N-CSRS 1 primary-document.htm
 
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-03091
 
Name of Fund: BlackRock Series Fund, Inc.
BlackRock Advantage Large Cap Core Portfolio
BlackRock Balanced Capital Portfolio
BlackRock Capital Appreciation Portfolio
BlackRock Global Allocation Portfolio
BlackRock Government Money Market Portfolio
                                   
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Series Fund, Inc., 55 East 52nd Street, New York, NY 10055
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 12/31/2021
 
Date of reporting period: 06/30/2021
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
 
(b)
 
Not Applicable
June
30,
2021
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2021
Semi-Annual
Report
(Unaudited)
BlackRock
Series
Fund,
Inc.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Balanced
Capital
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
BlackRock
Government
Money
Market
Portfolio
BlackRock
Series
Fund
II,
Inc.
BlackRock
High
Yield
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
Dear
Shareholder,
The
12-month
reporting
period
as
of
June
30,
2021
was
a
remarkable
period
of
adaptation
and
recovery,
as
the
global
economy
dealt
with
the
implications
of
the
coronavirus
(or
“COVID-19”)
pandemic.
The
United
States,
along
with
most
of
the
world,
began
the
reporting
period
emerging
from
a
severe
recession,
prompted
by
pandemic-related
restrictions
that
disrupted
many
aspects
of
daily
life.
However,
easing
restrictions
and
robust
government
intervention
led
to
a
strong
rebound,
and
the
economy
grew
at
a
significant
pace
for
the
reporting
period,
recovering
much
of
the
output
lost
at
the
beginning
of
the
pandemic.
Equity
prices
rose
with
the
broader
economy,
as
investors
became
increasingly
optimistic
about
the
economic
outlook.
Stocks
rose
through
the
summer
of
2020,
fed
by
strong
fiscal
and
monetary
support
and
positive
economic
indicators.
The
implementation
of
mass
vaccination
campaigns
and
passage
of
an
additional
$1.9
trillion
of
fiscal
stimulus
further
boosted
stocks,
and
many
equity
indices
neared
or
surpassed
all-time
highs
late
in
the
reporting
period.
In
the
United
States,
both
large-
and
small-capitalization
stocks
posted
a
significant
advance.
International
equities
also
gained,
as
both
developed
countries
and
emerging
markets
rebounded
substantially.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
had
fallen
sharply
prior
to
the
beginning
of
the
reporting
period,
which
meant
bonds
were
priced
for
extreme
risk
avoidance
and
economic
disruption.
Despite
expectations
of
doom
and
gloom,
the
economy
expanded
rapidly,
stoking
inflation
concerns
in
early
2021,
which
led
to
higher
yields
and
a
negative
overall
return
for
most
U.S.
Treasuries.
In
the
corporate
bond
market,
support
from
the
U.S.
Federal
Reserve
(the
“Fed”)
assuaged
credit
concerns
and
led
to
substantial
returns
for
high-yield
corporate
bonds,
although
investment-grade
corporates
declined
slightly.
The
Fed
remained
committed
to
accommodative
monetary
policy
by
maintaining
near
zero
interest
rates
and
by
reiterating
that
inflation
could
exceed
its
2%
target
for
a
sustained
period
without
triggering
a
rate
increase.
Late
in
the
period
the
Fed
elaborated
on
their
expected
timeline,
raising
the
likelihood
of
slower
bond
purchasing
and
the
possibility
of
higher
rates
in
2023.
Looking
ahead,
while
coronavirus-related
disruptions
have
clearly
hindered
worldwide
economic
growth,
we
believe
that
the
global
expansion
will
continue
to
accelerate
as
vaccination
efforts
ramp
up
and
pent-up
consumer
demand
leads
to
higher
spending.
While
we
expect
inflation
to
increase
somewhat
as
the
expansion
continues,
we
believe
the
recent
uptick
owes
more
to
temporary
supply
disruptions
than
a
lasting
change
in
fundamentals.
The
change
in
Fed
policy
also
means
that
moderate
inflation
is
less
likely
to
be
followed
by
interest
rate
hikes
that
could
threaten
the
economic
expansion.
Overall,
we
favor
a
moderately
positive
stance
toward
risk,
with
an
overweight
in
equities.
Sectors
that
are
better
poised
to
manage
the
transition
to
a
lower-carbon
world,
such
as
technology
and
healthcare,
are
particularly
attractive
in
the
long-term.
U.S.
small-caps
and
European
equities
are
likely
to
benefit
from
the
continuing
vaccine-led
restart.
We
are
underweight
long-term
on
credit,
but
inflation-protected
U.S.
Treasuries,
Asian
fixed
income,
and
Chinese
government
bonds
offer
potential
opportunities.
We
believe
that
international
diversification
and
a
focus
on
sustainability
can
help
provide
portfolio
resilience,
and
the
disruption
created
by
the
coronavirus
appears
to
be
accelerating
the
shift
toward
sustainable
investments.
In
this
environment,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
June
30,
2021
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
15.25%
40.79%
U.S.
small
cap
equities
(Russell
2000
®
Index)
17.54
62.03
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
8.83
32.35
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
7.45
40.90
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.02
0.09
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(4.10)
(5.89)
U.S.
investment
grade
bonds
(Bloomberg
Barclays
U.S.
Aggregate
Bond
Index)
(1.60)
(0.33)
Tax-exempt
municipal
bonds
(S&P
Municipal
Bond
Index)
1.24
4.20
U.S.
high
yield
bonds
(Bloomberg
Barclays
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
3.61
15.34
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summaries
.......................................................................................................
4
The
Benefits
and
Risks
of
Leveraging
..........................................................................................
19
Disclosure
of
Expenses
...................................................................................................
19
Derivative
Financial
Instruments
.............................................................................................
19
Financial
Statements:
Schedules
of
Investments
...............................................................................................
20
Statements
of
Assets
and
Liabilities
.........................................................................................
136
Statements
of
Operations
................................................................................................
142
Statements
of
Changes
in
Net
Assets
........................................................................................
144
Financial
Highlights
.....................................................................................................
148
Notes
to
Financial
Statements
...............................................................................................
155
Disclosure
of
Investment
Advisory
Agreements
and
Sub-Advisory
Agreements
.................................................................
174
Additional
Information
....................................................................................................
182
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
184
Fund
Summary
as
of
June
30,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
4
BlackRock
Advantage
Large
Cap
Core
Portfolio
Investment
Objective
BlackRock
Advantage
Large
Cap
Core
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
long-term
capital
appreciation.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2021,
the
Fund
outperformed
its
benchmark,
the
Russell
1000
®
Index.
What
factors
influenced
performance?
The
Fund
performed
well
against
the
changeable
market
backdrop.
U.S.
stocks
advanced
amid
accelerated
vaccine
distribution
alongside
strong
fiscal
policy
support
following
the
results
of
the
Georgia
senate
election
races.
With
the
removal
of
mobility
restrictions,
economic
activity
levels
experienced
a
sharp
rise
with
consumer
price
inflation
hitting
a
multi-year
high
in
the
second
half
of
the
period.
The
resulting
rise
in
rates
with
the
10-year
U.S.
Treasury
touching
pre-COVID
levels
in
the
first
quarter
of
2021
was
driven
by
a
greater
pricing
in
of
inflationary
pressures.
This
drove
a
reflationary
preference
within
equities
that
led
to
outperformance
across
value
stocks,
led
by
energy
and
financials,
at
the
expense
of
growth
and
momentum
throughout
the
first
five
months
of
2021.
As
markets
sought
to
evaluate
whether
inflation
increases
were
transitory,
the
Fed
took
a
surprisingly
hawkish
tone
in
June
2021.
This
prompted
a
sharp
reversal
that
restored
2020
trends
with
large-cap
secular
growth
stocks
the
dominant
market
theme
and
small
caps
lagging.
The
style
shift
was
further
supported
by
concerns
about
the
spread
of
the
Delta
COVID
strain
alongside
declining
bond
yields,
which
pointed
to
a
mid-cycle
economy.
While
the
growth
outlook
remained
strong,
investors
balanced
this
against
virus
developments
as
well
as
inflation
trends
with
the
potential
to
result
in
a
more
rapid
withdrawal
of
the
Fed’s
monetary
support.
Despite
the
rotation
in
June
2021,
strong
early
gains
across
fundamental
insights
led
to
overall
outperformance
for
the
period.
Valuation-related
measures
drove
gains
in
the
first
half
of
the
period
amid
market
style
preferences
driven
by
the
reflationary
theme.
Valuation
measures
performed
well
overall,
with
both
traditional
insights
as
well
as
more
nuanced
measures
such
as
comparing
valuations
across
research
expenditures
benefiting
from
the
reflationary
tone.
Additionally,
fundamental
quality
measures,
specifically
those
looking
at
balance
sheet
strength,
were
additive.
While
strong
contributors
throughout
most
of
the
period,
June
proved
challenging
to
valuation-based
measures
given
the
shift
toward
secular
growth
and
technology
stocks.
Nontraditional
fundamental
measures,
such
as
insights
related
to
environmental,
social
and
governance
(“ESG”)
factors
also
provided
performance
gains.
Environmental
transition
measures
that
look
toward
investor
positioning
into
ESG-related
holdings
performed
well
as
these
measures
captured
the
broader
sustainability
trend
across
the
market.
Insights
identifying
patents
filed
for
green
technology
development
also
performed
well
given
the
rotation
to
growth
and
technology
names
in
June
2021.
Sentiment
measures
outperformed
as
they
correctly
positioned
the
Fund
around
the
reopening
and
reflationary
themes.
An
insight
designed
to
capture
sentiment
across
market
participants,
such
as
bond
investors,
performed
well
as
interest
rates
became
more
volatile
in
response
to
shifting
inflation
expectations.
Other
sentiment
measures
that
evaluate
hiring
trends,
text
analyses
and
news
stories
all
performed
well.
These
faster-moving
insights
motivated
an
overweight
position
to
machinery
and
energy
names,
providing
gains
as
commodities
rallied.
Despite
generally
strong
relative
performance
in
the
period,
select
measures
were
challenged
to
keep
pace.
The
Fund
struggled
in
June
2021
after
the
surprise
Fed
pivot
to
a
hawkish
stance.
As
the
market
shifted
back
to
2020
themes,
risk
mitigation
ESG
insights,
such
as
those
that
evaluate
company
controversies,
detracted.
Another
measure
that
penalizes
companies
that
pay
lower
taxes
versus
peers,
typically
growth-oriented
technology
stocks,
while
favoring
those
with
higher
relative
tax
levels,
typically
more
blue
chip-type
stocks,
also
lagged.
Elsewhere,
a
dynamic
insight
that
seeks
to
combine
signals
and
data
sources
in
an
optimal
way
was
a
leading
detractor
as
it
motivated
an
underweight
to
oil
names,
which
rallied
along
with
the
price
of
oil.
Finally,
insights
that
seek
to
identify
lower
risk
securities
declined
as
the
market
continued
its
overall
upward
trajectory.
Describe
recent
portfolio
activity.
Over
the
course
of
the
period,
the
portfolio
maintained
a
balanced
allocation
of
risk
across
all
major
return
drivers.
However,
a
number
of
new
stock
selection
insights
were
added
to
the
portfolio.
The
Fund
built
upon
its
alternative
data
capabilities
by
adding
an
insight
that
captures
brand
sentiment
around
retail
names.
Additionally,
given
the
dynamism
of
the
current
environment,
the
Fund
has
instituted
enhanced
signal
constructs
to
best
identify
emerging
trends,
such
as
sentiment
around
vaccine
distribution
and
the
impact
on
economic
reopening.
Describe
portfolio
positioning
at
period
end.
Relative
to
the
Russell
1000
©
Index,
the
Fund
was
positioned
essentially
neutrally
from
a
sector
perspective.
The
Fund
had
slight
overweight
positions
to
industrials
and
information
technology
and
slight
underweights
to
communication
services
and
health
care.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2021
(continued)
5
Fund
Summary
BlackRock
Advantage
Large
Cap
Core
Portfolio
Performance
Summary
for
the
Period
Ended
June
30,
2021
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
Advantage
Large
Cap
Core
Portfolio
(b)
..........................................
15.91‌%
42.12‌%
18.65‌%
13.75‌%
Russell
1000
®
Index
(c)
............................................................
14.95‌
43.07‌
17.99‌
14.90‌
(a)
Cumulative
and
average
annual
total
returns
are
based
on
changes
in
net
asset
value
for
the
periods
shown
and
assume
reinvestment
of
all
distributions
at
net
asset
value
on
the
ex-dividend
date.
Insurance-related
fees
and
expenses
are
not
reflected
in
these
returns.
The
Fund’s
total
returns
prior
to
June
12,
2017
are
the
returns
of
the
Fund
when
it
followed
different
investment
strategies
under
the
name
“
BlackRock
Large
Cap
Core
Portfolio.”
(b)
Assuming
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees,
if
any.
Does
not
include
insurance-related
fees
and
expenses.
Under
normal
circumstances,
the
Fund
seeks
to
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
large
cap
equity
securities
and
derivatives
that
have
similar
economic
characteristics
to
such
securities.
(c)
An
index
that
measures
the
performance
of
the
large
cap
segment
of
the
U.S.
equity
universe.
It
is
a
subset
of
the
Russell
3000
®
Index
and
includes
approximately
1,000
of
the
largest
securities
based
on
a
combination
of
their
market
capitalization
and
current
index
membership.
The
index
represents
approximately
92%
of
the
total
market
capitalization
of
the
Russell
3000
®
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Actual
Hypothetical
(a)
Beginning
Account
Value
(01/01/21)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(01/01/21)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
BlackRock
Advantage
Large
Cap
Core
Portfolio
........
$
1,000.00‌
$
1,159.10‌
$
2.52‌
$
1,000.00‌
$
1,022.46‌
$
2.36‌
0.47‌%
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
Expenses
are
equal
to
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
SECTOR
ALLOCATION
Sector
Percent
of
Net
Assets
Information
Technology
..............................
28‌
%
Health
Care
.....................................
1
3‌ 
Financials
.......................................
1
2‌ 
Consumer
Discretionary
.............................
11‌
Industrials
.......................................
10‌
Communication
Services
.............................
10‌
Consumer
Staples
.................................
5‌
Energy
.........................................
3‌
Utilities
.........................................
3‌
Real
Estate
......................................
2‌
Materials
.......................................
2‌
Short-Term
Securities
...............................
2‌
Liabilities
in
Excess
of
Other
Assets
.....................
(1‌)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
Fund
Summary
as
of
June
30,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
6
BlackRock
Balanced
Capital
Portfolio
Investment
Objective
BlackRock
Balanced
Capital
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
high
total
investment
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2021,
the
Fund
returned
9.23%,
outperforming
its
blended
benchmark
(60%
Russell
1000
®
Index/40%
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index),
which
returned
8.11%
for
the
period.
The
Russell
1000
®
Index
returned
14.95%,
and
the
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
returned
(1.60)%.
What
factors
influenced
performance?
Asset
allocation
decisions
as
well
as
the
Fund's
underlying
equity
and
fixed
income
allocations
all
contributed
to
relative
performance
during
the
period.
From
an
asset
allocation
perspective,
the
Fund's
overweight
allocation
to
U.S.
equities
was
the
primary
driver
of
performance,
as
equities
gained
during
the
period
amid
a
pickup
in
economic
activity,
further
U.S.
fiscal
stimulus,
and
positive
developments
in
the
COVID-19
vaccine
rollout.
Within
the
equity
allocation,
strong
early
gains
among
fundamental
insights
provided
overall
outperformance
for
the
period.
Valuation-related
measures
drove
gains
in
the
first
half
of
the
period
amid
the
reflationary
market
environment
and
style
preference,
and
they
performed
well
overall.
Both
traditional
insights
as
well
as
more
nuanced
measures
such
as
comparing
valuations
across
research
expenditures
benefited
from
the
reflationary
tone.
Additionally,
fundamental
quality
measures,
specifically
those
looking
at
balance
sheet
strength,
were
also
additive.
Elsewhere,
nontraditional
fundamental
measures,
such
as
environmental,
social
and
governance
(“ESG”)-related
insights,
also
provided
gains.
Sentiment
measures
also
contributed
to
performance
as
they
correctly
positioned
the
Fund
around
the
reopening
and
reflationary
themes.
Within
the
fixed
income
allocation,
U.S.
high-yield
credit,
structured
products,
and
duration
positioning
to
interest
rate
sensitivity
were
the
primary
contributors
to
performance.
Conversely,
select
measures
within
the
equity
allocation
detracted
from
performance.
As
performance
themes
began
to
reverse
course
after
the
surprise
pivot
from
the
Fed
to
a
hawkish
stance
on
monetary
policy,
risk-mitigation
ESG
insights,
such
as
those
that
evaluate
company
controversies,
detracted.
Another
measure
that
penalizes
companies
paying
lower
levels
of
taxes
than
peers
(such
as
growth-oriented
tech
companies)
in
favor
of
those
paying
higher
relative
tax
levels
(such
as
blue
chips)
also
detracted.
Elsewhere,
a
dynamic
insight
seeking
optimally
to
combine
signals
and
data
sources
was
a
top
detractor,
as
it
motivated
an
underweight
to
oil
companies,
dragging
on
performance
amid
the
rally
in
crude
oil
prices.
Lastly,
insights
seeking
to
identify
lower-risk
securities
declined
as
the
market
continued
its
run-up.
Detracting
the
most
from
performance
within
the
fixed
income
allocation
were
macro
strategies,
emerging
market
debt,
and
absolute
return
strategies.
No
asset
allocation
views
significantly
detracted
from
relative
returns
during
the
period.
The
Fund
had
a
slightly
elevated
exposure
to
cash
as
collateral
for
its
derivatives
positions.
The
Fund's
cash
position
had
no
material
impact
on
Fund
performance
during
the
period.
Describe
recent
portfolio
activity.
The
Fund
entered
the
period
with
a
moderate
overweight
to
U.S.
equities
and
a
neutral
duration
position
versus
the
benchmark.
This
positioning
reflected
the
belief
that
as
vaccination
rates
picked
up,
economies
would
reopen,
and
economic
activity
would
accelerate.
As
the
period
progressed,
the
Fund
increased
its
overweight
to
equities,
driven
by
a
noticeable
improvement
in
global
growth
and
supportive
monetary
and
fiscal
policy.
However,
in
June,
as
prices
moved
in
line
with
the
investment
adviser’s
views,
the
Fund
trimmed
its
overweight
to
equities
to
a
more
modest
position
and
also
moved
to
underweight
U.S.
duration,
motivated
by
the
hawkish
shift
in
stance
by
the
Fed
following
the
June
2021
meeting
of
the
Federal
Open
Market
Committee.
Within
the
equity
allocation,
the
Fund
maintained
a
balanced
allocation
of
risk
across
all
major
return
drivers.
There
were,
however,
several
new
signals
added
within
the
stock
selection
group
of
insights.
The
Fund
built
upon
its
alternative
data
capabilities
by
adding
an
insight
that
captures
brand
sentiment
around
retail
names.
Additionally,
given
the
dynamism
of
the
current
environment,
the
Fund
instituted
enhanced
signal
constructs
to
best
identify
emerging
trends,
such
as
sentiment
around
vaccine
distribution
and
the
impact
on
economic
reopening.
Within
the
fixed
income
allocation,
the
portfolio
trimmed
duration
and
remained
underweight,
primarily
concentrated
in
the
United
States,
given
the
view
that
duration
will
provide
a
less
effective
hedge
in
the
current
market
environment
as
growth
improves
and
the
economy
re-opens,
which
should
push
interest
rates
higher
to
end
the
year.
In
turn,
the
Fund
favored
European
peripheral
bonds,
emerging
market
duration,
and
Chinese
government
bonds
as
a
hedge
and
for
their
relatively
attractive
yield
profile.
In
addition,
the
Fund
moved
down
the
capital
structure
into
U.S.
high-yield
credit,
hard
currency
corporate
bonds
in
emerging
markets,
and
structured
products
given
the
attractive
income
profile
in
a
low-rate
regime.
Describe
portfolio
positioning
at
period
end.
The
Fund
ended
the
period
with
an
overweight
position
in
U.S.
equities
and
underweight
to
U.S.
duration,
reflecting
the
fact
that
global
growth
remained
robust
with
strength
underpinned
by
fiscal
and
monetary
stimulus
as
well
as
public
health
policy.
While
pricing
in
this
positive
growth
environment
has
risen,
the
Fund's
position
reflects
the
belief
that
there
remains
scope
for
further
increases
as
fiscal
and
monetary
policy
remain
broadly
supportive
and
vaccine
rollouts
reduce
COVID-19-related
restrictions
on
economic
activity.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2021
(continued)
7
Fund
Summary
BlackRock
Balanced
Capital
Portfolio
Performance
Summary
for
the
Period
Ended
June
30,
2021
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
Balanced
Capital
Portfolio
(b)
.................................................
9.23‌%
25.96‌%
13.02‌%
10.40‌%
60%
Russell
1000
®
Index/40%
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
(c)
..................
8.11‌
24.23‌
12.11‌
10.43‌
Russell
1000
®
Index
(d)
............................................................
14.95‌
43.07‌
17.99‌
14.90‌
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
(e)
.......................................
(1.60‌)
(0.33‌)
3.03‌
3.39‌
(a)
Cumulative
and
average
annual
total
returns
are
based
on
changes
in
net
asset
value
for
the
periods
shown
and
assume
reinvestment
of
all
distributions
at
net
asset
value
on
the
ex-dividend
date.
Insurance-related
fees
and
expenses
are
not
reflected
in
these
returns.
(b)
Assuming
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees,
if
any.
Does
not
include
insurance-related
fees
and
expenses.
The
Fund
invests
in
U.S.
and
foreign
equity
securities
and
fixed
income
securities
of
any
maturity.
(c)
A
customized
weighted
index
comprised
of
the
returns
of
the
Russell
1000
®
Index
(60%)
and
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
(40%).
(d)
An
index
that
measures
the
performance
of
the
large
cap
segment
of
the
U.S.
equity
universe.
It
is
a
subset
of
the
Russell
3000
®
Index
and
includes
approximately
1,000
of
the
largest
securities
based
on
a
combination
of
their
market
capitalization
and
current
index
membership.
The
index
represents
approximately
92%
of
the
total
market
capitalization
of
the
Russell
3000
®
Index.
(e)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Actual
Hypothetical
(a)
Including
Interest
Expense
Excluding
Interest
Expense
Including
Interest
Expense
Excluding
Interest
Expense
Beginning
Account
Value
(01/01/21)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(b)
Expenses
Paid
During
the
Period
(c)
Beginning
Account
Value
(01/01/21)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(b)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(c)
BlackRock
Balanced
Capital
Portfolio
...............
$
1,000.00‌
$
1,092.30‌
$
2.54‌
$
2.49‌
$
1,000.00‌
$
1,022.36‌
$
2.46‌
$
1,022.41‌
$
2.41‌
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
Expenses
are
equal
to
the
annualized
expense
ratio
(0.49%),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
(c)
Expenses
are
equal
to
the
annualized
expense
ratio
(0.48%),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Common
Stocks
...................................
57‌
%
U.S.
Government
Sponsored
Agency
Securities
..............
16‌
Corporate
Bonds
...................................
12‌
U.S.
Treasury
Obligations
.............................
6‌
Investment
Companies
...............................
4‌
Foreign
Government
Obligations
........................
2‌
Asset-Backed
Securities
..............................
2‌
Non-Agency
Mortgage-Backed
Securities
..................
1‌
Municipal
Bonds
...................................
—‌
(b)
Capital
Trusts
.....................................
—‌
(b)
Foreign
Agency
Obligations
............................
—‌
(b)
Floating
Rate
Loan
Interests
...........................
—‌
(b)
Other
Interests
....................................
—‌
(b)
(a)
Excludes
short-term
securities,
options
purchased,
options
written,
borrowed
bonds
and
TBA
sale
commitments.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
Fund
Summary
as
of
June
30,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
8
BlackRock
Capital
Appreciation
Portfolio
Investment
Objective
BlackRock
Capital
Appreciation
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
long
term
growth
of
capital.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2021,
the
Fund
outperformed
its
benchmark,
the
Russell
1000
®
Growth
Index,
while
underperforming
the
broad
market
S&P
500
®
Index.
What
factors
influenced
performance?
The
Fund's
stock
selection
decisions
within
the
information
technology
("IT")
and
financials
sectors
and
its
positioning
among
consumer
staples
were
the
largest
contributors
to
relative
performance
during
the
period.
Within
IT,
an
underweight
allocation
to
the
technology
hardware,
storage
&
peripherals
industry,
most
notably
its
underweight
position
in
Apple,
Inc.,
drove
relative
performance.
Avoiding
more
defensive
consumer
staples
sub-sectors,
such
as
beverages,
proved
advantageous,
as
these
areas
typically
lag
in
a
rising
market
environment.
Lastly,
among
financials,
an
overweight
position
in
S&P
Global,
Inc.
in
the
capital
markets
sub-sector
contributed
to
relative
returns.
Conversely,
the
Fund's
stock
selection
in
industrials
and
communication
services,
as
well
as
a
mix
of
positioning
and
stock
selection
in
real
estate,
were
the
largest
detractors
from
relative
performance.
Within
industrials,
overweight
exposure
to
the
professional
services
industry
generally
and
an
overweight
position
in
CoStar
Group,
Inc.
in
particular
detracted
the
most.
In
communication
services,
selection
in
the
interactive
media
&
services
industry,
specifically
an
out-of-benchmark
position
in
Tencent
Holdings
Ltd.,
weighed
on
relative
performance.
Lastly,
within
real
estate,
positioning
in
real
estate
investment
trusts,
particularly
an
overweight
position
in
SBA
Communications
Corp.,
slightly
detracted
from
results.
Describe
recent
portfolio
activity.
During
the
period,
the
most
notable
increase
in
the
Fund’s
sector
weightings
was
to
communication
services,
especially
within
the
interactive
media
&
services
industry.
Exposure
to
industrials
also
rose.
Conversely,
the
Fund's
exposure
to
IT
decreased
the
most
due
to
a
reduced
allocation
to
the
software
industry.
Exposure
to
health
care
decreased
as
well.
Describe
portfolio
positioning
at
period
end.
Relative
to
its
benchmark,
the
Fund
ended
the
period
with
its
largest
overweight
positions
in
the
communication
services
sector,
followed
by
financials
and
materials.
The
Fund’s
largest
underweight
position
was
in
consumer
staples,
followed
by
real
estate
and
health
care.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2021
(continued)
9
Fund
Summary
BlackRock
Capital
Appreciation
Portfolio
Performance
Summary
for
the
Period
Ended
June
30,
2021
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
Capital
Appreciation
Portfolio
(b)
...............................................
13.50‌%
39.82‌%
24.81‌%
16.61‌%
S&P
500
®
Index
(c)
...............................................................
15.25‌
40.79‌
17.65‌
14.84‌
Russell
1000
®
Growth
Index
(d)
......................................................
12.99‌
42.50‌
23.66‌
17.87‌
(a)
Cumulative
and
average
annual
total
returns
are
based
on
changes
in
net
asset
value
for
the
periods
shown
and
assume
reinvestment
of
all
distributions
at
net
asset
value
on
the
ex-dividend
date.
Insurance-related
fees
and
expenses
are
not
reflected
in
these
returns.
(b)
Assuming
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees,
if
any.
Does
not
include
insurance-related
fees
and
expenses.
The
Fund
invests
primarily
in
a
diversified
portfolio
consisting
primarily
of
common
stock
of
U.S.
companies
that
the
investment
adviser
believes
have
exhibited
above-average
growth
rates
in
earnings
over
the
long
term.
(c)
An
unmanaged
index
that
covers
500
leading
companies
and
captures
approximately
80%
coverage
of
available
market
capitalization.
(d)
An
unmanaged
index
that
measures
the
performance
of
the
large
cap
growth
segment
of
the
U.S.
equity
universe
and
consists
of
those
Russell
1000
®
securities
with
higher
price-to-book
ratios
and
higher
forecasted
growth
values.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Actual
Hypothetical
(a)
Beginning
Account
Value
(01/01/21)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(01/01/21)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
BlackRock
Capital
Appreciation
Portfolio
.............
