
Financial
Statements
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
BlackRock
Income
Fund
BlackRock
U.S.
Government
Bond
Portfolio
NET
ASSET
VALUE
Institutional
Net
assets
......................................................................
$
363,814,939‌
$
2,622,329,113‌
$
295,673,945‌
Shares
outstanding
...............................................................
38,919,868‌
250,814,548‌
27,356,621‌
Net
asset
value
..................................................................
$
9.35‌
$
10.46‌
$
10.81‌
Shares
authorized
................................................................
Unlimited
Unlimited
Unlimited
Par
value
......................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Investor
A
Net
assets
......................................................................
$
151,434,327‌
$
230,457,220‌
$
340,582,180‌
Shares
outstanding
...............................................................
16,131,724‌
22,043,434‌
31,442,635‌
Net
asset
value
..................................................................
$
9.39‌
$
10.45‌
$
10.83‌
Shares
authorized
................................................................
Unlimited
Unlimited
Unlimited
Par
value
......................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Investor
C
Net
assets
......................................................................
$
18,414,582‌
$
35,554,812‌
$
14,220,770‌
Shares
outstanding
...............................................................
1,970,357‌
3,398,686‌
1,315,112‌
Net
asset
value
..................................................................
$
9.35‌
$
10.46‌
$
10.81‌
Shares
authorized
................................................................
Unlimited
Unlimited
Unlimited
Par
value
......................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Class
K
Net
assets
......................................................................
$
30,757,469‌
$
382,891,023‌
$
16,753,145‌
Shares
outstanding
...............................................................
3,300,969‌
36,622,948‌
1,549,992‌
Net
asset
value
..................................................................
$
9.32‌
$
10.45‌
$
10.81‌
Shares
authorized
................................................................
Unlimited
Unlimited
Unlimited
Par
value
......................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Class
R
Net
assets
......................................................................
$
—
$
—‌
$
4,376,911‌
Shares
outstanding
...............................................................
—
—‌
404,127‌
Net
asset
value
..................................................................
$
—
$
—‌
$
10.83‌
Shares
authorized
................................................................
—
—
Unlimited
Par
value
......................................................................
$
—
$
—‌
$
0.001‌
Statements
of
Operations

Year
Ended
September
30,
2021
2021
BlackRock
Annual
Report
to
Shareholders
88
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
BlackRock
Income
Fund
BlackRock
U.S.
Government
Bond
Portfolio
INVESTMENT
INCOME
–
–
–
Dividends
—
affiliated
...................................................................
$
817‌
$
1,319,172‌
$
4,103‌
Dividends
—
unaffiliated
.................................................................
4‌
1,081,373‌
—‌
Interest
—
unaffiliated
...................................................................
8,758,365‌
102,614,946‌
12,012,170‌
Foreign
taxes
withheld
..................................................................
—‌
(25,448‌)
(8,840‌)
Total
investment
income
...................................................................
8,759,186‌
104,990,043‌
12,007,433‌
EXPENSES
Investment
advisory
....................................................................
2,072,790‌
11,913,178‌
3,033,938‌
Service
and
distribution
—
class
specific
......................................................
668,372‌
809,605‌
1,150,773‌
Transfer
agent
—
class
specific
............................................................
555,026‌
3,172,690‌
983,404‌
Administration
.......................................................................
256,360‌
987,428‌
323,678‌
Administration
—
class
specific
............................................................
121,918‌
514,523‌
155,574‌
Registration
.........................................................................
116,129‌
262,257‌
223,556‌
Accounting
services
....................................................................
83,709‌
456,477‌
109,593‌
Professional
.........................................................................
74,171‌
94,216‌
89,020‌
Custodian
...........................................................................
42,862‌
138,662‌
57,102‌
Trustees
and
Officer
....................................................................
8,508‌
28,748‌
10,745‌
Miscellaneous
........................................................................
110,642‌
86,415‌
116,164‌
Total
expenses
excluding
interest
expense
.......................................................
4,110,487‌
18,464,199‌
6,253,547‌
Interest
expense
........................................................................
1,186‌
38,173‌
3,190‌
Total
expenses
.........................................................................
4,111,673‌
18,502,372‌
6,256,737‌
Less:
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
.................................................
(466,118‌)
(304,527‌)
(862,640‌)
Transfer
agent
fees
waived
and/or
reimbursed
—
class
specific
.......................................
(273,562‌)
(1,147,850‌)
(596,007‌)
Administration
fees
waived
—
class
specific
....................................................
(121,536‌)
(439,329‌)
(154,195‌)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
3,250,457‌
16,610,666‌
4,643,895‌
Net
investment
income
....................................................................
5,508,729‌
88,379,377‌
7,363,538‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(3,529,430‌)
$
24,151,664‌
$
(19,317,188‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
(a)
............................................................
$
3,544,556‌
$
60,047,288‌
$
5,983,857‌
Forward
foreign
currency
exchange
contracts
.................................................
—‌
6,369,636‌
(1,625,124‌)
Foreign
currency
transactions
...........................................................
—‌
1,401,324‌
197,285‌
Futures
contracts
....................................................................
1,396,871‌
(98,101‌)
3,282,566‌
Options
written
.....................................................................
666,863‌
(600,574‌)
1,239,668‌
Swaps  
..........................................................................
(924,183‌)
2,351,377‌
(1,266,538‌)
4,684,107‌
69,470,950‌
7,811,714‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...............................................................
—‌
964,820‌
—‌
Investments
—
unaffiliated
(b)
............................................................
(9,981,889‌)
(54,662,163‌)
(27,764,194‌)
Forward
foreign
currency
exchange
contracts
.................................................
—‌
10,479,612‌
51,582‌
Foreign
currency
translations
............................................................
—‌
(117,096‌)
52,001‌
Futures
contracts
....................................................................
713,217‌
(2,100,750‌)
344,803‌
Options
written
.....................................................................
189,388‌
222,848‌
143,738‌
Swaps  
..........................................................................
865,747‌
(108,181‌)
43,168‌
Unfunded
floating
rate
loan
interests
.......................................................
—‌
1,624‌
—‌
(8,213,537‌)
(45,319,286‌)
(27,128,902‌)
Net
realized
and
unrealized
gain
(loss)
.........................................................
(3,529,430‌)
24,151,664‌
(19,317,188‌)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..........................
$
1,979,299‌
$
112,531,041‌
$
(11,953,650‌)
(a)
  Net
of
foreign
capital
gain
tax
of
............................................................
$
—
$
—
$
(4,529)
(b)
  Net
o
f
increase
in
defe
rred
foreign
capital
gain
tax
of
..............................................
$
—
$
—
$
(128)
Statements
of
Changes
in
Net
Assets

