# EDGAR Filing Document

**Accession Number:** 0001398078
**File Stem:** 0001752724-23-037498
**Filing Date:** 2023-2
**Character Count:** 35643
**Document Hash:** ac3fdf72dee8d9d6072b238b37caa339
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037498.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037498

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Funds II
- **CENTRAL INDEX KEY:** 0001398078
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22061
- **FILM NUMBER:** 23661293

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Fixed Income Trust
- **DATE OF NAME CHANGE:** 20070501

## Series and Classes Contracts Data

### BLACKROCK 40/60 TARGET ALLOCATION FUND (Series ID: S000018360)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000050742 | INSTITUTIONAL SHARES |  |
| C000050743 | INVESTOR A SHARES    |  |
| C000050744 | INVESTOR C SHARES    |  |
| C000050745 | Class R Shares       |  |
| C000166011 | Class K              |  |

## Nport-Ex

Schedule of Investments (unaudited)

December 31, 2022

#### BlackRock 40/60 Target Allocation Fund

#### (Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/<br> Investment<br> Value* | *Value* |
| **Investment Companies<sup>(a)</sup>** | **Investment Companies<sup>(a)</sup>** | **Investment Companies<sup>(a)</sup>** |
| **Equity Funds — 41.6%** | **Equity Funds — 41.6%** | **Equity Funds — 41.6%** |
| BlackRock Equity Dividend Fund, Class K<br>| &nbsp;&nbsp;&nbsp;&nbsp; 335038 | &nbsp;&nbsp;&nbsp;$6121140 |
| iShares Core S&P 500 ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 129373 | &nbsp;&nbsp;&nbsp;&nbsp; 49706401 |
| iShares Core S&P Small-Cap ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63353 | &nbsp;&nbsp;&nbsp;&nbsp; 5995728 |
| iShares Core S&P Total U.S. Stock Market ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 587970 | &nbsp;&nbsp;&nbsp;&nbsp; 49859856 |
| iShares ESG Aware MSCI U.S.A. ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 588779 | &nbsp;&nbsp;&nbsp;&nbsp; 49899020 |
| iShares GSCI Commodity Dynamic Roll Strategy ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 189011 | &nbsp;&nbsp;&nbsp;&nbsp; 5328220 |
| iShares MSCI EAFE Growth ETF<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 232403 | &nbsp;&nbsp;&nbsp;&nbsp; 19466075 |
| iShares MSCI EAFE Value ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 550725 | &nbsp;&nbsp;&nbsp;&nbsp; 25267263 |
| iShares MSCI Emerging Markets Min Vol Factor ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 331349 | &nbsp;&nbsp;&nbsp;&nbsp; 17578065 |
| iShares MSCI U.S.A. Momentum Factor ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40660 | &nbsp;&nbsp;&nbsp;&nbsp; 5933514 |
| iShares U.S. Technology ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 112972 | &nbsp;&nbsp;&nbsp;&nbsp; 8415284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;243570566 |
| **Fixed-Income Funds — 58.2%** | **Fixed-Income Funds — 58.2%** | **Fixed-Income Funds — 58.2%** |
| BlackRock Strategic Income Opportunities Portfolio, Class K<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5210069 | &nbsp;&nbsp;&nbsp;&nbsp; 47984732 |
| BlackRock U.S. Mortgage Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1365345 | &nbsp;&nbsp;&nbsp;&nbsp; 11987733 |
| iShares 10-20 Year Treasury Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 227142 | &nbsp;&nbsp;&nbsp;&nbsp; 24572221 |
| iShares Convertible Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 85355 | &nbsp;&nbsp;&nbsp;&nbsp; 5929612 |
| iShares Core Total USD Bond Market ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1870304 | &nbsp;&nbsp;&nbsp;&nbsp; 84032758 |
