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 Sustainable High Yield Bond Fund
BlackRock Sustainable Low Duration Bond Fund
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: 09/30/2022
 
Date of reporting period: 03/31/2022
 
Item 1 – Report to Stockholders
(a)  The Report to Shareholders is attached herewith.
             (b)  Not Applicable

 
March
31,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Semi-Annual
Report
(Unaudited)
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
March
31,
2022
saw
a
continuation
of
the
resurgent
growth
that
followed
the
initial
coronavirus
(or
“COVID-19”)
pandemic
reopening,
albeit
at
a
slower
pace.
The
global
economy
weathered
the
emergence
of
several
variant
strains
and
the
resulting
peaks
and
troughs
in
infections
amid
optimism
that
increasing
vaccinations
and
economic
adaptation
could
help
contain
the
pandemic’s
disruptions.
However,
rapid
changes
in
consumer
spending
led
to
supply
constraints
and
elevated
inflation.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
invasion
has
presented
challenges
for
both
investors
and
policymakers.
Equity
prices
were
mixed,
as
persistently
high
inflation
drove
investors’
expectations
for
higher
interest
rates,
which
particularly
weighed
on
relatively
high
valuation
growth
stocks
and
economically
sensitive
small-
capitalization
stocks.
Overall,
small-capitalization
U.S.
stocks
declined,
while
large-capitalization
U.S.
stocks
posted
a
strong
advance.
International
equities
from
developed
markets
gained
slightly,
although
emerging
market
stocks
declined,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
during
the
reporting
period
as
the
economy
expanded
rapidly
and
inflation
reached
its
highest
annualized
reading
in
decades.
The
corporate
bond
market
also
faced
inflationary
headwinds,
although
the
improving
economy
assuaged
credit
concerns
and
high-yield
corporate
bonds
consequently
declined
less
than
investment-grade
corporate
bonds.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
growing
faster
than
expected,
raised
interest
rates
in
March
2022,
the
first
increase
of
this
business
cycle.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
raised
the
prospect
of
reversing
the
flow
and
reducing
its
balance
sheet.
Continued
high
inflation
and
the
Fed’s
new
tone
led
many
analysts
to
anticipate
that
the
Fed
will
continue
to
raise
interest
rates
multiple
times
throughout
the
year.
Looking
ahead,
however,
the
horrific
war
in
Ukraine
has
significantly
clouded
the
outlook
for
the
global
economy,
leading
to
major
volatility
in
energy
and
metal
markets.
Sanctions
on
Russia,
Europe’s
top
energy
supplier,
and
general
wartime
disruption
are
likely
to
drive
already-high
commodity
prices
even
higher.
Sharp
increases
in
energy
prices
will
exacerbate
inflationary
pressure
while
also
constraining
economic
growth.
Combating
inflation
without
stifling
a
recovery,
while
buffering
against
ongoing
supply
and
price
shocks
amid
the
ebb
and
flow
of
the
pandemic,
will
be
an
especially
challenging
environment
for
setting
effective
monetary
policy.
Despite
the
likelihood
of
more
rate
increases
on
the
horizon,
we
believe
the
Fed
will
err
on
the
side
of
protecting
employment,
even
at
the
expense
of
higher
inflation.
In
this
environment,
we
favor
an
overweight
to
equities,
as
valuations
have
become
more
attractive
and
inflation-adjusted
interest
rates
remain
low.
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.
We
favor
U.S.
equities
due
to
strong
earnings
momentum,
while
Japanese
equities
should
benefit
from
supportive
monetary
and
fiscal
policy.
We
are
underweight
credit
overall,
but
inflation-protected
U.S.
Treasuries,
Asian
fixed
income,
and
emerging
market
local-currency
bonds
offer
potential
opportunities
for
additional
yield.
We
believe
that
international
diversification
and
a
focus
on
sustainability
and
quality
can
help
provide
portfolio
resilience.
Overall,
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
March
31,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
5.92%
15.65%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(5.55)
(5.79)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(3.38)
1.16
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(8.20)
(11.37)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.05
0.07
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(6.04)
(3.31)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(5.92)
(4.15)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(5.55)
(4.47)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(4.16)
(0.66)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summaries
.......................................................................................................
4
The
Benefits
and
Risks
of
Leveraging
..........................................................................................
12
About
Fund
Performance
..................................................................................................
13
Disclosure
of
Expenses
...................................................................................................
14
Derivative
Financial
Instruments
.............................................................................................
14
Financial
Statements:
Schedules
of
Investments
...............................................................................................
15
Statements
of
Assets
and
Liabilities
.........................................................................................
118
Statements
of
Operations
................................................................................................
121
Statements
of
Changes
in
Net
Assets
........................................................................................
122
Financial
Highlights
.....................................................................................................
124
Notes
to
Financial
Statements
...............................................................................................
141
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
159
Additional
Information
....................................................................................................
160
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
165
Fund
Summary
as
of
March
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
4
BlackRock
Core
Bond
Portfolio
Investment
Objective
BlackRock
Core
Bond
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
realize
a
total
return
that
exceeds
that
of
the
reference
benchmark.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
March
31,
2022,
the
Fund
underperformed
its
benchmark,
the
Bloomberg
U.S.
Aggregate
Bond
Index.
What
factors
influenced
performance?
Holdings
of
structured
products,
emerging
market
debt
and
U.S.
investment
grade
corporate
credit
were
the
primary
detractors
from
the
Fund’s
performance
relative
to
the
benchmark
over
the
period.
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
U.S.
Treasury
yields
rose
over
the
period.
The
Fund
held
an
average
8.4%
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.
Over
the
reporting
period
the
Fund
shifted
toward
a
much
more
defensive
posture,
trimming
exposure
to
more
credit
sensitive
sectors,
most
notably
emerging
market
debt,
while
increasing
its
cash
position
and
exposure
to
high-quality
assets,
including
U.S.
investment
grade
credit,
agency
mortgage-backed
securities
(“MBS”)
and
municipal
bonds.
Describe
portfolio
positioning
at
period
end.
At
period
end,
the
Fund
held
a
defensive
posture,
including
an
elevated
cash
position,
a
reduced
allocation
to
emerging
market
debt,
and
overweight
allocations
to
U.S.
investment
grade
corporate
bonds,
agency
MBS,
shorter
duration
securitized
assets
and
municipal
bonds.
The
Fund's
stance
was
based
on
the
view
that
markets
are
likely
to
remain
volatile
over
the
coming
months
given
the
uncertainties
around
the
Russia-Ukraine
conflict,
elevated
inflation
and
rising
interest
rates.
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.
Performance
Summary
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.
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..............
2.04‌%
1.93‌%
(6.38‌)%
(4.58‌)%
N/A‌
2.28‌%
N/A‌
2.62‌%
N/A‌
Investor
A
...............
1.71‌
1.59‌
(6.39‌)
(4.71‌)
(8.52‌)%
2.03‌
1.20‌%
2.34‌
1.92‌%
Investor
C
...............
1.03‌
0.88‌
(6.77‌)
(5.55‌)
(6.48‌)
1.25‌
1.25‌
1.73‌
1.73‌
Class
K
................
2.09‌
2.04‌
(6.34‌)
(4.51‌)
N/A‌
2.33‌
N/A‌
2.70‌
N/A‌
Class
R
................
1.53‌
1.29‌
(6.51‌)
(4.95‌)
N/A‌
1.78‌
N/A‌
2.07‌
N/A‌
Bloomberg
U.S.
Aggregate
Bond
Index
(c)
..........
—‌
—‌
(5.92‌)
(4.15‌)
N/A‌
2.14‌
N/A‌
2.24‌
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)
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
(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
is
a
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar
denominated,
fixed-rate
taxable
bond
market.
Fund
Summary
as
of
March
31,
2022
(continued)
5
Fund
Summary
BlackRock
Core
Bond
Portfolio
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/01/21)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/21)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
936.20‌
$
2.12‌
$
1,000.00‌
$
1,022.74‌
$
2.22‌
0.44‌%
Investor
A
................................
1,000.00‌
936.10‌
3.33‌
1,000.00‌
1,021.49‌
3.48‌
0.69‌
Investor
C
................................
1,000.00‌
932.30‌
6.99‌
1,000.00‌
1,017.70‌
7.29‌
1.45‌
Class
K
..................................
1,000.00‌
936.60‌
1.88‌
1,000.00‌
1,022.99‌
1.97‌
0.39‌
Class
R
..................................
1,000.00‌
934.90‌
4.53‌
1,000.00‌
1,020.24‌
4.73‌
0.94‌
(a)
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
182/365
(to
reflect
the
six
month
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
..............
33‌
%
Corporate
Bonds
...................................
28‌
U.S.
Treasury
Obligations
.............................
22‌
Asset-Backed
Securities
..............................
9‌
Non-Agency
Mortgage-Backed
Securities
..................
6‌
Foreign
Government
Obligations
........................
1‌
Municipal
Bonds
...................................
1‌
Foreign
Agency
Obligations
............................
—‌
(b)
Capital
Trusts
.....................................
—‌
(b)
Other
Interests
....................................
—‌
(b)
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(c)
Percent
of
Total
Investments
(a)
AAA/
Aaa
(d)
......................................
63‌
%
AA/Aa
.........................................
3‌
A
............................................
13‌
BBB/Baa
.......................................
18‌
BB/Ba
.........................................
1‌
B
............................................
—‌
(b)
CCC/
Caa
.......................................
—‌
(b)
CC/Ca
........................................
—‌
(b)
NR
...........................................
2‌
(a)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
(c)
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.
(d)
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.
Fund
Summary
as
of
March
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
6
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
six-month
period
ended
March
31,
2022,
the
Fund
outperformed
its
benchmark,
the
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index.
What
factors
influenced
performance?
From
a
sector
perspective,
security
selection
within
the
independent
energy,
wireless,
and
media
&
entertainment
sectors
was
additive
to
performance
over
the
period.
By
rating
category,
the
Fund’s
underweight
allocation
to
BB-rated
names
and
security
selection
within
single
Bs
contributed
positively.
From
an
asset
allocation
perspective,
security
selection
within
high
yield
bonds
aided
relative
performance,
as
did
a
tactical
allocation
to
equities
and
an
allocation
to
bank
loans.
Security
selection
within
the
chemicals
sector
detracted,
along
with
an
overweight
allocation
to
wirelines
and
an
underweight
allocation
to
refiners.
From
an
asset
allocation
perspective,
the
Fund’s
tactical
allocation
to
high
yield
index
products
and
an
out-of-benchmark
allocation
to
investment
grade
corporate
bonds
constrained
return.
By
credit
rating,
the
Fund’s
allocation
to
BBB-rated
names
detracted
from
performance.
Describe
recent
portfolio
activity.
Reflective
of
a
weaker
market
backdrop,
the
Fund
reduced
its
overall
risk
positioning
throughout
the
first
quarter
of
2022,
bringing
the
portfolio’s
beta,
or
market
sensitivity,
to
slightly
below
that
of
the
benchmark.
Positioning
in
investment
grade
corporates
was
an
important
tactical
theme,
both
in
relation
to
primary
market
activity
and
rating
agency
upgrades.
In
recognition
of
the
likely
upgrade
wave
over
the
next
few
years,
the
Fund
allocated
capital
toward
likely
“crossover”
names
including
Ford
Motor
Co.,
The
Kraft
Heinz
Foods
Co.,
and
T-Mobile
USA,
Inc.
entering
the
second
half
of
2021.
That
said,
this
exposure
has
been
tactically
managed
on
relative
value
views.
Meaningful
out-of-
benchmark
allocations
include
floating
rate
loan
interests
(“bank
loans”),
high
yield
liquid
products
and
investment
grade
corporate
bonds.
From
a
sector
perspective,
the
Fund
increased
risk
in
the
leisure,
media
&
entertainment
and
other
industry
sectors,
while
reducing
risk
within
health
care,
food
&
beverage
and
banking.
Index
product
usage
was
active
over
the
period
as
the
Fund
focused
on
maintaining
portfolio
liquidity
in
light
of
market
flows.
Core
liquid
product
tools
utilized
included
total
return
swaps
on
the
iBoxx
Index,
high
yield
exchange-traded
funds
and
index
credit
default
swaps.
These
represented
short-term
allocations
as
the
Fund
sought
opportunities
in
core
cash
bonds
but
also
served
as
a
way
to
“toggle”
the
portfolio’s
risk
profile
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.
By
the
end
of
the
period,
the
CCC
overweight
comprised
approximately
4%
of
the
core
high
yield
bond
portfolio
while
Bs
comprised
roughly
44%
of
the
Fund,
an
approximately
7%
overweight
position.
The
Fund
maintained
an
underweight
to
the
highest-yielding
portion
of
the
market
that
contains
a
larger
concentration
of
stressed
assets.
The
Fund
maintained
an
allocation
to
bank
loans
of
approximately
15%.
Loans
have
been
a
critical
asset
allocation
tool
for
the
Fund
as
their
lack
of
duration
(and
corresponding
lack
of
interest
rate
sensitivity)
have
driven
them
to
outperform
fixed-rate
high
yield
as
Treasury
yields
moved
higher.
The
Fund’s
top
overweight
sectors
included
information
technology,
independent
energy
and
building
materials.
Within
technology,
the
investment
adviser
particularly
favored
software
names
which
have
benefited
from
robust
demand
as
COVID
has
accelerated
digital
transformation
and
cloud
adoption.
While
recognizing
recent
tailwinds
from
potential
infrastructure
legislation
and
residential
demand,
the
building
materials
overweight
is
primarily
based
on
single
name,
idiosyncratic
preferences.
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
March
31,
2022
(continued)
7
Fund
Summary
BlackRock
High
Yield
Bond
Portfolio
Performance
Summary
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.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..............
5.08‌%
5.08‌%
(3.11‌)%
0.74‌%
N/A‌
4.87‌%
N/A‌
5.91‌%
N/A‌
Service
................
4.79‌
4.79‌
(3.25‌)
0.32‌
N/A‌
4.58‌
N/A‌
5.59‌
N/A‌
Investor
A
...............
4.55‌
4.54‌
(3.15‌)
0.40‌
(3.61‌)%
4.53‌
3.68‌%
5.58‌
5.15‌%
Investor
C
...............
4.08‌
4.08‌
(3.58‌)
(0.25‌)
(1.21‌)
3.81‌
3.81‌
4.95‌
4.95‌
Class
K
................
5.18‌
5.17‌
(3.06‌)
0.70‌
N/A‌
4.98‌
N/A‌
5.99‌
N/A‌
Class
R
................
4.50‌
4.50‌
(3.39‌)
0.16‌
N/A‌
4.25‌
N/A‌
5.26‌
N/A‌
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index
(c)
........
—‌
—‌
(4.16‌)
(0.66‌)
N/A‌
4.68‌
N/A‌
5.74‌
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)
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,
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%
of
the
index.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/01/21)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/21)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
968.90‌
$
2.80‌
$
1,000.00‌
$
1,022.09‌
$
2.87‌
0.57‌%
Service
..................................
1,000.00‌
967.50‌
4.27‌
1,000.00‌
1,020.59‌
4.38‌
0.87‌
Investor
A
................................
1,000.00‌
968.50‌
4.47‌
1,000.00‌
1,020.39‌
4.58‌
0.91‌
Investor
C
................................
1,000.00‌
964.20‌
7.69‌
1,000.00‌
1,017.10‌
7.90‌
1.57‌
Class
K
..................................
1,000.00‌
969.40‌
2.36‌
1,000.00‌
1,022.54‌
2.42‌
0.48‌
Class
R
..................................
1,000.00‌
966.10‌
5.69‌
1,000.00‌
1,019.15‌
5.84‌
1.16‌
(a)
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
182/365
(to
reflect
the
six
month
period
shown).
Fund
Summary
as
of
March
31,
2022
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
8
BlackRock
High
Yield
Bond
Portfolio
Portfolio
Information
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
80‌
%
Floating
Rate
Loan
Interests
...........................
15‌
Common
Stocks
...................................
3‌
Investment
Companies
...............................
1‌
Preferred
Securities
.................................
1‌
Asset-Backed
Securities
..............................
—‌
(b)
Foreign
Agency
Obligations
............................
—‌
(b)
Other
Interests
....................................
—‌
(b)
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(c)
Percent
of
Total
Investments
(a)
A
............................................
—‌
%
(b)
BBB/Baa
.......................................
7‌
BB/Ba
.........................................
35‌
B
............................................
37‌
CCC/
Caa
.......................................
14‌
CC/Ca
........................................
—‌
(b)
NR
...........................................
7‌
(a)
Excludes
short-term
securities,
options
purchased
and
options
written.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
(c)
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.
Fund
Summary
as
of
March
31,
2022
9
Fund
Summary
BlackRock
Low
Duration
Bond
Portfolio
Investment
Objective
BlackRock
Low
Duration
Bond
Portfolio’s
(the
“Fund”)
investment
objective
is
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
six-month
period
ended
March
31,
2022,
the
Fund
underperformed
its
benchmark,
the
ICE
BofA
1-3
Year
U.S.
Corporate
&
Government
Index.
What
factors
influenced
performance?
The
principal
detractor
from
the
Fund’s
performance
relative
to
the
benchmark
was
an
allocation
to
emerging
market
debt.
Other
detractors
included
exposure
to
securitized
assets
including
commercial
mortgage-backed
securities
(“CMBS”),
asset-backed
securities
(“ABS”)
and
residential
mortgage-backed
securities
(“MBS”),
as
well
as
investment
grade
corporate
credit.
Positive
contributors
to
the
Fund's
relative
performance
included
allocations
to
high
yield
corporate
bonds,
U.S.
Treasuries,
and
sovereigns,
supranationals
and
agencies.
Describe
recent
portfolio
activity.
Over
the
course
of
the
reporting
period,
the
Fund
shifted
to
a
below-benchmark
stance
with
respect
to
duration
and
corresponding
interest
rate
sensitivity.
This
stance
was
based
on
the
view
that
interest
rates
would
continue
to
rise,
which
was
ultimately
borne
out
as
the
Fed
took
a
hawkish
monetary
policy
stance
and
embarked
on
a
rate
hiking
cycle
in
March
2022.
With
respect
to
agency
MBS,
the
Fund
maintained
a
muted
exposure
over
the
reporting
period
but
added
into
this
space
as
a
relative
value
trade
versus
investment
grade
corporate
bonds.
The
Fund
tactically
traded
investment
grade
credit,
maintaining
a
selective
overweight
at
points
throughout
the
first
quarter
of
2022.
Toward
the
end
of
the
period,
the
Fund
reduced
this
exposure
given
tighter
spreads.
The
Fund
selectively
maintained
exposure
to
high
yield
corporate
bonds
as
a
potentially
compelling
source
of
income.
In
the
securitized
space,
the
Fund
added
to
its
high-
quality
collateralized
loan
obligation
exposure
throughout
the
reporting
period,
based
on
attractive
risk-adjusted
income
relative
to
other
spread
assets,
while
being
more
cautious
with
respect
to
ABS
and
CMBS.
Notably,
the
Fund
reduced
its
exposures
within
Asian
credit,
which
experienced
a
recovery
as
the
People’s
Bank
of
China
indicated
it
would
try
to
support
the
real
estate
sector.
The
Fund
also
reduced
exposure
to
emerging
markets
on
the
view
that
the
segment
is
vulnerable
to
possible
idiosyncratic
risks
amid
geopolitical
tensions.
Describe
portfolio
positioning
at
period
end.
As
U.S.
Treasury
yields
rose
with
the
prospect
of
an
aggressive
monetary
policy
path
and
tightening
financial
conditions
in
the
first
quarter
of
2022,
the
Fund
shifted
from
being
duration-neutral
to
being
slightly
long
headline
duration.
With
the
two-year
U.S.
Treasury
yield
experiencing
its
biggest
quarterly
increase
since
1984,
the
Fund
added
exposure
to
the
front
end
of
the
curve
on
the
belief
that
the
upward
move
may
have
overshot
conditions.
The
Fund
had
an
overweight
to
investment
grade
corporate
credit
while
continuing
to
trade
the
sector
tactically.
More
broadly,
the
Fund
had
assumed
a
more
cautious
stance
around
credit-oriented
sectors
amid
a
tightening
in
financial
conditions
and
higher
interest
rates.
From
a
sector
allocation
perspective,
the
Fund
remained
underweight
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
corporate
bonds,
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
March
31,
2022
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
10
BlackRock
Low
Duration
Bond
Portfolio
Performance
Summary
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.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..............
1.98‌%
1.94‌%
(3.74‌)%
(3.55‌)%
N/A‌
1.41‌%
N/A‌
1.67‌%
N/A‌
Investor
A
...............
1.69‌
1.60‌
(3.96‌)
(3.89‌)
(6.06‌)%
1.15‌
0.69‌%
1.37‌
1.14‌%
Investor
A1
..............
1.88‌
1.75‌
(3.89‌)
(3.75‌)
N/A‌
1.30‌
N/A‌
1.54‌
N/A‌
Investor
C
...............
0.98‌
0.92‌
(4.32‌)
(4.51‌)
(5.47‌)
0.40‌
0.40‌
0.76‌
0.76‌
Class
K
................
2.03‌
2.01‌
(3.82‌)
(3.51‌)
N/A‌
1.45‌
N/A‌
1.72‌
N/A‌
Class
R
................
1.47‌
1.29‌
(4.08‌)
(4.14‌)
N/A‌
0.90‌
N/A‌
1.08‌
N/A‌
ICE
BofA
1-3
Year
U.S.
Corporate
&
Government
Index
(c)
..............
—‌
—‌
(3.16‌)
(3.01‌)
N/A‌
1.26‌
N/A‌
1.12‌
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.
(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
March
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
March
1,
2021
is
for
the
3pm
pricing
variant
of
the
Index.
Index
data
on
and
after
March
1,
2021
is
for
the
4pm
pricing
variant
of
the
Index.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/01/21)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/21)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
962.60‌
$
2.01‌
$
1,000.00‌
$
1,022.89‌
$
2.07‌
0.41‌%
Investor
A
................................
1,000.00‌
960.40‌
3.23‌
1,000.00‌
1,021.64‌
3.33‌
0.66‌
Investor
A1
...............................
1,000.00‌
961.10‌
2.49‌
1,000.00‌
1,022.39‌
2.57‌
0.51‌
Investor
C
................................
1,000.00‌
956.80‌
6.88‌
1,000.00‌
1,017.90‌
7.09‌
1.41‌
Class
K
..................................
1,000.00‌
961.80‌
1.76‌
1,000.00‌
1,023.14‌
1.82‌
0.36‌
Class
R
..................................
1,000.00‌
959.20‌
4.44‌
1,000.00‌
1,020.39‌
4.58‌
0.91‌
(a)
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
182/365
(to
reflect
the
six
month
period
shown).
Fund
Summary
as
of
March
31,
2022
(continued)
11
Fund
Summary
BlackRock
Low
Duration
Bond
Portfolio
Portfolio
Information
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
37‌
%
U.S.
Treasury
Obligations
.............................
23‌
Asset-Backed
Securities
..............................
18‌
Non-Agency
Mortgage-Backed
Securities
..................
13‌
U.S.
Government
Sponsored
Agency
Securities
..............
7‌
Foreign
Government
Obligations
........................
1‌
Foreign
Agency
Obligations
............................
1‌
Floating
Rate
Loan
Interests
...........................
—‌
(b)
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(c)
Percent
of
Total
Investments
(a)
AAA/
Aaa
(d)
......................................
54‌
%
AA/Aa
.........................................
3‌
A
............................................
12‌
BBB/Baa
.......................................
20‌
BB/Ba
.........................................
5‌
B
............................................
2‌
CCC/
Caa
.......................................
—‌
(b)
CC/Ca
........................................
—‌
(b)
C
............................................
—‌
(b)
D
............................................
—‌
(b)
NR
...........................................
4‌
(a)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
(c)
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.
(d)
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.
The
Benefits
and
Risks
of
Leveraging
2022
BlackRock
Semi-Annual
Report
to
Shareholders
12
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.
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
13
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.
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.
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
2022
BlackRock
Semi-Annual
Report
to
Shareholders
14
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
at
the
beginning
of
the
period
(or
from
the
commencement
of
operations
if
less
than
6
months)
and
held
through
the
end
of
the
period) 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.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
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
Core
Bond
Portfolio
Schedules
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
522
Funding
CLO
Ltd.
(a)(b)
Series
2019-4A,
Class
DR,
(LIBOR
USD
3
Month
+
3.65%),
3.90%,
04/20/30
....
USD
470
$
460,681
Series
2019-5A,
Class
AR,
(3
Month
CME
Term
SOFR
+
1.33%),
1.55%,
04/15/35
.
250
248,164
ACRES
Commercial
Realty
Ltd.,
Series
2021-FL1,
Class
A,
(LIBOR
USD
1
Month
+
1.20%),
1.64%,
06/15/36
(a)(b)
..........
552
545,488
AGL
CLO
12
Ltd.,
Series
2021-12A,
Class
A1,
(LIBOR
USD
3
Month
+
1.16%),
1.41%,
07/20/34
(a)(b)
.....................
1,730
1,712,689
AGL
CLO
14
Ltd.,
Series
2021-14A,
Class
A,
(LIBOR
USD
3
Month
+
1.15%),
1.27%,
12/02/34
(a)(b)
.....................
1,530
1,513,492
AGL
CLO
7
Ltd.
(a)(b)
Series
2020-7A,
Class
AR,
(LIBOR
USD
3
Month
+
1.20%),
1.44%,
07/15/34
....
540
535,863
Series
2020-7A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
3.34%,
07/15/34
....
250
245,340
AGL
Core
CLO
15
Ltd.,
Series
2021-15A,
Class
A1,
(LIBOR
USD
3
Month
+
1.15%),
1.27%,
01/20/35
(a)(b)
.....................
250
247,206
AGL
Core
CLO
2
Ltd.,
Series
2019-2A,
Class
A1,
(LIBOR
USD
3
Month
+
1.39%),
1.64%,
04/20/32
(a)(b)
.....................
1,320
1,320,056
AGL
Core
CLO
4
Ltd.,
Series
2020-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.07%),
1.32%,
04/20/33
(a)(b)
................
920
910,479
AIG
CLO
LLC,
Series
2018-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.12%),
1.37%,
04/20/32
(a)(b)
.....................
280
277,714
AIMCO
CLO
(a)(b)
Series
2017-AA,
Class
CR,
(LIBOR
USD
3
Month
+
2.10%),
2.35%,
04/20/34
....
250
246,131
Series
2018-BA,
Class
AR,
(LIBOR
USD
3
Month
+
1.10%),
1.34%,
01/15/32
....
1,290
1,279,529
Ajax
Mortgage
Loan
Trust,
Series
2021-C,
Class
A,
2.12%,
01/25/61
(b)(c)
..........
9,324
8,904,211
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
A1,
(LIBOR
USD
3
Month
+
1.08%),
1.34%,
10/21/28
(a)(b)
.....................
957
952,755
ALM
Ltd.,
Series
2020-1A,
Class
A2,
(LIBOR
USD
3
Month
+
1.85%),
2.09%,
10/15/29
(a)(b)
1,660
1,654,677
AMMC
CLO
22
Ltd.,
Series
2018-22A,
Class
B,
(LIBOR
USD
3
Month
+
1.45%),
1.71%,
04/25/31
(a)(b)
.....................
250
246,750
AMMC
CLO
XIII
Ltd.,
Series
2013-13A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.05%),
1.32%,
07/24/29
(a)(b)
................
640
637,275
AMSR
Trust,
Series
2020-SFR2,
Class
D,
3.28%,
07/17/37
(b)
.................
557
535,339
Anchorage
Capital
CLO
16
Ltd.,
Series
2020-
16A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.20%),
1.32%,
01/19/35
(a)(b)
..........
250
247,648
Anchorage
Capital
CLO
17
Ltd.,
Series
2021-
17A,
Class
A1,
(LIBOR
USD
3
Month
+
1.17%),
1.41%,
07/15/34
(a)(b)
..........
2,495
2,469,637
Anchorage
Capital
CLO
1-R
Ltd.,
Series
2018-
1RA,
Class
A1,
(LIBOR
USD
3
Month
+
0.99%),
1.23%,
04/13/31
(a)(b)
..........
2,240
2,217,118
Anchorage
Capital
CLO
3-R
Ltd.,
Series
2014-3RA,
Class
B,
(LIBOR
USD
3
Month
+
1.50%),
1.78%,
01/28/31
(a)(b)
..........
1,040
1,032,065
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Anchorage
Capital
CLO
4-R
Ltd.
(a)(b)
Series
2014-4RA,
Class
A,
(LIBOR
USD
3
Month
+
1.05%),
1.33%,
01/28/31
....
USD
920
$
913,922
Series
2014-4RA,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
2.13%,
01/28/31
....
360
353,961
Anchorage
Capital
CLO
5-R
Ltd.
(a)(b)
Series
2014-5RA,
Class
B,
(LIBOR
USD
3
Month
+
1.45%),
1.69%,
01/15/30
....
420
416,850
Series
2014-5RA,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
2.09%,
01/15/30
....
250
248,262
Anchorage
Capital
CLO
6
Ltd.,
Series
2015-6A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.05%),
1.29%,
07/15/30
(a)(b)
................
1,220
1,212,232
Anchorage
Capital
CLO
7
Ltd.
(a)(b)
Series
2015-7A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.09%),
1.37%,
01/28/31
....
930
924,504
Series
2015-7A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.75%),
2.03%,
01/28/31
....
1,640
1,630,535
Series
2015-7A,
Class
D1R2,
(LIBOR
USD
3
Month
+
3.50%),
3.78%,
01/28/31
....
250
243,721
Anchorage
Capital
CLO
8
Ltd.
(a)(b)
Series
2016-8A,
Class
AR2A,
(LIBOR
USD
3
Month
+
1.20%),
1.33%,
10/27/34
....
570
564,820
Series
2016-8A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.80%),
1.93%,
10/27/34
....
650
644,422
Anchorage
Capital
CLO
Ltd.,
Series
2013-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.25%),
1.49%,
10/13/30
(a)(b)
................
670
667,329
Anchorage
Capital
Europe
CLO
2
DAC
(a)(b)
Series
2A,
Class
B1R,
(EURIBOR
3
Month
+
1.60%),
1.60%,
04/15/34
..........
EUR
272
293,540
Series
2A,
Class
CR,
(EURIBOR
3
Month
+
2.40%),
2.40%,
04/15/34
..........
271
290,972
Series
2A,
Class
DR,
(EURIBOR
3
Month
+
3.55%),
3.55%,
04/15/34
..........
460
498,852
Anchorage
Capital
Europe
CLO
DAC,
Series
4A,
Class
D,
(EURIBOR
3
Month
+
3.20%),
3.20%,
04/25/34
(a)(b)
................
250
268,504
Antares
CLO
Ltd.,
Series
2021-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.53%),
1.79%,
07/25/33
(a)(b)
.....................
USD
2,420
2,417,987
Apidos
CLO
XII,
Series
2013-12A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
1.32%,
04/15/31
(a)(b)
.....................
4,916
4,882,025
Apidos
CLO
XV,
Series
2013-15A,
Class
A1RR,
(LIBOR
USD
3
Month
+
1.01%),
1.26%,
04/20/31
(a)(b)
.....................
500
496,117
Apidos
CLO
XVIII,
Series
2018-18A,
Class
A1,
(LIBOR
USD
3
Month
+
1.14%),
1.40%,
10/22/30
(a)(b)
.....................
350
348,160
Apidos
CLO
XX,
Series
2015-20A,
Class
A1RA,
(LIBOR
USD
3
Month
+
1.10%),
1.34%,
07/16/31
(a)(b)
.....................
250
248,258
Apidos
CLO
XXII
(a)(b)
Series
2015-22A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.50%),
1.75%,
04/20/31
....
250
247,174
Series
2015-22A,
Class
CR,
(LIBOR
USD
3
Month
+
2.95%),
3.20%,
04/20/31
....
250
243,756
Apidos
CLO
XXXVII,
Series
2021-37A,
Class
A,
(LIBOR
USD
3
Month
+
1.13%),
1.26%,
10/22/34
(a)(b)
.....................
310
306,325
Aqua
Finance
Trust,
Series
2021-A,
Class
A,
1.54%,
07/17/46
(b)
.................
131
124,819
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2022-FL1,
Class
A,
(SOFR30A
+
1.45%),
1.50%,
01/15/37
(a)(b)
..........
USD
10,000
$
9,938,742
Ares
European
CLO
XII
DAC,
Series
12A,
Class
B1R,
(EURIBOR
3
Month
+
1.70%),
1.70%,
04/20/32
(a)(b)
................
EUR
297
323,230
Ares
LII
CLO
Ltd.,
Series
2019-52A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.05%),
1.31%,
04/22/31
(a)(b)
.....................
USD
1,770
1,758,613
Ares
LIX
CLO
Ltd.,
Series
2021-59A,
Class
A,
(LIBOR
USD
3
Month
+
1.03%),
1.29%,
04/25/34
(a)(b)
.....................
250
247,015
Ares
LVI
CLO
Ltd.,
Series
2020-56A,
Class
AR,
(LIBOR
USD
3
Month
+
1.16%),
1.42%,
10/25/34
(a)(b)
.....................
410
405,270
Ares
XLVIII
CLO
Ltd.,
Series
2018-48A,
Class
B,
(LIBOR
USD
3
Month
+
1.58%),
1.83%,
07/20/30
(a)(b)
.....................
250
247,537
Ares
XXXVII
CLO
Ltd.,
Series
2015-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.17%),
1.41%,
10/15/30
(a)(b)
................
310
309,046
Armada
Euro
CLO
III
DAC
(a)(b)
Series
3A,
Class
CR,
(EURIBOR
3
Month
+
2.35%),
2.35%,
07/15/31
..........
EUR
580
623,476
Series
3A,
Class
DR,
(EURIBOR
3
Month
+
3.30%),
3.30%,
07/15/31
..........
287
309,306
Assurant
CLO
I
Ltd.,
Series
2017-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.15%),
2.40%,
10/20/34
(a)(b)
.....................
USD
330
326,595
Assurant
CLO
Ltd.,
Series
2018-2A,
Class
A,
(LIBOR
USD
3
Month
+
1.04%),
1.29%,
04/20/31
(a)(b)
.....................
250
247,976
Atrium
IX,
Series
9A,
Class
AR2,
(LIBOR
USD
3
Month
+
0.99%),
1.50%,
05/28/30
(a)(b)
...
990
982,920
Atrium
XII,
Series
12A,
Class
AR,
(LIBOR
USD
3
Month
+
0.83%),
1.09%,
04/22/27
(a)(b)
...
340
337,332
Avery
Point
VI
CLO
Ltd.
(a)(b)
Series
2015-6A,
Class
AR2,
(LIBOR
USD
3
Month
+
0.90%),
1.22%,
08/05/27
....
769
764,622
Series
2015-6A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.35%),
1.67%,
08/05/27
....
850
844,369
Avoca
CLO
XVIII
DAC,
Series
18X,
Class
C,
(EURIBOR
3
Month
+
1.75%),
1.75%,
04/15/31
(a)(d)
.....................
EUR
100
107,833
Avoca
CLO
XXII
DAC,
Series
22X,
Class
B1,
(EURIBOR
3
Month
+
1.30%),
1.30%,
04/15/35
(a)(d)
.....................
200
212,568
Avoca
CLO
XXIV
DAC,
Series
24A,
Class
AR,
(EURIBOR
3
Month
+
0.90%),
0.90%,
07/15/34
(a)(b)
.....................
500
547,964
Babson
CLO
Ltd.,
Series
2015-IA,
Class
BR,
(LIBOR
USD
3
Month
+
1.40%),
1.65%,
01/20/31
(a)(b)
.....................
USD
250
246,558
Bain
Capital
Credit
CLO,
Series
2018-2A,
Class
B,
(LIBOR
USD
3
Month
+
1.60%),
1.85%,
07/19/31
(a)(b)
.....................
250
247,283
Bain
Capital
Credit
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.50%),
1.75%,
07/20/30
....
250
247,062
Series
2018-2A,
Class
A1,
(LIBOR
USD
3
Month
+
1.08%),
1.33%,
07/19/31
....
330
327,737
Series
2021-3A,
Class
D,
(LIBOR
USD
3
Month
+
3.10%),
3.36%,
07/24/34
....
250
244,247
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Bain
Capital
Euro
CLO
DAC,
Series
2019-1X,
Class
C,
(EURIBOR
3
Month
+
2.40%),
2.40%,
04/15/32
(a)(d)
................
EUR
240
$
259,686
Bardot
CLO
Ltd.,
Series
2019-2A,
Class
DR,
(LIBOR
USD
3
Month
+
3.00%),
3.26%,
10/22/32
(a)(b)
.....................
USD
250
246,908
Barings
CLO
Ltd.
(a)(b)
Series
2018-3A,
Class
A1,
(LIBOR
USD
3
Month
+
0.95%),
1.20%,
07/20/29
....
211
209,442
Series
2019-3A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.07%),
1.32%,
04/20/31
....
250
247,663
Battalion
CLO
18
Ltd.,
Series
2020-18A,
Class
BR,
(LIBOR
USD
3
Month
+
1.75%),
1.99%,
10/15/36
(a)(b)
.....................
375
370,078
Battalion
CLO
VIII
Ltd.
(a)(b)
Series
2015-8A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.07%),
1.31%,
07/18/30
....
1,332
1,324,834
Series
2015-8A,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.55%),
1.79%,
07/18/30
....
666
659,443
Battalion
CLO
X
Ltd.
(a)(b)
Series
2016-10A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.17%),
1.43%,
01/25/35
...
5,370
5,320,613
Series
2016-10A,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.55%),
1.81%,
01/25/35
...
630
618,820
Battalion
CLO
XI
Ltd.,
Series
2017-11A,
Class
BR,
(LIBOR
USD
3
Month
+
1.72%),
1.98%,
04/24/34
(a)(b)
.....................
250
246,868
Battalion
CLO
XX
Ltd.,
Series
2021-20A,
Class
A,
(LIBOR
USD
3
Month
+
1.18%),
1.42%,
07/15/34
(a)(b)
.....................
1,000
991,500
BDS
Ltd.,
Series
2021-FL7,
Class
A,
(LIBOR
USD
1
Month
+
1.07%),
1.54%,
06/16/36
(a)(b)
9,610
9,502,579
Benefit
Street
Partners
CLO
II
Ltd.,
Series
2013-IIA,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.45%),
1.69%,
07/15/29
(a)(b)
.........
1,000
992,639
Benefit
Street
Partners
CLO
III
Ltd.,
Series
2013-IIIA,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.65%),
1.90%,
07/20/29
(a)(b)
....
400
398,083
Benefit
Street
Partners
CLO
V-B
Ltd.,
Series
2018-5BA,
Class
A1A,
(LIBOR
USD
3
Month
+
1.09%),
1.34%,
04/20/31
(a)(b)
.........
960
953,737
Benefit
Street
Partners
CLO
XII
Ltd.,
Series
2017-12A,
Class
B,
(LIBOR
USD
3
Month
+
2.00%),
2.24%,
10/15/30
(a)(b)
..........
310
305,439
BHG
Securitization
Trust,
Series
2022-A,
Class
C,
3.08%,
02/20/35
(b)
...............
1,200
1,138,671
Birch
Grove
CLO
2
Ltd.,
Series
2021-2A,
Class
A1,
(LIBOR
USD
3
Month
+
1.26%),
1.51%,
10/19/34
(a)(b)
.....................
250
247,345
Birch
Grove
CLO
Ltd.
(a)(b)
Series
19A,
Class
CR,
(LIBOR
USD
3
Month
+
2.20%),
3.03%,
06/15/31
.........
250
247,348
Series
19A,
Class
DR,
(LIBOR
USD
3
Month
+
3.35%),
4.18%,
06/15/31
.........
250
249,321
BlueMountain
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.18%),
1.44%,
10/22/30
....
1,735
1,730,975
Series
2015-3A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.00%),
1.25%,
04/20/31
....
250
247,814
Series
2016-2A,
Class
BR2,
(LIBOR
USD
3
Month
+
2.25%),
2.73%,
08/20/32
....
300
296,166
BlueMountain
CLO
XXII
Ltd.,
Series
2018-22A,
Class
B,
(LIBOR
USD
3
Month
+
1.50%),
1.74%,
07/15/31
(a)(b)
................
870
861,139
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
BlueMountain
CLO
XXIII
Ltd.,
Series
2018-23A,
Class
B,
(LIBOR
USD
3
Month
+
1.70%),
1.95%,
10/20/31
(a)(b)
................
USD
250
$
247,739
BlueMountain
CLO
XXIX
Ltd.,
Series
2020-29A,
Class
BR,
(LIBOR
USD
3
Month
+
1.75%),
2.01%,
07/25/34
(a)(b)
................
250
247,440
BlueMountain
CLO
XXVIII
Ltd.,
Series
2021-
28A,
Class
A,
(LIBOR
USD
3
Month
+
1.26%),
1.50%,
04/15/34
(a)(b)
..........
130
128,762
BlueMountain
Euro
CLO
DAC,
Series
2021-2A,
Class
B1,
(EURIBOR
3
Month
+
1.75%),
1.75%,
10/15/35
(a)(b)
................
EUR
660
722,267
BlueMountain
Fuji
Eur
CLO
V
DAC,
Series
5X,
Class
C,
(EURIBOR
3
Month
+
2.45%),
2.45%,
01/15/33
(a)(d)
................
340
364,852
Bridge
Street
CLO
II
Ltd.,
Series
2021-1A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.23%),
1.48%,
07/20/34
(a)(b)
................
USD
250
246,862
BSPRT
Issuer
Ltd.,
Series
2022-FL8,
Class
A,
(SOFR30A
+
1.50%),
1.55%,
02/15/37
(a)(b)
.
9,260
9,197,348
Buttermilk
Park
CLO
Ltd.,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.10%),
1.34%,
10/15/31
(a)(b)
................
250
248,100
Canyon
Capital
CLO
Ltd.,
Series
2019-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.10%),
1.34%,
04/15/32
(a)(b)
................
610
606,035
Canyon
CLO
Ltd.,
Series
2020-3A,
Class
B,
(LIBOR
USD
3
Month
+
1.70%),
1.94%,
01/15/34
(a)(b)
.....................
350
346,182
Carlyle
C17
CLO
Ltd.,
Series
C17A,
Class
A1AR,
(LIBOR
USD
3
Month
+
1.03%),
1.33%,
04/30/31
(a)(b)
................
1,860
1,849,914
Carlyle
Euro
CLO
DAC,
Series
2021-2A,
Class
C,
(EURIBOR
3
Month
+
3.30%),
3.30%,
10/15/35
(a)(b)
.....................
EUR
530
564,462
Carlyle
Global
Market
Strategies
CLO
Ltd.
(a)(b)
Series
2014-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
0.97%),
1.21%,
04/17/31
....
USD
798
787,605
Series
2014-3RA,
Class
A1A,
(LIBOR
USD
3
Month
+
1.05%),
1.32%,
07/27/31
....
3,333
3,315,764
Carlyle
US
CLO
Ltd.
(a)(b)
Series
2016-4A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.45%),
1.70%,
10/20/27
....
250
247,514
Series
2018-1A,
Class
A2,
(LIBOR
USD
3
Month
+
1.50%),
1.75%,
04/20/31
....
250
246,778
Series
2018-4A,
Class
B,
(LIBOR
USD
3
Month
+
2.07%),
2.32%,
01/20/31
....
250
247,914
Series
2021-6A,
Class
A1,
(LIBOR
USD
3
Month
+
1.16%),
1.40%,
07/15/34
....
800
791,406
Series
2021-10A,
Class
A,
(LIBOR
USD
3
Month
+
1.15%),
1.27%,
10/20/34
....
830
821,016
CarVal
CLO
II
Ltd.,
Series
2019-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.20%),
3.45%,
04/20/32
(a)(b)
.....................
1,130
1,120,592
CBAM
Ltd.,
Series
2017-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.25%),
1.50%,
07/20/30
(a)(b)
1,600
1,594,752
Cedar
Funding
II
CLO
Ltd.
(a)(b)
Series
2013-1A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.08%),
1.33%,
04/20/34
....
710
698,720
Series
2013-1A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.35%),
1.60%,
04/20/34
....
680
665,055
Cedar
Funding
VI
CLO
Ltd.,
Series
2016-6A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.05%),
1.30%,
04/20/34
(a)(b)
................
3,930
3,886,770
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Cedar
Funding
XI
CLO
Ltd.,
Series
2019-11A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.35%),
1.86%,
05/29/32
(a)(b)
................
USD
280
$
276,242
CIFC
Funding
2019-V
Ltd.,
Series
2019-5A,
Class
A1R1,
(LIBOR
USD
3
Month
+
1.14%),
1.38%,
01/15/35
(a)(b)
..........
250
247,012
CIFC
Funding
2021-IV
Ltd.,
Series
2021-4A,
Class
A,
(LIBOR
USD
3
Month
+
1.05%),
1.29%,
07/15/33
(a)(b)
................
1,450
1,435,244
CIFC
Funding
Ltd.
(a)(b)
Series
2013-4A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.60%),
1.87%,
04/27/31
....
250
247,694
Series
2014-2RA,
Class
B1,
(LIBOR
USD
3
Month
+
2.80%),
3.06%,
04/24/30
....
250
246,076
Series
2015-2A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.00%),
2.24%,
04/15/30
....
633
631,335
Series
2015-3A,
Class
BR,
(LIBOR
USD
3
Month
+
1.15%),
1.40%,
04/19/29
....
330
324,225
Series
2017-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.01%),
1.27%,
04/23/29
....
1,149
1,143,735
Series
2017-1A,
Class
B,
(LIBOR
USD
3
Month
+
1.70%),
1.96%,
04/23/29
....
340
338,644
Series
2018-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.00%),
1.24%,
04/18/31
....
2,380
2,360,960
Series
2020-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.15%),
1.39%,
07/15/36
....
300
296,933
Series
2020-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.89%,
07/15/36
....
740
731,322
Series
2020-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
3.34%,
07/15/36
....
380
372,133
Series
2020-3A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.13%),
1.38%,
10/20/34
....
1,350
1,333,926
Series
2021-5A,
Class
A,
(LIBOR
USD
3
Month
+
1.14%),
1.38%,
07/15/34
....
330
326,438
Clontarf
Park
CLO
DAC,
Series
1X,
Class
CE,
(EURIBOR
3
Month
+
3.05%),
3.05%,
08/05/30
(a)(d)
.....................
EUR
390
422,935
Cloud
Pass-Through
Trust,
Series
2019-1A,
Class
CLOU,
3.55%,
12/05/22
(a)(b)
.......
USD
10
10,109
College
Ave
Student
Loans
LLC,
Series
2021-
C,
Class
D,
4.11%,
07/26/55
(b)
.........
100
94,559
College
Avenue
Student
Loans
LLC
(b)
Series
2021-B,
Class
C,
2.72%,
06/25/52
.
250
232,567
Series
2021-B,
Class
D,
3.78%,
06/25/52
.
100
92,963
Contego
CLO
VIII
DAC,
Series
8A,
Class
DR,
(EURIBOR
3
Month
+
3.20%),
3.20%,
01/25/34
(a)(b)
.....................
EUR
250
266,061
Crown
Point
CLO
10
Ltd.,
Series
2021-10A,
Class
A,
(LIBOR
USD
3
Month
+
1.17%),
1.42%,
07/20/34
(a)(b)
................
USD
2,100
2,078,738
CVC
Cordatus
Loan
Fund
IV
DAC,
Series
4X,
Class
BR1,
(EURIBOR
3
Month
+
1.30%),
1.30%,
02/22/34
(a)(d)
................
EUR
260
276,574
CVC
Cordatus
Loan
Fund
VI
DAC,
Series
6X,
Class
CR,
(EURIBOR
3
Month
+
1.60%),
1.60%,
04/15/32
(a)(d)
................
250
272,292
Dartry
Park
CLO
DAC,
Series
1A,
Class
CRR,
(EURIBOR
3
Month
+
3.35%),
3.35%,
01/28/34
(a)(b)
.....................
250
267,667
Deer
Creek
CLO
Ltd.,
Series
2017-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.18%),
1.43%,
10/20/30
(a)(b)
.....................
USD
1,500
1,495,697
Diameter
Capital
CLO
1
Ltd.,
Series
2021-1A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.24%),
1.48%,
07/15/36
(a)(b)
................
500
494,341
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Diameter
Capital
CLO
3
Ltd.,
Series
2022-3A,
Class
A1A,
(3
Month
CME
Term
SOFR
+
1.39%),
1.69%,
04/15/37
(a)(b)
..........
USD
250
$
250,302
Dryden
43
Senior
Loan
Fund,
Series
2016-43A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.04%),
1.29%,
04/20/34
(a)(b)
................
1,180
1,166,838
Dryden
45
Senior
Loan
Fund,
Series
2016-45A,
Class
BR,
(LIBOR
USD
3
Month
+
1.70%),
1.94%,
10/15/30
(a)(b)
................
630
624,791
Dryden
50
Senior
Loan
Fund,
Series
2017-50A,
Class
B,
(LIBOR
USD
3
Month
+
1.65%),
1.89%,
07/15/30
(a)(b)
................
250
248,084
Dryden
53
CLO
Ltd.,
Series
2017-53A,
Class
A,
(LIBOR
USD
3
Month
+
1.12%),
1.36%,
01/15/31
(a)(b)
.....................
4,900
4,873,244
Dryden
65
CLO
Ltd.,
Series
2018-65A,
Class
B,
(LIBOR
USD
3
Month
+
1.60%),
1.84%,
07/18/30
(a)(b)
.....................
250
247,548
Dryden
76
CLO
Ltd.,
Series
2019-76A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.15%),
1.40%,
10/20/34
(a)(b)
................
250
247,349
Dryden
77
CLO
Ltd.,
Series
2020-77A,
Class
AR,
(LIBOR
USD
3
Month
+
1.12%),
1.60%,
05/20/34
(a)(b)
.....................
810
801,900
Dryden
87
CLO
Ltd.,
Series
2021-87A,
Class
A1,
(LIBOR
USD
3
Month
+
1.10%),
1.58%,
05/20/34
(a)(b)
.....................
520
512,311
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-
26A,
Class
AR,
(LIBOR
USD
3
Month
+
0.90%),
1.14%,
04/15/29
(a)(b)
..........
316
314,219
Dryden
XXVIII
Senior
Loan
Fund,
Series
2013-
28A,
Class
A1LR,
(LIBOR
USD
3
Month
+
1.20%),
1.71%,
08/15/30
(a)(b)
..........
1,660
1,652,275
Elmwood
CLO
II
Ltd.
(a)(b)
Series
2019-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
1.40%,
04/20/34
....
1,000
989,494
Series
2019-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.90%,
04/20/34
....
250
247,199
Elmwood
CLO
V
Ltd,
Series
2020-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.90%,
10/20/34
(a)(b)
.....................
620
612,356
Elmwood
CLO
V
Ltd.,
Series
2020-2A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
2.25%,
10/20/34
(a)(b)
.....................
541
536,672
Elmwood
CLO
X
Ltd.
(a)(b)
Series
2021-3A,
Class
A,
(LIBOR
USD
3
Month
+
1.04%),
1.29%,
10/20/34
....
1,620
1,607,040
Series
2021-3A,
Class
C,
(LIBOR
USD
3
Month
+
1.95%),
2.20%,
10/20/34
....
250
246,940
Elmwood
CLO
XII
Ltd.,
Series
2021-5A,
Class
A,
(LIBOR
USD
3
Month
+
1.15%),
1.27%,
01/20/35
(a)(b)
.....................
250
247,296
Euro-Galaxy
VII
CLO
DAC,
Series
2019-7A,
Class
CR,
(EURIBOR
3
Month
+
2.40%),
2.40%,
07/25/35
(a)(b)
................
EUR
260
279,200
Fidelity
Grand
Harbour
CLO
DAC,
Series
2021-
1A,
Class
D,
(EURIBOR
3
Month
+
3.60%),
3.60%,
10/15/34
(a)(b)
................
250
272,563
Flatiron
CLO
21
Ltd.,
Series
2021-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.11%),
1.36%,
07/19/34
(a)(b)
.....................
USD
3,150
3,104,571
FS
RIALTO
(a)(b)
Series
2021-FL2,
Class
A,
(LIBOR
USD
1
Month
+
1.22%),
1.65%,
05/16/38
....
1,830
1,803,706
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-FL3,
Class
A,
(LIBOR
USD
1
Month
+
1.25%),
1.68%,
11/16/36
....
USD
3,097
$
3,047,061
Series
2022-FL4,
Class
A,
(SOFR30A
+
1.90%),
2.20%,
01/19/39
..........
3,787
3,787,000
Galaxy
XV
CLO
Ltd.,
Series
2013-15A,
Class
ARR,
(LIBOR
USD
3
Month
+
0.97%),
1.21%,
10/15/30
(a)(b)
................
400
396,506
Galaxy
XVIII
CLO
Ltd.,
Series
2018-28A,
Class
A1,
(LIBOR
USD
3
Month
+
1.10%),
1.34%,
07/15/31
(a)(b)
.....................
280
278,055
Galaxy
XXII
CLO
Ltd.,
Series
2016-22A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.20%),
1.44%,
04/16/34
(a)(b)
................
910
903,571
Generate
CLO
3
Ltd.,
Series
2016-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.25%),
1.50%,
10/20/29
(a)(b)
.....................
515
513,643
Generate
CLO
4
Ltd.,
Series
2016-2A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.09%),
1.34%,
04/20/32
(a)(b)
................
1,050
1,044,730
Generate
CLO
6
Ltd.
(a)(b)
Series
6A,
Class
CR,
(LIBOR
USD
3
Month
+
2.45%),
2.71%,
01/22/35
.........
250
249,127
Series
6A,
Class
DR,
(LIBOR
USD
3
Month
+
3.50%),
3.75%,
01/22/35
.........
250
247,960
Gilbert
Park
CLO
Ltd.,
Series
2017-1A,
Class
C,
(LIBOR
USD
3
Month
+
1.95%),
2.19%,
10/15/30
(a)(b)
.....................
640
632,323
GoldenTree
Loan
Management
CLO
3
Ltd.,
Series
2018-3A,
Class
B1,
(LIBOR
USD
3
Month
+
1.55%),
1.80%,
04/20/30
(a)(b)
....
250
247,950
GoldenTree
Loan
Management
US
CLO
1
Ltd.,
Series
2021-11A,
Class
A,
(LIBOR
USD
3
Month
+
1.13%),
1.38%,
10/20/34
(a)(b)
....
1,050
1,037,533
GoldenTree
Loan
Opportunities
IX
Ltd.
(a)(b)
Series
2014-9A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.11%),
1.41%,
10/29/29
....
409
407,353
Series
2014-9A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.60%),
1.90%,
10/29/29
....
500
496,630
GoldenTree
Loan
Opportunities
X
Ltd.,
Series
2015-10A,
Class
DR,
(LIBOR
USD
3
Month
+
3.05%),
3.30%,
07/20/31
(a)(b)
.........
250
246,111
Golub
Capital
BDC
3
CLO
1
LLC,
Series
2021-1A,
Class
C1,
(LIBOR
USD
3
Month
+
2.80%),
3.04%,
04/15/33
(a)(b)
..........
250
248,291
Golub
Capital
Partners
CLO
55B
Ltd.,
Series
2021-55A,
Class
A,
(LIBOR
USD
3
Month
+
1.20%),
1.45%,
07/20/34
(a)(b)
..........
250
247,522
Golub
Capital
Partners
CLO
58B
Ltd.,
Series
2021-58A,
Class
A1,
(LIBOR
USD
3
Month
+
1.18%),
1.42%,
01/25/35
(a)(b)
..........
310
306,581
Great
Lakes
CLO
Ltd.,
Series
2019-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.56%),
1.80%,
07/15/31
(a)(b)
.....................
970
969,783
Great
Lakes
CLO
V
Ltd.,
Series
2021-5A,
Class
A,
(LIBOR
USD
3
Month
+
1.70%),
1.94%,
04/15/33
(a)(b)
.....................
540
540,913
Grippen
Park
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.26%),
1.51%,
01/20/30
....
251
250,257
Series
2017-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.30%),
3.55%,
01/20/30
....
250
248,088
GSAA
Home
Equity
Trust,
Series
2006-5,
Class
2A1,
(LIBOR
USD
1
Month
+
0.14%),
0.60%,
03/25/36
(a)
......................
472
196,885
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Gulf
Stream
Meridian
1
Ltd.,
Series
2020-IA,
Class
A1,
(LIBOR
USD
3
Month
+
1.37%),
1.61%,
04/15/33
(a)(b)
................
USD
1,180
$
1,175,947
Gulf
Stream
Meridian
3
Ltd.,
Series
2021-IIIA,
Class
A1,
(LIBOR
USD
3
Month
+
1.32%),
1.56%,
04/15/34
(a)(b)
................
250
248,328
Gulf
Stream
Meridian
4
Ltd.,
Series
2021-4A,
Class
A1,
(LIBOR
USD
3
Month
+
1.20%),
1.44%,
07/15/34
(a)(b)
................
2,580
2,554,927
Gulf
Stream
Meridian
5
Ltd.,
Series
2021-5A,
Class
A2,
(LIBOR
USD
3
Month
+
1.80%),
2.04%,
07/15/34
(a)(b)
................
280
278,286
Gulf
Stream
Meridian
7
Ltd.,
Series
2022-7A,
Class
A1,
(3
Month
CME
Term
SOFR
+
1.36%),
1.66%,
07/15/35
(a)(b)(e)
.........
360
358,272
Harvest
CLO
XXIII
DAC,
Series
23A,
Class
CE,
(EURIBOR
3
Month
+
2.05%),
2.05%,
10/20/32
(a)(b)
.....................
EUR
310
335,098
Henley
CLO
IV
DAC
(a)
Series
4A,
Class
C,
(EURIBOR
3
Month
+
2.10%),
2.10%,
04/25/34
(b)
.........
250
269,669
Series
4X,
Class
B1,
(EURIBOR
3
Month
+
1.35%),
1.35%,
04/25/34
(d)
.........
130
138,938
Highbridge
Loan
Management,
Series
3A-2014,
Class
A1R,
(LIBOR
USD
3
Month
+
1.18%),
1.42%,
07/18/29
(a)(b)
................
USD
680
678,482
Highbridge
Loan
Management
Ltd.,
Series
12A-18,
Class
A1B,
(LIBOR
USD
3
Month
+
1.25%),
1.49%,
07/18/31
(a)(b)
..........
250
247,627
HPS
Loan
Management
10-2016
Ltd.,
Series
10A-16,
Class
A1RR,
(LIBOR
USD
3
Month
+
1.14%),
1.39%,
04/20/34
(a)(b)
.........
1,540
1,527,680
HPS
Loan
Management
Ltd.,
Series
6A-2015,
Class
A1R,
(LIBOR
USD
3
Month
+
1.00%),
1.32%,
02/05/31
(a)(b)
................
3,009
2,987,468
ICG
US
CLO
Ltd.,
Series
2015-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.14%),
1.39%,
10/19/28
(a)(b)
.....................
692
690,123
Invitation
Homes
Trust,
Series
2018-SFR3,
Class
A,
(LIBOR
USD
1
Month
+
1.00%),
1.44%,
07/17/37
(a)(b)
................
155
155,269
Jamestown
CLO
XII
Ltd.,
Series
2019-1A,
Class
A2,
(LIBOR
USD
3
Month
+
2.15%),
2.40%,
04/20/32
(a)(b)
................
360
357,918
Kayne
CLO
II
Ltd.,
Series
2018-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
1.32%,
10/15/31
(a)(b)
.....................
710
704,129
KKR
CLO
10
Ltd.,
Series
10,
Class
BR,
(LIBOR
USD
3
Month
+
1.70%),
2.53%,
09/15/29
(a)(b)
250
249,444
KREF
Ltd.,
Series
2022-FL3,
Class
A,
(TSFR1M
+
1.45%),
1.78%,
02/17/39
(a)(b)
..
10,000
9,933,689
LCM
29
Ltd.,
Series
29A,
Class
AR,
(LIBOR
USD
3
Month
+
1.07%),
1.31%,
04/15/31
(a)(b)
250
247,584
LCM
XIV
LP,
Series
14A,
Class
AR,
(LIBOR
USD
3
Month
+
1.04%),
1.29%,
07/20/31
(a)(b)
250
248,692
LCM
XX
LP,
Series
20A,
Class
BR,
(LIBOR
USD
3
Month
+
1.55%),
1.80%,
10/20/27
(a)(b)
250
249,159
LCM
XXI
LP,
Series
21A,
Class
AR,
(LIBOR
USD
3
Month
+
0.88%),
1.13%,
04/20/28
(a)(b)
312
310,465
Lendmark
Funding
Trust
(b)
Series
2021-1A,
Class
B,
2.47%,
11/20/31
.
380
346,939
Series
2021-1A,
Class
C,
3.41%,
11/20/31
.
290
265,883
Series
2021-2A,
Class
C,
3.09%,
04/20/32
.
380
344,122
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
LoanCore
Issuer
Ltd.
(a)(b)
Series
2018-CRE1,
Class
A,
(LIBOR
USD
1
Month
+
1.13%),
1.53%,
05/15/28
....
USD
116
$
115,408
Series
2021-CRE6,
Class
A,
(LIBOR
USD
1
Month
+
1.30%),
1.70%,
11/15/38
....
680
675,345
Series
2022-CRE7,
Class
A,
(SOFR30A
+
1.55%),
1.60%,
01/17/37
..........
3,573
3,548,662
Logan
CLO
I
Ltd.,
Series
2021-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.16%),
1.41%,
07/20/34
(a)(b)
.....................
1,010
999,015
Long
Point
Park
CLO
Ltd.,
Series
2017-1A,
Class
A2,
(LIBOR
USD
3
Month
+
1.38%),
1.62%,
01/17/30
(a)(b)
................
250
246,499
Longfellow
Place
CLO
Ltd.,
Series
2013-1A,
Class
BR3,
(LIBOR
USD
3
Month
+
1.75%),
1.99%,
04/15/29
(a)(b)
................
250
249,723
Madison
Park
Euro
Funding
XIV
DAC,
Series
14A,
Class
DR,
(EURIBOR
3
Month
+
3.60%),
3.60%,
07/15/32
(a)(b)
..........
EUR
250
267,808
Madison
Park
Funding
XI
Ltd.,
Series
2013-
11A,
Class
AR2,
(LIBOR
USD
3
Month
+
0.90%),
1.16%,
07/23/29
(a)(b)
..........
USD
2,192
2,175,863
Madison
Park
Funding
XIII
Ltd.
(a)(b)
Series
2014-13A,
Class
AR2,
(LIBOR
USD
3
Month
+
0.95%),
1.20%,
04/19/30
....
1,068
1,061,533
Series
2014-13A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.50%),
1.75%,
04/19/30
....
960
952,742
Madison
Park
Funding
XIX
Ltd.,
Series
2015-
19A,
Class
A1R2,
(LIBOR
USD
3
Month
+
0.92%),
1.18%,
01/22/28
(a)(b)
..........
1,149
1,140,766
Madison
Park
Funding
XLV
Ltd.,
Series
2020-
45A,
Class
AR,
(LIBOR
USD
3
Month
+
1.12%),
1.36%,
07/15/34
(a)(b)
..........
1,050
1,040,550
Madison
Park
Funding
XXIII
Ltd.
(a)(b)
Series
2017-23A,
Class
BR,
(LIBOR
USD
3
Month
+
1.55%),
1.82%,
07/27/31
....
250
248,180
Series
2017-23A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
2.27%,
07/27/31
....
250
248,815
Madison
Park
Funding
XXIV
Ltd.,
Series
2016-
24A,
Class
BR,
(LIBOR
USD
3
Month
+
1.75%),
2.00%,
10/20/29
(a)(b)
..........
250
249,275
Madison
Park
Funding
XXV
Ltd.,
Series
2017-
25A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.65%),
1.91%,
04/25/29
(a)(b)
..........
320
318,040
Madison
Park
Funding
XXVI
Ltd.,
Series
2017-
26A,
Class
AR,
(LIBOR
USD
3
Month
+
1.20%),
1.50%,
07/29/30
(a)(b)
..........
1,665
1,666,798
Madison
Park
Funding
XXVII
Ltd.,
Series
2018-
27A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.03%),
1.28%,
04/20/30
(a)(b)
..........
250
248,066
Madison
Park
Funding
XXXIII
Ltd.
(a)(b)
Series
2019-33A,
Class
AR,
(3
Month
CME
Term
SOFR
+
1.29%),
1.45%,
10/15/32
.
290
287,788
Series
2019-33A,
Class
BR,
(3
Month
CME
Term
SOFR
+
1.80%),
1.96%,
10/15/32
.
280
278,357
Madison
Park
Funding
XXXV
Ltd.,
Series
2019-
35A,
Class
A1R,
(LIBOR
USD
3
Month
+
0.99%),
1.24%,
04/20/32
(a)(b)
..........
730
719,231
Madison
Park
Funding
XXXVII
Ltd.,
Series
2019-37A,
Class
AR,
(LIBOR
USD
3
Month
+
1.07%),
1.31%,
07/15/33
(a)(b)
.........
410
405,672
Madison
Park
Funding
XXXVIII
Ltd.,
Series
2021-38A,
Class
A,
(LIBOR
USD
3
Month
+
1.12%),
1.36%,
07/17/34
(a)(b)
..........
1,130
1,114,007
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Man
GLG
Euro
CLO,
Series
6A,
Class
DR,
(EURIBOR
3
Month
+
3.50%),
3.50%,
10/15/32
(a)(b)
.....................
EUR
320
$
344,335
Marble
Point
CLO
XI
Ltd.,
Series
2017-2A,
Class
A,
(LIBOR
USD
3
Month
+
1.18%),
1.42%,
12/18/30
(a)(b)
................
USD
430
428,672
Mariner
CLO
LLC
(a)(b)
Series
2016-3A,
Class
AR2,
(LIBOR
USD
3
Month
+
0.99%),
1.25%,
07/23/29
....
351
348,963
Series
2016-3A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.05%),
2.31%,
07/23/29
....
1,125
1,108,217
Mariner
Finance
Issuance
Trust
(b)
Series
2020-AA,
Class
B,
3.21%,
08/21/34
260
245,547
Series
2020-AA,
Class
C,
4.10%,
08/21/34
330
310,207
Series
2021-BA,
Class
D,
3.42%,
11/20/36
220
201,269
MidOcean
Credit
CLO
III,
Series
2014-3A,
Class
A3A2,
(LIBOR
USD
3
Month
+
0.97%),
1.23%,
04/21/31
(a)(b)
................
472
468,054
MP
CLO
III
Ltd.,
Series
2013-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.25%),
1.50%,
10/20/30
(a)(b)
.....................
830
826,587
MP
CLO
VIII
Ltd.
(a)(b)
Series
2015-2A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.20%),
1.48%,
04/28/34
....
1,420
1,406,435
Series
2015-2A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.80%),
2.08%,
04/28/34
....
1,500
1,484,308
Navient
Private
Education
Refi
Loan
Trust
(b)
Series
2020-A,
Class
A2B,
(LIBOR
USD
1
Month
+
0.90%),
1.30%,
11/15/68
(a)
...
451
448,097
Series
2021-DA,
Class
B,
2.61%,
04/15/60
370
358,021
Series
2021-DA,
Class
C,
3.48%,
04/15/60
950
888,869
Series
2021-DA,
Class
D,
4.00%,
04/15/60
300
279,537
Neuberger
Berman
CLO
XVI-S
Ltd.,
Series
2017-16SA,
Class
AR,
(LIBOR
USD
3
Month
+
1.04%),
1.28%,
04/15/34
(a)(b)
.........
570
563,562
Neuberger
Berman
CLO
XX
Ltd.,
Series
2015-
20A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.65%),
1.89%,
07/15/34
(a)(b)
..........
250
246,870
Neuberger
Berman
CLO
XXII
Ltd.,
Series
2016-22A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.89%,
10/17/30
(a)(b)
.........
400
396,672
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.
(a)(b)
Series
2017-26A,
Class
AR,
(LIBOR
USD
3
Month
+
0.92%),
1.16%,
10/18/30
....
1,430
1,416,426
Series
2017-26A,
Class
BR,
(LIBOR
USD
3
Month
+
1.40%),
1.64%,
10/18/30
....
250
246,922
Neuberger
Berman
Loan
Advisers
CLO
34
Ltd.,
Series
2019-34A,
Class
BR,
(3
Month
CME
Term
SOFR
+
1.75%),
1.99%,
01/20/35
(a)(b)(e)
250
250,000
Neuberger
Berman
Loan
Advisers
CLO
37
Ltd.,
Series
2020-37A,
Class
BR,
(LIBOR
USD
3
Month
+
1.45%),
1.70%,
07/20/31
(a)(b)
....
250
247,036
Neuberger
Berman
Loan
Advisers
CLO
42
Ltd.,
Series
2021-42A,
Class
A,
(LIBOR
USD
3
Month
+
1.10%),
1.34%,
07/16/35
(a)(b)
....
880
870,760
OAK
Hill
European
Credit
Partners
V
DAC,
Series
2016-5A,
Class
BR,
(EURIBOR
3
Month
+
1.90%),
1.90%,
01/21/35
(a)(b)
....
EUR
250
272,638
Oaktree
CLO
Ltd.,
Series
2015-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
0.87%),
1.12%,
10/20/27
(a)(b)
.....................
USD
87
86,689
OCP
CLO
Ltd.
(a)(b)
Series
2013-4A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.90%),
2.16%,
04/24/29
....
945
939,457
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2014-5A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.08%),
1.35%,
04/26/31
....
USD
140
$
139,043
Series
2017-14A,
Class
B,
(LIBOR
USD
3
Month
+
1.95%),
2.43%,
11/20/30
....
250
246,489
Series
2019-16A,
Class
AR,
(LIBOR
USD
3
Month
+
1.00%),
1.23%,
04/10/33
....
280
277,480
Series
2020-18A,
Class
AR,
(LIBOR
USD
3
Month
+
1.09%),
1.34%,
07/20/32
....
320
316,811
Series
2020-19A,
Class
BR,
(LIBOR
USD
3
Month
+
1.70%),
1.95%,
10/20/34
....
250
246,375
Series
2021-22A,
Class
A,
(LIBOR
USD
3
Month
+
1.18%),
1.30%,
12/02/34
....
390
385,680
OCP
Euro
CLO
DAC
(a)
Series
2017-2X,
Class
B,
(EURIBOR
3
Month
+
1.35%),
1.35%,
01/15/32
(d)
...
EUR
170
185,247
Series
2020-4A,
Class
B1R,
(EURIBOR
3
Month
+
1.70%),
1.70%,
09/22/34
(b)(e)
..
690
756,427
Octagon
54
Ltd.,
Series
2021-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.05%),
3.29%,
07/15/34
(a)(b)
.....................
USD
250
247,291
Octagon
Investment
Partners
18-R
Ltd.,
Series
2018-18A,
Class
A1A,
(LIBOR
USD
3
Month
+
0.96%),
1.20%,
04/16/31
(a)(b)
.........
1,780
1,760,772
Octagon
Investment
Partners
33
Ltd.,
Series
2017-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.19%),
1.44%,
01/20/31
(a)(b)
..........
250
248,739
Octagon
Investment
Partners
46
Ltd.,
Series
2020-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.89%,
07/15/36
(a)(b)
..........
710
700,970
Octagon
Investment
Partners
51
Ltd.,
Series
2021-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.15%),
1.40%,
07/20/34
(a)(b)
..........
2,660
2,632,129
Octagon
Investment
Partners
XV
Ltd.,
Series
2013-1A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.35%),
1.60%,
07/19/30
(a)(b)
.........
320
318,585
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.02%),
1.26%,
07/17/30
(a)(b)
.........
2,755
2,731,902
Octagon
Investment
Partners
XVII
Ltd.,
Series
2013-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.00%),
1.26%,
01/25/31
(a)(b)
.........
2,640
2,619,854
OHA
Credit
Funding
2
Ltd.,
Series
2019-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
1.41%,
04/21/34
(a)(b)
................
3,220
3,194,108
OHA
Credit
Funding
3
Ltd.
(a)(b)
Series
2019-3A,
Class
AR,
(LIBOR
USD
3
Month
+
1.14%),
1.39%,
07/02/35
....
1,450
1,436,950
Series
2019-3A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.90%,
07/02/35
....
668
660,353
OHA
Credit
Funding
4
Ltd.,
Series
2019-4A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
1.41%,
10/22/36
(a)(b)
................
250
246,873
OHA
Loan
Funding
Ltd.
(a)(b)
Series
2013-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.04%),
1.50%,
05/23/31
....
4,495
4,459,183
Series
2015-1A,
Class
AR3,
(LIBOR
USD
3
Month
+
1.15%),
1.36%,
01/19/37
....
1,170
1,156,811
OneMain
Financial
Issuance
Trust
(b)
Series
2019-2A,
Class
A,
3.14%,
10/14/36
.
3,140
3,068,553
Series
2020-1A,
Class
A,
3.84%,
05/14/32
.
2,800
2,821,654
Series
2020-2A,
Class
C,
2.76%,
09/14/35
.
550
515,925
Series
2020-2A,
Class
D,
3.45%,
09/14/35
.
1,410
1,336,863
Series
2021-1A,
Class
C,
2.22%,
06/16/36
.
100
90,794
Series
2021-1A,
Class
D,
2.47%,
06/16/36
.
210
185,674
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Owl
Rock
CLO
VI
Ltd.,
Series
2021-6A,
Class
A,
(LIBOR
USD
3
Month
+
1.45%),
1.57%,
06/21/32
(a)(b)
.....................
USD
250
$
247,425
OZLM
Funding
IV
Ltd.,
Series
2013-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.25%),
1.51%,
10/22/30
(a)(b)
................
9,022
8,969,741
OZLM
VI
Ltd.,
Series
2014-6A,
Class
A2AS,
(LIBOR
USD
3
Month
+
1.75%),
1.99%,
04/17/31
(a)(b)
.....................
500
495,882
OZLM
VIII
Ltd.,
Series
2014-8A,
Class
BR3,
(LIBOR
USD
3
Month
+
2.10%),
2.34%,
10/17/29
(a)(b)(e)
....................
340
338,300
OZLM
XXII
Ltd.,
Series
2018-22A,
Class
A1,
(LIBOR
USD
3
Month
+
1.07%),
1.31%,
01/17/31
(a)(b)
.....................
250
247,974
OZLM
XXIV
Ltd.,
Series
2019-24A,
Class
A2AR,
(LIBOR
USD
3
Month
+
1.70%),
1.95%,
07/20/32
(a)(b)
................
250
246,931
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
A1A3,
(LIBOR
USD
3
Month
+
1.00%),
1.25%,
10/17/31
....
650
643,767
Series
2015-1A,
Class
A1A4,
(LIBOR
USD
3
Month
+
1.13%),
1.61%,
05/21/34
....
5,525
5,463,952
Series
2015-1A,
Class
A2R4,
(LIBOR
USD
3
Month
+
1.70%),
2.18%,
05/21/34
....
250
247,530
Series
2015-2A,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.55%),
1.80%,
07/20/30
....
500
495,694
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.03%),
1.27%,
04/18/31
....
850
845,716
Series
2018-2A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.10%),
1.34%,
07/16/31
....
1,070
1,062,640
Series
2020-3A,
Class
A1AR,
(LIBOR
USD
3
Month
+
1.08%),
1.59%,
11/15/31
....
250
247,868
Series
2021-3A,
Class
A1,
(LIBOR
USD
3
Month
+
1.15%),
1.38%,
01/15/35
....
250
247,218
Palmer
Square
Loan
Funding
Ltd.
(a)(b)
Series
2019-2A,
Class
C,
(LIBOR
USD
3
Month
+
3.25%),
3.50%,
04/20/27
....
250
249,997
Series
2019-3A,
Class
A2,
(LIBOR
USD
3
Month
+
1.60%),
2.08%,
08/20/27
....
440
439,162
Series
2019-3A,
Class
B,
(LIBOR
USD
3
Month
+
2.10%),
2.58%,
08/20/27
....
350
349,794
Series
2019-4A,
Class
B,
(LIBOR
USD
3
Month
+
2.10%),
2.36%,
10/24/27
....
290
289,814
Series
2020-1A,
Class
A2,
(LIBOR
USD
3
Month
+
1.35%),
1.83%,
02/20/28
....
990
984,508
Series
2020-2A,
Class
A2,
(LIBOR
USD
3
Month
+
1.55%),
1.80%,
04/20/28
....
1,270
1,265,977
Series
2020-4A,
Class
A2,
(LIBOR
USD
3
Month
+
1.60%),
2.10%,
11/25/28
....
560
558,494
Series
2021-2A,
Class
A2,
(LIBOR
USD
3
Month
+
1.25%),
1.73%,
05/20/29
....
260
256,623
Park
Avenue
Institutional
Advisers
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.24%),
1.63%,
02/14/34
....
1,390
1,375,489
Series
2017-1A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.55%),
1.94%,
02/14/34
....
970
952,849
Penta
CLO
(a)(b)
Series
2022-11A,
Class
B,
(EURIBOR
3
Month
+
2.45%),
0.00%,
11/15/34
....
EUR
530
586,312
Series
2022-11A,
Class
D,
(EURIBOR
3
Month
+
4.80%),
0.00%,
11/15/34
....
390
431,438
Pikes
Peak
CLO
1,
Series
2018-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.18%),
1.44%,
07/24/31
(a)(b)
.....................
USD
275
274,199
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Pikes
Peak
CLO
8,
Series
2021-8A,
Class
A,
(LIBOR
USD
3
Month
+
1.17%),
1.42%,
07/20/34
(a)(b)
.....................
USD
1,570
$
1,554,001
Post
CLO
Ltd.,
Series
2018-1A,
Class
D,
(LIBOR
USD
3
Month
+
2.95%),
3.19%,
04/16/31
(a)(b)
.....................
500
494,809
Prodigy
Finance
DAC
(a)(b)
Series
2021-1A,
Class
A,
(LIBOR
USD
1
Month
+
1.25%),
1.71%,
07/25/51
....
1,367
1,364,342
Series
2021-1A,
Class
B,
(LIBOR
USD
1
Month
+
2.50%),
2.96%,
07/25/51
....
280
279,947
Series
2021-1A,
Class
C,
(LIBOR
USD
1
Month
+
3.75%),
4.21%,
07/25/51
....
250
250,341
Progress
Residential
Trust,
Series
2020-SFR2,
Class
D,
3.87%,
06/17/37
(b)
...........
400
391,942
Race
Point
IX
CLO
Ltd.,
Series
2015-9A,
Class
A1A2,
(LIBOR
USD
3
Month
+
0.94%),
1.18%,
10/15/30
(a)(b)
................
1,026
1,016,722
Rad
CLO
15
Ltd.
(a)(b)
Series
2021-15A,
Class
A,
(LIBOR
USD
3
Month
+
1.09%),
1.34%,
01/20/34
....
250
247,011
Series
2021-15A,
Class
B,
(LIBOR
USD
3
Month
+
1.65%),
1.90%,
01/20/34
....
250
247,488
Rad
CLO
5
Ltd.,
Series
2019-5A,
Class
AR,
(LIBOR
USD
3
Month
+
1.12%),
1.38%,
07/24/32
(a)(b)
.....................
800
792,799
Recette
CLO
Ltd.,
Series
2015-1A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.40%),
1.65%,
04/20/34
(a)(b)
.....................
250
245,126
Regatta
VI
Funding
Ltd.,
Series
2016-1A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.16%),
1.41%,
04/20/34
(a)(b)
................
1,040
1,032,200
Regatta
VII
Funding
Ltd.
(a)(b)
Series
2016-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.15%),
2.08%,
06/20/34
....
720
712,632
Series
2016-1A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.60%),
2.53%,
06/20/34
....
250
246,746
Regatta
VIII
Funding
Ltd.,
Series
2017-1A,
Class
B,
(LIBOR
USD
3
Month
+
1.70%),
1.94%,
10/17/30
(a)(b)
................
250
248,750
Regatta
XVI
Funding
Ltd.,
Series
2019-2A,
Class
B,
(LIBOR
USD
3
Month
+
2.05%),
2.29%,
01/15/33
(a)(b)
................
250
248,315
Regatta
XVIII
Funding
Ltd.,
Series
2021-1A,
Class
B,
(LIBOR
USD
3
Month
+
1.45%),
1.69%,
01/15/34
(a)(b)
................
250
245,860
Regional
Management
Issuance
Trust
(b)
Series
2020-1,
Class
C,
3.80%,
10/15/30
..
269
260,262
Series
2021-2,
Class
B,
2.35%,
08/15/33
..
130
118,361
Series
2021-2,
Class
C,
3.23%,
08/15/33
..
323
296,066
Series
2022-1,
Class
A,
3.07%,
03/15/32
..
794
772,025
Series
2022-1,
Class
B,
3.71%,
03/15/32
..
151
146,467
Series
2022-1,
Class
C,
4.46%,
03/15/32
..
100
96,979
Riserva
CLO
Ltd.,
Series
2016-3A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.06%),
1.30%,
01/18/34
(a)(b)
.....................
1,220
1,201,066
Rockford
Tower
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.10%),
1.35%,
04/20/34
....
2,417
2,381,411
Series
2017-1A,
Class
BR2A,
(LIBOR
USD
3
Month
+
1.65%),
1.90%,
04/20/34
...
1,511
1,486,446
Series
2017-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.50%),
1.74%,
10/15/29
....
1,945
1,927,528
Series
2017-2A,
Class
DR,
(LIBOR
USD
3
Month
+
2.85%),
3.09%,
10/15/29
....
1,039
1,020,851
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
22
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2017-3A,
Class
A,
(LIBOR
USD
3
Month
+
1.19%),
1.44%,
10/20/30
....
USD
3,487
$
3,474,759
Series
2018-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.10%),
1.58%,
05/20/31
....
297
295,515
Series
2018-2A,
Class
A,
(LIBOR
USD
3
Month
+
1.16%),
1.41%,
10/20/31
....
250
248,954
Series
2019-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
2.13%,
08/20/32
....
250
247,357
Series
2021-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.17%),
1.42%,
07/20/34
....
1,730
1,712,155
Rockford
Tower
Europe
CLO
DAC
(a)(d)
Series
2018-1X,
Class
B,
(EURIBOR
3
Month
+
1.85%),
1.85%,
12/20/31
....
EUR
826
913,970
Series
2018-1X,
Class
C,
(EURIBOR
3
Month
+
2.47%),
2.47%,
12/20/31
....
280
309,854
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.03%),
1.28%,
04/20/31
(a)(b)
.....................
USD
960
952,284
RR
3
Ltd.,
Series
2018-3A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.09%),
1.33%,
01/15/30
(a)(b)
.....................
1,090
1,083,581
RR
5
Ltd.,
Series
2018-5A,
Class
A2,
(LIBOR
USD
3
Month
+
1.65%),
1.89%,
10/15/31
(a)(b)
250
249,181
RR
LLC,
Series
2017-1A,
Class
A1AB,
(LIBOR
USD
3
Month
+
1.15%),
1.39%,
07/15/35
(a)(b)
2,140
2,119,361
RRE
5
Loan
Management
DAC,
Series
5A,
Class
A2R,
(EURIBOR
3
Month
+
1.75%),
1.75%,
01/15/37
(a)(b)(e)
...............
EUR
450
493,979
RRE
9
Loan
Management
DAC,
Series
9A,
Class
A2,
(EURIBOR
3
Month
+
1.70%),
1.70%,
10/15/36
(a)(b)
................
650
707,199
Signal
Peak
CLO
1
Ltd.,
Series
2014-1A,
Class
AR3,
(LIBOR
USD
3
Month
+
1.16%),
1.40%,
04/17/34
(a)(b)
................
USD
5,180
5,126,228
Signal
Peak
CLO
2
LLC
(a)(b)
Series
2015-1A,
Class
AR2,
(LIBOR
USD
3
Month
+
0.98%),
1.23%,
04/20/29
....
214
212,841
Series
2015-1A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.50%),
1.75%,
04/20/29
....
1,466
1,453,582
Signal
Peak
CLO
8
Ltd.,
Series
2020-8A,
Class
A,
(LIBOR
USD
3
Month
+
1.27%),
1.52%,
04/20/33
(a)(b)
.....................
640
635,027
Silver
Creek
CLO
Ltd.
(a)(b)
Series
2014-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.24%),
1.49%,
07/20/30
....
460
458,472
Series
2014-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.30%),
2.55%,
07/20/30
....
500
496,758
Sixth
Street
CLO
XIX
Ltd.,
Series
2021-19A,
Class
A,
(LIBOR
USD
3
Month
+
1.10%),
1.35%,
07/20/34
(a)(b)
................
3,815
3,757,129
SLM
Private
Credit
Student
Loan
Trust,
Series
2004-B,
Class
A3,
(LIBOR
USD
3
Month
+
0.33%),
1.16%,
03/15/24
(a)
...........
276
274,821
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(LIBOR
USD
1
Month
+
4.75%),
5.15%,
10/15/41
(a)(b)
..........
3,573
3,960,603
SMB
Private
Education
Loan
Trust
(b)
Series
2015-B,
Class
B,
3.50%,
12/17/40
..
990
958,265
Series
2020-B,
Class
B,
2.76%,
07/15/53
..
510
473,631
Series
2020-PTA,
Class
A2A,
1.60%,
09/15/54
.....................
3,785
3,621,761
Series
2020-PTA,
Class
B,
2.50%,
09/15/54
1,540
1,406,097
Series
2021-A,
Class
B,
2.31%,
01/15/53
..
1,010
943,253
Series
2021-A,
Class
C,
2.99%,
01/15/53
.
2,870
2,676,072
Series
2021-A,
Class
D1,
3.86%,
01/15/53
.
1,340
1,280,805
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-A,
Class
D2,
3.86%,
01/15/53
.
USD
730
$
694,683
Series
2021-C,
Class
B,
2.30%,
01/15/53
.
190
177,369
Series
2021-C,
Class
C,
3.00%,
01/15/53
.
160
152,561
Series
2021-C,
Class
D,
3.93%,
01/15/53
.
100
94,443
Sound
Point
CLO
XII
Ltd.,
Series
2016-2A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.05%),
2.30%,
10/20/28
(a)(b)
................
900
896,212
Sound
Point
CLO
XV
Ltd.,
Series
2017-1A,
Class
ARR,
(LIBOR
USD
3
Month
+
0.90%),
1.16%,
01/23/29
(a)(b)
................
291
289,287
Sound
Point
CLO
XXIII,
Series
2019-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.17%),
1.41%,
07/15/34
(a)(b)
.....................
4,180
4,135,924
Sound
Point
CLO
XXVI
Ltd.,
Series
2020-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.35%),
3.60%,
07/20/34
(a)(b)
................
320
319,996
Sound
Point
CLO
XXVIII
Ltd.,
Series
2020-3A,
Class
A1,
(LIBOR
USD
3
Month
+
1.28%),
1.54%,
01/25/32
(a)(b)
................
460
458,850
St
Paul's
CLO
VI
DAC,
Series
6A,
Class
DRRE,
(EURIBOR
3
Month
+
3.30%),
3.30%,
05/20/34
(a)(b)
.....................
EUR
500
533,635
St
Paul's
CLO
XII
DAC,
Series
12X,
Class
B1,
(EURIBOR
3
Month
+
1.60%),
1.60%,
04/15/33
(a)(d)
.....................
310
336,360
Steele
Creek
CLO
Ltd.,
Series
2017-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.25%),
1.49%,
10/15/30
(a)(b)
.....................
USD
1,070
1,065,902
Sutton
Park
CLO
DAC,
Series
1X,
Class
BE,
(EURIBOR
3
Month
+
2.35%),
2.35%,
11/15/31
(a)(d)
.....................
EUR
202
219,010
Symphony
CLO
XVI
Ltd.,
Series
2015-16A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
1.39%,
10/15/31
(a)(b)
................
USD
250
248,704
Symphony
CLO
XVII
Ltd.,
Series
2016-17A,
Class
AR,
(LIBOR
USD
3
Month
+
0.88%),
1.12%,
04/15/28
(a)(b)
................
468
465,897
Symphony
CLO
XXIII
Ltd.,
Series
2020-23A,
Class
BR,
(LIBOR
USD
3
Month
+
1.60%),
1.84%,
01/15/34
(a)(b)
................
250
247,359
Symphony
CLO
XXVI
Ltd.,
Series
2021-26A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
1.33%,
04/20/33
(a)(b)
................
514
509,054
TCI-Flatiron
CLO
Ltd.,
Series
2017-1A,
Class
AR,
(LIBOR
USD
3
Month
+
0.96%),
1.43%,
11/18/30
(a)(b)
.....................
890
881,809
TCW
CLO
AMR
Ltd.,
Series
2019-1A,
Class
ASNR,
(LIBOR
USD
3
Month
+
1.22%),
1.68%,
08/16/34
(a)(b)
................
250
246,868
TIAA
CLO
III
Ltd.,
Series
2017-2A,
Class
A,
(LIBOR
USD
3
Month
+
1.15%),
1.39%,
01/16/31
(a)(b)
.....................
910
905,056
TICP
CLO
IX
Ltd.,
Series
2017-9A,
Class
A,
(LIBOR
USD
3
Month
+
1.14%),
1.39%,
01/20/31
(a)(b)
.....................
670
666,243
TICP
CLO
VI
Ltd.
(a)(b)
Series
2016-6A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.12%),
1.36%,
01/15/34
....
1,060
1,046,594
Series
2016-6A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.50%),
1.74%,
01/15/34
....
1,360
1,339,567
Trestles
CLO
III
Ltd.
(a)(b)
Series
2020-3A,
Class
A1,
(LIBOR
USD
3
Month
+
1.33%),
1.58%,
01/20/33
....
1,830
1,821,937
Series
2020-3A,
Class
B1,
(LIBOR
USD
3
Month
+
1.85%),
2.10%,
01/20/33
....
530
526,763
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Trestles
CLO
IV
Ltd.,
Series
2021-4A,
Class
A,
(LIBOR
USD
3
Month
+
1.17%),
1.43%,
07/21/34
(a)(b)
.....................
USD
1,550
$
1,532,950
Trestles
CLO
V
Ltd.,
Series
2021-5A,
Class
A1,
(LIBOR
USD
3
Month
+
1.17%),
1.33%,
10/20/34
(a)(b)
.....................
1,380
1,363,440
Tricon
American
Homes,
Series
2020-SFR1,
Class
D,
2.55%,
07/17/38
(b)
...........
2,225
2,034,413
Trinitas
CLO
IV
Ltd.,
Series
2016-4A,
Class
A2L2,
(LIBOR
USD
3
Month
+
1.40%),
1.64%,
10/18/31
(a)(b)
................
220
220,739
Trinitas
CLO
XIV
Ltd.
(a)(b)
Series
2020-14A,
Class
B,
(LIBOR
USD
3
Month
+
2.00%),
2.26%,
01/25/34
....
730
723,307
Series
2020-14A,
Class
C,
(LIBOR
USD
3
Month
+
3.00%),
3.26%,
01/25/34
....
530
529,873
Venture
32
CLO
Ltd.,
Series
2018-32A,
Class
A2A,
(LIBOR
USD
3
Month
+
1.07%),
1.31%,
07/18/31
(a)(b)
................
350
347,383
Venture
XVIII
CLO
Ltd.,
Series
2014-18A,
Class
AR,
(LIBOR
USD
3
Month
+
1.22%),
1.46%,
10/15/29
(a)(b)
.....................
3,230
3,220,271
Voya
CLO
Ltd.
(a)(b)
Series
2017-3A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.04%),
1.29%,
04/20/34
....
465
459,719
Series
2017-4A,
Class
A1,
(LIBOR
USD
3
Month
+
1.13%),
1.37%,
10/15/30
....
1,680
1,672,355
Series
2019-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.06%),
1.30%,
04/15/31
....
2,064
2,048,404
Voya
Euro
CLO
II
DAC
(a)(b)(e)
Series
2A,
Class
AR,
(EURIBOR
3
Month
+
0.96%),
0.96%,
07/15/35
..........
EUR
1,360
1,497,730
Series
2A,
Class
CR,
(EURIBOR
3
Month
+
2.15%),
2.15%,
07/15/35
..........
250
270,685
Voya
Euro
CLO
V
DAC
(a)(b)
Series
5A,
Class
B1,
(EURIBOR
3
Month
+
1.75%),
1.75%,
04/15/35
..........
440
478,712
Series
5A,
Class
D,
(EURIBOR
3
Month
+
3.10%),
3.10%,
04/15/35
..........
250
265,922
Whitebox
CLO
I
Ltd.,
Series
2019-1A,
Class
CR,
(LIBOR
USD
3
Month
+
3.05%),
3.31%,
07/24/32
(a)(b)
.....................
USD
900
881,077
Whitebox
CLO
II
Ltd.
(a)(b)
Series
2020-2A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.22%),
1.48%,
10/24/34
....
530
522,983
Series
2020-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.75%),
2.01%,
10/24/34
....
280
276,705
Series
2020-2A,
Class
DR,
(LIBOR
USD
3
Month
+
3.35%),
3.61%,
10/24/34
....
280
274,032
Whitebox
CLO
III
Ltd.,
Series
2021-3A,
Class
D,
(LIBOR
USD
3
Month
+
3.35%),
3.47%,
10/15/34
(a)(b)
.....................
250
247,152
Wind
River
CLO
Ltd.,
Series
2016-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.05%),
1.29%,
07/15/28
(a)(b)
.....................
330
330,282
Woodmont
Trust,
Series
2017-2A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.67%),
1.92%,
04/20/33
(a)(b)
.....................
2,030
2,034,754
York
CLO-2
Ltd.,
Series
2015-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
1.41%,
01/22/31
(a)(b)
.....................
1,250
1,245,040
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
York
CLO-3
Ltd.,
Series
2016-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.75%),
2.00%,
10/20/29
(a)(b)
.....................
USD
930
$
925,522
Total
Asset-Backed
Securities
—
10.1%
(Cost:
$403,501,985)
..............................
397,584,588
Corporate
Bonds
Aerospace
&
Defense
—
1.4%
BAE
Systems
plc,
3.40%,
04/15/30
(b)
......
2,647
2,608,266
Embraer
Netherlands
Finance
BV,
5.40%,
02/01/27
......................
218
218,409
General
Dynamics
Corp.,
3.63%,
04/01/30
..
1,046
1,077,273
Huntington
Ingalls
Industries,
Inc.
2.04%,
08/16/28
(b)
.................
639
577,645
4.20%,
05/01/30
..................
2,110
2,194,499
L3Harris
Technologies,
Inc.
4.40%,
06/15/28
..................
6,690
6,957,214
1.80%,
01/15/31
..................
6,312
5,484,337
Leidos
,
Inc.
4.38%,
05/15/30
..................
3,778
3,820,144
2.30%,
02/15/31
..................
3,171
2,748,781
Lockheed
Martin
Corp.
3.60%,
03/01/35
..................
3,540
3,576,796
3.80%,
03/01/45
..................
844
861,811
Northrop
Grumman
Corp.
3.25%,
01/15/28
..................
5,213
5,213,237
4.03%,
10/15/47
..................
1,192
1,254,195
5.25%,
05/01/50
..................
512
638,025
Raytheon
Technologies
Corp.
3.15%,
12/15/24
..................
920
924,025
7.20%,
08/15/27
..................
630
749,853
7.00%,
11/01/28
..................
2,010
2,409,676
4.13%,
11/16/28
..................
2,680
2,801,411
2.15%,
05/18/30
..................
EUR
938
1,037,756
2.38%,
03/15/32
..................
USD
1,687
1,548,714
4.50%,
06/01/42
..................
164
180,842
4.20%,
12/15/44
..................
515
515,560
2.82%,
09/01/51
..................
2,600
2,186,576
3.03%,
03/15/52
..................
1,708
1,496,427
Textron,
Inc.
3.90%,
09/17/29
..................
2,448
2,491,207
2.45%,
03/15/31
..................
799
723,383
54,296,062
Air
Freight
&
Logistics
—
0.0%
FedEx
Corp.,
2.40%,
05/15/31
..........
336
306,701
Airlines
—
0.5%
Air
Canada
Pass-Through
Trust
(b)
Series
2017-1,
Class
B,
3.70%,
01/15/26
.
7
6,277
Series
2017-1,
Class
AA,
3.30%,
01/15/30
417
397,747
American
Airlines
Pass-Through
Trust
Series
2015-2,
Class
B,
4.40%,
09/22/23
.
1,567
1,525,915
Series
2016-1,
Class
B,
5.25%,
01/15/24
.
1,045
1,019,013
Series
2016-2,
Class
B,
4.38%,
06/15/24
(b)
594
565,739
Series
2017-1,
Class
B,
4.95%,
02/15/25
.
493
472,497
Series
2015-2,
Class
AA,
3.60%,
09/22/27
301
292,854
Series
2016-1,
Class
AA,
3.58%,
01/15/28
2,251
2,138,975
Series
2019-1,
Class
B,
3.85%,
02/15/28
.
997
885,095
Series
2016-2,
Class
AA,
3.20%,
06/15/28
433
410,632
Series
2016-3,
Class
AA,
3.00%,
10/15/28
901
836,948
Series
2017-1,
Class
AA,
3.65%,
02/15/29
343
332,356
Series
2017-2,
Class
AA,
3.35%,
10/15/29
656
628,444
Series
2019-1,
Class
AA,
3.15%,
02/15/32
1,012
950,556
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
24
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Airlines
(continued)
Delta
Air
Lines
Pass-Through
Trust,
Series
2019-1,
Class
AA,
3.20%,
04/25/24
.....
USD
2,311
$
2,312,969
United
Airlines
Pass-Through
Trust
Series
2014-1,
Class
B,
4.75%,
04/11/22
.
14
14,420
Series
2014-2,
Class
B,
4.63%,
09/03/22
.
109
109,307
Series
2016-2,
Class
B,
3.65%,
10/07/25
.
77
72,009
Series
2020-1,
Class
B,
4.88%,
01/15/26
.
726
716,286
Series
2020-1,
Class
A,
5.88%,
10/15/27
.
2,573
2,662,975
Series
2015-1,
Class
AA,
3.45%,
12/01/27
885
873,497
Series
2019-2,
Class
B,
3.50%,
05/01/28
.
997
900,598
Series
2016-1,
Class
AA,
3.10%,
07/07/28
52
50,221
Series
2016-2,
Class
AA,
2.88%,
10/07/28
430
407,349
Series
2018-1,
Class
AA,
3.50%,
03/01/30
534
515,761
Series
2019-1,
Class
AA,
4.15%,
08/25/31
612
617,238
Series
2019-2,
Class
AA,
2.70%,
05/01/32
828
757,961
20,473,639
Auto
Components
—
0.0%
(d)
Metalsa
S
A
P
I
De
Cv,
3.75%,
05/04/31
....
361
310,911
Nemak
SAB
de
CV,
3.63%,
06/28/31
......
361
311,769
622,680
Automobiles
—
0.1%
General
Motors
Co.,
4.00%,
04/01/25
.....
698
704,465
Hyundai
Capital
America,
2.38%,
02/10/23
(b)
.
586
584,088
Nissan
Motor
Co.
Ltd.,
4.81%,
09/17/30
(b)
...
4,370
4,332,222
5,620,775
Banks
—
4.6%
Banco
Santander
SA
1.85%,
03/25/26
..................
1,400
1,308,526
3.31%,
06/27/29
..................
2,200
2,130,434
Bank
of
America
Corp.
(a)
(LIBOR
USD
3
Month
+
0.79%),
3.00%,
12/20/23
.....................
843
845,128
(SOFR
+
0.74%),
0.81%,
10/24/24
......
1,155
1,117,478
(SOFR
+
1.33%),
3.38%,
04/02/26
......
5,768
5,760,235
(SOFR
+
1.01%),
1.20%,
10/24/26
......
2,360
2,181,075
Series
N,
(SOFR
+
0.91%),
1.66%,
03/11/27
4,730
4,409,175
(SOFR
+
0.96%),
1.73%,
07/22/27
......
3,661
3,399,916
(LIBOR
USD
3
Month
+
1.58%),
3.82%,
01/20/28
.....................
5,226
5,286,286
(SOFR
+
1.05%),
2.55%,
02/04/28
......
5,402
5,161,518
(LIBOR
USD
3
Month
+
1.51%),
3.71%,
04/24/28
.....................
711
715,547
(LIBOR
USD
3
Month
+
1.37%),
3.59%,
07/21/28
.....................
6,747
6,758,743
(LIBOR
USD
3
Month
+
1.07%),
3.97%,
03/05/29
.....................
1,422
1,443,640
(LIBOR
USD
3
Month
+
1.31%),
4.27%,
07/23/29
.....................
2,018
2,081,977
(LIBOR
USD
3
Month
+
1.21%),
3.97%,
02/07/30
.....................
2,712
2,755,772
(LIBOR
USD
3
Month
+
1.18%),
3.19%,
07/23/30
.....................
2,865
2,772,244
(SOFR
+
1.37%),
1.92%,
10/24/31
......
3,462
3,007,363
Series
N,
(SOFR
+
1.22%),
2.65%,
03/11/32
1,614
1,480,289
(SOFR
+
1.22%),
2.30%,
07/21/32
......
2,600
2,314,039
(SOFR
+
1.21%),
2.57%,
10/20/32
......
1,601
1,454,770
(SOFR
+
1.33%),
2.97%,
02/04/33
......
7,052
6,607,673
(LIBOR
USD
3
Month
+
1.32%),
4.08%,
04/23/40
.....................
608
624,262
(SOFR
+
1.93%),
2.68%,
06/19/41
......
3,085
2,604,845
Barclays
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.70%),
3.81%,
03/10/42
(a)
................
847
757,447
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
BNP
Paribas
SA,
(SOFR
+
1.22%),
2.16%,
09/15/29
(a)(b)
....................
USD
2,933
$
2,609,394
Citigroup,
Inc.
(a)
(SOFR
+
1.53%),
3.29%,
03/17/26
......
8,649
8,619,817
(SOFR
+
1.28%),
3.07%,
02/24/28
......
8,750
8,522,139
(LIBOR
USD
3
Month
+
1.39%),
3.67%,
07/24/28
.....................
1,509
1,509,334
(SOFR
+
1.42%),
2.98%,
11/05/30
......
10,814
10,257,172
(SOFR
+
1.35%),
3.06%,
01/25/33
......
250
233,583
Citizens
Financial
Group,
Inc.,
3.25%,
04/30/30
1,112
1,086,803
Danske
Bank
A/S
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.03%),
1.17%,
12/08/23
(a)(b)
..............
1,325
1,307,905
5.38%,
01/12/24
(d)
.................
514
529,954
5.38%,
01/12/24
(b)
.................
3,127
3,224,060
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.73%),
1.55%,
09/10/27
(a)(b)
..............
434
395,194
Discover
Bank,
3.45%,
07/27/26
.........
398
395,689
Grupo
Aval
Ltd.
4.75%,
09/26/22
(d)
.................
232
233,015
4.38%,
02/04/30
(b)
.................
1,896
1,641,898
HSBC
Holdings
plc
(a)
(SOFR
+
1.10%),
2.25%,
11/22/27
......
2,125
1,979,940
(LIBOR
USD
3
Month
+
1.53%),
4.58%,
06/19/29
.....................
1,592
1,638,013
(LIBOR
USD
3
Month
+
1.61%),
3.97%,
05/22/30
.....................
1,702
1,702,689
(SOFR
+
1.19%),
2.80%,
05/24/32
......
1,799
1,634,642
ING
Groep
NV,
4.63%,
01/06/26
(b)
........
1,903
1,966,799
JPMorgan
Chase
&
Co.
(a)
(3
Month
CME
Term
SOFR
+
1.59%),
2.00%,
03/13/26
................
12,299
11,857,065
(LIBOR
USD
3
Month
+
1.25%),
3.96%,
01/29/27
.....................
4,777
4,875,948
(LIBOR
USD
3
Month
+
1.34%),
3.78%,
02/01/28
.....................
7,853
7,953,486
(SOFR
+
1.17%),
2.95%,
02/24/28
......
4,574
4,463,658
(LIBOR
USD
3
Month
+
1.38%),
3.54%,
05/01/28
.....................
2,434
2,440,369
(LIBOR
USD
3
Month
+
1.33%),
4.45%,
12/05/29
.....................
2,412
2,514,179
(SOFR
+
1.26%),
2.96%,
01/25/33
......
2,324
2,190,959
(LIBOR
USD
3
Month
+
1.58%),
4.26%,
02/22/48
.....................
1,107
1,183,032
(LIBOR
USD
3
Month
+
1.46%),
4.03%,
07/24/48
.....................
1,589
1,633,236
(LIBOR
USD
3
Month
+
1.22%),
3.90%,
01/23/49
.....................
426
430,869
KeyCorp,
2.55%,
10/01/29
............
22
20,801
Lloyds
Banking
Group
plc
3.75%,
01/11/27
..................
498
496,642
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.85%),
1.63%,
05/11/27
(a)
...............
640
586,849
Mitsubishi
UFJ
Financial
Group,
Inc.
3.46%,
03/02/23
..................
2,589
2,616,062
2.19%,
02/25/25
..................
3,403
3,290,001
Mizuho
Financial
Group,
Inc.,
(SOFR
+
1.53%),
1.98%,
09/08/31
(a)
................
3,076
2,689,223
NBK
Tier
1
Financing
Ltd.,
(CMTUSD6Y
+
2.88%),
3.63%
(a)(b)(f)
...............
1,238
1,156,756
Santander
UK
Group
Holdings
plc
(a)
(SOFR
+
0.79%),
1.09%,
03/15/25
......
2,441
2,321,790
(SOFR
+
1.22%),
2.47%,
01/11/28
......
525
488,280
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Standard
Chartered
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.18%),
2.61%,
01/12/28
(a)(b)
........
USD
4,393
$
4,107,002
Sumitomo
Mitsui
Financial
Group,
Inc.,
2.35%,
01/15/25
......................
3,382
3,286,405
Toronto-Dominion
Bank
(The),
3.20%,
03/10/32
1,050
1,033,351
US
Bancorp,
3.00%,
07/30/29
..........
1,028
1,007,423
Wells
Fargo
&
Co.,
(SOFR
+
1.51%),
3.53%,
03/24/28
(a)
.....................
1,473
1,470,042
180,579,850
Beverages
—
0.4%
Anheuser-Busch
Cos.
LLC
4.70%,
02/01/36
..................
4,213
4,518,508
4.90%,
02/01/46
..................
486
540,503
Anheuser-Busch
InBev
Finance,
Inc.,
4.00%,
01/17/43
......................
960
944,674
Anheuser-Busch
InBev
Worldwide,
Inc.
4.00%,
04/13/28
..................
417
432,079
4.75%,
01/23/29
..................
7,213
7,820,156
4.60%,
04/15/48
..................
1,834
1,979,388
16,235,308
Biotechnology
—
0.6%
AbbVie,
Inc.
2.60%,
11/21/24
..................
1,252
1,243,340
3.80%,
03/15/25
..................
7,462
7,600,662
4.50%,
05/14/35
..................
1,736
1,863,243
4.30%,
05/14/36
..................
435
454,287
4.85%,
06/15/44
..................
4
4,434
4.70%,
05/14/45
..................
1,910
2,073,690
4.88%,
11/14/48
..................
588
664,564
Amgen,
Inc.
2.45%,
02/21/30
..................
64
60,341
4.40%,
05/01/45
..................
2,862
3,005,326
4.20%,
02/22/52
..................
314
324,737
Biogen,
Inc.
2.25%,
05/01/30
..................
2,536
2,281,756
3.25%,
02/15/51
(b)
.................
814
672,878
Gilead
Sciences,
Inc.
2.60%,
10/01/40
..................
447
376,370
4.15%,
03/01/47
..................
1,872
1,924,868
2.80%,
10/01/50
..................
1,048
857,603
23,408,099
Building
Products
—
0.0%
Carrier
Global
Corp.,
2.24%,
02/15/25
.....
401
390,381
Johnson
Controls
International
plc,
5.13%,
09/14/45
......................
10
11,402
Owens
Corning,
3.95%,
08/15/29
........
318
323,646
725,429
Capital
Markets
—
3.7%
Blackstone
Private
Credit
Fund
(b)
3.25%,
03/15/27
..................
2,202
2,018,061
4.00%,
01/15/29
..................
1,802
1,668,323
Credit
Suisse
AG
3.63%,
09/09/24
..................
2,137
2,161,513
1.25%,
08/07/26
..................
2,074
1,891,272
Credit
Suisse
Group
AG,
(LIBOR
USD
3
Month
+
1.24%),
4.21%,
06/12/24
(a)(b)
........
1,753
1,768,611
Deutsche
Bank
AG
(SOFR
+
1.13%),
1.45%,
04/01/25
(a)
....
4,899
4,678,866
1.69%,
03/19/26
..................
4,744
4,449,571
(SOFR
+
1.32%),
2.55%,
01/07/28
(a)
....
1,881
1,735,304
FactSet
Research
Systems,
Inc.,
3.45%,
03/01/32
......................
1,261
1,218,085
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Goldman
Sachs
Group,
Inc.
(The)
4.00%,
03/03/24
..................
USD
439
$
447,969
3.00%,
03/15/24
..................
7,341
7,331,698
(SOFR
+
0.73%),
1.76%,
01/24/25
(a)
....
3,909
3,810,893
3.50%,
04/01/25
..................
18,221
18,356,894
3.75%,
05/22/25
..................
1,630
1,654,532
(SOFR
+
0.61%),
0.86%,
02/12/26
(a)
....
4,963
4,623,642
3.75%,
02/25/26
..................
574
583,053
(LIBOR
USD
3
Month
+
1.17%),
1.68%,
05/15/26
(a)
....................
871
875,467
3.50%,
11/16/26
..................
640
642,661
3.85%,
01/26/27
..................
2,778
2,802,941
(SOFR
+
0.80%),
1.43%,
03/09/27
(a)
....
4,289
3,952,317
(SOFR
+
1.11%),
2.64%,
02/24/28
(a)
.....
4,315
4,125,687
(SOFR
+
1.85%),
3.62%,
03/15/28
(a)
....
7,302
7,291,776
(LIBOR
USD
3
Month
+
1.51%),
3.69%,
06/05/28
(a)
....................
714
714,819
(SOFR
+
1.28%),
2.62%,
04/22/32
(a)
....
1,202
1,092,451
(SOFR
+
1.26%),
2.65%,
10/21/32
(a)
....
2,017
1,823,496
(SOFR
+
1.41%),
3.10%,
02/24/33
(a)
....
8,481
7,994,085
Intercontinental
Exchange,
Inc.
3.75%,
09/21/28
..................
973
992,664
2.10%,
06/15/30
..................
964
880,391
1.85%,
09/15/32
..................
666
575,186
Moody's
Corp.
3.25%,
01/15/28
..................
1,335
1,332,867
3.75%,
02/25/52
..................
598
589,370
3.10%,
11/29/61
..................
799
668,169
Morgan
Stanley
3.63%,
01/20/27
..................
1,380
1,391,863
(SOFR
+
0.88%),
1.59%,
05/04/27
(a)
....
4,792
4,452,160
(SOFR
+
0.86%),
1.51%,
07/20/27
(a)
....
2,179
2,002,945
(LIBOR
USD
3
Month
+
1.34%),
3.59%,
07/22/28
(a)
....................
7,304
7,324,312
(LIBOR
USD
3
Month
+
1.14%),
3.77%,
01/24/29
(a)
....................
4,156
4,188,430
(LIBOR
USD
3
Month
+
1.63%),
4.43%,
01/23/30
(a)
....................
9,362
9,788,764
(SOFR
+
1.14%),
2.70%,
01/22/31
(a)
....
6,286
5,898,571
(SOFR
+
1.03%),
1.79%,
02/13/32
(a)
....
1,485
1,276,990
(SOFR
+
1.02%),
1.93%,
04/28/32
(a)
....
631
545,398
(SOFR
+
1.18%),
2.24%,
07/21/32
(a)
....
2,386
2,114,305
(SOFR
+
1.20%),
2.51%,
10/20/32
(a)
....
856
771,546
(SOFR
+
1.29%),
2.94%,
01/21/33
(a)
....
2,501
2,345,283
Morgan
Stanley
Domestic
Holdings,
Inc.,
4.50%,
06/20/28
.................
981
1,017,874
Nomura
Holdings,
Inc.
2.61%,
07/14/31
..................
2,431
2,185,005
3.00%,
01/22/32
..................
2,082
1,917,859
S&P
Global,
Inc.
(b)
4.75%,
08/01/28
..................
3,150
3,384,190
3.90%,
03/01/62
..................
72
74,061
UBS
Group
AG,
(LIBOR
USD
3
Month
+
0.95%),
2.86%,
08/15/23
(a)(b)
..........
703
704,056
146,136,246
Chemicals
—
0.3%
Dow
Chemical
Co.
(The),
1.13%,
03/15/32
..
EUR
1,156
1,151,091
DuPont
de
Nemours,
Inc.,
4.49%,
11/15/25
..
USD
2,969
3,087,903
Ecolab,
Inc.,
2.75%,
08/18/55
..........
1,954
1,615,795
Equate
Petrochemical
BV
4.25%,
11/03/26
(d)
.................
202
204,500
2.63%,
04/28/28
(b)
.................
545
503,444
LYB
International
Finance
III
LLC,
4.20%,
05/01/50
......................
1,579
1,559,502
MEGlobal
Canada
ULC,
5.00%,
05/18/25
(b)
..
700
719,163
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Orbia
Advance
Corp.
SAB
de
CV,
5.50%,
01/15/48
(d)
.....................
USD
259
$
253,172
Sherwin-Williams
Co.
(The),
2.30%,
05/15/30
.
2,238
2,046,368
Westlake
Corp.,
3.38%,
08/15/61
........
1,049
853,256
11,994,194
Commercial
Services
&
Supplies
—
0.2%
RELX
Capital,
Inc.
3.50%,
03/16/23
..................
595
600,098
4.00%,
03/18/29
..................
2,571
2,637,187
3.00%,
05/22/30
..................
3,694
3,529,374
Republic
Services,
Inc.
3.38%,
11/15/27
..................
513
514,864
3.95%,
05/15/28
..................
9
9,251
Waste
Management,
Inc.,
1.15%,
03/15/28
..
2,678
2,393,341
9,684,115
Communications
Equipment
—
0.3%
Juniper
Networks,
Inc.,
2.00%,
12/10/30
....
445
384,907
Motorola
Solutions,
Inc.
4.60%,
05/23/29
..................
5,164
5,369,955
2.75%,
05/24/31
..................
3,881
3,511,457
5.50%,
09/01/44
..................
1,648
1,812,127
11,078,446
Construction
&
Engineering
—
0.0%
Mexico
City
Airport
Trust,
5.50%,
07/31/47
(d)
.
1,355
1,197,481
Consumer
Finance
—
0.8%
American
Express
Co.,
2.55%,
03/04/27
....
2,305
2,241,207
Capital
One
Financial
Corp.,
(SOFR
+
1.79%),
3.27%,
03/01/30
(a)
................
3,424
3,306,062
Discover
Financial
Services,
4.50%,
01/30/26
424
436,816
General
Motors
Financial
Co.,
Inc.
3.55%,
07/08/22
..................
5,097
5,122,951
3.70%,
05/09/23
..................
2,616
2,642,121
1.70%,
08/18/23
..................
3,621
3,581,959
5.10%,
01/17/24
..................
2,023
2,091,501
1.20%,
10/15/24
..................
1,079
1,024,289
4.00%,
01/15/25
..................
2,900
2,935,636
2.75%,
06/20/25
..................
2,538
2,465,055
1.25%,
01/08/26
..................
1,022
935,199
2.40%,
10/15/28
..................
905
809,887
Hyundai
Capital
Services,
Inc.,
3.00%,
08/29/22
(b)
.....................
1,650
1,654,434
Synchrony
Financial
4.50%,
07/23/25
..................
64
65,284
3.70%,
08/04/26
..................
874
868,869
30,181,270
Containers
&
Packaging
—
0.0%
International
Paper
Co.,
6.00%,
11/15/41
...
807
960,832
Diversified
Financial
Services
—
0.0%
ORIX
Corp.,
2.90%,
07/18/22
..........
941
944,552
Shell
International
Finance
BV,
2.38%,
11/07/29
359
340,039
1,284,591
Diversified
Telecommunication
Services
—
1.8%
AT&T,
Inc.
0.00%,
11/27/22
(b)(g)
................
8,000
7,870,817
3.90%,
03/11/24
..................
440
449,390
1.65%,
02/01/28
..................
4,283
3,902,275
2.25%,
02/01/32
..................
1,594
1,413,429
2.55%,
12/01/33
..................
2,617
2,325,059
4.50%,
05/15/35
..................
1,480
1,567,839
3.15%,
09/04/36
..................
EUR
385
467,799
2.60%,
05/19/38
..................
1,050
1,195,717
6.38%,
03/01/41
..................
USD
1,791
2,318,372
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
5.15%,
03/15/42
..................
USD
414
$
465,233
3.10%,
02/01/43
..................
870
751,061
5.15%,
02/15/50
..................
1,302
1,483,771
3.50%,
09/15/53
..................
1,975
1,732,952
3.55%,
09/15/55
..................
3,019
2,662,656
3.65%,
09/15/59
..................
3,467
3,040,325
3.85%,
06/01/60
..................
305
273,009
3.50%,
02/01/61
..................
1,150
977,462
Deutsche
Telekom
International
Finance
BV,
3.60%,
01/19/27
(b)
................
2,606
2,630,579
Verizon
Communications,
Inc.
2.10%,
03/22/28
..................
5,736
5,346,375
4.33%,
09/21/28
..................
5,813
6,131,983
4.02%,
12/03/29
..................
875
908,120
3.15%,
03/22/30
..................
1,100
1,081,823
1.50%,
09/18/30
..................
5,726
4,972,414
1.68%,
10/30/30
..................
5,415
4,721,494
1.75%,
01/20/31
..................
3,143
2,740,288
2.55%,
03/21/31
..................
497
461,738
2.36%,
03/15/32
(b)
.................
1,696
1,531,853
2.65%,
11/20/40
..................
1,777
1,511,620
3.40%,
03/22/41
..................
405
379,654
2.85%,
09/03/41
..................
3,268
2,876,664
2.88%,
11/20/50
..................
2,543
2,124,735
3.55%,
03/22/51
..................
708
665,305
3.00%,
11/20/60
..................
528
430,569
3.70%,
03/22/61
..................
834
772,514
72,184,894
Electric
Utilities
—
2.8%
AEP
Texas,
Inc.
3.95%,
06/01/28
..................
2,458
2,508,012
Series
H,
3.45%,
01/15/50
...........
520
461,522
AEP
Transmission
Co.
LLC
3.80%,
06/15/49
..................
618
610,076
3.15%,
09/15/49
..................
1,683
1,490,200
Series
M,
3.65%,
04/01/50
...........
1,678
1,618,398
Alabama
Power
Co.
Series
A,
4.30%,
07/15/48
...........
1,271
1,333,740
3.45%,
10/01/49
..................
527
488,898
American
Transmission
Systems,
Inc.,
2.65%,
01/15/32
(b)
.....................
1,292
1,194,063
Atlantic
City
Electric
Co.,
4.00%,
10/15/28
...
415
427,999
Baltimore
Gas
&
Electric
Co.
3.50%,
08/15/46
..................
1,218
1,176,947
3.75%,
08/15/47
..................
557
548,541
4.25%,
09/15/48
..................
831
881,952
3.20%,
09/15/49
..................
1,036
933,957
CenterPoint
Energy
Houston
Electric
LLC
Series
AE,
2.35%,
04/01/31
..........
1,709
1,586,474
3.95%,
03/01/48
..................
448
465,570
Series
AD,
2.90%,
07/01/50
..........
620
550,894
Series
AH,
3.60%,
03/01/52
..........
280
280,386
Commonwealth
Edison
Co.
Series
130,
3.13%,
03/15/51
..........
834
755,946
Series
133,
3.85%,
03/15/52
..........
439
453,804
DTE
Electric
Co.
4.30%,
07/01/44
..................
2
2,115
Series
A,
4.05%,
05/15/48
...........
1,505
1,586,607
3.95%,
03/01/49
..................
1,541
1,591,230
Duke
Energy
Carolinas
LLC
3.95%,
11/15/28
..................
1,410
1,463,913
3.88%,
03/15/46
..................
942
946,516
3.55%,
03/15/52
..................
340
335,871
Duke
Energy
Florida
LLC
2.50%,
12/01/29
..................
11,482
10,798,908
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
3.00%,
12/15/51
..................
USD
49
$
43,785
Duke
Energy
Progress
LLC
3.70%,
09/01/28
..................
605
615,727
3.45%,
03/15/29
..................
4,704
4,713,260
Edison
International
2.40%,
09/15/22
..................
38
38,034
3.13%,
11/15/22
..................
8
8,041
4.95%,
04/15/25
..................
1,105
1,130,512
Entergy
Arkansas
LLC,
3.35%,
06/15/52
....
720
670,607
Entergy
Louisiana
LLC,
4.20%,
09/01/48
...
1,581
1,655,861
Exelon
Corp.
2.75%,
03/15/27
(b)
.................
662
645,033
5.10%,
06/15/45
..................
312
346,735
4.70%,
04/15/50
..................
512
563,084
4.10%,
03/15/52
(b)
.................
225
228,526
FEL
Energy
VI
SARL,
5.75%,
12/01/40
(d)
....
599
537,099
FirstEnergy
Corp.
Series
B,
4.40%,
07/15/27
(c)
..........
1,839
1,850,678
2.65%,
03/01/30
..................
2,240
2,033,685
Series
B,
2.25%,
09/01/30
...........
1,970
1,743,450
Series
C,
3.40%,
03/01/50
...........
411
346,181
FirstEnergy
Transmission
LLC
(b)
4.35%,
01/15/25
..................
5,908
5,936,464
5.45%,
07/15/44
..................
267
291,084
4.55%,
04/01/49
..................
3,044
2,908,205
Florida
Power
&
Light
Co.
4.05%,
10/01/44
..................
467
488,377
3.95%,
03/01/48
..................
1,353
1,439,522
4.13%,
06/01/48
..................
403
436,816
3.15%,
10/01/49
..................
2,531
2,359,159
2.88%,
12/04/51
..................
610
546,846
MidAmerican
Energy
Co.
3.10%,
05/01/27
..................
90
89,959
3.65%,
04/15/29
..................
4,992
5,131,035
3.65%,
08/01/48
..................
180
178,341
4.25%,
07/15/49
..................
910
992,873
3.15%,
04/15/50
..................
1,371
1,259,158
Mid-Atlantic
Interstate
Transmission
LLC,
4.10%,
05/15/28
(b)
................
317
319,843
Northern
States
Power
Co.
4.00%,
08/15/45
..................
669
689,494
2.90%,
03/01/50
..................
1,200
1,058,634
3.20%,
04/01/52
..................
540
508,087
NRG
Energy,
Inc.
(b)
2.45%,
12/02/27
..................
3,615
3,334,128
4.45%,
06/15/29
..................
1,496
1,496,612
NSTAR
Electric
Co.,
3.95%,
04/01/30
.....
425
441,145
Ohio
Power
Co.
Series
Q,
1.63%,
01/15/31
...........
623
532,966
4.00%,
06/01/49
..................
983
979,357
Oncor
Electric
Delivery
Co.
LLC
3.70%,
11/15/28
..................
3,698
3,803,555
3.80%,
09/30/47
..................
565
570,663
3.80%,
06/01/49
..................
968
987,369
5.35%,
10/01/52
..................
384
484,549
Pacific
Gas
&
Electric
Co.
2.50%,
02/01/31
..................
145
125,068
3.25%,
06/01/31
..................
963
871,061
4.95%,
07/01/50
..................
1,119
1,053,986
PECO
Energy
Co.,
3.05%,
03/15/51
......
1,924
1,733,275
Public
Service
Electric
&
Gas
Co.
3.65%,
09/01/28
..................
2,089
2,121,033
3.20%,
05/15/29
..................
472
470,469
3.00%,
03/01/51
..................
545
482,431
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Southern
California
Edison
Co.
Series
20C,
1.20%,
02/01/26
.........
USD
730
$
671,330
2.25%,
06/01/30
..................
2,987
2,700,305
Southwestern
Public
Service
Co.,
Series
8,
3.15%,
05/01/50
.................
2,123
1,900,744
Star
Energy
Geothermal
Darajat
II,
4.85%,
10/14/38
(b)
.....................
835
828,111
Tampa
Electric
Co.
4.45%,
06/15/49
..................
892
956,450
3.45%,
03/15/51
..................
508
472,883
Trans-Allegheny
Interstate
Line
Co.,
3.85%,
06/01/25
(b)
.....................
3,808
3,833,940
Virginia
Electric
&
Power
Co.,
4.00%,
01/15/43
1,160
1,181,429
Vistra
Operations
Co.
LLC,
4.30%,
07/15/29
(b)
3,137
3,027,952
111,357,545
Entertainment
—
0.2%
Electronic
Arts,
Inc.,
1.85%,
02/15/31
......
2,914
2,559,264
Magallanes,
Inc.,
3.43%,
03/15/24
(b)
......
1,916
1,926,504
Walt
Disney
Co.
(The)
2.75%,
09/01/49
..................
2,429
2,066,799
4.70%,
03/23/50
..................
1,140
1,322,098
7,874,665
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.6%
Alexandria
Real
Estate
Equities,
Inc.,
2.95%,
03/15/34
......................
476
447,817
American
Tower
Corp.
2.95%,
01/15/25
..................
176
174,004
1.30%,
09/15/25
..................
916
853,225
3.65%,
03/15/27
..................
940
937,488
3.95%,
03/15/29
..................
885
886,181
3.80%,
08/15/29
..................
5,742
5,714,056
2.10%,
06/15/30
..................
2,256
1,967,479
2.30%,
09/15/31
..................
801
699,452
Boston
Properties
LP,
3.13%,
09/01/23
.....
616
619,664
Crown
Castle
International
Corp.
3.15%,
07/15/23
..................
245
246,655
2.90%,
03/15/27
..................
601
581,026
3.10%,
11/15/29
..................
4,449
4,215,511
3.30%,
07/01/30
..................
1,993
1,905,962
2.25%,
01/15/31
..................
2,420
2,132,950
2.50%,
07/15/31
..................
1,760
1,570,001
Digital
Dutch
Finco
BV
(d)
1.50%,
03/15/30
..................
EUR
1,950
1,985,174
1.00%,
01/15/32
..................
1,070
1,000,114
Duke
Realty
LP,
1.75%,
02/01/31
........
USD
3,245
2,814,490
Equinix
,
Inc.
1.25%,
07/15/25
..................
601
560,305
1.00%,
09/15/25
..................
2,149
1,974,763
3.20%,
11/18/29
..................
3,250
3,110,237
2.15%,
07/15/30
..................
2,427
2,124,030
2.50%,
05/15/31
..................
1,201
1,077,085
3.90%,
04/15/32
..................
3,550
3,527,564
GLP
Capital
LP
5.25%,
06/01/25
..................
2,013
2,072,001
4.00%,
01/15/30
..................
4,627
4,491,012
4.00%,
01/15/31
..................
2,571
2,493,562
3.25%,
01/15/32
..................
4,689
4,254,330
Invitation
Homes
Operating
Partnership
LP
2.30%,
11/15/28
..................
684
618,773
4.15%,
04/15/32
..................
1,217
1,242,884
National
Retail
Properties,
Inc.
2.50%,
04/15/30
..................
1,554
1,429,308
3.50%,
04/15/51
..................
1,224
1,076,586
3.00%,
04/15/52
..................
1,157
927,763
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
28
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Realty
Income
Corp.,
3.25%,
01/15/31
.....
USD
1,331
$
1,307,052
Service
Properties
Trust,
4.35%,
10/01/24
...
990
952,875
61,991,379
Gas
Utilities
—
0.2%
Atmos
Energy
Corp.,
4.13%,
03/15/49
.....
684
720,256
CenterPoint
Energy
Resources
Corp.,
1.75%,
10/01/30
......................
5,245
4,598,058
ONE
Gas,
Inc.,
2.00%,
05/15/30
.........
480
429,434
Promigas
SA
ESP
3.75%,
10/16/29
(b)
.................
959
864,586
3.75%,
10/16/29
(d)
.................
936
843,851
7,456,185
Health
Care
Equipment
&
Supplies
—
0.1%
Baxter
International,
Inc.,
1.92%,
02/01/27
(b)
.
560
523,309
Boston
Scientific
Corp.,
2.65%,
06/01/30
...
1,287
1,207,613
Medtronic
Global
Holdings
SCA
1.38%,
10/15/40
..................
EUR
528
517,979
1.75%,
07/02/49
..................
800
793,418
3,042,319
Health
Care
Providers
&
Services
—
1.3%
Aetna,
Inc.
6.63%,
06/15/36
..................
USD
344
433,228
4.50%,
05/15/42
..................
745
775,491
4.75%,
03/15/44
..................
5
5,442
Anthem,
Inc.,
3.60%,
03/15/51
..........
726
694,075
Centene
Corp.
2.45%,
07/15/28
..................
1,254
1,145,780
3.00%,
10/15/30
..................
3,317
3,046,565
Cigna
Corp.
3.40%,
03/01/27
..................
2,935
2,962,128
3.40%,
03/15/51
..................
1,731
1,559,660
CVS
Health
Corp.
3.75%,
04/01/30
..................
6,477
6,590,281
5.13%,
07/20/45
..................
4,928
5,562,778
HCA,
Inc.
4.75%,
05/01/23
..................
2,418
2,478,363
5.00%,
03/15/24
..................
429
444,686
5.25%,
04/15/25
..................
3,462
3,644,833
5.25%,
06/15/26
..................
3,142
3,316,398
2.38%,
07/15/31
..................
5,518
4,931,476
3.63%,
03/15/32
(b)
.................
3,781
3,705,209
4.63%,
03/15/52
(b)
.................
1,417
1,428,011
Humana,
Inc.
4.50%,
04/01/25
..................
491
508,408
4.88%,
04/01/30
..................
824
887,952
UnitedHealth
Group,
Inc.
3.38%,
04/15/27
..................
80
81,262
6.88%,
02/15/38
..................
333
463,628
4.63%,
11/15/41
..................
1,829
2,076,926
4.20%,
01/15/47
..................
953
1,029,674
3.70%,
08/15/49
..................
596
604,795
2.90%,
05/15/50
..................
914
810,150
49,187,199
Hotels,
Restaurants
&
Leisure
—
0.0%
Marriott
International,
Inc.,
Series
HH,
2.85%,
04/15/31
......................
424
386,982
McDonald's
Corp.,
4.45%,
03/01/47
.......
918
985,866
1,372,848
Industrial
Conglomerates
—
0.1%
GE
Capital
Funding
LLC,
4.55%,
05/15/32
..
802
861,248
GE
Capital
International
Funding
Co.
Unlimited
Co.,
4.42%,
11/15/35
..............
2,683
2,880,975
Security
Par
(000)
Par
(000)
Value
Industrial
Conglomerates
(continued)
Roper
Technologies,
Inc.,
2.95%,
09/15/29
..
USD
741
$
714,247
4,456,470
Insurance
—
0.4%
American
International
Group,
Inc.
4.50%,
07/16/44
..................
750
809,314
4.75%,
04/01/48
..................
1,021
1,169,822
Aon
Corp.
4.50%,
12/15/28
..................
1,371
1,436,233
3.75%,
05/02/29
..................
938
959,093
2.80%,
05/15/30
..................
3,868
3,684,485
3.90%,
02/28/52
..................
81
79,940
Berkshire
Hathaway
Finance
Corp.,
3.85%,
03/15/52
......................
536
548,096
Hartford
Financial
Services
Group,
Inc.
(The),
5.95%,
10/15/36
.................
721
848,765
Marsh
&
McLennan
Cos.,
Inc.
1.35%,
09/21/26
..................
EUR
1,005
1,102,798
1.98%,
03/21/30
..................
1,422
1,564,294
2.25%,
11/15/30
..................
USD
1,547
1,412,154
13,614,994
Internet
&
Direct
Marketing
Retail
—
0.1%
Amazon.com,
Inc.,
2.50%,
06/03/50
......
3,794
3,167,463
IT
Services
—
0.6%
Fidelity
National
Information
Services,
Inc.
1.00%,
12/03/28
..................
EUR
2,550
2,685,899
2.25%,
03/01/31
..................
USD
2,633
2,328,257
Fiserv,
Inc.,
3.50%,
07/01/29
...........
3,126
3,076,898
Global
Payments,
Inc.
1.20%,
03/01/26
..................
5,280
4,864,310
4.80%,
04/01/26
..................
3,096
3,250,096
2.15%,
01/15/27
..................
327
306,914
3.20%,
08/15/29
..................
5,011
4,760,515
2.90%,
05/15/30
..................
728
671,902
International
Business
Machines
Corp.
4.25%,
05/15/49
..................
1,045
1,112,896
3.43%,
02/09/52
..................
1,225
1,166,998
24,224,685
Life
Sciences
Tools
&
Services
—
0.2%
Agilent
Technologies,
Inc.
3.05%,
09/22/26
..................
2,061
2,046,577
2.75%,
09/15/29
..................
820
781,979
2.10%,
06/04/30
..................
245
219,898
2.30%,
03/12/31
..................
585
528,473
Thermo
Fisher
Scientific,
Inc.
2.80%,
10/15/41
..................
719
643,971
1.88%,
10/01/49
..................
EUR
1,600
1,586,805
5,807,703
Machinery
—
0.2%
CNH
Industrial
Capital
LLC,
4.20%,
01/15/24
.
USD
4,412
4,499,588
Otis
Worldwide
Corp.,
2.57%,
02/15/30
....
1,407
1,314,972
5,814,560
Media
—
1.1%
Charter
Communications
Operating
LLC
2.25%,
01/15/29
..................
133
119,682
4.40%,
04/01/33
..................
1,943
1,937,253
6.48%,
10/23/45
..................
5,099
5,804,617
5.38%,
05/01/47
..................
3,700
3,788,397
6.83%,
10/23/55
..................
1,104
1,308,977
3.85%,
04/01/61
..................
1,390
1,117,504
4.40%,
12/01/61
..................
805
700,732
3.95%,
06/30/62
..................
2,252
1,821,107
Comcast
Corp.
3.15%,
02/15/28
..................
1,876
1,872,781
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Media
(continued)
2.65%,
02/01/30
..................
USD
3,085
$
2,961,269
4.25%,
10/15/30
..................
2,404
2,564,494
3.25%,
11/01/39
..................
947
897,953
3.40%,
07/15/46
..................
1,090
1,023,381
3.97%,
11/01/47
..................
814
826,951
2.45%,
08/15/52
..................
3,087
2,448,533
2.94%,
11/01/56
(b)
.................
1,161
958,432
Cox
Communications,
Inc.
(b)
3.15%,
08/15/24
..................
2,304
2,307,774
3.60%,
06/15/51
..................
1,352
1,203,015
Discovery
Communications
LLC,
1.90%,
03/19/27
......................
EUR
2,645
2,866,668
Interpublic
Group
of
Cos.,
Inc.
(The),
4.75%,
03/30/30
......................
USD
958
1,028,569
Omnicom
Group,
Inc.,
2.45%,
04/30/30
....
611
565,162
Paramount
Global
4.38%,
03/15/43
..................
679
646,238
5.85%,
09/01/43
..................
591
680,934
Time
Warner
Cable
LLC
6.55%,
05/01/37
..................
674
775,120
5.88%,
11/15/40
..................
994
1,068,262
41,293,805
Metals
&
Mining
—
0.4%
Anglo
American
Capital
plc
(b)
5.63%,
04/01/30
..................
1,911
2,107,260
2.88%,
03/17/31
..................
490
448,748
AngloGold
Ashanti
Holdings
plc,
3.75%,
10/01/30
......................
234
217,807
Glencore
Funding
LLC
(b)
1.63%,
04/27/26
..................
2,945
2,719,620
2.50%,
09/01/30
..................
3,349
2,996,827
2.85%,
04/27/31
..................
3,782
3,453,648
2.63%,
09/23/31
..................
1,689
1,510,826
3.38%,
09/23/51
..................
1,020
857,633
Newmont
Corp.,
2.25%,
10/01/30
........
1,212
1,107,684
Nucor
Corp.,
3.95%,
05/01/28
..........
933
954,240
16,374,293
Multi-Utilities
—
0.1%
Ameren
Illinois
Co.
3.80%,
05/15/28
..................
430
441,256
3.25%,
03/15/50
..................
811
742,574
Consumers
Energy
Co.
3.80%,
11/15/28
..................
81
82,574
3.75%,
02/15/50
..................
1,096
1,101,000
3.50%,
08/01/51
..................
817
797,996
3,165,400
Oil,
Gas
&
Consumable
Fuels
—
3.1%
Boardwalk
Pipelines
LP,
4.80%,
05/03/29
...
9
9,308
BP
Capital
Markets
America,
Inc.
3.79%,
02/06/24
..................
1,163
1,183,174
3.19%,
04/06/25
..................
640
644,600
3.00%,
03/17/52
..................
1,650
1,421,383
Cameron
LNG
LLC
(b)
3.30%,
01/15/35
..................
3,704
3,481,111
3.40%,
01/15/38
..................
717
667,794
Cenovus
Energy,
Inc.,
3.75%,
02/15/52
....
126
112,680
Cheniere
Corpus
Christi
Holdings
LLC
7.00%,
06/30/24
..................
5,195
5,527,669
5.88%,
03/31/25
..................
778
821,126
5.13%,
06/30/27
..................
8,198
8,738,472
3.70%,
11/15/29
..................
510
508,409
Chevron
USA,
Inc.,
2.34%,
08/12/50
......
581
470,400
Devon
Energy
Corp.
8.25%,
08/01/23
..................
300
317,744
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.88%,
06/15/28
..................
USD
84
$
88,930
4.50%,
01/15/30
..................
423
436,509
4.75%,
05/15/42
..................
930
982,746
5.00%,
06/15/45
..................
694
755,578
Diamondback
Energy,
Inc.
3.25%,
12/01/26
..................
3,005
3,000,536
3.50%,
12/01/29
..................
8,450
8,370,284
3.13%,
03/24/31
..................
3,508
3,350,321
4.40%,
03/24/51
..................
1,769
1,794,558
4.25%,
03/15/52
..................
1,079
1,066,421
EIG
Pearl
Holdings
SARL
(b)
3.55%,
08/31/36
..................
1,751
1,672,205
4.39%,
11/30/46
..................
1,909
1,784,915
Energy
Transfer
LP
3.90%,
05/15/24
(c)
.................
2,971
2,988,556
2.90%,
05/15/25
..................
1,622
1,586,562
5.95%,
12/01/25
..................
1,740
1,863,411
4.20%,
04/15/27
..................
3,659
3,725,602
4.00%,
10/01/27
..................
139
139,894
4.95%,
06/15/28
..................
760
798,181
6.63%,
10/15/36
..................
396
445,597
7.50%,
07/01/38
..................
16
19,718
6.50%,
02/01/42
..................
685
787,294
6.10%,
02/15/42
..................
541
589,209
5.15%,
02/01/43
..................
537
527,524
6.25%,
04/15/49
..................
105
120,485
5.00%,
05/15/50
..................
2,444
2,472,935
Enterprise
Products
Operating
LLC
3.13%,
07/31/29
..................
1,523
1,495,532
5.95%,
02/01/41
..................
1,194
1,415,501
Galaxy
Pipeline
Assets
Bidco
Ltd.
(b)
2.16%,
03/31/34
..................
910
836,062
2.94%,
09/30/40
..................
995
897,988
Marathon
Petroleum
Corp.,
5.00%,
09/15/54
.
1,003
1,022,731
MPLX
LP
4.88%,
12/01/24
..................
1,524
1,578,348
1.75%,
03/01/26
..................
888
832,082
NGPL
PipeCo
LLC
(b)
4.88%,
08/15/27
..................
2,939
3,050,564
3.25%,
07/15/31
..................
2,540
2,371,449
Northwest
Pipeline
LLC,
4.00%,
04/01/27
...
5,629
5,772,741
Ovintiv
Exploration,
Inc.,
5.63%,
07/01/24
...
1,825
1,918,736
Sabine
Pass
Liquefaction
LLC
5.63%,
04/15/23
(c)
.................
1,205
1,232,893
5.75%,
05/15/24
..................
6,544
6,849,199
5.63%,
03/01/25
..................
11,757
12,430,658
5.88%,
06/30/26
..................
2,204
2,382,690
5.00%,
03/15/27
..................
579
612,330
Suncor
Energy,
Inc.,
6.50%,
06/15/38
.....
902
1,137,021
Texas
Eastern
Transmission
LP,
3.50%,
01/15/28
(b)
.....................
3,645
3,622,310
TransCanada
PipeLines
Ltd.,
4.63%,
03/01/34
411
438,559
Transcontinental
Gas
Pipe
Line
Co.
LLC
7.85%,
02/01/26
..................
3,912
4,484,544
4.00%,
03/15/28
..................
4,054
4,146,844
3.95%,
05/15/50
..................
466
453,135
122,253,758
Paper
&
Forest
Products
—
0.0%
Georgia-Pacific
LLC,
8.88%,
05/15/31
.....
165
230,510
Suzano
Austria
GmbH
5.75%,
07/14/26
(b)
.................
200
214,500
3.75%,
01/15/31
..................
570
533,805
Series
DM3N,
3.13%,
01/15/32
........
790
699,980
1,678,795
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
30
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
—
0.2%
Merck
&
Co.,
Inc.,
2.75%,
12/10/51
.......
USD
2,157
$
1,878,833
Roche
Holdings,
Inc.,
2.61%,
12/13/51
(b)
....
1,104
956,260
Takeda
Pharmaceutical
Co.
Ltd.
5.00%,
11/26/28
..................
1,379
1,495,349
2.05%,
03/31/30
..................
1,918
1,731,255
2.00%,
07/09/40
..................
EUR
2,215
2,315,158
8,376,855
Professional
Services
—
0.0%
Equifax,
Inc.,
2.35%,
09/15/31
..........
USD
434
388,185
Real
Estate
Management
&
Development
—
0.0%
MAF
Global
Securities
Ltd.,
4.75%,
05/07/24
(d)
232
236,930
Road
&
Rail
—
0.8%
Burlington
Northern
Santa
Fe
LLC
5.75%,
05/01/40
..................
1,030
1,283,539
4.45%,
03/15/43
..................
406
443,996
3.30%,
09/15/51
..................
1,669
1,578,265
2.88%,
06/15/52
..................
690
611,243
Canadian
Pacific
Railway
Co.,
2.05%,
03/05/30
17
15,573
CSX
Corp.
4.30%,
03/01/48
..................
1,496
1,607,174
4.75%,
11/15/48
..................
1,081
1,238,018
4.25%,
11/01/66
..................
408
424,091
Norfolk
Southern
Corp.
3.65%,
08/01/25
..................
1,005
1,016,948
2.90%,
06/15/26
..................
730
720,940
3.00%,
03/15/32
..................
2,577
2,511,277
4.45%,
06/15/45
..................
23
24,603
3.40%,
11/01/49
..................
842
785,821
3.05%,
05/15/50
..................
455
405,293
4.05%,
08/15/52
..................
709
744,529
Penske
Truck
Leasing
Co.
LP
(b)
4.25%,
01/17/23
..................
1,550
1,572,862
2.70%,
11/01/24
..................
710
699,222
4.00%,
07/15/25
..................
1,555
1,570,110
1.20%,
11/15/25
..................
1,773
1,627,278
1.70%,
06/15/26
..................
736
682,920
Ryder
System,
Inc.
2.50%,
09/01/24
..................
549
541,810
4.63%,
06/01/25
..................
3,096
3,204,887
3.35%,
09/01/25
..................
999
999,131
Union
Pacific
Corp.
3.25%,
01/15/25
..................
585
590,376
2.75%,
03/01/26
..................
777
772,021
2.95%,
03/10/52
..................
217
192,064
3.95%,
08/15/59
..................
39
39,595
3.84%,
03/20/60
..................
2,355
2,363,188
2.97%,
09/16/62
..................
1,712
1,448,711
Union
Pacific
Railroad
Co.
Pass-Through
Trust,
Series
2014-1,
3.23%,
05/14/26
.......
1,276
1,273,444
30,988,929
Semiconductors
&
Semiconductor
Equipment
—
1.3%
Analog
Devices,
Inc.,
2.95%,
10/01/51
.....
450
407,085
Applied
Materials,
Inc.,
2.75%,
06/01/50
....
984
875,041
Broadcom
Corp.,
3.88%,
01/15/27
.......
3,281
3,302,933
Broadcom,
Inc.
3.15%,
11/15/25
..................
1,154
1,144,644
4.11%,
09/15/28
..................
1,733
1,753,585
4.75%,
04/15/29
..................
1,414
1,485,734
4.15%,
04/15/32
..................
1,295
1,292,164
3.42%,
04/15/33
(b)
.................
8,852
8,261,763
3.47%,
04/15/34
(b)
.................
1,041
964,103
Intel
Corp.
3.73%,
12/08/47
..................
2,636
2,632,720
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
3.20%,
08/12/61
..................
USD
458
$
405,027
KLA
Corp.
4.10%,
03/15/29
..................
3,672
3,853,837
3.30%,
03/01/50
..................
3,091
2,911,476
Lam
Research
Corp.
3.75%,
03/15/26
..................
1,332
1,368,695
4.88%,
03/15/49
..................
1,602
1,908,278
2.88%,
06/15/50
..................
497
439,622
NVIDIA
Corp.,
3.50%,
04/01/50
.........
2,073
2,094,995
NXP
BV
(b)
4.30%,
06/18/29
..................
6,751
6,956,905
3.40%,
05/01/30
..................
1,493
1,449,345
2.50%,
05/11/31
..................
6,611
5,920,812
QUALCOMM,
Inc.
4.80%,
05/20/45
..................
790
916,447
4.30%,
05/20/47
..................
1,913
2,152,667
52,497,878
Software
—
1.0%
Autodesk,
Inc.
3.50%,
06/15/27
..................
2,529
2,542,069
2.40%,
12/15/31
..................
1,519
1,354,325
Citrix
Systems,
Inc.,
3.30%,
03/01/30
......
1,277
1,263,103
Microsoft
Corp.
2.53%,
06/01/50
..................
3,117
2,691,514
2.92%,
03/17/52
..................
142
133,251
Oracle
Corp.
3.90%,
05/15/35
..................
2,544
2,392,334
3.80%,
11/15/37
..................
2,558
2,313,416
6.13%,
07/08/39
..................
387
441,583
3.60%,
04/01/40
..................
7,525
6,527,835
3.65%,
03/25/41
..................
2,072
1,809,759
4.13%,
05/15/45
..................
5,375
4,826,862
4.00%,
07/15/46
..................
1,339
1,188,152
3.60%,
04/01/50
..................
1,517
1,258,143
4.38%,
05/15/55
..................
531
479,449
salesforce.com,
Inc.,
3.05%,
07/15/61
.....
1,739
1,525,446
ServiceNow,
Inc.,
1.40%,
09/01/30
.......
3,569
3,033,205
VMware,
Inc.
1.80%,
08/15/28
..................
1,969
1,746,319
4.70%,
05/15/30
..................
675
713,877
2.20%,
08/15/31
..................
4,018
3,537,579
Workday,
Inc.,
3.80%,
04/01/32
.........
835
833,411
40,611,632
Specialty
Retail
—
0.2%
Home
Depot,
Inc.
(The),
2.38%,
03/15/51
...
1,905
1,527,460
InRetail
Consumer,
3.25%,
03/22/28
(b)
.....
635
594,836
Lowe's
Cos.,
Inc.
2.50%,
04/15/26
..................
408
397,809
1.30%,
04/15/28
..................
1,569
1,397,278
1.70%,
09/15/28
..................
436
394,594
3.65%,
04/05/29
..................
1,432
1,455,204
2.80%,
09/15/41
..................
1,860
1,593,092
4.25%,
04/01/52
..................
270
279,270
7,639,543
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
Apple,
Inc.
2.38%,
02/08/41
..................
1,020
888,510
3.85%,
05/04/43
..................
1,243
1,307,435
2.55%,
08/20/60
..................
3,689
3,023,215
2.80%,
02/08/61
..................
451
387,777
Dell
International
LLC
4.90%,
10/01/26
..................
367
384,944
8.35%,
07/15/46
..................
66
96,452
3.45%,
12/15/51
(b)
.................
790
641,788
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
Hewlett
Packard
Enterprise
Co.,
6.35%,
10/15/45
(c)
.....................
USD
497
$
585,166
HP,
Inc.
2.65%,
06/17/31
..................
535
478,665
6.00%,
09/15/41
..................
242
282,031
Seagate
HDD
Cayman,
4.09%,
06/01/29
...
252
244,453
Western
Digital
Corp.,
2.85%,
02/01/29
....
2,940
2,685,954
11,006,390
Thrifts
&
Mortgage
Finance
—
0.1%
BPCE
SA,
2.70%,
10/01/29
(b)
...........
2,389
2,268,647
Tobacco
—
0.3%
Altria
Group,
Inc.
3.40%,
05/06/30
..................
1,187
1,141,583
3.13%,
06/15/31
..................
EUR
2,880
3,186,784
2.45%,
02/04/32
..................
USD
422
366,832
3.40%,
02/04/41
..................
1,968
1,615,031
BAT
Capital
Corp.
4.76%,
09/06/49
..................
64
58,826
3.98%,
09/25/50
..................
937
759,334
Philip
Morris
International,
Inc.,
1.45%,
08/01/39
......................
EUR
2,600
2,184,569
Reynolds
American,
Inc.,
5.85%,
08/15/45
...
USD
1,002
1,030,985
10,343,944
Trading
Companies
&
Distributors
—
0.1%
United
Rentals
North
America,
Inc.,
3.88%,
11/15/27
......................
1,880
1,861,670
Wireless
Telecommunication
Services
—
0.5%
Rogers
Communications,
Inc.
(b)
3.80%,
03/15/32
..................
3,727
3,698,140
4.55%,
03/15/52
..................
3,032
3,014,288
T-Mobile
USA,
Inc.
3.88%,
04/15/30
..................
9,806
9,843,647
2.55%,
02/15/31
..................
483
437,985
2.70%,
03/15/32
(b)
.................
1,741
1,583,775
3.40%,
10/15/52
(b)
.................
903
767,947
19,345,782
Total
Corporate
Bonds
—
32.0%
(Cost:
$1,341,776,267)
............................
1,256,671,063
Foreign
Agency
Obligations
Colombia
—
0.1%
(b)
Ecopetrol
SA,
6.88%
,
04/29/30
..........
2,126
2,234,426
Empresas
Publicas
de
Medellin
ESP
(b)
4.25%,
07/18/29
..................
552
488,630
4.38%,
02/15/31
..................
511
435,883
3,158,939
Mexico
—
0.4%
Comision
Federal
de
Electricidad
,
3.35%
,
02/09/31
(d)
......................
331
290,204
Petroleos
Mexicanos
7.19%,
09/12/24
..................
MXN
212
1,015,177
6.88%,
10/16/25
..................
USD
685
716,441
6.84%,
01/23/30
..................
2,104
2,088,220
6.70%,
02/16/32
..................
8,118
7,712,100
5.50%,
06/27/44
..................
389
293,306
6.75%,
09/21/47
..................
571
458,484
7.69%,
01/23/50
..................
901
783,870
6.95%,
01/28/60
..................
174
140,923
13,498,725
Security
Par
(000)
Par
(000)
Value
Panama
—
0.0%
Aeropuerto
Internacional
de
Tocumen
SA,
5.13%
,
08/11/61
(b)
.................
USD
400
$
364,700
Qatar
—
0.0%
Qatar
Energy,
3.13%
,
07/12/41
(b)
.........
577
526,513
Total
Foreign
Agency
Obligations
—
0.5%
(Cost:
$18,572,116)
...............................
17,548,877
Foreign
Government
Obligations
Chile
—
0.0%
Republic
of
Chile,
4.34%
,
03/07/42
........
1,135
1,165,645
China
—
0.4%
People's
Republic
of
China
2.85%,
06/04/27
..................
CNY
68,210
10,818,473
3.01%,
05/13/28
..................
35,320
5,623,204
16,441,677
Colombia
—
0.1%
Republic
of
Colombia,
4.50%
,
03/15/29
.....
USD
3,718
3,578,110
Hungary
—
0.1%
Hungary
Government
Bond,
5.38%
,
03/25/24
.
2,860
2,997,280
Indonesia
—
0.2%
Republic
of
Indonesia
2.85%,
02/14/30
..................
298
292,654
8.38%,
03/15/34
..................
IDR
26,037,000
1,986,879
7.50%,
06/15/35
..................
25,560,000
1,826,795
3.05%,
03/12/51
..................
USD
2,624
2,371,729
6,478,057
Mexico
—
0.3%
United
Mexican
States
2.66%,
05/24/31
..................
4,749
4,326,339
4.50%,
01/31/50
..................
5,805
5,482,823
4.40%,
02/12/52
..................
3,040
2,798,320
12,607,482
Panama
—
0.1%
Republic
of
Panama
3.88%,
03/17/28
..................
1,275
1,303,927
4.50%,
04/01/56
..................
2,439
2,395,250
3,699,177
Peru
—
0.1%
Republic
of
Peru
4.13%,
08/25/27
..................
536
557,038
3.55%,
03/10/51
..................
2,119
1,977,027
2,534,065
Philippines
—
0.1%
Republic
of
Philippines
3.00%,
02/01/28
..................
3,147
3,159,148
3.20%,
07/06/46
..................
2,747
2,469,168
5,628,316
Russia
—
0.0%
Russian
Federation,
6.10%
,
07/18/35
(h)(
i
)
....
RUB
257,079
94,921
Uruguay
—
0.1%
Oriental
Republic
of
Uruguay
4.38%,
10/27/27
..................
USD
1,813
1,920,745
5.10%,
06/18/50
..................
1,369
1,619,934
3,540,679
Total
Foreign
Government
Obligations
—
1.5%
(Cost:
$63,511,987)
...............................
58,765,409
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Municipal
Bonds
California
-
0.4%
Bay
Area
Toll
Authority,
Series
2010S-1,
RB,
7.04%, 04/01/50
..................
USD
1,925
$
2,951,762
Los
Angeles
Community
College
District,
Series
2010E,
GO,
6.60%, 08/01/42
..........
980
1,385,460
Los
Angeles
Unified
School
District,
Series
2010I,
GO,
6.76%, 07/01/34
..........
2,505
3,178,342
State
of
California
Series
2018,
GO,
4.60%, 04/01/38
......
4,110
4,380,049
Series
2009,
GO,
7.55%, 04/01/39
......
1,300
1,932,518
University
of
California,
Series
2012AD,
RB,
4.86%, 05/15/12
..................
425
476,267
14,304,398
Georgia
-
0.0%
Municipal
Electric
Authority
of
Georgia,
Series
2010A,
RB,
6.64%, 04/01/57
..........
682
910,381
Illinois
-
0.1%
State
of
Illinois,
Series
2003,
GO,
5.10%, 06/01/33
..................
4,725
5,019,388
Massachusetts
-
0.0%
Massachusetts
Housing
Finance
Agency,
Series
2015A,
RB,
4.50%, 12/01/48
.....
230
233,372
New
Jersey
-
0.0%
New
Jersey
Turnpike
Authority,
Series
2009F,
RB,
7.41%, 01/01/40
...............
665
972,325
New
York
-
0.1%
Metropolitan
Transportation
Authority
Series
2010A,
RB,
6.67%, 11/15/39
.....
270
339,071
Series
2010E,
RB,
6.81%, 11/15/40
.....
730
946,871
New
York
City
Municipal
Water
Finance
Authority,
Series
2011CC,
RB,
5.88%, 06/15/44
..................
440
583,402
New
York
State
Dormitory
Authority,
Series
2010H,
RB,
5.39%, 03/15/40
..........
320
376,034
Port
Authority
of
New
York
&
New
Jersey,
Series
2014-181,
RB,
4.96%, 08/01/46
...
1,665
1,960,340
4,205,718
Ohio
-
0.0%
American
Municipal
Power,
Inc.,
Series
2010B,
RB,
8.08%, 02/15/50
...............
765
1,263,374
Texas
-
0.2%
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2010A,
RB,
5.81%, 02/01/41
.....
1,095
1,391,699
State
of
Texas,
Series
2009A,
GO,
5.52%, 04/01/39
..................
1,235
1,564,657
2,956,356
Total
Municipal
Bonds
—
0.8%
(Cost:
$29,435,811)
...............................
29,865,312
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
1.6%
Angel
Oak
Mortgage
Trust
(a)(b)
Series
2020-3,
Class
A3,
2.87%,
04/25/65
.
807
796,692
Series
2020-3,
Class
M1,
3.81%,
04/25/65
.
880
866,759
Series
2020-4,
Class
A3,
2.81%,
06/25/65
.
328
324,762
Angel
Oak
Mortgage
Trust
I
LLC,
Series
2019-
4,
Class
A3,
3.30%,
07/26/49
(a)(b)
.......
266
266,010
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
CHL
Mortgage
Pass-Through
Trust,
Series
2004-29,
Class
1A1,
(LIBOR
USD
1
Month
+
0.54%),
1.00%,
02/25/35
(a)
...........
USD
184
$
177,612
COLT
Mortgage
Loan
Trust
(a)(b)
Series
2020-2,
Class
M1,
5.25%,
03/25/65
.
1,283
1,284,851
Series
2020-3,
Class
A3,
2.38%,
04/27/65
.
201
199,879
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2020-SPT1,
Class
M1,
(LIBOR
USD
1
Month
+
0.00%),
3.39%,
04/25/65
(a)(b)
...
1,020
1,015,829
Deephaven
Residential
Mortgage
Trust,
Series
2020-2,
Class
A3,
2.86%,
05/25/65
(b)
.....
2,000
1,988,896
Homeward
Opportunities
Fund
I
Trust
(a)(b)
Series
2020-2,
Class
A2,
2.63%,
05/25/65
.
1,733
1,704,837
Series
2020-2,
Class
A3,
3.20%,
05/25/65
.
1,237
1,215,189
JP
Morgan
Mortgage
Trust,
Series
2021-INV7,
Class
A5A,
2.50%,
02/25/52
(a)(b)
........
2,355
2,153,792
JPMorgan
Mortgage
Trust
(a)(b)
Series
2021-INV5,
Class
A2A,
2.50%,
12/25/51
.....................
20,726
19,166,899
Series
2021-INV7,
Class
A3A,
2.50%,
02/25/52
.....................
11,459
10,901,728
Series
2021-INV7,
Class
A4A,
2.50%,
02/25/52
.....................
4,034
3,359,120
MFA
Trust,
Series
2020-NQM1,
Class
A3,
2.30%,
08/25/49
(a)(b)
................
531
522,133
Mortgage
Loan
Resecuritization
Trust,
Series
2009-RS1,
Class
A85,
(LIBOR
USD
1
Month
+
0.34%),
0.57%,
04/16/36
(a)(b)
.........
2,247
2,127,862
MortgageIT
Trust,
Series
2004-1,
Class
A1,
(LIBOR
USD
1
Month
+
0.78%),
1.24%,
11/25/34
(a)
......................
263
261,423
New
Residential
Mortgage
Loan
Trust,
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
(a)(b)
..
245
248,030
Prima
Capital
CRE
Securitization
Ltd.,
Series
2015-4A,
Class
C,
4.00%,
08/24/49
(b)(e)
...
370
359,492
Residential
Mortgage
Loan
Trust
(a)(b)
Series
2020-2,
Class
A2,
2.51%,
05/25/60
.
1,500
1,476,115
Series
2020-2,
Class
M1,
3.57%,
05/25/60
.
1,680
1,663,774
Structured
Asset
Securities
Corp.
Assistance
Loan
Trust,
Series
2003-AL1,
Class
A,
3.36%,
04/25/31
(b)
.................
114
114,184
Verus
Securitization
Trust
(b)
Series
2019-INV2,
Class
M1,
3.50%,
07/25/59
(a)
....................
3,000
3,003,078
Series
2020-4,
Class
A3,
2.32%,
05/25/65
(c)
792
777,716
Series
2020-4,
Class
M1,
3.29%,
05/25/65
(a)
670
652,389
Series
2020-5,
Class
M1,
2.60%,
05/25/65
(a)
1,700
1,619,351
Series
2020-INV1,
Class
A2,
3.04%,
03/25/60
(a)
....................
902
889,906
Series
2020-INV1,
Class
A3,
3.89%,
03/25/60
(a)
....................
1,000
991,831
Visio
Trust,
Series
2020-1,
Class
M1,
4.45%,
08/25/55
(a)(b)
.....................
2,000
1,919,072
Vista
Point
Securitization
Trust
(a)(b)
Series
2020-1,
Class
A1,
1.76%,
03/25/65
.
439
438,053
Series
2020-2,
Class
A3,
2.50%,
04/25/65
.
816
793,611
63,280,875
Commercial
Mortgage-Backed
Securities
—
4.8%
1211
Avenue
of
the
Americas
Trust
(a)(b)
Series
2015-1211,
Class
C,
4.14%,
08/10/35
100
99,115
Series
2015-1211,
Class
D,
4.14%,
08/10/35
1,401
1,353,301
280
Park
Avenue
Mortgage
Trust,
Series
2017-280P,
Class
D,
(LIBOR
USD
1
Month
+
1.54%),
1.84%,
09/15/34
(a)(b)
..........
640
633,000
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Alen
Mortgage
Trust,
Series
2021-ACEN,
Class
D,
(LIBOR
USD
1
Month
+
3.10%),
3.50%,
04/15/34
(a)(b)
.....................
USD
587
$
573,555
Arbor
Multifamily
Mortgage
Securities
Trust
(b)
Series
2020-MF1,
Class
D,
1.75%,
05/15/53
(e)
....................
1,080
900,396
Series
2020-MF1,
Class
E,
1.75%,
05/15/53
600
450,089
Ashford
Hospitality
Trust,
Series
2018-ASHF,
Class
D,
(LIBOR
USD
1
Month
+
2.10%),
2.50%,
04/15/35
(a)(b)
................
174
168,338
Atrium
Hotel
Portfolio
Trust,
Series
2017-ATRM,
Class
D,
(LIBOR
USD
1
Month
+
1.95%),
2.35%,
12/15/36
(a)(b)
................
4,050
3,927,709
BAMLL
Commercial
Mortgage
Securities
Trust
(a)
(b)
Series
2017-SCH,
Class
AF,
(LIBOR
USD
1
Month
+
1.00%),
1.40%,
11/15/33
....
1,480
1,440,706
Series
2017-SCH,
Class
CL,
(LIBOR
USD
1
Month
+
1.50%),
1.90%,
11/15/32
....
1,450
1,271,519
Series
2017-SCH,
Class
DL,
(LIBOR
USD
1
Month
+
2.00%),
2.40%,
11/15/32
....
1,490
1,232,394
Series
2018-DSNY,
Class
C,
(LIBOR
USD
1
Month
+
1.35%),
1.75%,
09/15/34
....
1,000
977,370
Series
2018-DSNY,
Class
D,
(LIBOR
USD
1
Month
+
1.70%),
2.10%,
09/15/34
....
830
809,709
BANK
Series
2019-BN21,
Class
A5,
2.85%,
10/17/52
.....................
251
242,356
Series
2021-BN33,
Class
A5,
2.56%,
05/15/64
.....................
5,673
5,320,166
Series
2021-BN35,
Class
A5,
2.29%,
06/15/64
.....................
1,280
1,170,189
Series
2021-BN37,
Class
A5,
2.62%,
11/15/64
(a)
....................
747
702,878
Bayview
Commercial
Asset
Trust
(a)(b)
Series
2005-3A,
Class
A1,
(LIBOR
USD
1
Month
+
0.48%),
0.94%,
11/25/35
....
240
224,808
Series
2005-4A,
Class
A1,
(LIBOR
USD
1
Month
+
0.45%),
0.91%,
01/25/36
....
1,706
1,609,740
Series
2006-4A,
Class
A1,
(LIBOR
USD
1
Month
+
0.35%),
0.80%,
12/25/36
....
374
357,561
BBCMS
Mortgage
Trust
Series
2017-C1,
Class
B,
4.09%,
02/15/50
.
2,000
1,985,849
Series
2018-TALL,
Class
A,
(LIBOR
USD
1
Month
+
0.72%),
1.12%,
03/15/37
(a)(b)
..
232
226,299
Series
2021-C12,
Class
A5,
2.69%,
11/15/54
1,476
1,395,939
Series
2022-C15,
Class
A5,
1.00%,
04/15/55
(a)
....................
600
614,424
BBCMS
Trust,
Series
2015-SRCH,
Class
A1,
3.31%,
08/10/35
(b)
.................
898
887,162
BB-UBS
Trust,
Series
2012-SHOW,
Class
E,
4.03%,
11/05/36
(a)(b)
................
260
240,385
Bear
Stearns
Commercial
Mortgage
Securities
Trust,
Series
2005-PWR7,
Class
B,
4.88%,
02/11/41
(a)
......................
46
45,216
Benchamrk
Mortgage
Trust,  
3.79%,
04/15/55
878
904,301
Benchmark
Mortgage
Trust
Series
2018-B3,
Class
D,
3.04%,
04/10/51
(a)
(b)
..........................
130
110,448
Series
2018-B5,
Class
A3,
3.94%,
07/15/51
1,110
1,137,156
Series
2018-B5,
Class
C,
4.61%,
07/15/51
(a)
2,690
2,701,072
Series
2019-B10,
Class
3CCA,
3.90%,
03/15/62
(a)(b)
...................
823
783,873
Series
2020-B16,
Class
C,
3.54%,
02/15/53
(a)
....................
126
116,523
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
BWAY
Mortgage
Trust
(b)
Series
2013-1515,
Class
A2,
3.45%,
03/10/33
.....................
USD
419
$
415,920
Series
2013-1515,
Class
C,
3.45%,
03/10/33
2,810
2,701,116
Series
2013-1515,
Class
E,
3.72%,
03/10/33
100
94,620
BX
Commercial
Mortgage
Trust
(b)
Series
2018-BIOA,
Class
D,
(LIBOR
USD
1
Month
+
1.32%),
1.72%,
03/15/37
(a)
...
336
331,181
Series
2019-XL,
Class
D,
(LIBOR
USD
1
Month
+
1.45%),
1.85%,
10/15/36
(a)
...
3,604
3,570,003
Series
2020-VIV2,
Class
C,
3.54%,
03/09/44
(a)
....................
1,450
1,325,779
Series
2020-VIV3,
Class
B,
3.54%,
03/09/44
(a)
....................
180
170,798
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
2,938
2,748,444
Series
2021-VINO,
Class
D,
(LIBOR
USD
1
Month
+
1.35%),
1.75%,
05/15/38
(a)
...
3,600
3,469,494
BX
Trust
(b)
Series
2019-OC11,
Class
A,
3.20%,
12/09/41
.....................
71
68,541
Series
2019-OC11,
Class
D,
4.08%,
12/09/41
(a)
....................
1,832
1,700,006
Series
2021-ARIA,
Class
D,
(LIBOR
USD
1
Month
+
1.90%),
2.29%,
10/15/36
(a)
...
1,604
1,567,750
Series
2021-SOAR,
Class
D,
(LIBOR
USD
1
Month
+
1.40%),
1.80%,
06/15/38
(a)
...