89
Financial
Statements
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
BlackRock
Income
Fund
Year
Ended
September
30,
Year
Ended
September
30,
2021
2020
2021
2020
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
5,508,729‌
$
11,577,439‌
$
88,379,377‌
$
57,486,134‌
Net
realized
gain
(loss)
....................................................
4,684,107‌
(434,354‌)
69,470,950‌
(20,544,658‌)
Net
change
in
unrealized
appreciation
(depreciation)
................................
(8,213,537‌)
7,845,665‌
(45,319,286‌)
6,847,904‌
Net
increase
in
net
assets
resulting
from
operations
...................................
1,979,299‌
18,988,750‌
112,531,041‌
43,789,380‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
...........................................................
(7,757,190‌)
(9,664,123‌)
(72,517,733‌)
(51,450,923‌)
  Service
..............................................................
(47,369‌)
(165,522‌)
—‌
—‌
  Investor
A
............................................................
(2,916,277‌)
(4,476,553‌)
(6,369,050‌)
(5,326,152‌)
  Investor
C
............................................................
(297,478‌)
(803,210‌)
(867,193‌)
(1,235,281‌)
  Class
K
..............................................................
(1,009,386‌)
(2,225,573‌)
(11,080,525‌)
(4,951,889‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(12,027,700‌)
(17,334,981‌)
(90,834,501‌)
(62,964,245‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(46,415,937‌)
130,528,317‌
1,648,772,904‌
485,402,609‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(56,464,338‌)
132,182,086‌
1,670,469,444‌
466,227,744‌
Beginning
of
year
..........................................................
620,885,655‌
488,703,569‌
1,600,762,724‌
1,134,534,980‌
End
of
year
..............................................................
$
564,421,317‌
$
620,885,655‌
$
3,271,232,168‌
$
1,600,762,724‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
90
See
notes
to
financial
statements.
BlackRock
U.S.
Government
Bond
Portfolio
Year
Ended
September
30,
2021
2020
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
7,363,538‌
$
12,559,321‌
Net
realized
gain
......................................................................................
7,811,714‌
9,221,629‌
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
(27,128,902‌)
24,620,797‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.........................................................
(11,953,650‌)
46,401,747‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
.........................................................................................
(5,766,221‌)
(6,146,838‌)
  Service
............................................................................................
(3,791‌)
(74,974‌)
  Investor
A
..........................................................................................
(4,978,441‌)
(6,697,465‌)
  Investor
C
..........................................................................................
(111,837‌)
(267,817‌)
  Investor
C1
.........................................................................................
—‌
(50,588‌)
  Class
K
............................................................................................
(271,580‌)
(251,979‌)
  Class
R
............................................................................................
(47,691‌)
(137,036‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(11,179,561‌)
(13,626,697‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...............................................
(181,636,334‌)
208,076,330‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.........................................................................
(204,769,545‌)
240,851,380‌
Beginning
of
year
........................................................................................
876,376,496‌
635,525,116‌
End
of
year
............................................................................................
$
671,606,951‌
$
876,376,496‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
91
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(f)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
Institutional
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
9.50‌
$
9.46‌
$
9.13‌
$
9.59‌
$
9.89‌
Net
investment
income
(a)
.....................................
0.09‌
0.22‌
0.27‌
0.25‌
0.19‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.04‌)
0.14‌
0.41‌
(0.38‌)
(0.19‌)
Net
increase
(decrease)
from
investment
operations
....................
0.05‌
0.36‌
0.68‌
(0.13‌)
—‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.
20‌
)
(0.32‌)
(0.35‌)
(0.33‌)
(0.30‌)
R
eturn
of
capital
...........................................
—‌
—‌
(0.00‌)
(c)
—‌
(0.00‌)
(c)
Total
distributions
...........................................
(0.
20‌
)
(0.32‌)
(0.35‌)
(0.33‌)
(0.30‌)
Net
asset
value,
end
of
year
...................................
$
9.35‌
$
9.50‌
$
9.46‌
$
9.13‌
$
9.59‌
Total
Return
(d)
0.48%
3.86%
7.55%
—
—
Based
on
net
asset
value
......................................
0.47%
3.86%
7.55%
(1.36)%
0.01%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.............................................
0.57%
0.65%
1.14%
1.06%
0.74%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.43%
0.48%
0.95%
0.84%
0.52%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.43%
0.42%
0.42%
0.42%
0.43%
Net
investment
income
.......................................
1.00%
2.28%
2.92%
2.69%
1.93%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
363,815‌
$
356,671‌
$
264,811‌
$
249,030‌
$
316,891‌
Portfolio
turnover
rate
(f
)
.......................................
1,443%
1,380%
1,482%
1,450%
1,198%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
—%
0.00%
0.00%
0.00%
0.01%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
859%
912%
947%
823%
423%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
92
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(f)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
Investor
A
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
9.54‌
$
9.50‌
$
9.17‌
$
9.63‌
$
9.93‌
Net
investment
income
(a)
.....................................
0.07‌
0.19‌
0.25‌
0.23‌
0.16‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.05‌)
0.15‌
0.40‌
(0.38‌)
(0.19‌)
Net
increase
(decrease)
from
investment
operations
....................
0.02‌
0.34‌
0.65‌
(0.15‌)
(0.03‌)
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.
17‌
)
(0.30‌)
(0.32‌)
(0.31‌)
(0.27‌)
R
eturn
of
capital
...........................................
—‌
—‌
(0.00‌)
(c)
—‌
(0.00‌)
(c)
Total
distributions
...........................................
(0.
17‌
)
(0.30‌)
(0.32‌)
(0.31‌)
(0.27‌)
Net
asset
value,
end
of
year
...................................
$
9.39‌
$
9.54‌
$
9.50‌
$
9.17‌
$
9.63‌
Total
Return
(d)
0.23%
3.60%
7.27%
(1.58)%
—
Based
on
net
asset
value
......................................
0.23%
3.60%
7.27%
(1.58)%
(0.23)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.............................................
0.84%
0.93%
1.43%
1.33%
1.01%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.68%
0.73%
1.20%
1.09%
0.78%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.68%
0.67%
0.67%
0.67%
0.68%
Net
investment
income
.......................................
0.76%
2.04%
2.67%
2.44%
1.68%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
151,434‌
$
161,035‌
$
137,065‌
$
120,582‌
$
172,685‌
Portfolio
turnover
rate
(g
)
.......................................
1,443%
1,380%
1,482%
1,450%
1,198%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
—%
0.00%
0.00%
0.00%
0.01%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
859%
912%
947%
823%
423%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
93
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(f)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
Investor
C
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
9.50‌
$
9.46‌
$
9.13‌
$
9.58‌
$
9.88‌
Net
investment
income
(a)
.....................................
0.01‌
0.12‌
0.18‌
0.16‌
0.09‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.06‌)
0.15‌
0.40‌
(0.37‌)
(0.19‌)
Net
increase
(decrease)
from
investment
operations
....................
(0.05‌)
0.27‌
0.58‌
(0.21‌)
(0.10‌)
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.
10‌
)
(0.23‌)
(0.25‌)
(0.24‌)
(0.20‌)
R
eturn
of
capital
...........................................
—‌
—‌
(0.00‌)
(c)
—‌
(0.00‌)
(c)
Total
distributions
...........................................
(0.
10‌
)
(0.23‌)
(0.25‌)
(0.24‌)
(0.20‌)
Net
asset
value,
end
of
year
...................................
$
9.35‌
$
9.50‌
$
9.46‌
$
9.13‌
$
9.58‌
Total
Return
(d)
(0.53)%
2.83%
6.49%
(2.24)%
—
Based
on
net
asset
value
......................................
(0.53)%
2.83%
6.49%
(2.24)%
(0.99)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.............................................
1.53%
1.63%
2.17%
2.07%
1.76%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
....................
1.43%
1.48%
1.95%
1.84%
1.53%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
1.43%
1.42%
1.42%
1.42%
1.43%
Net
investment
income
.......................................
0.06%
1.30%
1.96%
1.70%
0.93%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
18,415‌
$
31,336‌
$
34,257‌
$
44,241‌
$
64,370‌
Portfolio
turnover
rate
(g
)
.......................................
1,443%
1,380%
1,482%
1,450%
1,198%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
—%
0.00%
0.00%
0.00%
0.01%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
859%
912%
947%
823%
423%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
94
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(f)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
Class
K
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
9.47‌
$
9.43‌
$
9.10‌
$
9.55‌
$
9.85‌
Net
investment
income
(a)
.....................................
0.11‌
0.22‌
0.27‌
0.25‌
0.19‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.06‌)
0.14‌
0.41‌
(0.37‌)
(0.19‌)
Net
increase
(decrease)
from
investment
operations
....................
0.05‌
0.36‌
0.68‌
(0.12‌)
—‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.
20‌
)
(0.32‌)
(0.35‌)
(0.33‌)
(0.30‌)
R
eturn
of
capital
...........................................
—‌
—‌
(0.00‌)
(c)
—‌
(0.00‌)
(c)
Total
distributions
...........................................
(0.
20‌
)
(0.32‌)
(0.35‌)
(0.33‌)
(0.30‌)
Net
asset
value,
end
of
year
...................................
$
9.32‌
$
9.47‌
$
9.43‌
$
9.10‌
$
9.55‌
Total
Return
(d)
0.52%
3.91%
7.62%
(1.22)%
—
Based
on
net
asset
value
......................................
0.52%
3.91%
7.62%
(1.22)%
0.04%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.............................................
0.47%
0.54%
1.03%
0.94%
0.66%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.38%
0.43%
0.90%
0.79%
0.50%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.38%
0.37%
0.37%
0.37%
0.38%
Net
investment
income
.......................................
1.15%
2.34%
2.93%
2.73%
2.00%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
30,757‌
$
67,675‌
$
45,934‌
$
20,802‌
$
21,025‌
Portfolio
turnover
rate
(f
)
.......................................
1,443%
1,380%
1,482%
1,450%
1,198%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
—%
0.00%
0.00%
0.00%
0.01%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
859
%
912%
947%
823%
423%
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
95
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(f)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees,
the
expense
ratios
were
as
follows:
BlackRock
Income
Fund
Institutional
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
10.22‌
$
10.32‌
$
10.13‌
$
10.31‌
$
10.14‌
Net
investment
income
(a)
.....................................
0.37‌
0.44‌
0.47‌
0.43‌
0.41‌
Net
realized
and
unrealized
gain
(loss)
............................
0.25‌
(0.06‌)
0.24‌
(0.18‌)
0.20‌
Net
increase
from
investment
operations
............................
0.62‌
0.38‌
0.71‌
0.25‌
0.61‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.38‌)
(0.47‌)
(0.52‌)
(0.43‌)
(0.44‌)
From
net
realized
gain
.......................................
—‌
(0.01‌)
—‌
—‌
—‌
Total
distributions
...........................................
(0.38‌)
(0.48‌)
(0.52‌)
(0.43‌)
(0.44‌)
Net
asset
value,
end
of
year
...................................
$
10.46‌
$
10.22‌
$
10.32‌
$
10.13‌
$
10.31‌
Total
Return
(c)
6.13%
3.90%
7.22%
2.52%
—
Based
on
net
asset
value
......................................
6.13%
3.90%
(d)
7.22%
2.52%
6.12%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
(f)
............................................
0.71%
0.73%
0.78%
0.83%
0.90%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.62%
0.62%
0.62%
0.63%
0.63%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.62%
0.62%
0.62%
0.63%
0.63%
Net
investment
income
.......................................
3.46%
4.35%
4.64%
4.22%
4.03%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
2,622,329‌
$
1,300,683‌
$
919,409‌
$
457,518‌
$
337,106‌
Portfolio
turnover
rate
........................................
81%
92%
77%
100%
126%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.02%
0.03%
0.04%
0.01%
0.02%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Expense
ratios
.............................................
N/A
N/A
N/A
0.82%
0.90%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
96
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(f)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees
for
the
year
ended
September
30,
2018,
the
expense
ratio
would
have
been
1.11%.
BlackRock
Income
Fund
Investor
A
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
10.22‌
$
10.32‌
$
10.13‌
$
10.30‌
$
10.13‌
Net
investment
income
(a)
.....................................
0.34‌
0.41‌
0.44‌
0.40‌
0.39‌
Net
realized
and
unrealized
gain
(loss)
............................
0.25‌
(0.05‌)
0.24‌
(0.16‌)
0.19‌
Net
increase
from
investment
operations
............................
0.59‌
0.36‌
0.68‌
0.24‌
0.58‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.36‌)
(0.45‌)
(0.49‌)
(0.41‌)
(0.41‌)
From
net
realized
gain
.......................................
—‌
(0.01‌)
—‌
—‌
—‌
Total
distributions
...........................................
(0.36‌)
(0.46‌)
(0.49‌)
(0.41‌)
(0.41‌)
Net
asset
value,
end
of
year
...................................
$
10.45‌
$
10.22‌
$
10.32‌
$
10.13‌
$
10.30‌
Total
Return
(c)
5.77%
3.64%
6.96%
2.36%
—
Based
on
net
asset
value
......................................
5.77%
3.64%
(d)
6.96%
2.36%
5.86%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.............................................
0.90%
0.97%
1.04%
1.12%
(f)
1.17%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.87%
0.87%
0.87%
0.88%
0.88%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.87%
0.87%
0.87%
0.88%
0.88%
Net
investment
income
.......................................
3.23%
4.10%
4.40%
3.94%
3.81%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
230,457‌
$
142,602‌
$
102,857‌
$
75,462‌
$
109,702‌
Portfolio
turnover
rate
........................................
81%
92%
77%
100%
126%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.02%
0.03%
0.04%
0.01%
0.02%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
97
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(f)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees
for
the
year
ended
September
30,
2018,
the
expense
ratio
would
have
been
1.83%.
BlackRock
Income
Fund
Investor
C
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
10.23‌
$
10.32‌
$
10.13‌
$
10.31‌
$
10.14‌
Net
investment
income
(a)
.....................................
0.27‌
0.34‌
0.37‌
0.33‌
0.31‌
Net
realized
and
unrealized
gain
(loss)
............................
0.24‌
(0.05‌)
0.23‌
(0.18‌)
0.19‌
Net
increase
from
investment
operations
............................
0.51‌
0.29‌
0.60‌
0.15‌
0.50‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.28‌)
(0.37‌)
(0.41‌)
(0.33‌)
(0.33‌)
From
net
realized
gain
.......................................
—‌
(0.01‌)
—‌
—‌
—‌
Total
distributions
...........................................
(0.28‌)
(0.38‌)
(0.41‌)
(0.33‌)
(0.33‌)
Net
asset
value,
end
of
year
...................................
$
10.46‌
$
10.23‌
$
10.32‌
$
10.13‌
$
10.31‌
Total
Return
(c)
4.97%
2.97%
6.16%
1.50%
—
Based
on
net
asset
value
......................................
4.97%
2.97%
(d)
6.16%
1.50%
5.07%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.............................................
1.66%
1.73%
1.79%
1.84%
(f)
1.90%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
1.62%
1.62%
1.62%
1.63%
1.63%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
1.62%
1.62%
1.62%
1.63%
1.63%
Net
investment
income
.......................................
2.52%
3.37%
3.66%
3.21%
3.06%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
35,555‌
$
30,905‌
$
32,197‌
$
29,812‌
$
30,536‌
Portfolio
turnover
rate
........................................
81%
92%
77%
100%
126%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.02%
0.03%
0.04%
0.01%
0.02%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
98
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(f)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
BlackRock
Income
Fund
Class
K
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
10.22‌
$
10.32‌
$
10.13‌
$
10.31‌
$
10.14‌
Net
investment
income
(a)
.....................................
0.37‌
0.44‌
0.47‌
0.44‌
0.42‌
Net
realized
and
unrealized
gain
(loss)
............................
0.25‌
(0.05‌)
0.24‌
(0.18‌)
0.19‌
Net
increase
from
investment
operations
............................
0.62‌
0.39‌
0.71‌
0.26‌
0.61‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.39‌)
(0.48‌)
(0.52‌)
(0.44‌)
(0.44‌)
From
net
realized
gain
.......................................
—‌
(0.01‌)
—‌
—‌
—‌
Total
distributions
...........................................
(0.39‌)
(0.49‌)
(0.52‌)
(0.44‌)
(0.44‌)
Net
asset
value,
end
of
year
...................................
$
10.45‌
$
10.22‌
$
10.32‌
$
10.13‌
$
10.31‌
Total
Return
(c)
6.09%
3.95%
7.27%
2.57%
—
Based
on
net
asset
value
......................................
6.09%
3.95%
(d)
7.27%
2.57%
6.17%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.............................................
0.57%
0.65%
0.69%
0.74%
(f)
0.84%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.56%
0.57%
0.57%
0.57%
0.58%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.56%
0.57%
0.57%
0.57%
0.58%
Net
investment
income
.......................................
3.52%
4.40%
4.65%
4.37%
4.11%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
382,891‌
$
126,573‌
$
80,072‌
$
15,849‌
$
206‌
Portfolio
turnover
rate
........................................
81%
92%
77%
100%
126%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Investments
in
underlying
funds
..................................
0.02
%
0.03%
0.04%
0.01%
0.02%
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
99
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
(f)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
U.S.
Government
Bond
Portfolio
Institutional
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
11.11‌
$
10.62‌
$
10.03‌
$
10.45‌
$
10.76‌
Net
investment
income
(a)
.....................................
0.12‌
0.20‌
0.26‌
0.23‌
0.20‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.25‌)
0.51‌
0.62‌
(0.40‌)
(0.26‌)
Net
increase
(decrease)
from
investment
operations
....................
(0.13‌)
0.71‌
0.88‌
(0.17‌)
(0.06‌)
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.17‌)
(0.22‌)
(0.29‌)
(0.25‌)
(0.24‌)
R
eturn
of
capital
...........................................
—‌
—‌
(0.00‌)
(c)
—‌
(0.01‌)
Total
distributions
...........................................
