Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22061

Name of Fund: BlackRock Funds II

BlackRock Global Dividend Income Portfolio

BlackRock Multi-Asset Income Portfolio

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds II, 55 East 52 ^nd Street,

New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 07/31/2013

Date of reporting period: 10/31/2012

Item 1 – Schedule of Investments

Schedule of Investments October 31, 2012 (Unaudited)

BlackRock Global Dividend Income Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Belgium – 1.6%
Anheuser-Busch InBev NV		223,923	$	18,726,834
Brazil – 0.9%
Souza Cruz SA		836,215		10,910,464
Canada – 3.3%
National Bank of Canada		153,835		11,887,845
Rogers Communications, Inc., Class B		608,060		26,690,714

				38,578,559
Finland – 1.0%
Kone Oyj, Class B		167,342		11,999,886
France – 6.5%
Eutelsat Communications SA		576,854		18,471,266
Legrand SA		386,644		14,916,233
Sanofi SA		354,067		31,096,635
Total SA		244,277		12,304,219

				76,788,353
Hong Kong – 1.8%
Power Assets Holdings Ltd.		2,435,500		20,695,767
Italy – 1.0%
ENI SpA		529,405		12,182,031
Japan – 2.1%
Canon, Inc.		375,000		12,187,379
NTT DoCoMo, Inc.		8,382		12,145,747

				24,333,126
Netherlands – 2.4%
Royal Dutch Shell Plc, B Shares		806,377		28,523,734
Singapore – 2.5%
DBS Group Holdings Ltd.		1,613,000		18,317,921
Singapore Telecommunications Ltd.		4,374,000		11,521,180

				29,839,101
Sweden – 3.9%
Hennes & Mauritz AB, B Shares		827,710		28,064,737
Svenska Handelsbanken AB, A Shares		514,099		17,642,438

				45,707,175
Switzerland – 8.1%
Nestle SA		430,304		27,319,240
Novartis AG		539,725		32,545,727
Roche Holding AG		180,238		34,718,383

				94,583,350
Taiwan – 4.1%
Chunghwa Telecom Co. Ltd. - ADR		439,980		13,674,578
Far EasTone Telecommunications Co. Ltd.		5,176,500		11,949,185
Taiwan Mobile Co. Ltd.		3,577,000		12,478,740
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		644,017		10,239,870

				48,342,373


Common Stocks	Shares		Value
United Kingdom – 21.9%
BHP Billiton Plc		626,233	$	20,071,704
British American Tobacco Plc		502,637		24,930,785
Diageo Plc		1,013,247		28,967,459
GlaxoSmithKline Plc		1,385,067		31,036,072
HSBC Holdings Plc		2,067,200		20,370,418
Imperial Tobacco Group Plc		970,377		36,699,380
Reckitt Benckiser Group Plc		314,075		19,028,134
TESCO Plc		4,518,098		23,378,776
Unilever Plc		673,576		25,126,720
Vodafone Group Plc		9,996,156		27,146,125

				256,755,573
United States – 37.2%
Altria Group, Inc.		445,907		14,179,843
AT&T, Inc.		717,601		24,821,819
Chevron Corp.		236,549		26,070,065
The Coca-Cola Co.		786,299		29,234,597
Emerson Electric Co.		364,652		17,660,096
Genuine Parts Co.		359,351		22,488,186
Johnson & Johnson		474,528		33,606,073
Kraft Foods Group, Inc.		503,685		22,907,609
Lorillard, Inc.		204,883		23,768,477
McDonald’s Corp.		284,738		24,715,258
Merck & Co., Inc.		359,063		16,384,045
Microsoft Corp.		767,467		21,899,671
PepsiCo, Inc.		230,559		15,963,905
Pfizer, Inc.		1,515,328		37,686,207
Philip Morris International, Inc.		221,266		19,595,317
Reynolds American, Inc.		364,292		15,169,119
U.S. Bancorp		527,769		17,527,208
United Parcel Service, Inc., Class B		158,166		11,585,660
United Technologies Corp.		322,987		25,244,664
Verizon Communications, Inc.		375,595		16,766,561

				437,274,380
Total Long-Term Investments
(Cost – $1,061,039,384) – 98.3%				1,155,240,706


Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.17% (a)(b)		22,161,947		22,161,947
Total Short-Term Securities (Cost – $22,161,947) – 1.9%				22,161,947
Total Investments *(Cost – $1,083,201,331) – 100.2%**				1,177,402,653
Liabilities in Excess of Other Assets – (0.2)%				(2,916,706	)

Net Assets – 100.0%			$	1,174,485,947

Portfolio Abbreviations



To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:	ADR AKA	American Depositary Receipts Also Known As	GBP JPY	British Pound Japanese Yen
	ADR AKA	American Depositary Receipts Also Known As	GBP JPY	British Pound Japanese Yen
	DIP	Debtor In Possession	MLP	Master Limited Partnership
	EUR	Euro	SEK	Swedish Krona
	FKA	Formerly Known As	USD	US Dollar



BLACKROCK FUNDS II	OCTOBER 31, 2012	1

Schedule of Investments (concluded)

BlackRock Global Dividend Income Portfolio

*	As of October 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	1,085,587,058

Gross unrealized appreciation	$	108,518,633
Gross unrealized depreciation		(16,703,038	)

Net unrealized appreciation	$	91,815,595

(a)	Investments in issuers considered to be an affiliate of the Fund during the period ended October 31, 2012, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate

Shares

Held at
July 31,

2012

Net

Activity

Shares

Held at
October 31,
2012

Income

BlackRock Liquidity Funds, TempFund, Institutional Class

28,550,221

(6,388,274

)

22,161,947

11,020

(b)	Represents the current yield as of report date.

—

Foreign currency exchange contracts as of October 31, 2012 were as follows:


Currency Purchased		Currency Sold		Counterparty	Settle- ment Date	Unrea- lized- App- reciation (Depre- ciation)
GBP	38,554,000	USD	61,778,698	UBS AG	11/01/12	$	438,054
USD	60,510,696	GBP	38,554,000	State Street Corp.	11/01/12		(1,706,057)
USD	16,589,000	SEK	112,420,000	UBS AG	11/15/12		(352,184)
JPY	3,840,818,000	GBP	48,996,275	JPMorgan Chase & Co.	12/06/12		(1,732,049)
USD	61,759,267	GBP	38,554,000	UBS AG	2/07/13		(436,809)

Total						$	(3,789,045)

—

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

—

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the 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)

—

Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative 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 level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined

based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument 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 investments and derivative financial instruments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy as of October 31, 2012:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Belgium		–	$	18,726,834		–	$	18,726,834
Brazil	$	10,910,464		–		–		10,910,464
Canada		38,578,559		–		–		38,578,559
Finland		–		11,999,886		–		11,999,886
France		–		76,788,353		–		76,788,353
Hong Kong		–		20,695,767		–		20,695,767
Italy		–		12,182,031		–		12,182,031
Japan		–		24,333,126		–		24,333,126
Netherlands		–		28,523,734		–		28,523,734
Singapore		–		29,839,101		–		29,839,101
Sweden		–		45,707,175		–		45,707,175
Switzerland		–		94,583,350		–		94,583,350
Taiwan		23,914,448		24,427,925		–		48,342,373
United Kingdom		–		256,755,573		–		256,755,573
United States		437,274,380		–		–		437,274,380
Short-Term Securities		22,161,947		–		–		22,161,947

Total	$	532,839,798	$	644,562,855		–	$	1,177,402,653


	Level 1		Level 2			Level 3		Total
Derivative Financial Instruments ¹
Assets:
Foreign currency exchange contracts		–	$	438,054			–	$	438,054
Liabilities:
Foreign currency exchange contracts		–		(4,227,099	)		–		(4,227,099	)

Total		–	$	(3,789,045	)		–	$	(3,789,045	)

¹	Derivative financial instruments are foreign currency exchange contracts which are valued at the unrealized appreciation/depreciation on the instrument.

Certain of the Fund’s assets are held at carrying amount, which approximates fair value for financial reporting purposes. As of October 31, 2012, foreign currency at value of $180 is categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended October 31, 2012.



2	BLACKROCK FUNDS II	OCTOBER 31, 2012

Schedule of Investments October 31, 2012 (Unaudited)

BlackRock Multi-Asset Income Portfolio

(Percentages shown are based on Net Assets)


Asset-Backed Securities	Par (000)		Value
Alm Loan Funding, Series 2012-7A, Class C, 4.86%, 10/19/24 (a)(b)		USD 1,000	$	953,538
Conseco Financial Corp., Series 1995-5, Class M1, 7.65%, 9/15/26 (b)		100		101,891
GSAA Trust, Series 2006-18, Class AF6, 5.68%, 11/25/36 (c)		6,231		3,604,035
Morgan Stanley Mortgage Loan Trust, Series 2007-IXS, Class 2A3, 5.92%, 9/25/46 (c)		1,087		587,000
Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 6/15/32 (b)		231		240,555
Total Asset-Backed Securities – 0.5%				5,487,019



Common Stocks	Shares
Aerospace & Defense – 0.3%
United Technologies Corp.		45,701		3,571,990
Air Freight & Logistics – 0.1%
United Parcel Service, Inc., Class B		21,191		1,552,241
Automobiles – 0.1%
Tata Motors Ltd. - ADR		26,100		630,315
Tofas Turk Otomobil Fabrikasi AS		93,354		521,163

				1,151,478
Beverages – 1.5%
Anheuser-Busch InBev NV		36,181		3,025,842
Cia de Bebidas das Americas - ADR		11,401		465,047
The Coca-Cola Co.		122,819		4,566,410
Diageo Plc		144,660		4,135,648
Fomento Economico Mexicano SAB de CV - ADR		4,662		422,424
PepsiCo, Inc.		36,107		2,500,049
Thai Beverage Pcl		2,368,000		842,597

				15,958,017
Capital Markets – 0.0%
CETIP SA - Mercados Organizados		28,283		325,852
Chemicals – 0.1%
Uralkali OJSC - GDR		15,941		628,815
Commercial Banks – 1.5%
Banco de Chile		3,207,016		478,770
Banco do Brasil SA		69,072		736,954
Bank Mandiri Persero Tbk PT		439,500		375,456
Bank of China Ltd., H Shares		1,774,000		726,776
Credicorp Ltd.		5,771		746,421
DBS Group Holdings Ltd.		50,000		567,821
Grupo Financiero Santander Mexico SAB de CV - ADR, Class B		28,761		393,163
HSBC Holdings Plc		290,000		2,857,692
Komercni Banka AS		2,012		411,717
National Bank of Canada		22,792		1,761,288
Sberbank of Russia - ADR		54,208		631,523