$
1,000.00‌
$
1,135.00‌
$
2.49‌
$
1,000.00‌
$
1,022.46‌
$
2.36‌
0.47‌%
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
SECTOR
ALLOCATION
Sector
Percent
of
Net
Assets
Information
Technology
..............................
44‌
%
Consumer
Discretionary
.............................
18‌
Communication
Services
.............................
17‌
Health
Care
.....................................
8‌
Industrials
.......................................
7‌
Financials
.......................................
4‌
Materials
.......................................
2‌
Short-Term
Securities
...............................
4‌
Liabilities
in
Excess
of
Other
Assets
.....................
(4‌)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
Fund
Summary
as
of
June
30,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
10
BlackRock
Global
Allocation
Portfolio
Investment
Objective
BlackRock
Global
Allocation
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
high
total
investment
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2021,
the
Fund
outperformed
its
reference
benchmark,
which
is
comprised
of
the
S&P
500
®
Index
(36%),
FTSE
World
(ex-US)
Index
(24%),
ICE
BofA
Current
5-Year
U.S.
Treasury
Index
(24%)
and
FTSE
Non-U.S.
Dollar
World
Government
Bond
Index
(16%)
(the
“Reference
Benchmark”),
and
underperformed
the
broad-based
all-equity
benchmark,
the
FTSE
World
Index.
The
Fund
invests
in
both
equities
and
bonds;
therefore,
Fund
management
believes
that
the
Reference
Benchmark
provides
a
more
accurate
representation
of
the
Fund’s
composition
and
a
more
comparable
means
for
measurement.
The
following
discussion
of
relative
performance
pertains
to
the
Reference
Benchmark.
The
following
commentary
(and
referenced
allocation
percentages)
are
based
on
the
economic
exposures
of
the
Fund,
which
reflect
adjustments
for
futures,
swaps
and
options
(except
with
respect
to
fixed
income
securities)
and
convertible
bonds,
and
may
vary
relative
to
the
market
value.
What
factors
influenced
performance?
The
Fund’s
broad
overweight
to
equities
contributed
to
performance.
From
a
sector
perspective,
stock
selection
within
financials
and
materials
was
additive.
Stock
selection
within
health
care
contributed
to
performance
as
well,
although
this
was
partially
offset
by
an
overweight
to
the
sector.
Within
fixed
income,
a
broad
underweight
to
developed
market
government
bonds
as
compared
to
the
Reference
Benchmark
positively
impacted
returns.
Finally,
exposure
to
corporate
credit,
most
notably
U.S.
high
yield,
was
additive.
Within
equities,
security
selection
within
consumer
discretionary
detracted
from
performance.
Tactical
hedges
on
U.S.
equity
positioning
to
manage
the
Fund’s
overall
beta
(market
sensitivity)
weighed
on
performance.
Within
fixed
income,
positioning
within
U.S.
Treasuries,
most
notably
exposure
to
longer
maturities,
negatively
impacted
performance.
Exposure
to
cash
and
cash
equivalents
and
gold-related
securities
also
weighed
on
returns.
The
Fund
uses
derivatives,
which
may
include
options,
futures,
swaps
and
forward
contracts
both
to
seek
to
enhance
returns
of
the
Fund
and
to
hedge
(or
protect)
against
adverse
movements
in
currency
exchange
rates,
interest
rates
and
movements
in
the
securities
markets.
During
the
period,
the
Fund’s
use
of
derivatives,
in
aggregate,
detracted
from
the
Fund’s
performance.
Describe
recent
portfolio
activity.
During
the
period,
the
Fund’s
overall
equity
allocation
increased
from
68%
to
72%
of
net
assets.
Within
equities,
the
Fund
increased
exposure
to
Europe
and
decreased
exposure
to
Japan.
Exposure
to
the
United
States
was
tactically
managed
over
the
period,
however,
the
weighting
at
the
end
of
the
reporting
period
was
in
line
with
the
weighting
at
the
beginning.
From
a
sector
perspective,
the
Fund
increased
exposure
to
financials,
energy,
industrials
and
consumer
discretionary,
and
decreased
exposure
to
information
technology,
health
care
and
consumer
staples.
The
Fund’s
allocation
to
fixed
income
decreased
from
24%
to
19%
of
net
assets.
Within
fixed
income,
the
Fund
decreased
exposure
to
developed
market
government
bonds
and
corporate
credit,
and
increased
exposure
to
securitized
debt
and
floating
rate
loan
interests
(“bank
loans”).
From
the
standpoint
of
duration
and
corresponding
interest
rate
sensitivity,
the
Fund’s
total
portfolio
duration
was
tactically
managed
over
the
period
and
ended
the
period
at
-0.1
years,
down
from
1.9
years
at
the
beginning
of
the
period.
The
Fund’s
allocation
to
commodity-related
securities
decreased
slightly
from
1%
to
less
than
1%
of
net
assets.
Reflecting
the
changes
in
the
Fund’s
overall
allocations
to
the
equity,
fixed
income
and
commodity-related
asset
classes
during
the
period,
the
Fund’s
cash
equivalents
increased
from
7%
to
9%
of
net
assets.
During
the
six-month
period,
cash
helped
mitigate
portfolio
volatility
and
served
as
a
source
of
funds
for
new
investments
and
redemptions.
Describe
portfolio
positioning
at
period
end.
Relative
to
its
Reference
Benchmark,
the
Fund
was
overweight
in
equities,
underweight
in
fixed
income,
and
had
exposure
to
commodities
and
cash
equivalents.
Within
equities,
the
Fund's
largest
overweight
positions
were
to
consumer
discretionary,
industrials,
materials
and
health
care,
and
largest
underweights
were
to
consumer
staples
and
real
estate.
The
Fund
was
overweight
in
Europe,
the
United
States
and
China,
and
underweight
in
Japan
and
Australia.
Within
fixed
income,
the
Fund
was
significantly
underweight
in
developed
market
government
bonds,
and
overweight
in
corporate
credit,
securitized
debt
and
bank
loans.
The
total
portfolio
duration
of
-0.1
was
below
the
benchmark’s
duration
of
2.7
(total
portfolio
duration
assumes
equity
duration
of
0).
From
a
currency
perspective,
the
Fund
was
overweight
in
the
U.S.
dollar
and
underweight
in
the
euro.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2021
(continued)
11
Fund
Summary
BlackRock
Global
Allocation
Portfolio
Performance
Summary
for
the
Period
Ended
June
30,
2021
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
Global
Allocation
Portfolio
(b)(c)
................................................
6.63‌%
28.32‌%
10.85‌%
7.28‌%
FTSE
World
Index
(d)
.............................................................
13.12‌
40.28‌
15.28‌
10.72‌
Reference
Benchmark
(e)
..........................................................
6.37‌
22.60‌
9.92‌
7.68‌
U.S.
Stocks:
S&P
500
®
Index
(f)
......................................................
15.25‌
40.79‌
17.65‌
14.84‌
Non
U.S.
Stocks:
FTSE
World
(ex-U.S.)
Index
(g)
..........................................
10.37‌
37.45‌
11.47‌
6.08‌
U.S.
Bonds:
ICE
BofA
Current
5-Year
U.S.
Treasury
Index
(h)
.................................
(1.69‌)
(1.73‌)
1.90‌
2.37‌
Non
U.S.
Bonds:
FTSE
Non-U.S.
Dollar
World
Government
Bond
Index
(
i
)
........................
(6.00‌)
3.06‌
1.28‌
0.79‌
(a)
Cumulative
and
average
annual
total
returns
are
based
on
changes
in
net
asset
value
for
the
periods
shown
and
assume
reinvestment
of
all
distributions
at
net
asset
value
on
the
ex-dividend
date.
Insurance-related
fees
and
expenses
are
not
reflected
in
these
returns.
(b)
Assuming
transaction
costs,
if
any,
and
other
operating
expenses,
including
investment
advisory
fees.
Does
not
include
insurance-related
fees
and
expenses.
(c)
The
Fund
invests
in
a
portfolio
of
U.S.
and
foreign
equity
securities,
debt
and
money
market
securities,
the
combination
of
which
will
be
varied
from
time
to
time
with
respect
to
types
of
securities
and
markets
in
response
to
changing
markets
and
economic
trends.
(d)
A
market
cap
weighted
index
representing
the
performance
of
the
large
and
mid-cap
stocks
from
the
developed
and
advanced
emerging
countries
within
the
FTSE
Global
Equity
Index
Series.
(e)
An
unmanaged
weighted
index
comprised
as
follows:
36%
S&P
500
®
Index;
24%
FTSE
World
(ex
U.S.)
Index;
24%
ICE
BofA
Current
5-Year
U.S.
Treasury
Index;
and
16%
FTSE
Non-U.S.
Dollar
World
Government
Bond
Index.
(f)
An
unmanaged
index
that
covers
500
leading
companies
and
captures
approximately
80%
coverage
of
available
market
capitalization.
(g)
A
market
cap
weighted
index
representing
the
performance
of
the
large
and
mid-cap
stocks
from
the
developed
and
advanced
emerging
countries
excluding
the
U.S.
within
the
FTSE
Global
Equity
Index
Series.
(h)
An
unmanaged
index
designed
to
track
the
total
return
of
the
current
coupon
five-year
U.S.
Treasury
bond.
(
i
)
An
unmanaged
market
capitalization-weighted
index
that
tracks
22
government
bond
indexes,
excluding
the
United
States.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
GEOGRAPHIC
ALLOCATION
Percent
of
Total
Investments
(a)
Country/Geographic
Region
Long
Short
Total
United
States
...........................
64‌
%
1‌
%
65‌
%
China
.................................
6‌
—‌
(b)
6‌
Germany
..............................
5‌
—‌
(b)
5‌
France
................................
4‌ 
—‌
(b)
4‌ 
United
Kingdom
..........................
4‌
—‌
(b)
4‌
Netherlands
............................
2‌
—‌
(b)
2‌
Japan
................................
2‌ 
—‌
(b)
2‌ 
Italy
..................................
2‌
—‌
(b)
2‌
Other
(c)
................................
10‌
—‌
10‌
Total
.................................
99‌%
1‌%
100‌%
(a)
Total
investments
include
the
gross
market
values
of
long
and
short
positions
and
exclude
Short-Term
Securities,
Options
Purchased
and
Options
Written.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
(c)
Includes
holdings
within
countries
that
are
1%
or
less
of
long-term
investments.
Please
refer
to
the
Consolidated
Schedule
of
Investments
for
such
countries.
Fund
Summary
as
of
June
30,
2021
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
12
BlackRock
Global
Allocation
Portfolio
Expense
Example
Actual
Hypothetical
(a)
Including
dividend
expense
Excluding
dividend
expense
Including
dividend
expense
Excluding
dividend
expense
Beginning
Account
Value
(01/01/21)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(b)
Expenses
Paid
During
the
Period
(c)
Beginning
Account
Value
(01/01/21)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(b)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(c)
BlackRock
Global
Allocation
Portfolio
...............
$
1,000.00‌
$
1,066.30‌
$
2.97‌
$
2.92‌
$
1,000.00‌
$
1,021.92‌
$
2.91‌
$
1,021.97‌
$
2.86‌
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
Expenses
are
equal
to
the
annualized
expense
ratio
(0.58%),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
(c)
Expenses
are
equal
to
the
annualized
expense
ratio
(0.57%),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Money
Market
Overview
For
the
6-Month
Period
Ended
June
30,
2021
13
Money
Market
Overview
BlackRock
Government
Money
Market
Portfolio
2021
began
with
the
transition
to
the
Biden-Harris
administration,
passage
of
the
$1.9
trillion
American
Rescue
Plan
Act
of
2021,
and
an
acceleration
of
COVID-19
vaccination
programs.
As
the
year
progressed
and
vaccination
efforts
ramped
up,
COVID-19
cases
in
the
U.S.
plummeted
and
the
country
started
to
reopen.
U.S.
macroeconomic
data
continued
to
improve
throughout
the
period
as
evidenced
by
the
unemployment
rate
dropping
from
6.7%
at
the
beginning
of
the
year
to
5.9%
as
of
June
30,
2021.
As
expected,
the
Federal
Open
Market
Committee
(the
“FOMC”)
left
the
range
for
the
Federal
Funds
target
rate
unchanged
at
0.00%
—
0.25%,
and
made
no
change
to
its
forward
guidance
about
interest
rates
or
the
Fed’s
asset
purchase
program
during
the
six-month
period.
A
statement
released
in
conjunction
with
the
June
16,
2021
meeting
noted
that
“progress
on
vaccinations
will
likely
reduce
the
effects
of
the
public
health
crisis
on
the
economy.”
The
Fed’s
updated
Summary
of
Economic
Projections
(“SEP”)
reflected
a
sharply
higher
outlook
for
inflation
in
2021
relative
to
its
March
forecasts.
While
the
FOMC
statement
noted
the
recent
rise
in
inflation
“largely
(reflects)
transitory
factors,”
the
SEP
showed
core
inflation
is
projected
to
exceed
2.0%
throughout
the
2023
forecast
horizon.
The
so-called
“dot
plot”
interest
rate
forecast
for
the
median
Federal
Funds
rate
penciled
in
two
0.25%
interest
rate
hikes
in
2023.
This
is
up
from
the
March
2021
FOMC
meeting
that
forecasted
no
change,
raising
the
median
Federal
Funds
projection
from
0.10%
to
0.60%.
Importantly,
the
Fed
made
upward
“technical”
adjustments
of
0.05%
to
the
interest
rate
paid
on
required
and
excess
reserves
and
the
offering
rate
on
overnight
reverse
repurchase
agreement
(“RRP”)
operations,
bringing
these
“administered
rates”
to
0.15%
and
0.05%,
respectively.
Fed
Chair
Jerome
Powell
noted
in
the
press
conference
following
the
meeting
that
these
adjustments
were
made
“in
order
to
keep
the
federal
funds
rate
well
within
the
target
range
and
to
support
smooth
functioning
in
money
markets.”
Daily
RRP
volume
surged
following
the
adjustment
in
the
program’s
offering
rate,
reaching
a
record
$992
billion
as
of
June
30,
2021.
It
is
expected
RRP
utilization
to
remain
elevated
given
abundant
liquidity
in
the
financial
system
and
insufficient
supply
at
the
front
end
of
the
market.
Rates
on
U.S.
Treasury
bills
(“T-bills”)
also
moved
up
following
the
June
FOMC
meeting
but
were
generally
below
0.05%
for
tenors
out
to
six-months.
This
move
is
likely
attributed
to
the
acute
supply-demand
imbalance
in
the
money
markets
and
the
large
number
of
market
participants
who
lack
access
to
the
Fed’s
RPP
program.
Industry-wide
money
market
mutual
funds
(“MMFs”)
experienced
inflows
of
nearly
$230
billion
during
the
six-month
period.
Of
this,
assets
of
prime
and
municipal
MMFs
fell
$60
billion
and
$12
billion,
respectively,
while
government
MMFs
experienced
$298
billion
of
inflows.
For
the
first
time,
government
MMF
assets
exceeded
the
$4
trillion
mark
in
May
2021.
Net
new
U.S.
T-bill
supply
contracted
$689
billion
during
the
period,
further
accelerating
the
supply-and-demand
imbalance
in
the
money
market
space.
T-bill
tenors
between
one-month
and
one-year
were
trading
with
yields
of
0.00%
—
0.04%
prior
to
the
Fed’s
technical
adjustments
on
June
16,
2021
and
ended
the
period
at
0.04%
—
0.07%.
The
secured
overnight
financing
rate
—
a
broad
measure
of
the
cost
of
borrowing
cash
overnight
collateralized
by
Treasury
securities
—
which
had
been
pegged
at
0.01%
since
March
2021,
also
received
a
boost
in
June
and
ended
the
period
at
0.055%.
The
three-month
London
Interbank
Offered
Rate
fell
to
a
record
low
of
0.12%
as
of
June
14,
2021
but
reversed
course
around
the
time
of
the
FOMC
meeting
and
closed
out
the
second
quarter
of
2021
at
0.15%.
The
near-term
outlook
for
U.S.
money
markets
remains
challenging
as
the
impending
U.S.
debt
ceiling
suspension
expiration
on
July
31
will
result
in
almost
$300
billion
in
cash
being
pushed
into
the
system.
It
is
our
expectation
for
the
U.S.
Treasury
to
enact
“extraordinary
accounting
measures”
over
the
next
90
days,
which
would
result
in
further
cuts
to
T-bill
supply,
ranging
from
$200
-
$350
billion.
Despite
front-end
rates
receiving
a
lift
following
the
June
16,
2021
FOMC
meeting,
there
are
still
too
many
factors
at
play
that
will
keep
a
lid
on
rates.
Such
factors
include,
but
aren’t
limited
to,
the
abundance
of
liquidity
in
the
front-end
and
elevated
reserves
in
the
system,
the
Treasury
General
Account
balance
drawdown,
a
shrinking
supply
of
T-bills
and
solid
demand
for
government
securities.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Fund
Summary
as
of
June
30,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
14
BlackRock
Government
Money
Market
Portfolio
Investment
Objective
BlackRock
Government
Money
Market
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
preserve
capital,
to
maintain
liquidity
and
achieve
the
highest
possible
current
income
consistent
with
the
foregoing.
Portfolio
Information
Expense
Example
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
U.S.
Treasury
Obligations
..............................
42‌
%
U.S.
Government
Sponsored
Agency
Obligations
..............
29‌
Repurchase
Agreements
...............................
27‌
Other
Assets
Less
Liabilities
............................
2‌
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yield
7-Day
Yield
BlackRock
Government
Money
Market
Portfolio
.....
0.00‌
%
0.00‌
%
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
Past
performance
is
not
an
indication
of
future
results.
Actual
Hypothetical
(a)
Beginning
Account
Value
(01/01/21)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(01/01/21)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
BlackRock
Government
Money
Market
Portfolio
........
$
1,000.00‌
$
1,000.00‌
$
0.45‌
$
1,000.00‌
$
1,024.35‌
$
0.45‌
0.09‌%
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Fund
Summary
as
of
June
30,
2021
15
Fund
Summary
BlackRock
High
Yield
Portfolio
Investment
Objective
BlackRock
High
Yield
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
During
the
six-month
period
ended
June
30,
2021,
the
Fund
outperformed
the
benchmark,
the
Bloomberg
Barclays
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index.
What
factors
influenced
performance?
High-yield
bonds
delivered
positive
returns
and
outpaced
the
investment-grade
bond
market
in
the
first
half
of
the
year.
The
gains
were
driven
by
the
combination
of
a
strong
economic
recovery,
rising
oil
prices,
and
continued
support
from
fiscal
and
monetary
policy.
Together,
these
factors
helped
fuel
investors’
appetite
for
both
risk
and
yield.
Security
selection
in
the
independent
energy,
technology
and
health
care
sectors
contributed
to
Fund
performance.
By
credit
rating,
security
selection
among
B
rated
issues
and
an
overweight
in
BBBs
added
value.
Tactical
positions
in
equities
and
bank
loans
further
contributed
to
performance,
as
did
an
allocation
to
investment-grade
bonds.
Security
selection
in
the
oil
field
services
and
automotive
sectors,
as
well
as
an
underweight
position
in
retail,
detracted
from
results.
From
a
credit
rating
standpoint,
an
underweight
position
in
BBs
and
selection
in
CCCs
also
limited
the
extent
of
the
Fund’s
outperformance.
Describe
recent
portfolio
activity.
While
key
positioning
themes
remained
broadly
consistent,
the
investment
adviser
team
tactically
adjusted
sector-
and
issuer-level
positions
to
take
advantage
of
market
opportunities.
The
Fund
increased
its
allocations
to
the
technology,
leisure
and
airlines
sectors
and
reduced
its
positions
in
banking,
automotive
and
cable
&
satellite
issues.
The
investment
adviser
reduced
the
portfolio’s
allocation
to
investment-grade
bonds
during
the
first
half
of
2021,
ending
the
period
with
a
weighting
of
approximately
2.5%
in
this
area.
In
comparison,
the
Fund
had
an
8%
allocation
to
investment-grade
debt
at
the
end
of
2020.
The
remaining
position
largely
represented
issuer-specific
opportunities.
Describe
portfolio
positioning
at
period
end.
The
Fund
was
underweight
in
BB
rated
debt
and
overweight
in
select
CCCs.
With
that
said,
the
portfolio
remained
underweight
in
the
highest-yielding
portion
of
the
market
that
contains
a
larger
concentration
of
stressed
assets.
The
leading
sector
overweights
were
in
technology,
building
materials
and
cable
&
satellite,
and
the
largest
underweights
included
finance
companies,
food
&
beverage,
and
electric
utilities.
The
Fund
also
continued
to
hold
a
tactical
allocation
of
about
10.3%
to
floating
rate
loan
interests,
which
the
investment
adviser
believes
offer
an
attractive
value
versus
high
yield
bonds.
These
senior
secured
assets
experienced
a
recovery
similar
to
high
yield
bonds,
but
yield
spreads
remain
wide
versus
historical
levels.
The
Fund
also
held
an
out-of-benchmark
allocation
to
equities
of
approximately
3%.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2021
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
16
BlackRock
High
Yield
Portfolio
Performance
Summary
for
the
Period
Ended
June
30,
2021
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
(a)
Standardized
30-Day
Yield
(b)
Unsubsidized
30-Day
Yield
(b)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
High
Yield
Portfolio
(c)
..........................
3.75‌%
2.71‌%
4.19‌%
16.20‌%
7.86‌%
6.60‌%
Bloomberg
Barclays
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index
(d)
...........................................
—‌
—‌
3.61‌
15.34‌
7.47‌
6.65‌
(a)
Cumulative
and
average
annual
total
returns
are
based
on
changes
in
net
asset
value
for
the
periods
shown
and
assume
reinvestment
of
all
distributions
at
net
asset
value
on
the
ex-dividend/
payable
date.
Insurance-related
fees
and
expenses
are
not
reflected
in
these
returns.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
High
Yield
Portfolio
(the
"Predecessor
Fund"),
a
series
of
BlackRock
Series
Fund,
Inc.,
through
a
tax-free
reorganization
(the
"Reorganization").
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
The
Fund’s
total
returns
prior
to
October
1,
2011
are
the
returns
of
the
Predecessor
Fund
when
it
followed
a
different
investment
objective
and
different
investment
strategies
under
the
name
“BlackRock
High
Income
Portfolio”.
(b)
The
standardized
30-day
yield
includes
the
effects
of
any
waivers
and/or
reimbursements.
The
unsubsidized
30-day
yield
excludes
the
effects
of
any
waivers
and/or
reimbursements.
(c)
Assuming
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees,
if
any.
Does
not
include
insurance-related
fees
and
expenses.
The
Fund
invests
primarily
in
non-investment
grade
bonds
with
maturities
of
ten
years
or
less.
(d)
An
unmanaged
index
comprised
of
issues
that
meet
the
following
criteria:
at
least
$150
million
par
value
outstanding;
maximum
credit
rating
of
Ba1;
at
least
one
year
to
maturity;
and
no
issuer
represents
more
than
2%
of
the
index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Actual
Hypothetical
(a)
Beginning
Account
Value
(01/01/21)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(01/01/21)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
BlackRock
High
Yield
Portfolio
....................
$
1,000.00‌
$
1,041.90‌
$
2.53‌
$
1,000.00‌
$
1,022.32‌
$
2.51‌
0.50‌%
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(a)
Percent
of
Total
Investments
(b)
A
............................................
—‌
%
(c)
BBB/Baa
.......................................
7‌
BB/Ba
.........................................
36‌
B
............................................
38‌
CCC/
Caa
.......................................
14‌
CC/Ca
........................................
—‌
(c)
NR
...........................................
5‌
(a)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/
Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(b)
Excludes
short-term
securities.
(c)
Represents
less
than
1%
of
the
Fund's
total
investments.
Fund
Summary
as
of
June
30,
2021
17
Fund
Summary
BlackRock
U.S.
Government
Bond
Portfolio
Investment
Objective
BlackRock
U.S.
Government
Bond
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2021,
the
Fund
outperformed
its
benchmark,
the
Bloomberg
Barclays
U.S.
Government/Mortgage
Index.
What
factors
influenced
performance?
Positive
contributors
to
performance
relative
to
the
benchmark
included
the
Fund’s
below-benchmark
stance
with
respect
to
duration
(and
corresponding
interest
rate
sensitivity)
along
with
yield
curve
positioning
as
U.S.
Treasury
yields
rose
in
the
first
quarter
of
2021.
An
allocation
to
commercial
mortgage-backed
securities
(“CMBS”)
also
proved
additive.
Finally,
selection
within
30-year
MBS
contributed
positively
for
the
period.
The
largest
detractors
from
the
Fund's
performance
relative
to
the
benchmark
included
overweight
allocations
to
both
30-year
and
15-year
agency
mortgage-backed
securities
("MBS").
Exposure
to
Canadian
interest
rates
also
weighed
on
the
Fund’s
relative
return.
Describe
recent
portfolio
activity.
During
the
reporting
period,
the
Fund
shifted
from
an
underweight
to
a
neutral
allocation
to
agency
MBS
as
valuations
improved
and
the
technical
environment
remained
supportive,
driven
by
the
near-term
supply
and
demand
outlook.
While
the
Fund
continued
to
hold
an
allocation
to
higher-coupon,
call-protected
pools
within
agency
MBS,
recent
additions
have
favored
more
generic
to-be-announced
(“TBA”)
collateral
and
current
coupons.
Allocations
to
emerging
market
sovereigns
was
marginally
increased
along
with
positioning
in
select
single
asset-single
borrower
CMBS.
The
Fund
had
a
modestly
elevated
cash
position
at
period
end
due
to
the
investment
adviser’s
preference
for
using
forward
contracts
to
gain
MBS
exposure
as
opposed
to
holding
cash
bonds.
The
Fund’s
cash
position
did
not
have
a
material
impact
on
performance
over
the
six
months.
The
portfolio
holds
a
small
percentage
of
assets
in
derivatives
as
a
hedge
to
allocations
in
MBS
and
securitized
assets.
The
Fund’s
use
of
derivatives
had
a
positive
impact
on
Fund
performance
for
the
period.
Describe
portfolio
positioning
at
period
end.
At
period
end,
the
Fund’s
positioning
reflected
the
view
that
U.S.
economic
growth
will
remain
well
supported
and
above
trend
through
the
third
quarter
of
2021
before
moderating
into
the
end
of
the
year,
and
that
inflation
should
remain
elevated
before
easing
slightly
into
2022.
Because
of
these
views,
the
Fund
continued
to
hold
a
duration
underweight
relative
to
the
benchmark
while
being
more
neutral
on
curve
exposures
in
anticipation
of
elevated
sensitivity
to
incoming
data,
particularly
between
two
and
five
years.
The
Fund
maintained
out-of-benchmark
allocations
to
sectors
such
as
CMBS
although
some
of
the
exposures
more
sensitive
to
changing
credit
spreads
were
trimmed
in
the
period
in
order
to
rotate
assets
into
agency
MBS.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Portfolio
Information
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
..............
52‌
%
U.S.
Treasury
Obligations
.............................
38‌
Non-Agency
Mortgage-Backed
Securities
..................
6‌
Foreign
Government
Obligations
........................
3‌
Asset-Backed
Securities
..............................
1‌
See
“Disclosure
of
Expenses”
on
for
further
information
on
how
expenses
were
calculated.
(a)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
Fund
Summary
as
of
June
30,
2021
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
18
BlackRock
U.S.
Government
Bond
Portfolio
Performance
Summary
for
the
Period
Ended
June
30,
2021
Expense
Example
Average
Annual
Total
Returns
(a)
Standardized
30-Day
Yield
(b)
Unsubsidized
30-Day
Yield
(b)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
U.S.
Government
Bond
Portfolio
(c)
..................
1.33‌%
0.99‌%
(1.26‌)%
(0.75‌)%
2.33‌%
2.69‌%
Bloomberg
Barclays
U.S.
Government/Mortgage
Index
(d)
........
—‌
—‌
(1.79‌)
(2.01‌)
2.25‌
2.72‌
Bloomberg
Barclays
U.S.
Mortgage-Backed
Securities
Index
(e)
....