(0.17‌)
(0.22‌)
(0.29‌)
(0.25‌)
(0.25‌)
Net
asset
value,
end
of
year
...................................
$
10.81‌
$
11.11‌
$
10.62‌
$
10.03‌
$
10.45‌
Total
Return
(d)
(1.16)%
6.72%
8.86%
(1.68)%
—
Based
on
net
asset
value
......................................
(1.16)%
6.72%
8.86%
(1.68)%
(0.55)%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.65%
0.76%
(e)
1.20%
1.04%
0.90%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.45%
0.56%
(e)
0.96%
0.76%
0.58%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.45%
0.45%
(e)
0.45%
0.45%
0.46%
Net
investment
income
.......................................
1.10%
1.79%
(e)
2.51%
2.21%
1.81%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
295,674‌
$
412,161‌
$
217,815‌
$
166,465‌
$
165,709‌
Portfolio
turnover
rate
(f)
.......................................
715%
745%
837%
892%
982%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
458%
508%
571%
590%
658%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
100
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
(f)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
U.S.
Government
Bond
Portfolio
Investor
A
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
11.14‌
$
10.65‌
$
10.06‌
$
10.47‌
$
10.79‌
Net
investment
income
(a)
.....................................
0.09‌
0.18‌
0.24‌
0.20‌
0.15‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.26‌)
0.50‌
0.61‌
(0.39‌)
(0.25‌)
Net
increase
(decrease)
from
investment
operations
....................
(0.17‌)
0.68‌
0.85‌
(0.19‌)
(0.10‌)
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.14‌)
(0.19‌)
(0.26‌)
(0.22‌)
(0.21‌)
Return
of
capital
...........................................
—‌
—‌
(0.00‌)
(c)
—‌
(0.01‌)
Total
distributions
...........................................
(0.14‌)
(0.19‌)
(0.26‌)
(0.22‌)
(0.22‌)
Net
asset
value,
end
of
year
...................................
$
10.83‌
$
11.14‌
$
10.65‌
$
10.06‌
$
10.47‌
Total
Return
(d)
(1.49)%
6.45%
8.57%
(1.82)%
—
Based
on
net
asset
value
......................................
(1.49)%
6.45%
8.57%
(1.82)%
(0.88)%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.91%
1.02%
(e)
1.47%
1.31%
1.16%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.70%
0.81%
(e)
1.21%
1.01%
0.83%
Total
expenses
after
fees
waived
and/or
rei
mbursed
and
excluding
interest
expense
0.70%
0.70%
(e)
0.70%
0.70%
0.71%
Net
investment
income
.......................................
0.84%
1.61%
(e)
2.28%
1.96%
1.56%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
340,582‌
$
414,711‌
$
354,704‌
$
353,770‌
$
422,775‌
Portfolio
turnover
rate
(g)
.......................................
715%
745%
837%
892%
982%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
458%
508%
571%
590%
658%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
101
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
(f)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
U.S.
Government
Bond
Portfolio
Investor
C
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
11.12‌
$
10.63‌
$
10.04‌
$
10.46‌
$
10.77‌
Net
investment
income
(a)
.....................................
0.01‌
0.09‌
0.16‌
0.12‌
0.07‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.26‌)
0.51‌
0.61‌
(0.40‌)
(0.24‌)
Net
increase
(decrease)
from
investment
operations
....................
(0.25‌)
0.60‌
0.77‌
(0.28‌)
(0.17‌)
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.06‌)
(0.11‌)
(0.18‌)
(0.14‌)
(0.13‌)
Return
of
capital
...........................................
—‌
—‌
(0.00‌)
(c)
—‌
(0.01‌)
Total
distributions
...........................................
(0.06‌)
(0.11‌)
(0.18‌)
(0.14‌)
(0.14‌)
Net
asset
value,
end
of
year
...................................
$
10.81‌
$
11.12‌
$
10.63‌
$
10.04‌
$
10.46‌
Total
Return
(d)
(2.23)%
5.66%
7.78%
(2.66)%
—
Based
on
net
asset
value
......................................
(2.23)%
5.66%
7.78%
(2.66)%
(1.54)%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
1.65%
1.80%
(e)
2.30%
2.14%
1.94%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
1.45%
1.56%
(e)
1.96%
1.76%
1.58%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
1.45%
1.45%
(e)
1.45%
1.45%
1.46%
Net
investment
income
.......................................
0.09%
0.84%
(e)
1.55%
1.21%
0.80%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
14,221‌
$
25,922‌
$
26,193‌
$
35,014‌
$
38,574‌
Portfolio
turnover
rate
(f)
.......................................
715%
745%
837%
892%
982%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
458%
508%
571%
590%
658%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
102
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
(h)
Annualized.
(i)
Offering
and
Board
realignment
and
consolidation
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.04%.
(j)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(k)
Portfolio
turnover
rate
is
representative
of
the
portfolio
for
the
entire
year.
BlackRock
U.S.
Government
Bond
Portfolio
Class
K
Year
Ended
September
30,
Period
from
01/25/18
(a)
to
09/30/18
2021
2020
2019
Net
asset
value,
beginning
of
period
............................................
$
11.11‌
$
10.62‌
$
10.04‌
$
10.27‌
Net
investment
income
(b)
....................................................
0.12‌
0.20‌
0.25‌
0.14‌
Net
realized
and
unrealized
gain
(loss)
...........................................
(0.2
4‌)
0.51‌
0.62‌
(0.20‌)
Net
increase
(decrease)
from
investment
operations
...................................
(0.12‌)
0.71‌
0.87‌
(0.06‌)
Distributions
(c)
............................................................
From
net
investment
income
.................................................
(0.18‌)
(0.22‌)
(0.29‌)
(0.17‌)
Return
of
capital
..........................................................
—‌
—‌
(0.00‌)
(d)
—‌
Total
distributions
..........................................................
(0.18‌)
(0.22‌)
(0.29‌)
(0.17‌)
Net
asset
value,
end
of
period
.................................................
$
10.81‌
$
11.11‌
$
10.62‌
$
10.04‌
Total
Return
(e)
(1.11)%
6.78%
8.81%
(0.60)%
Based
on
net
asset
value
.....................................................
(1.11)%
6.78%
8.81%
(0.60)%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
............................................................
0.54%
0.64%
(g)
1.06%
1.03%
(h)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
...................................
0.40%
0.51%
(g)
0.91%
0.86%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
..............
0.40%
0.40%
(g)
0.40%
0.40%
(h)
Net
investment
income
......................................................
1.14%
1.79%
(g)
2.44%
2.03%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.................................................
$
16,753‌
$
17,335‌
$
5,031‌
$
1,517‌
Portfolio
turnover
rate
(j)
.......................................................
715%
745%
837%
892%
(k)
Year
Ended
September
30,
Period
from
01/25/18
(a)
to
09/30/18
2021
2020
2019
Portfolio
turnover
rate
(excluding
MDRs)
...........................................
458%
508%
571%
590%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
103
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
(f)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
U.S.
Government
Bond
Portfolio
Class
R
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
11.14‌
$
10.65‌
$
10.06‌
$
10.47‌
$
10.78‌
Net
investment
income
(a)
.....................................
0.06‌
0.16‌
0.21‌
0.18‌
0.13‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.25‌)
0.49‌
0.61‌
(0.40‌)
(0.24‌)
Net
increase
(decrease)
from
investment
operations
....................
(0.19‌)
0.65‌
0.82‌
(0.22‌)
(0.11‌)
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.12‌)
(0.16‌)
(0.23‌)
(0.19‌)
(0.19‌)
Return
of
capital
...........................................
—‌
—‌
(0.00‌)
(c)
—‌
(0.01‌)
Total
distributions
...........................................
(0.12‌)
(0.16‌)
(0.23‌)
(0.19‌)
(0.20‌)
Net
asset
value,
end
of
year
...................................
$
10.83‌
$
11.14‌
$
10.65‌
$
10.06‌
$
10.47‌
Total
Return
(d)
(1.73)%
6.18%
8.30%
(2.07)%
—
Based
on
net
asset
value
......................................
(1.73)%
6.18%
8.30%
(2.07)%
(1.04)%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
1.23%
1.36%
(e)
2.11%
1.64%
1.47%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.95%
1.06%
(e)
1.46%
1.26%
1.08%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.95%
0.95%
(e)
0.95%
0.95%
0.96%
Net
investment
income
.......................................
0.59%
1.51%
(e)
2.06%
1.72%
1.30%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
4,377‌
$
5,133‌
$
13,734‌
$
19,660‌
$
22,215‌
Portfolio
turnover
rate
(f)
.......................................
715%
745%
837%
892%
982%
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
458%
508%
571%
590%
658%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
2021
BlackRock
Annual
Report
to
Shareholders
104
1.
ORGANIZATION 
BlackRock
Funds
V (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Massachusetts
business trust.
The
following,
each
of
which
is
a
series
of
the
Trust,
are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
Each
Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional,
Service
and
Class K
Shares
are
sold
only
to
certain
eligible
investors.
Service,
Investor
A,
Investor
C
and
Class
R
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares,
and
Investor
C
and
Class
R
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor A
and
Investor C
Shares
are
generally
available
through
financial
intermediaries.
Class R
Shares
are
sold
only
to
certain
employer-sponsored
retirement
plans.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures
(except
that
Investor C
shareholders
may
vote
on
material
changes
to
the
Investor
A
Shares
distribution
and
service
plan).
(a)
Investor
A
Shares
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
(b)
A
CDSC
of
1.00%
is
assessed
on
certain
redemptions
of
Investor
C
Shares
made
within
one
year
after
purchase.
On
July
6,
2021,
GNMA
and
U.S.
Government
Bond's
Service
Shares
converted
into
Investor
A
Shares.
On
April
7,
2021,
Class
R
Shares
terminated
as
a
share
class
of
GNMA.
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
"Manager") or
its
affiliates,
are
included
in
a
complex
of
non-index
fixed-income
mutual
funds
and
all
BlackRock-advised
closed-end
funds
referred
to
as
the
BlackRock
Fixed-Income
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
and
payment-in-kind
interest
are
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets.
For
convertible
securities,
premiums
attributable
to
the
debt
instrument
are
amortized,
but
premiums
attributable
to
the
conversion
feature
are
not
amortized.
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”)
.
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
GNMA
Portfolio
..................................................
GNMA
Diversified
BlackRock
Income
Fund
....................................................
Income
Fund
Diversified
BlackRock
U.S.
Government
Bond
Portfolio
.......................................
U.S.
Government
Bond
Diversified
Share
Class
Initial
Sales
Charge
CDSC
Conversion
Privilege
Institutional,
Service,
Class
K
and
Class
R
Shares
........................
No
No
None
Investor
A
Shares
............................................
Yes
No
(a)
None
Investor
C
Shares
...........................................
No
Yes
(b)
To
Investor
A
Shares
after
approximately
8
years
Notes
to
Financial
Statements
(continued)
105
Notes
to
Financial
Statements
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
September
30,
2021
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Segregation
and
Collateralization:
In
cases
where a
Fund
enters
into
certain
investments
(e.g.,
dollar
rolls,
TBA
sale
commitments,
futures
contracts,
forward
foreign
currency
exchange
contracts,
options
written
and
swaps)
or
certain
borrowings
(e.g.,
reverse
repurchase
transactions)
that
would
be
treated
as
“senior
securities”
for
1940
Act
purposes, a
Fund
may
segregate
or
designate
on
its
books
and
records
cash
or
liquid
assets
having
a
market
value
at
least
equal
to
the
amount
of
its
future
obligations
under
such
investments
or
borrowings.
Doing
so
allows
the
investments
or
borrowings
to
be
excluded
from
treatment
as
a
“senior
security.” 
Furthermore,
if
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-dealer
or
custodian
as
collateral
for
certain
investments
or
obligations.  
Distributions:
Distributions
paid
by the
Funds
are
recorded
on
the
ex-dividend
dates. Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
Distributions
of
capital
gains
are
recorded
on
the
ex-dividend
dates
and
made
at
least
annually.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
.
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan”)
approved
by
the
Board
of
Trustees
of
the
Trust
(the
“Board”)
, 
the
trustees
who
are
not
“interested
persons”
of
the
Funds,
as
defined
in
the
1940
Act
(“Independent
Trustees
”),
may
defer
a
portion
of
their
annual
complex-wide
compensation.
Deferred
amounts
earn
an
approximate
return
as
though
equivalent
dollar
amounts
had
been
invested
in
common
shares
of
certain
funds
in
the
BlackRock
Fixed-Income
Complex
selected
by
the
Independent
Trustees
.
This
has
the
same
economic
effect
for
the
Independent 
Trustees
as
if
the
Independent 
Trustees
had
invested
the
deferred
amounts
directly
in
certain
funds
in
the
BlackRock
Fixed-Income
Complex.  
The
Plan
is
not
funded
and
obligations
thereunder
represent
general
unsecured
claims
against
the
general
assets
of
each
Fund,
as
applicable.
Deferred
compensation
liabilities,
if
any, are
included
in
the
Trustees’
and
Officer’s
fees
payable
in
the
Statements
of
Assets
and
Liabilities
and
will
remain
as
a
liability
of
the
Funds
until
such
amounts
are
distributed
in
accordance
with
the
Plan. 
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
a
Fund
or
its
classes
are
charged
to
that
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Funds
and
other
shared
expenses
prorated
to
the
Funds
are
allocated
daily
to
each
class
based
on
their
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager
,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods. 
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 Each
Fund's
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day's official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.
Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third-party
pricing
service.
Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day's
published net
asset
value
(“NAV”). 
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
106
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Exchange-traded
options
are
valued
at
the
mean
between
the
last bid
and
ask
prices
at
the
close
of
the
options
market in
which
the
options
trade.
An
exchange-
traded
option
for
which there
is
no
mean
price
is
valued
at
the
last
bid
(long
positions)
or
ask
(short
positions)
price.
If
no
bid
or
ask
price
is
available,
the
prior
day's
price will
be
used,
unless
it
is
determined
that
the
prior
day's
price
no
longer
reflects
the
fair
value
of
the
option.
Over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
prices
of
the
underlying
instruments.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Global
Valuation
Committee,
or
its
delegate,
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Global
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Global
Valuation
Committee,
or
its
delegate,
seeks
to
determine
the
price
that
each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Global
Valuation
Committee,
or
its
delegate,
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
The
pricing
of
all
Fair
Valued
Investments
is
subsequently
reported
to
the
Board
or
a
committee
thereof
on
a
quarterly
basis.  
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Global
Valuation
Committee
and
third-party
pricing
services
utilize
one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by
a
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date
a
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price
a
Fund
could
receive
upon
the
sale
of
the
investment. 
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
each
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Global
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
Standard
Inputs
Generally
Considered
By
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(continued)
107
Notes
to
Financial
Statements
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
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
September
30,
2021,
certain
investments
of
the
Income
Fund were
fair
valued
using
NAV per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy. 
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets. 
Multiple
Class
Pass-Through
Securities:
Multiple
class
pass-through
securities,
including
collateralized
mortgage
obligations
(“CMOs”)
and
commercial
mortgage-backed
securities,
may
be
issued
by
Ginnie
Mae,
U.S.
Government
agencies
or
instrumentalities
or
by
trusts
formed
by
private
originators
of,
or
investors
in,
mortgage
loans.
In
general,
CMOs
are
debt
obligations
of
a
legal
entity
that
are
collateralized
by
a
pool
of
residential
or
commercial
mortgage
loans
or
Mortgage
Assets.
The
payments
on
these
are
used
to
make
payments
on
the
CMOs
or
multiple
pass-through
securities.
Multiple
class
pass-through
securities
represent
direct
ownership
interests
in
the
Mortgage
Assets.
Classes
of
CMOs
include
interest
only
(“IOs”),
principal
only
(“POs”),
planned
amortization
classes
and
targeted
amortization
classes.
IOs
and
POs
are
stripped
mortgage-backed
securities
representing
interests
in
a
pool
of
mortgages,
the
cash
flow
from
which
has
been
separated
into
interest
and
principal
components.
IOs
receive
the
interest
portion
of
the
cash
flow
while
POs
receive
the
principal
portion.
IOs
and
POs
can
be
extremely
volatile
in
response
to
changes
in
interest
rates.
As
interest
rates
rise
and
fall,
the
value
of
IOs
tends
to
move
in
the
same
direction
as
interest
rates.
POs
perform
best
when
prepayments
on
the
underlying
mortgages
rise
since
this
increases
the
rate
at
which
the
principal
is
returned
and
the
yield
to
maturity
on
the
PO.
When
payments
on
mortgages
underlying
a
PO
are
slower
than
anticipated,
the
life
of
the
PO
is
lengthened
and
the
yield
to
maturity
is
reduced.
If
the
underlying
Mortgage
Assets
experience
greater
than
anticipated
prepayments
of
principal,
a
fund’s
initial
investment
in
the
IOs
may
not
fully
recoup. 
Stripped
Mortgage-Backed
Securities:
Stripped
mortgage-backed
securities
are
typically
issued
by
the
U.S.
Government,
its
agencies
and
instrumentalities.
Stripped
mortgage-backed
securities
are
usually
structured
with
two
classes
that
receive
different
proportions
of
the
interest
(IOs)
and
principal
(POs)
distributions
on
a
pool
of
Mortgage
Assets.
Stripped
mortgage-backed
securities
may
be
privately
issued.
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments. 
Capital
Securities
and
Trust
Preferred
Securities:
Capital
securities,
including
trust
preferred
securities,
are
typically
issued
by
corporations,
generally
in
the
form
of
interest-bearing
notes
with
preferred
securities
characteristics.
In
the
case
of
trust
preferred
securities,
an
affiliated
business
trust
of
a
corporation
issues
these
securities,
generally
in
the
form
of
beneficial
interests
in
subordinated
debentures
or
similarly
structured
securities.
The
securities
can
be
structured
with
either
a
fixed
or
adjustable
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
108
coupon
that
can
have
either
a
perpetual
or
stated
maturity
date.
For
trust
preferred
securities,
the
issuing
bank
or
corporation
pays
interest
to
the
trust,
which
is
then
distributed
to
holders
of
these