2,130
2,075,218
Series
2021-VIEW,
Class
D,
(LIBOR
USD
1
Month
+
2.90%),
3.30%,
06/15/23
(a)
...
2,110
2,064,643
Series
2021-VIV5,
Class
A,
2.84%,
03/09/44
(a)
....................
2,214
2,087,143
Series
2022-LBA6,
Class
D,
(TSFR1M
+
2.00%),
2.30%,
01/15/39
(a)
.........
530
520,340
BXP
Trust
(a)(b)
Series
2017-CC,
Class
D,
(LIBOR
USD
1
Month
+
0.00%),
3.55%,
08/13/37
....
210
196,200
Series
2017-GM,
Class
D,
3.42%,
06/13/39
140
132,074
Series
2021-601L,
Class
D,
2.78%,
01/15/44
1,052
844,492
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
D,
(LIBOR
USD
1
Month
+
1.75%),
2.15%,
12/15/37
(a)(b)
..........
815
801,235
Cassia
Trust,  
2.03%,
05/22/34
..........
1,479
1,636,144
CD
Mortgage
Trust
Series
2017-CD3,
Class
A4,
3.63%,
02/10/50
.....................
280
282,435
Series
2017-CD5,
Class
B,
3.96%,
08/15/50
(a)
....................
446
438,037
Series
2018-CD7,
Class
C,
4.85%,
08/15/51
(a)
....................
4,250
4,254,235
CFCRE
Commercial
Mortgage
Trust
Series
2016-C3,
Class
A3,
3.87%,
01/10/48
110
111,703
Series
2017-C8,
Class
B,
4.20%,
06/15/50
(a)
667
662,859
Series
2018-TAN,
Class
A,
4.24%,
02/15/33
(b)
....................
410
412,025
Series
2018-TAN,
Class
C,
5.29%,
02/15/33
(b)
....................
840
842,101
CHC
Commercial
Mortgage
Trust,
Series
2019-CHC,
Class
B,
(LIBOR
USD
1
Month
+
1.50%),
1.90%,
06/15/34
(a)(b)
..........
1,600
1,576,152
Citigroup
Commercial
Mortgage
Trust
Series
2013-375P,
Class
C,
3.52%,
05/10/35
(a)(b)
...................
245
242,389
Series
2014-GC19,
Class
C,
5.09%,
03/10/47
(a)
....................
120
121,328
Series
2015-GC27,
Class
B,
3.77%,
02/10/48
.....................
240
234,677
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2016-C1,
Class
D,
4.94%,
05/10/49
(a)
(b)
..........................
USD
110
$
103,688
Series
2016-P3,
Class
C,
4.89%,
04/15/49
(a)
121
117,046
Series
2017-C4,
Class
A4,
3.47%,
10/12/50
290
290,286
Series
2018-C6,
Class
A4,
4.41%,
11/10/51
460
485,260
Series
2019-PRM,
Class
D,
4.35%,
05/10/36
(b)
....................
1,800
1,775,923
Commercial
Mortgage
Trust
Series
2013-GAM,
Class
E,
3.42%,
02/10/28
(a)(b)
...................
490
458,532
Series
2014-CR15,
Class
C,
4.69%,
02/10/47
(a)
....................
853
861,077
Series
2014-CR18,
Class
A4,
3.55%,
07/15/47
.....................
110
108,817
Series
2014-CR21,
Class
A3,
3.53%,
12/10/47
.....................
302
299,735
Series
2015-CR24,
Class
B,
4.38%,
08/10/48
(a)
....................
1,892
1,899,713
Series
2015-LC19,
Class
D,
2.87%,
02/10/48
(b)
....................
75
67,996
Series
2015-LC23,
Class
A4,
3.77%,
10/10/48
.....................
200
202,035
Series
2016-667M,
Class
D,
3.18%,
10/10/36
(a)(b)
...................
440
386,282
Credit
Suisse
Mortgage
Capital
Certificates
(a)(b)
Series
2019-ICE4,
Class
B,
(LIBOR
USD
1
Month
+
1.23%),
1.63%,
05/15/36
....
4,240
4,197,298
Series
2020-NET,
Class
D,
3.70%,
08/15/37
600
571,395
Series
2021-980M,
Class
D,
3.54%,
07/15/31
.....................
5,810
5,313,678
CSAIL
Commercial
Mortgage
Trust
Series
2015-C2,
Class
A4,
3.50%,
06/15/57
270
270,077
Series
2015-C4,
Class
D,
3.56%,
11/15/48
(a)
1,270
1,179,953
Series
2016-C5,
Class
B,
4.46%,
11/15/48
(a)
510
510,311
Series
2016-C5,
Class
C,
4.65%,
11/15/48
(a)
1,410
1,382,740
Series
2018-CX12,
Class
A4,
4.22%,
08/15/51
(a)
....................
90
93,184
Series
2018-CX12,
Class
C,
4.74%,
08/15/51
(a)
....................
268
268,327
Series
2019-C15,
Class
A4,
4.05%,
03/15/52
870
897,268
Series
2019-C16,
Class
C,
4.24%,
06/15/52
(a)
....................
649
607,948
Series
2019-C18,
Class
D,
2.50%,
12/15/52
(b)
....................
2,849
2,326,391
Series
2020-C19,
Class
A3,
2.56%,
03/15/53
1,415
1,323,691
CSMC
Trust
(b)
Series
2017-CALI,
Class
C,
3.78%,
11/10/32
(a)
....................
370
360,314
Series
2017-PFHP,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
1.35%,
12/15/30
(a)
...
530
526,349
Series
2017-TIME,
Class
A,
3.65%,
11/13/39
230
215,617
DBGS
Mortgage
Trust,
Series
2018-5BP,
Class
B,
(LIBOR
USD
1
Month
+
0.98%),
1.38%,
06/15/33
(a)(b)
.....................
610
600,064
DBJPM
Mortgage
Trust,
Series
2016-C1,
Class
A4,
3.28%,
05/10/49
...............
240
239,262
DBUBS
Mortgage
Trust
(b)
Series
2017-BRBK,
Class
A,
3.45%,
10/10/34
.....................
1,080
1,074,341
Series
2017-BRBK,
Class
D,
(LIBOR
USD
1
Month
+
0.00%),
3.53%,
10/10/34
(a)
...
360
346,710
Extended
Stay
America
Trust
(a)(b)
Series
2021-ESH,
Class
B,
(LIBOR
USD
1
Month
+
1.38%),
1.78%,
07/15/38
....
5,556
5,482,911
Series
2021-ESH,
Class
D,
(LIBOR
USD
1
Month
+
2.25%),
2.65%,
07/15/38
....
2,244
2,210,376
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
GCT
Commercial
Mortgage
Trust
(a)(b)
Series
2021-GCT,
Class
A,
(LIBOR
USD
1
Month
+
0.80%),
1.20%,
02/15/38
....
USD
410
$
403,020
Series
2021-GCT,
Class
C,
(LIBOR
USD
1
Month
+
1.70%),
2.10%,
02/15/38
....
2,060
2,019,286
GS
Mortgage
Securities
Corp.
II
(b)
Series
2005-ROCK,
Class
A,
5.37%,
05/03/32
.....................
800
836,020
Series
2012-TMSQ,
Class
D,
3.46%,
12/10/30
(a)
....................
250
239,732
GS
Mortgage
Securities
Corp.
Trust
(b)
Series
2017-GPTX,
Class
A,
2.86%,
05/10/34
.....................
570
568,361
Series
2019-BOCA,
Class
A,
(LIBOR
USD
1
Month
+
1.20%),
1.60%,
06/15/38
(a)
...
317
316,910
Series
2020-TWN3,
Class
B,
(LIBOR
USD
1
Month
+
2.50%),
2.90%,
11/15/37
(a)
...
1,800
1,797,830
Series
2020-TWN3,
Class
D,
(LIBOR
USD
1
Month
+
3.70%),
4.10%,
11/15/37
(a)
...
300
299,518
GS
Mortgage
Securities
Trust
Series
2012-GCJ9,
Class
C,
4.45%,
11/10/45
(a)(b)
...................
380
381,025
Series
2014-GC20,
Class
B,
4.53%,
04/10/47
(a)
....................
400
391,247
Series
2015-GC32,
Class
C,
4.42%,
07/10/48
(a)
....................
170
166,923
Series
2015-GS1,
Class
A3,
3.73%,
11/10/48
.....................
150
151,246
Series
2017-GS7,
Class
D,
3.00%,
08/10/50
(b)
....................
150
132,450
Series
2019-GSA1,
Class
C,
3.80%,
11/10/52
(a)
....................
110
103,475
HMH
Trust,
Series
2017-NSS,
Class
A,
3.06%,
07/05/31
(b)
......................
1,890
1,846,304
IMT
Trust
(b)
Series
2017-APTS,
Class
AFX,
3.48%,
06/15/34
.....................
440
438,580
Series
2017-APTS,
Class
DFX,
3.50%,
06/15/34
(a)
....................
730
707,188
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2021-MHC,
Class
D,
(LIBOR
USD
1
Month
+
1.70%),
2.10%,
04/15/38
(a)(b)
.....................
1,550
1,509,180
JPMBB
Commercial
Mortgage
Securities
Trust
(a)
Series
2014-C22,
Class
B,
4.55%,
09/15/47
2,772
2,710,701
Series
2015-C33,
Class
D1,
4.11%,
12/15/48
(b)
....................
553
504,286
JPMCC
Commercial
Mortgage
Securities
Trust
Series
2017-JP6,
Class
A5,
3.49%,
07/15/50
270
271,609
Series
2017-JP7,
Class
B,
4.05%,
09/15/50
90
89,164
Series
2019-COR5,
Class
A3,
3.12%,
06/13/52
.....................
390
381,234
Series
2019-COR5,
Class
C,
3.75%,
06/13/52
.....................
219
204,648
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2018-C8,
Class
A4,
4.21%,
06/15/51
200
208,244
JPMorgan
Chase
Commercial
Mortgage
Securities
Corp.,
Series
2018-AON,
Class
A,
4.13%,
07/05/31
(b)
.................
413
416,375
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2012-CBX,
Class
A4FL,
(LIBOR
USD
1
Month
+
1.30%),
1.74%,
06/15/45
(a)(b)
.
12
12,373
Series
2015-JP1,
Class
C,
4.72%,
01/15/49
(a)
....................
730
728,873
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2015-JP1,
Class
D,
4.22%,
01/15/49
(a)
....................
USD
770
$
692,779
Series
2015-JP1,
Class
E,
4.22%,
01/15/49
(a)
(b)
..........................
199
161,393
Series
2016-NINE,
Class
A,
2.85%,
09/06/38
(a)(b)
...................
193
186,721
Series
2018-PHH,
Class
A,
(LIBOR
USD
1
Month
+
1.06%),
2.56%,
06/15/35
(a)(b)
..
1,832
1,802,025
Series
2018-WPT,
Class
DFX,
5.35%,
07/05/33
(b)
....................
1,000
1,008,445
Series
2020-609M,
Class
D,
(LIBOR
USD
1
Month
+
2.77%),
3.17%,
10/15/33
(a)(b)
..
1,300
1,258,399
Series
2022-OPO,
Class
D,
3.45%,
01/05/39
(a)(b)
...................
790
697,872
MAD
Mortgage
Trust,
Series
2017-330M,
Class
D,
3.71%,
08/15/34
(a)(b)
..............
300
287,899
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2014-C14,
Class
C,
5.05%,
02/15/47
(a)
....................
1,160
1,188,640
Series
2015-C23,
Class
A4,
3.72%,
07/15/50
248
249,981
Series
2015-C23,
Class
D,
4.14%,
07/15/50
(a)(b)
...................
116
107,978
Series
2015-C25,
Class
B,
4.53%,
10/15/48
(a)
....................
620
626,090
Series
2015-C25,
Class
C,
4.53%,
10/15/48
(a)
....................
320
315,649
Series
2015-C26,
Class
D,
3.06%,
10/15/48
(b)
....................
176
157,357
Series
2017-C33,
Class
C,
4.56%,
05/15/50
(a)
....................
585
562,052
Morgan
Stanley
Capital
I
Trust
Series
2014-150E,
Class
D,
4.30%,
09/09/32
(a)(b)
...................
642
607,805
Series
2017-H1,
Class
B,
4.08%,
06/15/50
.
3,302
3,274,819
Series
2017-H1,
Class
C,
4.28%,
06/15/50
(a)
(e)
..........................
121
124,219
Series
2017-H1,
Class
D,
2.55%,
06/15/50
(b)
2,440
1,941,942
Series
2017-HR2,
Class
D,
2.73%,
12/15/50
1,360
1,106,157
Series
2018-H3,
Class
A5,
4.18%,
07/15/51
37
38,228
Series
2018-H3,
Class
C,
4.86%,
07/15/51
(a)
220
224,667
Series
2018-H3,
Class
D,
3.00%,
07/15/51
(b)
291
245,783
Series
2018-H4,
Class
C,
5.07%,
12/15/51
(a)
150
147,890
Series
2018-L1,
Class
A3,
4.14%,
10/15/51
120
123,598
Series
2018-MP,
Class
A,
4.28%,
07/11/40
(a)
(b)
..........................
3,761
3,839,747
Series
2018-SUN,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
1.30%,
07/15/35
(a)(b)
..
300
296,227
Series
2019-L2,
Class
A4,
4.07%,
03/15/52
347
357,263
Series
2020-L4,
Class
D,
2.50%,
02/15/53
(b)
29
23,194
MTN
Commercial
Mortgage
Trust,
Series
2022-
LPFL,
Class
A,
(TSFR1M
+
1.40%),
1.45%,
03/15/39
(a)(b)
.....................
1,178
1,172,833
Natixis
Commercial
Mortgage
Securities
Trust
(b)
Series
2018-FL1,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
1.35%,
06/15/35
(a)
...
100
96,012
Series
2018-SOX,
Class
A,
4.40%,
06/17/38
886
904,330
Series
2019-LVL,
Class
D,
4.44%,
08/15/38
310
277,202
One
Market
Plaza
Trust,
Series
2017-1MKT,
Class
D,
4.15%,
02/10/32
(b)
...........
920
911,391
Scorpio
European
Loan
Conduit
No.
34
DAC,
Series
34A,
Class
C,
(SONIO/N
+
2.22%),
2.97%,
05/17/29
(a)(b)
................
GBP
256
334,481
SG
Commercial
Mortgage
Securities
Trust,
Series
2019-PREZ,
Class
D,
3.48%,
09/15/39
(a)(b)
.....................
USD
460
412,577
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
SLG
Office
Trust,
Series
2021-OVA,
Class
A,
2.59%,
07/15/41
(b)
.................
USD
8,060
$
7,493,667
SMRT,
Series
2022-MINI,
Class
D,
(TSFR1M
+
1.95%),
2.25%,
01/15/24
(a)(b)
..........
4,049
3,975,494
Taurus
CMBS,
Series
2021-UK4A,
Class
D,
(SONIO/N
+
2.10%),
2.60%,
08/17/31
(a)(b)
..
GBP
758
971,462
TPGI
Trust,
Series
2021-DGWD,
Class
D,
(LIBOR
USD
1
Month
+
1.50%),
1.90%,
06/15/26
(a)(b)
.....................
USD
3,400
3,297,535
UBS
Commercial
Mortgage
Trust,
Series
2018-
C12,
Class
B,
4.79%,
08/15/51
(a)
.......
1,160
1,185,395
UBS-Barclays
Commercial
Mortgage
Trust,
Series
2012-C3,
Class
D,
5.05%,
08/10/49
(a)
(b)
............................
130
129,963
VMC
Finance
LLC,
Series
2021-FL4,
Class
A,
(LIBOR
USD
1
Month
+
1.10%),
1.57%,
06/16/36
(a)(b)
.....................
5,615
5,545,451
VNDO
Trust,
Series
2016-350P,
Class
D,
3.90%,
01/10/35
(a)(b)
................
710
665,622
Wells
Fargo
Commercial
Mortgage
Trust
Series
2016-C32,
Class
A3FL,
(LIBOR
USD
1
Month
+
1.42%),
1.86%,
01/15/59
(a)
..
654
651,510
Series
2016-C34,
Class
A3FL,
(LIBOR
USD
1
Month
+
1.04%),
1.48%,
06/15/49
(a)(b)
.
390
393,375
Series
2016-NXS5,
Class
B,
4.95%,
01/15/59
(a)
....................
200
207,922
Series
2017-C39,
Class
D,
4.34%,
09/15/50
(a)(b)
...................
120
107,146
Series
2017-C42,
Class
B,
4.00%,
12/15/50
(a)
....................
1,500
1,488,830
Series
2017-HSDB,
Class
A,
(LIBOR
USD
1
Month
+
0.85%),
1.24%,
12/13/31
(a)(b)
..
397
392,191
Series
2018-1745,
Class
A,
3.75%,
06/15/36
(a)(b)
...................
210
209,574
Series
2018-C44,
Class
D,
3.00%,
05/15/51
(b)
....................
83
67,230
Series
2018-C45,
Class
C,
4.73%,
06/15/51
309
307,431
Series
2018-C46,
Class
B,
4.63%,
08/15/51
429
440,447
Series
2018-C48,
Class
B,
4.90%,
01/15/52
(a)
....................
766
785,233
Series
2019-C49,
Class
B,
4.55%,
03/15/52
1,688
1,733,284
Series
2019-C49,
Class
C,
4.87%,
03/15/52
(a)
....................
1,270
1,281,644
Series
2019-C50,
Class
B,
4.19%,
05/15/52
2,639
2,637,938
Series
2019-C50,
Class
C,
4.35%,
05/15/52
(e)
....................
416
409,760
Series
2019-C52,
Class
C,
3.56%,
08/15/52
(e)
....................
94
90,052
Series
2020-SDAL,
Class
D,
(LIBOR
USD
1
Month
+
2.09%),
2.49%,
02/15/37
(a)(b)
..
720
691,166
Series
2021-FCMT,
Class
D,
(LIBOR
USD
1
Month
+
3.50%),
3.90%,
05/15/31
(a)(b)
..
1,890
1,856,877
189,982,869
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.4%
(a)
245
Park
Avenue
Trust,
Series
2017-245P,
Class
XA,
0.15%,
06/05/37
(b)
..........
11,000
94,893
Banc
of
America
Commercial
Mortgage
Trust
Series
2017-BNK3,
Class
XB,
0.60%,
02/15/50
.....................
4,185
113,093
Series
2017-BNK3,
Class
XD,
1.26%,
02/15/50
(b)
....................
2,000
106,420
BANK
Series
2019-BN20,
Class
XB,
0.38%,
09/15/62
.....................
8,371
204,724
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Series
2021-BN33,
Class
XA,
1.06%,
05/15/64
.....................
USD
12,291
$
869,217
Series
2021-BN33,
Class
XB,
0.48%,
05/15/64
.....................
81,230
3,174,468
BBCMS
Trust,
Series
2015-SRCH,
Class
XA,
0.93%,
08/10/35
(b)
.................
6,959
264,873
BB-UBS
Trust,
Series
2012-SHOW,
Class
XA,
0.60%,
11/05/36
(b)
.................
65,905
979,408
Benchmark
Mortgage
Trust
Series
2019-B9,
Class
XA,
(LIBOR
USD
1
Month
+
0.00%),
1.04%,
03/15/52
....
3,042
173,994
Series
2020-B17,
Class
XB,
(LIBOR
USD
1
Month
+
0.00%),
0.53%,
03/15/53
....
1,560
52,198
Series
2021-B23,
Class
XA,
1.28%,
02/15/54
.....................
5,787
477,713
Series
2021-B24,
Class
XA,
1.15%,
03/15/54
.....................
19,413
1,450,087
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
XB,
0.70%,
05/10/58
....
2,030
54,059
Citigroup
Commercial
Mortgage
Trust,
Series
2020-420K,
Class
X,
0.89%,
11/10/42
(b)
...
10,100
596,245
Commercial
Mortgage
Trust
Series
2013-CR6,
Class
XA,
1.00%,
03/10/46
.....................
14,144
41,831
Series
2015-3BP,
Class
XA,
0.06%,
02/10/35
(b)
....................
40,878
106,283
Series
2018-COR3,
Class
XD,
1.75%,
05/10/51
(b)
....................
770
65,957
CSAIL
Commercial
Mortgage
Trust
Series
2017-CX10,
Class
XB,
0.13%,
11/15/50
.....................
3,170
40,447
Series
2019-C16,
Class
XA,
1.56%,
06/15/52
.....................
6,737
592,133
Series
2019-C17,
Class
XA,
1.36%,
09/15/52
.....................
2,063
152,833
Series
2019-C17,
Class
XB,
0.56%,
09/15/52
.....................
4,040
144,915
DBGS
Mortgage
Trust,
Series
2019-1735,
Class
X,
0.29%,
04/10/37
(b)
...........
5,975
116,512
DBJPM
Mortgage
Trust,
Series
2017-C6,
Class
XD,
(LIBOR
USD
1
Month
+
0.00%),
1.00%,
06/10/50
.......................
3,040
125,856
GS
Mortgage
Securities
Trust
Series
2019-GSA1,
Class
XA,
0.83%,
11/10/52
.....................
5,360
276,708
Series
2020-GSA2,
Class
XA,
1.73%,
12/12/53
(b)
....................
4,096
453,271
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C22,
Class
XA,
0.82%,
09/15/47
.......................
887
13,749
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(b)
......................
1,800
51,218
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2013-LC11,
Class
XB,
0.51%,
04/15/46
.....................
4,040
21,360
Series
2016-JP3,
Class
XC,
0.75%,
08/15/49
(b)
....................
4,330
120,963
Ladder
Capital
Commercial
Mortgage
Trust,
Series
2013-GCP,
Class
XA,
1.17%,
02/15/36
(b)
......................
2,872
155,068
Morgan
Stanley
Capital
I
Trust
Series
2017-H1,
Class
XD,
2.16%,
06/15/50
(b)
....................
3,030
288,096
Series
2019-H6,
Class
XB,
0.72%,
06/15/52
5,210
233,095
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Series
2019-L2,
Class
XA,
1.02%,
03/15/52
USD
2,036
$
115,612
Olympic
Tower
Mortgage
Trust,
Series
2017-
OT,
Class
XA,
0.38%,
05/10/39
(b)
.......
10,700
195,489
One
Market
Plaza
Trust
(b)
Series
2017-1MKT,
Class
XCP,
0.00%,
02/10/32
.....................
17,050
511
Series
2017-1MKT,
Class
XNCP,
0.09%,
02/10/32
(e)
....................
3,410
3,410
UBS
Commercial
Mortgage
Trust
Series
2019-C17,
Class
XA,
1.48%,
10/15/52
.....................
6,726
565,665
Series
2019-C18,
Class
XA,
1.03%,
12/15/52
.....................
7,205
401,132
Wells
Fargo
Commercial
Mortgage
Trust
Series
2016-BNK1,
Class
XD,
1.25%,
08/15/49
(b)
....................
1,180
53,088
Series
2019-C50,
Class
XA,
1.41%,
05/15/52
.....................
12,577
940,677
13,887,271
Total
Non-Agency
Mortgage-Backed
Securities
—
6.8%
(Cost:
$281,789,905)
..............................
267,151,015
Beneficial
Interest
(000)
Other
Interests
(j)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(e)(h)(
i
)
.......
16,030
—
Total
Other
Interests
—
0.0%
(Cost:
$0)
.....................................
—
Par
(000)
Pa
r
(
000)
Capital
Trusts
(a)(f)
Banks
—
0.1%
Bank
of
America
Corp.,
Series
FF,
(LIBOR
USD
3
Month
+
2.93%),
5.87%
............
2,700
2,726,460
Citigroup,
Inc.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%),
3.88%
.........................
1,308
1,232,790
3,959,250
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
2,945,000
Series
F,
(LIBOR
USD
3
Month
+
3.13%),
4.62%
.......................
1,874
1,845,890
Charles
Schwab
Corp.
(The),
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
......
3,200
2,873,984
State
Street
Corp.
Series
F,
(LIBOR
USD
3
Month
+
3.60%),
4.42%
.......................
370
369,894
Series
H,
(LIBOR
USD
3
Month
+
2.54%),
5.63%
.......................
3,780
3,734,640
11,769,408
Total
Capital
Trusts
—
0.4%
(Cost:
$16,652,499)
...............................
15,728,658
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
0.0%
Federal
National
Mortgage
Association,
6.63%, 11/15/30
..................
USD
1,500
$
1,965,895
Collateralized
Mortgage
Obligations
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Series
1591,
Class
PK,
6.35%, 10/15/23
..
59
60,923
Series
2996,
Class
MK,
5.50%, 06/15/35
..
4
3,777
Federal
National
Mortgage
Association,
Series
2005-29,
Class
WB,
4.75%, 04/25/35
....
32
33,192
97,892
Commercial
Mortgage-Backed
Securities
—
0.1%
(a)
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
Series
2018-K80,
Class
B,
4.23%, 08/25/50
(b)
...............
340
341,218
Series
2018-SB53,
Class
A10F,
3.62%, 06/25/28
................
276
278,385
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2006-M2,
Class
A2A,
5.27%, 10/25/32
..............
2,182
2,246,184
2,865,787
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
115,975
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
(a)
Series
K104,
Class
X1,
1.12%, 01/25/30
..
14,079
1,013,119
Series
K105,
Class
X1,
1.52%, 01/25/30
..
15,225
1,500,103
Series
K110,
Class
X1,
1.70%, 04/25/30
..
6,683
729,026
Series
K111,
Class
X1,
1.57%, 05/25/30
..
4,354
455,244
Series
K113,
Class
X1,
1.39%, 06/25/30
..
16,599
1,537,235
Series
K115,
Class
X1,
1.33%, 06/25/30
..
35,655
3,195,640
Series
K120,
Class
X1,
1.04%, 10/25/30
..
41,214
2,926,662
Series
K121,
Class
X1,
1.02%, 10/25/30
..
3,076
215,710
Series
K122,
Class
X1,
0.88%, 11/25/30
..
23,576
1,447,951
Series
KL05,
Class
X1P,
0.89%, 06/25/29
.
13,486
784,555
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2013-30,
0.60%, 09/16/53
.......
1,103
17,169
Series
2013-78,
0.31%, 10/16/54
.......
1,197
18,550
Series
2015-22,
0.54%, 03/16/55
.......
1,065
22,918
Series
2015-37,
0.67%, 10/16/56
.......
220
7,271
Series
2015-48,
0.68%, 02/16/50
.......
292
8,159
Series
2016-96,
0.76%, 12/16/57
.......
909
37,224
14,032,511
Mortgage-Backed
Securities
—
36.6%
Federal
Home
Loan
Mortgage
Corp.
2.50%, 01/01/29
-
04/01/31
...........
3,887
3,853,284
3.00%, 09/01/27
-
12/01/46
...........
4,581
4,606,713
3.50%, 04/01/42
-
01/01/48
...........
4,774
4,864,658
4.00%, 08/01/40
-
12/01/45
...........
1,865
1,946,147
4.50%, 02/01/39
-
04/01/49
...........
15,126
15,992,906
5.00%, 07/01/35
-
11/01/48
...........
2,304
2,487,902
5.50%, 05/01/36
-
06/01/41
...........
1,414
1,556,750
6.00%, 06/01/29
-
12/01/32
...........
3
3,455
8.00%, 11/01/22
..................
—
(l)
14
Federal
National
Mortgage
Association
4.00%, 01/01/41
..................
89
93,078
7.00%, 06/01/32
..................
8
8,068
Government
National
Mortgage
Association
2.00%, 08/20/50
-
11/20/50
...........
16,073
15,357,899
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
2.00%, 04/15/52
-
05/15/52
(k)
..........
USD
46,993
$
44,700,318
2.50%, 10/20/51
-
12/20/51
...........
27,430
26,639,799
2.50%, 04/15/52
-
05/15/52
(k)
..........
34,305
33,253,931
3.00%, 12/20/44
-
02/15/45
...........
466
463,165
3.00%, 04/15/52
-
05/15/52
(k)
..........
45,705
45,114,004
3.50%, 01/15/42
-
04/20/48
...........
10,026
10,245,598
3.50%, 04/15/52
(k)
.................
23,642
23,771,292
4.00%, 04/20/39
-
05/20/50
...........
10,465
10,834,663
4.00%, 04/15/52
-
05/15/52
(k)
..........
5,988
6,096,221
4.50%, 12/20/39
-
04/20/50
...........
7,943
8,384,735
4.50%, 04/15/52
(k)
.................
86
88,903
5.00%, 12/15/38
-
07/20/41
...........
2,546
2,794,900
5.50%, 03/15/32
-
11/15/33
...........
3
2,903
6.00%, 12/15/36
..................
42
44,758
7.50%, 11/15/29
..................
—
(l)
305
Uniform
Mortgage-Backed
Securities
1.50%, 04/25/37
-
04/25/52
(k)
..........
80,590
73,597,408
1.50%, 11/01/41
-
12/01/41
...........
36,873
33,424,525
2.00%, 10/01/31
-
02/01/52
...........
96,275
89,791,040
2.00%, 04/25/37
-
05/25/52
(k)
..........
223,420
209,202,290
2.50%, 09/01/27
-
02/01/52
...........
113,362
109,487,986
2.50%, 04/25/37
-
05/25/52
(k)
..........
124,675
118,968,055
3.00%, 04/01/28
-
08/01/50
...........
55,460
55,206,625
3.00%, 04/25/37
-
05/25/52
(k)
..........
41,248
40,338,312
3.50%, 08/01/27
-
01/01/51
...........
72,466
73,243,868
3.50%, 04/25/52
-
05/25/52
(k)
..........
120,587
120,723,900
4.00%, 08/01/33
-
05/01/52
...........
58,560
60,539,360
4.00%, 04/25/52
-
05/25/52
(k)
..........
119,102
121,402,817
4.50%, 02/01/25
-
12/01/49
...........
39,582
41,853,167
5.00%, 11/01/32
-
05/01/49
...........
4,628
4,945,565
5.00%, 04/25/52
(k)
.................
10,905
11,472,827
5.50%, 12/01/31
-
04/01/41
...........
3,309
3,606,056
6.00%, 07/01/29
-
06/01/41
...........
4,858
5,387,263
6.50%, 05/01/40
..................
996
1,099,005
1,437,496,438
Total
U.S.
Government
Sponsored
Agency
Securities
—
37.1%
(Cost:
$1,487,179,145)
............................
1,456,458,523
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
4.25%, 05/15/39
-
11/15/40
...........
4,474
5,595,793
4.50%, 08/15/39
..................
1,764
2,276,869
4.38%, 11/15/39
..................
1,764
2,242,416
4.63%, 02/15/40
..................
2,710
3,550,735
1.13%, 05/15/40
-
08/15/40
...........
29,168
22,924,794
3.88%, 08/15/40
..................
2,710
3,236,968
1.38%, 11/15/40
..................
14,584
11,922,990
1.75%, 08/15/41
..................
365
316,352
3.13%, 02/15/43
..................
6,784
7,301,280
2.88%, 05/15/43
-
11/15/46
...........
13,320
13,894,766
3.63%, 08/15/43
..................
6,784
7,870,500
3.75%, 11/15/43
..................
6,784
8,023,670
2.50%, 02/15/45
(m)
.................
36,899
35,939,050
2.75%, 11/15/47
(m)
.................
36,899
38,285,595
3.00%, 02/15/48
(m)
.................
43,435
47,322,093
2.25%, 08/15/49
-
02/15/52
...........
8,910
8,473,207
U.S.
Treasury
Notes
1.75%, 04/30/22
-
11/15/29
...........
194,795
192,740,615
2.13%, 12/31/22
-
05/15/25
...........
40,484
40,282,454
0.50%, 03/15/23
-
05/31/27
...........
87,883
84,231,696
0.13%, 03/31/23
-
05/31/23
...........
25,683
25,223,516
0.25%, 04/15/23
..................
55,882
55,024,124
2.75%, 05/31/23
..................
13,062
13,188,538
1.50%, 10/31/24
-
08/15/26
...........
104,523
101,647,466
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
2.00%, 02/15/25
..................
USD
16,322
$
16,092,472
0.38%, 04/30/25
-
12/31/25
...........
106,001
99,002,602
0.75%, 05/31/26
..................
10,210
9,496,098
1.63%, 11/30/26
-
05/15/31
...........
32,179
30,836,574
2.38%, 05/15/27
-
05/15/29
...........
16,772
16,711,388
2.25%, 08/15/27
(n)
.................
45,063
44,577,165
1.25%, 03/31/28
-
05/31/28
...........
13,368
12,455,738
2.88%, 08/15/28
..................
3,916
4,012,523
3.13%, 11/15/28
..................
5,507
5,733,949
2.63%, 02/15/29
..................
8,146
8,244,007
1.50%, 02/15/30
(n)
.................
11,434
10,719,375
1.13%, 02/15/31
..................
1,591
1,436,561
Total
U.S.
Treasury
Obligations
—
25.3%
(Cost:
$1,048,685,868)
............................
990,833,939
Total
Long-Term
Investments
—
114.5%
(Cost:
$4,691,105,583)
............................
4,490,607,384
Shares
Shares
Short-Term
Securities
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.21%
(o)(p)
..................
314,970,512
314,970,512
Total
Short-Term
Securities
—
8.0%
(Cost:
$314,970,512)
..............................
314,970,512
Total
Options
Purchased
—
0.0%
(
Cost:
$861,988
)
.................................
1,821,633
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
122.5%
(Cost:
$5,006,938,083
)
............................
4,807,399,529
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$(330,787))
....................
(602,128)
Security
Par
(000)
Pa
r
(
000)
Value
TBA
Sale
Commitments
(k)
Mortgage-Backed
Securities
—
(5.4)%
Government
National
Mortgage
Association
3.00%
,
 04/15/52
..................
USD
(2,385)
$
(2,357,317)
3.50%
,
 04/15/52
-
05/15/52
...........
(482)
(483,442)
4.00%
,
 04/15/52
-
05/15/52
...........
(1,220)
(1,243,300)
4.50%
,
 04/15/52
..................
(869)
(898,329)
Uniform
Mortgage-Backed
Securities
1.50%
,
 04/25/37
-
04/25/52
...........
(45,408)
(41,203,880)
3.00%
,
 04/25/37
-
04/25/52
...........
(26,663)
(26,091,736)
3.50%
,
 04/25/37
-
04/25/52
...........
(27,689)
(27,851,919)
2.00%
,
 04/25/52
..................
(10,742)
(9,970,899)
2.50%
,
 04/25/52
..................
(41,531)
(39,623,074)
4.00%
,
 04/25/52
-
05/25/52
...........
(51,049)
(51,983,668)
4.50%
,
 04/25/52
-
05/25/52
...........
(10,765)
(11,153,718)
Total
TBA
Sale
Commitments
—
(5.4)%
(Proceeds:
$(214,209,919))
.........................
(212,861,282)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
117.1%
(Cost:
$4,792,397,377
)
............................
4,593,936,119
Liabilities
in
Excess
of
Other
Assets
—
(17.1)%
............
(672,240,527)
Net
Assets
—
100.0%
...............................
$
3,921,695,592
(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)
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.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
Perpetual
security
with
no
stated
maturity
date.
(g)
Zero-coupon
bond.
(h)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(i)
Non-income
producing
security.
(j)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(k)
Represents
or
includes
a
TBA
transaction.
(l)
Rounds
to
less
than
1,000.
(m)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
TBA
commitments.
(n)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(o)
Annualized
7-day
yield
as
of
period
end.
(p)
Affiliate
of
the
Fund.
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
39
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
March
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
09/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/22
Shares
Held
at
03/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
213,787,818
$
101,182,694
$
—
$
—
$
—
$
314,970,512
314,970,512
$
32,962
$
—
—
—
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
40
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-Bund
..............................................................
76
06/08/22
$
13,339
$
(58,415)
U.S.
Treasury
Long
Bond
....................................................
565
06/21/22
84,891
(2,044,909)
U.S.
Treasury
Ultra
Bond
....................................................
520
06/21/22
92,186
(3,088,469)
U.S.
Treasury
2
Year
Note
....................................................
583
06/30/22
123,468
(1,220,229)
U.S.
Treasury
5
Year
Note
....................................................
219
06/30/22
25,086
20,743
(6,391,279)
Short
Contracts
Euro-BTP
...............................................................
144
06/08/22
22,033
874,735
Euro-
Buxl
...............................................................
58
06/08/22
11,947
883,669
U.S.
Treasury
10
Year
Note
...................................................
111
06/21/22
13,627
10,035
U.S.
Treasury
10
Year
Ultra
Note
...............................................
637
06/21/22
86,314
2,172,207
3,940,646
$
(2,450,633)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
AUD
1,220,000
USD
883,936
Morgan
Stanley
&
Co.
International
plc
04/20/22
$
29,158
BRL
5,917,275
USD
1,170,000
Deutsche
Bank
AG
04/20/22
67,201
CAD
1,119,460
USD
890,000
Barclays
Bank
plc
04/20/22
5,400
CLP
705,760,000
USD
880,000
Barclays
Bank
plc
04/20/22
14,476
COP
3,340,800,000
USD
870,000
Deutsche
Bank
AG
04/20/22
13,541
EUR
1,060,000
USD
1,165,844
Barclays
Bank
plc
04/20/22
7,322
MXN
29,889,244
USD
1,460,000
Morgan
Stanley
&
Co.
International
plc
04/20/22
38,542
MXN
17,187,765
USD
850,000
Natwest
Markets
plc
04/20/22
11,734
SEK
11,381,936
USD
1,190,000
Bank
of
America
NA
04/20/22
20,878
TRY
13,178,000
USD
880,000
Citibank
NA
04/20/22
7,791
USD
880,000
JPY
103,703,195
JPMorgan
Chase
Bank
NA
04/20/22
27,904
RUB
30,617,611
USD
347,927
Goldman
Sachs
International
05/24/22
61,820
RUB
69,826,600
USD
588,013
HSBC
Bank
plc
05/24/22
346,458
USD
16,423,369
CNY
104,623,103
BNP
Paribas
SA
05/24/22
11,403
USD
167,609
JPY
19,732,000
Bank
of
America
NA
06/15/22
5,209
668,837
USD
2,080,400
IDR
30,020,154,516
Bank
of
America
NA
04/18/22
(11,408)
USD
1,881,328
IDR
27,130,635,580
Deutsche
Bank
AG
04/18/22
(9,135)
JPY
104,406,183
USD
880,000
State
Street
Bank
and
Trust
Co.
04/20/22
(22,128)
USD
1,170,000
BRL
5,775,869
HSBC
Bank
plc
04/20/22
(37,635)
USD
890,000
CAD
1,135,715
Deutsche
Bank
AG
04/20/22
(18,401)
USD
880,000
CLP
714,384,000
Citibank
NA
04/20/22
(25,406)
USD
860,000
COP
3,271,870,000
Barclays
Bank
plc
04/20/22
(5,311)
USD
1,750,000
COP
6,678,787,500
Citibank
NA
04/20/22
(16,339)
USD
2,332,795
EUR
2,120,000
Bank
of
New
York
Mellon
04/20/22
(13,537)
USD
880,000
TRY
13,704,085
Goldman
Sachs
International
04/20/22
(43,233)
USD
1,780,000
ZAR
26,862,153
UBS
AG
04/20/22
(54,567)
USD
981,738
MXN
20,321,545
BNP
Paribas
SA
05/24/22
(30,623)
USD
2,712,874
RUB
209,480,000
HSBC
Bank
plc
05/24/22
(90,541)
USD
429,346
AUD
593,000
UBS
AG
06/15/22
(14,957)
USD
1,054,192
CAD
1,344,000
Morgan
Stanley
&
Co.
International
plc
06/15/22
(20,681)
USD
51,590,988
EUR
46,885,000
BNP
Paribas
SA
06/15/22
(422,453)
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
41
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
109,579
GBP
84,000
Toronto
Dominion
Bank
06/15/22
$
(736)
(837,091)
$
(168,254)
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
U.S.
Treasury
10
Year
Note
.....................
1,369
05/20/22
USD
119.00
USD
136,900
$
363,641
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
U.S.
Treasury
10
Year
Note
......................
11
04/22/22
USD
121.50
USD
1,100
$
(4,297)
U.S.
Treasury
10
Year
Note
......................
38
04/22/22
USD
123.00
USD
3,800
(35,031)
$
(39,328)
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
3Yx1Y
Interest
Rate
Swap
(a)
.
2.02%
Semi-Annual
1
day
SOFR
Quarterly
Bank
of
America
NA
05/04/22
2.02
%
USD
703,950
$
1,457,992
(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
Put
3Yx1Y
Interest
Rate
Swap
(a)
.
1
day
SOFR
At
Termination
2.32%
At
Termination
Bank
of
America
NA
05/04/22
2.32
%
USD
703,950
$
(562,800)
(a)
Forward
settling
swaption.
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
3.50%
At
Termination
03/31/27
USD
18,313
$
119,417
$
—
$
119,417
1
month
USCPI
At
Termination
3.52%
At
Termination
03/31/27
USD
18,313
139,378
—
139,378
2.46%
At
Termination
1
month
USCPI
At
Termination
03/24/31
USD
1,833
203,210
54,302
148,908
1
month
USCPI
At
Termination
2.47%
At
Termination
04/26/31
USD
24,196
(2,600,851)
—
(2,600,851)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
42
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Centrally
Cleared
Inflation
Swaps
(continued)
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
2.64%
At
Termination
05/21/31
USD
21,450
$
(1,901,437)
$
—
$
(1,901,437)
1
month
USCPI
At
Termination
2.89%
At
Termination
10/29/31
USD
9,243
(345,994)
—
(345,994)
1
month
USCPI
At
Termination
2.88%
At
Termination
11/01/31
USD
9,224
(354,773)
—
(354,773)
1
month
USCPI
At
Termination
2.76%
At
Termination
11/05/31
USD
9,659
(486,645)
—
(486,645)
1
month
USCPI
At
Termination
2.77%
At
Termination
11/05/31
USD
9,659
(484,127)
—
(484,127)
1
month
USCPI
At
Termination
2.80%
At
Termination
11/08/31
USD
4,036
(188,136)
—
(188,136)
1
month
USCPI
At
Termination
2.82%
At
Termination
11/10/31
USD
5,623
(247,073)
—
(247,073)
1
month
USCPI
At
Termination
2.89%
At
Termination
11/15/31
USD
4,830
(175,816)
—
(175,816)
1
month
USCPI
At
Termination
2.93%
At
Termination
11/15/31
USD
4,830
(159,249)
—
(159,249)
1
month
USCPI
At
Termination
2.89%
At
Termination
02/28/32
USD
9,473
(168,751)
—
(168,751)
1
month
USCPI
At
Termination
3.06%
At
Termination
04/04/32
USD
7,086
—
—
—
$
(6,650,847)
$
54,302
$
(6,705,149)
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)
Abbott
Laboratories
........
1.00
%
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
USD
1,439
$
(41,618)
$
(34,986)
$
(6,632)
Republic
of
Chile
..........
1.00
Quarterly
Goldman
Sachs
International
06/20/27
USD
1,076
(16,149)
(6,259)
(9,890)
Republic
of
Colombia
.......
1.00
Quarterly
Goldman
Sachs
International
06/20/27
USD
12,588
547,216
699,816
(152,600)
Republic
of
Indonesia
.......
1.00
Quarterly
Goldman
Sachs
International
06/20/27
USD
2,302
(18,360)
28,253
(46,613)
United
Mexican
States
......
1.00
Quarterly
Goldman
Sachs
International
06/20/27
USD
1,320
201
(1,894)
2,095
United
Mexican
States
......
1.00
Quarterly
Goldman
Sachs
International
06/20/27
USD
1,660
255
(3,574)
3,829
United
Mexican
States
......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
15,258
2,325
96,696
(94,371)
CMBX.NA.9.AAA
..........
0.50
Monthly
Credit
Suisse
International
09/17/58
USD
1,278
(7,609)
15,685
(23,294)
CMBX.NA.9.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
09/17/58
USD
1,029
(6,123)
12,789
(18,912)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
859
(5,112)
10,538
(15,650)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
719
(4,280)
8,823
(13,103)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
1,568
(9,333)
20,717
(30,050)
CMBX.NA.9.BBB-
.........
3.00
Monthly
Citigroup
Global
Markets,
Inc.
09/17/58
USD
440
44,700
14,164
30,536
CMBX.NA.9.BBB-
.........
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
288
29,258
15,155
14,103
CMBX.NA.6.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
464
(396)
(68)
(328)
CMBX.NA.6.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
1,083
(926)
(814)
(112)
CMBX.NA.6.BBB-
.........
3.00
Monthly
JPMorgan
Securities
LLC
05/11/63
USD
258
62,901
23,766
39,135
CMBX.NA.6.BBB-
.........
3.00
Monthly
JPMorgan
Securities
LLC
05/11/63
USD
10
2,330
564
1,766
CMBX.NA.13.BBB-
........
3.00
Monthly
Goldman
Sachs
International
12/16/72
USD
254
24,097
13,497
10,600
CMBX.NA.13.BBB-
........
3.00
Monthly
Goldman
Sachs
International
12/16/72
USD
254
24,097
13,166
10,931
$
–
$
–
$
–
$
627,474
$
926,034
$
(298,560)
$
–
$
–
$
–
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)
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.A
........
2.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
NR
USD
508
(3,199)
(718)
(2,481)
CMBX.NA.9.BBB-
.....
3.00
Monthly
Deutsche
Bank
AG
09/17/58
NR
USD
352
(35,760)
(34,249)
(1,511)
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
43
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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)
CMBX.NA.9.BBB-
.....
3.00
%
Monthly
Deutsche
Bank
AG
09/17/58
NR
USD
531
$
(53,945)
$
(58,266)
$
4,321
CMBX.NA.9.BBB-
.....
3.00
Monthly
Goldman
Sachs
International
09/17/58
NR
USD
280
(28,446)
(29,632)
1,186
CMBX.NA.9.BBB-
.....
3.00
Monthly
JPMorgan
Securities
LLC
09/17/58
NR
USD
170
(17,271)
(36,834)
19,563
CMBX.NA.9.BBB-
.....
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
NR
USD
240
(24,382)
241
(24,623)
CMBX.NA.9.BBB-
.....
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
NR
USD
210
(21,334)
(53,323)
31,989
CMBX.NA.9.BBB-
.....
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
NR
USD
207
(21,030)
(23,106)
2,076
CMBX.NA.10.A
.......
2.00
Monthly
Deutsche
Bank
AG
11/17/59
A-
USD
4,050
(34,058)
(159,558)
125,500
CMBX.NA.10.A
.......
2.00
Monthly
Deutsche
Bank
AG
11/17/59
A-
USD
2,020
(16,987)
(80,946)
63,959
CMBX.NA.10.BBB-
....
3.00
Monthly
JPMorgan
Securities
LLC
11/17/59
NR
USD
35
(3,882)
(2,749)
(1,133)
CMBX.NA.6.BBB-
.....
3.00
Monthly
Credit
Suisse
International
05/11/63
BBB
USD
268
(65,230)
(20,383)
(44,847)
$
(325,524)
$
(499,592)
$
174,068
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
day
Fed
Funds
At
Termination
1.18%
At
Termination
07/27/22
(a)
09/21/22
USD
1,345,530
$
(1,025,816)
$
—
$
(1,025,816)
1
day
Fed
Funds
At
Termination
1.20%
At
Termination
07/27/22
(a)
09/21/22
USD
1,297,475
(944,994)
—
(944,994)
1
day
Fed
Funds
At
Termination
1.24%
At
Termination
07/27/22
(a)
09/21/22
USD
205,308
(136,185)
—
(136,185)
2.91%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/23/26
USD
844
(15,162)
—
(15,162)
2.93%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/24/28
USD
1,870
(56,401)
—
(56,401)
3.16%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/03/28
USD
1,035
(58,295)
—
(58,295)
28
day
MXIBTIIE
Monthly
7.60%
Monthly
N/A
01/01/32
MXN
67,819
(131,733)
—
(131,733)
28
day
MXIBTIIE
Monthly
7.57%
Monthly
N/A
01/12/32
MXN
76,046
(158,471)
—
(158,471)
28
day
MXIBTIIE
Monthly
7.53%
Monthly
N/A
01/23/32
MXN
44,811
(98,095)
—
(98,095)
28
day
MXIBTIIE
Monthly
8.29%
Monthly
N/A
03/17/32
MXN
40,118
17,470
—
17,470
$
(2,607,682)
$
—
$
(2,607,682)
(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
$
625,787
$
—
$
625,787
1
day
CLICP
Semi-Annual
1.65%
Semi-Annual
Bank
of
America
NA
05/28/23
CLP
6,530,622
(657,510)
—
(657,510)
1
day
BZDIOVER
At
Termination
11.47%
At
Termination
Goldman
Sachs
International
01/02/24
BRL
20,910
(37,083)
—
(37,083)
$
(68,806)
$
—
$
(68,806)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
44
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0.04
%
1
day
CLICP
.........................................
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
0.02 
1
day
Fed
Funds
......................................
1
day
Fed
Funds
0.33
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
0.16
1
month
USCPI
.......................................
U.S.
Consumer
Price
Index
8.50 
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
6.72
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.96
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
54,302
$
—
$
425,173
$
(9,738,004)
$
—
OTC
Swaps
.....................................................
973,870
(547,428)
987,445
(1,180,743)
—
Options
Written
...................................................
N/A
N/A
9,879
(281,220)
(602,128)
(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)
.....
$
—
$
—
$
—
$
—
$
3,961,389
$
—
$
3,961,389
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
668,837
—
—
668,837
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
—
—
—
1,821,633
—
1,821,633
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
17,470
407,703
425,173
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
1,335,528
—
—
625,787
—
1,961,315
$
—
$
1,335,528
$
—
$
668,837
$
6,426,279
$
407,703
$
8,838,347
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
6,412,022
—
6,412,022
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
837,091
—
—
837,091
Options
written
(b)
Options
written
at
value
.....................
—
—
—
—
602,128
—
602,128
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
2,625,152
7,112,852
9,738,004
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
1,033,578
—
—
694,593
—
1,728,171
$
—
$
1,033,578
$
—
$
837,091
$
10,333,895
$
7,112,852
$
19,317,416
(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.
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
45
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
period
ended
March
31,
2022,
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
.......................
$
—
$
—
$
—
$
—
$
5,936,108
$
—
$
5,936,108
Forward
foreign
currency
exchange
contracts
....
—
—
—
100,192
—
—
100,192
Options
purchased
(a)
....................
—
—
—
466,711
3,745,896
—
4,212,607
Options
written
........................
—
—
—
—
(4,625,942)
—
(4,625,942)
Swaps
..............................
—
280,331
—
—
294,791
(3,811,631)
(3,236,509)
$
—
$
280,331
$
—
$
566,903
$
5,350,853
$
(3,811,631)
$
2,386,456
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
—
—
(2,361,032)
—
(2,361,032)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(893,155)
—
—
(893,155)
Options
purchased
(b)
....................
—
—
—
9,240
2,853,428
—
2,862,668
Options
written
........................
—
—
—
—
(167,546)
—
(167,546)
Swaps
..............................
—
(564,082)
—
—
(2,050,924)
(3,734,788)
(6,349,794)
$
—
$
(564,082)
$
—
$
(883,915)
$
(1,726,074)
$
(3,734,788)
$
(6,908,859)
(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
..................................................................................
$
453,815,986
Average
notional
value
of
contracts
—
short
.................................................................................
$
213,493,550
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
105,453,238
Average
amounts
sold
—
in
USD
........................................................................................
$
34,869,705
Options
Average
value
of
option
contracts
purchased
................................................................................
$
271,584
Average
value
of
option
contracts
written
...................................................................................
$
52,389
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
374,475,000
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
475,725,000
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
48,820,313
Average
notional
value
—
sell
protection
...................................................................................
$
13,400,467
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
27,529,009
Average
notional
value
—
receives
fixed
rate
................................................................................
$
1,443,146,790
Inflation
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
1,833,000
Average
notional
value
—
receives
fixed
rate
................................................................................
$
129,341,630
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
1,295,770
$
570,388
Forward
foreign
currency
exchange
contracts
.................................................................
668,837
837,091
Options
(a)(b)
........................................................................................
1,821,633
602,128
Swaps
—
centrally
cleared
..............................................................................
529,484
—
Swaps
—
OTC
(c)
....................................................................................
1,961,315
1,728,171
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
6,277,039
$
3,737,778
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(2,188,895)
(609,716)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
4,088,144
$
3,128,062
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Core
Bond
Portfolio
46
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
(c)
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
(b)
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(c)(d)
Bank
of
America
NA
..............................
$
2,109,866
$
(1,231,718)
$
(878,148)
$
—
$
—
Barclays
Bank
plc
................................
27,198
(5,311)
—
—
21,887
BNP
Paribas
SA
.................................
11,403
(11,403)
—
—
—
Citibank
NA
....................................
7,791
(7,791)
—
—
—
Citigroup
Global
Markets,
Inc.
........................
44,700
—
—
—
44,700
Credit
Suisse
International
..........................
15,689
(15,689)
—
—
—
Deutsche
Bank
AG
...............................
287,311
(287,311)
—
—
—
Goldman
Sachs
International
........................
845,204
(330,789)
—
(420,000)
94,415
HSBC
Bank
plc
..................................
346,458
(128,176)
(218,282)
—
—
JPMorgan
Chase
Bank
NA
..........................
27,958
(27,958)
—
—
—
JPMorgan
Securities
LLC
...........................
84,794
(40,716)
—
—
44,078
Morgan
Stanley
&
Co.
International
plc
..................
268,038
(268,038)
—
—
—
Natwest
Markets
plc
..............................
11,734
—
—
—
11,734
$
4,088,144
$
(2,354,900)
$
(1,096,430)
$
(420,000)
$
216,814
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
(e)
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(d)(f)
Bank
of
America
NA
..............................
$
1,231,718
$
(1,231,718)
$
—
$
—
$
—
Bank
of
New
York
................................
13,537
—
—
—
13,537
Barclays
Bank
plc
................................
5,311
(5,311)
—
—
—
BNP
Paribas
SA
.................................
453,076
(11,403)
—
—
441,673
Citibank
NA
....................................
41,745
(7,791)
—
—
33,954
Credit
Suisse
International
..........................
88,528
(15,689)
—
—
72,839
Deutsche
Bank
AG
...............................
382,300
(287,311)
—
—
94,989
Goldman
Sachs
International
........................
330,789
(330,789)
—
—
—
HSBC
Bank
plc
..................................
128,176
(128,176)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
41,672
(27,958)
—
—
13,714
JPMorgan
Securities
LLC
...........................
40,716
(40,716)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
278,106
(268,038)
—
—
10,068
State
Street
Bank
and
Trust
Co.
......................
22,128
—
—
—
22,128
Toronto
Dominion
Bank
............................
736
—
—
—
736
UBS
AG
......................................
69,524
—
(69,524)
—
—
$
3,128,062
$
(2,354,900)
$
(69,524)
$
—
$
703,638
(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
from
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
Core
Bond
Portfolio
Schedules
of
Investments
47
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
....................................
$
—
$
393,619,195
$
3,965,393
$
397,584,588
Corporate
Bonds
........................................
—
1,256,671,063
—
1,256,671,063
Foreign
Agency
Obligations
.................................
—
17,548,877
—
17,548,877
Foreign
Government
Obligations
..............................
—
58,765,409
—
58,765,409
Municipal
Bonds
.........................................
—
29,865,312
—
29,865,312
Non-Agency
Mortgage-Backed
Securities
........................
—
265,263,686
1,887,329
267,151,015
Other
Interests
..........................................
—
—
—
—
Capital
Trusts
...........................................
—
15,728,658
—
15,728,658
U.S.
Government
Sponsored
Agency
Securities
....................
—
1,456,458,523
—
1,456,458,523
U.S.
Treasury
Obligations
...................................
—
990,833,939
—
990,833,939
Short-Term
Securities
.......................................
314,970,512
—
—
314,970,512
Options
Purchased
Interest
rate
contracts
......................................
363,641
1,457,992
—
1,821,633
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(212,861,282)
—
(212,861,282)
$
315,334,153
$
4,273,351,372
$
5,852,722
$
4,594,538,247
Derivative
Financial
Instruments
(a)
Assets
Credit
contracts
...........................................
$
—
$
361,658
$
—
$
361,658
Foreign
currency
exchange
contracts
............................
—
668,837
—
668,837
Interest
rate
contracts
.......................................
3,961,389
643,257
—
4,604,646
Other
contracts
...........................................
—
407,703
—
407,703
Liabilities
Credit
contracts
...........................................
—
(486,150)
—
(486,150)
Foreign
currency
exchange
contracts
............................
—
(837,091)
—
(837,091)
Interest
rate
contracts
.......................................
(6,451,350)
(3,882,545)
—
(10,333,895)
Other
contracts
...........................................
—
(7,112,852)
—
(7,112,852)
$
(2,489,961)
$
(10,237,183)
$
—
$
(12,727,144)
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
48
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(a)
AlbaCore
EURO
CLO
I
DAC,
Series
1X,
Class
ER,
(EURIBOR
3
Month
+
5.96%),
5.96%,
10/18/34
(b)
......................
EUR
1,400
$
1,466,515
Anchorage
Capital
Europe
CLO
2
DAC,
Series
2X,
Class
ER,
(EURIBOR
3
Month
+
6.45%),
6.45%,
04/15/34
(b)
.................
1,561
1,657,161
Aqueduct
European
CLO
2
DAC,
Series
2017-
2X,
Class
E,
(EURIBOR
3
Month
+
4.40%),
4.40%,
10/15/30
(b)
.................
884
924,597
ARBOUR
CLO
VIII
DAC,
Series
8X,
Class
ER,
(EURIBOR
3
Month
+
6.11%),
6.11%,
10/15/34
(b)
......................
700
713,680
Atrium
VIII,
Series
8A,
Class
SUB,
0.00%,
10/23/24
(c)
......................
USD
11,500
346,035
Aurium
CLO
II
DAC,
Series
2X,
Class
ERR,
(EURIBOR
3
Month
+
6.08%),
6.08%,
06/22/34
(b)
......................
EUR
500
508,193
Avoca
CLO
XV
DAC,
Series
15X,
Class
ER,
(EURIBOR
3
Month
+
4.13%),
4.13%,
04/15/31
(b)
......................
620
631,897
BBAM
European
CLO
I
DAC,
Series
1X,
Class
ER,
(EURIBOR
3
Month
+
5.91%),
5.91%,
07/22/34
(b)
......................
500
514,548
BBAM
European
CLO
II
DAC,
Series
2X,
Class
E,
(EURIBOR
3
Month
+
6.11%),
6.11%,
10/15/34
(b)
......................
1,400
1,451,561
Bilbao
CLO
I
DAC,
Series
1X,
Class
D,
(EURIBOR
3
Month
+
4.73%),
4.73%,
07/20/31
(b)
......................
400
405,367
Bilbao
CLO
II
DAC,
Series
2X,
Class
DR,
(EURIBOR
3
Month
+
5.97%),
5.97%,
08/20/35
(b)
......................
1,000
1,024,204
BlueMountain
Fuji
Eur
CLO
IV
DAC,
Series
4X,
Class
ER,
(EURIBOR
3
Month
+
6.21%),
6.21%,
02/25/34
(b)
.................
1,000
1,028,665
Cairn
CLO
XIV
DAC,
Series
2021-14X,
Class
E,
(EURIBOR
3
Month
+
6.11%),
6.11%,
10/29/34
(b)
......................
1,400
1,447,277
Capital
Four
CLO
III
DAC,
Series
3X,
Class
E,
(EURIBOR
3
Month
+
6.06%),
6.06%,
10/15/34
(b)
......................
1,020
1,039,301
Carlyle
Global
Market
Strategies
CLO
Ltd.,
Series
2015-4A,
Class
SBB1,
(LIBOR
USD
3
Month
+
8.50%),
8.75%,
07/20/32
(c)
.....
USD
435
420,225
Contego
CLO
IX
DAC,
Series
9X,
Class
E,
(EURIBOR
3
Month
+
6.01%),
6.01%,
01/24/34
(b)
......................
EUR
674
694,295
Contego
CLO
VIII
DAC,
Series
8X,
Class
ER,
(EURIBOR
3
Month
+
6.06%),
6.06%,
01/25/34
(b)
......................
1,400
1,455,013
CVC
Cordatus
Loan
Fund
XX
DAC,
Series
20X,
Class
E,
(EURIBOR
3
Month
+
5.61%),
5.61%,
06/22/34
(b)
.................
263
263,817
Fair
Oaks
Loan
Funding
III
DAC,
Series
3X,
Class
ER,
(EURIBOR
3
Month
+
6.11%),
6.11%,
10/15/34
(b)
.................
1,039
1,074,231
Galaxy
XVIII
CLO
Ltd.,
Series
2018-28A,
Class
C,
(LIBOR
USD
3
Month
+
1.95%),
2.19%,
07/15/31
(c)
......................
USD
250
244,602
Greene
King
Finance
plc,
Series
B2,  (SONIO/N
+
2.20%),
2.64%,
03/15/36
(b)
..........
GBP
100
107,059
Harvest
CLO
XVI
DAC,
Series
16X,
Class
ER,
(EURIBOR
3
Month
+
5.57%),
5.57%,
10/15/31
(b)
......................
EUR
1,125
1,169,896
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(a)
(continued)
Invesco
Euro
CLO,
Series
6X,
Class
E,
(EURIBOR
3
Month
+
5.99%),
5.99%,
07/15/34
(b)
......................
EUR
770
$
801,885
Invesco
Euro
CLO
III
DAC,
Series
3X,
Class
F,
(EURIBOR
3
Month
+
8.07%),
8.07%,
07/15/32
(b)
......................
244
265,579
Jamestown
CLO
IV
Ltd.,
Series
2014-4A,
Class
SUB,
0.00%,
07/15/26
(c)(d)
............
USD
2,000
—
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
1,245,064
North
Westerly
VII
ESG
CLO
DAC,
Series
VII-X,
Class
E,
(EURIBOR
3
Month
+
5.66%),
5.66%,
05/15/34
(b)
...........
200
206,273
Northwoods
Capital
21
Euro
DAC,
Series
2020-21X,
Class
ER,
(EURIBOR
3
Month
+
6.06%),
6.06%,
07/22/34
(b)
...........
500
507,474
Northwoods
Capital
23
Euro
DAC,
Series
2021-
23X,
Class
E,
(EURIBOR
3
Month
+
6.21%),
6.21%,
03/15/34
(b)
.................
500
512,969
OCP
Euro
CLO
DAC
(b)
Series
2017-2X,
Class
E,
(EURIBOR
3
Month
+
5.00%),
5.00%,
01/15/32
....
1,347
1,403,114
Series
2017-2X,
Class
F,
(EURIBOR
3
Month
+
6.40%),
6.40%,
01/15/32
....
900
908,512
Series
2019-3X,
Class
ER,
(EURIBOR
3
Month
+
6.02%),
6.02%,
04/20/33
....
300
306,814
Providus
CLO
III
DAC,
Series
3X,
Class
ER,
(EURIBOR
3
Month
+
6.26%),
6.26%,
07/18/34
(b)
......................
1,000
1,011,062
Rockfield
Park
CLO
DAC,
Series
1X,
Class
D,
(EURIBOR
3
Month
+
5.95%),
5.95%,
07/16/34
(b)
......................
613
603,551
Seneca
Park
CLO
Ltd.,
Series
2014-1A,
Class
SUB,
0.00%,
07/17/26
(c)
.............
USD
2,500
7,100
Voya
Euro
CLO
II
DAC,
Series
2X,
Class
ER,
(EURIBOR
3
Month
+
6.02%),
6.02%,
07/15/35
(b)
......................
EUR
670
691,410
Total
Asset-Backed
Securities
—
0.1%
(Cost:
$42,654,577)
...............................
27,058,946
Shares
Shares
Common
Stocks
Auto
Components
—
0.0%
Lear
Corp.
........................
2,755
392,836
Building
Products
—
0.0%
AZEK
Co.,
Inc.
(The)
(e)
................
14,842
368,675
Chemicals
—
0.2%
Diversey
Holdings
Ltd.
(e)
...............
2,080,412
15,748,719
Element
Solutions,
Inc.
................
1,010,137
22,122,000
37,870,719
Commercial
Services
&
Supplies
—
0.0%
FreedomPay
,
Inc.
(d)(e)
.................
314,534
3
Communications
Equipment
—
0.0%
CommScope
Holding
Co.,
Inc.
(e)
..........
542,581
4,275,538
Diversified
Telecommunication
Services
—
0.0%
Liberty
Global
plc,
Class
A
(e)
.............
25,595
652,929
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Shares
Shares
Value
Electrical
Equipment
—
0.1%
Ardagh
MP
USA,
Inc.,
(Acquired
08/02/21,
cost
$21,863,306)
(f)
....................
2,223,387
$
18,076,136
Sensata
Technologies
Holding
plc
(e)
.......
274,447
13,955,630
32,031,766
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.5%
Gaming
and
Leisure
Properties,
Inc.
.......
861,582
40,434,043
VICI
Properties,
Inc.
..................
2,387,809
67,957,044
108,391,087
Hotels,
Restaurants
&
Leisure
—
0.1%
Aramark
..........................
319,453
12,011,433
NEW
Top
YK
(d)(e)
....................
33,516
—
12,011,433
IT
Services
—
0.1%
(e)
Square,
Inc.,
Class
A
.................
53,398
7,240,769
Twilio
,
Inc.,
Class
A
..................
26,405
4,351,808
11,592,577
Life
Sciences
Tools
&
Services
—
0.2%
(e)
Avantor
,
Inc.
.......................
682,902
23,095,746
Syneos
Health,
Inc.
..................
309,110
25,022,454
48,118,200
Media
—
0.1%
Clear
Channel
Outdoor
Holdings,
Inc.
(e)
.....
4,249,634
14,703,734
Metals
&
Mining
—
0.1%
Constellium
SE,
Class
A
(e)
..............
1,740,611
31,330,998
Oil,
Gas
&
Consumable
Fuels
—
1.2%
Cheniere
Energy,
Inc.
.................
147,573
20,460,997
Chesapeake
Energy
Corp.
.............
800,138
69,612,006
Diamondback
Energy,
Inc.
..............
113,360
15,539,389
DT
Midstream,
Inc.
...................
306,170
16,612,784
Energy
Transfer
LP
..................
5,655,591
63,286,063
EQT
Corp.
(e)
.......................
485,463
16,704,782
KCAD
Holdings
I
Ltd.
(d)(e)
...............
4,067,849,248
40,679
Matador
Resources
Co.
...............
241,332
12,785,769
Occidental
Petroleum
Corp.
.............
71,461
4,054,697
Pioneer
Natural
Resources
Co.
..........
46,337
11,585,640
Targa
Resources
Corp.
................
225,035
16,983,391
247,666,197
Road
&
Rail
—
0.1%
Uber
Technologies,
Inc.
(e)
..............
507,516
18,108,171
Semiconductors
&
Semiconductor
Equipment
—
0.0%
(e)
Maxeon
Solar
Technologies
Ltd.
..........
171
2,476
SunPower
Corp.
....................
1,369
29,406
31,882
Software
—
0.1%
Informatica
,
Inc.,
Class
A
(e)(g)
............
887,750
17,524,185
Total
Common
Stocks
—
2.8%
(Cost:
$489,923,418)
..............................
585,070,930
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
2.7%
Bombardier,
Inc.
(c)
7.50%,
12/01/24
..................
USD
10,771
11,121,057
7.50%,
03/15/25
..................
3,896
3,915,870
7.13%,
06/15/26
..................
41,087
40,265,260
7.88%,
04/15/27
..................
28,319
27,727,558
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
6.00%,
02/15/28
..................
USD
30,916
$
28,975,712
7.45%,
05/01/34
..................
1,604
1,628,060
BWX
Technologies,
Inc.
(c)
4.13%,
06/30/28
..................
8,890
8,557,336
4.13%,
04/15/29
..................
11,699
11,260,288
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
(c)
.
18,776
16,898,400
Howmet
Aerospace,
Inc.,
5.13%,
10/01/24
..
505
522,675
Rolls-Royce
plc,
5.75%,
10/15/27
(c)
.......
37,134
38,114,337
Spirit
AeroSystems
,
Inc.
(c)
5.50%,
01/15/25
..................
3,994
4,003,985
7.50%,
04/15/25
..................
2,136
2,213,013
TransDigm
,
Inc.
8.00%,
12/15/25
(c)
.................
13,543
14,162,998
6.25%,
03/15/26
(c)
.................
271,864
279,106,457
6.38%,
06/15/26
..................
1,862
1,878,805
7.50%,
03/15/27
..................
7,602
7,830,060
4.63%,
01/15/29
..................
21,748
20,333,728
4.88%,
05/01/29
..................
17,926
16,801,502
Triumph
Group,
Inc.,
8.88%,
06/01/24
(c)
....
33,181
35,045,772
570,362,873
Airlines
—
1.7%
Air
Canada,
3.88%,
08/15/26
(c)
..........
14,650
13,825,938
Air
France-KLM,
3.88%,
07/01/26
(b)
.......
EUR
1,100
1,107,356
American
Airlines,
Inc.
(c)
11.75%,
07/15/25
.................
USD
49,837
58,184,199
5.50%,
04/20/26
..................
17,062
17,190,290
5.75%,
04/20/29
..................
55,326
55,119,018
Delta
Air
Lines,
Inc.
(c)
7.00%,
05/01/25
..................
5,073
5,433,767
4.75%,
10/20/28
..................
25,371
25,565,136
Deutsche
Lufthansa
AG
(b)
2.00%,
07/14/24
..................
EUR
1,900
2,062,570
2.88%,
02/11/25
..................
1,100
1,194,058
2.88%,
05/16/27
..................
500
513,621
3.75%,
02/11/28
..................
2,800
2,974,839
3.50%,
07/14/29
..................
2,400
2,448,441
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(c)
................
USD
13,479
13,486,577
International
Consolidated
Airlines
Group
SA
(b)
0.63%,
11/17/22
(h)
.................
EUR
100
108,514
2.75%,
03/25/25
..................
2,200
2,311,789
1.13%,
05/18/28
(h)
.................
3,100
2,957,459
3.75%,
03/25/29
..................
1,600
1,590,388
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(c)
USD
46,504
48,480,420
Spirit
Loyalty
Cayman
Ltd.,
8.00%,
09/20/25
(c)
2,945
3,136,457
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
.
3,819
3,769,031
Series
2020-1,
Class
A,
5.88%,
10/15/27
.
30,594
31,667,662
United
Airlines,
Inc.
(c)
4.38%,
04/15/26
..................
24,120
23,726,241
4.63%,
04/15/29
..................
33,694
32,041,309
348,895,080
Auto
Components
—
1.7%
Adient
US
LLC,
9.00%,
04/15/25
(c)
.......
12,490
12,989,600
Allison
Transmission,
Inc.
(c)
5.88%,
06/01/29
..................
8,875
9,047,796
3.75%,
01/30/31
..................
11,754
10,662,641
Clarios
Global
LP
6.75%,
05/15/25
(c)
.................
18,857
19,526,989
4.38%,
05/15/26
(b)
.................
EUR
4,100
4,478,930
6.25%,
05/15/26
(c)
.................
USD
41,714
42,913,277
8.50%,
05/15/27
(c)
.................
143,714
149,103,275
Dana
Financing
Luxembourg
SARL,
3.00%,
07/15/29
(b)
.....................
EUR
1,000
1,004,913
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
50
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Auto
Components
(continued)
Dealer
Tire
LLC,
8.00%,
02/01/28
(c)
.......
USD
14,249
$
14,284,623
Dornoch
Debt
Merger
Sub,
Inc.,
6.63%,
10/15/29
(c)
.....................
7,439
6,467,987
Faurecia
SE,
3.75%,
06/15/28
(b)
.........
EUR
1,579
1,639,458
Goodyear
Tire
&
Rubber
Co.
(The)
9.50%,
05/31/25
..................
USD
4,574
4,842,883
5.00%,
07/15/29
(c)
.................
9,592
8,935,523
5.25%,
07/15/31
(c)
.................
4,064
3,757,981
5.63%,
04/30/33
..................
14,285
13,142,200
Grupo
Antolin-Irausa
SA,
3.50%,
04/30/28
(b)
..
EUR
2,196
1,969,250
Icahn
Enterprises
LP
4.75%,
09/15/24
..................
USD
6,704
6,734,503
6.25%,
05/15/26
..................
7,189
7,332,780
5.25%,
05/15/27
..................
18,992
18,639,224
4.38%,
02/01/29
..................
10,264
9,417,220
IHO
Verwaltungs
GmbH,
3.88%,
(3.88%
Cash
or
4.63%
PIK),
05/15/27
(a)(b)(i)
.........
EUR
2,811
2,996,943
Patrick
Industries,
Inc.,
4.75%,
05/01/29
(c)
...
USD
3,982
3,424,520
Tenneco,
Inc.,
7.88%,
01/15/29
(c)
........
4,032
4,248,720
ZF
Europe
Finance
BV
(b)
2.00%,
02/23/26
..................
EUR
1,100
1,141,502
2.50%,
10/23/27
..................
2,100
2,109,026
ZF
Finance
GmbH,
2.00%,
05/06/27
(b)
.....
1,200
1,194,179
362,005,943
Automobiles
—
0.4%
Ford
Motor
Co.
3.25%,
02/12/32
..................
USD
40,942
36,566,528
4.75%,
01/15/43
..................
5,441
4,941,843
5.29%,
12/08/46
..................
2,727
2,646,840
Jaguar
Land
Rover
Automotive
plc
7.75%,
10/15/25
(c)
.................
400
413,620
6.88%,
11/15/26
(b)
.................
EUR
1,000
1,136,672
5.88%,
01/15/28
(c)
.................
USD
400
367,230
Mclaren
Finance
plc,
7.50%,
08/01/26
(c)
....
325
319,069
RCI
Banque
SA,
(EUR
Swap
Annual
5
Year
+
2.85%),
2.63%,
02/18/30
(a)(b)
..........
EUR
3,600
3,739,576
Renault
SA,
2.38%,
05/25/26
(b)
..........
1,400
1,458,984
Thor
Industries,
Inc.,
4.00%,
10/15/29
(c)
....
USD
11,258
9,883,398
Volvo
Car
AB,
2.50%,
10/07/27
(b)
........
EUR
1,051
1,163,101
Winnebago
Industries,
Inc.,
6.25%,
07/15/28
(c)
USD
9,309
9,413,726
72,050,587
Banks
—
0.6%
AIB
Group
plc,
(EUR
Swap
Annual
5
Year
+
6.63%),
6.25%
(a)(b)(j)
...............
EUR
1,000
1,143,586
Banco
Bilbao
Vizcaya
Argentaria
SA,
(EUR
Swap
Annual
5
Year
+
6.04%),
6.00%
(a)(b)(j)
.
600
685,322
Banco
BPM
SpA
(a)(b)
(EUR
Swap
Annual
5
Year
+
5.42%),
5.00%,
09/14/30
.....................
882
1,000,105
(EUR
Swap
Annual
5
Year
+
3.17%),
2.88%,
06/29/31
.....................
3,950
4,090,631
(EUR
Swap
Annual
5
Year
+
3.40%),
3.38%,
01/19/32
.....................
425
440,762
Banco
de
Sabadell
SA
(a)(b)
(EUSA3
+
2.20%),
2.62%,
03/24/26
.....
300
331,786
(EUR
Swap
Annual
5
Year
+
2.20%),
2.00%,
01/17/30
.....................
2,500
2,619,169
(EUR
Swap
Annual
5
Year
+
2.95%),
2.50%,
04/15/31
.....................
1,700
1,757,444
Banco
Espirito
Santo
SA
(b)(e)(k)
2.63%,
05/08/17
..................
10,400
1,668,225
4.75%,
01/15/18
..................
12,300
1,972,997
4.00%,
01/21/19
..................
12,000
1,924,875
Banco
Santander
SA,
(EUR
Swap
Annual
5
Year
+
4.53%),
4.37%
(a)(b)(j)
...........
1,400
1,504,899
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
1,300
$
1,243,938
Barclays
plc
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.87%),
6.13%
(a)(j)
.....................
USD
800
817,000
5.20%,
05/12/26
..................
7,800
8,110,128
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%),
4.38%
(a)(j)
.....................
14,990
13,202,442
BPER
Banca,
(EUR
Swap
Annual
5
Year
+
3.73%),
3.88%,
07/25/32
(a)(b)
..........
EUR
1,850
1,925,705
CaixaBank
SA,
(EUR
Swap
Annual
5
Year
+
6.22%),
6.37%
(a)(b)(j)
...............
2,800
3,219,480
Commerzbank
AG,
(EUR
Swap
Annual
5
Year
+
6.36%),
6.12%
(a)(b)(j)
...............
4,000
4,534,917
Credit
Agricole
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%),
4.75%
(a)(c)(j)
...............
USD
15,445
14,015,256
First-Citizens
Bank
&
Trust
Co.,
6.00%,
04/01/36
......................
23,131
25,993,603
HSBC
Bank
plc,
Series
1M,
(LIBOR
USD
6
Month
+
0.25%),
0.75%
(a)(j)
...........
2,720
2,212,611
HSBC
Holdings
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.65%),
4.60%
(a)(j)
................
6,310
5,631,675
Intesa
Sanpaolo
SpA
(EUR
Swap
Annual
5
Year
+
7.19%),
7.75%
(a)(b)(j)
....................
EUR
1,883
2,313,131
(EUR
Swap
Annual
5
Year
+
5.56%),
6.37%
(a)(b)(j)
....................
500
564,879
(EUR
Swap
Annual
5
Year
+
5.75%),
5.87%,
03/04/29
(a)(b)
...................
313
368,891
5.15%,
06/10/30
(b)
.................
GBP
1,400
1,894,210
(EUR
Swap
Annual
5
Year
+
6.09%),
5.87%
(a)(b)(j)
....................
EUR
1,325
1,450,332
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.60%),
4.20%,
06/01/32
(a)(c)
..............
USD
10,505
9,286,525
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.75%),
4.95%,
06/01/42
(a)(c)
..............
7,665
6,557,791
Societe
Generale
SA,
(USD
Swap
Semi
5
Year
+
4.98%),
7.88%
(a)(c)(j)
..............
600
627,000
UniCredit
SpA
(a)(b)
(EUR
Swap
Annual
5
Year
+
6.39%),
6.62%
(j)
......................
EUR
1,400
1,595,212
(EURIBOR
Swap
Rate
5
Year
+
7.33%),
7.50%
(j)
......................
800
955,800
(EURIBOR
Swap
Rate
5
Year
+
4.08%),
3.88%
(j)
......................
1,600
1,549,246
(EUR
Swap
Annual
5
Year
+
2.80%),
2.73%,
01/15/32
.....................
1,000
1,042,216
128,251,789
Biotechnology
—
0.0%
(b)
Cidron
Aida
Finco
SARL
5.00%,
04/01/28
..................
4,161
4,310,441
6.25%,
04/01/28
..................
GBP
1,624
1,989,365
Grifols
Escrow
Issuer
SA,
3.88%,
10/15/28
..
EUR
1,138
1,195,212
7,495,018
Building
Products
—
0.8%
Advanced
Drainage
Systems,
Inc.,
5.00%,
09/30/27
(c)
.....................
USD
10,364
10,378,821
Cornerstone
Building
Brands,
Inc.,
6.13%,
01/15/29
(c)
.....................
16,559
15,367,580
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Building
Products
(continued)
CP
Atlas
Buyer,
Inc.,
7.00%,
12/01/28
(c)
....
USD
22,087
$
18,832,260
HT
Troplast
GmbH,
9.25%,
07/15/25
(b)
.....
EUR
1,071
1,181,851
James
Hardie
International
Finance
DAC,
5.00%,
01/15/28
(c)
................
USD
3,204
3,154,050
JELD-WEN,
Inc.
(c)
6.25%,
05/15/25
..................
9,275
9,556,682
4.63%,
12/15/25
..................
4,547
4,376,487
4.88%,
12/15/27
..................
3,220
3,083,150
Masonite
International
Corp.
(c)
5.38%,
02/01/28
..................
3,050
3,072,875
3.50%,
02/15/30
..................
11,658
10,477,627
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(c)
5.25%,
07/15/28
..................
5,389
5,180,877
9.75%,
07/15/28
..................
8,367
8,440,211
PCF
GmbH
(b)
4.75%,
04/15/26
..................
EUR
1,503
1,594,710
(EURIBOR
3
Month
+
4.75%),
4.75%,
04/15/26
(a)
....................
1,052
1,148,180
SRM
Escrow
Issuer
LLC,
6.00%,
11/01/28
(c)
..
USD
31,902
31,463,666
Standard
Industries,
Inc.
2.25%,
11/21/26
(b)
.................
EUR
1,659
1,713,620
4.75%,
01/15/28
(c)
.................
USD
604
577,575
4.38%,
07/15/30
(c)
.................
12,324
11,288,229
3.38%,
01/15/31
(c)
.................
2,587
2,263,625
Summit
Materials
LLC,
5.25%,
01/15/29
(c)
...
9,608
9,487,900
Victors
Merger
Corp.,
6.38%,
05/15/29
(c)
....
10,118
8,282,494
160,922,470
Capital
Markets
—
0.6%
Aretec
Escrow
Issuer,
Inc.,
7.50%,
04/01/29
(c)
8,343
8,016,538
Blackstone
Private
Credit
Fund,
4.70%,
03/24/25
(c)
.....................
24,249
24,602,944
Codere
New
Holdco
SA
7.50%,
11/30/27
..................
EUR
899
846,267
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(c)
................
USD
13,829
12,999,260
Credit
Suisse
Group
AG
(a)(j)
(USD
Swap
Semi
5
Year
+
4.60%),
7.50%
(b)
969
1,001,704
(USD
Swap
Semi
5
Year
+
3.46%),
6.25%
(c)
3,600
3,627,000
(USD
Swap
Rate
5
Year
+
4.33%),
7.25%
(b)
2,200
2,224,750
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%),
6.37%
(c)
......................
12,614
12,450,901
Deutsche
Bank
AG
(a)(b)
(EUR
Swap
Annual
5
Year
+
5.69%),
6.75%
(j)
......................
EUR
1,200
1,356,572
(EURIBOR
Swap
Rate
5
Year
+
3.30%),
4.00%,
06/24/32
................
1,300
1,439,621
Drawbridge
Special
Opportunities
Fund
LP,
3.88%,
02/15/26
(c)
................
USD
1,189
1,150,788
Kane
Bidco
Ltd.
(b)
5.00%,
02/15/27
..................
EUR
1,249
1,349,659
6.50%,
02/15/27
..................
GBP
813
1,038,777
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
(e)(k)
5.38%,
10/17/12
..................
EUR
4,550
37,751
4.75%,
01/16/14
..................
14,545
128,723
(EURIBOR
3
Month
+
0.30%),
0.30%,
02/05/14
(a)
....................
22,800
252,225
MSCI,
Inc.
(c)
3.63%,
09/01/30
..................
USD
5,813
5,449,019
3.88%,
02/15/31
..................
7,005
6,641,826
3.63%,
11/01/31
..................
2,019
1,900,384
3.25%,
08/15/33
..................
8,343
7,498,792
OWL
Rock
Core
Income
Corp.,
5.50%,
03/21/25
(c)
.....................
10,277
10,250,875
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Sherwood
Financing
plc
(b)
4.50%,
11/15/26
..................
EUR
469
$
494,792
6.00%,
11/15/26
..................
GBP
313
388,558
(EURIBOR
3
Month
+
4.63%),
4.62%,
11/15/27
(a)
....................
EUR
319
348,306
UBS
AG,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%),
4.38%
(a)(c)
(j)
..........................
USD
13,275
11,980,688
117,476,720
Chemicals
—
2.1%
Ashland
LLC,
3.38%,
09/01/31
(c)
.........
18,696
16,499,220
Axalta
Coating
Systems
LLC
(c)
4.75%,
06/15/27
..................
15,754
15,156,057
3.38%,
02/15/29
..................
17,555
15,434,356
Chemours
Co.
(The)
4.00%,
05/15/26
..................
EUR
1,300
1,381,319
5.75%,
11/15/28
(c)
.................
USD
4,396
4,271,242
Diamond
BC
BV,
4.63%,
10/01/29
(c)
.......
18,491
16,595,672
Element
Solutions,
Inc.,
3.88%,
09/01/28
(c)
..
86,706
80,961,728
EverArc
Escrow
SARL,
5.00%,
10/30/29
(c)
...
36,650
33,488,938
FIS
Fabbrica
Italiana
Sintetici
SpA,
5.63%,
08/01/27
(b)
.....................
EUR
1,661
1,745,607
Gates
Global
LLC,
6.25%,
01/15/26
(c)
......
USD
18,880
18,897,653
GCP
Applied
Technologies,
Inc.,
5.50%,
04/15/26
(c)
.....................
12,110
12,261,375
HB
Fuller
Co.,
4.25%,
10/15/28
.........
7,592
7,107,630
Herens
Midco
SARL
4.75%,
05/15/28
(c)
.................
16,560
14,849,849
5.25%,
05/15/29
(b)
.................
EUR
3,743
3,535,324
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(c)
....
USD
33,988
34,412,850
Ingevity
Corp.,
3.88%,
11/01/28
(c)
........
5,329
4,816,510
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(a)(c)
.
15,279
14,820,630
Kronos
International,
Inc.,
3.75%,
09/15/25
(b)
.
EUR
800
860,556
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(c)
...
USD
7,540
7,014,839
Lune
Holdings
SARL,
5.63%,
11/15/28
(b)
....
EUR
1,625
1,606,867
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(c)
USD
9,937
9,464,993
Monitchem
HoldCo
2
SA,
9.50%,
09/15/26
(b)
.
EUR
1,000
1,129,758
Monitchem
HoldCo
3
SA,
5.25%,
03/15/25
(b)
.
3,093
3,353,199
Nobian
Finance
BV,
3.63%,
07/15/26
(b)
.....
1,008
1,012,310
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(c)
..
USD
1,606
1,624,059
Olin
Corp.,
5.50%,
08/15/22
...........
255
256,913
Olympus
Water
US
Holding
Corp.
(b)
3.88%,
10/01/28
..................
EUR
797
801,147
5.38%,
10/01/29
..................
858
827,099
PMHC
II,
Inc.,
9.00%,
02/15/30
(c)
........
USD
5,103
4,490,640
SCIH
Salt
Holdings,
Inc.,
6.63%,
05/01/29
(c)
..
10,011
8,986,424
SCIL
IV
LLC
(EURIBOR
3
Month
+
4.38%),
4.37%,
11/01/26
(a)(b)
...................
EUR
728
792,867
4.38%,
11/01/26
(b)
.................
701
742,523
5.38%,
11/01/26
(c)
.................
USD
14,497
13,337,240
Scotts
Miracle-
Gro
Co.
(The)
4.00%,
04/01/31
..................
15,072
13,142,558
4.38%,
02/01/32
..................
1,779
1,575,473
SPCM
SA,
3.13%,
03/15/27
(c)
..........
6,314
5,808,880
WR
Grace
Holdings
LLC,
5.63%,
08/15/29
(c)
.
76,397
71,438,835
444,503,140
Commercial
Services
&
Supplies
—
2.5%
Allied
Universal
Holdco
LLC
6.63%,
07/15/26
(c)
.................
76,032
76,931,458
9.75%,
07/15/27
(c)
.................
28,305
29,256,614
3.63%,
06/01/28
(b)
.................
EUR
1,820
1,837,205
4.63%,
06/01/28
(c)
.................
USD
72,496
68,131,374
4.88%,
06/01/28
(b)
.................
GBP
827
991,273
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
52
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
6.00%,
06/01/29
(c)
.................
USD
54,152
$
47,770,999
APi
Escrow
Corp.,
4.75%,
10/15/29
(c)
......
6,702
6,224,482
APi
Group
DE,
Inc.,
4.13%,
07/15/29
(c)
.....
8,850
8,156,160
APX
Group,
Inc.
(c)
6.75%,
02/15/27
..................
10,209
10,435,640
5.75%,
07/15/29
..................
14,399
13,136,639
Aramark
Services,
Inc.
(c)
5.00%,
04/01/25
..................
1,951
1,954,746
6.38%,
05/01/25
..................
7,134
7,323,265
5.00%,
02/01/28
..................
4,389
4,257,330
Brink's
Co.
(The),
5.50%,
07/15/25
(c)
......
1,038
1,046,128
Clean
Harbors,
Inc.
(c)
4.88%,
07/15/27
..................
4,516
4,504,710
5.13%,
07/15/29
..................
6,714
6,739,178
Covanta
Holding
Corp.
4.88%,
12/01/29
(c)
.................
9,311
8,889,212
5.00%,
09/01/30
..................
10,391
9,845,472
Garda
World
Security
Corp.
(c)
4.63%,
02/15/27
..................
13,760
13,188,272
9.50%,
11/01/27
..................
10,407
10,667,175
GFL
Environmental,
Inc.
(c)
4.25%,
06/01/25
..................
5,193
5,160,284
3.75%,
08/01/25
..................
9,709
9,531,325
5.13%,
12/15/26
..................
14,600
14,724,100
4.00%,
08/01/28
..................
24,292
22,348,640
3.50%,
09/01/28
..................
1,057
992,359
4.75%,
06/15/29
..................
12,032
11,445,440
4.38%,
08/15/29
..................
4,622
4,269,573
IAA,
Inc.,
5.50%,
06/15/27
(c)
...........
9,997
10,021,993
Intrum
AB
(b)
3.13%,
07/15/24
..................
EUR
2,000
2,193,207
4.88%,
08/15/25
..................
1,046
1,164,636
3.50%,
07/15/26
..................
1,654
1,751,161
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(c)
.....................
USD
7,421
7,124,160
Madison
IAQ
LLC
(c)
4.13%,
06/30/28
..................
1,587
1,462,643
5.88%,
06/30/29
..................
18,571
16,667,472
Nielsen
Finance
LLC
(c)
5.63%,
10/01/28
..................
11,259
11,340,065
5.88%,
10/01/30
..................
7,388
7,406,470
Paprec
Holding
SA,
3.50%,
07/01/28
(b)
.....
EUR
1,240
1,303,162
Prime
Security
Services
Borrower
LLC
(c)
5.75%,
04/15/26
..................
USD
921
939,581
6.25%,
01/15/28
..................
11,508
11,261,671
Ritchie
Bros
Auctioneers,
Inc.,
5.38%,
01/15/25
(c)
.....................
4,373
4,416,730
Stericycle,
Inc.,
3.88%,
01/15/29
(c)
........
9,877
9,185,610
Techem
Verwaltungsgesellschaft
674
mbH,
6.00%,
07/30/26
(b)
................
EUR
2,462
2,720,532
Verde
Bidco
SpA,
4.63%,
10/01/26
(b)
......
528
560,006
Verisure
Holding
AB
(b)
(EURIBOR
3
Month
+
5.00%),
5.00%,
04/15/25
(a)
....................
791
875,044
3.88%,
07/15/26
..................
1,425
1,536,996
3.25%,
02/15/27
..................
4,381
4,543,576
Verisure
Midholding
AB,
5.25%,
02/15/29
(b)
..
2,529
2,577,538
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(c)
....
USD
29,783
28,147,318
526,958,624
Communications
Equipment
—
0.7%
Avaya,
Inc.,
6.13%,
09/15/28
(c)
..........
18,149
17,898,000
Ciena
Corp.,
4.00%,
01/31/30
(c)
.........
6,784
6,529,600
CommScope
Technologies
LLC,
6.00%,
06/15/25
(c)
.....................
18,284
17,316,959
Security
Par
(000)
Par
(000)
Value
Communications
Equipment
(continued)
CommScope
,
Inc.
(c)
6.00%,
03/01/26
..................
USD
153
$
154,773
8.25%,
03/01/27
..................
11,747
11,423,958
7.13%,
07/01/28
..................
18,432
16,651,008
4.75%,
09/01/29
..................
21,807
20,084,465
Nokia
OYJ,
6.63%,
05/15/39
...........
7,393
8,806,911
Viasat
,
Inc.
(c)
5.63%,
09/15/25
..................
14,209
13,877,504
6.50%,
07/15/28
..................
9,640
9,254,400
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(c)
....
23,190
21,762,018
143,759,596
Construction
&
Engineering
—
0.2%
Arcosa,
Inc.,
4.38%,
04/15/29
(c)
.........
23,552
22,344,960
Brand
Industrial
Services,
Inc.,
8.50%,
07/15/25
(c)
.....................
7,316
6,804,465
Dycom
Industries,
Inc.,
4.50%,
04/15/29
(c)
...
5,899
5,559,808
Heathrow
Finance
plc,
4.63%,
09/01/29
(b)(l)
..
GBP
2,042
2,445,611
MasTec,
Inc.,
4.50%,
08/15/28
(c)
.........
USD
12,228
12,115,173
49,270,017
Consumer
Finance
—
1.1%
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(c)
.....................
4,986
4,450,005
Encore
Capital
Group,
Inc.
(b)
4.88%,
10/15/25
..................
EUR
1,332
1,480,893
5.38%,
02/15/26
..................
GBP
1,000
1,303,798
4.25%,
06/01/28
..................
2,373
2,867,920
Ford
Motor
Credit
Co.
LLC
3.81%,
01/09/24
..................
USD
1,844
1,841,003
5.58%,
03/18/24
..................
3,500
3,599,855
3.66%,
09/08/24
..................
6,120
6,046,193
4.06%,
11/01/24
..................
10,022
9,991,834
4.69%,
06/09/25
..................
5,702
5,742,826
5.13%,
06/16/25
..................
10,736
10,950,720
4.13%,
08/04/25
..................
8,779
8,769,124
3.38%,
11/13/25
..................
6,710
6,558,656
4.39%,
01/08/26
..................
11,887
11,856,213
2.70%,
08/10/26
..................
14,551
13,532,576
4.27%,
01/09/27
..................
2,678
2,641,204
4.13%,
08/17/27
..................
7,424
7,256,589
3.82%,
11/02/27
..................
2,510
2,378,225
2.90%,
02/16/28
..................
13,400
12,110,250
5.11%,
05/03/29
..................
7,180
7,222,577
4.00%,
11/13/30
..................
8,299
7,815,168
3.63%,
06/17/31
..................
4,972
4,491,083
Global
Aircraft
Leasing
Co.
Ltd.
(c)(
i
)
Series
2021,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(a)
................
12,040
10,938,761
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
.....................
7,500
6,813,948
Navient
Corp.
7.25%,
09/25/23
..................
126
130,882
6.13%,
03/25/24
..................
825
839,438
5.88%,
10/25/24
..................
1,709
1,743,419
5.50%,
03/15/29
..................
12,731
11,855,744
OneMain
Finance
Corp.
6.88%,
03/15/25
..................
9,432
9,917,937
7.13%,
03/15/26
..................
10,690
11,426,434
3.50%,
01/15/27
..................
6,747
6,240,975
6.63%,
01/15/28
..................
7,941
8,318,197
5.38%,
11/15/29
..................
3,690
3,585,093
4.00%,
09/15/30
..................
15,089
13,316,043
SLM
Corp.,
3.13%,
11/02/26
...........
9,715
9,010,663
VistaJet
Malta
Finance
plc,
6.38%,
02/01/30
(c)
10,629
10,000,454
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Volkswagen
International
Finance
NV,
(EUR
Swap
Annual
9
Year
+
3.36%),
4.37%
(a)(b)(j)
.
EUR
1,600
$
1,762,665
238,807,365
Containers
&
Packaging
—
1.7%
ARD
Finance
SA,
6.50%,
06/30/27
(c)
......
USD
32,129
29,378,152
Ardagh
Metal
Packaging
Finance
USA
LLC
2.00%,
09/01/28
(b)
.................
EUR
566
576,673
3.00%,
09/01/29
(b)
.................
1,380
1,360,076
4.00%,
09/01/29
(c)
.................
USD
58,682
52,881,284
Ardagh
Packaging
Finance
plc
5.25%,
04/30/25
(c)
.................
771
769,940
4.13%,
08/15/26
(c)
.................
14,602
14,067,932
4.75%,
07/15/27
(c)
.................
GBP
4,000
4,785,639
4.75%,
07/15/27
(b)
.................
264
315,852
5.25%,
08/15/27
(c)
.................
USD
32,203
29,767,648
Ball
Corp.
2.88%,
08/15/30
..................
2,121
1,901,572
3.13%,
09/15/31
..................
18,844
16,840,883
Canpack
SA,
3.13%,
11/01/25
(c)
.........
7,284
6,719,490
Clydesdale
Acquisition
Holdings,
Inc.
(c)
6.63%,
04/15/29
..................
22,671
22,926,049
8.75%,
04/15/30
..................
19,095
17,973,169
Crown
Americas
LLC
4.75%,
02/01/26
..................
69
69,737
4.25%,
09/30/26
..................
5,032
5,044,580
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
1,005
1,134,087
Graphic
Packaging
International
LLC
4.88%,
11/15/22
..................
223
223,836
4.75%,
07/15/27
(c)
.................
1,424
1,438,240
3.50%,
03/15/28
(c)
.................
519
487,860
3.50%,
03/01/29
(c)
.................
1,083
996,360
Intertape
Polymer
Group,
Inc.,
4.38%,
06/15/29
(c)
.....................
8,745
9,007,350
Kleopatra
Finco
SARL,
4.25%,
03/01/26
(b)
...
EUR
1,122
1,095,370
LABL,
Inc.,
5.88%,
11/01/28
(c)
..........
USD
15,297
14,340,938
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(c)
................
14,665
14,606,743
OI
European
Group
BV,
2.88%,
02/15/25
(b)
..
EUR
2,184
2,367,594
Sealed
Air
Corp.
(c)
5.25%,
04/01/23
..................
USD
534
540,675
4.00%,
12/01/27
..................
5,815
5,669,625
Silgan
Holdings,
Inc.,
4.13%,
02/01/28
.....
184
176,640
Titan
Holdings
II
BV,
5.13%,
07/15/29
(b)
....
EUR
854
868,214
Trivium
Packaging
Finance
BV
(c)(l)
5.50%,
08/15/26
..................
USD
21,957
21,866,537
8.50%,
08/15/27
..................
72,044
71,683,779
Verallia
SA,
1.88%,
11/10/31
(b)
..........
EUR
500
486,086
352,368,610
Distributors
—
0.1%
(c)
American
Builders
&
Contractors
Supply
Co.,
Inc.
4.00%,
01/15/28
..................
USD
2,504
2,405,568
3.88%,
11/15/29
..................
3,240
3,021,300
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
8,157
7,685,525
13,112,393
Diversified
Consumer
Services
—
0.5%
Graham
Holdings
Co.,
5.75%,
06/01/26
(c)
...
2,623
2,693,690
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(c)
...
13,728
12,918,734
Rekeep
SpA,
7.25%,
02/01/26
(b)
.........
EUR
3,002
3,453,801
Service
Corp.
International
5.13%,
06/01/29
..................
USD
1,427
1,452,101
3.38%,
08/15/30
..................
5,789
5,215,194
4.00%,
05/15/31
..................
18,338
17,060,392
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
(continued)
Sotheby's
(c)
7.38%,
10/15/27
..................
USD
37,214
$
38,110,485
5.88%,
06/01/29
..................
19,213
18,588,578
99,492,975
Diversified
Financial
Services
—
0.9%
doValue
SpA,
3.38%,
07/31/26
(b)
.........
EUR
1,724
1,830,964
Garfunkelux
Holdco
3
SA
(b)
6.75%,
11/01/25
..................
2,757
3,035,475
7.75%,
11/01/25
..................
GBP
1,954
2,547,620
Jefferies
Finance
LLC,
5.00%,
08/15/28
(c)
...
USD
20,680
19,800,687
MPH
Acquisition
Holdings
LLC,
5.50%,
09/01/28
(c)
.....................
12,205
11,699,896
Sabre
GLBL,
Inc.
(c)
9.25%,
04/15/25
..................
18,921
20,976,483
7.38%,
09/01/25
..................
9,679
10,107,102
Shift4
Payments
LLC,
4.63%,
11/01/26
(c)
....
19,882
19,335,245
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(c)
..
103,755
107,905,200
197,238,672
Diversified
Telecommunication
Services
—
5.9%
Altice
France
Holding
SA
8.00%,
05/15/27
(c)
.................
EUR
1,000
1,141,926
8.00%,
05/15/27
(b)
.................
954
1,089,398
10.50%,
05/15/27
(c)
................
USD
130,758
136,838,901
6.00%,
02/15/28
(c)
.................
39,768
34,299,900
Altice
France
SA
2.50%,
01/15/25
(b)
.................
EUR
1,477
1,569,783
5.88%,
02/01/27
(b)
.................
4,100
4,637,677
8.13%,
02/01/27
(c)
.................
USD
20,083
20,708,184
5.50%,
01/15/28
(c)
.................
10,982
10,177,019
4.13%,
01/15/29
(b)
.................
EUR
3,123
3,126,611
5.13%,
01/15/29
(c)
.................
USD
10,979
9,835,318
5.13%,
07/15/29
(c)
.................
53,806
48,223,627
4.25%,
10/15/29
(b)
.................
EUR
1,685
1,689,278
5.50%,
10/15/29
(c)
.................
USD
34,791
31,217,269
British
Telecommunications
plc
(a)(c)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.99%),
4.25%,
11/23/81
................
1,200
1,145,484
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.49%),
4.88%,
11/23/81
................
1,800
1,710,000
CCO
Holdings
LLC
5.13%,
05/01/27
(c)
.................
13,765
13,785,303
5.00%,
02/01/28
(c)
.................
18,403
18,209,769
5.38%,
06/01/29
(c)
.................
12,358
12,358,000
4.75%,
03/01/30
(c)
.................
11,536
11,077,329
4.50%,
08/15/30
(c)
.................
14,375
13,487,954
4.25%,
02/01/31
(c)
.................
33,784
30,658,980
4.75%,
02/01/32
(c)
.................
16,338
15,214,599
4.50%,
05/01/32
..................
14,434
13,202,780
4.50%,
06/01/33
(c)
.................
12,536
11,251,060
4.25%,
01/15/34
(c)
.................
41,427
35,979,142
Cellnex
Telecom
SA,
0.75%,
11/20/31
(b)(h)
...
EUR
12,200
11,628,234
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(c)
.....................
USD
19,454
17,924,916
eircom
Finance
DAC,
1.75%,
11/01/24
(b)
....
EUR
300
327,229
Frontier
Communications
Corp.
(c)
5.88%,
10/15/27
..................
USD
21,856
21,709,565
5.00%,
05/01/28
..................
22,994
22,074,240
6.75%,
05/01/29
..................
26,053
25,010,880
Frontier
Communications
Holdings
LLC,
6.00%,
01/15/30
(c)
.....................
18,660
17,260,500
Iliad
Holding
SAS
(c)
6.50%,
10/15/26
..................
30,564
30,646,523
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
54
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
7.00%,
10/15/28
..................
USD
21,008
$
21,039,092
Iliad
SA
(b)
1.50%,
10/14/24
..................
EUR
500
536,476
2.38%,
06/17/26
..................
500
536,664
1.88%,
02/11/28
..................
400
396,111
Kaixo
Bondco
Telecom
SA,
5.13%,
09/30/29
(b)
457
473,337
Level
3
Financing,
Inc.
(c)
4.63%,
09/15/27
..................
USD
4,920
4,631,344
4.25%,
07/01/28
..................
3,612
3,315,843
3.63%,
01/15/29
..................
12,916
11,301,500
3.75%,
07/15/29
..................
4,587
4,065,137
Lorca
Telecom
Bondco
SA,
4.00%,
09/18/27
(b)
EUR
3,842
4,090,830
Lumen
Technologies,
Inc.
Series
W,
6.75%,
12/01/23
...........
USD
8,467
8,791,794
Series
Y,
7.50%,
04/01/24
...........
5,181
5,454,246
5.13%,
12/15/26
(c)
.................
21,121
20,117,753
4.00%,
02/15/27
(c)
.................
21,028
19,584,112
4.50%,
01/15/29
(c)
.................
15,223
13,091,704
5.38%,
06/15/29
(c)
.................
32,184
28,663,875
Series
P,
7.60%,
09/15/39
...........
2,456
2,358,742
Series
U,
7.65%,
03/15/42
...........
18,692
18,037,780
Sable
International
Finance
Ltd.,
5.75%,
09/07/27
(c)
.....................
5,000
5,034,750
Sprint
Capital
Corp.
6.88%,
11/15/28
..................
61,148
70,851,576
8.75%,
03/15/32
..................
74,051
99,746,697
Switch
Ltd.
(c)
3.75%,
09/15/28
..................
18,423
17,865,612
4.13%,
06/15/29
..................
43,299
42,595,391
Telecom
Italia
Capital
SA
6.38%,
11/15/33
..................
11,703
11,184,908
6.00%,
09/30/34
..................
10,437
9,811,511
7.20%,
07/18/36
..................
8,490
8,256,525
7.72%,
06/04/38
..................
8,383
8,549,025
Telecom
Italia
Finance
SA,
7.75%,
01/24/33
.
EUR
3,262
4,138,783
Telecom
Italia
SpA
4.00%,
04/11/24
(b)
.................
2,664
3,018,280
5.30%,
05/30/24
(c)
.................
USD
2,857
2,878,428
2.75%,
04/15/25
(b)
.................
EUR
2,313
2,507,289
3.00%,
09/30/25
(b)
.................
1,000
1,095,353
3.63%,
05/25/26
(b)
.................
1,900
2,093,993
1.63%,
01/18/29
(b)
.................
4,843
4,515,295
Virgin
Media
Finance
plc,
3.75%,
07/15/30
(b)
.
1,533
1,526,293
Virgin
Media
Secured
Finance
plc
5.25%,
05/15/29
(b)
.................
GBP
300
386,213
5.50%,
05/15/29
(c)
.................
USD
800
794,000
4.50%,
08/15/30
(c)
.................
2,314
2,157,805
Zayo
Group
Holdings,
Inc.
(c)
4.00%,
03/01/27
..................
46,096
42,418,922
6.13%,
03/01/28
..................
99,306
88,878,870
1,226,009,237
Electric
Utilities
—
0.7%
Edison
International,
Series
B,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.90%),
5.00%
(a)(j)
............
8,330
7,817,705
FirstEnergy
Corp.
2.65%,
03/01/30
..................
12,834
11,651,925
Series
B,
2.25%,
09/01/30
...........
1,684
1,490,340
Series
C,
7.38%,
11/15/31
...........
6,492
8,006,973
Series
C,
3.40%,
03/01/50
...........
53,360
44,944,594
FirstEnergy
Transmission
LLC
(c)
5.45%,
07/15/44
..................
27,046
29,485,578
4.55%,
04/01/49
..................
12,576
12,014,978
Naturgy
Finance
BV,
(EUR
Swap
Annual
5
Year
+
2.44%),
2.37%
(a)(b)(j)
..............
EUR
2,100
2,135,714
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
NextEra
Energy
Operating
Partners
LP,
4.25%,
09/15/24
(c)
.....................
USD
106
$
106,795
NRG
Energy,
Inc.
5.75%,
01/15/28
..................
35
35,574
3.63%,
02/15/31
(c)
.................
6,973
6,133,381
3.88%,
02/15/32
(c)
.................
2,763
2,431,440
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(c)
.....................
19,321
19,008,193
PG&E
Corp.,
5.25%,
07/01/30
..........
753
730,335
Vistra
Operations
Co.
LLC,
4.38%,
05/01/29
(c)
6,512
6,153,840
152,147,365
Electrical
Equipment
—
0.3%
Energizer
Gamma
Acquisition
BV,
3.50%,
06/30/29
(b)
.....................
EUR
1,449
1,408,666
Sensata
Technologies
BV
(c)
5.63%,
11/01/24
..................
USD
3,212
3,320,405
5.00%,
10/01/25
..................
2,784
2,822,280
4.00%,
04/15/29
..................
13,429
12,787,497
Vertiv
Group
Corp.,
4.13%,
11/15/28
(c)
.....
39,883
36,397,824
56,736,672
Electronic
Equipment,
Instruments
&
Components
—
0.3%
Belden,
Inc.,
3.38%,
07/15/31
(b)
.........
EUR
178
183,257
II-VI,
Inc.,
5.00%,
12/15/29
(c)
...........
USD
17,000
16,617,500
Sensata
Technologies,
Inc.
(c)
4.38%,
02/15/30
..................
25,514
24,400,186
3.75%,
02/15/31
..................
12,268
11,347,900
52,548,843
Energy
Equipment
&
Services
—
0.7%
Archrock
Partners
LP
(c)
6.88%,
04/01/27
..................
2,004
2,026,485
6.25%,
04/01/28
..................
48,122
47,428,562
CGG
SA,
7.75%,
04/01/27
(b)
...........
EUR
1,242
1,385,619
ChampionX
Corp.,
6.38%,
05/01/26
.......
USD
2,961
3,020,220
Nabors
Industries
Ltd.
(c)
7.25%,
01/15/26
..................
3,786
3,786,000
7.50%,
01/15/28
..................
9,315
9,082,125
Nabors
Industries,
Inc.,
7.38%,
05/15/27
(c)
...
15,913
16,529,629
Saipem
Finance
International
BV
(b)
2.63%,
01/07/25
..................
EUR
953
984,760
3.38%,
07/15/26
..................
1,000
992,948
Tervita
Corp.,
11.00%,
12/01/25
(c)
........
USD
5,460
6,184,214
Transocean,
Inc.,
11.50%,
01/30/27
(c)
......
6,899
7,123,217
USA
Compression
Partners
LP
6.88%,
04/01/26
..................
14,960
15,094,640
6.88%,
09/01/27
..................
6,853
6,879,315
Vallourec
SA,
8.50%,
06/30/26
(b)
.........
EUR
1,696
1,919,169
Weatherford
International
Ltd.
(c)
6.50%,
09/15/28
..................
USD
900
930,362
8.63%,
04/30/30
..................
15,581
15,820,168
139,187,433
Entertainment
—
1.4%
AMC
Entertainment
Holdings,
Inc.
(c)
10.00%,
06/15/26
.................
23,634
21,226,332
7.50%,
02/15/29
..................
14,714
14,298,403
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(c)
.....................
36,330
35,013,037
Live
Nation
Entertainment,
Inc.
(c)
4.88%,
11/01/24
..................
1,420
1,425,691
6.50%,
05/15/27
..................
43,863
46,714,972
4.75%,
10/15/27
..................
5,095
4,967,625
3.75%,
01/15/28
..................
1,401
1,316,772
Magallanes,
Inc.
(c)
5.14%,
03/15/52
..................
90,697
92,791,610
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
55
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Entertainment
(continued)
5.39%,
03/15/62
..................
USD
54,418
$
56,218,050
Playtika
Holding
Corp.,
4.25%,
03/15/29
(c)
...
23,291
21,485,948
WMG
Acquisition
Corp.
3.88%,
07/15/30
(c)
.................
4,383
4,174,808
2.25%,
08/15/31
(b)
.................
EUR
1,557
1,518,495
301,151,743
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.4%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(c)
.....................
USD
8,746
8,162,817
CTR
Partnership
LP,
3.88%,
06/30/28
(c)
....
9,583
9,034,086
Diversified
Healthcare
Trust,
9.75%,
06/15/25
10,907
11,479,617
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(c)
...
5,881
5,410,382
GLP
Capital
LP,
3.25%,
01/15/32
........
2,825
2,563,122
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(c)
....
10,300
9,785,000
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(c)
.......
10,457
9,803,438
Iron
Mountain
UK
plc,
3.88%,
11/15/25
(b)
....
GBP
4,732
6,163,227
Iron
Mountain,
Inc.
(c)
5.25%,
07/15/30
..................
USD
10,945
10,726,100
5.63%,
07/15/32
..................
11,095
10,931,682
MGM
Growth
Properties
Operating
Partnership
LP
5.63%,
05/01/24
..................
19,390
19,961,617
4.63%,
06/15/25
(c)
.................
20,554
20,708,155
4.50%,
09/01/26
..................
20,710
20,813,550
5.75%,
02/01/27
..................
4,476
4,727,775
4.50%,
01/15/28
..................
19,313
19,457,847
3.88%,
02/15/29
(c)
.................
16,973
16,675,973
MPT
Operating
Partnership
LP
4.63%,
08/01/29
..................
24,490
24,245,100
3.50%,
03/15/31
..................
67,798
62,964,830
RHP
Hotel
Properties
LP
4.75%,
10/15/27
..................
22,735
21,877,663
4.50%,
02/15/29
(c)
.................
6,509
6,118,460
RLJ
Lodging
Trust
LP
(c)
3.75%,
07/01/26
..................
4,645
4,412,750
4.00%,
09/15/29
..................
4,143
3,831,695
SBA
Communications
Corp.,
3.88%,
02/15/27
33,030
32,218,288
Service
Properties
Trust
4.35%,
10/01/24
..................
2,862
2,754,675
7.50%,
09/15/25
..................
7,352
7,712,616
5.50%,
12/15/27
..................
5,373
5,182,258
Uniti
Group
LP
(c)
7.88%,
02/15/25
..................
7,927
8,236,233
4.75%,
04/15/28
..................
6,050
5,709,748
6.50%,
02/15/29
..................
22,795
21,252,918
6.00%,
01/15/30
..................
9,000
8,100,000
VICI
Properties
LP
(c)
3.50%,
02/15/25
..................
6,504
6,408,066
4.25%,
12/01/26
..................
28,926
28,804,511
3.75%,
02/15/27
..................
10,484
10,195,690
4.63%,
12/01/29
..................
16,331
16,290,172
4.13%,
08/15/30
..................
39,830
38,450,289
501,170,350
Food
&
Staples
Retailing
—
0.4%
Albertsons
Cos.,
Inc.
(c)
3.25%,
03/15/26
..................
15,930
15,054,169
4.63%,
01/15/27
..................
16,540
15,989,466
5.88%,
02/15/28
..................
3,944
3,930,650
4.88%,
02/15/30
..................
1,431
1,393,436
Bellis
Acquisition
Co.
plc
(b)
3.25%,
02/16/26
..................
GBP
500
606,027
4.50%,
02/16/26
..................
2,726
3,427,843
Security
Par
(000)
Par
(000)
Value
Food
&
Staples
Retailing
(continued)
Casino
Guichard
Perrachon
SA
(b)
(EURIBOR
Swap
Rate
5
Year
+
3.82%),
3.99%
(a)(j)
.....................
EUR
1,600
$
831,900
3.58%,
02/07/25
(l)
.................
1,400
1,341,992
6.63%,
01/15/26
..................
600
603,216
5.25%,
04/15/27
..................
3,166
2,971,425
Iceland
Bondco
plc
(b)
4.63%,
03/15/25
..................
GBP
1,900
2,227,622
4.38%,
05/15/28
..................
800
877,228
Ocado
Group
plc,
3.88%,
10/08/26
(b)
......
1,848
2,160,490
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
(c)
.....................
USD
13,662
12,449,497
Picard
Groupe
SAS,
3.88%,
07/01/26
(b)
....
EUR
1,231
1,320,570
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(c)
USD
5,961
6,110,025
US
Foods,
Inc.
(c)
6.25%,
04/15/25
..................
6,772
6,941,300
4.75%,
02/15/29
..................
10,926
10,420,673
88,657,529
Food
Products
—
1.3%
Chobani
LLC
(c)
7.50%,
04/15/25
..................
58,403
56,464,020
4.63%,
11/15/28
..................
15,917
14,683,433
JBS
USA
LUX
SA,
3.75%,
12/01/31
(c)
......
21,188
19,667,443
Kraft
Heinz
Foods
Co.
6.50%,
02/09/40
..................
8,755
10,440,338
4.88%,
10/01/49
..................
44,521
46,908,661
5.50%,
06/01/50
..................
50,123
56,916,170
Lamb
Weston
Holdings,
Inc.
(c)
4.88%,
05/15/28
..................
4,589
4,589,000
4.13%,
01/31/30
..................
9,005
8,409,184
4.38%,
01/31/32
..................
6,946
6,489,092
Pilgrim's
Pride
Corp.
(c)
4.25%,
04/15/31
..................
1,885
1,743,625
3.50%,
03/01/32
..................
31,345
27,363,715
Post
Holdings,
Inc.
(c)
5.75%,
03/01/27
..................
98
98,485
5.63%,
01/15/28
..................
1,943
1,907,181
4.63%,
04/15/30
..................
1,060
954,477
Premier
Foods
Finance
plc,
3.50%,
10/15/26
(b)
GBP
469
572,286
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(c)
....
USD
16,639
15,599,063
Tereos
Finance
Groupe
I
SA,
7.50%,
10/30/25
(b)
EUR
1,065
1,220,765
274,026,938
Gas
Utilities
—
0.0%
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(c)
.....................
USD
5,099
4,780,313
Health
Care
Equipment
&
Supplies
—
0.9%
Avantor
Funding,
Inc.
(c)
4.63%,
07/15/28
..................
31,588
31,240,532
3.88%,
11/01/29
..................
10,045
9,442,300
Hologic,
Inc.,
3.25%,
02/15/29
(c)
.........
4,346
4,058,164
Mozart
Debt
Merger
Sub,
Inc.,
5.25%,
10/01/29
(c)
.....................
65,209
60,622,851
Ortho-Clinical
Diagnostics,
Inc.
(c)
7.38%,
06/01/25
..................
22,252
22,919,560
7.25%,
02/01/28
..................
54,618
56,256,540
Teleflex,
Inc.
4.63%,
11/15/27
..................
1,930
1,956,537
4.25%,
06/01/28
(c)
.................
6,074
5,914,558
192,411,042
Health
Care
Providers
&
Services
—
4.1%
180
Medical,
Inc.,
3.88%,
10/15/29
(c)
......
9,308
8,796,060
Acadia
Healthcare
Co.,
Inc.
(c)
5.50%,
07/01/28
..................
8,222
8,263,111
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
56
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
5.00%,
04/15/29
..................
USD
3,528
$
3,482,974
AdaptHealth
LLC
(c)
6.13%,
08/01/28
..................
3,859
3,830,058
5.13%,
03/01/30
..................
3,371
3,130,816
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(c)
.
20,497
19,062,210
Akumin
Escrow,
Inc.,
7.50%,
08/01/28
(c)
....
3,899
3,099,705
Akumin,
Inc.,
7.00%,
11/01/25
(c)
.........
5,782
4,799,060
CAB
SELAS,
3.38%,
02/01/28
(b)
.........
EUR
1,492
1,567,814
Cano
Health
LLC,
6.25%,
10/01/28
(c)
......
USD
8,374
8,039,040
Centene
Corp.
4.25%,
12/15/27
..................
6,161
6,184,104
2.45%,
07/15/28
..................
38,736
35,393,083
4.63%,
12/15/29
..................
16,809
16,944,985
3.00%,
10/15/30
..................
66,928
61,471,360
2.50%,
03/01/31
..................
84,148
74,263,134
2.63%,
08/01/31
..................
28,140
25,044,600
Chrome
Bidco
SASU,
3.50%,
05/31/28
(b)
....
EUR
3,383
3,575,531
Chrome
Holdco
SASU,
5.00%,
05/31/29
(b)
...
841
862,905
Community
Health
Systems,
Inc.
(c)
8.00%,
03/15/26
..................
USD
59,165
61,615,614
5.63%,
03/15/27
..................
35,079
35,725,682
6.00%,
01/15/29
..................
32,333
32,670,718
6.88%,
04/15/29
..................
4,832
4,747,440
6.13%,
04/01/30
..................
13,572
12,628,339
DaVita,
Inc.,
4.63%,
06/01/30
(c)
.........
635
592,963
Encompass
Health
Corp.
4.50%,
02/01/28
..................
4,086
4,004,280
4.75%,
02/01/30
..................
28,400
27,264,000
4.63%,
04/01/31
..................
14,410
13,488,336
HCA,
Inc.
5.38%,
02/01/25
..................
5,572
5,797,666
5.38%,
09/01/26
..................
2,599
2,728,950
5.63%,
09/01/28
..................
40,090
43,347,312
5.88%,
02/01/29
..................
7,815
8,543,358
3.50%,
09/01/30
..................
29,011
28,026,477
4.63%,
03/15/52
(c)
.................
17,510
17,646,065
HealthEquity,
Inc.,
4.50%,
10/01/29
(c)
......
24,971
23,660,023
Korian
SA,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
9.08%),
4.13%
(a)(b)(j)
GBP
1,800
2,169,349
Legacy
LifePoint
Health
LLC
(c)
6.75%,
04/15/25
..................
USD
11,850
12,243,776
4.38%,
02/15/27
..................
2,392
2,310,899
LifePoint
Health,
Inc.,
5.38%,
01/15/29
(c)
....
10,791
10,196,227
ModivCare
Escrow
Issuer,
Inc.,
5.00%,
10/01/29
(c)
.....................
6,834
6,370,723
ModivCare,
Inc.,
5.88%,
11/15/25
(c)
.......
5,536
5,589,588
Molina
Healthcare,
Inc.
(c)
4.38%,
06/15/28
..................
6,668
6,598,786
3.88%,
11/15/30
..................
8,060
7,737,600
3.88%,
05/15/32
..................
7,832
7,447,841
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(c)
..
8,844
8,291,250
Owens
&
Minor,
Inc.,
6.63%,
04/01/30
(c)
....
8,487
8,733,208
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(c)
.....................
27,343
28,026,302
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(c)
................
4,909
5,135,059
Surgery
Center
Holdings,
Inc.
(c)
6.75%,
07/01/25
..................
33,479
33,353,869
10.00%,
04/15/27
.................
25,121
26,377,050
Tenet
Healthcare
Corp.
4.63%,
07/15/24
..................
3,502
3,517,059
4.63%,
09/01/24
(c)
.................
11,186
11,262,568
4.88%,
01/01/26
(c)
.................
26,420
26,651,175
6.25%,
02/01/27
(c)
.................
1,248
1,281,191
5.13%,
11/01/27
(c)
.................
8,412
8,451,578
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
4.63%,
06/15/28
(c)
.................
USD
923
$
905,694
6.13%,
10/01/28
(c)
.................
2,794
2,839,402
4.25%,
06/01/29
(c)
.................
5,944
5,698,810
Vizient,
Inc.,
6.25%,
05/15/27
(c)
.........
13,273
13,671,190
855,157,967
Health
Care
Technology
—
0.1%
IQVIA,
Inc.,
5.00%,
10/15/26
(c)
..........
12,786
13,009,755
Hotels,
Restaurants
&
Leisure
—
5.3%
1011778
BC
ULC
(c)
5.75%,
04/15/25
..................
5,262
5,414,019
3.88%,
01/15/28
..................
7,557
7,160,522
4.38%,
01/15/28
..................
11,476
11,016,960
4.00%,
10/15/30
..................
2,004
1,807,678
Accor
SA,
0.70%,
12/07/27
(b)(h)
..........
EUR
2,453
1,306,290
Affinity
Gaming,
6.88%,
12/15/27
(c)
.......
USD
9,312
9,055,920
Aramark
International
Finance
SARL,
3.13%,
04/01/25
(b)
.....................
EUR
1,140
1,228,835
Boyd
Gaming
Corp.
8.63%,
06/01/25
(c)
.................
USD
10,850
11,396,406
4.75%,
12/01/27
..................
10,866
10,811,670
4.75%,
06/15/31
(c)
.................
11,498
11,081,198
Boyne
USA,
Inc.,
4.75%,
05/15/29
(c)
......
19,522
18,741,120
Burger
King
France
SAS,
(EURIBOR
3
Month
+
4.75%),
4.75%,
11/01/26
(a)(b)
..........
EUR
600
660,431
Caesars
Entertainment,
Inc.
(c)
6.25%,
07/01/25
..................
USD
62,795
64,832,070
4.63%,
10/15/29
..................
30,558
28,571,730
Carnival
Corp.
10.13%,
02/01/26
(b)
................
EUR
1,776
2,192,409
10.50%,
02/01/26
(c)
................
USD
42,276
47,007,107
7.63%,
03/01/26
(b)
.................
EUR
1,757
1,988,386
5.75%,
03/01/27
(c)
.................
USD
56,600
53,977,439
9.88%,
08/01/27
(c)
.................
25,346
28,015,440
4.00%,
08/01/28
(c)
.................
59,595
55,423,350
6.00%,
05/01/29
(c)
.................
42,582
40,126,722
CCM
Merger,
Inc.,
6.38%,
05/01/26
(c)
......
13,107
13,238,070
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(c)
..
34,810
35,158,100
Cedar
Fair
LP
5.50%,
05/01/25
(c)
.................
24,206
24,857,504
6.50%,
10/01/28
..................
3,917
3,985,548
Churchill
Downs,
Inc.
(c)
5.50%,
04/01/27
..................
9,338
9,443,893
4.75%,
01/15/28
..................
9,981
9,681,570
Cirsa
Finance
International
SARL
(b)
4.75%,
05/22/25
..................
EUR
2,920
3,159,185
4.50%,
03/15/27
..................
502
524,216
Codere
Finance
2
Luxembourg
SA
(
i
)
11.00%,
(11.00%
Cash
or
11.00%
PIK),
09/30/26
(b)(l)
...................
3,271
3,834,950
2.00%,
(2.00%
Cash
or
13.63%
PIK),
11/30/27
(a)(c)
...................
USD
350
318,609
2.00%,
(2.00%
Cash
or
12.75%
PIK),
11/30/27
(a)(b)
...................
EUR
609
615,789
Colt
Merger
Sub,
Inc.
(c)
5.75%,
07/01/25
..................
USD
8,759
8,939,304
8.13%,
07/01/27
..................
54,228
58,102,862
CPUK
Finance
Ltd.
(b)
4.88%,
08/28/25
..................
GBP
1,750
2,232,794
4.50%,
08/28/27
..................
200
252,354
Fertitta
Entertainment
LLC
(c)
4.63%,
01/15/29
..................
USD
14,737
13,963,307
6.75%,
01/15/30
..................
34,415
31,660,768
Food
Service
Project
SA,
5.50%,
01/21/27
(b)
.
EUR
2,697
2,920,484
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
57
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Gamma
Bidco
SpA
(b)
5.13%,
07/15/25
..................
EUR
400
$
436,425
6.25%,
07/15/25
..................
2,472
2,758,578
Hilton
Domestic
Operating
Co.,
Inc.
5.38%,
05/01/25
(c)
.................
USD
5,562
5,683,808
5.75%,
05/01/28
(c)
.................
5,068
5,243,353
4.88%,
01/15/30
..................
18,116
18,075,148
4.00%,
05/01/31
(c)
.................
3,740
3,529,625
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
......................
2,120
2,134,299
Inter
Media
&
Communication
SpA,
6.75%,
02/09/27
(b)
.....................
EUR
939
1,011,595
International
Game
Technology
plc,
3.50%,
06/15/26
(b)
.....................
2,500
2,779,840
IRB
Holding
Corp.,
7.00%,
06/15/25
(c)
.....
USD
8,718
9,066,720
Life
Time,
Inc.
(c)
5.75%,
01/15/26
..................
11,642
11,630,242
8.00%,
04/15/26
..................
10,573
10,556,136
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(c)
.
11,504
11,532,760
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(c)
11,924
10,552,740
Merlin
Entertainments
Ltd.,
5.75%,
06/15/26
(c)
7,701
7,602,812
MGM
Resorts
International,
5.75%,
06/15/25
.
744
762,615
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(c)
.....................
15,472
14,263,018
NCL
Corp.
Ltd.
(c)
3.63%,
12/15/24
..................
1,448
1,364,740
5.88%,
03/15/26
..................
17,605
16,727,567
7.75%,
02/15/29
..................
6,792
6,839,136
NCL
Finance
Ltd.,
6.13%,
03/15/28
(c)
......
18,576
17,226,361
Peninsula
Pacific
Entertainment
LLC,
8.50%,
11/15/27
(c)
.....................
16,031
17,734,294
Penn
National
Gaming,
Inc.,
4.13%,
07/01/29
(c)
4,184
3,745,517
Powdr
Corp.,
6.00%,
08/01/25
(c)
.........
18,786
19,208,684
Premier
Entertainment
Sub
LLC
(c)
5.63%,
09/01/29
..................
6,317
5,429,146
5.88%,
09/01/31
..................
6,871
5,865,429
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(c)
..
10,076
9,677,998
Royal
Caribbean
Cruises
Ltd.
(c)
10.88%,
06/01/23
.................
6,111
6,502,593
9.13%,
06/15/23
..................
4,493
4,678,336
11.50%,
06/01/25
.................
7,435
8,170,024
5.50%,
08/31/26
..................
7,904
7,681,107
5.38%,
07/15/27
..................
22,415
21,535,884
5.50%,
04/01/28
..................
20,619
19,656,299
Scientific
Games
International,
Inc.
8.63%,
07/01/25
(c)
.................
11,100
11,668,875
5.00%,
10/15/25
(c)
.................
7,742
7,935,550
3.38%,
02/15/26
(b)
.................
EUR
8,200
9,187,054
8.25%,
03/15/26
(c)
.................
USD
18,155
18,903,894
7.00%,
05/15/28
(c)
.................
7,540
7,815,172
7.25%,
11/15/29
(c)
.................
4,781
5,008,097
Sisal
Group
SpA,
7.00%,
07/31/23
(b)
......
EUR
688
760,729
Six
Flags
Entertainment
Corp.,
5.50%,
04/15/27
(c)
.....................
USD
2,000
1,997,500
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(c)
21,163
22,088,881
Station
Casinos
LLC
(c)
4.50%,
02/15/28
..................
10,413
9,876,574
4.63%,
12/01/31
..................
14,308
13,087,528
Stonegate
Pub
Co.
Financing
plc
(b)
8.00%,
07/13/25
..................
GBP
1,764
2,352,733
8.25%,
07/31/25
..................
2,988
3,993,877
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(c)
......
USD
11,406
11,781,029
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(c)
.....................
11,240
10,259,338
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(c)
.....................
USD
6,916
$
6,656,650
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(c)
...
3,780
3,657,150
Wynn
Resorts
Finance
LLC
(c)
7.75%,
04/15/25
..................
7,193
7,463,888
5.13%,
10/01/29
..................
29,439
27,709,459
Yum!
Brands,
Inc.
7.75%,
04/01/25
(c)
.................
4,681
4,862,389
4.75%,
01/15/30
(c)
.................
1,570
1,539,581
5.35%,
11/01/43
..................
718
698,255
1,113,672,041
Household
Durables
—
1.0%
Ashton
Woods
USA
LLC
(c)
6.63%,
01/15/28
..................
1,575
1,613,666
4.63%,
08/01/29
..................
4,879
4,302,449
4.63%,
04/01/30
..................
7,214
6,284,620
Brookfield
Residential
Properties,
Inc.
(c)
5.00%,
06/15/29
..................
12,607
11,447,282
4.88%,
02/15/30
..................
17,141
15,329,453
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(c)
15,282
15,702,255
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(c)
.....................
6,390
6,230,250
K.
Hovnanian
Enterprises,
Inc.
(c)
10.00%,
11/15/25
.................
4,335
4,584,263
7.75%,
02/15/26
..................
19,092
19,712,490
Mattamy
Group
Corp.
(c)
5.25%,
12/15/27
..................
7,685
7,585,786
4.63%,
03/01/30
..................
6,067
5,698,794
Meritage
Homes
Corp.,
5.13%,
06/06/27
....
2,751
2,778,372
New
Home
Co.,
Inc.
(The),
7.25%,
10/15/25
(c)
5,333
5,156,051
Newell
Brands,
Inc.
4.88%,
06/01/25
..................
3,845
3,968,944
6.00%,
04/01/46
(l)
.................
7,468
7,804,060
Nobel
Bidco
BV,
3.13%,
06/15/28
(b)
.......
EUR
1,357
1,334,175
Picasso
Finance
Sub,
Inc.,
6.13%,
06/15/25
(c)
USD
8,960
9,105,600
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(c)
.
18,593
16,068,071
Taylor
Morrison
Communities,
Inc.
(c)
5.88%,
06/15/27
..................
6,829
7,102,160
5.13%,
08/01/30
..................
4,190
4,095,725
Tempur
Sealy
International,
Inc.
(c)
4.00%,
04/15/29
..................
14,672
13,326,944
3.88%,
10/15/31
..................
16,053
13,765,448
Toll
Brothers
Finance
Corp.,
4.35%,
02/15/28
.
639
641,994
TRI
Pointe
Homes,
Inc.
5.25%,
06/01/27
..................
4,958
4,922,873
5.70%,
06/15/28
..................
3,737
3,730,572
Williams
Scotsman
International,
Inc.,
4.63%,
08/15/28
(c)
.....................
7,695
7,502,625
199,794,922
Household
Products
—
0.2%
Central
Garden
&
Pet
Co.
4.13%,
10/15/30
..................
13,153
11,870,583
4.13%,
04/30/31
(c)
.................
10,197
9,177,300
Energizer
Holdings,
Inc.
(c)
6.50%,
12/31/27
..................
7,123
7,051,770
4.75%,
06/15/28
..................
5,270
4,786,609
4.38%,
03/31/29
..................
1,324
1,159,142
Spectrum
Brands,
Inc.
5.75%,
07/15/25
..................
61
62,144
5.00%,
10/01/29
(c)
.................
6,057
5,697,941
5.50%,
07/15/30
(c)
.................
3,692
3,544,320
3.88%,
03/15/31
(c)
.................
4,633
4,087,232
47,437,041
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
58
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
(c)
Calpine
Corp.
5.25%,
06/01/26
..................
USD
1,197
$
1,202,985
4.50%,
02/15/28
..................
7,447
7,264,400
5.13%,
03/15/28
..................
37,846
36,051,343
4.63%,
02/01/29
..................
629
578,680
5.00%,
02/01/31
..................
1,797
1,635,270
3.75%,
03/01/31
..................
55
49,235
Clearway
Energy
Operating
LLC
4.75%,
03/15/28
..................
4,280
4,298,532
3.75%,
01/15/32
..................
15,245
14,025,400
65,105,845
Insurance
—
2.3%
Acrisure
LLC,
6.00%,
08/01/29
(c)
.........
11,864
10,969,810
Alliant
Holdings
Intermediate
LLC
(c)
4.25%,
10/15/27
..................
73,919
71,100,469
6.75%,
10/15/27
..................
109,778
108,454,077
5.88%,
11/01/29
..................
82,531
79,332,924
AmWINS
Group,
Inc.,
4.88%,
06/30/29
(c)
....
11,932
11,454,959
Ardonagh
Midco
2
plc,
11.50%,
(11.50%
Cash
or
12.75%
PIK),
01/15/27
(c)(i)
..........
7,191
7,428,795
BroadStreet
Partners,
Inc.,
5.88%,
04/15/29
(c)
3,263
3,042,747
BUPA
Finance
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
3.17%),
4.00%
(a)(b)(j)
....................
GBP
700
773,550
Galaxy
Bidco
Ltd.,
6.50%,
07/31/26
(b)
......
3,684
4,754,796
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
(c)
..
USD
8,441
8,539,338
Highlands
Holdings
Bond
Issuer
Ltd.,
7.63%,
10/15/25
(c)
.....................
260
261,014
HUB
International
Ltd.
(c)
7.00%,
05/01/26
..................
43,202
43,701,199
5.63%,
12/01/29
..................
3,315
3,165,825
NFP
Corp.
(c)
4.88%,
08/15/28
..................
24,671
23,560,805
6.88%,
08/15/28
..................
97,188
92,814,540
Ryan
Specialty
Group
LLC,
4.38%,
02/01/30
(c)
8,762
8,280,090
Societa
Cattolica
di
Assicurazioni
SC,
(EURIBOR
3
Month
+
4.46%),
4.25%,
12/14/47
(a)(b)
....................
EUR
1,700
1,943,893
479,578,831
Interactive
Media
&
Services
—
0.2%
(c)
Rackspace
Technology
Global,
Inc.,
5.38%,
12/01/28
......................
USD
3,372
2,925,716
Twitter,
Inc.
3.88%,
12/15/27
..................
20,923
20,321,464
5.00%,
03/01/30
..................
16,195
16,114,025
39,361,205
Internet
&
Direct
Marketing
Retail
—
0.2%
ANGI
Group
LLC,
3.88%,
08/15/28
(c)
......
13,407
11,357,606
Go
Daddy
Operating
Co.
LLC
(c)
5.25%,
12/01/27
..................
4,055
4,073,471
3.50%,
03/01/29
..................
3,362
3,091,258
HSE
Finance
SARL,
5.63%,
10/15/26
(b)
....
EUR
2,080
2,177,317
Match
Group
Holdings
II
LLC
(c)
4.63%,
06/01/28
..................
USD
6,377
6,177,719
4.13%,
08/01/30
..................
2,953
2,767,168
3.63%,
10/01/31
..................
3,821
3,417,636
MercadoLibre,
Inc.,
2.38%,
01/14/26
......
115
105,800
Rakuten
Group,
Inc.,
(EUR
Swap
Annual
5
Year
+
4.74%),
4.25%
(a)(b)(j)
..............
EUR
2,225
2,127,270
Very
Group
Funding
plc
(The),
6.50%,
08/01/26
(b)
.....................
GBP
3,408
4,235,165
39,530,410
Security
Par
(000)
Par
(000)
Value
IT
Services
—
1.4%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(c)
..
USD
27,195
$
24,985,406
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(c)
..
7,111
6,353,110
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(c)
.....
1,505
1,403,954
Banff
Merger
Sub,
Inc.,
8.38%,
09/01/26
(b)
...
EUR
1,147
1,263,476
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
(c)
USD
14,883
14,104,619
Booz
Allen
Hamilton,
Inc.
(c)
3.88%,
09/01/28
..................
17,995
17,370,393
4.00%,
07/01/29
..................
22,943
22,402,463
CA
Magnum
Holdings,
5.38%,
10/31/26
(c)
...
33,206
32,375,850
Cablevision
Lightpath
LLC
(c)
3.88%,
09/15/27
..................
8,111
7,583,785
5.63%,
09/15/28
..................
4,738
4,323,425
Centurion
Bidco
SpA,
5.88%,
09/30/26
(b)
....
EUR
2,068
2,222,025
Endurance
International
Group
Holdings,
Inc.,
6.00%,
02/15/29
(c)
................
USD
8,959
7,727,406
Gartner,
Inc.
(c)
4.50%,
07/01/28
..................
11,926
11,881,218
3.63%,
06/15/29
..................
5,696
5,340,000
3.75%,
10/01/30
..................
13,929
13,075,849
ION
Trading
Technologies
SARL,
5.75%,
05/15/28
(c)
.....................
11,449
11,033,974
Nexi
SpA,
0.00%,
02/24/28
(b)(h)(m)
.........
EUR
1,500
1,356,345
Northwest
Fiber
LLC
(c)
4.75%,
04/30/27
..................
USD
15,606
14,817,897
6.00%,
02/15/28
..................
13,354
11,722,163
10.75%,
06/01/28
.................
6,083
6,341,588
Square,
Inc.,
3.50%,
06/01/31
(c)
.........
42,586
38,966,190
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(c)
..
20,268
20,445,345
Twilio,
Inc.,
3.88%,
03/15/31
...........
18,603
17,291,812
United
Group
BV
(b)
4.88%,
07/01/24
..................
EUR
2,496
2,750,829
4.00%,
11/15/27
..................
4,099
4,189,895
4.63%,
08/15/28
..................
131
135,414
5.25%,
02/01/30
..................
234
241,744
301,706,175
Leisure
Products
—
0.2%
Mattel,
Inc.
3.75%,
04/01/29
(c)
.................
USD
7,999
7,696,798
6.20%,
10/01/40
..................
14,249
16,390,981
5.45%,
11/01/41
..................
22,800
24,270,600
48,358,379
Life
Sciences
Tools
&
Services
—
0.3%
(c)
Charles
River
Laboratories
International,
Inc.
4.25%,
05/01/28
..................
4,643
4,538,533
3.75%,
03/15/29
..................
1,064
1,003,538
4.00%,
03/15/31
..................
3,178
2,983,347
PRA
Health
Sciences,
Inc.,
2.88%,
07/15/26
.
19,321
18,385,091
Syneos
Health,
Inc.,
3.63%,
01/15/29
.....
30,256
27,948,980
54,859,489
Machinery
—
1.1%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(c)
..
12,691
12,722,728
ATS
Automation
Tooling
Systems,
Inc.,
4.13%,
12/15/28
(c)
.....................
6,818
6,408,920
Clark
Equipment
Co.,
5.88%,
06/01/25
(c)
....
4,858
4,900,507
Colfax
Corp.,
6.38%,
02/15/26
(c)
.........
2,160
2,228,126
EnPro
Industries,
Inc.,
5.75%,
10/15/26
....
6,448
6,600,012
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(c)
...
10,037
9,333,607
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(c)(i)
..........
19,436
20,213,440
IMA
Industria
Macchine
Automatiche
SpA
(b)
3.75%,
01/15/28
..................
EUR
1,807
1,871,558
(EURIBOR
3
Month
+
4.00%),
4.00%,
01/15/28
(a)
....................
1,460
1,588,831
Meritor,
Inc.,
4.50%,
12/15/28
(c)
.........
USD
5,330
5,343,591
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
59
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(c)
USD
6,469
$
6,127,631
Novafives
SAS,
5.00%,
06/15/25
(b)
.......
EUR
1,000
979,031
OT
Merger
Corp.,
7.88%,
10/15/29
(c)
......
USD
7,687
6,649,255
Renk
AG,
5.75%,
07/15/25
(b)
...........
EUR
1,021
1,135,637
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(c)
.....................
USD
8,160
7,609,200
Schenck
Process
Holding
GmbH,
5.38%,
06/15/23
(b)
.....................
EUR
1,923
2,100,727
Stevens
Holding
Co.,
Inc.,
6.13%,
10/01/26
(c)
.
USD
6,116
6,316,177
Terex
Corp.,
5.00%,
05/15/29
(c)
.........
15,845
15,186,957
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(c)
....
33,008
32,799,224
Titan
International,
Inc.,
7.00%,
04/30/28
...
4,434
4,448,233
TK
Elevator
Holdco
GmbH
6.63%,
07/15/28
(b)
.................
EUR
1,800
1,954,014
7.63%,
07/15/28
(c)
.................
USD
13,673
13,553,361
TK
Elevator
Midco
GmbH,
4.38%,
07/15/27
(b)
.
EUR
3,669
4,004,005
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(c)
USD
47,220
46,701,997
Wabash
National
Corp.,
4.50%,
10/15/28
(c)
..
13,338
12,004,200
232,780,969
Marine
—
0.1%
(c)
Danaos
Corp.,
8.50%,
03/01/28
.........
3,114
3,331,980
Seaspan
Corp.,
5.50%,
08/01/29
........
15,252
14,279,685
17,611,665
Media
—
5.3%
Advantage
Sales
&
Marketing,
Inc.,
6.50%,
11/15/28
(c)
.....................
7,569
7,163,529
Altice
Financing
SA
2.25%,
01/15/25
(b)
.................
EUR
2,251
2,371,886
3.00%,
01/15/28
(b)
.................
949
923,957
5.00%,
01/15/28
(c)
.................
USD
9,224
8,267,932
4.25%,
08/15/29
(b)
.................
EUR
1,932
1,903,132
5.75%,
08/15/29
(c)
.................
USD
51,703
47,002,422
AMC
Networks,
Inc.
4.75%,
08/01/25
..................
6,612
6,588,528
4.25%,
02/15/29
..................
4,970
4,637,979
Block
Communications,
Inc.,
4.88%,
03/01/28
(c)
6,846
6,606,390
Cable
One,
Inc.
1.13%,
03/15/28
(h)
.................
16,595
14,835,930
4.00%,
11/15/30
(c)
.................
6,910
6,372,540
Century
Communications
Corp.
Escrow,
0.00%,
03/15/13
(d)(e)(k)
...................
625
—
Charter
Communications
Operating
LLC
5.25%,
04/01/53
..................
14,478
14,575,644
5.50%,
04/01/63
..................
14,478
14,563,739
Clear
Channel
International
BV,
6.63%,
08/01/25
(c)
.....................
23,240
23,646,700
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
5.13%,
08/15/27
..................
61,468
60,803,531
7.75%,
04/15/28
..................
47,014
47,259,883
7.50%,
06/01/29
..................
70,083
69,932,672
CSC
Holdings
LLC
5.25%,
06/01/24
..................
10,856
10,869,733
6.50%,
02/01/29
(c)
.................
2,456
2,475,501
5.75%,
01/15/30
(c)
.................
17,017
15,145,130
4.13%,
12/01/30
(c)
.................
18,950
16,616,592
4.63%,
12/01/30
(c)
.................
29,071
24,311,787
3.38%,
02/15/31
(c)
.................
11,899
10,024,907
4.50%,
11/15/31
(c)
.................
18,067
16,192,910
5.00%,
11/15/31
(c)
.................
12,425
10,410,410
Directv
Financing
LLC,
5.88%,
08/15/27
(c)
...
11,530
11,342,637
DISH
DBS
Corp.
5.88%,
07/15/22
..................
32,356
32,517,133
5.00%,
03/15/23
..................
26,101
26,193,398
5.25%,
12/01/26
(c)
.................
66,397
63,243,142
Security
Par
(000)
Par
(000)
Value
Media
(continued)
5.75%,
12/01/28
(c)
.................
USD
62,846
$
59,468,028
5.13%,
06/01/29
..................
21,853
18,609,796
DISH
Network
Corp.,
3.38%,
08/15/26
(h)
....
9,649
8,679,275
GCI
LLC,
4.75%,
10/15/28
(c)
...........
5,325
5,198,584
iHeartCommunications,
Inc.,
8.38%,
05/01/27
791
817,854
LCPR
Senior
Secured
Financing
DAC
(c)
6.75%,
10/15/27
..................
17,191
17,660,314
5.13%,
07/15/29
..................
16,994
16,224,087
Liberty
Broadband
Corp.
(c)(h)
1.25%,
09/30/50
..................
27,902
26,716,165
2.75%,
09/30/50
..................
57,437
56,648,639
Midcontinent
Communications,
5.38%,
08/15/27
(c)
.....................
8,651
8,687,075
Outfront
Media
Capital
LLC
(c)
5.00%,
08/15/27
..................
385
376,368
4.25%,
01/15/29
..................
6,751
6,280,118
4.63%,
03/15/30
..................
905
851,831
PFD
ADELPHIA,
Series
B,
10.50%,
12/31/49
(d)
(e)(k)
.........................
800
—
Quebecor
Media,
Inc.,
5.75%,
01/15/23
....
1,537
1,564,174
Radiate
Holdco
LLC
(c)
4.50%,
09/15/26
..................
20,133
19,428,345
6.50%,
09/15/28
..................
69,675
65,886,422
Scripps
Escrow
II,
Inc.,
3.88%,
01/15/29
(c)
...
1,213
1,127,180
SES
SA,
(EUR
Swap
Annual
5
Year
+
3.19%),
2.88%
(a)(b)(j)
....................
EUR
478
489,458
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(c)
.....................
USD
13,624
12,148,112
Sirius
XM
Radio,
Inc.
(c)
3.13%,
09/01/26
..................
24,759
23,408,966
5.00%,
08/01/27
..................
2,637
2,630,407
4.00%,
07/15/28
..................
9,975
9,476,250
4.13%,
07/01/30
..................
1,115
1,043,830
3.88%,
09/01/31
..................
27,558
25,077,780
Stagwell
Global
LLC,
5.63%,
08/15/29
(c)
....
5,853
5,521,603
Summer
BC
Bidco
B
LLC,
5.50%,
10/31/26
(c)
.
200
192,516
Summer
BC
Holdco
B
SARL,
5.75%,
10/31/26
(b)
EUR
4,851
5,435,517
Summer
BidCo
BV
(b)(
i
)
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
(a)
....................
1,480
1,567,929
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
.....................
1,165
1,281,234
TEGNA,
Inc.,
4.63%,
03/15/28
..........
USD
446
443,645
Tele
Columbus
AG,
3.88%,
05/02/25
(b)
.....
EUR
5,190
5,319,557
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(c)
................
USD
6,200
5,983,000
Terrier
Media
Buyer,
Inc.,
8.88%,
12/15/27
(c)
..
24,577
25,007,098
Univision
Communications,
Inc.
(c)
5.13%,
02/15/25
..................
7,513
7,519,311
6.63%,
06/01/27
..................
2,490
2,608,275
UPC
Broadband
Finco
BV,
4.88%,
07/15/31
(c)
.
18,856
17,703,333
UPCB
Finance
VII
Ltd.,
3.63%,
06/15/29
(b)
...
EUR
6,335
6,851,883
Videotron
Ltd.,
3.63%,
06/15/29
(c)
........
USD
15,649
14,509,596
Virgin
Media
Vendor
Financing
Notes
III
DAC,
4.88%,
07/15/28
(b)
................
GBP
1,427
1,764,447
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(c)
................
USD
25,002
24,001,920
VZ
Secured
Financing
BV,
3.50%,
01/15/32
(b)
.
EUR
2,037
2,068,650
Ziggo
Bond
Co.
BV
(c)
6.00%,
01/15/27
..................
USD
3,625
3,647,656
5.13%,
02/28/30
..................
2,823
2,627,169
Ziggo
BV
2.88%,
01/15/30
(b)
.................
EUR
500
504,727
4.88%,
01/15/30
(c)
.................
USD
2,966
2,793,171
1,102,650,969
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
60
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
—
1.4%
Allegheny
Technologies,
Inc.
4.88%,
10/01/29
..................
USD
6,787
$
6,431,972
5.13%,
10/01/31
..................
7,651
7,174,572
Arconic
Corp.
(c)
6.00%,
05/15/25
..................
1,118
1,143,714
6.13%,
02/15/28
..................
13,044
13,087,893
Big
River
Steel
LLC,
6.63%,
01/31/29
(c)
....
54,458
57,138,423
Carpenter
Technology
Corp.,
7.63%,
03/15/30
9,289
9,511,100
Commercial
Metals
Co.
4.13%,
01/15/30
..................
4,582
4,278,443
4.38%,
03/15/32
..................
4,902
4,552,732
Constellium
SE
4.25%,
02/15/26
(b)
.................
EUR
700
772,640
5.88%,
02/15/26
(c)
.................
USD
8,669
8,669,000
5.63%,
06/15/28
(c)
.................
5,362
5,384,574
3.75%,
04/15/29
(c)
.................
26,427
23,718,233
ERO
Copper
Corp.,
6.50%,
02/15/30
(c)
.....
8,555
8,334,709
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%,
08/01/28
(c)
.....................
6,306
6,826,245
Kaiser
Aluminum
Corp.
(c)
4.63%,
03/01/28
..................
10,746
10,094,363
4.50%,
06/01/31
..................
7,983
7,197,393
New
Gold,
Inc.
(c)
6.38%,
05/15/25
..................
4,100
4,089,750
7.50%,
07/15/27
..................
19,535
20,267,562
Novelis
Corp.
(c)
3.25%,
11/15/26
..................
26,798
25,599,593
4.75%,
01/30/30
..................
26,864
26,081,317
3.88%,
08/15/31
..................
26,148
23,916,530
United
States
Steel
Corp.,
6.88%,
03/01/29
..
20,176
20,983,040
Vedanta
Resources
Finance
II
plc,
8.95%,
03/11/25
(c)
.....................
6,297
6,108,090
301,361,888
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.
(c)
5.50%,
11/01/23
..................
2,231
2,269,039
4.38%,
01/15/27
..................
5,032
4,881,040
7,150,079
Multiline
Retail
—
0.1%
(c)
Macy's
Retail
Holdings
LLC
5.88%,
03/15/30
..................
2,916
2,876,663
6.13%,
03/15/32
..................
2,916
2,879,550
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
....
17,302
17,769,154
23,525,367
Oil,
Gas
&
Consumable
Fuels
—
9.6%
Aethon
United
BR
LP,
8.25%,
02/15/26
(c)
....
28,467
29,540,206
Antero
Midstream
Partners
LP
(c)
5.75%,
03/01/27
..................
2,451
2,496,074
5.38%,
06/15/29
..................
13,226
13,212,509
Antero
Resources
Corp.
(c)
7.63%,
02/01/29
..................
8,091
8,745,805
5.38%,
03/01/30
..................
5,776
5,898,740
Apache
Corp.
4.25%,
01/15/30
..................
10,667
10,752,496
5.10%,
09/01/40
..................
25,113
25,301,347
5.25%,
02/01/42
..................
4,362
4,340,190
5.35%,
07/01/49
..................
8,305
7,993,563
Ascent
Resources
Utica
Holdings
LLC
9.00%,
11/01/27
(b)
.................
215
294,550
9.00%,
11/01/27
(c)
.................
44,114
60,436,180
5.88%,
06/30/29
(c)
.................
7,841
7,747,614
Bonanza
Creek
Energy,
Inc.,
5.00%,
10/15/26
(c)
5,912
5,860,447
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
BP
Capital
Markets
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
4.17%),
4.25%
(a)(b)(j)
...............
GBP
1,375
$
1,783,763
Buckeye
Partners
LP
4.13%,
03/01/25
(c)
.................
USD
361
356,014
5.85%,
11/15/43
..................
5,448
4,644,093
5.60%,
10/15/44
..................
10,558
8,850,666
Callon
Petroleum
Co.
6.13%,
10/01/24
..................
7,251
7,214,745
9.00%,
04/01/25
(c)
.................
58,252
61,747,120
6.38%,
07/01/26
..................
2,678
2,662,936
8.00%,
08/01/28
(c)
.................
48,660
51,295,912
Centennial
Resource
Production
LLC,
6.88%,
04/01/27
(c)
.....................
5,458
5,485,836
Cheniere
Energy
Partners
LP
4.50%,
10/01/29
..................
29,375
29,521,875
4.00%,
03/01/31
..................
28,834
27,951,391
3.25%,
01/31/32
(c)
.................
37,883
34,446,633
Cheniere
Energy,
Inc.,
4.63%,
10/15/28
....
97,296
97,621,942
Chesapeake
Energy
Corp.,
6.75%,
04/15/29
(c)
28,252
29,922,682
CITGO
Petroleum
Corp.
(c)
7.00%,
06/15/25
..................
13,281
13,364,006
6.38%,
06/15/26
..................
19,039
19,156,471
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(c)
6,203
5,808,923
CNX
Resources
Corp.,
6.00%,
01/15/29
(c)
...
4,592
4,637,920
Colgate
Energy
Partners
III
LLC
(c)
7.75%,
02/15/26
..................
9,807
10,454,360
5.88%,
07/01/29
..................
23,680
24,412,896
Comstock
Resources,
Inc.
(c)
7.50%,
05/15/25
..................
7,533
7,645,995
6.75%,
03/01/29
..................
32,040
33,051,823
5.88%,
01/15/30
..................
33,152
32,664,666
CQP
Holdco
LP,
5.50%,
06/15/31
(c)
.......
36,535
35,891,984
Crescent
Energy
Finance
LLC,
7.25%,
05/01/26
(c)
.....................
40,350
40,538,031
Crestwood
Midstream
Partners
LP
(c)
5.63%,
05/01/27
..................
2,801
2,775,343
6.00%,
02/01/29
..................
2,147
2,138,949
8.00%,
04/01/29
..................
6,777
7,233,634
CrownRock
LP,
5.63%,
10/15/25
(c)
........
37,792
38,518,929
Cullinan
Holdco
SCSp,
4.63%,
10/15/26
(b)
...
EUR
1,411
1,467,732
DCP
Midstream
Operating
LP
6.45%,
11/03/36
(c)
.................
USD
12,909
14,874,395
6.75%,
09/15/37
(c)
.................
10,156
11,907,910
5.60%,
04/01/44
..................
1,634
1,716,942
Diamondback
Energy,
Inc.,
4.25%,
03/15/52
.
13,425
13,268,496
DT
Midstream,
Inc.
(c)
4.13%,
06/15/29
..................
22,986
22,039,092
4.38%,
06/15/31
..................
21,110
20,212,825
Energy
Transfer
LP,
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.69%),
6.50%
(a)(j)
............
43,069
42,328,220
EnLink
Midstream
LLC
5.63%,
01/15/28
(c)
.................
14,704
14,998,080
5.38%,
06/01/29
..................
4,740
4,728,150
EnLink
Midstream
Partners
LP
4.40%,
04/01/24
..................
8,993
9,110,420
4.15%,
06/01/25
..................
377
375,692
4.85%,
07/15/26
..................
1,948
1,948,000
5.60%,
04/01/44
..................
10,729
9,253,762
5.05%,
04/01/45
..................
1,662
1,342,065
5.45%,
06/01/47
..................
3,758
3,166,115
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(c)
.................
15,139
15,442,461
4.13%,
12/01/26
..................
1,685
1,617,651
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
61
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
6.50%,
07/01/27
(c)
.................
USD
13,369
$
13,964,455
5.50%,
07/15/28
..................
9,013
9,048,286
4.50%,
01/15/29
(c)
.................
9,574
8,951,690
4.75%,
01/15/31
(c)
.................
17,291
16,167,085
Genesis
Energy
LP
6.50%,
10/01/25
..................
355
350,137
7.75%,
02/01/28
..................
1,513
1,521,026
Great
Western
Petroleum
LLC,
12.00%,
09/01/25
(c)
.....................
8,167
9,106,205
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(c)
...
2,222
2,285,235
Harbour
Energy
plc,
5.50%,
10/15/26
(c)
.....
5,192
5,127,100
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(c)
..
1,866
1,905,895
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(c)
.....................
13,981
13,192,472
Hilcorp
Energy
I
LP,
6.25%,
11/01/28
(c)
.....
2,684
2,697,420
ITT
Holdings
LLC,
6.50%,
08/01/29
(c)
......
22,128
20,440,076
Matador
Resources
Co.,
5.88%,
09/15/26
...
37,118
37,797,259
MPLX
LP,
4.95%,
03/14/52
............
26,110
27,182,574
Murphy
Oil
Corp.
5.75%,
08/15/25
..................
1,758
1,791,472
5.88%,
12/01/27
..................
4,769
4,852,458
6.37%,
12/01/42
(l)
.................
1,714
1,642,800
Neptune
Energy
Bondco
plc,
6.63%,
05/15/25
(c)
4,626
4,651,397
New
Fortress
Energy,
Inc.
(c)
6.75%,
09/15/25
..................
39,485
39,718,356
6.50%,
09/30/26
..................
65,491
64,886,518
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(c)
11,446
11,259,316
NGPL
PipeCo
LLC,
7.77%,
12/15/37
(c)
.....
9,239
11,595,192
Northern
Oil
and
Gas,
Inc.,
8.13%,
03/01/28
(c)
44,740
46,611,027
NuStar
Logistics
LP
5.75%,
10/01/25
..................
5,919
6,029,981
6.00%,
06/01/26
..................
6,462
6,534,665
6.38%,
10/01/30
..................
1,866
1,891,266
Occidental
Petroleum
Corp.
6.95%,
07/01/24
..................
2,108
2,263,465
5.50%,
12/01/25
..................
4,340
4,566,982
5.55%,
03/15/26
..................
2,441
2,587,460
7.20%,
03/15/29
..................
5,695
6,321,450
8.88%,
07/15/30
..................
6,200
7,951,500
6.63%,
09/01/30
..................
32,992
37,858,320
6.20%,
03/15/40
..................
28,819
31,989,090
4.50%,
07/15/44
..................
3,940
3,765,202
6.60%,
03/15/46
..................
4,375
5,140,625
4.40%,
04/15/46
..................
2,228
2,116,600
4.40%,
08/15/49
..................
2,228
2,094,320
Parkland
Corp.,
5.88%,
07/15/27
(c)
.......
6,300
6,284,250
PDC
Energy,
Inc.,
6.13%,
09/15/24
.......
2,601
2,632,836
Range
Resources
Corp.
4.88%,
05/15/25
..................
1,830
1,852,264
4.75%,
02/15/30
(c)
.................
7,098
7,049,591
Repsol
International
Finance
BV
(a)(b)(j)
(EUR
Swap
Annual
5
Year
+
4.00%),
3.75%
EUR
1,250
1,393,183
(EUR
Swap
Annual
5
Year
+
4.41%),
4.25%
2,710
3,009,018
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(c)
..
USD
23,088
23,109,356
Rubis
Terminal
Infra
SAS,
5.63%,
05/15/25
(b)
.
EUR
3,555
4,031,037
SM
Energy
Co.
10.00%,
01/15/25
(c)
................
USD
52,442
57,248,834
5.63%,
06/01/25
..................
4,857
4,850,929
6.75%,
09/15/26
..................
7,838
8,059,620
6.63%,
01/15/27
..................
2,339
2,397,849
6.50%,
07/15/28
..................
8,523
8,795,139
Southwestern
Energy
Co.
5.38%,
02/01/29
..................
28,839
29,199,488
4.75%,
02/01/32
..................
1,539
1,537,076
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Summit
Midstream
Holdings
LLC,
8.50%,
10/15/26
(c)
.....................
USD
6,562
$
6,257,064
Sunoco
LP,
6.00%,
04/15/27
...........
637
648,944
Tallgrass
Energy
Partners
LP
(c)
6.00%,
03/01/27
..................
2,791
2,780,269
6.00%,
12/31/30
..................
1,944
1,886,360
6.00%,
09/01/31
..................
6,512
6,269,428
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(c)
.
49,551
51,291,231
Targa
Resources
Corp.,
4.95%,
04/15/52
...
14,440
14,711,651
TerraForm
Power
Operating
LLC
(c)
4.25%,
01/31/23
..................
3,297
3,288,758
5.00%,
01/31/28
..................
63
62,732
4.75%,
01/15/30
..................
7,064
6,889,519
UGI
International
LLC,
2.50%,
12/01/29
(b)
...
EUR
683
637,700
Venture
Global
Calcasieu
Pass
LLC
(c)
3.88%,
08/15/29
..................
USD
44,072
42,843,713
4.13%,
08/15/31
..................
44,059
43,228,488
3.88%,
11/01/33
..................
88,095
84,240,844
Western
Midstream
Operating
LP
4.75%,
08/15/28
..................
2,229
2,300,618
4.55%,
02/01/30
(l)
.................
4,539
4,516,305
5.45%,
04/01/44
..................
19,455
19,722,701
5.30%,
03/01/48
..................
9,211
9,118,890
5.50%,
08/15/48
..................
6,422
6,341,725
5.75%,
02/01/50
(l)
.................
49,810
48,564,750
2,009,125,804
Personal
Products
—
0.1%
Coty,
Inc.
3.88%,
04/15/26
(b)
.................
EUR
3,009
3,233,006
4.75%,
04/15/26
(b)
.................
1,600
1,692,739
4.75%,
01/15/29
(c)
.................
USD
7,068
6,595,257
Prestige
Brands,
Inc.,
3.75%,
04/01/31
(c)
....
7,708
6,879,390
18,400,392
Pharmaceuticals
—
1.6%
Almirall
SA,
2.13%,
09/30/26
(b)
..........
EUR
817
866,378
Bausch
Health
Americas,
Inc.,
8.50%,
01/31/27
(c)
.....................
USD
19,988
19,933,433
Bausch
Health
Cos.,
Inc.
(c)
6.13%,
04/15/25
..................
2,770
2,794,238
9.00%,
12/15/25
..................
10,374
10,748,242
6.13%,
02/01/27
..................
8,215
8,267,083
7.00%,
01/15/28
..................
22,925
20,524,294
4.88%,
06/01/28
..................
822
787,065
6.25%,
02/15/29
..................
13,187
10,813,340
7.25%,
05/30/29
..................
21,116
18,010,470
5.25%,
02/15/31
..................
1,418
1,103,714
Catalent
Pharma
Solutions,
Inc.
5.00%,
07/15/27
(c)
.................
5,833
5,901,013
2.38%,
03/01/28
(b)
.................
EUR
4,615
4,768,207
3.13%,
02/15/29
(c)
.................
USD
6,779
6,161,535
3.50%,
04/01/30
(c)
.................
15,281
13,943,912
Cheplapharm
Arzneimittel
GmbH
4.38%,
01/15/28
(b)
.................
EUR
1,605
1,753,408
5.50%,
01/15/28
(c)
.................
USD
13,805
13,356,198
Elanco
Animal
Health,
Inc.,
6.40%,
08/28/28
(l)
.
3,159
3,388,091
Embecta
Corp.
(c)
5.00%,
02/15/30
..................
6,067
5,722,425
6.75%,
02/15/30
..................
9,135
9,157,837
Endo
DAC,
9.50%,
07/31/27
(c)
..........
37,235
32,673,713
Endo
Luxembourg
Finance
Co.
I
SARL,
6.13%,
04/01/29
(c)
.....................
33,016
30,127,100
Gruenenthal
GmbH
(b)
3.63%,
11/15/26
..................
EUR
1,502
1,644,971
4.13%,
05/15/28
..................
2,789
3,000,485
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
62
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
Jazz
Securities
DAC,
4.38%,
01/15/29
(c)
....
USD
7,266
$
7,038,938
Nidda
BondCo
GmbH
(b)
5.00%,
09/30/25
..................
EUR
1,540
1,538,680
7.25%,
09/30/25
..................
970
1,016,555
Nidda
Healthcare
Holding
GmbH
3.50%,
09/30/24
(b)
.................
4,531
4,791,936
Organon
&
Co.
(c)
4.13%,
04/30/28
..................
USD
16,444
15,666,281
5.13%,
04/30/31
..................
13,586
13,110,490
P&L
Development
LLC,
7.75%,
11/15/25
(c)
...
15,358
14,129,360
Par
Pharmaceutical,
Inc.,
7.50%,
04/01/27
(c)
.
46,572
43,458,662
Teva
Pharmaceutical
Finance
Netherlands
II
BV
6.00%,
01/31/25
..................
EUR
3,400
3,930,036
4.50%,
03/01/25
..................
2,200
2,447,896
3.75%,
05/09/27
..................
551
574,038
1.63%,
10/15/28
(b)
.................
500
452,283
4.38%,
05/09/30
..................
359
369,170
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
7.13%,
01/31/25
..............
USD
245
256,196
334,227,673
Professional
Services
—
0.4%
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
(c)
...
6,115
5,664,324
CoreLogic,
Inc.,
4.50%,
05/01/28
(c)
.......
37,520
35,373,856
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
(c)
.....................
17,650
16,591,000
House
of
Finance
NV
(The),
4.38%,
07/15/26
(b)
EUR
1,300
1,405,859
KBR,
Inc.,
4.75%,
09/30/28
(c)
...........
USD
13,182
12,851,659
La
Financiere
Atalian
SASU,
5.13%,
05/15/25
(b)
EUR
3,495
3,439,345
Science
Applications
International
Corp.,
4.88%,
04/01/28
(c)
................
USD
7,820
7,705,359
83,031,402
Real
Estate
Management
&
Development
—
0.5%
ADLER
Group
SA
(b)
3.25%,
08/05/25
..................
EUR
2,400
2,324,984
2.75%,
11/13/26
..................
2,100
1,937,937
2.25%,
01/14/29
..................
800
718,609
Aedas
Homes
Opco
SLU,
4.00%,
08/15/26
(b)
.
1,058
1,147,121
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
(c)
................
USD
12,745
13,318,525
DIC
Asset
AG,
2.25%,
09/22/26
(b)
........
EUR
1,900
1,839,141
Fastighets
AB
Balder,
(EUR
Swap
Annual
5
Year
+
3.19%),
2.87%,
06/02/81
(a)(b)
.....
2,725
2,637,841
Five
Point
Operating
Co.