| iShares Fallen Angels USD Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250922 | &nbsp;&nbsp;&nbsp;&nbsp; 6175190 |
| iShares TIPS Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 135543 | &nbsp;&nbsp;&nbsp;&nbsp; 14427197 |
| Master Total Return Portfolio<br>| $145752176 | &nbsp;&nbsp; 145752176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;340861619 |
| **Total Long-Term Investments — 99.8%<br>(Cost: $593,942,933)<br>** | **Total Long-Term Investments — 99.8%<br>(Cost: $593,942,933)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;584432185 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |
| BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.03%<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1025782 | &nbsp;&nbsp;&nbsp;$1025782 |
| SL Liquidity Series, LLC, Money Market Series, 4.49%<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942371 |
| **Total Short-Term Securities — 0.3%<br>(Cost: $1,968,153)<br>** | **Total Short-Term Securities — 0.3%<br>(Cost: $1,968,153)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968153 |
| **Total Investments — 100.1%<br>(Cost: $595,911,086)<br>** | **Total Investments — 100.1%<br>(Cost: $595,911,086)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;586400338 |
| **Liabilities in Excess of Other Assets — (0.1)%<br>** | **Liabilities in Excess of Other Assets — (0.1)%<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863769) |
| **Net Assets — 100.0%<br>** | **Net Assets — 100.0%<br>** | $585536569 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended December 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | &nbsp;&nbsp;*Value at<br> 09/30/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Purchases<br> at Cost* | &nbsp;&nbsp;&nbsp;&nbsp;*Proceeds<br> from Sale* | &nbsp;&nbsp;&nbsp;*Net<br> Realized<br> Gain (Loss)* | &nbsp;&nbsp;&nbsp;&nbsp;*Change in<br> Unrealized<br> Appreciation<br> (Depreciation)* | &nbsp;&nbsp;&nbsp;&nbsp;*Value at<br> 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Shares/<br> Investment<br> Value<br> Held at<br> 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Income<br> (Expense)* | &nbsp;&nbsp;&nbsp;&nbsp;*Capital<br> Gain<br> Distributions<br> from Underlying<br> Funds* |
| BlackRock Equity Dividend Fund, Class K<br>| &nbsp;&nbsp;$5646958 | &nbsp;&nbsp;&nbsp;&nbsp;$398776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(303511) | &nbsp;&nbsp;&nbsp;&nbsp;$(39941) | &nbsp;&nbsp;&nbsp;&nbsp;$418858 | &nbsp;&nbsp;&nbsp;&nbsp;$6121140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335038 | &nbsp;&nbsp;&nbsp;&nbsp;$56404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$241537 |
| BlackRock Liquidity Funds, T-Fund, Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; 968485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57297<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1025782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| BlackRock Strategic Income Opportunities Portfolio, Class K<br>| &nbsp;&nbsp; 30377418 | &nbsp;&nbsp;&nbsp;&nbsp; 20081300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2448602) | &nbsp;&nbsp;&nbsp;&nbsp; (115555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90171 | &nbsp;&nbsp;&nbsp;&nbsp; 47984732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5210069 | &nbsp;&nbsp;&nbsp;&nbsp; 471324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443471 |
| BlackRock U.S. Mortgage Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11747977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (85178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323486 | &nbsp;&nbsp;&nbsp;&nbsp; 11987733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4391 |

---

------

Schedule of Investments (unaudited) (continued)