securities
as
a
dividend.
Dividends
can
be
deferred
without
creating
an
event
of
default
or
acceleration,
although
maturity
cannot
take
place
unless
all
cumulative
payment
obligations
have
been
met.
The
deferral
of
payments
does
not
affect
the
purchase
or
sale
of
these
securities
in
the
open
market.
These
securities
generally
are
rated
below
that
of
the
issuing
company’s
senior
debt
securities
and
are
freely
callable
at
the
issuer’s
option. 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock. 
Floating
Rate
Loan
Interests:
Floating
rate
loan
interests
are
typically
issued
to
companies
(the
“borrower”)
by
banks,
other
financial
institutions,
or
privately
and
publicly
offered
corporations
(the
“lender”).
Floating
rate
loan
interests
are
generally
non-investment
grade,
often
involve
borrowers
whose
financial
condition
is
troubled
or
uncertain
and
companies
that
are
highly
leveraged
or
in
bankruptcy
proceedings.
In
addition,
transactions
in
floating
rate
loan
interests
may
settle
on
a
delayed
basis,
which
may
result
in
proceeds
from
the
sale
not
being
readily
available
for
a
fund
to
make
additional
investments
or
meet
its
redemption
obligations.
Floating
rate
loan
interests
may
include
fully
funded
term
loans
or
revolving
lines
of
credit.
Floating
rate
loan
interests
are
typically
senior
in
the
corporate
capital
structure
of
the
borrower.
Floating
rate
loan
interests
generally
pay
interest
at
rates
that
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
Since
the
rates
reset
only
periodically,
changes
in
prevailing
interest
rates
(and
particularly
sudden
and
significant
changes)
can
be
expected
to
cause
some
fluctuations
in
the
NAV
of
a
fund
to
the
extent
that
it
invests
in
floating
rate
loan
interests.
The
base
lending
rates
are
generally
the
lending
rate
offered
by
one
or
more
European
banks,
such
as
the
London
Interbank
Offered
Rate
(“LIBOR”),
the
prime
rate
offered
by
one
or
more
U.S.
banks
or
the
certificate
of
deposit
rate.
Floating
rate
loan
interests
may
involve
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies. 
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
penalty
fees,
which
may
be
received
by
a
fund
upon
the
prepayment
of
a
floating
rate
loan
interest
by
a
borrower,
are
recorded
as
realized
gains.
A
fund
may
invest
in
multiple
series
or
tranches
of
a
loan.
A
different
series
or
tranche
may
have
varying
terms
and
carry
different
associated
risks.
Floating
rate
loan
interests
are
usually
freely
callable
at
the
borrower’s
option.
A
fund
may
invest
in
such
loans
in
the
form
of
participations
in
loans
(“Participations”)
or
assignments
(“Assignments”)
of
all
or
a
portion
of
loans
from
third
parties.
Participations
typically
will
result
in
a
fund
having
a
contractual
relationship
only
with
the
lender,
not
with
the
borrower.
A
fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
lender
selling
the
Participation
and
only
upon
receipt
by
the
lender
of
the
payments
from
the
borrower.
In
connection
with
purchasing
Participations,
a
fund
generally
will
have
no
right
to
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement,
nor
any
rights
of
offset
against
the
borrower.
A
fund
may
not
benefit
directly
from
any
collateral
supporting
the
loan
in
which
it
has
purchased
the
Participation.
As
a
result,
a
fund
assumes
the
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
Participation.
A
fund’s
investment
in
loan
participation
interests
involves
the
risk
of
insolvency
of
the
financial
intermediaries
who
are
parties
to
the
transactions.
In
the
event
of
the
insolvency
of
the
lender
selling
the
Participation,
a
fund
may
be
treated
as
a
general
creditor
of
the
lender
and
may
not
benefit
from
any
offset
between
the
lender
and
the
borrower.
Assignments
typically
result
in
a
fund
having
a
direct
contractual
relationship
with
the
borrower,
and
a
fund
may
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement.
In
connection
with
floating
rate
loan
interests,
the
Funds
may
also
enter
into
unfunded
floating
rate
loan
interests
(“commitments”).
In
connection
with
these
commitments,
a
fund
earns
a
commitment
fee,
typically
set
as
a
percentage
of
the
commitment
amount.
Such
fee
income,
which
is
included
in
interest
income
in
the
Statements
of
Operations,
is
recognized
ratably
over
the
commitment
period.
Unfunded
floating
rate
loan
interests
are
marked-to-market
daily,
and
any
unrealized
appreciation
(depreciation)
is
included
in
the
Statements
of
Assets
and
Liabilities
and
Statements
of
Operations.
As
of
period
end,
the
Income
Fund
had
the
following
unfunded
floating
rate
loan
interests: 
Forward
Commitments,
When-Issued
and
Delayed
Delivery
Securities
:
The
Funds
may
purchase
securities
on
a
when-issued
basis
and
may
purchase
or
sell
securities
on
a
forward
commitment
basis.
Settlement
of
such
transactions
normally
occurs
within
a
month
or
more
after
the
purchase
or
sale
commitment
is
made. The
Funds
may
purchase
securities
under
such
conditions
with
the
intention
of
actually
acquiring
them
but
may
enter
into
a
separate
agreement
to
sell
the
securities
before
the
settlement
date.
Since
the
value
of
securities
purchased
may
fluctuate
prior
to
settlement, the
Funds
may
be
required
to
pay
more
at
settlement
than
the
security
is
worth.
In
addition,
a
Fund
is
not
entitled
to
any
of
the
interest
earned
prior
to
settlement.
When
purchasing
a
security
on
a
delayed
delivery
basis, the
Funds
assume
the
rights
and
risks
of
ownership
of
the
security,
including
the
risk
of
price
and
yield
fluctuations.
In
the
event
of
default
by
the
counterparty, the
Funds'
maximum
amount
of
loss
is
the
unrealized
appreciation
of
unsettled
when-issued
transactions.
Fund
Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Income
Fund
Intelsat
Jackson
Holdings
SA.,
Term
Loan
................
$
11,444‌
$
11,294‌
$
11,511‌
$
217‌
Notes
to
Financial
Statements
(continued)
109
Notes
to
Financial
Statements
TBA
Commitments:
TBA
commitments
are
forward
agreements
for
the
purchase
or
sale
of
securities,
including
mortgage-backed
securities
for
a
fixed
price,
with
payment
and
delivery
on
an
agreed
upon
future
settlement
date.
The
specific
securities
to
be
delivered
are
not
identified
at
the
trade
date.
However,
delivered
securities
must
meet
specified
terms,
including
issuer,
rate
and
mortgage
terms.
When
entering
into
TBA
commitments,
a
fund
may
take
possession
of
or
deliver
the
underlying
mortgage-backed
securities
but
can
extend
the
settlement
or
roll
the
transaction.
TBA
commitments
involve
a
risk
of
loss
if
the
value
of
the
security
to
be
purchased
or
sold
declines
or
increases,
respectively,
prior
to
settlement
date,
if
there
are
expenses
or
delays
in
connection
with
the
TBA
transactions,
or
if
the
counterparty
fails
to
complete
the
transaction.
In
order
to
better
define
contractual
rights
and
to
secure
rights
that
will
help
a
fund
mitigate its
counterparty
risk,
TBA
commitments
may
be
entered
into
by
a
fund
under
Master
Securities
Forward
Transaction
Agreements
(each,
an
“MSFTA”).
An
MSFTA
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
default
and/or
termination
event. The
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
the
collateral
currently
pledged
by
a
fund
and
the
counterparty. Cash
collateral
that
has
been
pledged
to
cover
the
obligations
of
a
fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
for
TBA
commitments
or
cash
received
as
collateral
for
TBA
commitments,
respectively.
Non-cash
collateral
pledged
by
a
fund,
if
any,
is
noted
in
the
Schedules
of
Investments. Typically,
a
fund
is
permitted
to
sell,
re-pledge
or
use
the
collateral
it
receives;
however,
the
counterparty
is
not
permitted
to
do
so.
To
the
extent
amounts
due
to
a
fund
are
not
fully
collateralized,
contractually
or
otherwise,
a
fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Mortgage
Dollar
Roll
Transactions
:
The
Funds
may
sell
TBA
mortgage-backed
securities
and
simultaneously
contract
to
repurchase
substantially
similar
(i.e.,
same
type,
coupon
and
maturity)
securities
on
a
specific
future
date
at
an
agreed
upon
price.
During
the
period
between
the
sale
and
repurchase,
a
fund
is
not
entitled
to
receive
interest
and
principal
payments
on
the
securities
sold.
Mortgage
dollar
roll
transactions
are
treated
as
purchases
and
sales
and
a
fund 
realizes
gains
and
losses
on
these
transactions.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
that
a
fund
is
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities. 
Reverse
Repurchase
Agreements:
Reverse
repurchase
agreements
are
agreements
with
qualified
third-party
broker
dealers
in
which
a
fund
sells
securities
to
a
bank
or
broker-dealer
and
agrees
to
repurchase
the
same
securities
at
a
mutually
agreed
upon
date
and
price.
A
fund
receives
cash
from
the
sale
to
use
for
other
investment
purposes.
During
the
term
of
the
reverse
repurchase
agreement,
a
fund
continues
to
receive
the
principal
and
interest
payments
on
the
securities
sold.
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
Interest
on
the
value
of
the
reverse
repurchase
agreements
issued
and
outstanding
is
based
upon
competitive
market
rates
determined
at
the
time
of
issuance.
A
fund
may
utilize
reverse
repurchase
agreements
when
it
is
anticipated
that
the
interest
income
to
be
earned
from
the
investment
of
the
proceeds
of
the
transaction
is
greater
than
the
interest
expense
of
the
transaction.
Reverse
repurchase
agreements
involve
leverage
risk.
If
a
fund
suffers
a
loss
on
its
investment
of
the
transaction
proceeds
from
a
reverse
repurchase
agreement,
a
fund
would
still
be
required
to
pay
the
full
repurchase
price.
Further,
a
fund
remains
subject
to
the
risk
that
the
market
value
of
the
securities
repurchased
declines
below
the
repurchase
price.
In
such
cases,
a
fund
would
be
required
to
return
a
portion
of
the
cash
received
from
the
transaction
or
provide
additional
securities
to
the
counterparty. 
Cash
received
in
exchange
for
securities
delivered
plus
accrued
interest
due
to
the
counterparty
is
recorded
as
a
liability
in
the
Statements
of
Assets
and
Liabilities
at
face
value
including
accrued
interest.
Due
to
the
short-term
nature
of
the
reverse
repurchase
agreements,
face
value
approximates
fair
value.
Interest
payments
made
by
a
fund
to
the
counterparties
are
recorded
as
a
component
of
interest
expense
in
the
Statements
of
Operations.
In
periods
of
increased
demand
for
the
security,
a
fund
may
receive
a
fee
for
the
use
of
the
security
by
the
counterparty,
which
may
result
in
interest
income
to
a
fund.
For
the
year
ended
September
30,
2021,
the
average
daily
amount
of
reverse
repurchase
agreements
outstanding
and
the
weighted
average
interest
rate
for
the
Funds
were
as
follows:
Reverse
repurchase
transactions are
entered
into
by
a
fund
under
Master
Repurchase
Agreements
(each,
an
“MRA”),
which
permit
a
fund,
under
certain
circumstances,
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
under
the
MRA
with
collateral
held
and/or
posted
to
the
counterparty
and
create
one
single
net
payment
due
to
or
from
a
fund.
With
reverse
repurchase
transactions,
typically
a
fund
and
counterparty
under
an
MRA
are
permitted
to
sell,
re-
pledge,
or
use
the
collateral
associated
with
the
transaction.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Pursuant
to
the
terms
of
the
MRA,
a
fund
receives
or
posts
securities
and
cash
as
collateral
with
a
market
value
in
excess
of
the
repurchase
price
to
be
paid
or
received
by
a
fund
upon
the
maturity
of
the
transaction.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty,
a
fund
is
considered
an
unsecured
creditor
with
respect
to
excess
collateral
and,
as
such,
the
return
of
excess
collateral
may
be
delayed.
In
the
event
the
counterparty
of
securities
under
an
MRA
files
for
bankruptcy
or
becomes
insolvent,
a
fund’s
use
of
the
proceeds
from
the
agreement
may
be
restricted
while
the
counterparty,
or
its
trustee
or
receiver,
determines
whether
or
not
to
enforce
a
fund’s
obligation
to
repurchase
the
securities.
5.
Derivative
Financial
Instruments
The
Funds
engage
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Funds
and/or
to
manage
their
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedules
of
Investments.
These
contracts
may
be
transacted
on
an
exchange
or
OTC.
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk). 
Futures
contracts
are
exchange-traded agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
GNMA
U.S.
Government
Bond
Average
Borrowings
..............................................................................
$
650,032‌
$
4,963,792‌
Daily
Weighted
Average
Interest
Rate
..................................................................
0.18%
0.06%
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
110
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Funds
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statements
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the Statements
of
Assets
and
Liabilities. Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statements
of
Assets
and
Liabilities.
A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Options:
The
Funds
may purchase
and
write
call
and
put
options
to
increase
or
decrease
their
exposure
to
the
risks
of
underlying
instruments,
including
equity
risk,
interest
rate
risk
and/or
commodity
price
risk
and/or,
in
the
case
of
options
written,
to
generate
gains
from
options
premiums.
A
call
option
gives
the
purchaser
(holder)
of
the
option
the
right
(but
not
the
obligation)
to
buy,
and
obligates
the
seller
(writer)
to
sell
(when
the
option
is
exercised)
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
A
put
option
gives
the
holder
the
right
to
sell
and
obligates
the
writer
to
buy
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
Premiums
paid
on
options
purchased
and
premiums
received
on
options
written,
as
well
as
the
daily
fluctuation
in
market
value,
are
included
in
investments
at
value
–
unaffiliated
and
options
written
at
value,
respectively,
in
the
Statements
of
Assets
and
Liabilities.
When
an
instrument
is
purchased
or
sold
through
the
exercise
of
an
option,
the
premium
is
offset
against
the
cost
or
proceeds
of
the
underlying
instrument.
When
an
option
expires,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
to
the
extent
of
the
premiums
received
or
paid.
When
an
option
is
closed
or
sold,
a
gain
or
loss
is
recorded
in
the
Statements
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Funds
write
a
call
option,
such
option
is
typically
“covered,”
meaning
that
they
hold
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Funds
write
a
put
option,
cash
is
segregated
in
an
amount
sufficient
to
cover
the
obligation.
These
amounts,
which
are
considered
restricted,
are
included
in
cash
pledged
as
collateral
for
options
written
in
the
Statements
of
Assets
and
Liabilities.
Swaptions
–
The
Funds
may purchase
and
write
swaptions
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
the
Funds’
holdings,
as
a
duration
management
technique
or
to
protect
against
an
increase
in
the
price
of
securities
it
anticipates
purchasing
at
a
later
date.
The
purchaser
and
writer
of
a
swaption
is
buying
or
granting
the
right
to
enter
into
a
previously
agreed
upon
interest
rate
or
credit
default
swap
agreement
(interest
rate
risk
and/or
credit
risk)
at
any
time
before
the
expiration
of
the
option.
Foreign
currency
options
– The
Funds
may purchase
and
write
foreign
currency
options,
foreign
currency
futures
and
options
on
foreign
currency
futures
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
Foreign
currency
options
give
the
purchaser
the
right
to
buy
from
or
sell
to
the
writer
a
foreign
currency
at
any
time
before
the
expiration
of
the
option.
Barrier
options
-
The
Funds
may
purchase
and
write
a
variety
of
options
with
non-standard
payout
structures
or
other
features
(“barrier
options”)
that
are
generally
traded
OTC.
The
Funds
may
invest
in
various
types
of
barrier
options,
including
down-and-out
options,
down-and-in
options,
double
no-touch
options,
one-touch
options,
up-and-
out
options
and
up-and-in
options.
Down-and-out
options
expire
worthless
to
the
purchaser
if
the
price
of
the
underlying
instrument
falls
below
a
specific
barrier
price
level
prior
to
the
expiration
date.
Down-and-in
options
expire
worthless
to
the
purchaser
unless
the
price
of
the
underlying
instrument
falls
below
a
specific
barrier
price
level
prior
to
the
expiration
date.
Double
no-touch
options
provide
the
purchaser
an
agreed-upon
payout
if
the
price
of
the
underlying
instrument
does
not
reach
or
surpass
predetermined
barrier
price
levels
prior
to
the
option's
expiration
date.
One-touch
options
provide
the
purchaser
an
agreed-upon
payout
if
the
price
of
the
underlying
instrument
reaches
or
surpasses
predetermined
barrier
price
levels
prior
to
the
expiration
date.
Up-and-out
options
expire
worthless
to
the
purchaser
if
the
price
of
the
underlying
instrument
increases
beyond
a
predetermined
barrier
price
level
prior
to
the
expiration
date.
Up-and-in
options
can
only
be
exercised
when
the
price
of
the
underlying
instrument
increases
beyond
a
predetermined
barrier
price
level.
In
purchasing
and
writing
options,
the
Funds
bear
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
they
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Funds
purchasing
or
selling
a
security
when they
otherwise
would
not,
or
at
a
price
different
from
the
current
market
value.
Notes
to
Financial
Statements
(continued)
111
Notes
to
Financial
Statements
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Funds
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statements
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds’
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Funds’
counterparty
on
the
swap. Each
Fund is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap, each
Fund is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract, each
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and recorded
as
realized
gains
(losses)
in
the
Statements
of
Operations,
including
those
at
termination.
Credit
default
swaps
—
Credit
default
swaps
are
entered
into
to
manage
exposure
to
the
market
or
certain
sectors
of
the
market,
to
reduce
risk
exposure
to
defaults
of
corporate
and/or
sovereign
issuers
or
to
create
exposure
to
corporate
and/or
sovereign
issuers
to
which
a
fund
is
not
otherwise
exposed
(credit
risk).
The
Funds
may
either
buy
or
sell
(write)
credit
default
swaps
on
single-name
issuers
(corporate
or
sovereign),
a
combination
or
basket
of
single-name
issuers
or
traded
indexes.
Credit
default
swaps
are
agreements
in
which
the
protection
buyer
pays
fixed
periodic
payments
to
the
seller
in
consideration
for
a
promise
from
the
protection
seller
to
make
a
specific
payment
should
a
negative
credit
event
take
place
with
respect
to
the
referenced
entity
(e.g.,
bankruptcy,
failure
to
pay,
obligation
acceleration,
repudiation,
moratorium
or
restructuring).
As
a
buyer,
if
an
underlying
credit
event
occurs,
the
Funds
will
either
(i)
receive
from
the
seller
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
security
or
underlying
securities
comprising
the
index,
or
(ii)
receive
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
As
a
seller
(writer),
if
an
underlying
credit
event
occurs,
the
Funds
will
either
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
security
or
underlying
securities
comprising
the
index
or
pay
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
Interest
rate
swaps
—
Interest
rate
swaps
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
or
to
manage
duration,
the
yield
curve
or
interest
rate
(interest
rate
risk).
Interest
rate
swaps
are
agreements
in
which
one
party
pays
a
stream
of
interest
payments,
either
fixed
or
floating,
in
exchange
for
another
party’s
stream
of
interest