Common Stocks	Shares		Value
Commercial Banks (concluded)
Siam Commercial Bank Pcl		84,800	$	443,317
Standard Bank Group Ltd.		40,503		500,140
Svenska Handelsbanken AB, A Shares		75,830		2,602,273
U.S. Bancorp		77,400		2,570,454

				15,803,765
Commercial Services & Supplies – 0.0%
Multiplus SA		10,844		251,953
Distributors – 0.3%
Genuine Parts Co.		53,418		3,342,898
Diversified Financial Services – 0.2%
African Bank Investments Ltd.		48,270		163,328
BM&FBovespa SA		196,920		1,260,412
Bolsa Mexicana de Valores SAB de CV		429,980		952,300

				2,376,040
Diversified Telecommunication Services – 1.1%
AT&T, Inc.		102,860		3,557,927
Chunghwa Telecom Co. Ltd. - ADR		52,839		1,642,236
Singapore Telecommunications Ltd.		670,000		1,764,790
Telefonica Brasil SA - ADR		23,178		510,380
Telekomunikasi Indonesia Persero Tbk PT		824,000		836,903
Verizon Communications, Inc.		65,482		2,923,116

				11,235,352
Electric Utilities – 0.2%
Power Assets Holdings Ltd.		270,370		2,297,481
Electrical Equipment – 0.5%
Emerson Electric Co.		61,147		2,961,349
Legrand SA		58,150		2,243,353

				5,204,702
Electronic Equipment, Instruments & Components – 0.1%
Delta Electronics, Inc.		152,000		518,487
Energy Equipment & Services – 0.3%
Seadrill Partners LLC		109,400		2,631,070
Tenaris SA - ADR		13,466		506,591

				3,137,661
Food & Staples Retailing – 0.4%
CP ALL Pcl		349,600		452,031
The Spar Group Ltd.		45,232		634,019
TESCO Plc		621,146		3,214,103

				4,300,153
Food Products – 1.1%
Kraft Foods Group, Inc.		73,333		3,335,200
Nestle SA		66,980		4,252,442
Unilever Plc		89,455		3,336,982
Want Want China Holdings Ltd.		350,000		476,497

				11,401,121



BLACKROCK FUNDS II	OCTOBER 31, 2012	3

Schedule of Investments (continued)

BlackRock Multi-Asset Income Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Gas Utilities – 0.1%
Cia de Gas de Sao Paulo		18,485	$	486,459
Perusahaan Gas Negara Persero Tbk PT		1,520,500		733,346

				1,219,805
Hotels, Restaurants & Leisure – 0.4%
McDonald’s Corp.		40,779		3,539,617
Sands China Ltd.		134,400		502,402

				4,042,019
Household Durables – 0.1%
Woongjin Coway Co. Ltd.		18,630		678,169
Household Products – 0.3%
Kimberly-Clark de Mexico SAB de CV, A Shares		270,550		655,816
Reckitt Benckiser Group Plc		48,396		2,932,056

				3,587,872
Industrial Conglomerates – 0.0%
Alliance Global Group, Inc.		723,300		260,834
Bidvest Group Ltd.		6,872		164,027

				424,861
Insurance – 0.1%
Hyundai Marine & Fire Insurance Co. Ltd.		16,680		538,321
Powszechny Zaklad Ubezpieczen SA		8,314		972,542

				1,510,863
Machinery – 0.2%
Kone Oyj, Class B		24,609		1,764,681
Turk Traktor ve Ziraat Makineleri AS		12,346		270,068

				2,034,749
Media – 0.4%
BEC World Pcl		456,000		874,083
Eutelsat Communications SA		86,197		2,760,088
Media Nusantara Citra Tbk PT		764,692		224,256

				3,858,427
Metals & Mining – 0.9%
BHP Billiton Ltd.		74,031		2,621,113
China Hongqiao Group Ltd.		986,000		455,547
Hi-Crush Partners LP		208,510		4,274,455
Koza Altin Isletmeleri AS		28,138		613,094
Kumba Iron Ore Ltd.		3,262		204,020
Vale SA - ADR		62,951		1,130,609

				9,298,838
Multiline Retail – 0.1%
Intime Department Store Group Co. Ltd.		209,000		246,266
Woolworths Holdings Ltd.		60,435		456,283

				702,549
Office Electronics – 0.2%
Canon, Inc.		63,300		2,057,230
Oil, Gas & Consumable Fuels – 7.3%
Access Midstream Partners LP - MLP		189,411		6,665,373
Bangchak Petroleum Pcl		213,600		182,230
Chevron Corp.		39,447		4,347,454
China Petroleum & Chemical Corp., H Shares		840,000		885,257
China Shenhua Energy Co. Ltd., H Shares		164,000		694,901


Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels (concluded)
DCP Midstream Partners LP - MLP		81,536	$	3,633,244
Dragon Oil Plc		36,185		324,870
Enbridge Energy Partners LP - MLP		81,033		2,430,990
Energy Transfer Partners LP - MLP		83,778		3,585,698
ENI SpA		79,831		1,836,975
Enterprise Products Partners LP - MLP		75,164		3,961,894
Kinder Morgan Energy Partners LP- MLP		29,192		2,442,203
Lukoil OAO - ADR		27,511		1,656,162
MarkWest Energy Partners LP - MLP		153,783		8,339,652
ONEOK Partners LP - MLP		121,066		7,378,973
Plains All American Pipeline LP - MLP		182,842		8,297,370
Royal Dutch Shell Plc, A Shares		122,619		4,207,426
S-Oil Corp.		5,617		513,627
Targa Resources Partners LP - MLP		130,839		5,479,537
Total SA		36,835		1,855,377
Tupras Turkiye Petrol Rafinerileri AS		20,022		489,700
Western Gas Partners LP - MLP		66,915		3,411,327
Williams Partners LP - MLP		82,418		4,366,506

				76,986,746
Personal Products – 0.1%
Natura Cosmeticos SA		38,040		1,014,188
Pharmaceuticals – 3.1%
GlaxoSmithKline Plc		204,713		4,587,134
Johnson & Johnson		74,918		5,305,693
Merck & Co., Inc.		50,116		2,286,793
Novartis AG		82,302		4,962,858
Pfizer, Inc.		246,274		6,124,834
Roche Holding AG		26,231		5,052,752
Sanofi SA		51,511		4,524,056

				32,844,120
Real Estate Management & Development – 0.0%
SOHO China Ltd.		316,500		214,158
Semiconductors & Semiconductor Equipment – 0.3%
Taiwan Semiconductor Manufacturing Co. Ltd.		54,000		164,541
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		171,358		2,724,592

				2,889,133
Software – 0.3%
Microsoft Corp.		105,535		3,011,441
Specialty Retail – 0.5%
The Foschini Group Ltd.		53,407		775,407
Hennes & Mauritz AB, B Shares		121,185		4,108,957

				4,884,364
Textiles, Apparel & Luxury Goods – 0.1%
Bosideng International Holdings Ltd.		1,994,000		630,305
Tobacco – 2.1%
Altria Group, Inc.		70,479		2,241,232
British American Tobacco Plc		77,023		3,820,339
Gudang Garam Tbk PT		84,500		430,896
Imperial Tobacco Group Plc		141,036		5,333,941
Lorillard, Inc.		29,784		3,455,242
Philip Morris International, Inc.		39,601		3,507,065
Reynolds American, Inc.		49,231		2,049,979



4	BLACKROCK FUNDS II	OCTOBER 31, 2012

Schedule of Investments (continued)

BlackRock Multi-Asset Income Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Tobacco (concluded)
Souza Cruz SA		119,005	$	1,552,710

				22,391,404
Transportation Infrastructure – 0.4%
CCR SA		148,147		1,302,728
China Merchants Holdings International Co. Ltd.		172,000		567,386
Copa Holdings SA, Class A		7,493		695,500
Grupo Aeroportuario del Sureste SAB de CV - ADR		7,645		738,278
Jasa Marga Persero Tbk PT		658,000		396,254

				3,700,146
Wireless Telecommunication Services – 1.7%
Advanced Info Service Pcl		64,800		416,299
America Movil SAB de CV, Series L - ADR		24,138		610,450
China Mobile Ltd.		62,500		693,234
ENTEL Chile SA		17,769		363,560
Far EasTone Telecommunications Co. Ltd.		878,750		2,028,464
Mobile Telesystems OJSC - ADR		30,183		517,337
NTT DoCoMo, Inc.		1,113		1,612,767
Philippine Long Distance Telephone Co. - ADR		18,847		1,197,350
Rogers Communications, Inc., Class B		91,814		4,030,163
Taiwan Mobile Co. Ltd.		514,000		1,793,143
Turkcell Iletisim Hizmetleri AS		97,756		597,247
Vodacom Group Ltd.		36,861		464,350
Vodafone Group Plc		1,415,063		3,842,825

				18,167,189
Total Common Stocks – 26.5%				279,206,582


Corporate Bonds	Par (000)		Value
Advertising – 0.0%
Affinion Group, Inc., 7.88%, 12/15/18	USD	650		531,375
Aerospace & Defense – 0.1%
Huntington Ingalls Industries, Inc., 7.13%, 3/15/21		500		537,500
Kratos Defense & Security Solutions, Inc., 10.00%, 6/01/17		320		345,600

				883,100
Airlines – 0.1%
American Airlines Pass-Through Trust, Series 2011-2, Class A, 8.63%, 10/15/21		480		501,348
Continental Airlines, Inc., 6.75%, 9/15/15 (a)		850		889,313
U.S. Airways Pass-Through Trust, Series 2012-1, Class C, 9.13%, 10/01/15		140		142,800

				1,533,461
Auto Components – 0.2%
GT 2005 Bonds BV, 8.00%, 7/21/14 (c)		2,000		2,005,200
IDQ Holdings, Inc., 11.50%, 4/01/17 (a)		100		106,500

				2,111,700
Beverages – 0.0%
Constellation Brands, Inc., 6.00%, 5/01/22		280		317,800
Biotechnology – 0.1%
Fufeng Group Co. Ltd., 7.63%, 4/13/16		1,500		1,462,500
Building Products – 0.6%
Building Materials Corp. of America, 6.75%, 5/01/21 (a)		250		272,500


