APRIL 30, 2021 2021 Quarterly Report (Unaudited) BlackRock Funds II BlackRock Multi-Asset Income Portfolio Not FDIC Insured - May Lose Value - No Bank Guarantee Schedule of Investments (unaudited) BlackRock Multi-Asset Income Portfolio (Percentages shown are based on Net Assets) April 30, 2021 Par (000) Par (000) Security Par (000) Value Security Par (000) Value Asset-Backed Securities — 6.9% Asset-Backed Securities (continued) Accredited Mortgage Loan Trust, Series 2004-4, Series 2020-SFR1, Class F, 3.57%, Class M2, (LIBOR USD 1 Month + 1.58%), 04/17/37 ..................... USD 19,850 $ 20,201,395 1.68%, 01/25/35(a) ................. USD 1,126 $ 1,115,000 Series 2020-SFR1, Class G, 4.31%, AGL CLO 3 Ltd., Series 2020-3A, Class C, 04/17/37 ..................... 7,500 7,624,247 (LIBOR USD 3 Month + 2.15%), 2.33%, Anchorage Capital CLO 3-R Ltd.(a)(b): 01/15/33(a)(b) ..................... 2,000 2,001,417 Series 2014-3RA, Class B, (LIBOR USD 3 AGL Core CLO 5 Ltd., Series 2020-5A, Class Month + 1.50%), 1.68%, 01/28/31 .... 3,400 3,351,635 B, (LIBOR USD 3 Month + 2.78%), 2.97%, Series 2014-3RA, Class C, (LIBOR USD 3 07/20/30(a)(b) ..................... 3,000 3,007,297 Month + 1.85%), 2.03%, 01/28/31 .... 1,250 1,245,314 AIG CLO Ltd.(a)(b): Anchorage Capital CLO 4-R Ltd.(a)(b): Series 2018-1A, Class CR, (LIBOR USD 3 Series 2014-4RA, Class C, (LIBOR USD 3 Month + 2.05%), 2.22%, 04/20/32 .... 1,500 1,500,000 Month + 1.85%), 2.03%, 01/28/31 .... 600 596,618 Series 2018-1A, Class DR, (LIBOR USD 3 Series 2014-4RA, Class D, (LIBOR USD 3 Month + 3.10%), 3.27%, 04/20/32 .... 1,000 1,000,000 Month + 2.60%), 2.78%, 01/28/31 .... 2,250 2,190,584 Series 2019-2A, Class A, (LIBOR USD 3 Anchorage Capital CLO 5-R Ltd., Series Month + 1.36%), 1.54%, 10/25/32 .... 11,500 11,514,193 2014-5RA, Class C, (LIBOR USD 3 Month + AIMCO CLO, Series 2015-AA, Class BR, 1.85%), 2.03%, 01/15/30(a)(b) .......... 1,850 1,829,349 (LIBOR USD 3 Month + 1.30%), 1.48%, Anchorage Capital CLO 8 Ltd.(a)(b): 01/15/28(a)(b) ..................... 1,500 1,499,979 Series 2016-8A, Class BR, (LIBOR USD 3 AIMCO CLO 11 Ltd.(a)(b): Month + 1.60%), 1.78%, 07/28/28 .... 1,400 1,402,453 Series 2020-11A, Class B1, (LIBOR USD 3 Series 2016-8A, Class DR, (LIBOR USD 3 Month + 1.80%), 1.98%, 10/15/31 .... 2,000 1,998,054 Month + 3.00%), 3.18%, 07/28/28 .... 4,000 4,000,160 Series 2020-11A, Class C, (LIBOR USD 3 Anchorage Capital CLO Ltd.(a)(b): Month + 2.40%), 2.58%, 10/15/31 .... 2,000 2,002,919 Series 2018-10A, Class A1A, (LIBOR USD 3 Ajax Mortgage Loan Trust(b): Month + 1.20%), 1.38%, 10/15/31 .... 