payments,
either
fixed
or
floating,
on
the
same
notional
amount
for
a
specified
period
of
time.
In
more
complex
interest
rate
swaps,
the
notional
principal
amount
may
decline
(or
amortize)
over
time.
Forward
swaps
— The
Funds
may enter
into
forward
interest
rate
swaps
and
forward
total
return
swaps.
In
a
forward
swap,
each
Fund
and
the
counterparty
agree
to
make
periodic
net
payments
beginning
on
a
specified
date
or
a
net
payment
at
termination.
Inflation
swaps
—
Inflation
swaps
are
entered
into
to
gain
or
reduce
exposure
to
inflation
(inflation
risk).
In
an
inflation
swap,
one
party
makes
fixed
interest
payments
on
a
notional
principal
amount
in
exchange
for
another
party’s
variable
payments
based
on
an
inflation
index,
such
as
the
Consumer
Price
Index.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risk
in
excess
of
the
amounts
recognized
in
the
Statements
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, a
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Funds
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
112
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Funds
from the
counterparties
are
not
fully
collateralized, each
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of
their
agreement
with
such
counterparty, each
Fund bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Funds,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Funds'
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
services.
The
Manager
is
responsible
for
the
management
of each
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of each
Fund.
For
such
services,
each
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
each
Fund’s
net
assets:
With
respect
to Income
Fund,
the
Manager
entered
into
separate
sub-advisory
agreements
with
each
of BlackRock
International
Limited
(“BIL”)
and
BlackRock
(Singapore)
Limited
(“BRS”)
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
and
BRS
for
services
they
provide
for
that
portion
of Income
Fund
for
which
BIL
and
BRS,
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by Income
Fund
to
the
Manager.
With
respect
to
U.S.
Government
Bond,
the
Manager
entered
into
a
sub-advisory
agreement
with
BIL,
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of
U.S.
Government
Bond
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
U.S.
Government
Bond
to
the
Manager.
Service
and
Distribution
Fees:
The
Trust,
on behalf
of
the
Funds,
entered
into
a
Distribution
Agreement
and
a Distribution and
Service
Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution
and
Service
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act,
each
Fund
pays
BRIL
ongoing
service
and
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of
each
Fund
as
foll
ows:
(a)
On
July
6,
2021,
GNMA
and
U.S.
Government
Bond's
Service
Shares
converted
into
Investor
A
Shares.
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
and
distribution
services to
the
Funds.
The
ongoing
service
and/or
distribution
fee compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
servicing
and/or
distribution related
services
to
shareholders.
For
the
year
ended
September
30,
2021,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
each
Fund:
GNMA
U.S.
Government
Bond
Average
Daily
Net
Assets
Investment
Advisory
Fees
Investment
Advisory
Fees
First
$1
Billion
............................................................................................
0.340‌%
0.390‌%
$1
Billion
-
$3
Billion
........................................................................................
0.320‌
0.370‌
$3
Billion
-
$5
Billion
.......................................................................................
0.310‌
0.350‌
$5
Billion
-
$10
Billion
.......................................................................................
0.300‌
0.340‌
Greater
than
$10
Billion
.....................................................................................
0.280‌
0.330‌
Income
Fund
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
Billion
..........................................................................................................
0.500‌%
$1
Billion
-
$2
Billion
......................................................................................................
0.450‌
$2
Billion
-
$3
Billion
.....................................................................................................
0.425‌
Greater
than
$3
Billion
....................................................................................................
0.400‌
Share
Class
Service
Fees
Distribution
Fees
Service
(a)
.................................................................................................
0.25‌%
—‌%
Investor
A
.................................................................................................
0.25‌
—‌
Investor
C
.................................................................................................
0.25‌
0.75‌
Class
R
..................................................................................................
0.25‌
0.25‌
Fund
Name
Service
Investor
A
Investor
C
Class
R
Total
GNMA
.................................................................
$
5,991‌
$
399,194‌
$
263,187‌
—‌
$
668,372‌
Income
Fund
.............................................................
—‌
478,368‌
331,237‌
—‌
809,605‌
U.S.
Government
Bond
......................................................
706‌
936,1
9
4‌
191,580‌
22,2
9
3‌
1,150,773‌
Notes
to
Financial
Statements
(continued)
113
Notes
to
Financial
Statements
Administration:
The
Trust,
on
behalf
of
the
Funds,
entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
each
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statements
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration —
class
specific
in
the
Statements
of
Operations,
at
an
annual
rate
of
0.02%
of
the
average
daily
net
assets
of
each
respective
class.
For
the
year
ended
September
30,
2021, the
following
table
shows
the
class
specific
administration
fees
borne
directly
by
each
share
class
of
each
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
year ended September
30,
2021,
the
Funds paid
the
following
amounts
to
affiliates
of
BlackRock
in
return
for
these
services,
which
are
included
in
transfer
agent
-
class
specific
in
the
Statements
of
Operations:
The
Manager
maintains
a
call
center
that
is
responsible
for
providing
certain
shareholder
services
to
the
Funds.
Shareholder
services
include
responding
to
inquiries
and
processing
purchases
and
sales
based
upon
instructions
from
shareholders.
For
the year
ended
September
30,
2021,
each
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statements
of
Operations:
For
the
year ended
September
30,
2021,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Other
Fees:
For
the 
year
ended 
September
30,
2021
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
each
Fund's Investor
A
Shares
as
follows:
For
the year
ended
September
30,
2021,
affiliates
received
CDSCs
as
follows:
Average
Daily
Net
Assets
Administration
Fees
First
$500
Million
0.0425
%
$500
Million
-
$1
Billion
0.0400
$1
Billion
-
$2
Billion
0.0375
$2
Billion
-
$4
Billion
0.0350
$4
Billion
-
$13
Billion
0.0325
Greater
than
$13
Billion
0.0300
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Class
R
Total
GNMA
..................................................
$
75,135‌
$
479‌
$
31,933‌
$
5,263‌
$
9,108‌
—‌
$
121,918‌
Income
Fund
..............................................
408,295‌
—‌
38,266‌
6,624‌
61,338‌
—‌
514,523‌
U.S.
Government
Bond
.......................................
72,570‌
57‌
74,889‌
3,831‌
3,335‌
892‌
155,574‌
Fund
Name
Institutional
Investor
A
Total
GNMA
.........................................................................................
$
12,092‌
$
3,030‌
$
15,122‌
U.S.
Government
Bond
..............................................................................
52,112‌
2,904‌
55,016‌
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Class
R
Total
GNMA
..........................................
$
8,694‌
$
—‌
$
1,513‌
$
324‌
$
189‌
$
—‌
$
10,720‌
Income
Fund
......................................
2,279‌
—‌
840‌
1,025‌
—‌
—‌
4,144‌
U.S.
Government
Bond
...............................
901‌
5‌
14,338‌
950‌
49‌
51‌
16,294‌
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Class
R
Total
GNMA
..................................................
$
351,571‌
$
3,096‌
$
185,781‌
$
14,312‌
$
26
6‌
$
—‌
$
555,02
6‌
Income
Fund
..............................................
2,951,9
5
9‌
—‌
163,444‌
31,0
1
2‌
26,275‌
—‌
3,172,690‌
U.S.
Government
Bond
.......................................
448,0
7
5‌
4
8
1‌
501,1
9
1‌
23,084‌
1,6
4
9‌
8,924‌
983,404‌
GNMA
................................................................................................................
$
19,134‌
Income
Fund
............................................................................................................
38,400‌
U.S.
Government
Bond
.....................................................................................................
7,007‌
Fund
Name
Investor
A
Investor
C
GNMA
.....................................................................................................
$
15,273‌
$
3,653‌
Income
Fund
.................................................................................................
11,067‌
4,401‌
U.S.
Government
Bond
..........................................................................................
11,883‌
1,567‌
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
114
Expense
Limitations,
Waivers
and
Reimbursements:
With
respect
to each
Fund,
the
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
each
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
January
31,
2022.
The
contractual
agreement
may
be
terminated upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitations
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver. These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
year
ended
September
30,
2021,
the
amounts
waived
were
as
follows:
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
each
Fund's
assets
invested
in
affiliated
equity
and
fixed-income
mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
January
31,
2022.
 The
contractual
agreement
may
be terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees, or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
year
ended
September
30,
2021,
Income
Fund
waived
$168,202
in
investment
advisory
fees
pursuant
to
these
arrangements.
With
respect
to
each
Fund,
the
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of each
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets are
as
follows:
(a)
On
July
6,
2021,
GNMA
and
U.S.
Government
Bond's
Service
Shares
converted
into
Investor
A
Shares.
(b)
On
April
7,
2021,
Class
R
Shares
terminated
as
a
share
class
of
GNMA.
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
January
31,
2022,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund. For
the
year
ended
September
30,
2021,
the
amounts
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
GNMA
....................................................................................................................
$
2,100‌
Income
Fund
................................................................................................................
129,497‌
U.S.
Government
Bond
.........................................................................................................
11,131‌
Fund
Name
Institutional
Service
(a)
Investor
A
Investor
C
Class
K
Class
R
GNMA
......................................................
0.42‌%
0.67‌%
0.67‌%
1.42‌%
0.37‌%
1.17‌
%
(b)
Income
Fund
..................................................
0.62‌
N/A‌
0.87‌
1.62‌
0.57‌
N/A‌
U.S.
Government
Bond
...........................................
0.45‌
0.70‌
0.70‌
1.45‌
0.40‌
0.95‌
GNMA
..................................................................................................................
$
464,018‌
Income
Fund
..............................................................................................................
6,828‌
U.S.
Government
Bond
.......................................................................................................
851,509‌
Notes
to
Financial
Statements
(continued)
115
Notes
to
Financial
Statements
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in administration
fees
waived
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
—
class
specific,
respectively,
in
the
Statements
of
Operations.
For
the
year ended
September
30,
2021,
class
specific
expense
waivers
and/or
reimbursements were
as
follows: 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
U.S.
Securities
and
Exchange
Commission
("SEC"),
each
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
each
Fund’s
investment
policies
and
restrictions.
Each
Fund
is
currently
permitted
to borrow under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During
the
year
ended
September
30,
2021,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Funds'
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statements
of
Operations. 
Other
Transactions:
The
Funds
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common trustees.
For
the
year
ended
September
30,
2021,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the
year ended
September
30,
2021,
purchases
and
sales
of
investments,
including
paydowns,
mortgage
dollar
rolls and
excluding
short-term
investments,
were
as
follows:
TABLERULEABOVE
Fund
Name/Share
Class
Administration
Fees
Waived
Transfer
Agent
Fees
Waived
and/or
Reimbursed
GNMA
Institutional
....................................................................................
$
75,129‌
$
163,80
3‌
Service
......................................................................................
479‌
1,902‌
Investor
A
.....................................................................................
31,931‌
106,133‌
Investor
C
.....................................................................................
4,890‌
1,458‌
Class
K
......................................................................................
9,107‌
26
6‌
$
121,536‌
$
273,562‌
Income
Fund
Institutional
....................................................................................
402,684‌
1,137,77
0‌
Investor
A
.....................................................................................
29,004‌
5,550‌
Investor
C
.....................................................................................
5,206‌
3,819‌
Class
K
......................................................................................
2,435‌
711‌
$
439,329‌
$
1,147,85
0‌
U.S.
Government
Bond
Institutional
....................................................................................
71,962‌
263,709‌
Service
......................................................................................
39‌
374‌
Investor
A
.....................................................................................
74,223‌
310,301‌
Investor
C
.....................................................................................
3,796‌
13,320‌
Class
K
......................................................................................
3,297‌
1,633‌
Class
R
......................................................................................
878‌
6,670‌
$
154,195‌
$
596,007‌
Fund
Name                                                                                                                             
Purchases 
Sales 
Net
Realized
Gain
(Loss)
Income
Fund
......................................................................
$
17,286,762‌
$
70,146,984‌
$
1,723,470‌
U.S.
Government
Bond
...............................................................
10,361‌
696,815‌
(48,555‌)
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
GNMA
.............................................................
$
22,006,704‌
$
21,912,188‌
$
11,346,876,462‌
$
11,273,594,626‌
Income
Fund
.........................................................
—‌
—‌
3,109,114,413‌
1,801,832,206‌
U.S.
Government
Bond
..................................................
51,571,040‌
129,811,893‌
6,090,549,576‌
6,084,341,868‌
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
116
For
the
year ended
September
30,
2021,
purchases
and
sales
related
to
mortgage
dollar
rolls
were
as
follows:
8.
INCOME
TAX
INFORMATION 
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
Each Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
each
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
fiscal
years
after
they
are
filed.
The
statutes
of
limitations
on
each
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Funds
as
of
September
30,
2021,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAVs
per
share.
As
of
period
end,
the
following
permanent
differences
attributable
to
distributions
paid
in
excess
of
taxable
income
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows: 
As
of
period
end,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:  
Fund
Name
Purchases
Sales
GNMA
.............................................................................................
$
4,571,670,545‌
$
4,574,695,212‌
U.S.
Government
Bond
..................................................................................
2,208,603,741‌
2,210,815,666‌
Fund
Name
Paid-in
Capital
Accumulated
Earnings
(Loss)
GNMA
..................................................................................
$
(20,683
)
$
20,683
U.S.
Government
Bond
.......................................................................
(270,339
)
270,339
Fund
Name
Year
Ended
09/30/21
Year
Ended
09/30/20
GNMA
Ordinary
income
...........................................................................................
$
12
,
027
,
700‌
$
17
,
334
,
981‌
Income
Fund
Ordinary
income
...........................................................................................
$
90
,
834
,
501‌
$
62
,
964
,
245‌
U.S.
Government
Bond
Ordinary
income
...........................................................................................
$
11
,
179
,
561‌
$
13
,
626
,
697‌
Fund
Name
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Non-expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Qualified
Late-Year
Losses
(c)
Total
GNMA
.......................................
$
—‌
$
—‌
$
(79,6
08,675‌
)
$
5,40
5
,
397‌
$
—‌
$
(74,203,278‌)
Income
Fund
...................................
5
5
,
366
,
436‌
8,78
0
,
966‌
—‌
(4
8
,
086
,
420‌
)
—‌
16,060,982‌
U.S.
Government
Bond
............................
—‌
—‌
(34,614,181‌)
7,944,914‌
(1,382,645‌)
(28,051,912‌)
(a)
Subject
to
limitation,
amounts
available
to
offset
future
realized
capital
gains.
(b)
The
differences
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
were
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales
and
straddles,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures,
options,
and
foreign
currency
contracts,
the
timing
and
recognition
of
partnership
income,
dividends
deemed
recognized
for
tax
purposes,
the
accounting
for
swap
agreements,
the
classification
of
investments,
the
accrual
of
income
on
securities
in
default,
and
amortization
methods
for
premiums
and
discounts
on
fixed
income
securities.
(c)
The
Funds
have
elected
to
defer
certain
qualified
late-year
losses
and
recognize
such
losses
in
the
next
taxable
year.
Notes
to
Financial
Statements
(continued)
117
Notes
to
Financial
Statements
During
the
year
ended September
30,
2021,
the
Funds
listed
below
utilized
the
following
amounts
of
their
respective
capital
loss
carryforwards: 
As
of
September
30,
2021, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Trust,
on
behalf
of
the
Funds,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”),
is
a
party
to