Corporate Bonds	Par (000)		Value
Building Products (concluded)
Cemex Finance LLC, 9.38%, 10/12/22 (a)	USD	630	$	658,350
HD Supply, Inc.:
8.13%, 4/15/19 (a)		588		646,800
11.00%, 4/15/20 (a)		720		819,000
11.50%, 7/15/20 (a)		1,885		1,983,963
Shea Homes LP/Shea Homes Funding Corp., 8.63%, 5/15/19		1,050		1,168,125
USG Corp., 9.75%, 1/15/18		290		316,825

				5,865,563
Capital Markets – 0.6%
E*TRADE Financial Corp., 12.50%, 11/30/17		1,972		2,233,290
Sun Hung Kai & Co. BVI Ltd., 6.38%, 9/26/17		1,500		1,493,475
UBS AG, 7.63%, 8/17/22		2,000		2,156,814

				5,883,579
Chemicals – 1.0%
Ashland, Inc., 4.75%, 8/15/22 (a)		150		153,000
Celanese U.S. Holdings LLC, 5.88%, 6/15/21		400		445,500
Hexion U.S. Finance Corp., 6.63%, 4/15/20		155		154,613
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, 9.00%, 11/15/20		500		448,750
Huntsman International LLC, 8.63%, 3/15/21		555		631,313
Ineos Finance Plc:
8.38%, 2/15/19 (a)		1,000		1,050,000
7.50%, 5/01/20 (a)		125		126,563
INEOS Group Holdings SA, 8.50%, 2/15/16 (a)		75		72,375
LyondellBasell Industries NV:
6.00%, 11/15/21		200		231,250
5.75%, 4/15/24		2,635		3,050,013
Nufarm Australia Ltd., 6.38%, 10/15/19 (a)		220		225,500
Rockwood Specialties Group, Inc., 4.63%, 10/15/20		955		983,650
Tronox Finance LLC, 6.38%, 8/15/20 (a)		3,085		3,077,287

				10,649,814
Commercial Banks – 0.8%
Bank of India, 6.25%, 2/16/21		3,000		3,276,150
BOE Merger Corp., 9.50%, 11/01/17 (a)(d)		190		190,000
CIT Group, Inc.:
5.00%, 5/15/17		110		115,918
5.25%, 3/15/18		410		435,625
5.50%, 2/15/19 (a)		340		362,525
5.00%, 8/15/22		250		259,057
MPM Escrow LLC/MPM Finance Escrow Corp., 8.88%, 10/15/20 (a)		390		382,200
Oversea-Chinese Banking Corp. Ltd., 3.15%, 3/11/23 (b)		3,000		3,019,797

				8,041,272
Commercial Services & Supplies – 1.6%
ADS Waste Holdings, Inc., 8.25%, 10/01/20 (a)		3,211		3,323,385
ARAMARK Holdings Corp., 8.63%, 5/01/16 (a)(d)		600		613,506
Aviation Capital Group Corp., 7.13%, 10/15/20 (a)		3,750		3,940,875
Ceridian Corp., 8.88%, 7/15/19 (a)		1,385		1,468,100
Clean Harbors, Inc., 5.25%, 8/01/20 (a)		252		258,300
Covanta Holding Corp., 6.38%, 10/01/22		325		353,689
Laureate Education, Inc., 9.25%, 9/01/19 (a)		1,330		1,310,050
Mead Products LLC/ACCO Brands Corp., 6.75%, 4/30/20 (a)		22		22,468
Mobile Mini, Inc., 7.88%, 12/01/20		2,861		3,093,456



BLACKROCK FUNDS II	OCTOBER 31, 2012	5

Schedule of Investments (continued)

BlackRock Multi-Asset Income Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Commercial Services & Supplies (concluded)
ServiceMaster Co., 8.00%, 2/15/20	USD	2,290	$	2,404,500

				16,788,329
Computer Software & Services – 0.2%
Infor US, Inc., 9.38%, 4/01/19		2,320		2,563,600
Computers & Peripherals – 0.0%
NCR Corp., 5.00%, 7/15/22 (a)		220		224,675
Consumer Finance – 0.1%
Credit Acceptance Corp., 9.13%, 2/01/17		500		548,750
Containers & Packaging – 0.8%
Ardagh Packaging Finance Plc:
7.38%, 10/15/17 (a)		425		456,875
9.13%, 10/15/20 (a)		525		548,625
Berry Plastics Corp., 9.75%, 1/15/21		1,970		2,235,950
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA:
9.00%, 4/15/19		100		101,250
7.88%, 8/15/19		190		206,150
9.88%, 8/15/19		910		953,225
5.75%, 10/15/20 (a)		2,930		2,959,300
6.88%, 2/15/21		400		425,000
Sealed Air Corp., 8.38%, 9/15/21 (a)		220		242,000
Tekni-Plex, Inc., 9.75%, 6/01/19 (a)		40		42,800

				8,171,175
Diversified Financial Services – 1.4%
Ally Financial, Inc., 8.00%, 11/01/31		1,945		2,314,550
Axis Bank Ltd., 5.13%, 9/05/17		3,000		3,144,813
Big Will Investments Ltd., 10.88%, 4/29/16		1,500		1,571,400
CNG Holdings, Inc., 9.38%, 5/15/20 (a)		920		947,600
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust, Series 2012-1: Class A, 6.50%, 5/30/21 (a)		255		259,164
Class B, 5.13%, 11/30/24 (a)		270		280,800
Dufry Finance SCA, 5.50%, 10/15/20 (a)		403		410,053
Enel Finance International NV, 6.00%, 10/07/39 (a)		1,000		968,678
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 8.00%, 1/15/18		1,590		1,709,250
Nuveen Investments, Inc., 9.13%, 10/15/17 (a)		273		272,659
SSG Resources Ltd., 4.25%, 10/04/22		3,000		3,122,400

				15,001,367
Diversified Telecommunication Services – 1.1%
Bakrie Telecom Pte Ltd., 11.50%, 5/07/15		1,000		475,000
Consolidated Communications Finance Co., 10.88%, 6/01/20 (a)		155		164,494
Intelsat Jackson Holdings SA:
7.25%, 10/15/20 (a)		2,670		2,830,200
6.63%, 12/15/22 (a)		189		187,583
Intelsat Luxembourg SA:
11.25%, 2/04/17		720		756,000
11.50%, 2/04/17 (d)		1,490		1,568,225
Level 3 Communications, Inc., 8.88%, 6/01/19 (a)		160		168,000
Level 3 Financing, Inc.:
8.13%, 7/01/19		2,210		2,359,175
7.00%, 6/01/20 (a)		221		224,867
PCCW Capital No 4 Ltd., 5.75%, 4/17/22		2,000		2,191,600


Corporate Bonds	Par (000)		Value
Diversified Telecommunication Services (concluded)
TW Telecom Holdings, Inc., 5.38%, 10/01/22 (a)	USD	285	$	292,837

				11,217,981
Electric Utilities – 0.9%
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.:
6.88%, 8/15/17 (a)		675		683,437
10.00%, 12/01/20		7,819		8,542,257
11.75%, 3/01/22 (a)		141		137,827
The Tokyo Electric Power Co., Inc., 4.50%, 3/24/14	EUR	350		458,218

				9,821,739
Electrical Equipment – 0.1%
Belden, Inc., 5.50%, 9/01/22 (a)	USD	627		637,973
General Cable Corp., 5.75%, 10/01/22 (a)		590		600,325

				1,238,298
Energy Equipment & Services – 0.5%
Gulfmark Offshore, Inc., 6.38%, 3/15/22 (a)		170		177,225
Hornbeck Offshore Services, Inc., 5.88%, 4/01/20		230		234,025
Key Energy Services, Inc., 6.75%, 3/01/21 (a)		360		356,400
Perusahaan Listrik Negara PT, 5.25%, 10/24/42		1,500		1,531,800
Seadrill Ltd., 5.63%, 9/15/17 (a)		2,795		2,795,000
SESI LLC, 7.13%, 12/15/21		485		540,775

				5,635,225
Food & Staples Retailing – 0.3%
FPC Finance Ltd., 6.00%, 6/28/19		1,000		1,102,800
Olam International Ltd., 7.50%, 8/12/20		1,000		1,036,250
Rite Aid Corp., 9.25%, 3/15/20		780		797,550

				2,936,600
Food Products – 0.1%
Del Monte Corp., 7.63%, 2/15/19		151		155,153
Post Holdings, Inc., 7.38%, 2/15/22 (a)		715		758,794
Smithfield Foods, Inc., 6.63%, 8/15/22		431		451,473

				1,365,420
Health Care Equipment & Supplies – 0.9%
Alere, Inc., 7.88%, 2/01/16		558		581,715
Biomet, Inc.:
6.50%, 8/01/20 (a)		2,463		2,543,047
6.50%, 10/01/20 (a)		2,425		2,358,313
DJO Finance LLC/DJO Finance Corp.:
8.75%, 3/15/18 (a)		1,020		1,088,850
9.88%, 4/15/18 (a)		360		352,800
Hologic, Inc., 6.25%, 8/01/20 (a)		1,942		2,058,520
Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/01/19 (a)		670		639,850
VWR Funding, Inc., 7.25%, 9/15/17 (a)		35		35,613

				9,658,708
Health Care Providers & Services – 2.3%
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp., 7.75%, 2/15/19		835		879,881



6	BLACKROCK FUNDS II	OCTOBER 31, 2012

Schedule of Investments (continued)

BlackRock Multi-Asset Income Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Health Care Providers & Services (concluded)
CHS/Community Health Systems, Inc.:
5.13%, 8/15/18		USD 295	$	306,063
7.13%, 7/15/20		1,991		2,105,483
DaVita HealthCare Partners, Inc., 5.75%, 8/15/22		2,541		2,655,345
Fresenius Medical Care US Finance II, Inc., 5.63%, 7/31/19 (a)		500		526,250
Fresenius Medical Care US Finance, Inc., 5.75%, 2/15/21 (a)		917		969,727
Fresenius US Finance II, Inc., 9.00%, 7/15/15 (a)		700		803,250
Hanger, Inc., 7.13%, 11/15/18		770		804,650
HCA, Inc.:
6.50%, 2/15/20		2,015		2,226,575
5.88%, 3/15/22		2,208		2,368,080
4.75%, 5/01/23		810		810,000
IASIS Healthcare LLC/IASIS Capital Corp.,
8.38%, 5/15/19		1,895		1,743,400
INC Research LLC, 11.50%, 7/15/19 (a)		850		854,250
Omnicare, Inc., 7.75%, 6/01/20		1,010		1,111,000
PSS World Medical, Inc., 6.38%, 3/01/22		549		655,369
Tenet Healthcare Corp.:
10.00%, 5/01/18		750		855,000
6.25%, 11/01/18		1,250		1,353,125
8.88%, 7/01/19		1,090		1,218,075
6.75%, 2/01/20 (a)		310		308,063
4.75%, 6/01/20 (a)		477		472,826
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 7.75%, 2/01/19 (a)		1,005		1,042,687