—‌
—‌
(0.77‌)
(0.42‌)
2.27‌
2.64‌
(a)
Cumulative
and
average
annual
total
returns
are
based
on
changes
in
net
asset
value
for
the
periods
shown
and
assume
reinvestment
of
all
distributions
at
net
asset
value
on
the
ex-dividend/
payable
date.
Insurance-related
fees
and
expenses
are
not
reflected
in
these
returns.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
U.S.
Government
Bond
Portfolio
(the
"Predecessor
Fund"),
a
series
of
BlackRock
Series
Fund,
Inc.,
through
a
tax-free
reorganization
(the
"Reorganization").
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
The
Predecessor
Fund’s
total
returns
prior
to
October
1,
2011
are
the
returns
of
the
Fund
when
it
followed
a
different
investment
objective
and
different
investment
strategies
under
the
name
“BlackRock
Government
Income
Portfolio.”
(b)
The
standardized
30-day
yield
includes
the
effects
of
any
waivers
and/or
reimbursements.
The
unsubsidized
30-day
yield
excludes
the
effects
of
any
waivers
and/or
reimbursements.
(c)
Assuming
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees,
if
any.
Does
not
include
insurance-related
fees
and
expenses.
The
Fund,
under
normal
circumstances,
will
invest
at
least
80%
of
its
assets
in
bonds
that
are
issued
or
guaranteed
by
the
U.S.
Government
and
its
agencies.
(d)
An
index
that
measures
debt
issued
by
the
U.S.
Government,
and
its
agencies,
as
well
as
mortgage-backed
pass-through
securities
of
Ginnie
Mae,
Fannie
Mae
and
Freddie
Mac.
(e)
An
unmanaged
index
that
includes
the
mortgage-backed
pass-through
securities
of
Ginnie
Mae,
Fannie
Mae
and
Freddie
Mac
that
meet
certain
maturity
and
liquidity
criteria.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Actual
Hypothetical
(a)
Including
Interest
Expense
Excluding
Interest
Expense
Including
Interest
Expense
Excluding
Interest
Expense
Beginning
Account
Value
(01/01/21)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(b)
Expenses
Paid
During
the
Period
(c)
Beginning
Account
Value
(01/01/21)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(b)
Ending
Account
Value
(06/30/21)
Expenses
Paid
During
the
Period
(c)
BlackRock
U.S.
Government
Bond
Portfolio
...............
$
1,000.00‌
$
987.40‌
$
2.46‌
$
2.46‌
$
1,000.00‌
$
1,022.32‌
$
2.51‌
$
1,022.32‌
$
2.51‌
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
Expenses
are
equal
to
the
annualized
expense
ratio
(0.50%),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
(c)
Expenses
are
equal
to
the
annualized
expense
ratio
(0.50%),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
The
Benefits
and
Risks
of
Leveraging
19
The
Benefits
and
Risks
of
Leveraging
/
Disclosure
Of
Expenses
/
Derivative
Financial
Instruments
The
Funds
may
utilize
leverage
to
seek
to
enhance
returns
and
net
asset
value
(“NAV”).
However,
there
is
no
guarantee
that
these
objectives
can
be
achieved
in
all
interest
rate
environments.  
The
Funds
may
utilize
leverage
by
entering
into
reverse
repurchase
agreements. 
In
general,
the
concept
of
leveraging
is
based
on
the
premise
that
the
financing
cost
of
leverage,
which
is
based
on
short-term
interest
rates,
is
normally
lower
than
the
income
earned
by
each
Fund
on
its
longer-term
portfolio
investments
purchased
with
the
proceeds
from
leverage.
To
the
extent
that
the
total
assets
of
each
Fund
(including
the
assets
obtained
from
leverage)
are
invested
in
higher-yielding
portfolio
investments, each
Fund's
shareholders
benefit
from
the
incremental
net
income.
The
interest
earned
on
securities
purchased
with
the
proceeds
from
leverage
is
distributed
to each
Fund's
shareholders,
and
the
value
of
these
portfolio
holdings
is
reflected
in each
Fund's
per
share
NAV.
However,
in
order
to
benefit
shareholders,
the
return
on
assets
purchased
with
leverage
proceeds
must
exceed
the
ongoing
costs
associated
with
the
leverage.
If
interest
and
other
ongoing
costs
of
leverage
exceed
a
Fund’s
return
on
assets
purchased
with
leverage
proceeds,
income
to
shareholders
is
lower
than
if
the
Funds
had
not
used
leverage.
Furthermore,
the
value
of
each
Fund’s
portfolio
investments
generally
varies
inversely
with
the
direction
of
long-term
interest
rates,
although
other
factors
can
also
influence
the
value
of
portfolio
investments.
As
a
result,
changes
in
interest
rates
can
influence
each
Fund’s
NAV
positively
or
negatively
in
addition
to
the
impact
on
each
Fund’s
performance
from
leverage.
Changes
in
the
direction
of
interest
rates
are
difficult
to
predict
accurately,
and
there
is
no
assurance
that
a
Fund’s
leveraging
strategy
will
be
successful.
The
use
of
leverage
also
generally
causes
greater
changes
in
each
Fund’s
NAV
and
dividend
rates
than
comparable
portfolios
without
leverage.
In
a
declining
market,
leverage
is
likely
to
cause
a
greater
decline
in
the
NAV
of a
Fund’s
shares
than
if
the
Fund
were
not
leveraged.
In
addition,
each
Fund
may
be
required
to
sell
portfolio
securities
at
inopportune
times
or
at
distressed
values
in
order
to
comply
with
regulatory
requirements
applicable
to
the
use
of
leverage
or
as
required
by
the
terms
of
the
leverage
instruments,
which
may
cause
the
Fund
to
incur
losses.
The
use
of
leverage
may
limit a
Fund’s
ability
to
invest
in
certain
types
of
securities
or
use
certain
types
of
hedging
strategies.
Each
Fund
incurs
expenses
in
connection
with
the
use
of
leverage,
all
of
which
are
borne
by
each
Fund’s
shareholders
and
may
reduce
income.
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees, service
and
distribution
fees, and
other
fund
expenses.
The
expense
examples shown
(which are
based
on
a
hypothetical
investment
of
$1,000
invested
on January
1,
2021 and
held
through
June
30,
2021) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their
Fund and
share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
these
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only,
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Funds may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument.
The
Funds’
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation a
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Funds’
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Advantage
Large
Cap
Core
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
June
30,
2021
Security
Shares
Shares
Value
Common
Stocks
—
99.1%
Aerospace
&
Defense
—
0.7%
Lockheed
Martin
Corp.
...............
3,237
$
1,224,719
Mercury
Systems,
Inc.
(a)
..............
2,931
194,267
Northrop
Grumman
Corp.
.............
150
54,514
1,473,500
Air
Freight
&
Logistics
—
1.5%
CH
Robinson
Worldwide,
Inc.
..........
8,840
828,043
Expeditors
International
of
Washington,
Inc.
.
19,503
2,469,080
3,297,123
Airlines
—
0.1%
(a)
Delta
Air
Lines,
Inc.
.................
3,110
134,539
Southwest
Airlines
Co.
...............
2,944
156,297
290,836
Auto
Components
—
1.1%
BorgWarner,
Inc.
...................
50,166
2,435,058
Automobiles
—
1.2%
Tesla,
Inc.
(a)
.......................
3,824
2,599,173
Banks
—
2.1%
Bank
of
Hawaii
Corp.
(b)
...............
3,098
260,914
Citigroup,
Inc.
.....................
6,535
462,351
JPMorgan
Chase
&
Co.
..............
9,068
1,410,437
Pinnacle
Financial
Partners,
Inc.
.........
2,216
195,651
Signature
Bank
....................
2,573
632,057
Truist
Financial
Corp.
................
12,644
701,742
Wells
Fargo
&
Co.
..................
15,880
719,205
Wintrust
Financial
Corp.
..............
1,719
130,008
4,512,365
Beverages
—
1.0%
Molson
Coors
Beverage
Co.,
Class
B
(a)
....
3,431
184,210
PepsiCo,
Inc.
.....................
13,746
2,036,745
2,220,955
Biotechnology
—
2.5%
AbbVie,
Inc.
......................
5,093
573,676
Amgen,
Inc.
......................
3,065
747,094
BioMarin
Pharmaceutical,
Inc.
(a)
.........
3,273
273,099
Gilead
Sciences,
Inc.
................
42,391
2,919,044
Vertex
Pharmaceuticals,
Inc.
(a)
..........
4,522
911,771
5,424,684
Building
Products
—
1.6%
Allegion
plc
.......................
4,303
599,408
Carrier
Global
Corp.
.................
14,994
728,708
Owens
Corning
....................
921
90,166
Trane
Technologies
plc
...............
11,686
2,151,860
3,570,142
Capital
Markets
—
2.9%
Bank
of
New
York
Mellon
Corp.
(The)
.....
5,393
276,284
Charles
Schwab
Corp.
(The)
...........
17,415
1,267,986
CME
Group,
Inc.
...................
3,249
690,997
Invesco
Ltd.
......................
6,747
180,347
Moody's
Corp.
.....................
2,147
778,008
Morgan
Stanley
....................
32,845
3,011,558
Stifel
Financial
Corp.
................
1,731
112,273
6,317,453
Chemicals
—
1.3%
Ecolab,
Inc.
......................
4,933
1,016,050
PPG
Industries,
Inc.
.................
11,111
1,886,314
2,902,364
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
—
0.8%
Cintas
Corp.
......................
157
$
59,974
Copart
,
Inc.
(a)
.....................
7,265
957,745
IAA,
Inc.
(a)
........................
14,701
801,793
1,819,512
Construction
&
Engineering
—
0.5%
EMCOR
Group,
Inc.
.................
7,611
937,599
Quanta
Services,
Inc.
................
651
58,961
996,560
Construction
Materials
—
0.0%
Vulcan
Materials
Co.
................
464
80,768
Consumer
Finance
—
1.7%
Ally
Financial,
Inc.
..................
37,870
1,887,441
American
Express
Co.
...............
10,997
1,817,034
3,704,475
Containers
&
Packaging
—
0.4%
Crown
Holdings,
Inc.
................
8,967
916,517
Distributors
—
0.3%
Genuine
Parts
Co.
..................
5,832
737,573
Diversified
Consumer
Services
—
0.6%
(a)
Bright
Horizons
Family
Solutions,
Inc.
.....
3,176
467,221
Terminix
Global
Holdings,
Inc.
..........
15,798
753,723
1,220,944
Diversified
Financial
Services
—
1.2%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
......
2,053
570,570
Voya
Financial,
Inc.
.................
32,444
1,995,306
2,565,876
Diversified
Telecommunication
Services
—
0.0%
AT&T,
Inc.
........................
805
23,168
Electric
Utilities
—
1.5%
Eversource
Energy
.................
12,545
1,006,611
NextEra
Energy,
Inc.
................
7,935
581,477
OGE
Energy
Corp.
..................
38,891
1,308,682
Pinnacle
West
Capital
Corp.
...........
363
29,755
Portland
General
Electric
Co.
...........
427
19,676
Xcel
Energy,
Inc.
...................
3,431
226,034
3,172,235
Electrical
Equipment
—
0.0%
Rockwell
Automation,
Inc.
.............
250
71,505
Electronic
Equipment,
Instruments
&
Components
—
0.5%
Flex
Ltd.
(a)
........................
59,001
1,054,348
Energy
Equipment
&
Services
—
0.7%
ChampionX
Corp.
(a)
.................
6,292
161,390
Schlumberger
NV
..................
43,681
1,398,229
1,559,619
Entertainment
—
2.1%
(a)
Live
Nation
Entertainment,
Inc.
..........
5,966
522,562
Roku,
Inc.
........................
1,317
604,832
Spotify
Technology
SA
...............
3,709
1,022,164
Walt
Disney
Co.
(The)
...............
10,548
1,854,022
Zynga,
Inc.,
Class
A
.................
54,556
579,930
4,583,510
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.9%
Brixmor
Property
Group,
Inc.
...........
2,127
48,687
Equinix
,
Inc.
......................
2,108
1,691,881
Prologis,
Inc.
......................
19,881
2,376,376
4,116,944
BlackRock
Advantage
Large
Cap
Core
Portfolio
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
Food
&
Staples
Retailing
—
1.6%
Costco
Wholesale
Corp.
..............
8,745
$
3,460,134
Food
Products
—
1.3%
Bunge
Ltd.
.......................
2,711
211,865
Conagra
Brands,
Inc.
................
18,047
656,550
Hershey
Co.
(The)
..................
5,696
992,129
Kellogg
Co.
.......................
6,376
410,168
McCormick
&
Co.,
Inc.
(Non-Voting)
......
6,910
610,291
2,881,003
Gas
Utilities
—
0.4%
Atmos
Energy
Corp.
.................
6,251
600,784
UGI
Corp.
........................
6,334
293,327
894,111
Health
Care
Equipment
&
Supplies
—
3.6%
Align
Technology,
Inc.
(a)
...............
2,067
1,262,937
Danaher
Corp.
....................
4,359
1,169,781
DexCom
,
Inc.
(a)
....................
5,299
2,262,673
Envista
Holdings
Corp.
(a)
..............
5,210
225,124
Hill-Rom
Holdings,
Inc.
...............
2,568
291,699
IDEXX
Laboratories,
Inc.
(a)
.............
4,197
2,650,616
Insulet
Corp.
(a)
.....................
84
23,059
7,885,889
Health
Care
Providers
&
Services
—
1.9%
AmerisourceBergen
Corp.
.............
5,820
666,332
Anthem,
Inc.
......................
2,619
999,934
Cigna
Corp.
......................
738
174,958
Henry
Schein,
Inc.
(a)
.................
1,007
74,709
McKesson
Corp.
...................
6,523
1,247,458
UnitedHealth
Group,
Inc.
..............
2,620
1,049,153
4,212,544
Health
Care
Technology
—
0.2%
Cerner
Corp.
......................
3,857
301,463
Teladoc
Health,
Inc.
(a)
................
186
30,930
332,393
Hotels,
Restaurants
&
Leisure
—
2.3%
Aramark
.........................
7,544
281,014
Chipotle
Mexican
Grill,
Inc.
(a)
...........
395
612,384
International
Game
Technology
plc
(a)
......
14,985
359,041
Marriott
Vacations
Worldwide
Corp.
(a)
.....
751
119,634
McDonald's
Corp.
..................
1,720
397,303
MGM
Resorts
International
............
2,023
86,281
Rush
Street
Interactive,
Inc.
(a)
..........
4,240
51,982
Shake
Shack,
Inc.,
Class
A
(a)
...........
6,474
692,848
Six
Flags
Entertainment
Corp.
(a)
.........
20,613
892,131
Wyndham
Hotels
&
Resorts,
Inc.
(b)
.......
7,196
520,199
Wynn
Resorts
Ltd.
(a)
.................
8,128
994,054
5,006,871
Household
Durables
—
0.1%
iRobot
Corp.
(a)
.....................
1,966
183,605
Household
Products
—
1.0%
Colgate-Palmolive
Co.
...............
26,490
2,154,961
Procter
&
Gamble
Co.
(The)
...........
278
37,511
2,192,472
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
Brookfield
Renewable
Corp.
...........
4,739
198,754
Sunnova
Energy
International,
Inc.
(a)
......
8,176
307,908
506,662
Security
Shares
Shares
Value
Industrial
Conglomerates
—
1.2%
Honeywell
International,
Inc.
...........
8,848
$
1,940,809
Roper
Technologies,
Inc.
..............
1,320
620,664
2,561,473
Insurance
—
2.8%
Athene
Holding
Ltd.,
Class
A
(a)
..........
607
40,973
Marsh
&
McLennan
Cos.,
Inc.
..........
9,623
1,353,764
MetLife,
Inc.
......................
43,626
2,611,016
Progressive
Corp.
(The)
..............
8,688
853,248
Travelers
Cos.,
Inc.
(The)
.............
6,758
1,011,740
Trupanion
,
Inc.
(a)
...................
552
63,535
Willis
Towers
Watson
plc
..............
691
158,944
6,093,220
Interactive
Media
&
Services
—
6.4%
(a)
Alphabet,
Inc.,
Class
A
...............
2,563
6,258,308
Alphabet,
Inc.,
Class
C
...............
1,486
3,724,391
Facebook,
Inc.,
Class
A
..............
9,383
3,262,563
Twitter,
Inc.
.......................
9,451
650,324
13,895,586
Internet
&
Direct
Marketing
Retail
—
2.8%
(a)
Amazon.com,
Inc.
..................
1,769
6,085,643
MercadoLibre
,
Inc.
..................
61
95,025
6,180,668
IT
Services
—
5.6%
Accenture
plc,
Class
A
...............
8,416
2,480,953
Automatic
Data
Processing,
Inc.
.........
5,342
1,061,028
Fidelity
National
Information
Services,
Inc.
..
4,752
673,216
Fiserv,
Inc.
(a)
......................
5,868
627,231
Mastercard
,
Inc.,
Class
A
..............
5,174
1,888,976
PayPal
Holdings,
Inc.
(a)
...............
8,659
2,523,925
Twilio
,
Inc.,
Class
A
(a)
................
684
269,605
Visa,
Inc.,
Class
A
..................
11,804
2,760,011
12,284,945
Life
Sciences
Tools
&
Services
—
0.8%
Agilent
Technologies,
Inc.
.............
7,244
1,070,736
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)
......
42
27,060
Bruker
Corp.
......................
6,449
489,995
PPD,
Inc.
(a)
.......................
916
42,218
1,630,009
Machinery
—
2.1%
Caterpillar,
Inc.
....................
1,945
423,290
Deere
&
Co.
......................
5,309
1,872,537
Oshkosh
Corp.
....................
4,416
550,410
Otis
Worldwide
Corp.
................
18,645
1,524,602
Xylem,
Inc.
.......................
1,306
156,668
4,527,507
Media
—
1.2%
Cardlytics,
Inc.
(a)
...................
435
55,215
Comcast
Corp.,
Class
A
..............
16,605
946,817
Discovery,
Inc.,
Class
A
(a)
.............
17,991
551,964
Discovery,
Inc.,
Class
C
(a)
.............
1,784
51,700
Fox
Corp.,
Class
A
..................
1,033
38,355
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(a)
442
20,588
Sirius
XM
Holdings,
Inc.
(b)
.............
117,091
765,775
TEGNA,
Inc.
......................
5,439
102,036
2,532,450
Metals
&
Mining
—
0.3%
Reliance
Steel
&
Aluminum
Co.
.........
4,848
731,563
Multiline
Retail
—
1.2%
Target
Corp.
......................
11,199
2,707,246
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Advantage
Large
Cap
Core
Portfolio
22
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
Multi-Utilities
—
1.1%
Ameren
Corp.
.....................
423
$
33,857
Consolidated
Edison,
Inc.
.............
27,536
1,974,882
DTE
Energy
Co.
...................
2,922
378,691
2,387,430
Oil,
Gas
&
Consumable
Fuels
—
2.7%
Antero
Midstream
Corp.
..............
13,265
137,823
Chesapeake
Energy
Corp.
(b)
...........
4,753
246,776
Chevron
Corp.
.....................
9,612
1,006,761
Devon
Energy
Corp.
.................
1,602
46,762
EOG
Resources,
Inc.
................
5,996
500,306
EQT
Corp.
(a)
......................
2,522
56,140
Hess
Corp.
.......................
12,242
1,068,972
Kinder
Morgan,
Inc.
.................
33,871
617,468
Phillips
66
........................
22,344
1,917,562
Valero
Energy
Corp.
.................
3,214
250,949
5,849,519
Personal
Products
—
0.4%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
1,243
395,373
Herbalife
Nutrition
Ltd.
(a)
..............
10,763
567,533
962,906
Pharmaceuticals
—
3.1%
Bristol-Myers
Squibb
Co.
..............
23,567
1,574,747
Johnson
&
Johnson
.................
28,347
4,669,885
Pfizer,
Inc.
.......................
12,635
494,786
6,739,418
Professional
Services
—
0.2%
IHS
Markit
Ltd.
....................
2,115
238,276
Robert
Half
International,
Inc.
...........
2,125
189,061
427,337
Real
Estate
Management
&
Development
—
0.5%
CBRE
Group,
Inc.,
Class
A
(a)
...........
13,611
1,166,871
Road
&
Rail
—
0.9%
Landstar
System,
Inc.
................
822
129,892
Ryder
System,
Inc.
..................
19,369
1,439,698
Schneider
National,
Inc.,
Class
B
........
21,185
461,198
2,030,788
Semiconductors
&
Semiconductor
Equipment
—
4.6%
Advanced
Micro
Devices,
Inc.
(a)
.........
8,850
831,280
Applied
Materials,
Inc.
...............
8,509
1,211,681
Intel
Corp.
.......................
47,877
2,687,815
Lam
Research
Corp.
................
261
169,833
NVIDIA
Corp.
.....................
1,727
1,381,773
QUALCOMM,
Inc.
..................
22,703
3,244,940
Silicon
Laboratories,
Inc.
(a)
.............
1,347
206,428
Xilinx,
Inc.
........................
1,310
189,478
9,923,228
Software
—
10.6%
ACI
Worldwide,
Inc.
(a)
................
2
74
Adobe,
Inc.
(a)
......................
6,608
3,869,909
Alteryx
,
Inc.,
Class
A
(a)
...............
3,103
266,920
Appian
Corp.
(a)
....................
379
52,207
Cadence
Design
Systems,
Inc.
(a)
........
2,839
388,432
HubSpot
,
Inc.
(a)
....................
1,473
858,347
Intuit,
Inc.
........................
6,381
3,127,775
LivePerson
,
Inc.
(a)
..................
243
15,368
Security
Shares
Shares
Value
Software
(continued)
Microsoft
Corp.
....................
30,657
$
8,304,981
PagerDuty
,
Inc.
(a)
...................
4,441
189,098
PTC,
Inc.
(a)
.......................
4,920
694,999
salesforce.com,
Inc.
(a)
................
911
222,530
ServiceNow
,
Inc.
(a)
..................
1,579
867,740
Splunk
,
Inc.
(a)
.....................
7,969
1,152,158
UiPath
,
Inc.,
Class
A
(a)(b)
..............
2,599
176,550
VMware,
Inc.,
Class
A
(a)
..............
7,160
1,145,385
Workday,
Inc.,
Class
A
(a)
..............
6,504
1,552,765
Zendesk
,
Inc.
(a)
....................
895
129,184
23,014,422
Specialty
Retail
—
1.3%
Home
Depot,
Inc.
(The)
..............
4,975
1,586,478
Lithia
Motors,
Inc.,
Class
A
............
491
168,727
Lowe's
Cos.,
Inc.
...................
4,490
870,925
TJX
Cos.,
Inc.
(The)
.................
2,823
190,327
2,816,457
Technology
Hardware,
Storage
&
Peripherals
—
7.1%
Apple,
Inc.
.......................
83,908
11,492,040
Dell
Technologies,
Inc.,
Class
C
(a)
........
15,163
1,511,296
Hewlett
Packard
Enterprise
Co.
.........
139,556
2,034,726
HP,
Inc.
.........................
10,411
314,308
NetApp,
Inc.
......................
951
77,811
15,430,181
Textiles,
Apparel
&
Luxury
Goods
—
0.5%
Levi
Strauss
&
Co.,
Class
A
............
12,255
339,708
NIKE,
Inc.,
Class
B
.................
4,122
636,808
Ralph
Lauren
Corp.
.................
401
47,242
1,023,758
Thrifts
&
Mortgage
Finance
—
0.3%
New
York
Community
Bancorp,
Inc.
......
64,380
709,468
Trading
Companies
&
Distributors
—
0.4%
SiteOne
Landscape
Supply,
Inc.
(a)
........
2,742
464,111
WW
Grainger,
Inc.
..................
710
310,980
775,091
Wireless
Telecommunication
Services
—
0.2%
United
States
Cellular
Corp.
(a)
..........
12,220
443,708
Total
Common
Stocks
—
99.1%
(Cost:
$174,885,690)
.............................
216,068,140
Total
Long-Term
Investments
—
99.1%
(Cost:
$174,885,690)
.............................
216,068,140
Short-Term
Securities
—
1.7%
(c)(d)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
...................
2,027,162
2,027,162
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.13%
(e)
.......................
1,644,694
1,645,187
Total
Short-Term
Securities
—
1.7%
(Cost:
$3,672,349)
..............................
3,672,349
Total
Investments
—
100.8%
(Cost:
$178,558,039
)
.............................
219,740,489
Liabilities
in
Excess
of
Other
Assets
—
(0.8)%
............
(1,693,593)
Net
Assets
—
100.0%
..............................
$
218,046,896
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
BlackRock
Advantage
Large
Cap
Core
Portfolio
Schedules
of
Investments
23
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
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
six
months
ended
June
30,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/21
Shares
Held
at
06/30/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
5,514,524
$
—
$
(3,487,362)
$
—
$
—
$
2,027,162
2,027,162
$
458
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
1,958,228
—
(313,026)
(15)
—
1,645,187
1,644,694
17,240
(b)
—
$
(15)
$
—
$
3,672,349
$
17,698
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Advantage
Large
Cap
Core
Portfolio
24
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
......................................................
10
09/17/21
$
2,144
$
21,766
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
21,766
$
—
$
—
$
—
$
21,766
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
six
months
ended
June
30,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
contracts
.......................
$
—
$
—
$
885,790
$
—
$
—
$
—
$
885,790
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
.......................
—
—
(125,798)
—
—
—
(125,798)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts:
Average
notional
value
of
contracts
—
long
..................................................................................
$
4,444,440
BlackRock
Advantage
Large
Cap
Core
Portfolio
Schedules
of
Investments
25
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments
......................................
$
216,068,140
$
—
$
—
$
216,068,140
Short-Term
Securities
.......................................
2,027,162
—
—
2,027,162
$
218,095,302
$
—
$
—
$
218,095,302
Investments
valued
at
NAV
(a)
......................................
1,645,187
$
—
$
219,740,489
$
—
Derivative
Financial
Instruments
(b)
Assets:
Equity
contracts
...........................................
$
21,766
$
—
$
—
$
21,766
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
—
1.7%
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2007-HE4,
Class
A2A,
(LIBOR
USD
1
Month
+
0.26%),
0.35%,
05/25/37
(a)
.....
USD
46
$
10,792
Ajax
Mortgage
Loan
Trust
(b)
:
Series
2018-D,
Class
A,
3.75%,
08/25/58
(a)(c)
129
129,485
Series
2018-E,
Class
A,
4.38%,
06/25/58
(a)
82
82,680
Series
2018-G,
Class
A,
4.38%,
06/25/57
(a)(c)
138
138,228
Series
2018-G,
Class
B,
5.25%,
06/25/57
(a)(c)
100
75,500
Series
2018-G,
Class
C,
5.25%,
06/25/57
(c)
99
97,650
Series
2019-A,
Class
A,
3.75%,
08/25/57
(a)
127
128,712
Series
2019-B,
Class
A,
3.75%,
01/25/59
(a)
223
225,723
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
A1,
(LIBOR
USD
3
Month
+
1.08%),
1.27%,
10/21/28
(a)(b)
.....................
246
241,681
Anchorage
Capital
CLO
5-R
Ltd.
(a)(b)
:
Series
2014-5RA,
Class
B,
(LIBOR
USD
3
Month
+
1.45%),
1.63%,
01/15/30
....
250
248,497
Series
2014-5RA,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
2.03%,
01/15/30
....
250
248,502
Apidos
CLO
XII,
Series
2013-12A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
1.26%,
04/15/31
(a)(b)
.....................
500
500,025
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class
A2,
(LIBOR
USD
1
Month
+
0.24%),
0.33%,
05/25/35
(a)
.................
66
61,079
Avery
Point
V
CLO
Ltd.,
Series
2014-5A,
Class
AR,
(LIBOR
USD
3
Month
+
0.98%),
1.17%,
07/17/26
(a)(b)
.....................
18
17,918
Barings
CLO
Ltd.,
Series
2018-3A,
Class
A1,
(LIBOR
USD
3
Month
+
0.95%),
1.14%,
07/20/29
(a)(b)
.....................
250
249,915
BCMSC
Trust
(a)
:
Series
2000-A,
Class
A2,
7.58%,
06/15/30
.
53
12,461
Series
2000-A,
Class
A3,
7.83%,
06/15/30
.
49
11,953
Series
2000-A,
Class
A4,
8.29%,
06/15/30
.