December 31, 2022

BlackRock 40/60 Target Allocation Fund

#### Affiliates (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | &nbsp;&nbsp;*Value at<br> 09/30/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Purchases<br> at Cost* | &nbsp;&nbsp;&nbsp;&nbsp;*Proceeds<br> from Sale* | &nbsp;&nbsp;&nbsp;*Net<br> Realized<br> Gain (Loss)* | &nbsp;&nbsp;&nbsp;&nbsp;*Change in<br> Unrealized<br> Appreciation<br> (Depreciation)* | &nbsp;&nbsp;&nbsp;&nbsp;*Value at<br> 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Shares/<br> Investment<br> Value<br> Held at<br> 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Income<br> (Expense)* | &nbsp;&nbsp;&nbsp;&nbsp;*Capital<br> Gain<br> Distributions<br> from Underlying<br> Funds* |
| iShares 10-20 Year Treasury Bond ETF<br>| &nbsp;&nbsp;$25346673 | &nbsp;&nbsp;&nbsp;&nbsp;$739152 | &nbsp;&nbsp;&nbsp;&nbsp;$(1316747) | &nbsp;&nbsp;&nbsp;&nbsp;$(180222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(16635) | &nbsp;&nbsp;&nbsp;&nbsp;$24572221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227142 | &nbsp;&nbsp;&nbsp;&nbsp;$281685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| iShares Convertible Bond ETF<br>| &nbsp;&nbsp;&nbsp; 6271278 | &nbsp;&nbsp;&nbsp;&nbsp; 155551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (546202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135343 | &nbsp;&nbsp;&nbsp;&nbsp; 5929612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares Core S&P 500 ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49622076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2150253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16824 | &nbsp;&nbsp;&nbsp;&nbsp; 2217754 | &nbsp;&nbsp;&nbsp;&nbsp; 49706401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129373 | &nbsp;&nbsp;&nbsp;&nbsp; 226864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares Core S&P Small-Cap ETF<br>| &nbsp;&nbsp;&nbsp; 8468503 | &nbsp;&nbsp;&nbsp;&nbsp; 127471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3176572) | &nbsp;&nbsp;&nbsp;&nbsp; (263746) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840072 | &nbsp;&nbsp;&nbsp;&nbsp; 5995728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares Core S&P Total U.S. Stock Market ETF<br>| &nbsp;&nbsp;&nbsp; 96003507 | &nbsp;&nbsp;&nbsp;&nbsp; 1105293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51383837) | &nbsp;&nbsp;&nbsp;&nbsp; (6343976) | &nbsp;&nbsp;&nbsp;&nbsp; 10478869 | &nbsp;&nbsp;&nbsp;&nbsp; 49859856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587970 | &nbsp;&nbsp;&nbsp;&nbsp; 242502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares Core Total USD Bond Market ETF<br>| &nbsp;&nbsp;&nbsp; 85276507 | &nbsp;&nbsp;&nbsp;&nbsp; 2292187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4325000) | &nbsp;&nbsp;&nbsp;&nbsp; (787784) | &nbsp;&nbsp;&nbsp;&nbsp; 1576848 | &nbsp;&nbsp;&nbsp;&nbsp; 84032758 | &nbsp;&nbsp;&nbsp;&nbsp;1870304 | &nbsp;&nbsp;&nbsp;&nbsp; 826172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares ESG Aware MSCI U.S.A. ETF<br>| &nbsp;&nbsp;&nbsp; 59639451 | &nbsp;&nbsp;&nbsp;&nbsp; 1068228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14245133) | &nbsp;&nbsp;&nbsp;&nbsp; (3376882) | &nbsp;&nbsp;&nbsp;&nbsp; 6813356 | &nbsp;&nbsp;&nbsp;&nbsp; 49899020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588779 | &nbsp;&nbsp;&nbsp;&nbsp; 209953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares Fallen Angels USD Bond ETF<br>| &nbsp;&nbsp;&nbsp; 15147390 | &nbsp;&nbsp;&nbsp;&nbsp; 256238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9384654) | &nbsp;&nbsp;&nbsp;&nbsp; (2147508) | &nbsp;&nbsp;&nbsp;&nbsp; 2303724 | &nbsp;&nbsp;&nbsp;&nbsp; 6175190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250922 | &nbsp;&nbsp;&nbsp;&nbsp; 154561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares GSCI Commodity Dynamic Roll Strategy ETF<br>| &nbsp;&nbsp;&nbsp; 5655441 | &nbsp;&nbsp;&nbsp;&nbsp; 1131947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (293988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1146524) | &nbsp;&nbsp;&nbsp;&nbsp; 5328220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189011 | &nbsp;&nbsp;&nbsp;&nbsp; 1315713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 5743654 | &nbsp;&nbsp;&nbsp;&nbsp; 19835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5580733) | &nbsp;&nbsp;&nbsp;&nbsp; (757666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares MSCI EAFE Growth ETF<br>| &nbsp;&nbsp;&nbsp; 18193694 | &nbsp;&nbsp;&nbsp;&nbsp; 340166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1725144) | &nbsp;&nbsp;&nbsp;&nbsp; (157670) | &nbsp;&nbsp;&nbsp;&nbsp; 2815029 | &nbsp;&nbsp;&nbsp;&nbsp; 19466075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares MSCI EAFE Value ETF<br>| &nbsp;&nbsp;&nbsp; 20058025 | &nbsp;&nbsp;&nbsp;&nbsp; 2348123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1154226) | &nbsp;&nbsp;&nbsp;&nbsp; (148749) | &nbsp;&nbsp;&nbsp;&nbsp; 4164090 | &nbsp;&nbsp;&nbsp;&nbsp; 25267263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550725 | &nbsp;&nbsp;&nbsp;&nbsp; 297532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares MSCI Emerging Markets Min Vol Factor ETF<br>| &nbsp;&nbsp;&nbsp; 17124113 | &nbsp;&nbsp;&nbsp;&nbsp; 551428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (881783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868195 | &nbsp;&nbsp;&nbsp;&nbsp; 17578065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331349 | &nbsp;&nbsp;&nbsp;&nbsp; 252308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