				24,069,099
Health Care Technology – 0.1%
IMS Health, Inc.:
12.50%, 3/01/18 (a)		300		357,000
6.00%, 11/01/20 (a)		376		382,580

				739,580
Hotels, Restaurants & Leisure – 1.2%
Affinity Gaming LLC/Affinity Gaming Finance Corp., 9.00%, 5/15/18 (a)		489		507,337
Caesars Entertainment Operating Co., Inc.:
11.25%, 6/01/17		2,375		2,570,937
10.00%, 12/15/18		666		416,250
8.50%, 2/15/20 (a)		540		530,550
9.00%, 2/15/20 (a)		1,709		1,713,273
Carlson Wagonlit BV, 6.88%, 6/15/19 (a)		230		240,350
Choice Hotels International, Inc., 5.75%, 7/01/22		1,270		1,390,650
Diamond Resorts Corp., 12.00%, 8/15/18		700		750,750
MGM Resorts International:
4.25%, 4/15/15		1,235		1,265,875
11.13%, 11/15/17		750		826,875
8.63%, 2/01/19 (a)		238		257,337
MTR Gaming Group, Inc., 11.50%, 8/01/19		848		885,873
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.38%, 3/15/22 (a)		1,046		1,078,687

				12,434,744
Household Durables – 0.5%
Beazer Homes USA, Inc., 6.63%, 4/15/18 (a)		370		395,900


Corporate Bonds	Par (000)		Value
Household Durables (concluded)
DR Horton, Inc., 4.38%, 9/15/22		USD 320	$	320,800
K Hovnanian Enterprises Inc, 7.25%,
10/15/20 (a)		975		1,028,625
Libbey Glass, Inc., 6.88%, 5/15/20 (a)		1,507		1,604,955
PulteGroup, Inc., 6.38%, 5/15/33		85		82,450
Standard Pacific Corp.:
10.75%, 9/15/16		295		365,800
8.38%, 1/15/21		1,225		1,421,000

				5,219,530
Household Products – 0.1%
Spectrum Brands, Inc., 6.75%, 3/15/20 (a)		890		908,913
Independent Power Producers & Energy Traders – 0.4%
Calpine Corp., 7.88%, 1/15/23 (a)		900		994,500
DPL, Inc., 7.25%, 10/15/21		510		575,025
GenOn REMA LLC:
9.24%, 7/02/17		315		344,208
9.68%, 7/02/26		575		615,250
Halcon Resources Corp., 8.88%, 5/15/21 (a)		260		263,575
Mirant Mid-Atlantic LLC Pass-Through Trust, Class B, 9.13%, 6/30/17		147		160,705
NRG Energy, Inc.:
7.63%, 1/15/18		60		65,550
7.88%, 5/15/21		500		547,500
6.63%, 3/15/23 (a)		1,120		1,153,600

				4,719,913
Industrial Conglomerates – 0.3%
Hutchison Whampoa International Ltd., 6.00%, 12/31/49 (b)		3,000		3,139,500
Insurance – 0.6%
CNO Financial Group, Inc., 6.38%, 10/01/20 (a)		175		181,125
Genworth Financial, Inc., 7.63%, 9/24/21		700		736,254
Nippon Life Insurance Co., 5.00%, 10/18/42 (a)(b)		5,025		5,179,069

				6,096,448
Internet Software & Services – 0.3%
Pacnet Ltd., 9.25%, 11/09/15		1,200		1,205,340
Zayo Group LLC/Zayo Capital, Inc.:
8.13%, 1/01/20		1,560		1,708,200
10.13%, 7/01/20		490		547,575

				3,461,115
Machinery – 0.0%
The Manitowoc Co., Inc., 5.88%, 10/15/22		480		478,200
Media – 1.9%
Aerospace Satellite Corp. Holding BV, 12.75%, 11/16/15		1,800		1,975,500
AMC Networks, Inc., 7.75%, 7/15/21		1,565		1,772,363
Cablevision Systems Corp., 5.88%, 9/15/22		480		476,400
CCO Holdings LLC/CCO Holdings Capital Corp.:
6.50%, 4/30/21		1,290		1,370,625
5.25%, 9/30/22		800		804,000
Cengage Learning Acquisitions, Inc., 11.50%, 4/15/20 (a)		1,520		1,630,200



BLACKROCK FUNDS II	OCTOBER 31, 2012	7

Schedule of Investments (continued)

BlackRock Multi-Asset Income Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Media (concluded)
Cequel Communications Escrow 1 LLC/Cequel Communications Escrow Capital Corp., 6.38%, 9/15/20 (a)	USD	525	$	531,563
Clear Channel Communications, Inc., 9.00%, 12/15/19 (a)		276		248,400
Clear Channel Worldwide Holdings, Inc.:
9.25%, 12/15/17		1,810		1,941,225
7.63%, 3/15/20		1,885		1,795,463
DISH DBS Corp., 5.88%, 7/15/22		1,801		1,891,050
Harron Communications LP/Harron Finance Corp., 9.13%, 4/01/20 (a)		80		86,400
Nielsen Finance LLC/Nielsen Finance Co., 7.75%, 10/15/18		1,147		1,290,375
ProQuest LLC/ProQuest Notes Co., 9.00%, 10/15/18 (a)		900		837,000
Truven Health Analytics, Inc., 10.63%, 6/01/20 (a)		1,520		1,630,200
Univision Communications, Inc., 6.75%, 9/15/22 (a)		135		135,000
Virgin Media Finance Plc, 4.88%, 2/15/22		535		540,350
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (a)		170		175,100
WMG Acquisition Corp.:
11.50%, 10/01/18		342		385,605
6.00%, 1/15/21 (a)		288		288,720

				19,805,539
Metals & Mining – 0.9%
ArcelorMittal:
9.25%, 2/15/15		150		166,500
4.25%, 8/05/15		360		361,940
4.25%, 3/01/16		125		124,161
Citic Pacific Ltd., 6.80%, 1/17/23		800		830,800
FMG Resources August 2006 Pty Ltd.:
7.00%, 11/01/15 (a)		470		474,700
6.38%, 2/01/16 (a)		575		574,800
6.88%, 4/01/22 (a)		65		61,100
Global Brass and Copper, Inc., 9.50%, 6/01/19 (a)		110		119,350
Hidili Industry International Development Ltd., 8.63%, 11/04/15		1,500		1,114,725
Kaiser Aluminum Corp., 8.25%, 6/01/20		80		86,600
New Gold, Inc., 7.00%, 4/15/20 (a)		40		42,400
Novelis, Inc., 8.75%, 12/15/20		2,940		3,241,350
Steel Dynamics, Inc., 6.38%, 8/15/22 (a)		500		522,500
Vedanta Resources Plc, 9.50%, 7/18/18		1,500		1,638,900

				9,359,826
Multiline Retail – 0.2%
Dollar General Corp., 4.13%, 7/15/17		1,683		1,758,735
Oil, Gas & Consumable Fuels – 3.4%
Access Midstream Partners LP/ACMP Finance Corp:
5.88%, 4/15/21		205		213,200
6.13%, 7/15/22		335		354,263
Alpha Appalachia Holdings, Inc., 3.25%, 8/01/15		316		298,817
Aurora USA Oil & Gas, Inc., 9.88%, 2/15/17 (a)		110		116,600
Berry Petroleum Co., 6.38%, 9/15/22		575		599,437
Bharat Petroleum Corp Ltd., 4.63%, 10/25/22		1,600		1,616,960
Calfrac Holdings LP, 7.50%, 12/01/20 (a)		195		193,050


Corporate Bonds	Par (000)		Value
Oil, Gas & Consumable Fuels (concluded)
Carrizo Oil & Gas, Inc.:
8.63%, 10/15/18	USD	130	$	140,075
7.50%, 9/15/20		321		327,420
CCS, Inc., 11.00%, 11/15/15 (a)		155		158,487
Chaparral Energy, Inc., 7.63%, 11/15/22 (a)		60		63,450
Chesapeake Energy Corp.:
9.50%, 2/15/15		350		392,000
7.25%, 12/15/18		30		31,950
6.63%, 8/15/20		370		388,500
6.88%, 11/15/20		50		53,000
6.13%, 2/15/21		120		121,500
Cie Generale de Geophysique - Veritas, 6.50%, 6/01/21		650		685,750
Concho Resources, Inc., 5.50%, 10/01/22		70		73,325
CONSOL Energy, Inc.:
8.25%, 4/01/20		300		318,000
6.38%, 3/01/21		500		497,500
Crosstex Energy LP/Crosstex Energy Finance Corp., 7.13%, 6/01/22 (a)		50		50,250
CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/01/22 (a)		425		416,500
Denbury Resources, Inc., 8.25%, 2/15/20		1,085		1,228,763
Energy XXI Gulf Coast, Inc., 7.75%, 6/15/19		500		542,500
EP Energy LLC/EP Energy Finance, Inc., 6.88%, 5/01/19 (a)		285		307,800
EP Energy LLC/Everest Acquisition Finance, Inc., 7.75%, 9/01/22 (a)		115		119,025
FTS International Services LLC/FTS International Bonds, Inc., 8.13%, 11/15/18 (a)		720		752,400
Hilcorp Energy I LP/Hilcorp Finance Co., 7.63%, 4/15/21 (a)		975		1,062,750
Kodiak Oil & Gas Corp., 8.13%, 12/01/19 (a)		30		32,700
Laredo Petroleum, Inc.:
9.50%, 2/15/19		725		822,875
7.38%, 5/01/22		110		119,900
Linn Energy LLC/Linn Energy Finance Corp.:
6.25%, 11/01/19 (a)		3,583		3,583,000
7.75%, 2/01/21		750		800,625
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.:
6.25%, 6/15/22		500		541,250
5.50%, 2/15/23		145		152,250
MEG Energy Corp.:
6.50%, 3/15/21 (a)		600		643,500
6.38%, 1/30/23 (a)		430		460,100
MIE Holdings Corp., 9.75%, 5/12/16		2,000		2,120,600
Newfield Exploration Co.:
5.75%, 1/30/22		125		135,000
5.63%, 7/01/24		1,005		1,072,837
Northern Oil and Gas, Inc., 8.00%, 6/01/20		100		103,500
Oasis Petroleum, Inc., 6.88%, 1/15/23		100		106,000
Offshore Group Investment Ltd., 11.50%, 8/01/15		676		742,755
OGX Austria GmbH:
8.50%, 6/01/18 (a)		800		698,000
8.38%, 4/01/22 (a)		200		168,000
PDC Energy, Inc., 7.75%, 10/15/22 (a)		300		305,250
Peabody Energy Corp.:
6.25%, 11/15/21		640		660,800
7.88%, 11/01/26		125		133,750
PetroBakken Energy Ltd., 8.63%, 2/01/20 (a)		1,230		1,254,600