35
9,109
BDS
Ltd.,
Series
2019-FL3,
Class
A,
(LIBOR
USD
1
Month
+
1.40%),
1.48%,
12/15/35
(a)(b)
62
61,743
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
:
Series
2004-HE7,
Class
M2,
(LIBOR
USD
1
Month
+
1.73%),
1.82%,
08/25/34
....
2
1,809
Series
2006-HE7,
Class
1A2,
(LIBOR
USD
1
Month
+
0.17%),
0.26%,
09/25/36
....
98
96,290
Series
2007-HE1,
Class
21A2,
(LIBOR
USD
1
Month
+
0.16%),
0.25%,
01/25/37
...
30
29,526
Series
2007-HE2,
Class
22A,
(LIBOR
USD
1
Month
+
0.14%),
0.23%,
03/25/37
....
16
15,500
Series
2007-HE2,
Class
23A,
(LIBOR
USD
1
Month
+
0.14%),
0.23%,
03/25/37
....
34
32,021
Series
2007-HE3,
Class
1A3,
(LIBOR
USD
1
Month
+
0.25%),
0.34%,
04/25/37
....
67
78,414
Benefit
Street
Partners
CLO
VI
Ltd.,
Series
2015-VIA,
Class
A1R,
(LIBOR
USD
3
Month
+
1.24%),
1.43%,
10/18/29
(a)(b)
.........
250
250,046
Carlyle
Global
Market
Strategies
CLO
Ltd.
(a)(b)
:
Series
2014-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
0.97%),
1.16%,
04/17/31
....
249
248,596
Series
2015-3A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.60%),
1.78%,
07/28/28
....
250
249,999
Carlyle
US
CLO
Ltd.,
Series
2017-4A,
Class
A1,
(LIBOR
USD
3
Month
+
1.18%),
1.36%,
01/15/30
(a)(b)
.....................
250
250,182
Carrington
Mortgage
Loan
Trust,
Series
2006-
NC4,
Class
A3,
(LIBOR
USD
1
Month
+
0.16%),
0.25%,
10/25/36
(a)
...........
53
51,120
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Cedar
Funding
VIII
CLO
Ltd.,
Series
2017-8A,
Class
A1,
(LIBOR
USD
3
Month
+
1.25%),
1.44%,
10/17/30
(a)(b)
................
USD
250
$
250,123
CIFC
Funding
Ltd.
(a)(b)
:
Series
2013-1A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.75%),
1.93%,
07/16/30
....
250
250,017
Series
2014-4RA,
Class
A1A,
(LIBOR
USD
3
Month
+
1.13%),
1.32%,
10/17/30
....
250
249,949
Citigroup
Mortgage
Loan
Trust
(a)
:
Series
2007-AHL2,
Class
A3B,
(LIBOR
USD
1
Month
+
0.20%),
0.29%,
05/25/37
...
168
134,351
Series
2007-AHL2,
Class
A3C,
(LIBOR
USD
1
Month
+
0.27%),
0.36%,
05/25/37
...
76
61,466
Conseco
Finance
Corp.:
Series
1998-8,
Class
A1,
6.28%,
09/01/30
.
10
10,539
Series
1998-8,
Class
M1,
6.98%,
09/01/30
(a)
55
51,926
Series
2001-D,
Class
B1,
(LIBOR
USD
1
Month
+
2.50%),
2.57%,
11/15/32
(a)
...
62
56,910
Conseco
Finance
Securitizations
Corp.:
Series
2000-1,
Class
A5,
8.06%,
09/01/29
(a)
31
9,546
Series
2000-4,
Class
A6,
8.31%,
05/01/32
(a)
42
12,780
Series
2000-5,
Class
A6,
7.96%,
05/01/31
.
38
15,499
Countrywide
Asset-Backed
Certificates:
Series
2006-8,
Class
2A3,
(LIBOR
USD
1
Month
+
0.16%),
0.25%,
12/25/35
(a)
...
15
14,932
Series
2006-S3,
Class
A4,
7.02%,
01/25/29
(d)
....................
4
5,388
Series
2006-SPS1,
Class
A,
(LIBOR
USD
1
Month
+
0.22%),
0.31%,
12/25/25
(a)
...
1
1,022
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2001-MH29,
Class
B1,
8.10%,
09/25/31
(a)
......................
26
27,047
Credit-Based
Asset
Servicing
&
Securitization
LLC,
Series
2006-MH1,
Class
B1,
6.25%,
10/25/36
(b)(d)
.....................
100
102,780
CWABS
Asset-Backed
Certificates
Trust,
Series
2005-17,
Class
1AF4,
6.05%,
05/25/36
(d)
..
23
22,895
CWHEQ
Home
Equity
Loan
Trust,
Series
2006-
S5,
Class
A5,
6.16%,
06/25/35
.........
6
7,388
CWHEQ
Revolving
Home
Equity
Loan
Resuritization
Trust
(a)(b)
:
Series
2006-RES,
Class
4Q1B,
(LIBOR
USD
1
Month
+
0.30%),
0.37%,
12/15/33
...
17
15,106
Series
2006-RES,
Class
5B1A,
(LIBOR
USD
1
Month
+
0.19%),
0.26%,
05/15/35
...
49
47,508
CWHEQ
Revolving
Home
Equity
Loan
Trust
(a)
:
Series
2005-B,
Class
2A,
(LIBOR
USD
1
Month
+
0.18%),
0.25%,
05/15/35
....
8
7,730
Series
2006-H,
Class
1A,
(LIBOR
USD
1
Month
+
0.15%),
0.22%,
11/15/36
....
16
14,321
Dryden
53
CLO
Ltd.,
Series
2017-53A,
Class
A,
(LIBOR
USD
3
Month
+
1.12%),
1.30%,
01/15/31
(a)(b)
.....................
280
280,004
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FFH1,
Class
M2,
(LIBOR
USD
1
Month
+
0.60%),
0.69%,
01/25/36
(a)
.....
40
35,262
GSAMP
Trust
(a)
:
Series
2007-H1,
Class
A1B,
(LIBOR
USD
1
Month
+
0.20%),
0.29%,
01/25/47
....
25
16,021
Series
2007-HS1,
Class
M6,
(LIBOR
USD
1
Month
+
2.25%),
2.34%,
02/25/47
....
25
26,959
Halcyon
Loan
Advisors
Funding
Ltd.,
Series
2015-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
1.26%,
07/25/27
(a)(b)
..........
49
49,212
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Home
Equity
Asset
Trust,
Series
2007-1,
Class
2A3,
(LIBOR
USD
1
Month
+
0.30%),
0.39%,
05/25/37
(a)
......................
USD
38
$
34,373
Home
Equity
Mortgage
Trust,
Series
2006-2,
Class
1A1,
5.87%,
07/25/36
(d)
.........
130
24,316
Home
Loan
Mortgage
Loan
Trust,
Series
2005-
1,
Class
A3,
(LIBOR
USD
1
Month
+
0.72%),
0.79%,
04/15/36
(a)
.................
28
26,496
ICG
US
CLO
Ltd.,
Series
2015-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.14%),
1.33%,
10/19/28
(a)(b)
.....................
238
238,052
IXIS
Real
Estate
Capital
Trust,
Series
2007-
HE1,
Class
A4,
(LIBOR
USD
1
Month
+
0.23%),
0.32%,
05/25/37
(a)
...........
658
231,369
Lehman
ABS
Manufactured
Housing
Contract
Trust:
Series
2001-B,
Class
M1,
6.63%,
04/15/40
(a)
82
86,741
Series
2002-A,
Class
C,
0.00%,
06/15/33
.
5
4,820
Litigation
Fee
Residual
Funding
LLC,
Series
2015-1,  4.00%,
10/30/27
(c)
...........
30
29,665
Long
Beach
Mortgage
Loan
Trust
(a)
:
Series
2006-5,
Class
2A3,
(LIBOR
USD
1
Month
+
0.30%),
0.39%,
06/25/36
....
24
14,799
Series
2006-7,
Class
2A3,
(LIBOR
USD
1
Month
+
0.16%),
0.25%,
08/25/36
....
15
8,040
Madison
Park
Funding
XVIII
Ltd.,
Series
2015-
18A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.19%),
1.38%,
10/21/30
(a)(b)
..........
250
250,050
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-2,
Class
A2C,
(LIBOR
USD
1
Month
+
0.24%),
0.33%,
05/25/37
(a)
21
16,320
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust,
Series
2005-HE1,
Class
A2MZ,
(LIBOR
USD
1
Month
+
0.60%),
0.69%,
12/25/34
(a)
.....
78
73,899
Oakwood
Mortgage
Investors,
Inc.,
Series
2001-D,
Class
A4,
6.93%,
09/15/31
(a)
....
10
7,802
OCP
CLO
Ltd.,
Series
2016-12A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.12%),
1.31%,
10/18/28
(a)(b)
.....................
81
80,857
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.02%),
1.21%,
07/17/30
(a)(b)
.........
305
304,176
OHA
Loan
Funding
Ltd.,
Series
2013-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.04%),
1.19%,
05/23/31
(a)(b)
.....................
285
284,268
Option
One
Mortgage
Loan
Trust:
Series
2007-CP1,
Class
2A3,
(LIBOR
USD
1
Month
+
0.21%),
0.30%,
03/25/37
(a)
...
40
32,336
Series
2007-FXD1,
Class
1A1,
5.87%,
01/25/37
(d)
....................
33
33,479
Series
2007-FXD1,
Class
2A1,
5.87%,
01/25/37
(d)
....................
39
39,348
Series
2007-FXD2,
Class
1A1,
5.82%,
03/25/37
(d)
....................
46
46,541
Origen
Manufactured
Housing
Contract
Trust,
Series
2007-B,
Class
A1,
(LIBOR
USD
1
Month
+
1.20%),
1.27%,
10/15/37
(a)(b)(c)
...
20
19,803
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A2C,
6.50%,
01/25/37
(d)
.........
30
29,002
OZLM
Funding
IV
Ltd.,
Series
2013-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.25%),
1.43%,
10/22/30
(a)(b)
................
486
485,678
OZLM
XXI
Ltd.,
Series
2017-21A,
Class
B,
(LIBOR
USD
3
Month
+
1.90%),
2.09%,
01/20/31
(a)(b)
.....................
250
250,146
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Parallel
Ltd.,
Series
2015-1A,
Class
AR,
(LIBOR
USD
3
Month
+
0.85%),
1.04%,
07/20/27
(a)(b)
USD
65
$
64,969
Scholar
Funding
Trust,
Series
2013-A,
Class
A,
(LIBOR
USD
1
Month
+
0.65%),
0.74%,
01/30/45
(a)(b)
.....................
163
162,699
SG
Mortgage
Securities
Trust,
Series
2006-
FRE2,
Class
A2C,
(LIBOR
USD
1
Month
+
0.32%),
0.41%,
07/25/36
(a)
...........
16
4,895
Silver
Creek
CLO
Ltd.,
Series
2014-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.24%),
1.43%,
07/20/30
(a)(b)
.....................
250
250,112
SLM
Private
Credit
Student
Loan
Trust,
Series
2004-B,
Class
A3,
(LIBOR
USD
3
Month
+
0.33%),
0.45%,
03/15/24
(a)
...........
48
48,011
Structured
Asset
Investment
Loan
Trust,
Series
2004-8,
Class
M4,
(LIBOR
USD
1
Month
+
1.50%),
1.59%,
09/25/34
(a)
...........
5
4,637
Structured
Asset
Securities
Corp.
Mortgage
Pass-Through
Certificates,
Series
2004-
23XS,
Class
2A1,
(LIBOR
USD
1
Month
+
0.45%),
0.39%,
01/25/35
(a)
...........
1
1,324
Symphony
CLO
XVII
Ltd.,
Series
2016-17A,
Class
AR,
(LIBOR
USD
3
Month
+
0.88%),
1.06%,
04/15/28
(a)(b)
................
214
213,703
Wachovia
Asset
Securitization
Issuance
II
LLC
Trust,
Series
2007-HE2A,
Class
A,
(LIBOR
USD
1
Month
+
0.13%),
0.22%,
07/25/37
(a)(b)
40
37,489
Total
Asset-Backed
Securities
—
1.7%
(Cost:
$9,148,876)
...............................
9,072,052
Shares
Shares
Common
Stocks
—
59.9%
Aerospace
&
Defense
—
0.4%
Lockheed
Martin
Corp.
................
4,895
1,852,023
Mercury
Systems,
Inc.
(e)
...............
4,737
313,968
Northrop
Grumman
Corp.
..............
255
92,675
2,258,666
Air
Freight
&
Logistics
—
0.9%
CH
Robinson
Worldwide,
Inc.
...........
11,219
1,050,884
Expeditors
International
of
Washington,
Inc.
(f)
.
29,326
3,712,671
4,763,555
Airlines
—
0.1%
(e)
Delta
Air
Lines,
Inc.
..................
5,884
254,542
Southwest
Airlines
Co.
................
3,851
204,450
458,992
Auto
Components
—
0.7%
BorgWarner,
Inc.
(f)
...................
74,906
3,635,937
Automobiles
—
0.7%
Tesla,
Inc.
(e)
........................
5,670
3,853,899
Banks
—
1.2%
Bank
of
Hawaii
Corp.
.................
2,881
242,638
Citigroup,
Inc.
......................
10,356
732,687
JPMorgan
Chase
&
Co.
...............
11,031
1,715,761
Pinnacle
Financial
Partners,
Inc.
..........
2,376
209,777
Signature
Bank
.....................
3,835
942,068
Truist
Financial
Corp.
.................
19,652
1,090,686
Wells
Fargo
&
Co.
...................
30,135
1,364,814
Wintrust
Financial
Corp.
...............
1,652
124,941
6,423,372
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
28
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
Beverages
—
0.6%
Molson
Coors
Beverage
Co.,
Class
B
(e)
.....
4,984
$
267,591
PepsiCo,
Inc.
......................
20,328
3,012,000
3,279,591
Biotechnology
—
1.5%
AbbVie,
Inc.
.......................
5,292
596,091
Alexion
Pharmaceuticals,
Inc.
(e)
..........
346
63,563
Amgen,
Inc.
.......................
4,885
1,190,719
BioMarin
Pharmaceutical,
Inc.
(e)
..........
5,395
450,159
Gilead
Sciences,
Inc.
.................
62,531
4,305,885
Vertex
Pharmaceuticals,
Inc.
(e)
...........
6,391
1,288,617
7,895,034
Building
Products
—
1.0%
Allegion
plc
........................
7,257
1,010,900
Carrier
Global
Corp.
..................
23,072
1,121,299
Owens
Corning
.....................
1,561
152,822
Trane
Technologies
plc
................
16,730
3,080,662
5,365,683
Capital
Markets
—
1.8%
Ameriprise
Financial,
Inc.
..............
449
111,747
Bank
of
New
York
Mellon
Corp.
(The)
......
7,546
386,582
Charles
Schwab
Corp.
(The)
............
25,461
1,853,815
CME
Group,
Inc.
....................
4,792
1,019,162
Invesco
Ltd.
.......................
11,683
312,287
Moody's
Corp.
......................
3,627
1,314,316
Morgan
Stanley
.....................
49,591
4,546,999
Stifel
Financial
Corp.
.................
2,141
138,865
9,683,773
Chemicals
—
0.8%
Ecolab,
Inc.
.......................
6,789
1,398,330
PPG
Industries,
Inc.
..................
16,765
2,846,194
4,244,524
Commercial
Services
&
Supplies
—
0.5%
Cintas
Corp.
.......................
103
39,346
Copart
,
Inc.
(e)
......................
11,505
1,516,704
IAA,
Inc.
(e)
.........................
21,317
1,162,629
2,718,679
Construction
&
Engineering
—
0.3%
EMCOR
Group,
Inc.
..................
9,998
1,231,654
Quanta
Services,
Inc.
.................
2,514
227,693
1,459,347
Construction
Materials
—
0.0%
Vulcan
Materials
Co.
.................
450
78,332
Consumer
Finance
—
1.1%
Ally
Financial,
Inc.
...................
58,253
2,903,330
American
Express
Co.
................
17,362
2,868,723
5,772,053
Containers
&
Packaging
—
0.2%
Crown
Holdings,
Inc.
.................
12,967
1,325,357
Distributors
—
0.2%
Genuine
Parts
Co.
...................
9,374
1,185,530
Diversified
Consumer
Services
—
0.3%
(e)
Bright
Horizons
Family
Solutions,
Inc.
......
4,793
705,098
Terminix
Global
Holdings,
Inc.
...........
22,878
1,091,510
1,796,608
Security
Shares
Shares
Value
Diversified
Financial
Services
—
0.7%
Berkshire
Hathaway,
Inc.,
Class
B
(e)
.......
3,029
$
841,820
Voya
Financial,
Inc.
..................
46,847
2,881,090
3,722,910
Diversified
Telecommunication
Services
—
0.0%
AT&T,
Inc.
.........................
4,315
124,186
Electric
Utilities
—
0.8%
Eversource
Energy
..................
19,956
1,601,269
NextEra
Energy,
Inc.
.................
9,566
700,997
OGE
Energy
Corp.
...................
57,498
1,934,808
Pinnacle
West
Capital
Corp.
............
644
52,789
Portland
General
Electric
Co.
............
892
41,103
Xcel
Energy,
Inc.
....................
3,114
205,150
4,536,116
Electrical
Equipment
—
0.0%
Rockwell
Automation,
Inc.
..............
635
181,623
Electronic
Equipment,
Instruments
&
Components
—
0.3%
Flex
Ltd.
(e)
.........................
83,609
1,494,093
Energy
Equipment
&
Services
—
0.4%
ChampionX
Corp.
(e)
..................
7,099
182,089
Schlumberger
NV
...................
65,777
2,105,522
2,287,611
Entertainment
—
1.3%
(e)
Live
Nation
Entertainment,
Inc.
...........
9,254
810,558
Roku,
Inc.
.........................
1,971
905,182
Spotify
Technology
SA
................
5,450
1,501,966
Walt
Disney
Co.
(The)
................
16,155
2,839,564
Zynga,
Inc.,
Class
A
..................
80,170
852,207
6,909,477
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.2%
Brixmor
Property
Group,
Inc.
............
7,826
179,137
Equinix
,
Inc.
.......................
3,292
2,642,159
Prologis,
Inc.
.......................
31,062
3,712,841
6,534,137
Food
&
Staples
Retailing
—
0.9%
Costco
Wholesale
Corp.
...............
12,999
5,143,314
Food
Products
—
0.8%
Bunge
Ltd.
........................
3,836
299,783
Conagra
Brands,
Inc.
.................
23,282
846,999
Hershey
Co.
(The)
...................
8,578
1,494,116
Kellogg
Co.
........................
11,772
757,293
McCormick
&
Co.,
Inc.
(Non-Voting)
.......
10,609
936,987
4,335,178
Gas
Utilities
—
0.3%
Atmos
Energy
Corp.
..................
8,897
855,091
UGI
Corp.
.........................
12,240
566,834
1,421,925
Health
Care
Equipment
&
Supplies
—
2.2%
Align
Technology,
Inc.
(e)
................
2,932
1,791,452
Danaher
Corp.
.....................
6,773
1,817,602
DexCom
,
Inc.
(e)
.....................
8,056
3,439,912
Envista
Holdings
Corp.
(e)
...............
6,943
300,007
Hill-Rom
Holdings,
Inc.
................
3,904
443,456
IDEXX
Laboratories,
Inc.
(e)
..............
6,287
3,970,555
11,762,984
Health
Care
Providers
&
Services
—
1.2%
AmerisourceBergen
Corp.
..............
9,366
1,072,313
Anthem,
Inc.
.......................
3,784
1,444,731
Cigna
Corp.
.......................
1,374
325,734
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
Henry
Schein,
Inc.
(e)
..................
531
$
39,395
McKesson
Corp.
....................
9,658
1,846,996
UnitedHealth
Group,
Inc.
...............
3,940
1,577,734
6,306,903
Health
Care
Technology
—
0.1%
Cerner
Corp.
.......................
6,011
469,820
Teladoc
Health,
Inc.
(e)
.................
568
94,453
564,273
Hotels,
Restaurants
&
Leisure
—
1.4%
Aramark
..........................
7,030
261,868
Chipotle
Mexican
Grill,
Inc.
(e)
............
539
835,633
International
Game
Technology
plc
(e)
.......
23,337
559,155
Marriott
Vacations
Worldwide
Corp.
(e)
......
896
142,733
McDonald's
Corp.
...................
2,458
567,773
MGM
Resorts
International
.............
3,645
155,459
Rush
Street
Interactive,
Inc.
(e)
...........
6,833
83,773
Shake
Shack,
Inc.,
Class
A
(e)
............
10,615
1,136,017
Six
Flags
Entertainment
Corp.
(e)
..........
30,298
1,311,297
Wendy's
Co.
(The)
...................
3,590
84,078
Wyndham
Hotels
&
Resorts,
Inc.
(f)
.........
10,674
771,624
Wynn
Resorts
Ltd.
(e)(f)
.................
12,568
1,537,066
7,446,476
Household
Durables
—
0.0%
iRobot
Corp.
(e)
......................
2,848
265,975
Household
Products
—
0.6%
Colgate-Palmolive
Co.
................
38,534
3,134,741
Procter
&
Gamble
Co.
(The)
............
472
63,687
3,198,428
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Brookfield
Renewable
Corp.
............
4,062
170,360
Sunnova
Energy
International,
Inc.
(e)
.......
12,362
465,553
635,913
Industrial
Conglomerates
—
0.7%
Honeywell
International,
Inc.
............
13,289
2,914,942
Roper
Technologies,
Inc.
...............
1,894
890,559
3,805,501
Insurance
—
1.7%
Athene
Holding
Ltd.,
Class
A
(e)
...........
902
60,885
Marsh
&
McLennan
Cos.,
Inc.
...........
14,401
2,025,933
MetLife,
Inc.
.......................
65,200
3,902,220
Progressive
Corp.
(The)
...............
14,025
1,377,395
Travelers
Cos.,
Inc.
(The)
..............
10,270
1,537,522
Trupanion
,
Inc.
(e)
....................
1,207
138,926
Willis
Towers
Watson
plc
...............
1,027
236,230
9,279,111
Interactive
Media
&
Services
—
3.9%
(e)
Alphabet,
Inc.,
Class
A
................
3,895
9,510,772
Alphabet,
Inc.,
Class
C
................
2,226
5,579,068
Facebook,
Inc.,
Class
A
...............
13,852
4,816,479
Twitter,
Inc.
........................
14,343
986,942
20,893,261
Internet
&
Direct
Marketing
Retail
—
1.7%
(e)
Amazon.com,
Inc.
...................
2,684
9,233,389
Etsy,
Inc.
.........................
194
39,933
MercadoLibre
,
Inc.
...................
69
107,488
9,380,810
IT
Services
—
3.4%
Accenture
plc,
Class
A
................
13,004
3,833,449
Automatic
Data
Processing,
Inc.
..........
7,650
1,519,443
Security
Shares
Shares
Value
IT
Services
(continued)
Fidelity
National
Information
Services,
Inc.
...
6,394
$
905,838
Fiserv,
Inc.
(e)
.......................
7,965
851,379
Mastercard
,
Inc.,
Class
A
...............
7,319
2,672,094
Okta
,
Inc.
(e)
........................
127
31,074
PayPal
Holdings,
Inc.
(e)
................
13,426
3,913,411
Twilio
,
Inc.,
Class
A
(e)
.................
987
389,036
Visa,
Inc.,
Class
A
...................
17,837
4,170,647
18,286,371
Life
Sciences
Tools
&
Services
—
0.5%
Agilent
Technologies,
Inc.
..............
12,273
1,814,072
Bruker
Corp.
.......................
9,359
711,097
PPD,
Inc.
(e)
........................
2,159
99,508
2,624,677
Machinery
—
1.3%
Caterpillar,
Inc.
.....................
2,831
616,111
Deere
&
Co.
.......................
7,622
2,688,356
Oshkosh
Corp.
(f)
....................
7,641
952,374
Otis
Worldwide
Corp.
.................
28,364
2,319,324
Xylem,
Inc.
........................
2,949
353,762
6,929,927
Media
—
0.7%
Cardlytics,
Inc.
(e)
....................
461
58,515
Comcast
Corp.,
Class
A
...............
25,733
1,467,296
Discovery,
Inc.,
Class
A
(e)
..............
27,110
831,735
Discovery,
Inc.,
Class
C
(e)
..............
2,666
77,260
Fox
Corp.,
Class
A
...................
1,882
69,879
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(e)
683
31,814
Sirius
XM
Holdings,
Inc.
(f)
..............
161,676
1,057,361
TEGNA,
Inc.
.......................
8,280
155,333
3,749,193
Metals
&
Mining
—
0.2%
Reliance
Steel
&
Aluminum
Co.
..........
7,469
1,127,072
Multiline
Retail
—
0.7%
Target
Corp.
.......................
16,446
3,975,656
Multi-Utilities
—
0.7%
Ameren
Corp.
......................
1,420
113,657
Consolidated
Edison,
Inc.
..............
41,385
2,968,132
DTE
Energy
Co.
....................
6,302
816,739
3,898,528
Oil,
Gas
&
Consumable
Fuels
—
1.6%
Antero
Midstream
Corp.
...............
20,429
212,257
Chesapeake
Energy
Corp.
(f)
.............
6,596
342,464
Chevron
Corp.
......................
15,012
1,572,357
Continental
Resources,
Inc.
.............
2,005
76,250
EOG
Resources,
Inc.
.................
9,878
824,220
EQT
Corp.
(e)
.......................
2,781
61,905
Hess
Corp.
........................
18,155
1,585,295
Kinder
Morgan,
Inc.
..................
45,384
827,350
Phillips
66
.........................
31,984
2,744,867
Valero
Energy
Corp.
..................
5,069
395,788
8,642,753
Personal
Products
—
0.3%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
.....
1,699
540,418
Herbalife
Nutrition
Ltd.
(e)
...............
16,632
877,005
1,417,423
Pharmaceuticals
—
1.9%
Bristol-Myers
Squibb
Co.
...............
36,539
2,441,536
Johnson
&
Johnson
..................
42,163
6,945,932
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
30
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Pfizer,
Inc.
........................
18,911
$
740,555
10,128,023
Professional
Services
—
0.1%
IHS
Markit
Ltd.
.....................
3,149
354,766
Robert
Half
International,
Inc.
............
2,971
264,330
619,096
Real
Estate
Management
&
Development
—
0.3%
CBRE
Group,
Inc.,
Class
A
(e)
............
16,729
1,434,177
Road
&
Rail
—
0.6%
Landstar
System,
Inc.
.................
1,944
307,191
Ryder
System,
Inc.
...................
28,841
2,143,751
Schneider
National,
Inc.,
Class
B
.........
29,245
636,664
3,087,606
Semiconductors
&
Semiconductor
Equipment
—
2.8%
Advanced
Micro
Devices,
Inc.
(e)
..........
13,080
1,228,604
Applied
Materials,
Inc.
................
12,230
1,741,552
Intel
Corp.
........................
71,658
4,022,880
Lam
Research
Corp.
.................
517
336,412
NVIDIA
Corp.
......................
2,581
2,065,058
QUALCOMM,
Inc.
...................
34,699
4,959,528
Silicon
Laboratories,
Inc.
(e)
..............
2,474
379,141
Xilinx,
Inc.
.........................
1,788
258,616
14,991,791
Software
—
6.4%
Adobe,
Inc.
(e)
.......................
9,838
5,761,526
Alteryx
,
Inc.,
Class
A
(e)
................
4,608
396,380
Appian
Corp.
(e)
.....................
640
88,160
Cadence
Design
Systems,
Inc.
(e)
.........
5,167
706,949
HubSpot
,
Inc.
(e)
.....................
2,209
1,287,228
Intuit,
Inc.
.........................
9,505
4,659,066
LivePerson
,
Inc.
(e)
...................
332
20,996
Microsoft
Corp.
.....................
45,717
12,384,735
PagerDuty
,
Inc.
(e)
....................
5,445
231,848
PTC,
Inc.
(e)
........................
7,695
1,086,996
salesforce.com,
Inc.
(e)
.................
1,707
416,969
ServiceNow
,
Inc.