LP,
7.88%,
11/15/25
(c)
USD
8,725
8,928,293
Forestar
Group,
Inc.,
3.85%,
05/15/26
(c)
....
6,082
5,671,465
Heimstaden
Bostad
AB
(a)(b)(j)
(EUR
Swap
Annual
5
Year
+
3.91%),
3.38%
EUR
1,200
1,208,317
(EUR
Swap
Annual
5
Year
+
3.15%),
2.63%
3,725
3,481,071
Howard
Hughes
Corp.
(The)
(c)
5.38%,
08/01/28
..................
USD
4,888
4,907,454
4.13%,
02/01/29
..................
6,258
5,871,631
4.38%,
02/01/31
..................
8,444
7,937,360
Kennedy-Wilson,
Inc.,
4.75%,
02/01/30
....
5,830
5,543,805
Realogy
Group
LLC
(c)
5.75%,
01/15/29
..................
14,488
13,654,940
5.25%,
04/15/30
..................
8,796
8,092,320
SBB
Treasury
OYJ
(b)
0.75%,
12/14/28
..................
EUR
100
90,789
1.13%,
11/26/29
..................
600
536,097
Unique
Pub
Finance
Co.
plc
(The),
Series
N,
6.46%,
03/30/32
(b)(l)
...............
GBP
2,516
3,883,585
WeWork
Cos.
LLC,
5.00%,
07/10/25
(c)
.....
USD
20,919
17,584,721
111,316,006
Security
Par
(000)
Par
(000)
Value
Road
&
Rail
—
1.0%
Albion
Financing
1
SARL,
6.13%,
10/15/26
(c)
.
USD
11,529
$
11,125,485
Avis
Budget
Car
Rental
LLC,
5.38%,
03/01/29
(c)
7,658
7,544,815
BCP
V
Modular
Services
Finance
II
plc
(b)
4.75%,
11/30/28
..................
EUR
3,000
3,175,858
6.13%,
11/30/28
..................
GBP
1,900
2,365,897
EC
Finance
plc,
3.00%,
10/15/26
(b)
.......
EUR
2,374
2,573,912
Hertz
Corp.
(The)
(c)
4.63%,
12/01/26
..................
USD
5,759
5,377,898
5.00%,
12/01/29
..................
9,789
8,859,045
Loxam
SAS
(b)
4.25%,
04/15/24
..................
EUR
1,800
1,992,600
3.25%,
01/14/25
..................
1,531
1,665,334
3.75%,
07/15/26
..................
1,102
1,203,230
4.50%,
02/15/27
..................
1,305
1,429,436
5.75%,
07/15/27
..................
989
1,066,729
National
Express
Group
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(a)(b)(j)
...............
GBP
300
384,735
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(c)
..
USD
12,396
12,179,070
PECF
USS
Intermediate
Holding
III
Corp.,
8.00%,
11/15/29
(c)
................
14,769
14,252,085
Uber
Technologies,
Inc.
7.50%,
05/15/25
(c)
.................
15,483
16,156,510
0.00%,
12/15/25
(h)(m)
...............
25,622
22,931,690
8.00%,
11/01/26
(c)
.................
11,774
12,512,230
7.50%,
09/15/27
(c)
.................
38,452
40,999,830
6.25%,
01/15/28
(c)
.................
14,188
14,669,541
4.50%,
08/15/29
(c)
.................
27,534
25,813,125
208,279,055
Semiconductors
&
Semiconductor
Equipment
—
0.1%
ams
-OSRAM
AG
(b)(h)
0.00%,
03/05/25
(m)
................
EUR
800
752,878
2.13%,
11/03/27
..................
1,600
1,617,603
Entegris,
Inc.,
4.38%,
04/15/28
(c)
........
USD
1,461
1,413,518
ON
Semiconductor
Corp.,
3.88%,
09/01/28
(c)
.
15,501
14,803,455
Synaptics,
Inc.,
4.00%,
06/15/29
(c)
........
11,175
10,532,437
29,119,891
Software
—
2.3%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(c)
....
8,476
8,666,710
Boxer
Parent
Co.,
Inc.
6.50%,
10/02/25
(b)
.................
EUR
5,621
6,269,532
7.13%,
10/02/25
(c)
.................
USD
22,006
22,810,099
9.13%,
03/01/26
(c)
.................
35,633
36,701,990
Camelot
Finance
SA,
4.50%,
11/01/26
(c)
....
13,529
13,156,952
Castle
US
Holding
Corp.,
9.50%,
02/15/28
(c)
.
8,315
8,254,467
Cedacri
Mergeco
SpA,
(EURIBOR
3
Month
+
4.63%),
4.62%,
05/15/28
(a)(b)
..........
EUR
2,169
2,382,363
Change
Healthcare
Holdings
LLC,
5.75%,
03/01/25
(c)
.....................
USD
68,086
68,086,000
Clarivate
Science
Holdings
Corp.
(c)
3.88%,
07/01/28
..................
25,494
24,315,413
4.88%,
07/01/29
..................
32,277
30,366,524
Condor
Merger
Sub,
Inc.,
7.38%,
02/15/30
(c)
.
24,122
23,138,787
Consensus
Cloud
Solutions,
Inc.
(c)
6.00%,
10/15/26
..................
4,772
4,736,210
6.50%,
10/15/28
..................
4,321
4,293,648
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
.
4,680
4,293,900
Elastic
NV,
4.13%,
07/15/29
(c)
..........
23,169
21,546,243
Fair
Isaac
Corp.,
4.00%,
06/15/28
(c)
.......
9,160
8,867,979
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(c)
.....................
8,848
8,129,631
MicroStrategy,
Inc.,
6.13%,
06/15/28
(c)
.....
17,255
16,789,633
Minerva
Merger
Sub,
Inc.,
6.50%,
02/15/30
(c)
.
35,170
34,119,296
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
63
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Software
(continued)
NCR
Corp.
(c)
5.00%,
10/01/28
..................
USD
5,019
$
4,805,692
5.13%,
04/15/29
..................
523
502,781
6.13%,
09/01/29
..................
4,012
4,022,030
Nuance
Communications,
Inc.,
5.63%,
12/15/26
4,984
5,124,200
Open
Text
Corp.
(c)
3.88%,
02/15/28
..................
717
687,438
3.88%,
12/01/29
..................
1,755
1,667,250
Open
Text
Holdings,
Inc.,
4.13%,
02/15/30
(c)
.
3,495
3,313,942
PTC,
Inc.
(c)
3.63%,
02/15/25
..................
734
725,743
4.00%,
02/15/28
..................
6,752
6,578,271
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(c)
.
44,712
45,048,011
Veritas
US,
Inc.,
7.50%,
09/01/25
(c)
.......
27,507
26,096,028
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(c)
27,810
25,419,035
470,915,798
Specialty
Retail
—
2.3%
Arko
Corp.,
5.13%,
11/15/29
(c)
..........
12,050
10,965,500
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
..................
1,110
1,066,266
4.75%,
03/01/30
..................
412
388,825
5.00%,
02/15/32
(c)
.................
8,419
7,825,797
Bath
&
Body
Works,
Inc.,
7.60%,
07/15/37
..
4,818
4,998,675
Carvana
Co.
(c)
5.50%,
04/15/27
..................
15,693
14,006,002
4.88%,
09/01/29
..................
10,936
9,031,332
Constellation
Automotive
Financing
plc,
4.88%,
07/15/27
(b)
.....................
GBP
2,096
2,512,487
Douglas
GmbH,
6.00%,
04/08/26
(b)
.......
EUR
1,900
1,995,360
Dufry
One
BV,
2.50%,
10/15/24
(b)
........
1,200
1,290,994
eG
Global
Finance
plc
4.38%,
02/07/25
(b)
.................
817
877,144
6.75%,
02/07/25
(c)
.................
USD
30,428
30,351,930
6.25%,
10/30/25
(b)
.................
EUR
6,009
6,620,095
8.50%,
10/30/25
(c)
.................
USD
16,076
16,457,805
Goldstory
SASU,
5.38%,
03/01/26
(b)
......
EUR
1,740
1,924,875
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(c)
.
USD
1,146
1,067,213
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(c)
...
13,329
12,342,787
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(c)
7,880
7,407,200
L
Brands,
Inc.
6.88%,
11/01/35
..................
10,745
11,067,350
6.75%,
07/01/36
..................
3,311
3,371,889
LBM
Acquisition
LLC,
6.25%,
01/15/29
(c)
....
27,906
26,138,434
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(c)
.....................
12,724
12,017,562
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(c)
......
5,995
5,666,714
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
.....
4,526
4,487,855
Penske
Automotive
Group,
Inc.
3.50%,
09/01/25
..................
9,848
9,774,140
3.75%,
06/15/29
..................
3,793
3,393,104
PetSmart,
Inc.
(c)
4.75%,
02/15/28
..................
14,963
14,460,318
7.75%,
02/15/29
..................
87,948
90,806,310
Sonic
Automotive,
Inc.,
4.63%,
11/15/29
(c)
...
2,511
2,259,900
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(c)
................
11,884
12,083,651
SRS
Distribution,
Inc.
(c)
4.63%,
07/01/28
..................
27,942
26,690,478
6.13%,
07/01/29
..................
28,610
26,392,725
6.00%,
12/01/29
..................
29,198
27,008,150
Staples,
Inc.
(c)
7.50%,
04/15/26
..................
31,950
31,026,805
10.75%,
04/15/27
.................
11,737
10,445,930
Tendam
Brands
SAU
(b)
5.00%,
09/15/24
..................
EUR
546
600,339
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
(EURIBOR
3
Month
+
5.25%),
5.25%,
09/15/24
(a)
....................
EUR
364
$
399,623
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(c)
...
USD
24,081
22,818,915
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(c)(i)
............
17,016
16,718,220
488,758,699
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Xerox
Corp.,
4.80%,
03/01/35
..........
2,885
2,498,410
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
BK
LC
Lux
Finco1
SARL,
5.25%,
04/30/29
(b)
.
EUR
1,012
1,097,929
Crocs,
Inc.
(c)
4.25%,
03/15/29
..................
USD
12,283
10,870,455
4.13%,
08/15/31
..................
15,238
12,876,110
European
TopSoho
SARL,
Series
SMCP,
4.00%,
09/21/21
(b)(e)(h)(k)
.............
EUR
2,700
2,568,247
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
(c)
....
USD
6,372
5,830,380
Levi
Strauss
&
Co.,
3.50%,
03/01/31
(c)
.....
6,123
5,607,198
William
Carter
Co.
(The)
(c)
5.50%,
05/15/25
..................
2,617
2,696,819
5.63%,
03/15/27
..................
2,686
2,725,645
Wolverine
World
Wide,
Inc.,
4.00%,
08/15/29
(c)
6,758
5,997,725
50,270,508
Thrifts
&
Mortgage
Finance
—
0.3%
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(c)
....
21,290
21,963,828
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(c)
..
13,546
11,098,373
Jerrold
Finco
plc,
4.88%,
01/15/26
(b)
......
GBP
761
961,028
Ladder
Capital
Finance
Holdings
LLLP
(c)
4.25%,
02/01/27
..................
USD
7,233
6,931,846
4.75%,
06/15/29
..................
5,898
5,562,551
MGIC
Investment
Corp.,
5.25%,
08/15/28
...
8,434
8,332,033
Nationstar
Mortgage
Holdings,
Inc.
(c)
6.00%,
01/15/27
..................
4,322
4,398,067
5.13%,
12/15/30
..................
3,825
3,538,125
5.75%,
11/15/31
..................
3,079
2,936,473
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(c)
...
5,899
5,416,137
71,138,461
Trading
Companies
&
Distributors
—
0.6%
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
(c)
7,445
6,877,765
Fortress
Transportation
&
Infrastructure
Investors
LLC
(c)
6.50%,
10/01/25
..................
5,358
5,317,815
9.75%,
08/01/27
..................
3,399
3,551,156
5.50%,
05/01/28
..................
11,197
10,179,753
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
(c)
.....................
9,738
8,764,200
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
(c)
.....................
1,225
1,148,438
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(c)
.....
1,901
1,927,614
Imola
Merger
Corp.,
4.75%,
05/15/29
(c)
.....
30,853
29,710,205
United
Rentals
North
America,
Inc.,
5.25%,
01/15/30
......................
1,941
2,001,656
WESCO
Distribution,
Inc.
(c)
7.13%,
06/15/25
..................
29,801
31,002,576
7.25%,
06/15/28
..................
18,789
19,956,455
120,437,633
Transportation
Infrastructure
—
0.1%
(b)
Abertis
Infraestructuras
Finance
BV,
(EUR
Swap
Annual
5
Year
+
3.69%),
3.25%
(a)(j)
..
EUR
1,800
1,947,263
Autostrade
per
l'Italia
SpA
1.88%,
11/04/25
..................
700
766,560
1.75%,
06/26/26
..................
500
542,816
1.75%,
02/01/27
..................
1,700
1,830,901
1.63%,
01/25/28
..................
725
769,193
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
64
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Transportation
Infrastructure
(continued)
2.00%,
12/04/28
..................
EUR
3,754
$
4,039,249
2.00%,
01/15/30
..................
3,748
3,906,009
Getlink
SE,
3.50%,
10/30/25
...........
2,019
2,278,189
16,080,180
Water
Utilities
—
0.0%
Thames
Water
Kemble
Finance
plc,
4.63%,
05/19/26
(b)
.....................
GBP
3,179
4,024,496
Wireless
Telecommunication
Services
—
1.4%
Connect
Finco
SARL,
6.75%,
10/01/26
(c)
....
USD
82,890
84,331,457
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(a)(c)(i)
.........
28,584
19,851,823
Matterhorn
Telecom
SA,
4.00%,
11/15/27
(b)
..
EUR
2,718
2,929,934
Rogers
Communications,
Inc.,
4.55%,
03/15/52
(c)
.....................
USD
28,955
28,785,851
SoftBank
Group
Corp.
(b)
(USD
Swap
Rate
5
Year
+
4.23%),
6.00%
(a)
(j)
...........................
902
861,184
2.13%,
07/06/24
..................
EUR
1,741
1,817,645
4.50%,
04/20/25
..................
1,300
1,403,970
4.75%,
07/30/25
..................
1,409
1,525,615
3.13%,
09/19/25
..................
2,500
2,594,322
2.88%,
01/06/27
..................
1,294
1,274,024
5.00%,
04/15/28
..................
1,700
1,786,007
3.38%,
07/06/29
..................
558
520,065
4.00%,
09/19/29
..................
1,408
1,360,844
Sprint
Corp.
7.88%,
09/15/23
..................
USD
5,779
6,140,187
7.13%,
06/15/24
..................
1,810
1,941,316
7.63%,
03/01/26
..................
17,944
20,255,367
T-Mobile
USA,
Inc.
2.63%,
02/15/29
..................
23,868
21,785,040
2.88%,
02/15/31
..................
17,678
15,926,640
3.50%,
04/15/31
..................
28,030
26,375,669
3.50%,
04/15/31
(c)
.................
11,965
11,258,826
Vmed
O2
UK
Financing
I
plc
4.00%,
01/31/29
(b)
.................
GBP
2,630
3,158,642
4.25%,
01/31/31
(c)
.................
USD
1,235
1,129,556
4.50%,
07/15/31
(b)
.................
GBP
2,742
3,305,761
4.75%,
07/15/31
(c)
.................
USD
18,529
17,463,583
Vodafone
Group
plc
(a)(b)
(EUR
Swap
Annual
5
Year
+
3.43%),
4.20%,
10/03/78
.....................
EUR
2,000
2,255,423
(EUR
Swap
Annual
5
Year
+
3.00%),
2.63%,
08/27/80
.....................
1,400
1,503,774
Series
NC10,
(EUR
Swap
Annual
5
Year
+
3.23%),
3.00%,
08/27/80
..........
1,300
1,315,884
282,858,409
Total
Corporate
Bonds
—
76.7%
(Cost:
$16,488,094,452)
............................
16,064,935,151
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.6%
(a)
Cobham
Ultra
U.S.
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
0.00%),
0.00%
,
 11/17/28
..
USD
5,127
5,065,066
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 02/01/28
.
73,518
72,897,036
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
7.75%),
8.50%
,
 02/01/29
.
22,698
22,477,163
Sequa
Mezzanine
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.75%
,
 11/28/23
..................
10,054
10,054,438
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
Sequa
Mezzanine
Holdings
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
10.75%),
11.75%
,
 04/28/24
.................
USD
583
$
577,425
Spirit
Aerosystems
,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
 01/15/25
.
15,244
15,206,140
126,277,268
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)
.................
7,966
7,892,285
Airlines
—
0.7%
(a)
AAdvantage
Loyality
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
 04/20/28
..................
49,202
49,771,009
Air
Canada,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.25%
,
 08/11/28
...........
23,425
23,180,912
SkyMiles
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.75%
,
 10/20/27
......
21,672
22,345,782
United
Airlines,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 04/21/28
.....
49,300
48,642,851
143,940,554
Auto
Components
—
0.0%
Clarios
Global
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.71%
,
 04/30/26
(a)
5,915
5,833,688
Automobiles
—
0.0%
Dealer
Tire
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.25%),
4.71%
,
 12/12/25
(a)
.....
4,004
3,978,816
Beverages
—
0.1%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.90%
,
 01/24/29
.
13,761
13,515,560
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.00%),
6.65%
,
 01/24/30
.
1,936
1,926,320
Naked
Juice
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
 01/24/29
..................
794
779,742
16,221,622
Building
Products
—
0.1%
(a)
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
 11/23/27
..
5,366
5,205,412
CPG
International
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.25%
,
 05/05/24
.
5,399
5,347,645
Griffon
Corp.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
2.75%),
3.27%
,
 01/24/29
......
5,630
5,564,917
16,117,974
Chemicals
—
0.4%
(a)
Alpha
3
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
3.00%
,
 03/18/28
............
25,388
25,026,369
ARC
Falcon
I,
Inc.,
Delayed
Draw
Term
Loan,
09/30/28
(n)
......................
1,607
1,565,826
ARC
Falcon
I,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
 09/30/28
......
10,983
10,699,093
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.76%
,
 08/27/26
..................
19,843
19,752,572
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.70%
,
 05/15/24
............
3,933
3,879,169
Nouryon
Finance
BV,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
4.01%
,
 10/01/25
.....
1,930
1,898,756
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
65
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
WR
Grace
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.81%
,
 09/22/28
.
USD
21,007
$
20,797,276
83,619,061
Commercial
Services
&
Supplies
—
0.7%
(a)
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.50%
-
4.78%
,
 02/15/29
.......
8,481
8,385,589
Brand
Energy
&
Infrastructure
Services,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
5.25%
-
5.26%
,
 06/21/24
............
124,418
118,490,334
Propulsion
(BC)
Finco
,
Term
Loan,
02/10/29
(n)
12,143
12,074,756
TruGreen
Ltd.
Partnership,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
8.50%),
9.25%
,
 11/02/28
(d)
.................
12,384
12,414,960
151,365,639
Communications
Equipment
—
0.1%
Viasat
,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
5.00%
,
 03/02/29
(a)
...........
23,601
23,453,770
Construction
Materials
—
0.0%
(a)
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
 01/31/28
..................
3,301
3,239,182
Smyrna
Ready
Mix
Concrete
LLC,
Term
Loan,
04/01/29
(d)(n)
.....................
5,840
5,752,400
8,991,582
Containers
&
Packaging
—
0.2%
(a)
Charter
NEX
US,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 12/01/27
..................
4,159
4,133,132
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.71%
,
 04/03/24
..................
29,852
29,391,488
33,524,620
Diversified
Consumer
Services
—
0.1%
(a)
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.75%),
6.25%
,
 12/10/29
..................
8,164
8,102,770
Mileage
Plus
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.25%
,
 06/21/27
.
15,588
16,152,586
Sotheby's,
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
5.00%
,
 01/15/27
............
3,723
3,718,588
27,973,944
Diversified
Financial
Services
—
1.5%
(a)
Acuris
Finance
US,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
 02/16/28
.
7,885
7,802,753
Advisor
Group
Holdings,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.50%),
4.96%
,
 07/31/26
..................
7,068
7,030,345
Clydesdale
Acquisition
Holdings,
Inc.,
Term
Loan,
03/30/29
(n)
..................
9,833
9,669,084
Connect
Finco
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.50%
,
 12/11/26
.....
5,686
5,632,383
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.75%
,
 04/09/27
..................
10,483
10,417,354
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.75%),
7.50%
,
 04/07/28
(d)
.................
16,090
16,049,775
EP
Purchaser
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.51%
,
 11/06/28
..
10,036
9,950,304
Security
Par
(000)
Par
(000)
Value
Diversified
Financial
Services
(continued)
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
5.01%
,
 10/01/27
(d)
.................
USD
61,602
$
61,448,390
Grab
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
5.50%
,
 01/29/26
......
12,969
12,644,775
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
4.50%
,
 12/17/27
..................
3,760
3,662,800
Lealand
Finance
Co.
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.21%
,
 06/28/24
(d)
758
454,660
Mercury
Borrower,
Inc.,
1st
Lien
Term
Loan,
08/02/28
(n)
......................
9,576
9,492,210
Mercury
Borrower,
Inc.,
2nd
Lien
Term
Loan,
08/02/29
(d)(n)
.....................
12,959
12,829,441
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
4.76%
,
 12/15/28
..................
55,492
54,897,509
Proofpoint
,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
6.76%
,
 08/31/29
.
26,322
26,165,647
Radiate
Holdco
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
 09/25/26
.....
3,842
3,805,407
Veritas
US,
Inc.,
Term
Loan
B,
09/01/25
(n)
...
42,884
40,011,151
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
 10/19/27
..................
30,426
30,033,095
321,997,083
Diversified
Telecommunication
Services
—
0.4%
(a)
Altice
France
SA,
Term
Loan
B13,
(LIBOR
USD
3
Month
+
4.00%),
4.51%
,
 08/14/26
.....
6,415
6,289,094
Cincinnati
Bell,
Inc.,
Term
Loan
B2,
(LIBOR
USD
3
Month
+
3.25%),
4.05%
,
 11/22/28
..
5,694
5,612,160
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.81%
,
 05/01/28
..................
18,147
17,844,194
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.46%
,
 03/09/27
.
47,451
46,134,690
75,880,138
Electrical
Equipment
—
0.1%
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
3.96%
,
 09/13/24
(a)
11,706
11,548,670
Electronic
Equipment,
Instruments
&
Components
—
0.0%
II-VI,
Inc.,
Term
Loan
B,
12/08/28
(a)(d)(n)
......
9,198
9,129,143
Entertainment
—
0.2%
(a)
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.00%),
3.35%
,
 04/22/26
..................
15,052
13,390,141
MSG
National
Properties
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
7.00%
,
 11/12/25
(d)
.................
29,624
29,475,893
42,866,034
Health
Care
Equipment
&
Supplies
—
0.2%
(a)
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.51%
,
 11/03/28
..
24,495
24,168,097
Embecta
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
0.00%),
0.00%
,
 01/26/29
.
330
324,771
Ortho-Clinical
Diagnostics,
Inc.,
Term
Loan,
(EURIBOR
3
Month
+
3.50%),
3.50%
,
 06/30/25
..................
EUR
7,847
8,617,176
33,110,044
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
66
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
—
0.2%
(a)
Envision
Healthcare
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.21%
,
 10/10/25
.
USD
30,495
$
20,177,414
Quorum
Health
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
7.75%),
8.75%
,
 04/29/25
(d)
....
13,919
12,318,051
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
5.01%
,
 01/08/27
..................
9,825
9,771,748
42,267,213
Health
Care
Technology
—
1.3%
(a)
Athenahealth
Group
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 02/15/29
.
111,101
109,739,778
Athenahealth
,
Inc.,
Delayed
Draw
Term
Loan,
02/15/29
(n)
......................
18,831
18,599,948
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
 06/02/28
..................
28,707
28,469,723
Verscend
Holding
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.00%),
7.50%
,
 04/02/29
(d)
.................
51,206
50,693,940
Verscend
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
4.46%
,
 08/27/25
.
76,233
75,851,930
283,355,319
Hotels,
Restaurants
&
Leisure
—
0.3%
(a)
Fertitta
Entertainment
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
 01/27/29
..................
36,299
36,071,685
Golden
Nugget
Online
Gaming,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
12.00%),
13.00%
,
 10/04/23
(d)
................
3,252
3,447,389
IRB
Holding
Corp.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.00%),
3.75%
,
 12/15/27
.....
20,013
19,879,801
Life
Time,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.75%
,
 12/16/24
......
6,207
6,168,521
Raptor
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
4.93%
,
 11/01/26
..................
3,689
3,664,557
69,231,953
Household
Durables
—
0.2%
(a)
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 02/26/29
..................
13,231
12,949,841
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
10/06/28
(n)
......................
20,518
19,868,253
32,818,094
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
13,155,196
Insurance
—
0.3%
(a)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 11/05/27
..................
14,692
14,579,922
AssuredPartners
,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 02/12/27
.....
13,434
13,266,075
Hub
International
Ltd.,
Term
Loan
B3,
(LIBOR
USD
3
Month
+
3.25%),
4.00%
,
 04/25/25
.
8,697
8,633,846
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
+
3.25%),
3.71%, 12/31/25
................
2,337
2,310,987
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
(LIBOR
USD
1
Month
+
3.75%),
4.21%, 09/03/26
................
USD
9,795
$
9,718,884
(LIBOR
USD
1
Month
+
4.25%),
5.25%, 09/03/26
................
8,649
8,585,923
57,095,637
Interactive
Media
&
Services
—
0.0%
Camelot
US
Acquisition
1
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 10/30/26
(a)
.................
9,472
9,371,506
Internet
&
Direct
Marketing
Retail
—
0.0%
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.25%
,
 11/08/27
(a)
.................
7,634
7,584,575
IT
Services
—
0.2%
(a)
Camelot
US
Acquisition
1
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.46%
,
 10/30/26
..................
4,754
4,696,514
CoreLogic
,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.50%),
7.00%
,
 06/04/29
.
19,962
19,637,617
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.75%),
8.75%
,
 07/31/28
..................
6,927
7,056,881
Epicor
Software
Corp.,
Term
Loan
C,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
 07/30/27
.
9,068
8,985,863
Pug
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.96%
,
 02/12/27
............
9,171
8,976,412
TierPoint
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 05/05/26
.
3,707
3,665,939
53,019,226
Machinery
—
0.6%
(a)
Filtration
Group
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 10/21/28
.....
15,083
14,894,658
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
03/28/25
(n)
..................
50,759
49,580,990
MHI
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.46%
,
 09/21/26
......
26,939
26,826,766
SPX
Flow,
Inc.,
Term
Loan,
03/16/29
(n)
......
22,884
22,273,684
Vertiv
Group
Corp.,
Term
Loan
B,
03/02/27
(n)
.
3,067
2,986,749
116,562,847
Media
—
0.7%
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
3.80%
,
 08/21/26
(a)
.................
54,124
53,149,858
DirectTV
Financing
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.75%
,
 08/02/27
(a)
62,706
62,567,147
Intelsat
Jackson
Holdings
SA,
Term
Loan
B
(a)
(LIBOR
USD
3
Month
+
4.25%),
5.00%, 02/01/29
................
23,910
23,484,237
(LIBOR
USD
3
Month
+
4.25%),
5.00%
-
7.80%, 02/01/29
................
116
113,678
Intelsat
Jackson
Holdings
SA,
Term
Loan
B4,
(LIBOR
USD
3
Month
+
4.25%),
5.00%
-
8.55%
,
 02/01/29
(a)
.................
61
60,288
Intelsat
Jackson
Holdings
SA,
Term
Loan
B5,
5.00%
-
8.43%
,
 02/01/29
(o)
...........
294
288,649
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.25%
,
 12/01/23
(a)
.................
3,873
3,676,364
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
67
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Promotora
de
Informaciones
SA,
Term
Loan,
(EURIBOR
6
Month
+
6.00%),
6.00%
,
 03/31/25
(a)
.................
EUR
399
$
424,825
143,765,046
Metals
&
Mining
—
0.0%
Grinding
Media,
Inc.,
1st
LienTerm
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.80%
,
 10/12/28
(a)
.................
USD
6,332
6,260,943
Oil,
Gas
&
Consumable
Fuels
—
0.8%
(a)
Ascent
Resources
Utica
Holdings
LLC,
2nd
Lien
Term
Loan,
11/01/25
(d)(n)
..........
135,217
144,344,066
Freeport
LNG
investments
LLLP,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 12/21/28
..................
16,998
16,858,612
161,202,678
Pharmaceuticals
—
0.2%
(a)
Endo
Luxembourg
Finance
Co.
I
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.75%
,
 03/27/28
..................
30,014
28,047,162
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.00%),
7.50%
,
 11/01/29
..................
7,811
7,498,560
35,545,722
Professional
Services
—
0.1%
(a)
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.70%
,
 02/06/26
..................
13,120
12,981,769
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.25%),
3.56%
,
 01/18/29
(d)
.................
11,990
11,870,100
24,851,869
Software
—
3.2%
(a)
Banff
Guarantor,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.50%),
6.00%
,
 02/27/26
..................
27,676
27,371,564
Barracuda
Networks,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.75%),
7.50%
,
 10/30/28
..................
14,200
14,110,992
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.76%
,
 10/02/25
.
17,739
17,617,127
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
 10/08/28
.
50,929
50,228,726
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.00%),
6.50%
,
 10/08/29
(d)
17,860
17,547,450
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 12/01/27
.
25,160
24,724,250
Greeneden
US
Holdings
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
-
4.98%
,
 12/01/27
..................
21,422
21,368,028
Helios
Software
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
5.25%
,
 03/11/28
..................
6,950
6,876,247
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.00%),
5.75%
,
 07/27/28
..................
59,307
58,758,883
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.25%),
9.00%
,
 07/27/29
..................
30,053
29,714,904
McAfee
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
 03/01/29
......
67,451
66,860,804
Security
Par
(000)
Par
(000)
Value
Software
(continued)
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.75%
,
 09/13/24
.
USD
19,139
$
18,903,321
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.25%),
6.71%
,
 02/23/29
.
4,143
4,096,391
Planview
Parent,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
8.26%
,
 12/18/28
(d)
.................
12,161
12,039,390
Proofpoint
,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.76%
,
 08/31/28
.
16,303
16,110,600
RealPage
,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 04/24/28
.
16,968
16,753,942
RealPage
,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.50%),
7.25%
,
 04/23/29
.
42,762
42,815,240
Sabre
GLBL,
Inc.,
Term
Loan
B1,
12/17/27
(n)
.
6,009
5,934,299
Sabre
GLBL,
Inc.,
Term
Loan
B2,
12/17/27
(n)
.
9,579
9,459,626
Sophia
LP,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.25%),
4.26%
,
 10/07/27
.....
52,243
51,666,167
Sophia
LP,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
8.00%),
9.01%
,
 10/09/28
......
61,702
62,781,785
Sovos
Compliance
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
5.00%
,
 08/11/28
..................
9,993
9,961,502
Sovos
Compliance
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
08/11/28
(n)
..............
1,730
1,724,571
TIBCO
Software,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.71%
,
 03/03/28
..................
18,473
18,407,606
UKG,
Inc.,
1st
Lien
Term
Loan
(LIBOR
USD
3
Month
+
3.25%),
4.21%, 05/04/26
................
25,910
25,674,540
(LIBOR
USD
3
Month
+
3.75%),
4.76%, 05/04/26
................
5,351
5,325,182
UKG,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.21%
,
 05/03/27
......
25,571
25,334,944
662,168,081
Specialty
Retail
—
0.2%
(a)
PetSmart
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 02/11/28
.......
33,623
33,482,832
Staples,
Inc.,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
5.00%),
5.32%
,
 04/16/26
......
10,889
10,268,573
43,751,405
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
Crocs,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.03%
-
4.45%
,
 02/20/29
(a)
......
55,356
53,912,869
Trading
Companies
&
Distributors
—
0.1%
SRS
Distribution,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 06/02/28
(a)
....
16,335
16,105,555
Transportation
Infrastructure
—
0.1%
(a)
KKR
Apple
Bidco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.50%
,
 09/22/28
..................
10,875
10,720,106
KKR
Apple
Bidco
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.75%),
6.25%
,
 09/21/29
..................
1,747
1,732,814
12,452,920
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
—
0.1%
(a)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.25%),
3.50%
,
 05/27/24
..................
USD
16,646
$
15,813,416
MetroNet
Systems
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 06/02/28
..................
1,256
1,240,690
17,054,106
Total
Floating
Rate
Loan
Interests
—
14.4%
(Cost:
$3,026,551,046)
............................
3,005,254,695
Foreign
Agency
Obligations
Finland
—
0.0%
Finnair
OYJ,
4.25%
,
05/19/25
(b)
..........
EUR
1,675
1,641,901
France
—
0.1%
Electricite
de
France
SA
(a)(b)(j)
(BPSWS13
+
4.23%),
6.00%
.........
GBP
3,900
5,204,008
(EUR
Swap
Annual
5
Year
+
3.37%),
2.87%
EUR
1,200
1,234,336
(EUR
Swap
Annual
5
Year
+
3.20%),
3.00%
400
410,419
(EUR
Swap
Annual
5
Year
+
3.97%),
3.38%
7,000
6,959,695
13,808,458
Greece
—
0.0%
Public
Power
Corp.
SA,
3.38%
,
07/31/28
(b)
...
1,209
1,215,066
Italy
—
0.0%
Banca
Monte
dei
Paschi
di
Siena
SpA
(b)
3.63%,
09/24/24
..................
400
427,013
2.63%,
04/28/25
..................
1,750
1,819,781
1.88%,
01/09/26
..................
201
201,232
Poste
Italiane
SpA
,
(EURIBOR
Swap
Rate
5
Year
+
2.68%),
2.62%
(a)(b)(j)
............
2,975
2,868,221
5,316,247
Total
Foreign
Agency
Obligations
—
0.1%
(Cost:
$24,652,241)
...............................
21,981,672
Shares
Shares
Investment
Companies
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(g)(p)
........................
2,000,000
164,580,000
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
(g)
.........................
1,000,000
102,500,000
Western
Midstream
Partners
LP
..........
183,321
4,623,356
Total
Investment
Companies
—
1.3%
(Cost:
$267,930,406)
..............................
271,703,356
Beneficial
Interest
(000)
Other
Interests
(q)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
(e)(k)
.......................
USD
11,550
60,060
Lehman
Brothers
Holdings
Capital
Trust
VII
Escrow
Bonds
(a)
...................
5,500
28,600
Lehman
Brothers
Holdings
Capital
Trust
VII
Escrow
Bonds
....................
1,000
5,200
Lehman
Brothers
Holdings,
Inc.
(e)(k)
........
5,675
29,510
123,370
Security
Beneficial
Interest
(000)
Value
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
(a)(d)(e)(k)
GenOn
Energy
Holdings
LLC,
Escrow
......
USD
1,864
$
—
GenOn
Energy
Holdings
LLC,
Escrow
(g)
.....
3,270
—
—
Media
—
0.0%
Adelphia
Communications
Corp.,
Escrow
(d)(e)(k)
325
—
Total
Other
Interests
—
0.0%
(Cost:
$0)
.....................................
123,370
Preferred
Securities
Par
(000)
Pa
r
(
000)
Capital
Trusts
—
1.0%
Banks
—
0.2%
(a)(j)
Banco
Bilbao
Vizcaya
Argentaria
SA,
(EUR
Swap
Annual
5
Year
+
6.46%),
6.00%
(b)
...
EUR
800
923,719
Citigroup,
Inc.,
Series
W,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%),
4.00%
..................
USD
12,335
11,841,600
JPMorgan
Chase
&
Co.
Series
FF,
(SOFR
+
3.38%),
5.00%
.....
10,732
10,696,316
Series
HH,
(SOFR
+
3.13%),
4.60%
.....
5,845
5,633,119
Wells
Fargo
&
Co.,
Series
BB,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
3.90%
..............
15,010
14,387,835
43,482,589
Capital
Markets
—
0.4%
(a)(j)
Charles
Schwab
Corp.
(The),
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
......
63,428
56,965,955
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%),
4.95%
.
19,990
19,952,019
76,917,974
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)(j)
10,625
11,131,813
Electric
Utilities
—
0.2%
Edison
International,
Series
A,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.70%),
5.38%
(a)(j)
.............
34,000
32,801,500
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
Vistra
Corp.
(a)(c)(j)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
6.93%),
8.00%
.......................
22,103
22,323,809
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.74%),
7.00%
.......................
15,109
14,712,389
37,036,198
Total
Capital
Trusts
—
1.0%
(Cost:
$210,511,861)
..............................
201,370,074
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)
(f)
.................
3,704,388
38,118
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
69
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Shares
Shares
Value
Capital
Markets
—
0.1%
Verscend
Intermediate
Holding
Corp.,
12.25%
(d)
(j)
.............................
9,756
$
11,223,576
Insurance
—
0.1%
Alliant
Holdings
I,
Inc.,
9.75%
(d)(j)
..........
20,162
19,657,753
Wireless
Telecommunication
Services
—
0.0%
Ligado
Networks
LLC
(r)
................
235,644
10,603,964
Total
Preferred
Stocks
—
0.2%
(Cost:
$68,614,819)
...............................
41,523,411
Total
Preferred
Securities
—
1.2%
(Cost:
$279,126,680)
..............................
242,893,485
Total
Long-Term
Investments
—
96.6%
(Cost:
$20,618,932,820)
............................
20,219,021,605
Security
Shares
Shares
Value
Short-Term
Securities
(p)(s)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.21%
....................
548,080,034
$
548,080,034
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.42%
(t)
........................
125,874,300
125,836,538
Total
Short-Term
Securities
—
3.2%
(Cost:
$673,899,306)
..............................
673,916,572
Total
Options
Purchased
—
0.0%
(Cost:
$7,174,123)
...............................
3,847,568
Total
Investments
Before
Options
Written
—
99.8%
(Cost:
$21,300,006,249
)
............................
20,896,785,745
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$(2,841,128))
...................
(1,298,209)
Total
Investments
Net
of
Options
Written
—
99.8%
(Cost:
$21,297,165,121
)
............................
20,895,487,536
Other
Assets
Less
Liabilities
—
0.2%
....................
47,595,776
Net
Assets
—
100.0%
...............................
$
20,943,083,312
(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)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Non-income
producing
security.
(f)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$18,114,254,
representing
0.09%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$25,395,751.
(g)
All
or
a
portion
of
this
security
is
on
loan.
(h)
Convertible
security.
(i)
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.
(j)
Perpetual
security
with
no
stated
maturity
date.
(k)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(l)
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.
(m)
Zero-coupon
bond.
(n)
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.
(o)
Fixed
rate.
(p)
Affiliate
of
the
Fund.
(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)
Annualized
7-day
yield
as
of
period
end.
(t)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
70
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
March
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
09/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/22
Shares
Held
at
03/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
842,548,387
$
—
$
(294,468,353)
$
—
$
—
$
548,080,034
548,080,03
4
$
60,301
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
153,770,503
—
(27,937,692)
(13,246)
16,973
125,836,538
125,874,300
791,875
(b)
—
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
(c)
.....
—
122,265,000
(119,986,888)
(2,278,112)
—
—
—
1,175,899
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
—
1,710,728,800
(1,543,689,625)
(2,050,575)
(408,600)
164,580,000
2,000,000
1,299,412
—
$
(4,341,933)
$
(391,627)
$
838,496,572
$
3,327,487
$
—
—
—
(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
(unaudited)
(continued)
March
31,
2022
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
U.S.
Treasury
10
Year
Note
...................................................
887
06/21/22
$
108,893
$
3,422,050
U.S.
Treasury
Long
Bond
....................................................
45
06/21/22
6,761
196,612
U.S.
Treasury
Ultra
Bond
....................................................
1,012
06/21/22
179,409
4,974,912
$
8,593,574
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
10,705,625
USD
11,805,810
Bank
of
New
York
Mellon
06/15/22
$
70,834
USD
1,343,267
EUR
1,201,000
Commonwealth
Bank
of
Australia
06/15/22
10,898
USD
362,400
EUR
324,000
Deutsche
Bank
AG
06/15/22
2,960
USD
133,607
EUR
120,105
Morgan
Stanley
&
Co.
International
plc
06/15/22
364
USD
1,520,294
EUR
1,359,000
UBS
AG
06/15/22
12,642
97,698
EUR
1,201,000
USD
1,339,605
Commonwealth
Bank
of
Australia
04/04/22
(10,999)
USD
97,207
EUR
88,000
ANZ
Banking
Group
Ltd.
06/15/22
(419)
USD
68,151
EUR
62,000
Bank
of
America
NA
06/15/22
(632)
USD
527,514,415
EUR
479,396,000
BNP
Paribas
SA
06/15/22
(4,319,554)
USD
1,761,858
EUR
1,600,000
State
Street
Bank
and
Trust
Co.
06/15/22
(13,155)
USD
65,127
EUR
59,000
Toronto
Dominion
Bank
06/15/22
(327)
USD
253,015
EUR
230,000
Westpac
Banking
Corp.
06/15/22
(2,143)
USD
70,870
GBP
54,000
Natwest
Markets
plc
06/15/22
(47)
USD
87,044,476
GBP
66,719,000
Toronto
Dominion
Bank
06/15/22
(575,720)
(4,922,996)
$
(4,825,298)
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
EURO
STOXX
Banks
Price
Index
.................
675
04/14/22
EUR
105.00
EUR
3,064
$
3,734
EURO
STOXX
50
Index
.......................
177
06/17/22
EUR
4,200.00
EUR
6,907
42,979
EURO
STOXX
Banks
Price
Index
.................
590
06/17/22
EUR
100.00
EUR
2,678
49,767
96,480
Put
SPDR
S&P
500
ETF
Trust
......................
6,430
04/14/22
USD
438.00
USD
290,405
1,208,840
SPDR
S&P
500
ETF
Trust
......................
4,216
05/06/22
USD
440.00
USD
190,411
2,542,248
3,751,088
$
3,847,568
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
EURO
STOXX
Banks
Price
Index
..................
675
04/14/22
EUR
115.00
EUR
3,064
$
(1,867)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
72
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
EURO
STOXX
50
Index
........................
177
06/17/22
EUR
4,400.00
EUR
6,907
$
(9,105)
EURO
STOXX
Banks
Price
Index
..................
590
06/17/22
EUR
110.00
EUR
2,678
(12,238)
(23,210)
Put
SPDR
S&P
500
ETF
Trust
.......................
6,430
04/14/22
USD
415.00
USD
290,405
(298,995)
SPDR
S&P
500
ETF
Trust
.......................
4,216
05/06/22
USD
415.00
USD
190,411
(976,004)
(1,274,999)
$
(1,298,209)
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.37.V1
.....
5.00
%
Quarterly
12/20/26
BB+
312,840
$
20,211,061
$
17,798,039
$
2,413,022
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Credit
Default
Swap
s
—
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
$
(105,075)
$
(552,385)
$
447,310
Lumen
Technologies,
Inc.
1.00
Quarterly
Barclays
Bank
plc
12/20/23
NR
USD
5,176
(80,923)
(136,692)
55,769
Lumen
Technologies,
Inc.
1.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
3,720
(220,500)
(318,104)
97,604
ADLER
Real
Estate
AG
.
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/25
NR
EUR
900
(6,191)
116,621
(122,812)
Virgin
Media
Finance
plc
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
B
EUR
1,050
115,600
105,718
9,882
ADLER
Real
Estate
AG
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/26
NR
EUR
750
167
73,589
(73,422)
ADLER
Real
Estate
AG
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/26
NR
EUR
700
156
61,511
(61,355)
CMA
CGM
SA
........
5.00
Quarterly
Credit
Suisse
International
06/20/26
BB-
EUR
370
34,774
16,230
18,544
CMA
CGM
SA
........
5.00
Quarterly
Goldman
Sachs
International
06/20/26
BB-
EUR
240
22,556
18,922
3,634
ADLER
Real
Estate
AG
.
5.00
Quarterly
Bank
of
America
NA
12/20/26
B
EUR
30
234
692
(458)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Citibank
NA
12/20/26
B
EUR
400
3,120
9,233
(6,113)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Goldman
Sachs
International
12/20/26
B
EUR
70
546
(155)
701
ADLER
Real
Estate
AG
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
B
EUR
310
2,418
—
2,418
ADLER
Real
Estate
AG
.
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
B
EUR
130
1,014
579
435
Altice
France
SA
......
5.00
Quarterly
Credit
Suisse
International
12/20/26
B
EUR
1,280
89,160
91,248
(2,088)
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
BB-
EUR
351
28,713
25,536
3,177
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
BB-
EUR
520
42,478
21,647
20,831
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Bank
of
America
NA
12/20/26
B+
EUR
700
(8,623)
(28,869)
20,246
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Barclays
Bank
plc
12/20/26
B+
EUR
543
(6,691)
22,380
(29,071)
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
73
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
%
Quarterly
Credit
Suisse
International
12/20/26
B+
EUR
528
$
(6,504)
$
23,007
$
(29,511)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Credit
Suisse
International
12/20/26
B+
EUR
1,405
(17,308)
57,360
(74,668)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
B+
EUR
1,405
(17,308)
67,457
(84,765)
K+S
AG
............
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
B+
EUR
1,220
184,126
103,665
80,461
$
55,939
$
(220,810)
$
276,749
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
day
SOFR
minus
2.00%
.........
At
Termination
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
At
Termination
BNP
Paribas
SA
04/04/22
USD
1,000
$
(211,323)
$
—
$
(211,323)
1
day
SOFR
minus
1.65%
.........
At
Termination
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
At
Termination
Goldman
Sachs
International
04/07/22
USD
1,000
—
—
—
1
day
SOFR
minus
1.75%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
Goldman
Sachs
International
04/07/22
USD
2,000
—
—
—
1
day
SOFR
minus
2.30%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
JPMorgan
Chase
Bank
NA
04/11/22
USD
1,000
849,153
—
849,153
1
day
SOFR
minus
1.90%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
Merrill
Lynch
International
&
Co.
04/18/22
USD
1,000
67,056
—
67,056
1
day
SOFR
minus
1.75%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
Goldman
Sachs
International
04/21/22
USD
1,000
736,714
—
736,714
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
JPMorgan
Chase
Bank
NA
06/20/22
USD
24,920
(796,357)
(1,333)
(795,024)
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
(1,983,689)
(3,813)
(1,979,876)
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
06/20/22
USD
42,380
(1,391,962)
(1,478)
(1,390,484)
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
(5,624,765)
(446)
(5,624,319)
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
06/20/22
USD
94,406
(2,904,844)
(3,904)
(2,900,940)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
74
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
i
OTC
Total
Return
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
09/20/22
USD
39,000
$
(1,547,571)
$
(610)
$
(1,546,961)
1
day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
09/20/22
USD
119,510
(4,916,749)
(1,785)
(4,914,964)
1
day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
JPMorgan
Chase
Bank
NA
12/20/22
USD
87,172
(3,057,419)
(1,636)
(3,055,783)
1
day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
JPMorgan
Chase
Bank
NA
12/20/22
USD
36,149
(1,427,547)
(640)
(1,426,907)
1
day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/20/22
USD
81,282
(3,251,551)
(1,435)
(3,250,116)
1
day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/20/22
USD
59,961
(2,578,046)
(1,059)
(2,576,987)
1
day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/20/22
USD
106,143
(3,027,288)
(3,856)
(3,023,432)
$
(31,066,188)
$
(21,995)
$
(31,044,193)
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
0.16
%
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.96
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
17,798,039
$
—
$
2,413,022
$
—
$
—
OTC
Swaps
.....................................................
815,395
(1,058,200)
2,413,935
(33,181,379)
—
Options
Written
...................................................
N/A
N/A
1,542,919
—
(1,298,209)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Consolidated
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
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
75
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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)
.....
$
—
$
—
$
—
$
—
$
8,593,574
$
—
$
8,593,574
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
97,698
—
—
97,698
Options
purchased
Investments
at
value
—
unaffiliated
(b)
...........
—
—
3,847,568
—
—
—
3,847,568
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
2,413,022
—
—
—
—
2,413,022
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
1,576,407
1,652,923
—
—
—
3,229,330
$
—
$
3,989,429
$
5,500,491
$
97,698
$
8,593,574
$
—
$
18,181,192
Liabilities
—
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
4,922,996
—
—
4,922,996
Options
written
Options
written
at
value
.....................
—
—
1,298,209
—
—
—
1,298,209
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
1,520,468
211,323
—
32,507,788
—
34,239,579
$
—
$
1,520,468
$
1,509,532
$
4,922,996
$
32,507,788
$
—
$
40,460,784
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
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
March
31,
2022,
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
.......................
$
—
$
—
$
5,131,021
$
—
$
6,736,852
$
—
$
11,867,873
Forward
foreign
currency
exchange
contracts
....
—
—
—
49,077,341
—
—
49,077,341
Options
purchased
(a)
....................
—
—
(232,200)
—
(164,236)
—
(396,436)
Options
written
........................
—
—
236,180
—
24,591
—
260,771
Swaps
..............................
—
(1,317,827)
(42,601,411)
—
8,325,284
—
(35,593,954)
$
—
$
(1,317,827)
$
(37,466,410)
$
49,077,341
$
14,922,491
$
—
$
25,215,595
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
—
—
6,387,024
—
6,387,024
Forward
foreign
currency
exchange
contracts
....
—
—
—
(20,046,979)
—
—
(20,046,979)
Options
purchased
(b)
....................
—
—
(3,424,944)
—
—
—
(3,424,944)
Options
written
........................
—
—
1,542,919
—
—
—
1,542,919
Swaps
..............................
—
2,026,554
3,545,873
—
(38,875,218)
—
(33,302,791)
$
—
$
2,026,554
$
1,663,848
$
(20,046,979)
$
(32,488,194)
$
—
$
(48,844,771)
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
76
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
.................................................................................
$
162,935,058
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
656,953,244
Average
amounts
sold
—
in
USD
........................................................................................
$
6,572,708
Options
Average
value
of
option
contracts
purchased
................................................................................
$
1,976,640
Average
value
of
option
contracts
written
...................................................................................
$
680,518
Credit
default
swaps
Average
notional
value
—
sell
protection
...................................................................................
$
207,007,355
Total
return
swaps
Average
notional
value
...............................................................................................
$
897,467,000
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
—
$
1,394,714
Forward
foreign
currency
exchange
contracts
.................................................................
97,698
4,922,996
Options
(a)
.........................................................................................
3,847,568
1,298,209
Swaps
—
centrally
cleared
..............................................................................
—
839,566
Swaps
—
OTC
(b)
....................................................................................
3,229,330
34,239,579
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
7,174,596
$
42,695,064
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(3,847,568)
(3,532,489)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
3,327,028
$
39,162,575
(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)
Bank
of
America
NA
..............................
$
20,938
$
(20,938)
$
—
$
—
$
—
Bank
of
New
York
................................
70,834
—
—
—
70,834
Barclays
Bank
plc
................................
623,063
(623,063)
—
—
—
Citibank
NA
....................................
9,233
(6,113)
—
—
3,120
Commonwealth
Bank
of
Australia
.....................
10,898
(10,898)
—
—
—
Credit
Suisse
International
..........................
206,389
(106,267)
—
—
100,122
Deutsche
Bank
AG
...............................
2,960
—
—
—
2,960
Goldman
Sachs
International
........................
759,971
(155)
—
(759,816)
—
JPMorgan
Chase
Bank
NA
..........................
1,357,588
(1,357,588)
—
—
—
Merrill
Lynch
International
&
Co.
......................
67,056
—
—
—
67,056
Morgan
Stanley
&
Co.
International
plc
..................
185,456
(185,456)
—
—
—
UBS
AG
......................................
12,642
—
—
—
12,642
$
3,327,028
$
(2,310,478)
$
—
$
(759,816)
$
256,734
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
77
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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)
ANZ
Banking
Group
Ltd.
...........................
$
419
$
—
$
—
$
—
$
419
Bank
of
America
NA
..............................
29,959
(20,938)
—
—
9,021
Barclays
Bank
plc
................................
1,036,252
(623,063)
—
(413,189)
—
BNP
Paribas
SA
.................................
4,530,877
—
—
—
4,530,877
Citibank
NA
....................................
6,113
(6,113)
—
—
—
Commonwealth
Bank
of
Australia
.....................
10,999
(10,898)
—
—
101
Credit
Suisse
International
..........................
106,267
(106,267)
—
—
—
Goldman
Sachs
International
........................
155
(155)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
5,416,100
(1,357,588)
—
(2,950,000)
1,108,512
Morgan
Stanley
&
Co.
International
plc
..................
27,434,042
(185,456)
—
(27,248,586)
—
Natwest
Markets
plc
..............................
47
—
—
—
47
State
Street
Bank
and
Trust
Co.
......................
13,155
—
—
—
13,155
Toronto
Dominion
Bank
............................
576,047
—
—
—
576,047
Westpac
Banking
Corp.
............................
2,143
—
—
—
2,143
$
39,162,575
$
(2,310,478)
$
—
$
(30,611,775)
$
6,240,322
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
78
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
....................................
$
—
$
27,058,946
$
—
$
27,058,946
Common
Stocks
Auto
Components
......................................
392,836
—
—
392,836
Building
Products
.......................................
368,675
—
—
368,675
Chemicals
............................................
37,870,719
—
—
37,870,719
Commercial
Services
&
Supplies
.............................
—
—
3
3
Communications
Equipment
................................
4,275,538
—
—
4,275,538
Diversified
Telecommunication
Services
........................
652,929
—
—
652,929
Electrical
Equipment
.....................................
13,955,630
18,076,136
—
32,031,766
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
108,391,087
—
—
108,391,087
Hotels,
Restaurants
&
Leisure
..............................
12,011,433
—
—
12,011,433
IT
Services
...........................................
11,592,577
—
—
11,592,577
Life
Sciences
Tools
&
Services
..............................
48,118,200
—
—
48,118,200
Media
...............................................
14,703,734
—
—
14,703,734
Metals
&
Mining
........................................
31,330,998
—
—
31,330,998
Oil,
Gas
&
Consumable
Fuels
...............................
247,625,518
—
40,679
247,666,197
Road
&
Rail
...........................................
18,108,171
—
—
18,108,171
Semiconductors
&
Semiconductor
Equipment
....................
31,882
—
—
31,882
Software
.............................................
17,524,185
—
—
17,524,185
Corporate
Bonds
Aerospace
&
Defense
....................................
—
570,362,873
—
570,362,873
Airlines
..............................................
—
348,895,080
—
348,895,080
Auto
Components
......................................
—
362,005,943
—
362,005,943
Automobiles
..........................................
—
72,050,587
—
72,050,587
Banks
...............................................
—
128,251,789
—
128,251,789
Biotechnology
.........................................
—
7,495,018
—
7,495,018
Building
Products
.......................................
—
160,922,470
—
160,922,470
Capital
Markets
........................................
—
117,476,720
—
117,476,720
Chemicals
............................................
—
444,503,140
—
444,503,140
Commercial
Services
&
Supplies
.............................
—
526,958,624
—
526,958,624
Communications
Equipment
................................
—
143,759,596
—
143,759,596
Construction
&
Engineering
................................
—
49,270,017
—
49,270,017
Consumer
Finance
......................................
—
238,807,365
—
238,807,365
Containers
&
Packaging
..................................
—
352,368,610
—
352,368,610
Distributors
...........................................
—
13,112,393
—
13,112,393
Diversified
Consumer
Services
..............................
—
99,492,975
—
99,492,975
Diversified
Financial
Services
...............................
—
197,238,672
—
197,238,672
Diversified
Telecommunication
Services
........................
—
1,226,009,237
—
1,226,009,237
Electric
Utilities
........................................
—
152,147,365
—
152,147,365
Electrical
Equipment
.....................................
—
56,736,672
—
56,736,672
Electronic
Equipment,
Instruments
&
Components
.................
—
52,548,843
—
52,548,843
Energy
Equipment
&
Services
..............................
—
139,187,433
—
139,187,433
Entertainment
.........................................
—
301,151,743
—
301,151,743
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
501,170,350
—
501,170,350
Food
&
Staples
Retailing
..................................
—
88,657,529
—
88,657,529
Food
Products
.........................................
—
274,026,938
—
274,026,938
Gas
Utilities
...........................................
—
4,780,313
—
4,780,313
Health
Care
Equipment
&
Supplies
...........................
—
192,411,042
—
192,411,042
Health
Care
Providers
&
Services
............................
—
855,157,967
—
855,157,967
Health
Care
Technology
..................................
—
13,009,755
—
13,009,755
Hotels,
Restaurants
&
Leisure
..............................
—
1,113,672,041
—
1,113,672,041
Household
Durables
.....................................
—
199,794,922
—
199,794,922
Household
Products
.....................................
—
47,437,041
—
47,437,041
Independent
Power
and
Renewable
Electricity
Producers
............
—
65,105,845
—
65,105,845
Insurance
............................................
—
479,578,831
—
479,578,831
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
79
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Level
1
Level
2
Level
3
Total
Interactive
Media
&
Services
...............................
$
—
$
39,361,205
$
—
$
39,361,205
Internet
&
Direct
Marketing
Retail
............................
—
39,530,410
—
39,530,410
IT
Services
...........................................
—
301,706,175
—
301,706,175
Leisure
Products
.......................................
—
48,358,379
—
48,358,379
Life
Sciences
Tools
&
Services
..............................
—
54,859,489
—
54,859,489
Machinery
............................................
—
232,780,969
—
232,780,969
Marine
..............................................
—
17,611,665
—
17,611,665
Media
...............................................
—
1,102,650,969
—
1,102,650,969
Metals
&
Mining
........................................
—
301,361,888
—
301,361,888
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
7,150,079
—
7,150,079
Multiline
Retail
.........................................
—
23,525,367
—
23,525,367
Oil,
Gas
&
Consumable
Fuels
...............................
—
2,009,125,804
—
2,009,125,804
Personal
Products
......................................
—
18,400,392
—
18,400,392
Pharmaceuticals
.......................................
—
334,227,673
—
334,227,673
Professional
Services
....................................
—
83,031,402
—
83,031,402
Real
Estate
Management
&
Development
.......................
—
111,316,006
—
111,316,006
Road
&
Rail
...........................................
—
208,279,055
—
208,279,055
Semiconductors
&
Semiconductor
Equipment
....................
—
29,119,891
—
29,119,891
Software
.............................................
—
470,915,798
—
470,915,798
Specialty
Retail
........................................
—
488,758,699
—
488,758,699
Technology
Hardware,
Storage
&
Peripherals
....................
—
2,498,410
—
2,498,410
Textiles,
Apparel
&
Luxury
Goods
............................
—
50,270,508
—
50,270,508
Thrifts
&
Mortgage
Finance
................................
—
71,138,461
—
71,138,461
Trading
Companies
&
Distributors
............................
—
120,437,633
—
120,437,633
Transportation
Infrastructure
...............................
—
16,080,180
—
16,080,180
Water
Utilities
.........................................
—
4,024,496
—
4,024,496
Wireless
Telecommunication
Services
.........................
—
282,858,409
—
282,858,409
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
126,277,268
—
126,277,268
Air
Freight
&
Logistics
....................................
—
7,892,285
—
7,892,285
Airlines
..............................................
—
143,940,554
—
143,940,554
Auto
Components
......................................
—
5,833,688
—
5,833,688
Automobiles
..........................................
—
3,978,816
—
3,978,816
Beverages
...........................................
—
16,221,622
—
16,221,622
Building
Products
.......................................
—
16,117,974
—
16,117,974
Chemicals
............................................
—
83,619,061
—
83,619,061
Commercial
Services
&
Supplies
.............................
—
138,950,679
12,414,960
151,365,639
Communications
Equipment
................................
—
23,453,770
—
23,453,770
Construction
Materials
....................................
—
3,239,182
5,752,400
8,991,582
Containers
&
Packaging
..................................
—
33,524,620
—
33,524,620
Diversified
Consumer
Services
..............................
—
27,973,944
—
27,973,944
Diversified
Financial
Services
...............................
—
231,214,817
90,782,266
321,997,083
Diversified
Telecommunication
Services
........................
—
75,880,138
—
75,880,138
Electrical
Equipment
.....................................
—
11,548,670
—
11,548,670
Electronic
Equipment,
Instruments
&
Components
.................
—
—
9,129,143
9,129,143
Entertainment
.........................................
—
13,390,141
29,475,893
42,866,034
Health
Care
Equipment
&
Supplies
...........................
—
33,110,044
—
33,110,044
Health
Care
Providers
&
Services
............................
—
29,949,162
12,318,051
42,267,213
Health
Care
Technology
..................................
—
232,661,379
50,693,940
283,355,319
Hotels,
Restaurants
&
Leisure
..............................
—
65,784,564
3,447,389
69,231,953
Household
Durables
.....................................
—
32,818,094
—
32,818,094
Industrial
Conglomerates
..................................
—
13,155,196
—
13,155,196
Insurance
............................................
—
57,095,637
—
57,095,637
Interactive
Media
&
Services
...............................
—
9,371,506
—
9,371,506
Internet
&
Direct
Marketing
Retail
............................
—
7,584,575
—
7,584,575
IT
Services
...........................................
—
53,019,226
—
53,019,226
Machinery
............................................
—
116,562,847
—
116,562,847
Media
...............................................
—
143,765,046
—
143,765,046
Metals
&
Mining
........................................
—
6,260,943
—
6,260,943
Oil,
Gas
&
Consumable
Fuels
...............................
—
16,858,612
144,344,066
161,202,678
Pharmaceuticals
.......................................
—
35,545,722
—
35,545,722
Professional
Services
....................................
—
12,981,769
11,870,100
24,851,869
Software
.............................................
—
632,581,241
29,586,840
662,168,081
Specialty
Retail
........................................
—
43,751,405
—
43,751,405
Textiles,
Apparel
&
Luxury
Goods
............................
—
53,912,869
—
53,912,869
Trading
Companies
&
Distributors
............................
—
16,105,555
—
16,105,555
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Bond
Portfolio
80
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Level
1
Level
2
Level
3
Total
Transportation
Infrastructure
...............................
$
—
$
12,452,920
$
—
$
12,452,920
Wireless
Telecommunication
Services
.........................
—
17,054,106
—
17,054,106
Foreign
Agency
Obligations
.................................
—
21,981,672
—
21,981,672
Investment
Companies
....................................
271,703,356
—
—
271,703,356
Other
Interests
..........................................
—
123,370
—
123,370
Preferred
Securities
Banks
...............................................
—
43,482,589
—
43,482,589
Capital
Markets
........................................
—
76,917,974
11,223,576
88,141,550
Consumer
Finance
......................................
—
11,131,813
—
11,131,813
Electric
Utilities
........................................
—
32,801,500
—
32,801,500
Independent
Power
and
Renewable
Electricity
Producers
............
—
37,036,198
—
37,036,198
Insurance
............................................
—
—
19,657,753
19,657,753
Wireless
Telecommunication
Services
.........................
—
10,603,964
—
10,603,964
Short-Term
Securities
.......................................
548,080,034
—
—
548,080,034
Options
Purchased
Equity
contracts
..........................................
3,847,568
—
—
3,847,568
$
1,390,585,070
$
18,949,588,960
$
430,737,059
$
20,770,911,089
Investments
valued
at
NAV
(a)
......................................
125,874,656
$
—
$
20,896,785,745
$
—
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
3,174,034
$
—
$
3,174,034
Equity
contracts
...........................................
—
1,652,923
—
1,652,923
Foreign
currency
exchange
contracts
............................
—
97,698
—
97,698
Interest
rate
contracts
.......................................
8,593,574
—
—
8,593,574
Liabilities
Credit
contracts
...........................................
—
(484,263)
—
(484,263)
Equity
contracts
...........................................
(1,298,209)
(211,323)
—
(1,509,532)
Foreign
currency
exchange
contracts
............................
—
(4,922,996)
—
(4,922,996)
Interest
rate
contracts
.......................................
—
(32,485,793)
—
(32,485,793)
$
7,295,365
$
(33,179,720)
$
—
$
(25,884,355)
(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.
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
81
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Common
Stocks
Corporate
Bonds
Floating
Rate
Loan
Interests
Preferred
Securities
Total
Investments
Assets
Opening
balance,
as
of
September
30,
2021
.....................................................
$
714,835
$
33,677,831
$
249,833,188
$
31,722,497
$
315,948,351
Transfers
into
Level
3
(a)
..................................................................
—
—
218,918,741
—
218,918,741
Transfers
out
of
Level
3
(b)
.................................................................
(674,153)
(511,669)
(111,894,254)
—
(113,080,076)
Accrued
discounts/premiums
...............................................................
—
9,016
(393,780)
—
(384,764)
Net
realized
gain
......................................................................
—
14,042,431
25,111
—
14,067,542
Net
change
in
unrealized
depreciation
(c)(d)
......................................................
—
(11,784,517)
(7,381,391)
(841,168)
(20,007,076)
Purchases
...........................................................................
—
—
59,380,052
—
59,380,052
Sales
..............................................................................
—
(35,433,092)
(8,672,619)
—
(44,105,711)
Closing
balance,
as
of
March
31,
2022
........................................................
$
40,682
$
—
$
399,815,048
$
30,881,329
$
430,737,059
Net
change
in
unrealized
depreciation
on
investments
still
held
at
March
31,
2022
(d)
...........................
$
—
$
—
$
(7,381,391)
$
(841,168)
$
(8,222,559)
(a)
As
of
September
30,
2021,
the
Fund
used
observable
inputs
in
determining
the
value
of
certain
investments.
As
of
March
31,
2022,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
2
to
Level
3
in
the
fair
value
hierarchy.
(b)
As
of
September
30,
2021,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
certain
investments.
As
of
March
31,
2022,
the
Fund
used
observable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
3
to
Level
2
in
the
fair
value
hierarchy.
(c)
Included
in
the
related
net
change
in
unrealized
appreciation
(depreciation)
in
the
Statements
of
Operations.
(d)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2022
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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
82
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
ACRES
Commercial
Realty
Ltd.,
Series
2021-FL2,
Class
A,
(LIBOR
USD
1
Month
+
1.40%),
1.84%,
01/15/37
(a)(b)
..........
USD
5,780
$
5,685,654
Affirm
Asset
Securitization
Trust,
Series
2022-
X1,
Class
A,
1.75%,
02/15/27
(b)
........
4,450
4,397,998
AGL
CLO
12
Ltd.,
Series
2021-12A,
Class
A1,
(LIBOR
USD
3
Month
+
1.16%),
1.41%,
07/20/34
(a)(b)
.....................
5,500
5,444,966
AGL
Core
CLO
4
Ltd.,
Series
2020-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.07%),
1.32%,
04/20/33
(a)(b)
................
1,250
1,237,063
AIG
CLO
LLC,
Series
2018-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.12%),
1.37%,
04/20/32
(a)(b)
.....................
1,400
1,388,568
AIMCO
CLO
(a)(b)
Series
2017-AA,
Class
AR,
(LIBOR
USD
3
Month
+
1.05%),
1.30%,
04/20/34
....
8,000
7,913,136
Series
2018-BA,
Class
AR,
(LIBOR
USD
3
Month
+
1.10%),
1.34%,
01/15/32
....
3,500
3,471,589
Ajax
Mortgage
Loan
Trust
(b)(c)
Series
2019-G,
Class
A,
3.00%,
09/25/59
.
5,725
5,630,990
Series
2021-C,
Class
A,
2.12%,
01/25/61
..
2,331
2,226,053
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
A1,
(LIBOR
USD
3
Month
+
1.08%),
1.34%,
10/21/28
(a)(b)
.....................
4,743
4,721,615
AmeriCredit
Automobile
Receivables
Trust,
Series
2020-2,
Class
B,
0.97%,
02/18/26
..
3,870
3,806,576
AMMC
CLO
XIII
Ltd.,
Series
2013-13A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.05%),
1.32%,
07/24/29
(a)(b)
................
8,750
8,712,746
Anchorage
Capital
CLO
16
Ltd.,
Series
2020-
16A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.20%),
1.32%,
01/19/35
(a)(b)
..........
1,750
1,733,536
Anchorage
Capital
CLO
17
Ltd.,
Series
2021-
17A,
Class
A1,
(LIBOR
USD
3
Month
+
1.17%),
1.41%,
07/15/34
(a)(b)
..........
26,000
25,735,694
Anchorage
Capital
CLO
7
Ltd.,
Series
2015-7A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.09%),
1.37%,
01/28/31
(a)(b)
................
14,523
14,437,179
Anchorage
Capital
CLO
LLC,
Series
2019-13A,
Class
AR,
(LIBOR
USD
3
Month
+
1.10%),
1.34%,
04/15/34
(a)(b)
................
27,170
26,871,130
Apidos
CLO
XX,
Series
2015-20A,
Class
A1RA,
(LIBOR
USD
3
Month
+
1.10%),
1.34%,
07/16/31
(a)(b)
.....................
1,500
1,489,546
Apidos
CLO
XXXVII,
Series
2021-37A,
Class
A,
(LIBOR
USD
3
Month
+
1.13%),
1.26%,
10/22/34
(a)(b)
.....................
9,650
9,535,612
Aqua
Finance
Trust,
Series
2021-A,
Class
A,
1.54%,
07/17/46
(b)
.................
2,977
2,836,793
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
(a)(b)
Series
2021-FL2,
Class
A,
(LIBOR
USD
1
Month
+
1.10%),
1.50%,
05/15/36
....
14,460
14,297,325
Series
2021-FL4,
Class
A,
(LIBOR
USD
1
Month
+
1.35%),
1.75%,
11/15/36
....
12,750
12,731,129
Ares
LVI
CLO
Ltd.,
Series
2020-56A,
Class
AR,
(LIBOR
USD
3
Month
+
1.16%),
1.42%,
10/25/34
(a)(b)
.....................
4,400
4,349,236
ARI
Fleet
Lease
Trust,
Series
2020-A,
Class
B,
2.06%,
11/15/28
(b)
.................
1,470
1,453,335
Arm
Master
Trust
LLC,
Series
2021-T1,
Class
A,
2.43%,
11/15/27
(b)
...............
730
698,387
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Assurant
CLO
Ltd.,
Series
2018-2A,
Class
A,
(LIBOR
USD
3
Month
+
1.04%),
1.29%,
04/20/31
(a)(b)
.....................
USD
1,750
$
1,735,835
Atlas
Senior
Loan
Fund
III
Ltd.,
Series
2013-1A,
Class
AR,
(LIBOR
USD
3
Month
+
0.83%),
1.30%,
11/17/27
(a)(b)
................
2,304
2,290,253
Atrium
XII,
Series
12A,
Class
AR,
(LIBOR
USD
3
Month
+
0.83%),
1.09%,
04/22/27
(a)(b)
...
8,672
8,610,847
Autoflorence
2
SRL
(a)(d)
Series
2,
Class
C,
(EURIBOR
1
Month
+
1.15%),
0.59%,
12/24/44
..........
EUR
414
455,353
Series
2,
Class
D,
(EURIBOR
1
Month
+
2.35%),
1.79%,
12/24/44
..........
222
247,434
Autonoria
Spain
(a)(d)
Series
2021-SP,
Class
C,
(EURIBOR
1
Month
+
1.05%),
0.50%,
01/31/39
....
2,100
2,295,775
Series
2021-SP,
Class
D,
(EURIBOR
1
Month
+
1.55%),
1.00%,
01/31/39
....
800
876,039
Series
2021-SP,
Class
E,
(EURIBOR
1
Month
+
2.65%),
2.10%,
01/31/39
....
600
656,457
Autonoria
Spain
2021
FT,
Series
2021-SP,
Class
F,
(EURIBOR
1
Month
+
3.90%),
3.35%,
01/31/39
(a)(d)
................
100
108,594
Azure
Finance
No.
2
plc,
Series
2,
Class
C,
(SONIO/N
+
3.00%),
3.64%,
07/20/30
(a)(d)
..
GBP
1,055
1,396,271
Bain
Capital
Credit
CLO
Ltd.,
Series
2017-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.50%),
1.75%,
07/20/30
(a)(b)
................
USD
1,350
1,334,134
Ballyrock
CLO
Ltd.,
Series
2016-1A,
Class
CR2,
(LIBOR
USD
3
Month
+
1.90%),
2.14%,
10/15/28
(a)(b)
................
2,250
2,240,138
Barings
CLO
Ltd.
(a)(b)
Series
2019-3A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.07%),
1.32%,
04/20/31
....
900
891,587
Series
2019-4A,
Class
A1,
(LIBOR
USD
3
Month
+
1.33%),
1.57%,
01/15/33
....
6,350
6,322,170
Battalion
CLO
X
Ltd.,
Series
2016-10A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.17%),
1.43%,
01/25/35
(a)(b)
................
5,500
5,449,418
Battalion
CLO
XX
Ltd.,
Series
2021-20A,
Class
A,
(LIBOR
USD
3
Month
+
1.18%),
1.42%,
07/15/34
(a)(b)
.....................
4,500
4,461,750
BDS
Ltd.,
Series
2021-FL10,
Class
A,
(LIBOR
USD
1
Month
+
1.35%),
1.82%,
12/16/36
(a)(b)
13,580
13,512,435
Benefit
Street
Partners
CLO
II
Ltd.,
Series
2013-IIA,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.45%),
1.69%,
07/15/29
(a)(b)
.........
8,400
8,338,171
Benefit
Street
Partners
CLO
III
Ltd.,
Series
2013-IIIA,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.65%),
1.90%,
07/20/29
(a)(b)
....
1,350
1,343,531
Benefit
Street
Partners
CLO
V-B
Ltd.,
Series
2018-5BA,
Class
A1A,
(LIBOR
USD
3
Month
+
1.09%),
1.34%,
04/20/31
(a)(b)
.........
2,230
2,215,453
BHG
Securitization
Trust,
Series
2021-A,
Class
A,
1.42%,
11/17/33
(b)
...............
376
357,858
BL
Consumer
Credit
(a)(d)
Series
2021-1,
Class
C,
(EURIBOR
1
Month
+
1.10%),
0.55%,
09/25/38
.........
EUR
528
581,769
Series
2021-1,
Class
D,
(EURIBOR
1
Month
+
1.65%),
1.10%,
09/25/38
.........
681
752,237
Series
2021-1,
Class
E,
(EURIBOR
1
Month
+
2.85%),
2.30%,
09/25/38
.........
356
397,718
BlueMountain
Fuji
US
CLO
III
Ltd.,
Series
2017-3A,
Class
A2,
(LIBOR
USD
3
Month
+
1.15%),
1.39%,
01/15/30
(a)(b)
..........
USD
250
244,270
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
83
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Brex
Commercial
Charge
Card
Master
Trust,
Series
2021-1,
Class
A,
2.09%,
07/15/24
(b)
.
USD
2,130
$
2,105,772
Brignole
Co.
SRL,
Series
2021,
Class
D,
(EURIBOR
1
Month
+
1.60%),
1.05%,
07/24/36
(a)(d)
.....................
EUR
100
110,052
BSPRT
Issuer
Ltd.,
Series
2021-FL7,
Class
A,
(LIBOR
USD
1
Month
+
1.32%),
1.72%,
12/15/38
(a)(b)
.....................
USD
6,890
6,820,558
Carlyle
Global
Market
Strategies
CLO
Ltd.
(a)(b)
Series
2014-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
0.97%),
1.21%,
04/17/31
....
3,988
3,938,027
Series
2014-5A,
Class
A1RR,
(LIBOR
USD
3
Month
+
1.14%),
1.38%,
07/15/31
...
5,996
5,944,921
CBAM
Ltd.,
Series
2019-9A,
Class
B2,
(LIBOR
USD
3
Month
+
1.90%),
2.14%,
02/12/30
(a)(b)
3,500
3,490,125
Cedar
Funding
II
CLO
Ltd.,
Series
2013-1A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.08%),
1.33%,
04/20/34
(a)(b)
................
8,750
8,610,984
Cedar
Funding
VI
CLO
Ltd.,
Series
2016-6A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.05%),
1.30%,
04/20/34
(a)(b)
................
26,890
26,594,210
Cedar
Funding
XI
CLO
Ltd.,
Series
2019-11A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.35%),
1.86%,
05/29/32
(a)(b)
................
1,500
1,479,870
Chesapeake
Funding
II
LLC
(b)
Series
2019-1A,
Class
B,
3.11%,
04/15/31
.
5,230
5,230,589
Series
2019-1A,
Class
C,
3.36%,
04/15/31
.
4,930
4,932,255
Series
2019-1A,
Class
D,
3.80%,
04/15/31
.
6,630
6,633,562
Series
2020-1A,
Class
B,
1.24%,
08/15/32
.
1,170
1,146,578
Series
2020-1A,
Class
C,
2.14%,
08/15/32
.
720
711,093
CIFC
Funding
2021-IV
Ltd.
(a)(b)
Series
2021-4A,
Class
A,
(LIBOR
USD
3
Month
+
1.05%),
1.29%,
07/15/33
....
5,000
4,949,117
Series
2021-4A,
Class
B,
(LIBOR
USD
3
Month
+
1.58%),
1.82%,
07/15/33
....
500
491,553
CIFC
Funding
Ltd.
(a)(b)
Series
2015-2A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.01%),
1.25%,
04/15/30
....
27,350
27,213,250
Series
2015-3A,
Class
BR,
(LIBOR
USD
3
Month
+
1.15%),
1.40%,
04/19/29
....
8,500
8,351,250
Series
2021-5A,
Class
A,
(LIBOR
USD
3
Month
+
1.14%),
1.38%,
07/15/34
....
3,350
3,313,843
College
Avenue
Student
Loans
LLC
(a)(b)
Series
2021-A,
Class
A1,
(LIBOR
USD
1
Month
+
1.10%),
1.56%,
07/25/51
....
406
403,779
Series
2021-B,
Class
A2,
(LIBOR
USD
1
Month
+
0.80%),
1.76%,
06/25/52
....
5,356
5,262,514
Credit
Acceptance
Auto
Loan
Trust
(b)
Series
2019-3A,
Class
A,
2.38%,
11/15/28
.
7,623
7,636,569
Series
2020-1A,
Class
A,
2.01%,
02/15/29
.
23,285
23,284,926
Series
2020-2A,
Class
A,
1.37%,
07/16/29
.
6,450
6,387,906
Series
2021-2A,
Class
A,
0.96%,
02/15/30
.
18,920
18,295,312
Dowson
plc,
Series
2021-2,
Class
C,
(SONIO/N
+
1.60%),
2.24%,
10/20/28
(a)(d)
.........
GBP
1,300
1,695,558
Dowson
Trust
  2.94%,
01/20/29
.................
1,151
1,512,011
  3.39%,
01/20/29
.................
601
789,504
Dryden
43
Senior
Loan
Fund,
Series
2016-43A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.04%),
1.29%,
04/20/34
(a)(b)
................
USD
5,750
5,685,864
Dryden
45
Senior
Loan
Fund,
Series
2016-45A,
Class
BR,
(LIBOR
USD
3
Month
+
1.70%),
1.94%,
10/15/30
(a)(b)
................
3,150
3,123,954
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Dryden
49
Senior
Loan
Fund,
Series
2017-49A,
Class
BR,
(LIBOR
USD
3
Month
+
1.60%),
1.84%,
07/18/30
(a)(b)
................
USD
3,250
$
3,223,113
Dryden
65
CLO
Ltd.,
Series
2018-65A,
Class
B,
(LIBOR
USD
3
Month
+
1.60%),
1.84%,
07/18/30
(a)(b)
.....................
500
495,096
Dryden
77
CLO
Ltd.,
Series
2020-77A,
Class
AR,
(LIBOR
USD
3
Month
+
1.12%),
1.60%,
05/20/34
(a)(b)
.....................
1,000
990,000
Dryden
83
CLO
Ltd.,
Series
2020-83A,
Class
A,
(LIBOR
USD
3
Month
+
1.22%),
1.46%,
01/18/32
(a)(b)
.....................
450
448,460
Dryden
87
CLO
Ltd.,
Series
2021-87A,
Class
A1,
(LIBOR
USD
3
Month
+
1.10%),
1.58%,
05/20/34
(a)(b)
.....................
750
738,910
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-
26A,
Class
AR,
(LIBOR
USD
3
Month
+
0.90%),
1.14%,
04/15/29
(a)(b)
..........
13,233
13,140,057
EDvestinU
Private
Education
Loan
Issue
No.
1
LLC,
Series
2019-A,
Class
A,
3.58%,
11/25/38
(b)
......................
5,053
5,007,283
EDvestinU
Private
Education
Loan
Issue
No.
3
LLC,
Series
2021-A,
Class
B,
3.50%,
11/25/50
(b)
......................
640
592,228
Elmwood
CLO
II
Ltd.
(a)(b)
Series
2019-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
1.40%,
04/20/34
....
27,000
26,716,325
Series
2019-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.90%,
04/20/34
....
4,200
4,152,946
Enterprise
Fleet
Financing
LLC,
Series
2022-1,
Class
A2,
3.03%,
01/20/28
(b)
..........
20,464
20,413,517
Fairstone
Financial
Issuance
Trust
I,
Series
2020-1A,
Class
A,
2.51%,
10/20/39
(b)
....
CAD
9,610
7,340,890
FCT
Autonoria
,
Series
2019-1,
Class
E,
(EURIBOR
1
Month
+
2.70%),
2.15%,
09/25/35
(a)(d)
.....................
EUR
212
236,713
FCT
Noria
,
Series
2021-1,
Class
D,
(EURIBOR
1
Month
+
1.50%),
0.95%,
10/25/49
(a)(d)
...
900
981,297
FCT
Pixel,
Series
2021-1,
Class
D,
(EURIBOR
3
Month
+
1.75%),
1.22%,
02/25/38
(a)(d)
...
300
332,081
Flatiron
CLO
21
Ltd.,
Series
2021-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.11%),
1.36%,
07/19/34
(a)(b)
.....................
USD
8,500
8,377,414
FNA
VI
LLC,
Series
2021-1A,
Class
A,
1.35%,
01/10/32
(b)
......................
465
443,536
Foundation
Finance
Trust,
Series
2021-2A,
Class
A,
2.19%,
01/15/42
(b)
...........
2,273
2,188,434
FS
RIALTO
(a)(b)
Series
2021-FL2,
Class
A,
(LIBOR
USD
1
Month
+
1.22%),
1.65%,
05/16/38
....
6,690
6,593,878
Series
2021-FL3,
Class
A,
(LIBOR
USD
1
Month
+
1.25%),
1.68%,
11/16/36
....
8,380
8,244,873
Series
2022-FL4,
Class
A,
(SOFR30A
+
1.90%),
2.20%,
01/19/39
..........
9,585
9,585,000
FT
Santander
Consumer
Spain
Auto
(d)
Series
2020-1,
Class
B,
(EURIBOR
3
Month
+
0.95%),
0.46%,
03/20/33
(a)
........
EUR
632
695,078
Series
2020-1,
Class
C,
(EURIBOR
3
Month
+
1.95%),
1.46%,
03/20/33
(a)
........
190
207,686
Series
2020-1,
Class
D,
3.50%,
03/20/33
..
316
347,336
Galaxy
XXVII
CLO
Ltd.,
Series
2018-27A,
Class
A,
(LIBOR
USD
3
Month
+
1.02%),
1.48%,
05/16/31
(a)(b)
.....................
USD
10,500
10,421,250
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
84
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
GoldenTree
Loan
Management
US
CLO
1
Ltd.,
Series
2021-11A,
Class
A,
(LIBOR
USD
3
Month
+
1.13%),
1.38%,
10/20/34
(a)(b)
....
USD
8,950
$
8,843,731
GoldenTree
Loan
Opportunities
X
Ltd.,
Series
2015-10A,
Class
AR,
(LIBOR
USD
3
Month
+
1.12%),
1.37%,
07/20/31
(a)(b)
.........
5,275
5,242,280
GoldenTree
Loan
Opportunities
XI
Ltd.,
Series
2015-11A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.07%),
1.31%,
01/18/31
(a)(b)
.........
3,815
3,790,671
GoodLeap
Sustainable
Home
Solutions
Trust
(b)
Series
2021-4GS,
Class
A,
1.93%,
07/20/48
4,797
4,342,790
Series
2021-5CS,
Class
A,
2.31%,
10/20/48
2,887
2,644,299
Series
2022-1GS,
Class
A,
2.70%,
01/20/49
2,814
2,630,996
GPMT
Ltd.,
Series
2021-FL4,
Class
A,
(LIBOR
USD
1
Month
+
1.35%),
1.80%,
12/15/36
(a)(b)
10,000
9,888,224
Gracie
Point
International
Funding,
Series
2020-B,
Class
A,
(LIBOR
USD
1
Month
+
1.40%),
1.63%,
05/02/23
(a)(b)
..........
5,840
5,851,154
Gulf
Stream
Meridian
4
Ltd.,
Series
2021-4A,
Class
A1,
(LIBOR
USD
3
Month
+
1.20%),
1.44%,
07/15/34
(a)(b)
................
14,100
13,962,975
Harley-Davidson
Motorcycle
Trust,
Series
2020-
A,
Class
A3,
1.87%,
10/15/24
.........
7,837
7,844,156
Honda
Auto
Receivables
Owner
Trust,
Series
2021-4,
Class
A3,
0.88%,
01/21/26
......
7,730
7,482,580
Jamestown
CLO
XII
Ltd.,
Series
2019-1A,
Class
A2,
(LIBOR
USD
3
Month
+
2.15%),
2.40%,
04/20/32
(a)(b)
................
1,000
994,218
LendingPoint
Pass-Through
Trust,
Series
2022-
ST1,
Class
A,
2.50%,
03/15/28
(b)
.......
622
608,663
Lendmark
Funding
Trust
(b)
Series
2019-2A,
Class
A,
2.78%,
04/20/28
.
6,170
6,104,790
Series
2021-1A,
Class
A,
1.90%,
11/20/31
.
6,470
5,849,992
Litigation
Fee
Residual
Funding
LLC,
Series
2015-1,  4.00%,
10/30/27
(e)
...........
713
699,422
LoanCore
Issuer
Ltd.
(a)(b)
Series
2018-CRE1,
Class
A,
(LIBOR
USD
1
Month
+
1.13%),
1.53%,
05/15/28
....
2,351
2,342,777
Series
2021-CRE5,
Class
A,
(LIBOR
USD
1
Month
+
1.30%),
1.70%,
07/15/36
....
5,310
5,257,149
Series
2021-CRE6,
Class
A,
(LIBOR
USD
1
Month
+
1.30%),
1.70%,
11/15/38
....
7,230
7,180,513
Loanpal
Solar
Loan
Ltd.
(b)
Series
2020-2GF,
Class
A,
2.75%,
07/20/47
2,070
1,962,507
Series
2021-1GS,
Class
A,
2.29%,
01/20/48
3,286
3,002,354
Series
2021-2GS,
Class
A,
2.22%,
03/20/48
6,404
5,935,192
Logan
CLO
I
Ltd.,
Series
2021-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.16%),
1.41%,
07/20/34
(a)(b)
.....................
5,000
4,945,621
Longfellow
Place
CLO
Ltd.,
Series
2013-1A,
Class
BR3,
(LIBOR
USD
3
Month
+
1.75%),
1.99%,
04/15/29
(a)(b)
................
5,000
4,994,458
Madison
Park
Funding
XIX
Ltd.,
Series
2015-
19A,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.50%),
1.76%,
01/22/28
(a)(b)
..........
15,900
15,797,790
Madison
Park
Funding
XXV
Ltd.,
Series
2017-
25A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.65%),
1.91%,
04/25/29
(a)(b)
..........
5,550
5,516,012
Madison
Park
Funding
XXVII
Ltd.,
Series
2018-
27A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.03%),
1.28%,
04/20/30
(a)(b)
..........
1,400
1,389,171
Madison
Park
Funding
XXXIII
Ltd.,
Series
2019-
33A,
Class
AR,
(3
Month
CME
Term
SOFR
+
1.29%),
1.45%,
10/15/32
(a)(b)
..........
3,000
2,977,113
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Madison
Park
Funding
XXXVII
Ltd.,
Series
2019-37A,
Class
AR,
(LIBOR
USD
3
Month
+
1.07%),
1.31%,
07/15/33
(a)(b)
.........
USD
2,900
$
2,869,390
Madison
Park
Funding
XXXVIII
Ltd.,
Series
2021-38A,
Class
A,
(LIBOR
USD
3
Month
+
1.12%),
1.36%,
07/17/34
(a)(b)
..........
3,000
2,957,541
Mariner
Finance
Issuance
Trust
(b)
Series
2019-AA,
Class
A,
2.96%,
07/20/32
.
6,804
6,770,529
Series
2020-AA,
Class
A,
2.19%,
08/21/34
.
3,020
2,903,500
Series
2021-AA,
Class
B,
2.33%,
03/20/36
1,610
1,476,974
Series
2021-AA,
Class
C,
2.96%,
03/20/36
380
342,195
Series
2021-AA,
Class
D,
3.83%,
03/20/36
345
316,238
Mercury
Financial
Credit
Card
Master
Trust,
Series
2021-1A,
Class
A,
1.54%,
03/20/26
(b)
8,260
8,015,311
Mill
City
Solar
Loan
Ltd.,
Series
2019-2GS,
Class
A,
3.69%,
07/20/43
(b)
...........
9,800
9,730,801
Mosaic
Solar
Loan
Trust
(b)
Series
2019-2A,
Class
A,
2.88%,
09/20/40
.
254
246,656
Series
2020-2A,
Class
B,
2.21%,
08/20/46
.
1,216
1,135,609
Series
2021-1A,
Class
B,
2.05%,
12/20/46
.
747
688,392
Series
2022-1A,
Class
B,
3.16%,
01/20/53
.
5,091
4,803,023
Navient
Private
Education
Loan
Trust,
Series
2020-IA,
Class
A1B,
(LIBOR
USD
1
Month
+
1.00%),
1.40%,
04/15/69
(a)(b)
..........
12,992
12,869,884
Navient
Private
Education
Refi
Loan
Trust
(b)
Series
2019-CA,
Class
A2,
3.13%,
02/15/68
2,666
2,649,805
Series
2019-EA,
Class
A2B,
(LIBOR
USD
1
Month
+
0.92%),
1.32%,
05/15/68
(a)
...
9,575
9,579,908
Series
2019-GA,
Class
A,
2.40%,
10/15/68
955
949,299
Series
2020-A,
Class
A2B,
(LIBOR
USD
1
Month
+
0.90%),
1.30%,
11/15/68
(a)
...
1,363
1,353,436
Series
2021-A,
Class
A,
0.84%,
05/15/69
..
1,466
1,399,237
Series
2021-DA,
Class
A,
(US
Prime
Rate
-
1.99%),
1.26%,
04/15/60
(a)
.........
11,763
11,410,519
Series
2021-FA,
Class
A,
1.11%,
02/18/70
.
15,490
14,435,551
Navient
Student
Loan
Trust,
Series
2018-EA,
Class
A2,
4.00%,
12/15/59
(b)
..........
1,170
1,180,699
Nelnet
Student
Loan
Trust
(b)
Series
2021-A,
Class
APT2,
1.36%,
04/20/62
.....................
18,171
17,074,579
Series
2021-A,
Class
D,
4.93%,
04/20/62
.
1,150
1,083,800
Series
2021-BA,
Class
AFL,
(LIBOR
USD
1
Month
+
0.78%),
1.23%,
04/20/62
(a)
...
11,913
11,951,920
Series
2021-BA,
Class
AFX,
1.42%,
04/20/62
.....................
17,757
16,607,424
Series
2021-CA,
Class
AFL,
(LIBOR
USD
1
Month
+
0.74%),
1.19%,
04/20/62
(a)
...
13,265
13,095,202
Neuberger
Berman
CLO
XX
Ltd.,
Series
2015-
20A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.16%),
1.40%,
07/15/34
(a)(b)
..........
20,000
19,778,728
Neuberger
Berman
Loan
Advisers
CLO
42
Ltd.,
Series
2021-42A,
Class
A,
(LIBOR
USD
3
Month
+
1.10%),
1.34%,
07/16/35
(a)(b)
....
4,000
3,958,000
Newday
Funding
Master
Issuer
plc
(a)(d)
Series
2021-1X,
Class
B,
(SONIO/N
+
1.55%),
2.13%,
03/15/29
..........
GBP
775
1,021,266
Series
2021-3X,
Class
B,
(SONIO/N
+
1.35%),
1.93%,
11/15/29
...........
677
886,191
NLY
Commercial
Mortgage
Trust,
Series
2019-FL2,
Class
A,
(LIBOR
USD
1
Month
+
1.30%),
1.70%,
02/15/36
(a)(b)
..........
USD
2,289
2,285,654
OCP
CLO
Ltd.,
Series
2014-7A,
Class
A1RR,
(LIBOR
USD
3
Month
+
1.12%),
1.37%,
07/20/29
(a)(b)
.....................
2,900
2,892,499
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
85
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Octagon
Investment
Partners
30
Ltd.,
Series
2017-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.95%),
2.20%,
03/17/30
(a)(b)
..........
USD
4,200
$
4,144,044
Octagon
Investment
Partners
33
Ltd.,
Series
2017-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.19%),
1.44%,
01/20/31
(a)(b)
..........
2,400
2,387,897
Octagon
Investment
Partners
51
Ltd.,
Series
2021-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.15%),
1.40%,
07/20/34
(a)(b)
..........
8,895
8,801,798
Octagon
Investment
Partners
XV
Ltd.,
Series
2013-1A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.35%),
1.60%,
07/19/30
(a)(b)
.........
1,750
1,742,260
Octagon
Investment
Partners
XVII
Ltd.,
Series
2013-1A,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.10%),
1.36%,
01/25/31
(a)(b)
.........
1,750
1,705,357
OHA
Credit
Funding
2
Ltd.,
Series
2019-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
1.41%,
04/21/34
(a)(b)
................
11,300
11,209,137
OHA
Credit
Funding
3
Ltd.,
Series
2019-3A,
Class
AR,
(LIBOR
USD
3
Month
+
1.14%),
1.39%,
07/02/35
(a)(b)
................
850
842,350
OHA
Loan
Funding
Ltd.,
Series
2015-1A,
Class
AR3,
(LIBOR
USD
3
Month
+
1.15%),
1.36%,
01/19/37
(a)(b)
................
1,250
1,235,909
OneMain
Financial
Issuance
Trust,
Series
2018-1A,
Class
A,
3.30%,
03/14/29
(b)
....
605
605,202
Oportun
Funding
LLC,
Series
2022-1,
Class
A,
3.25%,
06/15/29
(b)
.................
5,259
5,246,073
Oportun
Issuance
Trust
(b)
Series
2021-B,
Class
C,
3.65%,
05/08/31
.
370
359,951
Series
2021-C,
Class
A,
2.18%,
10/08/31
..
5,450
5,132,187
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
A1A3,
(LIBOR
USD
3
Month
+
1.00%),
1.25%,
10/17/31
....
3,300
3,268,354
Series
2014-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.13%),
1.37%,
01/17/31
....
15,000
14,917,500
Palmer
Square
Loan
Funding
Ltd.,
Series
2019-1A,
Class
B,
(LIBOR
USD
3
Month
+
2.25%),
2.50%,
04/20/27
(a)(b)
..........
3,450
3,446,806
Park
Avenue
Institutional
Advisers
CLO
Ltd.,
Series
2018-1A,
Class
A1BR,
(LIBOR
USD
3
Month
+
1.25%),
1.50%,
10/20/31
(a)(b)
....
10,000
9,914,109
PCL
Funding
IV
plc,
Series
2020-1,
Class
C,
(SONIO/N
+
2.20%),
2.78%,
09/15/24
(a)(d)
..
GBP
230
302,462
PCL
Funding
V
plc,
Series
2021-1,
Class
C,
(SONIO/N
+
1.70%),
2.28%,
10/15/25
(a)(d)
..
116
152,188
PFS
Financing
Corp.
(b)
Series
2019-A,
Class
A1,
(LIBOR
USD
1
Month
+
0.55%),
0.95%,
04/15/24
(a)
...
USD
8,480
8,477,160
Series
2019-A,
Class
A2,
2.86%,
04/15/24
.
10,780
10,777,120
Series
2020-F,
Class
A,
0.93%,
08/15/24
..
3,840
3,826,549
Series
2020-G,
Class
A,
0.97%,
02/15/26
.
6,800
6,517,317
Series
2021-A,
Class
A,
0.71%,
04/15/26
..
4,740
4,499,751
Prodigy
Finance
DAC,
Series
2021-1A,
Class
A,
(LIBOR
USD
1
Month
+
1.25%),
1.71%,
07/25/51
(a)(b)
.....................
3,297
3,289,658
Progress
Residential
Trust,
Series
2021-
SFR10,
Class
A,
2.39%,
12/17/40
(b)
.....
3,574
3,333,402
Rad
CLO
15
Ltd.,
Series
2021-15A,
Class
A,
(LIBOR
USD
3
Month
+
1.09%),
1.34%,
01/20/34
(a)(b)
.....................
2,650
2,618,315
Recette
CLO
Ltd.,
Series
2015-1A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.08%),
1.33%,
04/20/34
(a)(b)
.....................
10,000
9,841,444
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Red
&
Black
Auto
Germany
8
UG,
Series
8,
Class
C,
(EURIBOR
1
Month
+
0.95%),
0.40%,
09/15/30
(a)(d)
................
EUR
400
$
439,697
Red
&
Black
Auto
Italy
Srl
,
Series
1,
Class
D,
(EURIBOR
1
Month
+
2.85%),
2.31%,
12/28/31
(a)(d)
.....................
599
655,378
Regional
Management
Issuance
Trust
(b)
Series
2020-1,
Class
A,
2.34%,
10/15/30
..
USD
2,430
2,355,331
Series
2021-2,
Class
A,
1.90%,
08/15/33
..
5,706
5,285,384
Series
2022-1,
Class
B,
3.71%,
03/15/32
..
1,050
1,018,478
Rockford
Tower
CLO
Ltd.
(a)(b)
Series
2017-3A,
Class
A,
(LIBOR
USD
3
Month
+
1.19%),
1.44%,
10/20/30
....
2,400
2,391,574
Series
2021-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.17%),
1.42%,
07/20/34
....
10,750
10,639,115
RR
LLC,
Series
2017-1A,
Class
A1AB,
(LIBOR
USD
3
Month
+
1.15%),
1.39%,
07/15/35
(a)(b)
5,500
5,446,957
Santander
Drive
Auto
Receivables
Trust
Series
2020-2,
Class
B,
0.96%,
11/15/24
..
911
910,953
Series
2020-2,
Class
C,
1.46%,
09/15/25
..
9,680
9,649,277
Satus
plc
(a)(d)
Series
2021-1,
Class
D,
(SONIO/N
+
1.90%),
2.50%,
08/17/28
..........
GBP
200
262,132
Series
2021-1,
Class
E,
(SONIO/N
+
3.20%),
3.80%,
08/17/28
................
167
218,076
SC
Germany
SA
Compartment
Consumer
(a)(d)
Series
2020-1,
Class
C,
(EURIBOR
1
Month
+
1.75%),
1.20%,
11/14/34
.........
EUR
3,246
3,593,327
Series
2020-1,
Class
D,
(EURIBOR
1
Month
+
2.50%),
1.95%,
11/14/34
.........
1,331
1,473,070
Service
Experts
Issuer
LLC,
Series
2021-1A,
Class
A,
2.67%,
02/02/32
(b)
...........
USD
2,092
2,001,429
Sesac
Finance
LLC,
Series
2019-1,
Class
A2,
5.22%,
07/25/49
(b)
.................
2,984
2,946,349
Shackleton
2015-VII-R
CLO
Ltd.,
Series
2015-
7RA,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
1.39%,
07/15/31
(a)(b)
..........
4,550
4,528,325
Signal
Peak
CLO
8
Ltd.,
Series
2020-8A,
Class
B,
(LIBOR
USD
3
Month
+
1.65%),
1.90%,
04/20/33
(a)(b)
.....................
2,500
2,466,087
Silver
Creek
CLO
Ltd.,
Series
2014-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.24%),
1.49%,
07/20/30
(a)(b)
.....................
4,598
4,584,720
Sixth
Street
CLO
XIX
Ltd.,
Series
2021-19A,
Class
A,
(LIBOR
USD
3
Month
+
1.10%),
1.35%,
07/20/34
(a)(b)
................
32,000
31,514,579
SLM
Private
Credit
Student
Loan
Trust
(a)
Series
2004-A,
Class
A3,
(LIBOR
USD
3
Month
+
0.40%),
1.23%,
06/15/33
....
852
832,653
Series
2004-B,
Class
A3,
(LIBOR
USD
3
Month
+
0.33%),
1.16%,
03/15/24
....
753
749,513
Series
2005-A,
Class
A4,
(LIBOR
USD
3
Month
+
0.31%),
1.14%,
12/15/38
....
7,136
6,983,688
Series
2005-B,
Class
A4,
(LIBOR
USD
3
Month
+
0.33%),
1.16%,
06/15/39
....
6,195
5,970,858
Series
2007-A,
Class
A4A,
(LIBOR
USD
3
Month
+
0.24%),
1.07%,
12/16/41
....
4,253
4,123,775
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(LIBOR
USD
1
Month
+
4.75%),
5.15%,
10/15/41
(a)(b)
..........
18,075
20,034,220
SLM
Student
Loan
Trust,
Series
2013-4,
Class
A,
(LIBOR
USD
1
Month
+
0.55%),
1.01%,
06/25/43
(a)
......................
4,423
4,359,824
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
86
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
SMB
Private
Education
Loan
Trust
(b)
Series
2018-B,
Class
A2B,
(LIBOR
USD
1
Month
+
0.72%),
1.12%,
01/15/37
(a)
...
USD
6,746
$
6,709,388
Series
2020-A,
Class
A2B,
(LIBOR
USD
1
Month
+
0.83%),
1.23%,
09/15/37
(a)
...
1,192
1,179,840
Series
2021-A,
Class
APL,
0.83%,
01/15/53
17,145
16,925,440
Series
2021-A,
Class
B,
2.31%,
01/15/53
..
3,930
3,670,281
Series
2021-B,
Class
A,
1.31%,
07/17/51
..
12,500
11,882,097
Series
2021-C,
Class
APT1,
1.39%,
01/15/53
.....................
7,377
6,814,637
Series
2021-C,
Class
D,
3.93%,
01/15/53
.
400
377,775
SoFi
Professional
Loan
Program
LLC
(b)
Series
2016-C,
Class
A2B,
2.36%,
12/27/32
203
203,547
Series
2016-D,
Class
A2B,
2.34%,
04/25/33
472
471,780
Series
2016-E,
Class
A2B,
2.49%,
01/25/36
39
39,222
Series
2018-A,
Class
A2B,
2.95%,
02/25/42
2,835
2,833,374
Series
2019-A,
Class
A2FX,
3.69%,
06/15/48
.....................
3,079
3,091,741
SoFi
Professional
Loan
Program
Trust
(b)
Series
2018-C,
Class
A2FX,
3.59%,
01/25/48
.....................
2,128
2,141,539
Series
2020-A,
Class
A2FX,
2.54%,
05/15/46
.....................
10,456
10,306,305
Series
2021-A,
Class
AFX,
1.03%,
08/17/43
3,256
3,039,794
Sound
Point
CLO
XV
Ltd.,
Series
2017-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.05%),
2.31%,
01/23/29
(a)(b)
................
1,500
1,483,128
Soundview
Home
Loan
Trust,
Series
2003-2,
Class
A2,
(LIBOR
USD
1
Month
+
1.30%),
1.76%,
11/25/33
(a)
.................
151
149,577
Southwick
Park
CLO
LLC,
Series
2019-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.06%),
1.31%,
07/20/32
(a)(b)
................
5,650
5,587,790
SpringCastle
America
Funding
LLC,
Series
2020-AA,
Class
A,
1.97%,
09/25/37
(b)
....
6,858
6,604,836
TAGUS-
Sociedade
de
Titularizacao
de
Creditos
SA,
Series
2,
Class
D,
(EURIBOR
1
Month
+
2.85%),
2.30%,
09/23/38
(a)(d)
..........
EUR
900
979,898
Towd
Point
Mortgage
Trust,
Series
2016-4,
Class
A1,
2.25%,
07/25/56
(a)(b)
.........
USD
1,299
1,298,361
Transportation
Finance
Equipment
Trust,
Series
2019-1,
Class
A3,
1.85%,
04/24/23
(b)
.....
4,171
4,174,777
Treman
Park
CLO
Ltd.,
Series
2015-1A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.07%),
1.32%,
10/20/28
(a)(b)
................
13,632
13,593,310
Trestles
CLO
V
Ltd.,
Series
2021-5A,
Class
A1,
(LIBOR
USD
3
Month
+
1.17%),
1.33%,
10/20/34
(a)(b)
.....................
9,500
9,386,000
Trinitas
CLO
IV
Ltd.,
Series
2016-4A,
Class
A2L2,
(LIBOR
USD
3
Month
+
1.40%),
1.64%,
10/18/31
(a)(b)
................
1,250
1,254,198
Turbo
Finance
plc,
Series
9,
Class
B,
(SONIO/N
+
1.65%),
2.29%,
08/20/28
(a)(d)
.........
GBP
1,590
2,096,068
Upstart
Pass-Through
Trust
(b)
Series
2021-ST3,
Class
A,
2.00%,
05/20/27
USD
992
963,673
Series
2021-ST5,
Class
A,
2.00%,
07/20/27
128
123,371
Series
2021-ST7,
Class
A,
1.85%,
09/20/29
5,409
5,221,496
Series
2021-ST9,
Class
A,
1.70%,
11/20/29
3,698
3,564,849
Verizon
Owner
Trust,
Series
2020-A,
Class
A1A,
1.85%,
07/22/24
..............
7,959
7,961,660
Volkswagen
Auto
Loan
Enhanced
Trust,
Series
2021-1,
Class
A3,
1.02%,
06/22/26
......
25,048
24,210,513
Voya
CLO
Ltd.,
Series
2017-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
0.95%),
1.19%,
04/17/30
(a)(b)
.....................
2,250
2,233,596
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Wind
River
CLO
Ltd.,
Series
2013-1A,
Class
A1RR,
(LIBOR
USD
3
Month
+
0.98%),
1.23%,
07/20/30
(a)(b)
................
USD
2,950
$
2,928,672
Total
Asset-Backed
Securities
—
17.5%
(Cost:
$1,351,989,903)
............................
1,330,313,220
Corporate
Bonds
Aerospace
&
Defense
—
0.3%
Boeing
Co.
(The)
2.70%,
05/01/22
..................
4,580
4,584,981
2.20%,
02/04/26
..................
4,800
4,537,999
BWX
Technologies,
Inc.,
4.13%,
06/30/28
(b)
..
473
455,300
L3Harris
Technologies,
Inc.,
3.85%,
06/15/23
.
1,194
1,210,725
Raytheon
Technologies
Corp.,
3.65%,
08/16/23
37
37,479
Rolls-Royce
plc,
5.75%,
10/15/27
(b)
.......
922
946,341
Spirit
AeroSystems
,
Inc.
(b)
5.50%,
01/15/25
..................
274
274,685
7.50%,
04/15/25
..................
34
35,226
TransDigm
,
Inc.
8.00%,
12/15/25
(b)
.................
2,785
2,912,497
6.25%,
03/15/26
(b)
.................
4,813
4,941,218
6.38%,
06/15/26
..................
126
127,137
7.50%,
03/15/27
..................
117
120,510
4.63%,
01/15/29
..................
86
80,408
Triumph
Group,
Inc.,
8.88%,
06/01/24
(b)
....
598
631,608
20,896,114
Airlines
—
0.2%
Air
Canada,
3.88%,
08/15/26
(b)
..........
930
877,688
American
Airlines,
Inc.
(b)
11.75%,
07/15/25
.................
1,985
2,317,468
5.50%,
04/20/26
..................
2,034
2,048,761
Avianca
Midco
2
Ltd.,
9.00%,
12/01/28
(b)
....
3,006
2,879,254
Gol
Finance
SA,
7.00%,
01/31/25
(b)
.......
610
499,437
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(b)
................
480
480,274
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(b)
993
1,035,202
Spirit
Loyalty
Cayman
Ltd.,
8.00%,
09/20/25
(b)
110
117,395
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
.
877
865,513
Series
2020-1,
Class
A,
5.88%,
10/15/27
.
4,951
5,124,868
United
Airlines,
Inc.,
4.38%,
04/15/26
(b)
.....
1,502
1,477,480
17,723,340
Auto
Components
—
0.3%
Adient
US
LLC,
9.00%,
04/15/25
(b)
.......
233
242,320
Aptiv
plc,
2.40%,
02/18/25
............
10,545
10,272,089
Clarios
Global
LP
(b)
6.75%,
05/15/25
..................
2,580
2,671,667
6.25%,
05/15/26
..................
1,452
1,493,745
Conti-Gummi
Finance
BV,
1.13%,
09/25/24
(d)
.
EUR
2,240
2,481,197
Goodyear
Tire
&
Rubber
Co.
(The),
9.50%,
05/31/25
......................
USD
69
73,056
Icahn
Enterprises
LP
4.75%,
09/15/24
..................
365
366,661
6.38%,
12/15/25
..................
485
488,637
6.25%,
05/15/26
..................
112
114,240
5.25%,
05/15/27
..................
633
621,242
ZF
Finance
GmbH,
3.00%,
09/21/25
(d)
.....
EUR
2,700
2,931,080
21,755,934
Automobiles
—
1.0%
BMW
Finance
NV,
0.00%,
04/14/23
(d)
......
6,120
6,774,728
General
Motors
Co.,
5.40%,
10/02/23
.....
USD
4,920
5,090,618
Hyundai
Capital
America,
1.65%,
09/17/26
(b)
.
8,000
7,291,972
Kia
Corp.,
1.75%,
10/16/26
(d)
...........
1,460
1,357,990
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
87
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Automobiles
(continued)
Mercedes-Benz
International
Finance
BV,
0.25%,
11/06/23
(d)
................
EUR
1,970
$
2,172,008
Nissan
Motor
Acceptance
Co.
LLC,
2.00%,
03/09/26
(b)
.....................
USD
21,000
19,210,950
Nissan
Motor
Co.
Ltd.
3.04%,
09/15/23
(b)
.................
12,483
12,455,112
3.52%,
09/17/25
(b)
.................
10,047
9,846,581
2.65%,
03/17/26
(d)
.................
EUR
2,440
2,719,446
4.35%,
09/17/27
(b)
.................
USD
5,300
5,222,500
4.35%,
09/17/27
(d)
.................
1,496
1,474,125
Stellantis
NV,
3.38%,
07/07/23
(d)
.........
EUR
3,250
3,700,231
TML
Holdings
Pte.
Ltd.,
4.35%,
06/09/26
(d)
..
USD
500
471,250
77,787,511
Banks
—
7.8%
ABQ
Finance
Ltd.,
2.00%,
07/06/26
(d)
......
1,390
1,301,388
Banco
Bradesco
SA,
2.85%,
01/27/23
(b)
....
19,500
19,557,622
Banco
de
Credito
del
Peru
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%),
3.13%,
07/01/30
(a)(b)
.....
690
645,840
Banco
de
Sabadell
SA
(d)
0.88%,
07/22/25
..................
EUR
1,500
1,616,437
(EUR
Swap
Annual
1
Year
+
0.97%),
0.63%,
11/07/25
(a)
....................
1,900
2,047,836
(EUR
Swap
Annual
1
Year
+
1.55%),
1.12%,
03/11/27
(a)
....................
700
752,776
Banco
do
Brasil
SA,
4.75%,
03/20/24
(d)
.....
USD
920
945,760
Banco
Nacional
de
Panama,
2.50%,
08/11/30
(b)
1,305
1,146,377
Banco
Santander
SA
2.75%,
05/28/25
..................
10,800
10,524,224
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%),
1.72%,
09/14/27
(a)
...............
3,000
2,709,605
Bank
Leumi
Le-Israel
BM,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.63%),
3.28%,
01/29/31
(a)(b)(d)
.......
1,798
1,683,378
Bank
of
America
Corp.
(a)
(LIBOR
USD
3
Month
+
0.79%),
3.00%,
12/20/23
.....................
25,530
25,594,460
(LIBOR
USD
3
Month
+
0.78%),
3.55%,
03/05/24
.....................
4,430
4,455,292
(LIBOR
USD
3
Month
+
0.94%),
3.86%,
07/23/24
.....................
5,620
5,683,533
(SOFR
+
0.67%),
1.84%,
02/04/25
......
15,810
15,457,898
(SOFR
+
0.91%),
0.98%,
09/25/25
......
16,700
15,828,420
(SOFR
+
0.65%),
1.53%,
12/06/25
......
7,015
6,708,437
(SOFR
+
1.15%),
1.32%,
06/19/26
......
9,487
8,890,940
(SOFR
+
1.01%),
1.20%,
10/24/26
......
16,100
14,879,368
Series
N,
(SOFR
+
0.91%),
1.66%,
03/11/27
13,500
12,584,325
(SOFR
+
0.96%),
1.73%,
07/22/27
......
19,975
18,550,482
Banque
Federative
du
Credit
Mutuel
SA
(d)
2.63%,
03/18/24
..................
EUR
500
574,633
0.75%,
06/08/26
..................
1,700
1,841,993
Barclays
plc
3.65%,
03/16/25
..................
USD
7,610
7,624,089
(EUR
Swap
Annual
1
Year
+
3.70%),
3.38%,
04/02/25
(a)(d)
...................
EUR
1,700
1,961,097
(LIBOR
USD
3
Month
+
1.61%),
3.93%,
05/07/25
(a)
....................
USD
565
569,596
BBVA
Bancomer
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.31%),
5.87%,
09/13/34
(a)(b)
..........
561
548,307
Chong
Hing
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.03%),
3.88%,
07/26/27
(a)(d)
........
1,859
1,855,282
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Citigroup,
Inc.
(a)
(LIBOR
USD
3
Month
+
0.95%),
2.88%,
07/24/23
.....................
USD
5,095
$
5,101,973
(SOFR
+
0.67%),
0.98%,
05/01/25
......
13,490
12,859,710
(SOFR
+
1.53%),
3.29%,
03/17/26
......
7,155
7,130,858
(SOFR
+
2.84%),
3.11%,
04/08/26
......
12,805
12,696,163
(SOFR
+
0.77%),
1.46%,
06/09/27
......
31,455
28,887,886
Commerzbank
AG,
(EURIBOR
3
Month
+
1.30%),
0.75%,
03/24/26
(a)(d)
..........
EUR
800
866,061
Credit
Agricole
SA,
(SOFR
+
0.89%),
1.25%,
01/26/27
(a)(b)
....................
USD
10,335
9,402,522
Credit
Mutuel
Arkea
SA,
0.01%,
01/28/26
(d)
..
EUR
2,700
2,858,415
Danske
Bank
A/S
(a)(b)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.55%),
0.98%,
09/10/25
................
USD
9,415
8,823,142
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.35%),
1.62%,
09/11/26
................
20,650
19,094,809
Doha
Finance
Ltd.,
2.38%,
03/31/26
(d)
.....
670
638,175
First-Citizens
Bank
&
Trust
Co.,
(SOFR
+
3.83%),
3.93%,
06/19/24
(a)
...........
4,726
4,773,753
HSBC
Holdings
plc,
(SOFR
+
1.43%),
3.00%,
03/10/26
(a)
.....................
7,360
7,216,164
ICICI
Bank
Ltd.
(d)
4.00%,
03/18/26
..................
1,501
1,513,946
3.80%,
12/14/27
..................
2,170
2,146,673
ING
Groep
NV
1.00%,
09/20/23
(d)
.................
EUR
4,500
5,034,796
(EURIBOR
3
Month
+
0.60%),
0.10%,
09/03/25
(a)(d)
...................
1,700
1,832,835
(SOFR
+
1.01%),
1.73%,
04/01/27
(a)
....
USD
4,530
4,178,217
Itau
Unibanco
Holding
SA,
3.25%,
01/24/25
(b)
.
950
939,977
JPMorgan
Chase
&
Co.
(LIBOR
USD
3
Month
+
0.94%),
2.78%,
04/25/23
(a)
....................
3,500
3,500,815
(LIBOR
USD
3
Month
+
0.89%),
3.80%,
07/23/24
(a)
....................
36,363
36,776,823
1.50%,
01/27/25
(d)
.................
EUR
1,855
2,085,769
(SOFR
+
0.54%),
0.82%,
06/01/25
(a)
....
USD
12,000
11,442,854
(SOFR
+
1.85%),
2.08%,
04/22/26
(a)
....
15,007
14,481,839
(SOFR
+
0.80%),
1.05%,
11/19/26
(a)
.....
15,100
13,941,435
(SOFR
+
0.89%),
1.58%,
04/22/27
(a)
....
28,515
26,558,243
KBC
Group
NV
(d)
1.13%,
01/25/24
..................
EUR
3,800
4,254,094
(EURIBOR
3
Month
+
0.90%),
1.50%,
03/29/26
(a)
....................
3,000
3,331,089
(EUR
Swap
Annual
5
Year
+
1.10%),
0.50%,
12/03/29
(a)
....................
6,300
6,692,538
Lloyds
Banking
Group
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.10%),
1.33%,
06/15/23
(a)
.........
USD
4,950
4,937,655
Mizuho
Financial
Group,
Inc.,
0.52%,
06/10/24
(d)
.....................
EUR
4,565
5,031,508
NatWest
Group
plc
3.88%,
09/12/23
..................
USD
8,585
8,672,909
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.15%),
2.36%,
05/22/24
(a)
...............
9,520
9,442,659
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%),
1.64%,
06/14/27
(a)
...............
12,340
11,281,448
NatWest
Markets
plc
0.13%,
06/18/26
(d)
.................
EUR
4,200
4,368,404
1.60%,
09/29/26
(b)
.................
USD
10,970
10,046,103
Nordea
Bank
Abp,
1.50%,
09/30/26
(b)
......
16,300
14,964,797
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
88
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Samba
Funding
Ltd.,
2.90%,
01/29/27
(d)
....
USD
2,887
$
2,818,975
Santander
Holdings
USA,
Inc.,
3.50%,
06/07/24
3,000
3,008,109
Santander
UK
Group
Holdings
plc,
(LIBOR
USD
3
Month
+
1.08%),
3.37%,
01/05/24
(a)
.
3,715
3,726,302
Societe
Generale
SA,
(EUR
Swap
Annual
5
Year
+
0.90%),
1.37%,
02/23/28
(a)(d)
.....
EUR
10,100
11,179,315
Standard
Chartered
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.78%),
0.99%,
01/12/25
(a)(b)
........
USD
2,770
2,646,135
Sumitomo
Mitsui
Financial
Group,
Inc.,
2.17%,
01/14/27
......................
4,385
4,144,200
Svenska
Handelsbanken
AB,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.63%),
1.42%,
06/11/27
(a)(b)
.....
8,100
7,464,214
Toronto-Dominion
Bank
(The),
0.38%,
04/25/24
(d)
.....................
EUR
2,625
2,883,724
UniCredit
SpA
6.95%,
10/31/22
(d)
.................
6,430
7,356,714
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.30%),
2.57%,
09/22/26
(a)(b)
..............
USD
4,475
4,134,457
Virgin
Money
UK
plc,
(EUR
Swap
Annual
1
Year
+
0.85%),
0.38%,
05/27/24
(a)(d)
........
EUR
2,350
2,588,275
Wells
Fargo
&
Co.
3.75%,
01/24/24
..................
USD
18,005
18,333,845
(SOFR
+
1.51%),
3.53%,
03/24/28
(a)
....
8,170
8,153,592
592,784,309
Beverages
—
0.1%
Asahi
Group
Holdings
Ltd.
(d)
0.01%,
04/19/24
..................
EUR
2,062
2,245,297
0.16%,
10/23/24
..................
1,200
1,301,481
1.15%,
09/19/25
..................
1,700
1,880,193
Coca-Cola
Femsa
SAB
de
CV,
1.85%,
09/01/32
USD
410
350,607
Pernod
Ricard
SA,
0.00%,
10/24/23
(d)
.....
EUR
3,600
3,960,238
9,737,816
Biotechnology
—
0.3%
AbbVie,
Inc.
1.50%,
11/15/23
..................
5,760
6,475,787
1.25%,
06/01/24
..................
1,305
1,457,654
2.95%,
11/21/26
..................
USD
13,915
13,784,209
21,717,650
Building
Products
—
0.0%
CRH
Finland
Services
OYJ,
0.88%,
11/05/23
(d)
EUR
1,670
1,854,742
JELD-WEN,
Inc.,
6.25%,
05/15/25
(b)
......
USD
243
250,380
New
Enterprise
Stone
&
Lime
Co.,
Inc.,
5.25%,
07/15/28
(b)
.....................
111
106,713
SRM
Escrow
Issuer
LLC,
6.00%,
11/01/28
(b)
..
921
908,346
3,120,181
Capital
Markets
—
3.3%
Blackstone
Private
Credit
Fund
(b)
3.25%,
03/15/27
..................
15,000
13,747,009
4.00%,
01/15/29
..................
8,995
8,327,727
Credit
Suisse
Group
AG,
(SOFR
+
0.98%),
1.31%,
02/02/27
(a)(b)
...............
12,265
10,969,767
Deutsche
Bank
AG
(a)
(SOFR
+
1.13%),
1.45%,
04/01/25
......
7,780
7,430,410
(EURIBOR
3
Month
+
1.60%),
1.00%,
11/19/25
(d)
....................
EUR
2,700
2,928,296
(SOFR
+
1.32%),
2.55%,
01/07/28
......
USD
13,645
12,588,104
(EURIBOR
3
Month
+
1.38%),
1.88%,
02/23/28
(d)
....................
EUR
3,400
3,704,696
Goldman
Sachs
Group,
Inc.
(The)
(EURIBOR
3
Month
+
0.55%),
0.00%,
04/21/23
(a)(d)
...................
4,890
5,409,800
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(SOFR
+
0.54%),
0.63%,
11/17/23
(a)
.....
USD
4,735
$
4,674,805
3.00%,
03/15/24
..................
13,785
13,767,533
(SOFR
+
0.51%),
0.66%,
09/10/24
(a)
....
4,800
4,642,478
(SOFR
+
0.80%),
1.43%,
03/09/27
(a)
....
7,500
6,911,257
(SOFR
+
0.91%),
1.95%,
10/21/27
(a)
....
2,905
2,699,758
(SOFR
+
1.11%),
2.64%,
02/24/28
(a)
.....
12,845
12,281,449
(SOFR
+
1.85%),
3.62%,
03/15/28
(a)
....
5,825
5,816,844
Huarong
Finance
Co.
Ltd.,
4.25%,
11/07/27
(d)
.
2,231
2,125,028
Mirae
Asset
Securities
Co.
Ltd.
(d)
1.38%,
07/07/24
..................
1,120
1,066,587
2.63%,
07/30/25
..................
2,131
2,058,147
Morgan
Stanley
(a)
(SOFR
+
0.47%),
0.56%,
11/10/23
......
10,000
9,883,738
(SOFR
+
0.46%),
0.53%,
01/25/24
......
20,515
20,181,230
(SOFR
+
0.62%),
0.73%,
04/05/24
......
10,725
10,503,930
(LIBOR
USD
3
Month
+
0.85%),
3.74%,
04/24/24
.....................
4,555
4,600,075
(SOFR
+
0.51%),
0.79%,
01/22/25
......
8,300
7,967,729
(SOFR
+
1.99%),
2.19%,
04/28/26
......
27,640
26,699,368
(SOFR
+
1.00%),
2.48%,
01/21/28
......
9,310
8,875,434
OMERS
Finance
Trust,
1.10%,
03/26/26
(b)
...
17,380
16,280,056
SURA
Asset
Management
SA,
4.88%,
04/17/24
(b)
.....................
1,290
1,305,157
UBS
AG,
0.75%,
04/21/23
(d)
...........
EUR
4,405
4,910,125
UBS
Group
AG
(a)
(LIBOR
USD
3
Month
+
0.95%),
2.86%,
08/15/23
(b)
....................
USD
5,810
5,818,728
(EUR
Swap
Annual
1
Year
+
0.55%),
0.25%,
01/29/26
(d)
....................
EUR
2,640
2,833,907
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.85%),
1.49%,
08/10/27
(b)
...............
USD
7,780
7,061,846
Volvo
Treasury
AB
(d)
0.10%,
05/24/22
..................
EUR
240
265,521
0.00%,
02/11/23
..................
940
1,039,243
XP,
Inc.,
3.25%,
07/01/26
(b)
............
USD
2,115
1,993,387
251,369,169
Chemicals
—
0.8%
Air
Products
&
Chemicals,
Inc.,
1.50%,
10/15/25
......................
865
824,180
Alpek
SAB
de
CV,
3.25%,
02/25/31
(b)
......
200
180,500
Arkema
SA,
0.13%,
10/14/26
(d)
..........
EUR
800
845,421
Axalta
Coating
Systems
LLC
(b)
4.75%,
06/15/27
..................
USD
1,019
980,324
3.38%,
02/15/29
..................
303
266,397
BASF
SE
(d)
2.00%,
12/05/22
..................
EUR
4,520
5,073,104
0.10%,
06/05/23
..................
3,500
3,868,506
Covestro
AG,
0.88%,
02/03/26
(d)
.........
1,430
1,560,490
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
..
USD
1,970
1,839,487
Equate
Petrochemical
BV
4.25%,
11/03/26
(b)
.................
1,039
1,051,858
4.25%,
11/03/26
(d)
.................
2,277
2,305,178
2.63%,
04/28/28
(b)
.................
306
282,667
GCP
Applied
Technologies,
Inc.,
5.50%,
04/15/26
(b)
.....................
1,571
1,590,638
Herens
Midco
SARL,
4.75%,
05/15/28
(b)
....
696
624,124
International
Flavors
&
Fragrances,
Inc.,
1.23%,
10/01/25
(b)
.....................
36,336
33,637,014
LYB
International
Finance
III
LLC,
1.25%,
10/01/25
......................
3,841
3,555,190
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(b)
..
231
233,598
Sasol
Financing
USA
LLC
4.38%,
09/18/26
..................
620
595,200
5.50%,
03/18/31
..................
1,015
946,488
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
89
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
SCIL
IV
LLC,
5.38%,
11/01/26
(b)
.........
USD
330
$
303,600
Sociedad
Quimica
y
Minera
de
Chile
SA,
3.50%,
09/10/51
(b)
................
1,606
1,376,342
SPCM
SA,
3.13%,
03/15/27
(b)
..........
200
184,000
62,124,306
Commercial
Services
&
Supplies
—
0.2%
ADT
Security
Corp.
(The),
4.13%,
06/15/23
..
246
248,679
Allied
Universal
Holdco
LLC
(b)
6.63%,
07/15/26
..................
3,362
3,401,772
4.63%,
06/01/28
..................
1,959
1,843,338
APX
Group,
Inc.,
6.75%,
02/15/27
(b)
.......
486
496,789
Aramark
Services,
Inc.
(b)
5.00%,
04/01/25
..................
1,225
1,227,352
6.38%,
05/01/25
..................
1,908
1,958,619
Brink's
Co.
(The),
5.50%,
07/15/25
(b)
......
40
40,313
Garda
World
Security
Corp.,
4.63%,
02/15/27
(b)
519
497,436
GFL
Environmental,
Inc.
(b)
4.25%,
06/01/25
..................
226
224,576
3.75%,
08/01/25
..................
361
354,394
5.13%,
12/15/26
..................
2,101
2,118,859
4.00%,
08/01/28
..................
96
88,320
3.50%,
09/01/28
..................
392
368,027
GLP
China
Holdings
Ltd.
(d)
4.97%,
02/26/24
..................
1,475
1,478,964
2.95%,
03/29/26
..................
990
913,461
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
.....................
303
290,880
Madison
IAQ
LLC,
4.13%,
06/30/28
(b)
......
135
124,421
Prime
Security
Services
Borrower
LLC
(b)
5.25%,
04/15/24
..................
179
183,267
5.75%,
04/15/26
..................
824
840,624
3.38%,
08/31/27
..................
221
202,191
16,902,282
Communications
Equipment
—
0.1%
(b)
Avaya,
Inc.,
6.13%,
09/15/28
...........
925
912,207
CommScope
Technologies
LLC,
6.00%,
06/15/25
......................
558
528,487
CommScope
,
Inc.
6.00%,
03/01/26
..................
1,255
1,269,546
8.25%,
03/01/27
..................
184
178,940
Viasat,
Inc.,
5.63%,
04/15/27
...........
2,024
1,993,640
4,882,820
Construction
&
Engineering
—
0.1%
Aeropuertos
Dominicanos
Siglo
XXI
SA,
6.75%,
03/30/29
(b)
.....................
530
512,444
GMR
Hyderabad
International
Airport
Ltd.,
5.38%,
04/10/24
(d)
................
800
804,150
Heathrow
Funding
Ltd.,
1.50%,
10/12/25
(d)
..
EUR
6,045
6,683,603
Mexico
City
Airport
Trust,
4.25%,
10/31/26
(b)
.
USD
2,080
2,054,000
10,054,197
Construction
Materials
—
0.0%
Holcim
Finance
Luxembourg
SA,
0.13%,
07/19/27
(d)
.....................
EUR
1,900
1,938,660
Inversiones
CMPC
SA,
3.85%,
01/13/30
(b)
...
USD
1,170
1,139,142
3,077,802
Consumer
Finance
—
2.4%
AerCap
Ireland
Capital
DAC
4.63%,
07/01/22
..................
4,515
4,539,740
2.88%,
08/14/24
..................
9,600
9,336,298
2.45%,
10/29/26
..................
10,210
9,443,763
American
Express
Co.,
2.55%,
03/04/27
....
6,125
5,955,483
Capital
One
Financial
Corp.
(a)
(SOFR
+
1.29%),
2.64%,
03/03/26
......
17,510
17,133,549
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
(SOFR
+
0.86%),
1.88%,
11/02/27
......
USD
7,010
$
6,468,115
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(b)
.....................
102
91,035
CDBL
Funding
1,
3.50%,
10/24/27
(d)
......
2,958
2,873,490
FCA
Bank
SpA
(d)
0.50%,
09/18/23
..................
EUR
2,474
2,736,852
0.13%,
11/16/23
..................
810
888,770
0.00%,
04/16/24
..................
1,250
1,356,702
Ford
Motor
Credit
Co.
LLC
3.35%,
11/01/22
..................
USD
357
357,821
4.14%,
02/15/23
..................
10,234
10,302,363
3.37%,
11/17/23
..................
22,661
22,627,235
3.81%,
01/09/24
..................
1,213
1,211,029
5.13%,
06/16/25
..................
779
794,580
4.13%,
08/04/25
..................
370
369,584
3.38%,
11/13/25
..................
221
216,016
2.70%,
08/10/26
..................
3,218
2,992,772
4.13%,
08/17/27
..................
200
195,490
3.82%,
11/02/27
..................
200
189,500
2.90%,
02/16/28
..................
627
566,651
General
Motors
Financial
Co.,
Inc.
4.00%,
01/15/25
..................
3,800
3,846,695
0.85%,
02/26/26
(d)
.................
EUR
6,700
7,070,959
1.50%,
06/10/26
..................
USD
11,100
10,142,007
2.35%,
02/26/27
..................
16,600
15,481,237
Hyundai
Capital
Services,
Inc.,
3.63%,
08/29/27
(d)
.....................
2,260
2,256,892
Manappuram
Finance
Ltd.,
5.90%,
01/13/23
(d)
1,000
998,750
Muthoot
Finance
Ltd.
6.13%,
10/31/22
(b)
.................
1,110
1,117,839
4.40%,
09/02/23
(d)
.................
800
798,000
Navient
Corp.
7.25%,
09/25/23
..................
38
39,472
6.13%,
03/25/24
..................
181
184,168
6.75%,
06/15/26
..................
146
148,920
OneMain
Finance
Corp.
6.88%,
03/15/25
..................
510
536,275
7.13%,
03/15/26
..................
250
267,223
3.50%,
01/15/27
..................
632
584,600
6.63%,
01/15/28
..................
800
838,000
PSA
Banque
France
SA,
0.00%,
01/22/25
(d)
..
EUR
2,100
2,241,579
Shriram
Transport
Finance
Co.
Ltd.
(d)
5.95%,
10/24/22
..................
USD
667
668,668
5.10%,
07/16/23
..................
1,000
1,000,000
SLM
Corp.,
3.13%,
11/02/26
...........
210
194,775
Synchrony
Financial,
4.50%,
07/23/25
.....
9,360
9,547,747
Toyota
Motor
Finance
Netherlands
BV,
0.00%,
10/27/25
(d)
.....................
EUR
1,960
2,078,107
Volkswagen
Bank
GmbH
(d)
1.88%,
01/31/24
..................
7,000
7,882,596
2.50%,
07/31/26
..................
2,300
2,603,455
Volkswagen
Financial
Services
AG,
0.88%,
01/31/28
(d)
.....................
2,270
2,342,034
Volkswagen
Leasing
GmbH
(d)
1.00%,
02/16/23
..................
9,800
10,916,315
0.38%,
07/20/26
..................
1,020
1,061,169
185,494,320
Containers
&
Packaging
—
0.5%
Ardagh
Packaging
Finance
plc,
4.13%,
08/15/26
(b)
.....................
USD
1,326
1,277,502
Ball
Corp.,
5.25%,
07/01/25
...........
12,214
12,940,733
Canpack
SA,
3.13%,
11/01/25
(b)
.........
471
434,498
Clydesdale
Acquisition
Holdings,
Inc.,
6.63%,
04/15/29
(b)
.....................
437
441,916
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
90
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
Crown
Americas
LLC
4.75%,
02/01/26
..................
USD
758
$
766,095
4.25%,
09/30/26
..................
280
280,700
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
165
186,193
Graphic
Packaging
International
LLC
4.88%,
11/15/22
..................
389
390,459
3.50%,
03/15/28
(b)
.................
188
176,720
Klabin
Austria
GmbH,
3.20%,
01/12/31
(b)
....
1,040
900,900
LABL,
Inc.,
5.88%,
11/01/28
(b)
..........
333
312,188
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(b)
................
1,783
1,775,917
SAN
Miguel
Industrias
Pet
SA,
3.50%,
08/02/28
(b)
.....................
2,157
1,937,660
Sealed
Air
Corp.
(b)
5.13%,
12/01/24
..................
5,330
5,532,876
4.00%,
12/01/27
..................
123
119,925
SIG
Combibloc
PurchaseCo
SARL,
2.13%,
06/18/25
(d)
.....................
EUR
1,295
1,434,410
Sonoco
Products
Co.,
2.25%,
02/01/27
....
USD
6,640
6,286,935
Trivium
Packaging
Finance
BV,
5.50%,
08/15/26
(b)(c)
....................
2,699
2,687,880
37,883,507
Diversified
Consumer
Services
—
0.0%
(b)
Graham
Holdings
Co.,
5.75%,
06/01/26
....
984
1,010,519
Sotheby's,
7.38%,
10/15/27
............
1,289
1,320,052
2,330,571
Diversified
Financial
Services
—
0.2%
Cellnex
Finance
Co.
SA,
2.25%,
04/12/26
...
2,300
2,525,552
Far
East
Horizon
Ltd.,
4.25%,
10/26/26
(d)
...
600
538,425
Jefferies
Finance
LLC,
5.00%,
08/15/28
(b)
...
396
379,162
MPH
Acquisition
Holdings
LLC,
5.50%,
09/01/28
(b)
.....................
300
287,584
Ocean
Laurel
Co.
Ltd.,
2.38%,
10/20/25
(d)
...
2,712
2,500,545
Operadora
de
Servicios
Mega
SA
de
CV
Sofom
ER,
8.25%,
02/11/25
(b)
.............
286
213,481
REC
Ltd.
(d)
2.25%,
09/01/26
..................
575
531,803
3.88%,
07/07/27
..................
1,881
1,847,180
Sabre
GLBL,
Inc.
(b)
9.25%,
04/15/25
..................
757
839,237
7.38%,
09/01/25
..................
270
281,942
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
....
510
495,975
Siemens
Financieringsmaatschappij
NV,
0.38%,
09/06/23
(d)
.....................
EUR
5,710
6,337,141
16,778,027
Diversified
Telecommunication
Services
—
1.0%
Altice
France
SA
(b)
8.13%,
02/01/27
..................
USD
1,870
1,928,213
5.50%,
01/15/28
..................
2,624
2,431,661
5.13%,
01/15/29
..................
404
361,915
AT&T,
Inc.
1.05%,
09/05/23
..................
EUR
3,815
4,268,255
1.70%,
03/25/26
..................
USD
20,165
19,089,916
CCO
Holdings
LLC
(b)
5.13%,
05/01/27
..................
2,078
2,081,065
5.00%,
02/01/28
..................
928
918,256
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(b)
.....................
685
631,159
Frontier
Communications
Corp.
(b)
5.88%,
10/15/27
..................
642
637,699
5.00%,
05/01/28
..................
888
852,480
Iliad
Holding
SAS
(b)
6.50%,
10/15/26
..................
673
674,817
7.00%,
10/15/28
..................
425
425,629
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Level
3
Financing,
Inc.
5.25%,
03/15/26
..................
USD
1,016
$
1,017,636
4.25%,
07/01/28
(b)
.................
879
806,928
Liquid
Telecommunications
Financing
plc,
5.50%,
09/04/26
(b)
................
280
265,300
Lumen
Technologies,
Inc.
Series
W,
6.75%,
12/01/23
...........
1,452
1,507,699
Series
Y,
7.50%,
04/01/24
...........
479
504,262
5.13%,
12/15/26
(b)
.................
2,586
2,463,165
4.00%,
02/15/27
(b)
.................
1,325
1,234,019
Sprint
Capital
Corp.,
6.88%,
11/15/28
......
16
18,539
Switch
Ltd.,
3.75%,
09/15/28
(b)
..........
949
920,288
Telecom
Italia
SpA,
5.30%,
05/30/24
(b)
.....
1,555
1,566,663
Verizon
Communications,
Inc.,
2.10%,
03/22/28
27,460
25,594,745
Zayo
Group
Holdings,
Inc.,
4.00%,
03/01/27
(b)
4,364
4,015,884
74,216,193
Electric
Utilities
—
1.2%
Adani
Electricity
Mumbai
Ltd.,
3.95%,
02/12/30
(b)
.....................
390
352,449
Adani
Transmission
Ltd.,
4.00%,
08/03/26
(d)
..
2,171
2,098,136
Alliant
Energy
Finance
LLC,
3.75%,
06/15/23
(b)
8,085
8,174,741
Enel
Finance
International
NV
0.00%,
06/17/24
(d)
.................
EUR
5,190
5,641,146
1.38%,
07/12/26
(b)
.................
USD
8,840
8,114,193
ESB
Finance
DAC,
3.49%,
01/12/24
(d)
.....
EUR
2,185
2,542,520
Eversource
Energy,
2.90%,
03/01/27
......
USD
9,700
9,504,868
Exelon
Corp.,
2.75%,
03/15/27
(b)
.........
3,455
3,366,451
FirstEnergy
Corp.
(c)
Series
A,
3.35%,
07/15/22
...........
4,346
4,340,567
Series
B,
4.40%,
07/15/27
...........
2,577
2,593,364
India
Cleantech
Energy,
4.70%,
08/10/26
(b)
..
677
629,222
Kallpa
Generacion
SA,
4.88%,
05/24/26
(d)
...
441
450,041
NextEra
Energy
Capital
Holdings,
Inc.,
1.88%,
01/15/27
......................
8,578
8,044,742
NextEra
Energy
Operating
Partners
LP,
4.25%,
07/15/24
(b)
.....................
744
752,924
NRG
Energy,
Inc.,
6.63%,
01/15/27
.......
493
508,051
Pacific
Gas
&
Electric
Co.
1.37%,
03/10/23
..................
30,545
30,007,100
3.45%,
07/01/25
..................
4,820
4,701,667
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
.....................
249
244,969
Vistra
Operations
Co.
LLC,
5.63%,
02/15/27
(b)
1,358
1,356,852
93,424,003
Electrical
Equipment
—
0.1%
Schneider
Electric
SE,
0.25%,
09/09/24
(d)
...
EUR
2,900
3,172,258
Sensata
Technologies
BV
(b)
5.63%,
11/01/24
..................
USD
339
350,441
5.00%,
10/01/25
..................
838
849,523
Vertiv
Group
Corp.,
4.13%,
11/15/28
(b)
.....
893
814,965
5,187,187
Electronic
Equipment,
Instruments
&
Components
—
0.3%
AAC
Technologies
Holdings,
Inc.,
2.63%,
06/02/26
(d)
.....................
720
648,230
Amphenol
Technologies
Holding
GmbH,
0.75%,
05/04/26
(d)
.....................
EUR
2,645
2,863,467
CDW
LLC,
4.13%,
05/01/25
...........
USD
16,000
16,084,000
19,595,697
Energy
Equipment
&
Services
—
0.1%
Archrock
Partners
LP,
6.88%,
04/01/27
(b)
....
1,568
1,585,593
Halliburton
Co.,
3.80%,
11/15/25
........
158
161,353
Nabors
Industries,
Inc.,
7.38%,
05/15/27
(b)
...
301
312,664
USA
Compression
Partners
LP
6.88%,
04/01/26
..................
2,934
2,960,406
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
91
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
(continued)
6.88%,
09/01/27
..................
USD
88
$
88,338
Weatherford
International
Ltd.,
6.50%,
09/15/28
(b)
.....................
29
29,978
5,138,332
Entertainment
—
0.2%
Live
Nation
Entertainment,
Inc.
(b)
4.88%,
11/01/24
..................
65
65,260
6.50%,
05/15/27
..................
981
1,044,785
4.75%,
10/15/27
..................
234
228,150
3.75%,
01/15/28
..................
743
698,331
Netflix,
Inc.,
4.38%,
11/15/26
...........
10,000
10,399,350
12,435,876
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.6%
American
Tower
Corp.
2.40%,
03/15/25
..................
4,355
4,238,111
1.30%,
09/15/25
..................
2,245
2,091,145
1.60%,
04/15/26
..................
18,365
17,021,493
1.45%,
09/15/26
..................
8,800
8,029,104
0.45%,
01/15/27
..................
EUR
4,705
4,884,409
0.40%,
02/15/27
..................
6,320
6,525,810
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
.....................
USD
245
228,663
Crown
Castle
International
Corp.,
1.35%,
07/15/25
......................
11,410
10,637,183
CTR
Partnership
LP,
3.88%,
06/30/28
(b)
....
200
188,544
Digital
Dutch
Finco
BV,
0.63%,
07/15/25
(d)
...
EUR
6,335
6,777,696
Diversified
Healthcare
Trust,
9.75%,
06/15/25
USD
347
365,218
Equinix
,
Inc.
1.25%,
07/15/25
..................
28,500
26,570,202
1.45%,
05/15/26
..................
8,813
8,084,926
GAIF
Bond
Issuer
Pty.
Ltd.,
3.40%,
09/30/26
(d)
380
383,006
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(b)
...
392
360,631
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(b)
....
238
226,100
Healthpeak
Properties,
Inc.,
1.35%,
02/01/27
.
4,255
3,905,036
Merlin
Properties
Socimi
SA,
1.88%,
11/02/26
(d)
EUR
3,800
4,178,477
MGM
Growth
Properties
Operating
Partnership
LP
5.63%,
05/01/24
..................
USD
1,574
1,620,402
4.50%,
09/01/26
..................
860
864,300
5.75%,
02/01/27
..................
1,846
1,949,837
Nationwide
Health
Properties,
Inc.,
6.59%,
07/07/38
......................
1,400
1,591,144
RHP
Hotel
Properties
LP,
4.75%,
10/15/27
..
642
617,790
RLJ
Lodging
Trust
LP,
3.75%,
07/01/26
(b)
...
166
157,700
SBA
Communications
Corp.,
3.88%,
02/15/27
2,065
2,014,253
Service
Properties
Trust,
7.50%,
09/15/25
...
227
238,134
Simon
International
Finance
SCA,
1.38%,
11/18/22
(d)
.....................
EUR
2,510
2,792,615
Trust
Fibra
Uno,
5.25%,
01/30/26
(b)
.......
USD
745
765,627
Uniti
Group
LP,
4.75%,
04/15/28
(b)
........
634
598,344
VICI
Properties
LP
(b)
3.50%,
02/15/25
..................
248
244,342
4.25%,
12/01/26
..................
2,228
2,218,642
3.75%,
02/15/27
..................
1,735
1,687,288
122,056,172
Food
&
Staples
Retailing
—
0.4%
(b)
7-Eleven,
Inc.
0.80%,
02/10/24
..................
21,469
20,623,913
0.95%,
02/10/26
..................
5,040
4,580,744
Albertsons
Cos.,
Inc.
3.25%,
03/15/26
..................
907
857,133
4.63%,
01/15/27
..................
870
841,042
US
Foods,
Inc.,
6.25%,
04/15/25
........
215
220,375
27,123,207
Security
Par
(000)
Par
(000)
Value
Food
Products
—
0.4%
BRF
GmbH,
4.35%,
09/29/26
(d)
.........
USD
508
$
494,602
China
Mengniu
Dairy
Co.
Ltd.,
1.88%,
06/17/25
(d)
.....................
1,000
946,990
China
Modern
Dairy
Holdings
Ltd.,
2.13%,
07/14/26
(d)
.....................
1,010
918,605
Chobani
LLC,
4.63%,
11/15/28
(b)
.........
816
752,760
Darling
Ingredients,
Inc.,
5.25%,
04/15/27
(b)
..
355
362,100
General
Mills,
Inc.,
0.45%,
01/15/26
......
EUR
1,420
1,520,821
Kraft
Heinz
Foods
Co.
3.00%,
06/01/26
..................
USD
12,342
12,167,237
3.88%,
05/15/27
..................
5,895
5,992,238
Lamb
Weston
Holdings,
Inc.,
4.88%,
05/15/28
(b)
454
454,000
Louis
Dreyfus
Co.
Finance
BV,
2.38%,
11/27/25
(d)
.....................
EUR
3,500
3,888,865
Post
Holdings,
Inc.,
5.75%,
03/01/27
(b)
.....
USD
88
88,436
Viterra
Finance
BV,
0.38%,
09/24/25
(d)
.....
EUR
3,350
3,486,657
Wens
Foodstuffs
Group
Co.
Ltd.,
2.35%,
10/29/25
(d)
.....................
USD
1,246
991,582
32,064,893
Gas
Utilities
—
0.1%
ONE
Gas,
Inc.,
1.10%,
03/11/24
.........
8,375
8,078,490
Promigas
SA
ESP,
3.75%,
10/16/29
(b)
......
360
324,558
Redexis
Gas
Finance
BV,
1.88%,
05/28/25
(d)
.
EUR
900
1,008,634
Snam
SpA,
0.00%,
08/15/25
(d)
..........
1,400
1,489,380
10,901,062
Health
Care
Equipment
&
Supplies
—
0.2%
American
Medical
Systems
Europe
BV,
1.38%,
03/08/28
......................
3,191
3,454,818
Avantor
Funding,
Inc.,
4.63%,
07/15/28
(b)
...
USD
829
819,881
Becton
Dickinson
and
Co.
1.40%,
05/24/23
..................
EUR
1,325
1,482,623
0.03%,
08/13/25
..................
2,460
2,615,571
Becton
Dickinson
Euro
Finance
SARL,
1.21%,
06/04/26
......................
1,935
2,123,054
Medtronic
Global
Holdings
SCA
0.00%,
12/02/22
..................
400
442,957
0.38%,
03/07/23
..................
4,330
4,809,030
0.00%,
10/15/25
..................
2,380
2,541,188
18,289,122
Health
Care
Providers
&
Services
—
0.8%
Akumin
Escrow,
Inc.,
7.50%,
08/01/28
(b)
....
USD
81
64,395
Akumin,
Inc.,
7.00%,
11/01/25
(b)
.........
172
142,760
Centene
Corp.,
2.45%,
07/15/28
.........
3,352
3,062,722
Community
Health
Systems,
Inc.
(b)
8.00%,
03/15/26
..................
1,439
1,498,603
5.63%,
03/15/27
..................
448
456,259
CVS
Health
Corp.,
4.10%,
03/25/25
.......
5,320
5,452,089
Fresenius
Finance
Ireland
plc,
0.00%,
10/01/25
(d)
.....................
EUR
2,830
2,989,587
HCA,
Inc.
5.38%,
02/01/25
..................
USD
16,105
16,757,252
5.25%,
04/15/25
..................
7,000
7,369,679
5.88%,
02/15/26
..................
11,013
11,712,436
5.38%,
09/01/26
..................
5,362
5,630,100
5.63%,
09/01/28
..................
499
539,544
Legacy
LifePoint
Health
LLC,
6.75%,
04/15/25
(b)
478
493,884
ModivCare,
Inc.,
5.88%,
11/15/25
(b)
.......
209
211,023
Molina
Healthcare,
Inc.,
4.38%,
06/15/28
(b)
..
921
911,440
PeaceHealth
Obligated
Group,
Series
2020,
1.38%,
11/15/25
.................
2,185
2,058,683
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(b)
.....................
605
620,119
Tenet
Healthcare
Corp.
4.63%,
07/15/24
..................
124
124,533
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
92
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
4.63%,
09/01/24
(b)
.................
USD
1,518
$
1,528,391
4.88%,
01/01/26
(b)
.................
1,200
1,210,500
4.63%,
06/15/28
(b)
.................
372
365,025
Vizient,
Inc.,
6.25%,
05/15/27
(b)
.........
680
700,400
63,899,424
Health
Care
Technology
—
0.0%
IQVIA,
Inc.,
5.00%,
05/15/27
(b)
..........
1,317
1,331,546
Hotels,
Restaurants
&
Leisure
—
0.5%
1011778
BC
ULC
(b)
5.75%,
04/15/25
..................
983
1,011,399
3.88%,
01/15/28
..................
228
216,038
4.38%,
01/15/28
..................
1,135
1,089,600
Affinity
Gaming,
6.88%,
12/15/27
(b)
.......
347
337,457
Booking
Holdings,
Inc.,
0.10%,
03/08/25
....
EUR
3,610
3,886,136
Caesars
Entertainment,
Inc.,
6.25%,
07/01/25
(b)
USD
2,955
3,050,860
Carnival
Corp.
(b)
10.50%,
02/01/26
.................
671
746,092
5.75%,
03/01/27
..................
1,533
1,461,968
9.88%,
08/01/27
..................
530
585,820
4.00%,
08/01/28
..................
1,139
1,059,270
Cedar
Fair
LP,
5.50%,
05/01/25
(b)
........
784
805,101
Champion
Path
Holdings
Ltd.
(d)
4.50%,
01/27/26
..................
667
566,950
4.85%,
01/27/28
..................
667
530,807
Churchill
Downs,
Inc.,
5.50%,
04/01/27
(b)
...
1,525
1,542,294
Colt
Merger
Sub,
Inc.,
5.75%,
07/01/25
(b)
...
1,005
1,025,688
Fertitta
Entertainment
LLC,
4.63%,
01/15/29
(b)
563
533,443
Fortune
Star
BVI
Ltd.
(d)
5.95%,
01/29/23
..................
667
646,156
5.95%,
10/19/25
..................
1,167
1,064,888
5.00%,
05/18/26
..................
1,500
1,252,500
Hilton
Domestic
Operating
Co.,
Inc.,
5.38%,
05/01/25
(b)
.....................
1,796
1,835,332
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
......................
1,800
1,812,141
Life
Time,
Inc.,
5.75%,
01/15/26
(b)
........
257
256,740
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(b)
.
240
240,600
MGM
China
Holdings
Ltd.
(d)
5.25%,
06/18/25
..................
667
613,140
5.88%,
05/15/26
..................
667
609,596
MGM
Resorts
International,
5.75%,
06/15/25
.
237
242,930
Powdr
Corp.,
6.00%,
08/01/25
(b)
.........
411
420,247
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)
..
246
236,283
Royal
Caribbean
Cruises
Ltd.
(b)
9.13%,
06/15/23
..................
294
306,128
5.50%,
08/31/26
..................
389
378,030
5.38%,
07/15/27
..................
475
456,370
5.50%,
04/01/28
..................
40
38,133
Sands
China
Ltd.,
3.80%,
01/08/26
(c)
......
700
660,187
Scientific
Games
International,
Inc.
(b)
5.00%,
10/15/25
..................
710
727,750
8.25%,
03/15/26
..................
284
295,715
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(b)
810
845,437
Studio
City
Finance
Ltd.,
6.00%,
07/15/25
(d)
..
1,000
905,000
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(b)
......
244
252,023
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(b)
...
533
515,677
Wynn
Macau
Ltd.
(d)
4.88%,
10/01/24
..................
667
606,970
5.50%,
01/15/26
..................
1,000
895,000
Wynn
Resorts
Finance
LLC,
7.75%,
04/15/25
(b)
877
910,028
Yum!
Brands,
Inc.,
7.75%,
04/01/25
(b)
......
2,713
2,818,129
38,290,053
Security
Par
(000)
Par
(000)
Value
Household
Durables
—
0.4%
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(b)
USD
277
$
284,617
DR
Horton,
Inc.,
1.30%,
10/15/26
........
4,140
3,762,202
KB
Home,
7.63%,
05/15/23
............
15,000
15,431,250
Meritage
Homes
Corp.,
5.13%,
06/06/27
....
507
512,045
New
Home
Co.,
Inc.
(The),
7.25%,
10/15/25
(b)
178
172,094
Newell
Brands,
Inc.,
4.70%,
04/01/26
(c)
.....
8,000
8,050,000
Picasso
Finance
Sub,
Inc.,
6.13%,
06/15/25
(b)
847
860,764
PulteGroup,
Inc.,
5.00%,
01/15/27
........
781
822,855
Taylor
Morrison
Communities,
Inc.,
5.88%,
06/15/27
(b)
.....................
207
215,280
TRI
Pointe
Homes,
Inc.,
5.25%,
06/01/27
...
565
560,997
30,672,104
Household
Products
—
0.0%
(b)
Energizer
Holdings,
Inc.,
6.50%,
12/31/27
...
165
163,350
Kimberly-Clark
de
Mexico
SAB
de
CV,
2.43%,
07/01/31
......................
605
547,071
710,421
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Alexander
Funding
Trust,
1.84%,
11/15/23
(b)
.
8,395
8,137,111
Calpine
Corp.,
5.25%,
06/01/26
(b)
........
651
654,255
Cikarang
Listrindo
Tbk.
PT,
4.95%,
09/14/26
(d)
500
495,563
Clearway
Energy
Operating
LLC,
4.75%,
03/15/28
(b)
.....................
459
460,987
Colbun
SA
(b)
3.15%,
03/06/30
..................
295
272,285
3.15%,
01/19/32
..................
765
694,381
10,714,582
Industrial
Conglomerates
—
0.1%
Alfa
SAB
de
CV,
6.88%,
03/25/44
(b)
.......
300
330,900
CITIC
Ltd.,
3.88%,
02/28/27
(d)
..........
2,996
3,012,478
Grupo
KUO
SAB
de
CV,
5.75%,
07/07/27
(b)
..
560
549,605
3,892,983
Insurance
—
0.7%
Alliant
Holdings
Intermediate
LLC,
4.25%,
10/15/27
(b)
.....................
3,021
2,905,809
American
International
Group,
Inc.,
1.88%,
06/21/27
......................
EUR
3,300
3,661,628
Aon
Corp.,
2.85%,
05/28/27
...........
USD
6,710
6,564,175
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)
(d)
..........................
2,815
2,808,244
E.ON
International
Finance
BV
(d)
0.75%,
11/30/22
..................
EUR
1,150
1,276,419
1.00%,
04/13/25
..................
300
332,012
Guoren
Property
&
Casualty
Insurance
Co.
Ltd.,
3.35%,
06/01/26
(d)
................
USD
855
815,790
Highlands
Holdings
Bond
Issuer
Ltd.,
7.63%,
10/15/25
(b)
.....................
10
9,713
MassMutual
Global
Funding
II,
2.80%,
03/21/25
(b)
.....................
19,508
19,479,167
Metropolitan
Life
Global
Funding
I,
2.80%,
03/21/25
(b)
.....................
9,965
9,887,664
NFP
Corp.,
4.88%,
08/15/28
(b)
..........
1,444
1,379,020
Vigorous
Champion
International
Ltd.,
2.75%,
06/02/25
(d)
.....................
2,114
1,992,065
ZhongAn
Online
P&C
Insurance
Co.
Ltd.,
3.50%,
03/08/26
(d)
................
1,400
1,246,000
52,357,706
Interactive
Media
&
Services
—
0.2%
Baidu,
Inc.
2.88%,
07/06/22
..................
8,205
8,210,251
3.63%,
07/06/27
..................
2,400
2,370,000
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
93
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Interactive
Media
&
Services
(continued)
Tencent
Holdings
Ltd.,
3.60%,
01/19/28
(d)
...
USD
1,720
$
1,676,742
Twitter,
Inc.,
3.88%,
12/15/27
(b)
..........
887
861,499
Weibo
Corp.,
3.50%,
07/05/24
..........
2,100
2,051,831
15,170,323
Internet
&
Direct
Marketing
Retail
—
0.0%
ANGI
Group
LLC,
3.88%,
08/15/28
(b)
......
216
182,982
IT
Services
—
0.5%
Block,
Inc.,
2.75%,
06/01/26
(b)
..........
695
656,928
Booz
Allen
Hamilton,
Inc.,
3.88%,
09/01/28
(b)
.
953
919,921
CA
Magnum
Holdings
5.38%,
10/31/26
(b)
.................
634
618,150
5.38%,
10/31/26
(d)
.................
800
780,000
Cablevision
Lightpath
LLC,
3.88%,
09/15/27
(b)
494
461,890
Capgemini
SE,
0.63%,
06/23/25
(d)
........
EUR
2,400
2,616,184
Gartner,
Inc.,
4.50%,
07/01/28
(b)
.........
USD
686
683,424
Global
Payments,
Inc.
1.20%,
03/01/26
..................
20,200
18,609,673
2.15%,
01/15/27
..................
2,570
2,412,138
International
Business
Machines
Corp.,
2.20%,
02/09/27
......................
4,290
4,143,112
ION
Trading
Technologies
SARL,
5.75%,
05/15/28
(b)
.....................
269
259,249
Northwest
Fiber
LLC,
4.75%,
04/30/27
(b)
....
355
337,073
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(b)
..
200
201,750
VeriSign,
Inc.,
5.25%,
04/01/25
.........
1,523
1,599,028
34,298,520
Life
Sciences
Tools
&
Services
—
0.1%
Danaher
Corp.,
1.70%,
03/30/24
........
EUR
1,600
1,807,758
PRA
Health
Sciences,
Inc.,
2.88%,
07/15/26
(b)
USD
347
330,191
Syneos
Health,
Inc.,
3.63%,
01/15/29
(b)
....
603
557,021
Thermo
Fisher
Scientific,
Inc.,
2.00%,
04/15/25
EUR
2,550
2,897,227
5,592,197
Machinery
—
0.3%
Colfax
Corp.,
6.38%,
02/15/26
(b)
.........
USD
976
1,006,783
Daimler
Trucks
Finance
North
America
LLC,
2.00%,
12/14/26
(b)
................
2,740
2,552,212
EnPro
Industries,
Inc.,
5.75%,
10/15/26
....
156
159,678
Highland
Holdings
SARL,
0.32%,
12/15/26
..
EUR
1,610
1,677,568
Illinois
Tool
Works,
Inc.,
0.25%,
12/05/24
...
5,360
5,857,030
KION
Group
AG,
1.63%,
09/24/25
(d)
.......
1,300
1,435,608
Parker-Hannifin
Corp.,
2.70%,
06/14/24
....
USD
2,115
2,098,236
Stevens
Holding
Co.,
Inc.,
6.13%,
10/01/26
(b)
.
372
384,176
Titan
International,
Inc.,
7.00%,
04/30/28
...
59
59,189
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
1,786
1,766,408
Traton
Finance
Luxembourg
SA
(d)
0.00%,
06/14/24
..................
EUR
2,400
2,595,518
0.13%,
11/10/24
..................
2,200
2,363,040
0.13%,
03/24/25
..................
4,100
4,374,510
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
..
USD
303
272,700
26,602,656
Media
—
0.7%
Altice
Financing
SA,
5.00%,
01/15/28
(b)
.....
1,487
1,332,872
AMC
Networks,
Inc.,
5.00%,
04/01/24
.....
304
303,240
Charter
Communications
Operating
LLC,
4.91%,
07/23/25
.................
5,480
5,682,821
Clear
Channel
International
BV,
6.63%,
08/01/25
(b)
.....................
1,103
1,122,303
Clear
Channel
Outdoor
Holdings,
Inc.,
5.13%,
08/15/27
(b)
.....................
2,417
2,390,872
CSC
Holdings
LLC,
5.25%,
06/01/24
......
3,130
3,133,959
Directv
Financing
LLC,
5.88%,
08/15/27
(b)
...
584
574,510
DISH
DBS
Corp.
5.88%,
07/15/22
..................
548
550,729
Security
Par
(000)
Par
(000)
Value
Media
(continued)
5.00%,
03/15/23
..................
USD
601
$
603,128
5.25%,
12/01/26
(b)
.................
2,567
2,445,067
5.75%,
12/01/28
(b)
.................
1,303
1,232,964
Informa
plc
(d)
1.50%,
07/05/23
..................
EUR
5,000
5,590,987
2.13%,
10/06/25
..................
9,855
11,017,547
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27
(b)
.....................
USD
383
393,456
MMS
USA
Holdings,
Inc.,
0.63%,
06/13/25
(d)
.
EUR
3,300
3,585,790
Outfront
Media
Capital
LLC,
5.00%,
08/15/27
(b)
USD
155
151,525
Radiate
Holdco
LLC,
4.50%,
09/15/26
(b)
....
2,428
2,343,020
Sinclair
Television
Group,
Inc.,
5.13%,
02/15/27
(b)
.....................
542
491,865
Sirius
XM
Radio,
Inc.
(b)
3.13%,
09/01/26
..................
1,244
1,176,168
5.00%,
08/01/27
..................
701
699,248
4.00%,
07/15/28
..................
782
742,900
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(b)
................
200
193,000
Univision
Communications,
Inc.,
6.63%,
06/01/27
(b)
.....................
443
464,043
Videotron
Ltd.,
5.13%,
04/15/27
(b)
........
1,052
1,064,599
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(b)
................
1,699
1,631,040
WPP
Finance
2013,
3.00%,
11/20/23
(d)
.....
EUR
3,960
4,551,214
Ziggo
Bond
Co.
BV,
6.00%,
01/15/27
(b)
.....
USD
322
324,012
53,792,879
Metals
&
Mining
—
0.3%
AngloGold
Ashanti
Holdings
plc,
3.75%,
10/01/30
......................
455
423,514
Antofagasta
plc,
2.38%,
10/14/30
(b)
.......
505
445,126
Arconic
Corp.
(b)
6.00%,
05/15/25
..................
422
431,706
6.13%,
02/15/28
..................
181
181,609
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
....
1,221
1,281,098
Constellium
SE
(b)
5.88%,
02/15/26
..................
1,535
1,535,000
5.63%,
06/15/28
..................
1,178
1,182,959
Fresnillo
plc,
4.25%,
10/02/50
(b)
.........
1,130
992,493
Glencore
Funding
LLC,
3.88%,
10/27/27
(d)
...
2,317
2,307,287
Gold
Fields
Orogen
Holdings
BVI
Ltd.,
5.13%,
05/15/24
(b)
.....................
1,260
1,282,680
Industrias
Penoles
SAB
de
CV,
4.75%,
08/06/50
(b)
.....................
685
623,478
JSW
Steel
Ltd.,
5.38%,
04/04/25
(d)
.......
667
669,501
Kaiser
Aluminum
Corp.,
4.63%,
03/01/28
(b)
..
90
84,542
Metalloinvest
Finance
DAC,
3.38%,
10/22/28
(b)
2,109
421,800
New
Gold,
Inc.,
7.50%,
07/15/27
(b)
.......
533
552,988
Nexa
Resources
SA,
5.38%,
05/04/27
(b)
....
1,201
1,219,015
Novelis
Corp.,
3.25%,
11/15/26
(b)
........
923
881,724
Nucor
Corp.,
2.00%,
06/01/25
..........
1,245
1,205,140
Periama
Holdings
LLC,
5.95%,
04/19/26
(d)
...
667
676,672
Steel
Dynamics,
Inc.,
2.40%,
06/15/25
.....
765
739,503
Usiminas
International
SARL,
5.88%,
07/18/26
(b)
.....................
510
521,666
Vedanta
Resources
Finance
II
plc
(d)
8.00%,
04/23/23
..................
834
798,805
13.88%,
01/21/24
.................
667
697,849
8.95%,
03/11/25
..................
833
808,010
19,964,165
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.
(b)
5.50%,
11/01/23
..................
375
381,394
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
94
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(continued)
4.38%,
01/15/27
..................
USD
94
$
91,180
472,574
Multi-Utilities
—
0.2%
E.ON
SE,
0.88%,
01/08/25
(d)
...........
EUR
1,120
1,235,607
Engie
SA,
0.38%,
02/28/23
(d)
...........
3,600
3,992,299
National
Grid
Electricity
Transmission
plc,
0.19%,
01/20/25
(d)
................
1,490
1,611,420
National
Grid
North
America,
Inc.,
0.41%,
01/20/26
(d)
.....................
2,120
2,266,919
Sempra
Energy,
3.30%,
04/01/25
........
USD
6,745
6,755,681
15,861,926
Oil,
Gas
&
Consumable
Fuels
—
2.3%
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
....
1,102
1,143,545
Antero
Midstream
Partners
LP
(b)
7.88%,
05/15/26
..................
319
345,197
5.75%,
03/01/27
..................
557
567,243
5.75%,
01/15/28
..................
48
49,020
Antero
Resources
Corp.,
8.38%,
07/15/26
(b)
..
136
149,940
APT
Pipelines
Ltd.,
4.25%,
07/15/27
(d)
.....
3,150
3,230,689
Azure
Power
Energy
Ltd.,
3.58%,
08/19/26
(b)
.
578
544,972
Blue
Racer
Midstream
LLC,
7.63%,
12/15/25
(b)
484
506,075
Bonanza
Creek
Energy,
Inc.,
5.00%,
10/15/26
(b)
122
120,936
BPRL
International
Singapore
Pte.
Ltd.,
4.38%,
01/18/27
(d)
.....................
2,166
2,148,807
Buckeye
Partners
LP
(b)
4.13%,
03/01/25
..................
383
377,711
4.50%,
03/01/28
..................
479
458,863
Centennial
Resource
Production
LLC,
6.88%,
04/01/27
(b)
.....................
606
609,091
Cheniere
Energy,
Inc.,
4.63%,
10/15/28
....
1,865
1,871,248
Chesapeake
Energy
Corp.,
5.50%,
02/01/26
(b)
119
121,866
Colgate
Energy
Partners
III
LLC,
7.75%,
02/15/26
(b)
.....................
249
265,436
Comstock
Resources,
Inc.
(b)
7.50%,
05/15/25
..................
760
771,400
6.75%,
03/01/29
..................
594
612,759
Continuum
Energy
Levanter
Pte.
Ltd.,
4.50%,
02/09/27
(b)
.....................
370
353,201
Crescent
Energy
Finance
LLC,
7.25%,
05/01/26
(b)
.....................
1,213
1,218,653
CrownRock
LP,
5.63%,
10/15/25
(b)
.......