8	BLACKROCK FUNDS II	OCTOBER 31, 2012

Schedule of Investments (continued)

BlackRock Multi-Asset Income Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Oil, Gas & Consumable Fuels (concluded)
Pioneer Natural Resources Co., 7.20%, 1/15/28	USD	400	$	515,122
Plains Exploration & Production Co., 6.88%, 2/15/23		1,280		1,278,400
Precision Drilling Corp.:
6.63%, 11/15/20		25		26,750
6.50%, 12/15/21		10		10,575
QEP Resources, Inc.:
6.88%, 3/01/21		485		552,900
5.38%, 10/01/22		1,010		1,060,500
5.25%, 5/01/23		220		229,350
Range Resources Corp., 5.00%, 8/15/22		779		814,055
Regency Energy Partners LP/Regency Energy Finance Corp., 5.50%, 4/15/23		365		379,600
Sabine Pass LNG LP:
7.50%, 11/30/16		1,630		1,780,775
6.50%, 11/01/20 (a)		400		408,000
SandRidge Energy, Inc.:
7.50%, 3/15/21		150		156,000
7.50%, 3/15/21		570		592,800
8.13%, 10/15/22 (a)		400		430,000
7.50%, 2/15/23		675		698,625
SM Energy Co.:
6.50%, 11/15/21		760		799,900
6.50%, 1/01/23		55		57,475
Tesoro Corp., 5.38%, 10/01/22		345		359,663
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.88%, 10/01/20 (a)		88		91,080
Vanguard Natural Resources LLC/VNR Finance Corp., 7.88%, 4/01/20		70		71,400

				36,093,534
Paper & Forest Products – 0.0%
PH Glatfelter Co., 5.38%, 10/15/20 (a)		260		263,575
Sappi Papier Holding GmbH, 8.38%, 6/15/19 (a)		200		211,000

				474,575
Pharmaceuticals – 0.7%
Catalent Pharma Solutions, Inc., 7.88%, 10/15/18 (a)		1,477		1,491,770
inVentiv Health, Inc., 10.00%, 8/15/18 (a)		800		724,000
Jaguar Holding Co. II/Jaguar Merger Sub, Inc., 9.50%, 12/01/19 (a)		750		838,125
Sky Growth Acquisition Corp., 7.38%, 10/15/20 (a)		2,147		2,136,265
Valeant Pharmaceuticals International:
6.50%, 7/15/16 (a)		316		332,590
6.38%, 10/15/20 (a)		395		415,737
6.75%, 8/15/21 (a)		305		324,063
7.25%, 7/15/22 (a)		700		757,750

				7,020,300
Real Estate Investment Trusts (REITs) – 0.1%
Felcor Lodging LP, 6.75%, 6/01/19		627		669,323
Real Estate Management & Development – 1.7%
Agile Property Holdings Ltd., 9.88%, 3/20/17		1,500		1,631,250
Country Garden Holdings Co. Ltd., 11.13%, 2/23/18		1,500		1,690,500
Fantasia Holdings Group Co Ltd., 13.75%, 9/17/17		1,000		979,000


Corporate Bonds	Par (000)		Value
Real Estate Management & Development (concluded)
Franshion Investment Ltd., 4.70%, 10/26/17		USD 1,600	$	1,582,160
Kaisa Group Holdings Ltd., 12.88%, 9/18/17		1,000		1,021,750
KWG Property Holding Ltd., 13.25%, 3/22/17		1,000		1,128,850
Longfor Properties Co. Ltd., 6.88%, 10/18/19		900		912,375
Realogy Corp.:
7.88%, 2/15/19 (a)		410		440,750
7.63%, 1/15/20 (a)		3,378		3,791,805
Sunac China Holdings Ltd., 12.50%, 10/16/17		1,550		1,632,460
Theta Capital Pte. Ltd., 7.00%, 5/16/19		2,000		2,080,096
Yuzhou Properties Co., 11.75%, 10/25/17		700		714,700

				17,605,696
Road & Rail – 0.2%
HDTFS, Inc.:
5.88%, 10/15/20 (a)		205		207,050
6.25%, 10/15/22 (a)		260		263,575
The Hertz Corp., 6.75%, 4/15/19 (a)		1,075		1,140,844

				1,611,469
Semiconductors & Semiconductor Equipment – 0.1%
Micron Technology, Inc., 2.38%, 5/01/32 (a)		133		117,456
Spansion LLC, 7.88%, 11/15/17		500		497,500

				614,956
Software – 0.8%
First Data Corp.:
7.38%, 6/15/19 (a)		3,050		3,156,750
6.75%, 11/01/20 (a)		2,205		2,205,000
8.25%, 1/15/21 (a)		1,160		1,160,000
12.63%, 1/15/21		425		438,813
Interactive Data Corp., 10.25%, 8/01/18		208		232,960
Nuance Communications, Inc., 5.38%, 8/15/20 (a)		590		601,800
SunGard Data Systems, Inc.:
7.38%, 11/15/18		40		43,050
6.63%, 11/01/19 (a)		890		897,787

				8,736,160
Specialty Retail – 1.0%
Claire’s Stores, Inc., 9.00%, 3/15/19 (a)		720		751,500
J Crew Group, Inc., 8.13%, 3/01/19		215		223,331
LS Finance 2022 Ltd., 4.25%, 10/16/22		900		899,820
Ltd Brands, Inc., 5.63%, 2/15/22		1,000		1,078,750
Michaels Stores, Inc., 7.75%, 11/01/18 (a)		181		194,349
PC Merger Sub, Inc., 8.88%, 8/01/20 (a)		1,193		1,267,563
Penske Automotive Group, Inc., 5.75%, 10/01/22 (a)		1,520		1,548,500
QVC, Inc.:
7.38%, 10/15/20 (a)		400		443,294
5.13%, 7/02/22 (a)		897		937,894
Sally Holdings LLC/Sally Capital, Inc.:
6.88%, 11/15/19		490		543,287
5.75%, 6/01/22		145		154,969
Serta Simmons Holdings LLC, 8.13%, 10/01/20 (a)		320		322,800
SM Investments Corp., 4.25%, 10/17/19		1,700		1,726,605

				10,092,662
Textiles, Apparel & Luxury Goods – 0.2%
Levi Strauss & Co., 6.88%, 5/01/22		540		560,925



BLACKROCK FUNDS II	OCTOBER 31, 2012	9

Schedule of Investments (continued)

BlackRock Multi-Asset Income Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Textiles, Apparel & Luxury Goods (concluded)
Texhong Textile Group Ltd., 7.63%, 1/19/16	USD	1,000	$	999,450
Wolverine World Wide, Inc., 6.13%, 10/15/20 (a)		500		520,625

				2,081,000
Trading Companies & Distributors – 1.1%
Air Lease Corp., 4.50%, 1/15/16 (a)		580		580,000
Aircastle Ltd., 6.75%, 4/15/17		110		117,700
Ashtead Capital, Inc., 6.50%, 7/15/22 (a)		250		263,750
H&E Equipment Services, Inc., 7.00%, 9/01/22 (a)		175		182,000
Neptune Orient Lines Ltd., 0.00%, 11/05/19		6,000		6,000,000
RSC Equipment Rental, Inc./RSC Holdings III
LLC, 8.25%, 2/01/21		780		861,900
United Rentals North America, Inc.:
5.75%, 7/15/18 (a)		125		134,375
7.38%, 5/15/20 (a)		20		21,650
7.63%, 4/15/22 (a)		2,665		2,918,175
6.13%, 6/15/23		210		212,625

				11,292,175
Wireless Telecommunication Services – 0.7%
Cricket Communications, Inc.:
7.75%, 5/15/16		400		423,000
7.75%, 10/15/20		120		123,750
Crown Castle International Corp., 5.25%, 1/15/23 (a)		935		967,725
Digicel Group Ltd., 8.25%, 9/30/20 (a)		880		948,200
MetroPCS Wireless, Inc., 6.63%, 11/15/20		260		279,500
Sprint Capital Corp., 6.88%, 11/15/28		1,018		1,040,905
Sprint Nextel Corp.:
9.00%, 11/15/18 (a)		2,872		3,546,920
7.00%, 3/01/20 (a)		330		382,800

				7,712,800
Total Corporate Bonds – 30.3%				318,647,823


Floating Rate Loan Interests (b)	Par (000)		Value
Advertising – 0.0%
Affinion Group, Inc., Tranche B Term Loan, 5.00%, 10/09/16		217		204,458
Aerospace & Defense – 0.1%
Booz Allen Hamilton, Inc, Initial Tranche B Term Loan, 4.50%, 7/23/19		255		256,594
Sequa Corp., Term Loan, 3.69%, 12/03/14		350		348,863

				605,457
Airlines – 0.1%
AWAS Finance Luxembourg S.a.r.l, Term Loan, 5.25%, 6/10/16		711		717,388
Auto Components – 0.2%
Federal-Mogul Corp., Tranche B Term Loan, 2.15%, 12/29/14		795		744,028
The Goodyear Tire & Rubber Co., Loan, (Second Lien), 4.75%, 3/30/19		1,200		1,206,900

				1,950,928


Floating Rate Loan Interests (b)	Par (000)		Value
Building Products – 0.2%
Goodman Global, Inc., Initial Term Loan (First Lien), 5.75%, 10/28/16	USD	750	$	749,827
HD Supply, Inc., Term Loan, 7.25%, 10/12/17		1,486		1,530,403

				2,280,230
Capital Markets – 0.1%
American Capital Ltd. (FKA American Capital Strategies Ltd.), Senior Secured Term Loan, 5.50%, 8/22/16		1,283		1,291,019
Chemicals – 0.3%
Ascend Performance Materials Operations LLC, Term B Loan, 6.75%, 4/10/18		772		774,303
INEOS U.S. Finance LLC, Cash Dollar Term Loan, 6.50%, 5/04/18		911		923,342
PQ Corp. (FKA Niagara Acquisition, Inc.), Original Term Loan (First Lien), 3.96%, 7/30/14		795		792,217
Tronox Pigments (Netherlands) BV: Closing Date Term Loan, 4.25%, 2/08/18		784		787,778
Delayed Draw Term Loan, 1.00%, 2/08/18		214		214,849