(e)
...................
2,696
1,481,587
Splunk
,
Inc.
(e)
......................
12,065
1,744,358
UiPath
,
Inc.,
Class
A
(e)(f)
................
3,879
263,500
VMware,
Inc.,
Class
A
(e)
...............
11,073
1,771,348
Workday,
Inc.,
Class
A
(e)
...............
9,193
2,194,737
Zendesk
,
Inc.
(e)
.....................
1,108
159,929
34,656,312
Specialty
Retail
—
0.8%
Home
Depot,
Inc.
(The)
...............
8,022
2,558,135
Lithia
Motors,
Inc.,
Class
A
.............
609
209,277
Lowe's
Cos.,
Inc.
....................
6,572
1,274,771
TJX
Cos.,
Inc.
(The)
..................
2,966
199,968
4,242,151
Technology
Hardware,
Storage
&
Peripherals
—
4.2%
Apple,
Inc.
........................
124,941
17,111,920
Dell
Technologies,
Inc.,
Class
C
(e)
.........
20,336
2,026,889
Hewlett
Packard
Enterprise
Co.
..........
209,433
3,053,533
HP,
Inc.
..........................
19,111
576,961
NetApp,
Inc.
.......................
2,799
229,014
22,998,317
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
Levi
Strauss
&
Co.,
Class
A
.............
16,639
461,233
NIKE,
Inc.,
Class
B
..................
6,717
1,037,710
Ralph
Lauren
Corp.
..................
451
53,132
1,552,075
Security
Shares
Shares
Value
Thrifts
&
Mortgage
Finance
—
0.2%
Essent
Group
Ltd.
...................
2,556
$
114,892
New
York
Community
Bancorp,
Inc.
.......
91,890
1,012,628
Radian
Group,
Inc.
...................
1,977
43,988
1,171,508
Tobacco
—
0.0%
British
American
Tobacco
plc,
ADR
........
1
39
Trading
Companies
&
Distributors
—
0.2%
SiteOne
Landscape
Supply,
Inc.
(e)
.........
4,203
711,400
WW
Grainger,
Inc.
...................
844
369,672
1,081,072
Wireless
Telecommunication
Services
—
0.1%
United
States
Cellular
Corp.
(e)
...........
17,210
624,895
Total
Common
Stocks
—
59.9%
(Cost:
$264,255,465)
..............................
323,667,799
Par
(000)
Par
(000)
Corporate
Bonds
—
12.7%
Aerospace
&
Defense
—
0.7%
BAE
Systems
Holdings,
Inc.,
3.85%,
12/15/25
(b)
USD
24
26,506
BAE
Systems
plc,
3.40%,
04/15/30
(b)
......
200
217,381
Boeing
Co.
(The):
4.88%,
05/01/25
..................
80
89,637
5.81%,
05/01/50
..................
60
80,798
5.93%,
05/01/60
..................
66
91,137
Embraer
Netherlands
Finance
BV,
5.40%,
02/01/27
......................
9
9,557
Embraer
Overseas
Ltd.,
5.70%,
09/16/23
...
14
14,910
General
Dynamics
Corp.:
1.15%,
06/01/26
..................
19
19,070
3.63%,
04/01/30
..................
149
168,318
Huntington
Ingalls
Industries,
Inc.:
3.84%,
05/01/25
..................
49
53,396
4.20%,
05/01/30
..................
76
86,801
L3Harris
Technologies,
Inc.:
3.85%,
12/15/26
..................
55
61,686
4.40%,
06/15/28
..................
220
255,388
2.90%,
12/15/29
..................
90
95,317
1.80%,
01/15/31
..................
106
102,788
Leidos,
Inc.,
4.38%,
05/15/30
..........
154
174,872
Lockheed
Martin
Corp.:
4.07%,
12/15/42
..................
112
135,986
3.80%,
03/01/45
..................
58
67,487
Northrop
Grumman
Corp.:
3.25%,
01/15/28
..................
189
206,435
4.03%,
10/15/47
..................
36
42,951
5.25%,
05/01/50
..................
79
110,953
Raytheon
Technologies
Corp.:
3.15%,
12/15/24
..................
35
37,560
3.50%,
03/15/27
..................
455
501,865
7.20%,
08/15/27
..................
20
25,946
7.00%,
11/01/28
..................
89
117,034
4.13%,
11/16/28
..................
133
153,024
2.25%,
07/01/30
..................
60
60,973
4.50%,
06/01/42
..................
5
6,225
4.20%,
12/15/44
..................
20
22,448
Textron,
Inc.:
3.65%,
03/15/27
..................
35
38,772
3.90%,
09/17/29
..................
87
97,347
TransDigm
,
Inc.
(b)
:
8.00%,
12/15/25
..................
88
95,084
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
6.25%,
03/15/26
..................
USD
217
$
228,935
3,496,587
Air
Freight
&
Logistics
—
0.1%
FedEx
Corp.:
4.25%,
05/15/30
..................
105
122,252
2.40%,
05/15/31
..................
169
171,995
3.90%,
02/01/35
..................
27
30,947
United
Parcel
Service,
Inc.:
3.40%,
03/15/29
..................
70
78,630
4.45%,
04/01/30
..................
137
165,812
6.20%,
01/15/38
..................
15
22,164
3.63%,
10/01/42
..................
77
88,732
XPO
Logistics,
Inc.
(b)
:
6.13%,
09/01/23
..................
8
8,060
6.75%,
08/15/24
..................
25
25,968
714,560
Airlines
—
0.2%
Air
Canada
Pass-Through
Trust,
Series
2017-1,
Class
AA,
3.30%,
01/15/30
(b)
.........
17
17,644
American
Airlines
Pass-Through
Trust:
Series
2015-2,
Class
B,
4.40%,
09/22/23
.
78
76,071
Series
2016-1,
Class
B,
5.25%,
01/15/24
.
48
47,212
Series
2017-1,
Class
B,
4.95%,
02/15/25
.
18
17,960
Series
2015-2,
Class
AA,
3.60%,
09/22/27
13
13,420
Series
2016-1,
Class
AA,
3.58%,
01/15/28
31
32,001
Series
2019-1,
Class
B,
3.85%,
02/15/28
.
68
64,811
Series
2016-2,
Class
AA,
3.20%,
06/15/28
28
28,886
Series
2016-3,
Class
AA,
3.00%,
10/15/28
44
44,513
Series
2017-1,
Class
AA,
3.65%,
02/15/29
21
21,558
Series
2019-1,
Class
AA,
3.15%,
02/15/32
66
68,190
Avianca
Holdings
SA,
(LIBOR
USD
3
Month
+
12.00%),
12.15%,
(12.15%
Cash
or
12.00%
PIK),
11/10/21
(a)(g)
................
8
8,110
Delta
Air
Lines
Pass-Through
Trust,
Series
2019-1,
Class
AA,
3.20%,
04/25/24
.....
150
158,582
Gol
Finance
SA,
7.00%,
01/31/25
(b)
.......
37
35,409
Turkish
Airlines
Pass-Through
Trust,
Series
2015-1,
Class
A,
4.20%,
03/15/27
(b)
.....
42
39,176
United
Airlines
Pass-Through
Trust:
Series
2014-1,
Class
B,
4.75%,
04/11/22
.
9
8,806
Series
2014-2,
Class
B,
4.63%,
09/03/22
.
5
5,510
Series
2016-2,
Class
B,
3.65%,
10/07/25
.
4
4,200
Series
2020-1,
Class
B,
4.88%,
01/15/26
.
39
41,164
Series
2020-1,
Class
A,
5.88%,
10/15/27
.
214
237,585
Series
2015-1,
Class
AA,
3.45%,
12/01/27
12
12,814
Series
2019-2,
Class
B,
3.50%,
05/01/28
.
39
39,021
Series
2016-1,
Class
AA,
3.10%,
07/07/28
4
4,156
Series
2016-2,
Class
AA,
2.88%,
10/07/28
24
24,956
Series
2018-1,
Class
AA,
3.50%,
03/01/30
9
9,240
Series
2019-2,
Class
AA,
2.70%,
05/01/32
40
40,456
1,101,451
Auto
Components
—
0.0%
American
Axle
&
Manufacturing,
Inc.,
6.25%,
04/01/25
......................
16
16,527
Magna
International,
Inc.,
2.45%,
06/15/30
..
40
40,875
57,402
Automobiles
—
0.2%
BMW
US
Capital
LLC,
2.55%,
04/01/31
(b)
...
85
88,022
Daimler
Finance
North
America
LLC,
2.55%,
08/15/22
(b)
.....................
210
214,920
General
Motors
Co.,
6.13%,
10/01/25
.....
49
58,006
Hyundai
Capital
America,
3.95%,
02/01/22
(b)
.
94
95,858
Security
Par
(000)
Par
(000)
Value
Automobiles
(continued)
Nissan
Motor
Co.
Ltd.,
4.81%,
09/17/30
(b)
...
USD
400
$
451,616
908,422
Banks
—
2.0%
Banco
Santander
SA,
2.71%,
06/27/24
.....
200
210,453
Bank
of
America
Corp.:
(LIBOR
USD
3
Month
+
0.79%),
3.00%,
12/20/23
(a)
....................
31
32,127
4.20%,
08/26/24
..................
65
71,255
(SOFR
+
0.74%),
0.81%,
10/24/24
(a)
....
50
50,208
4.00%,
01/22/25
..................
91
99,869
Series
L,
3.95%,
04/21/25
...........
79
86,698
7.25%,
10/15/25
..................
75
92,315
(LIBOR
USD
3
Month
+
0.87%),
2.46%,
10/22/25
(a)
....................
537
561,753
(LIBOR
USD
3
Month
+
0.81%),
3.37%,
01/23/26
(a)
....................
68
73,317
4.45%,
03/03/26
..................
21
23,852
(SOFR
+
1.15%),
1.32%,
06/19/26
(a)
....
186
186,407
(SOFR
+
1.01%),
1.20%,
10/24/26
(a)
....
131
129,745
(SOFR
+
0.96%),
1.73%,
07/22/27
(a)
....
390
393,000
(LIBOR
USD
3
Month
+
1.58%),
3.82%,
01/20/28
(a)
....................
148
164,225
(LIBOR
USD
3
Month
+
1.51%),
3.71%,
04/24/28
(a)
....................
89
98,415
(LIBOR
USD
3
Month
+
1.37%),
3.59%,
07/21/28
(a)
....................
39
42,937
(LIBOR
USD
3
Month
+
1.04%),
3.42%,
12/20/28
(a)
....................
197
214,555
(LIBOR
USD
3
Month
+
1.07%),
3.97%,
03/05/29
(a)
....................
119
134,142
(SOFR
+
1.06%),
2.09%,
06/14/29
(a)
....
255
257,063
(LIBOR
USD
3
Month
+
1.31%),
4.27%,
07/23/29
(a)
....................
145
166,574
(LIBOR
USD
3
Month
+
1.21%),
3.97%,
02/07/30
(a)
....................
107
121,336
(LIBOR
USD
3
Month
+
1.18%),
3.19%,
07/23/30
(a)
....................
97
104,426
(LIBOR
USD
3
Month
+
1.19%),
2.88%,
10/22/30
(a)
....................
58
61,097
(SOFR
+
1.53%),
1.90%,
07/23/31
(a)
....
55
53,474
(SOFR
+
1.93%),
2.68%,
06/19/41
(a)
....
133
129,076
(SOFR
+
1.58%),
3.31%,
04/22/42
(a)
....
68
71,951
Barclays
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.20%),
2.67%,
03/10/32
(a)
................
200
201,089
BBVA
Bancomer
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.31%),
5.87%,
09/13/34
(a)
...........
200
218,787
BNP
Paribas
SA,
(LIBOR
USD
3
Month
+
1.11%),
2.82%,
11/19/25
(a)(b)
..........
200
210,428
Citigroup,
Inc.:
4.40%,
06/10/25
..................
94
104,981
(SOFR
+
0.77%),
1.46%,
06/09/27
(a)
....
25
24,892
(LIBOR
USD
3
Month
+
1.39%),
3.67%,
07/24/28
(a)
....................
391
431,226
(LIBOR
USD
3
Month
+
1.19%),
4.07%,
04/23/29
(a)
....................
121
137,232
(SOFR
+
1.42%),
2.98%,
11/05/30
(a)
.....
483
511,585
Citizens
Financial
Group,
Inc.,
3.25%,
04/30/30
41
44,422
Credit
Suisse
Group
Funding
Guernsey
Ltd.,
3.80%,
09/15/22
.................
280
291,363
Danske
Bank
A/S:
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.03%),
1.17%,
12/08/23
(a)(b)
..............
200
201,003
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
5.38%,
01/12/24
..................
USD
200
$
221,771
Grupo
Aval
Ltd.,
4.38%,
02/04/30
(b)
.......
200
197,690
HSBC
Holdings
plc
(a)
:
(LIBOR
USD
3
Month
+
1.53%),
4.58%,
06/19/29
.....................
200
231,152
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.25%),
4.70%
(h)
......................
200
207,500
ING
Groep
NV,
4.10%,
10/02/23
.........
210
226,468
JPMorgan
Chase
&
Co.:
(SOFR
+
0.60%),
0.65%,
09/16/24
(a)
....
100
100,058
(LIBOR
USD
3
Month
+
1.00%),
4.02%,
12/05/24
(a)
....................
274
295,736
(SOFR
+
1.59%),
2.00%,
03/13/26
(a)
....
227
234,355
2.95%,
10/01/26
..................
106
114,064
(LIBOR
USD
3
Month
+
1.25%),
3.96%,
01/29/27
(a)
....................
120
133,633
(LIBOR
USD
3
Month
+
1.34%),
3.78%,
02/01/28
(a)
....................
127
141,027
(LIBOR
USD
3
Month
+
1.38%),
3.54%,
05/01/28
(a)
....................
431
473,869
(SOFR
+
1.89%),
2.18%,
06/01/28
(a)
....
6
6,144
(LIBOR
USD
3
Month
+
1.12%),
4.01%,
04/23/29
(a)
....................
153
172,972
(LIBOR
USD
3
Month
+
1.33%),
4.45%,
12/05/29
(a)
....................
13
15,202
(SOFR
+
1.46%),
3.16%,
04/22/42
(a)
....
155
161,344
(LIBOR
USD
3
Month
+
1.58%),
4.26%,
02/22/48
(a)
....................
145
175,991
(LIBOR
USD
3
Month
+
1.38%),
3.96%,
11/15/48
(a)
....................
24
28,164
(LIBOR
USD
3
Month
+
1.22%),
3.90%,
01/23/49
(a)
....................
26
30,215
(SOFR
+
1.58%),
3.33%,
04/22/52
(a)
....
5
5,339
Mitsubishi
UFJ
Financial
Group,
Inc.,
1.41%,
07/17/25
......................
200
201,910
Mizuho
Financial
Group,
Inc.,
(SOFR
+
1.53%),
1.98%,
09/08/31
(a)
................
202
197,599
Santander
UK
Group
Holdings
plc,
(SOFR
+
0.79%),
1.09%,
03/15/25
(a)
...........
237
237,758
Sumitomo
Mitsui
Financial
Group,
Inc.,
3.78%,
03/09/26
......................
116
129,066
Washington
Mutual
Escrow
Bonds
(c)(e)(
i
)
:
0.00%,
11/06/09
..................
100
—
0.00%,
09/29/17
..................
400
—
Wells
Fargo
&
Co.:
3.00%,
04/22/26
..................
18
19,355
(LIBOR
USD
3
Month
+
1.31%),
3.58%,
05/22/28
(a)
....................
158
174,067
(SOFR
+
1.43%),
2.88%,
10/30/30
(a)
....
71
75,187
(SOFR
+
4.03%),
4.48%,
04/04/31
(a)
....
63
74,465
(SOFR
+
2.53%),
3.07%,
04/30/41
(a)
....
248
254,369
10,543,748
Beverages
—
0.3%
Anheuser-Busch
Cos.
LLC,
4.70%,
02/01/36
.
331
406,251
Anheuser-Busch
InBev
Worldwide,
Inc.:
4.00%,
04/13/28
..................
343
390,545
3.50%,
06/01/30
..................
396
440,505
Coca-Cola
Co.
(The):
2.50%,
06/01/40
..................
100
99,054
2.75%,
06/01/60
..................
21
20,503
Keurig
Dr
Pepper,
Inc.,
3.20%,
05/01/30
....
103
111,335
PepsiCo,
Inc.,
3.45%,
10/06/46
.........
25
28,116
1,496,309
Security
Par
(000)
Par
(000)
Value
Biotechnology
—
0.3%
AbbVie,
Inc.:
2.60%,
11/21/24
..................
USD
277
$
292,082
3.80%,
03/15/25
..................
74
80,945
3.20%,
05/14/26
..................
305
330,702
4.55%,
03/15/35
..................
52
63,113
4.50%,
05/14/35
..................
161
193,924
4.40%,
11/06/42
..................
21
25,499
4.85%,
06/15/44
..................
7
8,901
4.88%,
11/14/48
..................
25
32,203
4.25%,
11/21/49
..................
88
105,469
Amgen,
Inc.:
2.45%,
02/21/30
..................
87
89,681
4.40%,
05/01/45
..................
133
161,481
Biogen,
Inc.:
2.25%,
05/01/30
..................
108
108,294
3.15%,
05/01/50
..................
58
56,962
Gilead
Sciences,
Inc.:
4.75%,
03/01/46
..................
145
183,882
4.15%,
03/01/47
..................
37
43,567
1,776,705
Building
Products
—
0.0%
Carrier
Global
Corp.,
2.24%,
02/15/25
.....
132
137,250
Masonite
International
Corp.,
5.38%,
02/01/28
(b)
15
15,895
Owens
Corning,
3.88%,
06/01/30
........
12
13,391
Standard
Industries,
Inc.
(b)
:
5.00%,
02/15/27
..................
15
15,534
4.75%,
01/15/28
..................
7
7,327
189,397
Capital
Markets
—
0.9%
Bank
of
New
York
Mellon
Corp.
(The),
(LIBOR
USD
3
Month
+
1.07%),
3.44%,
02/07/28
(a)
.
66
72,680
Charles
Schwab
Corp.
(The),
3.20%,
03/02/27
24
26,188
Deutsche
Bank
AG:
(SOFR
+
1.13%),
1.45%,
04/01/25
(a)
....
269
270,617
1.69%,
03/19/26
..................
300
302,846
E*TRADE
Financial
Corp.,
3.80%,
08/24/27
..
62
68,857
Goldman
Sachs
Group,
Inc.
(The):
3.50%,
01/23/25
..................
271
293,004
3.50%,
04/01/25
..................
916
993,766
3.75%,
05/22/25
..................
159
173,937
3.50%,
11/16/26
..................
27
29,360
(SOFR
+
0.80%),
1.43%,
03/09/27
(a)
....
175
174,507
(LIBOR
USD
3
Month
+
1.51%),
3.69%,
06/05/28
(a)
....................
206
227,446
Intercontinental
Exchange,
Inc.:
3.75%,
09/21/28
..................
50
56,268
2.10%,
06/15/30
..................
113
111,984
Moody's
Corp.,
3.25%,
01/15/28
.........
69
75,618
Morgan
Stanley:
(SOFR
+
1.15%),
2.72%,
07/22/25
(a)
....
57
59,951
3.13%,
07/27/26
..................
4
4,334
3.63%,
01/20/27
..................
281
311,579
(SOFR
+
0.88%),
1.59%,
05/04/27
(a)
....
201
202,422
(LIBOR
USD
3
Month
+
1.34%),
3.59%,
07/22/28
(a)
....................
35
38,771
(LIBOR
USD
3
Month
+
1.14%),
3.77%,
01/24/29
(a)
....................
407
456,787
(LIBOR
USD
3
Month
+
1.63%),
4.43%,
01/23/30
(a)
....................
357
418,008
(SOFR
+
1.14%),
2.70%,
01/22/31
(a)
....
355
371,615
(SOFR
+
1.49%),
3.22%,
04/22/42
(a)
....
15
15,901
Northern
Trust
Corp.,
3.15%,
05/03/29
.....
30
32,975
State
Street
Corp.,
2.40%,
01/24/30
......
38
39,573
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
UBS
Group
AG,
(USD
Swap
Semi
5
Year
+
4.34%),
7.00%
(a)(b)(h)
...............
USD
200
$
220,250
5,049,244
Chemicals
—
0.2%
Dow
Chemical
Co.
(The):
4.55%,
11/30/25
..................
4
4,554
2.10%,
11/15/30
..................
39
38,515
3.60%,
11/15/50
..................
65
70,232
DuPont
de
Nemours,
Inc.,
4.49%,
11/15/25
..
148
168,299
Ecolab,
Inc.,
4.80%,
03/24/30
..........
71
86,860
LYB
International
Finance
III
LLC,
4.20%,
05/01/50
......................
67
77,091
MEGlobal
Canada
ULC,
5.00%,
05/18/25
(b)
..
200
224,250
Sherwin-Williams
Co.
(The):
4.20%,
01/15/22
..................
115
116,238
2.30%,
05/15/30
..................
98
99,136
885,175
Commercial
Services
&
Supplies
—
0.1%
Aramark
Services,
Inc.,
5.00%,
02/01/28
(b)
...
31
32,463
Clean
Harbors,
Inc.,
4.88%,
07/15/27
(b)
.....
16
16,760
KAR
Auction
Services,
Inc.,
5.13%,
06/01/25
(b)
29
29,760
Nielsen
Co.
Luxembourg
SARL
(The),
5.00%,
02/01/25
(b)
.....................
11
11,316
RELX
Capital,
Inc.:
3.50%,
03/16/23
..................
115
120,581
4.00%,
03/18/29
..................
108
122,669
3.00%,
05/22/30
..................
143
152,783
Republic
Services,
Inc.:
2.90%,
07/01/26
..................
42
44,979
3.95%,
05/15/28
..................
47
53,467
2.30%,
03/01/30
..................
20
20,310
Waste
Management,
Inc.:
1.15%,
03/15/28
..................
133
128,862
2.00%,
06/01/29
..................
19
19,202
2.95%,
06/01/41
..................
24
24,725
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
....
16
16,516
794,393
Communications
Equipment
—
0.1%
Motorola
Solutions,
Inc.:
4.60%,
05/23/29
..................
162
188,881
2.75%,
05/24/31
..................
130
132,690
5.50%,
09/01/44
..................
65
84,663
406,234
Construction
&
Engineering
—
0.0%
Mexico
City
Airport
Trust,
5.50%,
07/31/47
..
200
201,750
Consumer
Finance
—
0.2%
AerCap
Ireland
Capital
DAC,
4.45%,
04/03/26
150
164,732
Capital
One
Financial
Corp.,
3.90%,
01/29/24
43
46,406
General
Motors
Financial
Co.,
Inc.:
3.55%,
07/08/22
..................
163
168,238
5.20%,
03/20/23
..................
278
299,346
3.70%,
05/09/23
..................
16
16,797
1.70%,
08/18/23
..................
69
70,424
5.10%,
01/17/24
..................
34
37,431
3.50%,
11/07/24
..................
21
22,540
2.75%,
06/20/25
..................
166
174,780
2.70%,
06/10/31
..................
11
11,039
Navient
Corp.:
6.50%,
06/15/22
..................
27
28,153
7.25%,
09/25/23
..................
16
17,660
5.88%,
10/25/24
..................
16
17,260
6.75%,
06/25/25
..................
16
17,715
6.75%,
06/15/26
..................
16
17,860
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Synchrony
Financial:
4.50%,
07/23/25
..................
USD
2
$
2,237
3.70%,
08/04/26
..................
22
24,021
Toyota
Motor
Credit
Corp.,
2.15%,
02/13/30
..
65
66,621
1,203,260
Containers
&
Packaging
—
0.0%
Ball
Corp.:
5.25%,
07/01/25
..................
7
7,901
4.88%,
03/15/26
..................
7
7,797
International
Paper
Co.,
6.00%,
11/15/41
...
41
58,265
Owens-Brockway
Glass
Container,
Inc.,
5.88%,
08/15/23
(b)
.....................
21
22,646
96,609
Distributors
—
0.0%
(b)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
4.00%,
01/15/28
..............
24
24,593
Performance
Food
Group,
Inc.,
5.50%,
10/15/27
......................
30
31,529
56,122
Diversified
Financial
Services
—
0.1%
Banco
Votorantim
SA,
4.00%,
09/24/22
(b)
...
200
206,225
GE
Capital
International
Funding
Co.
Unlimited
Co.,
4.42%,
11/15/35
..............
200
239,696
Shell
International
Finance
BV:
2.38%,
11/07/29
..................
250
259,481
2.75%,
04/06/30
..................
37
39,440
4.38%,
05/11/45
..................
16
19,619
764,461
Diversified
Telecommunication
Services
—
0.5%
AT&T,
Inc.:
4.35%,
03/01/29
..................
173
200,309
4.30%,
02/15/30
..................
147
169,906
2.75%,
06/01/31
..................
110
114,344
2.55%,
12/01/33
(b)
.................
127
125,811
5.38%,
10/15/41
..................
34
41,919
5.15%,
03/15/42
..................
16
20,057
4.90%,
06/15/42
(d)
.................
20
24,132
4.50%,
03/09/48
..................
118
139,164
3.50%,
09/15/53
(b)
.................
60
60,280
5.70%,
03/01/57
..................
47
65,904
3.80%,
12/01/57
(b)
.................
95
98,979
3.65%,
09/15/59
(b)
.................
102
103,438
CCO
Holdings
LLC
(b)
:
5.75%,
02/15/26
..................
24
24,805
5.50%,
05/01/26
..................
26
26,881
5.13%,
05/01/27
..................
76
79,716
5.00%,
02/01/28
..................
81
84,949
5.38%,
06/01/29
..................
36
39,352
4.75%,
03/01/30
..................
40
42,300
Level
3
Financing,
Inc.:
5.25%,
03/15/26
..................
16
16,488
4.63%,
09/15/27
(b)
.................
6
6,228
Oi
SA,
10.00%,
(10.00%
Cash
or
4.00%
PIK),
07/27/25
(g)
.....................
13
13,333
Verizon
Communications,
Inc.:
4.13%,
03/16/27
..................
96
109,329
2.10%,
03/22/28
..................
53
54,109
4.33%,
09/21/28
..................
115
133,807
3.15%,
03/22/30
..................
53
57,228
1.50%,
09/18/30
..................
209
199,696
1.68%,
10/30/30
..................
86
82,117
1.75%,
01/20/31
..................
167
160,042
2.55%,
03/21/31
..................
27
27,597
4.27%,
01/15/36
..................
28
33,315
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
2.65%,
11/20/40
..................
USD
347
$
333,924
4.86%,
08/21/46
..................
45
58,221
3.70%,
03/22/61
..................
105
112,461
2,860,141
Electric
Utilities
—
0.9%
AEP
Texas,
Inc.:
3.95%,
06/01/28
..................
81
91,248
Series
H,
3.45%,
01/15/50
...........
26
26,877
3.45%,
05/15/51
..................
59
60,963
AEP
Transmission
Co.
LLC:
3.15%,
09/15/49
..................
67
69,784
Series
M,
3.65%,
04/01/50
...........
88
99,527
Alabama
Power
Co.:
4.15%,
08/15/44
..................
10
11,988
3.45%,
10/01/49
..................
32
34,732
3.13%,
07/15/51
..................
40
40,991
Baltimore
Gas
&
Electric
Co.:
2.25%,
06/15/31
..................
18
18,171
3.50%,
08/15/46
..................
50
55,197
3.75%,
08/15/47
..................
30
34,366
3.20%,
09/15/49
..................
51
53,353
CenterPoint
Energy
Houston
Electric
LLC:
Series
AE,
2.35%,
04/01/31
..........
30
30,757
3.95%,
03/01/48
..................
20
23,882
Series
AF,
3.35%,
04/01/51
..........
38
41,643
Commonwealth
Edison
Co.,
Series
130,
3.13%,
03/15/51
......................
64
66,807
DTE
Electric
Co.:
Series
A,
4.05%,
05/15/48
...........
75
91,186
3.95%,
03/01/49
..................
25
30,221
Duke
Energy
Carolinas
LLC:
3.95%,
11/15/28
..................
12
13,746
2.45%,
02/01/30
..................