2,029
2,068,028
EIG
Pearl
Holdings
SARL
(b)
3.55%,
08/31/36
..................
1,148
1,096,340
4.39%,
11/30/46
..................
1,973
1,844,755
Enbridge,
Inc.
2.50%,
01/15/25
..................
1,710
1,680,125
2.50%,
02/14/25
..................
9,460
9,247,215
Endeavor
Energy
Resources
LP,
6.63%,
07/15/25
(b)
.....................
568
589,300
Energean
Israel
Finance
Ltd.,
4.50%,
03/30/24
(b)(d)
....................
1,295
1,279,136
Energy
Transfer
LP
3.45%,
01/15/23
..................
8,080
8,126,013
3.60%,
02/01/23
..................
2,900
2,916,710
4.25%,
03/15/23
..................
35,795
36,184,873
5.88%,
01/15/24
..................
10,825
11,277,595
4.50%,
04/15/24
..................
1,433
1,466,201
EnLink
Midstream
LLC,
5.63%,
01/15/28
(b)
..
401
409,020
EnLink
Midstream
Partners
LP
4.15%,
06/01/25
..................
382
380,674
4.85%,
07/15/26
..................
570
570,000
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(b)
.................
705
719,132
4.13%,
12/01/26
..................
193
185,286
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
6.50%,
07/01/27
(b)
.................
USD
371
$
387,524
5.50%,
07/15/28
..................
721
723,823
Galaxy
Pipeline
Assets
Bidco
Ltd.,
2.94%,
09/30/40
(d)
.....................
2,143
1,934,058
Geopark
Ltd.,
5.50%,
01/17/27
(b)
.........
520
492,635
GNL
Quintero
SA,
4.63%,
07/31/29
(d)
......
1,213
1,227,935
Greenko
Dutch
BV,
3.85%,
03/29/26
(d)
.....
1,294
1,221,194
Greenko
Mauritius
Ltd.,
6.25%,
02/21/23
(d)
..
1,998
2,002,995
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(b)
...
41
41,662
Hindustan
Petroleum
Corp.
Ltd.,
4.00%,
07/12/27
(d)
.....................
1,471
1,450,590
HPCL-Mittal
Energy
Ltd.,
5.45%,
10/22/26
(d)
..
500
483,750
India
Green
Energy
Holdings
5.38%,
04/29/24
(b)
.................
810
816,156
5.38%,
04/29/24
(d)
.................
800
806,080
KazMunayGas
National
Co.
JSC,
3.50%,
04/14/33
(b)
.....................
540
446,850
Leviathan
Bond
Ltd.,
5.75%,
06/30/23
(b)(d)
...
1,487
1,501,562
Matador
Resources
Co.,
5.88%,
09/15/26
...
1,792
1,824,794
MEG
Energy
Corp.,
6.50%,
01/15/25
(b)
.....
247
251,014
Mongolian
Mining
Corp.,
9.25%,
04/15/24
(b)
..
333
239,406
MPLX
LP,
3.50%,
12/01/22
............
4,885
4,923,887
New
Fortress
Energy,
Inc.
(b)
6.75%,
09/15/25
..................
1,270
1,277,506
6.50%,
09/30/26
..................
868
859,988
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(b)
279
274,450
Northern
Oil
and
Gas,
Inc.,
8.13%,
03/01/28
(b)
218
227,117
NuStar
Logistics
LP,
5.75%,
10/01/25
......
534
544,012
Occidental
Petroleum
Corp.
6.95%,
07/01/24
..................
174
186,832
5.50%,
12/01/25
..................
1,063
1,118,595
5.55%,
03/15/26
..................
1,980
2,098,800
8.50%,
07/15/27
..................
2,016
2,386,378
Oil
India
International
Pte.
Ltd.,
4.00%,
04/21/27
(d)
.....................
1,458
1,439,137
ONGC
Videsh
Vankorneft
Pte.
Ltd.,
3.75%,
07/27/26
(d)
.....................
1,481
1,458,600
OQ
SAOC,
5.13%,
05/06/28
(b)
..........
2,031
2,004,724
Ovintiv
Exploration,
Inc.,
5.63%,
07/01/24
...
9,278
9,754,539
Parkland
Corp.,
5.88%,
07/15/27
(b)
.......
283
282,292
PDC
Energy,
Inc.,
5.75%,
05/15/26
.......
235
238,229
Pioneer
Natural
Resources
Co.
0.55%,
05/15/23
..................
4,255
4,160,310
1.13%,
01/15/26
..................
6,380
5,916,765
PTTEP
Treasury
Center
Co.
Ltd.,
2.59%,
06/10/27
(d)
.....................
1,950
1,861,397
Puma
International
Financing
SA,
5.13%,
10/06/24
(d)
.....................
495
470,250
Range
Resources
Corp.,
5.00%,
08/15/22
...
200
200,000
Rattler
Midstream
LP,
5.63%,
07/15/25
(b)
....
501
508,515
ReNew
Power
Pvt
Ltd.,
5.88%,
03/05/27
(d)
...
834
815,902
ReNew
Power
Synthetic,
6.67%,
03/12/24
(d)
..
333
338,057
Sabine
Pass
Liquefaction
LLC,
5.75%,
05/15/24
5,967
6,245,289
Santos
Finance
Ltd.,
4.13%,
09/14/27
(d)
....
1,453
1,447,609
Sinopec
Group
Overseas
Development
2017
Ltd.,
3.63%,
04/12/27
(d)
.............
1,690
1,697,740
SK
Battery
America,
Inc.,
2.13%,
01/26/26
(d)
.
1,489
1,379,782
SM
Energy
Co.
10.00%,
01/15/25
(b)
................
1,591
1,736,831
5.63%,
06/01/25
..................
65
64,919
6.75%,
09/15/26
..................
130
133,676
6.63%,
01/15/27
..................
15
15,377
6.50%,
07/15/28
..................
214
220,833
Southwestern
Energy
Co.,
5.95%,
01/23/25
(c)
.
9
9,409
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
95
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Summit
Midstream
Holdings
LLC,
8.50%,
10/15/26
(b)
.....................
USD
137
$
130,634
Sunoco
LP,
6.00%,
04/15/27
...........
54
55,012
Tallgrass
Energy
Partners
LP,
6.00%,
03/01/27
(b)
.....................
46
45,823
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(b)
.
1,359
1,406,728
TerraForm
Power
Operating
LLC,
4.25%,
01/31/23
(b)
.....................
1,230
1,226,925
Western
Midstream
Operating
LP
3.95%,
06/01/25
..................
742
746,519
4.65%,
07/01/26
..................
901
923,525
4.75%,
08/15/28
..................
710
732,812
172,924,808
Paper
&
Forest
Products
—
0.0%
Suzano
Austria
GmbH,
Series
DM3N,
3.13%,
01/15/32
......................
940
832,887
Personal
Products
—
0.4%
GSK
Consumer
Healthcare
Capital
NL
BV,
1.25%,
03/29/26
(d)
................
EUR
1,130
1,250,450
GSK
Consumer
Healthcare
Capital
UK
plc,
3.13%,
03/24/25
(b)
................
USD
26,200
26,118,476
27,368,926
Pharmaceuticals
—
0.3%
Bausch
Health
Americas,
Inc.,
8.50%,
01/31/27
(b)
.....................
1,712
1,707,326
Bausch
Health
Cos.,
Inc.
(b)
6.13%,
04/15/25
..................
2,724
2,747,835
5.50%,
11/01/25
..................
226
224,022
9.00%,
12/15/25
..................
634
656,872
6.13%,
02/01/27
..................
164
165,040
4.88%,
06/01/28
..................
79
75,642
Bayer
AG,
0.05%,
01/12/25
(d)
...........
EUR
2,900
3,112,202
Bayer
Capital
Corp.
BV,
1.50%,
06/26/26
(d)
..
2,600
2,876,624
Catalent
Pharma
Solutions,
Inc.,
5.00%,
07/15/27
(b)
.....................
USD
248
250,892
Jazz
Securities
DAC,
4.38%,
01/15/29
(b)
....
200
193,750
Merck
Financial
Services
GmbH,
0.01%,
12/15/23
(d)
.....................
EUR
4,500
4,956,042
Organon
&
Co.,
4.13%,
04/30/28
(b)
.......
USD
1,286
1,225,179
P&L
Development
LLC,
7.75%,
11/15/25
(b)
...
582
535,440
Par
Pharmaceutical,
Inc.,
7.50%,
04/01/27
(b)
.
1,665
1,553,695
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
7.13%,
01/31/25
..............
210
219,597
Upjohn
Finance
BV,
0.82%,
06/23/22
(d)
.....
EUR
5,090
5,639,574
26,139,732
Professional
Services
—
0.0%
CoreLogic,
Inc.,
4.50%,
05/01/28
(b)
.......
USD
496
467,629
Real
Estate
Management
&
Development
—
0.7%
Agile
Group
Holdings
Ltd.,
5.75%,
01/02/25
(d)
.
1,000
330,000
Arabian
Centres
Sukuk
II
Ltd.,
5.63%,
10/07/26
(b)
.....................
1,665
1,573,425
China
Aoyuan
Group
Ltd.
(d)(f)(g)
6.35%,
02/08/24
..................
1,000
160,000
5.98%,
08/18/25
..................
1,000
160,000
6.20%,
03/24/26
..................
834
133,440
China
Evergrande
Group
(d)(f)(g)
8.25%,
03/23/22
..................
667
86,710
9.50%,
04/11/22
..................
667
83,375
11.50%,
01/22/23
.................
1,334
166,750
10.00%,
04/11/23
.................
666
83,250
China
Overseas
Grand
Oceans
Finance
IV
Cayman
Ltd.,
2.45%,
02/09/26
(d)
.......
550
501,634
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
China
SCE
Group
Holdings
Ltd.
(d)
7.25%,
04/19/23
..................
USD
667
$
488,286
7.38%,
04/09/24
..................
667
368,642
5.95%,
09/29/24
..................
667
420,210
7.00%,
05/02/25
..................
667
347,799
CIFI
Holdings
Group
Co.
Ltd.
(d)
6.45%,
11/07/24
..................
667
586,960
5.95%,
10/20/25
..................
750
611,250
Country
Garden
Holdings
Co.
Ltd.
(d)
7.25%,
04/08/26
..................
600
453,000
5.63%,
12/15/26
..................
1,566
1,119,690
Easy
Tactic
Ltd.
(d)
12.38%,
11/18/22
.................
333
77,901
5.88%,
02/13/23
..................
667
146,740
8.13%,
02/27/23
..................
667
143,405
11.75%,
08/02/23
.................
667
143,405
Fantasia
Holdings
Group
Co.
Ltd.
(d)(f)(g)
10.88%,
01/09/23
.................
1,167
157,545
11.88%,
06/01/23
.................
667
93,380
9.25%,
07/28/23
..................
667
95,589
9.88%,
10/19/23
..................
333
47,203
Forestar
Group,
Inc.,
3.85%,
05/15/26
(b)
....
177
165,053
Global
Prime
Capital
Pte.
Ltd.,
5.95%,
01/23/25
(d)
.....................
667
633,650
Heimstaden
Bostad
Treasury
BV,
0.25%,
10/13/24
(d)
.....................
EUR
3,070
3,295,518
Howard
Hughes
Corp.
(The),
5.38%,
08/01/28
(b)
USD
549
551,185
Hysan
MTN
Ltd.,
2.88%,
06/02/27
(d)
.......
2,833
2,745,885
Kaisa
Group
Holdings
Ltd.
(d)(f)(g)
11.50%,
01/30/23
.................
1,000
190,000
10.88%,
07/23/23
.................
1,000
195,500
9.75%,
09/28/23
..................
667
124,979
11.95%,
11/12/23
.................
1,334
260,130
9.38%,
06/30/24
..................
467
84,060
11.70%,
11/11/25
.................
200
36,913
KWG
Group
Holdings
Ltd.
(d)
7.88%,
09/01/23
..................
454
224,730
5.88%,
11/10/24
..................
467
177,460
Logan
Group
Co.
Ltd.
(d)
5.75%,
01/14/25
..................
1,000
212,500
4.50%,
01/13/28
..................
1,167
233,400
Longfor
Group
Holdings
Ltd.
(d)
3.90%,
04/16/23
..................
950
935,750
3.38%,
04/13/27
..................
425
382,978
MAF
Sukuk
Ltd.
(d)
4.64%,
05/14/29
..................
1,976
2,048,001
3.93%,
02/28/30
..................
931
927,101
Mirvac
Group
Finance
Ltd.,
3.63%,
03/18/27
(d)
2,936
2,930,480
Modern
Land
China
Co.
Ltd.,
9.80%,
04/11/23
(d)
(f)(g)
.........................
667
120,060
New
Metro
Global
Ltd.,
4.50%,
05/02/26
(d)
...
667
426,880
Powerlong
Real
Estate
Holdings
Ltd.,
6.25%,
08/10/24
(d)
.....................
800
304,000
Redco
Properties
Group
Ltd.,
9.90%,
02/17/24
(d)
.....................
200
40,225
Redsun
Properties
Group
Ltd.,
10.50%,
10/03/22
(d)
.....................
333
66,600
RKPF
Overseas
2019
A
Ltd.
(d)
6.70%,
09/30/24
..................
276
235,980
5.90%,
03/05/25
..................
400
310,000
RKPF
Overseas
2020
A
Ltd.,
5.20%,
01/12/26
(d)
667
513,590
Ronshine
China
Holdings
Ltd.
(d)
7.35%,
12/15/23
..................
1,334
226,780
7.10%,
01/25/25
..................
667
100,050
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
96
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
Scenery
Journey
Ltd.
(d)(f)(g)
11.50%,
10/24/22
.................
USD
834
$
75,060
13.00%,
11/06/22
.................
834
75,060
12.00%,
10/24/23
.................
999
89,910
Seazen
Group
Ltd.,
6.45%,
06/11/22
(d)
.....
430
402,050
Shimao
Group
Holdings
Ltd.,
5.60%,
07/15/26
(d)
1,516
397,950
Sinochem
Offshore
Capital
Co.
Ltd.,
2.25%,
11/24/26
(d)
.....................
2,200
2,040,280
Sino-Ocean
Land
Treasure
Finance
II
Ltd.,
5.95%,
02/04/27
(d)
................
338
251,979
Sino-Ocean
Land
Treasure
IV
Ltd.,
3.25%,
05/05/26
(d)
.....................
590
424,800
Sunac
China
Holdings
Ltd.
(d)
6.65%,
08/03/24
..................
472
115,640
6.50%,
01/10/25
..................
667
163,415
7.00%,
07/09/25
..................
555
135,975
Times
China
Holdings
Ltd.
(d)
6.75%,
07/08/25
..................
1,417
552,630
6.20%,
03/22/26
..................
1,417
524,290
Unique
Pub
Finance
Co.
plc
(The),
Series
M,
7.40%,
03/28/24
(c)(d)
...............
GBP
3,397
4,633,640
Vonovia
Finance
BV
(d)
0.13%,
04/06/23
..................
EUR
4,100
4,533,321
1.63%,
04/07/24
..................
1,800
2,012,353
Vonovia
SE
(d)
0.00%,
09/16/24
..................
3,200
3,445,949
1.38%,
01/28/26
..................
1,700
1,867,987
Wanda
Properties
International
Co.
Ltd.,
7.25%,
01/29/24
(d)
.....................
USD
667
580,290
Wanda
Properties
Overseas
Ltd.,
6.88%,
07/23/23
(d)
.....................
317
280,545
Yango
Justice
International
Ltd.
(f)(g)
10.25%,
09/15/22
.................
266
13,300
8.25%,
11/25/23
(d)
.................
667
33,350
7.50%,
04/15/24
(d)
.................
834
41,700
Yanlord
Land
HK
Co.
Ltd.,
6.80%,
02/27/24
(d)
.
800
760,000
Yuzhou
Group
Holdings
Co.
Ltd.
(d)(f)(g)
7.70%,
02/20/25
..................
634
88,760
8.30%,
05/27/25
..................
834
116,760
7.38%,
01/13/26
..................
833
108,707
Zhenro
Properties
Group
Ltd.
(d)
7.88%,
04/14/24
..................
200
22,000
7.35%,
02/05/25
..................
333
34,965
6.63%,
01/07/26
..................
333
34,965
51,136,658
Road
&
Rail
—
0.5%
Albion
Financing
1
SARL,
6.13%,
10/15/26
(b)
.
241
232,565
Canadian
Pacific
Railway
Co.,
1.75%,
12/02/26
4,720
4,446,105
CMB
International
Leasing
Management
Ltd.
(d)
1.25%,
09/16/24
..................
900
848,079
1.88%,
08/12/25
..................
2,029
1,905,738
1.75%,
09/16/26
..................
875
796,180
Penske
Truck
Leasing
Co.
LP
(b)
1.20%,
11/15/25
..................
3,970
3,643,707
1.70%,
06/15/26
..................
4,295
3,985,249
Ryder
System,
Inc.,
2.85%,
03/01/27
......
7,525
7,296,795
SF
Holding
Investment
2021
Ltd.,
2.38%,
11/17/26
(d)
.....................
1,040
978,900
SMBC
Aviation
Capital
Finance
DAC
(b)
1.90%,
10/15/26
..................
12,895
11,522,023
2.30%,
06/15/28
..................
2,835
2,512,396
Uber
Technologies,
Inc.
(b)
7.50%,
05/15/25
..................
443
462,270
7.50%,
09/15/27
..................
1,254
1,337,090
6.25%,
01/15/28
..................
1,152
1,191,099
Security
Par
(000)
Par
(000)
Value
Road
&
Rail
(continued)
Yunda
Holding
Investment
Ltd.,
2.25%,
08/19/25
(d)
.....................
USD
602
$
549,536
41,707,732
Semiconductors
&
Semiconductor
Equipment
—
0.7%
Broadcom
Corp.,
3.88%,
01/15/27
.......
11,000
11,073,534
Broadcom,
Inc.
4.70%,
04/15/25
..................
25,555
26,520,663
3.15%,
11/15/25
..................
7,195
7,136,668
NXP
BV
(b)
2.70%,
05/01/25
..................
3,801
3,686,495
3.88%,
06/18/26
..................
6,000
6,019,875
54,437,235
Software
—
0.9%
Boxer
Parent
Co.,
Inc.,
7.13%,
10/02/25
(b)
...
2,547
2,640,067
Camelot
Finance
SA,
4.50%,
11/01/26
(b)
....
1,155
1,123,238
CDK
Global,
Inc.,
4.88%,
06/01/27
.......
1,333
1,343,824
Change
Healthcare
Holdings
LLC,
5.75%,
03/01/25
(b)
.....................
1,333
1,333,000
Clarivate
Science
Holdings
Corp.,
3.88%,
07/01/28
(b)
.....................
637
607,551
Consensus
Cloud
Solutions,
Inc.
(b)
6.00%,
10/15/26
..................
98
97,265
6.50%,
10/15/28
..................
131
130,171
Fair
Isaac
Corp.,
4.00%,
06/15/28
(b)
.......
239
231,381
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(b)
.....................
200
183,762
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
.....
379
368,778
NCR
Corp.,
5.00%,
10/01/28
(b)
..........
428
409,810
Nuance
Communications,
Inc.,
5.63%,
12/15/26
1,247
1,282,078
Oracle
Corp.,
1.65%,
03/25/26
..........
24,635
22,972,271
PTC,
Inc.,
3.63%,
02/15/25
(b)
...........
769
760,349
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
.
1,300
1,309,769
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
.......
836
793,117
VMware,
Inc.
1.00%,
08/15/24
..................
8,634
8,232,163
1.40%,
08/15/26
..................
21,340
19,591,205
Workday,
Inc.,
3.50%,
04/01/27
.........
3,500
3,499,089
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
264
241,303
67,150,191
Specialty
Retail
—
0.3%
eG
Global
Finance
plc
(b)
6.75%,
02/07/25
..................
693
691,267
8.50%,
10/30/25
..................
200
204,750
Home
Depot,
Inc.
(The),
2.88%,
04/15/27
...
4,020
4,004,896
InRetail
Consumer,
3.25%,
03/22/28
(b)
.....
485
454,324
Lowe's
Cos.,
Inc.,
3.35%,
04/01/27
.......
9,655
9,711,449
Penske
Automotive
Group,
Inc.,
3.50%,
09/01/25
......................
344
341,420
PetSmart,
Inc.,
4.75%,
02/15/28
(b)
........
1,239
1,197,376
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
................
241
245,049
SRS
Distribution,
Inc.,
4.63%,
07/01/28
(b)
...
1,464
1,398,427
Staples,
Inc.,
7.50%,
04/15/26
(b)
.........
869
843,890
19,092,848
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Dell
International
LLC,
4.00%,
07/15/24
....
8,370
8,550,139
Litigation
Systems,
Inc.,
4.00%,
10/30/27
(e)
..
4,094
3,971,161
12,521,300
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
Li
&
Fung
Ltd.,
4.50%,
08/18/25
(d)
........
1,404
1,347,226
William
Carter
Co.
(The),
5.63%,
03/15/27
(b)
..
506
513,468
1,860,694
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
97
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Thrifts
&
Mortgage
Finance
—
0.2%
BPCE
SA
0.63%,
04/28/25
(d)
.................
EUR
1,700
$
1,864,940
(SOFR
+
1.09%),
2.05%,
10/19/27
(a)(b)
...
USD
4,545
4,180,962
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
....
649
669,541
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(b)
..
413
338,375
Ladder
Capital
Finance
Holdings
LLLP,
4.25%,
02/01/27
(b)
.....................
457
437,972
Nationstar
Mortgage
Holdings,
Inc.,
6.00%,
01/15/27
(b)
.....................
401
408,058
RMIT
Cash
Management
LLC,
Series
2021-3,
Class
A,
3.88%,
10/17/33
(e)
..........
4,470
4,257,675
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(b)
...
165
151,494
12,309,017
Tobacco
—
0.8%
BAT
Capital
Corp.
1.13%,
11/16/23
(d)
.................
EUR
2,350
2,598,908
3.22%,
08/15/24
..................
USD
16,545
16,538,942
2.79%,
09/06/24
..................
29,510
29,122,268
BAT
International
Finance
plc
0.88%,
10/13/23
(d)
.................
EUR
2,124
2,353,684
1.67%,
03/25/26
..................
USD
4,700
4,312,757
Philip
Morris
International,
Inc.
2.88%,
03/03/26
..................
EUR
1,550
1,801,605
0.13%,
08/03/26
..................
730
748,876
57,477,040
Trading
Companies
&
Distributors
—
0.5%
Air
Lease
Corp.
2.63%,
07/01/22
..................
USD
8,375
8,381,635
3.88%,
07/03/23
..................
4,500
4,545,368
1.88%,
08/15/26
..................
5,265
4,850,172
Aviation
Capital
Group
LLC
(b)
1.95%,
01/30/26
..................
5,785
5,312,873
1.95%,
09/20/26
..................
8,480
7,670,047
BOC
Aviation
Ltd.,
3.50%,
09/18/27
(d)
......
1,500
1,471,406
Fortress
Transportation
&
Infrastructure
Investors
LLC
(b)
6.50%,
10/01/25
..................
196
194,530
9.75%,
08/01/27
..................
89
92,984
5.50%,
05/01/28
..................
198
180,012
IMCD
NV,
2.13%,
03/31/27
(d)
...........
EUR
1,470
1,626,269
WESCO
Distribution,
Inc.,
7.13%,
06/15/25
(b)
.
USD
2,562
2,665,300
36,990,596
Transportation
Infrastructure
—
0.1%
ASTM
SpA,
1.00%,
11/25/26
(d)
..........
EUR
4,240
4,480,788
Wireless
Telecommunication
Services
—
0.5%
Bharti
Airtel
Ltd.,
4.38%,
06/10/25
(d)
.......
USD
2,017
2,038,809
Connect
Finco
SARL,
6.75%,
10/01/26
(b)
....
2,962
3,013,509
Millicom
International
Cellular
SA
(b)
5.13%,
01/15/28
..................
1,476
1,457,993
4.50%,
04/27/31
..................
1,355
1,258,971
Sprint
Corp.
7.88%,
09/15/23
..................
514
546,125
7.13%,
06/15/24
..................
892
956,715
7.63%,
02/15/25
..................
1,082
1,179,380
7.63%,
03/01/26
..................
1,248
1,408,755
Sprint
Spectrum
Co.
LLC,
4.74%,
03/20/25
(b)
.
6,083
6,210,207
T-Mobile
USA,
Inc.
1.50%,
02/15/26
..................
6,745
6,291,187
2.63%,
04/15/26
..................
1,353
1,292,413
3.75%,
04/15/27
..................
13,200
13,277,158
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
VTR
Comunicaciones
SpA,
4.38%,
04/15/29
(b)
USD
935
$
850,850
39,782,072
Total
Corporate
Bonds
—
36.5%
(Cost:
$2,921,015,799)
............................
2,777,338,794
Floating
Rate
Loan
Interests
Chemicals
—
0.0%
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.96%
,
 06/30/27
(a)
.................
35
33,581
Total
Floating
Rate
Loan
Interests
—
0.0%
(Cost:
$34,047)
.................................
33,581
Foreign
Agency
Obligations
Canada
—
0.3%
CPPIB
Capital,
Inc.,
0.50%
,
09/16/24
(b)
.....
22,650
21,578,780
Chile
—
0.0%
Corp.
Nacional
del
Cobre
de
Chile,
3.75%
,
01/15/31
(b)
......................
505
505,000
Colombia
—
0.0%
Ecopetrol
SA
5.38%,
06/26/26
..................
2,070
2,093,339
4.63%,
11/02/31
..................
1,565
1,416,325
3,509,664
Dominican
Republic
—
0.0%
Banco
de
Reservas
de
la
Republica
Dominicana
,
7.00%
,
02/01/23
(d)
........
1,458
1,479,870
India
—
0.0%
Power
Finance
Corp.
Ltd.,
3.75%
,
06/18/24
(d)
.
1,458
1,454,173
Indonesia
—
0.1%
Bank
Tabungan
Negara
Persero
Tbk
.
PT,
4.20%
,
01/23/25
(d)
.................
667
643,728
Pertamina
Persero
PT
(d)
1.40%,
02/09/26
..................
2,250
2,084,310
3.10%,
08/27/30
..................
2,097
1,984,517
4,712,555
Italy
—
0.0%
ACEA
SpA
,
0.00%
,
09/28/25
(d)
...........
EUR
1,885
2,008,493
Mexico
—
0.2%
Comision
Federal
de
Electricidad
,
4.69%
,
05/15/29
(b)
......................
USD
1,004
990,697
Petroleos
Mexicanos
6.88%,
08/04/26
..................
1,720
1,795,164
5.95%,
01/28/31
..................
6,436
5,933,670
6.70%,
02/16/32
..................
3,169
3,010,550
11,730,081
Panama
—
0.1%
Aeropuerto
Internacional
de
Tocumen
SA
(b)
4.00%,
08/11/41
..................
2,121
1,935,147
5.13%,
08/11/61
..................
990
902,633
Banco
Latinoamericano
de
Comercio
Exterior
SA,
2.38%
,
09/14/25
(b)
..............
1,110
1,069,762
3,907,542
Qatar
—
0.0%
Qatar
Petroleum,
3.30%
,
07/12/51
(b)
.......
1,565
1,439,800
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
98
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Saudi
Arabia
—
0.0%
Saudi
Arabian
Oil
Co.,
2.88%
,
04/16/24
(b)
....
USD
3,245
$
3,232,345
Total
Foreign
Agency
Obligations
—
0.7%
(Cost:
$58,825,389)
...............................
55,558,303
Foreign
Government
Obligations
Bahrain
—
0.1%
Kingdom
of
Bahrain
7.00%,
01/26/26
(d)
.................
577
623,809
4.25%,
01/25/28
(b)
.................
780
753,675
7.38%,
05/14/30
(d)
.................
581
629,586
5.45%,
09/16/32
(d)
.................
2,056
1,960,910
3,967,980
Brazil
—
0.1%
Federative
Republic
of
Brazil
4.63%,
01/13/28
..................
1,940
1,948,851
3.88%,
06/12/30
..................
2,299
2,119,103
4,067,954
Chile
—
0.1%
Republic
of
Chile
2.45%,
01/31/31
..................
1,930
1,803,103
2.55%,
07/27/33
..................
1,825
1,663,487
3.50%,
01/31/34
..................
490
485,590
3.10%,
05/07/41
..................
1,205
1,066,425
4.34%,
03/07/42
..................
630
647,010
5,665,615
Colombia
—
0.1%
Republic
of
Colombia
4.00%,
02/26/24
..................
384
384,552
8.13%,
05/21/24
..................
3,010
3,268,296
3.88%,
04/25/27
..................
2,510
2,416,345
4.50%,
03/15/29
..................
869
836,304
3.25%,
04/22/32
..................
820
687,160
4.13%,
05/15/51
..................
510
384,986
7,977,643
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond
5.50%,
02/22/29
(b)
.................
1,140
1,125,964
4.50%,
01/30/30
(b)
.................
2,904
2,666,779
4.88%,
09/23/32
(b)
.................
1,715
1,554,004
6.00%,
02/22/33
(b)
.................
685
666,719
5.30%,
01/21/41
(d)
.................
1,084
941,928
6.40%,
06/05/49
(d)
.................
1,100
1,028,363
7,983,757
Egypt
—
0.0%
Arab
Republic
of
Egypt
(b)
5.25%,
10/06/25
..................
1,072
1,029,120
6.38%,
04/11/31
..................
EUR
1,059
1,000,184
2,029,304
Guatemala
—
0.0%
Republic
of
Guatemala
5.38%,
04/24/32
(b)
.................
USD
661
691,282
3.70%,
10/07/33
(d)
.................
2,438
2,251,036
2,942,318
India
—
0.0%
Oil
India
Ltd.,
5.38%
,
04/17/24
(d)
..........
710
735,205
Indonesia
—
0.1%
(d)
Bank
Negara
Indonesia
Persero
Tbk
.
PT,
3.75%
,
03/30/26
..................
700
665,077
Perusahaan
Listrik
Negara
PT,
4.13%
,
05/15/27
2,299
2,320,984
Security
Par
(000)
Par
(000)
Value
Indonesia
(continued)
Republic
of
Indonesia
4.75%,
01/08/26
(d)
.................
USD
2,010
$
2,134,746
3.50%,
01/11/28
..................
1,600
1,642,800
4.10%,
04/24/28
..................
1,190
1,263,483
4.75%,
02/11/29
..................
450
497,299
8,524,389
Israel
—
0.0%
State
of
Israel
Government
Bond,
2.75%
,
07/03/30
.......................
990
978,553
Ivory
Coast
—
0.0%
Republic
of
Cote
d'Ivoire,
6.38%
,
03/03/28
(d)
..
942
956,307
Mexico
—
0.1%
United
Mexican
States
4.13%,
01/21/26
..................
1,460
1,531,540
4.50%,
04/22/29
..................
1,997
2,105,836
3.25%,
04/16/30
..................
1,416
1,365,024
2.66%,
05/24/31
..................
1,513
1,378,343
4.75%,
04/27/32
..................
831
880,860
7,261,603
Mongolia
—
0.0%
State
of
Mongolia,
5.13%
,
04/07/26
(d)
......
800
788,088
Morocco
—
0.1%
Kingdom
of
Morocco
(b)
2.38%,
12/15/27
..................
1,467
1,334,970
3.00%,
12/15/32
..................
2,173
1,874,212
4.00%,
12/15/50
..................
745
595,069
3,804,251
Nigeria
—
0.0%
Federal
Republic
of
Nigeria,
8.38%
,
03/24/29
(b)
865
868,244
Oman
—
0.0%
Oman
Government
Bond
(d)
4.75%,
06/15/26
..................
450
451,687
7.38%,
10/28/32
..................
1,899
2,160,113
2,611,800
Pakistan
—
0.0%
Islamic
Republic
of
Pakistan,
6.00%
,
04/08/26
(d)
255
198,928
Panama
—
0.1%
Republic
of
Panama
3.88%,
03/17/28
..................
2,560
2,618,080
3.16%,
01/23/30
..................
1,395
1,363,438
2.25%,
09/29/32
..................
1,459
1,290,577
3.30%,
01/19/33
..................
514
492,926
5,765,021
Paraguay
—
0.1%
Republic
of
Paraguay
5.00%,
04/15/26
(d)
.................
1,569
1,635,486
4.95%,
04/28/31
(b)
.................
4,368
4,573,569
2.74%,
01/29/33
(b)
.................
1,985
1,751,515
7,960,570
Peru
—
0.1%
Peru
Government
Bond,
1.86%
,
12/01/32
...
970
830,744
Republic
of
Peru
2.39%,
01/23/26
..................
2,345
2,279,487
3.00%,
01/15/34
..................
415
388,855
3.30%,
03/11/41
..................
857
779,870
4,278,956
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
99
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Philippines
—
0.1%
Republic
of
Philippines
3.75%,
01/14/29
..................
USD
4,460
$
4,644,466
3.56%,
09/29/32
..................
1,856
1,904,924
6,549,390
Qatar
—
0.1%
State
of
Qatar
4.50%,
04/23/28
(d)
.................
1,397
1,520,984
4.00%,
03/14/29
(b)
.................
3,740
3,992,450
5,513,434
Romania
—
0.0%
Romania
Government
Bond
(b)
3.00%,
02/14/31
..................
1,426
1,320,833
3.63%,
03/27/32
..................
1,548
1,464,795
2,785,628
Russia
—
0.0%
Russian
Federation,
4.25%
,
06/23/27
(d)
.....
800
184,000
Saudi
Arabia
—
0.1%
Kingdom
of
Saudi
Arabia
4.00%,
04/17/25
(d)
.................
831
860,085
3.25%,
10/26/26
(d)
.................
854
873,215
3.63%,
03/04/28
(d)
.................
600
616,500
4.38%,
04/16/29
(b)
.................
2,180
2,354,400
4,704,200
South
Africa
—
0.0%
Republic
of
South
Africa
4.88%,
04/14/26
..................
901
913,276
5.75%,
09/30/49
..................
1,151
1,003,744
1,917,020
Ukraine
—
0.0%
Ukraine
Government
Bond
8.99%,
02/01/24
(d)
.................
930
409,200
7.75%,
09/01/24
(d)
.................
953
407,407
9.75%,
11/01/28
(d)
.................
1,017
427,140
7.25%,
03/15/33
(b)
.................
200
82,500
1,326,247
United
Arab
Emirates
—
0.0%
Sharjah
Sukuk
Program
Ltd.,
2.94%
,
06/10/27
(d)
2,165
2,094,638
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay,
4.38%
,
10/27/27
1,684
1,783,772
Total
Foreign
Government
Obligations
—
1.4%
(Cost:
$114,969,680)
..............................
106,224,815
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
2.7%
Angel
Oak
Mortgage
Trust
(b)
Series
2022-1,
Class
A1,
2.88%,
12/25/66
(c)
6,580
6,409,408
Series
2022-2,
Class
A1,
3.35%,
01/25/67
(a)
7,794
7,766,458
Angel
Oak
Mortgage
Trust
I
LLC,
Series
2019-
1,
Class
A2,
4.02%,
11/25/48
(a)(b)
........
207
207,227
Atlas
Funding
plc
(a)
Series
2021-1,
Class
C,
(SONIO/N
+
1.70%),
2.13%,
07/25/58
(d)
.........
GBP
125
163,772
Series
2021-1,
Class
D,
(SONIO/N
+
2.25%),
2.68%,
07/25/58
(d)
.........
110
144,518
Banc
of
America
Mortgage
Trust,
Series
2003-J,
Class
2A1,
2.47%,
11/25/33
(a)
.........
USD
158
152,779
Barley
Hill
NO
2
plc,
Series
2,
Class
C,
(SONIO/N
+
1.70%),
2.39%,
08/27/58
(a)(d)
..
GBP
520
684,403
Bear
Stearns
ARM
Trust,
Series
2004-5,
Class
2A,
2.87%,
07/25/34
(a)
..............
USD
272
274,071
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
BlackRock
Capital
Finance
LP,
Series
1997-R2,
Class
AP,
0.00%,
12/25/35
(a)(b)(h)
........
USD
16
$
14,148
Canada
Square
Funding
(a)
Series
6,
Class
C,
(SONIO/N
+
1.45%),
1.94%,
01/17/59
(d)
...............
GBP
318
411,760
Series
6,
Class
D,
(SONIO/N
+
1.85%),
2.34%,
01/17/59
(d)
...............
178
230,685
Canada
Square
Funding
plc,
Series
2021-2,
Class
C,
(SONIO/N
+
1.60%),
2.20%,
06/17/58
(a)(d)
.....................
102
132,475
Cascade
MH
Asset
Trust,
Series
2021-MH1,
Class
A1,
1.75%,
02/25/46
(b)
..........
USD
2,615
2,424,334
Chase
Home
Lending
Mortgage
Trust
(a)(b)
Series
2019-ATR2,
Class
A11,
(LIBOR
USD
1
Month
+
0.90%),
1.36%,
07/25/49
...
898
899,730
Series
2019-ATR2,
Class
A3,
3.50%,
07/25/49
.....................
1,923
1,918,150
CHL
Mortgage
Pass-Through
Trust
Series
2004-29,
Class
1A1,
(LIBOR
USD
1
Month
+
0.54%),
1.00%,
02/25/35
(a)
...
210
203,019
Series
2005-17,
Class
1A6,
5.50%,
09/25/35
297
290,352
Series
2005-HYB8,
Class
2A1,
2.90%,
12/20/35
(a)
....................
584
569,638
CMF
plc
(a)
Series
2020-1,
Class
B,
(SONIO/N
+
1.00%),
1.59%,
01/16/57
(d)
...............
GBP
220
287,117
Series
2020-1,
Class
C,
(SONIO/N
+
1.25%),
1.84%,
01/16/57
(d)
.........
105
136,610
COLT
Mortgage
Loan
Trust,
Series
2022-3,
Class
A1,
3.90%,
02/25/67
(a)(b)
.........
USD
5,039
5,029,620
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2022-ATH1,
Class
A1A,
2.87%,
01/25/67
(a)(b)(e)
....................
7,753
7,752,709
CSMC
Trust
(a)(b)
Series
2013-HYB1,
Class
B2,
2.92%,
04/25/43
.....................
4,792
4,794,156
Series
2013-HYB1,
Class
B4,
2.92%,
04/25/43
.....................
4,260
4,245,150
Series
2015-1,
Class
A1,
2.50%,
01/25/45
.
7,151
6,949,643
Series
2019-RP10,
Class
A1,
2.94%,
12/26/59
.....................
3,182
3,155,459
Deephaven
Residential
Mortgage
Trust,
Series
2022-2,
Class
A1,
4.30%,
03/25/67
(a)(b)
...
2,667
2,663,070
Dutch
Property
Finance
BV
(a)
Series
2021-1,
Class
B,
(EURIBOR
3
Month
+
1.10%),
0.55%,
07/28/58
(d)
........
EUR
740
811,996
Series
2021-2,
Class
B,
(EURIBOR
3
Month
+
0.80%),
0.25%,
04/28/59
(d)
........
820
888,028
Series
2021-2,
Class
C,
(EURIBOR
3
Month
+
1.05%),
0.50%,
04/28/59
(d)
........
503
536,818
Finsbury
Square,
Series
2021-1GRX,
Class
C,
(SONIO/N
+
1.25%),
1.84%,
12/16/67
(a)(d)
..
GBP
1,045
1,343,047
Finsbury
Square
plc
(a)
Series
2020-1A,
Class
C,
(SONIO/N
+
1.35%),
1.94%,
03/16/70
(b)
.........
225
294,461
Series
2021-2X,
Class
C,
(SONIO/N
+
1.40%),
1.99%,
12/16/71
(d)
.........
371
478,842
Series
2021-2X,
Class
D,
(SONIO/N
+
1.70%),
2.29%,
12/16/71
(d)
.........
200
256,030
Gemgarto
plc,
Series
2021-1X,
Class
C,
(SONIO/N
+
1.30%),
1.89%,
12/16/67
(a)(d)
..
218
285,051
Gosforth
Funding
plc,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
0.45%),
0.95%,
08/25/60
(a)(b)
.....................
USD
1,475
1,475,055
GS
Mortgage-Backed
Securities
Corp.
Trust
(a)(b)
Series
2019-PJ1,
Class
B1,
4.30%,
08/25/49
2,672
2,671,066
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
100
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2020-PJ4,
Class
A2,
3.00%,
01/25/51
USD
4,063
$
3,978,300
Series
2022-PJ2,
Class
A4,
2.50%,
06/25/52
13,645
12,575,213
Harben
Finance
(a)
Series
2017-1RX,
Class
C,
(SONIO/N
+
1.15%),
1.65%,
09/28/55
(d)
.........
GBP
741
945,245
Series
2017-1RX,
Class
D,
(SONIO/N
+
1.50%),
2.00%,
09/28/55
(d)
.........
441
557,095
Hops
Hill
No.
1
plc
(a)
Series
1,
Class
C,
(SONIO/N
+
1.85%),
2.54%,
05/27/54
(d)
...............
200
262,684
Series
1,
Class
D,
(SONIO/N
+
2.35%),
3.04%,
05/27/54
(d)
...............
100
131,364
JPMorgan
Mortgage
Trust
(a)(b)
Series
2016-2,
Class
A1,
2.35%,
06/25/46
.
USD
4,140
3,969,507
Series
2020-7,
Class
A3,
3.00%,
01/25/51
.
3,120
3,046,889
Series
2020-LTV1,
Class
A11,
(LIBOR
USD
1
Month
+
1.00%),
1.19%,
06/25/50
...
936
916,314
Series
2022-INV3,
Class
A3B,
3.00%,
09/25/52
.....................
8,950
8,404,609
Series
2022-LTV1,
Class
A1,
3.25%,
07/25/52
.....................
5,320
5,100,996
Jubilee
Place,
Series
3,
Class
C,
(EURIBOR
3
Month
+
1.60%),
1.04%,
01/17/59
(a)(d)
....
EUR
201
218,801
Lanebrook
Mortgage
Transaction
plc
(a)
Series
2020-1,
Class
C,
(SONIO/N
+
2.25%),
2.82%,
06/12/57
(d)
.........
GBP
370
489,047
Series
2021-1,
Class
C,
(SONIO/N
+
1.25%),
1.66%,
07/20/58
(d)
.........
158
206,252
Mello
Mortgage
Capital
Acceptance,
Series
2022-INV2,
Class
A3,
3.00%,
04/25/52
(a)(b)
.
USD
10,750
10,351,914
MortgageIT
Trust,
Series
2004-1,
Class
A1,
(LIBOR
USD
1
Month
+
0.78%),
1.24%,
11/25/34
(a)
......................
484
481,670
Mortimer
BTL
plc,
Series
2021-1,
Class
C,
(SONIO/N
+
1.45%),
2.09%,
06/23/53
(a)(d)
..
GBP
111
143,211
New
Residential
Mortgage
Loan
Trust
(a)(b)
Series
2016-3A,
Class
A1B,
3.25%,
09/25/56
.....................
USD
1,388
1,376,339
Series
2018-1A,
Class
A1A,
4.00%,
12/25/57
.....................
5,185
5,227,192
Series
2020-1A,
Class
A1B,
3.50%,
10/25/59
.....................
12,128
12,049,728
OBX
Trust,
Series
2022-INV3,
Class
A1,
3.00%,
02/25/52
(a)(b)
.....................
4,867
4,634,500
Polaris
plc,
Series
2022-1,
Class
E,
(SONIO/N
+
3.40%),
4.07%,
10/23/59
(a)(d)
.........
GBP
538
695,996
Residential
Mortgage
Securities
32
plc,
Series
32X,
Class
C,
(SONIO/N
+
2.20%),
2.84%,
06/20/70
(a)(d)
.....................
1,025
1,353,629
RMAC
Securities
No.
1
plc,
Series
2007-NS1X,
Class
A2A,
(SONIO/N
+
0.27%),
1.17%,
06/12/44
(a)(d)
.....................
347
438,252
Seasoned
Credit
Risk
Transfer
Trust
Series
2018-2,
Class
MA,
3.50%,
11/25/57
USD
4,914
4,938,541
Series
2018-3,
Class
MA,
3.50%,
08/25/57
(a)
13,698
13,768,119
Series
2019-4,
Class
MA,
3.00%,
02/25/59
13,698
13,604,660
Sequoia
Mortgage
Trust,
Series
2017-CH1,
Class
A2,
3.50%,
08/25/47
(a)(b)
.........
622
623,218
Stanlington
No.
2
plc
(a)
Series
2,
Class
C,
(SONIO/N
+
1.75%),
2.32%,
06/12/56
(d)
...............
GBP
535
697,629
Series
2,
Class
D,
(SONIO/N
+
2.20%),
2.77%,
06/12/56
(d)
...............
329
430,945
Series
2,
Class
E,
(SONIO/N
+
3.30%),
3.87%,
06/12/56
(d)
...............
450
592,043
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Starwood
Mortgage
Residential
Trust,
Series
2020-INV1,
Class
A1,
1.03%,
11/25/55
(a)(b)
.
USD
3,459
$
3,379,085
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2004-13,
Class
A2,
(LIBOR
USD
1
Month
+
0.30%),
0.76%,
09/25/34
(a)
589
554,942
Together
Asset-Backed
Securitisation
2021-1st1
plc,
Series
2021-1ST1,
Class
C,
(SONIO/N
+
1.25%),
1.64%,
07/12/63
(a)(d)
.........
GBP
108
140,018
TORRENS
Trust,
Series
2013-1,
Class
A,
(ASX
Australia
Bank
Bill
Short
Term
Rates
1
Month
Mid
+
0.95%),
0.97%,
04/12/44
(a)
..
AUD
3,022
2,261,468
Tower
Bridge
Funding
plc
(a)
Series
2020-1,
Class
C,
(SONIO/N
+
2.45%),
3.09%,
09/20/63
(d)
.........
GBP
145
191,717
Series
2020-1,
Class
D,
(SONIO/N
+
3.45%),
4.09%,
09/20/63
(d)
.........
120
159,230
Series
2021-1,
Class
C,
(SONIO/N
+
1.85%),
2.26%,
07/21/64
(d)
.........
365
479,051
Series
2021-1,
Class
D,
(SONIO/N
+
2.15%),
2.56%,
07/21/64
(d)
.........
252
328,810
Series
2021-2,
Class
C,
(SONIO/N
+
1.50%),
2.01%,
11/20/63
(d)
.........
140
181,272
Series
2021-2,
Class
D,
(SONIO/N
+
1.80%),
2.31%,
11/20/63
(d)
.........
169
217,167
Twin
Bridges
plc
(a)
Series
2020-1,
Class
C,
(SONIO/N
+
2.25%),
2.82%,
12/12/54
(d)
.........
395
522,784
Series
2020-1,
Class
D,
(SONIO/N
+
3.00%),
3.57%,
12/12/54
(d)
.........
225
298,364
Series
2021-1,
Class
C,
(SONIO/N
+
1.60%),
2.17%,
03/12/55
(d)
.........
436
566,359
Series
2021-1,
Class
D,
(SONIO/N
+
2.10%),
2.67%,
03/12/55
(d)
.........
220
284,860
Series
2021-2,
Class
C,
(SONIO/N
+
1.15%),
1.72%,
09/12/55
(d)
.........
435
555,151
Series
2021-2,
Class
D,
(SONIO/N
+
1.50%),
2.07%,
09/12/55
(d)
.........
187
235,795
Series
2022-1,
Class
D,
(SONIO/N
+
1.70%),
2.13%,
12/01/55
(d)
.........
365
461,898
Verus
Securitization
Trust,
Series
2022-3,
Class
A1,
4.13%,
02/25/67
(b)
..............
USD
9,692
9,678,438
Walsh
Acceptance,
Series
1997-2,
Class
A,
(LIBOR
USD
1
Month
+
2.00%),
2.46%,
03/01/27
(a)(b)
.....................
2
1,503
Wells
Fargo
Mortgage
Backed
Securities
Trust
(a)(b)
Series
2019-4,
Class
A2,
3.00%,
09/25/49
.
1,035
1,030,662
Series
2020-RR1,
Class
A1,
3.00%,
05/25/50
.....................
1,886
1,843,350
202,532,681
Commercial
Mortgage-Backed
Securities
—
10.5%
Alen
Mortgage
Trust,
Series
2021-ACEN,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
1.55%,
04/15/34
(a)(b)
.....................
8,030
7,837,978
Atom
Mortgage
Securities
DAC
(a)
Series
1X,
Class
D,
(SONIO/N
+
1.90%),
2.32%,
07/22/31
(d)
...............
GBP
1,906
2,438,741
Series
1X,
Class
E,
(SONIO/N
+
2.80%),
3.22%,
07/22/31
(d)
...............
2,158
2,808,195
BAMLL
Commercial
Mortgage
Securities
Trust
(a)
(b)
Series
2017-SCH,
Class
AF,
(LIBOR
USD
1
Month
+
1.00%),
1.40%,
11/15/33
....
USD
3,270
3,183,181
Series
2018-DSNY,
Class
A,
(LIBOR
USD
1
Month
+
0.85%),
1.25%,
09/15/34
....
12,495
12,337,801
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
101
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
BANK
Series
2018-BN14,
Class
A2,
4.13%,
09/15/60
.....................
USD
3,413
$
3,453,807
Series
2019-BN16,
Class
A2,
3.93%,
02/15/52
.....................
12,200
12,343,950
Series
2019-BN18,
Class
A2,
3.47%,
05/15/62
.....................
15,479
15,462,301
Barclays
Commercial
Mortgage
Trust,
Series
2019-C5,
Class
ASB,
2.99%,
11/15/52
...
5,550
5,473,558
Bear
Stearns
Commercial
Mortgage
Securities
Trust,
Series
2005-PW10,
Class
AJ,
5.78%,
12/11/40
(a)
......................
—
(
i
)
1
Benchmark
Mortgage
Trust
  3.83%,
04/15/55
.................
4,680
4,736,637
Series
2019-B9,
Class
A5,
4.02%,
03/15/52
10,000
10,351,542
BX
Commercial
Mortgage
Trust
(b)
Series
2019-XL,
Class
A,
(LIBOR
USD
1
Month
+
0.92%),
1.32%,
10/15/36
(a)
...
22,079
21,982,782
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
5,820
5,444,683
Series
2021-VINO,
Class
A,
(LIBOR
USD
1
Month
+
0.65%),
1.05%,
05/15/38
(a)
...
6,930
6,756,504
Series
2021-XL2,
Class
A,
(LIBOR
USD
1
Month
+
0.69%),
1.09%,
10/15/38
(a)
...
15,489
15,158,706
BX
Trust
(a)(b)
Series
2021-ARIA,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
1.30%,
10/15/36
....
14,000
13,727,503
Series
2021-LBA,
Class
AJV,
(LIBOR
USD
1
Month
+
0.80%),
1.20%,
02/15/36
....
4,700
4,599,896
Series
2021-LBA,
Class
AV,
(LIBOR
USD
1
Month
+
0.80%),
1.20%,
02/15/36
....
6,280
6,146,245
Series
2021-SDMF,
Class
A,
(LIBOR
USD
1
Month
+
0.59%),
0.99%,
09/15/34
....
7,130
6,915,136
Series
2021-SOAR,
Class
A,
(LIBOR
USD
1
Month
+
0.67%),
1.07%,
06/15/38
....
12,210
11,949,945
Series
2021-VIEW,
Class
A,
(LIBOR
USD
1
Month
+
1.28%),
1.68%,
06/15/23
....
3,450
3,408,053
BXP
Trust,
Series
2021-601L,
Class
D,
2.78%,
01/15/44
(a)(b)
.....................
5,000
4,013,743
Cassia
AB,  
3.50%,
05/22/34
............
2,206
2,440,973
Cassia
SRL,
Series
2022-1X,
Class
A,
(EURIBOR
3
Month
+
2.50%),
(0.49)%,
05/22/34
(a)(d)
.....................
EUR
4,617
5,108,362
CFCRE
Commercial
Mortgage
Trust
(b)
Series
2018-TAN,
Class
A,
4.24%,
02/15/33
USD
15,000
15,074,082
Series
2018-TAN,
Class
B,
4.69%,
02/15/33
7,905
7,922,456
Citigroup
Commercial
Mortgage
Trust
Series
2012-GC8,
Class
A4,
3.02%,
09/10/45
.....................
10,437
10,436,595
Series
2013-GC11,
Class
A3,
2.82%,
04/10/46
.....................
26,424
26,372,074
Series
2015-GC31,
Class
A4,
3.76%,
06/10/48
.....................
9,000
9,079,640
Series
2015-P1,
Class
A4,
3.46%,
09/15/48
13,174
13,102,923
Series
2016-P3,
Class
A2,
2.74%,
04/15/49
1,184
1,183,062
Series
2016-P4,
Class
A4,
2.90%,
07/10/49
14,575
14,177,680
COMM
Mortgage
Trust,
Series
2018-COR3,
Class
A3,
4.23%,
05/10/51
...........
3,570
3,720,231
Commercial
Mortgage
Trust
Series
2013-CR13,
Class
A4,
4.19%,
11/10/46
(a)
....................
4,515
4,586,871
Series
2014-CR21,
Class
A3,
3.53%,
12/10/47
.....................
15,052
14,964,061
Series
2014-UBS5,
Class
ASB,
3.55%,
09/10/47
.....................
3,355
3,386,582
Series
2014-UBS6,
Class
ASB,
3.39%,
12/10/47
.....................
972
979,231
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2015-CR22,
Class
A3,
3.21%,
03/10/48
.....................
USD
12,915
$
12,907,164
Series
2015-CR23,
Class
A2,
2.85%,
05/10/48
.....................
2,920
2,918,304
Series
2015-CR23,
Class
A4,
3.50%,
05/10/48
.....................
7,750
7,773,734
Series
2015-CR24,
Class
ASB,
3.45%,
08/10/48
.....................
4,863
4,884,076
Series
2015-PC1,
Class
B,
4.32%,
07/10/50
(a)
....................
4,175
4,162,476
Credit
Suisse
Mortgage
Capital
Certificates
(b)
Series
2020-NET,
Class
A,
2.26%,
08/15/37
6,977
6,636,132
Series
2021-980M,
Class
A,
2.39%,
07/15/31
.....................
6,240
5,897,291
Series
2021-980M,
Class
C,
3.20%,
07/15/31
.....................
3,450
3,237,928
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C2,
Class
A4,
3.50%,
06/15/57
.....
2,458
2,458,697
Extended
Stay
America
Trust,
Series
2021-
ESH,
Class
A,
(LIBOR
USD
1
Month
+
1.08%),
1.48%,
07/15/38
(a)(b)
..........
12,801
12,648,483
GS
Mortgage
Securities
Corp.
II
Series
2005-ROCK,
Class
F,
5.52%,
05/03/32
(b)
....................
2,000
2,039,142
Series
2013-GC10,
Class
A4,
2.68%,
02/10/46
.....................
3,644
3,654,673
GS
Mortgage
Securities
Corp.
Trust
(b)
Series
2012-ALOH,
Class
A,
3.55%,
04/10/34
.....................
17,000
16,992,477
Series
2020-TWN3,
Class
A,
(LIBOR
USD
1
Month
+
2.00%),
2.40%,
11/15/37
(a)
...
11,900
11,889,245
Series
2021-STAR,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
1.35%,
12/15/36
(a)
...
12,850
12,720,306
GS
Mortgage
Securities
Trust
Series
2011-GC5,
Class
AS,
5.16%,
08/10/44
(a)(b)
...................
6,469
6,480,293
Series
2013-GC12,
Class
A4,
3.14%,
06/10/46
.....................
16,779
16,848,037
Series
2013-GC13,
Class
AAB,
3.72%,
07/10/46
(a)
....................
1,788
1,801,373
Series
2014-GC24,
Class
AAB,
3.65%,
09/10/47
.....................
4,624
4,676,642
Series
2015-GS1,
Class
A3,
3.73%,
11/10/48
.....................
5,900
5,949,000
Series
2019-GC38,
Class
A2,
3.87%,
02/10/52
.....................
8,134
8,217,232
Haus
European
Loan
Conduit
No.
DAC
(a)
Series
39X,
Class
C,
(EURIBOR
3
Month
+
1.40%),
1.40%,
07/28/51
(d)
.........
EUR
841
905,989
Series
39X,
Class
D,
(EURIBOR
3
Month
+
2.00%),
2.00%,
07/28/51
(d)
.........
2,052
2,168,914
Hawaii
Hotel
Trust,
Series
2019-MAUI,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
1.55%,
05/15/38
(a)(b)
.....................
USD
9,675
9,590,173
HONO
Mortgage
Trust,
Series
2021-LULU,
Class
D,
(LIBOR
USD
1
Month
+
2.50%),
2.90%,
10/15/36
(a)(b)
................
2,000
1,965,713
JPMBB
Commercial
Mortgage
Securities
Trust
Series
2014-C23,
Class
ASB,
3.66%,
09/15/47
.....................
3,399
3,434,264
Series
2016-C1,
Class
A5,
3.58%,
03/17/49
2,250
2,266,963
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2017-JP6,
Class
A3,
3.11%,
07/15/50
17,260
17,168,895
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
102
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2012-HSBC,
Class
D,
4.52%,
07/05/32
(a)(b)
...................
USD
6,490
$
6,503,503
Series
2013-C16,
Class
A4,
4.17%,
12/15/46
13,920
14,098,148
Series
2018-WPT,
Class
AFX,
4.25%,
07/05/33
(b)
....................
7,070
7,151,066
Series
2019-BKWD,
Class
A,
(LIBOR
USD
1
Month
+
1.00%),
1.40%,
09/15/29
(a)(b)
..
1,604
1,596,183
Series
2021-MHC,
Class
A,
(LIBOR
USD
1
Month
+
0.80%),
1.20%,
04/15/38
(a)(b)
..
3,676
3,616,889
Series
2022-OPO,
Class
B,
3.38%,
01/05/39
(b)
....................
3,405
3,236,326
Series
2022-OPO,
Class
D,
3.45%,
01/05/39
(a)(b)
...................
1,000
883,383
KNDL
Mortgage
Trust,
Series
2019-KNSQ,
Class
D,
(LIBOR
USD
1
Month
+
1.35%),
1.75%,
05/15/36
(a)(b)
................
2,972
2,934,563
Last
Mile
Logistics
Pan
Euro
Finance
DAC
(a)
Series
1X,
Class
C,
(EURIBOR
3
Month
+
1.40%),
1.40%,
08/17/33
(d)
.........
EUR
1,350
1,470,591
Series
1X,
Class
D,
(EURIBOR
3
Month
+
1.90%),
1.90%,
08/17/33
(d)
.........
1,045
1,137,997
Last
Mile
Securities
PE
DAC
(a)
Series
2021-1X,
Class
B,
(EURIBOR
3
Month
+
1.20%),
1.20%,
08/17/31
(d)
...
939
1,016,750
Series
2021-1X,
Class
C,
(EURIBOR
3
Month
+
1.60%),
1.60%,
08/17/31
(d)
...
1,061
1,157,013
Med
Trust,
Series
2021-MDLN,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
1.35%,
11/15/38
(a)(b)
.....................
USD
6,980
6,859,503
MF1
Multifamily
Housing
Mortgage
Loan
Trust
(a)
(b)
Series
2021-W10,
Class
A,
(TSFR1M
+
1.07%),
1.37%,
12/15/34
..........
2,490
2,488,157
Series
2021-W10,
Class
B,
(TSFR1M
+
1.37%),
1.67%,
12/15/34
..........
2,170
2,168,373
MHC
Commercial
Mortgage
Trust,
Series
2021-MHC,
Class
A,
(LIBOR
USD
1
Month
+
0.80%),
1.20%,
04/15/38
(a)(b)
..........
12,380
12,178,569
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2013-C13,
Class
A4,
4.04%,
11/15/46
11,900
12,021,042
Series
2013-C9,
Class
AAB,
2.66%,
05/15/46
.....................
1,174
1,175,422
Series
2014-C15,
Class
A4,
4.05%,
04/15/47
16,435
16,659,648
Series
2014-C18,
Class
ASB,
3.62%,
10/15/47
.....................
4,269
4,313,535
Series
2014-C19,
Class
ASB,
3.33%,
12/15/47
.....................
4,219
4,244,277
Series
2015-C24,
Class
A4,
3.73%,
05/15/48
16,494
16,619,653
Series
2015-C25,
Class
A5,
3.64%,
10/15/48
8,717
8,772,526
Morgan
Stanley
Capital
I
Trust
Series
2018-BOP,
Class
A,
(LIBOR
USD
1
Month
+
0.85%),
1.25%,
08/15/33
(a)(b)
..
3,082
3,062,226
Series
2018-H4,
Class
A4,
4.31%,
12/15/51
4,995
5,211,218
Series
2018-SUN,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
1.30%,
07/15/35
(a)(b)
..
1,300
1,283,652
Series
2019-NUGS,
Class
D,
(LIBOR
USD
1
Month
+
1.80%),
3.30%,
12/15/36
(a)(b)
..
8,000
7,894,678
MTN
Commercial
Mortgage
Trust,
Series
2022-
LPFL,
Class
A,
(TSFR1M
+
1.40%),
1.45%,
03/15/39
(a)(b)
.....................
14,870
14,804,780
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2018-FL1,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
1.35%,
06/15/35
(a)(b)
....
3,418
3,289,685
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Pearl
Finance
2020
DAC
(a)
Series
2020-1,
Class
A2,
(EURIBOR
3
Month
+
1.90%),
1.90%,
11/17/32
(d)
...
EUR
1,128
$
1,243,650
Series
2020-1,
Class
B,
(EURIBOR
3
Month
+
2.50%),
2.50%,
11/17/32
(d)
........
1,355
1,496,851
PKHL
Commercial
Mortgage
Trust,
Series
2021-MF,
Class
A,
(LIBOR
USD
1
Month
+
0.88%),
1.28%,
07/15/38
(a)(b)
..........
USD
15,473
15,292,243
Sage
AR
Funding
No.
1
plc,
Series
1X,
Class
C,
(SONIO/N
+
2.15%),
2.65%,
11/17/30
(a)(d)
GBP
535
695,837
SREIT
Trust,
Series
2021-MFP2,
Class
A,
(LIBOR
USD
1
Month
+
0.82%),
1.22%,
11/15/36
(a)(b)
.....................
USD
4,025
3,949,192
Taurus
CMBS,
Series
2021-UK4X,
Class
D,
(SONIO/N
+
2.10%),
2.60%,
08/17/31
(a)(d)
..
GBP
1,442
1,847,023
Taurus
UK
DAC
(a)
Series
2021-UK1X,
Class
B,
(SONIO/N
+
1.30%),
1.80%,
05/17/31
(d)
.........
880
1,145,183
Series
2021-UK1X,
Class
C,
(SONIO/N
+
1.65%),
2.15%,
05/17/31
(d)
.........
536
696,639
Series
2021-UK1X,
Class
D,
(SONIO/N
+
2.60%),
3.10%,
05/17/31
(d)
.........
547
706,428
TPGI
Trust,
Series
2021-DGWD,
Class
A,
(LIBOR
USD
1
Month
+
0.70%),
1.10%,
06/15/26
(a)(b)
.....................
USD
10,540
10,301,751
TTAN
MHC,
Series
2021-MHC,
Class
A,
(LIBOR
USD
1
Month
+
0.85%),
1.25%,
03/15/38
(a)(b)
.....................
8,388
8,268,978
UBS
Commercial
Mortgage
Trust,
Series
2019-
C18,
Class
A4,
3.04%,
12/15/52
........
7,873
7,600,724
UBS-Barclays
Commercial
Mortgage
Trust
Series
2013-C5,
Class
AS,
3.35%,
03/10/46
(b)
....................
9,713
9,721,750
Series
2013-C6,
Class
ASB,
2.79%,
04/10/46
.....................
1,132
1,134,257
Velocity
Commercial
Capital
Loan
Trust
(b)
Series
2018-1,
Class
A,
3.59%,
04/25/48
..
570
565,700
Series
2019-3,
Class
A,
3.03%,
10/25/49
(a)
.
3,598
3,534,698
Wells
Fargo
Commercial
Mortgage
Trust
Series
2014-LC16,
Class
ASB,
3.48%,
08/15/50
.....................
5,004
5,046,125
Series
2015-C27,
Class
A5,
3.45%,
02/15/48
10,140
10,144,456
Series
2015-C28,
Class
ASB,
3.31%,
05/15/48
.....................
3,422
3,437,871
Series
2017-C39,
Class
A5,
3.42%,
09/15/50
25,064
25,114,499
WFRBS
Commercial
Mortgage
Trust
Series
2012-C10,
Class
ASB,
2.45%,
12/15/45
.....................
1,672
1,672,769
Series
2014-C21,
Class
ASB,
3.39%,
08/15/47
.....................
6,064
6,116,369
Series
2014-C21,
Class
ASBF,
(LIBOR
USD
1
Month
+
0.56%),
1.00%,
08/15/47
(a)(b)
.
1,569
1,563,197
Series
2014-C24,
Class
ASB,
3.32%,
11/15/47
.....................
5,104
5,138,866
799,643,739
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
Commercial
Mortgage
Trust,
Series
2015-
CR23,
Class
XA,
0.88%,
05/10/48
(a)
.....
32,501
703,224
Total
Non-Agency
Mortgage-Backed
Securities
—
13.2%
(Cost:
$1,029,716,473)
............................
1,002,879,644
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
103
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Securities
Collateralized
Mortgage
Obligations
—
1.4%
Federal
Home
Loan
Mortgage
Corp.
Series
3710,
Class
MG,
4.00%, 08/15/25
(c)
.
USD
303
$
314,548
Series
3959,
Class
MA,
4.50%, 11/15/41
..
1,077
1,113,035
Series
3986,
Class
M,
4.50%, 09/15/41
...
621
632,554
Series
4459,
Class
BN,
3.00%, 08/15/43
..
4,581
4,540,569
Series
4569,
Class
JA,
3.00%, 03/15/42
..
5,946
5,951,065
Series
4752,
Class
PL,
3.00%, 09/15/46
..
7,253
7,096,441
Series
4941,
Class
MB,
3.00%, 07/25/49
..
5,494
5,361,193
Series
5000,
Class
MA,
2.00%, 06/25/44
..
4,212
4,076,816
Series
5006,
Class
KA,
2.00%, 06/25/45
..
11,791
11,399,592
Series
5105,
Class
LA,
1.50%, 04/15/44
..
44,150
43,350,264
Federal
Home
Loan
Mortgage
Corp.
STACR
Trust
Variable
Rate
Notes,
Series
2019-
FTR2,
Class
M1,
(LIBOR
USD
1
Month
+
0.95%),
1.41%, 11/25/48
(a)(b)
..........
655
650,681
Federal
National
Mortgage
Association
(c)
Series
2011-48,
Class
MG,
4.00%, 06/25/26
629
649,233
Series
2011-84,
Class
MG,
4.00%, 09/25/26
859
876,948
Federal
National
Mortgage
Association
Variable
Rate
Notes,
Series
1997-20,
Class
FB,
0.70%, 03/25/27
(a)
.................
22
21,891
Government
National
Mortgage
Association
Series
2013-131,
Class
PA,
3.50%, 06/16/42
1,156
1,168,312
Series
2017-136,
Class
GB,
3.00%, 03/20/47
................
5,158
5,087,385
Series
2018-36,
Class
AM,
3.00%, 07/20/45
12,675
12,708,400
104,998,927
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
.......
5,299
5,337,101
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)(b)
Series
2012-K20,
Class
B,
4.04%, 05/25/45
3,030
3,026,250
Series
2012-K21,
Class
B,
3.94%, 07/25/45
3,053
3,054,526
Series
2013-K25,
Class
B,
3.62%, 11/25/45
1,505
1,515,179
Series
2013-K26,
Class
B,
3.60%, 12/25/45
1,247
1,256,045
Series
2013-K27,
Class
B,
3.50%, 01/25/46
2,875
2,891,010
Series
2015-K720,
Class
B,
3.43%, 07/25/22
10,055
10,072,505
27,152,616
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,
1.02%, 10/25/30
..................
11,905
835,005
Government
National
Mortgage
Association
Variable
Rate
Notes,
Series
2012-120,
0.64%, 02/16/53
..................
12,116
229,761
1,064,766
Mortgage-Backed
Securities
—
5.3%
Federal
Home
Loan
Mortgage
Corp.
3.00%, 02/01/36
..................
3,055
3,050,347
4.00%, 02/01/34
-
06/01/37
...........
17,712
18,522,705
4.50%, 07/01/47
-
03/01/49
...........
52,577
55,717,277
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes,
(LIBOR
USD
12
Month
+
1.63%),
2.97%, 10/01/45
(a)
...........
1,910
1,966,351
Federal
National
Mortgage
Association
Variable
Rate
Notes
(a)
(LIBOR
USD
12
Month
+
1.74%),
2.42%, 09/01/42
................
2,598
2,691,313
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
(LIBOR
USD
12
Month
+
1.58%),
2.85%, 09/01/45
................
USD
2,960
$
3,050,872
(LIBOR
USD
12
Month
+
1.59%),
2.87%, 11/01/45
................
167
172,067
(LIBOR
USD
12
Month
+
1.59%),
3.02%, 06/01/45
................
2,365
2,391,168
Uniform
Mortgage-Backed
Securities
2.50%, 12/01/27
-
04/01/32
...........
25,954
25,703,179
3.00%, 12/01/26
-
09/01/35
...........
35,604
35,857,271
3.00%, 04/25/52
-
05/25/52
(j)
..........
153,960
150,416,019
3.50%, 04/01/34
..................
2,593
2,691,556
4.00%, 04/01/26
-
03/01/38
...........
59,318
61,450,443
4.50%, 03/01/47
-
04/01/49
...........
39,175
41,364,724
405,045,292
Total
U.S.
Government
Sponsored
Agency
Securities
—
7.1%
(Cost:
$545,391,904)
..............................
538,261,601
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds,
1.75%, 08/15/41
(k)
....
100,000
86,671,875
U.S.
Treasury
Notes
0.13%, 01/31/23
..................
50,200
49,605,836
0.50%, 03/15/23
..................
325,000
321,445,312
0.38%, 08/15/24
..................
185,000
176,183,594
0.63%, 10/15/24
..................
98,000
93,547,890
0.75%, 11/15/24
..................
368,000
351,741,874
1.50%, 11/30/24
-
02/15/25
...........
196,100
190,654,695
1.75%, 03/15/25
..................
436,165
426,930,567
Total
U.S.
Treasury
Obligations
—
22.3%
(Cost:
$1,741,297,816)
............................
1,696,781,643
Total
Long-Term
Investments
—
98.7%
(Cost:
$7,763,241,011)
............................
7,507,391,601
Short-Term
Securities
Commercial
Paper
(l)
Enel
Finance
America
LLC
0.41%,
04/25/22
..................
30,000
29,982,500
0.37%,
07/18/22
..................
25,000
24,893,347
0.40%,
08/09/22
..................
20,000
19,890,251
0.40%,
09/20/22
..................
25,000
24,796,965
Eni
Finance
USA,
Inc.,
0.42%
,
04/13/22
....
32,000
31,995,436
General
Motors
Financial
Co.,
Inc.
0.55%,
04/29/22
..................
30,000
29,976,848
1.00%,
06/16/22
..................
12,000
11,966,736
Total
Commercial
Paper
—
2.3%
(Cost:
$173,844,737)
..............................
173,502,083
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
104
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Shares
Shares
Value
Money
Market
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.21%
(h)(m)
..................
69,198,436
$
69,198,436
Total
Money
Market
Funds
—
0.9%
(Cost:
$69,198,436)
...............................
69,198,436
Total
Short-Term
Securities
—
3.2%
(Cost:
$243,043,173)
..............................
242,700,519
Total
Options
Purchased
—
0.2%
(Cost:
$20,223,830)
...............................
22,775,083
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
102.1%
(Cost:
$8,026,508,014
)
............................
7,772,867,203
Total
Options
Written
—
(0.8)%
(Premium
Received
—
$(28,657,202))
..................
(63,045,929)
Security
Par
(000)
Pa
r
(
000)
Value
TBA
Sale
Commitments
Mortgage-Backed
Securities
—
(1.0)%
Uniform
Mortgage-Backed
Securities,
3.00%, 04/25/52
(j)
.................
USD
(76,980)
$
(75,296,063)
Total
TBA
Sale
Commitments
—
(1.0)%
(Proceeds:
$(75,261,482))
..........................
(75,296,063)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
100.3%
(Cost:
$7,922,589,330
)
............................
7,634,525,211
Liabilities
in
Excess
of
Other
Assets
—
(0.3)%
.............
(25,029,247)
Net
Assets
—
100.0%
...............................
$
7,609,495,964
(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)
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.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(g)
Non-income
producing
security.
(h)
Affiliate
of
the
Fund.
(i)
Rounds
to
less
than
1,000.
(j)
Represents
or
includes
a
TBA
transaction.
(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
six
months
ended
March
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
09/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/22
Par/Shares
Held
at
03/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
52,560,109
$
16,638,327
$
—
$
—
$
—
$
69,198,436
69,198,436
$
13,380
$
—
BlackRock
Capital
Finance
LP,
Series
1997-R2,
Class
AP
...
13,876
—
—
—
272
14,148
15,614
—
—
iShares
Short
Maturity
Bond
ETF
(b)
159,445,199
—
(158,712,990)
(725,289)
(6,920)
—
—
335,744
—
$
(725,289)
$
(6,648)
$
69,212,584
$
349,124
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
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
Low
Duration
Bond
Portfolio
Schedules
of
Investments
105
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
2
Year
Note
....................................................
17,955
06/30/22
$
3,802,532
$
(47,077,799)
Short
Contracts
Euro-
Bobl
...............................................................
1,280
06/08/22
182,466
5,223,958
Euro-Bund
..............................................................
7
06/08/22
1,229
59,516
Euro-Schatz
.............................................................
559
06/08/22
68,478
567,787
Japan
10
Year
Bond
........................................................
22
06/13/22
27,053
(128,624)
U.S.
Treasury
10
Year
Note
...................................................
1,029
06/21/22
126,326
3,241,817
U.S.
Treasury
10
Year
Ultra
Note
...............................................
1,530
06/21/22
207,315
6,282,520
U.S.
Treasury
Long
Bond
....................................................
77
06/21/22
11,569
668,766
U.S.
Treasury
Ultra
Bond
....................................................
350
06/21/22
62,048
1,433,592
U.S.
Treasury
5
Year
Note
....................................................
10,438
06/30/22
1,195,640
31,445,494
90-day
Eurodollar
December
2022
Futures
........................................
428
12/16/24
104,058
1,387,734
50,182,560
$
3,104,761
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
583,178
USD
645,535
Bank
of
America
NA
05/20/22
$
645
EUR
260,000
USD
283,376
Morgan
Stanley
&
Co.
International
plc
05/20/22
4,713
USD
1,998,613
EUR
1,753,076
Bank
of
New
York
Mellon
05/20/22
56,147
EUR
5,167,722
USD
5,715,405
Bank
of
Montreal
06/15/22
17,580
USD
2,560,521
EUR
2,298,000
Bank
of
New
York
Mellon
06/15/22
11,158
USD
6,477,238
EUR
5,791,000
Deutsche
Bank
AG
06/15/22
52,799
USD
5,232,073
EUR
4,694,000
JPMorgan
Chase
Bank
NA
06/15/22
24,627
USD
957,741
EUR
854,000
State
Street
Bank
and
Trust
Co.
06/15/22
10,328
USD
1,710,065
GBP
1,298,000
Bank
of
America
NA
06/15/22
5,438
183,435
EUR
7,000,000
USD
7,784,077
UBS
AG
06/15/22
(18,393)
USD
1,889,703
AUD
2,610,000
UBS
AG
06/15/22
(65,830)
USD
406,051
CAD
513,006
Bank
of
America
NA
06/15/22
(4,229)
USD
7,071,594
CAD
9,016,000
Morgan
Stanley
&
Co.
International
plc
06/15/22
(139,011)
USD
59,746
EUR
54,000
ANZ
Banking
Group
Ltd.
06/15/22
(161)
USD
412,780,723
EUR
375,128,000
BNP
Paribas
SA
06/15/22
(3,380,057)
USD
2,624,551
EUR
2,391,000
Natwest
Markets
plc
06/15/22
(27,986)
USD
645,961
EUR
583,000
UBS
AG
06/15/22
(810)
USD
1,309,111
EUR
1,187,000
Westpac
Banking
Corp.
06/15/22
(7,727)
USD
2,215,627
GBP
1,689,080
Commonwealth
Bank
of
Australia
06/15/22
(2,594)
USD
36,092,949
GBP
27,665,000
Toronto
Dominion
Bank
06/15/22
(238,719)
(3,885,517)
$
(3,702,082)
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
U.S.
Treasury
10
Year
Note
.....................
383
04/22/22
USD
126.00
USD
38,300
$
35,906
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
106
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
U.S.
Treasury
10
Year
Note
.....................
194
04/22/22
USD
121.50
USD
19,400
$
75,780
$
111,686
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)
.
1
day
SOFR
Annual
1.59%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
01/12/23
1.59
%
USD
60,354
$
409,727
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.94%
Semi-Annual
Bank
of
America
NA
11/15/23
1.94
USD
32,530
846,619
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
1.71%
Semi-Annual
Goldman
Sachs
Bank
USA
06/24/24
1.71
USD
13,220
448,614
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
1.74%
Semi-Annual
Goldman
Sachs
Bank
USA
06/28/24
1.74
USD
13,220
464,194
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
1.42%
Semi-Annual
Goldman
Sachs
Bank
USA
07/22/24
1.42
USD
15,650
399,636
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
584,531
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
1.42%
Semi-Annual
Wells
Fargo
Bank
NA
08/02/24
1.42
USD
15,820
410,457
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
1.17%
Semi-Annual
Citibank
NA
06/05/25
1.17
USD
41,250
1,050,920
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
1.17%
Semi-Annual
Deutsche
Bank
AG
06/05/25
1.17
USD
15,855
402,148
5,016,846
Put
5-Year
Interest
Rate
Swap
(a)
.
2.75%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
08/01/22
2.75
USD
71,660
471,498
5-Year
Interest
Rate
Swap
(a)
.
2.59%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
01/12/23
2.59
USD
60,354
929,464
10-Year
Interest
Rate
Swap
(a)
2.13%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
02/15/23
2.13
USD
35,920
1,306,498
10-Year
Interest
Rate
Swap
(a)
1.94%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
11/15/23
1.94
USD
32,530
2,131,264
10-Year
Interest
Rate
Swap
(a)
1.71%
Semi-Annual
1
day
SOFR
Annual
Goldman
Sachs
Bank
USA
06/24/24
1.71
USD
13,220
878,802
10-Year
Interest
Rate
Swap
(a)
1.74%
Semi-Annual
1
day
SOFR
Annual
Goldman
Sachs
Bank
USA
06/28/24
1.74
USD
13,220
859,468
10-Year
Interest
Rate
Swap
(a)
1.42%
Semi-Annual
1
day
SOFR
Annual
Goldman
Sachs
Bank
USA
07/22/24
1.42
USD
15,650
1,294,414
10-Year
Interest
Rate
Swap
(a)
1.42%
Semi-Annual
1
day
SOFR
Annual
Wells
Fargo
Bank
NA
08/02/24
1.42
USD
15,820
1,305,197
10-Year
Interest
Rate
Swap
(a)
1.54%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
08/05/24
1.54
USD
37,140
2,816,219
10-Year
Interest
Rate
Swap
(a)
1.17%
Semi-Annual
1
day
SOFR
Annual
Citibank
NA
06/05/25
1.17
USD
41,250
4,081,955
10-Year
Interest
Rate
Swap
(a)
1.17%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
06/05/25
1.17
USD
15,855
1,571,772
17,646,551
$
22,663,397
(a)
Forward
settling
swaption.
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
U.S.
Treasury
10
Year
Note
......................
383
04/22/22
USD
128.00
USD
38,300
$
(17,954)
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
107
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
2-Year
Interest
Rate
Swap
(a)
.
0.61%
Semi-Annual
3
month
LIBOR
Quarterly
JPMorgan
Chase
Bank
NA
04/01/22
0.61
%
USD
289,200
$
—
10-Year
Interest
Rate
Swap
(a)
1.45%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
08/03/22
1.45
USD
13,485
(47,937)
10-Year
Interest
Rate
Swap
(a)
1.55%
Semi-Annual
1
day
SOFR
Annual
Barclays
Bank
plc
08/08/22
1.55
USD
13,485
(65,636)
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
(134,515)
10-Year
Interest
Rate
Swap
(a)
1.80%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
10/07/22
1.80
USD
22,045
(160,549)
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
(22,544)
10-Year
Interest
Rate
Swap
(a)
1.80%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
10/13/22
1.80
USD
22,045
(164,348)
2-Year
Interest
Rate
Swap
(a)
.
1.74%
Semi-Annual
1
day
SOFR
Annual
Goldman
Sachs
Bank
USA
11/15/22
1.74
USD
242,285
(460,249)
2-Year
Interest
Rate
Swap
(a)
.
1.78%
Semi-Annual
1
day
SOFR
Annual
Goldman
Sachs
Bank
USA
11/15/22
1.78
USD
242,285
(491,339)
10-Year
Interest
Rate
Swap
(a)
1.85%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
11/15/22
1.85
USD
45,220
(439,989)
10-Year
Interest
Rate
Swap
(a)
1.45%
Semi-Annual
1
day
SOFR
Annual
JPMorgan
Chase
Bank
NA
12/05/22
1.45
USD
22,420
(180,649)
10-Year
Interest
Rate
Swap
(a)
1.43%
Semi-Annual
1
day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
12/13/22
1.43
USD
36,385
(293,452)
10-Year
Interest
Rate
Swap
(a)
1.42%
Semi-Annual
1
day
SOFR
Annual
JPMorgan
Chase
Bank
NA
12/15/22
1.42
USD
36,385
(289,689)
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
(45,865)
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
(46,942)
10-Year
Interest
Rate
Swap
(a)
1.25%
Semi-Annual
3
month
LIBOR
Quarterly
Citibank
NA
12/30/22
1.25
USD
14,780
(57,449)
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
(154,870)
2-Year
Interest
Rate
Swap
(a)
.
1.25%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
01/10/23
1.25
USD
174,125
(207,204)
2-Year
Interest
Rate
Swap
(a)
.
1.25%
Semi-Annual
1
day
SOFR
Annual
Barclays
Bank
plc
01/12/23
1.25
USD
174,125
(208,351)
2-Year
Interest
Rate
Swap
(a)
.
1.36%
Semi-Annual
1
day
SOFR
Annual
Wells
Fargo
Bank
NA
01/18/23
1.36
USD
72,480
(105,416)
2-Year
Interest
Rate
Swap
(a)
.
1.39%
Semi-Annual
1
day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
02/17/23
1.39
USD
89,735
(156,213)
(3,733,206)
Put
2-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.61%
Semi-Annual
JPMorgan
Chase
Bank
NA
04/01/22
0.61
USD
289,200
(10,887,389)
2-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.74%
Semi-Annual
JPMorgan
Chase
Bank
NA
04/06/22
0.74
USD
289,200
(10,178,620)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
1.95%
Semi-Annual
Deutsche
Bank
AG
08/03/22
1.95
USD
13,485
(457,260)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.05%
Semi-Annual
Barclays
Bank
plc
08/08/22
2.05
USD
13,485
(389,463)
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
(3,770,846)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.80%
Semi-Annual
Deutsche
Bank
AG
10/07/22
1.80
USD
22,045
(1,431,125)
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
(1,805,711)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.80%
Semi-Annual
Deutsche
Bank
AG
10/13/22
1.80
USD
22,045
(1,445,191)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.85%
Semi-Annual
Bank
of
America
NA
11/15/22
1.85
USD
45,220
(2,860,779)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
1.45%
Semi-Annual
JPMorgan
Chase
Bank
NA
12/05/22
1.45
USD
22,420
(1,660,077)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
1.43%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
12/13/22
1.43
USD
36,385
(2,748,486)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
1.42%
Semi-Annual
JPMorgan
Chase
Bank
NA
12/15/22
1.42
USD
36,385
(2,781,002)
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
(1,464,961)
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
(1,451,535)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.25%
Semi-Annual
Citibank
NA
12/30/22
1.25
USD
14,780
(1,617,346)
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
(2,586,734)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
1.75%
Semi-Annual
Deutsche
Bank
AG
01/10/23
1.75
USD
174,125
(3,740,956)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
1.75%
Semi-Annual
Barclays
Bank
plc
01/12/23
1.75
USD
174,125
(3,737,838)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
2.25%
Semi-Annual
Deutsche
Bank
AG
02/15/23
2.25
USD
165,780
(2,483,076)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
108
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
2.39%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
02/17/23
2.39
%
USD
134,603
$
(1,796,374)
(59,294,769)
$
(63,027,975)
(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
142
,
44
0
$
(2,483,146)
$
(2,664,624)
$
181,478
CDX.NA.HY.38.V1
...................
5.00
Quarterly
06/20/27
USD
23
,
8
00
(1,348,546)
(1,404,868)
56,322
$
(3,831,692)
$
(4,069,492)
$
237,800
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.37.V1
.....
5.00
%
Quarterly
12/20/26
BB+
8,100
$
864,419
$
580,525
$
283,894
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
day
SOFR
Annual
0.84%
Annual
N/A
03/01/23
USD
75,820
$
(475,538)
$
364,015
$
(839,553)
1
day
SOFR
Annual
0.64%
Annual
N/A
03/02/23
USD
11,490
(94,771)
14,722
(109,493)
1
day
SOFR
At
Termination
(0.01)%
At
Termination
07/08/22
(a)
07/08/23
USD
28,890
(649,954)
(431,379)
(218,575)
1
day
SOFR
Annual
0.24%
Annual
N/A
12/08/23
USD
88,660
(2,789,932)
(1,789,746)
(1,000,186)
1
day
SOFR
Annual
0.19%
Annual
N/A
12/14/23
USD
40,147
(1,321,139)
(870,778)
(450,361)
1
day
SOFR
Annual
0.25%
Annual
N/A
01/12/24
USD
229,990
(7,799,034)
(5,014,504)
(2,784,530)
1
day
SOFR
Annual
0.24%
Annual
N/A
01/21/24
USD
61,530
(2,141,896)
(1,403,153)
(738,743)
1.07%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/25/24
USD
22,440
569,421
—
569,421
1.05%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/28/24
USD
108,360
2,795,489
—
2,795,489
1.06%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/29/24
USD
26,400
675,456
—
675,456
1
day
SOFR
Annual
0.25%
Annual
N/A
03/04/24
USD
170,110
(6,412,486)
(3,845,139)
(2,567,347)
3
month
LIBOR
Quarterly
0.52%
Semi-Annual
N/A
03/07/24
USD
100,585
(3,708,782)
—
(3,708,782)
1.11%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
03/10/24
USD
25,100
650,072
—
650,072
3
month
LIBOR
Quarterly
0.56%
Semi-Annual
N/A
03/23/24
USD
100,585
(3,816,235)
—
(3,816,235)
0.56%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
03/24/24
USD
18,610
705,825
—
705,825
3
month
LIBOR
Quarterly
0.57%
Semi-Annual
N/A
03/25/24
USD
203,900
(7,715,325)
—
(7,715,325)
1.10%
Semi-Annual
3
month
LIBOR
Quarterly
04/04/22
(a)
04/04/24
USD
13,460
377,122
—
377,122
0.99%
Annual
1
day
SOFR
Annual
04/07/22
(a)
04/07/24
USD
53,750
1,358,609
—
1,358,609
0.99%
Annual
1
day
SOFR
Annual
04/07/22
(a)
04/07/24
USD
53,750
1,360,727
—
1,360,727
0.64%
Semi-Annual
3
month
LIBOR
Quarterly
04/08/22
(a)
04/08/24
USD
96,170
3,572,397
—
3,572,397
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
109
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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)
0.65%
Semi-Annual
3
month
LIBOR
Quarterly
04/11/22
(a)
04/11/24
USD
52,950
$
1,965,486
$
—
$
1,965,486
0.69%
Semi-Annual
3
month
LIBOR
Quarterly
04/12/22
(a)
04/12/24
USD
53,150
1,934,310
—
1,934,310
0.68%
Semi-Annual
3
month
LIBOR
Quarterly
04/12/22
(a)
04/12/24
USD
76,930
2,817,599
—
2,817,599
1.08%
Annual
1
day
SOFR
Annual
04/13/22
(a)
04/13/24
USD
106,850
2,557,007
—
2,557,007
0.80%
Semi-Annual
3
month
LIBOR
Quarterly
04/14/22
(a)
04/14/24
USD
53,070
1,828,098
—
1,828,098
0.79%
Semi-Annual
3
month
LIBOR
Quarterly
04/14/22
(a)
04/14/24
USD
53,070
1,837,123
—
1,837,123
0.73%
Semi-Annual
3
month
LIBOR
Quarterly
04/14/22
(a)
04/14/24
USD
50,570
1,810,812
—
1,810,812
1
day
SOFR
Annual
0.33%
Annual
04/20/22
(a)
04/20/24
USD
51,740
(2,022,620)
(1,307,363)
(715,257)
0.81%
Semi-Annual
3
month
LIBOR
Quarterly
04/20/22
(a)
04/20/24
USD
26,575
919,403
—
919,403
0.94%
Semi-Annual
3
month
LIBOR
Quarterly
04/20/22
(a)
04/20/24
USD
46,540
1,494,701
—
1,494,701
0.92%
Semi-Annual
3
month
LIBOR
Quarterly
04/20/22
(a)
04/20/24
USD
22,065
715,705
—
715,705
0.81%
Semi-Annual
3
month
LIBOR
Quarterly
04/20/22
(a)
04/20/24
USD
26,575
915,975
—
915,975
0.91%
Semi-Annual
3
month
LIBOR
Quarterly
04/25/22
(a)
04/25/24
USD
53,370
1,745,316
—
1,745,316
0.94%
Semi-Annual
3
month
LIBOR
Quarterly
04/25/22
(a)
04/25/24
USD
53,367
1,711,913
—
1,711,913
0.93%
Semi-Annual
3
month
LIBOR
Quarterly
04/25/22
(a)
04/25/24
USD
26,683
863,999
—
863,999
0.99%
Semi-Annual
3
month
LIBOR
Quarterly
04/26/22
(a)
04/26/24
USD
26,735
838,080
—
838,080
0.99%
Semi-Annual
3
month
LIBOR
Quarterly
04/26/22
(a)
04/26/24
USD
26,735
833,782
—
833,782
0.98%
Semi-Annual
3
month
LIBOR
Quarterly
04/26/22
(a)
04/26/24
USD
26,735
843,184
—
843,184
1.00%
Semi-Annual
3
month
LIBOR
Quarterly
04/29/22
(a)
04/29/24
USD
26,720
835,282
—
835,282
1
day
SOFR
Annual
2.35%
Annual
05/03/22
(a)
05/03/24
USD
144,100
—
—
—
1.01%
Semi-Annual
3
month
LIBOR
Quarterly
05/03/22
(a)
05/03/24
USD
80,235
2,509,501
—
2,509,501
1.02%
Semi-Annual
3
month
LIBOR
Quarterly
05/03/22
(a)
05/03/24
USD
80,235
2,493,096
—
2,493,096
1.05%
Semi-Annual
3
month
LIBOR
Quarterly
05/12/22
(a)
05/12/24
USD
53,250
1,646,129
—
1,646,129
1.06%
Semi-Annual
3
month
LIBOR
Quarterly
05/12/22
(a)
05/12/24
USD
26,595
819,131
—
819,131
1.07%
Semi-Annual
3
month
LIBOR
Quarterly
05/12/22
(a)
05/12/24
USD
26,595
811,099
—
811,099
1.11%
Semi-Annual
3
month
LIBOR
Quarterly
05/16/22
(a)
05/16/24
USD
36,220
1,083,954
—
1,083,954
1.10%
Semi-Annual
3
month
LIBOR
Quarterly
05/17/22
(a)
05/17/24
USD
16,590
502,148
—
502,148
1.25%
Semi-Annual
3
month
LIBOR
Quarterly
06/07/22
(a)
06/07/24
USD
27,160
768,975
—
768,975
1.22%
Semi-Annual
3
month
LIBOR
Quarterly
06/07/22
(a)
06/07/24
USD
27,110
782,303
—
782,303
1.27%
Semi-Annual
3
month
LIBOR
Quarterly
06/17/22
(a)
06/17/24
USD
27,175
773,508
—
773,508
1.28%
Semi-Annual
3
month
LIBOR
Quarterly
06/17/22
(a)
06/17/24
USD
27,175
770,607
—
770,607
0.73%
Semi-Annual
3
month
LIBOR
Quarterly
06/21/22
(a)
06/21/24
USD
53,090
2,079,842
—
2,079,842
1
day
SOFR
Annual
2.50%
Annual
07/05/22
(a)
07/05/24
USD
64,200
—
—
—
1.31%
Annual
1
day
SOFR
Annual
07/18/22
(a)
07/18/24
USD
26,835
651,535
—
651,535
1.30%
Annual
1
day
SOFR
Annual
07/18/22
(a)
07/18/24
USD
22,295
546,095
—
546,095
1.37%
Annual
1
day
SOFR
Annual
07/20/22
(a)
07/20/24
USD
26,780
619,965
—
619,965
1.47%
Annual
1
day
SOFR
Annual
07/29/22
(a)
07/29/24
USD
26,575
571,570
—
571,570
1.48%
Annual
1
day
SOFR
Annual
07/29/22
(a)
07/29/24
USD
26,575
567,423
—
567,423
1.62%
Annual
1
day
SOFR
Annual
08/08/22
(a)
08/08/24
USD
52,480
994,443
—
994,443
1.76%
Annual
1
day
SOFR
Annual
08/12/22
(a)
08/12/24
USD
52,400
857,290
—
857,290
1.76%
Annual
1
day
SOFR
Annual
08/12/22
(a)
08/12/24
USD
52,400
857,800
—
857,800
1.94%
Annual
1
day
SOFR
Annual
08/12/22
(a)
08/12/24
USD
52,105
663,610
—
663,610
1.94%
Annual
1
day
SOFR
Annual
08/12/22
(a)
08/12/24
USD
52,105
670,209
—
670,209
1.81%
Annual
1
day
SOFR
Annual
08/12/22
(a)
08/12/24
USD
52,230
805,655
—
805,655
0.74%
Semi-Annual
3
month
LIBOR
Quarterly
08/12/22
(a)
08/12/24
USD
64,490
2,635,396
—
2,635,396
1.90%
Annual
1
day
SOFR
Annual
08/15/22
(a)
08/15/24
USD
30,710
419,759
—
419,759
0.78%
Semi-Annual
3
month
LIBOR
Quarterly
08/15/22
(a)
08/15/24
USD
36,090
1,450,336
—
1,450,336
1.90%
Annual
1
day
SOFR
Annual
08/17/22
(a)
08/17/24
USD
39,590
548,691
—
548,691
1
day
SOFR
Annual
1.70%
Annual
09/02/22
(a)
09/02/24
USD
26,375
(474,312)
—
(474,312)
1
day
SOFR
Annual
1.72%
Annual
09/02/22
(a)
09/02/24
USD
26,375
(465,320)
—
(465,320)
1
day
SOFR
Annual
1.42%
Annual
09/06/22
(a)
09/06/24
USD
52,800
(1,247,154)
—
(1,247,154)
1
day
SOFR
Annual
1.46%
Annual
09/06/22
(a)
09/06/24
USD
26,415
(601,327)
—
(601,327)
1
day
SOFR
Annual
1.52%
Annual
09/06/22
(a)
09/06/24
USD
52,800
(1,142,926)
—
(1,142,926)
1
day
SOFR
Annual
1.52%
Annual
09/06/22
(a)
09/06/24
USD
52,800
(1,139,845)
—
(1,139,845)
2.45%
Annual
1
day
SOFR
Annual
09/07/22
(a)
09/07/24
USD
26,165
96,292
—
96,292
2.43%
Annual
1
day
SOFR
Annual
09/07/22
(a)
09/07/24
USD
26,165
104,964
—
104,964
1
day
SOFR
Annual
1.61%
Annual
09/07/22
(a)
09/07/24
USD
26,165
(521,512)
—
(521,512)
1
day
SOFR
Annual
1.71%
Annual
09/07/22
(a)
09/07/24
USD
26,200
(470,615)
—
(470,615)
1.89%
Annual
1
day
SOFR
Annual
09/13/22
(a)
09/13/24
USD
51,700
751,917
—
751,917
1.89%
Annual
1
day
SOFR
Annual
09/13/22
(a)
09/13/24
USD
26,030
382,068
—
382,068
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
110
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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)
1.93%
Annual
1
day
SOFR
Annual
09/13/22
(a)
09/13/24
USD
51,650
$
713,541
$
—
$
713,541
2.12%
Annual
1
day
SOFR
Annual
09/16/22
(a)
09/16/24
USD
12,845
130,557
—
130,557
2.08%
Annual
1
day
SOFR
Annual
09/16/22
(a)
09/16/24
USD
12,845
141,181
—
141,181
2.07%
Annual
1
day
SOFR
Annual
09/16/22
(a)
09/16/24
USD
12,845
143,488
—
143,488
2.10%
Annual
1
day
SOFR
Annual
09/19/22
(a)
09/19/24
USD
11,250
120,526
—
120,526
2.07%
Annual
1
day
SOFR
Annual
09/19/22
(a)
09/19/24
USD
25,820
290,617
—
290,617
2.07%
Annual
1
day
SOFR
Annual
09/19/22
(a)
09/19/24
USD
25,820
289,614
—
289,614
2.08%
Annual
1
day
SOFR
Annual
09/19/22
(a)
09/19/24
USD
25,820
284,597
—
284,597
2.28%
Annual
1
day
SOFR
Annual
09/20/22
(a)
09/20/24
USD
25,860
183,903
—
183,903
2.31%
Annual
1
day
SOFR
Annual
09/20/22
(a)
09/20/24
USD
25,925
170,011
—
170,011
2.30%
Annual
1
day
SOFR
Annual
09/20/22
(a)
09/20/24
USD
51,850
350,094
—
350,094
2.27%
Annual
1
day
SOFR
Annual
09/20/22
(a)
09/20/24
USD
51,950
380,039
—
380,039
2.31%
Annual
1
day
SOFR
Annual
09/20/22
(a)
09/20/24
USD
25,925
172,025
—
172,025
2.47%
Annual
1
day
SOFR
Annual
09/23/22
(a)
09/23/24
USD
25,910
90,707
—
90,707
2.46%
Annual
1
day
SOFR
Annual
09/23/22
(a)
09/23/24
USD
25,910
98,760
—
98,760
2.68%
Annual
1
day
SOFR
Annual
09/27/22
(a)
09/27/24
USD
24,525
(7,891)
—
(7,891)
2.67%
Annual
1
day
SOFR
Annual
09/27/22
(a)
09/27/24
USD
24,525
(7,415)
—
(7,415)
1
day
SOFR
Annual
2.70%
Annual
09/30/22
(a)
09/30/24
USD
29,481
22,963
—
22,963
1
day
SOFR
Annual
2.73%
Annual
09/30/22
(a)
09/30/24
USD
11,130
13,894
—
13,894
1
day
SOFR
Annual
2.73%
Annual
09/30/22
(a)
09/30/24
USD
265,329
332,862
—
332,862
2.81%
Annual
1
day
SOFR
Annual
10/03/22
(a)
10/03/24
USD
24,645
(68,215)
—
(68,215)
2.69%
Annual
1
day
SOFR
Annual
10/04/22
(a)
10/04/24
USD
44,080
(21,999)
—
(21,999)
1
day
SOFR
Annual
2.64%
Annual
10/04/22
(a)
10/04/24
USD
127,700
—
—
—
1
day
SOFR
Annual
1.71%
Annual
12/09/22
(a)
12/09/24
USD
144,210
(2,792,825)
—
(2,792,825)
1.89%
Annual
1
day
SOFR
Annual
02/22/23
(a)
02/22/25
USD
17,948
287,704
—
287,704
1.99%
Annual
1
day
SOFR
Annual
02/27/23
(a)
02/27/25
USD
26,570
376,101
—
376,101
2.53%
Annual
1
day
SOFR
Annual
03/28/23
(a)
03/28/25
USD
95,160
334,834
—
334,834
1
day
SOFR
Annual
0.10%
Annual
N/A
06/02/25
USD
5,860
(402,855)
(285,849)
(117,006)
0.85%
Annual
6
month
EURIBOR
Semi-Annual
02/12/24
(a)
02/12/26
–
—
—
—
1.54%
Semi-Annual
3
month
LIBOR
Quarterly
02/25/25
(a)
02/25/26
USD
71,870
631,221
—
631,221
1.62%
Semi-Annual
3
month
LIBOR
Quarterly
02/26/25
(a)
02/26/26
USD
51,810
414,155
—
414,155
1.71%
Semi-Annual
3
month
LIBOR
Quarterly
03/06/25
(a)
03/06/26
USD
19,970
141,700
—
141,700
1.33%
Annual
1
day
SOFR
Annual
N/A
01/14/27
USD
64,310
2,544,788
—
2,544,788
1
day
SOFR
Annual
1.33%
Annual
N/A
01/14/27
USD
10,440
(412,620)
—
(412,620)
1
day
SOFR
Annual
1.17%
Annual
N/A
01/20/27
USD
14,610
(693,926)
(365,190)
(328,736)
1
day
SOFR
Annual
1.19%
Annual
N/A
01/20/27
USD
20,200
(944,997)
(490,560)
(454,437)
1.56%
Annual
1
day
SOFR
Annual
N/A
03/04/27
USD
10,120
315,528
—
315,528
1.49%
Annual
1
day
SOFR
Annual
N/A
03/04/27
USD
10,130
347,603
—
347,603
1.50%
Annual
1
day
SOFR
Annual
N/A
03/04/27
USD
7,900
268,831
—
268,831
1.54%
Annual
1
day
SOFR
Annual
N/A
03/04/27
USD
10,120
325,865
—
325,865
1.57%
Annual
1
day
SOFR
Annual
N/A
03/04/27
USD
10,120
311,922
—
311,922
1
day
SOFR
Annual
1.73%
Annual
N/A
03/14/27
USD
5,000
(117,854)
—
(117,854)
1
day
SOFR
Annual
1.74%
Annual
N/A
03/14/27
USD
19,990
(457,885)
—
(457,885)
1
day
SOFR
Annual
1.75%
Annual
N/A
03/15/27
USD
5,000
(112,392)
—
(112,392)
1
day
SOFR
Annual
2.05%
Annual
N/A
03/18/27
USD
20,140
(169,718)
—
(169,718)
1.97%
Annual
1
day
SOFR
Annual
N/A
03/21/27
USD
145,230
1,846,441
—
1,846,441
1
day
SOFR
Annual
2.13%
Annual
N/A
03/25/27
USD
9,605
(47,564)
—
(47,564)
1
day
SOFR
Annual
2.13%
Annual
N/A
03/25/27
USD
9,605
(47,336)
—
(47,336)
1
day
SOFR
Annual
2.29%
Annual
N/A
03/31/27
USD
4,825
11,729
—
11,729
1
day
SOFR
Annual
2.30%
Annual
N/A
03/31/27
USD
4,825
12,073
—
12,073
1
day
SOFR
Annual
2.35%
Annual
N/A
03/31/27
USD
9,990
52,001
—
52,001
1
day
SOFR
Annual
1.45%
Annual
04/13/22
(a)
04/13/27
USD
55,040
(2,098,119)
—
(2,098,119)
3
month
LIBOR
Quarterly
1.63%
Semi-Annual
05/26/22
(a)
05/26/27
USD
44,610
(1,957,803)
—
(1,957,803)
3
month
LIBOR
Quarterly
0.65%
Semi-Annual
06/20/22
(a)
06/20/27
USD
21,680
(1,966,527)
—
(1,966,527)
3
month
LIBOR
Quarterly
0.68%
Semi-Annual
06/20/22
(a)
06/20/27
USD
21,680
(1,938,634)
—
(1,938,634)
1
day
SOFR
Annual
1.25%
Annual
07/05/22
(a)
07/05/27
USD
11,005
(554,734)
—
(554,734)
3
month
LIBOR
Quarterly
1.35%
Semi-Annual
07/08/22
(a)
07/08/27
USD
30,030
(1,758,720)
—
(1,758,720)
3
month
LIBOR
Quarterly
1.19%
Semi-Annual
07/19/22
(a)
07/19/27
USD
24,070
(1,594,100)
—
(1,594,100)
3
month
LIBOR
Quarterly
1.48%
Semi-Annual
08/01/22
(a)
08/01/27
USD
32,905
(1,736,594)
—
(1,736,594)
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
111
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
1.49%
Semi-Annual
08/01/22
(a)
08/01/27
USD
32,905
$
(1,721,233)
$
—
$
(1,721,233)
1
day
SOFR
Annual
1.93%
Annual
08/12/22
(a)
08/12/27
USD
16,100
(300,079)
—
(300,079)
0.50%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/17/27
USD
25,550
2,568,090
—
2,568,090
1.50%
Annual
1
day
SOFR
Annual
09/06/22
(a)
09/06/27
USD
21,700
851,649
—
851,649
1.62%
Annual
1
day
SOFR
Annual
09/07/22
(a)
09/07/27
USD
10,760
364,684
—
364,684
1
day
SOFR
Annual
2.03%
Annual
09/16/22
(a)
09/16/27
USD
21,050
(304,027)
—
(304,027)
1
day
SOFR
Annual
1.99%
Annual
09/19/22
(a)
09/19/27
USD
10,635
(176,756)
—
(176,756)
1
day
SOFR
Annual
2.00%
Annual
09/19/22
(a)
09/19/27
USD
10,635
(171,017)
—
(171,017)
1
day
SOFR
Annual
2.01%
Annual
09/19/22
(a)
09/19/27
USD
10,635
(165,278)
—
(165,278)
2.48%
Annual
1
day
SOFR
Annual
09/30/22
(a)
09/30/27
USD
35,361
(230,202)
—
(230,202)
2.44%
Annual
1
day
SOFR
Annual
09/30/22
(a)
09/30/27
USD
3,929
(18,212)
—
(18,212)
3
month
LIBOR
Quarterly
1.68%
Semi-Annual
11/21/22
(a)
11/21/27
USD
340
(15,059)
—
(15,059)
2.34%
Annual
1
day
SOFR
Annual
01/04/23
(a)
01/04/28
USD
4,420
—
—
—
1
day
SOFR
Annual
1.90%
Annual
02/14/23
(a)
02/14/28
USD
10,990
(214,217)
—
(214,217)
1.27%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/15/28
USD
14,970
977,798
—
977,798
2.31%
Annual
1
day
SOFR
Annual
03/28/23
(a)
03/28/28
USD
33,080
958
—
958
3
month
LIBOR
Quarterly
0.65%
Semi-Annual
07/12/23
(a)
07/12/28
USD
21,830
(1,898,993)
—
(1,898,993)
1.78%
Annual
1
day
SOFR
Annual
06/30/22
(a)
02/15/29
USD
61,000
1,664,810
(78,175)
1,742,985
1
day
SOFR
Annual
2.07%
Annual
06/30/22
(a)
02/15/29
USD
28,050
(266,376)
—
(266,376)
2.50%
Semi-Annual
3
month
LIBOR
Quarterly
03/20/26
(a)
03/20/31
USD
2
(19)
—
(19)
3
month
LIBOR
Quarterly
1.51%
Semi-Annual
N/A
08/19/31
USD
1,780
(133,107)
—
(133,107)
1.52%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
09/24/31
USD
34,890
2,668,717
—
2,668,717
1.78%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/18/31
USD
17,720
839,819
—
839,819
2.09%
Annual
1
day
SOFR
Annual
06/30/22
(a)
11/15/31
USD
35,920
219,170
—
219,170
2.05%
Annual
1
day
SOFR
Annual
06/30/22
(a)
11/15/31
USD
26,820
245,713
—
245,713
2.12%
Annual
1
day
SOFR
Annual
06/30/22
(a)
11/15/31
USD
15,300
53,677
—
53,677
1
day
SOFR
Annual
1.63%
Annual
06/30/22
(a)
11/15/31
USD
26,910
(1,212,934)
—
(1,212,934)
1
day
SOFR
Annual
1.80%
Annual
06/30/22
(a)
11/15/31
USD
26,340
(799,841)
—
(799,841)
1
day
SOFR
Annual
1.82%
Annual
06/30/22
(a)
11/15/31
USD
47,950
(1,403,095)
119,554
(1,522,649)
1.48%
Annual
1
day
SOFR
Annual
N/A
11/26/31
USD
12,810
654,500
—
654,500
1
day
SOFR
Annual
1.19%
Annual
N/A
12/07/31
USD
3,673
(286,905)
—
(286,905)
1
day
SOFR
Annual
1.24%
Annual
N/A
12/07/31
USD
11,130
(816,830)
—
(816,830)
1.46%
Annual
1
day
SOFR
Annual
N/A
01/06/32
USD
13,660
746,054
—
746,054
1.55%
Annual
1
day
SOFR
Annual
N/A
01/10/32
USD
11,170
521,054
—
521,054
1.61%
Annual
1
day
SOFR
Annual
N/A
01/11/32
USD
11,160
466,422
—
466,422
1.74%
Annual
1
day
SOFR
Annual
N/A
02/08/32
USD
9,780
309,260
—
309,260
1.79%
Annual
1
day
SOFR
Annual
N/A
02/10/32
USD
20,430
547,670
—
547,670
1.59%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/22/32
USD
7,920
563,842
—
563,842
1.62%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/22/32
USD
3,960
272,340
—
272,340
3
month
LIBOR
Quarterly
1.60%
Semi-Annual
N/A
03/02/32
USD
15,890
(1,128,259)
—
(1,128,259)
1
day
SOFR
Annual
1.67%
Annual
N/A
03/02/32
USD
5,530
(213,697)
—
(213,697)
1
day
SOFR
Annual
1.68%
Annual
N/A
03/02/32
USD
5,530
(207,201)
—
(207,201)
1
day
SOFR
Annual
1.51%
Annual
N/A
03/03/32
USD
11,000
(585,668)
—
(585,668)
1
day
SOFR
Annual
1.54%
Annual
N/A
03/03/32
USD
10,980
(559,804)
—
(559,804)
1
day
SOFR
Annual
1.57%
Annual
N/A
03/03/32
USD
10,970
(525,597)
—
(525,597)
1.75%
Annual
1
day
SOFR
Annual
N/A
03/04/32
USD
5,365
168,392
—
168,392
1.74%
Annual
1
day
SOFR
Annual
N/A
03/04/32
USD
5,365
174,693
—
174,693
1
day
SOFR
Annual
1.55%
Annual
N/A
03/08/32
USD
5,445
(270,188)
—
(270,188)
1
day
SOFR
Annual
1.60%
Annual
N/A
03/08/32
USD
5,445
(245,599)
—
(245,599)
1
day
SOFR
Annual
1.61%
Annual
N/A
03/08/32
USD
5,445
(240,681)
—
(240,681)
1.67%
Annual
1
day
SOFR
Annual
N/A
03/10/32
USD
8,430
329,005
—
329,005
1.76%
Annual
1
day
SOFR
Annual
N/A
03/11/32
USD
2,675
83,043
—
83,043
1.73%
Annual
1
day
SOFR
Annual
N/A
03/11/32
USD
12,430
416,744
—
416,744
1.77%
Annual
1
day
SOFR
Annual
N/A
03/11/32
USD
2,675
81,835
—
81,835
1.81%
Annual
1
day
SOFR
Annual
N/A
03/14/32
USD
4,410
117,731
—
117,731
1.81%
Annual
1
day
SOFR
Annual
N/A
03/14/32
USD
5,365
143,711
—
143,711
1.84%
Annual
1
day
SOFR
Annual
N/A
03/14/32
USD
5,365
129,176
—
129,176
1.81%
Annual
1
day
SOFR
Annual
N/A
03/15/32
USD
3,440
91,074
—
91,074
1.90%
Annual
1
day
SOFR
Annual
N/A
03/16/32
USD
6,230
117,191
—
117,191
1.93%
Annual
1
day
SOFR
Annual
N/A
03/16/32
USD
5,330
87,665
—
87,665
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
112
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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)
1.97%
Annual
1
day
SOFR
Annual
N/A
03/16/32
USD
10,630
$
128,006
$
—
$
128,006
1.91%
Annual
1
day
SOFR
Annual
N/A
03/17/32
USD
4,110
72,322
—
72,322
2.09%
Annual
1
day
SOFR
Annual
N/A
03/18/32
USD
5,420
7,568
—
7,568
1
day
SOFR
Annual
2.01%
Annual
N/A
03/22/32
USD
2,675
(23,936)
—
(23,936)
2.15%
Annual
1
day
SOFR
Annual
N/A
03/23/32
USD
5,385
(20,784)
—
(20,784)
2.10%
Annual
1
day
SOFR
Annual
N/A
03/23/32
USD
5,405
7,184
—
7,184
2.18%
Annual
1
day
SOFR
Annual
N/A
03/23/32
USD
5,385
(35,119)
—
(35,119)
2.09%
Annual
1
day
SOFR
Annual
N/A
03/23/32
USD
5,405
9,134
—
9,134
2.23%
Annual
1
day
SOFR
Annual
N/A
03/24/32
USD
5,470
(59,087)
—
(59,087)
2.15%
Annual
1
day
SOFR
Annual
N/A
03/25/32
USD
12,000
(41,877)
(2,062)
(39,815)
1
day
SOFR
Annual
2.21%
Annual
N/A
03/25/32
USD
3,970
35,346
—
35,346
2.20%
Annual
1
day
SOFR
Annual
N/A
03/28/32
USD
3,520
(28,282)
—
(28,282)
1
day
SOFR
Annual
2.18%
Annual
N/A
03/28/32
USD
20,300
129,215
—
129,215
2.29%
Annual
1
day
SOFR
Annual
N/A
03/30/32
USD
2,500
(39,555)
—
(39,555)
1
day
SOFR
Annual
2.27%
Annual
06/24/22
(a)
06/24/32
USD
14,500
142,989
—
142,989
1
day
SOFR
Annual
1.96%
Annual
08/17/22
(a)
08/17/32
USD
680
(12,542)
—
(12,542)
1.72%
Annual
1
day
SOFR
Annual
02/06/23
(a)
02/06/33
USD
11,350
460,605
—
460,605
1
day
SOFR
Annual
2.30%
Annual
03/28/23
(a)
03/28/33
USD
10,400
120,287
—
120,287
3
month
LIBOR
Quarterly
1.67%
Semi-Annual
08/06/24
(a)
08/06/34
USD
14,850
(898,639)
—
(898,639)
2.08%
Annual
1
day
SOFR
Annual
04/01/25
(a)
04/01/35
USD
13,930
—
—
—
1
day
SOFR
Annual
1.80%
Annual
01/15/27
(a)
01/15/37
USD
8,330
(165,299)
—
(165,299)
0.97%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/17/40
USD
3,550
771,466
—
771,466
1.83%
Annual
1
day
SOFR
Annual
06/30/22
(a)
08/15/47
USD
11,590
538,961
—
538,961
1
day
SOFR
Annual
2.05%
Annual
06/30/22
(a)
08/15/47
USD
12,070
(27,989)
—
(27,989)
1
day
SOFR
Annual
2.13%
Annual
06/30/22
(a)
08/15/47
USD
11,460
147,924
—
147,924
1.83%
Annual
1
day
SOFR
Annual
06/30/22
(a)
11/15/48
USD
11,750
521,583
(54,682)
576,265
3
month
LIBOR
Quarterly
1.02%
Semi-Annual
N/A
08/17/50
USD
2,470
(675,283)
—
(675,283)
3
month
LIBOR
Quarterly
1.87%
Semi-Annual
N/A
02/19/51
USD
3,135
(288,646)
—
(288,646)
3
month
LIBOR
Quarterly
1.91%
Semi-Annual
N/A
02/22/51
USD
1,568
(132,337)
—
(132,337)
3
month
LIBOR
Quarterly
1.90%
Semi-Annual
N/A
06/11/51
USD
3,360
(272,322)
—
(272,322)
1
day
SOFR
Annual
1.62%
Annual
N/A
01/06/52
USD
1,530
(121,463)
1,125
(122,588)
1
day
SOFR
Annual
1.67%
Annual
04/01/42
(a)
04/01/52
USD
6,070
—
—
—
1.09%
Semi-Annual
3
month
LIBOR
Quarterly
06/20/22
(a)
06/20/52
USD
3,940
1,054,459
—
1,054,459
1.14%
Semi-Annual
3
month
LIBOR
Quarterly
06/20/22
(a)
06/20/52
USD
3,940
1,014,443
—
1,014,443
0.88%
Semi-Annual
3
month
LIBOR
Quarterly
07/12/23
(a)
07/12/53
USD
4,020
1,213,929
—
1,213,929
1.67%
Annual
1
day
SOFR
Annual
01/15/25
(a)
01/15/55
USD
1,870
92,041
—
92,041
1.69%
Annual
1
day
SOFR
Annual
01/15/27
(a)
01/15/57
USD
1,080
36,132
—
36,132
$
21,024,680
$
(15,439,164)
$
36,463,844
(a)
Forward
swap.
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
0.16
%
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.96
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
113
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
1,079,941
$
(20,008,072)
$
103,554,711
$
(66,569,173)
$
—
Options
Written
...................................................
N/A
N/A
11,077,844
(45,466,571)
(63,045,929)
(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)
.....
$
—
$
—
$
—
$
—
$
50,311,184
$
—
$
50,311,184
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
183,435
—
—
183,435
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
—
—
—
22,775,083
—
22,775,083
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
521,694
—
—
103,033,017
—
103,554,711
$
—
$
521,694
$
—
$
183,435
$
176,119,284
$
—
$
176,824,413
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
47,206,423
—
47,206,423
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
3,885,517
—
—
3,885,517
Options
written
(b)
Options
written
at
value
.....................
—
—
—
—
63,045,929
—
63,045,929
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
66,569,173
—
66,569,173
$
—
$
—
$
—
$
3,885,517
$
176,821,525
$
—
$
180,707,042
(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
March
31,
2022,
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
.......................
$
—
$
—
$
—
$
—
$
165,898
$
—
$
165,898
Forward
foreign
currency
exchange
contracts
....
—
—
—
37,226,162
—
—
37,226,162
Options
purchased
(a)
....................
—
—
—
—
6,705,021
—
6,705,021
Options
written
........................
—
—
—
—
(6,623,227)
—
(6,623,227)
Swaps
..............................
—
2,408,894
—
—
(8,984,007)
—
(6,575,113)
$
—
$
2,408,894
$
—
$
37,226,162
$
(8,736,315)
$
—
$
30,898,741
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
114
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
—
—
(7,633,351)
—
(7,633,351)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(14,819,042)
—
—
(14,819,042)
Options
purchased
(b)
....................
—
—
—
—
3,970,030
—
3,970,030
Options
written
........................
—
—
—
—
(41,526,125)
—
(41,526,125)
Swaps
..............................
—
(409,343)
—
—
35,784,021
—
35,374,678
$
—
$
(409,343)
$
—
$
(14,819,042)
$
(9,405,425)
$
—
$
(24,633,810)
(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
..................................................................................
$
3,666,724,086
Average
notional
value
of
contracts
—
short
.................................................................................
$
1,929,311,266
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
—
in
USD
....................................................................................
$
509,024,995
Average
amounts
sold
—
in
USD
........................................................................................
$
7,214,197
Options
Average
value
of
option
contracts
purchased
................................................................................
$
153,812
Average
value
of
option
contracts
written
...................................................................................
$
40,149
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
501,067,000
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
2,063,790,555
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
238,695,000
Average
notional
value
—
sell
protection
...................................................................................
$
15,602,500
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
3,390,464,978
Average
notional
value
—
receives
fixed
rate
................................................................................
$
2,175,765,000
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
2,954,408
$
5,178,078
Forward
foreign
currency
exchange
contracts
.................................................................
183,435
3,885,517
Options
(a)(b)
........................................................................................
22,775,083
63,045,929
Swaps
—
centrally
cleared
..............................................................................
—
4,134,452
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
25,912,926
$
76,243,976
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(3,066,094)
(9,330,484)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
22,846,832
$
66,913,492
(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
Low
Duration
Bond
Portfolio
Schedules
of
Investments
115
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
(b)
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(c)(d)
Bank
of
America
NA
..............................
$
4,039,995
$
(3,304,997)
$
(485,194)
$
—
$
249,804
Bank
of
Montreal
................................
17,580
—
—
—
17,580
Bank
of
New
York
................................
67,305
—
—
—
67,305
Citibank
NA
....................................
5,132,875
(1,674,795)
—
(3,458,080)
—
Deutsche
Bank
AG
...............................
7,078,900
(7,078,900)
—
—
—
Goldman
Sachs
Bank
USA
..........................
4,345,128
(3,960,891)
—
—
384,237
JPMorgan
Chase
Bank
NA
..........................
24,627
(24,627)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
414,440
(414,440)
—
—
—
State
Street
Bank
and
Trust
Co.
......................
10,328
—
—
—
10,328
Wells
Fargo
Bank
NA
..............................
1,715,654
(105,416)
—
(1,420,000)
190,238
$
22,846,832
$
(16,564,066)
$
(485,194)
$
(4,878,080)
$
919,492
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
(f)
ANZ
Banking
Group
Ltd.
...........................
$
161
$
—
$
—
$
—
$
161
Bank
of
America
NA
..............................
3,304,997
(3,304,997)
—
—
—
Barclays
Bank
plc
................................
7,142,892
—
—
(7,142,892)
—
BNP
Paribas
SA
.................................
3,380,057
—
—
—
3,380,057
Citibank
NA
....................................
1,674,795
(1,674,795)
—
—
—
Commonwealth
Bank
of
Australia
.....................
2,594
—
—
—
2,594
Deutsche
Bank
AG
...............................
11,965,901
(7,078,900)
—
(4,887,001)
—
Goldman
Sachs
Bank
USA
..........................
3,960,891
(3,960,891)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
25,977,426
(24,627)
—
(25,952,799)
—
Morgan
Stanley
&
Co.
International
plc
..................
9,038,897
(414,440)
(5,814,457)
(2,810,000)
—
Natwest
Markets
plc
..............................
27,986
—
—
—
27,986
Toronto
Dominion
Bank
............................
238,719
—
—
—
238,719
UBS
AG
......................................
85,033
—
—
—
85,033
Wells
Fargo
Bank
NA
..............................
105,416
(105,416)
—
—
—
Westpac
Banking
Corp.
............................
7,727
—
—
—
7,727
$
66,913,492
$
(16,564,066)
$
(5,814,457)
$
(40,792,692)
$
3,742,277
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Low
Duration
Bond
Portfolio
116
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
....................................
$
—
$
1,329,613,798
$
699,422
$
1,330,313,220
Corporate
Bonds
Aerospace
&
Defense
....................................
—
20,896,114
—
20,896,114
Airlines
..............................................
—
17,723,340
—
17,723,340
Auto
Components
......................................
—
21,755,934
—
21,755,934
Automobiles
..........................................
—
77,787,511
—
77,787,511
Banks
...............................................
—
592,784,309
—
592,784,309
Beverages
...........................................
—
9,737,816
—
9,737,816
Biotechnology
.........................................
—
21,717,650
—
21,717,650
Building
Products
.......................................
—
3,120,181
—
3,120,181
Capital
Markets
........................................
—
251,369,169
—
251,369,169
Chemicals
............................................
—
62,124,306
—
62,124,306
Commercial
Services
&
Supplies
.............................
—
16,902,282
—
16,902,282
Communications
Equipment
................................
—
4,882,820
—
4,882,820
Construction
&
Engineering
................................
—
10,054,197
—
10,054,197
Construction
Materials
....................................
—
3,077,802
—
3,077,802
Consumer
Finance
......................................
—
185,494,320
—
185,494,320
Containers
&
Packaging
..................................
—
37,883,507
—
37,883,507
Diversified
Consumer
Services
..............................
—
2,330,571
—
2,330,571
Diversified
Financial
Services
...............................
—
16,778,027
—
16,778,027
Diversified
Telecommunication
Services
........................
—
74,216,193
—
74,216,193
Electric
Utilities
........................................
—
93,424,003
—
93,424,003
Electrical
Equipment
.....................................
—
5,187,187
—
5,187,187
Electronic
Equipment,
Instruments
&
Components
.................
—
19,595,697
—
19,595,697
Energy
Equipment
&
Services
..............................
—
5,138,332
—
5,138,332
Entertainment
.........................................
—
12,435,876
—
12,435,876
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
122,056,172
—
122,056,172
Food
&
Staples
Retailing
..................................
—
27,123,207
—
27,123,207
Food
Products
.........................................
—
32,064,893
—
32,064,893
Gas
Utilities
...........................................
—
10,901,062
—
10,901,062
Health
Care
Equipment
&
Supplies
...........................
—
18,289,122
—
18,289,122
Health
Care
Providers
&
Services
............................
—
63,899,424
—
63,899,424
Health
Care
Technology
..................................
—
1,331,546
—
1,331,546
Hotels,
Restaurants
&
Leisure
..............................
—
38,290,053
—
38,290,053
Household
Durables
.....................................
—
30,672,104
—
30,672,104
Household
Products
.....................................
—
710,421
—
710,421
Independent
Power
and
Renewable
Electricity
Producers
............
—
10,714,582
—
10,714,582
Industrial
Conglomerates
..................................
—
3,892,983
—
3,892,983
Insurance
............................................
—
52,357,706
—
52,357,706
Interactive
Media
&
Services
...............................
—
15,170,323
—
15,170,323
Internet
&
Direct
Marketing
Retail
............................
—
182,982
—
182,982
IT
Services
...........................................
—
34,298,520
—
34,298,520
Life
Sciences
Tools
&
Services
..............................
—
5,592,197
—
5,592,197
Machinery
............................................
—
26,602,656
—
26,602,656
Media
...............................................
—
53,792,879
—
53,792,879
Metals
&
Mining
........................................
—
19,964,165
—
19,964,165
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
472,574
—
472,574
Multi-Utilities
..........................................
—
15,861,926
—
15,861,926
Oil,
Gas
&
Consumable
Fuels
...............................
—
172,924,808
—
172,924,808
Paper
&
Forest
Products
..................................
—
832,887
—
832,887
Personal
Products
......................................
—
27,368,926
—
27,368,926
Pharmaceuticals
.......................................
—
26,139,732
—
26,139,732
Professional
Services
....................................
—
467,629
—
467,629
Real
Estate
Management
&
Development
.......................
—
51,136,658
—
51,136,658
Road
&
Rail
...........................................
—
41,707,732
—
41,707,732
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
117
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Semiconductors
&
Semiconductor
Equipment
....................
$
—
$
54,437,235
$
—
$
54,437,235
Software
.............................................
—
67,150,191
—
67,150,191
Specialty
Retail
........................................
—
19,092,848
—
19,092,848
Technology
Hardware,
Storage
&
Peripherals
....................
—
8,550,139
3,971,161
12,521,300
Textiles,
Apparel
&
Luxury
Goods
............................
—
1,860,694
—
1,860,694
Thrifts
&
Mortgage
Finance
................................
—
8,051,342
4,257,675
12,309,017
Tobacco
.............................................
—
57,477,040
—
57,477,040
Trading
Companies
&
Distributors
............................
—
36,990,596
—
36,990,596
Transportation
Infrastructure
...............................
—
4,480,788
—
4,480,788
Wireless
Telecommunication
Services
.........................
—
39,782,072
—
39,782,072
Floating
Rate
Loan
Interests
.................................
—
33,581
—
33,581
Foreign
Agency
Obligations
.................................
—
55,558,303
—
55,558,303
Foreign
Government
Obligations
..............................
—
106,224,815
—
106,224,815
Non-Agency
Mortgage-Backed
Securities
........................
—
995,126,935
7,752,709
1,002,879,644
U.S.
Government
Sponsored
Agency
Securities
....................
—
538,261,601
—
538,261,601
U.S.
Treasury
Obligations
...................................
—
1,696,781,643
—
1,696,781,643
Short-Term
Securities
Commercial
Paper
.......................................
—
173,502,083
—
173,502,083
Money
Market
Funds
......................................
69,198,436
—
—
69,198,436
Options
Purchased
Interest
rate
contracts
......................................
111,686
22,663,397
—
22,775,083
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(75,296,063)
—
(75,296,063)
$
69,310,122
$
7,611,580,051
$
16,680,967
$
7,697,571,140
Derivative
Financial
Instruments
(a)
Assets
Credit
contracts
...........................................
$
—
$
521,694
$
—
$
521,694
Foreign
currency
exchange
contracts
............................
—
183,435
—
183,435
Interest
rate
contracts
.......................................
50,311,18
4
103,033,017
—
153,344,20
1
Liabilities
Foreign
currency
exchange
contracts
............................
—
(3,885,517)
—
(3,885,517)
Interest
rate
contracts
.......................................
(47,224,377)
(129,597,148)
—
(176,821,525)
$
3,086,80
7
$
(29,744,519)
$
—
$
(26,657,71
2
)
(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
(unaudited)

March
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
118
BlackRock
Core
Bond
Portfolio
BlackRock
High
Yield
Bond
Portfolio
(a)
BlackRock
Low
Duration
Bond
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(b)
(c)
.........................................................
$
4,492,429,017‌
$
20,058,289,173‌
$
7,703,654,619‌
Investments,
at
value
—
affiliated
(d)
...........................................................
314,970,512‌
838,496,572‌
69,212,584‌
Cash  
...............................................................................
—‌
17,478,504‌
849,328‌
Cash
pledged:
Collateral
—
exchange-traded
options
written
....................................................
—‌
875,000‌
—‌
Collateral
—
OTC
derivatives
..............................................................
—‌
34,400,000‌
56,344,165‌
Collateral
—
TBA
commitments
.............................................................
5,477,182‌
—‌
2,116,000‌
Futures
contracts
......................................................................
6,591,520‌
9,060,000‌
23,088,000‌
Centrally
cleared
swaps
..................................................................
6,848,778‌
25,900,000‌
17,354,000‌
Foreign
currency,
at
value
(e)
................................................................
24,757,185‌
4,810,628‌
4,155,748‌
Receivables:
–‌
–‌
–‌
Investments
sold
......................................................................
281,383,331‌
218,351,492‌
295,117,309‌
Securities
lending
income
—
affiliated
........................................................
—‌
46,796‌
—‌
Swaps  
............................................................................
—‌
1,361,778‌
2,517,712‌
TBA
sale
commitments
..................................................................
214,209,919‌
—‌
75,261,482‌
Capital
shares
sold
.....................................................................
7,848,511‌
270,385,046‌
17,438,494‌
Dividends
—
affiliated
...................................................................
24,116‌
42,957‌
10,046‌
Dividends
—
unaffiliated
.................................................................
—‌
1,633,893‌
—‌
Interest
—
unaffiliated
...................................................................
21,030,920‌
259,418,526‌
29,575,414‌
From
the
Manager
.....................................................................
196,898‌
—‌
131,987‌
Variation
margin
on
futures
contracts
.........................................................
1,295,770‌
—‌
2,954,408‌
Variation
margin
on
centrally
cleared
swaps
....................................................
529,484‌
—‌
—‌
Swap
premiums
paid
.....................................................................
973,870‌
815,395‌
—‌
Unrealized
appreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
668,837‌
97,698‌
183,435‌
OTC
swaps
..........................................................................
987,445‌
2,413,935‌
—‌
Prepaid
expenses
.......................................................................
253,640‌
960,131‌
255,105‌
Total
assets
...........................................................................
5,380,476,935‌
21,744,837,524‌
8,300,219,836‌
LIABILITIES
Bank
overdraft
..........................................................................
45,138‌
—‌
—‌
Cash
received:
Collateral
—
OTC
derivatives
..............................................................
420,000‌
6,220,000‌
7,642,000‌
Collateral
on
securities
loaned
...............................................................
—‌
125,449,719‌
—‌
Options
written,
at
value
(f)
..................................................................
602,128‌
1,298,209‌
63,045,929‌
TBA
sale
commitments,
at
value
(g)
............................................................
212,861,282‌
—‌
75,296,063‌
Payables:
–‌
–‌
–‌
Investments
purchased
..................................................................
1,232,140,281‌
474,173,167‌
502,760,250‌
Accounting
services
fees
.................................................................
152,264‌
656,349‌
258,218‌
Administration
fees
.....................................................................
123,771‌
921,321‌
239,091‌
Capital
shares
redeemed
.................................................................
5,874,759‌
128,301,877‌
22,230,269‌
Custodian
fees
........................................................................
79,321‌
159,660‌
82,613‌
Income
dividend
distributions
..............................................................
991,009‌
10,297,058‌
1,164,364‌
Investment
advisory
fees
.................................................................
1,060,930‌
7,160,879‌
1,914,389‌
Trustees'
and
Officer's
fees
...............................................................
9,304‌
154,483‌
51,832‌
Other
affiliate
fees
.....................................................................
3,957‌
101,142‌
2,197‌
Professional
fees
......................................................................
71,732‌
227,210‌
83,136‌
Registration
fees
......................................................................
—‌
—‌
134,575‌
Service
and
distribution
fees
...............................................................
112,317‌
504,002‌
284,462‌
Transfer
agent
fees
....................................................................
771,557‌
4,399,718‌
1,755,257‌
Other
accrued
expenses
.................................................................
325,943‌
332,563‌
581,180‌
Variation
margin
on
futures
contracts
.........................................................
570,388‌
1,394,714‌
5,178,078‌
Variation
margin
on
centrally
cleared
swaps
....................................................
—‌
839,566‌
4,134,452‌
Swap
premiums
received
..................................................................
547,428‌
1,058,200‌
—‌
Unrealized
depreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
837,091‌
4,922,996‌
3,885,517‌
OTC
swaps
..........................................................................
1,180,743‌
33,181,379‌
—‌
Total
liabilities
..........................................................................
1,458,781,343‌
801,754,212‌
690,723,872‌
NET
ASSETS
..........................................................................
$
3,921,695,592‌
$
20,943,083,312‌
$
7,609,495,964‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
March
31,
2022
119
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
..........................................................................
$
4,194,992,698‌
$
21,266,960,775‌
$
7,973,691,148‌
Accumulated
loss
.......................................................................
(273,297,106‌)
(323,877,463‌)
(364,195,184‌)
NET
ASSETS
..........................................................................
$
3,921,695,592‌
$
20,943,083,312‌
$
7,609,495,964‌
(a)
  Consolidated
Statement
of
Assets
and
Liabilities.
(b)
  Investments,
at
cost
—
unaffiliated
..........................................................
$
4,691,967,571‌
$
20,461,118,343‌
$
7,957,294,035‌
(c)
  Securities
loaned,
at
value
................................................................
$
—‌
$
122,390,375‌
$
—‌
(d)
  Investments,
at
cost
—
affiliated
............................................................
$
314,970,512‌
$
838,887,906‌
$
69,213,979‌
(e)
  Foreign
currency,
at
cost
.................................................................
$
24,349,546‌
$
4,801,507‌
$
4,179,658‌
(f)
  Premiums
received
.....................................................................
$
330,787‌
$
2,841,128‌
$
28,657,202‌
(g)
  Proceeds
from
TBA
sale
commitments
.......................................................
$
214,209,919‌
$
—‌
$
75,261,482‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
March
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
120
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
...........................................................................
$
2,651,512,726‌
$
12,450,529,535‌
$
5,617,843,849‌
Shares
outstanding
....................................................................
290,593,927‌
1,673,546,752‌
605,009,667‌
Net
asset
value
.......................................................................
$
9.12‌
$
7.44‌
$
9.29‌
Shares
authorized
.....................................................................
Unlimited
Unlimited
Unlimited
Par
value
...........................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Service
Net
assets
...........................................................................
$
—‌
$
104,971,251‌
$
—‌
Shares
outstanding
....................................................................
—‌
14,101,325‌
—‌
Net
asset
value
.......................................................................
$
—‌
$
7.44‌
$
—‌
Shares
authorized
.....................................................................
—
Unlimited
—
Par
value
...........................................................................
$
—‌
$
0.001‌
$
—‌
Investor
A
Net
assets
...........................................................................
$
423,896,610‌
$
1,298,851,220‌
$
1,102,088,728‌
Shares
outstanding
....................................................................
46,393,097‌
174,655,541‌
118,721,686‌
Net
asset
value
.......................................................................
$
9.14‌
$
7.44‌
$
9.28‌
Shares
authorized
.....................................................................
Unlimited
Unlimited
Unlimited
Par
value
...........................................................................
$
0.00
1‌
$
0.00
1‌
$
0.00
1‌
Investor
A1
Net
assets
...........................................................................
$
—
$
—
$
5,843,687‌
Shares
outstanding
....................................................................
—
—
629,028‌
Net
asset
value
.......................................................................
$
—
$
—
$
9.29‌
Shares
authorized
.....................................................................
—
—
Unlimited
Par
value
...........................................................................
$
—
$
—
$
0.001‌
Investor
C
Net
assets
...........................................................................
$
19,459,812‌
$
131,950,505‌
$
42,751,625‌
Shares
outstanding
....................................................................
2,139,628‌
17,714,569‌
4,607,666‌
Net
asset
value
.......................................................................
$
9.09‌
$
7.45‌
$
9.28‌
Shares
authorized
.....................................................................
Unlimited
Unlimited
Unlimited
Par
value
...........................................................................
$
0.00
1‌
$
0.00
1‌
$
0.00
1‌
Class
K
Net
assets
...........................................................................
$
825,498,520‌
$
6,852,090,792‌
$
838,512,801‌
Shares
outstanding
....................................................................
90,183,915‌
920,459,953‌
90,376,286‌
Net
asset
value
.......................................................................
$
9.15‌
$
7.44‌
$
9.28‌
Shares
authorized
.....................................................................
Unlimited
Unlimited
Unlimited
Par
value
...........................................................................
$
0.00
1‌
$
0.00
1‌
$
0.00
1‌
Class
R
Net
assets
...........................................................................
$
1,327,924‌
$
104,690,009‌
$
2,455,274‌
Shares
outstanding
....................................................................
145,272‌
14,075,151‌
264,514‌
Net
asset
value
.......................................................................
$
9.14‌
$
7.44‌
$
9.28‌
Shares
authorized
.....................................................................
Unlimited
Unlimited
Unlimited
Par
value
...........................................................................
$
0.00
1‌
$
0.00
1‌
$
0.00
1‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
March
31,
2022
121
Financial
Statements
BlackRock
Core
Bond
Portfolio
BlackRock
High
Yield
Bond
Portfolio
(a)
BlackRock
Low
Duration
Bond
Portfolio
INVESTMENT
INCOME
–
–
–
Dividends
—
affiliated
...................................................................
$
32,962‌
$
2,535,612‌
$
349,124‌
Dividends
—
unaffiliated
.................................................................
—‌
11,220,794‌
—‌
Interest
—
unaffiliated
...................................................................
37,308,935‌
576,779,769‌
64,785,042‌
Securities
lending
income
—
affiliated
—
net
...................................................
—‌
791,875‌
—‌
Foreign
taxes
withheld
..................................................................
(7,579‌)
—‌
(2,432‌)
Total
investment
income
...................................................................
37,334,318‌
591,328,050‌
65,131,734‌
EXPENSES
Investment
advisory
....................................................................
6,919,450‌
46,067,189‌
11,929,437‌
Transfer
agent
—
class
specific
............................................................
1,898,665‌
8,841,787‌
3,161,038‌
Administration
.......................................................................
765,668‌
3,645,096‌
1,469,414‌
Service
and
distribution
—
class
specific
......................................................
673,718‌
2,868,878‌
1,710,630‌
Administration
—
class
specific
............................................................
413,733‌
2,259,544‌
846,655‌
Accounting
services
....................................................................
144,346‌
640,324‌
253,535‌
Registration
.........................................................................
121,141‌
201,293‌
205,557‌
Custodian
...........................................................................
74,154‌
147,756‌
76,951‌
Professional
.........................................................................
71,807‌
148,789‌
74,814‌
Trustees
and
Officer
....................................................................
32,676‌
128,028‌
47,785‌
Miscellaneous
........................................................................
359,765‌
237,501‌
515,210‌
Total
expenses
.........................................................................
11,475,123‌
65,186,185‌
20,291,026‌
Less:
–‌
–‌
–‌
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
..........................
(1,089,035‌)
—‌
(532,576‌)
Administration
fees
waived
—
class
specific
..................................................
(413,733‌)
(3,969‌)
(782,984‌)
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................
(341,018‌)
(390,900‌)
(142,728‌)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
9,631,337‌
64,791,316‌
18,832,738‌
Net
investment
income
....................................................................
27,702,981‌
526,536,734‌
46,298,996‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(291,099,477‌)
$
(1,242,916,359‌)
$
(374,299,569‌)
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...............................................................
$
—‌
$
(4,341,933‌)
$
(725,289‌)
Investments
—
unaffiliated
(b)
............................................................
(35,195,193‌)
194,051,242‌
(80,102,304‌)
Forward
foreign
currency
exchange
contracts
.................................................
100,192‌
49,077,341‌
37,226,162‌
Foreign
currency
transactions
...........................................................
396,156‌
2,879,018‌
1,184,319‌
Futures
contracts
....................................................................
5,936,108‌
11,867,873‌
165,898‌
Options
written
.....................................................................
(4,625,942‌)
260,771‌
(6,623,227‌)
Swaps  
..........................................................................
(3,236,509‌)
(35,593,954‌)
(6,575,113‌)
(36,625,188‌)
218,200,358‌
(55,449,554‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...............................................................
—‌
(391,627‌)
(6,648‌)
Investments
—
unaffiliated
(c)
............................................................
(243,901,997‌)
(1,414,982,685‌)
(290,204,827‌)
Forward
foreign
currency
exchange
contracts
.................................................
(893,155‌)
(20,046,979‌)
(14,819,042‌)
Foreign
currency
translations
............................................................
(800,765‌)
(132,225‌)
(34,700‌)
Futures
contracts
....................................................................
(2,361,032‌)
6,387,024‌
(7,633,351‌)
Options
written
.....................................................................
(167,546‌)
1,542,919‌
(41,526,125‌)
Swaps  
..........................................................................
(6,349,794‌)
(33,302,791‌)
35,374,678‌
Unfunded
floating
rate
loan
interests
.......................................................
—‌
(190,353‌)
—‌
(254,474,289‌)
(1,461,116,717‌)
(318,850,015‌)
Net
realized
and
unrealized
loss
..............................................................
(291,099,477‌)
(1,242,916,359‌)
(374,299,569‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................................
$
(263,396,496‌)
$
(716,379,625‌)
$
(328,000,573‌)
(a)
  Consolidated
Statement
of
Operations.
(b)
Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
.................................
$
(137‌)
$
—‌
$
—‌
(c)
Net
of
reduction
in
deferred
foreign
capital
gain
tax
of
..............................................
$
2,781‌
$
—‌
$
—‌
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

2022
BlackRock
Semi-Annual
Report
to
Shareholders
122
See
notes
to
financial
statements.
BlackRock
Core
Bond
Portfolio
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
09/30/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
27,702,981‌
$
60,483,028‌
Net
realized
gain
(loss)
..................................................................................
(36,625,188‌)
39,296,974‌
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
(254,474,289‌)
(96,266,249‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.........................................................
(263,396,496‌)
3,513,753‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
.........................................................................................
(39,278,174‌)
(147,057,926‌)
  Service
............................................................................................
—‌
(2,087,346‌)
  Investor
A
..........................................................................................
(5,746,918‌)
(28,032,259‌)
  Investor
C
..........................................................................................
(209,525‌)
(1,522,843‌)
  Class
K
............................................................................................
(13,188,983‌)
(57,938,079‌)
  Class
R
............................................................................................
(15,034‌)
(74,964‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(58,438,634‌)
(236,713,417‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...............................................
(80,262,686‌)
303,314,101‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.........................................................................
(402,097,816‌)
70,114,437‌
Beginning
of
period
......................................................................................
4,323,793,408‌
4,253,678,971‌
End
of
period
..........................................................................................
$
3,921,695,592‌
$
4,323,793,408‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
123
Financial
Statements
See
notes
to
financial
statements.
BlackRock
High
Yield
Bond
Portfolio
(a)
BlackRock
Low
Duration
Bond
Portfolio
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
09/30/21
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
09/30/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
526,536,734‌
$
1,214,876,133‌
$
46,298,996‌
$
95,055,625‌
Net
realized
gain
(loss)
....................................................
218,200,358‌
1,153,830,246‌
(55,449,554‌)
80,561,431‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(1,461,116,717‌)
419,423,528‌
(318,850,015‌)
(60,934,857‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(716,379,625‌)
2,788,129,907‌
(328,000,573‌)
114,682,199‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
  Institutional
...........................................................
(359,602,705‌)
(644,347,623‌)
(44,903,697‌)
(80,178,572‌)
  Service
..............................................................
(3,324,372‌)
(6,184,504‌)
—‌
(238,097‌)
  Investor
A
............................................................
(34,856,467‌)
(62,995,346‌)
(6,878,156‌)
(16,614,960‌)
  Investor
A1
...........................................................
—
—
(41,517‌)
(93,386‌)
  Investor
C
............................................................
(3,279,709‌)
(6,536,033‌)
(100,572‌)
(232,004‌)
  Class
K
..............................................................
(211,015,952‌)
(511,983,631‌)
(6,954,771‌)
(10,050,344‌)
  Class
R
..............................................................
(2,577,939‌)
(4,660,585‌)
(10,228‌)
(18,462‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(614,657,144‌)
(1,236,707,722‌)
(58,888,941‌)
(107,425,825‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(1,617,184,377‌)
(2,531,970,831‌)
(603,017,778‌)
1,135,062,865‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(2,948,221,146‌)
(980,548,646‌)
(989,907,292‌)
1,142,319,239‌
Beginning
of
period
........................................................
23,891,304,458‌
24,871,853,104‌
8,599,403,256‌
7,457,084,017‌
End
of
period
............................................................
$
20,943,083,312‌
$
23,891,304,458‌
$
7,609,495,964‌
$
8,599,403,256‌
(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)
2022
BlackRock
Semi-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)
Aggregate
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Core
Bond
Portfolio
Institutional
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
9.88‌
$
10.43‌
$
9.92‌
$
9.25‌
$
9.65‌
$
9.86‌
Net
investment
income
(a)
.......................
0.07‌
0.14‌
0.20‌
0.28‌
0.25‌
0.23‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.69‌)
(0.14‌)
0.53‌
0.68‌
(0.39‌)
(0.19‌)
Net
increase
(decrease)
from
investment
operations
......
(0.62‌)
(
0.00‌
)
0.73‌
0.96‌
(0.14‌)
0.04‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.08‌)
(0.19‌)
(0.22‌)
(0.29‌)
(0.26‌)
(0.25‌)
From
net
realized
gain
.........................
(0.06‌)
(0.36‌)
—‌
—‌
—‌
—‌
Total
distributions
.............................
(0.14‌)
(0.55‌)
(0.22‌)
(0.29‌)
(0.26‌)
(0.25‌)
Net
asset
value,
end
of
period
....................
$
9.12‌
$
9.88‌
$
10.43‌
$
9.92‌
$
9.25‌
$
9.65‌
Total
Return
(c)
(6.38)%
(0.04)%
7.42%
10.52%
(1.50)%
—
Based
on
net
asset
value
........................
(6.38‌)%
(d)
(0.04‌)%
7.42‌%
10.52‌%
(1.50‌)%
0.46‌%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
...............................
0.54‌%
(f)
0.53‌%
0.54‌%
0.60‌%
0.62‌%
0.66‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.44‌%
(f)
0.44‌%
0.43‌%
0.51‌%
0.54‌%
0.52‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
......................
0.44‌%
(f)
0.44‌%
0.43‌%
0.43‌%
0.44‌%
0.43‌%
Net
investment
income
.........................
1.36‌%
(f)
1.35‌%
1.98‌%
2.94‌%
2.61‌%
2.36‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
2,651,513‌
$
2,892,879‌
$
2,608,893‌
$
1,935,102‌
$
1,762,677‌
$
1,778,980‌
Portfolio
turnover
rate
(g)
.........................
294‌%
585‌%
692‌%
684‌%
658‌%
712‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
.............
173%
387%
488%
481%
455%
493%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(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,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Core
Bond
Portfolio
Investor
A
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
9.89‌
$
10.44‌
$
9.93‌
$
9.26‌
$
9.66‌
$
9.87‌
Net
investment
income
(a)
.......................
0.05‌
0.11‌
0.18‌
0.26‌
0.22‌
0.20‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.68‌)
(0.14‌)
0.52‌
0.67‌
(0.39‌)
(0.18‌)
Net
increase
(decrease)
from
investment
operations
......
(0.63‌)
(0.03‌)
0.70‌
0.93‌
(0.17‌)
0.02‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.06‌)
(0.16‌)
(0.19‌)
(0.26‌)
(0.23‌)
(0.23‌)
From
net
realized
gain
.........................
(0.06‌)
(0.36‌)
—‌
—‌
—‌
—‌
Total
distributions
.............................
(0.12‌)
(0.52‌)
(0.19‌)
(0.26‌)
(0.23‌)
(0.23‌)
Net
asset
value,
end
of
period
....................
$
9.14‌
$
9.89‌
$
10.44‌
$
9.93‌
$
9.26‌
$
9.66‌
Total
Return
(c)
(6.39)%
(0.29)%
7.15%
10.24%
(1.74)%
—
Based
on
net
asset
value
........................
(6.39‌)%
(d)
(0.29‌)%
7.15‌%
10.24‌%
(1.74‌)%
0.21‌%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
...............................
0.81‌%
(f)
0.80‌%
0.81‌%
0.93‌%
0.97‌%
0.96‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.69‌%
(f)
0.69‌%
0.68‌%
0.76‌%
0.79‌%
0.78‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
......................
0.69‌%
(f)
0.69‌%
0.68‌%
0.68‌%
0.69‌%
0.68‌%
Net
investment
income
.........................
1.11‌%
(f)
1.10‌%
1.75‌%
2.69‌%
2.36‌%
2.11‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
423,897‌
$
451,800‌
$
532,706‌
$
492,426‌
$
427,610‌
$
470,559‌
Portfolio
turnover
rate
(g)
.........................
294‌%
585‌%
692‌%
684‌%
658‌%
712‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
173%
387%
488%
481%
455%
493%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-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,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(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
Core
Bond
Portfolio
Investor
C
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
9.84‌
$
10.40‌
$
9.89‌
$
9.22‌
$
9.62‌
$
9.83‌
Net
investment
income
(a)
.......................
0.02‌
0.04‌
0.10‌
0.19‌
0.15‌
0.13‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.68‌)
(0.16‌)
0.53‌
0.67‌
(0.39‌)
(0.19‌)
Net
increase
(decrease)
from
investment
operations
......
(0.66‌)
(0.12‌)
0.63‌
0.86‌
(0.24‌)
(0.06‌)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.03‌)
(0.08‌)
(0.12‌)
(0.19‌)
(0.16‌)
(0.15‌)
From
net
realized
gain
.........................
(0.06‌)
(0.36‌)
—‌
—‌
—‌
—‌
Total
distributions
.............................
(0.09‌)
(0.44‌)
(0.12‌)
(0.19‌)
(0.16‌)
(0.15‌)
Net
asset
value,
end
of
period
....................
$
9.09‌
$
9.84‌
$
10.40‌
$
9.89‌
$
9.22‌
$
9.62‌
Total
Return
(c)
(6.77)%
(1.14)%
6.37%
9.45%
(2.49)%
(0.55)%
Based
on
net
asset
value
........................
(6.77‌)%
(d)
(1.14‌)%
6.37‌%
9.45‌%
(2.49‌)%
(0.55‌)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
...............................
1.57‌%
(f)
1.53‌%
1.57‌%
1.68‌%
1.68‌%
1.68‌%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
......
1.45‌%
(f)
1.44‌%
1.43‌%
1.51‌%
1.54‌%
1.52‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
......................
1.45‌%
(f)
1.44‌%
1.43‌%
1.43‌%
1.44‌%
1.44‌%
Net
investment
income
.........................
0.36‌%
(f)
0.36‌%
1.02‌%
1.96‌%
1.63‌%
1.35‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
19,460‌
$
25,319‌
$
36,599‌
$
49,848‌
$
61,437‌
$
71,628‌
Portfolio
turnover
rate
(h)
.........................
294‌%
585‌%
692‌%
684‌%
658‌%
712‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
173%
387%
488%
481%
455%
493%
See
notes
to
financial
statements.
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,
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Core
Bond
Portfolio
Class
K
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
9.91‌
$
10.46‌
$
9.95‌
$
9.28‌
$
9.68‌
$
9.89‌
Net
investment
income
(a)
.......................
0.07‌
0.14‌
0.21‌
0.29‌
0.25‌
0.23‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.69‌)
(0.14‌)
0.52‌
0.67‌
(0.39‌)
(0.18‌)
Net
increase
(decrease)
from
investment
operations
......
(0.62‌)
0.00‌
0.73‌
0.96‌
(0.14‌)
0.05‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.08‌)
(0.19‌)
(0.22‌)
(0.29‌)
(0.26‌)
(0.26‌)
From
net
realized
gain
.........................
(0.06‌)
(0.36‌)
—‌
—‌
—‌
—‌
Total
distributions
.............................
(0.14‌)
(0.55‌)
(0.22‌)
(0.29‌)
(0.26‌)
(0.26‌)
Net
asset
value,
end
of
period
....................
$
9.15‌
$
9.91‌
$
10.46‌
$
9.95‌
$
9.28‌
$
9.68‌
Total
Return
(c)
(6.34)%
0.02%
7.46%
10.55%
(1.44)%
—
Based
on
net
asset
value
........................
(6.34‌)%
(d)
0.02‌%
7.46‌%
10.55‌%
(1.44‌)%
0.52‌%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
...............................
0.44‌%
(f)
0.42‌%
0.42‌%
0.51‌%
0.54‌%
0.54‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.39‌%
(f)
0.39‌%
0.38‌%
0.46‌%
0.49‌%
0.48‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
......................
0.39‌%
(f)
0.39‌%
0.38‌%
0.38‌%
0.39‌%
0.38‌%
Net
investment
income
.........................
1.41‌%
(f)
1.40‌%
2.04‌%
2.99‌%
2.66‌%
2.41‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
825,499‌
$
952,547‌
$
1,029,002‌
$
829,549‌
$
701,197‌
$
753,563‌
Portfolio
turnover
rate
(g)
.........................
294‌%
585‌%
692‌%
684‌%
658‌%
712‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
173%
387%
488%
481%
455%
493%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-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,
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Core
Bond
Portfolio
Class
R
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
9.89‌
$
10.45‌
$
9.94‌
$
9.27‌
$
9.67‌
$
9.88‌
Net
investment
income
(a)
.......................
0.04‌
0.09‌
0.16‌
0.23‌
0.20‌
0.18‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.68‌)
(0.15‌)
0.52‌
0.68‌
(0.39‌)
(0.19‌)
Net
increase
(decrease)
from
investment
operations
......
(0.64‌)
(0.06‌)
0.68‌
0.91‌
(0.19‌)
(0.01‌)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.05‌)
(0.14‌)
(0.17‌)
(0.24‌)
(0.21‌)
(0.20‌)
From
net
realized
gain
.........................
(0.06‌)
(0.36‌)
—‌
—‌
—‌
—‌
Total
distributions
.............................
(0.11‌)
(0.50‌)
(0.17‌)
(0.24‌)
(0.21‌)
(0.20‌)
Net
asset
value,
end
of
period
....................
$
9.14‌
$
9.89‌
$
10.45‌
$
9.94‌
$
9.27‌
$
9.67‌
Total
Return
(c)
(6.51)%
(0.64)%
6.88%
9.95%
(1.98)%
—
Based
on
net
asset
value
........................
(6.51‌)%
(d)
(0.64‌)%
6.88‌%
9.95‌%
(1.98‌)%
(0.04‌)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
...............................
1.20‌%
(f)
1.13‌%
1.08‌%
1.21‌%
1.25‌%
1.24‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.94‌%
(f)
0.94‌%
0.93‌%
1.01‌%
1.04‌%
1.03‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
......................
0.94‌%
(f)
0.94‌%
0.93‌%
0.93‌%
0.94‌%
0.93‌%
Net
investment
income
.........................
0.86‌%
(f)
0.87‌%
1.54‌%
2.45‌%
2.13‌%
1.86‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
1,328‌
$
1,249‌
$
2,023‌
$
2,712‌
$
2,921‌
$
3,900‌
Portfolio
turnover
rate
(g)
.........................
294‌%
585‌%
692‌%
684‌%
658‌%
712‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
173%
387%
488%
481%
455%
493%
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
129
Financial
Highlights
BlackRock
High
Yield
Bond
Portfolio
Institutional
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
7.89‌
$
7.42‌
$
7.68‌
$
7.67‌
$
7.85‌
$
7.61‌
Net
investment
income
(a)
.......................
0.18‌
0.37‌
0.40‌
0.44‌
0.42‌
0.43‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.42‌)
0.48‌
(0.24‌)
0.02‌
(0.16‌)
0.28‌
Net
increase
(decrease)
from
investment
operations
......
(0.24‌)
0.85‌
0.16‌
0.46‌
0.26‌
0.71‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.21‌)
(0.38‌)
(0.42‌)
(0.45‌)
(0.44‌)
(0.47‌)
From
net
realized
gain
.........................
(0.00‌)
(c)
—‌
—‌
—‌
—‌
—‌
Total
distributions
.............................
(0.21‌)
(0.38‌)
(0.42‌)
(0.45‌)
(0.44‌)
(0.47‌)
Net
asset
value,
end
of
period
....................
$
7.44‌
$
7.89‌
$
7.42‌
$
7.68‌
$
7.67‌
$
7.85‌
Total
Return
(d)
(3.11)%
11.58%
2.21%
6.34%
3.48%
—
Based
on
net
asset
value
........................
(3.11‌)%
(e)
11.58‌%
2.21‌%
6.34‌%
3.48‌%
9.64‌%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
...............................
0.58‌%
(h)
0.57‌%
0.59‌%
0.60‌%
0.61‌%
0.62‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.57‌%
(h)
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
...........
0.57‌%
(h)
0.56‌%
0.58‌%
0.60‌%
0.61‌%
0.59‌%
Net
investment
income
.........................
4.66‌%
(h)
4.73‌%
5.37‌%
5.89‌%
5.49‌%
5.61‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
12,450,530‌
$
14,197,255‌
$
11,680,175‌
$
10,693,110‌
$
9,680,691‌
$
9,728,106‌
Portfolio
turnover
rate
..........................
32‌%
76‌%
119‌%
102‌%
90‌%
86‌%
(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)
Aggregate
total
return.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-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)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
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:
(i)
Annualized.
BlackRock
High
Yield
Bond
Portfolio
Service
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
7.89‌
$
7.43‌
$
7.68‌
$
7.67‌
$
7.85‌
$
7.62‌
Net
investment
income
(a)
.......................
0.17‌
0.35‌
0.38‌
0.42‌
0.40‌
0.41‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.42‌)
0.46‌
(0.23‌)
0.02‌
(0.16‌)
0.27‌
Net
increase
(decrease)
from
investment
operations
......
(0.25‌)
0.81‌
0.15‌
0.44‌
0.24‌
0.68‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.20‌)
(0.35‌)
(0.40‌)
(0.43‌)
(0.42‌)
(0.45‌)
From
net
realized
gain
.........................
(0.00‌)
(c)
—‌
—‌
—‌
—‌
—‌
Total
distributions
.............................
(0.20‌)
(0.35‌)
(0.40‌)
(0.43‌)
(0.42‌)
(0.45‌)
Net
asset
value,
end
of
period
....................
$
7.44‌
$
7.89‌
$
7.43‌
$
7.68‌
$
7.67‌
$
7.85‌
Total
Return
(d)
(3.25)%
11.11%
2.08%
6.06%
3.19%
—
Based
on
net
asset
value
........................
(3.25‌)%
(e)
11.11‌%
2.08‌%
6.06‌%
3.19‌%
9.15‌%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
(h)
..............................
0.87‌%
(
i
)
0.86‌%
0.86‌%
0.87‌%
0.90‌%
0.93‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.87‌%
(
i
)
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
...........
0.87‌%
(
i
)
0.85‌%
0.85‌%
0.87‌%
0.89‌%
0.90‌%
Net
investment
income
.........................
4.36‌%
(
i
)
4.45‌%
5.13‌%
5.64‌%
5.20‌%
5.31‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
104,971‌
$
133,295‌
$
125,536‌
$
154,658‌
$
176,188‌
$
231,741‌
Portfolio
turnover
rate
..........................
32‌%
76‌%
119‌%
102‌%
90‌%
86‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Expense
ratios
...............................
N/A
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)
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,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
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:
(i)
Annualized.
BlackRock
High
Yield
Bond
Portfolio
Investor
A
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
7.88‌
$
7.42‌
$
7.68‌
$
7.67‌
$
7.85‌
$
7.61‌
Net
investment
income
(a)
.......................
0.17‌
0.34‌
0.38‌
0.42‌
0.40‌
0.41‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.41‌)
0.47‌
(0.25‌)
0.02‌
(0.16‌)
0.28‌
Net
increase
(decrease)
from
investment
operations
......
(0.24‌)
0.81‌
0.13‌
0.44‌
0.24‌
0.69‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.20‌)
(0.35‌)
(0.39‌)
(0.43‌)
(0.42‌)
(0.45‌)
From
net
realized
gain
.........................
(0.00‌)
(c)
—‌
—‌
—‌
—‌
—‌
Total
distributions
.............................
(0.20‌)
(0.35‌)
(0.39‌)
(0.43‌)
(0.42‌)
(0.45‌)
Net
asset
value,
end
of
period
....................
$
7.44‌
$
7.88‌
$
7.42‌
$
7.68‌
$
7.67‌
$
7.85‌
Total
Return
(d)
(3.15)%
11.06%
1.90%
6.00%
3.15%
—
Based
on
net
asset
value
........................
(3.15‌)%
(e)
11.06‌%
1.90‌%
6.00‌%
3.15‌%
9.29‌%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
(h)
..............................
0.91‌%
(
i
)
0.91‌%
0.90‌%
0.94‌%
0.96‌%
0.98‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.91‌%
(
i
)
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
...........
0.91‌%
(
i
)
0.90‌%
0.89‌%
0.92‌%
0.93‌%
0.91‌%
Net
investment
income
.........................
4.33‌%
(
i
)
4.40‌%
5.09‌%
5.58‌%
5.17‌%
5.29‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
1,298,851‌
$
1,408,666‌
$
1,298,176‌
$
1,329,156‌
$
1,326,541‌
$
1,672,705‌
Portfolio
turnover
rate
..........................
32‌%
76‌%
119‌%
102‌%
90‌%
86‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Expense
ratios
...............................
N/A
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)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
132
BlackRock
High
Yield
Bond
Portfolio
Investor
C
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
7.90‌
$
7.43‌
$
7.69‌
$
7.68‌
$
7.86‌
$
7.62‌
Net
investment
income
(a)
.......................
0.14‌
0.29‌
0.33‌
0.37‌
0.35‌
0.35‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.42‌)
0.48‌
(0.25‌)
0.02‌
(0.16‌)
0.28‌
Net
increase
(decrease)
from
investment
operations
......
(0.28‌)
0.77‌
0.08‌
0.39‌
0.19‌
0.63‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.17‌)
(0.30‌)
(0.34‌)
(0.38‌)
(0.37‌)
(0.39‌)
From
net
realized
gain
.........................
(0.00‌)
(c)
—‌
—‌
—‌
—‌
—‌
Total
distributions
.............................
(0.17‌)
(0.30‌)
(0.34‌)
(0.38‌)
(0.37‌)
(0.39‌)
Net
asset
value,
end
of
period
....................
$
7.45‌
$
7.90‌
$
7.43‌
$
7.69‌
$
7.68‌
$
7.86‌
Total
Return
(d)
(3.58)%
10.46%
1.19%
5.25%
2.43%
—
Based
on
net
asset
value
........................
(3.58‌)%
(e)
10.46‌%
1.19‌%
5.25‌%
2.43‌%
8.48‌%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
...............................
1.57‌%
(h)
1.57‌%
1.61‌%
1.64‌%
1.64‌%
1.69‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
1.57‌%
(h)
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
...........
1.57‌%
(h)
1.56‌%
1.60‌%
1.64‌%
1.63‌%
1.66‌%
Net
investment
income
.........................
3.66‌%
(h)
3.74‌%
4.39‌%
4.87‌%
4.47‌%
4.55‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
131,951‌
$
159,580‌
$
186,558‌
$
262,204‌
$
329,005‌
$
417,276‌
Portfolio
turnover
rate
..........................
32‌%
76‌%
119‌%
102‌%
90‌%
86‌%
(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)
Aggregate
total
return.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
See
notes
to
financial
statements.
Consolidated
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,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
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:
(i)
Annualized.
BlackRock
High
Yield
Bond
Portfolio
Class
K
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
7.89‌
$
7.43‌
$
7.68‌
$
7.68‌
$
7.85‌
$
7.62‌
Net
investment
income
(a)
.......................
0.18‌
0.38‌
0.40‌
0.45‌
0.43‌
0.44‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.42‌)
0.46‌
(0.22‌)
0.01‌
(0.15‌)
0.27‌
Net
increase
(decrease)
from
investment
operations
......
(0.24‌)
0.84‌
0.18‌
0.46‌
0.28‌
0.71‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.21‌)
(0.38‌)
(0.43‌)
(0.46‌)
(0.45‌)
(0.48‌)
From
net
realized
gain
.........................
(0.00‌)
(c)
—‌
—‌
—‌
—‌
—‌
Total
distributions
.............................
(0.21‌)
(0.38‌)
(0.43‌)
(0.46‌)
(0.45‌)
(0.48‌)
Net
asset
value,
end
of
period
....................
$
7.44‌
$
7.89‌
$
7.43‌
$
7.68‌
$
7.68‌
$
7.85‌
Total
Return
(d)
(3.06)%
11.53%
2.46%
6.32%
3.73%
—
Based
on
net
asset
value
........................
(3.06‌)%
(e)
11.53‌%
2.46‌%
6.32‌%
3.73‌%
9.59‌%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
(h)
..............................
0.48‌%
(
i
)
0.48‌%
0.48‌%
0.49‌%
0.50‌%
0.53‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.48‌%
(
i
)
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
...........
0.48‌%
(
i
)
0.47‌%
0.47‌%
0.49‌%
0.50‌%
0.50‌%
Net
investment
income
.........................
4.75‌%
(
i
)
4.86‌%
5.40‌%
5.99‌%
5.59‌%
5.70‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
6,852,091‌
$
7,883,370‌
$
11,470,944‌
$
4,644,939‌
$
4,312,394‌
$
5,363,522‌
Portfolio
turnover
rate
..........................
32‌%
76‌%
119‌%
102‌%
90‌%
86‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Expense
ratios
...............................
N/A
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)
2022
BlackRock
Semi-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,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
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:
(i)
Annualized.
BlackRock
High
Yield
Bond
Portfolio
Class
R
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
7.89‌
$
7.42‌
$
7.68‌
$
7.67‌
$
7.85‌
$
7.61‌
Net
investment
income
(a)
.......................
0.16‌
0.32‌
0.36‌
0.40‌
0.38‌
0.38‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.42‌)
0.48‌
(0.25‌)
0.02‌
(0.16‌)
0.28‌
Net
increase
(decrease)
from
investment
operations
......