------

Schedule of Investments (unaudited) (continued)

December 31, 2022

BlackRock 40/60 Target Allocation Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | &nbsp;&nbsp;*Value at<br> 09/30/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Purchases<br> at Cost* | &nbsp;&nbsp;&nbsp;&nbsp;*Proceeds<br> from Sale* | &nbsp;&nbsp;&nbsp;*Net<br> Realized<br> Gain (Loss)* | &nbsp;&nbsp;&nbsp;&nbsp;*Change in<br> Unrealized<br> Appreciation<br> (Depreciation)* | &nbsp;&nbsp;&nbsp;&nbsp;*Value at<br> 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Shares/<br> Investment<br> Value<br> Held at<br> 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Income<br> (Expense)* | &nbsp;&nbsp;&nbsp;&nbsp;*Capital<br> Gain<br> Distributions<br> from Underlying<br> Funds* |
| iShares MSCI U.S.A. Momentum Factor ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$5860929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(253245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4501 | &nbsp;&nbsp;&nbsp;&nbsp;$321329 | &nbsp;&nbsp;&nbsp;&nbsp;$5933514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40660 | &nbsp;&nbsp;&nbsp;&nbsp;$34770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| iShares TIPS Bond ETF<br>| &nbsp;&nbsp; 26460291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319819 | &nbsp;&nbsp;&nbsp;&nbsp; (12577195) | &nbsp;&nbsp;&nbsp;&nbsp; (2808471) | &nbsp;&nbsp;&nbsp;&nbsp; 3032753 | &nbsp;&nbsp;&nbsp;&nbsp; 14427197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares U.S. Technology ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8799667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (377987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 8415284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares U.S. Treasury Bond ETF<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 5957817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5819556) | &nbsp;&nbsp;&nbsp;&nbsp; (473806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Master Total Return Portfolio<br>| &nbsp;&nbsp; 147718107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329673<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3356603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60999 | &nbsp;&nbsp;&nbsp;&nbsp; 145752176 | &nbsp;&nbsp;&nbsp;&nbsp;$145752176 | &nbsp;&nbsp;&nbsp;&nbsp; 1554018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| SL Liquidity Series, LLC, Money Market Series<br>| &nbsp;&nbsp;&nbsp; 3723165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2777940)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1133<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp;&nbsp;$(21133832) | &nbsp;&nbsp;&nbsp;&nbsp;$36197266 | &nbsp;&nbsp;&nbsp;&nbsp;$586400338 |  | &nbsp;&nbsp;&nbsp;&nbsp;$6265417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$689399 |

---

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> As of period end, the entity is no longer held.

<sup>(c)</sup> Inclusive of income and expense allocated from the Master Portfolio.

<sup>(d)</sup> 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.