7,650 7,650,055 Series 2018-E, Class A, 4.38%, 06/25/58(a) 5,671 5,722,548 Series 2018-10A, Class B, (LIBOR USD 3 Series 2018-E, Class B, 5.25%, 06/25/58(a)(c) 630 634,473 Month + 1.75%), 1.93%, 10/15/31 .... 3,000 2,985,903 Series 2018-E, Class C, 0.00%, 06/25/58(a) 1,555 1,345,355 Series 2018-10A, Class D, (LIBOR USD 3 Series 2018-F, Class A, 4.38%, 11/25/58(a)(c) 5,508 5,578,568 Month + 3.15%), 3.33%, 10/15/31 .... 1,500 1,499,986 Series 2018-F, Class B, 5.25%, 11/25/58(a)(c) 719 726,384 Anchorage Capital Europe CLO 2 DAC, Series Series 2018-F, Class C, 0.00%, 11/25/58(c) . 1,665 999,010 2X, Class ER, (EURIBOR 3 Month + 6.45%), Series 2018-G, Class A, 4.38%, 06/25/57(a)(c) 5,059 5,053,763 6.45%, 04/15/34(a) ................. EUR 499 582,219 Series 2018-G, Class B, 5.25%, 06/25/57(a)(c) 816 615,702 Anchorage Capital Europe CLO DAC, Series Series 2018-G, Class C, 5.25%, 06/25/57(c) 2,082 2,047,715 4X, Class E, (EURIBOR 3 Month + 5.71%), Series 2019-B, Class A, 3.75%, 01/25/59(a) 2,677 2,715,850 5.71%, 04/25/34(a) ................. 300 354,254 Series 2019-B, Class B, 5.25%, 01/25/59(a)(c) 420 317,100 Antares CLO Ltd., Series 2017-2A, Class A, Series 2019-B, Class C, 0.00%, 01/25/59(c) 1,073 920,776 (LIBOR USD 3 Month + 1.53%), 1.72%, Allegany Park CLO Ltd., Series 2019-1A, Class 01/20/30(a)(b) ..................... USD 5,000 5,008,187 A, (LIBOR USD 3 Month + 1.33%), 1.52%, Apidos CLO XII, Series 2013-12A, Class AR, 01/20/33(a)(b) ..................... 4,000 4,006,143 (LIBOR USD 3 Month + 1.08%), 1.26%, Allegro CLO II-S Ltd., Series 2014-1RA, Class 04/15/31(a)(b) ..................... 2,400 2,397,626 B, (LIBOR USD 3 Month + 2.15%), 2.34%, Apidos CLO XV(a)(b): 10/21/28(a)(b) ..................... 1,300 1,291,686 Series 2013-15A, Class CRR, (LIBOR USD Allegro CLO VI Ltd., Series 2017-2A, Class 3 Month + 1.85%), 2.04%, 04/20/31 ... 7,000 6,948,221 B, (LIBOR USD 3 Month + 1.50%), 1.69%, Series 2013-15A, Class DRR, (LIBOR USD 01/17/31(a)(b) ..................... 1,000 987,756 3 Month + 2.70%), 2.89%, 04/20/31 ... 2,000 1,974,959 Allegro CLO VII Ltd., Series 2018-1A, Class Apidos CLO XX, Series 2015-20A, Class BRR, B, (LIBOR USD 3 Month + 1.65%), 1.83%, (LIBOR USD 3 Month + 1.95%), 2.13%, 06/13/31(a)(b) ..................... 1,000 994,717 07/16/31(a)(b) ..................... 1,750 1,746,631 Allegro CLO XI Ltd., Series 2019-2A, Class Apidos CLO XXII, Series 2015-22A, Class CR, A1A, (LIBOR USD 3 Month + 1.39%), (LIBOR USD 3 Month + 2.95%), 3.14%, 1.58%, 01/19/33(a)(b) ................ 2,000 2,005,238 04/20/31(a)(b) ..................... 