				3,492,489
Commercial Services & Supplies – 0.5%
ACCO Brands Corp., Term B Loan, 4.25%, 5/01/19		600		604,752
ADS Waste Holdings, Inc., Term Loan, 5.25%, 10/09/19		875		882,875
Altegrity, Inc. (FKA US Investigations Services, Inc.), Tranche D Term Loan, 7.75%, 2/21/15		250		249,583
Ceridian Corp., Extended US Term Loan, 6.11%, 5/09/17		430		428,387
Getty Images, Inc., Tranche B Term Loan, 5.50%, 9/17/19		640		641,331
KAR Auction Services, Inc., Term B-1 Loan, 5.00%, 5/19/17		745		748,827
Laureate Education, Inc., Extended Term Loan, 5.25%, 6/15/18		149		147,704
Tervita Corp. (FKA CCS Corp.), Term Loan, 3.21%, 11/14/14		1,245		1,219,409

				4,922,868
Computer Software & Services – 0.1%
Infor (US), Inc. (FKA Lawson Software, Inc.), Tranche B-2 Term Loan, 5.25%, 4/05/18		1,453		1,468,221
Computers & Peripherals – 0.1%
CDW LLC (FKA CDW Corp.), Extended Term Loan, 4.00%, 7/15/17		750		741,877
Consumer Finance – 0.0%
Trans Union LLC, Replacement Term Loan, 5.50%, 2/10/18		352		355,863
Containers & Packaging – 0.0%
Reynolds Group Holdings Inc., U.S. Term Loan, 4.75%, 9/28/18		445		446,277
Diversified Financial Services – 0.4%
GMACM Borrower LLC (RFC Borrower LLC):
Term A-1 Loan, 5.00%, 11/18/13		1,615		1,618,036
Term A-2 Loan, 6.75%, 11/18/13		70		70,758



10	BLACKROCK FUNDS II	OCTOBER 31, 2012

Schedule of Investments (continued)

BlackRock Multi-Asset Income Portfolio

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (b)	Par (000)		Value
Diversified Financial Services (concluded)
Nuveen Investments, Inc.:
Additional Extended First-Lien Term Loan, 5.86%, 5/13/17	USD	1,065	$	1,061,006
Extended First-Lien Term Loan, 5.86%, 5/13/17		425		424,337
New Second-Lien Term Loan, 7.36%, 2/28/19		750		761,250
Springleaf Financial Funding Co. (FKA American General Finance Corp.), Initial Loan, 5.50%, 5/10/17		750		739,313

				4,674,700
Diversified Telecommunication Services – 0.6%
Avaya, Inc., Term B-1 Loan, 3.18%, 10/24/14		857		831,196
Hawaiian Telcom Communications, Inc., Term Loan, 7.00%, 2/28/17		500		509,065
Intelsat Jackson Holdings S.A. (FKA Intelsat Jackson Holdings Ltd.), Term B-1 Loan, 4.50%, 4/02/18		1,657		1,667,079
Level 3 Financing, Inc., Tranche B-II 2019 Term Loan, 4.75%, 8/01/19		2,495		2,505,254
West Corp., Term B-6 Loan, 5.75%, 6/30/18		399		404,486

				5,917,080
Electrical Equipment – 0.1%
Schaeffler AG:		725		704,613
Term B Loan, 4.70%, 1/27/15
Term C-2 Loan, 6.00%, 1/27/17		750		757,380

				1,461,993
Food & Staples Retailing – 0.2%
BJ’s Wholesale Club, Inc., New Replacement Loan (First Lien), 5.75%, 9/26/19		230		232,171
Dunkin’ Brands, Inc., Term B-2 Loan, 4.00%, 11/23/17		813		814,382
US Foods, Inc. (AKA U.S. Foodservice, Inc.), Extended Term Loan, 5.75%, 3/31/17		499		489,748
Wendy’s International, Inc, Term Loan, 4.75%, 5/15/19		900		907,623

				2,443,924
Food Products – 0.2%
Advance Pierre Foods, Inc., Term B Loan, 5.75%, 7/10/17		210		211,260
Del Monte Foods Co., Initial Term Loan, 4.50%, 3/08/18		900		898,596
Dole Food Co., Inc., Tranche B-2 Term Loan, 5.04%, 7/08/18		179		179,218
Solvest Ltd. (Dole), Tranche C-2 Term Loan, 5.02%, 7/08/18		320		320,706

				1,609,780
Health Care Equipment & Supplies – 0.3%
Bausch & Lomb, Inc., Parent Term Loan, 5.25%, 5/17/19		1,731		1,748,592
ConvaTec, Inc., Dollar Term Loan, 5.00%, 12/22/16		750		752,813
DJO Finance LLC (ReAble Therapeutics Finance LLC), Tranche B-3 Term Loan, 6.25%, 9/15/17		299		299,372
Hologic, Inc., Tranche B Term Loan, 4.50%, 8/01/19		748		756,025

				3,556,802


Floating Rate Loan Interests (b)	Par (000)		Value
Health Care Providers & Services – 0.4%
DaVita, Inc., Tranche B-2 Term Loan, 4.00%, 8/01/19	USD	860	$	860,000
Emergency Medical Services Corp., Term B Loan, 5.25%, 5/25/18		997		1,004,410
HCA, Inc., Tranche B-3 Term Loan, 3.46%, 5/01/18		290		290,131
Iasis Healthcare LLC, Term B Loan, 5.00%, 5/03/18		997		998,715
LHP Operations Co. LLC, Term B Loan, 9.00%, 7/03/18		125		125,623
Sheridan Holdings, Inc., Initial Term Loan (First Lien), 6.00%, 6/29/18		898		902,804

				4,181,683
Hotels, Restaurants & Leisure – 0.4%
Alpha Topco Ltd. (Formula One), Facility B, 5.75%, 4/28/17		1,244		1,249,661
Caesars Entertainment Operating Co., Inc. (FKA
Harrah’s Operating Co., Inc.):
Term B Loan, 3.21%, 1/28/15		170		164,829
Term B-2 Loan, 3.25%, 1/28/15		240		232,699
Term B-6 Loan, 5.46%, 1/28/18		500		484,790
Harrah’s Las Vegas Propco LLC, Term Loan, 0.00%, 2/13/13		295		240,425
NP Opco LLC (Station GVR Acquisition LLC), B Term Loan, 5.50%, 9/15/19		1,005		1,006,799
Six Flags Theme Parks, Inc., Tranche B Term Loan, 4.25%, 12/20/18		945		949,895
Stackbridge/SBE Holdings, Tranche B Loan, 13.00%, 5/02/17		170		169,150

				4,498,248
Independent Power Producers & Energy Traders – 0.1%
Calpine Corp., Term B Loan, 4.50%, 4/01/18		997		998,815
The AES Corp., Initial Term Loan, 4.25%, 6/01/18		499		501,103

				1,499,918
Insurance – 0.1%
Asurion LLC (FKA Asurion Corp.), First Lien Term Loan, 5.50%, 5/24/18		619		622,389
Internet Software & Services – 0.1%
Zayo Group LLC/Zayo Capital, Inc., Term Loan, 5.25%, 6/30/19		1,496		1,501,487
IT Services – 0.0%
Genpact Ltd., Term Loan, 4.25%, 8/30/19		480		480,302
Machinery – 0.1%
Wabash National, Initial Term Loan, 6.00%, 5/08/19		911		922,222
Media – 0.4%
Bresnan Broadband Holdings, LLC, Term B Loan, 4.50%, 12/14/17		973		975,482
Eastman Kodak Co., Term Loan (DIP), 8.50%, 7/20/13		35		34,362
EMI Group North America Holdings, Inc. (MTL Publishing LLC), Term B Loan, 5.50%, 2/07/18		748		757,290
Kabel Deutschland GmbH, Facility F, 4.25%, 2/01/19		1,000		1,004,170
Univision Communications, Inc., Extended First-Lien Term Loan, 4.46%, 3/31/17		600		585,728



BLACKROCK FUNDS II	OCTOBER 31, 2012	11

Schedule of Investments (continued)

BlackRock Multi-Asset Income Portfolio

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (b)	Par (000)		Value
Media (concluded)
WideOpenWest Finance LLC, Term B Loan, 6.25%, 7/17/18		USD 155	$	155,869
Wolverine Healthcare Analytics, Inc., Term B Loan, 6.75%, 6/06/19		140		139,545

				3,652,446
Metals & Mining – 0.6%
Constellium Holdco BV, Initial Term Loan, 9.25%, 5/25/18		748		744,384
Dynegy Midwest Generation LLC, Term Loan, 9.25%, 8/05/16		645		670,595
FMG Resources August 2006 Pty Ltd., Term Loan, 0.00%, 10/12/17		2,655		2,640,397
Novelis, Inc., Term B Loan, 4.00%, 3/10/17		746		745,501
Rexnord LLC/RBS Global, Inc., Term B Loan, 4.50%, 4/01/18		645		647,544
Walter Energy, Inc. (FKA Walter Industries, Inc.), Term B Loan, 4.00%, 4/02/18		978		960,040

				6,408,461
Multiline Retail – 0.1%
Party City Holdings, Inc., Term Loan, 5.75%, 7/15/19		830		837,055
Oil, Gas & Consumable Fuels – 0.4%
Chesapeake Energy Corp., Term Loan, 8.50%, 12/02/17		407		407,342
EP Energy LLC (FKA Everest Acquisition LLC), Tranche B-1 Loan, 5.00%, 5/24/18		1,370		1,377,193
Gibson Energy ULC, Tranche B Term Loan, 4.75%, 6/15/18		498		502,475
MEG Energy Corp., Term B Loan, 4.00%, 3/18/18		499		500,127
Samson Investment Co., Initial Term Loan (Second Lien), 6.00%, 9/25/18		225		226,874
Vantage Drilling Co., Tranche B Term Loan, 6.25%, 10/17/17		1,095		1,058,635