#### Fair Value Hierarchy as of Period End
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:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

Certain investments of the Fund were fair valued using net asset value ("NAV") as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

------

Schedule of Investments (unaudited) (continued)

December 31, 2022

BlackRock 40/60 Target Allocation Fund

#### Fair Value Hierarchy as of Period End (continued)
**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.**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Level 1* | &nbsp;&nbsp;*Level 2* | &nbsp;&nbsp;*Level 3* | &nbsp;&nbsp;*Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Companies <br>| &nbsp;&nbsp;$438680009 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$438680009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1025782 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1025782 |
|  | &nbsp;&nbsp;$439705791 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439705791 |
| &nbsp;&nbsp;&nbsp;Investments valued at NAV<sup>(a)</sup><br>|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146694547 |
|  |  |  |  | &nbsp;&nbsp;$586400338 |

---

<sup>(a)</sup> Certain investments of the Funds were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| ETF | &nbsp;&nbsp;Exchange-Traded Fund |
| S&P | &nbsp;&nbsp;Standard & Poor's |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock Funds II

- **b. Investment Company Act file number:** 811-22061

- **c. CIK number of Registrant:** 0001398078

- **d. LEI of Registrant:** 549300D3TWJFD5S1P721

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock 40/60 Target Allocation Fund

- **b. EDGAR series identifier (if any):** S000018360

- **c. LEI of Series:** 549300BHT3YEZF704A40

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $585920342.35

**Total Liabilities:** $532141.34

**Net Assets:** $585388201.01

**Cash Not Reported:** $508387.36

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000166011 | 2.10%                | 5.09%                | -2.45%               |
| Class ID C000050742 | 2.10%                | 5.09%                | -2.48%               |
| Class ID C000050745 | 2.04%                | 5.08%                | -2.48%               |
| Class ID C000050743 | 2.12%                | 5.06%                | -2.51%               |
| Class ID C000050744 | 2.06%                | 4.96%                | -2.54%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-16745781.36            | $28648462.42                               |
| Month 2  | $-967290.01              | $29493534.65                               |
| Month 3  | $-1356007.78             | $-17675761.84                              |