(0.26‌)
0.80‌
0.11‌
0.42‌
0.22‌
0.66‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.19‌)
(0.33‌)
(0.37‌)
(0.41‌)
(0.40‌)
(0.42‌)
From
net
realized
gain
.........................
(0.00‌)
(c)
—‌
—‌
—‌
—‌
—‌
Total
distributions
.............................
(0.19‌)
(0.33‌)
(0.37‌)
(0.41‌)
(0.40‌)
(0.42‌)
Net
asset
value,
end
of
period
....................
$
7.44‌
$
7.89‌
$
7.42‌
$
7.68‌
$
7.67‌
$
7.85‌
Total
Return
(d)
(3.39)%
10.94%
1.64%
5.69%
2.83%
—
Based
on
net
asset
value
........................
(3.39‌)%
(e)
10.94‌%
1.64‌%
5.69‌%
2.83‌%
8.94‌%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
(h)
..............................
1.16‌%
(
i
)
1.15‌%
1.16‌%
1.22‌%
1.24‌%
1.26‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
1.16‌%
(
i
)
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
...........
1.16‌%
(
i
)
1.14‌%
1.15‌%
1.21‌%
1.24‌%
1.23‌%
Net
investment
income
.........................
4.08‌%
(
i
)
4.16‌%
4.84‌%
5.28‌%
4.86‌%
4.96‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
104,690‌
$
109,138‌
$
110,465‌
$
125,710‌
$
128,584‌
$
132,868‌
Portfolio
turnover
rate
..........................
32‌%
76‌%
119‌%
102‌%
90‌%
86‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Expense
ratios
...............................
N/A
N/A
N/A
N/A
N/A
1.26%
See
notes
to
financial
statements.
Financial
Highlights
(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)
Aggregate
total
return.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
(j)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Low
Duration
Bond
Portfolio
Institutional
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
9.72‌
$
9.71‌
$
9.64‌
$
9.47‌
$
9.63‌
$
9.65‌
Net
investment
income
(a)
.......................
0.05‌
0.12‌
0.19‌
0.25‌
0.21‌
0.16‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.41‌)
0.02‌
0.09‌
0.18‌
(0.14‌)
0.02‌
Net
increase
(decrease)
from
investment
operations
......
(0.36‌)
0.14‌
0.28‌
0.43‌
0.07‌
0.18‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.07‌)
(0.13‌)
(0.21‌)
(0.26‌)
(0.21‌)
(0.20‌)
Return
of
capital
.............................
—‌
—‌
(0.00‌)
(c)
(0.00‌)
(c)
(0.02‌)
—‌
Total
distributions
.............................
(0.07‌)
(0.13‌)
(0.21‌)
(0.26‌)
(0.23‌)
(0.20‌)
Net
asset
value,
end
of
period
....................
$
9.29‌
$
9.72‌
$
9.71‌
$
9.64‌
$
9.47‌
$
9.63‌
Total
Return
(d)
(3.74)%
1.46%
3.00%
4.59%
0.69%
—
Based
on
net
asset
value
........................
(3.74‌)%
(e)
1.47‌%
3.00‌%
4.59‌%
(f)
0.69‌%
(f)
1.88‌%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
...............................
0.44‌%
(h)
0.44‌%
0.45‌%
0.45‌%
0.52‌%
(
i
)
0.49‌%
(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.41‌%
(h)
0.40‌%
0.41‌%
0.40‌%
0.48‌%
0.43‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
i
nterest
expense
......................
0.41‌%
(h)
0.40‌%
0.40‌%
0.40‌%
0.40‌%
0.41‌%
Net
investment
income
.........................
1.13‌%
(h)
1.20‌%
2.03‌%
2.60‌%
2.21‌%
1.69‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
5,617,844‌
$
6,395,606‌
$
5,375,701‌
$
5,374,564‌
$
4,274,410‌
$
3,097,000‌
Portfolio
turnover
rate
(j)
..........................
76‌%
129‌%
213‌%
182‌%
218‌%
292‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
74%
125%
170%
144%
169%
208%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-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,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Low
Duration
Bond
Portfolio
Investor
A
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
9.72‌
$
9.71‌
$
9.63‌
$
9.47‌
$
9.63‌
$
9.64‌
Net
investment
income
(a)
.......................
0.04‌
0.09‌
0.17‌
0.22‌
0.18‌
0.14‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.42‌)
0.03‌
0.10‌
0.17‌
(0.14‌)
0.02‌
Net
increase
(decrease)
from
investment
operations
......
(0.38‌)
0.12‌
0.27‌
0.39‌
0.04‌
0.16‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.06‌)
(0.11‌)
(0.19‌)
(0.23‌)
(0.18‌)
(0.17‌)
Return
of
capital
.............................
—‌
—‌
(0.00‌)
(c)
(0.00‌)
(c)
(0.02‌)
—‌
Total
distributions
.............................
(0.06‌)
(0.11‌)
(0.19‌)
(0.23‌)
(0.20‌)
(0.17‌)
Net
asset
value,
end
of
period
....................
$
9.28‌
$
9.72‌
$
9.71‌
$
9.63‌
$
9.47‌
$
9.63‌
Total
Return
(d)
(3.96)%
1.22%
2.85%
4.23%
0.43%
—
Based
on
net
asset
value
........................
(3.96‌)%
(e)
1.22‌%
2.85‌%
4.23‌%
(f)
0.43‌%
(f)
1.73‌%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
...............................
0.74‌%
(h)
0.74‌%
0.76‌%
0.78‌%
0.88‌%
0.81‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.66‌%
(h)
0.65‌%
0.66‌%
0.65‌%
0.74‌%
0.68‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
i
nterest
expense
......................
0.66‌%
(h)
0.65‌%
0.65‌%
0.65‌%
0.66‌%
0.66‌%
Net
investment
income
.........................
0.88‌%
(h)
0.96‌%
1.77‌%
2.35‌%
1.94‌%
1.47‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
1,102,089‌
$
1,199,702‌
$
1,412,985‌
$
1,318,473‌
$
1,267,494‌
$
1,309,023‌
Portfolio
turnover
rate
(
i
)
..........................
76‌%
129‌%
213‌%
182‌%
218‌%
292‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
74%
125%
170%
144%
169%
208%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
137
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)
Aggregate
total
return.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Low
Duration
Bond
Portfolio
Investor
A1
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
9.73‌
$
9.71‌
$
9.64‌
$
9.48‌
$
9.64‌
$
9.65‌
Net
investment
income
(a)
.......................
0.05‌
0.11‌
0.19‌
0.24‌
0.20‌
0.15‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.43‌)
0.03‌
0.09‌
0.17‌
(0.14‌)
0.03‌
Net
increase
(decrease)
from
investment
operations
......
(0.38‌)
0.14‌
0.28‌
0.41‌
0.06‌
0.18‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.06‌)
(0.12‌)
(0.21‌)
(0.25‌)
(0.20‌)
(0.19‌)
Return
of
capital
.............................
—‌
—‌
(0.00‌)
(c)
(0.00‌)
(c)
(0.02‌)
—‌
Total
distributions
.............................
(0.06‌)
(0.12‌)
(0.21‌)
(0.25‌)
(0.22‌)
(0.19‌)
Net
asset
value,
end
of
period
....................
$
9.29‌
$
9.73‌
$
9.71‌
$
9.64‌
$
9.48‌
$
9.64‌
Total
Return
(d)
(3.89)%
1.48%
2.90%
4.38%
0.59%
—
Based
on
net
asset
value
........................
(3.89‌)%
(e)
1.48‌%
2.90‌%
4.38‌%
(f)
0.59‌%
(f)
1.88‌%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
...............................
0.61‌%
(h)
0.59‌%
0.60‌%
0.59‌%
0.70‌%
0.66‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.51‌%
(h)
0.50‌%
0.51‌%
0.50‌%
0.59‌%
0.53‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
i
nterest
expense
......................
0.51‌%
(h)
0.50‌%
0.50‌%
0.50‌%
0.51‌%
0.51‌%
Net
investment
income
.........................
1.03‌%
(h)
1.13‌%
1.93‌%
2.51‌%
2.09‌%
1.59‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
5,844‌
$
6,710‌
$
8,141‌
$
8,621‌
$
9,492‌
$
10,751‌
Portfolio
turnover
rate
(
i
)
..........................
76‌%
129‌%
213‌%
182‌%
218‌%
292‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
74%
125%
170%
144%
169%
208%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
138
(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)
Aggregate
total
return.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Low
Duration
Bond
Portfolio
Investor
C
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
9.72‌
$
9.70‌
$
9.63‌
$
9.46‌
$
9.63‌
$
9.64‌
Net
investment
income
(a)
.......................
0.01‌
0.02‌
0.10‌
0.15‌
0.11‌
0.06‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.43‌)
0.04‌
0.09‌
0.18‌
(0.15‌)
0.03‌
Net
increase
(decrease)
from
investment
operations
......
(0.42‌)
0.06‌
0.19‌
0.33‌
(0.04‌)
0.09‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.02‌)
(0.04‌)
(0.12‌)
(0.16‌)
(0.11‌)
(0.10‌)
Return
of
capital
.............................
—‌
—‌
(0.00‌)
(c)
(0.00‌)
(c)
(0.02‌)
—‌
Total
distributions
.............................
(0.02‌)
(0.04‌)
(0.12‌)
(0.16‌)
(0.13‌)
(0.10‌)
Net
asset
value,
end
of
period
....................
$
9.28‌
$
9.72‌
$
9.70‌
$
9.63‌
$
9.46‌
$
9.63‌
Total
Return
(d)
(4.32)%
0.57%
1.98%
3.56%
(0.42)%
—
Based
on
net
asset
value
........................
(4.32‌)%
(e)
0.57‌%
1.98‌%
3.56‌%
(f)
(0.42‌)%
(f)
0.97‌%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
...............................
1.46‌%
(h)
1.45‌%
1.50‌%
1.52‌%
1.62‌%
1.58‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
1.41‌%
(h)
1.40‌%
1.41‌%
1.40‌%
1.49‌%
1.43‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
i
nterest
expense
......................
1.41‌%
(h)
1.40‌%
1.40‌%
1.40‌%
1.41‌%
1.42‌%
Net
investment
income
.........................
0.13‌%
(h)
0.23‌%
1.05‌%
1.61‌%
1.18‌%
0.67‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
42,752‌
$
51,625‌
$
69,913‌
$
152,890‌
$
172,631‌
$
243,527‌
Portfolio
turnover
rate
(
i
)
..........................
76‌%
129‌%
213‌%
182‌%
218‌%
292‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
74%
125%
170%
144%
169%
208%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
139
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)
Aggregate
total
return.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Low
Duration
Bond
Portfolio
Class
K
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
9.72‌
$
9.70‌
$
9.63‌
$
9.46‌
$
9.62‌
$
9.64‌
Net
investment
income
(a)
.......................
0.06‌
0.12‌
0.20‌
0.25‌
0.22‌
0.15‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.43‌)
0.04‌
0.09‌
0.18‌
(0.15‌)
0.03‌
Net
increase
(decrease)
from
investment
operations
......
(0.37‌)
0.16‌
0.29‌
0.43‌
0.07‌
0.18‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.07‌)
(0.14‌)
(0.22‌)
(0.26‌)
(0.21‌)
(0.20‌)
Return
of
capital
.............................
—‌
—‌
(0.00‌)
(c)
(0.00‌)
(c)
(0.02‌)
—‌
Total
distributions
.............................
(0.07‌)
(0.14‌)
(0.22‌)
(0.26‌)
(0.23‌)
(0.20‌)
Net
asset
value,
end
of
period
....................
$
9.28‌
$
9.72‌
$
9.70‌
$
9.63‌
$
9.46‌
$
9.62‌
Total
Return
(d)
(3.82)%
1.63%
3.05%
4.65%
0.73%
—
Based
on
net
asset
value
........................
(3.82‌)%
(e)
1.63‌%
3.05‌%
4.65‌%
(f)
0.73‌%
(f)
1.93‌%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
...............................
0.37‌%
(h)
0.37‌%
0.38‌%
0.37‌%
0.46‌%
0.43‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.36‌%
(h)
0.36‌%
0.36‌%
0.35‌%
0.44‌%
0.37‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
i
nterest
expense
......................
0.36‌%
(h)
0.36‌%
0.35‌%
0.35‌%
0.35‌%
0.36‌%
Net
investment
income
.........................
1.17‌%
(h)
1.23‌%
2.07‌%
2.64‌%
2.27‌%
1.63‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
838,513‌
$
943,607‌
$
557,997‌
$
512,940‌
$
258,340‌
$
161,006‌
Portfolio
turnover
rate
(
i
)
..........................
76‌%
129‌%
213‌%
182‌%
218‌%
292‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
74%
125%
170%
144%
169%
208%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
140
(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)
Aggregate
total
return.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Low
Duration
Bond
Portfolio
Class
R
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
9.72‌
$
9.70‌
$
9.63‌
$
9.47‌
$
9.63‌
$
9.64‌
Net
investment
income
(a)
.......................
0.03‌
0.07‌
0.15‌
0.20‌
0.16‌
0.11‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.43‌)
0.03‌
0.09‌
0.17‌
(0.14‌)
0.03‌
Net
increase
(decrease)
from
investment
operations
......
(0.40‌)
0.10‌
0.24‌
0.37‌
0.02‌
0.14‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.04‌)
(0.08‌)
(0.17‌)
(0.21‌)
(0.16‌)
(0.15‌)
Return
of
capital
.............................
—‌
—‌
(0.00‌)
(c)
(0.00‌)
(c)
(0.02‌)
—‌
Total
distributions
.............................
(0.04‌)
(0.08‌)
(0.17‌)
(0.21‌)
(0.18‌)
(0.15‌)
Net
asset
value,
end
of
period
....................
$
9.28‌
$
9.72‌
$
9.70‌
$
9.63‌
$
9.47‌
$
9.63‌
Total
Return
(d)
(4.08)%
1.07%
2.49%
3.97%
0.18%
—
Based
on
net
asset
value
........................
(4.08‌)%
(e)
1.07‌%
2.49‌%
3.97‌%
(f)
0.18‌%
(f)
1.47‌%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
...............................
1.07‌%
(h)
1.07‌%
1.08‌%
1.18‌%
1.24‌%
1.25‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.91‌%
(h)
0.91‌%
0.91‌%
0.90‌%
0.99‌%
0.93‌%
Total
expenses
after
fe
es
waived
and/or
reimbursed
and
excluding
i
nterest
expense
......................
0.91‌%
(h)
0.91‌%
0.90‌%
0.90‌%
0.91‌%
0.92‌%
Net
investment
income
.........................
0.64‌%
(h)
0.72‌%
1.54‌%
2.10‌%
1.69‌%
1.18‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
2,455‌
$
2,153‌
$
2,405‌
$
3,949‌
$
4,493‌
$
4,794‌
Portfolio
turnover
rate
(
i
)
..........................
76‌%
129‌%
213‌%
182‌%
218‌%
292‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
74%
125%
170%
144%
169%
208%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
141
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).
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
open-end
non-index
fixed-income
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
Taxable
Subsidiaries
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
$791,378
and
$10,603,964,
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
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
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
(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.
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
142
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
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
March
31,
2022
,
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)
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
approxi
mate
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
Notes
to
Financial
Statements
(unaudited)
(continued)
143
Notes
to
Financial
Statements
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. 
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.  
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
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
144
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
March
31,
2022,
certain
investments
of
High
Yield
Bond
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. 
Notes
to
Financial
Statements
(unaudited)
(continued)
145
Notes
to
Financial
Statements
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.
T
he
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
bo
rrowers,
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,
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,
the
Funds
had
no
outstanding
unfunded
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
146
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 realize(s)
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. 
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,
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.
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.
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
Jefferies
LLC
....................................
$
35,649,500‌
$
(35,649,500‌)
$
—‌
$
—‌
Morgan
Stanley
..................................
86,740,875‌
(86,740,875‌)
—‌
—‌
$
122,390,375‌
$
(122,390,375‌)
$
—‌
$
—‌
(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
(unaudited)
(continued)
147
Notes
to
Financial
Statements
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,
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.
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
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
148
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).
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
149
Notes
to
Financial
Statements
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:
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,
the
Manager
entered
into
a
sub-advisory
agreement
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
the
Fund
for
which
BIL,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
the
Fund
to
the
Manager.
With
respect
to
Core
Bond
and
Low
Duration
Bond,
the
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BIL
and
BlackRock
(Singapore)
Limited
(“BSL”)
(collectively,
the
"Sub-Advisers"),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
and
BSL
for
services
they
provide
for
that
portion
of
each
Fund
for
which
BIL
and
BSL,
as
applicable,
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.
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
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
150
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:
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 six
months
ended
March
31,
2022,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
each
Fund:
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
six
months
ended
March
31,
2022, 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
six
months ended March
31,
2022,
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:
Share
Class
Service
Fees
Distribution
Fees
Service
..................................................................................................
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
....................................................................
$
—‌
$
161,241‌
$
—‌
Investor
A
...................................................................
557,476‌
1,704,202‌
1,464,606‌
Investor
A1
..................................................................
—‌
—‌
3,137‌
Investor
C
...................................................................
112,988‌
737,902‌
237,420‌
Class
R
....................................................................
3,254‌
265,533‌
5,467‌
$
673,718‌
$
2,868,878‌
$
1,710,630‌
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
..................................................................
$
276,154‌
$
1,324,784‌
$
629,837‌
Service
....................................................................
—‌
12,898‌
—‌
Investor
A
...................................................................
44,594‌
136,325‌
117,159‌
Investor
A1
..................................................................
—‌
—‌
627‌
Investor
C
...................................................................
2,260‌
14,757‌
4,748‌
Class
K
....................................................................
90,595‌
760,160‌
94,065‌
Class
R
....................................................................
130‌
10,620‌
219‌
$
413,733‌
$
2,259,544‌
$
846,655‌
Fund
Name
Institutional
Investor
A
Total
Core
Bond
......................................................................................
$
344,920‌
$
1,681‌
$
346,601‌
High
Yield
Bond
...................................................................................
138,850‌
316‌
139,166‌
Low
Duration
Bond
................................................................................
131,456‌
—‌
131,456‌
Notes
to
Financial
Statements
(unaudited)
(continued)
151
Notes
to
Financial
Statements
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 six
months
ended
March
31,
2022,
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
six
months ended
March
31,
2022,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Other
Fees:
For
the 
six
months
ended 
March
31,
2022
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of each
Fund’s Investor
A
Shares as
follows:
For
the six
months
ended
March
31,
2022,
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
June
30,
2023.
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.
F
or
the
six
months
ended
March
31
,
2022,
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
June
30,
2023.
 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
six
months
ended
March
31,
2022,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
these
arrangements
were
as
follows:
Core
Bond
High
Yield
Bond
Low
Duration
Bond
Institutional
..................................................................
$
1,89
3‌
$
14,294‌
$
4,138‌
Service
....................................................................
—‌
265‌
—‌
Investor
A
...................................................................
2,708‌
18,593‌
3,335‌
Investor
A1
..................................................................
—‌
—‌
124‌
Investor
C
...................................................................
1,143‌
1,819‌
482‌
Class
K
....................................................................
737‌
4,775‌
500‌
Class
R
....................................................................
27‌
48
1‌
25‌
$
6,50
8‌
$
40,22
7‌
$
8,604‌
Core
Bond
High
Yield
Bond
Low
Duration
Bond
Institutional
..................................................................
$
1,550,2
5
3‌
$
6,860,511‌
$
2,360,949‌
Service
....................................................................
—‌
96,168‌
—‌
Investor
A
...................................................................
297,924‌
1,286,122‌
738,024‌
Investor
A1
..................................................................
—‌
—‌
4,687‌
Investor
C
...................................................................
15,322‌
74,058‌
23,457‌
Class
K
....................................................................
33,440‌
426,602‌
31,642‌
Class
R
....................................................................
1,726‌
98,326‌
2,279‌
$
1,898,66
5‌
$
8,841,787‌
$
3,161,038‌
Core
Bond
.............................................................................................................
$
9,407‌
High
Yield
Bond
..........................................................................................................
24,303‌
Low
Duration
Bond
.......................................................................................................
28,162‌
Fund
Name
Investor
A
Investor
C
Core
Bond
..................................................................................................
$
15,851‌
$
331‌
High
Yield
Bond
...............................................................................................
51,694‌
12,142‌
Low
Duration
Bond
............................................................................................
137,514‌
10,315‌
Fund
Name
Amounts
Waived
Core
Bond
.........................................................................................................
$
55,258‌
High
Yield
Bond
......................................................................................................
115,974‌
Low
Duration
Bond
...................................................................................................
20,903‌
Fund
Name
Amounts
Waived
High
Yield
Bond
..........................................................................................................
$
274,926‌
Low
Duration
Bond
.......................................................................................................
119,997‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
152
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:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023,
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
six
months
ended
March
31,
2022,
the
amounts
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
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
six
months ended
March
31,
2022,
class
specific
expense
waivers
and/or
reimbursements were
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
81%
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
81%
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.
Fund
Name
Institutional
Service
Investor
A
Investor
A1
Investor
C
Class
K
Class
R
Core
Bond
.......................................
0.43‌%
N/A‌
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
N/A‌
0.65‌
0.50‌%
1.40‌
0.35‌
0.90‌
Core
Bond
...............................................................................................................
$
285,760‌
Low
Duration
Bond
.........................................................................................................
1,828‌
Fund
Name/Share
Class
Administration
Fees
Waived
-
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
-
Class
Specific
Core
Bond
Institutional
....................................................................................
$
276,154‌
$
858,111‌
Investor
A
.....................................................................................
44,594‌
186,394‌
Investor
C
.....................................................................................
2,260‌
9,702‌
Class
K
......................................................................................
90,595‌
33,433‌
Class
R
......................................................................................
130‌
1,395‌
$
413,733‌
$
1,089,035‌
High
Yield
Bond
Investor
A
.....................................................................................
$
3,969‌
$
—‌
Low
Duration
Bond
Institutional
....................................................................................
627,832‌
185,624‌
Investor
A
.....................................................................................
117,159‌
333,591‌
Investor
A1
....................................................................................
627‌
2,521‌
Investor
C
.....................................................................................
4,666‌
7,189‌
Class
K
......................................................................................
32,481‌
2,133‌
Class
R
......................................................................................
219‌
1,518‌
$
782,984‌
$
532,576‌
Notes
to
Financial
Statements
(unaudited)
(continued)
153
Notes
to
Financial
Statements
Prior
to
January
1,
2022,
High
Yield
Bond
retained
82%
of
securities
lending
income
(which
excluded
collateral
investment
expenses)
and
the
amount
retained
could
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
exceeded
a
specified
threshold,
the
Fund
would
retain
for
the
remainder
of
that
calendar
year
85%
of
securities
lending
income
(which
excluded
collateral
investment
expenses),
and
the
amount
retained
could
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 six
months
ended
March
31,
2022, the
Fund
paid
BIM
$170,065
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.
High
Yield
Bond
is
currently
permitted
to borrow
under
the
Interfund
Lending
Program. Core
Bond
and
Low
Duration
Bond
are
each
currently
permitted
to
borrow
and
lend
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
period
ended
March
31,
2022,
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.
F
or
the
six
months
ended
March
31
,
2022,
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
six
months ended
March
31,
2022,
purchases
and
sales
of
investments,
including
paydowns/payups,
mortgage
dollar
rolls
and
excluding
short-term
investments,
were
as
follows:
For
the
six
months ended
March
31,
2022,
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
March
31,
2022,
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
Purchases 
Sales 
Net
Realized
Gain
(Loss)
Core
Bond
.......................................................................
$
—‌
$
1,491,672‌
$
(85,344‌)
High
Yield
Bond
....................................................................
185,075,103‌
3,509,940‌
148,701‌
Low
Duration
Bond
.................................................................
206,713‌
155,344‌
(125,564‌)
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
Core
Bond
..........................................................
$
101,159,866‌
$
127,715,311‌
$
13,398,079,189‌
$
13,829,104,616‌
High
Yield
Bond
.......................................................
—‌
—‌
7,056,460,124‌
8,789,337,464‌
Low
Duration
Bond
....................................................
3,795,929,483‌
4,350,990,485‌
2,316,773,966‌
1,963,036,725‌
Fund
Name
Purchases
Sales
Core
Bond
..........................................................................................
$
5,562,442,049‌
$
5,571,676,443‌
Low
Duration
Bond
....................................................................................
152,453,477‌
152,833,867‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
154
As
of
September
30,
2021, the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows: 
As
of
March
31,
2022, 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
six
months ended
March
31,
2022,
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. 
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.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
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
Fund
Name
Non-expiring
Capital
Loss
Carryforwards
High
Yield
Bond
.........................................................................................................
$
24,888,654‌
Low
Duration
Bond
......................................................................................................
14,203,559‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Core
Bond
......................................................
$
5,010,867,644‌
$
14,894,915‌
$
(229,410,750‌)
$
(214,515,835‌)
High
Yield
Bond
..................................................
21,336,890,229‌
428,951,513‌
(892,099,225‌)
(463,147,712‌)
Low
Duration
Bond
................................................
8,035,142,040‌
177,132,506‌
(437,442,433‌)
(260,309,927‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
155
Notes
to
Financial
Statements
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
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.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
Fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a 
phase
out of
LIBOR.
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
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. 
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
156
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Six
Months
Ended
03/31/22
Year
Ended
09/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Core
Bond
Institutional
Shares
sold
.............................................
46,400,386‌
$
441,947,829‌
146,861,908‌
$
1,465,303,277‌
Shares
issued
in
reinvestment
of
distributions
........................
3,406,722‌
32,960,187‌
13,416,841‌
135,058,084‌
Shares
redeemed
.........................................
(52,141,876‌)
(501,094,038‌)
(117,482,177‌)
(1,173,424,202‌)
(2,334,768‌)
$
(26,186,022‌)
42,796,572‌
$
426,937,159‌
Service
(a)
Shares
sold
.............................................
—‌
$
—‌
496,923‌
$
5,031,908‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
206,010‌
2,077,002‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
—‌
—‌
(4,964,009‌)
(49,405,453‌)
—‌
$
—‌
(4,261,076‌)
$
(42,296,543‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
6,094,890‌
$
59,131,130‌
21,327,998‌
$
213,818,647‌
Shares
issued
in
reinvestment
of
distributions
........................
569,698‌
5,520,416‌
2,677,486‌
26,987,670‌
Shares
redeemed
.........................................
(5,957,142‌)
(57,373,093‌)
(29,321,690‌)
(293,102,535‌)
707,446‌
$
7,278,453‌
(5,316,206‌)
$
(52,296,218‌)
Investor
C
Shares
sold
.............................................
76,877‌
$
741,387‌
761,644‌
$
7,755,757‌
Shares
issued
in
reinvestment
of
distributions
........................
21,329‌
206,537‌
148,749‌
1,490,084‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
(530,550‌)
(5,099,168‌)
(1,857,559‌)
(18,626,746‌)
(432,344‌)
$
(4,151,244‌)
(947,166‌)
$
(9,380,905‌)
Class
K
Shares
sold
.............................................
9,840,789‌
$
94,968,851‌
37,044,972‌
$
371,883,372‌
Shares
issued
in
reinvestment
of
distributions
........................
1,298,472‌
12,604,695‌
5,591,242‌
56,445,382‌
Shares
redeemed
.........................................
(17,105,182‌)
(164,961,295‌)
(44,846,318‌)
(447,284,268‌)
(5,965,921‌)
$
(57,387,749‌)
(2,210,104‌)
$
(18,955,514‌)
Class
R
Shares
sold
.............................................
23,045‌
$
222,417‌
35,518‌
$
357,673‌
Shares
issued
in
reinvestment
of
distributions
........................
1,535‌
14,881‌
7,401‌
74,754‌
Shares
redeemed
.........................................
(5,538‌)
(53,422‌)
(110,305‌)
(1,126,305‌)
19,042‌
$
183,876‌
(67,386‌)
$
(693,878‌)
(8,006,545‌)
$
(80,262,686‌)
29,994,634‌
$
303,314,101‌
High
Yield
Bond
Institutional
Shares
sold
.............................................
395,120,009‌
$
3,038,178,387‌
824,852,468‌
$
6,410,669,037‌
Shares
issued
in
reinvestment
of
distributions
........................
42,905,958‌
329,798,597‌
73,930,879‌
576,217,758‌
Shares
redeemed
.........................................
(564,680,594‌)
(4,335,487,642‌)
(671,776,568‌)
(5,229,340,817‌)
(126,654,627‌)
$
(967,510,658‌)
227,006,779‌
$
1,757,545,978‌
Service
Shares
sold
.............................................
3,533,817‌
$
27,299,129‌
11,246,499‌
$
87,722,006‌
Shares
issued
in
reinvestment
of
distributions
........................
428,520‌
3,294,977‌
784,180‌
6,115,039‌
Shares
redeemed
.........................................
(6,753,458‌)
(51,053,576‌)
(12,037,446‌)
(94,117,592‌)
(2,791,121‌)
$
(20,459,470‌)
(6,767‌)
$
(280,547‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
27,226,247‌
$
210,755,596‌
62,813,707‌
$
488,151,335‌
Shares
issued
in
reinvestment
of
distributions
........................
4,111,935‌
31,589,278‌
7,276,569‌
56,668,714‌
Shares
redeemed
.........................................
(35,367,946‌)
(272,628,645‌)
(66,322,210‌)
(516,851,805‌)
(4,029,764‌)
$
(30,283,771‌)
3,768,066‌
$
27,968,244‌
Investor
C
Shares
sold
.............................................
1,473,945‌
$
11,395,097‌
5,160,537‌
$
40,252,080‌
Shares
issued
in
reinvestment
of
distributions
........................
406,415‌
3,130,015‌
798,716‌
6,223,376‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
(4,375,733‌)
(33,537,384‌)
(10,845,575‌)
(84,458,348‌)
(2,495,373‌)
$
(19,012,272‌)
(4,886,322‌)
$
(37,982,892‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
157
Notes
to
Financial
Statements
d
Six
Months
Ended
03/31/22
Year
Ended
09/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Class
K
Shares
sold
.............................................
158,204,720‌
$
1,221,362,010‌
425,944,961‌
$
3,303,403,535‌
Shares
issued
in
reinvestment
of
distributions
........................
24,949,106‌
191,828,186‌
61,687,273‌
479,747,223‌
Shares
redeemed
.........................................
(261,649,683‌)
(1,994,816,338‌)
(1,032,593,243‌)
(8,054,462,814‌)
(78,495,857‌)
$
(581,626,142‌)
(544,961,009‌)
$
(4,271,312,056‌)
Class
R
Shares
sold
.............................................
1,860,274‌
$
14,170,239‌
2,714,264‌
$
21,146,656‌
Shares
issued
in
reinvestment
of
distributions
........................
335,288‌
2,576,297‌
597,520‌
4,653,443‌
Shares
redeemed
.........................................
(1,961,348‌)
(15,038,600‌)
(4,351,405‌)
(33,709,657‌)
234,214‌
$
1,707,936‌
(1,039,621‌)
$
(7,909,558‌)
(214,232,528‌)
$
(1,617,184,377‌)
(320,118,874‌)
$
(2,531,970,831‌)
Low
Duration
Bond
Institutional
Shares
sold
.............................................
115,128,207‌
$
1,100,453,126‌
345,506,551‌
$
3,368,814,025‌
Shares
issued
in
reinvestment
of
distributions
........................
4,466,266‌
42,512,604‌
7,793,536‌
75,988,063‌
Shares
redeemed
.........................................
(172,354,348‌)
(1,631,933,195‌)
(249,280,518‌)
(2,429,961,590‌)
(52,759,875‌)
$
(488,967,465‌)
104,019,569‌
$
1,014,840,498‌
Service
(a)
Shares
sold
.............................................
—‌
$
—‌
475,605‌
$
4,641,229‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
23,759‌
231,652‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
—‌
—‌
(3,585,030‌)
(34,931,908‌)
—‌
$
—‌
(3,085,666‌)
$
(30,059,027‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
17,741,714‌
$
170,052,895‌
56,499,893‌
$
551,014,420‌
Shares
issued
in
reinvestment
of
distributions
........................
675,356‌
6,425,162‌
1,611,680‌
15,710,142‌
Shares
redeemed
.........................................
(23,115,259‌)
(220,927,492‌)
(80,279,964‌)
(781,941,813‌)
(4,698,189‌)
$
(44,449,435‌)
(22,168,391‌)
$
(215,217,251‌)
Investor
A1
Shares
sold
.............................................
186‌
$
1,777‌
7,719‌
$
75,282‌
Shares
issued
in
reinvestment
of
distributions
........................
3,014‌
28,714‌
6,876‌
67,063‌
Shares
redeemed
.........................................
(63,880‌)
(610,063‌)
(163,027‌)
(1,591,464‌)
(60,680‌)
$
(579,572‌)
(148,432‌)
$
(1,449,119‌)
Investor
C
Shares
sold
.............................................
610,652‌
$
5,838,875‌
2,247,567‌
$
21,899,495‌
Shares
issued
in
reinvestment
of
distributions
........................
10,133‌
96,156‌
22,017‌
214,438‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
(1,326,648‌)
(12,656,502‌)
(4,163,020‌)
(40,573,232‌)
(705,863‌)
$
(6,721,471‌)
(1,893,436‌)
$
(18,459,299‌)
Class
K
Shares
sold
.............................................
35,648,673‌
$
340,794,433‌
65,474,722‌
$
637,928,535‌
Shares
issued
in
reinvestment
of
distributions
........................
660,679‌
6,286,642‌
995,773‌
9,701,067‌
Shares
redeemed
.........................................
(43,055,573‌)
(409,785,574‌)
(26,875,494‌)
(261,964,532‌)
(6,746,221‌)
$
(62,704,499‌)
39,595,001‌
$
385,665,070‌
Class
R
Shares
sold
.............................................
143,446‌
$
1,356,814‌
101,987‌
$
994,041‌
Shares
issued
in
reinvestment
of
distributions
........................
1,043‌
9,902‌
1,866‌
18,179‌
Shares
redeemed
.........................................
(101,463‌)
(962,052‌)
(130,273‌)
(1,270,227‌)
43,026‌
$
404,664‌
(26,420‌)
$
(258,007‌)
(64,927,802‌)
$
(603,017,778‌)
116,292,225‌
$
1,135,062,865‌
(a)
On
July
6,
2021,
each
Fund's
issued
and
outstanding
Service
Shares,
as
applicable,
converted
into
Investor
A
Shares.
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
158
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:
Effective
April
14,
2022,
the
364-day
credit
agreement
to
which
the
Trust,
on
behalf
of
the
Funds,
and
the
Participating
Funds
are
party
was
amended
to
(i)
increase
the
aggregate
commitment
amount
to
$2.50
billion,
(ii)
update
the
interest
terms
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(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
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum
and
(iii)
extend
the
termination
date
to
April
2023.
Statement
Regarding
Liquidity
Risk
Management
Program
159
Statement
Regarding
Liquidity
Risk
Management
Program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
BlackRock
Funds
V
(the
"Trust")
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
the
BlackRock
Core
Bond
Portfolio,
BlackRock
High
Yield
Bond
Portfolio
and
BlackRock
Low
Duration
Bond
Portfolio
(the
“Funds”),
each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust
on
behalf
of
the
Funds,
met
on
November
18-19,
2021
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC
or
BlackRock
Fund
Advisors
(“BlackRock”),
each
an
investment
adviser
to
certain
BlackRock
funds,
as
the
program
administrator
for
each
Fund’s
Program,
as
applicable.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2020
through
September
30,
2021
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
the
imposition
of
capital
controls
in
certain
countries.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Where
a
fund
participated
in
borrowings
for
investment
purposes
(such
as
tender
option
bonds
or
reverse
repurchase
agreements),
such
borrowings
were
factored
into
the
Program’s
calculation
of
a
fund’s
liquidity
bucketing.
Derivative
exposure
was
also
considered
in
such
calculation.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
Fund’s
reasonably
anticipated
trading
size
(“RATS”).
Each
Fund
has
adopted
an
in-kind
redemption
policy
which
may
be
utilized
to
meet
larger
redemption
requests.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
.
The
Committee
considered
the
terms
of
the
credit
facility
committed
to
each
Fund,
the
financial
health
of
the
institution
providing
the
facility
and
the
fact
that
the
credit
facility
is
shared
among
multiple
funds
(including
that
a
portion
of
the
aggregate
commitment
amount
is
specifically
designated
for
BlackRock
Floating
Rate
Income
Portfolio,
a
series
of
BlackRock
Funds
V).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
Funds,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Additional
Information
2022
BlackRock
Semi-Annual
Report
to
Shareholders
160
Proxy
Results
At
a
Joint
Special
Meeting
of
Shareholders
of
BlackRock
Core
Bond
Portfolio,
held
on
October
26,
2021,
Fund
shareholders
were
asked
to
vote
on
the
following
proposals:
Proposal
1.
To
approve
the
amendment
or
elimination,
as
applicable,
of
certain
of
the
fundamental
investment
restrictions
of
the
Fund.
Proposal
1a.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Concentration.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1b.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Borrowing
and
the
Issuance
of
Senior
Securities.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1e.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Investing
in
Real
Estate.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1f.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Underwriting.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1g.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Investing
in
Commodities.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1h.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Lending.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1i.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Diversification.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1j.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Investing
for
the
Purpose
of
Exercising
Control
or
Management.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
For
Against
Abstain
232,671,871
3,673,912
3,420,699
For
Against
Abstain
232,612,339
3,770,577
3,383,566
For
Against
Abstain
234,528,399
1,934,067
3,304,016
For
Against
Abstain
232,529,211
3,737,757
3,499,514
For
Against
Abstain
234,528,942
1,930,938
3,306,602
For
Against
Abstain
232,438,466
3,861,834
3,466,182
For
Against
Abstain
232,758,275
3,667,168
3,341,039
For
Against
Abstain
233,973,371
2,409,948
3,383,163
Additional
Information
(continued)
161
Additional
Information
Proposal
1k.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Purchasing
Commodities
Contracts
and
Investing
in
Oil,
Gas
or
Mineral
Exploration
or
Development
Programs.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1l.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Acquiring
Other
Investment
Companies.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1m.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Writing
and
Selling
Options,
Straddles
and
Spreads.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1n.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
the
Purchase
of
Securities
on
Margin
and
Short
Sales.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
At
a
Joint
Special
Meeting
of
Shareholders
of
BlackRock
Low
Duration
Bond
Portfolio,
held
on
October
26,
2021,
Fund
shareholders
were
asked
to
vote
on
the
following
proposals:
Proposal
1.
To
approve
the
amendment
or
elimination,
as
applicable,
of
certain
of
the
fundamental
investment
restrictions
of
the
Fund.
Proposal
1a.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Concentration.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1b.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Borrowing
and
the
Issuance
of
Senior
Securities.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1e.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Investing
in
Real
Estate.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1f.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Underwriting.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
For
Against
Abstain
233,819,658
2,704,569
3,242,255
For
Against
Abstain
234,384,433
2,073,525
3,308,524
For
Against
Abstain
233,682,066
2,649,055
3,435,362
For
Against
Abstain
233,559,839
2,863,525
3,343,118
For
Against
Abstain
509,579,106
3,024,113
5,695,347
For
Against
Abstain
503,413,023
9,253,432
5,632,111
For
Against
Abstain
503,507,172
9,114,674
5,676,720
For
Against
Abstain
503,467,512
9,151,320
5,679,734
Additional
Information
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
162
Proposal
1g.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Investing
in
Commodities.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1h.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Lending.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1i.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Diversification.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1j.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Investing
for
the
Purpose
of
Exercising
Control
or
Management.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1k.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Purchasing
Commodities
Contracts
and
Investing
in
Oil,
Gas
or
Mineral
Exploration
or
Development
Programs.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1l.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Acquiring
Other
Investment
Companies.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1m.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Writing
and
Selling
Options,
Straddles
and
Spreads.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1n.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
the
Purchase
of
Securities
on
Margin
and
Short
Sales.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
For
Against
Abstain
503,471,086
9,232,713
5,594,767
For
Against
Abstain
503,224,370
9,327,737
5,746,459
For
Against
Abstain
509,637,296
3,047,065
5,614,205
For
Against
Abstain
502,764,649
9,808,603
5,725,313
For
Against
Abstain
502,324,519
4,466,459
11,507,589
For
Against
Abstain
508,898,744
3,626,240
5,773,582
For
Against
Abstain
502,098,171
10,375,833
5,824,561
For
Against
Abstain
501,909,147
10,599,799
5,789,619
Additional
Information
(continued)
163
Additional
Information
Regulation
Regarding
Derivatives
On
October
28,
2020,
the
Securities
and
Exchange
Commission
(the
“SEC”)
adopted 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)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
164
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
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
165
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CLP
Chilean
Peso
CNY
Chinese
Yuan
COP
Colombian
Peso
EUR
Euro
GBP
British
Pound
IDR
Indonesian
Rupiah
JPY
Japanese
Yen
MXN
Mexican
Peso
RUB
New
Russian
Ruble
TRY
Turkish
Lira
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CDI
Crest
Depository
Interests
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
RB
Revenue
Bonds
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
TBA
To-be-announced
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.
Taxable3-3/22-SAR
March
31,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
V
BlackRock
GNMA
Portfolio
BlackRock
Income
Fund
BlackRock
U.S.
Government
Bond
Portfolio
Dear
Shareholder,
The
12-month
reporting
period
as
of
March
31,
2022
saw
a
continuation
of
the
resurgent
growth
that
followed
the
initial
coronavirus
(or
“COVID-19”)
pandemic
reopening,
albeit
at
a
slower
pace.
The
global
economy
weathered
the
emergence
of
several
variant
strains
and
the
resulting
peaks
and
troughs
in
infections
amid
optimism
that
increasing
vaccinations
and
economic
adaptation
could
help
contain
the
pandemic’s
disruptions.
However,
rapid
changes
in
consumer
spending
led
to
supply
constraints
and
elevated
inflation.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
invasion
has
presented
challenges
for
both
investors
and
policymakers.
Equity
prices
were
mixed,
as
persistently
high
inflation
drove
investors’
expectations
for
higher
interest
rates,
which
particularly
weighed
on
relatively
high
valuation
growth
stocks
and
economically
sensitive
small-
capitalization
stocks.
Overall,
small-capitalization
U.S.
stocks
declined,
while
large-capitalization
U.S.
stocks
posted
a
strong
advance.
International
equities
from
developed
markets
gained
slightly,
although
emerging
market
stocks
declined,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
during
the
reporting
period
as
the
economy
expanded
rapidly
and
inflation
reached
its
highest
annualized
reading
in
decades.
The
corporate
bond
market
also
faced
inflationary
headwinds,
although
the
improving
economy
assuaged
credit
concerns
and
high-yield
corporate
bonds
consequently
declined
less
than
investment-grade
corporate
bonds.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
growing
faster
than
expected,
raised
interest
rates
in
March
2022,
the
first
increase
of
this
business
cycle.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
raised
the
prospect
of
reversing
the
flow
and
reducing
its
balance
sheet.
Continued
high
inflation
and
the
Fed’s
new
tone
led
many
analysts
to
anticipate
that
the
Fed
will
continue
to
raise
interest
rates
multiple
times
throughout
the
year.
Looking
ahead,
however,
the
horrific
war
in
Ukraine
has
significantly
clouded
the
outlook
for
the
global
economy,
leading
to
major
volatility
in
energy
and
metal
markets.
Sanctions
on
Russia,
Europe’s
top
energy
supplier,
and
general
wartime
disruption
are
likely
to
drive
already-high
commodity
prices
even
higher.
Sharp
increases
in
energy
prices
will
exacerbate
inflationary
pressure
while
also
constraining
economic
growth.
Combating
inflation
without
stifling
a
recovery,
while
buffering
against
ongoing
supply
and
price
shocks
amid
the
ebb
and
flow
of
the
pandemic,
will
be
an
especially
challenging
environment
for
setting
effective
monetary
policy.
Despite
the
likelihood
of
more
rate
increases
on
the
horizon,
we
believe
the
Fed
will
err
on
the
side
of
protecting
employment,
even
at
the
expense
of
higher
inflation.
In
this
environment,
we
favor
an
overweight
to
equities,
as
valuations
have
become
more
attractive
and
inflation-adjusted
interest
rates
remain
low.
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.
We
favor
U.S.
equities
due
to
strong
earnings
momentum,
while
Japanese
equities
should
benefit
from
supportive
monetary
and
fiscal
policy.
We
are
underweight
credit
overall,
but
inflation-protected
U.S.
Treasuries,
Asian
fixed
income,
and
emerging
market
local-currency
bonds
offer
potential
opportunities
for
additional
yield.
We
believe
that
international
diversification
and
a
focus
on
sustainability
and
quality
can
help
provide
portfolio
resilience.
Overall,
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
March
31,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
5.92%
15.65%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(5.55)
(5.79)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(3.38)
1.16
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(8.20)
(11.37)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.05
0.07
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(6.04)
(3.31)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(5.92)
(4.15)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(5.55)
(4.47)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(4.16)
(0.66)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summaries
.......................................................................................................
4
The
Benefits
and
Risks
of
Leveraging
..........................................................................................
11
About
Fund
Performance
.................................................................................................
12
Disclosure
of
Expenses
...................................................................................................
13
Derivative
Financial
Instruments
.............................................................................................
13
Financial
Statements:
Schedules
of
Investments
...............................................................................................
14
Statements
of
Assets
and
Liabilities
.........................................................................................
80
Statements
of
Operations
................................................................................................
83
Statements
of
Changes
in
Net
Assets
........................................................................................
84
Financial
Highlights
.....................................................................................................
86
Notes
to
Financial
Statements
...............................................................................................
99
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
115
Additional
Information
....................................................................................................
116
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
120
Fund
Summary
as
of
March
31,
2022
2022
BlackRock
Semi-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
six-month
period
ended
March
31,
2022,
the
Fund
underperformed
its
benchmark,
the
Bloomberg
Fixed-Income
GNMA
MBS
Index.
What
factors
influenced
performance?
The
largest
detractor
from
the
Fund’s
relative
performance
was
an
out-of-benchmark
allocation
to
fixed-rate
collateralized
mortgage
obligations
(“CMOs")
as
well
as
exposure
to
agency
mortgage-backed
security
(“MBS”)
derivatives
such
as
interest-only
instruments.
Selection
of
mortgage
pools
within
MBS
also
weighed
on
performance.
Positive
contributions
to
performance
were
led
by
relative
value
positioning
within
agency
MBS
in
the
first
quarter
of
2022.
Describe
recent
portfolio
activity.
Within
the
GNMA
coupon
stack,
the
Fund
reduced
its
underweight
to
lower
coupons
over
the
period.
The
allocation
to
agency
CMOs
was
moderately
increased
over
the
period.
The
Fund
held
a
moderately
overweight
stance
with
respect
to
duration
and
corresponding
interest
rate
sensitivity
relative
to
the
benchmark.
The
Fund
maintained
a
modest
position
in
agency
commercial
mortgage-backed
securities
during
the
period
primarily
in
the
form
of
multi-family
transactions.
The
Fund’s
cash
position
was
somewhat
elevated
at
times
during
the
period
and
was
5.6%
at
period
end.
The
Fund’s
cash
position
did
not
have
a
material
impact
on
performance.
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.
Describe
portfolio
positioning
at
period
end.
The
Fund
remained
constructive
on
agency
MBS
on
the
view
that
the
sector
is
poised
to
benefit
from
a
reprieve
in
the
historically
elevated
level
of
interest
rate
volatility
observed
over
the
first
quarter
of
2022.
Entering
the
second
quarter
of
2022,
nominal
agency
MBS
spreads
were
at
their
widest
in
a
decade
(excluding
March
2020
as
the
COVID-19
pandemic
emerged).
In
addition,
the
Fed
seemed
likely
to
rely
on
passive
runoff
as
the
mechanism
for
reducing
its
MBS
portfolio
size
rather
than
pursue
active
sales
of
MBS
as
a
means
of
balance
sheet
reduction.
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.
Performance
Summary
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.
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..............
1.55‌%
1.38‌%
(5.66‌)%
(5.63‌)%
N/A‌
1.17‌%
N/A‌
1.53‌%
N/A‌
Investor
A
...............
1.25‌
1.08‌
(5.75‌)
(5.84‌)
(9.60‌)%
0.92‌
0.10‌%
1.22‌
0.81‌%
Investor
C
...............
0.55‌
0.39‌
(6.13‌)
(6.57‌)
(7.50‌)
0.16‌
0.16‌
0.62‌
0.62‌
Class
K
................
1.60‌
1.49‌
(5.65‌)
(5.61‌)
N/A‌
1.21‌
N/A‌
1.55‌
N/A‌
Bloomberg
Fixed-Income
GNMA
MBS
Index
(c)
.....
—‌
—‌
(4.59‌)
(4.60‌)
N/A‌
1.24‌
N/A‌
1.52‌
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
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
“Reorganization”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
(c)
Bloomberg
Fixed-Income
GNMA
MBS
Index
-
an
unmanaged
index
comprised
of
mortgage-backed
pass
through
securities
of
GNMA.
Fund
Summary
as
of
March
31,
2022
(continued)
5
Fund
Summary
BlackRock
GNMA
Portfolio
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/01/21)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/21)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
943.40‌
$
2.
33‌
$
1,000.00‌
$
1,022.5
4‌
$
2.4
2‌
0.
4
8‌
%
Investor
A
................................
1,000.00‌
942.50‌
3.
54‌
1,000.00‌
1,021.2
9‌
3.6
8‌
0.7
3‌
Investor
C
................................
1,000.00‌
938.70‌
7.
15‌
1,000.00‌
1,017.5
5‌
7.
44‌
1.
4
8‌
Class
K
..................................
1,000.00‌
943.50‌
2.
08‌
1,000.00‌
1,022.
79‌
2.
17‌
0.4
3‌
(a)
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
182/365
(to
reflect
the
six
month
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
..............
100‌
%
Non-Agency
Mortgage-Backed
Securities
..................
—‌
(b)
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(c)
Percent
of
Total
Investments
(a)
AAA/
Aaa
(d)
......................................
100‌
%
(a)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
(c)
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.
(d)
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.
Fund
Summary
as
of
March
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
6
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
six-month
period
ended
March
31,
2022,
the
Fund
underperformed
its
Customized
Reference
Benchmark.
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?
Detractors
over
the
period
most
notably
included
exposure
to
global
high
yield
corporate
bonds
across
Asia,
Europe
and
the
United
States.
Exposure
to
preferred
securities
and
global
investment
grade
corporate
credit
also
detracted
from
performance.
Interest
rate
positioning
weighed
on
return,
and
hawkish
central
bank
messaging
and
actions
pushed
interest
rates
higher.
High
inflation
and
heightened
geopolitical
tensions
also
added
to
market
volatility
that
led
to
risk
asset
underperformance
broadly.
While
the
Fund
is
not
actively
managed
versus
the
current
performance
benchmark,
exposure
to
floating
rate
loan
interest
was
the
largest
contributor
to
relative
performance
for
the
period.
The
Fund’s
cash
position
was
9.9%
of
portfolio
assets
at
period
end.
The
Fund
remains
selective
as
the
investment
adviser
seeks
the
best
opportunities
to
generate
income.
The
Fund’s
cash
position
did
not
have
a
material
impact
on
performance.
Describe
recent
portfolio
activity.
The
six-month
period
saw
a
pickup
in
volatility.
Inflation
started
to
increase
and
remained
elevated
through
the
first
quarter
of
2022,
leading
to
more
hawkish
central
bank
positioning.
In
addition,
the
late-February
2022
invasion
of
Ukraine
by
Russia
and
escalation
of
the
conflict
led
to
increased
geopolitical
risks.
As
inflation
remained
elevated
and
interest
rates
began
to
rise,
the
Fund
increased
its
exposure
to
floating
rate
loan
interest
and
collateralized
loan
obligations
(“CLOs”).
Given
the
geopolitical
backdrop,
the
Fund
positioned
itself
more
defensively
and
increased
its
exposure
to
U.S.
Treasuries
and
U.S.
and
European
investment
grade
corporate
bonds
while
mostly
hedging
interest
rate
exposure,
and
decreased
exposure
to
global
high
yield
corporate
bonds
across
Asia
and
emerging
markets,
Europe
and
the
United
States.
Describe
portfolio
positioning
at
period
end.
The
Fund
held
a
more
defensive
position
at
period
end,
holding
significant
allocations
to
U.S.
Treasuries
and
cash.
The
Fund
also
maintained
meaningful
allocations
to
floating
rate
loan
interest
and
CLOs
as
floating
rate
instruments
continue
to
offer
attractive
carry
(incremental
income)
and
tend
to
outperform
in
rising
interest
rate
environments.
The
Fund
retained
a
preference
for
the
United
States
over
Europe
given
heightened
geopolitical
risks
in
the
latter
region
stemming
from
the
Russia-Ukraine
conflict
and
ended
the
period
with
reduced
allocations
to
global
high
yield
markets
relative
to
historical
averages.
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
March
31,
2022
(continued)
7
Fund
Summary
BlackRock
Income
Fund
Performance
Summary
ira
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.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..............
3.49‌%
3.38‌%
(5.69‌)%
(5.17‌)%
N/A‌
3.40‌%
N/A‌
4.23‌%
N/A‌
Investor
A
...............
3.16‌
3.12‌
(5.72‌)
(5.41‌)
(7.77‌)%
3.17‌
2.65‌%
3.98‌
3.72‌%
Investor
C
...............
2.49‌
2.44‌
(6.07‌)
(6.11‌)
(7.01‌)
2.40‌
2.40‌
3.35‌
3.35‌
Class
K
................
3.54‌
3.53‌
(5.57‌)
(5.11‌)
N/A‌
3.46‌
N/A‌
4.26‌
N/A‌
S&P/LSTA
Leveraged
Loan
Index
(c)
..............
—‌
—‌
0.64‌
3.25‌
N/A‌
4.01‌
N/A‌
4.30‌
N/A‌
Bloomberg
Global
High
Yield
100%
Hedged
USD
Index
(d)
—‌
—‌
(5.50‌)
(2.60‌)
N/A‌
3.59‌
N/A‌
5.56‌
N/A‌
Bloomberg
U.S.
CMBS
Investment
Grade
Index
(e)
.
—‌
—‌
(6.19‌)
(4.46‌)
N/A‌
2.44‌
N/A‌
2.74‌
N/A‌
JPMorgan
CEMBI
Broad
Diversified
Index
(f)
......
—‌
—‌
(9.38‌)
(7.25‌)
N/A‌
2.83‌
N/A‌
4.16‌
N/A‌
Customized
Reference
Benchmark
(g)
..........
—‌
—‌
(5.15‌)
(2.80‌)
N/A‌
3.27‌
N/A‌
4.22‌
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
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)
A
market-value-weighted
index
that
is
designed
to
measure
the
performance
of
the
U.S.
leverage
loan
market
based
upon
market
weightings,
spreads
and
interest
payments.
(d)
A
“hedged”
version
of
the
Bloomberg
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
Hard
Currency
High
Yield
Indices.
The
high
yield
and
emerging
markets
sub-components
are
mutually
exclusive.
(e)
An
index
that
measures
the
market
of
US
Agency
and
US
Non-Agency
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%).
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/01/21)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/21)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
943.10‌
$
3.00‌
$
1,000.00‌
$
1,021.84‌
$
3.13‌
0.62‌%
Investor
A
................................
1,000.00‌
942.80‌
4.21‌
1,000.00‌
1,020.59‌
4.38‌
0.87‌
Investor
C
................................
1,000.00‌
939.30‌
7.83‌
1,000.00‌
1,016.85‌
8.15‌
1.62‌
Class
K
..................................
1,000.00‌
944.30‌
2.71‌
1,000.00‌
1,022.14‌
2.82‌
0.56‌
(a)
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
182/365
(to
reflect
the
six
month
period
shown).
Fund
Summary
as
of
March
31,
2022
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
8
BlackRock
Income
Fund
Portfolio
Information
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
43‌
%
Floating
Rate
Loan
Interests
...........................
31‌
Asset-Backed
Securities
..............................
10‌
U.S.
Treasury
Obligations
.............................
10‌
Investment
Companies
...............................
3‌
Preferred
Securities
.................................
1‌
Non-Agency
Mortgage-Backed
Securities
..................
1‌
Foreign
Agency
Obligations
............................
1‌
Foreign
Government
Obligations
........................
—‌
(b)
Common
Stocks
...................................
—‌
(b)
U.S.
Government
Sponsored
Agency
Securities
..............
—‌
(b)
Rights
..........................................
—‌
(b)
Warrants
........................................
—‌
(b)
Other
Interests
....................................
—‌
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(c)
Percent
of
Total
Investments
(a)
AAA/
Aaa
(d)
......................................
10‌
%
AA/Aa
.........................................
1‌
A
............................................
8‌
BBB/Baa
.......................................
21‌
BB/Ba
.........................................
22‌
B
............................................
27‌
CCC/
Caa
.......................................
4‌
CC/Ca
........................................
—‌
(b)
C
............................................
—‌
(b)
NR
...........................................
7‌
(a)
Excludes
short-term
securities,
options
purchased
and
options
written.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
(c)
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.
(d)
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.
Fund
Summary
as
of
March
31,
2022
9
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
six-month
period
ended
March
31,
2022,
the
Fund
underperformed
its
benchmark,
the
Bloomberg
U.S.
Government/Mortgage
Index.
What
factors
influenced
performance?
The
largest
detractor
from
the
Fund’s
relative
performance
was
positioning
with
respect
to
inflation.
Out-of-benchmark
allocations
to
commercial
mortgage-backed
securities
(“CMBS”)
also
detracted,
specifically
single-asset/single-borrower
("SASB")
and
interest-only
issues.
Positive
contributions
to
relative
performance
were
led
by
the
Fund's
active
positioning
with
respect
to
duration
and
corresponding
interest
rate
sensitivity
as
rates
moved
higher
over
the
period.
Modest
allocations
to
agency
collateralized
mortgage
obligations
and
agency
mortgage-backed
security
(“MBS”)
derivatives
contributed
marginally
to
performance.
Describe
recent
portfolio
activity.
Over
the
period,
the
Fund
reduced
its
underweight
positions
to
lower
coupons
and
increased
its
overweight
positions
to
middle
coupons
within
agency
MBS.
Allocations
to
CMBS
were
modestly
increased,
primarily
through
adding
to
SASB
issues.
The
Fund’s
duration
relative
to
the
benchmark
was
shifted
from
underweight
to
overweight.
Describe
portfolio
positioning
at
period
end.
The
Fund
held
a
defensive
posture
given
the
increased
macro
uncertainty,
including
the
volatile
geopolitical
environment,
elevated
inflation,
commodity
shortages
and
global
monetary
policy
tightening.
Within
agency
MBS,
nominal
spreads
were
at
their
widest
in
a
decade
(excluding
March
2020
as
the
COVID-19
pandemic
emerged).
As
such,
the
Fund
remained
constructive
on
agency
MBS
on
the
view
that
the
sector
is
poised
to
benefit
from
a
reprieve
in
the
historically
elevated
level
of
interest
rate
volatility
observed
over
the
first
quarter
of
2022.
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.
Performance
Summary
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.
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..............
1.73‌%
1.51‌%
(5.53‌)%
(4.46‌)%
N/A‌
1.61‌%
N/A‌
1.67‌%
N/A‌
Investor
A
...............
1.42‌
1.19‌
(5.63‌)
(4.68‌)
(8.50‌)%
1.34‌
0.52‌%
1.38‌
0.97‌%
Investor
C
...............
0.73‌
0.49‌
(5.90‌)
(5.31‌)
(6.26‌)
0.61‌
0.61‌
0.75‌
0.75‌
Class
K
................
1.78‌
1.64‌
(5.50‌)
(4.41‌)
N/A‌
1.66‌
N/A‌
1.69‌
N/A‌
Class
R
................
1.23‌
0.91‌
(5.75‌)
(4.92‌)
N/A‌
1.09‌
N/A‌
1.11‌
N/A‌
Bloomberg
U.S.
Government/
Mortgage
Index
(c)
.......
—‌
—‌
(5.36‌)
(4.20‌)
N/A‌
1.62‌
N/A‌
1.70‌
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.
Th
e
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.
Gove
rnment/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)
Bloomberg
U.S.
Government/Mortgage
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
March
31,
2022
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
10
BlackRock
U.S.
Government
Bond
Portfolio
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
Hypothetical
5%
Return
Expenses
Paid
During
the
Period
Including
Interest
Expense
Excluding
Interest
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(10/01/21)
Ending
Account
Value
(03/31/22)
Including
Interest
Expense
(a)
Excluding
Interest
Expense
(a)
Beginning
Account
Value
(10/01/21)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(a)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(a)
Including
Interest
Expense
Excluding
Interest
Expense
Institutional
......
$
1,000.00‌
$
944.70‌
$
2.18‌
$
2.18‌
$
1,000.00‌
$
1,022.69‌
$
2.27‌
$
1,022.69‌
$
2.27‌
0.45‌%
0.45‌%
Investor
A
.......
1,000.00‌
943.70‌
3.39‌
3.39‌
1,000.00‌
1,021.44‌
3.53‌
1,021.44‌
3.53‌
0.70‌
0.70‌
Investor
C
.......
1,000.00‌
941.00‌
7.02‌
7.02‌
1,000.00‌
1,017.70‌
7.29‌
1,017.70‌
7.29‌
1.45‌
1.45‌
Class
K
........
1,000.00‌
945.00‌
1.94‌
1.94‌
1,000.00‌
1,022.94‌
2.02‌
1,022.94‌
2.02‌
0.40‌
0.40‌
Class
R
........
1,000.00‌
942.50‌
4.60‌
4.60‌
1,000.00‌
1,020.19‌
4.78‌
1,020.19‌
4.78‌
0.95‌
0.95‌
(a)
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
182/365
(to
reflect
the
six
month
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
..............
50‌
%
U.S.
Treasury
Obligations
.............................
41‌
Non-Agency
Mortgage-Backed
Securities
..................
8‌
Asset-Backed
Securities
..............................
1‌
Foreign
Government
Obligations
........................
—‌
(b)
Foreign
Agency
Obligations
............................
—‌
(b)
Corporate
Bonds
...................................
—‌
(b)
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(c)
Percent
of
Total
Investments
(a)
AAA/
Aaa
(d)
......................................
97‌
%
AA/Aa
.........................................
1‌
A
............................................
1‌
BBB/Baa
.......................................
—‌
(b)
BB/Ba
.........................................
—‌
(b)
CC/Ca
........................................
—‌
(b)
NR
...........................................
1‌
(a)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
(c)
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.
(d)
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.
The
Benefits
and
Risks
of
Leveraging
11
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
2022
BlackRock
Semi-Annual
Report
to
Shareholders
12
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.
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
13
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
at
the
beginning
of
the
period
(or
from
the
commencement
of
operations
if
less
than
6
months)
and
held
through
the
end
of
the
period) 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.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
GNMA
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.2%
Seasoned
Credit
Risk
Transfer
Trust
Series
2018-3,
Class
MA,
3.50%,
08/25/57
(a)
USD
570
$
572,742
Series
2018-4,
Class
MA,
3.50%,
03/25/58
626
628,745
1,201,487
Total
Non-Agency
Mortgage-Backed
Securities
—
0.2%
(Cost:
$1,211,458)
...............................
1,201,487
U.S.
Government
Sponsored
Agency
Securities
Collateralized
Mortgage
Obligations
—
7.9%
Federal
Home
Loan
Mortgage
Corp.
Series
3745,
Class
ZA,
4.00%, 10/15/40
..
360
370,827
Series
3780,
Class
ZA,
4.00%, 12/15/40
..
1,287
1,343,941
Series
3960,
Class
PL,
4.00%, 11/15/41
..
900
941,943
Series
4161,
Class
BW,
2.50%, 02/15/43
..
500
484,155
Series
4325,
Class
ZX,
4.50%, 04/15/44
..
2,711
2,872,785
Series
4384,
Class
LB,
3.50%, 08/15/43
..
1,500
1,510,829
Federal
National
Mortgage
Association
Series
1996-48,
Class
Z,
7.00%, 11/25/26
.
57
59,559
Series
2010-134,
Class
KZ,
4.50%, 12/25/40
83
82,001
Series
2010-141,
Class
LZ,
4.50%, 12/25/40
140
142,487
Series
2011-8,
Class
ZA,
4.00%, 02/25/41
.
933
946,489
Series
2011-131,
Class
LZ,
4.50%, 12/25/41
121
118,213
Series
2017-76,
Class
PB,
3.00%, 10/25/57
1,125
1,108,989
Series
2018-21,
Class
CA,
3.50%, 04/25/45
260
259,745
Federal
National
Mortgage
Association
Variable
Rate
Notes,
Series
2018-32,
Class
PS,
(LIBOR
USD
1
Month
+
7.23%),
6.70%, 05/25/48
(a)
.................
1,444
1,513,382
Government
National
Mortgage
Association
Series
2015-79,
Class
MY,
3.50%, 05/20/45
3,278
3,371,558
Series
2015-106,
Class
DY,
3.50%, 07/20/45
2,411
2,498,315
Series
2016-123,
Class
LM,
3.00%, 09/20/46
................
400
386,979
Series
2019-5,
Class
P,
3.50%, 07/20/48
..
219
219,037
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2009-31,
Class
PT,
3.40%, 05/20/39
166
168,447
Series
2014-107,
Class
WX,
6.79%, 07/20/39
................
742
811,140
Series
2015-55,
Class
A,
5.39%, 03/16/36
.
5,937
6,278,309
Series
2015-103,
Class
B,
6.91%, 01/20/40
3,654
4,002,246
Series
2015-187,
Class
C,
5.36%, 03/20/41
6,665
7,196,157
36,687,533
Interest
Only
Collateralized
Mortgage
Obligations
—
2.4%
Federal
Home
Loan
Mortgage
Corp.
Series
4062,
Class
GI,
4.00%, 02/15/41
..
56
3,706
Series
4533,
Class
JI,
5.00%, 12/15/45
...
433
81,912
Series
5159,
Class
KI,
3.00%, 11/25/51
...
892
99,933
Series
5159,
Class
PI,
3.00%, 11/25/51
...
1,437
149,480
Series
5176,
Class
QI,
3.00%, 12/25/51
..
772
98,460
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)
Series
4119,
Class
SC,
(LIBOR
USD
1
Month
+
6.15%),
5.75%, 10/15/42
....
1,078
179,131
Series
4901,
Class
CS,
(LIBOR
USD
1
Month
+
6.10%),
5.64%, 07/25/49
....
2,294
355,274
Series
4941,
Class
SH,
(LIBOR
USD
1
Month
+
5.95%),
5.49%, 12/25/49
....
1,586
240,527
Federal
National
Mortgage
Association
Series
2013-10,
Class
PI,
3.00%, 02/25/43
73
6,767
Series
2014-68,
Class
YI,
4.50%, 11/25/44
.
87
17,090
Series
2015-74,
Class
IA,
6.00%, 10/25/45
2,495
542,212
Security
Par
(000)
Par
(000)
Value
Interest
Only
Collateralized
Mortgage
Obligations
(continued)
Series
2015-77,
6.00%, 10/25/45
.......
USD
2,960
$
643,120
Series
2017-68,
Class
IE,
4.50%, 09/25/47
2,071
345,085
Series
2020-32,
4.00%, 05/25/50
.......
1,190
197,309
Series
2020-32,
Class
PI,
4.00%, 05/25/50
1,183
195,465
Series
2021-23,
Class
CI,
3.50%, 07/25/46
984
154,893
Series
2021-41,
3.50%, 07/25/51
.......
1,890
308,327
Federal
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2015-66,
Class
AS,
(LIBOR
USD
1
Month
+
6.25%),
5.79%, 09/25/45
....
4,421
568,803
Series
2016-60,
Class
SD,
(LIBOR
USD
1
Month
+
6.10%),
5.64%, 09/25/46
(b)
...
637
95,619
Series
2016-78,
Class
CS,
(LIBOR
USD
1
Month
+
6.10%),
5.64%, 05/25/39
....
792
111,094
Series
2017-70,
Class
SA,
(LIBOR
USD
1
Month
+
6.15%),
5.69%, 09/25/47
....
798
130,843
Series
2019-5,
Class
SA,
(LIBOR
USD
1
Month
+
6.10%),
5.64%, 03/25/49
....
3,308
495,649
Series
2019-25,
Class
SA,
(LIBOR
USD
1
Month
+
6.05%),
5.59%, 06/25/49
....
2,801
482,094
Series
2019-35,
Class
SA,
(LIBOR
USD
1
Month
+
6.10%),
5.64%, 07/25/49
....
1,351
193,567
Government
National
Mortgage
Association
Series
2017-139,
Class
IB,
4.50%, 09/20/47
(b)
...............
307
48,216
Series
2017-144,
Class
DI,
4.50%, 09/20/47
224
40,553
Series
2019-42,
Class
AI,
4.00%, 01/20/46
6,460
997,512
Series
2020-115,
Class
IM,
3.50%, 08/20/50
(b)
...............
1,410
216,795
Series
2020-146,
Class
DI,
2.50%, 10/20/50
1,843
221,581
Series
2020-151,
Class
MI,
2.50%, 10/20/50
21,225
2,710,357
Series
2020-162,
Class
TI,
2.50%, 10/20/50
3,312
397,061
Series
2020-175,
Class
DI,
2.50%, 11/20/50
667
80,221
Series
2020-185,
Class
MI,
2.50%, 12/20/50
2,358
312,057
Series
2021-104,
Class
IH,
3.00%, 06/20/51
1,332
196,606
Government
National
Mortgage
Association
Variable
Rate
Notes,
Series
2017-101,
Class
SL,
(LIBOR
USD
1
Month
+
6.20%),
5.75%, 07/20/47
(a)(b)
................
1,382
229,016
11,146,335
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.9%
(a)
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
Series
K094,
Class
X1,
0.88%, 06/25/29
..
2,284
122,958
Series
K105,
Class
X1,
1.52%, 01/25/30
..
7,303
719,603
Series
K109,
Class
X1,
1.58%, 04/25/30
..
1,454
150,024
Series
K110,
Class
X1,
1.70%, 04/25/30
..
650
70,944
Series
K113,
Class
X1,
1.39%, 06/25/30
..
2,600
240,772
Series
K115,
Class
X1,
1.33%, 06/25/30
..
3,235
289,935
Series
K116,
Class
X1,
1.43%, 07/25/30
..
1,127
106,680
Series
K119,
Class
X1,
0.93%, 09/25/30
..
1,792
115,447
Series
K120,
Class
X1,
1.04%, 10/25/30
..
9,129
648,229
Series
K122,
Class
X1,
0.88%, 11/25/30
..
2,770
170,113
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2020-M21,
Class
AX,
1.56%, 01/25/58
...........
2,666
429,360
Government
National
Mortgage
Association
Variable
Rate
Notes
Series
2016-22,
0.72%, 11/16/55
.......
11,446
327,747
Series
2016-45,
0.81%, 02/16/58
.......
3,979
164,524
Series
2016-151,
0.91%, 06/16/58
......
8,217
373,180
Series
2017-61,
0.77%, 05/16/59
.......
2,003
91,221
Series
2017-64,
0.74%, 11/16/57
.......
1,312
61,758
4,082,495
BlackRock
GNMA
Portfolio
Schedules
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
—
163.8%
Federal
Home
Loan
Mortgage
Corp.
3.00%, 06/01/35
-
07/01/35
...........
USD
617
$
611,837
3.50%, 07/01/26
-
09/01/26
...........
17
17,671
4.00%, 06/01/25
-
05/01/26
...........
77
79,513
5.00%, 05/01/35
-
12/01/38
...........
53
57,587
5.65%, 05/01/37
-
12/01/37
...........
765
815,623
5.75%, 08/01/37
-
04/01/38
...........
1,296
1,380,387
7.50%, 03/01/27
..................
—
(c)
46
Federal
National
Mortgage
Association
3.50%, 11/01/46
..................
861
873,169
4.45%, 03/01/36
-
06/01/36
...........
483
490,629
4.94%, 01/01/35
-
05/01/35
...........
162
164,597
5.00%, 04/01/36
..................
91
92,917
5.20%, 08/01/34
-
09/01/34
...........
194
198,215
5.25%, 08/01/37
-
09/01/37
...........
487
496,165
5.54%, 01/01/35
..................
66
68,080
5.75%, 04/01/37
..................
282
286,781
5.80%, 07/01/34
..................
43
43,663
5.94%, 09/01/34
..................
66
68,556
6.50%, 09/01/28
-
02/01/31
...........
864
912,763
Government
National
Mortgage
Association
2.00%, 08/20/50
(d)
.................
31,530
30,115,169
2.00%, 11/20/50
-
10/20/51
...........
35,497
33,882,753
2.00%, 04/15/52
-
05/15/52
(e)
..........
73,533
69,943,491
2.50%, 11/20/40
-
11/20/51
...........
74,952
72,960,884
2.50%, 12/20/51
(d)
.................
28,711
27,884,662
2.50%, 04/15/52
-
05/15/52
(e)
..........
54,257
52,612,221
3.00%, 05/15/42
-
10/20/51
...........
45,887
45,466,485
3.00%, 02/20/51
(d)
.................
31,338
31,108,151
3.00%, 04/15/52
-
05/15/52
(e)
..........
29,095
28,721,791
3.50%, 04/15/41
-
09/20/51
...........
54,779
55,542,492
3.50%, 04/15/52
-
05/15/52
(e)
..........
106,463
107,041,195
4.00%, 10/20/41
-
05/20/51
...........
26,456
27,486,475
4.00%, 04/15/52
-
05/15/52
(e)
..........
28,327
28,836,726
4.50%, 12/15/34
-
05/20/50
...........
13,607
14,360,734
5.00%, 09/15/28
-
05/20/50
...........
11,062
12,095,869
5.00%, 05/15/52
(e)
.................
1,900
1,981,789
5.30%, 04/15/37
..................
101
108,432
5.50%, 03/15/32
-
12/15/34
...........
4,980
5,499,886
5.64%, 04/15/37
-
06/15/37
...........
1,288
1,394,740
5.65%, 05/20/37
-
10/20/37
...........
489
517,856
5.75%, 08/20/37
-
12/20/37
...........
313
328,082
5.80%, 11/15/36
-
03/15/37
...........
1,351
1,445,228
6.00%, 03/20/28
-
01/15/39
...........
6,744
7,383,892
6.50%, 09/20/27
-
10/20/40
...........
2,301
2,493,654
7.00%, 03/20/24
-
05/20/27
...........
8
7,983
7.50%, 10/20/25
..................
1
1,139
8.00%, 06/15/22
-
05/15/30
...........
18
18,312
8.50%, 09/15/24
-
02/15/25
...........
9
9,161
9.50%, 09/15/22
..................
—
(c)
11
Uniform
Mortgage-Backed
Securities
2.00%, 04/25/52
-
05/25/52
(e)
..........
3,278
3,039,850
2.50%, 04/25/37
-
05/25/52
(e)
..........
27,456
26,196,809
3.00%, 06/01/38
-
06/01/44
...........
9,023
8,999,004
3.00%, 04/25/52
-
05/25/52
(e)
..........
51,007
49,844,080
3.50%, 04/25/37
(e)
.................
1,796
1,831,920
3.50%, 03/01/43
-
08/01/43
...........
1,028
1,046,558
4.00%, 01/01/45
..................
1,892
1,978,560
5.00%, 07/01/34
-
07/01/35
...........
918
991,912
5.25%, 07/01/37
-
08/01/37
...........
359
380,018
5.50%, 12/01/32
-
04/01/35
...........
100
108,226
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
6.50%, 08/01/35
..................
USD
545
$
590,293
760,914,692
Total
U.S.
Government
Sponsored
Agency
Securities
—
175.0%
(Cost:
$834,020,175)
..............................
812,831,055
Total
Long-Term
Investments
—
175.2%
(Cost:
$835,231,633)
..............................
814,032,542
Shares
Shares
Short-Term
Securities
Money
Market
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.21%
(f)(g)
..................
3,246,801
3,246,801
Total
Money
Market
Funds
—
0.7%
(Cost:
$3,246,801)
...............................
3,246,801
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(h)
0.45%, 06/21/22
..................
19,057
19,037,705
0.20%, 06/30/22
..................
11,135
11,120,768
0.67%, 07/19/22
..................
7,770
7,754,120
0.35%, 07/21/22
..................
7,499
7,483,740
Total
U.S.
Treasury
Obligations
—
9.8%
(Cost:
$45,412,507)
...............................
45,396,333
Total
Short-Term
Securities
—
10.5%
(Cost:
$48,659,308)
...............................
48,643,134
Total
Options
Purchased
—
0.1%
(Cost:
$176,580)
.................................
375,123
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
185.8%
(Cost:
$884,067,521
)
..............................
863,050,799
Total
Options
Written
—
(0.6)%
(Premium
Received
—
$(1,696,928))
...................
(2,890,757)
Par
(000)
Pa
r
(
000)
TBA
Sale
Commitments
(e)
Mortgage-Backed
Securities
—
(30.5)%
Government
National
Mortgage
Association
2.50%
,
 04/15/52
..................
(49,517)
(48,025,687)
3.00%
,
 04/15/52
..................
(5,637)
(5,570,721)
3.50%
,
 04/15/52
..................
(28,629)
(28,785,565)
4.00%
,
 04/15/52
..................
(3,600)
(3,670,875)
Uniform
Mortgage-Backed
Securities
2.00%
,
 04/25/52
..................
(2,485)
(2,306,682)
2.50%
,
 04/25/52
..................
(22,083)
(21,068,562)
3.00%
,
 04/25/52
..................
(30,400)
(29,735,000)
3.50%
,
 04/25/52
..................
(364)
(364,626)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
GNMA
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
4.00%
,
 04/25/52
..................
USD
(1,867)
$
(1,905,507)
Total
TBA
Sale
Commitments
—
(30.5)%
(Proceeds:
$(143,534,586))
.........................
(141,433,225)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
154.7%
(Cost:
$738,836,007
)
..............................
718,726,817
Liabilities
in
Excess
of
Other
Assets
—
(54.7)%
............
(254,201,114)
Net
Assets
—
100.0%
...............................
$
464,525,703
(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
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(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)
Represents
or
includes
a
TBA
transaction.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
Affiliate
of
the
Fund.
(h)
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
six
months
ended
March
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
09/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/22
Shares
Held
at
03/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,T
-Fund,
Institutional
Class
(a)
.......
$
2,823,535
$
423,266
$
—
$
—
$
—
$
3,246,801
3,246,801
$
390
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
BlackRock
GNMA
Portfolio
Schedules
of
Investments
17
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
June
2022
Futures
............................................
9
06/13/22
$
2,215
$
24,224
U.S.
Treasury
10
Year
Note
...................................................
594
06/21/22
72,923
1,164,126
U.S.
Treasury
10
Year
Ultra
Note
...............................................
14
06/21/22
1,897
56,641
U.S.
Treasury
Long
Bond
....................................................
10
06/21/22
1,503
39,972
U.S.
Treasury
Ultra
Bond
....................................................
12
06/21/22
2,127
80,711
U.S.
Treasury
2
Year
Note
....................................................
134
06/30/22
28,379
294,058
U.S.
Treasury
5
Year
Note
....................................................
385
06/30/22
44,101
1,051,195
90-day
Eurodollar
September
2022
Futures
........................................
9
09/19/22
2,201
36,913
90-day
Eurodollar
December
2022
Futures
........................................
9
12/19/22
2,190
42,837
$
2,790,677
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)
2.15%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
01/20/23
2.15
%
USD
10,900
$
375,123
(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
2-Year
Interest
Rate
Swap
(a)
.
1.51%
Semi-Annual
1
day
SOFR
Annual
Barclays
Bank
plc
08/16/22
1.51
%
USD
15,800
$
(10,445)
2-Year
Interest
Rate
Swap
(a)
.
1.22%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
09/02/22
1.22
USD
15,500
(6,733)
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
(143,075)
10-Year
Interest
Rate
Swap
(a)
2.10%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
03/17/23
2.10
USD
3,000
(92,540)
(252,793)
Put
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
(610,777)
2-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.95%
Semi-Annual
Deutsche
Bank
AG
04/28/22
0.95
USD
26,400
(855,010)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
2.21%
Semi-Annual
Barclays
Bank
plc
08/16/22
2.21
USD
15,800
(173,104)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
1.95%
Semi-Annual
Bank
of
America
NA
09/02/22
1.95
USD
15,500
(238,990)
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
(643,778)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.10%
Semi-Annual
Bank
of
America
NA
03/17/23
2.10
USD
3,000
(116,305)
(2,637,964)
$
(2,890,757)
(a)
Forward
settling
swaption.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
GNMA
Portfolio
18
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
$
7,098
$
—
$
7,098
1
day
SOFR
Quarterly
0.05%
Quarterly
10/21/22
USD
1,048
(6,357)
—
(6,357)
2.66%
Semi-Annual
3
month
LIBOR
Quarterly
02/06/23
USD
12,000
(137,707)
—
(137,707)
2.87%
Semi-Annual
3
month
LIBOR
Quarterly
03/23/23
USD
9,600
(93,275)
—
(93,275)
0.71%
Semi-Annual
3
month
LIBOR
Quarterly
11/03/23
USD
14,055
323,824
—
323,824
0.18%
Quarterly
1
day
Fed
Funds
Quarterly
10/21/25
USD
179
13,355
—
13,355
1
day
SOFR
Quarterly
0.17%
Quarterly
10/21/25
USD
179
(13,293)
—
(13,293)
0.56%
Quarterly
1
day
Fed
Funds
Quarterly
10/21/30
USD
41
5,063
—
5,063
1
day
SOFR
Quarterly
0.53%
Quarterly
10/21/30
USD
41
(5,029)
—
(5,029)
3
month
LIBOR
Quarterly
1.75%
Semi-Annual
03/04/32
USD
2,400
(137,913)
—
(137,913)
2.16%
Annual
1
day
SOFR
Annual
04/01/32
USD
2,700
(10,182)
—
(10,182)
$
(54,416)
$
—
$
(54,416)
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
0.33
%
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
0.16
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.96
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
—
$
—
$
349,340
$
(403,756)
$
—
Options
Written
...................................................
N/A
N/A
366,452
(1,560,281)
(2,890,757)
(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)
.....
$
—
$
—
$
—
$
—
$
2,790,677
$
—
$
2,790,677
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
—
—
—
375,123
—
375,123
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
349,340
—
349,340
$
—
$
—
$
—
$
—
$
3,515,140
$
—
$
3,515,140
Liabilities
—
Derivative
Financial
Instruments
Options
written
(b)
Options
written
at
value
.....................
—
—
—
—
2,890,757
—
2,890,757
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
403,756
—
403,756
$
—
$
—
$
—
$
—
$
3,294,513
$
—
$
3,294,513
BlackRock
GNMA
Portfolio
Schedules
of
Investments
19
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
period
ended
March
31,
2022,
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
.......................
$
—
$
—
$
—
$
—
$
3,821,896
$
—
$
3,821,896
Options
purchased
(a)
....................
—
—
—
—
45,182
—
45,182
Options
written
........................
—
—
—
—
945,539
—
945,539
Swaps
..............................
—
—
—
—
(410,801)
—
(410,801)
$
—
$
—
$
—
$
—
$
4,401,816
$
—
$
4,401,816
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
—
—
2,193,704
—
2,193,704
Options
purchased
(b)
....................
—
—
—
—
423,746
—
423,746
Options
written
........................
—
—
—
—
(1,500,037)
—
(1,500,037)
Swaps
..............................
—
—
—
—
828,906
—
828,906
$
—
$
—
$
—
$
—
$
1,946,319
$
—
$
1,946,319
(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
..................................................................................
$
7,089,317
Average
notional
value
of
contracts
—
short
.................................................................................
$
137,078,966
Options
Average
value
of
option
contracts
written
...................................................................................
$
11,172
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
14,950,000
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
110,850,000
Interest
rate
swap
s
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
38,272,531
Average
notional
value
—
receives
fixed
rate
................................................................................
$
2,467,531
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
—
$
116,433
Options
(a)(b)
........................................................................................
375,123
2,890,757
Swaps
—
centrally
cleared
..............................................................................
—
12,310
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
375,123
$
3,019,500
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
—
(128,743)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
375,123
$
2,890,757
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
GNMA
Portfolio
20
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
Deutsche
Bank
AG
...............................
$
375,123
$
(375,123)
$
—
$
—
$
—
$
375,123
$
(375,123)
$
—
$
—
$
—
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
(b)
Bank
of
America
NA
..............................
$
454,568
$
—
$
—
$
(410,000)
$
44,568
Barclays
Bank
plc
................................
794,326
—
—
(300,000)
494,326
Deutsche
Bank
AG
...............................
1,641,863
(375,123)
—
(980,000)
286,740
$
2,890,757
$
(375,123)
$
—
$
(1,690,000)
$
825,634
(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
payable
due
to
the
counterparty
in
the
event
of
default.
BlackRock
GNMA
Portfolio
Schedules
of
Investments
21
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
Non-Agency
Mortgage-Backed
Securities
........................
$
—
$
1,201,487
$
—
$
1,201,487
U.S.
Government
Sponsored
Agency
Securities
....................
—
812,241,409
589,646
812,831,055
Short-Term
Securities
Money
Market
Funds
......................................
3,246,801
—
—
3,246,801
U.S.
Treasury
Obligations
...................................
—
45,396,333
—
45,396,333
Options
Purchased
Interest
rate
contracts
......................................
—
375,123
—
375,123
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(141,433,225)
—
(141,433,225)
$
3,246,801
$
717,781,127
$
589,646
$
721,617,574
Derivative
Financial
Instruments
(a)
Assets
Interest
rate
contracts
.......................................
$
2,790,677
$
349,340
$
—
$
3,140,017
Liabilities
Interest
rate
contracts
.......................................
—
(3,294,513)
—
(3,294,513)
$
2,790,677
$
(2,945,173)
$
—
$
(154,496)
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
22
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
AGL
CLO
11
Ltd.
(a)(b)
Series
2021-11A,
Class
C,
(LIBOR
USD
3
Month
+
2.05%),
2.29%,
04/15/34
...
USD
1,000
$
988,545
Series
2021-11A,
Class
D,
(LIBOR
USD
3
Month
+
3.15%),
3.39%,
04/15/34
...
1,000
985,458
AGL
CLO
12
Ltd.,
Series
2021-12A,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
2.10%,
07/20/34
(a)(b)
....................
1,000
978,522
AIG
CLO
LLC
(a)(b)
Series
2018-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.05%),
2.30%,
04/20/32
...
1,000
982,036
Series
2018-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
3.35%,
04/20/32
...
2,000
1,964,779
Series
2020-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
2.24%,
04/15/34
...
3,000
2,939,673
Series
2020-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.00%),
3.24%,
04/15/34
...
3,000
2,889,957
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.05%),
3.30%,
07/20/34
...
500
488,779
Series
2021-3A,
Class
D,
(LIBOR
USD
3
Month
+
3.10%),
3.21%,
01/25/35
...
1,000
980,326
AIMCO
CLO,
Series
2015-AA,
Class
DR2,
(LIBOR
USD
3
Month
+
3.05%),
3.29%,
10/17/34
(a)(b)
....................
1,000
985,680
Ajax
Mortgage
Loan
Trust
(b)
Series
2018-G,
Class
A,
4.38%,
06/25/57
(a)
1,496
1,497,040
Series
2019-E,
Class
A,
3.00%,
09/25/59
(c)
1,364
1,360,099
Series
2019-E,
Class
B,
4.88%,
09/25/59
(c)
280
276,116
Series
2019-E,
Class
C,
0.00%,
09/25/59
601
565,675
AlbaCore
EURO
CLO
I
DAC,
Series
1X,
Class
ER,
(EURIBOR
3
Month
+
5.96%),
5.96%,
10/18/34
(a)(d)
....................
EUR
1,400
1,466,515
AlbaCore
Euro
CLO
IV
DAC,
Series
4X,
Class
D,
(EURIBOR
3
Month
+
4.60%),
0.00%,
07/15/35
(a)(d)
....................
300
331,875
Alinea
CLO
Ltd.,
Series
2018-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.10%),
3.35%,
07/20/31
(a)(b)
....................
USD
1,000
988,012
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
B,
(LIBOR
USD
3
Month
+
2.15%),
2.41%,
10/21/28
(a)(b)
....................
1,000
992,358
ALM
Ltd.,
Series
2020-1A,
Class
A2,
(LIBOR
USD
3
Month
+
1.85%),
2.09%,
10/15/29
(a)(b)
3,000
2,990,380
Anchorage
Capital
CLO
18
Ltd.,
Series
2021-
18A,
Class
C,
(LIBOR
USD
3
Month
+
2.25%),
2.49%,
04/15/34
(a)(b)
.........
1,000
993,084
Anchorage
Capital
CLO
4-R
Ltd.
(a)(b)
Series
2014-4RA,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
2.13%,
01/28/31
...
1,000
983,225
Series
2014-4RA,
Class
D,
(LIBOR
USD
3
Month
+
2.60%),
2.88%,
01/28/31
...
1,000
965,051
Anchorage
Capital
CLO
Ltd.,
Series
2013-1A,
Class
CR,
(LIBOR
USD
3
Month
+
3.20%),
3.44%,
10/13/30
(a)(b)
...............
1,000
999,055
Anchorage
Capital
Europe
CLO
2
DAC,
Series
2X,
Class
ER,
(EURIBOR
3
Month
+
6.45%),
6.45%,
04/15/34
(a)(d)
.........
EUR
140
148,624
Anchorage
Capital
Europe
CLO
DAC,
Series
4X,
Class
E,
(EURIBOR
3
Month
+
5.71%),
5.71%,
04/25/34
(a)(d)
...............
100
102,946
Apidos
CLO
XV,
Series
2013-15A,
Class
CRR,
(LIBOR
USD
3
Month
+
1.85%),
2.10%,
04/20/31
(a)(b)
....................
USD
500
489,724
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Apidos
CLO
XX
(a)(b)
Series
2015-20A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.95%),
2.19%,
07/16/31
..
USD
1,000
$
988,213
Series
2015-20A,
Class
CR,
(LIBOR
USD
3
Month
+
2.95%),
3.19%,
07/16/31
...
1,500
1,476,246
Apidos
CLO
XXII,
Series
2015-22A,
Class
CR,
(LIBOR
USD
3
Month
+
2.95%),
3.20%,
04/20/31
(a)(b)
....................
500
487,511
Apidos
CLO
XXIX,
Series
2018-29A,
Class
B,
(LIBOR
USD
3
Month
+
1.90%),
2.16%,
07/25/30
(a)(b)
....................
1,000
978,017
Apidos
CLO
XXXII,
Series
2019-32A,
Class
C,
(LIBOR
USD
3
Month
+
2.40%),
2.65%,
01/20/33
(a)(b)
....................
500
498,312
Ares
XLIX
CLO
Ltd.,
Series
2018-49A,
Class
D,
(LIBOR
USD
3
Month
+
3.00%),
3.26%,
07/22/30
(a)(b)
....................
1,000
986,662
Ares
XXXVII
CLO
Ltd.
(a)(b)
Series
2015-4A,
Class
BR,
(LIBOR
USD
3
Month
+
1.80%),
2.04%,
10/15/30
...
250
246,113
Series
2015-4A,
Class
CR,
(LIBOR
USD
3
Month
+
2.65%),
2.89%,
10/15/30
...
1,000
969,645
Atrium
XV,
Series
15A,
Class
D,
(LIBOR
USD
3
Month
+
3.00%),
3.26%,
01/23/31
(a)(b)
...
500
494,134
Aurium
CLO
II
DAC,
Series
2X,
Class
ERR,
(EURIBOR
3
Month
+
6.08%),
6.08%,
06/22/34
(a)(d)
....................
EUR
1,100
1,118,025
Avoca
CLO
XV
DAC,
Series
15X,
Class
ER,
(EURIBOR
3
Month
+
4.13%),
4.13%,
04/15/31
(a)(d)
....................
260
264,989
Bain
Capital
Credit
CLO
Ltd.,
Series
2022-1A,
Class
D,
(3
Month
CME
Term
SOFR
+
3.20%),
4.10%,
04/18/35
(a)(b)(e)
........
USD
1,000
1,000,000
Ballyrock
CLO
Ltd.,
Series
2019-2A,
Class
CR,
(LIBOR
USD
3
Month
+
3.15%),
3.63%,
11/20/30
(a)(b)
....................
1,000
979,872
Battalion
CLO
17
Ltd.
(a)(b)
Series
2021-17A,
Class
C,
(LIBOR
USD
3
Month
+
2.10%),
2.35%,
03/09/34
...
1,000
982,413
Series
2021-17A,
Class
D,
(LIBOR
USD
3
Month
+
3.25%),
3.50%,
03/09/34
...
1,000
992,689
Battalion
CLO
18
Ltd.,
Series
2020-18A,
Class
DR,
(LIBOR
USD
3
Month
+
3.45%),
3.69%,
10/15/36
(a)(b)
....................
1,500
1,494,231
Battalion
CLO
X
Ltd.
(a)(b)
Series
2016-10A,
Class
BR2,
(LIBOR
USD
3
Month
+
2.05%),
2.31%,
01/25/35
..
2,000
1,962,964
Series
2016-10A,
Class
CR2,
(LIBOR
USD
3
Month
+
3.45%),
3.71%,
01/25/35
..
1,000
990,051
BBAM
European
CLO
I
DAC,
Series
1X,
Class
ER,
(EURIBOR
3
Month
+
5.91%),
5.91%,
07/22/34
(a)(d)
....................
EUR
1,100
1,132,006
Bear
Stearns
Asset-Backed
Securities
I
Trust,
Series
2007-HE5,
Class
1A4,
(LIBOR
USD
1
Month
+
0.30%),
0.76%,
06/25/47
(a)
...
USD
3,300
3,208,698
Bilbao
CLO
II
DAC,
Series
2X,
Class
DR,
(EURIBOR
3
Month
+
5.97%),
5.97%,
08/20/35
(a)(d)
....................
EUR
1,400
1,433,885
Birch
Grove
CLO
Ltd.,
Series
19A,
Class
CR,
(LIBOR
USD
3
Month
+
2.20%),
3.03%,
06/15/31
(a)(b)
....................
USD
2,000
1,978,782
BlueMountain
CLO
DAC,
Series
2021-1X,
Class
E,
(EURIBOR
3
Month
+
5.41%),
5.41%,
04/15/34
(a)(d)
...............
EUR
100
100,682
BlackRock
Income
Fund
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
BlueMountain
Fuji
Eur
CLO
IV
DAC,
Series
4X,
Class
ER,
(EURIBOR
3
Month
+
6.21%),
6.21%,
02/25/34
(a)(d)
...............
EUR
1,400
$
1,440,131
Bridgepoint
CLO
DAC,
Series
3X,
Class
E,
(EURIBOR
3
Month
+
6.24%),
6.24%,
01/15/36
(a)(d)
....................
1,000
1,043,671
Buttermilk
Park
CLO
Ltd.,
Series
2018-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.10%),
3.34%,
10/15/31
(a)(b)
...............
USD
2,000
1,939,598
Cabinteely
Park
CLO
DAC,
Series
1X,
Class
E,
(EURIBOR
3
Month
+
6.26%),
6.26%,
08/15/34
(a)(d)
....................
EUR
850
856,468
Canyon
CLO
Ltd.
(a)(b)
Series
2020-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.05%),
2.29%,
07/15/34
...
USD
1,000
987,888
Series
2020-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
3.39%,
07/15/34
...
1,000
984,906
Capital
Four
CLO
II
DAC,
Series
2X,
Class
E,
(EURIBOR
3
Month
+
5.91%),
5.91%,
01/15/34
(a)(d)
....................
EUR
100
103,559
CarVal
CLO
IV
Ltd.,
Series
2021-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.25%),
3.50%,
07/20/34
(a)(b)
....................
USD
4,200
4,168,509
CarVal
CLO
VC
Ltd.,
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.25%),
3.46%,
10/15/34
(a)(b)
....................
1,000
993,262
CIFC
European
Funding
CLO
III
DAC,
Series
3X,
Class
E,
(EURIBOR
3
Month
+
5.61%),
5.61%,
01/15/34
(a)(d)
...............
EUR
100
102,310
CIFC
Funding
Ltd.
(a)(b)
Series
2013-2A,
Class
A3LR,
(LIBOR
USD
3
Month
+
1.95%),
2.19%,
10/18/30
...
USD
500
492,401
Series
2013-4A,
Class
CRR,
(LIBOR
USD
3
Month
+
1.90%),
2.17%,
04/27/31
...
1,000
990,558
Series
2013-4A,
Class
DRR,
(LIBOR
USD
3
Month
+
2.80%),
3.07%,
04/27/31
...
1,000
979,505
Series
2017-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.50%),
3.76%,
04/23/29
...
1,000
994,627
Series
2017-5A,
Class
B,
(LIBOR
USD
3
Month
+
1.85%),
2.09%,
11/16/30
...
1,500
1,473,750
Series
2019-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.05%),
2.30%,
04/20/32
...
1,500
1,495,573
Series
2019-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
3.35%,
04/20/32
...
1,250
1,242,932
Contego
CLO
IX
DAC,
Series
9X,
Class
E,
(EURIBOR
3
Month
+
6.01%),
6.01%,
01/24/34
(a)(d)
....................
EUR
809
833,360
Cook
Park
CLO
Ltd.,
Series
2018-1A,
Class
C,
(LIBOR
USD
3
Month
+
1.75%),
1.99%,
04/17/30
(a)(b)
....................
USD
1,250
1,221,203
CVC
Cordatus
Loan
Fund
XX
DAC,
Series
20X,
Class
E,
(EURIBOR
3
Month
+
5.61%),
5.61%,
06/22/34
(a)(d)
...............
EUR
475
476,475
CVC
Cordatus
Loan
Fund
XXII
DAC,
Series
22X,
Class
E,
(EURIBOR
3
Month
+
6.16%),
6.16%,
12/15/34
(a)(d)
...............
783
788,879
Dryden
40
Senior
Loan
Fund,
Series
2015-40A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
3.61%,
08/15/31
(a)(b)
...............
USD
1,000
989,348
Dryden
50
Senior
Loan
Fund,
Series
2017-50A,
Class
C,
(LIBOR
USD
3
Month
+
2.25%),
2.49%,
07/15/30
(a)(b)
...............
2,000
1,991,347
Dryden
70
CLO
Ltd.,
Series
2018-70A,
Class
D,
(LIBOR
USD
3
Month
+
3.75%),
3.99%,
01/16/32
(a)(b)
....................
1,000
995,680
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Dryden
72
CLO
Ltd.,
Series
2019-72A,
Class
DR,
(LIBOR
USD
3
Month
+
3.00%),
3.51%,
05/15/32
(a)(b)
....................
USD
1,000
$
985,021
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-
26A,
Class
CR,
(LIBOR
USD
3
Month
+
1.85%),
2.09%,
04/15/29
(a)(b)
.........
1,000
988,376
Eaton
Vance
CLO
Ltd.,
Series
2015-1A,
Class
CR,
(LIBOR
USD
3
Month
+
1.90%),
2.15%,
01/20/30
(a)(b)
....................
763
753,442
Elmwood
CLO
IV
Ltd.,
Series
2020-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.15%),
3.39%,
04/15/33
(a)(b)
....................
1,000
993,369
Elmwood
CLO
IX
Ltd.,
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
2.95%),
3.20%,
07/20/34
(a)(b)
....................
1,250
1,221,482
Elmwood
CLO
V
Ltd.,
Series
2020-2A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
3.35%,
10/20/34
(a)(b)
....................
1,715
1,694,942
Fidelity
Grand
Harbour
CLO
DAC,
Series
2021-
1X,
Class
E,
(EURIBOR
3
Month
+
6.22%),
6.22%,
10/15/34
(a)(d)
...............
EUR
800
801,073
Flatiron
CLO
17
Ltd.,
Series
2017-1A,
Class
CR,
(LIBOR
USD
3
Month
+
1.90%),
2.41%,
05/15/30
(a)(b)
....................
USD
400
396,735
Flatiron
CLO
21
Ltd.
(a)(b)
Series
2021-1A,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
2.10%,
07/19/34
...
2,000
1,975,548
Series
2021-1A,
Class
D,
(LIBOR
USD
3
Month
+
2.90%),
3.15%,
07/19/34
...
2,450
2,396,467
Galaxy
XVIII
CLO
Ltd.,
Series
2018-28A,
Class
C,
(LIBOR
USD
3
Month
+
1.95%),
2.19%,
07/15/31
(a)(b)
....................
500
489,204
Galaxy
XXII
CLO
Ltd.,
Series
2016-22A,
Class
CRR,
(LIBOR
USD
3
Month
+
2.15%),
2.39%,
04/16/34
(a)(b)
...............
1,000
984,397
Generate
CLO
9
Ltd.,
Series
9A,
Class
D,
(LIBOR
USD
3
Month
+
3.35%),
3.48%,
10/20/34
(a)(b)
....................
1,000
992,728
Gilbert
Park
CLO
Ltd.,
Series
2017-1A,
Class
D,
(LIBOR
USD
3
Month
+
2.95%),
3.19%,
10/15/30
(a)(b)
....................
1,000
982,241
GoldenTree
Loan
Management
US
CLO
1
Ltd.,
Series
2021-10A,
Class
D,
(LIBOR
USD
3
Month
+
3.05%),
3.30%,
07/20/34
(a)(b)
...
1,000
988,006
GoldenTree
Loan
Management
US
CLO
3
Ltd.,
Series
2018-3A,
Class
C,
(LIBOR
USD
3
Month
+
1.90%),
2.15%,
04/20/30
(a)(b)
...
1,000
987,297
GoldenTree
Loan
Management
US
CLO
4
Ltd.,
Series
2019-4A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
2.26%,
04/24/31
(a)(b)
...
1,000
992,413
GoldenTree
Loan
Management
US
CLO
5
Ltd.,
Series
2019-5A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
3.40%,
10/20/32
(a)(b)
...
1,000
991,506
Golub
Capital
Partners
CLO
53B
Ltd.,
Series
2021-53A,
Class
C,
(LIBOR
USD
3
Month
+
2.05%),
2.30%,
07/20/34
(a)(b)
.........
1,000
988,040
Greene
King
Finance
plc
(a)
Series
B1,  (SONIO/N
+
1.92%),
2.53%,
12/15/34
....................
GBP
100
107,746
Series
B2,  (SONIO/N
+
2.20%),
2.64%,
03/15/36
(d)
...................
100
107,059
Greywolf
CLO
III
Ltd.,
Series
2020-3RA,
Class
CR,
(LIBOR
USD
3
Month
+
3.35%),
3.61%,
04/15/33
(a)(b)
....................
USD
2,000
1,980,254
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
24
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Greywolf
CLO
V
Ltd.
(a)(b)
Series
2015-1A,
Class
BR,
(LIBOR
USD
3
Month
+
2.00%),
2.26%,
01/27/31
...
USD
500
$
492,136
Series
2015-1A,
Class
CR,
(LIBOR
USD
3
Month
+
3.00%),
3.26%,
01/27/31
...
1,700
1,657,706
GT
Loan
Financing
I
Ltd.,
Series
2013-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.10%),
2.38%,
07/28/31
(a)(b)
...............
1,000
998,577
Gulf
Stream
Meridian
1
Ltd.
(a)(b)
Series
2020-IA,
Class
A1,
(LIBOR
USD
3
Month
+
1.37%),
1.61%,
04/15/33
...
3,000
2,989,696
Series
2020-IA,
Class
B,
(LIBOR
USD
3
Month
+
2.00%),
2.24%,
04/15/33
...
2,000
1,983,372
HalseyPoint
CLO
4
Ltd.,
Series
2021-4A,
Class
C,
(LIBOR
USD
3
Month
+
2.15%),
2.40%,
04/20/34
(a)(b)
....................
1,750
1,732,896
HalseyPoint
CLO
5
Ltd.,
Series
2021-5A,
Class
D,
(LIBOR
USD
3
Month
+
3.50%),
3.76%,
01/30/35
(a)(b)
....................
1,000
998,385
Harbor
Park
CLO
18-1
Ltd.,
Series
2018-1A,
Class
D,
(LIBOR
USD
3
Month
+
2.90%),
3.15%,
01/20/31
(a)(b)
...............
1,000
982,737
Harvest
CLO
XVI
DAC,
Series
16X,
Class
ER,
(EURIBOR
3
Month
+
5.57%),
5.57%,
10/15/31
(a)(d)
....................
EUR
330
343,169
Henley
CLO
IV
DAC,
Series
4X,
Class
E,
(EURIBOR
3
Month
+
5.25%),
5.25%,
04/25/34
(a)(d)
....................
100
102,232
Invesco
CLO
Ltd.,
Series
2022-1A,
Class
D,
(3
Month
CME
Term
SOFR
+
3.05%),
3.33%,
04/20/35
(a)(b)
....................
USD
1,000
955,561
Invesco
Euro
CLO,
Series
6X,
Class
E,
(EURIBOR
3
Month
+
5.99%),
5.99%,
07/15/34
(a)(d)
....................
EUR
847
882,073
Invesco
Euro
CLO
V
DAC,
Series
5X,
Class
E,
(EURIBOR
3
Month
+
5.81%),
5.81%,
01/15/34
(a)(d)
....................
100
99,743
Kayne
CLO
10
Ltd.,
Series
2021-10A,
Class
D,
(LIBOR
USD
3
Month
+
2.75%),
3.01%,
04/23/34
(a)(b)
....................
USD
1,000
959,242
Kayne
CLO
5
Ltd.,
Series
2019-5A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
3.41%,
07/24/32
(a)(b)
....................
500
498,504
KKR
CLO
27
Ltd.,
Series
27A,
Class
DR,
(3
Month
CME
Term
SOFR
+
3.25%),
3.48%,
10/15/32
(a)(b)
....................
1,000
976,748
Legacy
Mortgage
Asset
Trust,
Series
2019-
SL2,
Class
A,
3.38%,
02/25/59
(a)(b)
.....
1,771
1,709,100
Lucali
CLO
Ltd.,
Series
2020-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.60%),
3.84%,
01/15/33
(a)(b)
....................
1,000
995,852
Madison
Park
Funding
XXXIII
Ltd.,
Series
2019-33A,
Class
DR,
(3
Month
CME
Term
SOFR
+
3.10%),
3.26%,
10/15/32
(a)(b)
...
1,000
999,907
Marino
Park
CLO
DAC,
Series
1X,
Class
D,
(EURIBOR
3
Month
+
5.67%),
5.67%,
01/16/34
(a)(d)
....................
EUR
100
104,927
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust,
Series
2007-HE6,
Class
A2,
(LIBOR
USD
1
Month
+
0.14%),
0.60%,
05/25/37
(a)
....
USD
2,578
2,353,682
Neuberger
Berman
CLO
XVII
Ltd.,
Series
2014-
17A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.00%),
2.26%,
04/22/29
(a)(b)
.........
1,000
989,776
Neuberger
Berman
CLO
XX
Ltd.,
Series
2015-
20A,
Class
DRR,
(LIBOR
USD
3
Month
+
2.95%),
3.19%,
07/15/34
(a)(b)
.........
1,150
1,124,042
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Neuberger
Berman
CLO
XXI
Ltd.,
Series
2016-
21A,
Class
DR2,
(LIBOR
USD
3
Month
+
3.30%),
3.55%,
04/20/34
(a)(b)
.........
USD
1,500
$
1,474,387
Neuberger
Berman
CLO
XXII
Ltd.,
Series
2016-22A,
Class
CR,
(LIBOR
USD
3
Month
+
2.20%),
2.44%,
10/17/30
(a)(b)
........
1,000
990,489
Neuberger
Berman
Loan
Advisers
CLO
31
Ltd.,
Series
2019-31A,
Class
CR,
(LIBOR
USD
3
Month
+
1.95%),
2.20%,
04/20/31
(a)(b)
...
1,000
986,196
Neuberger
Berman
Loan
Advisers
CLO
37
Ltd.,
Series
2020-37A,
Class
CR,
(LIBOR
USD
3
Month
+
1.80%),
2.05%,
07/20/31
(a)(b)
...
1,000
986,533
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd.
(a)(b)
Series
2021-40A,
Class
C,
(LIBOR
USD
3
Month
+
1.75%),
1.99%,
04/16/33
...
1,000
976,586
Series
2021-40A,
Class
D,
(LIBOR
USD
3
Month
+
2.75%),
2.99%,
04/16/33
...
1,000
973,524
Neuberger
Berman
Loan
Advisers
Euro
CLO,
Series
2021-1X,
Class
E,
(EURIBOR
3
Month
+
5.52%),
5.52%,
04/17/34
(a)(d)
...
EUR
100
97,594
Neuberger
Berman
Loan
Advisers
Euro
CLO
DAC,
Series
2021-2X,
Class
E,
(EURIBOR
3
Month
+
6.06%),
6.06%,
04/15/34
(a)(d)
..
1,223
1,245,065
North
Westerly
VII
ESG
CLO
DAC,
Series
VII-X,
Class
E,
(EURIBOR
3
Month
+
5.66%),
5.66%,
05/15/34
(a)(d)
.........
410
422,859
Northwoods
Capital
21
Euro
DAC,
Series
2020-21X,
Class
ER,
(EURIBOR
3
Month
+
6.06%),
6.06%,
07/22/34
(a)(d)
.........
1,100
1,116,442
Northwoods
Capital
23
Euro
DAC,
Series
2021-
23X,
Class
E,
(EURIBOR
3
Month
+
6.21%),
6.21%,
03/15/34
(a)(d)
...............
300
307,781
OCP
CLO
Ltd.
(a)(b)
Series
2014-5A,
Class
CR,
(LIBOR
USD
3
Month
+
2.90%),
3.17%,
04/26/31
...
USD
1,000
968,507
Series
2015-10A,
Class
DR2,
(LIBOR
USD
3
Month
+
2.95%),
3.08%,
01/26/34
..
1,000
978,139
Series
2019-16A,
Class
CR,
(LIBOR
USD
3
Month
+
1.85%),
2.08%,
04/10/33
...
2,750
2,690,032
Series
2019-17A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
2.25%,
07/20/32
...
2,500
2,469,318
OCP
Euro
CLO
DAC
(a)(d)
Series
2017-2X,
Class
E,
(EURIBOR
3
Month
+
5.00%),
5.00%,
01/15/32
...
EUR
148
154,166
Series
2017-2X,
Class
F,
(EURIBOR
3
Month
+
6.40%),
6.40%,
01/15/32
...
100
100,946
Series
2019-3X,
Class
ER,
(EURIBOR
3
Month
+
6.02%),
6.02%,
04/20/33
...
673
688,286
Series
2022-5X,
Class
E,
(EURIBOR
3
Month
+
6.47%),
6.47%,
04/20/35
...
1,000
1,017,625
Octagon
Investment
Partners
28
Ltd.,
Series
2016-1A,
Class
C1R,
(LIBOR
USD
3
Month
+
2.25%),
2.51%,
10/24/30
(a)(b)
........
USD
1,000
992,294
Octagon
Investment
Partners
29
Ltd.,
Series
2016-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
3.36%,
01/24/33
(a)(b)
.........
2,000
1,980,804
Octagon
Investment
Partners
37
Ltd.,
Series
2018-2A,
Class
B,
(LIBOR
USD
3
Month
+
1.75%),
2.01%,
07/25/30
(a)(b)
.........
1,000
980,786
Octagon
Investment
Partners
40
Ltd.,
Series
2019-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.35%),
3.60%,
01/20/35
(a)(b)
.........
1,000
999,914
BlackRock
Income
Fund
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Octagon
Investment
Partners
41
Ltd.,
Series
2019-2A,
Class
DR,
(LIBOR
USD
3
Month
+
3.20%),
3.44%,
10/15/33
(a)(b)
.........
USD
1,250
$
1,236,388
OHA
Credit
Funding
2
Ltd.,
Series
2019-2A,
Class
CR,
(LIBOR
USD
3
Month
+
2.20%),
2.46%,
04/21/34
(a)(b)
...............
1,000
998,825
OHA
Credit
Funding
6
Ltd,
Series
2020-6A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
3.40%,
07/20/34
(a)(b)
...............
1,250
1,235,010
OHA
Credit
Partners
XI
Ltd.,
Series
2015-11A,
Class
DR,
(LIBOR
USD
3
Month
+
2.95%),
3.20%,
01/20/32
(a)(b)
...............
500
493,122
OHA
Credit
Partners
XII
Ltd.,
Series
2015-12A,
Class
CR,
(LIBOR
USD
3
Month
+
1.90%),
2.16%,
07/23/30
(a)(b)
...............
1,500
1,480,549
Option
One
Mortgage
Loan
Trust,
Series
2007-
FXD1,
Class
2A1,
5.87%,
01/25/37
(c)
....
924
849,701
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
BR3,
(LIBOR
USD
3
Month
+
1.85%),
2.10%,
10/17/31
...
2,000
1,971,800
Series
2015-1A,
Class
CR4,
(LIBOR
USD
3
Month
+
2.85%),
3.33%,
05/21/34
...
1,000
973,966
Series
2015-2A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.75%),
3.00%,
07/20/30
...
1,750
1,710,698
Series
2018-2A,
Class
A2,
(LIBOR
USD
3
Month
+
1.65%),
1.89%,
07/16/31
...
1,000
992,279
Series
2019-1A,
Class
BR,
(LIBOR
USD
3
Month
+
2.00%),
2.39%,
11/14/34
...
1,000
993,784
Series
2019-1A,
Class
CR,
(LIBOR
USD
3
Month
+
3.05%),
3.44%,
11/14/34
...
1,000
984,381
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
2.90%),
3.14%,
07/15/34
...
2,000
1,954,728
Series
2021-3A,
Class
D,
(LIBOR
USD
3
Month
+
2.95%),
3.18%,
01/15/35
...
1,000
978,102
Series
2022-1A,
Class
D,
(3
Month
CME
Term
SOFR
+
3.05%),
3.52%,
04/20/35
2,000
1,962,948
Palmer
Square
European
CLO
DAC,
Series
2022-1X,
Class
E,
(EURIBOR
3
Month
+
6.36%),
6.36%,
01/21/35
(a)(d)
.........
EUR
800
819,470
Palmer
Square
Loan
Funding
Ltd.,
Series
2019-3A,
Class
A2,
(LIBOR
USD
3
Month
+
1.60%),
2.08%,
08/20/27
(a)(b)
.........
USD
1,500
1,497,143
Park
Avenue
Institutional
Advisers
CLO
Ltd.,
Series
2019-1A,
Class
C,
(LIBOR
USD
3
Month
+
3.85%),
4.36%,
05/15/32
(a)(b)
...
1,500
1,491,063
Pikes
Peak
CLO
3,
Series
2019-3A,
Class
CRR,
(LIBOR
USD
3
Month
+
2.15%),
2.41%,
10/25/34
(a)(b)
...............
1,000
989,733
Pikes
Peak
CLO
7
(a)(b)
Series
2021-7A,
Class
C,
(LIBOR
USD
3
Month
+
2.20%),
2.70%,
02/25/34
...
1,000
991,909
Series
2021-7A,
Class
D,
(LIBOR
USD
3
Month
+
3.40%),
3.90%,
02/25/34
...
1,000
992,665
PPM
CLO
Ltd.,
Series
2018-1A,
Class
C,
(LIBOR
USD
3
Month
+
2.15%),
2.39%,
07/15/31
(a)(b)
....................
1,000
986,704
Progress
Residential
Trust,
Series
2019-SFR4,
Class
E,
3.44%,
10/17/36
(b)
..........
3,000
2,894,333
Providus
CLO
III
DAC,
Series
3X,
Class
ER,
(EURIBOR
3
Month
+
6.26%),
6.26%,
07/18/34
(a)(d)
....................
EUR
1,100
1,112,168
Providus
CLO
V
DAC,
Series
5X,
Class
E,
(EURIBOR
3
Month
+
5.29%),
5.29%,
02/15/35
(a)(d)
....................
100
96,392
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Rad
CLO
14
Ltd.,
Series
2021-14A,
Class
D,
(LIBOR
USD
3
Month
+
3.00%),
3.23%,
01/15/35
(a)(b)
....................
USD
1,000
$
980,092
Rad
CLO
15
Ltd.,
Series
2021-15A,
Class
D,
(LIBOR
USD
3
Month
+
3.05%),
3.30%,
01/20/34
(a)(b)
....................
1,000
991,696
Recette
CLO
Ltd.,
Series
2015-1A,
Class
DRR,
(LIBOR
USD
3
Month
+
3.25%),
3.50%,
04/20/34
(a)(b)
....................
500
492,801
Regata
XII
Funding
Ltd.,
Series
2019-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
3.34%,
10/15/32
(a)(b)
....................
1,000
985,376
Regatta
VII
Funding
Ltd.
(a)(b)
Series
2016-1A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.05%),
2.98%,
06/20/34
...
1,350
1,344,069
Series
2016-1A,
Class
DR2,
(LIBOR
USD
3
Month
+
3.05%),
3.98%,
06/20/34
...
1,500
1,481,276
Regatta
XVI
Funding
Ltd.
(a)(b)
Series
2019-2A,
Class
C,
(LIBOR
USD
3
Month
+
2.70%),
2.94%,
01/15/33
...
1,000
997,297
Series
2019-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.90%),
4.14%,
01/15/33
...
1,000
995,161
Regatta
XXIII
Funding
Ltd.,
Series
2021-4A,
Class
D,
(LIBOR
USD
3
Month
+
3.05%),
3.16%,
01/20/35
(a)(b)
...............
1,000
984,440
Riserva
CLO
Ltd.
(a)(b)
Series
2016-3A,
Class
CRR,
(LIBOR
USD
3
Month
+
1.80%),
2.04%,
01/18/34
...
1,500
1,460,846
Series
2016-3A,
Class
DRR,
(LIBOR
USD
3
Month
+
3.25%),
3.49%,
01/18/34
...
1,000
984,097
Rockfield
Park
CLO
DAC,
Series
1X,
Class
D,
(EURIBOR
3
Month
+
5.95%),
5.95%,
07/16/34
(a)(d)
....................
EUR
716
704,963
Rockford
Tower
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.10%),
2.35%,
04/20/34
...
USD
1,000
989,326
Series
2017-2A,
Class
DR,
(LIBOR
USD
3
Month
+
2.85%),
3.09%,
10/15/29
...
500
491,266
Series
2017-3A,
Class
A,
(LIBOR
USD
3
Month
+
1.19%),
1.44%,
10/20/30
...
1,500
1,494,734
Series
2018-2A,
Class
C,
(LIBOR
USD
3
Month
+
2.20%),
2.45%,
10/20/31
...
500
497,208
Series
2018-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.10%),
3.35%,
10/20/31
...
2,000
1,972,731
Series
2019-2A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
2.48%,
08/20/32
...
1,500
1,485,121
Series
2021-1A,
Class
C,
(LIBOR
USD
3
Month
+
2.00%),
2.25%,
07/20/34
...
1,000
990,613
Series
2021-2A,
Class
C,
(LIBOR
USD
3
Month
+
2.10%),
2.35%,
07/20/34
...
1,000
988,316
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.25%),
3.50%,
07/20/34
...
1,000
974,591
Rockford
Tower
Europe
CLO
DAC
(a)(d)
Series
2021-1X,
Class
E,
(EURIBOR
3
Month
+
5.96%),
5.96%,
04/20/34
...
EUR
100
101,086
Series
2021-2X,
Class
E,
(EURIBOR
3
Month
+
6.22%),
6.22%,
01/24/35
...
1,000
1,008,502
RR
3
Ltd.,
Series
2018-3A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.80%),
2.04%,
01/15/30
(a)(b)
USD
1,250
1,228,366
Signal
Peak
CLO
2
LLC,
Series
2015-1A,
Class
CR2,
(LIBOR
USD
3
Month
+
1.90%),
2.15%,
04/20/29
(a)(b)
...............
2,500
2,460,300
Signal
Peak
CLO
4
Ltd.,
Series
2017-4A,
Class
DR,
(LIBOR
USD
3
Month
+
3.20%),
3.47%,
10/26/34
(a)(b)
....................
2,000
1,953,714
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
26
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Signal
Peak
CLO
8
Ltd.,
Series
2020-8A,
Class
C,
(LIBOR
USD
3
Month
+
2.00%),
2.25%,
04/20/33
(a)(b)
....................
USD
1,250
$
1,228,365
Sixth
Street
CLO
XIX
Ltd.
(a)(b)
Series
2021-19A,
Class
C,
(LIBOR
USD
3
Month
+
2.00%),
2.25%,
07/20/34
...
1,000
986,687
Series
2021-19A,
Class
D,
(LIBOR
USD
3
Month
+
3.00%),
3.25%,
07/20/34
...
3,500
3,430,037
Sound
Point
CLO
XXIII,
Series
2019-2A,
Class
CR,
(LIBOR
USD
3
Month
+
2.25%),
2.49%,
07/15/34
(a)(b)
....................
3,500
3,473,071
Sound
Point
CLO
XXIX
Ltd.,
Series
2021-1A,
Class
C1,
(LIBOR
USD
3
Month
+
2.30%),
2.56%,
04/25/34
(a)(b)
...............
1,000
993,853
Sound
Point
Euro
CLO
V
Funding
DAC,
Series
5X,
Class
E,
(EURIBOR
3
Month
+
5.84%),
5.84%,
07/25/35
(a)(d)
...............
EUR
200
196,299
Southwick
Park
CLO
LLC,
Series
2019-4A,
Class
CR,
(LIBOR
USD
3
Month
+
1.95%),
2.20%,
07/20/32
(a)(b)
...............
USD
1,000
982,540
Symphony
CLO
XX
Ltd.,
Series
2018-20A,
Class
DR,
(LIBOR
USD
3
Month
+
3.75%),
3.99%,
01/16/32
(a)(b)
...............
1,750
1,742,689
Tallman
Park
CLO
Ltd.,
Series
2021-1A,
Class
C,
(LIBOR
USD
3
Month
+
1.95%),
2.20%,
04/20/34
(a)(b)
....................
1,000
976,628
TCI-Flatiron
CLO
Ltd.,
Series
2018-1A,
Class
DR,
(LIBOR
USD
3
Month
+
2.75%),
3.05%,
01/29/32
(a)(b)
....................
1,000
985,816
TCW
CLO
Ltd.
(a)(b)
Series
2020-1A,
Class
CRR,
(LIBOR
USD
3
Month
+
2.05%),
2.30%,
04/20/34
...
1,500
1,472,589
Series
2020-1A,
Class
DRR,
(LIBOR
USD
3
Month
+
3.40%),
3.65%,
04/20/34
...
1,250
1,216,592
Series
2021-1A,
Class
D2,
(LIBOR
USD
3
Month
+
3.88%),
4.13%,
03/18/34
...
2,000
1,999,520
Series
2021-2A,
Class
C,
(LIBOR
USD
3
Month
+
2.10%),
2.36%,
07/25/34
...
2,500
2,456,044
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.25%),
3.51%,
07/25/34
...
5,000
4,874,827
TICP
CLO
IX
Ltd.,
Series
2017-9A,
Class
D,
(LIBOR
USD
3
Month
+
2.90%),
3.15%,
01/20/31
(a)(b)
....................
1,000
984,240
TICP
CLO
V
Ltd.,
Series
2016-5A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
3.39%,
07/17/31
(a)(b)
....................
1,050
1,035,681
TICP
CLO
VI
Ltd.,
Series
2016-6A,
Class
DR2,
(LIBOR
USD
3
Month
+
2.90%),
3.14%,
01/15/34
(a)(b)
....................
1,100
1,072,203
TICP
CLO
XI
Ltd.
(a)(b)
Series
2018-11A,
Class
C,
(LIBOR
USD
3
Month
+
2.15%),
2.40%,
10/20/31
...
600
599,381
Series
2018-11A,
Class
D,
(LIBOR
USD
3
Month
+
3.05%),
3.30%,
10/20/31
...
1,050
1,032,575
TICP
CLO
XV
Ltd.
(a)(b)
Series
2020-15A,
Class
A,
(LIBOR
USD
3
Month
+
1.28%),
1.53%,
04/20/33
...
3,500
3,481,724
Series
2020-15A,
Class
C,
(LIBOR
USD
3
Month
+
2.15%),
2.40%,
04/20/33
...
1,000
998,394
Tikehau
CLO
VI
DAC,
Series
6X,
Class
E,
(EURIBOR
3
Month
+
6.32%),
6.32%,
01/15/35
(a)(d)
....................
EUR
1,000
1,035,746
Trestles
CLO
III
Ltd.,
Series
2020-3A,
Class
B1,
(LIBOR
USD
3
Month
+
1.85%),
2.10%,
01/20/33
(a)(b)
....................
USD
1,000
993,892
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Voya
Euro
CLO
II
DAC,
Series
2X,
Class
ER,
(EURIBOR
3
Month
+
6.02%),
6.02%,
07/15/35
(a)(d)
....................
EUR
781
$
805,957
Webster
Park
CLO
Ltd.,
Series
2015-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.80%),
2.05%,
07/20/30
(a)(b)
....................
USD
500
488,231
York
CLO
1
Ltd.,
Series
2014-1A,
Class
DRR,
(LIBOR
USD
3
Month
+
3.01%),
3.27%,
10/22/29
(a)(b)
....................
1,750
1,740,278
Total
Asset-Backed
Securities
—
9.8%
(Cost:
$259,549,943)
.............................
254,019,004
Shares
Shares
Common
Stocks
Banks
—
0.1%
UniCredit
SpA
.....................
82,744
892,622
Building
Products
—
0.0%
AZEK
Co.,
Inc.
(The)
(f)
...............
234
5,812
Chemicals
—
0.0%
Diversey
Holdings
Ltd.
(f)
..............
22,390
169,492
Element
Solutions,
Inc.
...............
9,835
215,387
384,879
Commercial
Services
&
Supplies
—
0.0%
Preston
Holdings
LLC
(e)
..............
1,227
178
Communications
Equipment
—
0.0%
CommScope
Holding
Co.,
Inc.
(f)
.........
5,307
41,819
Construction
&
Engineering
—
0.0%
Mcdermott
International
Ltd.
(f)
...........
48,333
31,900
Diversified
Telecommunication
Services
—
0.0%
Liberty
Global
plc,
Class
A
(f)
............
15,624
398,568
Electric
Utilities
—
0.0%
Electricite
de
France
SA
..............
34,513
323,946
Electrical
Equipment
—
0.0%
Ardagh
MP
USA,
Inc.,
(Acquired
08/02/21,
cost
$276,327)
(g)
....................
28,101
228,461
Sensata
Technologies
Holding
plc
(f)
.......
2,699
137,244
365,705
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Gaming
and
Leisure
Properties,
Inc.
......
9,694
454,939
VICI
Properties,
Inc.
.................
27,011
768,733
1,223,672
Hotels,
Restaurants
&
Leisure
—
0.0%
Aramark
.........................
2,887
108,551
NEW
Top
YK
(e)(f)
....................
3,743
—
108,551
IT
Services
—
0.0%
(f)
Square,
Inc.,
Class
A
................
648
87,869
Twilio,
Inc.,
Class
A
.................
322
53,069
140,938
Life
Sciences
Tools
&
Services
—
0.0%
(f)
Avantor,
Inc.
......................
6,813
230,416
Syneos
Health,
Inc.
.................
3,620
293,039
523,455
BlackRock
Income
Fund
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Shares
Shares
Value
Machinery
—
0.0%
Ameriforge
Group,
Inc.
(f)
..............
283
$
283
Marine
—
0.0%
Project
Investor
Holdings
LLC,
(Acquired
02/12/19,
cost
$0)
(e)
(g)
................
1,227
—
Media
—
0.0%
Clear
Channel
Outdoor
Holdings,
Inc.
(f)
....
41,561
143,801
Telenet
Group
Holding
NV
.............
11,497
370,425
514,226
Metals
&
Mining
—
0.0%
Constellium
SE,
Class
A
(f)
.............
19,201
345,618
Oil,
Gas
&
Consumable
Fuels
—
0.2%
California
Resources
Corp.
............
1,004
44,909
Cheniere
Energy,
Inc.
................
1,717
238,062
Chesapeake
Energy
Corp.
............
15,589
1,356,244
Diamondback
Energy,
Inc.
.............
1,073
147,087
DT
Midstream,
Inc.
..................
3,756
203,801
Energy
Transfer
LP
.................
63,530
710,901
EQT
Corp.
(f)
......................
4,466
153,675
Matador
Resources
Co.
..............
2,872
152,158
Occidental
Petroleum
Corp.
............
867
49,194
Pioneer
Natural
Resources
Co.
.........
551
137,766
Targa
Resources
Corp.
...............
2,450
184,901
3,378,698
Professional
Services
—
0.0%
NMG,
Inc.
(f)
.......................
1,905
311,944
Road
&
Rail
—
0.0%
Uber
Technologies,
Inc.
(f)
..............
5,719
204,054
Software
—
0.0%
(f)
Avaya
Holdings
Corp.
................
12
152
Informatica,
Inc.,
Class
A
..............
10,152
200,400
200,552
Total
Common
Stocks
—
0.4%
(Cost:
$9,349,300)
..............................
9,397,420
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
0.4%
Bombardier,
Inc.
(b)
7.50%,
12/01/24
.................
USD
211
217,857
7.50%,
03/15/25
.................
886
890,519
7.13%,
06/15/26
.................
368
360,640
7.88%,
04/15/27
.................
167
163,512
6.00%,
02/15/28
.................
203
190,260
7.45%,
05/01/34
.................
182
184,730
BWX
Technologies,
Inc.
(b)
4.13%,
06/30/28
.................
13
12,514
4.13%,
04/15/29
.................
285
274,312
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
(b)
349
314,100
Raytheon
Technologies
Corp.,
4.63%,
11/16/48
120
135,612
Rolls-Royce
plc
0.88%,
05/09/24
(d)
................
EUR
100
108,192
5.75%,
10/15/27
(b)
................
USD
592
607,629
5.75%,
10/15/27
(d)
................
GBP
500
684,017
Safran
SA,
0.75%,
03/17/31
(d)
.........
EUR
500
495,420
Spirit
AeroSystems,
Inc.
(b)
5.50%,
01/15/25
.................
USD
233
233,583
7.50%,
04/15/25
.................
24
24,865
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
TransDigm,
Inc.
8.00%,
12/15/25
(b)
................
USD
1,109
$
1,159,770
6.25%,
03/15/26
(b)
................
2,509
2,575,840
6.38%,
06/15/26
.................
265
267,392
7.50%,
03/15/27
.................
100
103,000
4.63%,
01/15/29
.................
216
201,953
4.88%,
05/01/29
.................
306
286,805
Triumph
Group,
Inc.,
8.88%,
06/01/24
(b)
...
536
566,123
10,058,645
Airlines
—
0.6%
Air
Canada,
3.88%,
08/15/26
(b)
.........
416
392,600
Air
France-KLM,
3.88%,
07/01/26
(d)
......
EUR
800
805,350
American
Airlines,
Inc.
(b)
11.75%,
07/15/25
................
USD
836
976,022
5.50%,
04/20/26
.................
471
474,341
5.75%,
04/20/29
.................
817
814,432
British
Airways
Pass-Through
Trust,
Series
2020-1,
Class
A,
4.25%,
11/15/32
(b)(h)
...
2,441
2,438,068
Delta
Air
Lines,
Inc.
(b)
7.00%,
05/01/25
.................
113
121,036
4.75%,
10/20/28
.................
443
446,392
Deutsche
Lufthansa
AG
(d)
2.88%,
05/16/27
.................
EUR
600
616,345
3.75%,
02/11/28
.................
700
743,709
3.50%,
07/14/29
.................
1,000
1,020,184
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(b)
...............
USD
148
148,084
International
Consolidated
Airlines
Group
SA
(d)
2.75%,
03/25/25
.................
EUR
200
210,163
1.13%,
05/18/28
(i)
................
500
477,009
3.75%,
03/25/29
.................
800
795,194
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(b)
USD
361
376,343
Spirit
Loyalty
Cayman
Ltd.,
8.00%,
09/20/25
(b)
49
51,697
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
756
746,132
Series
2020-1,
Class
A,
5.88%,
10/15/27
4,026
4,167,465
United
Airlines,
Inc.
(b)
4.38%,
04/15/26
.................
693
681,687
4.63%,
04/15/29
.................
505
480,230
16,982,483
Auto
Components
—
0.9%
Adient
US
LLC,
9.00%,
04/15/25
(b)
......
190
197,600
Allison
Transmission,
Inc.
(b)
5.88%,
06/01/29
.................
95
96,850
3.75%,
01/30/31
.................
256
232,230
Aptiv
plc
3.10%,
12/01/51
.................
10,312
8,197,877
4.15%,
05/01/52
.................
5,200
4,876,473
Clarios
Global
LP
(b)
6.75%,
05/15/25
.................
591
611,998
6.25%,
05/15/26
.................
184
189,290
8.50%,
05/15/27
.................
2,883
2,991,113
Dana
Financing
Luxembourg
SARL,
3.00%,
07/15/29
(d)
....................
EUR
400
401,965
Dealer
Tire
LLC,
8.00%,
02/01/28
(b)
......
USD
148
148,370
Dornoch
Debt
Merger
Sub,
Inc.,
6.63%,
10/15/29
(b)
....................
140
121,726
Faurecia
SE,
3.75%,
06/15/28
(d)
........
EUR
227
235,691
Goodyear
Tire
&
Rubber
Co.
(The),
5.25%,
07/15/31
(b)
....................
USD
437
404,094
Grupo
Antolin-Irausa
SA,
3.50%,
04/30/28
(d)
.
EUR
563
504,867
Icahn
Enterprises
LP
4.75%,
09/15/24
.................
USD
317
318,442
5.25%,
05/15/27
.................
247
242,412
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
28
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Auto
Components
(continued)
4.38%,
02/01/29
.................
USD
390
$
357,825
IHO
Verwaltungs
GmbH
(d)(j)
3.63%,
(3.63%
Cash
or
4.38%
PIK),
05/15/25
....................
EUR
500
546,266
3.88%,
(3.88%
Cash
or
4.63%
PIK),
05/15/27
(a)
...................
300
319,845
Patrick
Industries,
Inc.,
4.75%,
05/01/29
(b)
..
USD
60
51,600
Schaeffler
AG,
3.38%,
10/12/28
(d)
.......
EUR
200
216,661
Tenneco,
Inc.,
7.88%,
01/15/29
(b)
.......
USD
101
106,429
ZF
Europe
Finance
BV
(d)
2.00%,
02/23/26
.................
EUR
200
207,546
2.50%,
10/23/27
.................
300
301,289
ZF
Finance
GmbH
(d)
3.00%,
09/21/25
.................
500
542,793
2.00%,
05/06/27
.................
400
398,060
2.25%,
05/03/28
.................
500
491,522
3.75%,
09/21/28
.................
700
734,688
24,045,522
Automobiles
—
0.7%
Ferrari
NV,
1.50%,
05/27/25
(d)
.........
400
441,140
Ford
Motor
Co.
4.35%,
12/08/26
.................
USD
30
30,183
6.63%,
10/01/28
.................
451
493,462
3.25%,
02/12/32
.................
453
404,588
4.75%,
01/15/43
.................
124
112,624
5.29%,
12/08/46
.................
75
72,795
Jaguar
Land
Rover
Automotive
plc
7.75%,
10/15/25
(b)
................
400
413,620
4.50%,
01/15/26
(d)
................
EUR
1,000
1,064,912
6.88%,
11/15/26
(d)
................
300
341,002
4.50%,
07/15/28
(d)
................
505
504,569
Nissan
Motor
Co.
Ltd.
3.20%,
09/17/28
(d)
................
1,000
1,111,431
4.81%,
09/17/30
(b)
................
USD
4,175
4,138,908
RCI
Banque
SA,
(EUR
Swap
Annual
5
Year
+
2.85%),
2.63%,
02/18/30
(a)(d)
.........
EUR
1,800
1,869,788
Renault
SA,
1.25%,
06/24/25
(d)
.........
200
205,204
Stellantis
NV
(d)
3.88%,
01/05/26
.................
600
714,048
4.50%,
07/07/28
.................
400
500,131
0.75%,
01/18/29
.................
500
502,065
2.75%,
04/01/32
.................
950
1,057,003
1.25%,
06/20/33
.................
350
333,344
Thor
Industries,
Inc.,
4.00%,
10/15/29
(b)
...
USD
26
22,825
TML
Holdings
Pte.
Ltd.,
4.35%,
06/09/26
(d)
.
2,300
2,167,750
Volvo
Car
AB,
2.50%,
10/07/27
(d)
.......
EUR
1,817
2,010,804
Winnebago
Industries,
Inc.,
6.25%,
07/15/28
(b)
USD
162
163,822
18,676,018
Banks
—
5.4%
ABN
AMRO
Bank
NV,
(EUR
Swap
Annual
5
Year
+
4.67%),
4.38%
(a)(d)(k)
..........
EUR
300
332,695
Abu
Dhabi
Commercial
Bank
PJSC,
3.50%,
03/31/27
(d)
....................
USD
2,000
1,992,500
Ahli
United
Sukuk
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.01%),
3.88%
(a)(d)(k)
.............
625
593,750
AIB
Group
plc
(a)(d)(k)
(EUR
Swap
Annual
5
Year
+
5.70%),
5.25%
EUR
600
666,832
(EUR
Swap
Annual
5
Year
+
6.63%),
6.25%
940
1,074,971
Axis
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.32%),
4.10%
(a)(d)(k)
...................
USD
1,600
1,484,000
Banco
Bilbao
Vizcaya
Argentaria
SA
(EUR
Swap
Annual
5
Year
+
6.04%),
6.00%
(a)(d)(k)
...................
EUR
600
685,322
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
1.13%,
09/18/25
.................
USD
600
$
552,720
Banco
BPM
SpA,
(EUR
Swap
Annual
5
Year
+
3.17%),
2.88%,
06/29/31
(a)(d)
.........
EUR
1,575
1,631,074
Banco
de
Credito
del
Peru
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%),
3.25%,
09/30/31
(a)(d)
....
USD
679
632,658
Banco
de
Credito
e
Inversiones
SA,
3.50%,
10/12/27
(d)
....................
1,205
1,218,029
Banco
de
Sabadell
SA
(a)(d)
(EUR
Swap
Annual
5
Year
+
6.20%),
5.75%
(k)
.....................
EUR
400
431,015
(EUSA3
+
2.20%),
2.62%,
03/24/26
....
400
442,381
(EUR
Swap
Annual
5
Year
+
2.20%),
2.00%,
01/17/30
...............
500
523,834
(EUR
Swap
Annual
5
Year
+
2.95%),
2.50%,
04/15/31
...............
2,200
2,274,339
Banco
General
SA,
4.13%,
08/07/27
(d)
....
USD
1,179
1,194,327
Banco
Inbursa
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
Inbursa
(d)
4.13%,
06/06/24
.................
653
660,477
4.38%,
04/11/27
.................
170
171,275
Banco
Internacional
del
Peru
SAA
Interbank,
3.25%,
10/04/26
(d)
...............
1,248
1,231,854
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)
...................
810
769,500
Banco
Santander
SA
(EUR
Swap
Annual
5
Year
+
4.53%),
4.37%
(a)(d)(k)
...................
EUR
2,200
2,364,841
3.31%,
06/27/29
.................
USD
600
581,027
Bangkok
Bank
PCL
(a)(d)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.73%),
5.00%
(k)
.....................
1,897
1,852,894
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.90%),
3.73%,
09/25/34
...............
682
635,880
Bank
Hapoalim
BM,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.16%),
3.26%,
01/21/32
(a)(b)(d)
........
670
617,030
Bank
Leumi
Le-Israel
BM,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.63%),
3.28%,
01/29/31
(a)(b)(d)
......
1,280
1,198,400
Bank
of
America
Corp.
(a)
(SOFR
+
1.33%),
3.38%,
04/02/26
.....
6,200
6,191,653
(LIBOR
USD
3
Month
+
1.18%),
3.19%,
07/23/30
....................
850
822,481
Bank
of
Communications
Co.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%),
3.80%
(a)(d)(k)
...
1,372
1,372,000
Bank
of
Cyprus
PCL,
(EUR
Swap
Annual
5
Year
+
2.79%),
2.50%,
06/24/27
(a)(d)
....
EUR
775
741,578
Bank
of
East
Asia
Ltd.
(The)
(a)(d)(k)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.26%),
5.87%
......................
USD
2,177
2,168,564
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.53%),
5.83%
......................
2,577
2,557,673
Bank
of
Ireland
Group
plc
(a)(d)
(EUR
Swap
Annual
5
Year
+
7.92%),
7.50%
(k)
.....................
EUR
400
480,537
(EUR
Swap
Annual
5
Year
+
6.43%),
6.00%
(k)
.....................
300
341,320
BlackRock
Income
Fund
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.50%),
4.12%,
09/19/27
...............
USD
1,000
$
997,600
Barclays
plc
(a)(k)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.67%),
8.00%
......................
400
422,600
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
6.58%),
7.13%
...
GBP
665
918,348
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
6.02%),
6.37%
(d)
..
700
948,530
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%),
4.38%
......................
USD
2,899
2,553,295
BBVA
Bancomer
SA,
4.38%,
04/10/24
(d)
...
650
664,950
BNP
Paribas
SA
(a)
(LIBOR
USD
6
Month
+
0.08%),
1.57%
(k)
220
170,665
(EUR
Swap
Annual
1
Year
+
1.60%),
2.50%,
03/31/32
(d)
..............
EUR
1,100
1,220,241
BPER
Banca,
(EUR
Swap
Annual
5
Year
+
3.73%),
3.88%,
07/25/32
(a)(d)
.........
333
346,627
Burgan
Bank
SAK,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.01%),
5.75%
(a)(d)(k)
..............
USD
256
246,768
CaixaBank
SA
(a)(d)(k)
(EUR
Swap
Annual
5
Year
+
6.22%),
6.37%
EUR
600
689,889
(EUR
Swap
Annual
5
Year
+
6.50%),
6.75%
600
698,597
(EUR
Swap
Annual
5
Year
+
4.50%),
5.25%
800
879,017
Chong
Hing
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.86%),
5.70%
(a)(d)(k)
.............
USD
250
248,328
Citigroup,
Inc.,
4.30%,
11/20/26
........
500
514,190
Commercial
Bank
PSQC
(The),
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%),
4.50%
(a)(d)(k)
..........
225
215,437
Commerzbank
AG
(d)
(EUR
Swap
Annual
5
Year
+
6.36%),
6.12%
(a)(k)
....................
EUR
1,800
2,040,713
4.00%,
03/23/26
.................
150
171,963
(EUR
Swap
Annual
5
Year
+
6.74%),
6.50%
(a)(k)
....................
200
227,887
Credit
Agricole
SA
(USD
Swap
Semi
5
Year
+
4.90%),
7.88%
(a)
(b)(k)
........................
USD
200
210,750
0.38%,
04/20/28
(d)
................
EUR
500
508,749
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%),
4.75%
(a)(b)(k)
...................
USD
14,525
13,180,421
DBS
Group
Holdings
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.92%),
3.30%
(a)(d)(k)
.............
995
965,439
Emirates
NBD
Bank
PJSC,
(CMTUSD6Y
+
3.66%),
6.13%
(a)(d)(k)
..............
257
259,570
Hana
Bank,
3.25%,
03/30/27
(d)
.........
1,300
1,299,265
HDFC
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.93%),
3.70%
(a)(d)(k)
..............
1,500
1,387,500
HSBC
Bank
plc,
Series
1M,
(LIBOR
USD
6
Month
+
0.25%),
0.75%
(a)(k)
.........
1,090
886,671
HSBC
Holdings
plc
(a)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.65%),
4.60%
(k)
.....................
200
178,500
(SOFR
+
2.53%),
4.76%,
03/29/33
.....
6,590
6,772,399
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
ING
Groep
NV,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.86%),
3.88%
(a)(k)
....................
USD
7,402
$
6,439,740
Intesa
Sanpaolo
SpA
(EUR
Swap
Annual
5
Year
+
6.07%),
5.87%
(a)(d)(k)
...................
EUR
1,000
1,139,438
1.00%,
11/19/26
(d)
................
500
535,289
(EUR
Swap
Annual
5
Year
+
7.19%),
7.75%
(a)(d)(k)
...................
504
619,128
(EUR
Swap
Annual
5
Year
+
5.85%),
5.50%
(a)(d)(k)
...................
2,200
2,409,413
(EUR
Swap
Annual
5
Year
+
5.56%),
6.37%
(a)(d)(k)
...................
300
338,927
5.15%,
06/10/30
(d)
................
GBP
500
676,503
(EUR
Swap
Annual
5
Year
+
6.09%),
5.87%
(a)(d)(k)
...................
EUR
275
301,012
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.75%),
4.95%,
06/01/42
(a)(b)
.............
USD
7,215
6,172,794
JPMorgan
Chase
&
Co.
3.63%,
12/01/27
.................
300
300,735
Series
W,
(LIBOR
USD
3
Month
+
1.00%),
1.51%,
05/15/47
(a)
..............
1,000
860,000
Kasikornbank
PCL
(a)(d)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.94%),
5.28%
(k)
.....................
1,525
1,483,348
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.34%),
4.00%
(k)
.....................
1,200
1,086,000
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.70%),
3.34%,
10/02/31
...............
534
501,059
Krung
Thai
Bank
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.53%),
4.40%
(a)(d)(k)
.............
2,500
2,340,625
Mizrahi
Tefahot
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.25%),
3.08%,
04/07/31
(a)(b)(d)
......
1,297
1,204,589
Nanyang
Commercial
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%),
5.00%
(a)(d)(k)
..........
681
680,574
NatWest
Group
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
4.99%),
5.13%
(a)(k)
....................
GBP
400
517,729
QNB
Finance
Ltd.,
2.75%,
02/12/27
(d)
.....
USD
1,231
1,195,455
Rizal
Commercial
Banking
Corp.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
6.24%),
6.50%
(a)(d)(k)
..........
2,068
1,965,634
Santander
UK
Group
Holdings
plc,
(BPSWS5
+
6.07%),
6.75%
(a)(d)(k)
..............
GBP
385
521,364
Shinhan
Financial
Group
Co.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.06%),
2.87%
(a)(d)(k)
...
USD
1,750
1,588,125
Shizuoka
Bank
Ltd.
(The),
(LIBOR
USD
3
Month
-
0.50%),
0.00%,
01/25/23
(a)(d)(i)
...
100
98,350
Societe
Generale
SA
(a)(k)
(USD
Swap
Semi
5
Year
+
4.98%),
7.88%
(b)
400
418,000
(USD
Swap
Semi
5
Year
+
4.98%),
7.88%
(d)
700
731,500
(USD
Swap
Rate
5
Year
+
5.87%),
8.00%
(d)
464
501,190
Standard
Chartered
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%),
6.00%
(a)(d)(k)
.............
400
412,500
SVB
Financial
Group,
Series
E,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.06%),
4.70%
(a)(k)
.........
9,298
8,298,465
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
30
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
TMBThanachart
Bank
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.26%),
4.90%
(a)(d)(k)
.............
USD
478
$
458,073
UniCredit
SpA
(a)(d)
(EUR
Swap
Annual
5
Year
+
6.39%),
6.62%
(k)
.....................
EUR
200
227,887
(EURIBOR
Swap
Rate
5
Year
+
7.33%),
7.50%
(k)
.....................
996
1,189,971
(EURIBOR
Swap
Rate
5
Year
+
4.08%),
3.88%
(k)
.....................
1,000
968,279
(EURIBOR
3
Month
+
0.90%),
0.80%,
07/05/29
....................
500
503,501
(EUR
Swap
Annual
5
Year
+
2.40%),
2.00%,
09/23/29
...............
1,000
1,070,129
United
Overseas
Bank
Ltd.,
3.06%,
04/07/25
(d)
USD
1,900
1,900,000
Wells
Fargo
&
Co.
(SOFR
+
1.51%),
3.53%,
03/24/28
(a)
...
8,340
8,323,250
5.38%,
11/02/43
.................
500
579,913
Woori
Bank,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.66%),
4.25%
(a)(d)(k)
...................
718
700,858
139,573,687
Beverages
—
0.3%
Anheuser-Busch
InBev
Worldwide,
Inc.
4.60%,
04/15/48
.................
750
809,456
4.44%,
10/06/48
.................
2,225
2,329,128
Coca-Cola
Femsa
SAB
de
CV,
2.75%,
01/22/30
1,172
1,117,244
Embotelladora
Andina
SA,
3.95%,
01/21/50
(b)
1,826
1,661,660
Fomento
Economico
Mexicano
SAB
de
CV,
3.50%,
01/16/50
................
498
460,301
Heineken
NV,
2.25%,
03/30/30
(d)
........
EUR
400
462,923
6,840,712
Biotechnology
—
0.2%
AbbVie,
Inc.
2.80%,
03/15/23
.................
USD
1,012
1,015,493
4.88%,
11/14/48
.................
500
565,105
Cidron
Aida
Finco
SARL
(d)
5.00%,
04/01/28
.................
EUR
1,100
1,139,506
6.25%,
04/01/28
.................
GBP
296
362,594
Grifols
SA
(d)
1.63%,
02/15/25
.................
EUR
100
107,343
3.20%,
05/01/25
.................
1,000
1,098,395
4,288,436
Building
Products
—
0.2%
Advanced
Drainage
Systems,
Inc.,
5.00%,
09/30/27
(b)
....................
USD
206
206,295
Cornerstone
Building
Brands,
Inc.,
6.13%,
01/15/29
(b)
....................
394
365,652
CP
Atlas
Buyer,
Inc.,
7.00%,
12/01/28
(b)
...
321
273,697
James
Hardie
International
Finance
DAC,
5.00%,
01/15/28
(b)
...............
200
196,882
JELD-WEN,
Inc.
(b)
6.25%,
05/15/25
.................
73
75,217
4.63%,
12/15/25
.................
72
69,300
4.88%,
12/15/27
.................
23
22,022
Johnson
Controls
International
plc,
0.38%,
09/15/27
.....................
EUR
500
517,565
Masonite
International
Corp.
(b)
5.38%,
02/01/28
.................
USD
53
53,397
3.50%,
02/15/30
.................
81
72,799
National
Central
Cooling
Co.
PJSC,
2.50%,
10/21/27
(d)
....................
674
616,710
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(b)
5.25%,
07/15/28
.................
101
97,099
Security
Par
(000)
Par
(000)
Value
Building
Products
(continued)
9.75%,
07/15/28
.................
USD
144
$
145,260
PCF
GmbH,
4.75%,
04/15/26
(d)
........
EUR
853
905,048
SRM
Escrow
Issuer
LLC,
6.00%,
11/01/28
(b)
USD
530
522,718
Standard
Industries,
Inc.
2.25%,
11/21/26
(d)
................
EUR
300
309,877
5.00%,
02/15/27
(b)
................
USD
124
122,919
4.38%,
07/15/30
(b)
................
489
447,902
Summit
Materials
LLC,
5.25%,
01/15/29
(b)
..
206
203,425
Victors
Merger
Corp.,
6.38%,
05/15/29
(b)
...
145
118,696
5,342,480
Capital
Markets
—
2.8%
Aretec
Escrow
Issuer,
Inc.,
7.50%,
04/01/29
(b)
105
100,891
Blackstone
Private
Credit
Fund,
4.70%,
03/24/25
(b)
....................
19,357
19,639,539
Cerah
Capital
Ltd.,
0.00%,
08/08/24
(d)(i)(l)
...
1,300
1,333,449
Cindai
Capital
Ltd.,
0.00%,
02/08/23
(d)(i)(l)
...
900
885,492
Codere
New
Holdco
SA,
7.50%,
11/30/27
..
EUR
100
94,540
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(b)
...............
USD
203
190,820
Credit
Suisse
Group
AG
(a)
(USD
Swap
Semi
5
Year
+
4.60%),
7.50%
(b)
(k)
.........................
400
406,100
(USD
Swap
Semi
5
Year
+
3.46%),
6.25%
(d)
(k)
.........................
677
682,078
(USD
Swap
Semi
5
Year
+
3.46%),
6.25%
(b)
(k)
.........................
200
201,500
(SOFR
+
1.56%),
2.59%,
09/11/25
(b)(h)
..
1,500
1,449,014
(USD
Swap
Rate
5
Year
+
4.33%),
7.25%
(d)
(k)
.........................
200
202,250
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%),
6.37%
(b)(k)
....................
350
345,475
(EUR
Swap
Annual
1
Year
+
1.60%),
2.13%,
10/13/26
(d)
..............
EUR
1,350
1,481,884
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%),
5.25%
(b)(k)
....................
USD
645
596,625
(SOFR
+
1.73%),
3.09%,
05/14/32
(b)
...
2,610
2,353,952
Deutsche
Bank
AG
(a)(d)
(EUR
Swap
Annual
5
Year
+
4.55%),
4.50%
(k)
.....................
EUR
200
204,655
(EUR
Swap
Annual
5
Year
+
5.69%),
6.75%
(k)
.....................
600
678,286
(EURIBOR
Swap
Rate
5
Year
+
3.30%),
4.00%,
06/24/32
...............
2,100
2,325,541
Drawbridge
Special
Opportunities
Fund
LP,
3.88%,
02/15/26
(b)
...............
USD
250
241,966
Dua
Capital
Ltd.,
2.78%,
05/11/31
(d)
......
1,655
1,490,162
Goldman
Sachs
Group,
Inc.
(The),
(SOFR
+
1.85%),
3.62%,
03/15/28
(a)
..........
10,155
10,140,781
Huarong
Finance
2017
Co.
Ltd.,
4.75%,
04/27/27
(d)
....................
2,300
2,254,000
Huarong
Finance
2019
Co.
Ltd.
(d)
(LIBOR
USD
3
Month
+
1.13%),
1.61%,
02/24/23
(a)
...................
200
195,750
2.50%,
02/24/23
.................
214
210,790
3.75%,
05/29/24
.................
200
196,000
4.50%,
05/29/29
.................
500
471,665
3.38%,
02/24/30
.................
758
659,460
3.63%,
09/30/30
.................
530
461,100
Huarong
Finance
Co.
Ltd.,
3.88%,
11/13/29
(d)
1,000
902,500
Intermediate
Capital
Group
plc,
1.63%,
02/17/27
(d)
....................
EUR
600
630,517
JAB
Holdings
BV,
3.38%,
04/17/35
(d)
.....
100
116,210
Kane
Bidco
Ltd.,
5.00%,
02/15/27
(d)
......
731
789,912
BlackRock
Income
Fund
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Korea
Investment
&
Securities
Co.
Ltd.,
2.13%,
07/19/26
(d)
....................
USD
1,450
$
1,345,049
MSCI,
Inc.
(b)
3.63%,
09/01/30
.................
162
151,857
3.88%,
02/15/31
.................
40
37,926
3.63%,
11/01/31
.................
113
106,361
3.25%,
08/15/33
.................
262
235,489
Nasdaq,
Inc.,
1.75%,
03/28/29
.........
EUR
500
545,410
OWL
Rock
Core
Income
Corp.,
5.50%,
03/21/25
(b)
....................
USD
126
125,680
Pingan
Real
Estate
Capital
Ltd.
(d)
2.75%,
07/29/24
.................
605
556,600
3.45%,
07/29/26
.................
800
712,000
S&P
Global,
Inc.
3.70%,
03/01/52
(b)
................
1,050
1,064,614
2.30%,
08/15/60
.................
604
456,665
Sherwood
Financing
plc
(d)
4.50%,
11/15/26
.................
EUR
1,850
1,951,737
6.00%,
11/15/26
.................
GBP
210
260,694
SURA
Asset
Management
SA
(d)
4.88%,
04/17/24
.................
USD
400
404,700
4.88%,
04/17/24
.................
1,318
1,333,486
UBS
AG,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%),
4.38%
(a)(b)
(k)
.........................
12,902
11,644,055
UBS
Group
AG,
(USD
Swap
Semi
5
Year
+
4.87%),
7.00%
(a)(d)(k)
..............
325
344,161
73,209,388
Chemicals
—
0.8%
Ashland
LLC,
3.38%,
09/01/31
(b)
........
185
163,262
Ashland
Services
BV,
2.00%,
01/30/28
(d)
...
EUR
500
510,180
Axalta
Coating
Systems
LLC,
3.38%,
02/15/29
(b)
....................
USD
518
455,426
Bluestar
Finance
Holdings
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
3
Year
+
5.63%),
3.10%
(a)(d)(k)
..........
720
709,200
Braskem
Netherlands
Finance
BV
(d)
4.50%,
01/10/28
.................
267
263,068
5.88%,
01/31/50
.................
529
522,123
Chemours
Co.
(The)
4.00%,
05/15/26
.................
EUR
800
850,043
5.75%,
11/15/28
(b)
................
USD
210
204,040
Diamond
BC
BV,
4.63%,
10/01/29
(b)
......
196
175,910
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
.
1,088
1,015,920
Equate
Petrochemical
BV,
2.63%,
04/28/28
(b)
1,323
1,222,121
EverArc
Escrow
SARL,
5.00%,
10/30/29
(b)
..
379
346,311
FIS
Fabbrica
Italiana
Sintetici
SpA,
5.63%,
08/01/27
(d)
....................
EUR
460
483,431
Gates
Global
LLC,
6.25%,
01/15/26
(b)
.....
USD
100
100,093
GC
Treasury
Center
Co.
Ltd.,
4.40%,
03/30/32
(d)
....................
1,200
1,217,964
GCP
Applied
Technologies,
Inc.,
5.50%,
04/15/26
(b)
....................
416
421,200
HB
Fuller
Co.,
4.25%,
10/15/28
........
162
151,664
Herens
Midco
SARL
4.75%,
05/15/28
(b)
................
202
181,140
5.25%,
05/15/29
(d)
................
EUR
775
732,000
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(b)
...
USD
353
357,412
INEOS
Finance
plc
(d)
2.13%,
11/15/25
.................
EUR
1,000
1,066,148
2.88%,
05/01/26
.................
700
735,886
Ingevity
Corp.,
3.88%,
11/01/28
(b)
.......
USD
144
130,152
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(a)(b)
167
161,990
Kronos
International,
Inc.,
3.75%,
09/15/25
(d)
EUR
300
322,709
LG
Chem
Ltd.,
2.38%,
07/07/31
(d)
.......
USD
1,280
1,145,498
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(b)
..
USD
142
$
132,110
Lune
Holdings
SARL,
5.63%,
11/15/28
(d)
...
EUR
450
444,979
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(b)
USD
196
186,690
Monitchem
HoldCo
2
SA,
9.50%,
09/15/26
(d)
EUR
200
225,952
Monitchem
HoldCo
3
SA,
5.25%,
03/15/25
(d)
296
320,901
Nobian
Finance
BV,
3.63%,
07/15/26
(d)
....
420
421,796
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(b)
.
USD
127
128,428
Olympus
Water
US
Holding
Corp.
(d)
3.88%,
10/01/28
.................
EUR
291
292,514
5.38%,
10/01/29
.................
272
262,204
Orbia
Advance
Corp.
SAB
de
CV,
5.50%,
01/15/48
(d)
....................
USD
1,147
1,121,192
Pearl
Holding
II
Ltd.,
0.00%,
(a)(d)(k)
.......
477
15,236
Pearl
Holding
III
Ltd.,
9.00%,
10/22/25
(d)
...
380
135,850
PMHC
II,
Inc.,
9.00%,
02/15/30
(b)
.......
61
53,680
SCIL
IV
LLC
4.38%,
11/01/26
(d)
................
EUR
209
221,380
5.38%,
11/01/26
(b)
................
USD
200
184,000
Scotts
Miracle-Gro
Co.
(The)
4.00%,
04/01/31
.................
106
92,431
4.38%,
02/01/32
.................
29
25,682
Sociedad
Quimica
y
Minera
de
Chile
SA,
4.25%,
05/07/29
(d)
...............
824
849,389
SPCM
SA,
3.13%,
03/15/27
(b)
.........
200
184,000
UPL
Corp.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%),
5.25%
(a)(d)(k)
...................
700
646,975
WR
Grace
Holdings
LLC,
5.63%,
08/15/29
(b)
1,168
1,092,197
20,682,477
Commercial
Services
&
Supplies
—
0.5%
Allied
Universal
Holdco
LLC
6.63%,
07/15/26
(b)
................
865
875,233
9.75%,
07/15/27
(b)
................
1,325
1,369,547
3.63%,
06/01/28
(d)
................
EUR
431
435,074
4.63%,
06/01/28
(b)
................
USD
1,164
1,087,991
4.88%,
06/01/28
(d)
................
GBP
314
376,372
6.00%,
06/01/29
(b)
................
USD
1,118
986,260
APi
Escrow
Corp.,
4.75%,
10/15/29
(b)
.....
125
116,094
APi
Group
DE,
Inc.,
4.13%,
07/15/29
(b)
....
145
133,632
APX
Group,
Inc.
(b)
6.75%,
02/15/27
.................
492
502,923
5.75%,
07/15/29
.................
131
119,515
Aramark
Services,
Inc.
(b)
5.00%,
04/01/25
.................
435
435,835
6.38%,
05/01/25
.................
245
251,500
Brink's
Co.
(The),
5.50%,
07/15/25
(b)
.....
56
56,438
Clean
Harbors,
Inc.,
4.88%,
07/15/27
(b)
....
215
214,463
Covanta
Holding
Corp.
4.88%,
12/01/29
(b)
................
137
130,794
5.00%,
09/01/30
.................
166
157,285
Garda
World
Security
Corp.
(b)
4.63%,
02/15/27
.................
104
99,679
9.50%,
11/01/27
.................
250
256,250
GFL
Environmental,
Inc.
(b)
4.25%,
06/01/25
.................
86
85,458
3.75%,
08/01/25
.................
203
199,285
5.13%,
12/15/26
.................
23
23,195
4.00%,
08/01/28
.................
211
194,120
3.50%,
09/01/28
.................
261
245,039
4.75%,
06/15/29
.................
76
72,295
4.38%,
08/15/29
.................
425
392,594
IAA,
Inc.,
5.50%,
06/15/27
(b)
..........
99
99,247
Intrum
AB
(d)
3.13%,
07/15/24
.................
EUR
200
219,321
4.88%,
08/15/25
.................
107
119,136
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
32
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
3.50%,
07/15/26
.................
EUR
851
$
900,990
ISS
Global
A/S,
1.50%,
08/31/27
(d)
......
100
105,588
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
....................
USD
102
97,920
Madison
IAQ
LLC
(b)
4.13%,
06/30/28
.................
107
98,615
5.88%,
06/30/29
.................
245
219,888
Nielsen
Finance
LLC
(b)
5.63%,
10/01/28
.................
126
126,907
5.88%,
10/01/30
.................
348
348,870
Prime
Security
Services
Borrower
LLC
(b)
5.25%,
04/15/24
.................
123
125,932
5.75%,
04/15/26
.................
247
251,983
6.25%,
01/15/28
.................
253
247,585
Rentokil
Initial
plc,
0.50%,
10/14/28
(d)
.....
EUR
500
500,174
Stericycle,
Inc.,
3.88%,
01/15/29
(b)
.......
USD
26
24,180
Techem
Verwaltungsgesellschaft
674
mbH,
6.00%,
07/30/26
(d)
...............
EUR
176
194,324
Techem
Verwaltungsgesellschaft
675
mbH,
2.00%,
07/15/25
(d)
...............
400
424,958
Verisure
Midholding
AB,
5.25%,
02/15/29
(d)
.
333
339,391
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
...
USD
466
440,407
13,702,287
Communications
Equipment
—
0.2%
Avaya,
Inc.,
6.13%,
09/15/28
(b)
.........
798
786,964
Ciena
Corp.,
4.00%,
01/31/30
(b)
........
77
74,113
CommScope
Technologies
LLC,
6.00%,
06/15/25
(b)
....................
214
202,682
CommScope,
Inc.
(b)
6.00%,
03/01/26
.................
141
142,634
8.25%,
03/01/27
.................
160
155,600
7.13%,
07/01/28
.................
314
283,660
4.75%,
09/01/29
.................
319
293,802
Nokia
OYJ
2.00%,
03/15/24
(d)
................
EUR
200
225,111
4.38%,
06/12/27
.................
USD
611
619,780
3.13%,
05/15/28
(d)
................
EUR
500
569,719
6.63%,
05/15/39
.................
USD
79
94,108
Viasat,
Inc.
(b)
5.63%,
09/15/25
.................
217
211,937
5.63%,
04/15/27
.................
50
49,250
6.50%,
07/15/28
.................
212
203,520
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(b)
...
220
206,453
Xiaomi
Best
Time
International
Ltd.,
0.00%,
12/17/27
(d)(i)(l)
..................
300
251,850
4,371,183
Construction
&
Engineering
—
0.2%
Arcosa,
Inc.,
4.38%,
04/15/29
(b)
........
285
270,394
Brand
Industrial
Services,
Inc.,
8.50%,
07/15/25
(b)
....................
285
265,073
Delhi
International
Airport
Ltd.,
6.13%,
10/31/26
(d)
....................
250
243,641
Dycom
Industries,
Inc.,
4.50%,
04/15/29
(b)
..
97
91,422
Ferrovial
Emisiones
SA,
0.54%,
11/12/28
(d)
.
EUR
500
508,166
GMR
Hyderabad
International
Airport
Ltd.
(d)
5.38%,
04/10/24
.................
USD
836
840,337
4.25%,
10/27/27
.................
700
638,881
Heathrow
Finance
plc,
4.63%,
09/01/29
(c)(d)
.
GBP
1,343
1,608,450
Heathrow
Funding
Ltd.,
1.88%,
03/14/34
(d)
.
EUR
100
101,688
MasTec,
Inc.,
4.50%,
08/15/28
(b)
........
USD
218
215,988
Summit
Digitel
Infrastructure
Pvt
Ltd.,
2.88%,
08/12/31
(d)
....................
1,495
1,297,869
6,081,909
Security
Par
(000)
Par
(000)
Value
Construction
Materials
—
0.1%
Inversiones
CMPC
SA
4.75%,
09/15/24
(d)
................
USD
600
$
615,750
3.85%,
01/13/30
(d)
................
593
577,360
3.00%,
04/06/31
(b)
................
525
474,403
1,667,513
Consumer
Finance
—
0.8%
Ally
Financial,
Inc.,
8.00%,
11/01/31
.....
400
501,731
American
Express
Co.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%),
3.55%
(a)(k)
..............
550
501,215
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(b)
....................
93
83,003
Encore
Capital
Group,
Inc.
(d)
4.88%,
10/15/25
.................
EUR
146
162,320
5.38%,
02/15/26
.................
GBP
700
912,658
4.25%,
06/01/28
.................
729
881,043
Ford
Motor
Credit
Co.
LLC
4.69%,
06/09/25
.................
USD
200
201,432
5.13%,
06/16/25
.................
200
204,000
4.13%,
08/04/25
.................
626
625,296
3.38%,
11/13/25
.................
200
195,489
4.39%,
01/08/26
.................
700
698,187
2.70%,
08/10/26
.................
323
300,393
2.90%,
02/16/28
.................
200
180,750
4.00%,
11/13/30
.................
200
188,340
General
Motors
Financial
Co.,
Inc.,
0.65%,
09/07/28
(d)
....................
EUR
500
492,688
Global
Aircraft
Leasing
Co.
Ltd.,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(b)(j)
......