				4,072,646
Pharmaceuticals – 0.4%
Aptalis Pharma, Inc. (FKA Axcan Intermediate Holdings, Inc.), Term B-1 Loan, 5.50%, 2/10/17		997		997,881
Capsugel Holdings US, Inc., Initial Term Loan (New), 4.52%, 8/01/18		975		980,775
inVentiv Health, Inc. (FKA Ventive Health, Inc.), Term B-3 Loan, 6.75%, 5/15/18		249		242,937
Par Pharmaceutical Companies, Inc. (Par Pharmaceutical, Inc.), Term B Loan, 5.00%, 9/30/19		1,025		1,021,587
Pharmaceutical Product Development, Inc. (Jaguar Holdings, LLC), Term Loan, 6.25%, 12/05/18		644		652,095

				3,895,275
Real Estate Investment Trusts (REITs) – 0.1%
iStar Financial, Inc., Term Loan, 5.75%, 10/15/17		572		570,592


Floating Rate Loan Interests (b)	Par (000)		Value
Real Estate Management & Development – 0.1%
Realogy Corp.:
Extended First-Lien Term Loan, 4.46%, 10/10/16		USD 1,159	$	1,156,181
Extended Synthetic Commitment, 0.06%, 10/10/16		90		90,241

				1,246,422
Semiconductors & Semiconductor Equipment – 0.1%
Freescale Semiconductor, Inc., Tranche B-1 Term Loan, 4.47%, 12/01/16		500		483,625
Software – 0.1%
First Data Corp., 2018 Dollar Term Loan, 4.21%, 3/23/18		750		714,375
Kronos, Inc., Term C Loan, 9.75%, 4/25/20		575		577,875

				1,292,250
Specialty Retail – 0.3%
David’s Bridal, Inc., Initial Term Loan, 5.00%, 10/11/19		275		274,313
Evergreen Acquisition Co. 1 LP, New Term Loan, 0.40%, 7/09/19		1,067		1,068,638
Hupah Finance, Inc., Initial Term Loan, 6.25%, 1/19/19		746		749,981
Michaels Stores, Inc., Term B-2 Loan, 4.94%, 7/31/16		310		312,325
The Yankee Candle Company, Inc., Initial Term Loan, 5.25%, 4/02/19		199		200,272
Wilsonart LLC, Term B Loan, 0.00%, 10/31/19		470		471,321

				3,076,850
Total Floating Rate Loan Interests – 7.3%				77,383,225



Investment Companies	Shares
Eaton Vance Tax-Advantaged Global Dividend Income Fund		229,244		3,211,708
iShares Barclays 1-3 Year Credit Bond Fund		619,956		65,591,345
iShares Barclays Intermediate Credit Bond Fund		438,579		49,098,919
iShares iBoxx $ High Yield Corporate Bond Fund (e)		509,019		47,150,430
iShares iBoxx $ Investment Grade Corporate Bond Fund		571,649		70,324,260
Total Investment Companies – 22.4%				235,376,662



Non-Agency Mortgage-Backed Securities	Par (000)		Value
Collateralized Mortgage Obligations – 5.5%
American Home Mortgage Assets LLC, Series 2007-3, Class 22A1, 6.25%, 6/25/37 (c)		USD 3,708		2,215,190



12	BLACKROCK FUNDS II	OCTOBER 31, 2012

Schedule of Investments (continued)

BlackRock Multi-Asset Income Portfolio

(Percentages shown are based on Net Assets)


Non-Agency Mortgage-Backed Securities	Par (000)		Value
Collateralized Mortgage Obligations (concluded)
Banc of America Funding Corp.:
Series 2006-7, Class T2A3, 5.69%, 10/25/36 (b)	USD	2,552	$	1,806,711
Series 2006-D, Class 6A1, 5.07%, 5/20/36 (b)		1,454		1,114,297
Banc of America Mortgage Securities, Inc., Series 2004-L, Class 4A1, 5.12%, 1/25/35 (b)		125		126,354
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 14A1, 5.26%, 11/25/34 (b)		1,150		1,075,949
Citimortgage Alternative Loan Trust, Series 2007-A1, Class 1A5, 6.00%, 1/25/37		355		280,085
Countrywide Alternative Loan Trust:
Series 2005-46CB, Class A20, 5.50%, 10/25/35		664		579,638
Series 2005-64CB, Class 1A1, 5.50%, 12/25/35		338		287,663
Series 2005-86CB, Class A8, 5.50%, 2/25/36		541		483,599
Series 2006-11CB, Class 1A5, 6.00%, 5/25/36		2,814		1,992,928
Series 2006-15CB, Class A1, 6.50%, 6/25/36		2,916		1,938,319
Series 2006-2CB, Class A6, 5.50%, 3/25/36		2,820		1,885,454
Series 2006-2CB, Class A8, 6.00%, 3/25/36		2,996		2,086,002
Series 2006-7CB, Class 1A6, 6.00%, 5/25/36		2,770		1,886,124
Series 2006-20CB, Class A9, 6.00%, 7/25/36		1,630		1,051,881
Series 2006-25CB, Class A2, 6.00%, 10/25/36		1,963		1,485,465
Series 2006-43CB, Class 1A4, 6.00%, 2/25/37		4,886		3,765,708
Series 2006-5T2, Class A3, 6.00%, 4/25/36		1,151		852,997
Series 2006-9T1, Class A7, 6.00%, 5/25/36		1,551		1,194,597
Series 2007-9T1, Class 2A1, 6.00%, 5/25/37		729		553,439
Series 2007-9T1, Class 2A2, 6.00%, 5/25/37		1,661		1,260,515
Series 2007-12T1, Class A5, 6.00%, 6/25/37		1,373		1,062,205
Series 2007-15CB, Class A7, 6.00%, 7/25/37		1,047		853,360
Series 2007-16CB, Class 1A7, 6.00%, 8/25/37		530		468,138
Series 2007-18CB, Class 2A25, 6.00%, 8/25/37		1,181		964,696
Series 2007-19, Class 1A8, 6.00%, 8/01/37		2,070		1,613,531
Series 2007-6, Class A4, 5.75%, 4/25/47		4,947		3,517,161
Series 2007-J1, Class 2A5, 6.00%, 3/25/37		4,044		2,566,122
Series 2008-2R, Class 2A1, 6.00%, 8/25/37		550		386,521


Non-Agency Mortgage-Backed Securities	Par (000)		Value
Collateralized Mortgage Obligations (concluded)
Countrywide Home Loan Mortgage Pass-Through Trust:
Series 2005-15, Class A1, 5.50%, 8/25/35	USD	90	$	89,515
Series 2006-OA5, Class 2A1, 0.41%, 4/25/46 (b)		150		96,123
Series 2007-15, Class 1A29, 6.25%, 9/25/37		1,822		1,678,024
Series 2007-16, Class A1, 6.50%, 10/25/37		285		266,465
Series 2007-21, Class 1A1, 6.25%, 2/25/38		985		882,145
Series 2007-J2, Class 2A6, 6.00%, 7/25/37		2,794		2,053,532
Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21		1,580		1,470,457
GMAC Mortgage Corp Loan Trust, Series 2005-AR2, Class 4A, 5.10%, 5/25/35 (b)		287		284,046
GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 5/25/36		285		258,948
Indymac IMSC Mortgage Loan Trust:
Series 2007-F2, Class 1A4, 6.00%, 7/25/37		2,699		2,175,027
Series 2007-F2, Class 2A1, 6.50%, 7/25/37		3,274		2,000,204
Indymac Index Mortgage Loan Trust:
Series 2006-AR3, Class 3A1A, 4.83%, 4/25/36 (b)		730		463,316
Series 2007-AR15, Class 1A1, 5.09%, 8/25/37 (b)		400		292,295
Series 2007-AR15, Class 2A1, 4.74%, 8/25/37 (b)		661		503,595
Prime Mortgage Trust:
Series 2006-DR1, Class 1A2, 6.00%, 5/25/35 (a)		673		660,499
Series 2006-DR1, Class 2A1, 5.50%, 5/25/35 (a)		1,094		1,063,978
Residential Accredit Loans, Inc.:
Series 2005-QS1, Class A5, 5.50%, 1/25/35		250		246,790
Series 2006-QS12, Class 2A4, 6.00%, 9/25/36		380		276,714
Series 2007-QS4, Class 3A2, 6.00%, 3/25/37		734		550,732
Residential Asset Securitization Trust,
Series 2006-A15, Class A12, 6.25%, 1/25/37		741		529,244
Residential Funding Mortgage Securities I, Series 2007-S7, Class A20, 6.00%, 7/25/37		275		255,572
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-3, Class 3A1, 5.19%, 4/25/47 (b)		1,164		902,903



BLACKROCK FUNDS II	OCTOBER 31, 2012	13

Schedule of Investments (continued)

BlackRock Multi-Asset Income Portfolio

(Percentages shown are based on Net Assets)


Non-Agency Mortgage-Backed Securities	Par (000)		Value
Collateralized Mortgage Obligations (concluded)
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-8, Class A5, 6.13%, 10/25/36 (c)	USD	2,333	$	1,570,317

				57,925,090
Total Non-Agency Mortgage-Backed Securities – 5.5%				57,925,090



Participation Notes (g)	Shares
Multi-Utilities – 0.0%
Deutsche Bank AG (Qatar Electricity & Water Co.), due 4/14/17		5,717		209,135



Preferred Securities	Par (000)		Value
Capital Trusts
Capital Markets – 0.6%
Credit Suisse Group Guernsey I Ltd., 7.88%, 2/24/41 (b)	USD	2,000		2,080,000
Goldman Sachs Capital I, 6.35%, 2/15/34		4,000		4,123,192

				6,203,192
Commercial Banks – 1.7%
BNP Paribas SA:
5.19% (a)(b)(f)		1,000		930,000
7.20% (a)(b)(f)		2,000		1,970,000
Citigroup, Inc., 5.95% (b)(f)		1,900		1,958,187
Deutsche Bank Capital Funding Trust VII, 5.63% (a)(b)(f)		2,400		2,292,000
Lloyds Banking Group Plc, 6.66% (a)(b)(f)		3,000		2,520,000
RBS Capital Trust II, 6.43% (b)(f)		1,000		840,000
Wachovia Capital Trust III, 5.57% (b)(f)		5,550		5,508,375
Wells Fargo & Co., 7.98% (b)(f)		1,450		1,714,625

				17,733,187
Consumer Finance – 0.4%
American Express Co., 6.80%, 9/01/66 (b)		2,600		2,824,250
Capital One Capital V, 10.25%, 8/15/39		200		206,000
Capital One Capital VI, 8.88%, 5/15/40		1,050		1,077,123