12
12,396
2.55%,
04/15/31
..................
35
36,337
3.88%,
03/15/46
..................
25
28,834
3.95%,
03/15/48
..................
66
77,536
Duke
Energy
Corp.,
4.80%,
12/15/45
......
5
6,109
Duke
Energy
Florida
LLC:
3.80%,
07/15/28
..................
15
16,998
2.50%,
12/01/29
..................
309
323,806
3.40%,
10/01/46
..................
25
27,200
Duke
Energy
Ohio,
Inc.,
3.65%,
02/01/29
...
38
42,317
Duke
Energy
Progress
LLC,
3.45%,
03/15/29
.
70
77,540
Edison
International,
3.13%,
11/15/22
.....
1
1,030
Entergy
Arkansas
LLC,
3.35%,
06/15/52
....
22
23,490
Entergy
Louisiana
LLC:
2.35%,
06/15/32
..................
15
15,177
4.20%,
09/01/48
..................
59
71,621
Exelon
Corp.:
5.10%,
06/15/45
..................
10
13,064
4.70%,
04/15/50
..................
32
40,420
FirstEnergy
Corp.:
Series
B,
4.40%,
07/15/27
(d)
..........
42
45,675
2.65%,
03/01/30
..................
77
76,690
Series
B,
2.25%,
09/01/30
...........
11
10,547
Series
C,
5.35%,
07/15/47
(d)
..........
34
40,800
Series
C,
3.40%,
03/01/50
...........
38
37,145
FirstEnergy
Transmission
LLC
(b)
:
4.35%,
01/15/25
..................
175
191,996
4.55%,
04/01/49
..................
155
181,794
Florida
Power
&
Light
Co.:
4.05%,
10/01/44
..................
17
20,708
3.95%,
03/01/48
..................
93
112,966
3.15%,
10/01/49
..................
99
107,580
Genneia
SA,
8.75%,
01/20/22
..........
27
26,136
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
MidAmerican
Energy
Co.:
3.65%,
04/15/29
..................
USD
121
$
136,820
4.25%,
07/15/49
..................
58
72,902
3.15%,
04/15/50
..................
30
32,042
Mid-Atlantic
Interstate
Transmission
LLC,
4.10%,
05/15/28
(b)
................
14
15,755
NextEra
Energy
Capital
Holdings,
Inc.,
1.90%,
06/15/28
......................
27
27,290
Northern
States
Power
Co.:
2.25%,
04/01/31
..................
40
41,163
2.90%,
03/01/50
..................
50
51,004
2.60%,
06/01/51
..................
24
22,796
NRG
Energy,
Inc.:
7.25%,
05/15/26
..................
21
21,769
6.63%,
01/15/27
..................
29
30,021
2.45%,
12/02/27
(b)
.................
104
104,669
5.75%,
01/15/28
..................
22
23,430
4.45%,
06/15/29
(b)
.................
66
72,849
5.25%,
06/15/29
(b)
.................
21
22,339
Ohio
Power
Co.:
Series
Q,
1.63%,
01/15/31
...........
35
33,548
4.00%,
06/01/49
..................
29
34,081
Oncor
Electric
Delivery
Co.
LLC:
3.70%,
11/15/28
..................
32
36,185
5.30%,
06/01/42
..................
6
8,271
3.80%,
06/01/49
..................
98
116,457
PECO
Energy
Co.:
3.90%,
03/01/48
..................
18
21,517
3.05%,
03/15/51
..................
61
63,721
Public
Service
Electric
&
Gas
Co.:
3.65%,
09/01/28
..................
80
89,864
2.05%,
08/01/50
..................
31
26,730
Southern
California
Edison
Co.:
1.85%,
02/01/22
..................
12
12,149
Series
E,
3.70%,
08/01/25
...........
26
28,319
Series
20C,
1.20%,
02/01/26
.........
60
59,556
Series
A,
4.20%,
03/01/29
...........
33
37,218
2.25%,
06/01/30
..................
103
101,273
Southwestern
Public
Service
Co.,
Series
8,
3.15%,
05/01/50
.................
78
81,480
Tampa
Electric
Co.:
4.30%,
06/15/48
..................
19
23,361
4.45%,
06/15/49
..................
44
55,599
Trans-Allegheny
Interstate
Line
Co.,
3.85%,
06/01/25
(b)
.....................
190
205,395
Virginia
Electric
&
Power
Co.:
Series
B,
6.00%,
01/15/36
...........
14
19,368
Series
A,
6.00%,
05/15/37
...........
28
38,917
4.00%,
01/15/43
..................
52
61,043
Virginia
Electric
and
Power
Co.,
Series
A,
3.50%,
03/15/27
.................
25
27,679
Vistra
Operations
Co.
LLC
(b)
:
5.50%,
09/01/26
..................
27
27,844
3.70%,
01/30/27
..................
40
42,736
5.63%,
02/15/27
..................
35
36,312
5.00%,
07/31/27
..................
35
35,932
4.30%,
07/15/29
..................
128
139,126
4,699,881
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Corning,
Inc.,
4.38%,
11/15/57
..........
22
26,213
Tyco
Electronics
Group
SA,
3.45%,
08/01/24
.
15
16,073
42,286
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
—
0.0%
Odebrecht
Offshore
Drilling
Finance
Ltd.,
1.00%,
(1.00%
Cash
or
7.72%
PIK),
12/01/26
(b)(g)
....................
USD
—
(j)
$
105
Entertainment
—
0.1%
Activision
Blizzard,
Inc.:
1.35%,
09/15/30
..................
67
62,648
2.50%,
09/15/50
..................
68
61,039
NBCUniversal
Media
LLC,
4.45%,
01/15/43
..
54
66,236
Netflix,
Inc.:
4.88%,
04/15/28
..................
10
11,625
6.38%,
05/15/29
..................
7
8,941
5.38%,
11/15/29
(b)
.................
7
8,502
4.88%,
06/15/30
(b)
.................
7
8,325
Walt
Disney
Co.
(The),
4.70%,
03/23/50
....
127
169,352
396,668
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.3%
American
Tower
Corp.:
5.00%,
02/15/24
..................
15
16,636
2.40%,
03/15/25
..................
196
204,789
1.60%,
04/15/26
..................
26
26,275
3.95%,
03/15/29
..................
38
42,631
3.80%,
08/15/29
..................
47
52,368
2.10%,
06/15/30
..................
53
52,120
Crown
Castle
International
Corp.:
3.70%,
06/15/26
..................
50
54,983
1.05%,
07/15/26
..................
28
27,346
3.10%,
11/15/29
..................
171
181,424
3.30%,
07/01/30
..................
61
65,349
2.25%,
01/15/31
..................
28
27,637
5.20%,
02/15/49
..................
18
23,425
Duke
Realty
LP:
1.75%,
07/01/30
..................
23
22,055
1.75%,
02/01/31
..................
117
112,226
Equinix
,
Inc.:
1.00%,
09/15/25
..................
151
149,925
2.50%,
05/15/31
..................
40
40,681
ESH
Hospitality,
Inc.,
5.25%,
05/01/25
(b)
....
26
26,484
GLP
Capital
LP:
3.35%,
09/01/24
..................
30
31,779
5.38%,
04/15/26
..................
30
34,530
5.75%,
06/01/28
..................
36
42,835
4.00%,
01/15/30
..................
45
48,299
4.00%,
01/15/31
..................
79
85,121
MGM
Growth
Properties
Operating
Partnership
LP:
5.63%,
05/01/24
..................
62
67,143
4.50%,
09/01/26
..................
18
19,215
5.75%,
02/01/27
..................
30
33,379
MPT
Operating
Partnership
LP:
5.25%,
08/01/26
..................
3
3,090
5.00%,
10/15/27
..................
38
40,284
4.63%,
08/01/29
..................
7
7,493
National
Retail
Properties,
Inc.,
3.50%,
04/15/51
......................
52
54,421
Prologis
LP,
3.00%,
04/15/50
...........
19
19,348
Realty
Income
Corp.:
3.00%,
01/15/27
..................
5
5,402
3.25%,
01/15/31
..................
40
43,577
RHP
Hotel
Properties
LP,
4.75%,
10/15/27
..
26
26,703
Service
Properties
Trust,
4.35%,
10/01/24
...
40
40,280
VICI
Properties
LP
(b)
:
3.50%,
02/15/25
..................
21
21,415
4.25%,
12/01/26
..................
9
9,362
3.75%,
02/15/27
..................
7
7,120
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
4.63%,
12/01/29
..................
USD
7
$
7,437
4.13%,
08/15/30
..................
7
7,188
1,781,775
Food
&
Staples
Retailing
—
0.1%
Albertsons
Cos.,
Inc.:
3.50%,
02/15/23
(b)
.................
22
22,583
5.75%,
03/15/25
..................
9
9,202
7.50%,
03/15/26
(b)
.................
37
40,607
4.63%,
01/15/27
(b)
.................
9
9,414
5.88%,
02/15/28
(b)
.................
27
29,090
4.88%,
02/15/30
(b)
.................
7
7,466
Alimentation
Couche-Tard,
Inc.,
3.55%,
07/26/27
(b)
.....................
125
137,379
255,741
Food
Products
—
0.1%
Darling
Ingredients,
Inc.,
5.25%,
04/15/27
(b)
..
15
15,750
JBS
USA
LUX
SA
(b)
:
6.75%,
02/15/28
..................
27
29,531
6.50%,
04/15/29
..................
40
44,950
5.50%,
01/15/30
..................
9
10,066
Lamb
Weston
Holdings,
Inc.
(b)
:
4.63%,
11/01/24
..................
22
22,765
4.88%,
11/01/26
..................
22
22,743
Mondelez
International,
Inc.,
2.75%,
04/13/30
72
75,840
Pilgrim's
Pride
Corp.,
5.88%,
09/30/27
(b)
....
49
52,185
Post
Holdings,
Inc.
(b)
:
5.75%,
03/01/27
..................
38
39,758
5.63%,
01/15/28
..................
29
30,740
5.50%,
12/15/29
..................
22
23,567
367,895
Gas
Utilities
—
0.1%
Atmos
Energy
Corp.,
4.13%,
03/15/49
.....
24
28,990
CenterPoint
Energy
Resources
Corp.,
1.75%,
10/01/30
......................
138
132,301
Eastern
Energy
Gas
Holdings
LLC,
4.80%,
11/01/43
......................
15
17,902
Eastern
Gas
Transmission
&
Storage,
Inc.,
4.60%,
12/15/44
.................
12
14,002
ONE
Gas,
Inc.,
2.00%,
05/15/30
.........
20
19,667
Piedmont
Natural
Gas
Co.,
Inc.:
2.50%,
03/15/31
..................
45
45,705
3.64%,
11/01/46
..................
7
7,529
266,096
Health
Care
Equipment
&
Supplies
—
0.0%
Boston
Scientific
Corp.,
2.65%,
06/01/30
...
47
48,612
Teleflex,
Inc.,
4.63%,
11/15/27
..........
15
15,978
64,590
Health
Care
Providers
&
Services
—
0.5%
Aetna,
Inc.:
6.63%,
06/15/36
..................
22
32,053
4.50%,
05/15/42
..................
22
26,284
Anthem,
Inc.:
4.10%,
03/01/28
..................
53
60,574
4.38%,
12/01/47
..................
25
30,491
4.55%,
03/01/48
..................
45
56,242
Centene
Corp.:
5.38%,
06/01/26
(b)
.................
39
40,755
5.38%,
08/15/26
(b)
.................
16
16,720
4.25%,
12/15/27
..................
67
70,601
4.63%,
12/15/29
..................
21
23,095
Cigna
Corp.:
3.25%,
04/15/25
..................
50
53,905
3.40%,
03/01/27
..................
130
142,564
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
4.38%,
10/15/28
..................
USD
200
$
232,606
CVS
Health
Corp.:
3.75%,
04/01/30
..................
475
531,558
5.13%,
07/20/45
..................
140
182,091
5.05%,
03/25/48
..................
50
64,944
Encompass
Health
Corp.:
4.50%,
02/01/28
..................
16
16,600
4.75%,
02/01/30
..................
16
17,000
HCA,
Inc.:
4.75%,
05/01/23
..................
70
75,004
5.00%,
03/15/24
..................
208
229,825
5.38%,
02/01/25
..................
16
18,048
5.25%,
04/15/25
..................
324
370,678
5.88%,
02/15/26
..................
10
11,556
5.25%,
06/15/26
..................
11
12,733
5.38%,
09/01/26
..................
7
8,055
5.63%,
09/01/28
..................
10
11,850
5.88%,
02/01/29
..................
7
8,453
Humana,
Inc.:
4.50%,
04/01/25
..................
16
17,914
4.88%,
04/01/30
..................
57
68,768
Molina
Healthcare,
Inc.,
5.38%,
11/15/22
(d)
..
19
19,879
Select
Medical
Corp.,
6.25%,
08/15/26
(b)
....
17
18,105
Tenet
Healthcare
Corp.:
4.63%,
07/15/24
..................
32
32,471
4.63%,
09/01/24
(b)
.................
17
17,448
4.88%,
01/01/26
(b)
.................
57
59,120
6.25%,
02/01/27
(b)
.................
86
89,763
5.13%,
11/01/27
(b)
.................
10
10,487
UnitedHealth
Group,
Inc.:
3.50%,
08/15/39
..................
113
126,288
4.75%,
07/15/45
..................
30
39,299
4.20%,
01/15/47
..................
24
29,275
4.25%,
06/15/48
..................
18
22,317
4.45%,
12/15/48
..................
21
26,826
3.25%,
05/15/51
..................
18
19,202
2,941,447
Hotels,
Restaurants
&
Leisure
—
0.2%
1011778
BC
ULC,
3.88%,
01/15/28
(b)
......
7
7,087
Caesars
Resort
Collection
LLC,
5.25%,
10/15/25
(b)
.....................
47
47,588
Cedar
Fair
LP:
5.50%,
05/01/25
(b)
.................
18
18,787
5.38%,
04/15/27
..................
28
28,840
5.25%,
07/15/29
..................
28
28,840
Churchill
Downs,
Inc.
(b)
:
5.50%,
04/01/27
..................
36
37,514
4.75%,
01/15/28
..................
18
18,625
Expedia
Group,
Inc.:
6.25%,
05/01/25
(b)
.................
53
61,653
3.25%,
02/15/30
..................
156
162,949
Hilton
Domestic
Operating
Co.,
Inc.,
4.88%,
01/15/30
......................
7
7,473
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
......................
19
19,807
Marriott
International,
Inc.,
Series
FF,
4.63%,
06/15/30
......................
21
24,186
Marriott
Ownership
Resorts,
Inc.,
6.50%,
09/15/26
......................
22
22,852
McDonald's
Corp.:
3.60%,
07/01/30
..................
88
98,954
4.88%,
12/09/45
..................
108
139,122
MGM
Resorts
International:
5.75%,
06/15/25
..................
4
4,411
4.63%,
09/01/26
..................
3
3,169
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
5.50%,
04/15/27
..................
USD
4
$
4,390
Scientific
Games
International,
Inc.,
5.00%,
10/15/25
(b)
.....................
30
30,975
Starbucks
Corp.,
2.25%,
03/12/30
........
153
154,790
Station
Casinos
LLC,
5.00%,
10/01/25
(b)
....
16
16,240
Wynn
Las
Vegas
LLC
(b)
:
5.50%,
03/01/25
..................
65
69,996
5.25%,
05/15/27
..................
31
33,297
Wynn
Resorts
Finance
LLC,
5.13%,
10/01/29
(b)
27
28,519
1,070,064
Household
Durables
—
0.0%
Brookfield
Residential
Properties,
Inc.,
6.25%,
09/15/27
(b)
.....................
35
36,968
Century
Communities,
Inc.,
6.75%,
06/01/27
.
16
16,980
Lennar
Corp.:
4.13%,
01/15/22
..................
11
11,110
4.50%,
04/30/24
..................
16
17,500
4.75%,
05/30/25
..................
3
3,364
5.25%,
06/01/26
..................
95
110,256
4.75%,
11/29/27
..................
7
8,091
Mattamy
Group
Corp.,
5.25%,
12/15/27
(b)
...
3
3,135
PulteGroup,
Inc.:
5.50%,
03/01/26
..................
4
4,670
5.00%,
01/15/27
..................
4
4,678
Taylor
Morrison
Communities,
Inc.,
5.88%,
06/15/27
(b)
.....................
3
3,394
220,146
Household
Products
—
0.0%
Spectrum
Brands,
Inc.,
5.75%,
07/15/25
....
21
21,520
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Capex
SA,
6.88%,
05/15/24
(b)
..........
13
11,991
Industrial
Conglomerates
—
0.0%
General
Electric
Co.:
6.88%,
01/10/39
..................
12
17,953
4.50%,
03/11/44
..................
2
2,424
Roper
Technologies,
Inc.,
1.75%,
02/15/31
..
26
24,985
45,362
Insurance
—
0.2%
Ambac
Assurance
Corp.,
5.10%
(b)(h)
.......
5
6,780
Ambac
LSNI
LLC,
(LIBOR
USD
3
Month
+
5.00%),
6.00%,
02/12/23
(a)(b)
..........
25
25,086
American
International
Group,
Inc.:
3.40%,
06/30/30
..................
86
94,308
4.50%,
07/16/44
..................
81
98,313
4.38%,
01/15/55
..................
20
24,226
Aon
Corp.:
4.50%,
12/15/28
..................
122
142,650
3.75%,
05/02/29
..................
74
83,270
2.80%,
05/15/30
..................
52
54,591
Aon
plc,
4.25%,
12/12/42
.............
9
10,450
Marsh
&
McLennan
Cos.,
Inc.:
4.38%,
03/15/29
..................
46
53,919
2.25%,
11/15/30
..................
171
173,198
Trinity
Acquisition
plc,
4.40%,
03/15/26
.....
20
22,602
Willis
North
America,
Inc.,
3.60%,
05/15/24
..
67
71,973
861,366
Internet
&
Direct
Marketing
Retail
—
0.1%
Amazon.com,
Inc.:
1.65%,
05/12/28
..................
170
171,451
3.88%,
08/22/37
..................
23
27,427
4.05%,
08/22/47
..................
30
36,595
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Internet
&
Direct
Marketing
Retail
(continued)
eBay,
Inc.,
1.40%,
05/10/26
...........
USD
127
$
127,430
362,903
IT
Services
—
0.3%
Fidelity
National
Information
Services,
Inc.:
1.15%,
03/01/26
..................
109
108,145
1.65%,
03/01/28
..................
58
57,671
3.10%,
03/01/41
..................
20
20,488
Fiserv,
Inc.:
3.50%,
07/01/29
..................
301
331,203
2.65%,
06/01/30
..................
41
42,450
Global
Payments,
Inc.:
4.80%,
04/01/26
..................
145
165,780
3.20%,
08/15/29
..................
115
123,091
International
Business
Machines
Corp.:
3.30%,
05/15/26
..................
150
165,009
3.50%,
05/15/29
..................
100
111,910
1.95%,
05/15/30
..................
137
136,811
5.88%,
11/29/32
..................
22
30,180
4.00%,
06/20/42
..................
2
2,356
Mastercard,
Inc.,
2.95%,
06/01/29
........
39
42,571
PayPal
Holdings,
Inc.:
1.65%,
06/01/25
..................
48
49,262
2.65%,
10/01/26
..................
14
15,035
Visa,
Inc.,
4.15%,
12/14/35
............
49
60,240
1,462,202
Leisure
Products
—
0.0%
Hasbro,
Inc.,
2.60%,
11/19/22
..........
130
133,747
Life
Sciences
Tools
&
Services
—
0.1%
Agilent
Technologies,
Inc.:
3.05%,
09/22/26
..................
115
124,015
2.10%,
06/04/30
..................
97
95,969
Charles
River
Laboratories
International,
Inc.,
4.25%,
05/01/28
(b)
................
3
3,101
Thermo
Fisher
Scientific,
Inc.,
4.50%,
03/25/30
284
338,164
561,249
Machinery
—
0.1%
CNH
Industrial
Capital
LLC,
4.20%,
01/15/24
.
220
238,058
Deere
&
Co.,
3.75%,
04/15/50
..........
17
20,552
Otis
Worldwide
Corp.,
2.57%,
02/15/30
....
78
80,781
339,391
Media
—
0.5%
AMC
Networks,
Inc.:
5.00%,
04/01/24
..................
8
8,102
4.75%,
08/01/25
..................
22
22,587
Charter
Communications
Operating
LLC:
6.48%,
10/23/45
..................
197
271,305
5.75%,
04/01/48
..................
172
218,911
3.85%,
04/01/61
..................
57
55,945
4.40%,
12/01/61
..................
61
65,544
Clear
Channel
Worldwide
Holdings,
Inc.,
5.13%,
08/15/27
(b)
................
37
37,933
Comcast
Corp.:
2.35%,
01/15/27
..................
62
65,031
3.15%,
02/15/28
..................
136
149,250
2.65%,
02/01/30
..................
204
214,744
3.40%,
04/01/30
..................
142
156,746
1.95%,
01/15/31
..................
174
171,533
3.75%,
04/01/40
..................
74
83,419
3.40%,
07/15/46
..................
34
36,269
3.97%,
11/01/47
..................
174
202,577
4.00%,
11/01/49
..................
91
107,162
Cox
Communications,
Inc.
(b)
:
3.15%,
08/15/24
..................
82
87,475
Security
Par
(000)
Par
(000)
Value
Media
(continued)
3.60%,
06/15/51
..................
USD
72
$
75,818
Diamond
Sports
Group
LLC,
5.38%,
08/15/26
(b)
17
11,008
Gray
Television,
Inc.
(b)
:
5.88%,
07/15/26
..................
16
16,520
7.00%,
05/15/27
..................
22
23,788
iHeartCommunications
,
Inc.:
6.38%,
05/01/26
..................
22
23,554
5.25%,
08/15/27
(b)
.................
21
21,953
4.75%,
01/15/28
(b)
.................
3
3,086
Interpublic
Group
of
Cos.,
Inc.
(The):
4.20%,
04/15/24
..................
15
16,313
2.40%,
03/01/31
..................
32
32,101
Lamar
Media
Corp.,
3.75%,
02/15/28
......
4
4,070
Meredith
Corp.,
6.88%,
02/01/26
........
43
44,720
Nexstar
Broadcasting,
Inc.,
5.63%,
07/15/27
(b)
32
33,920
Outfront
Media
Capital
LLC
(b)
:
5.00%,
08/15/27
..................
37
38,309
4.63%,
03/15/30
..................
3
3,045
Sirius
XM
Radio,
Inc.
(b)
:
4.63%,
07/15/24
..................
30
30,792
5.38%,
07/15/26
..................
18
18,585
5.00%,
08/01/27
..................
40
41,910
5.50%,
07/01/29
..................
35
38,140
TEGNA,
Inc.:
4.63%,
03/15/28
..................
7
7,262
5.00%,
09/15/29
..................
8
8,372
ViacomCBS
,
Inc.:
4.38%,
03/15/43
..................
27
31,241
5.85%,
09/01/43
..................
73
100,018
2,579,058
Metals
&
Mining
—
0.1%
Anglo
American
Capital
plc,
5.63%,
04/01/30
(b)
200
245,806
FMG
Resources
August
2006
Pty.
Ltd.,
4.50%,
09/15/27
(b)
.....................
4
4,350
Freeport-McMoRan,
Inc.:
5.00%,
09/01/27
..................
4
4,225
5.25%,
09/01/29
..................
4
4,415
Glencore
Funding
LLC
(b)
:
1.63%,
04/27/26
..................
112
112,381
2.50%,
09/01/30
..................
67
66,836
2.85%,
04/27/31
..................
71
72,202
Newmont
Corp.,
2.25%,
10/01/30
........
50
49,863
Steel
Dynamics,
Inc.,
2.80%,
12/15/24
.....
35
36,941
Vale
Overseas
Ltd.,
3.75%,
07/08/30
......
25
26,588
623,607
Multi-Utilities
—
0.1%
Ameren
Illinois
Co.:
3.80%,
05/15/28
..................
50
56,628
3.25%,
03/15/50
..................
58
62,696
Consumers
Energy
Co.:
3.75%,
02/15/50
..................
130
153,369
3.10%,
08/15/50
..................
20
21,128
3.50%,
08/01/51
..................
35
39,652
333,473
Oil,
Gas
&
Consumable
Fuels
—
0.9%
Boardwalk
Pipelines
LP,
4.80%,
05/03/29
...
15
17,262
BP
Capital
Markets
America,
Inc.:
3.79%,
02/06/24
..................
55
59,330
3.19%,
04/06/25
..................
23
24,783
3.38%,
02/08/61
..................
30
30,159
Buckeye
Partners
LP,
3.95%,
12/01/26
.....
4
4,070
Cameron
LNG
LLC
(b)
:
3.30%,
01/15/35
..................
80
85,903
3.40%,
01/15/38
..................
100
105,607
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Cheniere
Corpus
Christi
Holdings
LLC:
5.88%,
03/31/25
..................
USD
76
$
87,101
5.13%,
06/30/27
..................
174
202,325
Cheniere
Energy
Partners
LP:
5.63%,
10/01/26
..................
16
16,600
4.50%,
10/01/29
..................
10
10,750
Chevron
USA,
Inc.:
5.25%,
11/15/43
..................
67
91,075
2.34%,
08/12/50
..................
20
18,013
Citgo
Holding,
Inc.,
9.25%,
08/01/24
(b)
.....
34
34,680
CrownRock
LP,
5.63%,
10/15/25
(b)
.......
16
16,560
DCP
Midstream
Operating
LP:
5.38%,
07/15/25
..................
7
7,796
5.13%,
05/15/29
..................
4
4,420
Devon
Energy
Corp.:
5.85%,
12/15/25
..................
15
17,606
4.50%,
01/15/30
(b)
.................
18
19,789
Diamondback
Energy,
Inc.:
3.50%,
12/01/29
..................
138
147,735
3.13%,
03/24/31
..................
103
106,745
Energean
Israel
Finance
Ltd.,
5.88%,
03/30/31
(b)
.....................
20
20,569
Energy
Transfer
LP:
3.60%,
02/01/23
..................
130
134,895
4.25%,
03/15/23
..................
83
87,082
4.20%,
09/15/23
..................
77
82,359
4.50%,
04/15/24
..................
99
107,784
2.90%,
05/15/25
..................
174
183,132
5.95%,
12/01/25
..................
75
87,809
6.50%,
02/01/42
..................
105
136,324
Enterprise
Products
Operating
LLC:
3.13%,
07/31/29
..................
93
100,341
2.80%,
01/31/30
..................
91
96,134
EOG
Resources,
Inc.,
4.15%,
01/15/26
....
10
11,251
Kinder
Morgan
Energy
Partners
LP:
7.50%,
11/15/40
..................
16
23,613
5.00%,
08/15/42
..................
20
23,942
4.70%,
11/01/42
..................
29
33,898
Marathon
Petroleum
Corp.,
5.85%,
12/15/45
.
25
32,616
Matador
Resources
Co.,
5.88%,
09/15/26
...
8
8,240
MPLX
LP:
4.88%,
12/01/24
..................
65
72,739
1.75%,
03/01/26
..................
126
127,358
2.65%,
08/15/30
..................
51
51,474
NGPL
PipeCo
LLC
(b)
:
4.88%,
08/15/27
..................
41
46,959
3.25%,
07/15/31
..................
123
126,767
7.77%,
12/15/37
..................
31
44,346
Northwest
Pipeline
LLC,
4.00%,
04/01/27
...
182
203,611
Petrobras
Global
Finance
BV:
6.25%,
03/17/24
..................
9
10,160
5.30%,
01/27/25
..................
35
39,294
Sabine
Pass
Liquefaction
LLC:
5.75%,
05/15/24
..................
214
240,148
5.63%,
03/01/25
..................
780
891,491
Suncor
Energy,
Inc.,
6.50%,
06/15/38
.....
27
38,198
Sunoco
LP:
5.50%,
02/15/26
..................
7
7,213
6.00%,
04/15/27
..................
9
9,412
Targa
Resources
Partners
LP:
5.88%,
04/15/26
..................
20
21,006
5.38%,
02/01/27
..................
15
15,619
6.50%,
07/15/27
..................
22
23,842
5.00%,
01/15/28
..................