USD
134
121,770
Manappuram
Finance
Ltd.,
5.90%,
01/13/23
(d)
1,203
1,201,496
Muthoot
Finance
Ltd.,
4.40%,
09/02/23
(d)
..
850
847,875
Navient
Corp.
7.25%,
09/25/23
.................
42
43,628
6.13%,
03/25/24
.................
97
98,697
5.88%,
10/25/24
.................
13
13,262
5.50%,
03/15/29
.................
197
183,456
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
235
247,107
7.13%,
03/15/26
.................
160
171,022
3.50%,
01/15/27
.................
261
241,425
6.63%,
01/15/28
.................
159
166,553
5.38%,
11/15/29
.................
65
63,152
4.00%,
09/15/30
.................
100
88,250
Shriram
Transport
Finance
Co.
Ltd.
(d)
5.95%,
10/24/22
.................
681
682,702
5.10%,
07/16/23
.................
1,368
1,368,000
SLM
Corp.,
3.13%,
11/02/26
..........
126
116,865
Toyota
Motor
Credit
Corp.,
3.05%,
03/22/27
.
6,459
6,448,220
VistaJet
Malta
Finance
plc,
6.38%,
02/01/30
(b)
120
112,904
Volkswagen
International
Finance
NV
(a)(d)(k)
(EUR
Swap
Annual
10
Year
+
3.37%),
3.88%
......................
EUR
400
444,886
(EUR
Swap
Annual
5
Year
+
2.92%),
3.75%
500
550,944
(EUR
Swap
Annual
10
Year
+
3.98%),
4.62%
......................
400
460,766
(EUR
Swap
Annual
9
Year
+
3.36%),
4.37%
1,900
2,093,165
21,894,690
Containers
&
Packaging
—
0.5%
ARD
Finance
SA,
6.50%,
06/30/27
(b)
.....
USD
610
557,788
Ardagh
Metal
Packaging
Finance
USA
LLC
3.00%,
09/01/29
(d)
................
EUR
400
394,225
4.00%,
09/01/29
(b)
................
USD
971
875,017
Ardagh
Packaging
Finance
plc
5.25%,
04/30/25
(b)
................
200
199,725
BlackRock
Income
Fund
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
4.13%,
08/15/26
(b)
................
USD
353
$
340,089
4.75%,
07/15/27
(d)
................
GBP
176
210,568
5.25%,
08/15/27
(b)
................
USD
511
472,356
Ball
Corp.
2.88%,
08/15/30
.................
40
35,862
3.13%,
09/15/31
.................
213
190,358
Berry
Global,
Inc.,
1.00%,
01/15/25
(d)
.....
EUR
200
213,256
Canpack
SA,
3.13%,
11/01/25
(b)
........
USD
211
194,647
Clydesdale
Acquisition
Holdings,
Inc.
(b)
6.63%,
04/15/29
.................
278
281,127
8.75%,
04/15/30
.................
235
221,194
Crown
Americas
LLC,
4.75%,
02/01/26
...
75
75,801
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
284
320,478
Crown
European
Holdings
SA,
2.25%,
02/01/23
(d)
....................
EUR
500
555,653
Graphic
Packaging
International
LLC
(b)
4.75%,
07/15/27
.................
USD
23
23,230
3.50%,
03/15/28
.................
165
155,100
3.50%,
03/01/29
.................
113
103,960
Intertape
Polymer
Group,
Inc.,
4.38%,
06/15/29
(b)
....................
128
131,840
Kleopatra
Finco
SARL,
4.25%,
03/01/26
(d)
..
EUR
493
481,299
LABL,
Inc.,
5.88%,
11/01/28
(b)
.........
USD
218
204,375
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(b)
...............
383
381,478
OI
European
Group
BV,
2.88%,
02/15/25
(d)
.
EUR
500
542,032
Sealed
Air
Corp.
4.50%,
09/15/23
(d)
................
100
114,351
4.00%,
12/01/27
(b)
................
USD
201
195,975
Silgan
Holdings,
Inc.
4.13%,
02/01/28
.................
26
24,960
2.25%,
06/01/28
.................
EUR
1,000
1,003,860
Smurfit
Kappa
Treasury
ULC,
1.50%,
09/15/27
(d)
....................
1,000
1,087,928
Titan
Holdings
II
BV,
5.13%,
07/15/29
(d)
...
300
304,993
Trivium
Packaging
Finance
BV
(b)(c)
5.50%,
08/15/26
.................
USD
853
849,486
8.50%,
08/15/27
.................
1,021
1,015,895
Verallia
SA
(d)
1.63%,
05/14/28
.................
EUR
500
514,550
1.88%,
11/10/31
.................
300
291,652
12,565,108
Distributors
—
0.0%
(b)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
.............
USD
54
50,355
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
104
97,989
148,344
Diversified
Consumer
Services
—
0.1%
Graham
Holdings
Co.,
5.75%,
06/01/26
(b)
..
48
49,294
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(b)
..
78
73,402
Rekeep
SpA,
7.25%,
02/01/26
(d)
........
EUR
200
230,100
Service
Corp.
International,
4.00%,
05/15/31
USD
448
416,788
Sotheby's
(b)
7.38%,
10/15/27
.................
291
298,010
5.88%,
06/01/29
.................
608
588,240
1,655,834
Diversified
Financial
Services
—
0.3%
China
Cinda
2020
I
Management
Ltd.,
3.00%,
01/20/31
(d)
....................
271
242,003
doValue
SpA,
3.38%,
07/31/26
(d)
........
EUR
650
690,329
Far
East
Horizon
Ltd.,
4.25%,
10/26/26
(d)
..
USD
800
717,900
Garfunkelux
Holdco
3
SA
(d)
6.75%,
11/01/25
.................
EUR
358
394,160
7.75%,
11/01/25
.................
GBP
789
1,028,697
Security
Par
(000)
Par
(000)
Value
Diversified
Financial
Services
(continued)
Inversiones
La
Construccion
SA,
4.75%,
02/07/32
(b)
....................
USD
655
$
612,425
Jefferies
Finance
LLC,
5.00%,
08/15/28
(b)
..
357
341,820
MPH
Acquisition
Holdings
LLC,
5.50%,
09/01/28
(b)
....................
105
100,655
Sabre
GLBL,
Inc.
(b)
9.25%,
04/15/25
.................
453
502,211
7.38%,
09/01/25
.................
147
153,502
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
...
247
240,207
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(b)
.
1,857
1,931,280
6,955,189
Diversified
Telecommunication
Services
—
2.0%
Altice
France
Holding
SA
(b)
10.50%,
05/15/27
................
2,375
2,485,449
6.00%,
02/15/28
.................
342
294,975
Altice
France
SA
2.50%,
01/15/25
(d)
................
EUR
300
318,846
8.13%,
02/01/27
(b)
................
USD
360
371,207
5.50%,
01/15/28
(b)
................
296
274,303
4.13%,
01/15/29
(d)
................
EUR
654
654,756
5.13%,
01/15/29
(b)
................
USD
200
179,166
5.13%,
07/15/29
(b)
................
655
587,044
4.25%,
10/15/29
(d)
................
EUR
2,473
2,479,279
5.50%,
10/15/29
(b)
................
USD
825
740,256
AT&T,
Inc.
2.45%,
03/15/35
.................
EUR
100
112,839
3.65%,
09/15/59
.................
USD
165
144,694
British
Telecommunications
plc
(a)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.99%),
4.25%,
11/23/81
(d)
..............
600
572,742
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.49%),
4.88%,
11/23/81
(b)
..............
1,300
1,235,000
CCO
Holdings
LLC
5.13%,
05/01/27
(b)
................
59
59,087
5.00%,
02/01/28
(b)
................
14
13,853
5.38%,
06/01/29
(b)
................
258
258,000
4.75%,
03/01/30
(b)
................
569
546,377
4.25%,
02/01/31
(b)
................
259
235,043
4.75%,
02/01/32
(b)
................
177
164,829
4.50%,
05/01/32
.................
28
25,612
4.50%,
06/01/33
(b)
................
159
142,702
4.25%,
01/15/34
(b)
................
1,162
1,009,191
Cellnex
Telecom
SA
(d)
1.00%,
04/20/27
.................
EUR
100
101,600
1.75%,
10/23/30
.................
500
483,056
0.75%,
11/20/31
(i)
................
9,500
9,054,773
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(b)
....................
USD
536
493,870
Deutsche
Telekom
International
Finance
BV,
7.50%,
01/24/33
................
EUR
300
515,791
Frontier
Communications
Corp.
(b)
5.88%,
10/15/27
.................
USD
435
432,085
5.00%,
05/01/28
.................
336
322,560
6.75%,
05/01/29
.................
198
190,080
Frontier
Communications
Holdings
LLC,
6.00%,
01/15/30
(b)
....................
601
555,925
Global
Switch
Finance
BV,
1.38%,
10/07/30
(d)
EUR
200
202,997
Global
Switch
Holdings
Ltd.,
1.50%,
01/31/24
(d)
500
550,686
Iliad
Holding
SAS
(b)
6.50%,
10/15/26
.................
USD
609
610,644
7.00%,
10/15/28
.................
254
254,376
Level
3
Financing,
Inc.
(b)
4.25%,
07/01/28
.................
286
262,550
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
34
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
3.63%,
01/15/29
.................
USD
153
$
133,875
3.75%,
07/15/29
.................
272
241,055
Lorca
Telecom
Bondco
SA,
4.00%,
09/18/27
(d)
EUR
1,314
1,399,102
Lumen
Technologies,
Inc.
Series
W,
6.75%,
12/01/23
..........
USD
388
402,884
Series
Y,
7.50%,
04/01/24
..........
25
26,318
5.13%,
12/15/26
(b)
................
386
367,665
4.00%,
02/15/27
(b)
................
199
185,336
4.50%,
01/15/29
(b)
................
405
348,298
5.38%,
06/15/29
(b)
................
255
227,109
Series
P,
7.60%,
09/15/39
..........
8
7,683
Series
U,
7.65%,
03/15/42
..........
321
309,765
Network
i2i
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.27%),
5.65%
(a)(d)(k)
...................
1,729
1,719,058
Ooredoo
International
Finance
Ltd.
(d)
3.75%,
06/22/26
.................
1,139
1,167,332
2.63%,
04/08/31
.................
1,150
1,077,895
Sable
International
Finance
Ltd.,
5.75%,
09/07/27
(b)
....................
200
201,390
Sprint
Capital
Corp.
6.88%,
11/15/28
.................
646
748,514
8.75%,
03/15/32
.................
973
1,310,631
Switch
Ltd.
(b)
3.75%,
09/15/28
.................
183
177,463
4.13%,
06/15/29
.................
547
538,111
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
379
362,222
7.20%,
07/18/36
.................
85
82,662
7.72%,
06/04/38
.................
101
103,000
Telecom
Italia
Finance
SA,
7.75%,
01/24/33
EUR
400
507,515
Telecom
Italia
SpA
4.00%,
04/11/24
(d)
................
400
453,195
5.30%,
05/30/24
(b)
................
USD
389
391,917
2.75%,
04/15/25
(d)
................
EUR
400
433,600
2.88%,
01/28/26
(d)
................
554
589,010
3.63%,
05/25/26
(d)
................
646
711,958
2.38%,
10/12/27
(d)
................
500
503,344
1.63%,
01/18/29
(d)
................
525
489,475
5.25%,
03/17/55
.................
800
858,875
Verizon
Communications,
Inc.
3.25%,
02/17/26
.................
500
599,878
3.88%,
02/08/29
.................
USD
325
338,111
4.50%,
08/10/33
.................
500
536,441
2.99%,
10/30/56
.................
624
513,604
3.70%,
03/22/61
.................
3,768
3,490,207
Virgin
Media
Finance
plc,
3.75%,
07/15/30
(d)
EUR
342
340,504
Virgin
Media
Secured
Finance
plc
5.50%,
05/15/29
(b)
................
USD
400
397,000
4.25%,
01/15/30
(d)
................
GBP
400
481,453
4.50%,
08/15/30
(b)
................
USD
300
279,750
Zayo
Group
Holdings,
Inc.
(b)
4.00%,
03/01/27
.................
1,499
1,379,425
6.13%,
03/01/28
.................
1,492
1,335,340
52,704,213
Electric
Utilities
—
1.0%
ACEN
Finance
Ltd.,
4.00%
(d)(k)
.........
1,440
1,252,800
Adani
Electricity
Mumbai
Ltd.
(d)
3.95%,
02/12/30
.................
350
316,300
3.87%,
07/22/31
.................
380
333,317
AES
Panama
Generation
Holdings
SRL,
4.38%,
05/31/30
(b)
...............
644
606,970
Clean
Renewable
Power
Mauritius
Pte.
Ltd.,
4.25%,
03/25/27
(d)
...............
946
905,094
Duke
Energy
Corp.,
3.95%,
08/15/47
.....
750
732,846
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Edison
International,
Series
B,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.90%),
5.00%
(a)(k)
..........
USD
120
$
112,620
EDP
-
Energias
de
Portugal
SA,
(EUR
Swap
Annual
5
Year
+
2.38%),
1.88%,
08/02/81
(a)(d)
EUR
500
515,789
Enel
SpA,
Series
6.5Y,
(EUR
Swap
Annual
5
Year
+
1.72%),
1.37%
(a)(d)(k)
..........
500
497,099
FirstEnergy
Corp.
2.65%,
03/01/30
.................
USD
391
354,987
Series
B,
2.25%,
09/01/30
..........
39
34,515
Series
C,
3.40%,
03/01/50
..........
515
433,779
FirstEnergy
Transmission
LLC
(b)
5.45%,
07/15/44
.................
474
516,755
4.55%,
04/01/49
.................
158
150,952
Huachen
Energy
Co.
Ltd.,
6.63%,
05/18/20
(d)(f)
(m)
.........................
275
105,875
Iberdrola
International
BV,
Series
NC6,
(EUR
Swap
Annual
5
Year
+
1.83%),
1.45%
(a)(d)(k)
EUR
500
522,537
India
Green
Power
Holdings,
4.00%,
02/22/27
(d)
USD
1,640
1,496,500
Interchile
SA,
4.50%,
06/30/56
(b)
........
590
561,400
LLPL
Capital
Pte.
Ltd.,
6.88%,
02/04/39
(d)
..
414
411,806
Mong
Duong
Finance
Holdings
BV,
5.13%,
05/07/29
(d)
....................
1,358
1,215,240
NextEra
Energy
Capital
Holdings,
Inc.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.55%),
3.80%,
03/15/82
(a)
6,295
5,797,011
NextEra
Energy
Operating
Partners
LP
(b)
4.25%,
07/15/24
.................
124
125,488
4.25%,
09/15/24
.................
2
2,015
NRG
Energy,
Inc.,
3.88%,
02/15/32
(b)
.....
209
183,920
Oncor
Electric
Delivery
Co.
LLC,
3.10%,
09/15/49
.....................
165
151,178
Pacific
Gas
&
Electric
Co.,
4.20%,
06/01/41
.
4,040
3,510,701
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
....................
176
173,151
PG&E
Corp.,
5.25%,
07/01/30
.........
139
134,816
SSE
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
3.76%),
3.74%
(a)(d)(k)
..
GBP
400
506,412
Star
Energy
Geothermal
Darajat
II,
4.85%,
10/14/38
(b)
....................
USD
1,191
1,181,174
Star
Energy
Geothermal
Wayang
Windu
Ltd.,
6.75%,
04/24/33
(d)
...............
671
707,569
State
Grid
Europe
Development
2014
plc,
3.13%,
04/07/25
(d)
...............
760
758,845
Texas
Competitive
Electric
Holdings
Co.
LLC,
5.10%,
12/31/49
(e)(f)(m)
.............
815
—
Virginia
Electric
&
Power
Co.,
Series
B,
3.80%,
09/15/47
.....................
500
499,196
Vistra
Operations
Co.
LLC,
4.38%,
05/01/29
(b)
216
204,120
25,012,777
Electrical
Equipment
—
0.1%
Energizer
Gamma
Acquisition
BV,
3.50%,
06/30/29
(d)
....................
EUR
479
465,667
Orano
SA,
2.75%,
03/08/28
(d)
.........
1,000
1,077,286
Sensata
Technologies
BV
(b)
5.63%,
11/01/24
.................
USD
123
127,151
5.00%,
10/01/25
.................
42
42,578
4.00%,
04/15/29
.................
415
395,175
Vertiv
Group
Corp.,
4.13%,
11/15/28
(b)
....
424
386,949
2,494,806
BlackRock
Income
Fund
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Electronic
Equipment,
Instruments
&
Components
—
0.1%
AAC
Technologies
Holdings,
Inc.,
3.75%,
06/02/31
(d)
....................
USD
735
$
618,620
Belden,
Inc.
(d)
3.88%,
03/15/28
.................
EUR
100
108,459
3.38%,
07/15/31
.................
100
102,953
II-VI,
Inc.,
5.00%,
12/15/29
(b)
..........
USD
248
242,420
Sensata
Technologies,
Inc.,
4.38%,
02/15/30
(b)
284
271,602
Zhen
Ding
Technology
Holding
Ltd.,
0.00%,
06/30/25
(d)(i)(l)
..................
400
392,800
1,736,854
Energy
Equipment
&
Services
—
0.2%
Archrock
Partners
LP
(b)
6.88%,
04/01/27
.................
151
152,694
6.25%,
04/01/28
.................
613
604,167
CGG
SA,
7.75%,
04/01/27
(d)
..........
EUR
170
189,658
ChampionX
Corp.,
6.38%,
05/01/26
......
USD
46
46,920
Hilong
Holding
Ltd.,
9.75%,
11/18/24
(d)
....
1,450
899,000
Nabors
Industries
Ltd.
(b)
7.25%,
01/15/26
.................
69
69,000
7.50%,
01/15/28
.................
157
153,075
Nabors
Industries,
Inc.,
7.38%,
05/15/27
(b)
..
146
151,657
Saipem
Finance
International
BV,
2.63%,
01/07/25
(d)
....................
EUR
500
516,663
Tervita
Corp.,
11.00%,
12/01/25
(b)
.......
USD
131
148,376
Transocean,
Inc.,
11.50%,
01/30/27
(b)
.....
104
107,380
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
490
494,410
6.88%,
09/01/27
.................
193
193,741
Vallourec
SA,
8.50%,
06/30/26
(d)
........
EUR
300
339,476
Weatherford
International
Ltd.
(b)
6.50%,
09/15/28
.................
USD
17
17,574
8.63%,
04/30/30
.................
258
261,960
4,345,751
Entertainment
—
0.5%
AMC
Entertainment
Holdings,
Inc.
(b)
10.00%,
06/15/26
................
320
287,377
7.50%,
02/15/29
.................
341
331,368
Banijay
Group
SAS,
6.50%,
03/01/26
(d)
....
EUR
200
221,077
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(b)
....................
USD
432
416,340
Live
Nation
Entertainment,
Inc.
(b)
4.88%,
11/01/24
.................
58
58,232
6.50%,
05/15/27
.................
30
31,951
4.75%,
10/15/27
.................
131
127,725
3.75%,
01/15/28
.................
424
398,509
Magallanes,
Inc.,
3.43%,
03/15/24
(b)
.....
2,935
2,951,090
Netflix,
Inc.,
3.88%,
11/15/29
(d)
.........
EUR
1,000
1,199,520
Pinewood
Finance
Co.
Ltd.,
3.25%,
09/30/25
(d)
GBP
344
437,209
Playtika
Holding
Corp.,
4.25%,
03/15/29
(b)
..
USD
499
460,327
Ubisoft
Entertainment
SA,
0.88%,
11/24/27
(d)
EUR
500
497,993
Walt
Disney
Co.
(The),
2.75%,
09/01/49
...
USD
7,597
6,464,170
WMG
Acquisition
Corp.,
3.88%,
07/15/30
(b)
.
26
24,765
13,907,653
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.9%
American
Tower
Corp.
3.13%,
01/15/27
.................
1,000
974,429
3.10%,
06/15/50
.................
4,728
3,820,474
2.95%,
01/15/51
.................
4,097
3,219,442
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
....................
133
124,132
Crown
Castle
International
Corp.
3.80%,
02/15/28
.................
1,000
998,986
3.30%,
07/01/30
.................
865
827,224
CTR
Partnership
LP,
3.88%,
06/30/28
(b)
...
311
293,186
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Diversified
Healthcare
Trust,
9.75%,
06/15/25
USD
215
$
226,287
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(b)
..
270
248,394
GLP
Capital
LP,
3.25%,
01/15/32
.......
1,605
1,456,216
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(b)
...
346
328,700
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(b)
......
157
147,187
Iron
Mountain,
Inc.,
5.63%,
07/15/32
(b)
....
364
358,642
LMIRT
Capital
Pte.
Ltd.,
7.25%,
06/19/24
(d)
.
334
330,660
MGM
Growth
Properties
Operating
Partnership
LP
5.63%,
05/01/24
.................
512
527,094
4.63%,
06/15/25
(b)
................
363
365,723
5.75%,
02/01/27
.................
36
38,025
4.50%,
01/15/28
.................
584
588,380
3.88%,
02/15/29
(b)
................
1,031
1,012,957
MPT
Operating
Partnership
LP
5.00%,
10/15/27
.................
85
86,434
4.63%,
08/01/29
.................
247
244,530
3.50%,
03/15/31
.................
891
827,483
RHP
Hotel
Properties
LP
4.75%,
10/15/27
.................
357
343,538
4.50%,
02/15/29
(b)
................
392
368,480
RLJ
Lodging
Trust
LP
(b)
3.75%,
07/01/26
.................
149
141,550
4.00%,
09/15/29
.................
125
115,608
SBA
Communications
Corp.,
3.88%,
02/15/27
452
440,892
Service
Properties
Trust
4.35%,
10/01/24
.................
46
44,275
7.50%,
09/15/25
.................
94
98,611
5.50%,
12/15/27
.................
295
284,527
Trust
Fibra
Uno
4.87%,
01/15/30
(b)
................
905
887,635
6.95%,
01/30/44
(d)
................
471
498,907
Uniti
Group
LP
(b)
4.75%,
04/15/28
.................
50
47,188
6.50%,
02/15/29
.................
430
400,910
6.00%,
01/15/30
.................
295
265,500
VICI
Properties
LP
(b)
3.50%,
02/15/25
.................
203
200,006
4.25%,
12/01/26
.................
323
321,643
4.63%,
12/01/29
.................
193
192,518
4.13%,
08/15/30
.................
650
627,484
22,323,857
Food
&
Staples
Retailing
—
0.2%
Albertsons
Cos.,
Inc.
(b)
3.25%,
03/15/26
.................
259
244,760
4.63%,
01/15/27
.................
421
406,987
4.88%,
02/15/30
.................
170
165,538
Bellis
Acquisition
Co.
plc
(d)
3.25%,
02/16/26
.................
GBP
556
673,902
4.50%,
02/16/26
.................
564
709,209
Casino
Guichard
Perrachon
SA
(d)
(EURIBOR
Swap
Rate
5
Year
+
3.82%),
3.99%
(a)(k)
....................
EUR
500
259,969
6.63%,
01/15/26
.................
100
100,536
5.25%,
04/15/27
.................
575
539,662
CK
Hutchison
Europe
Finance
18
Ltd.,
2.00%,
04/13/30
(d)
....................
500
537,845
Iceland
Bondco
plc
(d)
4.63%,
03/15/25
.................
GBP
200
234,486
4.38%,
05/15/28
.................
280
307,030
Ocado
Group
plc,
3.88%,
10/08/26
(d)
.....
491
574,026
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
(b)
....................
USD
208
189,540
Quatrim
SASU,
5.88%,
01/15/24
(d)
......
EUR
100
110,304
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
36
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Food
&
Staples
Retailing
(continued)
Tesco
Corporate
Treasury
Services
plc,
0.38%,
07/27/29
(d)
....................
EUR
500
$
486,745
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(b)
USD
164
168,100
US
Foods,
Inc.
(b)
6.25%,
04/15/25
.................
50
51,250
4.75%,
02/15/29
.................
204
194,565
Woolworths
Group
Ltd.,
0.38%,
11/15/28
(d)
.
EUR
500
501,108
6,455,562
Food
Products
—
0.4%
China
Modern
Dairy
Holdings
Ltd.,
2.13%,
07/14/26
(d)
....................
USD
1,150
1,045,936
Chobani
LLC
(b)
7.50%,
04/15/25
.................
1,538
1,486,938
4.63%,
11/15/28
.................
151
139,298
CP
Foods
Capital
Ltd.,
0.50%,
06/18/25
(d)(i)
.
800
817,200
Gruma
SAB
de
CV,
4.88%,
12/01/24
(d)
....
760
787,455
Health
&
Happiness
H&H
International
Holdings
Ltd.,
5.63%,
10/24/24
(d)
............
800
718,150
Indofood
CBP
Sukses
Makmur
Tbk.
PT,
3.40%,
06/09/31
(d)
....................
647
579,136
JBS
USA
LUX
SA,
3.75%,
12/01/31
(b)
.....
302
280,327
Knight
Castle
Investments
Ltd.,
7.99%,
01/23/21
(d)(f)(m)
..................
1,400
980,000
Kraft
Heinz
Foods
Co.
2.25%,
05/25/28
(d)
................
EUR
600
678,106
6.50%,
02/09/40
.................
USD
145
172,912
4.38%,
06/01/46
.................
200
197,528
4.88%,
10/01/49
.................
12
12,644
5.50%,
06/01/50
.................
479
543,919
Lamb
Weston
Holdings,
Inc.
(b)
4.88%,
05/15/28
.................
65
65,000
4.13%,
01/31/30
.................
120
112,060
4.38%,
01/31/32
.................
116
108,370
Mondelez
International,
Inc.,
0.75%,
03/17/33
EUR
500
486,366
Pilgrim's
Pride
Corp.
(b)
4.25%,
04/15/31
.................
USD
19
17,575
3.50%,
03/01/32
.................
423
369,273
Post
Holdings,
Inc.
(b)
5.50%,
12/15/29
.................
18
17,319
4.50%,
09/15/31
.................
135
119,609
Premier
Foods
Finance
plc,
3.50%,
10/15/26
(d)
GBP
548
668,684
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(b)
..
USD
155
145,312
10,549,117
Gas
Utilities
—
0.0%
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(b)
....................
109
102,187
Health
Care
Equipment
&
Supplies
—
0.1%
(b)
Avantor
Funding,
Inc.
4.63%,
07/15/28
.................
527
521,203
3.88%,
11/01/29
.................
221
207,740
Hologic,
Inc.,
3.25%,
02/15/29
.........
16
14,941
Mozart
Debt
Merger
Sub,
Inc.,
5.25%,
10/01/29
1,081
1,004,973
Ortho-Clinical
Diagnostics,
Inc.
7.38%,
06/01/25
.................
1,246
1,283,380
7.25%,
02/01/28
.................
286
294,580
3,326,817
Health
Care
Providers
&
Services
—
1.0%
180
Medical,
Inc.,
3.88%,
10/15/29
(b)
.....
200
189,000
Acadia
Healthcare
Co.,
Inc.
(b)
5.50%,
07/01/28
.................
98
98,490
5.00%,
04/15/29
.................
66
65,158
AdaptHealth
LLC
(b)
6.13%,
08/01/28
.................
35
34,738
5.13%,
03/01/30
.................
55
51,081
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(b)
USD
112
$
104,160
Akumin
Escrow,
Inc.,
7.50%,
08/01/28
(b)
...
64
50,880
Akumin,
Inc.,
7.00%,
11/01/25
(b)
........
152
126,160
CAB
SELAS,
3.38%,
02/01/28
(d)
........
EUR
664
697,740
Cano
Health
LLC,
6.25%,
10/01/28
(b)
.....
USD
139
133,440
Centene
Corp.
2.45%,
07/15/28
.................
367
335,328
4.63%,
12/15/29
.................
275
277,225
3.00%,
10/15/30
.................
865
794,477
2.50%,
03/01/31
.................
918
810,162
2.63%,
08/01/31
.................
642
571,380
Chrome
Bidco
SASU,
3.50%,
05/31/28
(d)
...
EUR
400
422,764
Chrome
Holdco
SASU,
5.00%,
05/31/29
(d)
..
408
418,627
Community
Health
Systems,
Inc.
(b)
8.00%,
03/15/26
.................
USD
1,000
1,041,420
5.63%,
03/15/27
.................
504
513,291
6.00%,
01/15/29
.................
371
374,875
6.88%,
04/15/29
.................
142
139,515
6.13%,
04/01/30
.................
139
129,336
CVS
Health
Corp.,
5.05%,
03/25/48
......
600
679,495
DaVita,
Inc.,
4.63%,
06/01/30
(b)
........
11
10,272
Encompass
Health
Corp.
4.50%,
02/01/28
.................
44
43,120
4.75%,
02/01/30
.................
150
144,000
4.63%,
04/01/31
.................
231
216,225
HCA,
Inc.
5.63%,
09/01/28
.................
465
502,781
5.88%,
02/01/29
.................
138
150,861
3.50%,
09/01/30
.................
481
464,677
4.63%,
03/15/52
(b)
................
8,165
8,228,448
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
.....
216
204,660
Korian
SA,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
9.08%),
4.13%
(a)(d)(k)
GBP
400
482,078
Legacy
LifePoint
Health
LLC
(b)
6.75%,
04/15/25
.................
USD
100
103,323
4.38%,
02/15/27
.................
53
51,203
LifePoint
Health,
Inc.,
5.38%,
01/15/29
(b)
...
268
253,228
ModivCare,
Inc.,
5.88%,
11/15/25
(b)
......
133
134,287
Molina
Healthcare,
Inc.
(b)
4.38%,
06/15/28
.................
69
68,284
3.88%,
11/15/30
.................
209
200,640
3.88%,
05/15/32
.................
145
137,887
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(b)
.
97
90,937
Owens
&
Minor,
Inc.,
6.63%,
04/01/30
(b)
...
104
107,017
Phoenix
PIB
Dutch
Finance
BV,
2.38%,
08/05/25
(d)
....................
EUR
1,000
1,081,946
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(b)
....................
USD
285
292,122
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(b)
...............
115
120,296
Surgery
Center
Holdings,
Inc.
(b)
6.75%,
07/01/25
.................
267
265,999
10.00%,
04/15/27
................
1,488
1,562,400
Tenet
Healthcare
Corp.
(b)
4.63%,
09/01/24
.................
219
220,499
4.88%,
01/01/26
.................
503
507,401
6.25%,
02/01/27
.................
640
657,021
5.13%,
11/01/27
.................
5
5,024
4.63%,
06/15/28
.................
48
47,100
6.13%,
10/01/28
.................
297
301,826
4.25%,
06/01/29
.................
76
72,865
Vizient,
Inc.,
6.25%,
05/15/27
(b)
........
123
126,690
24,913,859
BlackRock
Income
Fund
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Health
Care
Technology
—
0.0%
IQVIA,
Inc.,
5.00%,
05/15/27
(b)
.........
USD
373
$
377,120
Hotels,
Restaurants
&
Leisure
—
1.7%
1011778
BC
ULC
(b)
3.88%,
01/15/28
.................
260
246,359
4.38%,
01/15/28
.................
511
490,560
4.00%,
10/15/30
.................
28
25,257
Accor
SA
(d)
(EUR
Swap
Annual
5
Year
+
4.56%),
4.38%
(a)(k)
....................
EUR
100
111,045
0.70%,
12/07/27
(i)
................
459
244,450
Affinity
Gaming,
6.88%,
12/15/27
(b)
......
USD
124
120,590
Boyd
Gaming
Corp.
8.63%,
06/01/25
(b)
................
13
13,655
4.75%,
12/01/27
.................
125
124,375
4.75%,
06/15/31
(b)
................
356
343,095
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
.....
277
265,920
Caesars
Entertainment,
Inc.
(b)
6.25%,
07/01/25
.................
982
1,013,856
4.63%,
10/15/29
.................
553
517,055
Carnival
Corp.
10.13%,
02/01/26
(d)
...............
EUR
228
281,458
7.63%,
03/01/26
(d)
................
506
572,637
5.75%,
03/01/27
(b)
................
USD
1,084
1,033,773
9.88%,
08/01/27
(b)
................
335
370,282
4.00%,
08/01/28
(b)
................
1,058
983,940
6.00%,
05/01/29
(b)
................
454
427,822
CCM
Merger,
Inc.,
6.38%,
05/01/26
(b)
.....
122
123,220
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(b)
.
408
412,080
Cedar
Fair
LP
5.50%,
05/01/25
(b)
................
394
404,605
6.50%,
10/01/28
.................
93
94,627
Champion
Path
Holdings
Ltd.
(d)
4.50%,
01/27/26
.................
1,906
1,620,100
4.85%,
01/27/28
.................
678
539,561
Churchill
Downs,
Inc.,
4.75%,
01/15/28
(b)
..
524
508,280
Cirsa
Finance
International
SARL,
4.50%,
03/15/27
(d)
....................
EUR
949
990,999
Codere
Finance
2
Luxembourg
SA
(d)(j)
11.00%,
(11.00%
Cash
or
11.00%
PIK),
09/30/26
(c)
...................
3,007
3,525,433
2.00%,
(2.00%
Cash
or
12.75%
PIK),
11/30/27
(a)
...................
592
598,986
Colt
Merger
Sub,
Inc.
(b)
5.75%,
07/01/25
.................
USD
442
451,098
8.13%,
07/01/27
.................
1,092
1,170,029
CPUK
Finance
Ltd.,
4.88%,
08/28/25
(d)
....
GBP
300
382,765
Expedia
Group,
Inc.,
2.95%,
03/15/31
....
USD
2,120
1,962,793
Fertitta
Entertainment
LLC
(b)
4.63%,
01/15/29
.................
415
393,213
6.75%,
01/15/30
.................
419
385,467
Food
Service
Project
SA,
5.50%,
01/21/27
(d)
EUR
697
754,756
Fortune
Star
BVI
Ltd.
(d)
5.95%,
01/29/23
.................
USD
200
193,750
6.75%,
07/02/23
.................
256
249,728
6.85%,
07/02/24
.................
1,382
1,340,540
5.95%,
10/19/25
.................
1,380
1,259,250
5.05%,
01/27/27
.................
600
501,000
Gamma
Bidco
SpA,
6.25%,
07/15/25
(d)
....
EUR
545
608,182
Hilton
Domestic
Operating
Co.,
Inc.
5.38%,
05/01/25
(b)
................
USD
74
75,621
4.88%,
01/15/30
.................
128
127,711
4.00%,
05/01/31
(b)
................
360
339,750
Inter
Media
&
Communication
SpA,
6.75%,
02/09/27
(d)
....................
EUR
180
193,916
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
InterContinental
Hotels
Group
plc
(d)
2.13%,
05/15/27
.................
EUR
500
$
554,713
3.38%,
10/08/28
.................
GBP
175
228,319
International
Game
Technology
plc,
3.50%,
06/15/26
(d)
....................
EUR
900
1,000,743
IRB
Holding
Corp.,
7.00%,
06/15/25
(b)
....
USD
210
218,400
Life
Time,
Inc.
(b)
5.75%,
01/15/26
.................
175
174,823
8.00%,
04/15/26
.................
187
186,702
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(b)
129
129,322
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(b)
144
127,440
Marriott
International,
Inc.,
Series
EE,
5.75%,
05/01/25
.....................
98
104,050
Melco
Resorts
Finance
Ltd.
(d)
5.25%,
04/26/26
.................
1,933
1,739,700
5.38%,
12/04/29
.................
545
455,075
MGM
Resorts
International
6.00%,
03/15/23
.................
186
190,222
5.75%,
06/15/25
.................
23
23,576
Midco
GB
SASU,
7.75%,
(7.75%
Cash
or
8.50%
PIK),
11/01/27
(a)(d)(j)
..........
EUR
625
701,224
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(b)
....................
USD
101
93,108
Minor
International
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
7.92%),
2.70%
(a)(d)(k)
.............
695
651,258
NCL
Corp.
Ltd.
(b)
5.88%,
03/15/26
.................
381
362,011
7.75%,
02/15/29
.................
81
81,562
NCL
Finance
Ltd.,
6.13%,
03/15/28
(b)
.....
280
259,657
Peninsula
Pacific
Entertainment
LLC,
8.50%,
11/15/27
(b)
....................
143
158,194
Penn
National
Gaming,
Inc.,
4.13%,
07/01/29
(b)
81
72,511
Powdr
Corp.,
6.00%,
08/01/25
(b)
........
171
174,847
Premier
Entertainment
Sub
LLC
(b)
5.63%,
09/01/29
.................
128
110,010
5.88%,
09/01/31
.................
128
109,267
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)
.
194
186,337
Royal
Caribbean
Cruises
Ltd.
(b)
9.13%,
06/15/23
.................
328
341,530
11.50%,
06/01/25
................
263
289,000
5.50%,
08/31/26
.................
112
108,842
5.38%,
07/15/27
.................
318
305,528
5.50%,
04/01/28
.................
387
368,931
Scientific
Games
International,
Inc.
(b)
8.63%,
07/01/25
.................
626
658,083
5.00%,
10/15/25
.................
379
388,475
8.25%,
03/15/26
.................
256
266,560
7.00%,
05/15/28
.................
138
143,036
7.25%,
11/15/29
.................
50
52,375
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(b)
530
553,187
Station
Casinos
LLC,
4.63%,
12/01/31
(b)
...
271
247,884
Stonegate
Pub
Co.
Financing
plc
(d)
8.00%,
07/13/25
.................
GBP
772
1,029,654
8.25%,
07/31/25
.................
425
568,072
Studio
City
Finance
Ltd.
6.00%,
07/15/25
(d)
................
USD
1,018
921,290
5.00%,
01/15/29
(d)
................
575
441,061
5.00%,
01/15/29
(b)
................
1,500
1,150,594
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(b)
.....
154
159,064
Viking
Cruises
Ltd.,
5.88%,
09/15/27
(b)
....
250
227,855
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(b)
....................
196
178,899
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(b)
....................
147
141,487
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
38
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(b)
..
USD
182
$
176,085
Wynn
Resorts
Finance
LLC
(b)
7.75%,
04/15/25
.................
174
180,553
5.13%,
10/01/29
.................
440
414,150
Yum!
Brands,
Inc.,
4.75%,
01/15/30
(b)
.....
12
11,767
43,810,622
Household
Durables
—
0.4%
Ashton
Woods
USA
LLC
(b)
6.63%,
01/15/28
.................
54
55,326
4.63%,
08/01/29
.................
110
97,001
4.63%,
04/01/30
.................
161
140,258
Brookfield
Residential
Properties,
Inc.
(b)
5.00%,
06/15/29
.................
388
352,308
4.88%,
02/15/30
.................
129
115,367
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(b)
122
125,355
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(b)
....................
101
98,475
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(b)
....................
124
128,030
Mattamy
Group
Corp.,
5.25%,
12/15/27
(b)
..
118
116,477
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
60
60,597
New
Home
Co.,
Inc.
(The),
7.25%,
10/15/25
(b)
127
122,786
Newell
Brands,
Inc.,
6.00%,
04/01/46
(c)(h)
...
8,263
8,634,835
Nobel
Bidco
BV,
3.13%,
06/15/28
(d)
......
EUR
818
804,241
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(b)
USD
204
176,297
Taylor
Morrison
Communities,
Inc.
(b)
5.88%,
06/15/27
.................
134
139,360
5.13%,
08/01/30
.................
79
77,222
Tempur
Sealy
International,
Inc.
(b)
4.00%,
04/15/29
.................
24
21,800
3.88%,
10/15/31
.................
184
157,780
TRI
Pointe
Homes,
Inc.
5.25%,
06/01/27
.................
2
1,986
5.70%,
06/15/28
.................
65
64,888
Williams
Scotsman
International,
Inc.,
4.63%,
08/15/28
(b)
....................
251
244,725
11,735,114
Household
Products
—
0.0%
Central
Garden
&
Pet
Co.,
4.13%,
10/15/30
.
417
376,343
Energizer
Holdings,
Inc.
(b)
6.50%,
12/31/27
.................
87
86,130
4.75%,
06/15/28
.................
95
86,286
4.38%,
03/31/29
.................
23
20,136
Spectrum
Brands,
Inc.
(b)
5.00%,
10/01/29
.................
122
114,768
5.50%,
07/15/30
.................
82
78,720
3.88%,
03/15/31
.................
73
64,400
826,783
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Adani
Green
Energy
Ltd.,
4.38%,
09/08/24
(d)
795
778,106
Calpine
Corp.
(b)
4.50%,
02/15/28
.................
121
118,033
5.13%,
03/15/28
.................
783
745,870
4.63%,
02/01/29
.................
70
64,400
5.00%,
02/01/31
.................
5
4,550
3.75%,
03/01/31
.................
89
79,672
Clearway
Energy
Operating
LLC
(b)
4.75%,
03/15/28
.................
50
50,216
3.75%,
01/15/32
.................
185
170,200
Colbun
SA,
3.15%,
03/06/30
(d)
.........
1,853
1,710,319
3,721,366
Security
Par
(000)
Par
(000)
Value
Industrial
Conglomerates
—
0.1%
GE
Capital
International
Funding
Co.
Unlimited
Co.,
4.42%,
11/15/35
.............
USD
2,034
$
2,184,086
General
Electric
Co.,
1.88%,
05/28/27
....
EUR
500
552,610
2,736,696
Insurance
—
0.8%
Acrisure
LLC,
6.00%,
08/01/29
(b)
........
USD
253
233,931
AIA
Group
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.76%),
2.70%
(a)(d)(k)
...................
915
860,100
Alliant
Holdings
Intermediate
LLC
(b)
4.25%,
10/15/27
.................
985
947,442
6.75%,
10/15/27
.................
1,335
1,318,900
5.88%,
11/01/29
.................
1,005
966,056
AmWINS
Group,
Inc.,
4.88%,
06/30/29
(b)
...
129
123,842
Ardonagh
Midco
2
plc,
11.50%,
(11.50%
Cash
or
12.75%
PIK),
01/15/27
(b)(j)
.........
241
248,786
Asahi
Mutual
Life
Insurance
Co.,
(USD
Swap
Semi
5
Year
+
4.59%),
6.50%
(a)(d)(k)
.....
1,056
1,082,822
Assicurazioni
Generali
SpA,
(EURIBOR
3
Month
+
5.35%),
5.50%,
10/27/47
(a)(d)
...
EUR
150
185,643
AXA
SA,
(EURIBOR
3
Month
+
2.40%),
1.37%,
10/07/41
(a)(d)
...................
2,400
2,378,469
BNP
Paribas
Cardif
SA,
(EURIBOR
3
Month
+
3.93%),
4.03%
(a)(d)(k)
..............
200
233,419
BroadStreet
Partners,
Inc.,
5.88%,
04/15/29
(b)
USD
46
42,895
BUPA
Finance
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
3.17%),
4.00%
(a)(d)(k)
...................
GBP
225
248,641
CNP
Assurances,
(EURIBOR
3
Month
+
4.60%),
4.50%,
06/10/47
(a)(d)
.........
EUR
100
122,602
FWD
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.08%),
5.50%
(a)(d)(k)
...................
USD
1,200
1,176,000
Galaxy
Bidco
Ltd.,
6.50%,
07/31/26
(d)
.....
GBP
655
845,383
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
(b)
.
USD
252
254,936
HUB
International
Ltd.
(b)
7.00%,
05/01/26
.................
296
299,420
5.63%,
12/01/29
.................
152
145,160
KDB
Life
Insurance
Co.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.66%),
7.50%
(a)(d)(k)
..........
1,260
1,253,700
Legal
&
General
Group
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
5.38%),
5.63%
(a)(d)(k)
..............
GBP
414
550,644
Liberty
Mutual
Group,
Inc.,
(EUR
Swap
Annual
5
Year
+
3.70%),
3.63%,
05/23/59
(a)(d)
...
EUR
400
436,969
Muang
Thai
Life
Assurance
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
2.40%),
3.55%,
01/27/37
(a)(d)
..
USD
1,275
1,198,870
NFP
Corp.
(b)
4.88%,
08/15/28
.................
205
195,775
6.88%,
08/15/28
.................
1,424
1,359,920
QBE
Insurance
Group
Ltd.,
(USD
Swap
Rate
10
Year
+
4.40%),
5.87%,
06/17/46
(a)(d)
..
1,200
1,232,715
Ryan
Specialty
Group
LLC,
4.38%,
02/01/30
(b)
99
93,555
Societa
Cattolica
di
Assicurazioni
SC,
(EURIBOR
3
Month
+
4.46%),
4.25%,
12/14/47
(a)(d)
...................
EUR
400
457,387
Tongyang
Life
Insurance
Co.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.98%),
5.25%
(a)(d)(k)
..........
USD
800
816,000
ZhongAn
Online
P&C
Insurance
Co.
Ltd.
(d)
3.13%,
07/16/25
.................
700
633,500
3.50%,
03/08/26
.................
500
445,000
20,388,482
BlackRock
Income
Fund
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Interactive
Media
&
Services
—
0.0%
Baidu,
Inc.,
4.13%,
06/30/25
..........
USD
600
$
608,700
Rackspace
Technology
Global,
Inc.,
5.38%,
12/01/28
(b)
....................
45
39,044
Twitter,
Inc.
(b)
3.88%,
12/15/27
.................
266
258,353
5.00%,
03/01/30
.................
196
195,020
1,101,117
Internet
&
Direct
Marketing
Retail
—
0.4%
Amazon.com,
Inc.,
2.70%,
06/03/60
.....
7,597
6,274,065
ANGI
Group
LLC,
3.88%,
08/15/28
(b)
.....
105
88,950
Baozun,
Inc.,
1.63%,
05/01/24
(i)
........
413
408,911
Go
Daddy
Operating
Co.
LLC,
5.25%,
12/01/27
(b)
....................
120
120,547
HSE
Finance
SARL,
5.63%,
10/15/26
(d)
...
EUR
794
831,149
Match
Group
Holdings
II
LLC
(b)
4.13%,
08/01/30
.................
USD
163
152,742
3.63%,
10/01/31
.................
138
123,432
Rakuten
Group,
Inc.
(EUR
Swap
Annual
5
Year
+
4.74%),
4.25%
(a)(d)(k)
...................
EUR
1,000
956,076
Very
Group
Funding
plc
(The),
6.50%,
08/01/26
(d)
....................
GBP
614
763,026
9,718,898
IT
Services
—
0.4%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(b)
.
USD
261
239,794
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(b)
100
89,342
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(b)
....
195
181,908
Banff
Merger
Sub,
Inc.,
8.38%,
09/01/26
(d)
..
EUR
210
231,325
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
(b)
USD
131
124,149
Booz
Allen
Hamilton,
Inc.
(b)
3.88%,
09/01/28
.................
103
99,425
4.00%,
07/01/29
.................
457
446,233
CA
Magnum
Holdings
5.38%,
10/31/26
(b)
................
277
270,075
5.38%,
10/31/26
(d)
................
1,000
975,000
Cablevision
Lightpath
LLC
(b)
3.88%,
09/15/27
.................
268
250,580
5.63%,
09/15/28
.................
200
182,500
Centurion
Bidco
SpA,
5.88%,
09/30/26
(d)
...
EUR
768
825,201
Endurance
International
Group
Holdings,
Inc.,
6.00%,
02/15/29
(b)
...............
USD
105
90,566
Gartner,
Inc.
(b)
4.50%,
07/01/28
.................
149
148,440
3.63%,
06/15/29
.................
178
166,875
3.75%,
10/01/30
.................
128
120,160
Global
Payments,
Inc.,
2.90%,
05/15/30
...
3,260
3,008,793
ION
Trading
Technologies
SARL,
5.75%,
05/15/28
(b)
....................
400
385,500
Nexi
SpA,
0.00%,
02/24/28
(d)(i)(l)
........
EUR
1,300
1,175,499
Northwest
Fiber
LLC
(b)
4.75%,
04/30/27
.................
USD
159
150,970
6.00%,
02/15/28
.................
262
229,984
10.75%,
06/01/28
................
109
113,634
Square,
Inc.,
3.50%,
06/01/31
(b)
........
464
424,560
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(b)
.
74
74,647
Twilio,
Inc.,
3.88%,
03/15/31
..........
206
191,481
United
Group
BV
(d)
4.00%,
11/15/27
.................
EUR
999
1,021,153
5.25%,
02/01/30
.................
495
511,382
11,729,176
Leisure
Products
—
0.0%
Mattel,
Inc.
3.75%,
04/01/29
(b)
................
USD
14
13,471
6.20%,
10/01/40
.................
472
542,953
Security
Par
(000)
Par
(000)
Value
Leisure
Products
(continued)
5.45%,
11/01/41
.................
USD
21
$
22,355
578,779
Life
Sciences
Tools
&
Services
—
0.0%
(b)
Charles
River
Laboratories
International,
Inc.
4.25%,
05/01/28
.................
15
14,662
3.75%,
03/15/29
.................
32
30,182
PRA
Health
Sciences,
Inc.,
2.88%,
07/15/26
285
271,195
Syneos
Health,
Inc.,
3.63%,
01/15/29
....
299
276,201
592,240
Machinery
—
0.2%
Alstom
SA,
0.00%,
01/11/29
(d)
.........
EUR
500
484,380
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(b)
.
USD
108
108,270
ATS
Automation
Tooling
Systems,
Inc.,
4.13%,
12/15/28
(b)
....................
191
179,540
Clark
Equipment
Co.,
5.88%,
06/01/25
(b)
...
34
34,298
Colfax
Corp.,
6.38%,
02/15/26
(b)
........
132
136,163
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
126
128,970
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(b)
..
153
142,278
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(b)(j)
.........
167
173,680
IMA
Industria
Macchine
Automatiche
SpA,
3.75%,
01/15/28
(d)
...............
EUR
208
215,431
Meritor,
Inc.,
4.50%,
12/15/28
(b)
........
USD
133
133,339
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(b)
98
92,829
Novafives
SAS,
5.00%,
06/15/25
(d)
......
EUR
400
391,613
OT
Merger
Corp.,
7.88%,
10/15/29
(b)
.....
USD
144
124,560
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(b)
....................
153
142,673
Stevens
Holding
Co.,
Inc.,
6.13%,
10/01/26
(b)
80
82,618
Terex
Corp.,
5.00%,
05/15/29
(b)
........
274
262,621
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(b)
...
1,285
1,276,872
Titan
International,
Inc.,
7.00%,
04/30/28
..
54
54,173
TK
Elevator
Holdco
GmbH
6.63%,
07/15/28
(d)
................
EUR
360
390,803
7.63%,
07/15/28
(b)
................
USD
843
835,624
TK
Elevator
Midco
GmbH,
4.38%,
07/15/27
(d)
EUR
188
205,166
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
USD
376
371,875
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
.
281
252,900
6,220,676
Marine
—
0.1%
Danaos
Corp.,
8.50%,
03/01/28
(b)
.......
213
227,910
Misc
Capital
Two
Labuan
Ltd.,
3.75%,
04/06/27
(d)
....................
1,200
1,194,000
Seaspan
Corp.,
5.50%,
08/01/29
(b)
......
153
143,246
1,565,156
Media
—
2.1%
Advantage
Sales
&
Marketing,
Inc.,
6.50%,
11/15/28
(b)
....................
73
69,089
Altice
Financing
SA
2.25%,
01/15/25
(d)
................
EUR
180
189,667
5.00%,
01/15/28
(b)
................
USD
269
241,118
4.25%,
08/15/29
(d)
................
EUR
649
639,303
5.75%,
08/15/29
(b)
................
USD
983
893,630
AMC
Networks,
Inc.
5.00%,
04/01/24
.................
10
9,975
4.75%,
08/01/25
.................
102
101,638
4.25%,
02/15/29
.................
117
109,184
Bertelsmann
SE
&
Co.
KGaA,
(EUR
Swap
Annual
5
Year
+
3.21%),
3.50%,
04/23/75
(a)(d)
EUR
500
543,998
Block
Communications,
Inc.,
4.88%,
03/01/28
(b)
USD
254
245,110
Cable
One,
Inc.
1.13%,
03/15/28
(i)
................
131
117,114
4.00%,
11/15/30
(b)
................
104
95,911
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
40
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Charter
Communications
Operating
LLC
5.13%,
07/01/49
(h)
................
USD
1,000
$
992,078
3.70%,
04/01/51
(h)
................
2,410
1,986,077
5.25%,
04/01/53
.................
10,500
10,570,816
4.40%,
12/01/61
.................
5,750
5,005,228
Clear
Channel
International
BV,
6.63%,
08/01/25
(b)
....................
764
777,370
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
5.13%,
08/15/27
.................
710
702,325
7.75%,
04/15/28
.................
619
622,237
7.50%,
06/01/29
.................
841
839,196
Comcast
Corp.
3.75%,
04/01/40
.................
910
916,018
4.05%,
11/01/52
.................
260
268,923
2.94%,
11/01/56
(b)
................
448
369,834
2.99%,
11/01/63
(b)
................
6,299
5,154,634
CSC
Holdings
LLC
5.25%,
06/01/24
.................
132
132,167
5.75%,
01/15/30
(b)
................
450
400,500
4.13%,
12/01/30
(b)
................
266
233,246
4.50%,
11/15/31
(b)
................
246
220,482
5.00%,
11/15/31
(b)
................
595
498,527
Directv
Financing
LLC,
5.88%,
08/15/27
(b)
..
363
357,101
Discovery
Communications
LLC,
1.90%,
03/19/27
.....................
EUR
500
541,903
DISH
DBS
Corp.
5.88%,
07/15/22
.................
USD
504
506,510
5.00%,
03/15/23
.................
378
379,338
5.25%,
12/01/26
(b)
................
907
863,917
5.75%,
12/01/28
(b)
................
699
661,429
5.13%,
06/01/29
.................
86
73,237
DISH
Network
Corp.,
3.38%,
08/15/26
(i)
...
111
99,844
GCI
LLC,
4.75%,
10/15/28
(b)
..........
108
105,436
Grupo
Televisa
SAB
4.63%,
01/30/26
.................
562
578,263
5.00%,
05/13/45
.................
1,133
1,168,264
iHeartCommunications,
Inc.,
8.38%,
05/01/27
34
34,810
Informa
plc,
1.25%,
04/22/28
(d)
.........
EUR
500
517,052
ITV
plc
1.38%,
09/26/26
(d)
................
600
645,111
JCDecaux
SA,
2.63%,
04/24/28
(d)
.......
500
563,609
LCPR
Senior
Secured
Financing
DAC
(b)
6.75%,
10/15/27
.................
USD
356
365,719
5.13%,
07/15/29
.................
383
365,648
Liberty
Broadband
Corp.
(b)(i)
1.25%,
09/30/50
.................
258
247,035
2.75%,
09/30/50
.................
621
612,476
Midcontinent
Communications,
5.38%,
08/15/27
(b)
....................
122
122,509
Outfront
Media
Capital
LLC
(b)
5.00%,
08/15/27
.................
212
207,247
4.25%,
01/15/29
.................
17
15,814
4.63%,
03/15/30
.................
11
10,354
Radiate
Holdco
LLC
(b)
4.50%,
09/15/26
.................
640
617,600
6.50%,
09/15/28
.................
1,342
1,269,029
Scripps
Escrow
II,
Inc.,
3.88%,
01/15/29
(b)
..
88
81,774
SES
SA
(a)(d)(k)
(EUR
Swap
Annual
5
Year
+
5.40%),
5.63%
EUR
400
458,541
(EUR
Swap
Annual
5
Year
+
3.19%),
2.88%
350
358,390
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(b)
....................
USD
153
136,426
Sirius
XM
Radio,
Inc.
(b)
3.13%,
09/01/26
.................
389
367,789
4.00%,
07/15/28
.................
78
74,100
Security
Par
(000)
Par
(000)
Value
Media
(continued)
4.13%,
07/01/30
.................
USD
48
$
44,936
3.88%,
09/01/31
.................
647
588,770
Stagwell
Global
LLC,
5.63%,
08/15/29
(b)
...
111
104,715
Summer
BC
Bidco
B
LLC,
5.50%,
10/31/26
(b)
350
336,903
Summer
BC
Holdco
B
SARL,
5.75%,
10/31/26
(d)
....................
EUR
239
267,798
Summer
BidCo
BV
(d)(j)
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
(a)
...................
103
108,809
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
....................
182
200,661
Tele
Columbus
AG,
3.88%,
05/02/25
(d)
....
1,860
1,906,431
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(b)
...............
USD
400
386,000
Terrier
Media
Buyer,
Inc.,
8.88%,
12/15/27
(b)
484
492,470
Univision
Communications,
Inc.
(b)
5.13%,
02/15/25
.................
46
46,039
6.63%,
06/01/27
.................
106
111,035
UPC
Broadband
Finco
BV,
4.88%,
07/15/31
(b)
227
213,123
UPCB
Finance
VII
Ltd.,
3.63%,
06/15/29
(d)
..
EUR
1,169
1,264,381
Videotron
Ltd.,
3.63%,
06/15/29
(b)
.......
USD
183
169,676
Virgin
Media
Vendor
Financing
Notes
III
DAC,
4.88%,
07/15/28
(d)
...............
GBP
200
247,295
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(b)
...............
USD
504
483,840
VZ
Secured
Financing
BV,
3.50%,
01/15/32
(d)
EUR
607
616,431
Ziggo
Bond
Co.
BV,
5.13%,
02/28/30
(b)
....
USD
285
265,230
Ziggo
BV,
4.88%,
01/15/30
(b)
..........
435
409,653
53,615,866
Metals
&
Mining
—
0.8%
ABJA
Investment
Co.
Pte.
Ltd.,
5.95%,
07/31/24
(d)
....................
1,563
1,627,474
Allegheny
Technologies,
Inc.
4.88%,
10/01/29
.................
129
122,252
5.13%,
10/01/31
.................
145
135,971
AngloGold
Ashanti
Holdings
plc,
3.38%,
11/01/28
.....................
672
624,570
ArcelorMittal
SA,
1.75%,
11/19/25
(d)
......
EUR
600
664,359
Arconic
Corp.
(b)
6.00%,
05/15/25
.................
USD
94
96,162
6.13%,
02/15/28
.................
197
197,663
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
...
827
867,705
Carpenter
Technology
Corp.,
7.63%,
03/15/30
113
115,702
Commercial
Metals
Co.
4.13%,
01/15/30
.................
52
48,555
4.38%,
03/15/32
.................
56
52,010
Constellium
SE
(b)
5.88%,
02/15/26
.................
434
434,000
5.63%,
06/15/28
.................
250
251,052
3.75%,
04/15/29
.................
272
244,120
ERO
Copper
Corp.,
6.50%,
02/15/30
(b)
....
116
113,013
Freeport-McMoRan,
Inc.,
5.45%,
03/15/43
.
260
291,158
GUSAP
III
LP,
4.25%,
01/21/30
(d)
.......
1,234
1,237,702
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%,
08/01/28
(b)
....................
92
99,590
JSW
Steel
Ltd.
(d)
5.95%,
04/18/24
.................
200
202,500
5.38%,
04/04/25
.................
678
680,543
3.95%,
04/05/27
.................
1,350
1,273,725
Kaiser
Aluminum
Corp.
(b)
4.63%,
03/01/28
.................
311
292,141
4.50%,
06/01/31
.................
123
110,896
New
Gold,
Inc.
(b)
6.38%,
05/15/25
.................
57
56,857
7.50%,
07/15/27
.................
416
431,600
BlackRock
Income
Fund
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
Novelis
Corp.
(b)
3.25%,
11/15/26
.................
USD
362
$
345,811
4.75%,
01/30/30
.................
411
399,026
3.88%,
08/15/31
.................
438
400,621
Periama
Holdings
LLC,
5.95%,
04/19/26
(d)
..
1,630
1,653,635
United
States
Steel
Corp.,
6.88%,
03/01/29
.
246
255,840
Vale
Overseas
Ltd.
6.25%,
08/10/26
.................
874
959,390
3.75%,
07/08/30
.................
660
634,606
Vedanta
Resources
Finance
II
plc
8.00%,
04/23/23
(d)
................
1,846
1,768,099
13.88%,
01/21/24
(d)
...............
3,084
3,226,635
8.95%,
03/11/25
(b)
................
200
194,000
8.95%,
03/11/25
(d)
................
500
485,000
Vedanta
Resources
Ltd.,
7.13%,
05/31/23
(d)
.
539
508,951
21,102,934
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.
(b)
5.50%,
11/01/23
.................
186
189,171
4.38%,
01/15/27
.................
57
55,290
244,461
Multiline
Retail
—
0.1%
El
Corte
Ingles
SA,
3.00%,
03/15/24
(d)
....
EUR
500
556,587
Falabella
SA,
3.38%,
01/15/32
(b)
........
USD
690
645,150
Macy's
Retail
Holdings
LLC
(b)
5.88%,
03/15/30
.................
36
35,514
6.13%,
03/15/32
.................
36
35,550
Marks
&
Spencer
plc,
4.25%,
12/08/23
(c)(d)
..
GBP
400
528,780
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
(b)
..
USD
198
203,346
2,004,927
Multi-Utilities
—
0.2%
Dominion
Energy,
Inc.,
Series
C,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.20%),
4.35%
(a)(k)
..........
4,445
4,298,582
Engie
SA
(d)
(EUR
Swap
Annual
5
Year
+
1.84%),
1.62%
(a)(k)
....................
EUR
500
534,545
2.00%,
09/28/37
.................
500
527,898
5,361,025
Oil,
Gas
&
Consumable
Fuels
—
2.6%
Adani
Green
Energy
UP
Ltd.,
6.25%,
12/10/24
(d)
....................
USD
829
845,735
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
...
280
290,556
Aker
BP
ASA,
1.13%,
05/12/29
(d)
.......
EUR
500
506,739
Antero
Midstream
Partners
LP
(b)
5.75%,
03/01/27
.................
USD
77
78,416
5.38%,
06/15/29
.................
125
124,873
Antero
Resources
Corp.
(b)
7.63%,
02/01/29
.................
291
314,551
5.38%,
03/01/30
.................
97
99,061
Apache
Corp.
4.25%,
01/15/30
.................
158
159,266
5.10%,
09/01/40
.................
168
169,260
5.25%,
02/01/42
.................
123
122,385
5.35%,
07/01/49
.................
129
124,163
Ascent
Resources
Utica
Holdings
LLC
(b)
9.00%,
11/01/27
.................
405
554,850
5.88%,
06/30/29
.................
236
233,189
Bonanza
Creek
Energy,
Inc.,
5.00%,
10/15/26
(b)
113
112,015
BP
Capital
Markets
plc
(a)(k)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.04%),
4.38%
......................
496
498,728
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
4.17%),
4.25%
(d)
..
GBP
400
$
518,913
Buckeye
Partners
LP
4.13%,
03/01/25
(b)
................
USD
146
143,984
5.85%,
11/15/43
.................
161
137,243
Callon
Petroleum
Co.
6.13%,
10/01/24
.................
271
269,645
9.00%,
04/01/25
(b)
................
554
587,240
6.38%,
07/01/26
.................
33
32,814
8.00%,
08/01/28
(b)
................
397
418,506
Centennial
Resource
Production
LLC,
6.88%,
04/01/27
(b)
....................
84
84,428
Cheniere
Corpus
Christi
Holdings
LLC,
5.13%,
06/30/27
.....................
500
532,964
Cheniere
Energy
Partners
LP
4.50%,
10/01/29
.................
296
297,480
4.00%,
03/01/31
.................
119
115,358
3.25%,
01/31/32
(b)
................
953
866,553
Cheniere
Energy,
Inc.,
4.63%,
10/15/28
...
1,263
1,267,231
Chesapeake
Energy
Corp.
(b)
5.88%,
02/01/29
.................
17
17,552
6.75%,
04/15/29
.................
435
460,724
CITGO
Petroleum
Corp.,
7.00%,
06/15/25
(b)
.
325
327,031
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(b)
118
110,503
CNX
Resources
Corp.,
6.00%,
01/15/29
(b)
..
152
153,520
Colgate
Energy
Partners
III
LLC
(b)
7.75%,
02/15/26
.................
115
122,591
5.88%,
07/01/29
.................
253
260,830
Comstock
Resources,
Inc.
(b)
7.50%,
05/15/25
.................
33
33,495
6.75%,
03/01/29
.................
289
298,127
5.88%,
01/15/30
.................
484
476,885
Continuum
Energy
Levanter
Pte.
Ltd.,
4.50%,
02/09/27
(d)
....................
690
659,308
CQP
Holdco
LP,
5.50%,
06/15/31
(b)
......
1,153
1,132,707
Crescent
Energy
Finance
LLC,
7.25%,
05/01/26
(b)
....................
447
449,083
Crestwood
Midstream
Partners
LP
(b)
5.63%,
05/01/27
.................
29
28,734
6.00%,
02/01/29
.................
20
19,925
8.00%,
04/01/29
.................
65
69,380
CrownRock
LP,
5.63%,
10/15/25
(b)
......
510
519,810
Cullinan
Holdco
SCSp,
4.63%,
10/15/26
(d)
..
EUR
341
354,711
DCP
Midstream
Operating
LP
6.45%,
11/03/36
(b)
................
USD
41
47,242
6.75%,
09/15/37
(b)
................
168
196,980
5.60%,
04/01/44
.................
28
29,422
DT
Midstream,
Inc.
(b)
4.13%,
06/15/29
.................
241
231,072
4.38%,
06/15/31
.................
375
359,063
Enbridge,
Inc.
4.00%,
10/01/23
.................
514
521,987
(LIBOR
USD
3
Month
+
3.64%),
6.25%,
03/01/78
(a)
...................
360
372,665
Energy
Transfer
LP
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.69%),
6.50%
(a)(k)
....................
703
690,909
5.15%,
02/01/43
.................
150
147,353
5.30%,
04/15/47
.................
721
740,926
5.00%,
05/15/50
.................
1,060
1,072,549
Eni
SpA
(d)
Series
NC6,
(EUR
Swap
Annual
5
Year
+
2.20%),
2.00%
(a)(k)
..............
EUR
500
509,917
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
42
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Series
NC9,
(EUR
Swap
Annual
5
Year
+
2.77%),
2.75%
(a)(k)
..............
EUR
850
$
848,357
2.00%,
05/18/31
.................
500
552,350
EnLink
Midstream
LLC
5.63%,
01/15/28
(b)
................
USD
231
235,620
5.38%,
06/01/29
.................
94
93,765
EnLink
Midstream
Partners
LP
4.40%,
04/01/24
.................
85
86,110
4.15%,
06/01/25
.................
4
3,986
4.85%,
07/15/26
.................
126
126,000
5.60%,
04/01/44
.................
52
44,850
5.05%,
04/01/45
.................
143
115,472
5.45%,
06/01/47
.................
46
38,755
Enterprise
Products
Operating
LLC
4.80%,
02/01/49
.................
320
341,309
3.95%,
01/31/60
.................
320
297,504
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(b)
................
142
144,846
4.13%,
12/01/26
.................
116
111,363
6.50%,
07/01/27
(b)
................
464
484,667
4.50%,
01/15/29
(b)
................
151
141,185
4.75%,
01/15/31
(b)
................
137
128,095
Galaxy
Pipeline
Assets
Bidco
Ltd.,
2.63%,
03/31/36
(d)
....................
1,527
1,369,814
Genesis
Energy
LP
6.50%,
10/01/25
.................
12
11,836
7.75%,
02/01/28
.................
60
60,318
Great
Western
Petroleum
LLC,
12.00%,
09/01/25
(b)
....................
69
76,935
Greenko
Dutch
BV,
3.85%,
03/29/26
(d)
....
194
183,088
Greenko
Mauritius
Ltd.,
6.25%,
02/21/23
(d)
.
200
200,500
Greenko
Solar
Mauritius
Ltd.
(d)
5.55%,
01/29/25
.................
850
850,000
5.95%,
07/29/26
.................
1,015
1,022,613
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(b)
..
28
28,289
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(b)
.
51
52,090
Hess
Corp.,
5.80%,
04/01/47
..........
3,200
3,807,277
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(b)
....................
97
91,529
Hilcorp
Energy
I
LP,
6.25%,
11/01/28
(b)
....
24
24,120
HPCL-Mittal
Energy
Ltd.,
5.45%,
10/22/26
(d)
.
456
441,180
India
Green
Energy
Holdings,
5.38%,
04/29/24
(d)
....................
680
685,168
ITT
Holdings
LLC,
6.50%,
08/01/29
(b)
.....
206
190,286
Lukoil
Securities
BV,
3.88%,
05/06/30
(b)
...
600
321,000
Matador
Resources
Co.,
5.88%,
09/15/26
..
585
595,706
Medco
Oak
Tree
Pte.
Ltd.,
7.38%,
05/14/26
(d)
650
656,500
Medco
Platinum
Road
Pte.
Ltd.,
6.75%,
01/30/25
(d)
....................
680
681,827
Mongolian
Mining
Corp.
9.25%,
04/15/24
(d)
................
6,467
4,649,369
9.25%,
04/15/24
(b)
................
340
244,439
MPLX
LP,
4.95%,
03/14/52
...........
7,621
7,934,064
Murphy
Oil
Corp.
5.75%,
08/15/25
.................
94
95,790
5.88%,
12/01/27
.................
41
41,718
6.37%,
12/01/42
(c)
................
16
15,335
Neptune
Energy
Bondco
plc,
6.63%,
05/15/25
(b)
650
653,569
New
Fortress
Energy,
Inc.
(b)
6.75%,
09/15/25
.................
443
445,618
6.50%,
09/30/26
.................
974
965,010
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(b)
194
190,836
NGPL
PipeCo
LLC,
7.77%,
12/15/37
(b)
....
122
153,113
Northern
Oil
and
Gas,
Inc.,
8.13%,
03/01/28
(b)
553
576,126
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
NuStar
Logistics
LP
5.75%,
10/01/25
.................
USD
175
$
178,281
6.00%,
06/01/26
.................
72
72,810
6.38%,
10/01/30
.................
47
47,636
Occidental
Petroleum
Corp.
6.95%,
07/01/24
.................
118
126,703
5.50%,
12/01/25
.................
431
453,541
5.55%,
03/15/26
.................
108
114,480
8.88%,
07/15/30
.................
110
141,075
6.63%,
09/01/30
.................
388
445,230
6.20%,
03/15/40
.................
244
270,840
4.50%,
07/15/44
.................
47
44,915
6.60%,
03/15/46
.................
34
39,950
4.40%,
04/15/46
.................
27
25,650
4.40%,
08/15/49
.................
27
25,380
OMV
AG,
(EUR
Swap
Annual
5
Year
+
2.83%),
2.50%
(a)(d)(k)
...................
EUR
500
526,575
Parkland
Corp.,
5.88%,
07/15/27
(b)
......
USD
147
146,633
PDC
Energy,
Inc.,
6.13%,
09/15/24
......
20
20,245
Raizen
Fuels
Finance
SA,
5.30%,
01/20/27
(b)
1,200
1,238,850
Range
Resources
Corp.
4.88%,
05/15/25
.................
233
235,835
4.75%,
02/15/30
(b)
................
80
79,454
Reliance
Industries
Ltd.
(d)
4.13%,
01/28/25
.................
750
761,625
3.67%,
11/30/27
.................
412
408,343
ReNew
Power
Pvt
Ltd.,
5.88%,
03/05/27
(d)
..
1,598
1,563,323
ReNew
Power
Synthetic
6.67%,
03/12/24
(b)
................
200
203,038
6.67%,
03/12/24
(d)
................
2,151
2,183,668
Repsol
International
Finance
BV,
(EUR
Swap
Annual
5
Year
+
4.41%),
4.25%
(a)(d)(k)
....
EUR
1,111
1,233,586
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(b)
.
USD
203
203,188
SM
Energy
Co.
10.00%,
01/15/25
(b)
...............
811
885,336
5.63%,
06/01/25
.................
268
267,665
6.63%,
01/15/27
.................
24
24,604
6.50%,
07/15/28
.................
115
118,672
Southwestern
Energy
Co.
5.95%,
01/23/25
(c)
................
18
18,817
5.38%,
02/01/29
.................
378
382,725
Summit
Midstream
Holdings
LLC,
8.50%,
10/15/26
(b)
....................
72
68,654
Sunoco
LP
6.00%,
04/15/27
.................
25
25,469
5.88%,
03/15/28
.................
36
36,360
Tallgrass
Energy
Partners
LP
(b)
6.00%,
03/01/27
.................
31
30,881
6.00%,
12/31/30
.................
21
20,377
6.00%,
09/01/31
.................
78
75,095
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(b)
545
564,140
TerraForm
Power
Operating
LLC,
4.75%,
01/15/30
(b)
....................
38
37,061
TotalEnergies
SE,
Series
NC7,
(EUR
Swap
Annual
5
Year
+
1.99%),
1.62%
(a)(d)(k)
....
EUR
500
506,801
UGI
International
LLC,
2.50%,
12/01/29
(d)
..
388
362,266
Venture
Global
Calcasieu
Pass
LLC
(b)
3.88%,
08/15/29
.................
USD
527
512,313
4.13%,
08/15/31
.................
608
596,539
3.88%,
11/01/33
.................
1,360
1,300,500
Western
Midstream
Operating
LP
4.75%,
08/15/28
.................
249
257,000
4.55%,
02/01/30
(c)
................
59
58,705
5.45%,
04/01/44
.................
337
341,637
5.30%,
03/01/48
.................
43
42,570
BlackRock
Income
Fund
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.50%,
08/15/48
.................
USD
99
$
97,763
5.75%,
02/01/50
(c)
................
544
530,400
68,983,648
Paper
&
Forest
Products
—
0.0%
Suzano
Austria
GmbH,
3.75%,
01/15/31
...
1,275
1,194,037
Personal
Products
—
0.0%
Coty,
Inc.
3.88%,
04/15/26
(d)
................
EUR
520
558,712
4.75%,
04/15/26
(d)
................
400
423,185
6.50%,
04/15/26
(b)
................
USD
100
99,428
4.75%,
01/15/29
(b)
................
105
97,977
Prestige
Brands,
Inc.,
3.75%,
04/01/31
(b)
...
82
73,185
1,252,487
Pharmaceuticals
—
0.6%
Bausch
Health
Cos.,
Inc.
(b)
6.13%,
02/01/27
.................
98
98,621
7.00%,
01/15/28
.................
127
113,701
4.88%,
06/01/28
.................
51
48,833
5.00%,
02/15/29
.................
630
490,773
7.25%,
05/30/29
.................
152
129,645
5.25%,
02/15/31
.................
17
13,232
Bayer
AG,
(EUR
Swap
Annual
5
Year
+
3.11%),
3.12%,
11/12/79
(a)(d)
..............
EUR
500
525,590
Catalent
Pharma
Solutions,
Inc.
(b)
5.00%,
07/15/27
.................
USD
56
56,653
3.13%,
02/15/29
.................
43
39,083
3.50%,
04/01/30
.................
122
111,325
Cheplapharm
Arzneimittel
GmbH
4.38%,
01/15/28
(d)
................
EUR
587
641,277
5.50%,
01/15/28
(b)
................
USD
275
266,060
Elanco
Animal
Health,
Inc.,
6.40%,
08/28/28
(c)
28
30,031
Embecta
Corp.
(b)
5.00%,
02/15/30
.................
73
68,854
6.75%,
02/15/30
.................
112
112,280
Endo
DAC,
9.50%,
07/31/27
(b)
.........
253
222,008
Endo
Luxembourg
Finance
Co.
I
SARL,
6.13%,
04/01/29
(b)
....................
457
417,013
Gruenenthal
GmbH
(d)
3.63%,
11/15/26
.................
EUR
487
533,356
4.13%,
05/15/28
.................
484
520,701
Jazz
Securities
DAC,
4.38%,
01/15/29
(b)
...
USD
376
364,250
Luye
Pharma
Group
Ltd.,
1.50%,
07/09/24
(d)(i)
1,500
1,492,500
Mylan,
Inc.,
2.13%,
05/23/25
(d)
.........
EUR
500
558,581
Nidda
BondCo
GmbH
(d)
5.00%,
09/30/25
.................
1,198
1,196,973
7.25%,
09/30/25
.................
182
190,735
Nidda
Healthcare
Holding
GmbH
3.50%,
09/30/24
(d)
................
1,002
1,060,218
Organon
&
Co.
(b)
4.13%,
04/30/28
.................
USD
886
844,097
5.13%,
04/30/31
.................
615
593,475
P&L
Development
LLC,
7.75%,
11/15/25
(b)
..
277
254,840
Par
Pharmaceutical,
Inc.,
7.50%,
04/01/27
(b)
956
892,091
Teva
Pharmaceutical
Finance
Netherlands
II
BV
6.00%,
01/31/25
.................
EUR
661
764,045
4.50%,
03/01/25
.................
1,089
1,211,709
3.75%,
05/09/27
.................
416
433,393
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
7.13%,
01/31/25
.............
USD
200
209,140
14,505,083
Security
Par
(000)
Par
(000)
Value
Professional
Services
—
0.2%
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
(b)
..
USD
150
$
138,945
Bureau
Veritas
SA,
1.13%,
01/18/27
(d)
....
EUR
500
532,230
CoreLogic,
Inc.,
4.50%,
05/01/28
(b)
......
USD
374
352,607
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
(b)
....................
346
325,240
House
of
Finance
NV
(The),
4.38%,
07/15/26
(d)
EUR
300
324,429
Intertrust
Group
BV,
3.38%,
11/15/25
(d)
....
1,000
1,102,600
KBR,
Inc.,
4.75%,
09/30/28
(b)
..........
USD
103
100,419
La
Financiere
Atalian
SASU,
5.13%,
05/15/25
(d)
EUR
1,112
1,094,292
Science
Applications
International
Corp.,
4.88%,
04/01/28
(b)
...............
USD
124
122,182
4,092,944
Real
Estate
Management
&
Development
—
2.5%
ADLER
Group
SA
(d)
3.25%,
08/05/25
.................
EUR
500
484,371
2.75%,
11/13/26
.................
2,100
1,937,937
2.25%,
01/14/29
.................
500
449,131
Agile
Group
Holdings
Ltd.
(d)
4.85%,
08/31/22
.................
USD
600
334,987
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
9.22%),
6.87%
(a)(k)
....................
2,670
507,300
Akelius
Residential
Property
Financing
BV,
1.00%,
01/17/28
(d)
...............
EUR
500
506,709
Alam
Sutera
Realty
Tbk.
PT,
8.00%,
(8.00%
Cash
or
6.25%
PIK),
05/02/24
(j)
.......
USD
184
119,600
Aldar
Sukuk
No.
2
Ltd.,
3.88%,
10/22/29
(d)
..
929
928,303
Aroundtown
SA
(a)(d)(k)
(EUR
Swap
Annual
5
Year
+
3.98%),
3.38%
EUR
600
651,305
(EUR
Swap
Annual
5
Year
+
3.46%),
2.87%
500
527,607
AT
Securities
BV,
(USD
Swap
Semi
5
Year
+
3.55%),
5.25%
(a)(d)(k)
..............
USD
500
493,275
Celulosa
Arauco
y
Constitucion
SA
(d)
4.25%,
04/30/29
.................
920
919,126
5.15%,
01/29/50
.................
962
952,260
Central
China
Real
Estate
Ltd.
(d)
6.88%,
08/08/22
.................
200
150,000
7.25%,
08/13/24
.................
498
214,140
China
Aoyuan
Group
Ltd.
(d)(f)(m)
8.50%,
01/23/22
.................
200
33,000
5.38%,
09/13/22
.................
200
33,000
7.95%,
02/19/23
.................
1,016
162,560
6.35%,
02/08/24
.................
4,494
719,040
7.95%,
06/21/24
.................
521
83,360
5.98%,
08/18/25
.................
2,252
360,320
6.20%,
03/24/26
.................
1,129
180,640
China
Evergrande
Group
(d)(f)(m)
8.25%,
03/23/22
.................
1,982
257,660
9.50%,
04/11/22
.................
2,172
271,500
11.50%,
01/22/23
................
2,333
291,625
10.00%,
04/11/23
................
3,681
460,125
12.00%,
01/22/24
................
800
100,000
China
Overseas
Finance
Cayman
VIII
Ltd.,
2.75%,
03/02/30
(d)
...............
678
599,098
China
Overseas
Grand
Oceans
Finance
IV
Cayman
Ltd.,
2.45%,
02/09/26
(d)
......
550
501,634
China
SCE
Group
Holdings
Ltd.
(d)
7.38%,
04/09/24
.................
2,142
1,183,856
5.95%,
09/29/24
.................
1,290
812,700
7.00%,
05/02/25
.................
925
482,330
CIFI
Holdings
Group
Co.
Ltd.
(d)
5.50%,
01/23/23
.................
500
464,313
6.55%,
03/28/24
.................
500
440,000
Citycon
OYJ,
(EUR
Swap
Annual
5
Year
+
4.71%),
4.50%
(a)(d)(k)
..............
EUR
400
411,525
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
44
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
Corp.
Inmobiliaria
Vesta
SAB
de
CV,
3.63%,
05/13/31
(b)
....................
USD
1,300
$
1,176,338
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
(b)
...............
95
99,275
DaFa
Properties
Group
Ltd.,
12.50%,
06/30/22
1,575
110,250
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
1.88%,
10/15/24
(d)
...............
EUR
1,000
1,075,640
Dexin
China
Holdings
Co.
Ltd.,
9.95%,
12/03/22
(d)
....................
USD
592
383,690
DIC
Asset
AG,
2.25%,
09/22/26
(d)
.......
EUR
600
580,781
Easy
Tactic
Ltd.
(d)
5.88%,
02/13/23
.................
USD
684
150,480
8.13%,
02/27/23
.................
400
86,000
11.75%,
08/02/23
................
1,955
420,325
8.63%,
02/27/24
.................
519
108,990
8.63%,
03/05/24
.................
565
115,825
11.63%,
09/03/24
................
2,270
465,350
Elect
Global
Investments
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%),
4.10%
(a)(d)(k)
..........
950
908,912
ESR
Cayman
Ltd.,
1.50%,
09/30/25
(d)(i)
....
700
676,200
Fantasia
Holdings
Group
Co.
Ltd.
(d)(f)(m)
15.00%,
12/18/21
................
200
27,000
11.75%,
04/17/22
................
5,280
712,800
7.95%,
07/05/22
.................
750
101,250
12.25%,
10/18/22
................
755
101,925
10.88%,
01/09/23
................
330
44,550
Fastighets
AB
Balder,
(EUR
Swap
Annual
5
Year
+
3.19%),
2.87%,
06/02/81
(a)(d)
....
EUR
800
774,412
Five
Point
Operating
Co.
LP,
7.88%,
11/15/25
(b)
USD
1,098
1,123,583
Forestar
Group,
Inc.,
3.85%,
05/15/26
(b)
...
99
92,318
Global
Prime
Capital
Pte.
Ltd.
(d)
5.50%,
10/18/23
.................
200
195,412
5.95%,
01/23/25
.................
479
455,050
GLP
Pte.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.74%),
4.50%
(a)(d)(k)
...................
2,100
1,868,081
Greenland
Global
Investment
Ltd.
(d)
6.13%,
04/22/23
.................
765
535,500
6.75%,
09/26/23
.................
375
258,750
Haimen
Zhongnan
Investment
Development
International
Co.
Ltd.
(d)
12.00%,
06/08/22
................
799
306,017
10.88%,
06/18/22
................
991
346,850
Heimstaden
Bostad
AB
(a)(d)(k)
(EUR
Swap
Annual
5
Year
+
3.91%),
3.38%
EUR
825
830,718
(EUR
Swap
Annual
5
Year
+
3.15%),
2.63%
475
443,895
(EUR
Swap
Annual
5
Year
+
3.27%),
3.00%
350
324,217
Heimstaden
Bostad
Treasury
BV,
1.38%,
07/24/28
(d)
....................
500
507,713
Hemso
Fastighets
AB,
1.75%,
06/19/29
(d)
..
500
525,784
Hopson
Development
Holdings
Ltd.,
7.00%,
05/18/24
(d)
....................
USD
200
154,037
Howard
Hughes
Corp.
(The)
(b)
4.13%,
02/01/29
.................
218
204,541
4.38%,
02/01/31
.................
186
174,840
JGC
Ventures
Pte.
Ltd.
0.00%,
06/30/25
.................
2
1,008
3.00%,
(3.00%
Cash
or
3.00%
PIK),
06/30/25
(d)(f)(j)(m)
................
1,792
926,053
Jingrui
Holdings
Ltd.,
12.00%,
07/25/22
(d)
..
1,030
412,000
Kaisa
Group
Holdings
Ltd.
(d)(f)(m)
11.95%,
10/22/22
................
2,200
429,000
10.88%,
07/23/23
................
778
152,099
11.95%,
11/12/23
................
632
123,240
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
9.38%,
06/30/24
.................
USD
2,492
$
448,560
Kennedy-Wilson,
Inc.,
4.75%,
02/01/30
...
150
142,637
KWG
Group
Holdings
Ltd.
(d)
6.30%,
02/13/26
.................
1,850
684,500
6.00%,
08/14/26
.................
1,350
499,500
Logan
Group
Co.
Ltd.
(d)
7.50%,
08/25/22
.................
350
94,500
5.25%,
02/23/23
.................
350
84,000
6.50%,
07/16/23
.................
350
78,750
MAF
Sukuk
Ltd.,
4.64%,
05/14/29
(d)
......
894
926,575
Modern
Land
China
Co.
Ltd.,
12.85%,
10/25/21
(d)(f)(m)
..................
729
131,220
New
Metro
Global
Ltd.,
5.00%,
08/08/22
(d)
..
300
276,000
NWD
Finance
BVI
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.86%),
4.12%
(a)(d)(k)
.............
2,000
1,820,000
NWD
MTN
Ltd.,
4.13%,
07/18/29
(d)
......
1,200
1,090,725
Powerlong
Real
Estate
Holdings
Ltd.
(d)
6.25%,
08/10/24
.................
2,120
805,600
5.95%,
04/30/25
.................
1,415
509,400
4.90%,
05/13/26
.................
510
178,500
Realogy
Group
LLC
(b)
5.75%,
01/15/29
.................
124
116,870
5.25%,
04/15/30
.................
99
91,080
Redco
Properties
Group
Ltd.,
9.90%,
02/17/24
(d)
....................
910
183,024
Redsun
Properties
Group
Ltd.,
10.50%,
10/03/22
(d)
....................
200
40,000
RKPF
Overseas
2019
A
Ltd.
(d)
7.88%,
02/01/23
.................
550
508,750
6.70%,
09/30/24
.................
550
470,250
Ronshine
China
Holdings
Ltd.
(d)
8.10%,
06/09/23
.................
1,165
209,700
7.35%,
12/15/23
.................
1,409
239,530
6.75%,
08/05/24
.................
1,695
271,200
7.10%,
01/25/25
.................
1,310
196,500
Samhallsbyggnadsbolaget
i
Norden
AB,
1.00%,
08/12/27
(d)
....................
EUR
500
482,618
SBB
Treasury
OYJ
(d)
0.75%,
12/14/28
.................
100
90,789
1.13%,
11/26/29
.................
200
178,699
Seazen
Group
Ltd.
(d)
6.15%,
04/15/23
.................
USD
300
228,000
6.00%,
08/12/24
.................
300
204,000
Shui
On
Development
Holding
Ltd.
(d)
5.75%,
11/12/23
.................
700
668,500
6.15%,
08/24/24
.................
683
638,605
5.50%,
03/03/25
.................
1,155
1,056,825
5.50%,
06/29/26
.................
1,210
1,089,000
Sinic
Holdings
Group
Co.
Ltd.
(d)(f)(m)
8.50%,
01/24/22
.................
1,100
22,000
10.50%,
06/18/22
................
1,309
26,180
Sinochem
Offshore
Capital
Co.
Ltd.,
2.38%,
09/23/31
(d)
....................
1,800
1,548,918
Sino-Ocean
Land
Treasure
IV
Ltd.
(d)
3.25%,
05/05/26
.................
1,235
889,200
4.75%,
08/05/29
.................
660
435,600
Summit
Properties
Ltd.,
2.00%,
01/31/25
(d)
.
EUR
1,000
1,064,102
Sunac
China
Holdings
Ltd.
(d)
7.95%,
10/11/23
.................
USD
483
130,410
6.65%,
08/03/24
.................
1,838
450,310
6.50%,
01/10/25
.................
482
118,090
7.00%,
07/09/25
.................
2,545
623,525
Theta
Capital
Pte.
Ltd.
(d)
8.13%,
01/22/25
.................
200
201,000
BlackRock
Income
Fund
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
6.75%,
10/31/26
.................
USD
200
$
189,750
Times
China
Holdings
Ltd.
(d)
6.75%,
07/08/25
.................
940
366,600
6.20%,
03/22/26
.................
1,898
702,260
5.75%,
01/14/27
.................
1,300
468,000
Unique
Pub
Finance
Co.
plc
(The)
(d)
Series
A4,
5.66%,
06/30/27
.........
GBP
49
69,655
Series
N,
6.46%,
03/30/32
(c)
.........
300
463,067
Wanda
Group
Overseas
Ltd.
(d)
7.50%,
07/24/22
.................
USD
1,180
1,121,000
8.88%,
03/21/23
.................
1,690
1,470,300
Wanda
Properties
Overseas
Ltd.,
6.95%,
12/05/22
(d)
....................
400
356,000
WeWork
Cos.
LLC,
5.00%,
07/10/25
(b)
....
229
192,500
Yango
Justice
International
Ltd.
(f)(m)
10.25%,
09/15/22
................
283
14,150
9.25%,
04/15/23
(d)
................
382
19,100
8.25%,
11/25/23
(d)
................
1,080
54,000
7.50%,
04/15/24
(d)
................
1,687
84,350
7.88%,
09/04/24
(d)
................
1,315
65,750
7.50%,
02/17/25
(d)
................
1,275
63,750
Yanlord
Land
HK
Co.
Ltd.
(d)
6.75%,
04/23/23
.................
700
679,000
6.80%,
02/27/24
.................
983
933,850
Yuzhou
Group
Holdings
Co.
Ltd.
(d)(f)(m)
7.70%,
02/20/25
.................
2,400
336,000
8.30%,
05/27/25
.................
1,458
204,120
7.38%,
01/13/26
.................
1,250
163,125
7.85%,
08/12/26
.................
1,800
252,000
6.35%,
01/13/27
.................
200
28,000
Zhenro
Properties
Group
Ltd.
8.00%,
03/06/23
.................
1,102
168,926
7.35%,
02/05/25
(d)
................
872
91,560
6.63%,
01/07/26
(d)
................
705
74,025
6.70%,
08/04/26
(d)
................
1,200
114,000
64,523,616
Road
&
Rail
—
0.3%
Albion
Financing
1
SARL,
6.13%,
10/15/26
(b)
218
210,370
Avis
Budget
Car
Rental
LLC,
5.38%,
03/01/29
(b)
100
98,522
Avis
Budget
Finance
plc,
4.13%,
11/15/24
(d)
.
EUR
100
110,791
BCP
V
Modular
Services
Finance
II
plc
(d)
4.75%,
11/30/28
.................
500
529,309
6.13%,
11/30/28
.................
GBP
300
373,563
EC
Finance
plc,
3.00%,
10/15/26
(d)
......
EUR
790
856,525
Hertz
Corp.
(The)
(b)
4.63%,
12/01/26
.................
USD
89
83,111
5.00%,
12/01/29
.................
141
127,605
Loxam
SAS
(d)
4.25%,
04/15/24
.................
EUR
500
553,500
4.50%,
02/15/27
.................
756
828,087
5.75%,
07/15/27
.................
400
431,438
National
Express
Group
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(a)(d)(k)
..............
GBP
300
384,735
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(b)
.
USD
77
75,653
Norfolk
Southern
Corp.,
3.16%,
05/15/55
..
1,119
999,426
PECF
USS
Intermediate
Holding
III
Corp.,
8.00%,
11/15/29
(b)
...............
161
155,365
Uber
Technologies,
Inc.
7.50%,
05/15/25
(b)
................
995
1,038,282
0.00%,
12/15/25
(i)(l)
...............
160
143,200
6.25%,
01/15/28
(b)
................
587
606,923
4.50%,
08/15/29
(b)
................
344
322,500
Security
Par
(000)
Par
(000)
Value
Road
&
Rail
(continued)
Union
Pacific
Corp.,
3.75%,
02/05/70
.....
USD
175
$
170,384
8,099,289
Semiconductors
&
Semiconductor
Equipment
—
0.5%
ams-OSRAM
AG
(d)(i)
0.00%,
03/05/25
(l)
................
EUR
1,000
941,098
2.13%,
11/03/27
.................
400
404,401
Broadcom,
Inc.,
3.75%,
02/15/51
(b)
......
USD
10,980
9,831,930
Entegris,
Inc.,
4.38%,
04/15/28
(b)
.......
53
51,278
KLA
Corp.,
3.30%,
03/01/50
..........
560
527,475
Microchip
Technology,
Inc.,
1.63%,
02/15/25
(i)
69
218,859
ON
Semiconductor
Corp.,
3.88%,
09/01/28
(b)
155
148,025
Synaptics,
Inc.,
4.00%,
06/15/29
(b)
.......
51
48,067
12,171,133
Software
—
0.5%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(b)
...
125
127,812
Boxer
Parent
Co.,
Inc.
6.50%,
10/02/25
(d)
................
EUR
200
223,075
7.13%,
10/02/25
(b)
................
USD
328
339,985
9.13%,
03/01/26
(b)
................
299
307,970
Camelot
Finance
SA,
4.50%,
11/01/26
(b)
...
99
96,278
Castle
US
Holding
Corp.,
9.50%,
02/15/28
(b)
136
135,010
Change
Healthcare
Holdings
LLC,
5.75%,
03/01/25
(b)
....................
387
387,000
Clarivate
Science
Holdings
Corp.
(b)
3.88%,
07/01/28
.................
272
259,426
4.88%,
07/01/29
.................
493
463,819
Condor
Merger
Sub,
Inc.,
7.38%,
02/15/30
(b)
500
479,620
Consensus
Cloud
Solutions,
Inc.
(b)
6.00%,
10/15/26
.................
90
89,325
6.50%,
10/15/28
.................
83
82,475
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
27
24,772
Elastic
NV,
4.13%,
07/15/29
(b)
.........
207
192,502
Fair
Isaac
Corp.,
4.00%,
06/15/28
(b)
......
269
260,424
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(b)
....................
200
183,762
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
....
338
328,884
Minerva
Merger
Sub,
Inc.,
6.50%,
02/15/30
(b)
401
389,020
NCR
Corp.
(b)
5.00%,
10/01/28
.................
128
122,560
5.13%,
04/15/29
.................
204
196,113
6.13%,
09/01/29
.................
29
29,073
Nuance
Communications,
Inc.,
5.63%,
12/15/26
.....................
190
195,345
Open
Text
Corp.,
3.88%,
12/01/29
(b)
.....
40
38,000
Open
Text
Holdings,
Inc.,
4.13%,
02/15/30
(b)
102
96,716
Oracle
Corp.,
3.95%,
03/25/51
.........
8,055
7,041,803
PTC,
Inc.,
4.00%,
02/15/28
(b)
..........
174
169,523
SAP
SE,
1.38%,
03/13/30
(d)
...........
EUR
500
553,094
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
USD
680
685,110
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
......
316
299,791
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
220
201,086
13,999,373
Specialty
Retail
—
1.0%
Advance
Auto
Parts,
Inc.,
3.50%,
03/15/32
.
4,855
4,658,161
Arko
Corp.,
5.13%,
11/15/29
(b)
.........
227
206,570
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
121
116,233
4.75%,
03/01/30
.................
51
48,131
5.00%,
02/15/32
(b)
................
114
105,967
Bath
&
Body
Works,
Inc.,
7.60%,
07/15/37
.
90
93,375
Carvana
Co.
(b)
5.50%,
04/15/27
.................
208
185,640
4.88%,
09/01/29
.................
107
88,364
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
46
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
China
Grand
Automotive
Services
Ltd.,
8.63%,
04/08/22
(d)
....................
USD
1,660
$
1,527,034
Constellation
Automotive
Financing
plc,
4.88%,
07/15/27
(d)
....................
GBP
516
618,532
Douglas
GmbH,
6.00%,
04/08/26
(d)
......
EUR
700
735,133
Dufry
One
BV,
0.75%,
03/30/26
(d)(i)
......
CHF
600
568,525
eG
Global
Finance
plc
3.63%,
02/07/24
(d)
................
EUR
195
210,261
4.38%,
02/07/25
(d)
................
189
202,913
6.75%,
02/07/25
(b)
................
USD
1,498
1,494,255
6.25%,
10/30/25
(d)
................
EUR
668
735,934
8.50%,
10/30/25
(b)
................
USD
200
204,750
Goldstory
SASU,
5.38%,
03/01/26
(d)
.....
EUR
415
459,094
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(b)
USD
44
40,975
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(b)
..
77
71,303
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(b)
158
148,520
L
Brands,
Inc.
6.88%,
11/01/35
.................
147
151,410
6.75%,
07/01/36
.................
8
8,147
LBM
Acquisition
LLC,
6.25%,
01/15/29
(b)
...
400
374,664
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(b)
....................
100
94,448
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(b)
.....
144
136,115
Lowe's
Cos.,
Inc.,
4.45%,
04/01/62
......
6,225
6,477,658
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
109
108,081
Penske
Automotive
Group,
Inc.,
3.75%,
06/15/29
.....................
27
24,153
PetSmart,
Inc.
(b)
4.75%,
02/15/28
.................
574
554,717
7.75%,
02/15/29
.................
1,014
1,046,955
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
...............
176
178,957
SRS
Distribution,
Inc.
(b)
4.63%,
07/01/28
.................
632
603,693
6.13%,
07/01/29
.................
225
207,562
6.00%,
12/01/29
.................
327
302,475
Staples,
Inc.
(b)
7.50%,
04/15/26
.................
1,660
1,612,034
10.75%,
04/15/27
................
82
72,980
Tendam
Brands
SAU,
5.00%,
09/15/24
(d)
...
EUR
200
219,904
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(b)
..
USD
710
672,789
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(b)(j)
...........
102
100,215
25,466,627
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Xerox
Corp.,
4.80%,
03/01/35
.........
43
37,238
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
BK
LC
Lux
Finco1
SARL
5.25%,
04/30/29
(d)
................
EUR
455
493,634
Chanel
Ceres
plc,
1.00%,
07/31/31
(d)
.....
500
503,558
Crocs,
Inc.
(b)
4.25%,
03/15/29
.................
USD
155
137,175
4.13%,
08/15/31
.................
154
130,130
European
TopSoho
SARL,
Series
SMCP,
4.00%,
09/21/21
(d)(f)(i)(m)
............
EUR
1,100
1,046,323
Kering
SA,
0.75%,
05/13/28
(d)
.........
500
535,663
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
(b)
...
USD
69
63,135
Levi
Strauss
&
Co.,
3.50%,
03/01/31
(b)
....
26
23,810
LVMH
Moet
Hennessy
Louis
Vuitton
SE,
0.38%,
02/11/31
(d)
...............
EUR
500
508,426
Prime
Bloom
Holdings
Ltd.,
6.95%,
07/05/22
(d)(f)
(m)
.........................
USD
955
166,707
PVH
Corp.,
3.13%,
12/15/27
(d)
.........
EUR
500
568,516
Security
Par
(000)
Par
(000)
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
William
Carter
Co.
(The)
(b)
5.50%,
05/15/25
.................
USD
34
$
35,037
5.63%,
03/15/27
.................
44
44,649
Wolverine
World
Wide,
Inc.,
4.00%,
08/15/29
(b)
111
98,513
4,355,276
Thrifts
&
Mortgage
Finance
—
0.1%
BPCE
SA,
Series
NC5.,
(EUR
Swap
Annual
5
Year
+
1.75%),
1.50%,
01/13/42
(a)(d)
....
EUR
1,000
1,036,667
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
...
USD
474
489,002
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(b)
.
148
121,258
Jerrold
Finco
plc,
4.88%,
01/15/26
(d)
.....
GBP
360
454,625
Ladder
Capital
Finance
Holdings
LLLP
(b)
4.25%,
02/01/27
.................
USD
104
99,670
4.75%,
06/15/29
.................
150
141,469
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
157
155,102
Nationstar
Mortgage
Holdings,
Inc.,
5.75%,
11/15/31
(b)
....................
71
67,713
Nationwide
Building
Society,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
5.39%),
5.87%
(a)(d)(k)
..............
GBP
939
1,250,478
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(b)
..
USD
199
182,711
3,998,695
Tobacco
—
0.2%
Altria
Group,
Inc.
4.40%,
02/14/26
.................
63
65,166
5.95%,
02/14/49
.................
485
525,038
3.70%,
02/04/51
.................
4,709
3,803,607
Imperial
Brands
Finance
plc,
2.13%,
02/12/27
(d)
EUR
100
108,884
4,502,695
Trading
Companies
&
Distributors
—
0.1%
Air
Lease
Corp.,
3.88%,
07/03/23
.......
USD
125
126,260
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
(b)
96
88,686
Fortress
Transportation
&
Infrastructure
Investors
LLC
(b)
9.75%,
08/01/27
.................
59
61,641
5.50%,
05/01/28
.................
254
230,924
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
(b)
....................
54
48,600
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
(b)
....................
28
26,250
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
....
148
150,072
Imola
Merger
Corp.,
4.75%,
05/15/29
(b)
....
499
480,517
United
Rentals
North
America,
Inc.,
5.25%,
01/15/30
.....................
11
11,344
WESCO
Distribution,
Inc.
(b)
7.13%,
06/15/25
.................
266
276,725
7.25%,
06/15/28
.................
349
370,685
1,871,704
Transportation
Infrastructure
—
0.4%
(d)
Abertis
Infraestructuras
Finance
BV,
(EUR
Swap
Annual
5
Year
+
3.69%),
3.25%
(a)(k)
.
EUR
900
973,632
ASTM
SpA,
2.38%,
11/25/33
..........
800
829,027
Atlantia
SpA
1.88%,
07/13/27
.................
100
105,232
1.88%,
02/12/28
.................
500
522,759
Autostrade
per
l'Italia
SpA
2.00%,
12/04/28
.................
482
518,625
2.00%,
01/15/30
.................
3,447
3,592,320
DP
World
Crescent
Ltd.,
3.75%,
01/30/30
..
USD
1,242
1,238,895
Fraport
AG
Frankfurt
Airport
Services
Worldwide,
1.88%,
03/31/28
.........
EUR
1,000
1,065,595
Getlink
SE,
3.50%,
10/30/25
..........
1,625
1,833,609
10,679,694
BlackRock
Income
Fund
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Water
Utilities
—
0.0%
Thames
Water
Kemble
Finance
plc,
4.63%,
05/19/26
(d)
....................
GBP
297
$
375,991
Wireless
Telecommunication
Services
—
1.5%
Connect
Finco
SARL,
6.75%,
10/01/26
(b)
...
USD
1,380
1,403,998
Digicel
International
Finance
Ltd.,
8.75%,
05/25/24
(b)
....................
200
198,538
Empresa
Nacional
de
Telecomunicaciones
SA
(d)
4.75%,
08/01/26
.................
367
380,763
3.05%,
09/14/32
.................
688
624,360
Globe
Telecom,
Inc.
(d)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.53%),
4.20%
(a)(k)
....................
675
646,312
3.00%,
07/23/35
.................
370
294,451
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(a)(b)(j)
........
714
495,849
Matterhorn
Telecom
SA,
4.00%,
11/15/27
(d)
.
EUR
350
377,291
Rogers
Communications,
Inc.,
4.55%,
03/15/52
(b)
....................
USD
11,494
11,426,855
SoftBank
Group
Corp.
(d)
(USD
Swap
Rate
5
Year
+
4.23%),
6.00%
(a)
(k)
.........................
231
220,547
2.13%,
07/06/24
.................
EUR
668
697,408
4.50%,
04/20/25
.................
200
215,995
4.75%,
07/30/25
.................
785
849,970
3.13%,
09/19/25
.................
700
726,410
2.88%,
01/06/27
.................
335
329,829
5.00%,
04/15/28
.................
400
420,237
4.63%,
07/06/28
.................
USD
1,500
1,339,500
3.38%,
07/06/29
.................
EUR
397
370,010
4.00%,
09/19/29
.................
1,219
1,178,174
Sprint
Corp.,
7.63%,
03/01/26
.........
USD
477
538,442
T-Mobile
USA,
Inc.
2.63%,
02/15/29
.................
172
156,989
2.88%,
02/15/31
.................
222
200,006
3.50%,
04/15/31
(b)
................
719
676,565
3.40%,
10/15/52
(b)
................
12,050
10,247,804
Vmed
O2
UK
Financing
I
plc
4.00%,
01/31/29
(d)
................
GBP
400
480,402
4.50%,
07/15/31
(d)
................
539
649,819
4.75%,
07/15/31
(b)
................
USD
562
529,685
Vodafone
Group
plc
2.50%,
05/24/39
(d)
................
EUR
100
112,671
(EUR
Swap
Annual
5
Year
+
3.43%),
4.20%,
10/03/78
(a)(d)
.............
568
640,540
(EUR
Swap
Annual
5
Year
+
3.00%),
2.63%,
08/27/80
(a)(d)
.............
323
346,942
Series
NC10,
(EUR
Swap
Annual
5
Year
+
3.23%),
3.00%,
08/27/80
(a)(d)
.......
700
708,553
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%),
3.25%,
06/04/81
(a)
..............
USD
547
504,580
37,989,495
Total
Corporate
Bonds
—
39.6%
(Cost:
$1,161,598,462)
...........................
1,032,145,821
Security
Par
(000)
Par
(000)
Value
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.9%
(a)
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
05/25/28
(n)
...................
USD
5,547
$
5,517,634
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C,
05/25/28
(n)
...................
1,128
1,122,507
Bleriot
US
Bidco,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
5.01%
,
 10/30/26
....
209
207,434
Cobham
Ultra
U.S.
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
0.00%),
11/17/28
(n)
.....
451
445,552
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
3.50%),
4.51%
,
 04/06/26
.................
1,587
1,556,217
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2,
(LIBOR
USD
3
Month
+
3.50%),
4.51%
,
 04/06/26
.................
853
836,589
Peraton
Corp.,
1st
Lien
Term
Loan
B,
02/01/28
(n)
.....................
8,997
8,920,827
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
7.75%),
8.50%
,
 02/01/29
2,136
2,114,955
Sequa
Mezzanine
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.75%
,
 11/28/23
.................
546
546,391
TransDigm,
Inc.,
Term
Loan
F,
(LIBOR
USD
1
Month
+
2.25%),
2.71%
,
 12/09/25
.....
2,164
2,126,579
23,394,685
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)
................
736
729,489
Airlines
—
0.6%
(a)
AAdvantage
Loyality
IP
Ltd.,
Term
Loan,
04/20/28
(n)
.....................
3,658
3,700,198
Air
Canada,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.25%
,
 08/11/28
..........
3,069
3,037,417
American
Airlines,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
01/29/27
(n)
.....
3,655
3,409,965
American
Airlines,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
2.00%),
2.84%
,
 12/15/23
1,053
1,039,271
Kestrel
Bidco,
Inc.,
Term
Loan,
12/11/26
(n)
..
490
470,717
United
Airlines,
Inc.,
Term
Loan
B,
04/21/28
(n)
4,479
4,419,083
16,076,651
Auto
Components
—
0.5%
(a)
Clarios
Global
LP,
1st
Lien
Term
Loan,
04/30/26
(n)
.....................
7,470
7,367,352
Truck
Hero,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
 01/31/28
.....
2,150
2,080,080
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
B1,
02/05/26
(n)
.....................
4,561
4,416,065
13,863,497
Automobiles
—
0.1%
Dealer
Tire
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.25%),
4.71%
,
 12/12/25
(a)
....
2,145
2,131,665
Beverages
—
0.3%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan,
01/24/29
(n)
.....................
3,728
3,661,538
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.00%),
6.65%
,
 01/24/30
1,437
1,430,260
Netsmart,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.75%
,
 10/01/27
1,339
1,331,572
6,423,370
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
48
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Building
Products
—
0.3%
(a)
CHI
Overhead
Doors,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.50%
,
 07/31/25
.................
USD
55
$
54,443
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 04/12/28
.................
284
274,217
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
11/23/27
(n)
2,273
2,205,518
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 10/02/28
.................
743
723,825
CP
Iris
Holdco
I,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
10/02/28
(n)
.....................
149
144,771
CPG
International
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.25%
,
 05/05/24
1,357
1,343,804
Jeld-Wen,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.25%),
2.71%
,
 07/28/28
.....
921
911,159
MI
Windows
&
Doors
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 12/18/27
.................
152
149,626
Wilsonart
LLC,
Term
Loan
E,
12/31/26
(n)
...
3,021
2,939,876
8,747,239
Capital
Markets
—
0.2%
(a)
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 07/24/26
.................
1,478
1,463,112
Cogeco
Communications
Finance
LP,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.50%),
3.00%
,
 09/01/28
.................
924
916,248
Focus
Financial
Partners
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.50%),
3.00%
,
 06/30/28
.................
1,725
1,701,114
Greenhill
&
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.71%
,
 04/12/24
....
125
124,333
4,204,807
Chemicals
—
0.7%
(a)
Alpha
3
BV,
Term
Loan,
03/18/28
(n)
.......
2,255
2,222,727
ARC
Falcon
I,
Inc.,
Delayed
Draw
Term
Loan,
09/30/28
(n)
.....................
221
214,879
ARC
Falcon
I,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
 09/30/28
.....
1,507
1,468,240
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 11/24/27
.................
310
305,230
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
08/27/26
(n)
..........
2,590
2,577,766
CPC
Acquisition
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.76%
,
 12/29/27
(e)
................
395
383,160
Ecovyst
Catalyst
Technologies
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.00%
,
 06/09/28
.................
1,533
1,511,345
Element
Solutions,
Inc.,
Term
Loan
B1,
01/31/26
(n)
.....................
1,854
1,836,172
Greenrock
Finance,
Inc.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
4.51%
,
 06/28/24
.................
365
359,849
Herens
Holdco
SARL,
Facility
Term
Loan
B
(LIBOR
USD
3
Month
+
4.00%),
4.75%, 07/03/28
...............
982
956,318
Messer
Industries
GmbH,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
2.50%),
2.72%
,
 03/02/26
.................
1,237
1,217,822
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.70%
,
 05/15/24
...........
USD
1,534
$
1,512,933
Nouryon
Finance
BV,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
4.01%
,
 10/01/25
....
57
56,203
Oxea
Holding
Vier
GmbH,
Term
Loan
B2,
10/14/24
(n)
.....................
1,851
1,809,420
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan,
08/02/28
(e)(n)
....................
2,240
2,206,562
WR
Grace
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.81%
,
 09/22/28
602
596,465
19,235,091
Commercial
Services
&
Supplies
—
1.1%
(a)
Allied
Universal
Holdco
LLC,
Term
Loan,
05/12/28
(n)
.....................
2,997
2,946,919
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.50%
-
4.78%
,
 02/15/29
......
669
661,474
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B5,
04/06/28
(n)
...............
1,866
1,837,533
Asplundh
Tree
Expert
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
2.21%
,
 09/07/27
530
523,380
Brand
Energy
&
Infrastructure
Services,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
5.25%
-
5.26%
,
 06/21/24
...........
5,024
4,784,504
Clean
Harbors,
Inc.,
Term
Loan,
10/08/28
(n)
.
1,859
1,837,982
Covanta
Holding
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.50%),
11/30/28
(n)
.....
1,725
1,714,433
Covanta
Holding
Corp.,
Term
Loan
C,
(LIBOR
USD
1
Month
+
2.50%),
11/30/28
(n)
.....
130
128,955
EnergySolutions
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.76%
,
 05/09/25
....
200
195,908
GFL
Environmental,
Inc.,
Term
Loan,
05/30/25
(n)
.....................
1,483
1,475,371
KAR
Auction
Services,
Inc.,
Term
Loan
B6,
(LIBOR
USD
1
Month
+
2.25%),
09/19/26
(e)
(n)
...........................
710
702,971
LABL,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.50%
,
 10/29/28
...........
1,785
1,758,081
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1,
09/23/26
(n)
...........
617
611,907
Spring
Education
Group,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
5.26%
,
 07/30/25
.................
1,891
1,830,758
Tempo
Acquisition
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.00%),
3.50%
,
 08/31/28
4,586
4,550,041
TruGreen
Ltd.,
Partnership,
1st
Lien
Term
Loan,
11/02/27
(n)
.....................
1,115
1,106,830
Vericast
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
7.75%),
8.76%
,
 06/16/26
.....
149
123,391
Viad
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.50%
,
 07/30/28
...........
1,209
1,190,994
27,981,432
Communications
Equipment
—
0.1%
Viasat,
Inc.,
Term
Loan,
03/02/29
(a)(n)
......
2,669
2,652,352
Construction
&
Engineering
—
0.1%
(a)(n)
Pike
Corp.,
Term
Loan,
01/21/28
........
1,485
1,470,410
USIC
Holdings,
Inc.,
1st
Lien
Term
Loan,
05/12/28
......................
1,229
1,215,034
2,685,444
BlackRock
Income
Fund
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Construction
Materials
—
0.2%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
2.46%
,
 01/15/27
...........
USD
1,848
$
1,822,279
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
 01/31/28
.................
930
912,119
New
AMI
I
LLC,
1st
Lien
Term
Loan,
03/08/29
(n)
805
775,616
Standard
Industries,
Inc.,
Term
Loan,
09/22/28
(n)
.....................
1,479
1,474,363
TAMKO
Building
Products
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.30%
-
4.01%
,
 05/29/26
.................
665
650,496
5,634,873
Containers
&
Packaging
—
0.7%
(a)
Charter
NEX
US,
Inc.,
1st
Lien
Term
Loan,
12/01/27
(n)
.....................
8,962
8,905,620
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
04/03/24
(n)
.................
3,362
3,309,818
Pactiv
Evergreen,
Inc.,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.25%),
3.71%
,
 02/05/26
258
251,132
Pregis
TopCo
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.46%
,
 07/31/26
1,532
1,497,086
Tosca
Services
LLC,
Term
Loan,
08/18/27
(e)(n)
2,269
2,212,031
Trident
TPI
Holdings,
Inc.,
Delayed
Draw
Term
Loan
B3,
(LIBOR
USD
3
Month
+
0.00%),
09/15/28
(n)
.....................
111
109,221
Trident
TPI
Holdings,
Inc.,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
 09/15/28
.................
1,243
1,225,023
17,509,931
Distributors
—
0.1%
PAI
Holdco,
Inc.,
1st
Lien
Term
Loan
B,
10/28/27
(a)(n)
....................
1,492
1,475,558
Diversified
Consumer
Services
—
0.8%
(a)
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 12/11/28
.................
2,820
2,785,388
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.75%),
6.25%
,
 12/10/29
.................
868
861,490
Bright
Horizons
Family
Solutions
LLC,
Term
Loan
B,
11/24/28
(n)
................
2,240
2,212,417
Midas
Intermediate
Holdco
II
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
3.50%
,
 12/22/25
.................
3,967
3,666,676
Mileage
Plus
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.25%
,
 06/21/27
4,643
4,811,027
Research
Now
Group,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.50%),
6.50%
,
 12/20/24
.................
744
728,872
SIRVA
Worldwide,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.50%),
5.80%
-
6.51%
,
 08/04/25
.................
330
303,937
Sotheby's,
Term
Loan,
01/15/27
(n)
........
3,720
3,715,561
Voyage
Australia
Pty
Ltd.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 07/20/28
.................
778
768,691
19,854,059
Security
Par
(000)
Par
(000)
Value
Diversified
Financial
Services
—
2.8%
(a)
Acuris
Finance
US,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
 02/16/28
USD
684
$
677,227
Advisor
Group
Holdings,
Inc.,
Term
Loan
B1,
07/31/26
(n)
.....................
3,716
3,696,004
Alchemy
Copyrights
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.50%
,
 03/10/28
(e)
1,073
1,068,836
Belron
Finance
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
2.56%
,
 10/30/26
....
486
480,607
Belron
Group
SA,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
3.25%
,
 04/13/28
.....
2,517
2,495,761
Castlelake
Aviation
One
DAC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
3.58%
,
 10/22/26
.................
2,149
2,088,669
Connect
Finco
SARL,
Term
Loan,
12/11/26
(n)
7,464
7,393,566
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
04/09/27
(n)
.................
9,270
9,212,317
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
5.01%
,
 10/01/27
(e)
................
3,674
3,664,520
Grab
Holdings,
Inc.,
Term
Loan,
01/29/26
(n)
.
4,566
4,451,447
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
12/17/27
(n)
3,026
2,947,371
Lealand
Finance
Co.
BV,
Term
Loan,
06/28/24
(e)
(n)
...........................
17
10,299
Lealand
Finance
Co.
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
1.00%),
1.21%
,
 06/30/25
114
56,625
LEB
Holdings
(USA),
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.76%
,
 11/02/27
.
434
431,448
Medline
Borrower
LP,
Term
Loan,
10/23/28
(n)
7,449
7,370,989
Mercury
Borrower,
Inc.,
1st
Lien
Term
Loan,
08/02/28
(n)
.....................
3,730
3,697,077
Mercury
Borrower,
Inc.,
2nd
Lien
Term
Loan,
08/02/29
(e)(n)
....................
672
665,248
OLA
Netherlands
BV,
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
7.00%
,
 12/15/26
....
1,033
998,532
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
4.76%
,
 12/15/28
.................
1,226
1,212,995
Radiate
Holdco
LLC,
Term
Loan,
09/25/26
(n)
.
2,976
2,947,217
RVR
Dealership
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 02/08/28
.................
866
824,310
Setanta
Aircraft
Leasing
DAC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.00%),
3.01%
,
 11/05/28
.................
612
602,312
SMG
US
Midco
2,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
2.80%
-
2.96%
,
 01/23/25
.................
1,250
1,199,641
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
12/11/26
(n)
.................
2,625
2,587,319
Travelport
Finance
(Luxembourg)
SARL,
1st
Lien
Term
Loan,
05/29/26
(n)
..........
2,013
1,776,145
Travelport
Finance
(Luxembourg)
SARL,
Term
Loan,
(LIBOR
USD
3
Month
+
1.50%),
2.51%
,
 02/28/25
.................
486
503,320
UPC
Financing
Partnership,
Facility
Term
Loan
AX,
(LIBOR
USD
1
Month
+
3.00%),
3.40%
,
 01/31/29
.................
425
418,803
Veritas
US,
Inc.,
Term
Loan
B,
09/01/25
(n)
..
5,744
5,359,106
VS
Buyer
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.46%
,
 02/28/27
.....
1,232
1,218,188
White
Cap
Supply
Holdings
LLC,
Term
Loan,
10/19/27
(n)
.....................
1,125
1,110,317
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
50
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Diversified
Financial
Services
(continued)
Ziggo
Financing
Partnership,
Facility
Term
Loan
I,
04/30/28
(n)
....................
USD
1,878
$
1,847,760
73,013,976
Diversified
Telecommunication
Services
—
0.7%
(a)
Altice
Financing
SA,
Term
Loan
(LIBOR
USD
3
Month
+
2.75%),
2.99%, 07/15/25
...............
659
640,425
(LIBOR
USD
3
Month
+
2.75%),
2.99%, 01/31/26
...............
1,805
1,736,471
Altice
France
SA,
Term
Loan
B13,
08/14/26
(n)
3,773
3,698,890
Cablevision
Lightpath
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 11/30/27
.
152
149,946
Consolidated
Communications,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
4.25%
,
 10/02/27
.................
601
561,266
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.81%
,
 05/01/28
.................
1,355
1,332,498
Iridium
Satellite
LLC,
Term
Loan
B2,
11/04/26
(n)
2,224
2,203,436
Level
3
Financing,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
2.21%
,
 03/01/27
498
488,619
Orbcomm,
Inc.,
1st
Lien
Term
Loan,
09/01/28
(n)
1,859
1,838,451
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
Q,
(LIBOR
USD
1
Month
+
3.25%),
3.65%
,
 01/31/29
.................
1,257
1,248,364
Zayo
Group
Holdings,
Inc.,
Term
Loan,
03/09/27
(n)
.....................
5,692
5,533,911
19,432,277
Electric
Utilities
—
0.0%
(a)
Calpine
Construction
Finance
Co.
LP,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
2.46%
,
 01/15/25
.................
221
216,857
Edgewater
Generation
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.21%
,
 12/13/25
.................
394
361,979
578,836
Electrical
Equipment
—
0.2%
(a)
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
 06/23/28
.................
2,238
2,205,725
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
3.96%
,
 09/13/24
3,629
3,579,836
5,785,561
Electronic
Equipment,
Instruments
&
Components
—
0.1%
II-VI,
Inc.,
Term
Loan
B,
12/08/28
(a)(e)(n)
.....
1,876
1,861,783
Entertainment
—
0.6%
(a)
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
04/22/26
(n)
...................
1,273
1,132,693
City
Football
Group
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 07/21/28
1,844
1,805,185
Kingpin
Intermediate
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.50%
,
 07/03/24
.................
611
602,230
Live
Nation
Entertainment,
Inc.,
Term
Loan
B4,
10/19/26
(n)
.....................
4,527
4,413,532
Playtika
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
3.21%
,
 03/13/28
1,231
1,211,275
Renaissance
Holding
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.71%
,
 05/30/25
.................
36
35,268
Security
Par
(000)
Par
(000)
Value
Entertainment
(continued)
William
Morris
Endeavor
Entertainment
LLC,
1st
Lien
Term
Loan
B1,
05/18/25
(n)
.....
USD
5,635
$
5,530,676
WMG
Acquisition
Corp.,
Term
Loan
G,
01/20/28
(n)
.....................
1,499
1,483,811
16,214,670
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
(a)
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan,
08/21/25
(n)
.................
1,873
1,844,890
RHP
Hotel
Properties
LP,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
2.46%
,
 05/11/24
.
128
125,954
1,970,844
Food
&
Staples
Retailing
—
0.1%
(a)(n)
H-Food
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.69%),
4.14%
,
 05/23/25
....
113
108,525
US
Foods,
Inc.,
Term
Loan
B
(LIBOR
USD
3
Month
+
2.00%),
2.51%, 09/13/26
...............
1,552
1,518,522
(LIBOR
USD
3
Month
+
2.75%),
 11/22/28
(n)
1,421
1,402,383
3,029,430
Food
Products
—
0.9%
(a)
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B4,
11/19/26
(n)
...................
3,011
2,942,569
8th
Avenue
Food
&
Provisions,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.21%
,
 10/01/25
.................
1,722
1,489,494
B&G
Foods,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.50%),
2.96%
,
 10/10/26
....
112
109,620
Chobani
LLC,
Term
Loan,
10/25/27
(n)
......
4,503
4,418,239
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B2,
01/29/27
(n)
...............
4,524
4,435,684
Hostess
Brands
LLC,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
2.25%),
3.00%
,
 08/03/25
.................
256
251,980
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
06/08/28
(n)
.................
2,241
2,213,512
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan,
03/31/28
(n)
.....................
5,315
5,175,091
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan,
01/20/28
(n)
.....................
2,256
2,220,882
23,257,071
Health
Care
Equipment
&
Supplies
—
0.2%
(a)
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
11/03/28
(n)
.....................
3,733
3,683,094
Insulet
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 05/04/28
(e)
....
658
653,092
4,336,186
Health
Care
Providers
&
Services
—
1.1%
(a)
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan,
07/24/26
(n)
.....................
2,246
2,213,801
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan,
09/29/28
(n)
.................
2,614
2,587,193
CTEC
III
GmbH,
Term
Loan,
(EURIBOR
3
Month
+
0.00%),
0.00%
,
 01/01/38
.....
EUR
1,000
1,094,203
Electron
Bidco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 11/01/28
.................
USD
2,458
2,428,061
Envision
Healthcare
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.21%
,
 10/10/25
2,323
1,537,196
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
(LIBOR
USD
3
Month
+
3.75%),
4.76%, 02/18/27
...............
—
(o)
237
BlackRock
Income
Fund
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
(LIBOR
USD
3
Month
+
3.75%),
4.76%, 11/15/28
...............
USD
457
$
451,178
EyeCare
Partners
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.76%
,
 11/15/29
.................
509
505,841
EyeCare
Partners
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.76%
,
 11/15/28
.................
114
112,794
Femur
Buyer,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
5.51%
,
 03/05/26
(e)
1,299
1,165,898
Median
BV,
Facility
Term
Loan
B1,
(EURIBOR
3
Month
+
5.00%),
10/14/27
(n)
........
EUR
4,000
4,325,438
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 11/01/28
.................
USD
2,479
2,454,577
Medical
Solutions
Holdings,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
11/01/28
(n)
................
472
467,537
Ortho-Clinical
Diagnostics,
Inc.,
Term
Loan,
06/30/25
(n)
.....................
3,073
3,058,993
PetVet
Care
Centers
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.25%
,
 02/14/25
.................
30
29,435
Unified
Womens
Healthcare
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.25%),
5.00%
,
 12/20/27
.................
611
603,144
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
01/08/27
(n)
.....................
2,955
2,938,812
WP
CityMD
Bidco
LLC,
Term
Loan,
12/22/28
(n)
2,976
2,955,996
28,930,334
Health
Care
Technology
—
0.5%
(a)
Athenahealth
Group
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 02/15/29
3,167
3,128,624
Athenahealth,
Inc.,
Delayed
Draw
Term
Loan,
02/15/29
(n)
.....................
537
530,292
GoodRx,
Inc.,
1st
Lien
Term
Loan,
10/10/25
(n)
1,491
1,477,339
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
06/02/28
(n)
.....................
2,604
2,582,340
Verscend
Holding
Corp.,
Term
Loan
B1,
08/27/25
(n)
.....................
4,063
4,043,108
11,761,703
Hotels,
Restaurants
&
Leisure
—
1.0%
(a)
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.21%
,
 02/02/26
.................
245
239,954
Bally's
Corp.,
Facility
Term
Loan
B,
10/02/28
(n)
611
607,249
Caesars
Resort
Collection
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.75%),
3.21%
,
 12/23/24
.................
3,691
3,667,790
Caesars
Resort
Collection
LLC,
Term
Loan
B1,
07/21/25
(n)
.....................
1,860
1,851,630
Churchill
Downs,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
2.46%
,
 03/17/28
642
631,365
Fertitta
Entertainment
LLC,
Term
Loan
B,
01/27/29
(n)
.....................
5,580
5,545,337
Flutter
Entertainment
plc,
Term
Loan,
07/21/26
(n)
.....................
1,494
1,480,563
Four
Seasons
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
2.21%
,
 11/30/23
.................
485
482,698
Golden
Nugget
Online
Gaming,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
12.00%),
13.00%
,
 10/04/23
(e)
...............
58
61,897
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
IRB
Holding
Corp.,
Term
Loan
B,
02/05/25
(n)
.
USD
3,732
$
3,699,616
Packers
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.00%
,
 03/09/28
3,000
2,951,168
Scientific
Games
International,
Inc.,
Term
Loan
B5,
(LIBOR
USD
1
Month
+
2.75%),
3.21%
,
 08/14/24
.................
847
843,040
Station
Casinos
LLC,
Facility
Term
Loan
B1,
02/08/27
(n)
.....................
1,236
1,217,722
Whatabrands
LLC,
Term
Loan
B,
08/03/28
(n)
.
2,617
2,582,568
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
2.21%
,
 05/30/25
.................
146
144,549
26,007,146
Household
Durables
—
0.3%
(a)
ACProducts
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
4.75%
,
 05/17/28
1,848
1,662,299
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 02/26/29
.................
2,060
2,016,225
Serta
Simmons
Bedding
LLC,
Term
Loan
(LIBOR
USD
1
Month
+
7.50%),
8.50%, 08/10/23
...............
252
243,976
Snap
One
Holdings
Corp.,
Term
Loan,
12/08/28
(n)
.....................
1,887
1,848,942
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
 10/06/28
.................
1,047
1,013,842
Weber-Stephen
Products
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
 10/30/27
.................
1,365
1,319,930
8,105,214
Household
Products
—
0.1%
(a)
Diamond
(BC)
BV,
Term
Loan,
09/29/28
(n)
..
3,008
2,943,172
Spectrum
Brands,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.00%),
2.50%
,
 03/03/28
411
404,946
3,348,118
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
(a)
Calpine
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
2.46%
,
 08/12/26
.....
—
(o)
405
Constellation
Renewables
LLC,
Term
Loan,
12/15/27
(n)
.....................
2,237
2,213,178
2,213,583
Industrial
Conglomerates
—
0.1%
Filtration
Group
Corp.,
Term
Loan,
03/31/25
(a)(n)
3,145
3,095,988
Insurance
—
1.2%
(a)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B4,
11/05/27
(n)
...................
7,425
7,368,074
AmWINS
Group,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.25%),
3.00%
,
 02/19/28
....
1,544
1,516,643
AssuredPartners,
Inc.,
Term
Loan
 02/12/27
(n)
.....................
2,684
2,648,254
(LIBOR
USD
1
Month
+
3.50%),
4.00%, 02/12/27
...............
278
274,223
Asurion
LLC,
2nd
Lien
Term
Loan
B3,
(LIBOR
USD
1
Month
+
5.25%),
5.71%
,
 01/31/28
1,285
1,257,717
Asurion
LLC,
2nd
Lien
Term
Loan
B4,
(LIBOR
USD
1
Month
+
5.25%),
5.71%
,
 01/20/29
1,768
1,726,010
Asurion
LLC,
Term
Loan
B6,
(LIBOR
USD
1
Month
+
3.13%),
3.58%
,
 11/03/23
......
686
681,283
Asurion
LLC,
Term
Loan
B7,
11/03/24
(n)
....
1,870
1,843,951
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
52
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Asurion
LLC,
Term
Loan
B8,
(LIBOR
USD
1
Month
+
3.25%),
3.71%
,
 12/23/26
.....
USD
1,170
$
1,142,735
Hub
International
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.27%
,
 04/25/25
....
1,298
1,281,945
Hub
International
Ltd.,
Term
Loan
B3,
04/25/25
(n)
.....................
4,314
4,282,162
NFP
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.71%
,
 02/15/27
...........
330
323,917
Ryan
Specialty
Group
LLC,
Term
Loan,
09/01/27
(n)
.....................
1,857
1,841,734
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
+
3.75%),
4.21%, 09/03/26
...............
1,644
1,630,692
(LIBOR
USD
1
Month
+
4.25%),
5.25%, 09/03/26
...............
214
212,187
USI,
Inc.,
Term
Loan
(LIBOR
USD
3
Month
+
3.00%),
4.01%, 05/16/24
...............
3,077
3,053,670
(LIBOR
USD
3
Month
+
3.25%),
4.26%, 12/02/26
...............
86
85,233
31,170,430
Interactive
Media
&
Services
—
0.4%
(a)
Adevinta
ASA,
Facility
Term
Loan
B2,
(LIBOR
USD
3
Month
+
2.75%),
3.76%
,
 06/26/28
3,010
2,960,800
Arches
Buyer,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 12/06/27
.....
1,497
1,469,980
Camelot
US
Acquisition
1
Co.,
Term
Loan,
10/30/26
(n)
.....................
6,692
6,621,078
11,051,858
Internet
&
Direct
Marketing
Retail
—
0.1%
(a)
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
11/08/27
(n)
.....................
2,969
2,949,930
Pug
LLC,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
4.25%),
4.75%
,
 02/12/27
(e)
.........
303
301,199
3,251,129
IT
Services
—
0.5%
(a)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan,
09/19/24
(n)
.....................
351
347,795
Applied
Systems,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.50%),
6.51%
,
 09/19/25
.................
469
465,703
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.75%),
8.75%
,
 07/31/28
.................
528
537,900
Epicor
Software
Corp.,
Term
Loan
C,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
 07/30/27
1,964
1,946,238
FleetCor
Technologies
Operating
Co.
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
2.21%
,
 04/28/28
...........
1,855
1,821,187
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.00%),
2.45%
,
 08/10/27
.................
928
918,912
Ion
Trading
Finance
Ltd.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
5.21%
,
 04/01/28
560
554,637
Pug
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.96%
,
 02/12/27
...........
2,780
2,720,743
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
1.75%),
2.21%
,
 04/16/25
.................
232
228,145
Trader
Interactive
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
 07/28/28
(e)
628
618,945
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Trans
Union
LLC,
Term
Loan
B5,
(LIBOR
USD
1
Month
+
1.75%),
2.21%
,
 11/16/26
....
USD
425
$
418,788
Venga
Finance
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
0.00%),
12/04/28
(n)
........
764
741,046
Virtusa
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 02/11/28
(e)
....
492
487,110
WEX,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
2.71%
,
 03/31/28
..........
810
798,977
ZoomInfo
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.46%
,
 02/02/26
243
241,785
12,847,911
Leisure
Products
—
0.0%
Fender
Musical
Instruments
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
 12/01/28
(a)
................
612
605,839
Life
Sciences
Tools
&
Services
—
0.9%
(a)
Avantor
Funding,
Inc.,
Term
Loan
B5,
(LIBOR
USD
1
Month
+
2.25%),
2.75%
,
 11/08/27
.
2,463
2,440,703
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3,
02/22/28
(e)(n)
....................
2,214
2,208,226
eResearchTechnology,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
02/04/27
(n)
.....................
5,173
5,147,846
ICON
plc,
Term
Loan
 07/03/28
(n)
.....................
3,532
3,512,369
Iqvia,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
1.75%),
2.21%
,
 03/07/24
.....
58
57,614
Iqvia,
Inc.,
Term
Loan
B3,
06/11/25
(n)
......
1,490
1,479,197
Maravai
Intermediate
Holdings
LLC,
Term
Loan
B,
10/19/27
(e)(n)
..................
2,224
2,213,226
Phoenix
Newco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
11/15/28
(n)
5,577
5,531,195
22,590,376
Machinery
—
1.2%
(a)
Albion
Financing
3
SARL,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
07/31/26
(n)
.....
2,241
2,216,984
ASP
Blade
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
 10/13/28
795
783,397
Clark
Equipment
Co.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
3.26%
,
 05/18/24
....
1,234
1,228,717
Columbus
McKinnon
Corp.,
Term
Loan,
05/14/28
(n)
.....................
1,116
1,095,953
Filtration
Group
Corp.,
Term
Loan,
10/21/28
(n)
2,471
2,440,470
Fluidra
SA,
Term
Loan,
01/29/29
(n)
.......
1,118
1,107,735
Gates
Global
LLC,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
2.50%),
3.25%
,
 03/31/27
....
1,845
1,816,755
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
03/28/25
(n)
.................
5,406
5,280,089
Ingersoll-Rand
Services
Co.,
Term
Loan
B1,
03/01/27
(n)
.....................
1,869
1,835,302
Madison
IAQ
LLC,
Term
Loan,
06/21/28
(n)
..
6,017
5,921,356
SPX
Flow,
Inc.,
Term
Loan,
03/16/29
(n)
.....
1,518
1,477,376
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1,
07/30/27
(n)
...................
1,861
1,841,558
Vertiv
Group
Corp.,
Term
Loan
B,
03/02/27
(n)
4,946
4,815,957
Zurn
LLC,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
2.75%
,
 10/04/28
....
186
184,298
32,045,947
BlackRock
Income
Fund
Schedules
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Media
—
1.1%
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B1,
03/03/25
(a)(n)
....................
USD
3,370
$
3,171,351
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B3,
5.00%
,
 10/15/26
(p)
................
406
468,682
Cable
One,
Inc.,
Term
Loan
B4,
05/03/28
(a)(n)
1,500
1,476,000
Charter
Communications
Operating
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
1.75%),
2.21%
,
 04/30/25
(a)
................
1,058
1,052,660
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
08/21/26
(a)(n)
...............
6,090
5,980,796
CMG
Media
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.96%
,
 12/17/26
(a)
................
616
605,895
CSC
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
2.90%
,
 04/15/27
(a)
....
2,174
2,132,743
DirectTV
Financing
LLC,
Term
Loan,
08/02/27
(a)
(n)
...........................
4,355
4,345,027
Eagle
Broadband
Investments
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
4.06%
,
 11/12/27
(a)
................
974
960,203
EW
Scripps
Co.
(The),
Term
Loan
B3,
(LIBOR
USD
1
Month
+
3.00%),
3.75%
,
 01/07/28
(a)
397
394,171
Intelsat
Jackson
Holdings
SA,
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.25%),
5.00%
-
7.80%
,
 02/01/29
(a)
................
—
(o)
490
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
12/01/23
(a)(n)
................
2,256
2,141,329
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B,
03/24/25
(a)(n)
....................
1,497
1,473,432
Trader
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 09/28/23
(a)(e)
..
2,462
2,437,285
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
N,
(LIBOR
USD
1
Month
+
2.50%),
2.90%
,
 01/31/28
(a)
................
603
594,859
Voyage
Digital
Ltd.,
Term
Loan
B,
03/03/29
(a)(e)(n)
1,126
1,103,480
28,338,403
Metals
&
Mining
—
0.2%
(a)
Equinox
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
03/08/24
(n)
.....................
5,120
4,802,278
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
 03/16/27
.................
1,103
1,082,543
5,884,821
Oil,
Gas
&
Consumable
Fuels
—
0.5%
(a)
Ascent
Resources
Utica
Holdings
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
9.00%),
10.00%
,
 11/01/25
(e)
..........
244
260,470
Freeport
LNG
investments
LLLP,
Term
Loan
B,
12/21/28
(n)
.....................
3,730
3,699,789
Lucid
Energy
Group
II
Borrower
LLC,
Term
Loan,
11/24/28
(n)
.................
3,356
3,324,406
Medallion
Midland
Acquisition
LLC,
Term
Loan,
10/18/28
(n)
.....................
2,236
2,209,459
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan,
10/05/28
(n)
.............
3,353
3,323,053
12,817,177
Personal
Products
—
0.5%
(a)(n)
Rainbow
Midco
Ltd.,
Term
Loan,
01/01/28
..
EUR
2,438
2,696,485
Sunshine
Luxembourg
VII
SARL,
Facility
Term
Loan
B3,
10/01/26
................
USD
9,280
9,210,883
11,907,368
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
—
0.7%
(a)
Amneal
Pharmaceuticals
LLC,
Term
Loan,
05/04/25
(n)
.....................
USD
2,626
$
2,581,571
Bausch
Health
Cos.,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.46%
,
 06/02/25
2,185
2,165,114
Bausch
Health
Cos.,
Inc.,
Term
Loan
B,
01/27/27
(n)
.....................
2,615
2,585,581
Elanco
Animal
Health,
Inc.,
Term
Loan,
08/01/27
(n)
.....................
1,877
1,844,842
Grifols
Worldwide
Operations
Ltd.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
2.46%
,
 11/15/27
.................
255
250,857
Jazz
Pharmaceuticals
plc,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 05/05/28
2,157
2,146,815
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.00%),
7.50%
,
 11/01/29
.................
719
690,240
Organon
&
Co.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.56%
,
 06/02/28
.....
1,837
1,825,613
Precision
Medicine
Group
LLC,
Delayed
Draw
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
11/18/27
(n)
.....................
287
281,457
Precision
Medicine
Group
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
11/18/27
(n)
2,722
2,665,519
17,037,609
Professional
Services
—
0.8%
(a)
AlixPartners
LLP,
Term
Loan,
02/04/28
(n)
...
3,738
3,675,541
CoreLogic,
Inc.,
1st
Lien
Term
Loan,
06/02/28
(n)
5,618
5,544,477
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.70%
,
 02/06/26
.................
2,827
2,796,795
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2,
01/18/29
(e)(n)
....................
2,770
2,742,685
Trans
Union
LLC,
Term
Loan
B6,
12/01/28
(n)
.
5,147
5,102,333
19,861,831
Road
&
Rail
—
0.2%
Uber
Technologies,
Inc.,
Term
Loan,
02/25/27
(a)
(n)
...........................
4,428
4,405,389
Semiconductors
&
Semiconductor
Equipment
—
0.0%
(a)
ON
Semiconductor
Corp.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.00%),
2.46%
,
 09/19/26
.................
223
222,260
Synaptics,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
2.75%
,
 12/02/28
.....
742
738,328
960,588
Software
—
2.9%
(a)
Barracuda
Networks,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.73%
,
 02/12/25
.................
2,446
2,432,476
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.76%
,
 10/02/25
1,843
1,830,003
CCC
Intelligent
Solutions,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
3.26%
,
 09/21/28
.................
1,537
1,520,239
Cloudera,
Inc.,
1st
Lien
Term
Loan,
10/08/28
(n)
3,967
3,912,454
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.00%),
6.50%
,
 10/08/29
(e)
1,687
1,657,478
ConnectWise
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 09/29/28
.....
1,440
1,428,867
Cornerstone
OnDemand,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
 10/16/28
(e)
................
1,518
1,500,922
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
54
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 12/01/27
USD
1,534
$
1,507,286
Delta
Topco,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
8.00%
,
 12/01/28
184
180,013
DTI
Holdco,
Inc.,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.75%),
5.75%
,
 09/29/23
.....
—
(o)
2
Greeneden
US
Holdings
I
LLC,
Term
Loan,
12/01/27
(n)
.....................
8,507
8,485,759
Helios
Software
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
5.25%
,
 03/11/28
.................
1,624
1,606,753
Informatica
LLC,
Term
Loan,
10/27/28
(n)
....
5,590
5,525,898
Instructure
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
3.27%
,
 10/30/28
(e)
909
904,455
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
07/27/28
(n)
.....................
4,431
4,390,041
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.25%),
9.00%
,
 07/27/29
.................
1,543
1,525,158
McAfee
Corp.,
Term
Loan
B1,
03/01/29
(n)
...
3,722
3,689,432
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
09/13/24
(n)
3,872
3,824,630
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.25%),
6.71%
,
 02/23/29
1,835
1,814,356
Planview
Parent,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
5.01%
,
 12/17/27
.................
918
905,777
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.76%
,
 08/31/28
3,697
3,653,077
RealPage,
Inc.,
1st
Lien
Term
Loan,
04/24/28
(n)
7,460
7,365,666
Severin
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.45%
,
 08/01/25
.................
1,230
1,214,406
Sophia
LP,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.25%),
4.26%
,
 10/07/27
....
3,066
3,031,838
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
2.21%
,
 04/16/25
.................
188
185,165
TIBCO
Software,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.71%
,
 03/03/28
.................
2,755
2,745,141
UKG,
Inc.,
1st
Lien
Term
Loan
(LIBOR
USD
3
Month
+
3.25%),
4.21%, 05/04/26
...............
3,190
3,161,138
(LIBOR
USD
3
Month
+
3.75%),
4.76%, 05/04/26
...............
2,961
2,946,482
UKG,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.21%
,
 05/03/27
.....
2,449
2,426,783
75,371,695
Specialty
Retail
—
0.9%
(a)
Belron
Finance
US
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
2.69%
,
 11/13/25
.
90
89,152
EG
Group
Ltd.,
Facility
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
4.75%
,
 03/31/26
3,724
3,663,897
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan,
05/04/28
(n)
..........
3,343
3,317,619
MED
ParentCo.
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.25%),
4.71%
,
 08/31/26
.................
1,226
1,210,767
Optiv,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
02/01/24
(n)
..........
1,116
1,088,266
PetSmart
LLC,
Term
Loan,
02/11/28
(n)
.....
5,567
5,544,117
Restoration
Hardware,
Inc.,
Term
Loan,
10/20/28
(n)
.....................
1,871
1,834,074
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
SRS
Distribution,
Inc.,
Term
Loan,
06/02/28
(n)
USD
6,311
$
6,226,779
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
12/21/27
(n)
.....................
1,492
1,479,391
24,454,062
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Electronics
for
Imaging,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.46%
,
 07/23/26
(a)
................
1,146
1,113,840
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
(a)(n)
Crocs,
Inc.,
Term
Loan,
02/20/29
........
1,895
1,845,598
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan,
11/24/28
..............
1,121
1,109,510
2,955,108
Trading
Companies
&
Distributors
—
0.4%
(a)
Beacon
Roofing
Supply,
Inc.,
Term
Loan,
05/19/28
(n)
.....................
1,539
1,513,865
Core
&
Main
LP,
Term
Loan
B,
07/27/28
(n)
..
5,610
5,553,532
SRS
Distribution,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 06/02/28
....
1,186
1,168,972
TMK
Hawk
Parent
Corp.,
Term
Loan
A,
(LIBOR
USD
1
Month
+
7.50%),
8.50%
,
 05/30/24
230
217,857
TMK
Hawk
Parent
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
0.00%),
0.00%
-
4.50%
,
 08/28/24
.................
742
629,175
9,083,401
Transportation
Infrastructure
—
0.0%
(a)
KKR
Apple
Bidco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.50%
,
 09/22/28
.................
671
661,771
KKR
Apple
Bidco
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.75%),
6.25%
,
 09/21/29
.................
274
271,775
933,546
Wireless
Telecommunication
Services
—
0.2%
(a)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
05/27/24
(n)
................
2,723
2,587,164
Gogo
Intermediate
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 04/30/28
.................
1,004
994,859
MetroNet
Systems
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 06/02/28
.................
672
663,588
SBA
Senior
Finance
II
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
2.21%
,
 04/11/25
.
1,049
1,035,105
5,280,716
Total
Floating
Rate
Loan
Interests
—
28.4%
(Cost:
$745,033,057)
.............................
739,511,907
Foreign
Agency
Obligations
Chile
—
0.0%
Corp.
Nacional
del
Cobre
de
Chile,
3.63%
,
08/01/27
(d)
.....................
1,163
1,168,306
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)
(d)(k)
..........................
720
702,900
BlackRock
Income
Fund
Schedules
of
Investments
55
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Colombia
—
0.1%
Ecopetrol
SA
6.88%,
04/29/30
.................
USD
1,284
$
1,349,484
5.88%,
05/28/45
.................
190
165,628
1,515,112
Finland
—
0.0%
Finnair
OYJ,
4.25%
,
05/19/25
(d)
.........
EUR
400
392,096
France
—
0.1%
Electricite
de
France
SA
(a)(d)(k)
(BPSWS13
+
4.23%),
6.00%
........
GBP
400
533,745
(EUR
Swap
Annual
5
Year
+
3.37%),
2.87%
EUR
400
411,445
(EUR
Swap
Annual
5
Year
+
3.20%),
3.00%
200
205,209
(EUR
Swap
Annual
5
Year
+
3.97%),
3.38%
400
397,697
1,548,096
Greece
—
0.0%
Public
Power
Corp.
SA,
3.38%
,
07/31/28
(d)
..
170
170,853
India
—
0.1%
(d)
Oil
India
Ltd.,
5.13%
,
02/04/29
..........
USD
640
668,920
Power
Finance
Corp.
Ltd.,
3.95%
,
04/23/30
.
800
765,704
1,434,624
Indonesia
—
0.1%
Bank
Tabungan
Negara
Persero
Tbk.
PT,
4.20%
,
01/23/25
(d)
................
819
790,425
Pertamina
Persero
PT
(d)
4.30%,
05/20/23
.................
569
577,642
4.18%,
01/21/50
.................
200
184,850
1,552,917
Italy
—
0.0%
(d)
Banca
Monte
dei
Paschi
di
Siena
SpA,
1.88%
,
01/09/26
......................
EUR
152
152,176
Poste
Italiane
SpA,
(EURIBOR
Swap
Rate
5
Year
+
2.68%),
2.62%
(a)(k)
...........
725
698,978
851,154
Mexico
—
0.0%
Comision
Federal
de
Electricidad,
4.69%
,
05/15/29
(b)
.....................
USD
650
641,387
Petroleos
Mexicanos
6.50%,
03/13/27
.................
461
466,417
5.35%,
02/12/28
.................
140
132,370
1,240,174
Pakistan
—
0.1%
Pakistan
Water
&
Power
Development
Authority,
7.50%
,
06/04/31
(d)
.........
2,325
1,505,693
Panama
—
0.1%
Aeropuerto
Internacional
de
Tocumen
SA,
5.13%
,
08/11/61
(b)
................
678
618,166
Banco
Latinoamericano
de
Comercio
Exterior
SA,
2.38%
,
09/14/25
(b)
.............
858
826,897
Empresa
de
Transmision
Electrica
SA,
5.13%
,
05/02/49
(d)
.....................
1,139
1,127,824
2,572,887
Peru
—
0.0%
Petroleos
del
Peru
SA,
4.75%
,
06/19/32
(d)
..
643
571,788
Qatar
—
0.0%
Qatar
Energy,
3.13%
,
07/12/41
(d)
........
900
821,250
Security
Par
(000)
Par
(000)
Value
Saudi
Arabia
—
0.1%
Saudi
Arabian
Oil
Co.
3.50%,
04/16/29
(d)
................
USD
1,181
$
1,186,905
3.50%,
11/24/70
(b)
................
760
642,200
1,829,105
United
Arab
Emirates
—
0.0%
Abu
Dhabi
National
Energy
Co.
PJSC,
2.00%
,
04/29/28
(b)
.....................
455
423,719
Total
Foreign
Agency
Obligations
—
0.7%
(Cost:
$20,222,083)
..............................
18,300,674
Foreign
Government
Obligations
Indonesia
—
0.0%
Bank
Negara
Indonesia
Persero
Tbk.
PT,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.47%),
4.30%
(a)(d)(k)
...
1,015
926,299
Mongolia
—
0.1%
State
of
Mongolia,
5.13%
,
04/07/26
(d)
.....
1,339
1,319,062
Oman
—
0.1%
Oman
Government
Bond
(d)
4.75%,
06/15/26
.................
797
799,989
5.38%,
03/08/27
.................
497
509,425
1,309,414
Pakistan
—
0.1%
Islamic
Republic
of
Pakistan
(d)
6.00%,
04/08/26
.................
1,785
1,392,496
7.38%,
04/08/31
.................
1,990
1,462,869
8.88%,
04/08/51
.................
1,045
721,165
3,576,530
Philippines
—
0.0%
Republic
of
Philippines
3.23%,
03/29/27
.................
225
228,094
3.56%,
09/29/32
.................
450
461,862
4.20%,
03/29/47
.................
275
286,687
976,643
Sri
Lanka
—
0.2%
Democratic
Socialist
Republic
of
Sri
Lanka
(d)
6.85%,
03/14/24
.................
1,659
813,093
6.35%,
06/28/24
.................
819
401,400
6.85%,
11/03/25
.................
200
99,022
6.83%,
07/18/26
.................
1,218
586,391
6.20%,
05/11/27
.................
2,382
1,125,757
7.85%,
03/14/29
.................
800
378,088
7.55%,
03/28/30
.................
2,408
1,138,045
4,541,796
Total
Foreign
Government
Obligations
—
0.5%
(Cost:
$16,597,072)
..............................
12,649,744
Shares
Shares
Investment
Companies
Invesco
Senior
Loan
ETF
.............
91,531
1,992,630
iShares
0-5
Year
High
Yield
Corporate
Bond
ETF
(q)
........................
530,200
23,307,592
iShares
Floating
Rate
Bond
ETF
(q)
.......
308,079
15,564,151
VanEck
JP
Morgan
EM
Local
Currency
Bond
ETF
..........................
846,706
22,852,595
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
56
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Shares
Shares
Value
Western
Midstream
Partners
LP
.........
3,216
$
81,107
Total
Investment
Companies
—
2.4%
(Cost:
$68,449,856)
..............................
63,798,075
Par
(000)
Par
(000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.1%
Alternative
Loan
Trust
Series
2006-OA11,
Class
A1B,
(LIBOR
USD
1
Month
+
0.38%),
0.84%,
09/25/46
(a)
.
USD
1,672
1,637,395
Series
2007-3T1,
Class
1A1,
6.00%,
04/25/37
....................
1,800
1,065,963
2,703,358
Commercial
Mortgage-Backed
Securities
—
0.5%
BX
Commercial
Mortgage
Trust,
Series
2019-XL,
Class
G,
(LIBOR
USD
1
Month
+
2.30%),
2.70%,
10/15/36
(a)(b)
.........
2,550
2,495,666
Citigroup
Commercial
Mortgage
Trust,
Series
2016-GC37,
Class
D,
2.79%,
04/10/49
(b)
.
1,000
844,349
Commercial
Mortgage
Trust,
Series
2016-
667M,
Class
D,
3.18%,
10/10/36
(a)(b)
....
1,000
877,913
CSAIL
Commercial
Mortgage
Trust,
Series
2019-C17,
Class
C,
3.93%,
09/15/52
...
2,158
2,033,364
DBUBS
Mortgage
Trust,
Series
2017-BRBK,
Class
D,
(LIBOR
USD
1
Month
+
0.00%),
3.53%,
10/10/34
(a)(b)
...............
990
953,452
GS
Mortgage
Securities
Trust,
Series
2015-
GC32,
Class
D,
3.35%,
07/10/48
......
220
192,541
Hudson
Yards
Mortgage
Trust,
Series
2019-
55HY,
Class
F,
2.94%,
12/10/41
(a)(b)
.....
1,886
1,577,792
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2017-JP5,
Class
D,
4.60%,
03/15/50
(a)(b)
....................
104
93,869
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2015-C23,
Class
D,
4.14%,
07/15/50
(a)(b)
..................
310
288,562
Series
2015-C25,
Class
D,
3.07%,
10/15/48
650
583,219
Velocity
Commercial
Capital
Loan
Trust
(a)(b)
Series
2019-3,
Class
M2,
3.28%,
10/25/49
2,631
2,512,116
Series
2019-3,
Class
M3,
3.38%,
10/25/49
785
738,132
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C30,
Class
C,
4.50%,
09/15/58
(a)
.....................
1,000
991,316
14,182,291
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
(a)
Benchmark
Mortgage
Trust,
Series
2019-B13,
Class
XA,
1.13%,
08/15/57
..........
25,460
1,551,526
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2016-JP3,
Class
XC,
0.75%,
08/15/49
(b)
.............
8,700
243,042
1,794,568
Total
Non-Agency
Mortgage-Backed
Securities
—
0.7%
(Cost:
$19,595,621)
..............................
18,680,217
Security
Beneficial
Interest
(000)
Value
Other
Interests
(r)
Capital
Markets
—
0.0%
Millennium
Corp.
Claim
(e)
..............
USD
811
$
—
Total
Other
Interests
—
0.0%
(Cost:
$0)
....................................
—
Par
(000)
Pa
r
(
000)
Preferred
Securities
Capital
Trusts
—
1.2%
Banks
—
0.6%
(a)(k)
Banco
Bilbao
Vizcaya
Argentaria
SA,
(EUR
Swap
Annual
5
Year
+
6.46%),
6.00%
(d)
..
EUR
1,200
1,385,578
Citigroup,
Inc.
Series
V,
(SOFR
+
3.23%),
4.70%
.....
USD
10,975
10,508,562
Series
W,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%),
4.00%
......................
4,190
4,022,400
JPMorgan
Chase
&
Co.
Series
FF,
(SOFR
+
3.38%),
5.00%
....
389
387,707
Series
HH,
(SOFR
+
3.13%),
4.60%
....
180
173,475
Wells
Fargo
&
Co.,
Series
BB,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
3.90%
.............
520
498,446
16,976,168
Capital
Markets
—
0.0%
(a)(k)
Charles
Schwab
Corp.
(The),
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
.....
718
644,850
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%),
4.95%
340
339,354
984,204
Consumer
Finance
—
0.3%
(a)(k)
Ally
Financial,
Inc.,
Series
B,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%),
4.70%
.............
7,350
6,918,628
General
Motors
Financial
Co.,
Inc.,
Series
C,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%),
5.70%
114
119,438
7,038,066
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)
...........
5,150
4,968,463
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Vistra
Corp.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.74%),
7.00%
(a)(b)(k)
.....................
169
164,564
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)(k)
...........
2,070
2,018,250
Total
Capital
Trusts
—
1.2%
(Cost:
$34,354,045)
..............................
32,149,715
BlackRock
Income
Fund
Schedules
of
Investments
57
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
x
Security
Shares
Shares
Value
Preferred
Stocks
—
0.0%
Banks
—
0.0%
CF-B
L2
(D)
LLC,
(Acquired
04/08/15-12/15/15,
cost
$53,170)
(g)
..................
57,545
$
592
Total
Preferred
Stocks
—
0.0%
(Cost:
$56,330)
................................
592
Total
Preferred
Securities
—
1.2%
(Cost:
$34,410,375)
..............................
32,150,307
Rights
Electric
Utilities
—
0.0%
Electricite
de
France
SA
(Expires
04/01/22)
.
34,513
12,539
Total
Rights
—
0.0%
(Cost:
$0)
....................................
12,539
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Collateralized
Mortgage
Obligations
—
0.1%
Federal
Home
Loan
Mortgage
Corp.
Structured
Agency
Credit
Risk
Debt
Variable
Rate
Notes,
Series
2018-DNA1,
Class
B1,
(LIBOR
USD
1
Month
+
3.15%),
3.61%, 07/25/30
(a)
................
USD
1,500
1,443,789
Total
U.S.
Government
Sponsored
Agency
Securities
—
0.1%
(Cost:
$1,500,000)
..............................
1,443,789
U.S.
Treasury
Obligations
U.S.
Treasury
Notes
1.50%, 02/29/24
.................
200,000
197,085,938
1.25%, 09/30/28
.................
41,932
38,911,586
Total
U.S.
Treasury
Obligations
—
9.1%
(Cost:
$239,049,113)
.............................
235,997,524
Shares
Shares
Warrants
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)
(f)
............
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)
(f)
....
495
7,123
Total
Warrants
—
0.0%
(Cost:
$0)
....................................
7,123
Total
Long-Term
Investments
—
92.9%
(Cost:
$2,575,354,882)
...........................
2,418,114,144
Security
Shares
Shares
Value
Short-Term
Securities
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.21%
(q)(s)
.................
249,700,072
$
249,700,072
Total
Short-Term
Securities
—
9.6%
(Cost:
$249,700,072)
.............................
249,700,072
Total
Options
Purchased
—
0.1%
(Cost:
$6,249,951)
..............................
3,383,102
Total
Investments
Before
Options
Written
—
102.6%
(Cost:
$2,831,304,905
)
...........................
2,671,197,318
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$(978,758))
...................
(463,301)
Total
Investments
Net
of
Options
Written
—
102.6%
(Cost:
$2,830,326,147
)
...........................
2,670,734,017
Liabilities
in
Excess
of
Other
Assets
—
(2.6)%
............
(67,734,323)
Net
Assets
—
100.0%
..............................
$
2,602,999,694
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
58
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
(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)
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.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
Non-income
producing
security.
(g)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$229,053,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$329,497.
(h)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(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)
Zero-coupon
bond.
(m)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(n)
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.
(o)
Rounds
to
less
than
1,000.
(p)
Fixed
rate.
(q)
Affiliate
of
the
Fund.
(r)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(s)
Annualized
7-day
yield
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
March
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
09/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/22
Shares
Held
at
03/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
518,858,639
$
—
$
(269,158,567)
$
—
$
—
$
249,700,072
249,700,072
$
29,849
$
—
iShares
0-5
Year
High
Yield
Corporate
Bond
ETF
......
24,230,140
—
—
—
(922,548)
23,307,592
530,200
561,027
—
iShares
Floating
Rate
Bond
ETF
15,662,737
—
—
—
(98,586)
15,564,151
308,079
30,342
—
$
—
$
(1,021,134)
$
288,571,815
$
621,218
$
—
—
—
(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.
BlackRock
Income
Fund
Schedules
of
Investments
59
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
....................................................
463
06/21/22
$
69,566
$
(669,587)
U.S.
Treasury
2
Year
Note
....................................................
1,966
06/30/22
416,362
(5,566,627)
3
Month
SOFTR
Interest
Futures
...............................................
2,982
03/14/23
727,459
(9,884,227)
(16,120,441)
Short
Contracts
Euro-Bobl
...............................................................
91
06/08/22
12,972
216,942
Euro-Bund
..............................................................
94
06/08/22
16,499
68,414
U.S.
Treasury
10
Year
Note
...................................................
3,853
06/21/22
473,016
12,298,479
U.S.
Treasury
10
Year
Ultra
Note
...............................................
48
06/21/22
6,504
296,846
U.S.
Treasury
Ultra
Bond
....................................................
4
06/21/22
709
3,003
Long
Gilt
...............................................................
14
06/28/22
2,230
16,643
U.S.
Treasury
5
Year
Note
....................................................
15
06/30/22
1,718
33,986
12,934,313
$
(3,186,128)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
2,670,000
USD
2,949,996
Deutsche
Bank
AG
04/13/22
$
4,430
EUR
104,490,000
USD
115,427,703
JPMorgan
Chase
Bank
NA
04/13/22
193,282
EUR
72,670,000
USD
80,227,936
Morgan
Stanley
&
Co.
International
plc
04/13/22
183,367
GBP
11,820,000
USD
15,523,097
Morgan
Stanley
&
Co.
International
plc
04/13/22
3,080
GBP
22,270,000
USD
29,151,296
UBS
AG
04/13/22
101,494
USD
89,034
EUR
80,000
Morgan
Stanley
&
Co.
International
plc
04/13/22
512
USD
1,033,902
EUR
930,000
Standard
Chartered
Bank
04/13/22
4,832
USD
52,661
GBP
40,000
Morgan
Stanley
&
Co.
International
plc
04/13/22
119
USD
79,126
GBP
60,000
UBS
AG
04/13/22
313
SGD
546,035
USD
401,133
BNP
Paribas
SA
06/15/22
1,735
SGD
182,338
USD
133,970
Goldman
Sachs
International
06/15/22
560
493,724
EUR
610,000
USD
680,180
UBS
AG
04/13/22
(5,199)
USD
1,268,440
CHF
1,180,000
Deutsche
Bank
AG
04/13/22
(8,913)
USD
14,934,556
EUR
13,520,000
Bank
of
America
NA
04/13/22
(25,686)
USD
3,964,543
EUR
3,600,000
BNP
Paribas
SA
04/13/22
(18,953)
USD
25,749,556
EUR
23,420,000
JPMorgan
Chase
Bank
NA
04/13/22
(165,302)
USD
450,447,926
EUR
409,260,000
Morgan
Stanley
&
Co.
International
plc
04/13/22
(2,409,228)
USD
13,133
GBP
10,000
Bank
of
America
NA
04/13/22
(3)
USD
73,859,462
GBP
56,450,000
Barclays
Bank
plc
04/13/22
(290,514)
USD
4,464,067
GBP
3,410,000
Morgan
Stanley
&
Co.
International
plc
04/13/22
(15,144)
USD
535,888
SGD
728,373
Goldman
Sachs
International
06/15/22
(1,510)
(2,940,452)
$
(2,446,728)
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
iShares
China
Large-Cap
ETF
...................
6,212
04/14/22
USD
40.00
USD
19,860
$
12,424
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF
....
6,395
04/14/22
USD
135.00
USD
86,045
2,781,825
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
60
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Xtrackers
Harvest
CSI
300
China
A-Shares
ETF
.......
17,540
04/14/22
USD
40.00
USD
58,040
$
70,160
iShares
China
Large-Cap
ETF
...................
17,915
05/20/22
USD
40.00
USD
57,274
116,447
EURO
STOXX
50
Index
.......................
63
06/17/22
EUR
4,200.00
EUR
2,459
15,298
EURO
STOXX
Banks
Price
Index
.................
210
06/17/22
EUR
100.00
EUR
953
17,714
3,013,868
Put
SPDR
S&P
500
ETF
Trust
......................
1,686
04/14/22
USD
440.00
USD
76,147
369,234
$
3,383,102
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF
.....
6,395
04/14/22
USD
150.00
USD
86,045
$
(377,305)
EURO
STOXX
50
Index
........................
63
06/17/22
EUR
4,400.00
EUR
2,459
(3,241)
EURO
STOXX
Banks
Price
Index
..................
210
06/17/22
EUR
110.00
EUR
953
(4,356)
(384,902)
Put
SPDR
S&P
500
ETF
Trust
.......................
1,686
04/14/22
USD
415.00
USD
76,147
(78,399)
$
(463,301)
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.38.V1
.....
5.00
%
Quarterly
06/20/27
B-
28,825
$
1,633,270
$
1,344,012
$
289,258
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Credit
Default
Swap
s
—
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
NR
USD
30
$
(469)
$
(792)
$
323
ADLER
Real
Estate
AG
.
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/25
NR
EUR
310
(2,132)
40,170
(42,302)
Virgin
Media
Finance
plc
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
B
EUR
170
18,717
17,116
1,601
ADLER
Real
Estate
AG
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/26
NR
EUR
500
111
49,059
(48,948)
ADLER
Real
Estate
AG
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/26
NR
EUR
470
105
41,300
(41,195)
CMA
CGM
SA
........
5.00
Quarterly
Credit
Suisse
International
06/20/26
BB-
EUR
180
16,917
7,896
9,021
CMA
CGM
SA
........
5.00
Quarterly
Goldman
Sachs
International
06/20/26
BB-
EUR
160
15,037
12,615
2,422
ADLER
Real
Estate
AG
.
5.00
Quarterly
Bank
of
America
NA
12/20/26
B
EUR
30
234
692
(458)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Citibank
NA
12/20/26
B
EUR
1,700
13,258
15,880
(2,622)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Citibank
NA
12/20/26
B
EUR
400
3,120
9,233
(6,113)
BlackRock
Income
Fund
Schedules
of
Investments
61
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
i
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
ADLER
Real
Estate
AG
.
5.00
%
Quarterly
Goldman
Sachs
International
12/20/26
B
EUR
240
$
1,872
$
(532)
$
2,404
ADLER
Real
Estate
AG
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
B
EUR
1,050
8,189
—
8,189
ADLER
Real
Estate
AG
.
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
B
EUR
410
3,198
1,825
1,373
Altice
France
SA
......
5.00
Quarterly
Credit
Suisse
International
12/20/26
B
EUR
190
13,235
13,544
(309)
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
BB-
EUR
244
19,908
17,705
2,203
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
BB-
EUR
360
29,408
14,986
14,422
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
BB-
EUR
970
79,238
82,998
(3,760)
Intrum
AB
...........
5.00
Quarterly
Credit
Suisse
International
12/20/26
BB
EUR
603
33,713
46,842
(13,129)
Intrum
AB
...........
5.00
Quarterly
Credit
Suisse
International
12/20/26
BB
EUR
957
53,501
73,342
(19,841)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Barclays
Bank
plc
12/20/26
B+
EUR
569
(7,003)
23,426
(30,429)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Credit
Suisse
International
12/20/26
B+
EUR
553
(6,808)
24,082
(30,890)
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
Credit
Suisse
International
12/20/26
BB
EUR
1,080
(57,940)
(71,375)
13,435
TK
Elevator
Holdco
GmbH
5.00
Quarterly
Goldman
Sachs
International
12/20/26
CCC+
EUR
605
47,894
21,729
26,165
Telecom
Italia
SpA
.....
1.00
Quarterly
Credit
Suisse
International
12/20/28
BB-
EUR
1,160
(219,284)
(157,790)
(61,494)
$
64,019
$
283,951
$
(219,932)
(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.
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
1,344,012
$
—
$
289,258
$
—
$
—
OTC
Swaps
.....................................................
514,440
(230,489)
81,558
(301,490)
—
Options
Written
...................................................
N/A
N/A
515,457
—
(463,301)
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
62
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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)
.....
$
—
$
—
$
—
$
—
$
12,934,313
$
—
$
12,934,313
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
493,724
—
—
493,724
Options
purchased
Investments
at
value
—
unaffiliated
(b)
...........