				4,107,373
Diversified Financial Services – 1.4%
AON Corp., 8.21%, 1/01/27		1,500		1,880,796
Bank of America Corp., 8.00% (b)(f)		3,200		3,563,904
General Electric Capital Corp.:
6.25% (b)(f)		2,000		2,180,060
7.13% (b)(f)		3,000		3,432,270
6.38%, 11/15/67 (b)		750		802,500
JPMorgan Chase & Co., 7.90% (b)(f)		1,550		1,785,181
ZFS Finance USA Trust II, 6.45%, 12/15/65 (a)(b)		1,200		1,290,000

				14,934,711


Preferred Securities	Par (000)		Value
Insurance – 3.5%
ACE Capital Trust II, 9.70%, 4/01/30	USD	3,000	$	4,384,803
The Allstate Corp.:
6.13%, 5/15/67 (b)		500		518,125
6.50%, 5/15/67 (b)		1,300		1,397,500
American International Group, Inc.:
8.18%, 5/15/68 (b)		3,000		3,742,500
6.25%, 3/15/87		2,046		2,112,495
Chubb Corp., 6.38%, 3/29/67 (b)		1,575		1,708,875
Genworth Financial, Inc., 6.15%, 11/15/66 (b)		1,100		753,500
Hartford Financial Services Group, Inc., 8.13%, 6/15/68 (b)		1,250		1,462,500
Liberty Mutual Group, Inc.:
7.00%, 3/15/67 (a)(b)		2,150		2,128,500
10.75%, 6/15/88 (a)(b)		1,480		2,205,200
Lincoln National Corp.:
7.00%, 5/17/66 (b)		350		358,750
6.05%, 4/20/67 (b)		2,860		2,860,000
MetLife Capital Trust IV, 7.88%, 12/15/67 (a)		550		664,074
MetLife Capital Trust X, 9.25%, 4/08/68 (a)		200		278,000
MetLife, Inc., 6.40%, 12/15/66		500		543,513
Nationwide Financial Services, Inc., 6.75%, 5/15/67		900		940,500
The Progressive Corp., 6.70%, 6/15/67 (b)		1,250		1,360,937
Prudential Financial, Inc.:
5.88%, 9/15/42 (b)		1,000		1,052,500
8.88%, 6/15/68 (b)		3,000		3,705,000
Swiss Re Capital I LP, 6.85% (a)(b)(f)		2,100		2,190,777
XL Group Plc, 6.50% (b)(f)		2,500		2,318,750

				36,686,799
Multi-Utilities – 0.0%
Dominion Resources, Inc., 7.50%, 6/30/66 (b)		250		275,000
Oil, Gas & Consumable Fuels – 0.4%
Enterprise Products Operating LLC, 7.03%, 1/15/68 (b)		3,250		3,713,125
Total Capital Trusts — 8.0%				83,653,387



Preferred Stocks	Shares		Value
Commercial Banks – 0.1%
Ally Financial, Inc., 7.00% (a)		880		847,990


Trust Preferreds
Aerospace & Defense – 0.5%
United Technologies Corp., 7.50%, 8/01/15		90,000		4,894,200
Commercial Banks – 1.3%
First Republic Bank, 6.70% (f)		200,000		5,436,000
RBS Capital Funding Trust V, 5.90% (f)		10,000		183,900
U.S. Bancorp, 6.00% (f)		272,000		7,806,400

				13,426,300



14	BLACKROCK FUNDS II	OCTOBER 31, 2012

Schedule of Investments (continued)

BlackRock Multi-Asset Income Portfolio

(Percentages shown are based on Net Assets)


Trust Preferreds	Shares		Value
Diversified Financial Services – 0.5%
Citigroup Capital XIII, 7.88%, 10/30/40 (b)		178,000	$	4,950,180
GMAC Capital Trust I, 8.13%, 2/15/40		14,180		370,665

				5,320,845
Total Trust Preferreds – 2.3%				23,641,345
Total Preferred Securities – 10.3%				108,142,722
Total Long-Term Investments (Cost – $1,056,142,983) – 102.8%				1,082,378,258



Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.17% (e)(h)		6,744,398		6,744,398
Total Short-Term Securities (Cost – $6,744,398) – 0.6%				6,744,398



Options Purchased	Contracts
Exchange-Traded Put Options – 0.1%
S&P 500 Index, Strike Price USD 1,375, Expires 12/22/12		426		1,037,310
Total Options Purchased (Cost – $823,470) – 0.1%				1,037,310
Total Investments (Cost – $1,063,710,851*) – 103.5%				1,090,159,966
Liabilities in Excess of Other Assets – (3.5)%				(36,940,455	)

Net Assets – 100.0%			$	1,053,219,511

*	As of October 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	1,064,319,763

Gross unrealized appreciation	$	30,890,472
Gross unrealized depreciation		(5,050,269	)

Net unrealized appreciation	$	25,840,203

(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. Rate shown is as of report date.

(c)	Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

(d)	Represents a payment-in-kind security which may pay interest/dividends in additional par/shares.

(e)	Investments in issuers considered to be an affiliate of the Fund during the period ended October 31, 2012, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at July 31, 2012		Shares Purchased		Shares Sold			Shares Held at October 31, 2012		Value at October 31, 2012		Income		Realized Gain (Loss)
BlackRock Floating Rate Income, Institutional Class		2,692,272		10,513		2,702,785			–		–	$	125,091	$	204,539
BlackRock GNMA Portfolio, BlackRock Class		3,097,413		8,949		3,106,362			–		–	$	155,163	$	171,836
BlackRock High Yield Bond Portfolio, BlackRock Class		1,679,113		3,232		1,682,345			–		–	$	25,772	$	855,137
BlackRock Low Duration Bond Portfolio, BlackRock Class		6,594,444		9,656		6,604,100			–		–	$	139,599	$	572,994
BlackRock Liquidity Funds, TempFund, Institutional Class		25,430,547		–		18,686,149	¹		6,744,398	$	6,744,398	$	6,571		–
iShares Barclays 1-3 Year Credit Bond Fund		–		619,956		–			619,956	$	65,591,345		–		–
iShares Barclays Intermediate Credit Bond Fund		–		438,579		–			438,579	$	49,098,919		–		–
iShares Barclays MBS Bond Fund		55,305		151,071		206,376			–		–	$	41,552	$	(69,836	)
iShares iBoxx $ High Yield Corporate Bond Fund		340,630		1,162,258		993,869			509,019	$	47,150,430	$	1,131,010	$	(192,320	)
iShares iBoxx $ Investment Grade Corporate Bond Fund		–		571,649		–			571,649	$	70,324,260	$	162,952		–
iShares MSCI Emerging Markets Index Fund		–		13,644		13,644			–		–		–	$	(1,674	)

¹ Represents net shares sold.



BLACKROCK FUNDS II	OCTOBER 31, 2012	15

Schedule of Investments (continued)

BlackRock Multi-Asset Income Portfolio

(f)	Security is perpetual in nature and has no stated maturity date.

(g)	Non-income producing security.

(h)	Represents the current yield as of report date.

—

Foreign currency exchange contracts as of October 31, 2012 were as follows:

Currency
Purchased

Currency

Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

GBP 3,897,000

USD

6,244,529

UBS AG

11/01/12

44,278

USD 6,116,361

GBP

3,897,000

State Street Corp.

11/01/12

(172,447

)

Bank of New York

USD 54,659

GBP

33,939

Mellon Corp.

11/02/12

(111

)

USD 1,684,576

SEK

11,416,000

UBS AG

11/15/12

(35,763

)

JPY 387,360,000

GBP

3,116,482

JPMorgan Chase & Co.

12/06/12

(174,683

)

USD 1,354,678

EUR

1,033,000

UBS AG

1/23/13

14,582

USD 6,242,565

GBP

3,897,000

UBS AG

2/07/13

(44,152

)

Total

(368,296

)

—

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

—

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the 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)

—

Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument 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 investments and derivative financial instruments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy as of October 31, 2012:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	–	$	5,487,019		–	$	5,487,019
Common Stocks	$165,347,791		113,858,791		–		279,206,582
Corporate Bonds	–		318,647,823		–		318,647,823
Floating Rate Loan Interests	–		72,647,032	$	4,736,193		77,383,225
Investment Companies	235,376,662		–		–		235,376,662
Non-Agency Mortgage-Backed Securities	–		57,925,090		–		57,925,090
Participation Notes .	209,135		–		–		209,135
Preferred Securities	24,489,335		83,653,387		–		108,142,722
Short-Term Securities	6,744,398		–		–		6,744,398
Total	$432,167,321	$	652,219,142	$	4,736,193	$	1,089,122,656


	Level 1		Level 2			Level 3	Total
Derivative Financial Instruments ¹
Assets:
Equity contracts.	$	1,037,310		–		–	$	1,037,310
Foreign currency exchange contracts		–	$	58,860		–		58,860
Liabilities:
Foreign currency exchange contracts		–		(427,156	)	–		(427,156	)
Total	$	1,037,310	$	(368,296	)	–	$	669,014

¹	Derivative financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options are shown at value.

Certain of the Fund’s assets are held at carrying amount, which approximates fair value for financial reporting purposes. As of October 31, 2012, foreign currency at value of $991,136 is categorized as Level 1 within the disclosure hierarchy.

There were no transfers between Level 1 and Level 2 during the period ended October 31, 2012.



16	BLACKROCK FUNDS II	OCTOBER 31, 2012

Schedule of Investments (concluded)

BlackRock Multi-Asset Income Portfolio

Certain of the Fund’s investments are categorized as Level 3 and were valued utilizing transaction prices or third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in the unobservable inputs could result in a significantly lower or higher value in such Level 3 investments.

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments 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:


	Equity Linked Notes			Floating Rate Loan Interests			Total
Assets:
Opening Balance, as of July 31, 2012	$	5,591,196		$	2,573,517		$	8,164,713
Transfers into Level 3 ²		–			2,644,822			2,644,822
Transfers out of Level 3 ²		–			(396,569	)		(396,569	)
Accrued discounts/premiums		–			1,254			1,254
Net realized gain (loss) .		(564,126	)		7,243			(556,883	)
Net change in unrealized appreciation/depreciation ³		917,115			32,013			949,128
Purchases		–			252,801			252,801
Sales		(5,944,185	)		(378,888	)		(6,323,073	)

Closing Balance,as of October 31, 2012		–		$	4,736,193		$	4,736,193

²	Transfers into and transfers out of Level 3 represent the values as of the beginning of the reporting period.

³	The change in unrealized appreciation/depreciation on investments still held as of October 31, 2012 was $39,245.



BLACKROCK FUNDS II	OCTOBER 31, 2012	17

Item 2 – Controls and Procedures


2(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.

2(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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

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.