a
364-day,
$2.25
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Funds
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Funds,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
one-month
LIBOR
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum
or
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed.
The
agreement
expires
in
April
2022
unless
extended
or
renewed.
These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
year ended
September
30,
2021,
the
Funds
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business, the
Funds
invest
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject. 
Market
Risk:
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
The duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
each
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which a
Fund
invests. 
The
price a
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from a
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore a
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by a
Fund,
and a
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
A
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
Fund
Name
Amount
Utilized
Income
Fund
........................................................................................................
$
14,917,285‌
U.S.
Government
Bond
.................................................................................................
6,870,312‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
GNMA
.........................................................
$
994,309,971‌
$
12,579,359‌
$
(6,994,491‌)
$
5,584,868‌
Income
Fund
....................................................
3,348,412,256‌
44,870,261‌
(86,927,842‌)
(42,057,581‌)
U.S.
Government
Bond
.............................................
944,918,112‌
21,509,671‌
(12,368,802‌)
9,140,869‌
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
118
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
For
OTC
options
purchased,
each
Fund
bears
the
risk
of
loss
in
the
amount
of
the
premiums
paid
plus
the
positive
change
in
market
values
net
of
any
collateral
held
by
the
Funds
should
the
counterparty
fail
to
perform
under
the
contracts.
Options
written
by
the
Funds
do
not
typically
give
rise
to
counterparty
credit
risk,
as
options
written
generally
obligate
the
Funds,
and
not
the
counterparty,
to
perform.
The
Funds
may
be
exposed
to
counterparty
credit
risk
with
respect
to
options
written
to
the
extent
each
Fund
deposits
collateral
with
its
counterparty
to
a
written
option. 
With
exchange-traded
options
purchased,
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds. 
Concentration
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund's
portfolios
are
disclosed
in
its Schedule
of
Investments.
Certain
Funds
invest
a
significant
portion
of their
assets
in
high
yield
securities.
High
yield
securities
that
are
rated
below
investment-grade
(commonly
referred
to
as
“junk
bonds”)
or
are
unrated
may
be
deemed
speculative,
involve
greater
levels
of
risk
than
higher-rated
securities
of
similar
maturity
and
are
more
likely
to
default.
High
yield
securities
may
be
issued
by
less
creditworthy
issuers,
and
issuers
of
high
yield
securities
may
be
unable
to
meet
their
interest
or
principal
payment
obligations.
High
yield
securities
are
subject
to
extreme
price
fluctuations,
may
be
less
liquid
than
higher
rated
fixed-income
securities,
even
under
normal
economic
conditions,
and
frequently
have
redemption
features.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
fixed-income
securities
and/or
use
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
increase
as
interest
rates
fall
and
decrease
as
interest
rates
rise.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
current
period
of
historically
low
rates.
Certain Funds
invest
a
significant
portion
of their
assets
in
securities
backed
by
commercial
or
residential
mortgage
loans
or
in
issuers
that
hold
mortgage
and
other
asset-
backed
securities.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
a
greater
risk
of
prepayment
or
payment
extension
by
securities
issuers.
Changes
in
economic
conditions,
including
delinquencies
and/or
defaults
on
assets
underlying
these
securities,
can
affect
the
value,
income
and/or
liquidity
of
such
positions.
Investment
percentages
in
these
securities
are
presented
in
the
Schedules
of
Investments.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
LIBOR.
Although
many
LIBOR
rates
will
be
phased
out
by
the
end
of
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain. 
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Year
Ended
09/30/21
Year
Ended
09/30/20
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
GNMA
Institutional
Shares
sold
.............................................
17,597,000‌
$
166,395,898‌
21,783,881‌
$
207,426,644‌
Shares
issued
in
reinvestment
of
distributions
........................
710,416‌
6,709,784‌
882,155‌
8,391,822‌
Shares
redeemed
.........................................
(16,925,932‌)
(159,655,233‌)
(13,127,218‌)
(124,488,338‌)
1,381,484‌
$
13,450,449‌
9,538,818‌
$
91,330,128‌
Service
(a)
Shares
sold
.............................................
40,001‌
$
379,504‌
144,213‌
$
1,362,929‌
Shares
issued
in
reinvestment
of
distributions
........................
4,966‌
46,955‌
17,432‌
165,394‌
  Shares
redeemed
and
automatic
conversion
of
shares
...................
(484,343‌)
(4,548,368‌)
(425,266‌)
(4,017,245‌)
(439,376‌)
$
(4,121,909‌)
(263,621‌)
$
(2,488,922‌)
Notes
to
Financial
Statements
(continued)
119
Notes
to
Financial
Statements
d
Year
Ended
09/30/21
Year
Ended
09/30/20
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
4,840,842‌
$
45,929,241‌
5,424,838‌
$
51,804,643‌
Shares
issued
in
reinvestment
of
distributions
........................
282,583‌
2,681,353‌
438,538‌
4,188,800‌
Shares
redeemed
.........................................
(5,869,030‌)
(55,593,851‌)
(3,417,239‌)
(32,516,110‌)
(745,605‌)
$
(6,983,257‌)
2,446,137‌
$
23,477,333‌
Investor
C
Shares
sold
.............................................
765,088‌
$
7,243,092‌
1,393,639‌
$
13,236,020‌
Shares
issued
in
reinvestment
of
distributions
........................
30,698‌
290,549‌
79,185‌
752,969‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
(2,124,112‌)
(20,042,199‌)
(1,796,831‌)
(17,074,392‌)
(1,328,326‌)
$
(12,508,558‌)
(324,007‌)
$
(3,085,403‌)
Class
K
Shares
sold
.............................................
677,934‌
$
6,382,442‌
4,121,946‌
$
38,870,562‌
Shares
issued
in
reinvestment
of
distributions
........................
105,302‌
993,252‌
234,383‌
2,223,384‌
Shares
redeemed
.........................................
(4,628,107‌)
(43,628,356‌)
(2,083,158‌)
(19,798,765‌)
(3,844,871‌)
$
(36,252,662‌)
2,273,171‌
$
21,295,181‌
(4,976,694‌)
$
(46,415,937‌)
13,670,498‌
$
130,528,317‌
Income
Fund
Institutional
Shares
sold
.............................................
177,283,497‌
$
1,871,718,030‌
97,648,717‌
$
972,138,650‌
Shares
issued
in
reinvestment
of
distributions
........................
6,094,766‌
64,281,239‌
4,494,246‌
45,313,555‌
Shares
redeemed
.........................................
(59,774,286‌)
(630,929,091‌)
(64,047,827‌)
(620,418,238‌)
123,603,977‌
$
1,305,070,178‌
38,095,136‌
$
397,033,967‌
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
12,206,813‌
$
128,976,885‌
7,710,036‌
$
78,046,154‌
Shares
issued
in
reinvestment
of
distributions
........................
570,018‌
6,009,637‌
497,828‌
5,019,143‌
Shares
redeemed
.........................................
(4,681,731‌)
(49,354,869‌)
(4,230,230‌)
(41,600,818‌)
8,095,100‌
$
85,631,653‌
3,977,634‌
$
41,464,479‌
Investor
C
Shares
sold
.............................................
1,136,913‌
$
12,023,586‌
1,022,086‌
$
10,343,775‌
Shares
issued
in
reinvestment
of
distributions
........................
78,940‌
836,736‌
114,660‌
1,151,515‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
(838,572‌)
(8,858,075‌)
(1,235,657‌)
(12,269,922‌)
377,281‌
$
4,002,247‌
(98,911‌)
$
(774,632‌)
Class
K
Shares
sold
.............................................
29,160,407‌
$
305,863,192‌
7,800,082‌
$
78,878,095‌
Shares
issued
in
reinvestment
of
distributions
........................
1,021,889‌
10,778,113‌
491,477‌
4,948,309‌
Shares
redeemed
.........................................
(5,939,577‌)
(62,572,479‌)
(3,673,497‌)
(36,147,609‌)
24,242,719‌
$
254,068,826‌
4,618,062‌
$
47,678,795‌
156,319,077‌
$
1,648,772,904‌
46,591,921‌
$
485,402,609‌
U.S.
Government
Bond
Institutional
Shares
sold
.............................................
13,738,282‌
$
150,672,265‌
38,104,428‌
$
417,361,174‌
Shares
issued
in
reinvestment
of
distributions
........................
468,348‌
5,116,557‌
471,328‌
5,165,188‌
Shares
redeemed
.........................................
(23,932,381‌)
(261,258,422‌)
(21,998,760‌)
(241,508,631‌)
(9,725,751‌)
$
(105,469,600‌)
16,576,996‌
$
181,017,731‌
Service
(a)
Shares
sold
.............................................
2,622‌
$
28,469‌
103,433‌
$
1,145,971‌
Shares
issued
in
reinvestment
of
distributions
........................
323‌
3,551‌
6,994‌
74,917‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
(103,180‌)
(1,137,606‌)
(767,518‌)
(8,476,667‌)
(100,235‌)
$
(1,105,586‌)
(657,091‌)
$
(7,255,779‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
5,305,826‌
$
58,316,134‌
22,022,095‌
$
242,950,051‌
Shares
issued
in
reinvestment
of
distributions
........................
388,019‌
4,246,875‌
519,585‌
5,686,092‌
Shares
redeemed
.........................................
(11,481,187‌)
(125,757,732‌)
(18,627,031‌)
(205,522,613‌)
(5,787,342‌)
$
(63,194,723‌)
3,914,649‌
$
43,113,530‌
Investor
C
Shares
sold
.............................................
639,077‌
$
7,022,572‌
2,930,005‌
$
32,066,591‌
Shares
issued
in
reinvestment
of
distributions
........................
10,013‌
109,578‌
22,413‌
244,727‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
(1,664,928‌)
(18,248,883‌)
(3,085,379‌)
(33,732,143‌)
(1,015,838‌)
$
(11,116,733‌)
(132,961‌)
$
(1,420,825‌)
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
120
(a)
On
July
6,
2021,
the
Fund’s
issued
and
outstanding
Service
Shares
converted
into
Investor
A
Shares.
(b)
On
February
24,
2020,
the
Fund's
issued
and
outstanding
Investor
C1
Shares
converted
into
Investor
A
Shares.
12.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
d
Year
Ended
09/30/21
Year
Ended
09/30/20
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Investor
C1
(b)
Shares
sold
.............................................
—‌
$
—‌
74,400‌
$
789,110‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
4,103‌
43,575‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
—‌
—‌
(1,019,983‌)
(10,944,602‌)
—‌
$
—‌
(941,480‌)
$
(10,111,917‌)
Class
K
Shares
sold
.............................................
602,367‌
$
6,572,718‌
1,516,654‌
$
16,452,149‌
Shares
issued
in
reinvestment
of
distributions
........................
24,851‌
271,311‌
22,805‌
250,537‌
Shares
redeemed
.........................................
(636,845‌)
(6,960,109‌)
(453,390‌)
(4,970,984‌)
(9,627‌)
$
(116,080‌)
1,086,069‌
$
11,731,702‌
Class
R
Shares
sold
.............................................
135,975‌
$
1,487,159‌
297,271‌
$
3,244,106‌
Shares
issued
in
reinvestment
of
distributions
........................
4,338‌
47,453‌
12,584‌
136,664‌
Shares
redeemed
.........................................
(197,045‌)
(2,168,224‌)
(1,139,131‌)
(12,378,882‌)
(56,732‌)
$
(633,612‌)
(829,276‌)
$
(8,998,112‌)
(16,695,525‌)
$
(181,636,334‌)
19,016,906‌
$
208,076,330‌
Report
of
Independent
Registered
Public
Accounting
Firm
121
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Shareholders
of
BlackRock
GNMA
Portfolio,
BlackRock
Income
Fund,
and
BlackRock
U.S.
Government
Bond
Portfolio
and
the
Board
of
Trustees
of
BlackRock
Funds
V:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
BlackRock
GNMA
Portfolio,
BlackRock
Income
Fund,
and
BlackRock
U.S.
Government
Bond
Portfolio
of
BlackRock
Funds
V
(the
“Funds”),
including
the
schedules
of
investments,
as
of
September
30,
2021,
the
related
statements
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
and
the
related
notes.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
September
30,
2021,
and
the
results
of
their
operations
for
the
year
then
ended,
the
changes
in
their
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Funds
are
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
their
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Funds’
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
Our
procedures
included
confirmation
of
securities
owned
as
of
September
30,
2021,
by
correspondence
with
the
custodian
and
brokers
and
agent
banks;
when
replies
were
not
received
from
brokers
or
agent
banks,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Deloitte
&
Touche
LLP
Boston,
Massachusetts
November
22,
2021
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Important
Tax
Information
(unaudited)
2021
BlackRock
Annual
Report
to
Shareholders
122
The
following
amounts,
or maximum
amounts
allowable
by
law, are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
September
30,
2021:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
of
distributions
from
direct
federal
obligation
interest
for
the
fiscal
year
ended
September
30,
2021:
The
law
varies
in
each
state
as
to
whether
and
what
percent
of
ordinary
income
dividends
attributable
to
federal
obligations
is
exempt
from
state
income
tax.
Shareholders
are
advised
to
check
with
their
tax
advisers
to
determine
if
any
portion
of
the
dividends
received
is
exempt
from
state
income
tax.
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
September
30,
2021
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
fiscal
year
ended
September
30,
2021:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
interest-related
dividends
eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
year
ended
September
30,
2021:
Fund
Name
Qualified
Dividend
Income
BlackRock
Income
Fund
..............................................................................................
$
9,071,987
Fund
Name
Federal
Obligation
Interest
BlackRock
GNMA
Portfolio
............................................................................................
$
44,975
BlackRock
Income
Fund
..............................................................................................
82
9
,
425
BlackRock
U.S.
Government
Bond
Portfolio
.................................................................................
4,334,259
Fund
Name
Dividend-Received
Deduction
BlackRock
Income
Fund
..............................................................................................
1.0
0
%
Fund
Name
Interest
Dividends
BlackRock
GNMA
Portfolio
............................................................................................
$
12,027,700
BlackRock
Income
Fund
..............................................................................................
90,
506,838
BlackRock
U.S.
Government
Bond
Portfolio
.................................................................................
10,707,480
Fund
Name
Interest-Related
Dividends
BlackRock
GNMA
Portfolio
............................................................................................
$
12,027,700
BlackRock
Income
Fund
..............................................................................................
39,
216,971
BlackRock
U.S.
Government
Bond
Portfolio
.................................................................................
9,420,662
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
123
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Funds
V
(the
“Trust”)
met
on
May
4,
2021
(the
“May
Meeting”)
and
June
8-9,
2021
(the
“June
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Trust,
on
behalf
of
BlackRock
Income
Fund
(the
“Income
Fund”),
BlackRock
GNMA
Portfolio
(the
“GNMA
Portfolio”)
and
BlackRock
U.S.
Government
Bond
Portfolio
(the
“U.S.
Government
Bond
Portfolio”
and
collectively
with
the
Income
Fund
and
the
GNMA
Portfolio,
the
“Funds”
and
each,
a
“Fund”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-advisory
agreements
(the
“Sub-Advisory
Agreements”)
between
(1)
the
Manager
and
BlackRock
International
Limited
(“BIL”),
with
respect
to
the
Income
Fund
and
the
U.S.
Government
Bond
Portfolio
and
(2)
BlackRock
(Singapore)
Limited
(“BRS”
and
together
with
BIL,
the
“Sub-Advisors”),
with
respect
to
the
Income
Fund.
The
Manager
and
the
Sub-Advisors
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreements
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreements
for
each
Fund
on
an
annual
basis.
The
Board
members
whom
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
each
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
per
year,
each
typically
extending
for
two
days,
as
well
as
additional
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
had
a
fifth
one-day
meeting
to
consider
specific
information
surrounding
the
renewal
of
the
Agreements.
In
particular,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
each
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
each
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
each
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
relevant
benchmarks,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
analyses
of
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
each
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
each
Fund;
(d)
the
resources
devoted
to,
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
each
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
each
Fund’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
applicable;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
each
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
each
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
May
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
May
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
each
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
each
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts,
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
each
Fund;
(g)
a
summary
of
aggregate
amounts
paid
by
each
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
each
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
each
Fund’s
operations.
At
the
May
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements.
As
a
result
of
the
discussions
that
occurred
during
the
May
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
June
Meeting.
At
the
June
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b)
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
each
Fund;
(d)
each
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
each
Fund;
and
(g)
other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
124
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services,
and
the
resulting
performance
of
each
Fund.
Throughout
the
year,
the
Board
compared
Fund
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmarks,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
each
Fund’s
portfolio
management
team
discussing
each
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
number,
education
and
experience
of
investment
personnel
generally
and
each
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
each
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
each
Fund.
BlackRock
and
its
affiliates
provide
each
Fund
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
each
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
each
Fund.
In
particular,
BlackRock
and
its
affiliates
provide
each
Fund
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers
including,
among
others,
each
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