—
—
3,383,102
—
—
—
3,383,102
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
289,258
—
—
—
—
289,258
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
595,998
—
—
—
—
595,998
$
—
$
885,256
$
3,383,102
$
493,724
$
12,934,313
$
—
$
17,696,395
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
16,120,441
—
16,120,441
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
2,940,452
—
—
2,940,452
Options
written
Options
written
at
value
.....................
—
—
463,301
—
—
—
463,301
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
531,979
—
—
—
—
531,979
$
—
$
531,979
$
463,301
$
2,940,452
$
16,120,441
$
—
$
20,056,173
(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
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
For
the
period
ended
March
31,
2022,
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
.......................
$
—
$
—
$
52,065
$
—
$
(10,148,031)
$
—
$
(10,095,966)
Forward
foreign
currency
exchange
contracts
....
—
—
—
45,985,853
—
—
45,985,853
Options
purchased
(a)
....................
—
—
(4,516,767)
(991,438)
(136,190)
—
(5,644,395)
Options
written
........................
—
—
2,195,672
—
16,610
—
2,212,282
Swaps
..............................
—
(48,946)
—
—
—
—
(48,946)
$
—
$
(48,946)
$
(2,269,030)
$
44,994,415
$
(10,267,611)
$
—
$
32,408,828
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
—
—
(912,445)
—
(912,445)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(14,284,205)
—
—
(14,284,205)
Options
purchased
(b)
....................
—
—
(2,637,114)
677,508
—
—
(1,959,606)
Options
written
........................
—
—
303,247
—
—
—
303,247
Swaps
..............................
—
258,628
—
—
—
—
258,628
$
—
$
258,628
$
(2,333,867)
$
(13,606,697)
$
(912,445)
$
—
$
(16,594,381)
(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
Income
Fund
Schedules
of
Investments
63
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
..................................................................................
$
999,930,375
Average
notional
value
of
contracts
—
short
.................................................................................
$
315,813,276
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
659,005,359
Average
amounts
sold
—
in
USD
........................................................................................
$
123,275,173
Options
Average
value
of
option
contracts
purchased
................................................................................
$
1,992,116
Average
value
of
option
contracts
written
...................................................................................
$
262,612
Credit
default
swaps
Average
notional
value
—
sell
protection
...................................................................................
$
56,855,463
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
966,692
$
1,162,875
Forward
foreign
currency
exchange
contracts
.................................................................
493,724
2,940,452
Options
(a)
.........................................................................................
3,383,102
463,301
Swaps
—
centrally
cleared
..............................................................................
—
5,162
Swaps
—
OTC
(b)
....................................................................................
595,998
531,979
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
5,439,516
$
5,103,769
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(4,349,794)
(1,631,338)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
1,089,722
$
3,472,431
(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
Net
Amount
of
Derivative
Assets
(b)(c)
Bank
of
America
NA
..............................
$
692
$
(692)
$
—
$
—
$
—
Barclays
Bank
plc
................................
23,749
(23,749)
—
—
—
BNP
Paribas
SA
.................................
1,735
(1,735)
—
—
—
Citibank
NA
....................................
25,113
(8,735)
—
—
16,378
Credit
Suisse
International
..........................
188,162
(188,162)
—
—
—
Deutsche
Bank
AG
...............................
4,430
(4,430)
—
—
—
Goldman
Sachs
International
........................
65,895
(2,042)
—
—
63,853
JPMorgan
Chase
Bank
NA
..........................
442,861
(259,205)
—
—
183,656
Morgan
Stanley
&
Co.
International
plc
..................
230,446
(230,446)
—
—
—
Standard
Chartered
Bank
...........................
4,832
—
—
—
4,832
UBS
AG
......................................
101,807
(5,199)
—
—
96,608
$
1,089,722
$
(724,395)
$
—
$
—
$
365,327
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
64
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
(c)(d)
Bank
of
America
NA
..............................
$
26,147
$
(692)
$
—
$
—
$
25,455
Barclays
Bank
plc
................................
321,735
(23,749)
—
—
297,986
BNP
Paribas
SA
.................................
18,953
(1,735)
—
—
17,218
Citibank
NA
....................................
8,735
(8,735)
—
—
—
Credit
Suisse
International
..........................
354,828
(188,162)
—
—
166,666
Deutsche
Bank
AG
...............................
8,913
(4,430)
—
—
4,483
Goldman
Sachs
International
........................
2,042
(2,042)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
259,205
(259,205)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
2,466,674
(230,446)
—
—
2,236,228
UBS
AG
......................................
5,199
(5,199)
—
—
—
$
3,472,431
$
(724,395)
$
—
$
—
$
2,748,036
(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)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
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
....................................
$
—
$
253,019,004
$
1,000,000
$
254,019,004
Common
Stocks
Banks
...............................................
—
892,622
—
892,622
Building
Products
.......................................
5,812
—
—
5,812
Chemicals
............................................
384,879
—
—
384,879
Commercial
Services
&
Supplies
.............................
—
—
178
178
Communications
Equipment
................................
41,819
—
—
41,819
Construction
&
Engineering
................................
31,900
—
—
31,900
Diversified
Telecommunication
Services
........................
398,568
—
—
398,568
Electric
Utilities
........................................
—
323,946
—
323,946
Electrical
Equipment
.....................................
137,244
228,461
—
365,705
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
1,223,672
—
—
1,223,672
Hotels,
Restaurants
&
Leisure
..............................
108,551
—
—
108,551
IT
Services
...........................................
140,938
—
—
140,938
Life
Sciences
Tools
&
Services
..............................
523,455
—
—
523,455
Machinery
............................................
—
283
—
283
Marine
..............................................
—
—
—
—
Media
...............................................
143,801
370,425
—
514,226
Metals
&
Mining
........................................
345,618
—
—
345,618
Oil,
Gas
&
Consumable
Fuels
...............................
3,378,698
—
—
3,378,698
Professional
Services
....................................
—
311,944
—
311,944
Road
&
Rail
...........................................
204,054
—
—
204,054
Software
.............................................
200,552
—
—
200,552
Corporate
Bonds
Aerospace
&
Defense
....................................
—
10,058,645
—
10,058,645
Airlines
..............................................
—
16,982,483
—
16,982,483
Auto
Components
......................................
—
24,045,522
—
24,045,522
Automobiles
..........................................
—
18,676,018
—
18,676,018
Banks
...............................................
—
139,573,687
—
139,573,687
Beverages
...........................................
—
6,840,712
—
6,840,712
Biotechnology
.........................................
—
4,288,436
—
4,288,436
BlackRock
Income
Fund
Schedules
of
Investments
65
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Level
1
Level
2
Level
3
Total
Building
Products
.......................................
$
—
$
5,342,480
$
—
$
5,342,480
Capital
Markets
........................................
—
73,209,388
—
73,209,388
Chemicals
............................................
—
20,682,477
—
20,682,477
Commercial
Services
&
Supplies
.............................
—
13,702,287
—
13,702,287
Communications
Equipment
................................
—
4,371,183
—
4,371,183
Construction
&
Engineering
................................
—
6,081,909
—
6,081,909
Construction
Materials
....................................
—
1,667,513
—
1,667,513
Consumer
Finance
......................................
—
21,894,690
—
21,894,690
Containers
&
Packaging
..................................
—
12,565,108
—
12,565,108
Distributors
...........................................
—
148,344
—
148,344
Diversified
Consumer
Services
..............................
—
1,655,834
—
1,655,834
Diversified
Financial
Services
...............................
—
6,955,189
—
6,955,189
Diversified
Telecommunication
Services
........................
—
52,704,213
—
52,704,213
Electric
Utilities
........................................
—
25,012,777
—
25,012,777
Electrical
Equipment
.....................................
—
2,494,806
—
2,494,806
Electronic
Equipment,
Instruments
&
Components
.................
—
1,736,854
—
1,736,854
Energy
Equipment
&
Services
..............................
—
4,345,751
—
4,345,751
Entertainment
.........................................
—
13,907,653
—
13,907,653
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
22,323,857
—
22,323,857
Food
&
Staples
Retailing
..................................
—
6,455,562
—
6,455,562
Food
Products
.........................................
—
10,549,117
—
10,549,117
Gas
Utilities
...........................................
—
102,187
—
102,187
Health
Care
Equipment
&
Supplies
...........................
—
3,326,817
—
3,326,817
Health
Care
Providers
&
Services
............................
—
24,913,859
—
24,913,859
Health
Care
Technology
..................................
—
377,120
—
377,120
Hotels,
Restaurants
&
Leisure
..............................
—
43,810,622
—
43,810,622
Household
Durables
.....................................
—
11,735,114
—
11,735,114
Household
Products
.....................................
—
826,783
—
826,783
Independent
Power
and
Renewable
Electricity
Producers
............
—
3,721,366
—
3,721,366
Industrial
Conglomerates
..................................
—
2,736,696
—
2,736,696
Insurance
............................................
—
20,388,482
—
20,388,482
Interactive
Media
&
Services
...............................
—
1,101,117
—
1,101,117
Internet
&
Direct
Marketing
Retail
............................
—
9,718,898
—
9,718,898
IT
Services
...........................................
—
11,729,176
—
11,729,176
Leisure
Products
.......................................
—
578,779
—
578,779
Life
Sciences
Tools
&
Services
..............................
—
592,240
—
592,240
Machinery
............................................
—
6,220,676
—
6,220,676
Marine
..............................................
—
1,565,156
—
1,565,156
Media
...............................................
—
53,615,866
—
53,615,866
Metals
&
Mining
........................................
—
21,102,934
—
21,102,934
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
244,461
—
244,461
Multiline
Retail
.........................................
—
2,004,927
—
2,004,927
Multi-Utilities
..........................................
—
5,361,025
—
5,361,025
Oil,
Gas
&
Consumable
Fuels
...............................
—
68,983,648
—
68,983,648
Paper
&
Forest
Products
..................................
—
1,194,037
—
1,194,037
Personal
Products
......................................
—
1,252,487
—
1,252,487
Pharmaceuticals
.......................................
—
14,505,083
—
14,505,083
Professional
Services
....................................
—
4,092,944
—
4,092,944
Real
Estate
Management
&
Development
.......................
—
64,523,616
—
64,523,616
Road
&
Rail
...........................................
—
8,099,289
—
8,099,289
Semiconductors
&
Semiconductor
Equipment
....................
—
12,171,133
—
12,171,133
Software
.............................................
—
13,999,373
—
13,999,373
Specialty
Retail
........................................
—
25,466,627
—
25,466,627
Technology
Hardware,
Storage
&
Peripherals
....................
—
37,238
—
37,238
Textiles,
Apparel
&
Luxury
Goods
............................
—
4,355,276
—
4,355,276
Thrifts
&
Mortgage
Finance
................................
—
3,998,695
—
3,998,695
Tobacco
.............................................
—
4,502,695
—
4,502,695
Trading
Companies
&
Distributors
............................
—
1,871,704
—
1,871,704
Transportation
Infrastructure
...............................
—
10,679,694
—
10,679,694
Water
Utilities
.........................................
—
375,991
—
375,991
Wireless
Telecommunication
Services
.........................
—
37,989,495
—
37,989,495
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
23,394,685
—
23,394,685
Air
Freight
&
Logistics
....................................
—
729,489
—
729,489
Airlines
..............................................
—
16,076,651
—
16,076,651
Auto
Components
......................................
—
13,863,497
—
13,863,497
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Income
Fund
66
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Level
1
Level
2
Level
3
Total
Automobiles
..........................................
$
—
$
2,131,665
$
—
$
2,131,665
Beverages
...........................................
—
6,423,370
—
6,423,370
Building
Products
.......................................
—
8,747,239
—
8,747,239
Capital
Markets
........................................
—
4,204,807
—
4,204,807
Chemicals
............................................
—
16,645,369
2,589,722
19,235,091
Commercial
Services
&
Supplies
.............................
—
27,278,461
702,971
27,981,432
Communications
Equipment
................................
—
2,652,352
—
2,652,352
Construction
&
Engineering
................................
—
2,685,444
—
2,685,444
Construction
Materials
....................................
—
5,634,873
—
5,634,873
Containers
&
Packaging
..................................
—
15,297,900
2,212,031
17,509,931
Distributors
...........................................
—
1,475,558
—
1,475,558
Diversified
Consumer
Services
..............................
—
19,854,059
—
19,854,059
Diversified
Financial
Services
...............................
—
67,605,073
5,408,903
73,013,976
Diversified
Telecommunication
Services
........................
—
19,432,277
—
19,432,277
Electric
Utilities
........................................
—
578,836
—
578,836
Electrical
Equipment
.....................................
—
5,785,561
—
5,785,561
Electronic
Equipment,
Instruments
&
Components
.................
—
—
1,861,783
1,861,783
Entertainment
.........................................
—
16,214,670
—
16,214,670
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
1,970,844
—
1,970,844
Food
&
Staples
Retailing
..................................
—
3,029,430
—
3,029,430
Food
Products
.........................................
—
23,257,071
—
23,257,071
Health
Care
Equipment
&
Supplies
...........................
—
3,683,094
653,092
4,336,186
Health
Care
Providers
&
Services
............................
—
27,764,436
1,165,898
28,930,334
Health
Care
Technology
..................................
—
11,761,703
—
11,761,703
Hotels,
Restaurants
&
Leisure
..............................
—
25,945,249
61,897
26,007,146
Household
Durables
.....................................
—
8,105,214
—
8,105,214
Household
Products
.....................................
—
3,348,118
—
3,348,118
Independent
Power
and
Renewable
Electricity
Producers
............
—
2,213,583
—
2,213,583
Industrial
Conglomerates
..................................
—
3,095,988
—
3,095,988
Insurance
............................................
—
31,170,430
—
31,170,430
Interactive
Media
&
Services
...............................
—
11,051,858
—
11,051,858
Internet
&
Direct
Marketing
Retail
............................
—
2,949,930
301,199
3,251,129
IT
Services
...........................................
—
11,741,856
1,106,055
12,847,911
Leisure
Products
.......................................
—
605,839
—
605,839
Life
Sciences
Tools
&
Services
..............................
—
18,168,924
4,421,452
22,590,376
Machinery
............................................
—
32,045,947
—
32,045,947
Media
...............................................
—
24,797,638
3,540,765
28,338,403
Metals
&
Mining
........................................
—
5,884,821
—
5,884,821
Oil,
Gas
&
Consumable
Fuels
...............................
—
12,556,707
260,470
12,817,177
Personal
Products
......................................
—
11,907,368
—
11,907,368
Pharmaceuticals
.......................................
—
17,037,609
—
17,037,609
Professional
Services
....................................
—
17,119,146
2,742,685
19,861,831
Road
&
Rail
...........................................
—
4,405,389
—
4,405,389
Semiconductors
&
Semiconductor
Equipment
....................
—
960,588
—
960,588
Software
.............................................
—
71,308,840
4,062,855
75,371,695
Specialty
Retail
........................................
—
24,454,062
—
24,454,062
Technology
Hardware,
Storage
&
Peripherals
....................
—
1,113,840
—
1,113,840
Textiles,
Apparel
&
Luxury
Goods
............................
—
2,955,108
—
2,955,108
Trading
Companies
&
Distributors
............................
—
9,083,401
—
9,083,401
Transportation
Infrastructure
...............................
—
933,546
—
933,546
Wireless
Telecommunication
Services
.........................
—
5,280,716
—
5,280,716
Foreign
Agency
Obligations
.................................
—
18,300,674
—
18,300,674
Foreign
Government
Obligations
..............................
—
12,649,744
—
12,649,744
Investment
Companies
....................................
63,798,075
—
—
63,798,075
Non-Agency
Mortgage-Backed
Securities
........................
—
18,680,217
—
18,680,217
Other
Interests
..........................................
—
—
—
—
Preferred
Securities
.......................................
—
32,149,715
—
32,149,715
Rights
................................................
—
12,539
—
12,539
U.S.
Government
Sponsored
Agency
Securities
....................
—
1,443,789
—
1,443,789
U.S.
Treasury
Obligations
...................................
—
235,997,524
—
235,997,524
Warrants
..............................................
7,123
—
—
7,123
Short-Term
Securities
.......................................
249,700,072
—
—
249,700,072
Options
Purchased
Equity
contracts
..........................................
3,383,102
—
—
3,383,102
BlackRock
Income
Fund
Schedules
of
Investments
67
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Liabilities
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
$
—
$
(947)
$
—
$
(947)
$
324,157,933
$
2,314,945,890
$
32,091,956
$
2,671,195,779
Investments
valued
at
NAV
(b)
......................................
592
$
—
$
2,671,196,371
$
—
Derivative
Financial
Instruments
(c)
Assets
Credit
contracts
...........................................
$
—
$
370,816
$
—
$
370,816
Foreign
currency
exchange
contracts
............................
—
493,724
—
493,724
Interest
rate
contracts
.......................................
12,934,313
—
—
12,934,313
Liabilities
Credit
contracts
...........................................
—
(301,490)
—
(301,490)
Equity
contracts
...........................................
(463,301)
—
—
(463,301)
Foreign
currency
exchange
contracts
............................
—
(2,940,452)
—
(2,940,452)
Interest
rate
contracts
.......................................
(16,120,441)
—
—
(16,120,441)
$
(3,649,429)
$
(2,377,402)
$
—
$
(6,026,831)
(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.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Asset-
Backed
Securities
Common
Stocks
Floating
Rate
Loan
Interests
Total
Investments
Assets
Opening
balance,
as
of
September
30,
2021
................................................................
$
1,225,343
$
160
$
28,737,191
$
29,962,694
Transfers
into
Level
3
..............................................................................
—
—
12,340,129
12,340,129
Transfers
out
of
Level
3
.............................................................................
(1,225,343)
—
(18,939,880)
(20,165,223)
Accrued
discounts/premiums
..........................................................................
—
—
14,169
14,169
Net
realized
loss
..................................................................................
—
—
(2,762)
(2,762)
Net
change
in
unrealized
appreciation
(depreciation)
(a)(b)
........................................................
—
18
(260,562)
(260,544)
Purchases
......................................................................................
1,000,000
—
22,783,074
23,783,074
Sales
.........................................................................................
—
—
(13,579,581)
(13,579,581)
Closing
balance,
as
of
March
31,
2022
...................................................................
$
1,000,000
$
178
$
31,091,778
$
32,091,956
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2022
(b)
............................
$
—
$
18
$
(257,952)
$
(257,934)
(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
March
31,
2022
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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(a)
Dryden
XXVIII
Senior
Loan
Fund,
Series
2013-
28A,
Class
A1LR,
(LIBOR
USD
3
Month
+
1.20%),
1.71%,
08/15/30
(b)
..........
USD
5,800
$
5,773,009
Mosaic
Solar
Loan
Trust,
Series
2019-2A,
Class
A,
2.88%,
09/20/40
...........
107
103,855
Total
Asset-Backed
Securities
—
1.0%
(Cost:
$5,907,065)
..............................
5,876,864
Corporate
Bonds
Oil,
Gas
&
Consumable
Fuels
—
0.0%
EIG
Pearl
Holdings
SARL,
4.39%,
11/30/46
(a)
257
240,295
Total
Corporate
Bonds
—
0.0%
(Cost:
$257,000)
................................
240,295
Foreign
Agency
Obligations
Mexico
—
0.1%
Petroleos
Mexicanos
7.19%,
09/12/24
.................
MXN
12
57,734
6.84%,
01/23/30
.................
USD
109
108,183
6.70%,
02/16/32
.................
423
401,850
567,767
Total
Foreign
Agency
Obligations
—
0.1%
(Cost:
$591,747)
................................
567,767
Foreign
Government
Obligations
Chile
—
0.0%
Republic
of
Chile,
4.34%
,
03/07/42
.......
200
205,400
China
—
0.2%
People's
Republic
of
China
2.85%,
06/04/27
.................
CNY
3,500
555,119
3.01%,
05/13/28
.................
1,830
291,349
846,468
Colombia
—
0.0%
Republic
of
Colombia,
4.50%
,
03/15/29
....
USD
222
213,647
Indonesia
—
0.0%
Republic
of
Indonesia
8.38%,
03/15/34
.................
IDR
1,331,000
101,568
7.50%,
06/15/35
.................
1,321,000
94,413
195,981
Mexico
—
0.1%
United
Mexican
States,
4.40%
,
02/12/52
...
USD
235
216,318
Russia
—
0.0%
Russian
Federation,
6.10%
,
07/18/35
(c)(d)
...
RUB
13,152
4,856
Total
Foreign
Government
Obligations
—
0.3%
(Cost:
$1,796,363)
..............................
1,682,670
Non-Agency
Mortgage-Backed
Securities
Commercial
Mortgage-Backed
Securities
—
10.7%
280
Park
Avenue
Mortgage
Trust,
Series
2017-280P,
Class
A,
(LIBOR
USD
1
Month
+
0.88%),
1.19%,
09/15/34
(a)(b)
.........
USD
2,760
2,746,568
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2018-DSNY,
Class
A,
(LIBOR
USD
1
Month
+
0.85%),
1.25%,
09/15/34
(a)(b)
...
427
421,628
BANK,
Series
2022-BNK40,
Class
A4,
3.51%,
03/15/64
(b)
.....................
500
503,459
Benchmark
Mortgage
Trust,
Series
2022-B33,
Class
A5,
3.46%,
03/15/55
..........
1,214
1,225,554
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
BFLD
Trust
(a)(b)
Series
2019-DPLO,
Class
A,
(LIBOR
USD
1
Month
+
1.09%),
1.49%,
10/15/34
...
USD
45
$
44,633
Series
2020-EYP,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
1.55%,
10/15/35
...
1,984
1,961,754
BMO
Mortgage
Trust,
Series
2022-C1,
Class
A5,
3.37%,
02/15/55
..............
71
70,595
BPR
Trust,
Series
2021-TY,
Class
A,
(LIBOR
USD
1
Month
+
1.05%),
1.45%,
09/15/38
(a)(b)
1,526
1,503,073
BX
Commercial
Mortgage
Trust
(a)
Series
2019-XL,
Class
A,
(LIBOR
USD
1
Month
+
0.92%),
1.32%,
10/15/36
(b)
..
1,295
1,289,098
Series
2019-XL,
Class
D,
(LIBOR
USD
1
Month
+
1.45%),
1.85%,
10/15/36
(b)
..
2,720
2,694,342
Series
2020-FOX,
Class
B,
(LIBOR
USD
1
Month
+
1.35%),
1.75%,
11/15/32
(b)
..
1,791
1,774,147
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
3,490
3,264,939
Series
2021-CIP,
Class
A,
(LIBOR
USD
1
Month
+
0.92%),
1.32%,
12/15/38
(b)
..
2,560
2,518,344
Series
2021-VINO,
Class
A,
(LIBOR
USD
1
Month
+
0.65%),
1.05%,
05/15/38
(b)
..
1,470
1,433,198
BX
Trust
(a)
Series
2018-BILT,
Class
A,
(LIBOR
USD
1
Month
+
0.80%),
1.20%,
05/15/30
(b)
..
282
278,098
Series
2019-OC11,
Class
A,
3.20%,
12/09/41
....................
3,955
3,818,022
Series
2021-MFM1,
Class
C,
(LIBOR
USD
1
Month
+
1.20%),
1.60%,
01/15/34
(b)
..
450
435,305
Series
2021-VIEW,
Class
A,
(LIBOR
USD
1
Month
+
1.28%),
1.68%,
06/15/23
(b)
..
780
770,516
CFK
Trust,
Series
2020-MF2,
Class
B,
2.79%,
03/15/39
(a)
.....................
810
758,597
CHT
Mortgage
Trust,
Series
2017-CSMO,
Class
A,
(LIBOR
USD
1
Month
+
0.93%),
1.33%,
11/15/36
(a)(b)
...............
460
458,272
Citigroup
Commercial
Mortgage
Trust
Series
2016-P6,
Class
B,
4.17%,
12/10/49
(b)
735
733,660
Series
2020-420K,
Class
B,
2.86%,
11/10/42
(a)
...................
100
91,484
Commercial
Mortgage
Trust
Series
2017-COR2,
Class
AM,
3.80%,
09/10/50
....................
297
297,947
Series
2017-PANW,
Class
A,
3.24%,
10/10/29
(a)
...................
4,050
3,985,802
Series
2019-521F,
Class
B,
(LIBOR
USD
1
Month
+
1.10%),
1.50%,
06/15/34
(a)(b)
.
923
906,114
Credit
Suisse
Mortgage
Capital
Certificates
(a)
Series
2019-ICE4,
Class
A,
(LIBOR
USD
1
Month
+
0.98%),
1.38%,
05/15/36
(b)
..
311
309,321
Series
2020-NET,
Class
A,
2.26%,
08/15/37
951
904,927
Series
2021-980M,
Class
A,
2.39%,
07/15/31
....................
600
567,047
CSAIL
Commercial
Mortgage
Trust
Series
2018-CX11,
Class
A5,
4.03%,
04/15/51
(b)
...................
658
673,599
Series
2018-CX12,
Class
A4,
4.22%,
08/15/51
(b)
...................
290
300,260
Series
2019-C16,
Class
A3,
3.33%,
06/15/52
....................
2,205
2,171,585
CSMC
Trust,
Series
2021-BHAR,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
1.55%,
11/15/38
(a)(b)
....................
1,170
1,168,287
GCT
Commercial
Mortgage
Trust,
Series
2021-GCT,
Class
A,
(LIBOR
USD
1
Month
+
0.80%),
1.20%,
02/15/38
(a)(b)
.........
630
619,274
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
69
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Great
Wolf
Trust,
Series
2019-WOLF,
Class
A,
(LIBOR
USD
1
Month
+
1.03%),
1.43%,
12/15/36
(a)(b)
....................
USD
1,907
$
1,881,855
GS
Mortgage
Securities
Corp.
Trust
(a)(b)
Series
2020-TWN3,
Class
A,
(LIBOR
USD
1
Month
+
2.00%),
2.40%,
11/15/37
...
3,800
3,796,565
Series
2021-DM,
Class
A,
(LIBOR
USD
1
Month
+
0.89%),
1.28%,
11/15/36
...
2,185
2,138,775
Series
2021-STAR,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
1.35%,
12/15/36
...
1,770
1,752,136
GS
Mortgage
Securities
Trust,
Series
2012-
GCJ9,
Class
C,
4.45%,
11/10/45
(a)(b)
....
200
200,540
Hawaii
Hotel
Trust,
Series
2019-MAUI,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
1.55%,
05/15/38
(a)(b)
....................
100
99,123
Hudson
Yards
Mortgage
Trust,
Series
2019-
30HY,
Class
D,
3.44%,
07/10/39
(a)(b)
....
526
488,670
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2020-609M,
Class
A,
(LIBOR
USD
1
Month
+
1.37%),
1.77%,
10/15/33
...
1,400
1,375,357
Series
2020-609M,
Class
D,
(LIBOR
USD
1
Month
+
2.77%),
3.17%,
10/15/33
...
400
387,200
Series
2020-MKST,
Class
B,
(LIBOR
USD
1
Month
+
1.05%),
1.45%,
12/15/36
...
986
972,694
Series
2022-ACB,
Class
A,
(SOFR30A
+
1.40%),
1.45%,
03/15/39
.........
1,080
1,077,626
KKR
Industrial
Portfolio
Trust,
Series
2021-
KDIP,
Class
B,
(LIBOR
USD
1
Month
+
0.80%),
1.20%,
12/15/37
(a)(b)
.........
105
102,692
Med
Trust,
Series
2021-MDLN,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
1.35%,
11/15/38
(a)(b)
....................
1,940
1,906,509
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
A,
(TSFR1M
+
1.07%),
1.37%,
12/15/34
(a)(b)
.........
250
249,815
Morgan
Stanley
Capital
I
Trust
(b)
Series
2018-H3,
Class
B,
4.62%,
07/15/51
533
548,380
Series
2018-SUN,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
1.30%,
07/15/35
(a)
..
1,480
1,461,388
MSCG
Trust,
Series
2018-SELF,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
1.30%,
10/15/37
(a)(b)
....................
709
703,649
MTN
Commercial
Mortgage
Trust,
Series
2022-
LPFL,
Class
A,
(TSFR1M
+
1.40%),
1.45%,
03/15/39
(a)(b)
....................
3,030
3,016,711
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2021-FCMT,
Class
A,
(LIBOR
USD
1
Month
+
1.20%),
1.60%,
05/15/31
(a)(b)
...
2,180
2,155,550
65,014,684
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.7%
(b)
Arbor
Multifamily
Mortgage
Securities
Trust
(a)
Series
2020-MF1,
Class
XA,
0.97%,
05/15/53
....................
998
60,881
Series
2021-MF3,
Class
XA,
0.74%,
10/15/54
....................
1,463
73,358
BANK
Series
2020-BN29,
Class
XA,
1.35%,
11/15/53
....................
2,760
244,427
Series
2021-BN33,
Class
XA,
1.06%,
05/15/64
....................
9,655
682,805
Benchmark
Mortgage
Trust
Series
2020-B20,
Class
XA,
1.62%,
10/15/53
....................
11,032
1,031,945
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Series
2020-B21,
Class
XA,
1.46%,
12/17/53
....................
USD
2,724
$
257,035
CSAIL
Commercial
Mortgage
Trust
Series
2018-C14,
Class
XA,
0.56%,
11/15/51
....................
3,054
93,743
Series
2019-C16,
Class
XA,
1.56%,
06/15/52
....................
10,176
894,391
UBS
Commercial
Mortgage
Trust,
Series
2019-
C17,
Class
XA,
1.48%,
10/15/52
......
7,633
641,933
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2021-C59,
Class
XA,
1.55%,
04/15/54
......................
2,482
248,913
4,229,431
Total
Non-Agency
Mortgage-Backed
Securities
—
11.4%
(Cost:
$71,307,281)
..............................
69,244,115
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
0.7%
Federal
Home
Loan
Bank,
4.00%, 04/10/28
.
4,100
4,413,894
Collateralized
Mortgage
Obligations
—
0.7%
Federal
National
Mortgage
Association
Series
2011-8,
Class
ZA,
4.00%, 02/25/41
894
907,051
Series
2014-27,
Class
VC,
4.00%, 05/25/31
2,088
2,094,074
Government
National
Mortgage
Association,
Series
2016-123,
Class
LM,
3.00%, 09/20/46
.................
500
483,724
Government
National
Mortgage
Association
Variable
Rate
Notes,
Series
2014-107,
Class
WX,
6.79%, 07/20/39
(b)
.............
722
788,959
4,273,808
Interest
Only
Collateralized
Mortgage
Obligations
—
0.4%
Federal
National
Mortgage
Association
Series
2020-32,
4.00%, 05/25/50
......
1,666
276,233
Series
2020-32,
Class
PI,
4.00%, 05/25/50
1,721
284,313
Government
National
Mortgage
Association
Series
2020-115,
Class
IM,
3.50%, 08/20/50
(f)
..............
1,880
289,060
Series
2020-146,
Class
DI,
2.50%, 10/20/50
2,681
322,300
Series
2020-162,
Class
TI,
2.50%, 10/20/50
4,637
555,885
Series
2020-175,
Class
DI,
2.50%, 11/20/50
917
110,303
Series
2020-185,
Class
MI,
2.50%, 12/20/50
3,232
427,634
2,265,728
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.8%
(b)
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
Series
K094,
Class
X1,
0.88%, 06/25/29
.
2,796
150,545
Series
K105,
Class
X1,
1.52%, 01/25/30
.
9,010
887,746
Series
K109,
Class
X1,
1.58%, 04/25/30
.
1,897
195,711
Series
K110,
Class
X1,
1.70%, 04/25/30
.
794
86,613
Series
K113,
Class
X1,
1.39%, 06/25/30
.
3,200
296,334
Series
K115,
Class
X1,
1.33%, 06/25/30
.
3,905
349,999
Series
K116,
Class
X1,
1.43%, 07/25/30
.
1,407
133,209
Series
K119,
Class
X1,
0.93%, 09/25/30
.
2,361
152,046
Series
K120,
Class
X1,
1.04%, 10/25/30
.
11,387
808,573
Series
K122,
Class
X1,
0.88%, 11/25/30
.
3,430
210,633
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2020-M21,
Class
AX,
1.56%, 01/25/58
..........
3,263
525,623
Government
National
Mortgage
Association
Variable
Rate
Notes
Series
2005-9,
0.30%, 01/16/45
.......
797
8
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
70
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Series
2005-50,
0.36%, 06/16/45
......
USD
1,487
$
8,134
Series
2006-30,
2.73%, 05/16/46
......
289
3
Series
2016-22,
0.72%, 11/16/55
......
13,378
383,070
Series
2016-45,
0.81%, 02/16/58
......
5,035
208,182
Series
2016-151,
0.91%, 06/16/58
.....
4,830
219,385
Series
2017-30,
0.54%, 08/16/58
......
2,418
77,837
Series
2017-61,
0.77%, 05/16/59
......
2,029
92,429
Series
2017-64,
0.74%, 11/16/57
......
1,527
71,916
4,857,996
Mortgage-Backed
Securities
—
66.2%
Federal
Home
Loan
Mortgage
Corp.
2.50%, 03/01/30
-
04/01/31
..........
1,097
1,087,458
3.00%, 09/01/27
-
12/01/46
..........
1,890
1,895,967
3.50%, 04/01/42
-
01/01/48
..........
1,470
1,498,183
4.00%, 08/01/40
-
12/01/45
..........
1,341
1,400,336
4.50%, 02/01/39
-
08/01/48
..........
1,652
1,749,993
5.00%, 04/01/36
-
11/01/48
..........
695
750,332
5.50%, 06/01/41
.................
616
679,626
Federal
National
Mortgage
Association
3.50%, 11/01/46
.................
1,010
1,023,715
4.00%, 01/01/41
.................
30
31,026
Government
National
Mortgage
Association
2.00%, 08/20/50
-
11/20/50
..........
4,056
3,875,846
2.00%, 04/15/52
-
05/15/52
(e)
.........
9,172
8,724,818
2.50%, 10/20/51
-
01/20/52
..........
8,364
8,120,451
2.50%, 04/15/52
-
05/15/52
(e)
.........
17,328
16,802,230
3.00%, 02/15/45
-
11/20/51
..........
20,713
20,750,011
3.00%, 04/15/52
(e)
................
9,632
9,518,749
3.50%, 01/15/42
-
02/20/52
..........
19,532
19,857,230
3.50%, 04/15/52
(e)
................
2,648
2,662,002
4.00%, 04/20/39
-
01/20/52
..........
14,857
15,337,663
4.50%, 12/20/39
-
08/20/50
..........
2,961
3,141,105
4.50%, 04/15/52
(e)
................
175
180,906
5.00%, 12/15/38
-
07/20/41
..........
1,292
1,418,781
7.00%, 06/15/23
-
11/15/23
..........
—
(g)
11
Uniform
Mortgage-Backed
Securities
1.50%, 04/25/37
-
04/25/52
(e)
.........
18,255
16,670,625
1.50%, 11/01/41
-
12/01/41
..........
8,363
7,580,511
2.00%, 10/01/31
-
02/01/52
..........
61,948
57,681,305
2.00%, 04/25/37
-
05/25/52
(e)
.........
10,359
10,005,837
2.50%, 04/01/30
-
02/01/52
..........
47,268
45,545,253
2.50%, 04/25/37
-
05/25/52
(e)
.........
13,157
12,554,402
2.50%, 01/01/52
(h)
................
14,946
14,279,222
3.00%, 04/01/28
-
08/01/50
..........
17,761
17,667,543
3.00%, 04/25/37
-
04/25/52
(e)
.........
16,064
15,713,212
3.50%, 11/01/28
-
03/01/52
..........
19,330
19,585,066
3.50%, 04/25/52
-
05/25/52
(e)
.........
15,393
15,411,525
4.00%, 09/01/33
-
05/01/52
..........
13,095
13,554,609
4.00%, 04/25/52
-
05/25/52
(e)
.........
21,822
22,244,306
4.50%, 02/01/25
-
07/01/48
..........
3,677
3,887,363
5.00%, 11/01/32
-
05/01/49
..........
1,049
1,118,434
5.00%, 04/25/52
(e)
................
1,911
2,010,506
5.50%, 02/01/35
-
04/01/41
..........
1,953
2,138,105
6.00%, 05/01/33
-
06/01/41
..........
1,825
2,021,036
6.50%, 05/01/40
.................
385
424,248
400,599,547
Total
U.S.
Government
Sponsored
Agency
Securities
—
68.8%
(Cost:
$430,988,180)
.............................
416,410,973
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
4.25%, 05/15/39
-
11/15/40
..........
USD
3,503
$
4,382,260
4.50%, 08/15/39
.................
1,760
2,271,706
4.38%, 11/15/39
.................
1,760
2,237,331
4.63%, 02/15/40
.................
1,743
2,283,739
3.88%, 08/15/40
.................
1,743
2,081,932
1.75%, 08/15/41
.................
87
75,665
3.13%, 02/15/43
.................
6,770
7,286,212
2.88%, 05/15/43
-
11/15/46
..........
13,280
13,852,937
3.63%, 08/15/43
.................
6,770
7,854,258
3.75%, 11/15/43
.................
6,770
8,007,112
2.50%, 02/15/45
.................
6,264
6,101,038
2.75%, 11/15/47
.................
6,264
6,499,389
3.00%, 02/15/48
(h)
................
12,774
13,917,173
2.25%, 08/15/49
.................
9,205
8,752,661
U.S.
Treasury
Notes
1.75%, 04/30/22
-
07/31/24
(
i
)
.........
49,885
49,521,996
1.75%, 07/15/22
-
11/15/29
..........
10,985
10,919,032
2.13%, 12/31/22
-
05/15/25
..........
40,360
40,159,028
0.50%, 03/15/23
-
05/31/27
..........
35,575
33,503,089
0.25%, 04/15/23
.................
8,835
8,699,369
2.75%, 05/31/23
.................
13,020
13,146,131
2.25%, 11/15/24
-
08/15/27
..........
27,938
27,704,973
2.00%, 02/15/25
(
i
)
................
16,270
16,041,203
0.38%, 04/30/25
.................
14,918
13,968,726
1.50%, 08/15/26
(
i
)
................
18,880
18,093,088
0.63%, 03/31/27
.................
5,911
5,403,716
2.88%, 08/15/28
.................
3,910
4,006,376
3.13%, 11/15/28
.................
3,910
4,071,135
1.63%, 08/15/29
.................
6,070
5,756,304
1.50%, 02/15/30
.................
2,150
2,015,625
Total
U.S.
Treasury
Obligations
—
55.9%
(Cost:
$350,145,814)
.............................
338,613,204
Total
Long-Term
Investments
—
137.5%
(Cost:
$860,993,450)
.............................
832,635,888
Shares
Shares
Short-Term
Securities
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.21%
(j)(k)
..................
1,816,034
1,816,034
Total
Short-Term
Securities
—
0.3%
(Cost:
$1,816,034)
..............................
1,816,034
Total
Options
Purchased
—
0.1%
(Cost:
$339,893)
................................
721,291
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
137.9%
(Cost:
$863,149,377
)
.............................
835,173,213
Total
Options
Written
—
(0.6)%
(Premium
Received
—
$(2,146,562))
..................
(3,640,182)
Par
(000)
Pa
r
(
000)
TBA
Sale
Commitments
(e)
Mortgage-Backed
Securities
—
(16.8)%
Government
National
Mortgage
Association
2.50%
,
 04/15/52
.................
(9,698)
(9,405,923)
3.00%
,
 04/15/52
-
05/15/52
..........
(11,629)
(11,491,598)
4.00%
,
 04/15/52
-
05/15/52
..........
(1,540)
(1,570,195)
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
71
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
4.50%
,
 04/15/52
.................
USD
(1,368)
$
(1,414,170)
5.00%
,
 05/15/52
.................
(185)
(192,964)
Uniform
Mortgage-Backed
Securities
1.50%
,
 04/25/37
-
04/25/52
..........
(10,292)
(9,338,610)
2.00%
,
 04/25/37
-
04/25/52
..........
(13,347)
(12,782,254)
2.50%
,
 04/25/37
-
04/25/52
..........
(24,640)
(23,586,637)
3.00%
,
 04/25/37
-
05/25/52
..........
(13,499)
(13,247,610)
3.50%
,
 04/25/37
-
04/25/52
..........
(3,904)
(3,928,375)
4.00%
,
 04/25/52
-
05/25/52
..........
(9,757)
(9,935,408)
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
4.50%
,
 04/25/52
.................
USD
(4,509)
$
(4,672,452)
Total
TBA
Sale
Commitments
—
(16.8)%
(Proceeds:
$(102,958,644))
........................
(101,566,196)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
120.5%
(Cost:
$758,044,171
)
.............................
729,966,835
Liabilities
in
Excess
of
Other
Assets
—
(20.5)%
...........
(124,409,001)
Net
Assets
—
100.0%
..............................
$
605,557,834
(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)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(d)
Non-income
producing
security.
(e)
Represents
or
includes
a
TBA
transaction.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
Rounds
to
less
than
1,000.
(h)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
TBA
commitments.
(i)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
reverse
repurchase
agreements.
(j)
Annualized
7-day
yield
as
of
period
end.
(k)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
March
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
09/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/22
Shares
Held
at
03/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
47,493,852
$
—
$
(45,677,818)
$
—
$
—
$
1,816,034
1,816,034
$
925
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
Reverse
Repurchase
Agreements
Counterparty
Interest
Rate
Trade
Date
Maturity
Date
Face
Value
Face
Value
Including
Accrued
Interest
Type
of
Non-Cash
Underlying
Collateral
Remaining
Contractual
Maturity
of
the
Agreements
Nomura
Securities
International,
Inc.
.....
0.32
%
03/31/22
04/01/22  
$
18,172,000
$
18,172,162
U.S.
Treasury
Obligations
Overnight
Nomura
Securities
International,
Inc.
.....
0.32
03/31/22
04/01/22  
16,107,300
16,107,443
U.S.
Treasury
Obligations
Overnight
Nomura
Securities
International,
Inc.
.....
0.32
03/31/22
04/01/22  
25,018,325
25,018,547
U.S.
Treasury
Obligations
Overnight
Nomura
Securities
International,
Inc.
.....
0.32
03/31/22
04/01/22  
24,862,119
24,862,340
U.S.
Treasury
Obligations
Overnight
$
84,159,744
$
84,160,492
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
72
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-Bund
..............................................................
19
06/08/22
$
3,335
$
(15,798)
U.S.
Treasury
10
Year
Ultra
Note
...............................................
32
06/21/22
4,336
(42,799)
U.S.
Treasury
Ultra
Bond
....................................................
5
06/21/22
886
(21,157)
(79,754)
Short
Contracts
Euro-BTP
...............................................................
22
06/08/22
3,366
134,860
U.S.
Treasury
10
Year
Note
...................................................
219
06/21/22
26,886
(44,355)
U.S.
Treasury
Long
Bond
....................................................
83
06/21/22
12,471
213,190
U.S.
Treasury
2
Year
Note
....................................................
35
06/30/22
7,412
23,801
U.S.
Treasury
5
Year
Note
....................................................
160
06/30/22
18,328
188,874
516,370
$
436,616
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
AUD
60,000
USD
43,472
Morgan
Stanley
&
Co.
International
plc
04/20/22
$
1,434
BRL
303,450
USD
60,000
Deutsche
Bank
AG
04/20/22
3,446
CAD
62,891
USD
50,000
Barclays
Bank
plc
04/20/22
303
CLP
40,100,000
USD
50,000
Barclays
Bank
plc
04/20/22
823
COP
153,600,000
USD
40,000
Deutsche
Bank
AG
04/20/22
623
CZK
1,359,089
USD
60,000
Morgan
Stanley
&
Co.
International
plc
04/20/22
1,476
EUR
50,000
USD
54,993
Barclays
Bank
plc
04/20/22
345
MXN
2,446,750
USD
120,000
State
Street
Bank
and
Trust
Co.
04/20/22
2,671
SEK
573,879
USD
60,000
Bank
of
America
NA
04/20/22
1,053
TRY
748,750
USD
50,000
Citibank
NA
04/20/22
443
USD
50,000
JPY
5,892,227
JPMorgan
Chase
Bank
NA
04/20/22
1,585
RUB
1,566,837
USD
17,805
Goldman
Sachs
International
05/24/22
3,164
RUB
3,573,330
USD
29,654
JPMorgan
Chase
Bank
NA
05/24/22
18,167
USD
842,704
CNY
5,368,345
BNP
Paribas
SA
05/24/22
585
USD
19,698
JPY
2,319,000
Bank
of
America
NA
06/15/22
612
36,730
USD
106,349
IDR
1,534,616,901
Bank
of
America
NA
04/18/22
(583)
USD
97,232
IDR
1,402,174,178
Deutsche
Bank
AG
04/18/22
(473)
JPY
5,932,169
USD
50,000
State
Street
Bank
and
Trust
Co.
04/20/22
(1,257)
USD
60,000
BRL
296,199
HSBC
Bank
plc
04/20/22
(1,930)
USD
50,000
CAD
63,804
Deutsche
Bank
AG
04/20/22
(1,034)
USD
50,000
CLP
40,590,000
Citibank
NA
04/20/22
(1,444)
USD
40,000
COP
152,180,000
Barclays
Bank
plc
04/20/22
(247)
USD
90,000
COP
343,480,500
Citibank
NA
04/20/22
(840)
USD
121,041
EUR
110,000
Bank
of
New
York
Mellon
04/20/22
(703)
USD
50,000
TRY
778,641
Goldman
Sachs
International
04/20/22
(2,456)
USD
90,000
ZAR
1,358,199
UBS
AG
04/20/22
(2,759)
USD
55,873
MXN
1,156,538
BNP
Paribas
SA
05/24/22
(1,742)
USD
138,668
RUB
10,720,000
JPMorgan
Chase
Bank
NA
05/24/22
(4,795)
USD
272,961
CAD
348,000
Morgan
Stanley
&
Co.
International
plc
06/15/22
(5,355)
(25,618)
$
11,112
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
73
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
U.S.
Treasury
10
Year
Note
.....................
218
05/20/22
USD
119.00
USD
21,800
$
57,906
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
3Yx1Y
Interest
Rate
Swap
(a)
.
2.02%
Semi-Annual
1
day
SOFR
Quarterly
Bank
of
America
NA
05/04/22
2.02
%
USD
109,270
$
226,316
10-Year
Interest
Rate
Swap
(a)
2.15%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
01/20/23
2.15
USD
12,700
437,069
$
663,385
(a)
Forward
settling
swaption.
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
U.S.
Treasury
10
Year
Note
......................
1
04/22/22
USD
121.50
USD
100
$
(392)
U.S.
Treasury
10
Year
Note
......................
2
04/22/22
USD
123.00
USD
200
(1,844)
$
(2,236)
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
2-Year
Interest
Rate
Swap
(a)
.
1.51%
Semi-Annual
1
day
SOFR
Annual
Barclays
Bank
plc
08/16/22
1.51
%
USD
19,100
$
(12,626)
2-Year
Interest
Rate
Swap
(a)
.
1.22%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
09/02/22
1.22
USD
19,000
(8,253)
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
(176,183)
10-Year
Interest
Rate
Swap
(a)
2.10%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
03/17/23
2.10
USD
3,900
(120,302)
(317,364)
Put
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
(757,162)
2-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.95%
Semi-Annual
Deutsche
Bank
AG
04/28/22
0.95
USD
31,800
(1,029,899)
3Yx1Y
Interest
Rate
Swap
(a)
.
1
day
SOFR
At
Termination
2.32%
At
Termination
Bank
of
America
NA
05/04/22
2.32
USD
109,270
(87,360)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
2.21%
Semi-Annual
Barclays
Bank
plc
08/16/22
2.21
USD
19,100
(209,258)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
1.95%
Semi-Annual
Bank
of
America
NA
09/02/22
1.95
USD
19,000
(292,955)
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
(792,751)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.10%
Semi-Annual
Bank
of
America
NA
03/17/23
2.10
USD
3,900
(151,197)
(3,320,582)
$
(3,637,946)
(a)
Forward
settling
swaption.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
74
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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)
1
day
Fed
Funds
At
Termination
1.18%
At
Termination
07/27/22
(a)
09/21/22
USD
215,750
$
(164,485)
$
—
$
(164,485)
1
day
Fed
Funds
At
Termination
1.20%
At
Termination
07/27/22
(a)
09/21/22
USD
208,045
(151,526)
—
(151,526)
1
day
Fed
Funds
At
Termination
1.24%
At
Termination
07/27/22
(a)
09/21/22
USD
38,874
(25,786)
—
(25,786)
0.71%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
11/03/23
USD
16,930
390,063
85,413
304,650
1.61%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/01/29
USD
4,700
240,359
64,111
176,248
28
day
MXIBTIIE
Monthly
7.60%
Monthly
N/A
01/01/32
MXN
3,469
(6,738)
—
(6,738)
28
day
MXIBTIIE
Monthly
7.57%
Monthly
N/A
01/12/32
MXN
3,944
(8,219)
—
(8,219)
28
day
MXIBTIIE
Monthly
7.53%
Monthly
N/A
01/23/32
MXN
2,324
(5,087)
—
(5,087)
3
month
LIBOR
Quarterly
1.75%
Semi-Annual
N/A
03/04/32
USD
3,000
(172,391)
—
(172,391)
28
day
MXIBTIIE
Monthly
8.29%
Monthly
N/A
03/17/32
MXN
2,090
910
—
910
2.16%
Annual
1
day
SOFR
Annual
04/01/22
(a)
04/01/32
USD
3,500
(13,199)
—
(13,199)
$
83,901
$
149,524
$
(65,623)
(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
3.50%
At
Termination
03/31/27
USD
2,854
$
18,612
$
—
$
18,612
1
month
USCPI
At
Termination
3.52%
At
Termination
03/31/27
USD
2,854
21,724
—
21,724
1
month
USCPI
At
Termination
2.50%
At
Termination
04/28/31
USD
3,455
(363,483)
(199,595)
(163,888)
1
month
USCPI
At
Termination
2.54%
At
Termination
06/18/31
USD
3,687
(348,100)
(172,651)
(175,449)
1
month
USCPI
At
Termination
2.89%
At
Termination
10/29/31
USD
1,437
(53,791)
15,081
(68,872)
1
month
USCPI
At
Termination
2.88%
At
Termination
11/01/31
USD
1,435
(55,193)
13,549
(68,742)
1
month
USCPI
At
Termination
2.76%
At
Termination
11/05/31
USD
1,506
(75,876)
(4,157)
(71,719)
1
month
USCPI
At
Termination
2.77%
At
Termination
11/05/31
USD
1,506
(75,484)
(3,755)
(71,729)
1
month
USCPI
At
Termination
2.80%
At
Termination
11/08/31
USD
629
(29,334)
686
(30,020)
1
month
USCPI
At
Termination
2.82%
At
Termination
11/10/31
USD
877
(38,523)
3,369
(41,892)
1
month
USCPI
At
Termination
2.89%
At
Termination
11/15/31
USD
753
(27,413)
8,700
(36,113)
1
month
USCPI
At
Termination
2.93%
At
Termination
11/15/31
USD
753
(24,830)
11,346
(36,176)
1
month
USCPI
At
Termination
2.89%
At
Termination
02/28/32
USD
1,511
(26,917)
—
(26,917)
1
month
USCPI
At
Termination
3.06%
At
Termination
04/04/32
USD
1,098
–
—
—
$
(1,078,608)
$
(327,427)
$
(751,181)
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
06/20/27
USD
372
$
16,171
$
20,681
$
(4,510)
United
Mexican
States
......
1.00
Quarterly
Goldman
Sachs
International
06/20/27
USD
80
12
(173)
185
United
Mexican
States
......
1.00
Quarterly
Goldman
Sachs
International
06/20/27
USD
70
11
(100)
111
United
Mexican
States
......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
601
92
3,809
(3,717)
$
–
$
–
$
–
$
16,286
$
24,217
$
(7,931)
$
–
$
–
$
–
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
75
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
i
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
$
34,166
$
—
$
34,166
1
day
CLICP
Semi-Annual
1.65%
Semi-Annual
Bank
of
America
NA
05/28/23
CLP
356,555
(35,898)
—
(35,898)
1
day
BZDIOVER
At
Termination
11.47%
At
Termination
Goldman
Sachs
International
01/02/24
BRL
1,092
(1,936)
(4,600)
2,664
$
(3,668)
$
(4,600)
$
932
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0.04
%
1
day
CLICP
.........................................
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
0
.
02
1
day
Fed
Funds
......................................
1
day
Fed
Funds
0.33
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
0.16
1
month
USCPI
.......................................
U.S.
Consumer
Price
Index
8.50
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
6.72
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.96
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
202,255
$
(380,158)
$
522,144
$
(1,338,948)
$
—
OTC
Swaps
.....................................................
24,490
(4,873)
37,126
(44,125)
—
Options
Written
...................................................
N/A
N/A
451,106
(1,944,726)
(3,640,182)
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
76
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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)
.....
$
—
$
—
$
—
$
—
$
560,725
$
—
$
560,725
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
36,730
—
—
36,730
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
—
—
—
721,291
—
721,291
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
481,808
40,336
522,144
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
24,786
—
—
36,830
—
61,616
$
—
$
24,786
$
—
$
36,730
$
1,800,654
$
40,336
$
1,902,506
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
124,109
—
124,109
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
25,618
—
—
25,618
Options
written
(b)
Options
written
at
value
.....................
—
—
—
—
3,640,182
—
3,640,182
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
547,431
791,517
1,338,948
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
8,500
—
—
40,498
—
48,998
$
—
$
8,500
$
—
$
25,618
$
4,352,220
$
791,517
$
5,177,855
(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
March
31,
2022,
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
.......................
$
—
$
—
$
—
$
—
$
2,869,918
$
—
$
2,869,918
Forward
foreign
currency
exchange
contracts
....
—
—
—
(337,403)
—
—
(337,403)
Options
purchased
(a)
....................
—
—
—
76,763
271,295
—
348,058
Options
written
........................
—
—
—
—
511,343
—
511,343
Swaps
..............................
—
10,268
—
—
(62,703)
(908,497)
(960,932)
$
—
$
10,268
$
—
$
(260,640)
$
3,589,853
$
(908,497)
$
2,430,984
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
—
—
100,081
—
100,081
Forward
foreign
currency
exchange
contracts
....
—
—
—
7,558
—
—
7,558
Options
purchased
(b)
....................
—
—
—
5,993
931,780
—
937,773
Options
written
........................
—
—
—
—
(1,856,715)
—
(1,856,715)
Swaps
..............................
—
(13,519)
—
—
104,730
(261,299)
(170,088)
$
—
$
(13,519)
$
—
$
13,551
$
(720,124)
$
(261,299)
$
(981,391)
(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
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
77
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
..................................................................................
$
35,123,083
Average
notional
value
of
contracts
—
short
.................................................................................
$
49,964,421
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
2,500,645
Average
amounts
sold
—
in
USD
........................................................................................
$
4,026,470
Options
Average
value
of
option
contracts
purchased
................................................................................
$
42,903
Average
value
of
option
contracts
written
...................................................................................
$
19,932
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
64,485,000
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
209,485,000
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
1,239,015
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
24,531,791
Average
notional
value
—
receives
fixed
rate
................................................................................
$
233,840,656
Inflation
swaps
Average
notional
value
—
receives
fixed
rate
................................................................................
$
20,196,760
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
45,328
$
101,497
Forward
foreign
currency
exchange
contracts
.................................................................
36,730
25,618
Options
(a)(b)
........................................................................................
721,291
3,640,182
Swaps
—
centrally
cleared
..............................................................................
51,542
—
Swaps
—
OTC
(c)
....................................................................................
61,616
48,998
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
916,507
$
3,816,295
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(154,776)
(103,733)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
761,731
$
3,712,562
(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.
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
..............................
$
262,147
$
(262,147)
$
—
$
—
$
—
Barclays
Bank
plc
................................
1,471
(1,471)
—
—
—
BNP
Paribas
SA
.................................
585
(585)
—
—
—
Citibank
NA
....................................
443
(443)
—
—
—
Deutsche
Bank
AG
...............................
441,138
(441,138)
—
—
—
Goldman
Sachs
International
........................
26,805
(11,839)
—
—
14,966
JPMorgan
Chase
Bank
NA
..........................
19,752
(4,795)
—
—
14,957
Morgan
Stanley
&
Co.
International
plc
..................
6,719
(6,719)
—
—
—
State
Street
Bank
and
Trust
Co.
......................
2,671
(1,257)
—
—
1,414
$
761,731
$
(730,394)
$
—
$
—
$
31,337
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
78
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
..............................
$
696,548
$
(262,147)
$
(434,401)
$
—
$
—
Bank
of
New
York
................................
703
—
—
—
703
Barclays
Bank
plc
................................
979,293
(1,471)
—
(977,822)
—
BNP
Paribas
SA
.................................
1,742
(585)
—
—
1,157
Citibank
NA
....................................
2,284
(443)
—
—
1,841
Deutsche
Bank
AG
...............................
2,000,340
(441,138)
—
(1,559,202)
—
Goldman
Sachs
International
........................
11,839
(11,839)
—
—
—
HSBC
Bank
plc
..................................
1,930
—
—
—
1,930
JPMorgan
Chase
Bank
NA
..........................
4,795
(4,795)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
9,072
(6,719)
—
—
2,353
State
Street
Bank
and
Trust
Co.
......................
1,257
(1,257)
—
—
—
UBS
AG
......................................
2,759
—
—
—
2,759
$
3,712,562
$
(730,394)
$
(434,401)
$
(2,537,024)
$
10,743
(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.
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
79
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
...................................
$
—
$
5,876,864
$
—
$
5,876,864
Corporate
Bonds
........................................
—
240,295
—
240,295
Foreign
Agency
Obligations
.................................
—
567,767
—
567,767
Foreign
Government
Obligations
..............................
—
1,682,670
—
1,682,670
Non-Agency
Mortgage-Backed
Securities
........................
—
69,244,115
—
69,244,115
U.S.
Government
Sponsored
Agency
Securities
....................
—
416,121,913
289,060
416,410,973
U.S.
Treasury
Obligations
...................................
—
338,613,204
—
338,613,204
Short-Term
Securities
.......................................
1,816,034
—
—
1,816,034
Options
Purchased
Interest
rate
contracts
......................................
57,906
663,385
—
721,291
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(101,566,196)
—
(101,566,196)
$
1,873,940
$
731,444,017
$
289,060
$
733,607,017
Derivative
Financial
Instruments
(a)
Assets
Credit
contracts
...........................................
$
—
$
296
$
—
$
296
Foreign
currency
exchange
contracts
............................
—
36,730
—
36,730
Interest
rate
contracts
.......................................
560,725
518,638
—
1,079,363
Other
contracts
...........................................
—
40,336
—
40,336
Liabilities
Credit
contracts
...........................................
—
(8,227)
—
(8,227)
Foreign
currency
exchange
contracts
............................
—
(25,618)
—
(25,618)
Interest
rate
contracts
.......................................
(126,345)
(4,221,275)
—
(4,347,620)
Other
contracts
...........................................
—
(791,517)
—
(791,517)
$
434,380
$
(4,450,637)
$
—
$
(4,016,257)
(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.
The
Fund
may
hold
assets
and/or
liabilities
in
which
the
fair
value
approximates
the
carrying
amount
or
face
value,
including
accrued
interest,
for
financial
reporting
purposes.
As
of
period
end,
reverse
repurchase
agreements
of
$84,160,492
are
categorized
as
Level
2
within
the
disclosure
hierarchy.
Statements
of
Assets
and
Liabilities
(unaudited)

March
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
80
BlackRock
GNMA
Portfolio
BlackRock
Income
Fund
BlackRock
U.S.
Government
Bond
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(a)
..........................................................
$
859,803,998‌
$
2,382,625,503‌
$
833,357,179‌
Investments,
at
value
—
affiliated
(b)
...........................................................
3,246,801‌
288,571,815‌
1,816,034‌
Cash  
...............................................................................
—‌
5,003,156‌
208,930‌
Cash
pledged:
Collateral
—
OTC
derivatives
..............................................................
1,690,000‌
—‌
2,756,000‌
Collateral
—
TBA
commitments
.............................................................
1,549,000‌
—‌
200,000‌
Futures
contracts
......................................................................
1,657,310‌
6,667,000‌
751,000‌
Centrally
cleared
swaps
..................................................................
209,000‌
2,577,000‌
1,141,000‌
Foreign
currency,
at
value
(c)
................................................................
—‌
13,395,098‌
3,012,614‌
Receivables:
–‌
–‌
–‌
Investments
sold
......................................................................
98,938,492‌
81,744,493‌
41,917,681‌
TBA
sale
commitments
..................................................................
143,534,586‌
—‌
102,958,644‌
Capital
shares
sold
.....................................................................
599,834‌
4,057,634‌
877,563‌
Dividends
—
affiliated
...................................................................
321‌
24,261‌
268‌
Dividends
—
unaffiliated
.................................................................
—‌
35,803‌
—‌
Interest
—
unaffiliated
...................................................................
2,068,114‌
16,793,192‌
2,820,354‌
From
the
Manager
.....................................................................
21,966‌
134,576‌
53,874‌
Variation
margin
on
futures
contracts
.........................................................
—‌
966,692‌
45,328‌
Variation
margin
on
centrally
cleared
swaps
....................................................
—‌
—‌
51,542‌
Swap
premiums
paid
.....................................................................
—‌
514,440‌
24,490‌
Unrealized
appreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
—‌
493,724‌
36,730‌
OTC
swaps
..........................................................................
—‌
81,558‌
37,126‌
Prepaid
expenses
.......................................................................
90,804‌
151,803‌
80,434‌
Total
assets
...........................................................................
1,113,410,226‌
2,803,837,748‌
992,146,791‌
LIABILITIES
Bank
overdraft
..........................................................................
122,191‌
—‌
—‌
Cash
received:
Collateral
—
TBA
commitments
.............................................................
1,145,392‌
—‌
12,000‌
Options
written,
at
value
(d)
..................................................................
2,890,757‌
463,301‌
3,640,182‌
TBA
sale
commitments,
at
value
(e)
............................................................
141,433,225‌
—‌
101,566,196‌
Reverse
repurchase
agreements,
at
value
.......................................................
—‌
—‌
84,160,492‌
Payables:
–‌
–‌
–‌
Investments
purchased
..................................................................
500,065,483‌
183,502,678‌
195,077,955‌
Accounting
services
fees
.................................................................
40,380‌
257,890‌
54,820‌
Administration
fees
.....................................................................
17,390‌
92,734‌
22,119‌
Capital
shares
redeemed
.................................................................
2,502,385‌
9,257,249‌
918,954‌
Custodian
fees
........................................................................
20,796‌
74,998‌
24,231‌
Income
dividend
distributions
..............................................................
139,557‌
667,613‌
329,720‌
Investment
advisory
fees
.................................................................
102,146‌
1,023,973‌
152,122‌
Trustees'
and
Officer's
fees
...............................................................
1,224‌
2,725‌
1,720‌
Other
affiliate
fees
.....................................................................
5,157‌
2,310‌
6,075‌
Professional
fees
......................................................................
33,405‌
41,359‌
48,310‌
Registration
fees
......................................................................
—‌
693‌
—‌
Service
and
distribution
fees
...............................................................
43,087‌
67,581‌
83,433‌
Transfer
agent
fees
....................................................................
81,752‌
704,075‌
259,972‌
Other
accrued
expenses
.................................................................
111,453‌
37,460‌
54,543‌
Variation
margin
on
futures
contracts
.........................................................
116,433‌
1,162,875‌
101,497‌
Variation
margin
on
centrally
cleared
swaps
....................................................
12,310‌
5,162‌
—‌
Swap
premiums
received
..................................................................
—‌
230,489‌
4,873‌
Unrealized
depreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
—‌
2,940,452‌
25,618‌
OTC
swaps
..........................................................................
—‌
301,490‌
44,125‌
Unfunded
floating
rate
loan
interests
.........................................................
—‌
947‌
—‌
Total
liabilities
..........................................................................
648,884,523‌
200,838,054‌
386,588,957‌
NET
ASSETS
..........................................................................
$
464,525,703‌
$
2,602,999,694‌
$
605,557,834‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
March
31,
2022
81
Financial
Statements
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
BlackRock
Income
Fund
BlackRock
U.S.
Government
Bond
Portfolio
NET
ASSETS
CONSIST
OF
Paid-in
capital
..........................................................................
$
573,021,967‌
$
2,868,995,576‌
$
674,138,429‌
Accumulated
loss
.......................................................................
(108,496,264‌)
(265,995,882‌)
(68,580,595‌)
NET
ASSETS
..........................................................................
$
464,525,703‌
$
2,602,999,694‌
$
605,557,834‌
(a)
  Investments,
at
cost
—
unaffiliated
..........................................................
$
880,820,720‌
$
2,541,276,041‌
$
861,333,343‌
(b)
  Investments,
at
cost
—
affiliated
............................................................
$
3,246,801‌
$
290,028,864‌
$
1,816,034‌
(c)
  Foreign
currency,
at
cost
.................................................................
$
—‌
$
13,313,940‌
$
2,943,319‌
(d)
  Premiums
received
....................................................................
$
1,696,928‌
$
978,758‌
$
2,146,562‌
(e)
  Proceeds
from
TBA
sale
commitments
.......................................................
$
143,534,586‌
$
—‌
$
102,958,644‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
March
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
82
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
BlackRock
Income
Fund
BlackRock
U.S.
Government
Bond
Portfolio
NET
ASSET
VALUE
Institutional
Net
assets
...........................................................................
$
265,518,290‌
$
2,024,913,038‌
$
270,598,867‌
Shares
outstanding
....................................................................
30,341,766‌
212,900,051‌
26,680,513‌
Net
asset
value
.......................................................................
$
8.75‌
$
9.51‌
$
10.14‌
Shares
authorized
.....................................................................
Unlimited
Unlimited
Unlimited
Par
value
...........................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Investor
A
Net
assets
...........................................................................
$
128,548,987‌
$
195,787,441‌
$
302,749,051‌
Shares
outstanding
....................................................................
14,627,629‌
20,586,719‌
29,785,101‌
Net
asset
value
.......................................................................
$
8.79‌
$
9.51‌
$
10.16‌
Shares
authorized
.....................................................................
Unlimited
Unlimited
Unlimited
Par
value
...........................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Investor
C
Net
assets
...........................................................................
$
13,093,946‌
$
27,723,281‌
$
11,893,295‌
Shares
outstanding
....................................................................
1,496,540‌
2,913,242‌
1,172,114‌
Net
asset
value
.......................................................................
$
8.75‌
$
9.52‌
$
10.15‌
Shares
authorized
.....................................................................
Unlimited
Unlimited
Unlimited
Par
value
...........................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Class
K
Net
assets
...........................................................................
$
57,364,480‌
$
354,575,934‌
$
16,205,191‌
Shares
outstanding
....................................................................
6,576,402‌
37,284,119‌
1,597,756‌
Net
asset
value
.......................................................................
$
8.72‌
$
9.51‌
$
10.14‌
Shares
authorized
.....................................................................
Unlimited
Unlimited
Unlimited
Par
value
...........................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Class
R
Net
assets
...........................................................................
$
—
$
—
$
4,111,430‌
Shares
outstanding
....................................................................
—
—
404,539‌
Net
asset
value
.......................................................................
$
—
$
—
$
10.16‌
Shares
authorized
.....................................................................
—
—
Unlimited
Par
value
...........................................................................
$
—
$
—
$
0.001‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
March
31,
2022
83
Financial
Statements
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
BlackRock
Income
Fund
BlackRock
U.S.
Government
Bond
Portfolio
INVESTMENT
INCOME
–
–
–
Dividends
—
affiliated
...................................................................
$
390‌
$
621,218‌
$
925‌
Dividends
—
unaffiliated
.................................................................
—‌
951,358‌
—‌
Interest
—
unaffiliated
...................................................................
3,236,464‌
57,337,334‌
5,158,503‌
Foreign
taxes
withheld
..................................................................
—‌
(28,201‌)
(471‌)
Total
investment
income
...................................................................
3,236,854‌
58,881,709‌
5,158,957‌
EXPENSES
Investment
advisory
....................................................................
902,357‌
6,793,457‌
1,260,355‌
Proxy
..............................................................................
319,983‌
—‌
—‌
Service
and
distribution
—
class
specific
......................................................
257,213‌
426,072‌
483,420‌
Transfer
agent
—
class
specific
............................................................
245,701‌
1,960,027‌
468,987‌
Administration
.......................................................................
112,354‌
562,739‌
135,502‌
Registration
.........................................................................
54,056‌
137,045‌
59,738‌
Administration
—
class
specific
............................................................
53,075‌
296,608‌
64,628‌
Professional
.........................................................................
42,883‌
61,379‌
43,468‌
Accounting
services
....................................................................
39,165‌
269,847‌
50,086‌
Custodian
...........................................................................
18,160‌
71,230‌
22,665‌
Trustees
and
Officer
....................................................................
4,704‌
23,117‌
5,562‌
Miscellaneous
........................................................................
35,773‌
59,601‌
43,714‌
Total
expenses
excluding
interest
expense
.......................................................
2,085,424‌
10,661,122‌
2,638,125‌
Interest
expense
......................................................................
—‌
—‌
13,023‌
Total
expenses
.........................................................................
2,085,424‌
10,661,122‌
2,651,148‌
Less:
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................
(226,383‌)
(119,817‌)
(329,751‌)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
..........................
(125,140‌)
(779,852‌)
(310,191‌)
Administration
fees
waived
—
class
specific
..................................................
(53,037‌)
(255,399‌)
(64,624‌)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
1,680,864‌
9,506,054‌
1,946,582‌
Net
investment
income
....................................................................
1,555,990‌
49,375,655‌
3,212,375‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(31,812,462‌)
$
(222,267,585‌)
$
(39,627,702‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
(a)
............................................................
$
(12,648,897‌)
$
(126,460,593‌)
$
(3,679,951‌)
Forward
foreign
currency
exchange
contracts
.................................................
—‌
45,985,853‌
(337,403‌)
Foreign
currency
transactions
...........................................................
—‌
1,335,440‌
62,982‌
Futures
contracts
....................................................................
3,821,896‌
(10,095,966‌)
2,869,918‌
Options
written
.....................................................................
945,539‌
2,212,282‌
511,343‌
Swaps  
..........................................................................
(410,801‌)
(48,946‌)
(960,932‌)
(8,292,263‌)
(87,071,930‌)
(1,534,043‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...............................................................
—‌
(1,021,134‌)
—‌
Investments
—
unaffiliated
(b)
............................................................
(25,042,772‌)
(120,469,887‌)
(36,061,442‌)
Forward
foreign
currency
exchange
contracts
.................................................
—‌
(14,284,205‌)
7,558‌
Foreign
currency
translations
............................................................
—‌
931,305‌
(113,053‌)
Futures
contracts
....................................................................
2,193,704‌
(912,445‌)
100,081‌
Options
written
.....................................................................
(1,500,037‌)
303,247‌
(1,856,715‌)
Swaps  
..........................................................................
828,906‌
258,628‌
(170,088‌)
Unfunded
floating
rate
loan
interests
.......................................................
—‌
(1,164‌)
—‌
(23,520,199‌)
(135,195,655‌)
(38,093,659‌)
Net
realized
and
unrealized
loss
..............................................................
(31,812,462‌)
(222,267,585‌)
(39,627,702‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................................
$
(30,256,472‌)
$
(172,891,930‌)
$
(36,415,327‌)
(a)
  Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
.................................
$
—
$
—
$
(6
)
(b)
N
et
of
reduction
in
deferred
foreign
capital
gain
tax
of
..............................................
$
—
$
—
$
128
Statements
of
Changes
in
Net
Assets

2022
BlackRock
Semi-Annual
Report
to
Shareholders
84
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
BlackRock
Income
Fund
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
09/30/21
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
09/30/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
1,555,990‌
$
5,508,729‌
$
49,375,655‌
$
88,379,377‌
Net
realized
gain
(loss)
....................................................
(8,292,263‌)
4,684,107‌
(87,071,930‌)
69,470,950‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(23,520,199‌)
(8,213,537‌)
(135,195,655‌)
(45,319,286‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(30,256,472‌)
1,979,299‌
(172,891,930‌)
112,531,041‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
...........................................................
(2,654,997‌)
(7,757,190‌)
(86,462,772‌)
(72,517,733‌)
  Service
..............................................................
—‌
(47,369‌)
—
—‌
  Investor
A
............................................................
(965,267‌)
(2,916,277‌)
(7,575,924‌)
(6,369,050‌)
  Investor
C
............................................................
(49,459‌)
(297,478‌)
(1,023,186‌)
(867,193‌)
  Class
K
..............................................................
(366,791‌)
(1,009,386‌)
(14,103,052‌)
(11,080,525‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(4,036,514‌)
(12,027,700‌)
(109,164,934‌)
(90,834,501‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(65,602,628‌)
(46,415,937‌)
(386,175,610‌)
1,648,772,904‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(99,895,614‌)
(56,464,338‌)
(668,232,474‌)
1,670,469,444‌
Beginning
of
period
........................................................
564,421,317‌
620,885,655‌
3,271,232,168‌
1,600,762,724‌
End
of
period
............................................................
$
464,525,703‌
$
564,421,317‌
$
2,602,999,694‌
$
3,271,232,168‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
85
Financial
Statements
See
notes
to
financial
statements.
BlackRock
U.S.
Government
Bond
Portfolio
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
09/30/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
3,212,375‌
$
7,363,538‌
Net
realized
gain
(loss)
..................................................................................
(1,534,043‌)
7,811,714‌
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
(38,093,659‌)
(27,128,902‌)
Net
decrease
in
net
assets
resulting
from
operations
................................................................
(36,415,327‌)
(11,953,650‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
.........................................................................................
(2,038,490‌)
(5,766,221‌)
  Service
............................................................................................
—‌
(3,791‌)
  Investor
A
..........................................................................................
(1,904,635‌)
(4,978,441‌)
  Investor
C
..........................................................................................
(27,583‌)
(111,837‌)
  Class
K
............................................................................................
(122,652‌)
(271,580‌)
  Class
R
............................................................................................
(19,996‌)
(47,691‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(4,113,356‌)
(11,179,561‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.......................................................
(25,520,434‌)
(181,636,334‌)
NET
ASSETS
Total
decrease
in
net
assets
................................................................................
(66,049,117‌)
(204,769,545‌)
Beginning
of
period
......................................................................................
671,606,951‌
876,376,496‌
End
of
period
..........................................................................................
$
605,557,834‌
$
671,606,951‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
86
(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)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
non-recurring
expenses
of
proxy
costs.
Without
these
costs,
total
expenses,
total
expenses
after
fees
waived
and/or
reimbursed,
and
total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
would
have
been
0.58%,
0.42%,
and
0.42%,
respectively.
(i)
Proxy
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses,
total
expenses
after
fees
waived
and/or
reimbursed,
and
total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
would
have
been
0.70%,
0.54%,
and
0.54%,
respectively
(j)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
Institutional
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
9.35
‌
$
9.50
‌
$
9.46
‌
$
9.13
‌
$
9.59
‌
$
9.89
‌
Net
investment
income
(a)
.......
0.03
‌
0.09
‌
0.22
‌
0.27
‌
0.25
‌
0.19
‌
Net
realized
and
unrealized
gain
(loss)
..................
(0.56
)
(0.04
)
0.14
‌
0.41
‌
(0.38
)
(0.19
)
Net
increase
(decrease)
from
investment
operations
......
(0.53
)
0.05
‌
0.36
‌
0.68
‌
(0.13
)
—
‌
Distributions
(b)
–
–
–
–
–
–
N
et
investment
income
........
(0.07
)
(0.20
)
(0.32
)
(0.35
)
(0.33
)
(0.30
)
Return
of
capital
.............
—
‌
—
‌
—
‌
(0.00
)
(c)
—
‌
(0.00
)
(c)
Total
distributions
.............
(0.07
)
(0.20
)
(0.32
)
(0.35
)
(0.33
)
(0.30
)
Net
asset
value,
end
of
period
....
$
8.75
‌
$
9.35
‌
$
9.50
‌
$
9.46
‌
$
9.13
‌
$
9.59
‌
Total
Return
(d)
(5.66)%
0.48%
3.86%
7.55%
—
—
Based
on
net
asset
value
........
(5.66
)%
(e)
0.47
%
3.86
%
7.55
%
(1.36
)%
0.01
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............
0.64
%
(g)(h)
(i)
0.57
%
0.65
%
1.14
%
1.06
%
0.74
%
Total
expenses
after
fees
waived
and/or
reimbursed
................
0.48
%
(g)
(h)(i)
0.43
%
0.48
%
0.95
%
0.84
%
0.52
%
Total
expenses
after
fees
waived
and/
or
reimbursed
and
excluding
interest
expense
..................
0.48
%
(g)
(h)(i)
0.43
%
0.42
%
0.42
%
0.42
%
0.43
%
Net
investment
income
.........
0.68
%
(g)
1.00
%
2.28
%
2.92
%
2.69
%
1.93
%
Supplemental
Data
(h)
Net
assets,
end
of
period
(000)
....
$
265,518
‌
$
363,815
‌
$
356,671
‌
$
264,811
‌
$
249,030
‌
$
316,891
‌
Portfolio
turnover
rate
(j
)
..........
785
%
1,443
%
1,380
%
1,482
%
1,450
%
1,198
%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
439%
859%
912%
947%
823%
423%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
87
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)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
non-recurring
expenses
of
proxy
costs.
Without
these
costs,
total
expenses,
total
expenses
after
fees
waived
and/or
reimbursed,
and
total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
would
have
been
0.83%,
0.67%,
and
0.67%,
respectively.
(i)
Proxy
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses,
total
expenses
after
fees
waived
and/or
reimbursed,
and
total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
would
have
been
0.95%,
0.79%,
and
0.79%,
respectively
(j)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
(k)
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
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
9.39
‌
$
9.54
‌
$
9.50
‌
$
9.17
‌
$
9.63
‌
$
9.93
‌
Net
investment
income
(a)
.......
0.02
‌
0.07
‌
0.19
‌
0.25
‌
0.23
‌
0.16
‌
Net
realized
and
unrealized
gain
(loss)
..................
(0.56
)
(0.05
)
0.15
‌
0.40
‌
(0.38
)
(0.19
)
Net
increase
(decrease)
from
investment
operations
......
(0.54
)
0.02
‌
0.34
‌
0.65
‌
(0.15
)
(0.03
)
Distributions
(b)
–
–
–
–
–
–
N
et
investment
income
........
(0.06
)
(0.17
)
(0.30
)
(0.32
)
(0.31
)
(0.27
)
Return
of
capital
.............
—
‌
—
‌
—
‌
(0.00
)
(c)
—
‌
(0.00
)
(c)
Total
distributions
.............
(0.06
)
(0.17
)
(0.30
)
(0.32
)
(0.31
)
(0.27
)
Net
asset
value,
end
of
period
....
$
8.79
‌
$
9.39
‌
$
9.54
‌
$
9.50
‌
$
9.17
‌
$
9.63
‌
Total
Return
(d)
(5.75)%
0.23%
3.60%
7.27%
(1.58)%
—
Based
on
net
asset
value
........
(5.75
)%
(e)
0.23
%
3.60
%
7.27
%
(1.58
)%
(0.23
)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............
0.89
%
(g)(h)
(i)
0.84
%
0.93
%
1.43
%
1.33
%
1.01
%
(j)
Total
expenses
after
fees
waived
and/or
reimbursed
................
0.73
%
(g)
(h)(i)
0.68
%
0.73
%
1.20
%
1.09
%
0.78
%
Total
expenses
after
fees
waived
and/
or
reimbursed
and
excluding
interest
expense
..................
0.73
%
(g)
(h)(i)
0.68
%
0.67
%
0.67
%
0.67
%
0.68
%
Net
investment
income
.........
0.43
%
(g)
0.76
%
2.04
%
2.67
%
2.44
%
1.68
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....
$
128,549
‌
$
151,434
‌
$
161,035
‌
$
137,065
‌
$
120,582
‌
$
172,685
‌
Portfolio
turnover
rate
(k
)
.........
785
%
1,443
%
1,380
%
1,482
%
1,450
%
1,198
%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
439%
859%
912%
947%
823%
423%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
88
(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)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
non-recurring
expenses
of
proxy
costs.
Without
these
costs,
total
expenses,
total
expenses
after
fees
waived
and/or
reimbursed,
and
total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
would
have
been
1.55%,
1.42%,
and
1.42%,
respectively.
(i)
Proxy
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses,
total
expenses
after
fees
waived
and/or
reimbursed,
and
total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
would
have
been
1.67%,
1.54%,
and
1.54%,
respectively
(j)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
(k)
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
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
9.35
‌
$
9.50
‌
$
9.46
‌
$
9.13
‌
$
9.58
‌
$
9.88
‌
Net
investment
income
(loss)
(a)
...
(0.01
)
0.01
‌
0.12
‌
0.18
‌
0.16
‌
0.09
‌
Net
realized
and
unrealized
gain
(loss)
..................
(0.56
)
(0.06
)
0.15
‌
0.40
‌
(0.37
)
(0.19
)
Net
increase
(decrease)
from
investment
operations
......
(0.57
)
(0.05
)
0.27
‌
0.58
‌
(0.21
)
(0.10
)
Distributions
(b)
–
–
–
–
–
–
N
et
investment
income
........
(0.03
)
(0.10
)
(0.23
)
(0.25
)
(0.24
)
(0.20
)
Return
of
capital
.............
—
‌
—
‌
—
‌
(0.00
)
(c)
—
‌
(0.00
)
(c)
Total
distributions
.............
(0.03
)
(0.10
)
(0.23
)
(0.25
)
(0.24
)
(0.20
)
Net
asset
value,
end
of
period
....
$
8.75
‌
$
9.35
‌
$
9.50
‌
$
9.46
‌
$
9.13
‌
$
9.58
‌
Total
Return
(d)
(6.13)%
(0.53)%
2.83%
6.49%
(2.24)%
—
Based
on
net
asset
value
........
(6.13
)%
(e)
(0.53
)%
2.83
%
6.49
%
(2.24
)%
(0.99
)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............
1.61
%
(g)(h)
(i)
1.53
%
1.63
%
2.17
%
2.07
%
1.76
%
(j)
Total
expenses
after
fees
waived
and/
or
reimbursed
..............
1.48
%
(g)
(h)(i)
1.43
%
1.48
%
1.95
%
1.84
%
1.53
%
Total
expenses
after
fees
waived
and/
or
reimbursed
and
excluding
interest
expense
..................
1.48
%
(g)
(h)(i)
1.43
%
1.42
%
1.42
%
1.42
%
1.43
%
Net
investment
income
(loss)
.....
(0.32
)%
(g)
0.06
%
1.30
%
1.96
%
1.70
%
0.93
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....
$
13,094
‌
$
18,415
‌
$
31,336
‌
$
34,257
‌
$
44,241
‌
$
64,370
‌
Portfolio
turnover
rate
(k
)
.........
785
%
1,443
%
1,380
%
1,482
%
1,450
%
1,198
%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
439%
859%
912%
947%
823%
423%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
89
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)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
non-recurring
expenses
of
proxy
costs.
Without
these
costs,
total
expenses,
total
expenses
after
fees
waived
and/or
reimbursed,
and
total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
would
have
been
0.48%,
0.37%,
and
0.37%,
respectively.
(i)
Proxy
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses,
total
expenses
after
fees
waived
and/or
reimbursed,
and
total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
would
have
been
0.59%,
0.48%,
and
0.48%,
respectively
(j)
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
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
9.32
‌
$
9.47
‌
$
9.43
‌
$
9.10
‌
$
9.55
‌
$
9.85
‌
Net
investment
income
(a)
.......
0.03
‌
0.11
‌
0.22
‌
0.27
‌
0.25
‌
0.19
‌
Net
realized
and
unrealized
gain
(loss)
..................
(0.55
)
(0.06
)
0.14
‌
0.41
‌
(0.37
)
(0.19
)
Net
increase
(decrease)
from
investment
operations
......
(0.52
)
0.05
‌
0.36
‌
0.68
‌
(0.12
)
—
‌
Distributions
(b)
–
–
–
–
–
–
N
et
investment
income
........
(0.08
)
(0.20
)
(0.32
)
(0.35
)
(0.33
)
(0.30
)
Return
of
capital
.............
—
‌
—
‌
0.00
(c)
(0.00
)
(c)
—
‌
(0.00
)
(c)
Total
distributions
.............
(0.08
)
(0.20
)
(0.32
)
(0.35
)
(0.33
)
(0.30
)
Net
asset
value,
end
of
period
....
$
8.72
‌
$
9.32
‌
$
9.47
‌
$
9.43
‌
$
9.10
‌
$
9.55
‌
Total
Return
(d)
(5.65)%
0.52%
3.91%
7.62%
(1.22)%
—
Based
on
net
asset
value
........
(5.65
)%
(e)
0.52
%
3.91
%
7.62
%
(1.22
)%
0.04
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............
0.54
%
(g)(h)
(i)
0.47
%
0.54
%
1.03
%
0.94
%
0.66
%
Total
expenses
after
fees
waived
and/or
reimbursed
................
0.43
%
(g)
(h)(i)
0.38
%
0.43
%
0.90
%
0.79
%
0.50
%
Total
expenses
after
fees
waived
and/
or
reimbursed
and
excluding
interest
expense
..................
0.43
%
(g)
(h)(i)
0.38
%
0.37
%
0.37
%
0.37
%
0.38
%
Net
investment
income
.........
0.76
%
(g)
1.15
%
2.34
%
2.93
%
2.73
%
2.00
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....
$
57,364
‌
$
30,757
‌
$
67,675
‌
$
45,934
‌
$
20,802
‌
$
21,025
‌
Portfolio
turnover
rate
(j
)
..........
785
%
1,443
%
1,380
%
1,482
%
1,450
%
1,198
%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
439%
859%
912%
947%
823%
423%
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
90
(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)
Aggregate
total
return.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
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:
(h)
Annualized.
BlackRock
Income
Fund
Institutional
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
10.46‌
$
10.22‌
$
10.32‌
$
10.13‌
$
10.31‌
$
10.14‌
Net
investment
income
(a)
.......................
0.17‌
0.37‌
0.44‌
0.47‌
0.43‌
0.41‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.75‌)
0.25‌
(0.06‌)
0.24‌
(0.18‌)
0.20‌
Net
increase
(decrease)
from
investment
operations
......
(0.58‌)
0.62‌
0.38‌
0.71‌
0.25‌
0.61‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.24‌)
(0.38‌)
(0.47‌)
(0.52‌)
(0.43‌)
(0.44‌)
From
net
realized
gain
.........................
(0.13‌)
—‌
(0.01‌)
—‌
—‌
—‌
Total
distributions
.............................
(0.37‌)
(0.38‌)
(0.48‌)
(0.52‌)
(0.43‌)
(0.44‌)
Net
asset
value,
end
of
period
....................
$
9.51‌
$
10.46‌
$
10.22‌
$
10.32‌
$
10.13‌
$
10.31‌
Total
Return
(c)
(5.69)%
6.13%
3.90%
7.22%
2.52%
—
Based
on
net
asset
value
........................
(5.69‌)%
(d)
6.13‌%
3.90‌%
(e)
7.22‌%
2.52‌%
6.12‌%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
(g)
..............................
0.71‌%
(h)
0.71‌%
0.73‌%
0.78‌%
0.83‌%
0.90‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.62‌%
(h)
0.62‌%
0.62‌%
0.62‌%
0.63‌%
0.63‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.....................
0.62‌%
(h)
0.62‌%
0.62‌%
0.62‌%
0.63‌%
0.63‌%
Net
investment
income
.........................
3.35‌%
(h)
3.46‌%
4.35‌%
4.64‌%
4.22‌%
4.03‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
2,024,913‌
$
2,622,329‌
$
1,300,683‌
$
919,409‌
$
457,518‌
$
337,106‌
Portfolio
turnover
rate
..........................
56‌%
81‌%
92‌%
77‌%
100‌%
126‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Expense
ratios
...............................
N/A
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)
91
Financial
Highlights
BlackRock
Income
Fund
Investor
A
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
10.45‌
$
10.22‌
$
10.32‌
$
10.13‌
$
10.30‌
$
10.13‌
Net
investment
income
(a)
.......................
0.15‌
0.34‌
0.41‌
0.44‌
0.40‌
0.39‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.74‌)
0.25‌
(0.05‌)
0.24‌
(0.16‌)
0.19‌
Net
increase
(decrease)
from
investment
operations
......
(0.59‌)
0.59‌
0.36‌
0.68‌
0.24‌
0.58‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.22‌)
(0.36‌)
(0.45‌)
(0.49‌)
(0.41‌)
(0.41‌)
From
net
realized
gain
.........................
(0.13‌)
—‌
(0.01‌)
—‌
—‌
—‌
Total
distributions
.............................
(0.35‌)
(0.36‌)
(0.46‌)
(0.49‌)
(0.41‌)
(0.41‌)
Net
asset
value,
end
of
period
....................
$
9.51‌
$
10.45‌
$
10.22‌
$
10.32‌
$
10.13‌
$
10.30‌
Total
Return
(c)
(5.72)%
5.77%
3.64%
6.96%
2.36%
—
Based
on
net
asset
value
........................
(5.72‌)%
(d)
5.77‌%
3.64‌%
(e)
6.96‌%
2.36‌%
5.86‌%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
0.90‌%
(g)
0.90‌%
0.97‌%
1.04‌%
1.12‌%
(h)
1.17‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.87‌%
(g)
0.87‌%
0.87‌%
0.87‌%
0.88‌%
0.88‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
......................
0.87‌%
(g)
0.87‌%
0.87‌%
0.87‌%
0.88‌%
0.88‌%
Net
investment
income
.........................
3.10‌%
(g)
3.23‌%
4.10‌%
4.40‌%
3.94‌%
3.81‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
195,787‌
$
230,457‌
$
142,602‌
$
102,857‌
$
75,462‌
$
109,702‌
Portfolio
turnover
rate
..........................
56‌%
81‌%
92‌%
77‌%
100‌%
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,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
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%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
92
BlackRock
Income
Fund
Investor
C
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
10.46‌
$
10.23‌
$
10.32‌
$
10.13‌
$
10.31‌
$
10.14‌
Net
investment
income
(a)
.......................
0.12‌
0.27‌
0.34‌
0.37‌
0.33‌
0.31‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.74‌)
0.24‌
(0.05‌)
0.23‌
(0.18‌)
0.19‌
Net
increase
(decrease)
from
investment
operations
......
(0.62‌)
0.51‌
0.29‌
0.60‌
0.15‌
0.50‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.19‌)
(0.28‌)
(0.37‌)
(0.41‌)
(0.33‌)
(0.33‌)
From
net
realized
gain
.........................
(0.13‌)
—‌
(0.01‌)
—‌
—‌
—‌
Total
distributions
.............................
(0.32‌)
(0.28‌)
(0.38‌)
(0.41‌)
(0.33‌)
(0.33‌)
Net
asset
value,
end
of
period
....................
$
9.52‌
$
10.46‌
$
10.23‌
$
10.32‌
$
10.13‌
$
10.31‌
Total
Return
(c)
(6.07)%
4.97%
2.97%
6.16%
1.50%
—
Based
on
net
asset
value
........................
(6.07‌)%
(d)
4.97‌%
2.97‌%
(e)
6.16‌%
1.50‌%
5.07‌%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
1.65‌%
(g)
1.66‌%
1.73‌%
1.79‌%
1.84‌%
(h)
1.90‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
1.62‌%
(g)
1.62‌%
1.62‌%
1.62‌%
1.63‌%
1.63‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.....................
1.62‌%
(g)
1.62‌%
1.62‌%
1.62‌%
1.63‌%
1.63‌%
Net
investment
income
.........................
2.35‌%
(g)
2.52‌%
3.37‌%
3.66‌%
3.21‌%
3.06‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
27,723‌
$
35,555‌
$
30,905‌
$
32,197‌
$
29,812‌
$
30,536‌
Portfolio
turnover
rate
..........................
56‌%
81‌%
92‌%
77‌%
100‌%
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,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
for
the
year
ended
September
30,
2018,
the
expense
ratio
would
have
been
1.83%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
93
Financial
Highlights
BlackRock
Income
Fund
Class
K
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
10.45‌
$
10.22‌
$
10.32‌
$
10.13‌
$
10.31‌
$
10.14‌
Net
investment
income
(a)
.......................
0.17‌
0.37‌
0.44‌
0.47‌
0.44‌
0.42‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.74‌)
0.25‌
(0.05‌)
0.24‌
(0.18‌)
0.19‌
Net
increase
(decrease)
from
investment
operations
......
(0.57‌)
0.62‌
0.39‌
0.71‌
0.26‌
0.61‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.24‌)
(0.39‌)
(0.48‌)
(0.52‌)
(0.44‌)
(0.44‌)
From
net
realized
gain
.........................
(0.13‌)
—‌
(0.01‌)
—‌
—‌
—‌
Total
distributions
.............................
(0.37‌)
(0.39‌)
(0.49‌)
(0.52‌)
(0.44‌)
(0.44‌)
Net
asset
value,
end
of
period
....................
$
9.51‌
$
10.45‌
$
10.22‌
$
10.32‌
$
10.13‌
$
10.31‌
Total
Return
(c)
(5.57)%
6.09%
3.95%
7.27%
2.57%
—
Based
on
net
asset
value
........................
(5.57‌)%
(d)
6.09‌%
3.95‌%
(e)
7.27‌%
2.57‌%
6.17‌%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
0.57‌%
(g)
0.57‌%
0.65‌%
0.69‌%
0.74‌%
(h)
0.84‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.56‌%
(g)
0.56‌%
0.57‌%
0.57‌%
0.57‌%
0.58‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
......................
0.56‌%
(g)
0.56‌%
0.57‌%
0.57‌%
0.57‌%
0.58‌%
Net
investment
income
.........................
3.42‌%
(g)
3.52‌%
4.40‌%
4.65‌%
4.37‌%
4.11‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
354,576‌
$
382,891‌
$
126,573‌
$
80,072‌
$
15,849‌
$
206‌
Portfolio
turnover
rate
..........................
56‌%
81‌%
92‌%
77‌%
100‌%
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)
Aggregate
total
return.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-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)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
U.S.
Government
Bond
Portfolio
Institutional
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
10.81‌
$
11.11‌
$
10.62‌
$
10.03‌
$
10.45‌
$
10.76‌
Net
investment
income
(a)
.......................
0.06‌
0.12‌
0.20‌
0.26‌
0.23‌
0.20‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.65‌)
(0.25‌)
0.51‌
0.62‌
(0.40‌)
(0.26‌)
Net
increase
(decrease)
from
investment
operations
......
(0.59‌)
(0.13‌)
0.71‌
0.88‌
(0.17‌)
(0.06‌)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.08‌)
(0.17‌)
(0.22‌)
(0.29‌)
(0.25‌)
(0.24‌)
Return
of
capital
.............................
—‌
—‌
—‌
(0.00‌)
(c)
—‌
(0.01‌)
Total
distributions
.............................
(0.08‌)
(0.17‌)
(0.22‌)
(0.29‌)
(0.25‌)
(0.25‌)
Net
asset
value,
end
of
period
....................
$
10.14‌
$
10.81‌
$
11.11‌
$
10.62‌
$
10.03‌
$
10.45‌
Total
Return
(d)
(5.53)%
(1.16)%
6.72%
8.86%
(1.68)%
—
Based
on
net
asset
value
........................
(5.53‌)%
(e)
(1.16‌)%
6.72‌%
8.86‌%
(1.68‌)%
(0.55‌)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
0.67‌%
(g)
0.65‌%
0.76‌%
1.20‌%
1.04‌%
0.90‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.45‌%
(g)
0.45‌%
0.56‌%
0.96‌%
0.76‌%
0.58‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
......................
0.45‌%
(g)
0.45‌%
0.45‌%
0.45‌%
0.45‌%
0.46‌%
Net
investment
income
.........................
1.14‌%
(g)
1.10‌%
1.79‌%
2.51‌%
2.21‌%
1.81‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
270,599‌
$
295,674‌
$
412,161‌
$
217,815‌
$
166,465‌
$
165,709‌
Portfolio
turnover
rate
(h)
.........................
382‌%
715‌%
745‌%
837‌%
892‌%
982‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
234%
458%
508%
571%
590%
658%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(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)
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)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
U.S.
Government
Bond
Portfolio
Investor
A
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
10.83‌
$
11.14‌
$
10.65‌
$
10.06‌
$
10.47‌
$
10.79‌
Net
investment
income
(a)
.......................
0.05‌
0.09‌
0.18‌
0.24‌
0.20‌
0.15‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.66‌)
(0.26‌)
0.50‌
0.61‌
(0.39‌)
(0.25‌)
Net
increase
(decrease)
from
investment
operations
......
(0.61‌)
(0.17‌)
0.68‌
0.85‌
(0.19‌)
(0.10‌)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.06‌)
(0.14‌)
(0.19‌)
(0.26‌)
(0.22‌)
(0.21‌)
Return
of
capital
.............................
—‌
—‌
—‌
(0.00‌)
(c)
—‌
(0.01‌)
Total
distributions
.............................
(0.06‌)
(0.14‌)
(0.19‌)
(0.26‌)
(0.22‌)
(0.22‌)
Net
asset
value,
end
of
period
....................
$
10.16‌
$
10.83‌
$
11.14‌
$
10.65‌
$
10.06‌
$
10.47‌
Total
Return
(d)
(5.63)%
(1.49)%
6.45%
8.57%
(1.82)%
—
Based
on
net
asset
value
........................
(5.63‌)%
(e)
(1.49‌)%
6.45‌%
8.57‌%
(1.82‌)%
(0.88‌)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
0.93‌%
(g)
0.91‌%
1.02‌%
1.47‌%
1.31‌%
1.16‌%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.70‌%
(g)
0.70‌%
0.81‌%
1.21‌%
1.01‌%
0.83‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
......................
0.70‌%
(g)
0.70‌%
0.70‌%
0.70‌%
0.70‌%
0.71‌%
Net
investment
income
.........................
0.89‌%
(g)
0.84‌%
1.61‌%
2.28‌%
1.96‌%
1.56‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
302,749‌
$
340,582‌
$
414,711‌
$
354,704‌
$
353,770‌
$
422,775‌
Portfolio
turnover
rate
(
i
)
..........................
382‌%
715‌%
745‌%
837‌%
892‌%
982‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
234%
458%
508%
571%
590%
658%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-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)
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)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
U.S.
Government
Bond
Portfolio
Investor
C
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
10.81‌
$
11.12‌
$
10.63‌
$
10.04‌
$
10.46‌
$
10.77‌
Net
investment
income
(a)
.......................
0.01‌
0.01‌
0.09‌
0.16‌
0.12‌
0.07‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.65‌)
(0.26‌)
0.51‌
0.61‌
(0.40‌)
(0.24‌)
Net
increase
(decrease)
from
investment
operations
......
(0.64‌)
(0.25‌)
0.60‌
0.77‌
(0.28‌)
(0.17‌)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.02‌)
(0.06‌)
(0.11‌)
(0.18‌)
(0.14‌)
(0.13‌)
Return
of
capital
.............................
—‌
—‌
—‌
(0.00‌)
(c)
—‌
(0.01‌)
Total
distributions
.............................
(0.02‌)
(0.06‌)
(0.11‌)
(0.18‌)
(0.14‌)
(0.14‌)
Net
asset
value,
end
of
period
....................
$
10.15‌
$
10.81‌
$
11.12‌
$
10.63‌
$
10.04‌
$
10.46‌
Total
Return
(d)
(5.90)%
(2.23)%
5.66%
7.78%
(2.66)%
—
Based
on
net
asset
value
........................
(5.90‌)%
(e)
(2.23‌)%
5.66‌%
7.78‌%
(2.66‌)%
(1.54‌)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
1.68‌%
(g)
1.65‌%
1.80‌%
2.30‌%
2.14‌%
1.94‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
1.45‌%
(g)
1.45‌%
1.56‌%
1.96‌%
1.76‌%
1.58‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
......................
1.45‌%
(g)
1.45‌%
1.45‌%
1.45‌%
1.45‌%
1.46‌%
Net
investment
income
.........................
0.14‌%
(g)
0.09‌%
0.84‌%
1.55‌%
1.21‌%
0.80‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
11,893‌
$
14,221‌
$
25,922‌
$
26,193‌
$
35,014‌
$
38,574‌
Portfolio
turnover
rate
(h)
.........................
382‌%
715‌%
745‌%
837‌%
892‌%
982‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
234%
458%
508%
571%
590%
658%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
97
Financial
Highlights
(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
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(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
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
Period
from
01/25/18
(a)
to
09/30/18
2021
2020
2019
Net
asset
value,
beginning
of
period
.............................
$
10.81‌
$
11.11‌
$
10.62‌
$
10.04‌
$
10.27‌
Net
investment
income
(b)
.....................................
0.06‌
0.12‌
0.20‌
0.25‌
0.14‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.65‌)
(0.24‌)
0.51‌
0.62‌
(0.20‌)
Net
increase
(decrease)
from
investment
operations
....................
(0.59‌)
(0.12‌)
0.71‌
0.87‌
(0.06‌)
Distributions
(c
)
From
net
investment
income
..................................
(0.08‌)
(0.18‌)
(0.22‌)
(0.29‌)
(0.17‌)
Return
of
capital
...........................................
—‌
—‌
—‌
(0.00‌)
(d
)
—‌
Total
distributions
...........................................
(0.08‌)
(0.18‌)
(0.22‌)
(0.29‌)
(0.17‌)
Net
asset
value,
end
of
period
..................................
$
10.14‌
$
10.81‌
$
11.11‌
$
10.62‌
$
10.04‌
Total
Return
(e)
(5.50)%
(1.11)%
6.78%
8.81%
(0.60)%
Based
on
net
asset
value
......................................
(5.50‌)%
(f
)
(1.11‌)%
6.78‌%
8.81‌%
(0.60‌)%
(f
)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.............................................
0.54‌%
(h
)
0.54‌%
0.64‌%
1.06‌%
1.03‌%
(h)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.40‌%
(h
)
0.40‌%
0.51‌%
0.91‌%
0.86‌%
(h
)
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.40‌%
(h
)
0.40‌%
0.40‌%
0.40‌%
0.40‌%
(h
)
Net
investment
income
.......................................
1.20‌%
(h
)
1.14‌%
1.79‌%
2.44‌%
2.03‌%
(h
)
Supplemental
Data
Net
assets,
end
of
period
(000)
..................................
$
16,205‌
$
16,753‌
$
17,335‌
$
5,031‌
$
1,517‌
Portfolio
turnover
rate
(j
)
........................................
382‌%
715‌%
745‌%
837‌%
892‌%
(k
)
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
Period
from
01/25/18
(a)
to
09/30/18
2021
2020
2019
Portfolio
turnover
rate
(excluding
MDRs)
............................
234%
458%
508%
571%
590%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-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)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
U.S.
Government
Bond
Portfolio
Class
R
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
...............
$
10.83‌
$
11.14‌
$
10.65‌
$
10.06‌
$
10.47‌
$
10.78‌
Net
investment
income
(a)
.......................
0.03‌
0.06‌
0.16‌
0.21‌
0.18‌
0.13‌
Net
realized
and
unrealized
gain
(loss)
..............
(0.65‌)
(0.25‌)
0.49‌
0.61‌
(0.40‌)
(0.24‌)
Net
increase
(decrease)
from
investment
operations
......
(0.62‌)
(0.19‌)
0.65‌
0.82‌
(0.22‌)
(0.11‌)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.05‌)
(0.12‌)
(0.16‌)
(0.23‌)
(0.19‌)
(0.19‌)
Return
of
capital
.............................
—‌
—‌
—‌
(0.00‌)
(c)
—‌
(0.01‌)
Total
distributions
.............................
(0.05‌)
(0.12‌)
(0.16‌)
(0.23‌)
(0.19‌)
(0.20‌)
Net
asset
value,
end
of
period
....................
$
10.16‌
$
10.83‌
$
11.14‌
$
10.65‌
$
10.06‌
$
10.47‌
Total
Return
(d)
(5.75)%
(1.73)%
6.18%
8.30%
(2.07)%
—
Based
on
net
asset
value
........................
(5.75‌)%
(e)
(1.73‌)%
6.18‌%
8.30‌%
(2.07‌)%
(1.04‌)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
1.32‌%
(g)
1.23‌%
1.36‌%
2.11‌%
1.64‌%
1.47‌%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.95‌%
(g)
0.95‌%
1.06‌%
1.46‌%
1.26‌%
1.08‌%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
......................
0.95‌%
(g)
0.95‌%
0.95‌%
0.95‌%
0.95‌%
0.96‌%
Net
investment
income
.........................
0.65‌%
(g)
0.59‌%
1.51‌%
2.06‌%
1.72‌%
1.30‌%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
4,111‌
$
4,377‌
$
5,133‌
$
13,734‌
$
19,660‌
$
22,215‌
Portfolio
turnover
rate
(h)
.........................
382‌%
715‌%
745‌%
837‌%
892‌%
982‌%
Six
Months
Ended
03/31/22
(unaudited)
Year
Ended
September
30,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
..............
234%
458%
508%
571%
590%
658%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
99
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
and
Class K
Shares
are
sold
only
to
certain
eligible
investors.
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
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.
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
open-end
non-index
fixed-income
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
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
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
Contingent
Deferred
Sales
Charge
("CDSC")
Conversion
Privilege
Institutional,
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
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
100
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
March
31,
2022
,
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
(unaudited)
(continued)
101
Notes
to
Financial
Statements
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
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
102
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
March
31,
2022,
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.
Stri
pped
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
(unaudited)
(continued)
103
Notes
to
Financial
Statements
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
Trident
TPI
Holdings,
Inc.,
Delayed
Draw
Term
Loan
B3
.......
$
65,912‌
$
65,911‌
$
64,964‌
$
(947‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
104
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
six
months
ended
March
31,
2022,
the
average
daily
amount
of
reverse
repurchase
agreements
outstanding
and
the
weighted
average
interest
rate
for
U.S.
Government
Bond
were
$19,399,213
and
0.09%,
respectively.
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.
As
of
period
end,
the
following
table
is
a
summary
of
U.S.
Government
Bond's
open
reverse
repurchase
agreements
by
counterparty
which
are
subject
to
offset
under
an
MRA
on
a
net
basis:
(a)
Collateral
with
a
value
of
$83,986,667
has
been
pledged
in
connection
with
open
reverse
repurchase
agreements.
(b)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
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).  
Counterparty
Reverse
Repurchase
Agreements
Fair
Value
of
Non-Cash
Collateral
Pledged
Including
Accrued
Interest
(a)
Cash
Collateral
Pledged/Received
Net
Amount
(b)
Nomura
Securities
International,
Inc.
...................
$
(84,160,492‌)
$
83,986,667
$
—‌
$
(173,825‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
105
Notes
to
Financial
Statements
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,
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.
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
106
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
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
107
Notes
to
Financial
Statements
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
(“BSL”)
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
and
BSL
for
services
they
provide
for
that
portion
of Income
Fund
for
which
BIL
and
BSL,
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
follows:
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 six
months
ended
March
31,
2022,
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
b
illion
............................................................................................
0.340‌%
0.390‌%
$1
billion
-
$3
b
illion
........................................................................................
0.320‌
0.370‌
$3
billion
-
$5
b
illion
........................................................................................
0.310‌
0.350‌
$5
billion
-
$10
b
illion
.......................................................................................
0.300‌
0.340‌
Greater
than
$10
b
illion
......................................................................................
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
Investor
A
.................................................................................................
0.25‌
%
—‌
Investor
C
.................................................................................................
0.25‌
0.75‌
%
Class
R
..................................................................................................
0.25‌
0.25‌
Fund
Name
Investor
A
Investor
C
Class
R
Total
GNMA
.............................................................................
$
176,780‌
$
80,433‌
—‌
$
257,213‌
Income
Fund
.........................................................................
266,414‌
159,658‌
—‌
426,072‌
U.S.
Government
Bond
..................................................................
406,868‌
65,776‌
10,776‌
483,420‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
108
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
six
months
ended
March
31,
2022, 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
six
months ended March
31,
2022,
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 six
months
ended
March
31,
2022,
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
six
months ended
March
31,
2022,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Other
Fees:
For
the 
six
months
ended 
March
31,
2022
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
each
Fund's Investor
A
Shares
as
follows:
For
the six
months
ended
March
31,
2022,
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
Investor
A
Investor
C
Class
K
Class
R
Total
GNMA
.............................................................
$
32,928‌
$
14,141‌
$
1,608‌
$
4,398‌
—‌
$
53,075‌
Income
Fund
.........................................................
234,299‌
21,311‌
3,193‌
37,805‌
—‌
296,608‌
U.S.
Government
Bond
..................................................
28,675‌
32,547‌
1,315‌
1,660‌
431‌
64,628‌
Fund
Name
Institutional
Investor
A
Total
GNMA
.........................................................................................
$
7,750‌
$
1,263‌
$
9,013‌
U.S.
Government
Bond
..............................................................................
16,527‌
1,116‌
17,643‌
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Class
R
Total
GNMA
......................................................
$
5,817‌
$
963‌
$
183‌
$
74‌
$
—‌
$
7,037‌
Income
Fund
..................................................
1,090‌
544‌
289‌
—‌
—‌
1,923‌
U.S.
Government
Bond
...........................................
692‌
9,327‌
711‌
22‌
29‌
10,781‌
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Class
R
Total
GNMA
.............................................................
$
163,771‌
$
74,910‌
$
6,120‌
$
900‌
—‌
$
245,701‌
Income
Fund
.........................................................
1,832,782‌
94,862‌
14,455‌
17,928‌
—‌
1,960,027‌
U.S.
Government
Bond
..................................................
201,358‌
250,024‌
9,988‌
1,216‌
6,401‌
468,987‌
GNMA
................................................................................................................
$
5,085‌
Income
Fund
............................................................................................................
6,258‌
U.S.
Government
Bond
.....................................................................................................
1,122‌
Fund
Name
Investor
A
Investor
C
GNMA
.....................................................................................................
$
3,254‌
$
957‌
Income
Fund
.................................................................................................
20,014‌
3,650‌
U.S.
Government
Bond
..........................................................................................
2,695‌
1,015‌
Notes
to
Financial
Statements
(unaudited)
(continued)
109
Notes
to
Financial
Statements
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
June
30,
2023.
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
six
months
ended
March
31,
2022,
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
June
30,
2023.
 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
six
months
ended
March
31,
2022,
Income
Fund
waived
$81,217
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:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023,
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
six
months
ended
March
31,
2022,
the
amounts
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
Fund
Name
Amounts
Waived
GNMA
............................................................................................................
$
459‌
Income
Fund
........................................................................................................
38,600‌
U.S.
Government
Bond
.................................................................................................
3,485‌
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Class
R
GNMA
..................................................................
0.42‌%
0.67‌%
1.42‌%
0.37‌%
N/A‌
Income
Fund
..............................................................
0.62‌
0.87‌
1.62‌
0.57‌
N/A‌
U.S.
Government
Bond
.......................................................
0.45‌
0.70‌
1.45‌
0.40‌
0.95‌%
Fund
Name
Fees
Waived
and/or
Reimbursed
by
the
Manager
GNMA
..................................................................................................................
$
225,924‌
U.S.
Government
Bond
.......................................................................................................
326,266‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
110
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
six
months ended
March
31,
2022,
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
and
GNMA
is
permitted
to
lend
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
period
ended
March
31,
2022,
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.
F
or
the
six
months
ended
March
31
,
2022,
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
six
months ended
March
31,
2022,
purchases
and
sales
of
investments,
including
paydowns/payups,
mortgage
dollar
rolls
and
excluding
short-term
investments,
were
as
follows:
Fund
Name/Share
Class
Administration
Fees
Waived
–
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
–
Class
Specific
GNMA
Institutional
....................................................................................
$
32,928‌
$
82,310‌
Investor
A
.....................................................................................
14,141‌
39,754‌
Investor
C
.....................................................................................
1,570‌
2,176‌
Class
K
......................................................................................
4,398‌
900‌
$
53,037‌
$
125,140‌
Income
Fund
Institutional
....................................................................................
234,299‌
777,585‌
Investor
A
.....................................................................................
18,538‌
1,567‌
Investor
C
.....................................................................................
2,532‌
700‌
Class
K
......................................................................................
30‌
—‌
$
255,399‌
$
779,852‌
U.S.
Government
Bond
Institutional
....................................................................................
28,673‌
128,764‌
Investor
A
.....................................................................................
32,545‌
168,208‌
Investor
C
.....................................................................................
1,315‌
6,685‌
Class
K
......................................................................................
1,660‌
1,197‌
Class
R
......................................................................................
431‌
5,337‌
$
64,624‌
$
310,191‌
Fund
Name
Purchases 
Sales 
Net
Realized
Gain
(Loss)
Income
Fund
......................................................................
$
5,577,411‌
$
41,336,493‌
$
(4,049,854‌)
U.S.
Government
Bond
...............................................................
—‌
140,935‌
(14,394‌)
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
GNMA
.............................................................
$
—‌
$
—‌
$
6,146,477,678‌
$
6,246,806,390‌
Income
Fund
.........................................................
357,885,935‌
116,231,010‌
1,166,002,803‌
1,532,176,112‌
U.S.
Government
Bond
..................................................
15,681,826‌
41,735,860‌
2,909,634,688‌
2,928,876,413‌
Notes
to
Financial
Statements
(unaudited)
(continued)
111
Notes
to
Financial
Statements
For
the
six
months ended
March
31,
2022,
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
March
31,
2022,
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.
As
of
September
30,
2021, the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows: 
As
of
March
31,
2022, 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
six
months ended
March
31,
2022,
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
Fund
Name
Purchases
Sales
GNMA
.............................................................................................
$
2,709,452,416‌
$
2,713,561,359‌
U.S.
Government
Bond
..................................................................................
1,132,851,253‌
1,134,134,373‌
Fund
Name
Non-expiring
Capital
Loss
Carryforwards
GNMA
...............................................................................................................
$
79,608,675‌
U.S.
Government
Bond
....................................................................................................
34,614,181‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
GNMA
.........................................................
$
884,081,507‌
$
8,534,652‌
$
(25,921,567‌)
$
(17,386,915‌)
Income
Fund
....................................................
2,834,273,891‌
25,692,054‌
(193,816,700‌)
(168,124,646‌)
U.S.
Government
Bond
.............................................
863,378,881‌
6,805,981‌
(35,488,896‌)
(28,682,915‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
112
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
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
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.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
Fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
Notes
to
Financial
Statements
(unaudited)
(continued)
113
Notes
to
Financial
Statements
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
LIBOR.
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
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
Six
Months
Ended
03/31/22
Year
Ended
09/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
GNMA
Institutional
Shares
sold
.............................................
5,337,630‌
$
49,049,774‌
17,597,000‌
$
166,395,898‌
Shares
issued
in
reinvestment
of
distributions
........................
255,368‌
2,326,567‌
710,416‌
6,709,784‌
Shares
redeemed
.........................................
(14,171,100‌)
(128,939,168‌)
(16,925,932‌)
(159,655,233‌)
(8,578,102‌)
$
(77,562,827‌)
1,381,484‌
$
13,450,449‌
Service
(a)
Shares
sold
.............................................
—‌
$
—‌
40,001‌
$
379,504‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
4,966‌
46,955‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
—‌
—‌
(484,343‌)
(4,548,368‌)
—‌
$
—‌
(439,376‌)
$
(4,121,909‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
559,245‌
$
5,140,410‌
4,840,842‌
$
45,929,241‌
Shares
issued
in
reinvestment
of
distributions
........................
97,502‌
891,555‌
282,583‌
2,681,353‌
Shares
redeemed
.........................................
(2,160,842‌)
(19,830,870‌)
(5,869,030‌)
(55,593,851‌)
(1,504,095‌)
$
(13,798,905‌)
(745,605‌)
$
(6,983,257‌)
Investor
C
Shares
sold
.............................................
61,707‌
$
567,734‌
765,088‌
$
7,243,092‌
Shares
issued
in
reinvestment
of
distributions
........................
5,183‌
47,178‌
30,698‌
290,549‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
(540,707‌)
(4,927,423‌)
(2,124,112‌)
(20,042,199‌)
(473,817‌)
$
(4,312,511‌)
(1,328,326‌)
$
(12,508,558‌)
Class
K
Shares
sold
.............................................
3,654,893‌
$
33,521,972‌
677,934‌
$
6,382,442‌
Shares
issued
in
reinvestment
of
distributions
........................
40,660‌
366,534‌
105,302‌
993,252‌
Shares
redeemed
.........................................
(420,120‌)
(3,816,891‌)
(4,628,107‌)
(43,628,356‌)
3,275,433‌
$
30,071,615‌
(3,844,871‌)
$
(36,252,662‌)
(7,280,581‌)
$
(65,602,628‌)
(4,976,694‌)
$
(46,415,937‌)
Income
Fund
Institutional
Shares
sold
.............................................
43,322,694‌
$
432,391,214‌
177,283,497‌
$
1,871,718,030‌
Shares
issued
in
reinvestment
of
distributions
........................
7,965,567‌
79,400,280‌
6,094,766‌
64,281,239‌
Shares
redeemed
.........................................
(89,202,758‌)
(886,418,563‌)
(59,774,286‌)
(630,929,091‌)
(37,914,497‌)
$
(374,627,069‌)
123,603,977‌
$
1,305,070,178‌
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
3,244,203‌
$
32,409,343‌
12,206,813‌
$
128,976,885‌
Shares
issued
in
reinvestment
of
distributions
........................
720,280‌
7,178,747‌
570,018‌
6,009,637‌
Shares
redeemed
.........................................
(5,421,198‌)
(54,022,649‌)
(4,681,731‌)
(49,354,869‌)
(1,456,715‌)
$
(14,434,559‌)
8,095,100‌
$
85,631,653‌
Investor
C
Shares
sold
.............................................
140,479‌
$
1,427,187‌
1,136,913‌
$
12,023,586‌
Shares
issued
in
reinvestment
of
distributions
........................
97,488‌
973,357‌
78,940‌
836,736‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
(723,411‌)
(7,197,765‌)
(838,572‌)
(8,858,075‌)
(485,444‌)
$
(4,797,221‌)
377,281‌
$
4,002,247‌
Class
K
Shares
sold
.............................................
5,227,770‌
$
52,551,384‌
29,160,407‌
$
305,863,192‌
Shares
issued
in
reinvestment
of
distributions
........................
1,415,243‌
14,097,718‌
1,021,889‌
10,778,113‌
Shares
redeemed
.........................................
(5,981,842‌)
(58,965,863‌)
(5,939,577‌)
(62,572,479‌)
661,171‌
$
7,683,239‌
24,242,719‌
$
254,068,826‌
(39,195,485‌)
$
(386,175,610‌)
156,319,077‌
$
1,648,772,904‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
114
(a)
On
July
6,
2021,
the
Fund’s
issued
and
outstanding
Service
Shares
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:
Effective
April
14,
2022,
the
364-day
credit
agreement
to
which
the
Trust,
on
behalf
of
the
Funds,
and
the
Participating
Funds
are
party
was
amended
to
(i)
increase
the
aggregate
commitment
amount
to
$2.50
billion,
(ii)
update
the
interest
terms
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(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
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum
and
(iii)
extend
the
termination
date
to
April
2023.
d
Six
Months
Ended
03/31/22
Year
Ended
09/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
U.S.
Government
Bond
Institutional
Shares
sold
.............................................
6,768,629‌
$
71,698,462‌
13,738,282‌
$
150,672,265‌
Shares
issued
in
reinvestment
of
distributions
........................
169,354‌
1,787,358‌
468,348‌
5,116,557‌
Shares
redeemed
.........................................
(7,614,091‌)
(80,408,520‌)
(23,932,381‌)
(261,258,422‌)
(676,108‌)
$
(6,922,700‌)
(9,725,751‌)
$
(105,469,600‌)
Service
(a)
Shares
sold
.............................................
—‌
$
—‌
2,622‌
$
28,469‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
323‌
3,551‌
Shares
redeemed
and
automatic
conversion
of
shares
...................
—‌
—‌
(103,180‌)
(1,137,606‌)
—‌
$
—‌
(100,235‌)
$
(1,105,586‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
1,704,473‌
$
18,162,531‌
5,305,826‌
$
58,316,134‌
Shares
issued
in
reinvestment
of
distributions
........................
152,281‌
1,610,612‌
388,019‌
4,246,875‌
Shares
redeemed
.........................................
(3,514,288‌)
(37,362,033‌)
(11,481,187‌)
(125,757,732‌)
(1,657,534‌)
$
(17,588,890‌)
(5,787,342‌)
$
(63,194,723‌)
Investor
C
Shares
sold
.............................................
276,105‌
$
2,951,191‌
639,077‌
$
7,022,572‌
Shares
issued
in
reinvestment
of
distributions
........................
2,547‌
26,713‌
10,013‌
109,578‌
Shares
redeemed
.........................................
(421,650‌)
(4,493,786‌)
(1,664,928‌)
(18,248,883‌)
(142,998‌)
$
(1,515,882‌)
(1,015,838‌)
$
(11,116,733‌)
Class
K
Shares
sold
.............................................
376,373‌
$
3,989,573‌
602,367‌
$
6,572,718‌
Shares
issued
in
reinvestment
of
distributions
........................
11,611‌
122,537‌
24,851‌
271,311‌
Shares
redeemed
.........................................
(340,220‌)
(3,608,776‌)
(636,845‌)
(6,960,109‌)
47,764‌
$
503,334‌
(9,627‌)
$
(116,080‌)
Class
R
Shares
sold
.............................................
98,957‌
$
1,055,301‌
135,975‌
$
1,487,159‌
Shares
issued
in
reinvestment
of
distributions
........................
1,880‌
19,863‌
4,338‌
47,453‌
Shares
redeemed
.........................................
(100,425‌)
(1,071,460‌)
(197,045‌)
(2,168,224‌)
412‌
$
3,704‌
(56,732‌)
$
(633,612‌)
(2,428,464‌)
$
(25,520,434‌)
(16,695,525‌)
$
(181,636,334‌)
Statement
Regarding
Liquidity
Risk
Management
Program
115
Statement
Regarding
Liquidity
Risk
Management
Program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
BlackRock
Funds
V
(the
"Trust")
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
the
BlackRock
GNMA
Portfolio,
BlackRock
Income
Fund
and
BlackRock
U.S.
Government
Bond
Portfolio
(the
“Funds”),
each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust
on
behalf
of
the
Funds,
met
on
November
18-19,
2021
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC
or
BlackRock
Fund
Advisors
(“BlackRock”),
each
an
investment
adviser
to
certain
BlackRock
funds,
as
the
program
administrator
for
each
Fund’s
Program,
as
applicable.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2020
through
September
30,
2021
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
the
imposition
of
capital
controls
in
certain
countries.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Where
a
fund
participated
in
borrowings
for
investment
purposes
(such
as
tender
option
bonds
or
reverse
repurchase
agreements),
such
borrowings
were
factored
into
the
Program’s
calculation
of
a
fund’s
liquidity
bucketing.
Derivative
exposure
was
also
considered
in
such
calculation.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
Fund’s
reasonably
anticipated
trading
size
(“RATS”).
Each
Fund
has
adopted
an
in-kind
redemption
policy
which
may
be
utilized
to
meet
larger
redemption
requests.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
.
The
Committee
considered
the
terms
of
the
credit
facility
committed
to
each
Fund,
the
financial
health
of
the
institution
providing
the
facility
and
the
fact
that
the
credit
facility
is
shared
among
multiple
funds
(including
that
a
portion
of
the
aggregate
commitment
amount
is
specifically
designated
for
BlackRock
Floating
Rate
Income
Portfolio,
a
series
of
BlackRock
Funds
V).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
Funds,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Additional
Information
2022
BlackRock
Semi-Annual
Report
to
Shareholders
116
Proxy
Results
At
a
Joint
Special
Meeting
of
Shareholders
of
BlackRock
GNMA
Portfolio,
held
on
October
26,
2021
and
adjourned
to
November
19,
2021
and
further
adjourned
to
December
23,
2021,
Fund
shareholders
were
asked
to
vote
on
the
following
proposals:
Proposal
1.
To
approve
the
amendment
or
elimination,
as
applicable,
of
certain
of
the
fundamental
investment
restrictions
of
the
Fund.
Proposal
1a.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Concentration.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1b.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Borrowing
and
the
Issuance
of
Senior
Securities.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1e.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Investing
in
Real
Estate.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1f.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Underwriting.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1g.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Investing
in
Commodities.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1h.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Lending.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1i.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Diversification.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
For
Against
Abstain
26,284,021
1,110,742
4,595,529
For
Against
Abstain
26,175,063
1,291,258
4,523,971
For
Against
Abstain
26,595,286
866,028
4,528,978
For
Against
Abstain
26,292,688
1,167,544
4,530,060
For
Against
Abstain
26,307,044
1,129,106
4,554,142
For
Against
Abstain
26,193,307
1,248,399
4,548,586
For
Against
Abstain
26,353,757
1,144,371
4,492,164
Additional
Information
(continued)
117
Additional
Information
Proposal
1j.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Investing
for
the
Purpose
of
Exercising
Control
or
Management.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1k.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Purchasing
Commodities
Contracts
and
Investing
in
Oil,
Gas
or
Mineral
Exploration
or
Development
Programs.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1l.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Acquiring
Other
Investment
Companies.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1m.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Writing
and
Selling
Options,
Straddles
and
Spreads.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1n.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
the
Purchase
of
Securities
on
Margin
and
Short
Sales.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Regulation
Regarding
Derivatives
On
October
28,
2020,
the
Securities
and
Exchange
Commission
(the
“SEC”)
adopted 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
.
For
Against
Abstain
25,829,480
1,539,189
4,621,624
For
Against
Abstain
25,930,169
1,526,808
4,533,316
For
Against
Abstain
26,120,237
1,288,558
4,581,497
For
Against
Abstain
25,781,932
1,550,398
4,657,962
For
Against
Abstain
25,654,685
1,765,543
4,570,064
Additional
Information
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
118
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
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diverse
lineup
of
open-end
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funds
crossing
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managed
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BlackRock
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Principles
BlackRock
is
committed
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maintaining
the
privacy
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its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
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safeguarding
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non-public
personal
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The
following
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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
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are
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or
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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
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confidentiality
and
security
of
this
information
and
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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.
Additional
Information
(continued)
119
Additional
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
2022
BlackRock
Semi-Annual
Report
to
Shareholders
120
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNY
Chinese
Yuan
COP
Colombian
Peso
EUR
Euro
GBP
British
Pound
IDR
Indonesian
Rupiah
JPY
Japanese
Yen
MXN
Mexican
Peso
RUB
New
Russian
Ruble
SGD
Singapore
Dollar
TRY
Turkish
Lira
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ABS
Asset-Backed
Security
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CDI
Crest
Depository
Interests
CLO
Collateralized
Loan
Obligation
CSMC
Credit
Suisse
Mortgage
Capital
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
S&P
Standard
&
Poor's
SOFR
Secured
Overnight
Financing
Rate
TBA
To-be-announced
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-3/22-SAR
March
31,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
V
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Low
Duration
Bond
Fund
BlackRock
Bond
Fund,
Inc.
BlackRock
Sustainable
Total
Return
Fund
Dear
Shareholder,
The
12-month
reporting
period
as
of
March
31,
2022
saw
a
continuation
of
the
resurgent
growth
that
followed
the
initial
coronavirus
(or
“COVID-19”)
pandemic
reopening,
albeit
at
a
slower
pace.
The
global
economy
weathered
the
emergence
of
several
variant
strains
and
the
resulting
peaks
and
troughs
in
infections
amid
optimism
that
increasing
vaccinations
and
economic
adaptation
could
help
contain
the
pandemic’s
disruptions.
However,
rapid
changes
in
consumer
spending
led
to
supply
constraints
and
elevated
inflation.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
invasion
has
presented
challenges
for
both
investors
and
policymakers.
Equity
prices
were
mixed,
as
persistently
high
inflation
drove
investors’
expectations
for
higher
interest
rates,
which
particularly
weighed
on
relatively
high
valuation
growth
stocks
and
economically
sensitive
small-
capitalization
stocks.
Overall,
small-capitalization
U.S.
stocks
declined,
while
large-capitalization
U.S.
stocks
posted
a
strong
advance.
International
equities
from
developed
markets
gained
slightly,
although
emerging
market
stocks
declined,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
during
the
reporting
period
as
the
economy
expanded
rapidly
and
inflation
reached
its
highest
annualized
reading
in
decades.
The
corporate
bond
market
also
faced
inflationary
headwinds,
although
the
improving
economy
assuaged
credit
concerns
and
high-yield
corporate
bonds
consequently
declined
less
than
investment-grade
corporate
bonds.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
growing
faster
than
expected,
raised
interest
rates
in
March
2022,
the
first
increase
of
this
business
cycle.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
raised
the
prospect
of
reversing
the
flow
and
reducing
its
balance
sheet.
Continued
high
inflation
and
the
Fed’s
new
tone
led
many
analysts
to
anticipate
that
the
Fed
will
continue
to
raise
interest
rates
multiple
times
throughout
the
year.
Looking
ahead,
however,
the
horrific
war
in
Ukraine
has
significantly
clouded
the
outlook
for
the
global
economy,
leading
to
major
volatility
in
energy
and
metal
markets.
Sanctions
on
Russia,
Europe’s
top
energy
supplier,
and
general
wartime
disruption
are
likely
to
drive
already-high
commodity
prices
even
higher.
Sharp
increases
in
energy
prices
will
exacerbate
inflationary
pressure
while
also
constraining
economic
growth.
Combating
inflation
without
stifling
a
recovery,
while
buffering
against
ongoing
supply
and
price
shocks
amid
the
ebb
and
flow
of
the
pandemic,
will
be
an
especially
challenging
environment
for
setting
effective
monetary
policy.
Despite
the
likelihood
of
more
rate
increases
on
the
horizon,
we
believe
the
Fed
will
err
on
the
side
of
protecting
employment,
even
at
the
expense
of
higher
inflation.
In
this
environment,
we
favor
an
overweight
to
equities,
as
valuations
have
become
more
attractive
and
inflation-adjusted
interest
rates
remain
low.
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.
We
favor
U.S.
equities
due
to
strong
earnings
momentum,
while
Japanese
equities
should
benefit
from
supportive
monetary
and
fiscal
policy.
We
are
underweight
credit
overall,
but
inflation-protected
U.S.
Treasuries,
Asian
fixed
income,
and
emerging
market
local-currency
bonds
offer
potential
opportunities
for
additional
yield.
We
believe
that
international
diversification
and
a
focus
on
sustainability
and
quality
can
help
provide
portfolio
resilience.
Overall,
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
March
31,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
5.92%
15.65%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(5.55)
(5.79)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(3.38)
1.16
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(8.20)
(11.37)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.05
0.07
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(6.04)
(3.31)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(5.92)
(4.15)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(5.55)
(4.47)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(4.16)
(0.66)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summaries
.......................................................................................................
4
About
Fund
Performance
.................................................................................................
8
Disclosure
of
Expenses
...................................................................................................
9
Derivative
Financial
Instruments
.............................................................................................
9
Financial
Statements:
Schedules
of
Investments
...............................................................................................
10
Statements
of
Assets
and
Liabilities
.........................................................................................
45
Statements
of
Operations
................................................................................................
48
Statements
of
Changes
in
Net
Assets
........................................................................................
49
Financial
Highlights
.....................................................................................................
51
Notes
to
Financial
Statements
...............................................................................................
60
Disclosure
of
Investment
Advisory
Agreements
and
Sub-Advisory
Agreements
.................................................................
74
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
77
Additional
Information
....................................................................................................
78
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
80
Fund
Summary
as
of
March
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
4
BlackRock
Sustainable
High
Yield
Bond
Fund
Investment
Objective
BlackRock
Sustainable
High
Yield
Bond
Fund's
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management,
while
seeking
to
maintain
certain
environmental,
governance
and
social
(“ESG”)
characteristics,
climate
risk
exposure
and
climate
opportunities
relative
to
the
Fund’s
benchmark.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
March
31,
2022,
the
Fund
outperformed
its
benchmark,
the
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index.
What
factors
influenced
performance?
The
Fund’s
tactical
allocation
to
floating
rate
loan
interest,
which
meaningfully
outperformed
high
yield
bonds,
contributed
to
performance.
An
underweight
in
BB
rated
bonds
also
helped
results,
as
BBs
underperformed
other
credit
rating
segments
during
the
period.
Security
selection
in
the
wireless,
cable
&
satellite
and
media
&
entertainment
sectors
contributed,
as
well.
An
underweight
in
the
energy
sector,
which
reflects
the
Fund’s
ESG
and
climate
objectives,
detracted
from
relative
performance.
Security
selection
in
chemicals
and
packaging
also
detracted.
Describe
recent
portfolio
activity.
The
investment
adviser
actively
sought
to
participate
in
the
new
issuance
of
high
yield
green
bonds.
Although
this
area
is
still
less
than
1%
of
the
U.S.
high
yield
market
overall,
the
Fund
has
a
weighting
of
approximately
6%.
Across
other
sustainability-oriented
measures,
the
Fund
was
overweight
in
issuers
that
had
set
science-based
targets
or
were
part
of
the
Transition
Pathway
Initiative,
a
global,
asset-owner
led
initiative
which
assesses
companies'
preparedness
for
the
transition
to
a
low
carbon
economy.
The
portfolio
of
high
yield
bonds
had
45%
lower
emissions
intensity
than
its
benchmark.
While
the
investment
adviser
remained
nimble
in
positioning
across
rating
tiers
and
sectors,
it
maintained
a
preference
for
B
and
CCC
rated
bonds.
The
portfolio’s
beta
varied
against
the
benchmark
as
the
investment
adviser’s
risk
appetite
evolved,
but
it
ended
the
period
just
under
1.0.
(Beta
is
a
measure
of
portfolio
risk;
a
beta
of
1.0
indicates
the
same
level
of
risk
as
the
overall
market.)
Describe
portfolio
positioning
at
period
end.
The
portfolio
of
high
yield
bonds
was
positioned
to
achieve
a
materially
better
MSCI
ESG
score
than
the
benchmark.
The
Fund’s
score
stood
at
5.11
at
the
close
of
the
period,
compared
to
4.62
for
the
index.
From
a
credit
quality
perspective,
the
Fund
remained
meaningfully
underweight
in
BB-rated
securities
and
overweight
in
both
Bs
and
CCCs.
With
that
said,
it
maintained
an
underweight
in
the
highest-yielding
portion
of
the
market
that
contains
a
larger
concentration
of
stressed
assets.
Loans
have
been
a
critical
asset
allocation
tool
for
the
Fund,
as
loans’
lack
of
duration
(interest
rate
sensitivity)
have
helped
them
outperform
fixed-rate
high
yield
bonds
The
Fund’s
leading
sector
overweights
included
information
technology,
wireline
telecommunications
and
insurance,
while
midstream
energy,
independent
energy
and
financials
were
among
its
largest
underweights.
Total
fossil
fuels
exposure
was
3%,
approximately
half
that
of
the
benchmark.
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
March
31,
2022
(continued)
5
Fund
Summary
BlackRock
Sustainable
High
Yield
Bond
Fund
Performance
Summary
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.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)(b)
Since
Inception
(c)
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Institutional
..............................................................
5.06‌%
4.06‌%
(3.98‌)%
(3.97‌)%
N/A‌
Investor
A
...............................................................
4.62‌
3.65‌
(4.10‌)
(4.13‌)
(7.96‌)%
Class
K
................................................................
5.10‌
4.26‌
(3.96‌)
(3.94‌)
N/A‌
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index
(d)
.......................
—‌
—‌
(4.16‌)
(3.55‌)
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)
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
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
high
yield
bonds.
(c)
The
Fund
commenced
operations
on
July
22,
2021.
(d)
Bloomberg
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%
of
the
index.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/01/21)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/21)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
960.20‌
$
2.83‌
$
1,000.00‌
$
1,022.04‌
$
2.92‌
0.58‌%
Investor
A
................................
1,000.00‌
959.00‌
4.05‌
1,000.00‌
1,020.79‌
4.18‌
0.83‌
Class
K
..................................
1,000.00‌
960.40‌
2.59‌
1,000.00‌
1,022.29‌
2.67‌
0.53‌
(a)
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
182/365
(to
reflect
the
six
month
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
84‌
%
Floating
Rate
Loan
Interests
...........................
14‌
Common
Stocks
...................................
2‌
Capital
Trusts
.....................................
—‌
(b)
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(c)
Percent
of
Total
Investments
(a)
BBB/Baa
.......................................
3‌
%
BB/Ba
.........................................
45‌
B
............................................
37‌
CCC/
Caa
.......................................
13‌
NR
...........................................
2‌ 
(a)
Excludes
short-term
securities,
options
purchased
and
options
written.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
(c)
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.
Fund
Summary
as
of
March
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
6
BlackRock
Sustainable
Low
Duration
Bond
Fund
Investment
Objective
BlackRock
Sustainable
Low
Duration
Bond
Fund's
(the
“Fund”)
investment
objective
is
to
seek
total
return
in
excess
of
the
reference
benchmark
in
a
manner
that
is
consistent
with
preservation
of
capital
while
seeking
to
maintain
certain
environmental,
social
and
governance
(“ESG”)
characteristics,
climate
risk
exposure
and
climate
opportunities
relative
to
the
Fund’s
benchmark.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/18/21)
(a)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(10/01/21)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
969.20‌
$
1.77‌
$
1,000.00‌
$
1,022.94‌
$
2.02‌
0.40‌%
Investor
A
................................
1,000.00‌
968.10‌
2.87‌
1,000.00‌
1,021.69‌
3.28‌
0.65‌
Class
K
..................................
1,000.00‌
969.40‌
1.55‌
1,000.00‌
1,023.19‌
1.77‌
0.35‌
(a)
Commencement
of
operations.
(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
164/365
for
actual
expenses
and
182/365
for
hypothetical
expenses
(to
reflect
the
six
month
period
shown
).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
45‌
%
U.S.
Treasury
Obligations
.............................
28‌
Asset-Backed
Securities
..............................
12‌
U.S.
Government
Sponsored
Agency
Securities
..............
7‌
Non-Agency
Mortgage-Backed
Securities
..................
7‌
Foreign
Agency
Obligations
............................
1‌
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(b)
Percent
of
Total
Investments
(a)
AAA/
Aaa
(c)
......................................
56‌
%
AA/Aa
.........................................
1‌
A
............................................
14‌
BBB/Baa
.......................................
20‌
BB/Ba
.........................................
4‌
B
............................................
2‌
CCC/
Caa
.......................................
—‌
(d)
NR
...........................................
3‌
(a)
Excludes
short-term
securities
and
TBA
sale
commitments.
(b)
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.
(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
March
31,
2022
7
Fund
Summary
BlackRock
Sustainable
Total
Return
Fund
Investment
Objective
BlackRock
Sustainable
Total
Return
Fund’s
(the
“Fund”)
investment
objective
is
to
realize
a
total
return
that
exceeds
that
of
the
Bloomberg
U.S.
Aggregate
Bond
Index
(the
"Benchmark")
while
seeking
to
maintain
certain
environmental,
social
and
governance
(“ESG”)
characteristics,
climate
risk
exposure
and
climate
opportunities
relative
to
the
Benchmark.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/18/21)
(a)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(10/01/21)
Ending
Account
Value
(03/31/22)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
934.30‌
$
1.91‌
$
1,000
.00‌
$
1,022.74‌
$
2.22‌
0.44‌%
Investor
A
................................
1,000.00‌
933.10‌
3.21‌
1,000.00‌
1,021.24‌
3.73‌
0.74‌
Class
K
..................................
1,000.00‌
934.50‌
1.69‌
1,000.00‌
1,022.99‌
1.97‌
0.39‌
(a)
Commencement
of
operations.
(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
164/365
for
actual
expenses
and
182/365
for
hypothetical
expenses
(to
reflect
the
six
month
period
shown
).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
35‌
%
U.S.
Government
Sponsored
Agency
Securities
..............
35‌
Asset-Backed
Securities
..............................
11‌
U.S.
Treasury
Obligations
.............................
9‌
Non-Agency
Mortgage-Backed
Securities
..................
6‌
Foreign
Government
Obligations
........................
4‌
Municipal
Bonds
...................................
—‌
(b)
Capital
Trusts
.....................................
—‌
(b)
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(c)
Percent
of
Total
Investments
(a)
AAA/
Aaa
(d)
......................................
51‌
%
AA/Aa
.........................................
5‌
A
............................................
14‌
BBB/Baa
.......................................
20‌
BB/Ba
.........................................
1‌
B
............................................
1‌
NR
...........................................
8‌ 
(a)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
(c)
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.
(d)
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.
About
Fund
Performance
2022
BlackRock
Semi-Annual
Report
to
Shareholders
8
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. 
Investor
A
Shares
are
subject
to
a
maximum
initial
sales
charge
(front-end
load)
of
4.00%
for
BlackRock
Sustainable
High
Yield
Bond
Fund
and
BlackRock
Sustainable
Total
Return
Fund
and
2.25%
for
BlackRock
Sustainable
Low
Duration
Bond
Fund
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.
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
net
asset
value
("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.
Distributio
ns
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
9
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, 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
at
the
beginning
of
the
period
(or
from
the
commencement
of
operations
if
less
than
6
months)
and
held
through
the
end
of
the
period) 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.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
High
Yield
Bond
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
March
31,
2022
Security
Shares
Shares
Value
Common
Stocks
Chemicals
—
0.3%
Diversey
Holdings
Ltd.
(a)
..............
4,106
$
31,083
Element
Solutions,
Inc.
...............
4,061
88,936
120,019
Communications
Equipment
—
0.0%
CommScope
Holding
Co.,
Inc.
(a)
.........
1,173
9,243
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.4%
VICI
Properties,
Inc.
.................
6,574
187,096
Hotels,
Restaurants
&
Leisure
—
0.2%
Aramark
(b)
........................
2,155
81,028
IT
Services
—
0.1%
(a)
Square,
Inc.,
Class
A
................
259
35,120
Twilio
,
Inc.,
Class
A
.................
87
14,339
49,459
Life
Sciences
Tools
&
Services
—
0.4%
(a)
Avantor
,
Inc.
......................
2,591
87,628
Syneos
Health,
Inc.
.................
1,318
106,692
194,320
Media
—
0.1%
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
....
20,492
70,902
Oil,
Gas
&
Consumable
Fuels
—
0.2%
Occidental
Petroleum
Corp.
............
1,600
90,784
Road
&
Rail
—
0.1%
Uber
Technologies,
Inc.
(a)
.............
1,774
63,296
Total
Common
Stocks
—
1.8%
(Cost:
$889,987)
................................
866,147
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
2.2%
Bombardier,
Inc.
(c)
7.13%,
06/15/26
.................
USD
76
74,480
7.88%,
04/15/27
.................
137
134,139
6.00%,
02/15/28
.................
59
55,297
TransDigm
,
Inc.
6.25%,
03/15/26
(c)
................
472
484,574
4.63%,
01/15/29
.................
89
83,212
4.88%,
05/01/29
.................
68
63,734
Triumph
Group,
Inc.,
8.88%,
06/01/24
(c)
...
129
136,250
1,031,686
Airlines
—
2.0%
(c)
American
Airlines,
Inc.
11.75%,
07/15/25
................
195
227,661
5.75%,
04/20/29
.................
315
314,173
United
Airlines,
Inc.
4.38%,
04/15/26
.................
217
213,457
4.63%,
04/15/29
.................
185
175,926
931,217
Auto
Components
—
1.4%
Clarios
Global
LP
(c)
6.75%,
05/15/25
.................
93
96,304
6.25%,
05/15/26
.................
144
148,140
8.50%,
05/15/27
.................
389
403,588
648,032
Security
Par
(000)
Par
(000)
Value
Automobiles
—
0.8%
Ford
Motor
Co.
3.25%,
02/12/32
.................
USD
315
$
281,336
4.75%,
01/15/43
.................
42
38,147
Thor
Industries,
Inc.,
4.00%,
10/15/29
(c)
...
40
35,116
354,599
Building
Products
—
0.6%
(c)
Cornerstone
Building
Brands,
Inc.,
6.13%,
01/15/29
.....................
137
127,143
JELD-WEN,
Inc.,
4.63%,
12/15/25
......
49
47,163
Standard
Industries,
Inc.
4.38%,
07/15/30
.................
35
32,058
3.38%,
01/15/31
.................
30
26,250
Victors
Merger
Corp.,
6.38%,
05/15/29
....
44
36,018
268,632
Capital
Markets
—
0.3%
(c)
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
................
47
44,180
MSCI,
Inc.
3.63%,
09/01/30
.................
36
33,746
3.63%,
11/01/31
.................
39
36,709
3.25%,
08/15/33
.................
41
36,851
151,486
Chemicals
—
2.9%
Ashland
LLC,
3.38%,
09/01/31
(c)
........
109
96,192
Axalta
Coating
Systems
LLC
(c)
4.75%,
06/15/27
.................
150
144,307
3.38%,
02/15/29
.................
350
307,720
Diamond
BC
BV,
4.63%,
10/01/29
(c)
......
64
57,440
Element
Solutions,
Inc.,
3.88%,
09/01/28
(c)
.
175
163,406
HB
Fuller
Co.,
4.00%,
02/15/27
........
47
46,295
Herens
Midco
SARL,
4.75%,
05/15/28
(c)
...
200
179,346
Ingevity
Corp.,
3.88%,
11/01/28
(c)
.......
25
22,596
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(c)(d)
54
52,380
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(c)
77
73,343
WR
Grace
Holdings
LLC,
5.63%,
08/15/29
(c)
230
215,073
1,358,098
Commercial
Services
&
Supplies
—
2.6%
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(c)
21
19,320
Allied
Universal
Holdco
LLC
(c)
6.63%,
07/15/26
.................
185
187,189
9.75%,
07/15/27
.................
160
165,379
4.63%,
06/01/28
.................
200
188,980
APi
Escrow
Corp.,
4.75%,
10/15/29
(c)
.....
24
22,290
APi
Group
DE,
Inc.,
4.13%,
07/15/29
(c)
....
19
17,510
APX
Group,
Inc.
(c)
6.75%,
02/15/27
.................
26
26,577
5.75%,
07/15/29
.................
50
45,617
Aramark
Services,
Inc.,
5.00%,
02/01/28
(c)
..
53
51,410
Covanta
Holding
Corp.,
5.00%,
09/01/30
..
70
66,325
Garda
World
Security
Corp.
(c)
4.63%,
02/15/27
.................
46
44,089
9.50%,
11/01/27
.................
34
34,850
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(c)
....................
41
39,360
Madison
IAQ
LLC
(c)
4.13%,
06/30/28
.................
26
23,962
5.88%,
06/30/29
.................
92
82,570
Nielsen
Finance
LLC,
5.88%,
10/01/30
(c)
...
78
78,195
Prime
Security
Services
Borrower
LLC
(c)
5.75%,
04/15/26
.................
54
55,090
6.25%,
01/15/28
.................
83
81,223
1,229,936
BlackRock
Sustainable
High
Yield
Bond
Fund
Schedules
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Communications
Equipment
—
1.8%
Avaya,
Inc.,
6.13%,
09/15/28
(c)
.........
USD
216
$
213,013
Ciena
Corp.,
4.00%,
01/31/30
(c)
........
25
24,063
CommScope
Technologies
LLC,
6.00%,
06/15/25
(c)
....................
93
88,081
CommScope
,
Inc.
(c)
6.00%,
03/01/26
.................
45
45,522
8.25%,
03/01/27
.................
19
18,477
7.13%,
07/01/28
.................
30
27,101
4.75%,
09/01/29
.................
116
106,837
Nokia
OYJ
4.38%,
06/12/27
.................
45
45,647
6.63%,
05/15/39
.................
96
114,360
Viasat
,
Inc.
(c)
5.63%,
09/15/25
.................
29
28,323
6.50%,
07/15/28
.................
7
6,720
ViaSat,
Inc.,
5.63%,
04/15/27
(c)
.........
25
24,625
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(c)
...
86
80,704
823,473
Construction
&
Engineering
—
0.1%
(c)
Dycom
Industries,
Inc.,
4.50%,
04/15/29
...
24
22,620
MasTec,
Inc.,
4.50%,
08/15/28
.........
47
46,566
69,186
Consumer
Finance
—
1.5%
Ford
Motor
Credit
Co.
LLC
4.13%,
08/04/25
.................
200
199,775
4.39%,
01/08/26
.................
200
199,482
4.27%,
01/09/27
.................
200
197,252
OneMain
Finance
Corp.
7.13%,
03/15/26
.................
44
47,031
6.63%,
01/15/28
.................
20
20,950
5.38%,
11/15/29
.................
5
4,858
4.00%,
09/15/30
.................
17
15,003
SLM
Corp.,
3.13%,
11/02/26
..........
41
38,027
722,378
Containers
&
Packaging
—
3.0%
ARD
Finance
SA,
6.50%,
06/30/27
(c)
.....
200
182,875
Ardagh
Metal
Packaging
Finance
USA
LLC,
4.00%,
09/01/29
(c)
...............
200
180,230
Ball
Corp.
2.88%,
08/15/30
.................
180
161,378
3.13%,
09/15/31
.................
221
197,508
Clydesdale
Acquisition
Holdings,
Inc.
(c)
6.63%,
04/15/29
.................
90
91,013
8.75%,
04/15/30
.................
74
69,652
Crown
Americas
LLC,
4.25%,
09/30/26
...
161
161,402
Intertape
Polymer
Group,
Inc.,
4.38%,
06/15/29
(c)
....................
25
25,750
Sealed
Air
Corp.,
4.00%,
12/01/27
(c)
.....
117
114,075
Trivium
Packaging
Finance
BV,
8.50%,
08/15/27
(c)(e)
...................
228
226,860
1,410,743
Distributors
—
0.0%
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
(c)
............
18
16,785
Diversified
Consumer
Services
—
0.4%
Sotheby's,
5.88%,
06/01/29
(c)
..........
200
193,500
Diversified
Financial
Services
—
0.4%
(c)
MPH
Acquisition
Holdings
LLC,
5.50%,
09/01/28
.....................
63
60,393
Sabre
GLBL,
Inc.
9.25%,
04/15/25
.................
42
46,562
7.38%,
09/01/25
.................
30
31,327
Security
Par
(000)
Par
(000)
Value
Diversified
Financial
Services
(continued)
Shift4
Payments
LLC,
4.63%,
11/01/26
....
USD
42
$
40,845
179,127
Diversified
Telecommunication
Services
—
6.9%
Altice
France
Holding
SA,
6.00%,
02/15/28
(c)
200
172,500
Altice
France
SA
(c)
5.13%,
07/15/29
.................
200
179,250
5.50%,
10/15/29
.................
200
179,456
CCO
Holdings
LLC
4.75%,
03/01/30
(c)
................
10
9,603
4.25%,
02/01/31
(c)
................
19
17,242
4.75%,
02/01/32
(c)
................
63
58,668
4.50%,
05/01/32
.................
6
5,488
4.50%,
06/01/33
(c)
................
19
17,053
4.25%,
01/15/34
(c)
................
97
84,244
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(c)
....................
58
53,441
Frontier
Communications
Corp.
(c)
5.88%,
10/15/27
.................
110
109,263
6.75%,
05/01/29
.................
108
103,680
Frontier
Communications
Holdings
LLC,
6.00%,
01/15/30
(c)
....................
41
37,925
Iliad
Holding
SAS
(c)
6.50%,
10/15/26
.................
200
200,540
7.00%,
10/15/28
.................
294
294,435
Level
3
Financing,
Inc.
(c)
4.25%,
07/01/28
.................
113
103,735
3.63%,
01/15/29
.................
24
21,000
3.75%,
07/15/29
.................
103
91,282
Lumen
Technologies,
Inc.
5.13%,
12/15/26
(c)
................
101
96,203
4.00%,
02/15/27
(c)
................
4
3,725
4.50%,
01/15/29
(c)
................
3
2,580
5.38%,
06/15/29
(c)
................
232
206,625
Series
P,
7.60%,
09/15/39
..........
16
15,366
Sprint
Capital
Corp.
6.88%,
11/15/28
.................
223
258,388
8.75%,
03/15/32
.................
182
245,154
Switch
Ltd.
(c)
3.75%,
09/15/28
.................
49
47,518
4.13%,
06/15/29
.................
118
116,082
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
60
57,344
6.00%,
09/30/34
.................
71
66,745
Zayo
Group
Holdings,
Inc.
(c)
4.00%,
03/01/27
.................
123
113,188
6.13%,
03/01/28
.................
274
245,230
3,212,953
Electric
Utilities
—
2.5%
NextEra
Energy
Operating
Partners
LP,
4.25%,
09/15/24
(c)
....................
233
234,747
NRG
Energy,
Inc.
(c)
3.63%,
02/15/31
.................
69
60,692
3.88%,
02/15/32
.................
94
82,720
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(c)
....................
738
726,052
PG&E
Corp.,
5.25%,
07/01/30
.........
43
41,706
1,145,917
Electrical
Equipment
—
0.2%
Vertiv
Group
Corp.,
4.13%,
11/15/28
(c)
....
107
97,650
Electronic
Equipment,
Instruments
&
Components
—
0.3%
Sensata
Technologies,
Inc.,
4.38%,
02/15/30
(c)
145
138,670
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
High
Yield
Bond
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Entertainment
—
0.9%
(c)
AMC
Entertainment
Holdings,
Inc.
10.00%,
06/15/26
................
USD
75
$
67,788
7.50%,
02/15/29
.................
51
49,560
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
.....................
76
73,245
Live
Nation
Entertainment,
Inc.
6.50%,
05/15/27
.................
95
101,177
4.75%,
10/15/27
.................
24
23,400
3.75%,
01/15/28
.................
20
18,797
Playtika
Holding
Corp.,
4.25%,
03/15/29
...
79
72,878
WMG
Acquisition
Corp.,
3.88%,
07/15/30
..
24
22,860
429,705
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.8%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(c)
....................
43
40,133
CTR
Partnership
LP,
3.88%,
06/30/28
(c)
...
23
21,683
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(c)
...
106
100,700
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(c)
......
92
86,250
Iron
Mountain,
Inc.
(c)
5.25%,
07/15/30
.................
21
20,580
5.63%,
07/15/32
.................
85
83,749
MGM
Growth
Properties
Operating
Partnership
LP
4.50%,
09/01/26
.................
185
185,925
4.50%,
01/15/28
.................
69
69,518
RHP
Hotel
Properties
LP,
4.75%,
10/15/27
.
22
21,170
SBA
Communications
Corp.,
3.88%,
02/15/27
121
118,026
Uniti
Group
LP
(c)
4.75%,
04/15/28
.................
149
140,620
6.50%,
02/15/29
.................
106
98,829
6.00%,
01/15/30
.................
30
27,000
VICI
Properties
LP
(c)
4.25%,
12/01/26
.................
144
143,395
4.63%,
12/01/29
.................
70
69,825
4.13%,
08/15/30
.................
89
85,917
1,313,320
Food
&
Staples
Retailing
—
0.8%
(c)
Albertsons
Cos.,
Inc.
3.25%,
03/15/26
.................
40
37,801
4.88%,
02/15/30
.................
69
67,189
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
106
108,650
US
Foods,
Inc.
6.25%,
04/15/25
.................
100
102,500
4.75%,
02/15/29
.................
44
41,965
358,105
Food
Products
—
1.3%
Chobani
LLC
(c)
7.50%,
04/15/25
.................
67
64,776
4.63%,
11/15/28
.................
95
87,637
Kraft
Heinz
Foods
Co.,
5.50%,
06/01/50
...
177
200,989
Lamb
Weston
Holdings,
Inc.
(c)
4.88%,
05/15/28
.................
135
135,000
4.13%,
01/31/30
.................
100
93,383
4.38%,
01/31/32
.................
49
45,777
627,562
Gas
Utilities
—
0.0%
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(c)
....................
16
15,000
Health
Care
Equipment
&
Supplies
—
1.7%
(c)
Avantor
Funding,
Inc.
4.63%,
07/15/28
.................
111
109,779
3.88%,
11/01/29
.................
47
44,180
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
(continued)
Hologic,
Inc.,
3.25%,
02/15/29
.........
USD
221
$
206,363
Mozart
Debt
Merger
Sub,
Inc.,
5.25%,
10/01/29
165
153,396
Ortho-Clinical
Diagnostics,
Inc.
7.38%,
06/01/25
.................
92
94,760
7.25%,
02/01/28
.................
160
164,800
773,278
Health
Care
Providers
&
Services
—
5.4%
Acadia
Healthcare
Co.,
Inc.,
5.50%,
07/01/28
(c)
47
47,235
AdaptHealth
LLC,
6.13%,
08/01/28
(c)
.....
45
44,662
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(c)
86
79,980
Cano
Health
LLC,
6.25%,
10/01/28
(c)
.....
27
25,920
Centene
Corp.
2.45%,
07/15/28
.................
88
80,406
3.00%,
10/15/30
.................
313
287,481
2.50%,
03/01/31
.................
104
91,783
2.63%,
08/01/31
.................
101
89,890
Community
Health
Systems,
Inc.
(c)
8.00%,
03/15/26
.................
86
89,562
6.00%,
01/15/29
.................
151
152,577
6.88%,
04/15/29
.................
18
17,685
6.13%,
04/01/30
.................
39
36,289
DaVita,
Inc.,
4.63%,
06/01/30
(c)
........
6
5,603
Encompass
Health
Corp.
4.50%,
02/01/28
.................
117
114,660
4.63%,
04/01/31
.................
138
129,174
HCA,
Inc.
5.63%,
09/01/28
.................
159
171,919
3.50%,
09/01/30
.................
161
155,536
4.63%,
03/15/52
(c)
................
50
50,389
HealthEquity,
Inc.,
4.50%,
10/01/29
(c)
.....
85
80,537
LifePoint
Health,
Inc.,
5.38%,
01/15/29
(c)
...
68
64,252
MEDNAX,
Inc.,
5.38%,
02/15/30
(c)
.......
118
113,870
ModivCare
Escrow
Issuer,
Inc.,
5.00%,
10/01/29
(c)
....................
38
35,424
Molina
Healthcare,
Inc.
(c)
4.38%,
06/15/28
.................
24
23,751
3.88%,
11/15/30
.................
59
56,640
3.88%,
05/15/32
.................
48
45,645
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(c)
.
32
30,000
Owens
&
Minor,
Inc.,
6.63%,
04/01/30
(c)
...
33
33,957
Surgery
Center
Holdings,
Inc.,
6.75%,
07/01/25
(c)
....................
111
110,584
Tenet
Healthcare
Corp.
(c)
4.88%,
01/01/26
.................
115
116,006
5.13%,
11/01/27
.................
25
25,118
6.13%,
10/01/28
.................
35
35,569
4.25%,
06/01/29
.................
50
47,937
Vizient,
Inc.,
6.25%,
05/15/27
(c)
........
47
48,410
2,538,451
Hotels,
Restaurants
&
Leisure
—
5.3%
1011778
BC
ULC
(c)
3.88%,
01/15/28
.................
33
31,269
4.38%,
01/15/28
.................
82
78,720
4.00%,
10/15/30
.................
6
5,412
Boyne
USA,
Inc.,
4.75%,
05/15/29
(c)
.....
107
102,720
Caesars
Entertainment,
Inc.
(c)
6.25%,
07/01/25
.................
163
168,288
4.63%,
10/15/29
.................
147
137,445
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(c)
.
129
130,290
Cedar
Fair
LP,
5.50%,
05/01/25
(c)
.......
122
125,283
Colt
Merger
Sub,
Inc.
(c)
5.75%,
07/01/25
.................
92
93,894
8.13%,
07/01/27
.................
222
237,863
BlackRock
Sustainable
High
Yield
Bond
Fund
Schedules
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Fertitta
Entertainment
LLC
(c)
4.63%,
01/15/29
.................
USD
53
$
50,217
6.75%,
01/15/30
.................
115
105,797
Hilton
Domestic
Operating
Co.,
Inc.
5.75%,
05/01/28
(c)
................
46
47,592
3.75%,
05/01/29
(c)
................
46
43,179
4.88%,
01/15/30
.................
153
152,655
4.00%,
05/01/31
(c)
................
50
47,187
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(c)
67
59,295
Merlin
Entertainments
Ltd.,
5.75%,
06/15/26
(c)
200
197,450
MGM
Resorts
International,
5.75%,
06/15/25
90
92,252
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(c)
....................
59
54,390
Scientific
Games
International,
Inc.
(c)
8.25%,
03/15/26
.................
35
36,444
7.25%,
11/15/29
.................
44
46,090
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(c)
79
82,456
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(c)
.....
93
96,058
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(c)
....................
71
68,337
Wynn
Resorts
Finance
LLC,
5.13%,
10/01/29
(c)
116
109,185
Yum!
Brands,
Inc.,
4.75%,
01/15/30
(c)
.....
91
89,237
2,489,005
Household
Durables
—
1.2%
Ashton
Woods
USA
LLC
(c)
4.63%,
08/01/29
.................
25
22,046
4.63%,
04/01/30
.................
35
30,491
Brookfield
Residential
Properties,
Inc.,
5.00%,
06/15/29
(c)
....................
97
88,077
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(c)
68
69,870
Newell
Brands,
Inc.,
6.00%,
04/01/46
(e)
....
38
39,710
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(c)
63
54,444
Taylor
Morrison
Communities,
Inc.,
5.88%,
06/15/27
(c)
....................
66
68,640
Tempur
Sealy
International,
Inc.
(c)
4.00%,
04/15/29
.................
24
21,800
3.88%,
10/15/31
.................
44
37,730
TRI
Pointe
Homes,
Inc.,
5.25%,
06/01/27
..
56
55,603
Williams
Scotsman
International,
Inc.,
4.63%,
08/15/28
(c)
....................
76
74,100
562,511
Household
Products
—
0.2%
(c)
Energizer
Holdings,
Inc.
6.50%,
12/31/27
.................
28
27,720
4.75%,
06/15/28
.................
25
22,707
Spectrum
Brands,
Inc.,
5.00%,
10/01/29
...
46
43,273
93,700
Independent
Power
and
Renewable
Electricity
Producers
—
1.8%
Clearway
Energy
Operating
LLC
(c)
4.75%,
03/15/28
.................
776
779,360
3.75%,
01/15/32
.................
86
79,120
858,480
Insurance
—
2.4%
(c)
Alliant
Holdings
Intermediate
LLC
4.25%,
10/15/27
.................
147
141,395
6.75%,
10/15/27
.................
268
264,768
5.88%,
11/01/29
.................
285
273,956
BroadStreet
Partners,
Inc.,
5.88%,
04/15/29
16
14,920
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
..
24
24,280
NFP
Corp.
4.88%,
08/15/28
.................
110
105,050
6.88%,
08/15/28
.................
290
276,950
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Ryan
Specialty
Group
LLC,
4.38%,
02/01/30
USD
32
$
30,240
1,131,559
Interactive
Media
&
Services
—
0.3%
(c)
Rackspace
Technology
Global,
Inc.,
5.38%,
12/01/28
.....................
15
13,015
Twitter,
Inc.
3.88%,
12/15/27
.................
55
53,418
5.00%,
03/01/30
.................
81
80,595
147,028
Internet
&
Direct
Marketing
Retail
—
0.2%
(c)
ANGI
Group
LLC,
3.88%,
08/15/28
......
49
41,510
Go
Daddy
Operating
Co.
LLC,
3.50%,
03/01/29
66
60,685
102,195
IT
Services
—
1.8%
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(c)
.
42
37,524
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
(c)
96
90,979
Booz
Allen
Hamilton,
Inc.,
4.00%,
07/01/29
(c)
97
94,715
Gartner,
Inc.
(c)
4.50%,
07/01/28
.................
53
52,801
3.63%,
06/15/29
.................
38
35,625
3.75%,
10/01/30
.................
66
61,957
Northwest
Fiber
LLC
(c)
4.75%,
04/30/27
.................
60
56,970
6.00%,
02/15/28
.................
75
65,835
Square,
Inc.,
3.50%,
06/01/31
(c)
........
190
173,850
Twilio,
Inc.,
3.88%,
03/15/31
..........
170
158,018
828,274
Leisure
Products
—
0.3%
Mattel,
Inc.
6.20%,
10/01/40
.................
57
65,568
5.45%,
11/01/41
.................
62
65,999
131,567
Life
Sciences
Tools
&
Services
—
0.4%
(c)
Charles
River
Laboratories
International,
Inc.
4.25%,
05/01/28
.................
32
31,280
4.00%,
03/15/31
.................
71
66,651
Syneos
Health,
Inc.,
3.63%,
01/15/29
....
80
73,900
171,831
Machinery
—
0.7%
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(c)
63
59,675
Terex
Corp.,
5.00%,
05/15/29
(c)
........
63
60,384
Titan
International,
Inc.,
7.00%,
04/30/28
..
23
23,074
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(c)
200
197,806
340,939
Media
—
6.1%
Advantage
Sales
&
Marketing,
Inc.,
6.50%,
11/15/28
(c)
....................
23
21,768
Altice
Financing
SA,
5.75%,
08/15/29
(c)
....
200
181,817
AMC
Networks,
Inc.,
4.25%,
02/15/29
....
39
36,395
Cable
One,
Inc.
1.13%,
03/15/28
(f)
................
147
131,418
4.00%,
11/15/30
(c)
................
94
86,689
Charter
Communications
Operating
LLC
5.25%,
04/01/53
.................
55
55,371
5.50%,
04/01/63
.................
55
55,326
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
5.13%,
08/15/27
.................
155
153,324
7.75%,
04/15/28
.................
135
135,706
7.50%,
06/01/29
.................
189
188,595
CSC
Holdings
LLC,
5.00%,
11/15/31
(c)
....
200
167,572
Directv
Financing
LLC,
5.88%,
08/15/27
(c)
..
88
86,570
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
High
Yield
Bond
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Media
(continued)
LCPR
Senior
Secured
Financing
DAC,
5.13%,
07/15/29
(c)
....................
USD
200
$
190,939
Liberty
Broadband
Corp.,
2.75%,
09/30/50
(c)(f)
184
181,474
Radiate
Holdco
LLC
(c)
4.50%,
09/15/26
.................
99
95,535
6.50%,
09/15/28
.................
213
201,418
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(c)
....................
29
25,858
Sirius
XM
Radio,
Inc.
(c)
3.13%,
09/01/26
.................
117
110,620
5.50%,
07/01/29
.................
28
28,420
3.88%,
09/01/31
.................
81
73,710
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(c)
...............
200
193,000
Univision
Communications,
Inc.,
6.63%,
06/01/27
(c)
....................
23
24,093
Videotron
Ltd.,
3.63%,
06/15/29
(c)
.......
32
29,670
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(c)
...............
200
192,000
Ziggo
Bond
Co.
BV,
5.13%,
02/28/30
(c)
....
200
186,126
2,833,414
Metals
&
Mining
—
2.1%
(c)
Big
River
Steel
LLC,
6.63%,
01/31/29
....
705
739,700
Constellium
SE,
3.75%,
04/15/29
.......
250
224,375
964,075
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.,
4.38%,
01/15/27
(c)
....................
18
17,460
Multiline
Retail
—
0.2%
(c)
Macy's
Retail
Holdings
LLC
5.88%,
03/15/30
.................
11
10,852
6.13%,
03/15/32
.................
11
10,862
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
...