### Schedule of Portfolio Investments

| Name                                               | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BlackRock Liquidity Funds T-Fund                   | BlackRock Liquidity Funds T-Fund                   | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |    272498 | NS      | $272498.21    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| BlackRock Equity Dividend Fund                     | BlackRock Equity Dividend Fund                     | CUSIP: 09251M801<br>LEI: NYJHWN6MTILGQH13C139 | Long             | EC               | RF                | US        |    334829 | NS      | $6117321.49   | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Fallen Angels USD Bond ETF                 | iShares Fallen Angels USD Bond ETF                 | CUSIP: 46435G474<br>LEI: 549300TGAA9LRLT3ZX42 | Long             | EC               | RF                | US        |    250767 | NS      | $6171375.87   | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares 10-20 Year Treasury Bond ETF               | iShares 10-20 Year Treasury Bond ETF               | CUSIP: 464288653<br>LEI: 549300MH5J7BUV0VS287 | Long             | EC               | RF                | US        |    226985 | NS      | $24555237.30  | 4.19%             |  |  |  | No            | 1                  | On Loan: No      |
| BlackRock US Mortgage Portfolio                    | BlackRock US Mortgage Portfolio                    | CUSIP: 56166L303<br>LEI: 7XZIIEG4IA6DDFOL6S68 | Long             | EC               | CORP              | US        |   1360372 | NS      | $11944066.70  | 2.04%             |  |  |  | No            | 1                  | On Loan: No      |
| MONEY MARKET SERIES LLC                            | MONEY MARKET SERIES LLC                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     22202 | NS      | $22200.00     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| iShares MSCI EAFE Growth ETF                       | iShares MSCI EAFE Growth ETF                       | CUSIP: 464288885<br>LEI: 549300TM3QJ7458P4314 | Long             | EC               | RF                | US        |    232268 | NS      | $19454767.68  | 3.32%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares MSCI Emerging Markets Min Vol Factor ETF   | iShares MSCI Emerging Markets Min Vol Factor ETF   | CUSIP: 464286533<br>LEI: N/A                  | Long             | EC               | RF                | US        |    331134 | NS      | $17566658.70  | 3.00%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares MSCI EAFE Value ETF                        | iShares MSCI EAFE Value ETF                        | CUSIP: 464288877<br>LEI: 549300AN74D4XJZB8Y40 | Long             | EC               | RF                | US        |    550394 | NS      | $25252076.72  | 4.31%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Core S&P 500 ETF                           | iShares Core S&P 500 ETF                           | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             | EC               | RF                | US        |    129289 | NS      | $49674126.69  | 8.49%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Convertible Bond ETF                       | iShares Convertible Bond ETF                       | CUSIP: 46435G102<br>LEI: 5493009GXGY863LN1X56 | Long             | EC               | RF                | US        |     85300 | NS      | $5925791.00   | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Core Total USD Bond Market ETF             | iShares Core Total USD Bond Market ETF             | CUSIP: 46434V613<br>LEI: 549300IWM5U5LVTDP761 | Long             | EC               | RF                | US        |   1869074 | NS      | $83977494.82  | 14.35%            |  |  |  | No            | 1                  | On Loan: No      |
| iShares Core S&P Small-Cap ETF                     | iShares Core S&P Small-Cap ETF                     | CUSIP: 464287804<br>LEI: 549300BZQ17QYN750B25 | Long             | EC               | RF                | US        |     63313 | NS      | $5991942.32   | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares ESG Aware MSCI USA ETF                     | iShares ESG Aware MSCI USA ETF                     | CUSIP: 46435G425<br>LEI: 549300N2OW8SZV95FP93 | Long             | EC               | RF                | US        |    588397 | NS      | $49866645.75  | 8.52%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares US Technology ETF                          | iShares US Technology ETF                          | CUSIP: 464287721<br>LEI: 5493003RR427QZS78C77 | Long             | EC               | RF                | US        |    112895 | NS      | $8409548.55   | 1.44%             |  |  |  | No            | 1                  | On Loan: —       |
| iShares MSCI USA Momentum Factor ETF               | iShares MSCI USA Momentum Factor ETF               | CUSIP: 46432F396<br>LEI: 5493002ZOOZ0SN3YYI81 | Long             | EC               | RF                | US        |     40634 | NS      | $5929719.62   | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| BlackRock Strategic Income Opportunities Portfolio | BlackRock Strategic Income Opportunities Portfolio | CUSIP: 09260B374<br>LEI: WMEVRQ7LCLDEFWERGI49 | Long             | EC               | RF                | US        |   5185380 | NS      | $47757351.87  | 8.16%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares TIPS Bond ETF                              | iShares TIPS Bond ETF                              | CUSIP: 464287176<br>LEI: 549300EHD1VQKMRQ0829 | Long             | EC               | RF                | US        |    135454 | NS      | $14417723.76  | 2.46%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares GSCI Commodity Dynamic                     | iShares GSCI Commodity Dynamic                     | CUSIP: 46431W853<br>LEI: 549300E6DRJWWX0UKV73 | Long             | EC               | RF                | US        |    188874 | NS      | $5324358.06   | 0.91%             |  |  |  | No            | 1                  | On Loan: No      |
| MASTER BOND LLC                                    | MASTER TOTAL RETURN PORTFOLIO                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | RF                | US        |   9184613 | NS      | $145718476.22 | 24.89%            |  |  |  | No            | N/A                | On Loan: No      |
| ISHARES TRUST                                      | ISHARES CORE S&P TOTAL U.S. STOCK MARKET ETF       | CUSIP: 464287150<br>LEI: 549300E44NRXZV2OY345 | Long             | EC               | RF                | US        |    587588 | NS      | $49827462.40  | 8.51%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2023-02-23

**Name of Applicant:** BlackRock Funds II

**Signature:** Ann Frechette

**Name of Signer:** Ann Frechette

**Title:** Assistant Treasurer