each
Fund,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
each
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans,
including
in
light
of
the
ongoing
COVID-19
pandemic.
B.
The
Investment
Performance
of
each
Fund
and
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
each
Fund
throughout
the
year
and
at
the
May
meeting.
In
preparation
for
the
May
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
each
Fund’s
performance
as
of
December
31,
2020,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers.
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
each
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
the
Income
Fund
ranked
in
the
second,
first
and
first
quartiles,
respectively,
against
its
Performance
Peers.
The
Board
noted
that
for
each
of
the
one-,
three-
and
five-year
periods
reported,
the
GNMA
Portfolio
ranked
in
the
third
quartile
against
its
Performance
Peers.
The
Board
and
BlackRock
reviewed
the
GNMA
Portfolio’s
underperformance
relative
to
its
Performance
Peers
during
the
applicable
periods.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
the
U.S.
Government
Bond
Portfolio
ranked
in
the
second,
first
and
first
quartiles,
respectively,
against
its
Performance
Peers.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
each
Fund
The
Board,
including
the
Independent
Board
Members,
reviewed
each
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
each
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
125
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
each
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
each
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2020
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
is
difficult.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
of
other
advisors
is
not
publicly
available.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
technology
at
BlackRock,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time,
assumption
of
risk,
and
liability
profile
in
servicing
each
Fund,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
the
Income
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
second
quartile
relative
to
the
Income
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Income
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Income
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Income
Fund
were
to
decrease,
the
Income
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Income
Fund’s
total
expenses
as
a
percentage
of
the
Income
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
The
Board
noted
that
the
GNMA
Portfolio’s
contractual
management
fee
rate
ranked
in
the
second
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile,
relative
to
the
GNMA
Portfolio’s
Expense
Peers.
The
Board
also
noted
that
the
GNMA
Portfolio
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
GNMA
Portfolio
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
GNMA
Portfolio
were
to
decrease,
the
GNMA
Portfolio
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
GNMA
Portfolio’s
total
expenses
as
a
percentage
of
the
GNMA
Portfolio’s
average
daily
net
assets
on
a
class-by-
class
basis.
The
Board
noted
that
the
U.S.
Government
Bond
Portfolio’s
contractual
management
fee
rate
ranked
in
the
third
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
U.S.
Government
Bond
Portfolio’s
Expense
Peers.
The
Board
also
noted
that
the
U.S.
Government
Bond
Portfolio
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
U.S.
Government
Bond
Portfolio
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
U.S.
Government
Bond
Portfolio
were
to
decrease,
the
U.S.
Government
Bond
Portfolio
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
U.S.
Government
Bond
Portfolio’s
total
expenses
as
a
percentage
of
the
U.S.
Government
Bond
Portfolio’s
average
daily
net
assets
on
a
class-by-class
basis.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
each
Fund
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
each
Fund
benefits
from
such
economies
of
scale
in
a
variety
of
ways,
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
breakpoint
structure
in
order
to
enable
each
Fund
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
each
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
each
Fund,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
each
Fund,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreements,
the
Board
also
received
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
their
Fund
shares
if
they
believe
that
each
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
each
Fund.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
126
Conclusion
The
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
the
Advisory
Agreement
between
the
Manager
and
the
Trust,
on
behalf
of
each
Fund,
for
a
one-year
term
ending
June
30,
2022,
and
the
Sub-Advisory
Agreements
between
(1)
the
Manager
and
BIL,
with
respect
to
the
Income
Fund
and
the
U.S.
Government
Bond
Portfolio
and
(2)
the
Manager
and
BRS,
with
respect
to
the
Income
Fund,
for
a
one-year
term
ending
June
30,
2022.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and
in
the
best
interest
of
each
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
also
assisted
by
the
advice
of
independent
legal
counsel
in
making
this
determination.
Trustee
and
Officer
Information
127
Trustee
and
Officer
Information
Independent
Trustees
(a)
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
Five
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
Five
Years
Richard
E.
Cavanagh
1946
Co-Chair
of
the
Board
and
Trustee
(Since
2019)
Director,
The
Guardian
Life
Insurance
Company
of
America
since
1998;
Board
Chair,
Volunteers
of
America
(a
not-for-profit
organization)
from
2015
to
2018
(board
member
since
2009);
Director,
Arch
Chemicals
(chemical
and
allied
products)
from
1999
to
2011;
Trustee,
Educational
Testing
Service
from
1997
to
2009
and
Chairman
thereof
from
2005
to
2009;
Senior
Advisor,
The
Fremont
Group
since
2008
and
Director
thereof
since
1996;
Faculty
Member/Adjunct
Lecturer,
Harvard
University
since
2007
and
Executive
Dean
from
1987
to
1995;
President
and
Chief
Executive
Officer,
The
Conference
Board,
Inc.
(global
business
research
organization)
from
1995
to
2007.
74
RICs
consisting
of
101
Portfolios
None
Karen
P.
Robards
1950
Co-Chair
of
the
Board
and
Trustee
(Since
2019)
Principal
of
Robards
&
Company,
LLC
(consulting
and
private
investing)
since
1987;
Co-founder
and
Director
of
the
Cooke
Center
for
Learning
and
Development
(a
not-for-profit
organization)
since
1987;
Director
of
Enable
Injections,
LLC
(medical
devices)
since
2019;
Investment
Banker
at
Morgan
Stanley
from
1976
to
1987.
74
RICs
consisting
of
101
Portfolios
Greenhill
&
Co.,
Inc.;
AtriCure,
Inc.
(medical
devices)
from
2000
until
2017
Michael
J.
Castellano
1946
Trustee
(Since
2019)
Chief
Financial
Officer
of
Lazard
Group
LLC
from
2001
to
2011;
Chief
Financial
Officer
of
Lazard
Ltd
from
2004
to
2011;
Director,
Support
Our
Aging
Religious
(non-profit)
from
2009
to
June
2015
and
from
2017
to
September
2020;
Director,
National
Advisory
Board
of
Church
Management
at
Villanova
University
since
2010;
Trustee,
Domestic
Church
Media
Foundation
since
2012;
Director,
CircleBlack
Inc.
(financial
technology
company)
from
2015
to
July
2020.
74
RICs
consisting
of
101
Portfolios
None
Cynthia
L.
Egan
1955
Trustee
(Since
2019)
Advisor,
U.S.
Department
of
the
Treasury
from
2014
to
2015;
President,
Retirement
Plan
Services,
for
T.
Rowe
Price
Group,
Inc.
from
2007
to
2012;
executive
positions
within
Fidelity
Investments
from
1989
to
2007.
74
RICs
consisting
of
101
Portfolios
Unum
(insurance);
The
Hanover
Insurance
Group
(Board
Chair)
(insurance);
Huntsman
Corporation
(chemical
products);
Envestnet
(investment
platform)
from
2013
until
2016
Frank
J.
Fabozzi
(d)
1948
Trustee
(Since
2019)
Editor
of
The
Journal
of
Portfolio
Management
since
1986;
Professor
of
Finance,
EDHEC
Business
School
(France)
since
2011;
Visiting
Professor,
Princeton
University
for
the
2013
to
2014
academic
year
and
Spring
2017
semester;
Professor
in
the
Practice
of
Finance,
Yale
University
School
of
Management
from
1994
to
2011
and
currently
a
Teaching
Fellow
in
Yale's
Executive
Programs;
Board
Member,
BlackRock
Equity-Liquidity
Funds
from
2014
to
2016;
affiliated
professor
Karlsruhe
Institute
of
Technology
from
2008
to
2011;
Visiting
Professor,
Rutgers
University
for
the
Spring
2019
semester;
Visiting
Professor,
New
York
University
for
the
2019
academic
year;
Adjunct
Professor
of
Finance,
Carnegie
Mellon
University
in
fall
2020
semester.
76
RICs
consisting
of
103
Portfolios
None
Lorenzo
A.
Flores
1964
Trustee
(Since
2021)
Vice
Chairman,
Kioxia,
Inc.
since
2019;
Chief
Financial
Officer,
Xilinx,
Inc.
from
2016
to
2019;
Corporate
Controller,
Xilinx,
Inc.
from
2008
to
2016.
74
RICs
consisting
of
101
Portfolios
None
Stayce
D.
Harris
1959
Trustee
(Since
2021)
Lieutenant
General,
Inspector
General,
Office
of
the
Secretary
of
the
United
States
Air
Force
from
2017
to
2019;
Lieutenant
General,
Assistant
Vice
Chief
of
Staff
and
Director,
Air
Staff,
United
States
Air
Force
from
2016
to
2017;
Major
General,
Commander,
22nd
Air
Force,
AFRC,
Dobbins
Air
Reserve
Base,
Georgia
from
2014
to
2016;
Pilot,
United
Airlines
from
1990
to
2020.
74
RICs
consisting
of
101
Portfolios
The
Boeing
Company
since
2021
J.
Phillip
Holloman
1955
Trustee
(Since
2021)
President
and
Chief
Operating
Officer,
Cintas
Corporation
from
2008
to
2018.
74
RICs
consisting
of
101
Portfolios
PulteGroup,
Inc.
(home
construction);
Rockwell
Automation
Inc.
(industrial
automation)
Trustee
and
Officer
Information
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
128
Interested
Trustees
(a)(e)
(a)
The
address
of
each
Trustee
is
c/o
BlackRock,
Inc.,
55
East
52nd
Street,
New
York,
New
York
10055.
(b)
Each
Independent
Trustee
holds
office
until
his
or
her
successor
is
duly
elected
and
qualifies
or
until
his
or
her
earlier
death,
resignation,
retirement
or
removal
as
provided
by
the
Trust’s
by-laws
or
charter
or
statute,
or
until
December
31
of
the
year
in
which
he
or
she
turns
75.
Trustees
who
are
“interested
persons,”
as
defined
in
the
Investment
Company
Act
serve
until
their
successor
is
duly
elected
and
qualifies
or
until
their
earlier
death,
resignation,
retirement
or
removal
as
provided
by
the
Trust’s
by-laws
or
statute,
or
until
December
31
of
the
year
in
which
they
turn
72.
The
Board
may
determine
to
extend
the
terms
of
Independent
Trustees
on
a
case-by-case
basis,
as
appropriate.
(c)
Following
the
combination
of
Merrill
Lynch
Investment
Managers,
L.P.
(“MLIM”)
and
BlackRock,
Inc.
in
September
2006,
the
various
legacy
MLIM
and
legacy
BlackRock
fund
boards
were
realigned
and
consolidated
into
three
new
fund
boards
in
2007.
Certain
Independent
Trustees
first
became
members
of
the
boards
of
other
legacy
MLIM
or
legacy
BlackRock
funds
as
follows:
Richard
E.
Cavanagh,
1994;
Frank
J.
Fabozzi,
1988;
R.
Glenn
Hubbard,
2004;
W.
Carl
Kester,
1995;
and
Karen
P.
Robards,
1998.
Certain
other
Independent
Trustees
became
members
of
the
boards
of
the
closed-end
funds
in
the
Fixed-Income
Complex
as
follows:
Michael
J.
Castellano,
2011;
Cynthia
L.
Egan,
2016;
and
Catherine
A.
Lynch,
2016.
(d)
Dr.
Fabozzi,
Dr.
Kester,
Ms.
Lynch
and
Mr.
Perlowski
are
also
trustees
of
the
BlackRock
Credit
Strategies
Fund
and
BlackRock
Private
Investments
Fund.
(e)
Mr.
Fairbairn
and
Mr.
Perlowski
are
both
“interested
persons,”
as
defined
in
the
1940
Act,
of
the
Trust
based
on
their
positions
with
BlackRock,
Inc.
and
its
affiliates.
Mr.
Fairbairn
and
Mr.
Perlowski
are
also
board
members
of
the
BlackRock
Multi-Asset
Complex.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
Five
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
Five
Years
R.
Glenn
Hubbard
1958
Trustee
(Since
2019)
Dean,
Columbia
Business
School
from
2004
to
2019;
Faculty
member,
Columbia
Business
School
since
1988.
74
RICs
consisting
of
101
Portfolios
ADP
(data
and
information
services)
2004-2020;
Metropolitan
Life
Insurance
Company
(insurance);
KKR
Financial
Corporation
(finance)
from
2004
until
2014
W.
Carl
Kester
(d)
1951
Trustee
(Since
2019)
George
Fisher
Baker
Jr.
Professor
of
Business
Administration,
Harvard
Business
School
since
2008;
Deputy
Dean
for
Academic
Affairs
from
2006
to
2010;
Chairman
of
the
Finance
Unit,
from
2005
to
2006;
Senior
Associate
Dean
and
Chairman
of
the
MBA
Program
from
1999
to
2005;
Member
of
the
faculty
of
Harvard
Business
School
since
1981.
76
RICs
consisting
of
103
Portfolios
None
Catherine
A.
Lynch
(d)
1961
Trustee
(Since
2019)
Chief
Executive
Officer,
Chief
Investment
Officer
and
various
other
positions,
National
Railroad
Retirement
Investment
Trust
from
2003
to
2016;
Associate
Vice
President
for
Treasury
Management,
The
George
Washington
University
from
1999
to
2003;
Assistant
Treasurer,
Episcopal
Church
of
America
from
1995
to
1999.
76
RICs
consisting
of
103
Portfolios
None
Robert
Fairbairn
1965
Trustee
(Since
2015)
Vice
Chairman
of
BlackRock,
Inc.
since
2019;
Member
of
BlackRock's
Global
Executive
and
Global
Operating
Committees;
Co-Chair
of
BlackRock's
Human
Capital
Committee;
Senior
Managing
Director
of
BlackRock,
Inc.
from
2010
to
2019;
oversaw
BlackRock's
Strategic
Partner
Program
and
Strategic
Product
Management
Group
from
2012
to
2019;
Member
of
the
Board
of
Managers
of
BlackRock
Investments,
LLC
from
2011
to
2018;
Global
Head
of
BlackRock's
Retail
and
iShares
®
businesses
from
2012
to
2016.
104
RICs
consisting
of
255
Portfolios
None
John
M.
Perlowski
(d)
1964
Trustee
(Since
2015);
President
and
Chief
Executive
Officer
(Since
2010)
Managing
Director
of
BlackRock,
Inc.
since
2009;
Head
of
BlackRock
Global
Accounting
and
Product
Services
since
2009;
Advisory
Director
of
Family
Resource
Network
(charitable
foundation)
since
2009.
106
RICs
consisting
of
257
Portfolios
None
Independent
Trustees
(a)
(continued)
Trustee
and
Officer
Information
(continued)
129
Trustee
and
Officer
Information
Officers
Who
Are
Not
Trustees
(a)
(a)
The
address
of
each
Officer
is
c/o
BlackRock,
Inc.,
55
East
52nd
Street,
New
York,
New
York
10055.
(b)
Officers
of
the
Trust
serve
at
the
pleasure
of
the
Board.
Further
information
about
the
Trust’s
Trustees
and
Officers
is
available
in
the
Trust’s
Statement
of
Additional
Information,
which
can
be
obtained
without
charge
by
calling
(800)
441-7762.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
Principal
Occupation(s)
During
Past
Five
Years
Jennifer
McGovern
1977
Vice
President
(Since
2014)
Managing
Director
of
BlackRock,
Inc.
since
2016;
Director
of
BlackRock,
Inc.
from
2011
to
2015;
Head
of
Americas
Product
Development
and
Governance
for
BlackRock’s
Global
Product
Group
since
2019;
Head
of
Product
Structure
and
Oversight
for
BlackRock's
U.S.
Wealth
Advisory
Group
from
2013
to
2019.
Trent
Walker
1974
Chief
Financial
Officer
(Since
2021)
Managing
Director
of
BlackRock,
Inc.
since
September
2019;
Executive
Vice
President
of
PIMCO
from
2016
to
2019;
Senior
Vice
President
of
PIMCO
from
2008
to
2015;
Treasurer
from
2013
to
2019
and
Assistant
Treasurer
from
2007
to
2017
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Jay
M.
Fife
1970
Treasurer
(Since
2007)
Managing
Director
of
BlackRock,
Inc.
since
2007.
Charles
Park
1967
Chief
Compliance
Officer
(Since
2014)
Anti-Money
Laundering
Compliance
Officer
for
certain
BlackRock-advised
Funds
from
2014
to
2015;
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
since
2014;
Principal
of
and
Chief
Compliance
Officer
for
iShares
®
Delaware
Trust
Sponsor
LLC
since
2012
and
BlackRock
Fund
Advisors
(“BFA”)
since
2006;
Chief
Compliance
Officer
for
the
BFA-advised
iShares
®
exchange
traded
funds
since
2006;
Chief
Compliance
Officer
for
BlackRock
Asset
Management
International
Inc.
since
2012.
Lisa
Belle
1968
Anti-Money
Laundering
Compliance
Officer
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2019;
Global
Financial
Crime
Head
for
Asset
and
Wealth
Management
of
JP
Morgan
from
2013
to
2019;
Managing
Director
of
RBS
Securities
from
2012
to
2013;
Head
of
Financial
Crimes
for
Barclays
Wealth
Americas
from
2010
to
2012.
Janey
Ahn
1975
Secretary
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Director
of
BlackRock,
Inc.
from
2009
to
2017.
Neal
J.
Andrews
retired
as
the
Chief
Financial
Officer
effective
December
31,
2020,
and
Trent
Walker
was
elected
as
the
Chief
Financial
Officer
effective
January
1,
2021.
Effective
June
10,
2021,
Stayce
D.
Harris
and
J.
Phillip
Holloman
were
each
appointed
to
serve
as
a
Trustee
of
the
Trust.
Effective
July
30,
2021,
Lorenzo
A.
Flores
was
appointed
to
serve
as
a
Trustee
of
the
Trust.
Additional
Information
2021
BlackRock
Annual
Report
to
Shareholders
130
Regulation
Regarding
Derivatives
On
October
28,
2020,
the
Securities
and
Exchange
Commission
(the
“SEC”)
adopted
new
regulations
governing
the
use
of
derivatives
by
registered
investment
companies
(“Rule
18f-4”).
The
Funds
will
be
required
to
implement
and
comply
with
Rule
18f-4
by
August
19, 2022.
Once
implemented,
Rule
18f-4
will
impose
limits
on
the
amount
of
derivatives
a
fund
can
enter
into,
eliminate
the
asset
segregation
framework
currently
used
by
funds
to
comply
with
Section
18
of
the
1940
Act,
treat
derivatives
as
senior
securities
and
require
funds
whose
use
of
derivatives
is
more
than
a
limited
specified
exposure
amount
to
establish
and
maintain
a
comprehensive
derivatives
risk
management
program
and
appoint
a
derivatives
risk
manager.
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Funds
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Funds at
(800)
441-7762.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedules
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
blackrock.com/
fundreports
.
Availability
of
Proxy
Voting
Policies,
Procedures
and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Funds
voted
proxies
relating
to
securities
held
in
the
Funds'
portfolios
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-
7762
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800)
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
131
Additional
Information
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
BlackRock
International
Limited
(a)
Edinburgh,
EH3
8BL
United
Kingdom
BlackRock
(Singapore)
Limited
(b)
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10022
Legal
Counsel
Willkie
Farr
&
Gallagher
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
BlackRock
Income
Fund
and
BlackRock
U.S.
Government
Bond
Portfolio.
(b)
For
BlackRock
Income
Fund.
Glossary
of
Terms
Used
in
this
Report
2021
BlackRock
Annual
Report
to
Shareholders
132
Currency
Abbreviations
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNH
Chinese
Yuan
Offshore
CNY
Chinese
Yuan
EUR
Euro
GBP
British
Pound
IDR
Indonesian
Rupiah
JPY
Japanese
Yen
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
NOK
Norwegian
Krone
PLN
Polish
Zloty
RUB
New
Russian
Ruble
SEK
Swedish
Krona
SGD
Singapore
Dollar
USD
United
States
Dollar
Portfolio
Abbreviations
ABS
Asset-Backed
Security
CLO
Collateralized
Loan
Obligation
CNREPOFI
Day
China
Fixing
Repo
Rates
CVA
Certification
Van
Aandelon
(Dutch
Certificate)
DAC
Designated
Activity
Company
EM
Emerging
Markets
ESG
Environmental,
Social
And
Governance
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
PJSC
Public
Joint
Stock
Company
REIT
Real
Estate
Investment
Trust
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
TBA
To-be-announced
WIBOR
Warsaw
Interbank
Offered
Rate
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds’
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
TaxableCGU-9/21-AR
Item 2 – Code of Ethics –
The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The
registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.
Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
 