7
7,385
6.88%,
01/15/29
..................
22
24,786
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.50%,
03/01/30
..................
USD
7
$
7,697
Texas
Eastern
Transmission
LP,
3.50%,
01/15/28
(b)
.....................
103
112,025
TransCanada
PipeLines
Ltd.,
4.63%,
03/01/34
32
37,958
Transcontinental
Gas
Pipe
Line
Co.
LLC:
7.85%,
02/01/26
..................
178
226,042
4.00%,
03/15/28
..................
131
148,217
4.60%,
03/15/48
..................
6
7,311
3.95%,
05/15/50
..................
32
35,756
Williams
Cos.,
Inc.
(The),
Series
A,
7.50%,
01/15/31
......................
20
27,707
4,882,819
Paper
&
Forest
Products
—
0.0%
Georgia-Pacific
LLC:
1.75%,
09/30/25
(b)
.................
22
22,562
0.95%,
05/15/26
(b)
.................
10
9,834
2.10%,
04/30/27
(b)
.................
65
67,075
7.75%,
11/15/29
..................
20
28,827
2.30%,
04/30/30
(b)
.................
26
26,556
Suzano
Austria
GmbH,
3.13%,
01/15/32
....
25
24,760
179,614
Pharmaceuticals
—
0.2%
AstraZeneca
plc,
1.38%,
08/06/30
........
115
108,821
Bausch
Health
Americas,
Inc.
(b)
:
9.25%,
04/01/26
..................
40
43,508
8.50%,
01/31/27
..................
47
51,084
Bausch
Health
Cos.,
Inc.
(b)
:
5.50%,
11/01/25
..................
32
32,832
9.00%,
12/15/25
..................
40
42,892
5.75%,
08/15/27
..................
9
9,553
7.00%,
01/15/28
..................
21
21,630
7.25%,
05/30/29
..................
21
21,460
Elanco
Animal
Health,
Inc.
(d)
:
5.27%,
08/28/23
..................
21
22,587
5.90%,
08/28/28
..................
7
8,192
Johnson
&
Johnson:
3.70%,
03/01/46
..................
16
19,030
3.75%,
03/03/47
..................
32
38,483
Merck
&
Co.,
Inc.,
2.45%,
06/24/50
.......
30
28,301
Pfizer,
Inc.:
3.45%,
03/15/29
..................
52
58,486
2.63%,
04/01/30
..................
42
44,729
1.70%,
05/28/30
..................
103
102,636
Takeda
Pharmaceutical
Co.
Ltd.:
5.00%,
11/26/28
..................
200
240,819
2.05%,
03/31/30
..................
200
198,417
1,093,460
Road
&
Rail
—
0.3%
Burlington
Northern
Santa
Fe
LLC:
4.45%,
03/15/43
..................
15
18,871
3.30%,
09/15/51
..................
120
131,045
CSX
Corp.:
2.40%,
02/15/30
..................
69
70,931
4.10%,
03/15/44
..................
18
21,135
4.30%,
03/01/48
..................
89
108,004
Norfolk
Southern
Corp.:
2.90%,
06/15/26
..................
42
45,344
4.80%,
08/15/43
..................
20
23,908
3.05%,
05/15/50
..................
113
112,951
Penske
Truck
Leasing
Co.
LP
(b)
:
4.25%,
01/17/23
..................
40
42,190
2.70%,
03/14/23
..................
50
51,617
2.70%,
11/01/24
..................
15
15,775
3.95%,
03/10/25
..................
14
15,308
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Road
&
Rail
(continued)
1.20%,
11/15/25
..................
USD
182
$
180,265
1.70%,
06/15/26
..................
16
16,106
Rumo
Luxembourg
SARL,
5.88%,
01/18/25
(b)
.
200
209,725
Ryder
System,
Inc.,
4.63%,
06/01/25
......
195
220,078
Union
Pacific
Corp.:
3.25%,
08/15/25
..................
21
22,746
2.75%,
03/01/26
..................
35
37,343
3.20%,
05/20/41
..................
76
80,449
3.84%,
03/20/60
..................
82
93,357
2.97%,
09/16/62
..................
52
49,971
3.75%,
02/05/70
..................
20
22,045
1,589,164
Semiconductors
&
Semiconductor
Equipment
—
0.4%
Applied
Materials,
Inc.,
4.35%,
04/01/47
....
37
47,317
Broadcom
Corp.,
3.88%,
01/15/27
.......
129
142,542
Broadcom,
Inc.:
4.75%,
04/15/29
..................
95
110,509
5.00%,
04/15/30
..................
136
160,449
4.15%,
11/15/30
..................
114
127,841
3.42%,
04/15/33
(b)
.................
115
120,769
3.47%,
04/15/34
(b)
.................
55
58,177
Intel
Corp.,
3.73%,
12/08/47
...........
84
95,923
KLA
Corp.:
4.10%,
03/15/29
..................
111
128,139
3.30%,
03/01/50
..................
135
142,848
Lam
Research
Corp.:
3.75%,
03/15/26
..................
116
129,896
2.88%,
06/15/50
..................
124
124,792
NVIDIA
Corp.:
3.20%,
09/16/26
..................
12
13,201
1.55%,
06/15/28
..................
212
211,136
2.85%,
04/01/30
..................
53
57,371
3.50%,
04/01/50
..................
50
56,445
NXP
BV
(b)
:
3.88%,
06/18/26
..................
25
27,698
4.30%,
06/18/29
..................
172
196,689
3.40%,
05/01/30
..................
70
76,074
2.50%,
05/11/31
..................
189
190,869
QUALCOMM,
Inc.,
4.30%,
05/20/47
......
108
136,356
2,355,041
Software
—
0.3%
Autodesk,
Inc.,
3.50%,
06/15/27
.........
141
155,380
Citrix
Systems,
Inc.:
4.50%,
12/01/27
..................
73
82,744
3.30%,
03/01/30
..................
51
53,656
Microsoft
Corp.,
2.92%,
03/17/52
........
197
209,086
Oracle
Corp.:
4.30%,
07/08/34
..................
67
77,672
3.90%,
05/15/35
..................
60
66,816
3.85%,
07/15/36
..................
105
115,431
6.13%,
07/08/39
..................
59
81,680
3.60%,
04/01/40
..................
108
113,914
3.65%,
03/25/41
..................
189
200,407
4.13%,
05/15/45
..................
100
111,426
4.00%,
07/15/46
..................
258
279,768
3.60%,
04/01/50
..................
60
61,611
salesforce.com,
Inc.,
3.05%,
07/15/61
.....
10
10,132
1,619,723
Specialty
Retail
—
0.1%
Home
Depot,
Inc.
(The):
2.95%,
06/15/29
..................
170
185,694
1.38%,
03/15/31
..................
31
29,685
Lowe's
Cos.,
Inc.:
4.00%,
04/15/25
..................
235
260,018
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
3.65%,
04/05/29
..................
USD
93
$
104,026
2.63%,
04/01/31
..................
15
15,499
594,922
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Apple,
Inc.:
4.65%,
02/23/46
..................
79
104,827
4.25%,
02/09/47
..................
40
50,418
2.55%,
08/20/60
..................
64
59,705
2.80%,
02/08/61
..................
59
57,464
Dell
International
LLC:
4.90%,
10/01/26
..................
69
79,632
8.35%,
07/15/46
..................
24
39,254
Hewlett
Packard
Enterprise
Co.,
4.65%,
10/01/24
......................
155
172,326
Seagate
HDD
Cayman,
4.09%,
06/01/29
(b)
..
32
32,761
596,387
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
Hanesbrands,
Inc.
(b)
:
4.63%,
05/15/24
..................
27
28,620
4.88%,
05/15/26
..................
7
7,560
Under
Armour,
Inc.,
3.25%,
06/15/26
......
4
4,144
William
Carter
Co.
(The),
5.63%,
03/15/27
(b)
..
15
15,783
56,107
Thrifts
&
Mortgage
Finance
—
0.1%
(b)
BPCE
SA,
2.70%,
10/01/29
............
274
285,981
Quicken
Loans,
Inc.,
5.25%,
01/15/28
.....
28
29,400
315,381
Tobacco
—
0.3%
Altria
Group,
Inc.:
4.40%,
02/14/26
..................
90
101,830
4.80%,
02/14/29
..................
32
37,100
3.40%,
05/06/30
..................
44
46,405
2.45%,
02/04/32
..................
243
235,001
5.80%,
02/14/39
..................
211
260,658
6.20%,
02/14/59
..................
8
10,347
BAT
Capital
Corp.:
3.22%,
08/15/24
..................
43
45,673
3.22%,
09/06/26
..................
10
10,609
4.91%,
04/02/30
..................
154
176,921
2.73%,
03/25/31
..................
91
89,842
BAT
International
Finance
plc:
3.95%,
06/15/25
(b)
.................
18
19,658
1.67%,
03/25/26
..................
42
41,976
Philip
Morris
International,
Inc.:
6.38%,
05/16/38
..................
35
50,017
4.13%,
03/04/43
..................
26
29,781
4.25%,
11/10/44
..................
25
29,126
Reynolds
American,
Inc.:
4.45%,
06/12/25
..................
82
90,838
5.85%,
08/15/45
..................
97
118,772
1,394,554
Trading
Companies
&
Distributors
—
0.1%
Air
Lease
Corp.,
1.88%,
08/15/26
........
177
177,137
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
.....
35
36,897
United
Rentals
North
America,
Inc.:
5.88%,
09/15/26
..................
28
28,974
5.50%,
05/15/27
..................
28
29,680
3.88%,
11/15/27
..................
7
7,355
4.88%,
01/15/28
..................
46
48,783
5.25%,
01/15/30
..................
7
7,668
336,494
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
40
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Transportation
Infrastructure
—
0.0%
DP
World
Crescent
Ltd.,
3.91%,
05/31/23
...
USD
200
$
210,288
Wireless
Telecommunication
Services
—
0.2%
Empresa
Nacional
de
Telecomunicaciones
SA,
4.75%,
08/01/26
(b)
................
200
220,975
Sprint
Corp.:
7.63%,
02/15/25
..................
47
55,842
7.63%,
03/01/26
..................
47
57,340
Sprint
Spectrum
Co.
LLC,
3.36%,
09/20/21
(b)(d)
18
17,660
T-Mobile
USA,
Inc.:
3.75%,
04/15/27
..................
164
181,220
3.88%,
04/15/30
..................
442
494,076
Vodafone
Group
plc:
5.25%,
05/30/48
..................
120
158,120
4.88%,
06/19/49
..................
31
39,099
1,224,332
Total
Corporate
Bonds
—
12.7%
(Cost:
$67,229,974)
...............................
68,492,819
Floating
Rate
Loan
Interests
—
0.0%
Consumer
Finance
—
0.0%
Credito
Real
SAB
de
CV
SOFOM
ER,
Term
Loan
A,
(LIBOR
USD
3
Month
+
3.75%),
3.90%
,
 02/21/23
(a)(c)
................
10
9,400
Total
Floating
Rate
Loan
Interests
—
0.0%
(Cost:
$10,000)
.................................
9,400
Foreign
Agency
Obligations
—
0.1%
Argentina
—
0.0%
YPF
SA,
7.00%
,
12/15/47
(b)
.............
28
18,205
Brazil
—
0.0%
Centrais
Eletricas
Brasileiras
SA,
3.63%
,
02/04/25
(b)
......................
200
206,850
Colombia
—
0.0%
Ecopetrol
SA:
5.38%,
06/26/26
..................
115
126,799
6.88%,
04/29/30
..................
11
13,236
140,035
Mexico
—
0.1%
Petroleos
Mexicanos
:
Series
13-2,
7.19%,
09/12/24
.........
MXN
5
23,700
6.88%,
10/16/25
..................
USD
13
14,342
5.35%,
02/12/28
..................
22
21,581
6.50%,
01/23/29
..................
79
81,765
6.84%,
01/23/30
..................
120
123,510
7.69%,
01/23/50
..................
65
62,319
327,217
Total
Foreign
Agency
Obligations
—
0.1%
(Cost:
$664,470)
.................................
692,307
Foreign
Government
Obligations
—
2.5%
Argentina
—
0.0%
Argentine
Republic
(The),
0.12%
,
07/09/35
(d)
.
156
49,374
Brazil
—
0.0%
Federative
Republic
of
Brazil,
3.88%
,
06/12/30
200
201,975
China
—
1.6%
People's
Republic
of
China:
1.99%,
04/09/25
..................
CNY
26,310
3,930,927
2.41%,
06/19/25
..................
4,200
636,919
2.85%,
06/04/27
..................
3,000
458,034
Security
Par
(000)
Par
(000)
Value
China
(continued)
2.68%,
05/21/30
..................
CNY
24,680
$
3,667,857
8,693,737
Colombia
—
0.2%
Republic
of
Colombia:
3.88%,
04/25/27
..................
USD
340
361,207
4.50%,
03/15/29
..................
540
587,689
3.13%,
04/15/31
..................
200
195,350
1,144,246
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond:
4.50%,
01/30/30
..................
150
153,075
4.88%,
09/23/32
(b)
.................
150
154,500
307,575
Ecuador
—
0.0%
Republic
of
Ecuador,
0.50%
,
07/31/35
(d)
.....
52
35,620
Hungary
—
0.0%
Hungary
Government
Bond,
5.38%
,
03/25/24
.
140
157,920
Indonesia
—
0.1%
Republic
of
Indonesia:
4.45%,
02/11/24
..................
200
218,860
2.85%,
02/14/30
..................
200
206,975
6.50%,
02/15/31
..................
IDR
974,000
66,601
492,436
Mexico
—
0.2%
United
Mexican
States,
2.66%
,
05/24/31
....
USD
1,215
1,186,372
Panama
—
0.0%
Republic
of
Panama,
3.88%
,
03/17/28
......
200
219,912
Peru
—
0.0%
Republic
of
Peru,
4.13%
,
08/25/27
........
179
200,346
Philippines
—
0.1%
Republic
of
Philippines,
3.00%
,
02/01/28
....
260
280,257
South
Africa
—
0.1%
Republic
of
South
Africa:
7.00%,
02/28/31
..................
ZAR
2,477
148,813
8.25%,
03/31/32
..................
1,491
95,266
244,079
Ukraine
—
0.1%
Ukraine
Government
Bond:
7.38%,
09/25/32
..................
USD
200
209,912
7.25%,
03/15/33
..................
200
207,975
417,887
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay:
4.38%,
10/27/27
..................
90
103,432
5.10%,
06/18/50
..................
30
39,278
142,710
Total
Foreign
Government
Obligations
—
2.5%
(Cost:
$13,271,677)
...............................
13,774,446
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
Investment
Companies
—
4.4%
(k)
BlackRock
Allocation
Target
Shares-
BATS
Series
A
........................
2,221,607
$
22,349,370
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
16,800
1,479,072
Total
Investment
Companies
—
4.4%
(Cost:
$23,673,278)
...............................
23,828,442
Par
(000)
Par
(000)
Municipal
Bonds
—
0.2%
California
-
0.1%
Bay
Area
Toll
Authority,
Series
2010S-1,
RB,
7.04%, 04/01/50
..................
USD
55
96,059
Los
Angeles
Community
College
District,
Series
2010E,
GO,
6.60%, 08/01/42
..........
50
79,230
Los
Angeles
Unified
School
District,
Series
2010I,
GO,
6.76%, 07/01/34
..........
70
100,651
State
of
California,
Series
2018,
GO,
4.60%, 04/01/38
..................
165
193,606
University
of
California,
Series
2012AD,
RB,
4.86%, 05/15/12
..................
58
82,340
551,886
Georgia
-
0.0%
Municipal
Electric
Authority
of
Georgia,
Series
2010A,
RB,
6.64%, 04/01/57
..........
53
80,689
Illinois
-
0.1%
State
of
Illinois,
Series
2003,
GO,
5.10%, 06/01/33
..................
210
247,046
Massachusetts
-
0.0%
Massachusetts
Housing
Finance
Agency,
Series
2015A,
RB,
4.50%, 12/01/48
.....
10
10,702
New
Jersey
-
0.0%
New
Jersey
Turnpike
Authority,
Series
2009F,
RB,
7.41%, 01/01/40
...............
79
129,893
New
York
-
0.0%
New
York
City
Water
&
Sewer
System,
Series
2011CC,
RB,
5.88%, 06/15/44
.........
60
93,171
Port
Authority
of
New
York
&
New
Jersey,
Series
2014-181,
RB,
4.96%, 08/01/46
...
15
20,082
113,253
Ohio
-
0.0%
American
Municipal
Power,
Inc.,
Series
2010B,
RB,
8.08%, 02/15/50
...............
35
64,133
Texas
-
0.0%
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2010A,
RB,
5.81%, 02/01/41
.....
55
81,012
State
of
Texas,
Series
2009A,
GO,
5.52%, 04/01/39
..................
60
86,796
167,808
Total
Municipal
Bonds
—
0.2%
(Cost:
$1,179,107)
...............................
1,365,410
Security
Par
(000)
Par
(000)
Value
Non-Agency
Mortgage-Backed
Securities
—
0.9%
Collateralized
Mortgage
Obligations
—
0.3%
Alternative
Loan
Trust:
Series
2005-22T1,
Class
A1,
(LIBOR
USD
1
Month
+
0.35%),
0.44%,
06/25/35
(a)
...
USD
47
$
39,345
Series
2005-72,
Class
A3,
(LIBOR
USD
1
Month
+
0.60%),
0.69%,
01/25/36
(a)
...
17
16,599
Series
2006-11CB,
Class
3A1,
6.50%,
05/25/36
.....................
21
15,433
Series
2006-OA21,
Class
A1,
(LIBOR
USD
1
Month
+
0.19%),
0.28%,
03/20/47
(a)
...
670
576,071
Series
2006-OA9,
Class
2A1B,
(LIBOR
USD
1
Month
+
0.20%),
0.29%,
07/20/46
(a)
..
101
79,481
Series
2006-OC10,
Class
2A3,
(LIBOR
USD
1
Month
+
0.46%),
0.55%,
11/25/36
(a)
..
23
21,424
Series
2007-OA3,
Class
1A1,
(LIBOR
USD
1
Month
+
0.14%),
0.23%,
04/25/47
(a)
...
29
26,264
Series
2007-OA3,
Class
2A2,
(LIBOR
USD
1
Month
+
0.18%),
0.27%,
04/25/47
(a)
...
3
32
Series
2007-OA8,
Class
2A1,
(LIBOR
USD
1
Month
+
0.18%),
0.27%,
06/25/47
(a)
...
18
14,826
Series
2007-OH2,
Class
A2A,
(LIBOR
USD
1
Month
+
0.24%),
0.33%,
08/25/47
(a)
..
9
8,419
American
Home
Mortgage
Assets
Trust,
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.94%),
1.06%,
10/25/46
(a)
...........
52
42,452
APS
Resecuritization
Trust
(a)(b)
:
Series
2016-1,
Class
1MZ,
3.82%,
07/31/57
131
47,113
Series
2016-3,
Class
3A,
(LIBOR
USD
1
Month
+
2.85%),
2.94%,
09/27/46
....
65
65,282
Series
2016-3,
Class
4A,
(LIBOR
USD
1
Month
+
2.60%),
2.69%,
04/27/47
....
16
15,655
Banc
of
America
Funding
Trust,
Series
2016-
R2,
Class
1A1,
4.70%,
05/01/33
(a)(b)
.....
129
124,241
Bear
Stearns
Mortgage
Funding
Trust,
Series
2006-SL1,
Class
A1,
(LIBOR
USD
1
Month
+
0.28%),
0.37%,
08/25/36
(a)
...........
26
25,362
Chase
Mortgage
Finance
Trust,
Series
2007-
S6,
Class
1A1,
6.00%,
12/25/37
........
300
188,793
CHL
Mortgage
Pass-Through
Trust:
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.96%),
1.08%,
04/25/46
(a)
....................
57
23,833
Series
2007-15,
Class
2A2,
6.50%,
09/25/37
80
45,785
Citicorp
Mortgage
Securities
Trust,
Series
2008-
2,
Class
1A1,
6.50%,
06/25/38
.........
32
28,191
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2009-12R,
Class
3A1,
6.50%,
10/27/37
(b)
......................
109
60,922
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2005-10,
Class
10A1,
(LIBOR
USD
1
Month
+
1.35%),
1.44%,
11/25/35
(a)
......................
19
3,484
CSMC
Mortgage-Backed
Trust,
Series
2007-5,
Class
1A11,
7.00%,
08/25/37
(a)
.........
26
20,798
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
A2A,
(LIBOR
USD
1
Month
+
0.17%),
0.26%,
08/25/47
(a)
....
102
109,677
Deutsche
Alt-A
Securities,
Inc.,
Series
2007-
RS1,
Class
A2,
(LIBOR
USD
1
Month
+
0.50%),
0.59%,
01/27/37
(a)(b)
..........
1
577
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
42
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
GreenPoint
Mortgage
Funding
Trust,
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
2.00%),
2.12%,
03/25/36
(a)
...........
USD
8
$
7,940
GSR
Mortgage
Loan
Trust,
Series
2007-1F,
Class
2A4,
5.50%,
01/25/37
..........
2
2,488
IndyMac
INDX
Mortgage
Loan
Trust,
Series
2007-AR19,
Class
3A1,
3.12%,
09/25/37
(a)
.
31
21,656
JPMorgan
Alternative
Loan
Trust,
Series
2007-
A1,
Class
1A4,
(LIBOR
USD
1
Month
+
0.42%),
0.51%,
03/25/37
(a)
...........
40
40,605
New
Residential
Mortgage
Loan
Trust,
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
(a)(b)
..
54
57,239
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2007-2,
Class
A4,
(LIBOR
USD
1
Month
+
0.42%),
0.51%,
06/25/37
(a)
5
4,513
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2006-3,
Class
4A,
3.05%,
04/25/36
(a)
......................
9
7,117
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR4,
Class
3A1,
(LIBOR
USD
1
Month
+
0.38%),
0.47%,
06/25/36
(a)
.....
13
12,077
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust:
Series
2006-4,
Class
1A1,
6.00%,
04/25/36
55
55,454
Series
2006-4,
Class
3A5,
6.35%,
05/25/36
(d)
....................
53
52,436
1,861,584
Commercial
Mortgage-Backed
Securities
—
0.5%
280
Park
Avenue
Mortgage
Trust,
Series
2017-280P,
Class
E,
(LIBOR
USD
1
Month
+
2.12%),
2.19%,
09/15/34
(a)(b)
..........
100
98,744
BAMLL
Commercial
Mortgage
Securities
Trust
(a)
(b)
:
Series
2015-200P,
Class
F,
3.72%,
04/14/33
100
102,522
Series
2018-DSNY,
Class
D,
(LIBOR
USD
1
Month
+
1.70%),
1.77%,
09/15/34
....
100
99,625
Bayview
Commercial
Asset
Trust
(a)(b)
:
Series
2005-4A,
Class
A1,
(LIBOR
USD
1
Month
+
0.45%),
0.54%,
01/25/36
....
20
18,884
Series
2005-4A,
Class
M1,
(LIBOR
USD
1
Month
+
0.68%),
0.77%,
01/25/36
....
15
14,260
Series
2006-1A,
Class
A2,
(LIBOR
USD
1
Month
+
0.54%),
0.63%,
04/25/36
....
9
8,237
Series
2006-3A,
Class
A1,
(LIBOR
USD
1
Month
+
0.25%),
0.34%,
10/25/36
....
12
11,423
Series
2006-3A,
Class
A2,
(LIBOR
USD
1
Month
+
0.30%),
0.39%,
10/25/36
....
12
11,446
Series
2006-4A,
Class
A1,
(LIBOR
USD
1
Month
+
0.35%),
0.44%,
12/25/36
....
143
137,880
BBCMS
Mortgage
Trust,
Series
2018-TALL,
Class
A,
(LIBOR
USD
1
Month
+
0.72%),
0.79%,
03/15/37
(a)(b)
................
15
14,906
BBCMS
Trust,
Series
2015-SRCH,
Class
A1,
3.31%,
08/10/35
(b)
.................
90
95,441
Bear
Stearns
Commercial
Mortgage
Securities
Trust,
Series
2007-T26,
Class
AM,
5.51%,
01/12/45
(a)
......................
11
11,032
Benchmark
Mortgage
Trust,
Series
2019-B10,
Class
3CCA,
4.03%,
03/15/62
(a)(b)
.......
60
64,475
BHMS,
Series
2018-ATLS,
Class
A,
(LIBOR
USD
1
Month
+
1.25%),
1.32%,
07/15/35
(a)(b)
100
100,061
BWAY
Mortgage
Trust,
Series
2013-1515,
Class
C,
3.45%,
03/10/33
(b)
...........
100
104,936
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
BX
Commercial
Mortgage
Trust,
Series
2018-IND,
Class
H,
(LIBOR
USD
1
Month
+
3.00%),
3.07%,
11/15/35
(a)(b)
..........
USD
154
$
154,287
BXP
Trust
(a)(b)
:
Series
2017-CC,
Class
D,
(LIBOR
USD
1
Month
+
0.00%),
3.67%,
08/13/37
....
25
26,350
Series
2017-CC,
Class
E,
(LIBOR
USD
1
Month
+
0.00%),
3.67%,
08/13/37
....
40
40,983
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
D,
(LIBOR
USD
1
Month
+
1.75%),
1.82%,
12/15/37
(a)(b)
..........
100
100,155
CD
Mortgage
Trust,
Series
2017-CD3,
Class
A4,
3.63%,
02/10/50
...............
10
11,052
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C3,
Class
A3,
3.87%,
01/10/48
.....
10
11,012
CFK
Trust,
Series
2019-FAX,
Class
D,
4.79%,
01/15/39
(a)(b)
.....................
100
111,762
Citigroup
Commercial
Mortgage
Trust:
Series
2016-C1,
Class
D,
5.11%,
05/10/49
(a)
(b)
..........................
10
10,272
Series
2017-C4,
Class
A4,
3.47%,
10/12/50
20
21,992
Commercial
Mortgage
Trust:
Series
2014-CR18,
Class
A4,
3.55%,
07/15/47
.....................
8
8,949
Series
2017-COR2,
Class
D,
3.00%,
09/10/50
(b)
....................
44
41,639
CSAIL
Commercial
Mortgage
Trust:
Series
2015-C2,
Class
A4,
3.50%,
06/15/57
10
10,796
Series
2019-C15,
Class
D,
3.00%,
03/15/52
(b)
....................
11
9,844
DBGS
Mortgage
Trust,
Series
2019-1735,
Class
F,
4.33%,
04/10/37
(a)(b)
..........
100
83,868
DBUBS
Mortgage
Trust
(b)
:
Series
2017-BRBK,
Class
A,
3.45%,
10/10/34
.....................
40
42,624
Series
2017-BRBK,
Class
E,
(LIBOR
USD
1
Month
+
0.00%),
3.65%,
10/10/34
(a)
...
170
174,741
Series
2017-BRBK,
Class
F,
3.65%,
10/10/34
(a)
....................
40
40,554
GS
Mortgage
Securities
Trust:
Series
2015-GS1,
Class
A3,
3.73%,
11/10/48
.....................
10
10,993
Series
2017-GS7,
Class
D,
3.00%,
08/10/50
(b)
....................
10
9,257
HMH
Trust,
Series
2017-NSS,
Class
A,
3.06%,
07/05/31
(b)
......................
100
100,018
IMT
Trust,
Series
2017-APTS,
Class
AFX,
3.48%,
06/15/34
(b)
.................
100
106,074
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust,
Series
2007-1A,
Class
1A,
(LIBOR
USD
1
Month
+
0.25%),
0.34%,
03/25/37
(a)(b)
.....................
9
8,965
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C26,
Class
D,
3.06%,
10/15/48
(b)
......................
16
15,630
Morgan
Stanley
Capital
I
Trust:
Series
2007-T27,
Class
AJ,
6.21%,
06/11/42
(a)
....................
31
31,433
Series
2017-CLS,
Class
F,
(LIBOR
USD
1
Month
+
2.60%),
2.67%,
11/15/34
(a)(b)
..
84
83,937
Series
2017-HR2,
Class
D,
2.73%,
12/15/50
(c)
....................