75
77,025
98,739
Oil,
Gas
&
Consumable
Fuels
—
3.6%
Antero
Midstream
Partners
LP,
5.75%,
03/01/27
(c)
....................
140
142,575
EnLink
Midstream
Partners
LP
4.85%,
07/15/26
.................
23
23,000
5.60%,
04/01/44
.................
52
44,850
ITT
Holdings
LLC,
6.50%,
08/01/29
(c)
.....
98
90,525
New
Fortress
Energy,
Inc.
(c)
6.75%,
09/15/25
.................
113
113,668
6.50%,
09/30/26
.................
185
183,292
NuStar
Logistics
LP,
5.75%,
10/01/25
.....
56
57,050
Occidental
Petroleum
Corp.
5.50%,
12/01/25
.................
210
220,983
5.55%,
03/15/26
.................
250
265,000
8.88%,
07/15/30
.................
7
8,977
6.63%,
09/01/30
.................
70
80,325
6.20%,
03/15/40
.................
384
426,240
4.50%,
07/15/44
.................
9
8,601
6.60%,
03/15/46
.................
2
2,350
4.40%,
04/15/46
.................
5
4,750
4.40%,
08/15/49
.................
5
4,700
1,676,886
Personal
Products
—
0.1%
(c)
Coty,
Inc.,
4.75%,
01/15/29
...........
21
19,595
Prestige
Brands,
Inc.,
3.75%,
04/01/31
....
25
22,313
41,908
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
—
1.8%
(c)
Bausch
Health
Americas,
Inc.,
8.50%,
01/31/27
USD
88
$
87,760
Bausch
Health
Cos.,
Inc.
7.00%,
01/15/28
.................
65
58,193
4.88%,
06/01/28
.................
28
26,810
6.25%,
02/15/29
.................
73
59,860
Catalent
Pharma
Solutions,
Inc.
3.13%,
02/15/29
.................
74
67,260
3.50%,
04/01/30
.................
90
82,125
Embecta
Corp.
5.00%,
02/15/30
.................
24
22,637
6.75%,
02/15/30
.................
36
36,090
Endo
DAC,
9.50%,
07/31/27
..........
76
66,690
Organon
&
Co.,
5.13%,
04/30/31
.......
200
193,000
P&L
Development
LLC,
7.75%,
11/15/25
...
57
52,440
Par
Pharmaceutical,
Inc.,
7.50%,
04/01/27
.
109
101,713
854,578
Professional
Services
—
0.7%
(c)
AMN
Healthcare,
Inc.
4.63%,
10/01/27
.................
49
47,643
4.00%,
04/15/29
.................
73
67,620
CoreLogic,
Inc.,
4.50%,
05/01/28
.......
53
49,969
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
83
78,020
Korn
Ferry,
4.63%,
12/15/27
..........
87
84,857
328,109
Real
Estate
Management
&
Development
—
1.1%
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
(c)
...............
154
160,930
Howard
Hughes
Corp.
(The)
(c)
5.38%,
08/01/28
.................
117
117,466
4.38%,
02/01/31
.................
44
41,360
Kennedy-Wilson,
Inc.,
4.75%,
02/01/30
...
24
22,822
Realogy
Group
LLC,
5.75%,
01/15/29
(c)
...
93
87,652
WeWork
Cos.
LLC,
5.00%,
07/10/25
(c)
....
77
64,727
494,957
Road
&
Rail
—
0.6%
(c)
Hertz
Corp.
(The)
4.63%,
12/01/26
.................
30
28,015
5.00%,
12/01/29
.................
48
43,440
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
..
48
47,160
PECF
USS
Intermediate
Holding
III
Corp.,
8.00%,
11/15/29
................
53
51,145
Uber
Technologies,
Inc.,
4.50%,
08/15/29
..
112
105,000
274,760
Semiconductors
&
Semiconductor
Equipment
—
0.2%
(c)
Entegris,
Inc.,
4.38%,
04/15/28
........
32
30,960
Synaptics,
Inc.,
4.00%,
06/15/29
........
70
65,975
96,935
Software
—
3.3%
Boxer
Parent
Co.,
Inc.,
7.13%,
10/02/25
(c)
..
53
54,937
Camelot
Finance
SA,
4.50%,
11/01/26
(c)
...
24
23,340
Clarivate
Science
Holdings
Corp.
(c)
3.88%,
07/01/28
.................
60
57,226
4.88%,
07/01/29
.................
83
78,087
Condor
Merger
Sub,
Inc.,
7.38%,
02/15/30
(c)
259
248,443
Consensus
Cloud
Solutions,
Inc.
(c)
6.00%,
10/15/26
.................
17
16,873
6.50%,
10/15/28
.................
15
14,905
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
35
32,112
Elastic
NV,
4.13%,
07/15/29
(c)
.........
151
140,424
Fair
Isaac
Corp.,
4.00%,
06/15/28
(c)
......
119
115,206
MicroStrategy,
Inc.,
6.13%,
06/15/28
(c)
....
63
61,301
Minerva
Merger
Sub,
Inc.,
6.50%,
02/15/30
(c)
93
90,222
NCR
Corp.,
6.13%,
09/01/29
(c)
.........
45
45,113
BlackRock
Sustainable
High
Yield
Bond
Fund
Schedules
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Open
Text
Corp.
(c)
3.88%,
02/15/28
.................
USD
65
$
62,320
3.88%,
12/01/29
.................
37
35,150
Open
Text
Holdings,
Inc.,
4.13%,
02/15/30
(c)
28
26,549
PTC,
Inc.
(c)
3.63%,
02/15/25
.................
49
48,449
4.00%,
02/15/28
.................
75
73,070
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(c)
95
95,714
Veritas
US,
Inc.,
7.50%,
09/01/25
(c)
......
112
106,255
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(c)
106
96,887
1,522,583
Specialty
Retail
—
2.3%
Arko
Corp.,
5.13%,
11/15/29
(c)
.........
49
44,590
Asbury
Automotive
Group,
Inc.,
5.00%,
02/15/32
(c)
....................
40
37,182
Bath
&
Body
Works,
Inc.,
7.60%,
07/15/37
.
8
8,300
Carvana
Co.
(c)
5.50%,
04/15/27
.................
18
16,065
4.88%,
09/01/29
.................
29
23,949
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(c)
48
44,700
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(c)
..
98
90,749
L
Brands,
Inc.,
6.88%,
11/01/35
........
54
55,620
LBM
Acquisition
LLC,
6.25%,
01/15/29
(c)
...
118
110,526
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(c)
.....
43
40,645
PetSmart,
Inc.,
7.75%,
02/15/29
(c)
.......
250
258,125
Sonic
Automotive,
Inc.,
4.63%,
11/15/29
(c)
..
18
16,200
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(c)
...............
46
46,773
SRS
Distribution,
Inc.
(c)
4.63%,
07/01/28
.................
100
95,521
6.13%,
07/01/29
.................
88
81,180
6.00%,
12/01/29
.................
96
88,800
1,058,925
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Xerox
Corp.,
4.80%,
03/01/35
.........
18
15,588
Textiles,
Apparel
&
Luxury
Goods
—
0.9%
(c)
Crocs,
Inc.,
4.13%,
08/15/31
..........
115
97,175
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
....
30
27,450
Levi
Strauss
&
Co.,
3.50%,
03/01/31
.....
173
158,426
William
Carter
Co.
(The),
5.63%,
03/15/27
..
94
95,387
Wolverine
World
Wide,
Inc.,
4.00%,
08/15/29
63
55,913
434,351
Thrifts
&
Mortgage
Finance
—
0.5%
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(c)
...
65
67,057
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
92
90,888
Nationstar
Mortgage
Holdings,
Inc.
(c)
6.00%,
01/15/27
.................
27
27,475
5.13%,
12/15/30
.................
14
12,950
5.75%,
11/15/31
.................
23
21,935
220,305
Trading
Companies
&
Distributors
—
1.3%
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
(c)
60
55,429
Boise
Cascade
Co.,
4.88%,
07/01/30
(c)
....
61
59,234
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
(c)
....................
56
50,400
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(c)
....
56
56,784
Imola
Merger
Corp.,
4.75%,
05/15/29
(c)
....
119
114,592
United
Rentals
North
America,
Inc.,
5.25%,
01/15/30
.....................
21
21,656
WESCO
Distribution,
Inc.,
7.25%,
06/15/28
(c)
223
236,856
594,951
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
—
1.6%
Connect
Finco
SARL,
6.75%,
10/01/26
(c)
...
USD
333
$
338,791
T-Mobile
USA,
Inc.
2.63%,
02/15/29
.................
60
54,764
2.88%,
02/15/31
.................
82
73,876
Vmed
O2
UK
Financing
I
plc,
4.75%,
07/15/31
(c)
296
278,980
746,411
Total
Corporate
Bonds
—
83.8%
(Cost:
$41,770,926)
..............................
39,171,513
Floating
Rate
Loan
Interests
Airlines
—
0.0%
AAdvantage
Loyality
IP
Ltd.,
Term
Loan,
04/20/28
(d)(g)
....................
5
5,462
Auto
Components
—
0.4%
Clarios
Global
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.71%
,
 04/30/26
(d)
188
185,312
Chemicals
—
0.2%
WR
Grace
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.81%
,
 09/22/28
(d)
76
75,052
Commercial
Services
&
Supplies
—
0.1%
GFL
Environmental,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.50%
,
 05/30/25
(d)
24
23,499
Communications
Equipment
—
0.2%
Viasat
,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
5.00%
,
 03/02/29
(d)
.........
90
89,308
Diversified
Consumer
Services
—
0.1%
(d)
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.75%),
6.25%
,
 12/10/29
.................
29
28,783
Mileage
Plus
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.25%
,
 06/21/27
8
8,438
37,221
Diversified
Financial
Services
—
1.5%
(d)
Clydesdale
Acquisition
Holdings,
Inc.,
Term
Loan,
03/30/29
(g)
.................
38
37,366
Connect
Finco
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.50%
,
 12/11/26
....
149
147,447
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
4.50%
,
 12/17/27
.................
100
97,649
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
4.76%
,
 12/15/28
.................
212
210,105
Radiate
Holdco
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
 09/25/26
....
203
201,532
694,099
Diversified
Telecommunication
Services
—
1.7%
(d)
Altice
France
SA,
Term
Loan
B13,
(LIBOR
USD
3
Month
+
4.00%),
4.51%
,
 08/14/26
....
200
196,051
Cablevision
Lightpath
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 11/30/27
.
99
98,103
Cincinnati
Bell,
Inc.,
Term
Loan
B2,
(LIBOR
USD
3
Month
+
3.25%),
4.05%
,
 11/22/28
.
20
19,870
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.81%
,
 05/01/28
.................
198
195,187
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
High
Yield
Bond
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.46%
,
 03/09/27
USD
303
$
294,592
803,803
Entertainment
—
0.1%
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.00%),
3.35%
,
 04/22/26
(d)
................
54
47,914
Health
Care
Equipment
&
Supplies
—
0.0%
Embecta
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
0.00%),
0.00%
,
 01/26/29
(d)
1
1,248
Health
Care
Providers
&
Services
—
0.3%
Ortho-Clinical
Diagnostics,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.23%
,
 06/30/25
(d)
................
150
149,297
Health
Care
Technology
—
1.9%
(d)
Athenahealth
Group
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 02/15/29
419
414,130
Athenahealth
,
Inc.,
Delayed
Draw
Term
Loan,
02/15/29
(g)
.....................
71
70,191
Verscend
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
4.46%
,
 08/27/25
383
381,259
865,580
Hotels,
Restaurants
&
Leisure
—
0.8%
(d)
Caesars
Resort
Collection
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
3.96%
,
 07/21/25
.................
149
148,197
Fertitta
Entertainment
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
 01/27/29
.................
246
243,985
392,182
Household
Durables
—
0.1%
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
10/06/28
(d)(g)
....................
68
65,379
Insurance
—
1.0%
(d)
Alliant
Holdings
Intermediate
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.71%
,
 05/09/25
.................
100
99,002
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 11/05/27
.................
53
52,332
AssuredPartners
,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
+
3.50%),
4.00%, 02/12/27
...............
149
147,426
Hub
International
Ltd.,
Term
Loan
B3,
(LIBOR
USD
3
Month
+
3.25%),
4.00%
,
 04/25/25
149
147,787
446,547
Interactive
Media
&
Services
—
0.3%
Camelot
US
Acquisition
1
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 10/30/26
(d)
................
149
147,288
IT
Services
—
0.3%
Rackspace
Technology
Global,
Inc.,
1st
LienTerm
Loan
B,
(LIBOR
USD
3
Month
+
2.75%),
3.50%
,
 02/15/28
(d)
..........
131
128,340
Security
Par
(000)
Par
(000)
Value
Media
—
1.1%
(d)
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
3.80%
,
 08/21/26
.................
USD
345
$
338,484
DirectTV
Financing
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.75%
,
 08/02/27
194
193,696
532,180
Pharmaceuticals
—
0.2%
Endo
Luxembourg
Finance
Co.
I
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.75%
,
 03/27/28
(d)
................
77
72,341
Professional
Services
—
0.3%
(d)
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.70%
,
 02/06/26
.................
99
98,200
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.25%),
3.56%
,
 01/18/29
(h)
................
43
42,570
140,770
Road
&
Rail
—
0.2%
Uber
Technologies,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
3.96%
,
 02/25/27
(d)
99
98,717
Software
—
1.7%
(d)
Banff
Guarantor,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.50%),
6.00%
,
 02/27/26
.................
96
94,944
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.76%
,
 10/02/25
174
172,366
Castle
US
Holding
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.21%
,
 01/29/27
151
145,778
McAfee
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
 03/01/29
.....
256
253,760
Sabre
GLBL,
Inc.,
Term
Loan
B1,
12/17/27
(g)
14
13,446
Sabre
GLBL,
Inc.,
Term
Loan
B2,
12/17/27
(g)
22
21,435
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B5,
(LIBOR
USD
1
Month
+
1.75%),
2.21%
,
 04/16/25
.................
99
97,307
799,036
Specialty
Retail
—
0.6%
(d)
PetSmart
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 02/11/28
......
199
198,170
SRS
Distribution,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
-
4.02%
,
 06/02/28
100
99,156
297,326
Textiles,
Apparel
&
Luxury
Goods
—
0.4%
Crocs,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.03%
-
4.45%
,
 02/20/29
(d)
.....
209
203,551
Trading
Companies
&
Distributors
—
0.1%
SRS
Distribution,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 06/02/28
(d)
...
46
44,994
Total
Floating
Rate
Loan
Interests
—
13.6%
(Cost:
$6,404,610)
..............................
6,346,446
BlackRock
Sustainable
High
Yield
Bond
Fund
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
x
Security
Par
(000)
Pa
r
(
000)
Value
Capital
Trusts
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Vistra
Corp.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.74%),
7.00%
(c)(d)(
i
)
.....................
USD
57
$
55,504
Total
Capital
Trusts
—
0.1%
(Cost:
$57,000)
................................
55,504
Total
Long-Term
Investments
—
99.3%
(Cost:
$49,122,523)
..............................
46,439,610
Security
Shares
Shares
Value
Short-Term
Securities
BlackRock
Liquidity
Funds,T
-Fund,
Institutional
Class,
0.21%
(j)(k)
..................
540,195
$
540,195
Total
Short-Term
Securities
—
1.2%
(Cost:
$540,195)
................................
540,195
Total
Options
Purchased
—
0.0%
(Cost:
$9,544)
.................................
4,441
Total
Investments
Before
Options
Written
—
100.5%
(Cost:
$49,672,262
)
..............................
46,984,246
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$(3,572))
.....................
(1,346)
Total
Investments
Net
of
Options
Written
—
100.5%
(Cost:
$49,668,690
)
..............................
46,982,900
Liabilities
in
Excess
of
Other
Assets
—
(0.5)%
............
(232,167)
Net
Assets
—
100.0%
..............................
$
46,750,733
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(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)
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.
(e)
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.
(f)
Convertible
security.
(g)
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.
(h)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(i)
Perpetual
security
with
no
stated
maturity
date.
(j)
Annualized
7-day
yield
as
of
period
end.
(k)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
March
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
09/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/22
Shares
Held
at
03/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,T
-Fund,
Institutional
Class
(a)
.......
$
3,166,439
$
—
$
(2,626,244)
$
—
$
—
$
540,195
540,195
$
73
$
—
—
—
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
High
Yield
Bond
Fund
18
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
.
i
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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
U.S.
Treasury
10
Year
Note
...................................................
2
06/21/22
$
246
$
6,654
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
SPDR
S&P
500
ETF
Trust
......................
14
04/14/22
USD
438.00
USD
632
$
2,632
SPDR
S&P
500
ETF
Trust
......................
3
05/06/22
USD
440.00
USD
135
1,809
$
4,441
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
SPDR
S&P
500
ETF
Trust
.......................
14
04/14/22
USD
415.00
USD
632
$
(651)
SPDR
S&P
500
ETF
Trust
.......................
3
05/06/22
USD
415.00
USD
135
(695)
$
(1,346)
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)
.....
$
—
$
—
$
—
$
—
$
6,654
$
—
$
6,654
Options
purchased
Investments
at
value
—
unaffiliated
(b)
...........
—
—
4,441
—
—
—
4,441
$
—
$
—
$
4,441
$
—
$
6,654
$
—
$
11,095
Liabilities
—
Derivative
Financial
Instruments
Options
written
Options
written
at
value
.....................
—
—
1,346
—
—
—
1,346
(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
period
ended
March
31,
2022,
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
.......................
$
—
$
—
$
10,086
$
—
$
—
$
—
$
10,086
BlackRock
Sustainable
High
Yield
Bond
Fund
Schedules
of
Investments
19
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
—
—
6,654
—
6,654
Options
purchased
(a)
....................
—
—
(5,103)
—
—
—
(5,103)
Options
written
........................
—
—
2,226
—
—
—
2,226
$
—
$
—
$
(2,877)
$
—
$
6,654
$
—
$
3,777
(a)
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
—
short
.................................................................................
$
122,766
Options
Average
value
of
option
contracts
purchased
................................................................................
$
2,221
Average
value
of
option
contracts
written
...................................................................................
$
673
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
High
Yield
Bond
Fund
20
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
Common
Stocks
.........................................
$
866,147
$
—
$
—
$
866,147
Corporate
Bonds
........................................
—
39,171,513
—
39,171,513
Floating
Rate
Loan
Interests
Airlines
..............................................
—
5,462
—
5,462
Auto
Components
......................................
—
185,312
—
185,312
Chemicals
............................................
—
75,052
—
75,052
Commercial
Services
&
Supplies
.............................
—
23,499
—
23,499
Communications
Equipment
................................
—
89,308
—
89,308
Diversified
Consumer
Services
..............................
—
37,221
—
37,221
Diversified
Financial
Services
...............................
—
694,099
—
694,099
Diversified
Telecommunication
Services
........................
—
803,803
—
803,803
Entertainment
.........................................
—
47,914
—
47,914
Health
Care
Equipment
&
Supplies
...........................
—
1,248
—
1,248
Health
Care
Providers
&
Services
............................
—
149,297
—
149,297
Health
Care
Technology
..................................
—
865,580
—
865,580
Hotels,
Restaurants
&
Leisure
..............................
—
392,182
—
392,182
Household
Durables
.....................................
—
65,379
—
65,379
Insurance
............................................
—
446,547
—
446,547
Interactive
Media
&
Services
...............................
—
147,288
—
147,288
IT
Services
...........................................
—
128,340
—
128,340
Media
...............................................
—
532,180
—
532,180
Pharmaceuticals
.......................................
—
72,341
—
72,341
Professional
Services
....................................
—
98,200
42,570
140,770
Road
&
Rail
...........................................
—
98,717
—
98,717
Software
.............................................
—
799,036
—
799,036
Specialty
Retail
........................................
—
297,326
—
297,326
Textiles,
Apparel
&
Luxury
Goods
............................
—
203,551
—
203,551
Trading
Companies
&
Distributors
............................
—
44,994
—
44,994
Capital
Trusts
...........................................
—
55,504
—
55,504
Short-Term
Securities
.......................................
540,195
—
—
540,195
Options
Purchased
Equity
contracts
..........................................
4,441
—
—
4,441
$
1,410,783
$
45,530,893
$
42,570
$
46,984,246
Derivative
Financial
Instruments
(a)
Assets
Interest
rate
contracts
.......................................
$
6,654
$
—
$
—
$
6,654
Liabilities
Equity
contracts
...........................................
(1,346)
—
—
(1,346)
$
5,308
$
—
$
—
$
5,308
(a)
Derivative
financial
instruments
are
futures
contracts
and
options
written.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
BlackRock
Sustainable
Low
Duration
Bond
Fund
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
AGL
Core
CLO
4
Ltd.,
Series
2020-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.07%),
1.32%,
04/20/33
(a)(b)
...............
USD
250
$
247,413
AIG
CLO
LLC,
Series
2018-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.12%),
1.37%,
04/20/32
(a)(b)
....................
250
247,958
American
Express
Credit
Account
Master
Trust,
Series
2021-1,
Class
A,
0.90%,
11/15/26
.
200
190,684
Anchorage
Capital
CLO
3-R
Ltd.,
Series
2014-3RA,
Class
A,
(LIBOR
USD
3
Month
+
1.05%),
1.33%,
01/28/31
(a)(b)
.........
250
248,678
Ares
LVI
CLO
Ltd.,
Series
2020-56A,
Class
AR,
(LIBOR
USD
3
Month
+
1.16%),
1.42%,
10/25/34
(a)(b)
....................
250
247,116
Barings
CLO
Ltd.,
Series
2019-3A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.07%),
1.32%,
04/20/31
(a)(b)
....................
250
247,663
BDS
Ltd.,
Series
2021-FL10,
Class
A,
(LIBOR
USD
1
Month
+
1.35%),
1.82%,
12/16/36
(a)(b)
80
79,602
Beechwood
Park
CLO
Ltd.,
Series
2019-1A,
Class
A1R,
(3
Month
CME
Term
SOFR
+
1.30%),
1.56%,
01/17/35
(a)(b)
.........
250
249,851
CIFC
Funding
Ltd.,
Series
2021-5A,
Class
A,
(LIBOR
USD
3
Month
+
1.14%),
1.38%,
07/15/34
(a)(b)
....................
250
247,302
College
Ave
Student
Loans
LLC,
Series
2021-C,
Class
A1,
(LIBOR
USD
1
Month
+
0.90%),
1.36%,
07/26/55
(a)(b)
.........
96
95,691
FS
RIALTO,
Series
2022-FL4,
Class
A,
(SOFR30A
+
1.90%),
2.20%,
01/19/39
(a)(b)
100
100,000
GoldenTree
Loan
Management
US
CLO
1
Ltd.,
Series
2021-11A,
Class
A,
(LIBOR
USD
3
Month
+
1.13%),
1.38%,
10/20/34
(a)(b)
...
250
247,032
GoodLeap
Sustainable
Home
Solutions
Trust
(b)
Series
2021-3CS,
Class
A,
2.10%,
05/20/48
180
165,907
Series
2021-5CS,
Class
A,
2.31%,
10/20/48
91
83,197
Series
2022-1GS,
Class
A,
2.70%,
01/20/49
49
45,757
Hyundai
Auto
Receivables
Trust,
Series
2021-
C,
Class
A3,
0.74%,
05/15/26
........
80
76,858
Loanpal
Solar
Loan
Ltd.,
Series
2021-1GS,
Class
A,
2.29%,
01/20/48
(b)
..........
153
139,970
Madison
Park
Funding
XXXVII
Ltd.,
Series
2019-37A,
Class
AR,
(LIBOR
USD
3
Month
+
1.07%),
1.31%,
07/15/33
(a)(b)
........
250
247,361
MF1
Ltd.,
Series
2022-FL8,
Class
A,
(SOFR30A
+
1.35%),
1.40%,
02/19/37
(a)(b)
100
99,191
Mosaic
Solar
Loan
Trust
(b)
Series
2017-2A,
Class
C,
2.00%,
06/22/43
38
37,301
Series
2021-1A,
Class
A,
1.51%,
12/20/46
113
103,669
Series
2022-1A,
Class
A,
2.64%,
01/20/53
100
94,278
Navient
Private
Education
Refi
Loan
Trust
(b)
Series
2021-CA,
Class
A,
1.06%,
10/15/69
151
143,225
Series
2021-GA,
Class
A,
1.58%,
04/15/70
115
108,746
Series
2022-A,
Class
A,
2.23%,
07/15/70
.
150
144,995
Nelnet
Student
Loan
Trust,
Series
2021-DA,
Class
AFX,
1.63%,
04/20/62
(b)
........
135
128,571
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.,
Series
2017-26A,
Class
AR,
(LIBOR
USD
3
Month
+
0.92%),
1.16%,
10/18/30
(a)(b)
...
250
247,627
OHA
Loan
Funding
Ltd.,
Series
2015-1A,
Class
AR3,
(LIBOR
USD
3
Month
+
1.15%),
1.36%,
01/19/37
(a)(b)
...............
250
247,182
Oportun
Issuance
Trust,
Series
2021-C,
Class
A,
2.18%,
10/08/31
(b)
..............
100
94,168
Security
Par
(000)
Par
(000)
Value
Palmer
Square
CLO
Ltd.,
Series
2013-2A,
Class
A1A3,
(LIBOR
USD
3
Month
+
1.00%),
1.25%,
10/17/31
(a)(b)
.........
USD
250
$
247,602
Prodigy
Finance
DAC,
Series
2021-1A,
Class
A,
(LIBOR
USD
1
Month
+
1.25%),
1.71%,
07/25/51
(a)(b)
....................
174
173,140
SoFi
Professional
Loan
Program
LLC,
Series
2019-A,
Class
A2FX,
3.69%,
06/15/48
(b)
.
174
175,099
SoFi
Professional
Loan
Program
Trust
(b)
Series
2020-A,
Class
A2FX,
2.54%,
05/15/46
....................
87
85,601
Series
2021-B,
Class
AFX,
1.14%,
02/15/47
140
130,185
Southwick
Park
CLO
LLC,
Series
2019-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.06%),
1.31%,
07/20/32
(a)(b)
...............
250
247,247
Sunnova
Helios
VIII
Issuer
LLC,
Series
2022-A,
Class
A,
2.79%,
02/22/49
(b)
..........
99
94,885
Trestles
CLO
V
Ltd.,
Series
2021-5A,
Class
A1,
(LIBOR
USD
3
Month
+
1.17%),
1.33%,
10/20/34
(a)(b)
....................
250
247,000
Total
Asset-Backed
Securities
—
12.5%
(Cost:
$6,193,275)
..............................
6,057,752
Corporate
Bonds
Aerospace
&
Defense
—
0.2%
(b)
TransDigm
,
Inc.
8.00%,
12/15/25
.................
9
9,412
6.25%,
03/15/26
.................
63
64,678
Triumph
Group,
Inc.,
8.88%,
06/01/24
....
13
13,731
87,821
Airlines
—
0.2%
(b)
American
Airlines,
Inc.
11.75%,
07/15/25
................
13
15,177
5.50%,
04/20/26
.................
40
40,300
United
Airlines,
Inc.,
4.38%,
04/15/26
.....
40
39,347
94,824
Auto
Components
—
0.2%
Clarios
Global
LP
(b)
6.25%,
05/15/26
.................
65
66,869
8.50%,
05/15/27
.................
2
2,075
68,944
Banks
—
11.7%
Banco
Bilbao
Vizcaya
Argentaria
SA,
0.38%,
10/02/24
(c)
....................
EUR
100
109,312
Banco
Santander
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%),
1.72%,
09/14/27
(a)
..........
USD
200
180,640
Bank
of
America
Corp.
(a)
(SOFR
+
1.46%),
1.49%,
05/19/24
.....
100
98,539
(SOFR
+
0.91%),
0.98%,
09/25/25
.....
200
189,562
(LIBOR
USD
3
Month
+
0.87%),
2.46%,
10/22/25
....................
200
196,520
(SOFR
+
0.65%),
1.53%,
12/06/25
.....
240
229,512
Bank
of
Nova
Scotia
(The),
0.65%,
07/31/24
250
237,781
BNP
Paribas
SA,
(EURIBOR
3
Month
+
0.80%),
0.38%,
10/14/27
(a)(c)
.........
EUR
100
104,334
CaixaBank
SA,
(EURIBOR
3
Month
+
0.85%),
0.38%,
11/18/26
(a)(c)
..............
100
105,987
Citigroup,
Inc.
(a)
(SOFR
+
1.67%),
1.68%,
05/15/24
.....
USD
50
49,590
(SOFR
+
0.53%),
1.28%,
11/03/25
.....
35
33,306
(SOFR
+
1.53%),
3.29%,
03/17/26
.....
150
149,494
(SOFR
+
2.84%),
3.11%,
04/08/26
.....
85
84,277
(SOFR
+
0.77%),
1.46%,
06/09/27
.....
115
105,615
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Low
Duration
Bond
Fund
22
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Credit
Suisse
Group
Funding
Guernsey
Ltd.,
3.80%,
09/15/22
................
USD
250
$
252,575
Danske
Bank
A/S,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.35%),
1.62%,
09/11/26
(a)(b)
.........
200
184,938
European
Investment
Bank
(c)
0.50%,
11/15/23
.................
EUR
400
445,276
1.25%,
11/13/26
.................
270
305,834
Fifth
Third
Bancorp,
(SOFR
+
0.69%),
1.71%,
11/01/27
(a)
....................
USD
100
92,532
HSBC
Holdings
plc
(a)
(SOFR
+
0.58%),
1.16%,
11/22/24
.....
200
193,112
(SOFR
+
1.40%),
2.63%,
11/07/25
.....
200
195,080
Intesa
Sanpaolo
SpA,
1.50%,
04/10/24
(c)
...
EUR
100
112,336
JPMorgan
Chase
&
Co.
(a)
(LIBOR
USD
3
Month
+
0.89%),
3.80%,
07/23/24
....................
USD
49
49,558
(SOFR
+
0.42%),
0.56%,
02/16/25
.....
200
191,136
(SOFR
+
0.49%),
0.77%,
08/09/25
.....
200
189,573
(SOFR
+
1.85%),
2.08%,
04/22/26
.....
102
98,431
Lloyds
Banking
Group
plc,
(EUR
Swap
Annual
1
Year
+
0.85%),
0.50%,
11/12/25
(a)(c)
...
EUR
100
108,495
NatWest
Group
plc
3.88%,
09/12/23
.................
USD
200
202,048
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.15%),
2.36%,
05/22/24
(a)
..............
200
198,375
NatWest
Markets
plc,
3.63%,
09/29/22
(b)
...
250
252,001
Nordea
Bank
Abp,
1.50%,
09/30/26
(b)
.....
200
183,617
Societe
Generale
SA,
(EURIBOR
3
Month
+
1.28%),
0.87%,
09/22/28
(a)(c)
.........
EUR
100
104,944
Swedbank
AB,
1.54%,
11/16/26
(b)
.......
USD
200
185,693
Toronto-Dominion
Bank
(The)
(SOFR
+
0.24%),
0.33%,
01/06/23
(a)
...
100
99,826
1.25%,
12/13/24
.................
150
144,122
5,663,971
Beverages
—
0.3%
Pernod
Ricard
SA,
4.25%,
07/15/22
(b)
....
150
151,060
Biotechnology
—
1.1%
AbbVie,
Inc.
2.90%,
11/06/22
.................
300
301,930
1.25%,
06/01/24
.................
EUR
100
111,698
2.95%,
11/21/26
.................
USD
135
133,731
547,359
Building
Products
—
0.2%
Carrier
Global
Corp.,
2.24%,
02/15/25
....
36
35,046
Cornerstone
Building
Brands,
Inc.,
6.13%,
01/15/29
(b)
....................
16
14,849
JELD-WEN,
Inc.,
4.88%,
12/15/27
(b)
.....
14
13,405
Standard
Industries,
Inc.,
4.75%,
01/15/28
(b)
20
19,125
82,425
Capital
Markets
—
5.7%
Blackstone
Private
Credit
Fund
(b)
3.25%,
03/15/27
.................
100
91,647
4.00%,
01/15/29
.................
40
37,033
Credit
Suisse
Group
AG,
(EUR
Swap
Annual
1
Year
+
0.77%),
0.65%,
01/14/28
(a)(c)
....
EUR
100
101,629
Deutsche
Bank
AG
(a)
(SOFR
+
1.13%),
1.45%,
04/01/25
.....
USD
150
143,260
(EURIBOR
3
Month
+
1.38%),
1.88%,
02/23/28
(c)
...................
EUR
200
217,923
Goldman
Sachs
Group,
Inc.
(The)
3.00%,
03/15/24
.................
USD
415
414,474
(SOFR
+
1.11%),
2.64%,
02/24/28
(a)
....
95
90,832
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Morgan
Stanley
(a)
(SOFR
+
0.47%),
0.56%,
11/10/23
.....
USD
200
$
197,675
(SOFR
+
0.56%),
1.16%,
10/21/25
.....
275
261,233
(SOFR
+
1.99%),
2.19%,
04/28/26
.....
350
338,089
(EURIBOR
3
Month
+
0.83%),
1.34%,
10/23/26
....................
EUR
100
110,358
Nordic
Investment
Bank,
0.13%,
06/10/24
(c)
.
500
548,506
S&P
Global,
Inc.,
2.45%,
03/01/27
(b)
.....
USD
30
29,189
UBS
Group
AG,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.85%),
1.49%,
08/10/27
(a)(b)
..............
200
181,539
2,763,387
Chemicals
—
1.0%
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
.
43
40,151
HB
Fuller
Co.,
4.00%,
02/15/27
........
13
12,805
International
Flavors
&
Fragrances,
Inc.
1.23%,
10/01/25
(b)
................
345
319,374
1.80%,
09/25/26
.................
EUR
100
110,710
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(b)
USD
9
8,573
WR
Grace
Holdings
LLC,
5.63%,
08/15/29
(b)
13
12,156
503,769
Commercial
Services
&
Supplies
—
0.2%
(b)
Allied
Universal
Holdco
LLC,
6.63%,
07/15/26
21
21,248
APX
Group,
Inc.,
6.75%,
02/15/27
.......
8
8,178
Garda
World
Security
Corp.,
4.63%,
02/15/27
14
13,418
GFL
Environmental,
Inc.,
4.00%,
08/01/28
..
7
6,440
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
.....................
6
5,760
Madison
IAQ
LLC,
4.13%,
06/30/28
......
13
11,981
Nielsen
Finance
LLC,
5.63%,
10/01/28
....
20
20,144
Prime
Security
Services
Borrower
LLC,
6.25%,
01/15/28
.....................
20
19,572
106,741
Communications
Equipment
—
0.2%
Avaya,
Inc.,
6.13%,
09/15/28
(b)
.........
20
19,723
CommScope
Technologies
LLC,
6.00%,
06/15/25
(b)
....................
8
7,577
CommScope,
Inc.,
6.00%,
03/01/26
(b)
.....
19
19,220
Nokia
OYJ,
4.38%,
06/12/27
..........
8
8,115
Viasat,
Inc.,
5.63%,
04/15/27
(b)
.........
15
14,775
69,410
Consumer
Finance
—
1.0%
American
Express
Co.
3.00%,
10/30/24
.................
120
120,460
2.55%,
03/04/27
.................
190
184,741
General
Motors
Financial
Co.,
Inc.,
3.50%,
11/07/24
.....................
100
100,196
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
2
2,103
7.13%,
03/15/26
.................
12
12,827
SLM
Corp.,
3.13%,
11/02/26
..........
7
6,493
Synchrony
Financial,
4.50%,
07/23/25
....
75
76,504
503,324
Containers
&
Packaging
—
0.3%
Ball
Corp.,
4.88%,
03/15/26
..........
72
74,559
Crown
Americas
LLC,
4.25%,
09/30/26
...
30
30,075
Sealed
Air
Corp.,
4.00%,
12/01/27
(b)
.....
20
19,500
124,134
BlackRock
Sustainable
Low
Duration
Bond
Fund
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Diversified
Financial
Services
—
2.1%
Asian
Development
Bank,
0.35%,
07/16/25
.
EUR
400
$
436,773
European
Bank
for
Reconstruction
&
Development,
0.00%,
01/10/24
.......
500
549,490
MPH
Acquisition
Holdings
LLC,
5.50%,
09/01/28
(b)
....................
USD
14
13,421
Sabre
GLBL,
Inc.
(b)
9.25%,
04/15/25
.................
6
6,652
7.38%,
09/01/25
.................
5
5,221
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
...
13
12,642
1,024,199
Diversified
Telecommunication
Services
—
1.4%
AT&T,
Inc.,
1.80%,
09/05/26
..........
EUR
100
113,216
CCO
Holdings
LLC
(b)
5.13%,
05/01/27
.................
USD
15
15,022
5.00%,
02/01/28
.................
15
14,843
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(b)
....................
13
11,978
Frontier
Communications
Corp.,
5.88%,
10/15/27
(b)
....................
27
26,819
Level
3
Financing,
Inc.,
4.25%,
07/01/28
(b)
..
20
18,360
Lumen
Technologies,
Inc.,
5.13%,
12/15/26
(b)
54
51,435
Switch
Ltd.,
3.75%,
09/15/28
(b)
.........
21
20,365
Verizon
Communications,
Inc.
0.85%,
11/20/25
.................
200
185,035
2.10%,
03/22/28
.................
195
181,755
Zayo
Group
Holdings,
Inc.,
4.00%,
03/01/27
(b)
57
52,453
691,281
Electric
Utilities
—
1.4%
EDP
-
Energias
de
Portugal
SA,
1.63%,
04/15/27
(c)
....................
EUR
100
111,336
Enel
Finance
International
NV,
1.38%,
07/12/26
(b)
....................
USD
200
183,579
ITC
Holdings
Corp.,
2.70%,
11/15/22
.....
95
95,280
NextEra
Energy
Capital
Holdings,
Inc.,
1.88%,
01/15/27
.....................
180
168,810
NextEra
Energy
Operating
Partners
LP,
4.25%,
07/15/24
(b)
....................
13
13,156
NRG
Energy,
Inc.,
5.75%,
01/15/28
......
26
26,427
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
....................
66
64,931
663,519
Electrical
Equipment
—
0.1%
(b)
Sensata
Technologies
BV,
5.00%,
10/01/25
.
15
15,206
Vertiv
Group
Corp.,
4.13%,
11/15/28
.....
20
18,253
33,459
Energy
Equipment
&
Services
—
0.0%
Halliburton
Co.,
3.80%,
11/15/25
.......
20
20,424
Entertainment
—
0.1%
Live
Nation
Entertainment,
Inc.
(b)
4.75%,
10/15/27
.................
13
12,675
3.75%,
01/15/28
.................
21
19,737
32,412
Equity
Real
Estate
Investment
Trusts
(REITs)
—
3.2%
American
Tower
Corp.
2.40%,
03/15/25
.................
190
184,901
1.60%,
04/15/26
.................
250
231,711
0.45%,
01/15/27
.................
EUR
100
103,813
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
....................
USD
6
5,600
Crown
Castle
International
Corp.
3.15%,
07/15/23
.................
350
352,365
3.20%,
09/01/24
.................
50
50,058
1.35%,
07/15/25
.................
70
65,259
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
1.05%,
07/15/26
.................
USD
50
$
45,172
Equinix
,
Inc.
1.00%,
09/15/25
.................
200
183,784
0.25%,
03/15/27
.................
EUR
100
102,246
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(b)
...
USD
13
12,350
Healthpeak
Properties,
Inc.,
1.35%,
02/01/27
100
91,775
Iron
Mountain,
Inc.,
5.00%,
07/15/28
(b)
....
20
19,497
RHP
Hotel
Properties
LP,
4.75%,
10/15/27
.
13
12,510
SBA
Communications
Corp.,
3.88%,
02/15/27
15
14,631
Uniti
Group
LP,
4.75%,
04/15/28
(b)
.......
20
18,875
VICI
Properties
LP,
4.25%,
12/01/26
(b)
....
53
52,778
1,547,325
Food
&
Staples
Retailing
—
0.1%
(b)
Albertsons
Cos.,
Inc.,
5.88%,
02/15/28
....
34
33,885
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
11
11,275
US
Foods,
Inc.,
6.25%,
04/15/25
.......
13
13,325
58,485
Food
Products
—
0.1%
(b)
Chobani
LLC,
4.63%,
11/15/28
.........
14
12,915
Lamb
Weston
Holdings,
Inc.,
4.88%,
05/15/28
37
37,000
49,915
Health
Care
Equipment
&
Supplies
—
0.1%
(b)
Avantor
Funding,
Inc.,
4.63%,
07/15/28
...
20
19,780
Hologic
,
Inc.
4.63%,
02/01/28
.................
15
15,188
3.25%,
02/15/29
.................
7
6,536
41,504
Health
Care
Providers
&
Services
—
2.2%
Anthem,
Inc.,
3.35%,
12/01/24
.........
200
201,554
Centene
Corp.,
2.45%,
07/15/28
........
84
76,751
Community
Health
Systems,
Inc.,
8.00%,
03/15/26
(b)
....................
32
33,326
CVS
Health
Corp.
3.50%,
07/20/22
.................
115
115,301
2.63%,
08/15/24
.................
300
299,010
Encompass
Health
Corp.,
4.50%,
02/01/28
.
34
33,320
Fresenius
SE
&
Co.
KGaA,
0.75%,
01/15/28
(c)
EUR
100
105,390
HCA,
Inc.
5.25%,
04/15/25
.................
USD
50
52,641
5.63%,
09/01/28
.................
42
45,412
Molina
Healthcare,
Inc.,
4.38%,
06/15/28
(b)
.
22
21,772
Tenet
Healthcare
Corp.,
5.13%,
11/01/27
(b)
.
54
54,254
Vizient,
Inc.,
6.25%,
05/15/27
(b)
........
7
7,210
1,045,941
Hotels,
Restaurants
&
Leisure
—
0.3%
(b)
1011778
BC
ULC
3.88%,
01/15/28
.................
8
7,581
4.38%,
01/15/28
.................
35
33,600
Cedar
Fair
LP,
5.50%,
05/01/25
........
13
13,350
Hilton
Domestic
Operating
Co.,
Inc.,
5.75%,
05/01/28
.....................
52
53,799
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
15
15,656
Vail
Resorts,
Inc.,
6.25%,
05/15/25
......
9
9,296
133,282
Household
Durables
—
0.2%
DR
Horton,
Inc.,
1.30%,
10/15/26
.......
75
68,156
Williams
Scotsman
International,
Inc.,
4.63%,
08/15/28
(b)
....................
14
13,650
81,806
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
Clearway
Energy
Operating
LLC,
4.75%,
03/15/28
(b)
....................
90
90,390
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Low
Duration
Bond
Fund
24
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Insurance
—
0.6%
(b)
Alliant
Holdings
Intermediate
LLC,
4.25%,
10/15/27
.....................
USD
79
$
75,988
Metropolitan
Life
Global
Funding
I,
2.80%,
03/21/25
.....................
170
168,680
NFP
Corp.,
4.88%,
08/15/28
..........
58
55,390
300,058
Interactive
Media
&
Services
—
0.0%
Twitter,
Inc.,
3.88%,
12/15/27
(b)
.........
15
14,569
Internet
&
Direct
Marketing
Retail
—
0.5%
eBay,
Inc.,
2.75%,
01/30/23
..........
225
226,419
IT
Services
—
1.8%
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
(b)
15
14,215
Block,
Inc.,
2.75%,
06/01/26
(b)
.........
21
19,850
Booz
Allen
Hamilton,
Inc.,
3.88%,
09/01/28
(b)
13
12,549
Gartner,
Inc.,
4.50%,
07/01/28
(b)
........
26
25,902
International
Business
Machines
Corp.,
0.95%,
05/23/25
.....................
EUR
100
110,829
Northwest
Fiber
LLC
(b)
4.75%,
04/30/27
.................
USD
32
30,384
6.00%,
02/15/28
.................
2
1,756
PayPal
Holdings,
Inc.
2.20%,
09/26/22
.................
550
551,794
2.65%,
10/01/26
.................
110
108,238
875,517
Life
Sciences
Tools
&
Services
—
0.6%
Charles
River
Laboratories
International,
Inc.,
4.25%,
05/01/28
(b)
...............
26
25,415
Danaher
Corp.,
2.10%,
09/30/26
.......
EUR
100
114,757
Syneos
Health,
Inc.,
3.63%,
01/15/29
(b)
...
USD
14
12,932
Thermo
Fisher
Scientific,
Inc.,
1.22%,
10/18/24
150
144,246
297,350
Machinery
—
0.0%
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
.
10
9,000
Media
—
0.3%
(b)
Clear
Channel
Outdoor
Holdings,
Inc.
5.13%,
08/15/27
.................
55
54,405
7.75%,
04/15/28
.................
2
2,010
7.50%,
06/01/29
.................
3
2,994
Directv
Financing
LLC,
5.88%,
08/15/27
...
12
11,805
Radiate
Holdco
LLC,
4.50%,
09/15/26
....
24
23,160
Sirius
XM
Radio,
Inc.,
4.00%,
07/15/28
....
64
60,800
155,174
Metals
&
Mining
—
0.2%
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
...
61
64,002
Steel
Dynamics,
Inc.,
2.40%,
06/15/25
....
50
48,334
112,336
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.,
4.38%,
01/15/27
(b)
....................
6
5,820
Multi-Utilities
—
0.6%
E.ON
SE,
0.88%,
01/08/25
(c)
..........
EUR
30
33,097
Engie
SA,
1.75%,
03/27/28
(c)
..........
100
111,246
Sempra
Energy,
3.30%,
04/01/25
.......
USD
50
50,079
Veolia
Environnement
SA,
0.00%,
01/14/27
(c)
EUR
100
104,146
298,568
Oil,
Gas
&
Consumable
Fuels
—
0.3%
Enbridge,
Inc.,
2.50%,
01/15/25
........
USD
25
24,563
Eni
SpA,
1.00%,
03/14/25
(c)
...........
EUR
100
110,189
134,752
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
—
0.1%
(b)
Catalent
Pharma
Solutions,
Inc.,
5.00%,
07/15/27
.....................
USD
33
$
33,385
P&L
Development
LLC,
7.75%,
11/15/25
...
8
7,360
Par
Pharmaceutical,
Inc.,
7.50%,
04/01/27
.
13
12,131
52,876
Professional
Services
—
0.0%
(b)
AMN
Healthcare,
Inc.,
4.63%,
10/01/27
...
11
10,695
CoreLogic,
Inc.,
4.50%,
05/01/28
.......
7
6,600
17,295
Real
Estate
Management
&
Development
—
0.3%
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
(b)
...............
16
16,720
Howard
Hughes
Corp.
(The),
5.38%,
08/01/28
(b)
19
19,076
Realogy
Group
LLC,
5.75%,
01/15/29
(b)
...
11
10,367
Vonovia
SE,
1.38%,
01/28/26
(c)
........
EUR
100
109,882
156,045
Road
&
Rail
—
0.4%
Hertz
Corp.
(The),
4.63%,
12/01/26
(b)
.....
USD
6
5,603
Penske
Truck
Leasing
Co.
LP,
1.20%,
11/15/25
(b)
....................
40
36,712
Ryder
System,
Inc.,
3.75%,
06/09/23
.....
110
111,243
Uber
Technologies,
Inc.,
6.25%,
01/15/28
(b)
.
25
25,849
179,407
Semiconductors
&
Semiconductor
Equipment
—
1.4%
Broadcom
Corp.,
3.13%,
01/15/25
......
150
149,180
NXP
BV
(b)
4.88%,
03/01/24
.................
150
154,176
2.70%,
05/01/25
.................
330
320,059
3.88%,
06/18/26
.................
70
70,232
693,647
Software
—
1.7%
Clarivate
Science
Holdings
Corp.,
3.88%,
07/01/28
(b)
....................
32
30,521
Consensus
Cloud
Solutions,
Inc.,
6.00%,
10/15/26
(b)
....................
6
5,955
Fair
Isaac
Corp.,
4.00%,
06/15/28
(b)
......
12
11,617
Open
Text
Corp.,
3.88%,
02/15/28
(b)
.....
24
23,010
Oracle
Corp.
2.50%,
10/15/22
.................
147
147,426
1.65%,
03/25/26
.................
240
223,801
PTC,
Inc.,
4.00%,
02/15/28
(b)
..........
19
18,511
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
25
25,188
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
......
19
18,025
VMware,
Inc.
0.60%,
08/15/23
.................
120
116,621
1.40%,
08/15/26
.................
155
142,298
Workday,
Inc.,
3.50%,
04/01/27
........
25
24,994
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
13
11,882
799,849
Specialty
Retail
—
0.4%
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(b)
6
5,588
Home
Depot,
Inc.
(The),
2.88%,
04/15/27
..
55
54,793
Lowe's
Cos.,
Inc.,
3.35%,
04/01/27
......
60
60,351
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
...............
13
13,218
SRS
Distribution,
Inc.,
4.63%,
07/01/28
(b)
..
42
40,119
174,069
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
William
Carter
Co.
(The),
5.63%,
03/15/27
(b)
.
14
14,207
BlackRock
Sustainable
Low
Duration
Bond
Fund
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Thrifts
&
Mortgage
Finance
—
0.9%
BPCE
SA,
3.00%,
05/22/22
(b)
..........
USD
400
$
400,781
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
...
13
13,412
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
10
9,879
Nationstar
Mortgage
Holdings,
Inc.,
6.00%,
01/15/27
(b)
....................
3
3,053
427,125
Trading
Companies
&
Distributors
—
0.4%
Air
Lease
Corp.,
1.88%,
08/15/26
.......
35
32,243
Aviation
Capital
Group
LLC,
1.95%,
09/20/26
(b)
150
135,673
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
....
12
12,168
WESCO
Distribution,
Inc.,
7.25%,
06/15/28
(b)
24
25,491
205,575
Wireless
Telecommunication
Services
—
0.7%
Rogers
Communications,
Inc.,
3.20%,
03/15/27
(b)
....................
145
142,725
Sprint
Corp.,
7.63%,
03/01/26
.........
41
46,281
T-Mobile
USA,
Inc.
1.50%,
02/15/26
.................
110
102,599
2.63%,
04/15/26
.................
41
39,164
330,769
Total
Corporate
Bonds
—
45.0%
(Cost:
$22,594,308)
..............................
21,761,538
Foreign
Agency
Obligations
France
—
0.2%
Electricite
de
France
SA,
1.00%
,
10/13/26
(c)
.
EUR
100
109,616
Germany
—
0.9%
(c)
Kreditanstalt
fuer
Wiederaufbau
,
0.00%
,
09/15/28
......................
200
210,041
Landwirtschaftliche
Rentenbank
,
0.00%
,
09/22/27
......................
200
211,587
421,628
Total
Foreign
Agency
Obligations
—
1.1%
(Cost:
$557,448)
................................
531,244
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
1.5%
(a)(b)
Angel
Oak
Mortgage
Trust,
Series
2022-2,
Class
A1,
3.35%,
01/25/67
..........
USD
50
49,468
COLT
Mortgage
Loan
Trust,
Series
2022-3,
Class
A1,
3.90%,
02/25/67
..........
100
99,822
CSMC
Trust,
Series
2021-NQM8,
Class
A1,
1.84%,
10/25/66
.................
94
89,525
Deephaven
Residential
Mortgage
Trust,
Series
2021-4,
Class
A1,
1.93%,
11/25/66
.....
93
89,008
GCAT
Trust,
Series
2021-NQM7,
Class
A1,
1.91%,
08/25/66
.................
88
85,344
MFA
Trust,
Series
2021-INV2,
Class
A1,
1.91%,
11/25/56
.......................
195
183,367
PRKCM
Trust,
Series
2021-AFC2,
Class
A1,
2.07%,
11/25/56
.................
111
105,050
701,584
Commercial
Mortgage-Backed
Securities
—
5.3%
1211
Avenue
of
the
Americas
Trust,
Series
2015-1211,
Class
A1A2,
3.90%,
08/10/35
(b)
300
301,074
245
Park
Avenue
Trust,
Series
2017-245P,
Class
A,
3.51%,
06/05/37
(b)
..........
140
135,648
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2015-200P,
Class
A,
3.22%,
04/14/33
(b)
.....................
200
196,914
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Citigroup
Commercial
Mortgage
Trust,
Series
2018-C5,
Class
A4,
4.23%,
06/10/51
(a)
..
USD
150
$
156,503
COMM
Mortgage
Trust,
Series
2015-CR22,
Class
A5,
3.31%,
03/10/48
..........
200
199,118
CSAIL
Commercial
Mortgage
Trust,
Series
2016-C5,
Class
A5,
3.76%,
11/15/48
....
200
201,623
Grace
Trust,
Series
2020-GRCE,
Class
A,
2.35%,
12/10/40
(b)
................
150
135,212
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2016-C1,
Class
A5,
3.58%,
03/17/49
191
192,440
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(b)
Series
2021-NYAH,
Class
A,
(LIBOR
USD
1
Month
+
0.76%),
1.16%,
06/15/38
(a)
..
200
195,477
Series
2022-OPO,
Class
A,
3.02%,
01/05/39
100
96,431
MAD
Mortgage
Trust,
Series
2017-330M,
Class
A,
2.98%,
08/15/34
(a)(b)
.............
250
244,636
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2014-C15,
Class
A4,
4.05%,
04/15/47
....................
135
136,845
Series
2015-C20,
Class
A4,
3.25%,
02/15/48
....................
180
179,214
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL8,
Class
A,
(SOFR30A
+
1.65%),
1.76%,
01/25/37
(a)(b)
...............
60
59,873
SLG
Office
Trust,
Series
2021-OVA,
Class
A,
2.59%,
07/15/41
(b)
................
100
92,973
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-LC25,
Class
A4,
3.64%,
12/15/59
......................
50
50,525
2,574,506
Total
Non-Agency
Mortgage-Backed
Securities
—
6.8%
(Cost:
$3,457,008)
..............................
3,276,090
U.S.
Government
Sponsored
Agency
Securities
Mortgage-Backed
Securities
—
7.4%
Government
National
Mortgage
Association
2.50%, 10/20/51
.................
211
204,951
3.00%, 10/20/51
.................
1,070
1,058,848
Uniform
Mortgage-Backed
Securities
2.50%, 11/01/51
.................
189
182,238
3.00%, 11/01/51
.................
257
255,544
3.00%, 04/25/52
-
05/25/52
(d)
.........
890
869,513
3.50%, 11/01/51
.................
960
985,346
Total
U.S.
Government
Sponsored
Agency
Securities
—
7.4%
(Cost:
$3,712,535)
..............................
3,556,440
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds,
1.75%, 08/15/41
....
610
528,699
U.S.
Treasury
Notes
0.13%, 10/31/22
-
12/31/22
..........
7,478
7,430,540
0.50%, 03/15/23
.................
276
272,783
0.63%, 10/15/24
.................
2,100
2,004,598
0.75%, 11/15/24
.................
670
640,400
1.50%, 02/15/25
.................
480
466,537
1.75%, 03/15/25
.................
2,320
2,270,881
Total
U.S.
Treasury
Obligations
—
28.2%
(Cost:
$13,845,940)
..............................
13,614,438
Total
Long-Term
Investments
—
101.0%
(Cost:
$50,360,514)
..............................
48,797,502
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Low
Duration
Bond
Fund
26
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
x
Security
Shares
Shares
Value
Short-Term
Securities
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.21%
(e)(f)
.................
402,217
$
402,217
Total
Short-Term
Securities
—
0.8%
(Cost:
$402,217)
................................
402,217
Total
Investments
Before
TBA
Sale
Commitments
—
101.8%
(Cost:
$50,762,731
)
..............................
49,199,719
Security
Par
(000)
Pa
r
(
000)
Value
TBA
Sale
Commitments
Mortgage-Backed
Securities
—
(0.9)%
Uniform
Mortgage-Backed
Securities,
3.00%, 04/25/52
(d)
................
USD
(445)
$
(435,266)
Total
TBA
Sale
Commitments
—
(0.9)%
(Proceeds:
$(435,066))
...........................
(435,266)
Total
Investments
Net
of
TBA
Sale
Commitments
—
100.9%
(Cost:
$50,327,665
)
..............................
48,764,453
Liabilities
in
Excess
of
Other
Assets
—
(0.9)%
............
(416,831)
Net
Assets
—
100.0%
..............................
$
48,347,622
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Represents
or
includes
a
TBA
transaction.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
March
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/18/21
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/22
Shares
Held
at
03/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,T
-Fund,
Institutional
Class
(b)
.......
$
—
$
402,217
$
—
$
—
$
—
$
402,217
402,217
$
138
$
—
—
—
(a)
Commencement
of
operations.
(b)
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.
BlackRock
Sustainable
Low
Duration
Bond
Fund
Schedules
of
Investments
27
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
i
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
2
Year
Note
....................................................
104
06/30/22
$
22,025
$
(284,048)
Short
Contracts
Euro-
Bobl
...............................................................
18
06/08/22
2,566
69,092
Euro-Bund
..............................................................
1
06/08/22
176
8,502
Euro-Schatz
.............................................................
12
06/08/22
1,470
7,668
U.S.
Treasury
10
Year
Note
...................................................
8
06/21/22
982
32,386
U.S.
Treasury
10
Year
Ultra
Note
...............................................
9
06/21/22
1,220
35,514
U.S.
Treasury
Long
Bond
....................................................
3
06/21/22
451
13,109
U.S.
Treasury
Ultra
Bond
....................................................
2
06/21/22
355
14,107
U.S.
Treasury
5
Year
Note
....................................................
56
06/30/22
6,415
176,979
357,357
$
73,309
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
56,277
USD
61,431
Deutsche
Bank
AG
06/15/22
$
1,002
USD
36,783
EUR
33,000
JPMorgan
Chase
Bank
NA
06/15/22
173
USD
189,919
EUR
171,000
Morgan
Stanley
&
Co.
International
plc
06/15/22
214
1,389
USD
986,097
EUR
890,000
Bank
of
America
NA
06/15/22
(1,253)
USD
3,403,454
EUR
3,093,000
BNP
Paribas
SA
06/15/22
(27,869)
USD
639,465
EUR
580,000
Deutsche
Bank
AG
06/15/22
(3,977)
USD
124,869
EUR
113,818
Morgan
Stanley
&
Co.
International
plc
06/15/22
(1,400)
(34,499)
$
(33,110)
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
470
$
(8,193)
$
(10,371)
$
2,178
CDX.NA.HY.38.V1
...................
5.00
Quarterly
06/20/27
USD
150
(8,499)
(8,854)
355
$
(16,692)
$
(19,225)
$
2,533
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
—
$
(19,225)
$
2,533
$
—
$
—
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Low
Duration
Bond
Fund
28
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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)
.....
$
—
$
—
$
—
$
—
$
357,357
$
—
$
357,357
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
1,389
—
—
1,389
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
2,533
—
—
—
—
2,533
$
—
$
2,533
$
—
$
1,389
$
357,357
$
—
$
361,279
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
284,048
—
284,048
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
34,499
—
—
34,499
$
—
$
—
$
—
$
34,499
$
284,048
$
—
$
318,547
(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).
For
the
period
ended
March
31,
2022,
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
.......................
$
—
$
—
$
—
$
—
$
(100,214)
$
—
$
(100,214)
Forward
foreign
currency
exchange
contracts
....
—
—
—
162,387
—
—
162,387
Swaps
..............................
—
1,563
—
—
1,086
—
2,649
$
—
$
1,563
$
—
$
162,387
$
(99,128)
$
—
$
64,822
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
—
—
73,309
—
73,309
Forward
foreign
currency
exchange
contracts
....
—
—
—
(33,110)
—
—
(33,110)
Swaps
..............................
—
2,533
—
—
—
—
2,533
$
—
$
2,533
$
—
$
(33,110)
$
73,309
$
—
$
42,732
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
22,137,399
Average
notional
value
of
contracts
—
short
.................................................................................
$
12,438,124
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
4,573,434
Average
amounts
sold
—
in
USD
........................................................................................
$
30,716
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
620,000
BlackRock
Sustainable
Low
Duration
Bond
Fund
Schedules
of
Investments
29
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
17,192
$
—
Forward
foreign
currency
exchange
contracts
.................................................................
1,389
34,499
Swaps
—
centrally
cleared
..............................................................................
551
48,873
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
19,132
$
83
,372
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(17,743)
(43,873)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
1,389
$
34,499
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)
Deutsche
Bank
AG
...............................
$
1,002
$
(1,002)
$
—
$
—
$
—
JPMorgan
Chase
Bank
NA
..........................
173
—
—
—
173
Morgan
Stanley
&
Co.
International
plc
..................
214
(214)
—
—
—
$
1,389
$
(1,216)
$
—
$
—
$
173
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
(c)(d)
Bank
of
America
NA
..............................
$
1,253
$
—
$
—
$
—
$
1,253
BNP
Paribas
SA
.................................
27,869
—
—
—
27,869
Deutsche
Bank
AG
...............................
3,977
(1,002)
—
—
2,975
Morgan
Stanley
&
Co.
International
plc
..................
1,400
(214)
—
—
1,186
$
34,499
$
(1,216)
$
—
$
—
$
33,283
(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)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Low
Duration
Bond
Fund
30
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
......................................
$
—
$
48,797,502
$
—
$
48,797,502
Short-Term
Securities
.......................................
402,217
—
—
402,217
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(435,266)
—
(435,266)
$
402,217
$
48,362,236
$
—
$
48,764,453
Derivative
Financial
Instruments
(a)
Assets
Credit
contracts
...........................................
$
—
$
2,533
$
—
$
2,533
Foreign
currency
exchange
contracts
............................
—
1,389
—
1,389
Interest
rate
contracts
.......................................
357,357
—
—
357,357
Liabilities
Foreign
currency
exchange
contracts
............................
—
(34,499)
—
(34,499)
Interest
rate
contracts
.......................................
(284,048)
—
—
(284,048)
$
73,309
$
(30,577)
$
—
$
42,732
(a)
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.
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
March
31,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
Cayman
Islands
—
7.9%
(a)(b)
AGL
Core
CLO
4
Ltd.,
Series
2020-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.07%),
1.32%,
04/20/33
.......
USD
250
$
247,413
Anchorage
Capital
CLO
8
Ltd.,
Series
2016-8A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.80%),
1.93%,
10/27/34
250
247,854
Bridge
Street
CLO
II
Ltd.,
Series
2021-1A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.23%),
1.48%,
07/20/34
250
246,862
CIFC
Funding
Ltd.,
Series
2020-3A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.13%),
1.38%,
10/20/34
.......
250
247,023
Gilbert
Park
CLO
Ltd.,
Series
2017-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.19%),
1.43%,
10/15/30
.......
250
247,932
GoldenTree
Loan
Management
US
CLO
1
Ltd.
Series
2021-11A,
Class
A,
(LIBOR
USD
3
Month
+
1.13%),
1.38%,
10/20/34
...............
250
247,032
Series
2021-11A,
Class
E,
(LIBOR
USD
3
Month
+
5.35%),
5.60%,
10/20/34
...............
250
223,565
Madison
Park
Funding
XVIII
Ltd.,
Series
2015-18A,
Class
ARR,
(LIBOR
USD
3
Month
+
0.94%),
1.20%,
10/21/30
............
250
247,654
Neuberger
Berman
Loan
Advisers
CLO
35
Ltd.,
Series
2019-35A,
Class
C,
(LIBOR
USD
3
Month
+
2.60%),
2.85%,
01/19/33
............
250
249,635
OHA
Loan
Funding
Ltd.,
Series
2015-
1A,
Class
AR3,
(LIBOR
USD
3
Month
+
1.15%),
1.36%,
01/19/37
250
247,182
Palmer
Square
CLO
Ltd.,
Series
2021-
3A,
Class
A1,
(LIBOR
USD
3
Month
+
1.15%),
1.38%,
01/15/35
.....
250
247,218
Pikes
Peak
CLO
8,
Series
2021-8A,
Class
B,
(LIBOR
USD
3
Month
+
1.75%),
2.00%,
07/20/34
.......
250
247,520
TCW
CLO
AMR
Ltd.,
Series
2019-1A,
Class
ASNR,
(LIBOR
USD
3
Month
+
1.22%),
1.68%,
08/16/34
.....
250
246,868
Trestles
CLO
V
Ltd.,
Series
2021-5A,
Class
A1,
(LIBOR
USD
3
Month
+
1.17%),
1.33%,
10/20/34
.......
250
247,000
Trimaran
Cavu
Ltd.,
Series
2021-2A,
Class
D1,
(LIBOR
USD
3
Month
+
3.25%),
3.38%,
10/25/34
.......
250
245,246
3,686,004
Ireland
—
0.8%
Prodigy
Finance
DAC,
Series
2021-1A,
Class
A,
(LIBOR
USD
1
Month
+
1.25%),
1.71%,
07/25/51
(a)(b)
....
364
362,901
United
States
—
4.8%
(a)
Diameter
Capital
CLO
1
Ltd.,
Series
2021-1A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.24%),
1.48%,
07/15/36
(b)
250
247,171
Home
Partners
of
America
Trust,
Series
2021-2,
Class
F,
3.80%,
12/17/26
.
497
455,276
Mosaic
Solar
Loan
Trust,
Series
2017-
2A,
Class
C,
2.00%,
06/22/43
...
126
124,337
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
PRET
LLC,
Series
2021-NPL6,
Class
A1,
2.49%,
07/25/51
(c)
........
USD
472
$
457,456
Progress
Residential
Trust,
Series
2021-SFR10,
Class
F,
4.61%,
12/17/40
.................
500
461,020
Regional
Management
Issuance
Trust,
Series
2022-1,
Class
A,
3.07%,
03/15/32
.................
100
97,232
Tricon
Residential
Trust,
Series
2021-
SFR1,
Class
F,
3.69%,
07/17/38
..
400
369,723
2,212,215
Total
Asset-Backed
Securities
—
13.5%
(Cost:
$6,460,110)
..............................
6,261,120
Corporate
Bonds
Belgium
—
0.9%
Anheuser-Busch
Cos.
LLC
4.70%,
02/01/36
............
4
4,290
4.90%,
02/01/46
............
53
58,944
Anheuser-Busch
InBev
Worldwide,
Inc.
4.00%,
04/13/28
............
112
116,050
5.88%,
06/15/35
............
31
36,608
KBC
Group
NV,
(EURIBOR
3
Month
+
0.72%),
0.38%
,
06/16/27
(b)(d)
....
EUR
200
211,508
427,400
Canada
—
0.2%
1011778
BC
ULC,
3.88%
,
01/15/28
(a)
USD
6
5,685
Canadian
Pacific
Railway
Co.,
2.05%
,
03/05/30
.................
17
15,573
Rogers
Communications,
Inc.,
4.55%
,
03/15/52
(a)
................
40
39,766
Toronto-Dominion
Bank
(The),
3.20%
,
03/10/32
.................
13
12,794
73,818
China
—
0.5%
NXP
BV
(a)
5.55%,
12/01/28
............
68
73,573
3.40%,
05/01/30
............
115
111,637
2.50%,
05/11/31
............
61
54,632
239,842
France
—
1.2%
(d)
Banque
Federative
du
Credit
Mutuel
SA,
0.10%
,
10/08/27
.........
EUR
100
102,504
BNP
Paribas
SA,
(EURIBOR
3
Month
+
0.80%),
0.38%
,
10/14/27
(b)
.....
100
104,334
Engie
SA,
1.75%
,
03/27/28
.......
100
111,246
ICADE,
1.50%
,
09/13/27
.........
100
109,753
Societe
Generale
SA,
(EURIBOR
3
Month
+
1.28%),
0.87%
,
09/22/28
(b)
100
104,945
532,782
Germany
—
2.2%
Commerzbank
AG,
(EURIBOR
3
Month
+
1.30%),
0.75%
,
03/24/26
(b)(d)
...
100
108,258
Deutsche
Bank
AG
(b)
(SOFR
+
2.16%),
2.22%,
09/18/24
USD
503
491,993
(EURIBOR
3
Month
+
1.38%),
1.88%,
02/23/28
(d)
.........
EUR
200
217,923
E.ON
SE,
1.00%
,
10/07/25
(d)
......
100
110,158
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Total
Return
Fund
32
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
Vonovia
SE,
1.38%
,
01/28/26
(d)
....
EUR
100
$
109,881
1,038,213
Italy
—
0.7%
(d)
Intesa
Sanpaolo
SpA
,
1.50%
,
04/10/24
100
112,335
Iren
SpA
1.95%,
09/19/25
............
100
112,944
1.50%,
10/24/27
............
100
109,244
334,523
Japan
—
0.4%
Nomura
Holdings,
Inc.,
2.61%
,
07/14/31
.................
USD
200
179,762
Spain
—
0.9%
(d)
Banco
de
Sabadell
SA,
(EUR
Swap
Annual
1
Year
+
1.55%),
1.12%
,
03/11/27
(b)
................
EUR
100
107,539
Banco
Santander
SA,
0.30%
,
10/04/26
200
211,404
CaixaBank
SA,
(EURIBOR
3
Month
+
0.85%),
0.38%
,
11/18/26
(b)
.....
100
105,987
424,930
Supranational
—
1.3%
European
Union,
Series
NGEU,
0.40%
,
02/04/37
(d)
................
610
600,185
Switzerland
—
0.5%
Credit
Suisse
Group
AG,
(LIBOR
USD
3
Month
+
1.20%),
3.00%
,
12/14/23
(a)(b)
...............
USD
250
249,974
United
Kingdom
—
1.1%
AstraZeneca
plc,
1.38%
,
08/06/30
..
30
26,143
National
Grid
plc,
0.25%
,
09/01/28
(d)
.
EUR
100
101,132
RELX
Capital,
Inc.
4.00%,
03/18/29
............
USD
44
45,133
3.00%,
05/22/30
............
54
51,593
Sky
Group
Finance
Ltd.,
6.50%
,
10/15/35
(a)
................
30
38,780
SSE
plc
(d)
0.88%,
09/06/25
............
EUR
100
109,504
1.38%,
09/04/27
............
100
110,173
482,458
United
States
—
31.1%
AbbVie,
Inc.
4.55%,
03/15/35
............
USD
88
94,469
4.50%,
05/14/35
............
38
40,785
4.85%,
06/15/44
............
20
22,171
4.70%,
05/14/45
............
36
39,085
Aetna,
Inc.,
6.63%
,
06/15/36
......
7
8,816
Agilent
Technologies,
Inc.
3.05%,
09/22/26
............
34
33,762
2.75%,
09/15/29
............
8
7,629
2.10%,
06/04/30
............
5
4,488
Albertsons
Cos.,
Inc.
(a)
5.88%,
02/15/28
............
12
11,959
4.88%,
02/15/30
............
6
5,843
Alexandria
Real
Estate
Equities,
Inc.,
4.90%
,
12/15/30
............
9
9,950
Amazon.com,
Inc.
4.05%,
08/22/47
............
24
26,107
2.50%,
06/03/50
............
13
10,853
American
Express
Co.,
2.55%
,
03/04/27
.................
25
24,308
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
American
International
Group,
Inc.
4.50%,
07/16/44
............
USD
19
$
20,503
4.38%,
06/30/50
............
27
29,592
American
Tower
Corp.
5.00%,
02/15/24
............
12
12,412
0.45%,
01/15/27
............
EUR
100
103,813
3.60%,
01/15/28
............
USD
111
109,936
3.80%,
08/15/29
............
33
32,840
2.10%,
06/15/30
............
39
34,012
Amgen,
Inc.
4.40%,
05/01/45
............
35
36,752
4.66%,
06/15/51
............
4
4,402
4.20%,
02/22/52
............
30
31,026
Analog
Devices,
Inc.
2.80%,
10/01/41
............
7
6,281
2.95%,
10/01/51
............
11
9,951
Anthem,
Inc.
2.88%,
09/15/29
............
13
12,562
3.60%,
03/15/51
............
19
18,164
Aon
Corp.
3.75%,
05/02/29
............
19
19,427
2.80%,
05/15/30
............
81
77,157
Apple,
Inc.
2.38%,
02/08/41
............
29
25,261
2.80%,
02/08/61
............
50
42,991
Applied
Materials,
Inc.,
4.35%
,
04/01/47
.................
7
7,895
Aramark
Services,
Inc.,
5.00%
,
02/01/28
(a)
................
14
13,580
AT&T,
Inc.
4.10%,
02/15/28
............
44
45,684
4.30%,
02/15/30
............
53
55,999
4.50%,
05/15/35
............
141
149,368
4.75%,
05/15/46
............
70
76,026
4.50%,
03/09/48
............
11
11,553
3.80%,
12/01/57
............
53
48,354
3.50%,
02/01/61
............
10
8,500
Atlantic
City
Electric
Co.,
4.00%
,
10/15/28
.................
8
8,251
Atmos
Energy
Corp.,
2.85%
,
02/15/52
10
8,488
Autodesk,
Inc.,
3.50%
,
06/15/27
....
64
64,331
Baltimore
Gas
&
Electric
Co.,
3.50%
,
08/15/46
.................
74
71,506
Bank
of
America
Corp.
(b)
(SOFR
+
1.46%),
1.49%,
05/19/24
28
27,591
(LIBOR
USD
3
Month
+
0.87%),
2.46%,
10/22/25
..........
943
926,592
(SOFR
+
1.32%),
2.69%,
04/22/32
131
120,473
(LIBOR
USD
3
Month
+
1.32%),
4.08%,
04/23/40
..........
23
23,615
Bausch
Health
Americas,
Inc.
(a)
9.25%,
04/01/26
............
14
14,338
8.50%,
01/31/27
............
16
15,957
Bausch
Health
Cos.,
Inc.
(a)
9.00%,
12/15/25
............
8
8,289
5.75%,
08/15/27
............
6
5,912
7.00%,
01/15/28
............
8
7,162
7.25%,
05/30/29
............
8
6,823
Biogen,
Inc.
2.25%,
05/01/30
............
23
20,694
5.20%,
09/15/45
............
9
10,014
3.15%,
05/01/50
............
17
13,921
Blackstone
Private
Credit
Fund,
4.00%
,
01/15/29
(a)
................
42
38,884
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Boston
Scientific
Corp.,
2.65%
,
06/01/30
.................
USD
13
$
12,198
Bristol-Myers
Squibb
Co.
2.90%,
07/26/24
............
45
45,334
3.90%,
02/20/28
............
62
64,579
4.25%,
10/26/49
............
13
14,176
Broadcom,
Inc.
4.75%,
04/15/29
............
57
59,892
5.00%,
04/15/30
............
113
120,118
4.15%,
11/15/30
............
38
38,513
Broadridge
Financial
Solutions,
Inc.,
2.60%
,
05/01/31
............
5
4,527
Burlington
Northern
Santa
Fe
LLC
5.15%,
09/01/43
............
9
10,687
3.30%,
09/15/51
............
33
31,206
Cameron
LNG
LLC,
3.30%
,
01/15/35
(a)
220
206,761
Carrier
Global
Corp.,
2.24%
,
02/15/25
5
4,868
CCO
Holdings
LLC
(a)
5.38%,
06/01/29
............
14
14,000
4.75%,
03/01/30
............
16
15,364
Cedar
Fair
LP
5.50%,
05/01/25
(a)
...........
8
8,216
5.38%,
04/15/27
............
12
11,880
5.25%,
07/15/29
............
12
11,820
CenterPoint
Energy
Houston
Electric
LLC
Series
AE,
2.35%,
04/01/31
....
10
9,283
Series
AF,
3.35%,
04/01/51
....
15
14,284
Charter
Communications
Operating
LLC
4.80%,
03/01/50
............
113
107,340
3.90%,
06/01/52
............
9
7,590
4.40%,
12/01/61
............
15
13,057
3.95%,
06/30/62
............
11
8,895
Cigna
Corp.,
4.38%
,
10/15/28
.....
8
8,415
Citigroup,
Inc.
(b)
(SOFR
+
0.53%),
1.28%,
11/03/25
318
302,611
(SOFR
+
2.11%),
2.57%,
06/03/31
38
34,812
(SOFR
+
1.17%),
2.56%,
05/01/32
79
71,240
Citizens
Financial
Group,
Inc.,
3.25%
,
04/30/30
.................
6
5,864
Clear
Channel
Outdoor
Holdings,
Inc.,
5.13%
,
08/15/27
(a)
...........
16
15,827
Comcast
Corp.
4.15%,
10/15/28
............
42
44,134
2.65%,
02/01/30
............
22
21,118
4.25%,
10/15/30
............
80
85,341
3.40%,
07/15/46
............
58
54,455
2.89%,
11/01/51
(a)
...........
14
11,803
Commercial
Metals
Co.,
4.38%
,
03/15/32
.................
14
13,002
Commonwealth
Edison
Co.
4.00%,
03/01/48
............
18
19,121
Series
133,
3.85%,
03/15/52
....
24
24,810
Cox
Communications,
Inc.
(a)
3.15%,
08/15/24
............
14
14,023
3.60%,
06/15/51
............
19
16,906
Crown
Castle
International
Corp.
3.80%,
02/15/28
............
93
92,906
2.50%,
07/15/31
............
59
52,630
CSX
Corp.
2.50%,
05/15/51
............
26
21,010
4.25%,
11/01/66
............
10
10,395
CVS
Health
Corp.
4.30%,
03/25/28
............
290
303,363
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
5.13%,
07/20/45
............
USD
40
$
45,152
Darling
Ingredients,
Inc.,
5.25%
,
04/15/27
(a)
................
6
6,120
Dell
International
LLC,
5.85%
,
07/15/25
75
80,050
Discover
Financial
Services,
4.50%
,
01/30/26
.................
14
14,423
Duke
Realty
LP,
1.75%
,
02/01/31
...
52
45,101
DuPont
de
Nemours,
Inc.,
4.49%
,
11/15/25
..................
23
23,921
DXC
Technology
Co.,
2.38%
,
09/15/28
9
8,130
eBay,
Inc.,
1.40%
,
05/10/26
.......
16
14,895
Ecolab,
Inc.
3.95%,
12/01/47
............
21
22,308
2.75%,
08/18/55
............
8
6,615
Edison
International,
5.75%
,
06/15/27
12
12,858
Electronic
Arts,
Inc.,
1.85%
,
02/15/31
56
49,183
Entergy
Louisiana
LLC,
4.20%
,
09/01/48
.................
41
42,941
Entergy
Mississippi
LLC,
2.85%
,
06/01/28
.................
12
11,535
Equifax,
Inc.,
2.35%
,
09/15/31
.....
5
4,472
Equinix
,
Inc.
2.63%,
11/18/24
............
112
110,399
1.25%,
07/15/25
............
70
65,260
0.25%,
03/15/27
............
EUR
100
102,246
3.20%,
11/18/29
............
USD
63
60,291
2.15%,
07/15/30
............
37
32,381
2.50%,
05/15/31
............
21
18,833
Exelon
Corp.,
4.45%
,
04/15/46
.....
32
33,456
Expedia
Group,
Inc.,
2.95%
,
03/15/31
5
4,629
FactSet
Research
Systems,
Inc.,
3.45%
,
03/01/32
............
12
11,592
FedEx
Corp.,
2.40%
,
05/15/31
.....
10
9,128
Fidelity
National
Information
Services,
Inc.
1.65%,
03/01/28
............
12
10,737
2.25%,
03/01/31
............
10
8,843
3.10%,
03/01/41
............
6
5,191
4.50%,
08/15/46
............
4
4,142
Fiserv,
Inc.,
3.50%
,
07/01/29
......
56
55,120
Florida
Power
&
Light
Co.
4.05%,
10/01/44
............
86
89,937
2.88%,
12/04/51
............
17
15,240
Ford
Motor
Co.,
3.25%
,
02/12/32
...
6
5,359
General
Motors
Co.,
6.13%
,
10/01/25
18
19,323
General
Motors
Financial
Co.,
Inc.
3.25%,
01/05/23
............
470
473,993
3.95%,
04/13/24
............
5
5,078
Gilead
Sciences,
Inc.
4.60%,
09/01/35
............
31
33,716
2.60%,
10/01/40
............
5
4,210
4.75%,
03/01/46
............
26
28,813
Global
Payments,
Inc.,
3.20%
,
08/15/29
.................
57
54,151
GLP
Capital
LP
4.00%,
01/15/30
............
34
33,001
4.00%,
01/15/31
............
27
26,187
3.25%,
01/15/32
............
21
19,053
Goldman
Sachs
Group,
Inc.
(The)
(b)
(SOFR
+
0.57%),
0.67%,
03/08/24
472
461,974
(LIBOR
USD
3
Month
+
1.20%),
3.27%,
09/29/25
..........
378
378,716
(LIBOR
USD
3
Month
+
1.17%),
1.68%,
05/15/26
..........
291
292,492
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Total
Return
Fund
34
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(LIBOR
USD
3
Month
+
1.51%),
3.69%,
06/05/28
..........
USD
179
$
179,205
(SOFR
+
1.28%),
2.62%,
04/22/32
27
24,539
Hasbro,
Inc.,
3.90%
,
11/19/29
.....
22
22,076
HCA,
Inc.
4.75%,
05/01/23
............
5
5,125
2.38%,
07/15/31
............
135
120,650
4.63%,
03/15/52
(a)
...........
5
5,039
Herc
Holdings,
Inc.,
5.50%
,
07/15/27
(a)
14
14,196
Hewlett
Packard
Enterprise
Co.,
1.45%
,
04/01/24
.................
12
11,646
Home
Depot,
Inc.
(The)
2.80%,
09/14/27
............
17
16,799
4.50%,
12/06/48
............
30
33,704
HP,
Inc.,
3.40%
,
06/17/30
........
10
9,582
Humana,
Inc.
4.50%,
04/01/25
............
10
10,355
2.15%,
02/03/32
............
7
6,133
Hyundai
Capital
America,
2.85%
,
11/01/22
(a)
................
472
473,457
iHeartCommunications
,
Inc.
6.38%,
05/01/26
............
7
7,512
5.25%,
08/15/27
(a)
...........
8
7,910
Intel
Corp.,
4.10%
,
05/19/46
......
44
46,831
Intercontinental
Exchange,
Inc.
3.10%,
09/15/27
............
21
20,870
1.85%,
09/15/32
............
21
18,136
International
Business
Machines
Corp.,
7.00%
,
10/30/25
............
8
9,046
Interpublic
Group
of
Cos.,
Inc.
(The)
4.65%,
10/01/28
............
8
8,376
4.75%,
03/30/30
............
8
8,589
JPMorgan
Chase
&
Co.
(b)
(SOFR
+
0.60%),
0.65%,
09/16/24
481
467,709
(SOFR
+
0.49%),
0.77%,
08/09/25
127
120,379
(SOFR
+
1.25%),
2.58%,
04/22/32
10
9,162
(LIBOR
USD
3
Month
+
1.38%),
3.96%,
11/15/48
..........
11
11,236
(SOFR
+
1.58%),
3.33%,
04/22/52
31
28,655
Juniper
Networks,
Inc.,
2.00%
,
12/10/30
.................
5
4,325
KAR
Auction
Services,
Inc.,
5.13%
,
06/01/25
(a)
................
12
12,150
KeyCorp,
2.55%
,
10/01/29
.......
6
5,673
KLA
Corp.
4.10%,
03/15/29
............
29
30,436
3.30%,
03/01/50
............
36
33,909
L3Harris
Technologies,
Inc.
2.90%,
12/15/29
............
199
191,287
1.80%,
01/15/31
............
164
142,496
Lam
Research
Corp.
3.75%,
03/15/26
............
51
52,405
4.88%,
03/15/49
............
25
29,780
Lamar
Media
Corp.,
3.75%
,
02/15/28
6
5,697
Level
3
Financing,
Inc.,
4.63%
,
09/15/27
(a)
................
1
941
Lowe's
Cos.,
Inc.
3.13%,
09/15/24
............
141
141,597
1.30%,
04/15/28
............
31
27,607
5.50%,
10/15/35
............
8
9,230
2.80%,
09/15/41
............
22
18,843
LYB
International
Finance
III
LLC,
4.20%
,
05/01/50
............
16
15,802
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Marriott
International,
Inc.,
Series
II,
2.75%
,
10/15/33
............
USD
5
$
4,413
Marsh
&
McLennan
Cos.,
Inc.
2.25%,
11/15/30
............
27
24,646
2.38%,
12/15/31
............
13
11,903
Masonite
International
Corp.,
5.38%
,
02/01/28
(a)
................
6
6,045
Merck
&
Co.,
Inc.,
4.00%
,
03/07/49
..
30
32,504
Micron
Technology,
Inc.,
4.66%
,
02/15/30
.................
4
4,181
Microsoft
Corp.,
3.70%
,
08/08/46
...
66
70,250
MidAmerican
Energy
Co.
3.65%,
04/15/29
............
63
64,755
4.25%,
07/15/49
............
35
38,187
Moody's
Corp.
3.25%,
01/15/28
............
58
57,907
3.75%,
02/25/52
............
8
7,885
Morgan
Stanley
3.13%,
01/23/23
............
470
474,554
Series
I,
(SOFR
+
0.75%),
0.86%,
10/21/25
(b)
..............
57
53,676
(SOFR
+
0.86%),
1.51%,
07/20/27
(b)
273
250,943
(LIBOR
USD
3
Month
+
1.34%),
3.59%,
07/22/28
(b)
.........
66
66,184
(LIBOR
USD
3
Month
+
1.63%),
4.43%,
01/23/30
(b)
.........
163
170,430
(SOFR
+
3.12%),
3.62%,
04/01/31
(b)
40
39,792
(LIBOR
USD
3
Month
+
1.46%),
3.97%,
07/22/38
(b)
.........
6
6,053
(SOFR
+
1.49%),
3.22%,
04/22/42
(b)
9
8,279
Morgan
Stanley
Domestic
Holdings,
Inc.,
3.80%
,
08/24/27
.........
10
10,164
Motorola
Solutions,
Inc.
4.60%,
02/23/28
............
124
127,492
2.30%,
11/15/30
............
41
35,943
5.50%,
09/01/44
............
36
39,585
Mozart
Debt
Merger
Sub,
Inc.,
3.88%
,
04/01/29
(a)
................
65
60,125
National
Retail
Properties,
Inc.
2.50%,
04/15/30
............
12
11,037
3.00%,
04/15/52
............
34
27,264
Navient
Corp.
7.25%,
09/25/23
............
4
4,155
5.88%,
10/25/24
............
6
6,121
6.75%,
06/25/25
............
6
6,164
6.75%,
06/15/26
............
6
6,120
Newmont
Corp.
2.80%,
10/01/29
............
13
12,435
2.25%,
10/01/30
............
36
32,902
Nexstar
Media,
Inc.,
5.63%
,
07/15/27
(a)
14
14,171
Norfolk
Southern
Corp.
3.65%,
08/01/25
............
40
40,476
3.00%,
03/15/32
............
23
22,413
3.94%,
11/01/47
............
27
27,583
3.05%,
05/15/50
............
16
14,252
Northern
States
Power
Co.,
2.60%
,
06/01/51
.................
37
31,293
Northern
Trust
Corp.,
3.65%
,
08/03/28
8
8,212
NRG
Energy,
Inc.
2.45%,
12/02/27
(a)
...........
74
68,251
5.75%,
01/15/28
............
8
8,131
5.25%,
06/15/29
(a)
...........
8
7,818
NSTAR
Electric
Co.,
3.95%
,
04/01/30
13
13,494
Nucor
Corp.,
3.95%
,
05/01/28
.....
35
35,797
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
NVIDIA
Corp.,
3.50%
,
04/01/50
....
USD
38
$
38,403
Ohio
Power
Co.
Series
P,
2.60%,
04/01/30
.....
23
21,776
Series
R,
2.90%,
10/01/51
.....
22
18,231
Omnicom
Group,
Inc.,
2.60%
,
08/01/31
5
4,622
Oncor
Electric
Delivery
Co.
LLC
3.70%,
11/15/28
............
18
18,514
3.10%,
09/15/49
............
36
32,984
ONE
Gas,
Inc.,
2.00%
,
05/15/30
....
10
8,947
Oracle
Corp.
3.60%,
04/01/40
............
179
155,280
4.00%,
07/15/46
............
14
12,423
3.60%,
04/01/50
............
91
75,472
Outfront
Media
Capital
LLC,
5.00%
,
08/15/27
(a)
................
14
13,686
Paramount
Global,
4.38%
,
03/15/43
.
20
19,035
Parker-Hannifin
Corp.,
2.70%
,
06/14/24
17
16,865
PECO
Energy
Co.,
2.85%
,
09/15/51
.
41
35,479
Penske
Truck
Leasing
Co.
LP,
1.20%
,
11/15/25
(a)
................
45
41,301
Piedmont
Natural
Gas
Co.,
Inc.,
2.50%
,
03/15/31
.................
11
10,100
Post
Holdings,
Inc.
(a)
5.63%,
01/15/28
............
12
11,779
5.50%,
12/15/29
............
8
7,697
Prologis
LP
3.25%,
10/01/26
............
22
22,119
3.88%,
09/15/28
............
7
7,176
Public
Service
Electric
and
Gas
Co.
3.70%,
05/01/28
............
28
28,504
3.60%,
12/01/47
............
6
5,924
QUALCOMM,
Inc.,
4.30%
,
05/20/47
.
47
52,888
Realty
Income
Corp.,
3.25%
,
01/15/31
6
5,892
Republic
Services,
Inc.,
0.88%
,
11/15/25
..................
10
9,198
RHP
Hotel
Properties
LP,
4.75%
,
10/15/27
.................
8
7,698
Ryder
System,
Inc.,
4.63%
,
06/01/25
59
61,075
S&P
Global,
Inc.,
4.75%
,
08/01/28
(a)
.
40
42,974
salesforce.com,
Inc.,
3.05%
,
07/15/61
27
23,684
Select
Medical
Corp.,
6.25%
,
08/15/26
(a)
................
6
6,211
ServiceNow
,
Inc.,
1.40%
,
09/01/30
..
58
49,293
Sherwin-Williams
Co.
(The)
2.30%,
05/15/30
............
23
21,030
2.20%,
03/15/32
............
17
15,077
Sirius
XM
Radio,
Inc.,
5.50%
,
07/01/29
(a)
................
14
14,210
Southern
California
Edison
Co.
Series
K,
0.98%,
08/01/24
.....
83
79,140
2.25%,
06/01/30
............
43
38,873
Series
G,
2.50%,
06/01/31
.....
9
8,190
Southwestern
Public
Service
Co.,
Series
8,
3.15%
,
05/01/50
......
26
23,278
Standard
Industries,
Inc.
(a)
5.00%,
02/15/27
............
6
5,948
4.75%,
01/15/28
............
6
5,737
Synchrony
Financial,
4.50%
,
07/23/25
18
18,361
TEGNA,
Inc.
4.63%,
03/15/28
............
6
5,968
5.00%,
09/15/29
............
6
6,015
Tenet
Healthcare
Corp.
(a)
4.88%,
01/01/26
............
22
22,193
6.25%,
02/01/27
............
33
33,878
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
5.13%,
11/01/27
............
USD
6
$
6,028
4.38%,
01/15/30
............
10
9,599
Texas
Eastern
Transmission
LP,
3.50%
,
01/15/28
(a)
................
53
52,670
Thermo
Fisher
Scientific,
Inc.,
2.80%
,
10/15/41
.................
46
41,200
T-Mobile
USA,
Inc.
1.50%,
02/15/26
............
69
64,358
3.88%,
04/15/30
............
117
117,449
2.55%,
02/15/31
............
40
36,272
4.50%,
04/15/50
............
26
26,303
Union
Pacific
Corp.
3.55%,
05/20/61
............
40
37,997
2.97%,
09/16/62
............
9
7,616
UnitedHealth
Group,
Inc.
3.05%,
05/15/41
............
20
18,631
2.90%,
05/15/50
............
41
36,341
Verizon
Communications,
Inc.
2.10%,
03/22/28
............
133
123,966
3.15%,
03/22/30
............
190
186,860
4.86%,
08/21/46
............
34
39,012
3.55%,
03/22/51
............
16
15,035
3.70%,
03/22/61
............
29
26,862
VMware,
Inc.,
4.70%
,
05/15/30
....
52
54,995
Walmart,
Inc.,
4.30%
,
04/22/44
....
6
6,602
Walt
Disney
Co.
(The)
4.75%,
09/15/44
............
35
39,552
4.70%,
03/23/50
............
7
8,118
Waste
Management,
Inc.,
2.00%
,
06/01/29
.................
6
5,580
Waste
Pro
USA,
Inc.,
5.50%
,
02/15/26
(a)
................
6
5,670
Western
Digital
Corp.,
2.85%
,
02/01/29
67
61,211
WP
Carey,
Inc.
4.00%,
02/01/25
............
12
12,255
4.25%,
10/01/26
............
8
8,256
3.85%,
07/15/29
............
8
8,091
2.40%,
02/01/31
............
28
25,233
2.45%,
02/01/32
............
18
15,903
14,440,549
Total
Corporate
Bonds
—
41.0%
(Cost:
$20,338,307)
..............................
19,024,436
Foreign
Government
Obligations
France
—
0.4%
French
Republic,
0.50%
,
06/25/44
(a)(d)
EUR
190
177,518
Germany
—
0.6%
Bundesrepublik
Deutschland,
0.00%
,
08/15/31
(d)
................
280
295,837
Ireland
—
1.0%
Republic
of
Ireland,
1.35%
,
03/18/31
(d)
410
473,245
Mexico
—
0.4%
United
Mexican
States,
2.66%
,
05/24/31
.................
USD
200
182,200
Netherlands
—
0.5%
Kingdom
of
Netherlands,
0.50%
,
01/15/40
(a)(d)
...............
EUR
220
229,462
Panama
—
0.4%
Republic
of
Panama,
3.88%
,
03/17/28
USD
200
204,537
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Total
Return
Fund
36
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Peru
—
0.1%
Republic
of
Peru,
3.55%
,
03/10/51
..
USD
35
$
32,655
United
Kingdom
—
1.1%
UK
Treasury,
0.88%
,
07/31/33
(d)
....
GBP
420
505,939
Uruguay
—
0.1%
Oriental
Republic
of
Uruguay,
5.10%
,
06/18/50
.................
USD
25
29,591
Total
Foreign
Government
Obligations
—
4.6%
(Cost:
$2,346,422)
..............................
2,130,984
Municipal
Bonds
California
-
0.4%
Bay
Area
Toll
Authority,
Series
2010S-1,
RB,
7.04%, 04/01/50
.........
20
30,668
Los
Angeles
Community
College
District,
Series
2010E,
GO,
6.60%, 08/01/42
............
5
7,069
Los
Angeles
Unified
School
District,
Series
2010I,
GO,
6.76%, 07/01/34
20
25,376
State
of
California,
Series
2018,
GO,
4.60%, 04/01/38
............
70
74,599
University
of
California,
Series
2012AD,
RB,
4.86%, 05/15/12
.........
5
5,603
143,315
Illinois
-
0.1%
State
of
Illinois,
Series
2003,
GO,
5.10%, 06/01/33
............
40
42,492
New
Jersey
-
0.0%
New
Jersey
Turnpike
Authority,
Series
2009F,
RB,
7.41%, 01/01/40
....
8
11,697
New
York
-
0.0%
Metropolitan
Transportation
Authority,
Series
2009A-1,
RB,
5.87%, 11/15/39
............
10
11,683
New
York
City
Municipal
Water
Finance
Authority,
Series
2010EE,
RB,
6.01%, 06/15/42
............
5
6,666
Port
Authority
of
New
York
&
New
Jersey,
Series
2011,
RB,
4.93%, 10/01/51
............
15
18,050
36,399
Ohio
-
0.0%
American
Municipal
Power,
Inc.,
Series
2010B,
RB,
8.08%, 02/15/50
....
10
16,515
Texas
-
0.1%
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2010A,
RB,
5.81%, 02/01/41
............
10
12,709
State
of
Texas,
Series
2009A,
GO,
5.52%, 04/01/39
............
15
19,004
31,713
Total
Municipal
Bonds
—
0.6%
(Cost:
$313,266)
................................
282,131
Security
Par
(000)
Pa
r
(
000)
Value
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
1.6%
United
States
—
1.6%
(a)(b)
Connecticut
Avenue
Securities
Trust,
Series
2021-R03,
Class
1B2,
(SOFR30A
+
5.50%),
5.60%,
12/25/41
.................
USD
500
$
443,826
Federal
National
Mortgage
Association,
Series
2021-R02,
Class
2B1,
(SOFR30A
+
3.30%),
3.40%,
11/25/41
..................
296
274,448
718,274
Commercial
Mortgage-Backed
Securities
—
5.3%
(a)
Cayman
Islands
—
1.0%
(b)
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
G,
(TSFR1M
+
4.22%),
4.52%,
12/15/34
.................
250
249,688
STWD
Mortgage
Trust,
Series
2021-
LIH,
Class
F,
(LIBOR
USD
1
Month
+
3.55%),
3.95%,
11/15/36
.....
250
243,298
492,986
United
States
—
4.3%
1211
Avenue
of
the
Americas
Trust,
Series
2015-1211,
Class
A1A2,
3.90%,
08/10/35
............
250
250,895
Commercial
Mortgage
Trust,
Series
2013-300P,
Class
D,
4.39%,
08/10/30
(b)
................
150
147,478
Grace
Trust,
Series
2020-GRCE,
Class
D,
2.68%,
12/10/40
(b)
.........
250
214,916
GS
Mortgage
Securities
Corp.
Trust,
Series
2021-DM,
Class
F,
(LIBOR
USD
1
Month
+
3.44%),
3.83%,
11/15/36
(b)
................
250
243,553
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(b)
Series
2021-MHC,
Class
D,
(LIBOR
USD
1
Month
+
1.70%),
2.10%,
04/15/38
...............
250
243,416
Series
2022-OPO,
Class
D,
3.45%,
01/05/39
...............
160
141,341
MHC
Commercial
Mortgage
Trust,
Series
2021-MHC,
Class
F,
(LIBOR
USD
1
Month
+
2.60%),
3.00%,
04/15/38
(b)
................
250
243,723
SUMIT
Mortgage
Trust,
Series
2022-
BVUE,
Class
D,
2.89%,
02/12/41
(b)
40
35,452
Velocity
Commercial
Capital
Loan
Trust,
Series
2021-4,
Class
M4,
4.48%,
12/26/51
(b)
...........
492
458,571
1,979,345
2,472,331
Total
Non-Agency
Mortgage-Backed
Securities
—
6.9%
(Cost:
$3,385,426)
..............................
3,190,605
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Capital
Trusts
United
States
—
0.5%
(b)(e)
Bank
of
America
Corp.,
Series
FF
,
(LIBOR
USD
3
Month
+
2.93%),
5.87%
...................
USD
34
$
34,333
Bank
of
New
York
Mellon
Corp.
(The),
Series
F
,
(LIBOR
USD
3
Month
+
3.13%),
4.62%
.............
47
46,295
Charles
Schwab
Corp.
(The),
Series
H
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
.............
38
34,129
Citigroup,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%),
3.88%
.
66
62,205
State
Street
Corp.,
Series
H
,
(LIBOR
USD
3
Month
+
2.54%),
5.63%
..
53
52,364
229,326
Total
Capital
Trusts
—
0.5%  
(Cost:
$250,437)
................................
229,326
U.S.
Government
Sponsored
Agency
Securities
Mortgage-Backed
Securities
—
40.9%
Federal
National
Mortgage
Association,
3.00%, 12/01/50
............
860
850,271
Government
National
Mortgage
Association
2.00%
,
 08/20/50
-
11/20/50
...
191
182,943
2.50%
,
 10/20/51
-
12/20/51
...
325
316,106
3.00%
,
 03/20/52
..........
292
289,291
3.50%
,
 03/20/52
..........
69
70,080
4.00%
,
 03/20/52
..........
17
16,989
2.00%
,
 04/15/52
-
05/15/52
(f)
..
562
534,551
2.50%
,
 04/15/52
-
05/15/52
(f)
..
453
439,142
3.00%
,
 04/15/52
-
05/15/52
(f)
..
519
512,738
3.50%
,
 04/15/52
(f)
.........
336
337,536
4.00%
,
 04/15/52
-
05/15/52
(f)
..
198
201,511
4.50%
,
 04/15/52
(f)
.........
128
132,320
Uniform
Mortgage-Backed
Securities
1.50%
,
 04/25/37
-
04/25/52
(f)
..
872
802,089
2.00%
,
 04/25/37
-
05/25/52
(f)
..
1,955
1,844,397
2.50%
,
 04/25/37
-
05/25/52
(f)
..
520
508,618
3.00%
,
 04/25/37
-
04/25/52
(f)
..
592
585,289
3.50%
,
 04/25/37
-
05/25/52
(f)
..
1,268
1,271,190
4.00%
,
 09/01/47
-
05/01/52
...
572
584,630
4.50%
,
 06/01/50
..........
256
275,898
2.00%
,
 11/01/51
-
12/01/51
...
2,068
1,922,180
2.50%
,
 11/01/51
-
12/01/51
...
2,808
2,686,780
3.00%
,
 11/01/51
..........
257
255,544
3.50%
,
 11/01/51
..........
960
985,346
4.00%
,
 04/25/52
-
05/25/52
(f)
..
3,209
3,270,465
4.50%
,
 04/25/52
(f)
.........
132
136,785
19,012,689
Total
U.S.
Government
Sponsored
Agency
Securities
—
40.9%  
(Cost:
$19,640,593)
..............................
19,012,689
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
1.13%, 05/15/40
-
08/15/40
.....
412
323,815
1.38%, 11/15/40
............
206
168,413
1.75%, 08/15/41
............
206
178,544
2.75%, 11/15/47
............
298
309,198
Security
Par
(000)
Par
(000)
Value
3.00%, 02/15/48
............
USD
298
$
324,669
2.38%, 05/15/51
............
212
207,743
2.00%, 08/15/51
............
311
280,129
1.88%, 11/15/51
............
3
2,456
2.25%, 02/15/52
............
1
959
U.S.
Treasury
Notes
0.88%, 01/31/24
-
09/30/26
.....
195
186,012
0.25%, 03/15/24
............
469
450,533
0.75%, 11/15/24
-
08/31/26
.....
733
680,588
1.13%, 10/31/26
-
02/15/31
.....
91
84,353
1.50%, 01/31/27
-
02/15/30
.....
120
112,626
1.88%, 02/28/27
-
02/15/32
.....
351
341,146
0.63%, 03/31/27
............
231
211,176
0.50%, 04/30/27
-
05/31/27
.....
648
587,027
1.25%, 03/31/28
............
304
283,551
1.75%, 01/31/29
............
10
9,575
Total
U.S.
Treasury
Obligations
—
10.2%
(Cost:
$5,095,200)
..............................
4,742,513
Total
Long-Term
Investments
—
118.2%
(Cost:
$57,829,761)
..............................
54,873,804
Shares
Shares
Short-Term
Securities
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.21%
(g)(h)
....
2,354,870
2,354,870
Total
Short-Term
Securities
—
5.1%
(Cost:
$2,354,870)
..............................
2,354,870
Total
Options
Purchased
—
0.0%
(Cost:
$10,264
)
................................
21,648
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
123.3%
(Cost:
$60,194,895)
..............................
57,250,322
Total
Options
Written
—
(0.0)%
(Premiums
Received
—
$(3,360))
....................
(6,716)
Par
(000)
Pa
r
(
000)
TBA
Sale
Commitments
(f)
Government
National
Mortgage
Association
3.00%
,
 04/15/52
............
(292)
(288,863)
4.00%
,
 04/15/52
............
(17)
(16,825)
Uniform
Mortgage-Backed
Securities
1.50%
,
 04/25/52
............
(15)
(13,654)
2.00%
,
 04/25/52
............
(300)
(278,473)
2.50%
,
 04/25/52
............
(700)
(667,844)
3.00%
,
 04/25/52
-
05/25/52
.....
(1,289)
(1,260,117)
3.50%
,
 04/25/52
............
(124)
(124,213)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Total
Return
Fund
38
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
x
Security
Par
(000)
Par
(000)
Value
4.00%
,
 04/25/52
-
05/25/52
.....
USD
(1,322)
$
(1,346,403)
Total
TBA
Sale
Commitments
—
(8.6)%
(Proceeds:
$(4,035,919))
..........................
(3,996,392)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
114.7%
(Cost:
$56,155,616)
..............................
53,247,214
Liabilities
in
Excess
of
Other
Assets
—
(14.7)%
...........
(6,823,680)
Net
Assets
—
100.0%
..............................
$
46,423,534
(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)
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.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Perpetual
security
with
no
stated
maturity
date.
(f)
Represents
or
includes
a
TBA
transaction.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
March
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/18/21
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/22
Shares
Held
at
03/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,T
-Fund,
Institutional
Class
(b
)
.......
$
—
$
2,354,870
$
—
$
—
$
—
$
2,354,870
2,354,870
$
331
$
—
—
—
(a)
Commencement
of
operations.
(b)
Represents
net
amount
purchased
(sold).
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
39
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-Bund
..............................................................
1
06/08/22
$
176
$
(925)
U.S.
Treasury
10
Year
Note
...................................................
12
06/21/22
1,473
12,560
U.S.
Treasury
Long
Bond
....................................................
10
06/21/22
1,503
(31,674)
U.S.
Treasury
Ultra
Bond
....................................................
8
06/21/22
1,418
(30,847)
U.S.
Treasury
2
Year
Note
....................................................
10
06/30/22
2,118
(18,266)
U.S.
Treasury
5
Year
Note
....................................................
25
06/30/22
2,864
(70,276)
(139,428)
Short
Contracts
Euro-
Bobl
...............................................................
14
06/08/22
1,996
58,887
Euro-BTP
...............................................................
2
06/08/22
306
13,850
Euro-OAT
...............................................................
11
06/08/22
1,844
74,037
Euro-Schatz
.............................................................
1
06/08/22
123
1,134
U.S.
Treasury
10
Year
Ultra
Note
...............................................
3
06/21/22
407
5,403
Long
Gilt
...............................................................
6
06/28/22
956
5,270
158,581
$
19,153
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
GBP
209,000
USD
274,337
Morgan
Stanley
&
Co.
International
plc
06/15/22
$
137
USD
90,247
EUR
81,000
JPMorgan
Chase
Bank
NA
06/15/22
388
USD
3,831
JPY
451,000
Bank
of
America
NA
06/15/22
119
644
USD
3,840,302
EUR
3,490,000
BNP
Paribas
SA
06/15/22
(31,446)
USD
91,170
EUR
83,306
Morgan
Stanley
&
Co.
International
plc
06/15/22
(1,249)
USD
303,062
EUR
275,000
Royal
Bank
of
Canada
06/15/22
(2,018)
USD
58,306
EUR
53,000
State
Street
Bank
and
Trust
Co.
06/15/22
(491)
USD
756,481
GBP
580,000
State
Street
Bank
and
Trust
Co.
06/15/22
(5,217)
(40,421)
$
(39,777)
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
U.S.
Treasury
10
Year
Note
.....................
16
05/20/22
USD
119.00
USD
1,600
$
4,250
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Total
Return
Fund
40
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
3Yx1Y
Interest
Rate
Swap
(a)
.
2.02%
Semi-Annual
1
day
SOFR
Quarterly
Bank
of
America
NA
05/04/22
2.02
%
USD
8,400
$
17,398
(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
Put
3Yx1Y
Interest
Rate
Swap
(a)
.
1
day
SOFR
At
Termination
2.32%
At
Termination
Bank
of
America
NA
05/04/22
2.32
%
USD
8,400
$
(6,716)
(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)
1
day
Fed
Funds
At
Termination
1.18%
At
Termination
07/27/22
(a)
09/21/22
USD
16,185
$
(12,339)
$
—
$
(12,339)
1
day
Fed
Funds
At
Termination
1.20%
At
Termination
07/27/22
(a)
09/21/22
USD
15,610
(11,369)
—
(11,369)
1
day
Fed
Funds
At
Termination
1.24%
At
Termination
07/27/22
(a)
09/21/22
USD
4,922
(3,265)
—
(3,265)
0.83%
Annual
6
month
EURIBOR
Semi-Annual
N/A
02/04/37
EUR
280
18,949
—
18,949
$
(8,024)
$
—
$
(8,024)
(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
3.50%
At
Termination
03/31/27
USD
218
$
1,422
$
—
$
1,422
1
month
USCPI
At
Termination
3.52%
At
Termination
03/31/27
USD
218
1,659
—
1,659
1
month
USCPI
At
Termination
2.86%
At
Termination
10/25/31
USD
522
(20,982)
—
(20,982)
1
month
USCPI
At
Termination
2.89%
At
Termination
10/29/31
USD
108
(4,043)
—
(4,043)
1
month
USCPI
At
Termination
2.88%
At
Termination
11/01/31
USD
108
(4,154)
—
(4,154)
1
month
USCPI
At
Termination
2.76%
At
Termination
11/05/31
USD
113
(5,693)
—
(5,693)
1
month
USCPI
At
Termination
2.77%
At
Termination
11/05/31
USD
113
(5,664)
—
(5,664)
1
month
USCPI
At
Termination
2.80%
At
Termination
11/08/31
USD
47
(2,201)
—
(2,201)
1
month
USCPI
At
Termination
2.82%
At
Termination
11/10/31
USD
66
(2,890)
—
(2,890)
1
month
USCPI
At
Termination
2.89%
At
Termination
11/15/31
USD
57
(2,057)
—
(2,057)
1
month
USCPI
At
Termination
2.93%
At
Termination
11/15/31
USD
57
(1,863)
—
(1,863)
1
month
USCPI
At
Termination
2.89%
At
Termination
02/28/32
USD
113
(2,013)
—
(2,013)
1
month
USCPI
At
Termination
3.06%
At
Termination
04/04/32
USD
84
–
—
—
$
(48,479)
$
—
$
(48,479)
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
41
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
i
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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)
Abbott
Laboratories
........
1.00
%
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
USD
17
$
(484)
$
(407)
$
(77)
$
–
$
–
$
–
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
0.33
%
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
0.16
1
month
USCPI
.......................................
U.S.
Consumer
Price
Index
8.
50 
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
(0.37)
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
—
$
—
$
22,030
$
(78,533)
$
—
OTC
Swaps
.....................................................
—
(407)
—
(77)
—
Options
Written
...................................................
N/A
N/A
—
(3,356)
(6,716)
(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)
.....
$
—
$
—
$
—
$
—
$
171,141
$
—
$
171,141
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
644
—
—
644
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
—
—
—
21,648
—
21,648
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
18,949
3,081
22,030
$
—
$
—
$
—
$
644
$
211,738
$
3,081
$
215,463
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
151,988
—
151,988
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
40,421
—
—
40,421
Options
written
(b)
Options
written
at
value
.....................
—
—
—
—
6,716
—
6,716
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
26,973
51,560
78,533
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
484
—
—
—
—
484
$
—
$
484
$
—
$
40,421
$
185,677
$
51,560
$
278,142
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Total
Return
Fund
42
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
(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
March
31,
2022,
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
.......................
$
—
$
—
$
—
$
—
$
(197,001)
$
—
$
(197,001)
Forward
foreign
currency
exchange
contracts
....
—
—
—
195,799
—
—
195,799
Options
purchased
(a)
....................
—
—
—
(34,887)
34,541
—
(346)
Options
written
........................
—
—
—
28,657
(53,395)
—
(24,738)
Swaps
..............................
—
(2)
—
—
(5,011)
(16,063)
(21,076)
$
—
$
(2)
$
—
$
189,569
$
(220,866)
$
(16,063)
$
(47,362)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
—
—
19,153
—
19,153
Forward
foreign
currency
exchange
contracts
....
—
—
—
(39,777)
—
—
(39,777)
Options
purchased
(b)
....................
—
—
—
—
11,384
—
11,384
Options
written
........................
—
—
—
—
(3,356)
—
(3,356)
Swaps
..............................
—
(77)
—
—
(8,024)
(48,479)
(56,580)
$
—
$
(77)
$
—
$
(39,777)
$
19,157
$
(48,479)
$
(69,176)
(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
..................................................................................
$
10,794,088
Average
notional
value
of
contracts
—
short
.................................................................................
$
6,538,743
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
5,014,599
Average
amounts
sold
—
in
USD
........................................................................................
$
387,778
Options
Average
value
of
option
contracts
purchased
................................................................................
$
3,165
Average
value
of
option
contracts
written
...................................................................................
$
413
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
4,700,000
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
6,950,000
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
8,371
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
154,875
Average
notional
value
—
receives
fixed
rate
................................................................................
$
18,358,500
Inflation
swaps
Average
notional
value
—
receives
fixed
rate
................................................................................
$
1,506,500
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
43
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
26,808
$
40,245
Forward
foreign
currency
exchange
contracts
.................................................................
644
40,421
Options
(b)
.........................................................................................
21,648
(a)
6,716
Swaps
—
centrally
cleared
..............................................................................
2,695
—
Swaps
—
OTC
(c)
....................................................................................
—
484
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
51,795
$
87,866
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(33,753)
(40,245)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
18,042
$
47,621
(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.
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
..............................
$
17,517
$
(6,716)
$
—
$
—
$
10,801
JPMorgan
Chase
Bank
NA
..........................
388
(388)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
137
(137)
—
—
—
$
18,042
$
(7,241)
$
—
$
—
$
10,801
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
(c)(d)
Bank
of
America
NA
..............................
$
6,716
$
(6,716)
$
—
$
—
$
—
BNP
Paribas
SA
.................................
31,446
—
—
—
31,446
JPMorgan
Chase
Bank
NA
..........................
484
(388)
—
—
96
Morgan
Stanley
&
Co.
International
plc
..................
1,249
(137)
—
—
1,112
Royal
Bank
of
Canada
.............................
2,018
—
—
—
2,018
State
Street
Bank
and
Trust
Co.
......................
5,708
—
—
—
5,708
$
47,621
$
(7,241)
$
—
$
—
$
40,380
(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)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Total
Return
Fund
44
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
......................................
$
—
$
54,873,804
$
—
$
54,873,804
Short-Term
Securities
.......................................
2,354,870
—
—
2,354,870
Options
Purchased
Interest
rate
contracts
......................................
4,250
17,398
—
21,648
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(3,996,392)
—
(3,996,392)
$
2,359,120
$
50,894,810
$
—
$
53,253,930
Derivative
Financial
Instruments
(a)
Assets
Foreign
currency
exchange
contracts
............................
$
—
$
644
$
—
$
644
Interest
rate
contracts
.......................................
171,141
18,949
—
190,090
Other
contracts
...........................................
—
3,081
—
3,081
Liabilities
Credit
contracts
...........................................
—
(77)
—
(77)
Foreign
currency
exchange
contracts
............................
—
(40,421)
—
(40,421)
Interest
rate
contracts
.......................................
(151,988)
(33,689)
—
(185,677)
Other
contracts
...........................................
—
(51,560)
—
(51,560)
$
19,153
$
(103,073)
$
—
$
(83,920)
(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
(unaudited)

March
31,
2022
45
Financial
Statements
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Low
Duration
Bond
Fund
BlackRock
Sustainable
Total
Return
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
..........................................................
$
46,444,051‌
$
48,797,502‌
$
54,895,452‌
Investments,
at
value
—
affiliated
(b)
...........................................................
540,195‌
402,217‌
2,354,870‌
Cash  
...............................................................................
28,171‌
1,162‌
2,084‌
Cash
pledged:
Futures
contracts
......................................................................
4,000‌
182,000‌
234,000‌
Centrally
cleared
swaps
..................................................................
—‌
16,000‌
68,000‌
Foreign
currency,
at
value
(c)
................................................................
—‌
38,087‌
79,192‌
Receivables:
–‌
–‌
–‌
Investments
sold
......................................................................
513,131‌
2,043,275‌
3,363,585‌
TBA
sale
commitments
..................................................................
—‌
435,066‌
4,035,919‌
Dividends
—
affiliated
...................................................................
53‌
74‌
174‌
Dividends
—
unaffiliated
.................................................................
2,592‌
—‌
—‌
Interest
—
unaffiliated
...................................................................
548,251‌
166,130‌
228,427‌
From
the
Manager
.....................................................................
10,627‌
11,794‌
16,477‌
Variation
margin
on
futures
contracts
.........................................................
—‌
17,192‌
26,808‌
Variation
margin
on
centrally
cleared
swaps
....................................................
—‌
551‌
2,695‌
Unrealized
appreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
—‌
1,389‌
644‌
Deferred
offering
costs
....................................................................
48,107‌
84,768‌
84,800‌
Prepaid
expenses
.......................................................................
9,853‌
5,632‌
15,593‌
Total
assets
...........................................................................
48,149,031‌
52,202,839‌
65,408,720‌
LIABILITIES
Options
written,
at
value
(d)
..................................................................
1,346‌
—‌
6,716‌
TBA
sale
commitments,
at
value
(e)
............................................................
—‌
435,266‌
3,996,392‌
Payables:
–‌
–‌
–‌
Investments
purchased
..................................................................
1,114,050‌
3,192,668‌
14,717,150‌
Accounting
services
fees
.................................................................
28,779‌
20,528‌
21,345‌
Offering
costs
........................................................................
—‌
43,818‌
36,232‌
Custodian
fees
........................................................................
7,508‌
5,810‌
9,817‌
Income
dividend
distributions
..............................................................
170,140‌
45,598‌
74,277‌
Professional
fees
......................................................................
75,327‌
31,025‌
40,696‌
Service
fees
.........................................................................
19‌
40‌
21‌
Transfer
agent
fees
....................................................................
541‌
405‌
405‌
Other
accrued
expenses
.................................................................
307‌
1,687‌
985‌
Variation
margin
on
futures
contracts
.........................................................
281‌
43,873‌
40,245‌
Swap
premiums
received
..................................................................
—‌
—‌
407‌
Unrealized
depreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
—‌
34,499‌
40,421‌
OTC
swaps
..........................................................................
—‌
—‌
77‌
Total
liabilities
..........................................................................
1,398,298‌
3,855,217‌
18,985,186‌
NET
ASSETS
..........................................................................
$
46,750,733‌
$
48,347,622‌
$
46,423,534‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
March
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
46
See
notes
to
financial
statements.
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Low
Duration
Bond
Fund
BlackRock
Sustainable
Total
Return
Fund
NET
ASSETS
CONSIST
OF
Paid-in
capital
..........................................................................
$
49,990,130‌
$
50,103,347‌
$
50,010,459‌
Accumulated
loss
.......................................................................
(3,239,397‌)
(1,755,725‌)
(3,586,925‌)
NET
ASSETS
..........................................................................
$
46,750,733‌
$
48,347,622‌
$
46,423,534‌
(a)
  Investments,
at
cost
—
unaffiliated
..........................................................
$
49,132,067‌
$
50,360,514‌
$
57,840,025‌
(b)
  Investments,
at
cost
—
affiliated
............................................................
$
540,195‌
$
402,217‌
$
2,354,870‌
(c)
  Foreign
currency,
at
cost
.................................................................
$
—‌
$
38,178‌
$
78,863‌
(d)
  Premiums
received
....................................................................
$
3,572‌
$
—‌
$
3,360‌
(e)
  Proceeds
from
TBA
sale
commitments
.......................................................
$
—‌
$
435,066‌
$
4,035,919‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
March
31,
2022
47
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Low
Duration
Bond
Fund
BlackRock
Sustainable
Total
Return
Fund
NET
ASSET
VALUE
Institutional
Net
assets
...........................................................................
$
93,501‌
$
96,491‌
$
92,827‌
Shares
outstanding
....................................................................
10,000‌
10,000‌
10,000‌
Net
asset
value
.......................................................................
$
9.35‌
$
9.65‌
$
9.28‌
Shares
authorized
.....................................................................
Unlimited
Unlimited
500
million
Par
value
...........................................................................
$
0.001‌
$
0.001‌
$
0.10‌
Investor
A
Net
assets
...........................................................................
$
93,499‌
$
198,539‌
$
102,662‌
Shares
outstanding
....................................................................
10,000‌
20,575‌
11,060‌
Net
asset
value
.......................................................................
$
9.35‌
$
9.65‌
$
9.28‌
Shares
authorized
.....................................................................
Unlimited
Unlimited
300
million
Par
value
...........................................................................
$
0.001‌
$
0.001‌
$
0.10‌
Class
K
Net
assets
...........................................................................
$
46,563,733‌
$
48,052,592‌
$
46,228,045‌
Shares
outstanding
....................................................................
4,980,000‌
4,980,000‌
4,980,000‌
Net
asset
value
.......................................................................
$
9.35‌
$
9.65‌
$
9.28‌
Shares
authorized
.....................................................................
Unlimited
Unlimited
500
million
Par
value
...........................................................................
$
0.001‌
$
0.001‌
$
0.10‌
Statements
of
Operations
(unaudited)

Period
Ended
March
31,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
48
(a)
Period
from
10/18/21
(commencement
of
operations)
to
03/31/22.
See
notes
to
financial
statements.
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Low
Duration
Bond
Fund
(a)
BlackRock
Sustainable
Total
Return
Fund
(a)
INVESTMENT
INCOME
–
–
–
Dividends
—
affiliated
...................................................................
$
73‌
$
138‌
$
331‌
Dividends
—
unaffiliated
.................................................................
6,039‌
—‌
—‌
Interest
—
unaffiliated
...................................................................
984,959‌
237,447‌
370,945‌
Total
investment
income
...................................................................
991,071‌
237,585‌
371,276‌
EXPENSES
Investment
advisory
....................................................................
120,996‌
68,861‌
85,689‌
Offering
............................................................................
76,252‌
—‌
—‌
Organization
and
Offering
................................................................
—‌
79,863‌
79,863‌
Professional
.........................................................................
52,516‌
33,218‌
42,837‌
Accounting
services
....................................................................
34,984‌
20,528‌
21,345‌
Administration
.......................................................................
10,285‌
9,441‌
9,337‌
Custodian
...........................................................................
7,168‌
5,810‌
9,817‌
Administration
—
class
specific
............................................................
4,83
7‌
4,439‌
4,391‌
Registration
.........................................................................
3,119‌
301‌
2,305‌
Directors
and
Officer
...................................................................
649‌
309‌
336‌
Transfer
agent
—
class
specific
............................................................
498‌
444‌
444‌
Service
—
class
specific
.................................................................
121‌
134‌
115‌
Miscellaneous
........................................................................
3,0
80‌
3,215‌
3,279‌
Total
expenses
.........................................................................
314,505‌
226,563‌
259,758‌
Less:
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................
(170,510‌)
(134,357‌)
(159,780‌)
Administration
fees
waived
.............................................................
(10,285‌)
(9,441‌)
(9,337‌)
Administration
fees
waived
—
class
specific
..................................................
(4,837‌)
(4,439‌)
(4,391‌)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
..........................
(453‌)
(401‌)
(378‌)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
128,420‌
77,925‌
85,872‌
Net
investment
income
....................................................................
862,651‌
159,660‌
285,404‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(2,812,210‌)
$
(1,692,849‌)
$
(3,533,839‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................................
$
(364,942‌)
$
(241,481‌)
$
(548,819‌)
Forward
foreign
currency
exchange
contracts
.................................................
—‌
162,387‌
195,799‌
Foreign
currency
transactions
...........................................................
—‌
4,518‌
44,240‌
Futures
contracts
....................................................................
10,086‌
(100,214‌)
(197,001‌)
Options
written
.....................................................................
—‌
—‌
(24,738‌)
Payment
by
affiliate
..................................................................
—‌
—‌
3,180‌
Swaps  
..........................................................................
—‌
2,649‌
(21,076‌)
(354,856‌)
(172,141‌)
(548,415‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................................
(2,466,234‌)
(1,563,212‌)
(2,905,046‌)
Forward
foreign
currency
exchange
contracts
.................................................
—‌
(33,110‌)
(39,777‌)
Foreign
currency
translations
............................................................
—‌
(228‌)
182‌
Futures
contracts
....................................................................
6,654‌
73,309‌
19,153‌
Options
written
.....................................................................
2,226‌
—‌
(3,356‌)
Swaps  
..........................................................................
—‌
2,533‌
(56,580‌)
(2,457,354‌)
(1,520,708‌)
(2,985,424‌)
Net
realized
and
unrealized
loss
..............................................................
(2,812,210‌)
(1,692,849‌)
(3,533,839‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................................
$
(1,949,559‌)
$
(1,533,189‌)
$
(3,248,435‌)
Statements
of
Changes
in
Net
Assets

49
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Low
Duration
Bond
Fund
Six
Months
Ended
03/31/22
(unaudited)
Period
from
07/22/21
(a)
to
09/30/21
Period
from
10/18/21
(a)
to
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...................................................................
$
862,651‌
$
272,573‌
$
159,660‌
Net
realized
loss
.......................................................................
(354,856‌)
(30,972‌)
(172,141‌)
Net
change
in
unrealized
appreciation
(depreciation)
...............................................
(2,457,354‌)
(221,782‌)
(1,520,708‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
(1,949,559‌)
19,819‌
(1,533,189‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
  Institutional
..........................................................................
(1,990‌)
(615‌)
(425‌)
  Investor
A
...........................................................................
(1,872‌)
(571‌)
(389‌)
  Class
K
.............................................................................
(1,003,269‌)
(311,210‌)
(221,722‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
........................................
(1,007,131‌)
(312,396‌)
(222,536‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
........................................
—‌
50,000,000‌
50,103,347‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
..........................................................
(2,956,690‌)
49,707,423‌
48,347,622‌
Beginning
of
period
.......................................................................
49,707,423‌
—‌
—
End
of
period
...........................................................................
$
46,750,733‌
$
49,707,423‌
$
48,347,622‌
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
50
See
notes
to
financial
statements.
BlackRock
Sustainable
Total
Return
Fund
Period
from
10/18/21
(a)
to
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.................................................................................................
$
285,404‌
Net
realized
loss
.....................................................................................................
(548,415‌)
Net
change
in
unrealized
appreciation
(depreciation)
.............................................................................
(2,985,424‌)
Net
decrease
in
net
assets
resulting
from
operations
...............................................................................
(3,248,435‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
  Institutional
........................................................................................................
(657‌)
  Investor
A
.........................................................................................................
(560‌)
  Class
K
...........................................................................................................
(337,273‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
......................................................................
(338,490‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
......................................................................
50,010,459‌
NET
ASSETS
Total
increase
in
net
assets
................................................................................................
46,423,534‌
Beginning
of
period
.....................................................................................................
—
End
of
period
.........................................................................................................
$
46,423,534‌
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
51
Financial
Highlights
BlackRock
Sustainable
High
Yield
Bond
Fund
Institutional
Six
Months
Ended
03/31/22
(unaudited)
Period
from
07/22/21
(a)
to
09/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
9.94‌
$
10.00‌
Net
investment
income
(b)
.................................................................................
0.17‌
0.05‌
Net
realized
and
unrealized
loss
............................................................................
(0.56‌)
(0.05‌)
Net
i
ncrease
(decrease
)
from
investment
operations
................................................................
(0.39‌)
0.00‌
Distributions
from
net
investment
income
(c)
....................................................................
(0.20‌)
(0.06‌)
Net
asset
value,
end
of
period
..............................................................................
$
9.35‌
$
9.94‌
Total
Return
(d)
(3.98)%
0.01%
Based
on
net
asset
value
..................................................................................
(3.98‌)%
(e)
0.01‌%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................................
1.48‌%
(g)(h)
1.32‌%
(g)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.58‌%
(g)
0.58‌%
(g)
Net
investment
income
...................................................................................
3.52‌%
(g)
2.80‌%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
94‌
$
99‌
Portfolio
turnover
rate
....................................................................................
25‌%
10‌%
(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)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Offering
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.64%.
(i)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
2.40%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
52
BlackRock
Sustainable
High
Yield
Bond
Fund
Investor
A
Six
Months
Ended
03/31/22
(unaudited)
Period
from
07/22/21
(a)
to
09/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
9.94‌
$
10.00‌
Net
investment
income
(b)
.................................................................................
0.16‌
0.05‌
Net
realized
and
unrealized
loss
............................................................................
(0.56‌)
(0.05‌)
N
et
decrease
from
investment
operations
.......................................................................
(0.40‌)
(
0.00‌
)
Distributions
from
net
invest
ment
income
(c)
....................................................................
(0.19‌)
(0.06‌)
Net
asset
value,
end
of
period
..............................................................................
$
9.35‌
$
9.94‌
Total
Return
(d)
(4.10)%
(0.03)%
Based
on
net
asset
value
..................................................................................
(4.10‌)%
(e)
(0.03‌)%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................................
1.73‌%
(g)(h)
1.58‌%
(g)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.83‌%
(g)
0.83‌%
(g)
Net
investment
income
...................................................................................
3.27‌%
(g)
2.55‌%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
93‌
$
99‌
Portfolio
turnover
rate
....................................................................................
25‌%
10‌%
(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)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Offering
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.89%.
(i)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
2.65%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
53
Financial
Highlights
BlackRock
Sustainable
High
Yield
Bond
Fund
Class
K
Six
Months
Ended
03/31/22
(unaudited)
Period
from
07/22/21
(a)
to
09/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
9.94‌
$
10.00‌
Net
investment
income
(b)
.................................................................................
0.17‌
0.05‌
Net
realized
and
unrealized
loss
............................................................................
(0.56‌)
(0.05‌)
Net
increase
(decrease)
from
investment
operations
................................................................
(0.39‌)
0.00‌
Distributions
from
net
investment
income
(c)
....................................................................
(0.20‌)
(0.06‌)
Net
asset
value,
end
of
period
..............................................................................
$
9.35‌
$
9.94‌
Total
Return
(d)
(3.96)%
0.02%
Based
on
net
asset
value
..................................................................................
(3.96‌)%
(e)
0.02‌%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................................
1.14‌%
(g)(h)
0.96‌%
(g)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.53‌%
(g)
0.53‌%
(g)
Net
investment
income
...................................................................................
3.57‌%
(g)
2.85‌%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
46,564‌
$
49,509‌
Portfolio
turnover
rate
....................................................................................
25‌%
10‌%
(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)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Offering
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.30%.
(i)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
2.04%.
Financial
Highlights
(For
a
share
outstanding
throughout
the
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
54
BlackRock
Sustainable
Low
Duration
Bond
Fund
Institutional
Period
from
10/18/21
(a)
to
03/31/22
(unaudited)
Net
asset
value,
beginning
of
period
........................................................................................
$
10.00‌
Net
investment
income
(b)
................................................................................................
0.03‌
Net
realized
and
unrealized
loss
...........................................................................................
(0.34‌)
Net
decrease
from
investment
operations
......................................................................................
(0.31‌)
Distributions
from
net
investment
income
(c)
...................................................................................
(0.04‌)
Net
asset
value,
end
of
period
.............................................................................................
$
9.65‌
Total
Return
(d)
(3.08)%
Based
on
net
asset
value
.................................................................................................
(3.08‌)%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
........................................................................................................
1.07‌
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................................
0.40‌%
(g)
Net
investment
income
..................................................................................................
0.67‌%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................................
$
96‌
Portfolio
turnover
rate
(
i
)
...................................................................................................
90‌%
(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)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.35%.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Excluding
MDRs,
the
portfolio
turnover
rate
would
have
been
88%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
the
period)
55
Financial
Highlights
BlackRock
Sustainable
Low
Duration
Bond
Fund
Investor
A
Period
from
10/18/21
(a)
to
03/31/22
(unaudited)
Net
asset
value,
beginning
of
period
........................................................................................
$
10.00‌
Net
investment
income
(b)
................................................................................................
0.02‌
Net
realized
and
unrealized
loss
...........................................................................................
(0.34‌)
Net
decrease
from
investment
operations
......................................................................................
(0.32‌)
Distributions
from
net
investment
income
(c)
...................................................................................
(0.03‌)
Net
asset
value,
end
of
period
.............................................................................................
$
9.65‌
Total
Return
(d)
(3.19)%
Based
on
net
asset
value
.................................................................................................
(3.19‌)%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
........................................................................................................
1.27‌
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................................
0.65‌%
(g)
Net
investment
income
..................................................................................................
0.47‌%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................................
$
199‌
Portfolio
turnover
rate
(
i
)
...................................................................................................
90‌%
(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)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.54%.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Excluding
MDRs,
the
portfolio
turnover
rate
would
have
been
88%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
the
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
56
BlackRock
Sustainable
Low
Duration
Bond
Fund
Class
K
Period
from
10/18/21
(a)
to
03/31/22
(unaudited)
Net
asset
value,
beginning
of
period
........................................................................................
$
10.00‌
Net
investment
income
(b)
................................................................................................
0.03‌
Net
realized
and
unrealized
loss
...........................................................................................
(0.33‌)
Net
decrease
from
investment
operations
......................................................................................
(0.30‌)
Distributions
from
net
investment
income
(c)
...................................................................................
(0.05‌)
Net
asset
value,
end
of
period
.............................................................................................
$
9.65‌
Total
Return
(d)
(3.06)%
Based
on
net
asset
value
.................................................................................................
(3.06‌)%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
........................................................................................................
0.74‌
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................................
0.35‌%
(g)
Net
investment
income
..................................................................................................
0.72‌%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................................
$
48,053‌
Portfolio
turnover
rate
(
i
)
...................................................................................................
90‌%
(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)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.02%.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Excluding
MDRs,
the
portfolio
turnover
rate
would
have
been
88%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
the
period)
57
Financial
Highlights
BlackRock
Sustainable
Total
Return
Fund
Institutional
Period
from
10/18/21
(a)
to
03/31/22
(unaudited)
Net
asset
value,
beginning
of
period
........................................................................................
$
10.00‌
Net
investment
income
(b)
................................................................................................
0.06‌
Net
realized
and
unrealized
loss
...........................................................................................
(0.71‌)
Net
decrease
from
investment
operations
......................................................................................
(0.65‌)
Distributions
from
net
investment
income
(c)
...................................................................................
(0.07‌)
Net
asset
value,
end
of
period
.............................................................................................
$
9.28‌
Total
Return
(d)
(6.57)%
Based
on
net
asset
value
.................................................................................................
(6.57‌)%
(e)(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
........................................................................................................
1.21‌%
(h)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................................
0.44‌%
(h)
Net
investment
income
..................................................................................................
1.25‌%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................................
$
93‌
Portfolio
turnover
rate
(j)
...................................................................................................
302‌%
(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)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.52%.
(j)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Excluding
MDRs,
the
portfolio
turnover
rate
would
have
been
177%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
the
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
58
BlackRock
Sustainable
Total
Return
Fund
Investor
A
Period
from
10/18/21
(a)
to
03/31/22
(unaudited)
Net
asset
value,
beginning
of
period
........................................................................................
$
10.00‌
Net
investment
income
(b)
................................................................................................
0.04‌
Net
realized
and
unrealized
loss
...........................................................................................
(0.71‌)
Net
decrease
from
investment
operations
......................................................................................
(0.67‌)
Distributions
from
net
investment
income
(c)
...................................................................................
(0.05‌)
Net
asset
value,
end
of
period
.............................................................................................
$
9.28‌
Total
Return
(d)
(6.69)%
Based
on
net
asset
value
.................................................................................................
(6.69‌)%
(e)(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
........................................................................................................
1.45‌%
(h)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................................
0.74‌%
(h)
Net
investment
income
..................................................................................................
0.96‌%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................................
$
103‌
Portfolio
turnover
rate
(j)
...................................................................................................
302‌%
(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)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.75%.
(j)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Excluding
MDRs,
the
portfolio
turnover
rate
would
have
been
177%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
the
period)
59
Financial
Highlights
BlackRock
Sustainable
Total
Return
Fund
Class
K
Period
from
10/18/21
(a)
to
03/31/22
(unaudited)
Net
asset
value,
beginning
of
period
........................................................................................
$
10.00‌
Net
investment
income
(b)
................................................................................................
0.06‌
Net
realized
and
unrealized
loss
...........................................................................................
(0.71‌)
Net
decrease
from
investment
operations
......................................................................................
(0.65‌)
Distributions
from
net
investment
income
(c)
...................................................................................
(0.07‌)
Net
asset
value,
end
of
period
.............................................................................................
$
9.28‌
Total
Return
(d)
(6.55)%
Based
on
net
asset
value
.................................................................................................
(6.55‌)%
(e)(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
........................................................................................................
0.88‌%
(h)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................................
0.39‌%
(h)
Net
investment
income
..................................................................................................
1.30‌%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................................
$
46,228‌
Portfolio
turnover
rate
(j)
...................................................................................................
302‌%
(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)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.18%.
(j)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Excluding
MDRs,
the
portfolio
turnover
rate
would
have
been
177%.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
60
1.
ORGANIZATION 
BlackRock
Funds
V
(the
"Trust")
and
BlackRock
Bond
Fund,
Inc.
(the
"Corporation")
are
each
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"),
as
an
open-end
management
investment
companies.
The
Trust
is
organized
as
a
Massachusetts
business
trust.
The
Corporation
is
organized
as
a
Maryland
corporation.
The
following
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
and
Class
K
Shares
are
sold
without
a
sales
charge
and
only
to
certain
eligible
investors.
Investor
A
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares.
Investor
A
Shares
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures.
(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.
The
Board
of
Trustees
of
BlackRock
Funds
V
and
Board
of
Directors
of
BlackRock
Bond
Fund,
Inc.
are
collectively
referred
to
throughout
this
report
as
the
"Board",
and
the
directors/trustees
thereof
are
collectively
referred
to
throughout
this
report
as
"Directors".
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
open-end
non-index
fixed-income
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.
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.
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
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP. 
Registrant
Name
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
Funds
V
.....................
BlackRock
Sustainable
High
Yield
Bond
Fund
Sustainable
High
Yield
Bond
Diversified
BlackRock
Funds
V
.....................
BlackRock
Sustainable
Low
Duration
Bond
Fund
Sustainable
Low
Duration
Bond
Diversified
BlackRock
Bond
Fund,
Inc.
................
BlackRock
Sustainable
Total
Return
Fund
Sustainable
Total
Return
Diversified
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charge
("CDSC")
Conversion
Privilege
Institutional
and
Class
K
Shares
.....................................
No
No
None
Investor
A
Shares
..............................................
Yes
No
(a)
None
Notes
to
Financial
Statements
(unaudited)
(continued)
61
Notes
to
Financial
Statements
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan”)
approved
by
each
Fund’s
Board, the directors
who
are
not
“interested
persons”
of
the
Funds,
as
defined
in
the
1940
Act
(“Independent
Directors”),
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
D
irectors
.
This
has
the
same
economic
effect
for
the
Independent Directors
as
if
the
Independent Directors
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
Directors’
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. 
Organization
and
Offering
Costs:
Upon
commencement
of
operations,
organization
costs
associated
with
the
establishment
of
the
Funds
were
expensed
by
the
Funds
and
reimbursed
by
the
Manager.
The
Manager
reimbursed
the
Funds
the
following
amounts,
which
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
Offering
costs
are
amortized
over
a
12-month
period
beginning
with
the
commencement
of
operations
of
a
class
of
shares.
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.
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. 
Fund
Name
Amounts
Reimbursed
Sustainable
Low
Duration
Bond
.........................................................................................
$
20,000‌
Sustainable
Total
Return
..............................................................................................
20,000‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
62
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).
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.
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
(unaudited)
(continued)
63
Notes
to
Financial
Statements
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. 
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
64
in
prevailing
interest
rates
(and
particularly
sudden
and
significant
changes)
can
be
expected
to
cause
some
fluctuations
in
the
NAV
o
f
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.
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 realize
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. 
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
65
Notes
to
Financial
Statements
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
options
on
swaps
(“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.
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
66
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.
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
Corporation
and
the
Trust,
on
behalf
of
the
applicable
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
and
administrative
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
67
Notes
to
Financial
Statements
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
each
Fund,
the
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BlackRock
International
Limited
(“BIL”),
and
with
respect
to
Sustainable
Low
Duration
Bond
and
Sustainable
Total
Return,
BlackRock
(Singapore)
Limited
(“BSL”)
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
and
BSL
for
services
they
provide
for
that
portion
of each
Fund
for
which
BIL
and
BSL,
as
applicable,
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.
Service
Fees:
The
Corporation
and
the
Trust,
on behalf
of
the
applicable
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
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:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
to
the
Funds.
The
ongoing
service
fee
compensates
BRIL
and
each
broker-
dealer
for
providing
shareholder
servicing related
services
to
shareholders.
For
the period
ended
March
31,
2022,
the
following
table
shows
the
class
specific
service
fees
borne
directly
by
each
share
class
of
each
Fund:
Administration:
The
Corporation
and
the
Trust,
on
behalf
of
the
applicable
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
period
ended
March
31,
2022, 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
period ended March
31,
2022,
the
Funds 
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
Sustainable
High
Yield
Bond
Sustainable
Low
Duration
Bond
Sustainable
Total
Return
Average
Daily
Net
Assets
Investment
Advisory
Fees
Investment
Advisory
Fees
Investment
Advisory
Fees
First
$1
b
illion
...............................................................................
0.500‌%
0.310‌%
0.390‌%
$1
billion
-
$3
b
illion
...........................................................................
0.470‌
0.290‌
0.370‌
$3
billion
-
$5
b
illion
...........................................................................
0.450‌
0.280‌
0.350‌
$5
b
i
llion
-
$10
b
illion
..........................................................................
0.440‌
0.270‌
0.340‌
Greater
than
$10
b
illion
.........................................................................
0.430‌
0.260‌
0.330‌
Share
Class
Service
Fees
Investor
A
..............................................................................................................
0.25‌%
Fund
Name
Investor
A
Sustainable
High
Yield
Bond
..................................................................................................
$
121‌
Sustainable
Low
Duration
Bond
................................................................................................
134‌
Sustainable
Total
Return
.....................................................................................................
115‌
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
Investor
A
Class
K
Total
Sustainable
High
Yield
Bond
...................................................................
$
8‌
$
9‌
$
4,820‌
$
4,837‌
Sustainable
Low
Duration
Bond
.................................................................
7‌
9‌
4,423‌
4,439‌
Sustainable
Total
Return
......................................................................
7‌
8‌
4,376‌
4,391‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
68
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
period ended March
31,
2022,
the
Fund
did
not
reimburse
the
Manager
any
amounts
in
return
for
these
services.
For
the
period ended
March
31,
2022,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Other
Fees:
For
the
period
ended
March
31,
2022,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
the
Sustainable
Low
Duration
Bond's
Investor
A
Shares
for
a
total
of
$11.
Expense
Limitations,
Waivers,
Reimbursements
and
Recoupments:
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
June
30,
2023.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors
,
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.
Th
ese
amount
s
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
s
of
Operations.
F
or
the
period
ended
March
31
,
2022,
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
June
30,
2023.
The
contractual
agreement
may
be terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors, 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
period
ended
March
31,
2022,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
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
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023,
unless
approved
by
the
Board,
including
a
majority
of
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund. For
the
period
ended
March
31,
2022,
the
amounts
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
The
Funds
also
had
a
waiver
of
administration
fees,
which
are
included
in
Administration
fees
waived
in
the
Statements
of
Operations.
For
the
period
ended
March
31,
2022,
the
amounts
waived
were
as
follows:
Fund
Name
Institutional
Investor
A
Class
K
Total
Sustainable
High
Yield
Bond
...................................................................
$
166‌
$
166‌
$
166‌
$
498‌
Sustainable
Low
Duration
Bond
.................................................................
148‌
148‌
148‌
444‌
Sustainable
Total
Return
......................................................................
148‌
148‌
148‌
444‌
Fund
Name
Amounts
Waived
Sustainable
High
Yield
Bond
.............................................................................................
$
125‌
Sustainable
Low
Duration
Bond
...........................................................................................
349‌
Sustainable
Total
Return
................................................................................................
872‌
Fund
Name
Institutional
Investor
A
Class
K
Sustainable
High
Yield
Bond
..........................................................................
0.58‌%
0.83‌%
0.53‌%
Sustainable
Low
Duration
Bond
........................................................................
0.40‌
0.65‌
0.35‌
Sustainable
Total
Return
.............................................................................
0.44‌
0.75‌
0.39‌
Sustainable
High
Yield
Bond
...................................................................................................
$
1
70
,
385‌
Sustainable
Low
Duration
Bond
.................................................................................................
114,008‌
Sustainable
Total
Return
......................................................................................................
1
38
,
908‌
Sustainable
High
Yield
Bond
.............................................................................................
$
10,285‌
Sustainable
Low
Duration
Bond
...........................................................................................
9,44
1‌
Sustainable
Total
Retur
n
...............................................................................................
9,33
7‌
Notes
to
Financial
Statements
(unaudited)
(continued)
69
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
period ended
March
31,
2022,
class
specific
expense
waivers
and/or
reimbursements were
as
follows: 
With
respect
to
the
contractual
expense
limitation,
if
during
a
Fund’s
fiscal
year
the
operating
expenses
of
a
share
class,
that
at
any
time
during
the
prior
two
fiscal
years
received
a
waiver
and/or
reimbursement
from
the
Manager,
are
less
than
the
current
expense
limitation
for
that
share
class,
the
Manager
is
entitled
to
be
reimbursed
by
such
share
class
up
to
the
lesser
of:
(a)
the
amount
of
fees
waived
and/or
expenses
reimbursed
during
those
prior
two
fiscal
years
under
the
agreement
and
(b)
an
amount
not
to
exceed
either
the
current
expense
limitation
of
that
share
class
or
the
expense
limitation
of
the
share
class
in
effect
at
the
time
that
the
share
class
received
the
applicable
waiver
and/or
reimbursement,
provided
that:
(1)
each
Fund,
of
which
the
share
class
is
a
part,
has
more
than
$50
million
in
assets
for
the
fiscal
year,
and
(2)
the
Manager
or
an
affiliate
continues
to
serve
as
a
Fund’s
investment
adviser
or
administrator.
This
repayment
applies
only
to
the
contractual
expense
limitation
on
net
expenses
and
does
not
apply
to
the
contractual
investment
advisory
fee
waiver
described
above
or
any
voluntary
waivers
that
may
be
in
effect
from
time
to
time.
Effective
July
22,
2028,
the
repayment
arrangement
between Sustainable
High
Yield
Bond
and
the
Manager
pursuant
to
which
such
Fund
may
be
required
to
repay
amounts
waived
and/or
reimbursed
under each
Fund's
contractual
caps
on
net
expenses will
be terminated.
Effective
October
19,
2028,
the
repayment
arrangement
between
Sustainable
Low
Duration
Bond
and
Sustainable
Total
Return
and
the
Manager
pursuant
to
which
such
Fund
may
be
required
to
repay
amounts
waived
and/or
reimbursed
under
each
Fund's
contractual
caps
on
net
expenses
will
be
terminated.
As
of March
31,
2022,
the
fund
level
and
class
specific
waivers
and/or
reimbursements
subject
to
possible
future
recoupment
under
the
expense
limitation
agreement
are
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
and
lend 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
Fund
Name/Share
Class
Administration
Fees
Waived
Transfer
Agent
Fees
Waived
and/or
Reimbursed
Sustainable
High
Yield
Bond
Institutional
....................................................................................
$
8‌
$
143‌
Investor
A
.....................................................................................
9‌
144‌
Class
K
......................................................................................
4,820‌
166‌
$
4,837‌
$
453‌
Sustainable
Low
Duration
Bond
Institutional
....................................................................................
7‌
128‌
Investor
A
.....................................................................................
9‌
125‌
Class
K
......................................................................................
4,423‌
148‌
$
4,439‌
$
401‌
Sustainable
Total
Return
Institutional
....................................................................................
7‌
128‌
Investor
A
.....................................................................................
8‌
102‌
Class
K
......................................................................................
4,376‌
148‌
$
4,391‌
$
378‌
Expiring
September
30,
Fund
Name/Share
Class
2023
2024
Sustainable
High
Yield
Bond
Fund
Level
......................................................................................
$
132,18
3‌
$
180,6
70‌
Institutional
......................................................................................
64‌
15
1‌
Investor
A
.......................................................................................
64‌
15
3‌
Class
K
.........................................................................................
1,977‌
4,986‌
Sustainable
Low
Duration
Bond
Fund
Level
......................................................................................
—‌
123,449‌
Institutional
......................................................................................
—‌
135‌
Investor
A
.......................................................................................
—‌
134‌
Class
K
.........................................................................................
—‌
4,571‌
Sustainable
Total
Return
Fund
Level
......................................................................................
—‌
148,245‌
Institutional
......................................................................................
—‌
135‌
Investor
A
.......................................................................................
—‌
110‌
Class
K
.........................................................................................
—‌
4,524‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
70
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
period
ended
March
31,
2022,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the
Corporation
and
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
Directors and
Officer
in
the
Statements
of
Operations. 
Other
Transactions:
During
the
period
ended
March
31,
2022,
Sustainable
Total
Return
received
a
reimbursement
of
$3,180
from
an
affiliate,
which
is
included
in
payment
by
affiliate
in
the
Statements
of
Operations,
related
to
an
operating
event.
7.
PURCHASES
AND
SALES 
For
the
period ended
March
31,
2022,
purchases
and
sales
of
investments,
including
paydowns
and
excluding
short-term
investments,
were
as
follows:
For
the
period ended
March
31,
2022,
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
March
31,
2022,
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.
As
of
September
30,
2021,
Sustainable
High
Yield
Bond
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
of
$36,209. 
As
of
March
31,
2022, 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: 
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
Sustainable
High
Yield
Bond
..............................................
$
—‌
$
—‌
$
12,587,684‌
$
11,954,928‌
Sustainable
Low
Duration
Bond
............................................
49,815,682‌
35,816,254‌
39,160,795‌
5,120,242‌
Sustainable
Total
Return
.................................................
12,018,546‌
6,855,926‌
197,192,465‌
147,915,278‌
Fund
Name
Purchases
Sales
Sustainable
Low
Duration
Bond
............................................................................
$
881,291‌
$
883,490‌
Sustainable
Total
Return
.................................................................................
64,063,340‌
64,142,110‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Sustainable
High
Yield
Bond
..........................................
$
49,785,932‌
$
91,709‌
$
(2,884,515‌)
$
(2,792,806‌)
Sustainable
Low
Duration
Bond
........................................
50,780,583‌
366,128‌
(1,904,460‌)
(1,538,332‌)
Sustainable
Total
Return
............................................
60,203,538‌
259,384‌
(3,253,633‌)
(2,994,249‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
71
Notes
to
Financial
Statements
9.
BANK
BORROWINGS 
The
Corporation
and
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
London
Interbank
Offered
Rate
("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
period ended
March
31,
2022,
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.
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.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
72
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
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
invests
a
significant
portion
of
its
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.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
Fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
LIBOR.
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
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
Six
Months
Ended
03/31/22
Period
from
07/22/21
(a)
to
09/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Sustainable
High
Yield
Bond
Institutional
Shares
sold
.............................................
—‌
$
—‌
10,000‌
$
100,000‌
—‌
$
—‌
10,000‌
$
100,000‌
Investor
A
Shares
sold
.............................................
—‌
$
—‌
10,000‌
$
100,000‌
—‌
$
—‌
10,000‌
$
100,000‌
Class
K
Shares
sold
.............................................
—‌
$
—‌
4,980,000‌
$
49,800,000‌
—‌
$
—‌
4,980,000‌
$
49,800,000‌
—‌
$
—‌
5,000,000‌
$
50,000,000‌
Notes
to
Financial
Statements
(unaudited)
(continued)
73
Notes
to
Financial
Statements
(a)
Commencement
of
operations.
As
of
March
31,
2022,
shares
owned
by
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Funds,
were
as
follows:
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:
Effective
April
14,
2022,
the
364-day
credit
agreement
to
which
the
Corporation
and
the
Trust,
on
behalf
of
the
Funds,
and
the
Participating
Funds
are
party
was
amended
to
(i)
increase
the
aggregate
commitment
amount
to
$2.50
billion,
(ii)
update
the
interest
terms
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(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
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum
and
(iii)
extend
the
termination
date
to
April
2023.
d
Period
from
10/18/21
(a
)
to
03/31/22
Fund
Name/Share
Class
Shares
Amount
Sustainable
Low
Duration
Bond
Institutional
Shares
sold
.............................................................................
10,001‌
$
100,010‌
Shares
redeemed
.........................................................................
(1‌)
(10‌)
10,000‌
$
100,000‌
Investor
A
Shares
sold
.............................................................................
20,568‌
$
203,282‌
Shares
issued
in
reinvestment
of
distributions
........................................................
8‌
75‌
Shares
redeemed
.........................................................................
(1‌)
(10‌)
20,575‌
$
203,347‌
Class
K
Shares
sold
.............................................................................
4,980,001‌
$
49,800,010‌
Shares
redeemed
.........................................................................
(1‌)
(10‌)
4,980,000‌
$
49,800,000‌
5,010,575‌
$
50,103,347‌
Sustainable
Total
Return
Institutional
Shares
sold
.............................................................................
10,001‌
$
100,010‌
Shares
redeemed
.........................................................................
(1‌)
(10‌)
10,000‌
$
100,000‌
Investor
A
Shares
sold
.............................................................................
11,058‌
$
110,437‌
Shares
issued
in
reinvestment
of
distributions
........................................................
3‌
32‌
Shares
redeemed
.........................................................................
(1‌)
(10‌)
11,060‌
$
110,459‌
Class
K
Shares
sold
.............................................................................
4,980,001‌
$
49,800,010‌
Shares
redeemed
.........................................................................
(1‌)
(10‌)
4,980,000‌
$
49,800,000‌
5,001,060‌
$
50,010,459‌
Institutional
Investor
A
Class
K
Sustainable
High
Yield
Bond
..........................................................................
$
10,000‌
$
10,000‌
$
4,980,000‌
Sustainable
Low
Duration
Bond
........................................................................
10,000‌
10,000‌
4,980,000‌
Sustainable
Total
Return
.............................................................................
10,000‌
10,000‌
4,980,000‌
Disclosure
of
Investment
Advisory
Agreements
and
Sub-Advisory
Agreements
2022
BlackRock
Semi-Annual
Report
to
Shareholders
74
The
Board
of
Trustees
of
BlackRock
Funds
V
and
the
Board
of
Directors
of
BlackRock
Bond
Fund,
Inc.
(together,
the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
met
on
September
24,
2021
(the
“Meeting”)
to
consider
the
approval
of
the
proposed
investment
advisory
agreements
(the
“Advisory
Agreements”)
between
BlackRock
Funds
V,
on
behalf
of
BlackRock
Sustainable
Low
Duration
Bond
Fund
(the
“Sustainable
Low
Duration
Bond
Fund”),
and
between
BlackRock
Bond
Fund,
Inc.
(together
with
BlackRock
Funds
V,
the
“Registrants”
and
each,
a
“Registrant”),
on
behalf
of
BlackRock
Sustainable
Total
Return
Fund
(the
“Sustainable
Total
Return
Fund”
and
together
with
the
Sustainable
Low
Duration
Bond
Fund,
the
“Funds”
and
each,
a
“Fund”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
advisor.
The
Board
also
considered
the
initial
approval
of
the
proposed
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
each
Fund.
The
Manager
and
the
Sub-Advisors
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreements
and
the
Sub-Advisory
Agreements
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process
Pursuant
to
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
is
required
to
consider
the
initial
approval
of
the
Agreements.
The
Board
members
whom
are
not
“interested
persons”
of
the
Registrants,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
In
connection
with
this
process,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
to
be
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.
At
the
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements.
The
Board
considered
all
factors
it
believed
relevant
with
respect
to
each
Fund,
including,
among
other
factors:
(a)
the
nature,
extent
and
quality
of
the
services
to
be
provided
by
BlackRock;
(b)
the
investment
performance
of
BlackRock
portfolio
management;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
to
be
provided
and
estimated
profits
to
be
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
each
Fund;
(d)
the
sharing
of
potential
economies
of
scale;
(e)
potential
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
each
Fund;
and
(f)
other
factors
deemed
relevant
by
the
Board
Members.
In
considering
approval
of
the
Agreements,
the
Board
met
with
the
relevant
investment
advisory
personnel
from
BlackRock
and
considered
all
information
it
deemed
reasonably
necessary
to
evaluate
the
terms
of
the
Agreements.
The
Board
received
materials
in
advance
of
the
Meeting
relating
to
its
consideration
of
the
Agreements,
including,
among
other
things,
(a)
fees
and
estimated
expense
ratios
of
each
Fund
in
comparison
to
the
fees
and
expense
ratios
of
a
peer
group
of
funds
as
determined
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”)
and
other
metrics,
as
applicable;
(b)
information
on
the
composition
of
the
peer
group
of
funds
and
a
description
of
Broadridge’s
methodology;
(c)
information
regarding
BlackRock’s
economic
outlook
for
each
Fund
and
its
general
investment
outlook
for
the
markets;
(d)
information
regarding
fees
paid
to
service
providers
that
are
affiliates
of
BlackRock;
and
(e)
information
outlining
the
legal
duties
of
the
Board
under
the
1940
Act
with
respect
to
the
consideration
and
approval
of
the
Agreements.
The
Board
also
noted
information
received
at
prior
Board
meetings
concerning
compliance
records
and
regulatory
matters
relating
to
BlackRock.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
to
be
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
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
did
not
identify
any
particular
information
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
to
be
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
to
be
provided
by
BlackRock,
including
the
investment
advisory
services
to
be
provided
to
each
Fund.
The
Board
received
information
concerning
the
investment
philosophy
and
investment
process
to
be
used
by
BlackRock
in
managing
each
Fund,
as
well
as
a
description
of
the
capabilities,
personnel
and
services
of
BlackRock.
In
connection
with
this
review,
the
Board
considered
BlackRock’s
in-
house
research
capabilities
as
well
as
other
resources
available
to
its
personnel.
The
Board
considered
the
scope
of
the
services
to
be
provided
by
BlackRock
to
each
Fund
under
the
Agreements
relative
to
services
typically
provided
by
third
parties
to
other
funds.
The
Board
noted
that
the
standard
of
care
applicable
under
the
Agreements
was
comparable
to
that
found
generally
in
investment
company
advisory
agreements.
The
Board
concluded
that
the
scope
of
BlackRock’s
services
to
be
provided
to
each
Fund
was
consistent
with
each
Fund’s
operational
requirements,
including,
in
addition
to
seeking
to
meet
its
investment
objective,
compliance
with
investment
restrictions,
tax
and
reporting
requirements
and
related
shareholder
services.
The
Board,
including
the
Independent
Board
Members,
also
considered
the
quality
of
the
administrative
and
other
non-investment
advisory
services
to
be
provided
by
BlackRock
and
its
affiliates
to
each
Fund.
The
Board
evaluated
the
procedures
of
BlackRock
designed
to
fulfill
its
fiduciary
duty
to
each
Fund
with
respect
to
possible
conflicts
of
interest,
including
BlackRock’s
code
of
ethics
(regulating
the
personal
trading
of
BlackRock’s
officers
and
employees),
the
procedures
by
which
BlackRock
allocates
trades
among
its
various
investment
advisory
clients,
the
integrity
of
the
systems
in
place
to
ensure
compliance
with
the
foregoing
and
the
record
of
BlackRock
in
these
matters.
The
Board
also
noted
information
received
at
prior
meetings
of
the
boards
of
directors/trustees
of
other
funds
in
the
BlackRock
Fixed
Income
Complex
(the
“Fund
Complex”)
concerning
the
standards
of
BlackRock
and
its
affiliates
with
respect
to
the
execution
of
portfolio
transactions.
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
to
be
provided
to
each
Fund.
BlackRock
and
its
affiliates
will
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,
as
applicable.
In
particular,
BlackRock
and
its
Disclosure
of
Investment
Advisory
Agreements
and
Sub-Advisory
Agreements
(continued)
75
Disclosure
of
Investment
Advisory
Agreements
and
Sub-Advisory
Agreements
affiliates
will
provide
each
Fund
with
certain
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus,
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;
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
&
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
B.
The
Investment
Performance
of
each
Fund
and
BlackRock
In
their
capacity
as
members
of
the
boards
of
directors/trustees
of
other
funds
in
the
Fund
Complex,
the
Board,
including
the
Independent
Board
Members,
previously
received
and
considered
information
about
BlackRock’s
investment
performance
for
other
funds.
The
Board,
however,
did
not
consider
the
performance
history
of
each
Fund
because
the
Funds
had
not
yet
commenced
operations
as
of
the
date
of
the
Meeting.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
to
be
Provided
and
Estimated
Profits
to
be
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
each
Fund
The
Board,
including
the
Independent
Board
Members,
reviewed
each
Fund’s
proposed
contractual
management
fee
rate
as
compared
with
the
other
funds
in
its
Broadridge
category.
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
considered
each
Fund’s
estimated
total
net
expense
ratio
compared
to
those
of
other
funds
in
its
Broadridge
category.
The
estimated
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses.
The
estimated
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers.
Additionally,
the
Board
noted
information
received
at
prior
meetings
of
the
boards
of
directors/trustees
of
other
funds
in
the
Fund
Complex
concerning
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).
The
Board
noted
that
it
had
previously
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition
in
connection
with
their
duties
as
trustees
or
directors
of
other
funds
in
the
BlackRock
family
of
open-end
funds.
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
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
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels.
The
Board
noted
that
the
Sustainable
Low
Duration
Bond
Fund’s
contractual
management
fee
ranked
in
the
first
quartile,
and
that
the
Sustainable
Low
Duration
Bond
Fund’s
estimated
actual
management
fee
rate
and
estimated
total
expense
ratio
each
ranked
in
the
first
quartile,
relative
to
the
Sustainable
Low
Duration
Bond
Fund’s
peers.
The
Board
also
noted
that
the
Sustainable
Low
Duration
Bond
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Sustainable
Low
Duration
Bond
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Sustainable
Low
Duration
Bond
Fund
were
to
decrease,
the
Sustainable
Low
Duration
Bond
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
the
Manager
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Sustainable
Low
Duration
Bond
Fund’s
total
expenses
as
a
percentage
of
the
Sustainable
Low
Duration
Bond
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
The
Board
noted
that
the
Sustainable
Total
Return
Fund’s
contractual
management
fee
ranked
in
the
third
quartile,
and
that
the
Sustainable
Total
Return
Fund’s
estimated
actual
management
fee
rate
and
estimated
total
expense
ratio
each
ranked
in
the
first
quartile,
relative
to
the
Sustainable
Total
Return
Fund’s
peers.
The
Board
also
noted
that
the
Sustainable
Total
Return
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Sustainable
Total
Return
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Sustainable
Total
Return
Fund
were
to
decrease,
the
Sustainable
Total
Return
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
the
Manager
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Sustainable
Total
Return
Fund’s
total
expenses
as
a
percentage
of
the
Sustainable
Total
Return
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
As
each
Fund
had
not
commenced
operations
as
of
the
date
of
the
Meeting,
BlackRock
was
not
able
to
provide
the
Board
with
specific
information
concerning
the
expected
profits
to
be
realized
by
BlackRock
and
its
affiliates
from
their
relationships
with
each
Fund.
BlackRock,
however,
will
provide
the
Board
with
such
information
at
future
meetings.
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.
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
Disclosure
of
Investment
Advisory
Agreements
and
Sub-Advisory
Agreements
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
76
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
noted
that
it
considered
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices
and
received
and
reviewed
reports
from
BlackRock
and
its
affiliates
at
prior
meetings
of
the
boards
of
directors/trustees
of
other
funds
in
each
Fund
Complex
which
included
information
on
brokerage
commissions
and
trade
execution
practices.
Conclusion
The
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
Advisory
Agreements
between
the
Manager
and
BlackRock
Funds
V,
on
behalf
of
the
Sustainable
Low
Duration
Bond
Fund,
and
BlackRock
Bond
Fund,
Inc.,
on
behalf
of
the
Sustainable
Total
Return
Fund,
for
a
two-year
term
beginning
on
the
effective
date
of
each
Advisory
Agreement,
and
the
Sub-Advisory
Agreements
between
the
Manager
and
BIL,
with
respect
to
each
Fund,
and
the
Sub-Advisory
Agreements
between
the
Manager
and
BRS,
with
respect
to
each
Fund,
for
a
two-year
term
beginning
on
the
effective
date
of
each
Sub-Advisory
Agreement.
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
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.
Statement
Regarding
Liquidity
Risk
Management
Program
77
Statement
Regarding
Liquidity
Risk
Management
Program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
BlackRock
Funds
V
(the
"Trust")
and
BlackRock
Bond
Fund,
Inc.
(the
"Corporation")
have
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
the
BlackRock
Sustainable
High
Yield
Bond
Fund,
BlackRock
Sustainable
Low
Duration
Bond
Fund
and
BlackRock
Sustainable
Total
Return
Fund
(the
“Funds”),
each
a
series
of
the
Trust
or
the
Corporation,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
of
the
Trust
and
the
Board
of
Directors
of
Corporation
(together,
the
"Board"),
on
behalf
of
the
Funds,
met
on
November
18-19,
2021
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC
or
BlackRock
Fund
Advisors
(“BlackRock”),
each
an
investment
adviser
to
certain
BlackRock
funds,
as
the
program
administrator
for
each
Fund’s
Program,
as
applicable.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2020
through
September
30,
2021
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
the
imposition
of
capital
controls
in
certain
countries.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Where
a
fund
participated
in
borrowings
for
investment
purposes
(such
as
tender
option
bonds
or
reverse
repurchase
agreements),
such
borrowings
were
factored
into
the
Program’s
calculation
of
a
fund’s
liquidity
bucketing.
Derivative
exposure
was
also
considered
in
such
calculation.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
Fund’s
reasonably
anticipated
trading
size
(“RATS”).
Each
Fund
has
adopted
an
in-kind
redemption
policy
which
may
be
utilized
to
meet
larger
redemption
requests.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
.
The
Committee
considered
the
terms
of
the
credit
facility
committed
to
each
Fund,
the
financial
health
of
the
institution
providing
the
facility
and
the
fact
that
the
credit
facility
is
shared
among
multiple
funds
(including
that
a
portion
of
the
aggregate
commitment
amount
is
specifically
designated
for
BlackRock
Floating
Rate
Income
Portfolio,
a
series
of
BlackRock
Funds
V).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
Funds,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Additional
Information
2022
BlackRock
Semi-Annual
Report
to
Shareholders
78
Regulation
Regarding
Derivatives
On
October
28,
2020,
the
Securities
and
Exchange
Commission
(the
“SEC”)
adopted 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)
79
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-Adviser
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
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
Sustainable
Low
Duration
Bond
Fund
and
BlackRock
Sustainable
Total
Return
Fund.
`
Glossary
of
Terms
Used
in
this
Report
2022
BlackRock
Semi-Annual
Report
to
Shareholders
80
Currency
Abbreviation
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
USD
United
States
Dollar
Portfolio
Abbreviation
CDI
Crest
Depository
Interests
CLO
Collateralized
Loan
Obligation
CSMC
Credit
Suisse
Mortgage
Capital
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GO
General
Obligation
Bonds
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
OTC
Over-the-counter
RB
Revenue
Bonds
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
SOFR
Secured
Overnight
Financing
Rate
TBA
To-be-announced
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
Fund
unless
preceded
or
accompanied
by
the
Fund’s
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.
SHYB-03/22-SAR
Item 2 –  Code of Ethics – Not Applicable to this semi-annual report
Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the 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 – Not Applicable to this semi-annual report
              (a)(2) Section 302 Certifications are attached
             
section302
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4)
Change in Registrant’s independent public accountant – 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: May 20, 2022
 
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: May 20, 2022
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds V
 
Date: May 20, 2022

 
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: May 20, 2022
/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: May 20, 2022
/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 March 31, 2022 (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: May 20, 2022
/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 March 31, 2022 (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: May 20, 2022
/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.