1,000 993,621 ALM Ltd., Series 2020-1A, Class A2, (LIBOR Apidos CLO XXIX(a)(b): USD 3 Month + 1.85%), 2.03%, 10/15/29(a)(b) 3,500 3,498,231 Series 2018-29A, Class A2, (LIBOR USD 3 ALM VII R-2 Ltd., Series 2013-7R2A, Class Month + 1.55%), 1.73%, 07/25/30 .... 1,000 995,410 BR2, (LIBOR USD 3 Month + 2.20%), Series 2018-29A, Class B, (LIBOR USD 3 2.38%, 10/15/27(a)(b) ................ 600 598,913 Month + 1.90%), 2.08%, 07/25/30 .... 1,000 994,876 AMMC CLO 21 Ltd., Series 2017-21A, Class Apidos CLO XXV, Series 2016-25A, Class A1R, A, (LIBOR USD 3 Month + 1.25%), 1.45%, (LIBOR USD 3 Month + 1.17%), 1.36%, 11/02/30(a)(b) ..................... 1,750 1,750,172 10/20/31(a)(b) ..................... 4,500 4,501,795 AMMC CLO XII Ltd., Series 2013-12A, Class Apidos CLO XXVII, Series 2017-27A, Class AR, (LIBOR USD 3 Month + 1.20%), 1.40%, A2, (LIBOR USD 3 Month + 1.70%), 1.89%, 11/10/30(a)(b) ..................... 2,000 2,000,206 07/17/30(a)(b) ..................... 2,000 2,001,380 AMSR Trust(b): Apidos CLO XXXII, Series 2019-32A, Class Series 2020-SFR1, Class E, 3.22%, C, (LIBOR USD 3 Month + 2.40%), 2.59%, 04/17/37 ..................... 10,250 10,456,661 01/20/33(a)(b) ..................... 1,000 1,004,120 2 Schedule of Investments (unaudited) (continued) BlackRock Multi-Asset Income Portfolio (Percentages shown are based on Net Assets) April 30, 2021 Par (000) Par (000) Security Par (000) Value Security Par (000) Value Asset-Backed Securities (continued) Asset-Backed Securities (continued) Aqueduct European CLO 2 DAC, Series 2017- Atrium VIII, Series 8A, Class SUB, 0.00%, 2X, Class E, (EURIBOR 3 Month + 4.40%), 10/23/24(a)(b) ..................... USD 11,500 $ 220,800 4.40%, 10/15/30(a) ................. EUR 219 $ 246,226 Atrium XIV LLC, Series 14A, Class C, (LIBOR Ares CLO Ltd., Series 2018-50A, Class B, USD 3 Month + 1.95%), 2.13%, 08/23/30(a)(b) 1,000 988,367 (LIBOR USD 3 Month + 1.70%), 1.88%, Atrium XV(a)(b): 01/15/32(a)(b) ..................... USD 4,000 4,005,957 Series 15A, Class B, (LIBOR USD 3 Month Ares LII CLO Ltd., Series 2019-52A, Class B, + 1.75%), 1.92%, 01/23/31 ......... 1,000 1,000,229 (LIBOR USD 3 Month + 1.85%), 2.03%, Series 15A, Class D, (LIBOR USD 3 Month 04/22/31(a)(b) ..................... 5,000 4,999,989 + 3.00%), 3.17%, 01/23/31 ......... 500 499,998 Ares LIII CLO Ltd.(a)(b): Avoca CLO XV DAC, Series 15X, Class ER, Series 2019-53A, Class C, (LIBOR USD 3 (EURIBOR 3 Month + 4.13%), 4.13%, Month + 2.65%), 2.83%, 04/24/31 .... 4,500 4,505,004 04/15/31(a) ...................... EUR 670 753,812 Series 2019-53A, Class D, (LIBOR USD 3 Ballyrock CLO Ltd.(a)(b): Month + 3.75%), 3.93%, 04/24/31 ...