Michael Castellano
Frank J. Fabozzi
Lorenzo A. Flores
Catherine A. Lynch
Karen P. Robards
 
The registrant’s board of directors has determined that Karen P. Robards qualifies as an audit committee financial expert pursuant to Item 3(c)(4) of Form N-CSR. 
 
Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions.  Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987.  Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results.  Ms. Robards has over 30 years of experience analyzing financial statements.  She also is a member of the audit committee of one publicly held company and a non-profit organization.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.  The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.  The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
 
Item 4 – Principal Accountant Fees and Services
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
 
 
 
(a) Audit Fees
(b) Audit-Related Fees1
(c) Tax Fees2
(d) All Other Fees
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
BlackRock Core Bond Portfolio
$74,235
$53,550
$210
$0
$19,400
$21,200
$0
$0
BlackRock GNMA Portfolio
$37,774
$38,964
$210
$0
$14,900
$16,100
$0
$0
BlackRock High Yield Bond
Portfolio
$74,235
$75,582
$210
$0
$20,000
$24,264
$0
$0
BlackRock Income Fund
$59,388
$52,428
$210
$0
$14,900
$16,100
$0
$0
BlackRock Low Duration Bond Portfolio
$59,388
$44,268
$210
$0
$20,000
$21,200
$0
$0
BlackRock U.S. Government Bond Portfolio
$37,168
$38,352
$210
$0
$14,900
$16,100
$0
$0
 
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
 
 
 
Current Fiscal Year End
Previous Fiscal Year End
(b) Audit-Related Fees1
$0
$0
(c) Tax Fees2
$0
$0
(d) All Other Fees3
$2,032,000
$1,984,000
1
The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2
The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3
Non-audit fees of $2,032,000 and $1,984,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription.  These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:
 
         
The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
 
                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.


(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)
The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
BlackRock Core Bond Portfolio
$19,610
$21,200
BlackRock GNMA Portfolio
$15,110
$16,100
BlackRock High Yield Bond Portfolio
$20,210
$24,264
BlackRock Income Fund
$15,110
$16,100
BlackRock Low Duration Bond Portfolio
$20,210
$21,200
BlackRock U.S. Government Bond Portfolio
$15,110
$16,100
 
              Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End
Previous Fiscal Year End
$2,032,000
$1,984,000
 
              These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
 
              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and
the Affiliated Service Providers
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
 
Item 7 –  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 –  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
that occurred during the period covered by this report
that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable
Item 13 – Exhibits attached hereto
              (a)(1) Code of Ethics – See Item 2
              (a)(2) Section 302 Certifications are attached
              section302
(a)(3) Not Applicable
(a)(4) Not Applicable
(b) Section 906 Certifications are attached
section906

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Funds V  
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds V  
 
Date: December 3, 2021
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds V  
 
Date: December 3, 2021
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds V  
 
Date: December 3, 2021

 
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds V, certify that:
1.
                  
I have reviewed this report on Form N-CSR of BlackRock Funds V;
2.
                  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
                  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
                  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a)
                  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
                  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
                  
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)
                  
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
                  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)
                  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b)
                  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: December 3, 2021
/s/ John M. Perlowski______
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds V  

EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds V, certify that:
1.
                  
I have reviewed this report on Form N-CSR of BlackRock Funds V;
2.
                  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
                  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
                  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a)
                  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
                  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
                  
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)
                  
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
                  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)
                  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b)
                  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: December 3, 2021
/s/ Trent Walker__________
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds V  

 
Exhibit 99.906CERT
 
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002
 
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds V (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended September 30, 2021 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
Date: December 3, 2021
/s/ John M. Perlowski_______
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds V  
 
 
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds V (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended September 30, 2021 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
Date: December 3, 2021
/s/ Trent Walker__________
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds V  
 
 
 
This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.