10
8,500
Series
2019-L2,
Class
A4,
4.07%,
03/15/52
13
14,921
PFP
Ltd.
(a)(b)
:
Series
2019-5,
Class
A,
(LIBOR
USD
1
Month
+
0.97%),
1.04%,
04/14/36
....
7
6,869
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2019-5,
Class
AS,
(LIBOR
USD
1
Month
+
1.42%),
1.49%,
04/14/36
....
USD
10
$
9,988
Wells
Fargo
Commercial
Mortgage
Trust
(a)(b)
:
Series
2017-C39,
Class
D,
4.49%,
09/15/50
63
59,502
Series
2017-C41,
Class
D,
2.60%,
11/15/50
25
20,385
Series
2017-HSDB,
Class
A,
(LIBOR
USD
1
Month
+
0.85%),
0.92%,
12/13/31
....
100
98,567
WFRBS
Commercial
Mortgage
Trust,
Series
2014-C22,
Class
C,
3.91%,
09/15/57
(a)
...
120
126,098
2,505,889
Interest
Only
Collateralized
Mortgage
Obligations
—
0.0%
Banc
of
America
Funding
Trust,
Series
2014-
R2,
Class
1C,
0.00%,
11/26/36
(a)(b)
......
56
15,706
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
(a)
Banc
of
America
Commercial
Mortgage
Trust,
Series
2017-BNK3,
Class
XB,
0.78%,
02/15/50
.......................
1,000
32,521
BBCMS
Trust,
Series
2015-SRCH,
Class
XA,
1.11%,
08/10/35
(b)
.................
977
43,609
BB-UBS
Trust,
Series
2012-SHOW,
Class
XA,
0.73%,
11/05/36
(b)
.................
4,250
85,474
Benchmark
Mortgage
Trust,
Series
2019-B9,
Class
XA,
(LIBOR
USD
1
Month
+
0.00%),
1.21%,
03/15/52
..................
992
66,566
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
XB,
0.87%,
05/10/58
....
120
3,905
Commercial
Mortgage
Trust,
Series
2015-3BP,
Class
XA,
0.17%,
02/10/35
(b)
..........
2,522
8,600
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(b)
......................
1,800
61,114
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
X,
1.14%,
03/10/50
(b)
.....
805
22,486
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C19,
Class
XF,
1.34%,
12/15/47
(b)
......................
100
3,668
One
Market
Plaza
Trust
(b)
:
Series
2017-1MKT,
Class
XCP,
0.22%,
02/10/32
.....................
1,000
1,040
Series
2017-1MKT,
Class
XNCP,
0.00%,
02/10/32
(c)
....................
200
—
328,983
Principal
Only
Collateralized
Mortgage
Obligations
—
0.0%
Seasoned
Credit
Risk
Transfer
Trust,
Series
2017-3,
Class
B,
0.00%,
07/25/56
(b)(l)
.....
38
6,258
Total
Non-Agency
Mortgage-Backed
Securities
—
0.9%
(Cost:
$4,564,553)
...............................
4,718,420
Beneficial
Interest
(000)
Other
Interests
—
0.0%
(m)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(c)(e)(
i
)
.......
620
—
Total
Other
Interests
—
0.0%
(Cost:
$0)
.....................................
—
Security
Par
(000)
Pa
r
(
000)
Value
Capital
Trusts
—
0.2%
(a)(h)
Banks
—
0.1%
Bank
of
America
Corp.,
Series
FF,
(LIBOR
USD
3
Month
+
2.93%),
5.87%
............
USD
95
$
108,733
Citigroup,
Inc.:
Series
W,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%),
4.00%
.......................
45
46,519
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%),
3.88%
.......................
221
225,696
380,948
Capital
Markets
—
0.1%
Bank
of
New
York
Mellon
Corp.
(The):
Series
E,
(LIBOR
USD
3
Month
+
3.42%),
3.55%
.......................
65
65,471
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%),
3.70%
.......................
15
15,619
Series
F,
(LIBOR
USD
3
Month
+
3.13%),
4.62%
.......................
97
106,865
Charles
Schwab
Corp.
(The):
Series
I,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%),
4.00%
.......................
40
41,700
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
.......................
120
122,760
State
Street
Corp.:
Series
F,
(LIBOR
USD
3
Month
+
3.60%),
3.72%
.......................
30
30,024
Series
H,
(LIBOR
USD
3
Month
+
2.54%),
5.63%
.......................
140
148,400
530,839
Total
Capital
Trusts
—
0.2%
(Cost:
$878,104)
.................................
911,787
U.S.
Government
Sponsored
Agency
Securities
—
16.3%
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
:
Series
2013-63,
0.76%, 09/16/51
.......
493
14,023
Series
2016-26,
0.76%, 02/16/58
.......
273
11,167
Series
2016-92,
0.81%, 04/16/58
.......
40
1,835
Series
2016-110,
0.94%, 05/16/58
......
70
3,818
Series
2016-113,
(LIBOR
USD
1
Month
+
0.00%),
1.09%, 02/16/58
..........
63
3,980
34,823
Mortgage-Backed
Securities
—
16.3%
(n)
Federal
Home
Loan
Mortgage
Corp.:
2.50%, 01/01/29
-
04/01/31
...........
245
257,930
3.00%, 09/01/27
-
12/01/46
...........
396
420,629
3.50%, 04/01/31
-
01/01/48
...........
591
644,450
4.00%, 08/01/40
-
12/01/45
...........
94
102,750
4.50%, 02/01/39
-
04/01/49
...........
776
857,810
5.00%, 10/01/41
-
11/01/48
...........
145
163,537
5.50%, 06/01/41
..................
63
73,209
6.00%, 01/01/34
..................
38
42,198
Federal
National
Mortgage
Association,
4.00%, 01/01/41
..................
8
8,232
Government
National
Mortgage
Association:
2.00%, 07/15/51
(n)
.................
2,621
2,669,325
2.50%, 07/15/51
(n)
.................
2,837
2,935,438
3.00%, 02/15/45
..................
31
32,023
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
44
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
3.00%, 07/15/51
-
08/15/51
(n)
..........
USD
8,823
$
9,204,655
3.50%, 01/15/42
-
10/20/46
...........
1,704
1,817,213
3.50%, 07/15/51
(n)
.................
687
721,176
4.00%, 04/20/39
-
12/20/47
...........
347
375,896
4.00%, 07/15/51
(n)
.................
862
910,252
4.50%, 12/20/39
-
04/20/50
...........
511
560,234
4.50%, 07/15/51
(n)
.................
207
220,584
5.00%, 12/15/38
-
07/20/42
...........
89
102,032
7.50%, 03/15/32
..................
2
2,039
Uniform
Mortgage-Backed
Securities:
1.50%, 07/25/36
(n)
.................
1,266
1,281,256
2.00%, 10/01/31
-
03/01/32
...........
140
144,432
2.00%, 07/25/36
-
09/25/51
(n)
..........
11,359
11,490,955
2.50%, 09/01/27
-
12/01/35
...........
999
1,050,708
2.50%, 07/25/36
-
08/25/51
(n)
..........
19,869
20,529,327
3.00%, 04/01/29
-
08/01/50
...........
3,943
4,201,370
3.00%, 07/25/36
-
07/25/51
(n)
..........
450
471,123
3.50%, 08/01/30
-
08/01/50
...........
3,013
3,252,644
3.50%, 07/25/36
-
07/25/51
(n)
..........
1,617
1,706,025
4.00%, 10/01/33
-
09/01/50
...........
10,507
11,240,459
4.00%, 07/25/51
-
08/25/51
(n)
..........
4,000
4,260,836
4.50%, 02/01/25
-
04/01/50
...........
3,962
4,377,690
4.50%, 07/25/51
(n)
.................
48
51,637
5.00%, 09/01/35
-
05/01/49
...........
273
307,045
5.00%, 07/25/51
(n)
.................
529
579,751
5.50%, 02/01/35
-
04/01/41
...........
415
478,841
6.00%, 12/01/27
-
06/01/41
...........
234
275,762
6.50%, 05/01/40
..................
68
79,979
87,901,452
Total
U.S.
Government
Sponsored
Agency
Securities
—
16.3%
(Cost:
$87,485,062)
...............................
87,936,275
U.S.
Treasury
Obligations
—
6.2%
U.S.
Treasury
Bonds:
4.25%, 05/15/39
..................
66
90,319
4.50%, 08/15/39
..................
82
115,614
4.38%, 11/15/39
..................
82
114,073
1.13%, 05/15/40
-
08/15/40
...........
518
446,411
1.38%, 11/15/40
-
08/15/50
...........
356
314,427
3.13%, 02/15/43
..................
332
396,688
2.88%, 05/15/43
-
11/15/46
...........
597
689,392
3.63%, 08/15/43
..................
332
427,606
3.75%, 11/15/43
..................
332
435,802
2.50%, 02/15/45
..................
457
494,452
2.75%, 11/15/47
..................
457
520,230
3.00%, 02/15/48
..................
764
910,712
2.25%, 08/15/49
(o)
.................
1,285
1,331,180
2.38%, 11/15/49
-
05/15/51
...........
930
990,464
1.63%, 11/15/50
..................
88
79,035
U.S.
Treasury
Notes:
1.13%, 07/31/21
-
02/15/31
...........
1,529
1,526,573
1.75%, 07/31/21
-
11/15/29
...........
5,698
5,847,617
1.50%, 01/31/22
-
02/15/30
...........
4,094
4,181,327
2.13%, 12/31/22
-
05/15/25
...........
1,937
2,025,077
0.50%, 03/15/23
-
05/31/27
...........
464
461,346
0.13%, 03/31/23
-
05/31/23
...........
1,923
1,919,444
0.25%, 04/15/23
-
10/31/25
...........
2,154
2,130,246
2.75%, 05/31/23
..................
623
652,884
1.38%, 01/31/25
..................
41
42,126
2.00%, 02/15/25
..................
782
821,100
0.38%, 04/30/25
-
12/31/25
...........
2,157
2,120,265
0.75%, 05/31/26
..................
760
755,666
1.63%, 11/30/26
-
05/15/31
...........
849
867,540
2.25%, 08/15/27
..................
798
853,424
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
1.25%, 03/31/28
-
05/31/28
...........
USD
1,120
$
1,123,534
2.88%, 08/15/28
..................
188
209,084
3.13%, 11/15/28
..................
310
350,700
2.63%, 02/15/29
..................
63
69,083
2.38%, 05/15/29
..................
63
67,983
Total
U.S.
Treasury
Obligations
—
6.2%
(Cost:
$32,763,599)
...............................
33,381,424
Total
Long-Term
Investments
—
105.1%
(Cost:
$505,124,165)
..............................
567,850,581
Short-Term
Securities
—
6.3%
Borrowed
Bond
Agreements
—
0.9%
(p)
Bank
of
America
Securities,
Inc.,
(0.22)%, 07/01/21
(Purchased
on
06/30/21
to
be
repurchased
at
USD
453,387,
collateralized
by
U.S.
Treasury
Notes,
0.88%,
due
at
11/15/30,
par
and
fair
value
of
USD
476,000
and
$452,646,
respectively)
.
453
453,390
Bank
of
America
Securities,
Inc.,
(0.16)%, 07/01/21
(Purchased
on
06/30/21
to
be
repurchased
at
USD
477,739,
collateralized
by
U.S.
Treasury
Bonds,
1.88%,
due
at
02/15/51,
par
and
fair
value
of
USD
497,000
and
$474,324,
respectively)
.
478
477,741
Bank
of
America
Securities,
Inc.,
(0.10)%, 07/01/21
(Purchased
on
06/30/21
to
be
repurchased
at
USD
696,576,
collateralized
by
U.S.
Treasury
Notes,
0.63%,
due
at
08/15/30,
par
and
fair
value
of
USD
746,000
and
$695,004,
respectively)
.
697
696,577
Bank
of
America
Securities,
Inc.,
(0.10)%, 07/01/21
(Purchased
on
06/30/21
to
be
repurchased
at
USD
163,590,
collateralized
by
U.S.
Treasury
Notes,
0.75%,
due
at
04/30/26,
par
and
fair
value
of
USD
164,000
and
$163,167,
respectively)
.
164
163,590
Bank
of
America
Securities,
Inc.,
(0.02)%, 07/01/21
(Purchased
on
06/30/21
to
be
repurchased
at
USD
214,185,
collateralized
by
U.S.
Treasury
Notes,
0.25%,
due
at
06/30/25,
par
and
fair
value
of
USD
218,000
and
$214,134,
respectively)
.
214
214,185
Bank
of
America
Securities,
Inc.,
(0.02)%, 07/01/21
(Purchased
on
06/30/21
to
be
repurchased
at
USD
79,200,
collateralized
by
U.S.
Treasury
Bonds,
2.00%,
due
at
02/15/50,
par
and
fair
value
of
USD
80,000
and
$78,594,
respectively)
...
79
79,200
Bank
of
America
Securities,
Inc.,
(0.02)%, 07/01/21
(Purchased
on
06/30/21
to
be
repurchased
at
USD
1,843,475,
collateralized
by
U.S.
Treasury
Notes,
0.63%,
due
at
05/15/30,
par
and
fair
value
of
USD
1,969,000
and
$1,840,477,
respectively)
.....................
1,843
1,843,476
Bank
of
America
Securities,
Inc.,
(0.02)%, 07/01/21
(Purchased
on
06/30/21
to
be
repurchased
at
USD
96,757,
collateralized
by
U.S.
Treasury
Notes,
0.75%,
due
at
03/31/26,
par
and
fair
value
of
USD
97,000
and
$96,564,
respectively)
...
97
96,758
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Borrowed
Bond
Agreements
(continued)
Bank
of
America
Securities,
Inc.,
(0.02)%, 07/01/21
(Purchased
on
06/30/21
to
be
repurchased
at
USD
645,175,
collateralized
by
U.S.
Treasury
Bonds,
1.25%,
due
at
05/15/50,
par
and
fair
v
alue
of
USD
788,000
and
$643,421
,
respectively)
.
USD
645
$
645,175
Bank
of
America
Securities,
Inc.,
(0.02)%, 07/01/21
(Purchased
on
06/30/21
to
be
repurchased
at
USD
44,212,
collateralized
by
U.S.
Treasury
Notes,
0.38%,
due
at
01/31/26,
par
and
fair
value
of
USD
45,000
and
$44,098,
respectively)
...
44
44,213
Total
Borrowed
Bond
Agreements
—
0.9%
(Cost:
$4,714,305)
...............................
4,714,305
Shares
Shares
Money
Market
Funds
—
5.4%
(k)(q)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
....................
25,541,552
25,541,552
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.13%
(r)
........................
3,971,296
3,972,488
Total
Money
Market
Funds
—
5.4%
(Cost:
$29,514,040)
...............................
29,514,040
Total
Short-Term
Securities
—
6.3%
(Cost:
$34,228,345)
...............................
34,228,345
Total
Options
Purchased
—
0.1%
(Cost:
$282,362)
.................................
625,444
Total
Investments
Before
Options
Written,
Borrowed
Bonds
and
TBA
Sale
Commitments
—
111.5%
(Cost:
$539,634,872
)
..............................
602,704,370
Total
Options
Written
—
(0.1)%
(Premium
Received
—
$730,992)
.....................
(683,756)
Par
(000)
Pa
r
(
000)
Borrowed
Bonds
—
(0.9)%
U.S.
Treasury
Obligations
—
(0.9)%
U.S.
Treasury
Bonds:
1.25%
,
 05/15/50
..................
788
(643,421)
1.88%
,
 02/15/51
..................
497
(474,324)
2.00%
,
 02/15/50
..................
80
(78,594)
U.S.
Treasury
Notes:
0.25%
,
 06/30/25
..................
218
(214,134)
0.38%
,
 01/31/26
..................
45
(44,098)
0.63%
,
 05/15/30
-
08/15/30
...........
2,715
(2,535,481)
0.75%
,
 03/31/26
-
04/30/26
...........
261
(259,731)
0.88%
,
 11/15/30
..................
476
(452,646)
(4,702,429)
Total
U.S.
Treasury
Obligations
—
(0.9)%
(Proceeds:
$5,016,726)
............................
(4,702,429)
Total
Borrowed
Bonds
—
(0.9)%
(Proceeds:
$5,016,726)
............................
(4,702,429)
Security
Par
(000)
Par
(000)
Value
TBA
Sale
Commitments
—
(5.2)%
(n)
Mortgage-Backed
Securities
—
(5.2)%
Government
National
Mortgage
Association:
2.50%
,
 07/15/51
..................
USD
12
$
(12,418)
3.00%
,
 07/15/51
..................
365
(380,833)
4.00%
,
 07/15/51
..................
46
(48,575)
4.50%
,
 07/15/51
..................
25
(26,641)
Uniform
Mortgage-Backed
Securities:
3.00%
,
 07/25/36
-
08/25/51
...........
3,377
(3,520,277)
3.50%
,
 07/25/36
..................
40
(42,716)
2.00%
,
 07/25/51
-
08/25/51
...........
5,673
(5,721,121)
2.50%
,
 07/25/51
..................
5,522
(5,711,796)
4.00%
,
 07/25/51
-
08/25/51
...........
10,116
(10,773,207)
4.50%
,
 07/25/51
..................
1,941
(2,088,092)
Total
TBA
Sale
Commitments
—
(5.2)%
(Proceeds:
$28,367,519)
...........................
(28,325,676)
Total
Investments
Net
of
Options
Written,
Borrowed
Bonds
and
TBA
Sale
Commitments
—
105.3%
(Cost:
$505,519,635
)
..............................
568,992,509
Liabilities
in
Excess
of
Other
Assets
—
(5.3)%
.............
(28,807,263)
Net
Assets
—
100.0%
...............................
$
540,185,246
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
46
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(e)
Non-income
producing
security.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(h)
Perpetual
security
with
no
stated
maturity
date.
(i)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(j)
Rounds
to
less
than
1,000.
(k)
Affiliate
of
the
Fund.
(l)
Zero-coupon
bond.
(m)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(n)
Represents
or
includes
a
TBA
transaction.
(o)
All
or
a
portion
of
the
security
has
been
pledged
in
connection
with
outstanding
futures
contracts.
(p)
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
(q)
Annualized
7-day
yield
as
of
period
end.
(r)
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
six
months
ended
June
30,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/21
Shares
Held
at
06/30/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
21,088,016
$
4,453,536
$
—
$
—
$
—
$
25,541,552
25,541,552
$
2,571
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
8,019,914
—
(4,047,265)
(161)
—
3,972,488
3,971,296
27,900
(b)
—
BlackRock
Allocation
Target
Shares-
BATS
Series
A
.....
13,611,764
8,638,000
—
—
99,606
22,349,370
2,221,607
228,093
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
1,452,672
1,467,275
(1,449,525)
51,009
(42,359)
1,479,072
16,800
20,228
—
$
50,848
$
57,247
$
53,342,482
$
278,792
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
47
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
......................................................
71
09/17/21
$
15,225
$
195,946
U.S.
Treasury
10
Year
Note
...................................................
81
09/21/21
10,726
41,404
U.S.
Treasury
Long
Bond
....................................................
57
09/21/21
9,152
267,985
U.S.
Treasury
2
Year
Note
....................................................
66
09/30/21
14,541
(22,706)
U.S.
Treasury
5
Year
Note
....................................................
80
09/30/21
9,871
(40,195)
442,434
Short
Contracts
U.S.
Treasury
10
Year
Ultra
Note
...............................................
64
09/21/21
9,412
(141,092)
U.S.
Treasury
Ultra
Bond
....................................................
6
09/21/21
1,155
(6,017)
(147,109)
$
295,325
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
IDR
575,835,000
USD
39,000
Morgan
Stanley
&
Co.
International
plc
07/01/21
$
713
BRL
831,431
USD
164,000
Citibank
NA
07/02/21
3,162
BRL
425,922
USD
84,000
Deutsche
Bank
AG
07/02/21
1,634
BRL
101,600
USD
20,000
JPMorgan
Chase
Bank
NA
07/02/21
427
USD
31,000
KRW
34,535,753
BNP
Paribas
SA
07/12/21
437
USD
61,000
KRW
67,955,220
Morgan
Stanley
&
Co.
International
plc
07/12/21
863
CLP
22,913,650
USD
31,000
Citibank
NA
07/14/21
191
CLP
23,175,600
USD
31,000
Goldman
Sachs
International
07/14/21
547
MXN
1,832,742
USD
91,766
Barclays
Bank
plc
07/14/21
35
MXN
1,055,896
USD
52,000
Citibank
NA
07/14/21
890
MXN
1,251,718
USD
62,000
HSBC
Bank
plc
07/14/21
698
USD
62,000
CAD
76,556
BNP
Paribas
SA
07/14/21
242
USD
73,000
CLP
52,632,400
Citibank
NA
07/14/21
1,356
USD
20,000
CLP
14,405,000
UBS
AG
07/14/21
392
USD
70,352
EUR
58,000
ANZ
Banking
Group
Ltd.
07/14/21
1,561
USD
31,000
JPY
3,408,959
Commonwealth
Bank
of
Australia
07/14/21
312
USD
207,000
MXN
4,103,597
Citibank
NA
07/14/21
1,453
USD
71,589
MXN
1,427,614
HSBC
Bank
plc
07/14/21
80
USD
36,000
ZAR
497,228
BNP
Paribas
SA
07/14/21
1,233
USD
82,000
ZAR
1,130,755
Citibank
NA
07/14/21
2,936
USD
31,000
ZAR
434,344
Deutsche
Bank
AG
07/14/21
630
KZT
5,524,492
USD
12,590
Deutsche
Bank
AG
07/15/21
310
USD
60,652
EUR
50,000
JPMorgan
Chase
Bank
NA
07/20/21
1,342
USD
9,512
EUR
8,000
UBS
AG
07/20/21
22
KRW
35,126,061
USD
31,000
BNP
Paribas
SA
07/23/21
83
USD
31,000
KRW
34,912,200
Morgan
Stanley
&
Co.
International
plc
07/23/21
106
USD
20,000
TRY
172,900
JPMorgan
Chase
Bank
NA
07/30/21
439
USD
102,000
BRL
508,144
Bank
of
America
NA
08/03/21
197
USD
62,000
BRL
308,354
Citibank
NA
08/03/21
223
USD
31,000
CLP
22,766,400
Morgan
Stanley
&
Co.
International
plc
08/18/21
38
MXN
1,992,072
USD
96,092
UBS
AG
08/24/21
3,173
USD
1,207,228
CNY
7,829,720
HSBC
Bank
plc
08/24/21
1,376
USD
37,374
CNY
242,000
Morgan
Stanley
&
Co.
International
plc
08/24/21
104
USD
73,681
IDR
1,068,447,753
Standard
Chartered
Bank
08/24/21
793
USD
75,322
MXN
1,500,060
Barclays
Bank
plc
08/24/21
575
USD
34,589
MXN
684,866
Goldman
Sachs
International
08/24/21
462
USD
48,478
ZAR
681,277
Citibank
NA
08/24/21
1,094
USD
206,059
ZAR
2,869,674
JPMorgan
Chase
Bank
NA
08/24/21
6,468
MXN
1,274,000
USD
62,516
Barclays
Bank
plc
09/15/21
779
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
48
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
65,269
CAD
79,000
Natwest
Markets
plc
09/15/21
$
1,541
USD
3,449,099
CNY
22,164,252
Citibank
NA
09/15/21
41,071
USD
152,230
CNY
989,345
Deutsche
Bank
AG
09/15/21
106
USD
338,749
CNY
2,201,981
Goldman
Sachs
International
09/15/21
168
USD
61,823
EUR
51,000
BNP
Paribas
SA
09/15/21
1,254
USD
14,396
JPY
1,575,000
Morgan
Stanley
&
Co.
International
plc
09/15/21
210
USD
63,718
MXN
1,274,000
Morgan
Stanley
&
Co.
International
plc
09/15/21
423
82,149
USD
39,000
IDR
575,250,000
Morgan
Stanley
&
Co.
International
plc
07/01/21
(671)
BRL
506,532
USD
102,000
Bank
of
America
NA
07/02/21
(160)
USD
308,000
BRL
1,578,565
Citibank
NA
07/02/21
(9,377)
USD
62,000
BRL
314,916
Morgan
Stanley
&
Co.
International
plc
07/02/21
(1,316)
PLN
304,042
EUR
68,000
Bank
of
America
NA
07/07/21
(899)
KRW
102,896,480
USD
92,000
Citibank
NA
07/12/21
(941)
CAD
75,576
USD
62,000
JPMorgan
Chase
Bank
NA
07/14/21
(1,032)
CLP
22,320,000
USD
31,000
Goldman
Sachs
International
07/14/21
(617)
COP
153,422,000
USD
41,000
Citibank
NA
07/14/21
(144)
EUR
50,000
USD
60,594
HSBC
Bank
plc
07/14/21
(1,292)
EUR
8,000
USD
9,511
UBS
AG
07/14/21
(23)
JPY
10,274,294
USD
93,000
Bank
of
America
NA
07/14/21
(508)
RUB
2,957,330
USD
41,000
Citibank
NA
07/14/21
(634)
ZAR
288,857
USD
21,000
Bank
of
America
NA
07/14/21
(803)
ZAR
857,416
USD
62,000
BNP
Paribas
SA
07/14/21
(2,048)
EUR
58,000
USD
68,995
JPMorgan
Chase
Bank
NA
07/20/21
(195)
TRY
173,780
USD
20,000
Citibank
NA
07/30/21
(339)
CNY
812,432
USD
126,451
Goldman
Sachs
International
08/24/21
(1,329)
USD
14,403
MXN
289,472
Royal
Bank
of
Canada
08/24/21
(21)
IDR
834,272,000
USD
58,000
Citibank
NA
09/13/21
(1,232)
USD
134,596
CNY
876,674
HSBC
Bank
plc
09/15/21
(204)
USD
1,135,951
CNY
7,388,000
Morgan
Stanley
&
Co.
International
plc
09/15/21
(45)
(23,830)
$
58,319
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
EUR
Currency
...............
One-Touch
Bank
of
America
NA
07/16/21
USD
1.25
USD
1.25
EUR
6
$
3
Put
USD
Currency
...............
Down
and
Out
Morgan
Stanley
&
Co.
International
plc
07/02/21
BRL
5.02
BRL
4.84
USD
164
1,581
$
1,584
$
–
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
U.S.
Treasury
10
Year
Note
.....................
4
07/23/21
USD
131.00
USD
400
$
438
90-day
Eurodollar
September
2021
Futures
..........
144
09/10/21
USD
99.75
USD
36,000
44,100
90-day
Eurodollar
September
2021
Futures
..........
440
09/10/21
USD
99.38
USD
110,000
423,500
90-day
Eurodollar
December
2021
Futures
..........
625
12/10/21
USD
99.38
USD
156,250
132,813
$
600,851
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
49
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
EUR
Currency
...........................
Bank
of
America
NA
07/05/21
PLN
4.50
EUR
68
$
425
USD
Currency
...........................
Goldman
Sachs
International
07/08/21
MXN
21.00
USD
123
20
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
07/12/21
ZAR
13.70
USD
82
3,523
USD
Currency
...........................
Bank
of
America
NA
07/14/21
JPY
110.50
USD
164
1,219
EUR
Currency
...........................
BNP
Paribas
SA
07/16/21
USD
1.23
EUR
100
4
USD
Currency
...........................
Bank
of
America
NA
07/21/21
KRW
1,132.00
USD
88
414
USD
Currency
...........................
BNP
Paribas
SA
08/02/21
ZAR
14.65
USD
72
665
6,270
Put
USD
Currency
...........................
Deutsche
Bank
AG
07/02/21
IDR
14,450.00
USD
102
30
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
07/02/21
BRL
5.18
USD
102
4,133
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
07/02/21
MXN
19.80
USD
204
206
USD
Currency
...........................
Bank
of
America
NA
07/08/21
RUB
71.80
USD
82
35
USD
Currency
...........................
BNP
Paribas
SA
07/08/21
ZAR
14.00
USD
102
111
USD
Currency
...........................
Deutsche
Bank
AG
07/08/21
MXN
19.50
USD
82
31
USD
Currency
...........................
Deutsche
Bank
AG
07/08/21
BRL
5.18
USD
102
4,179
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
07/09/21
MXN
19.85
USD
82
340
USD
Currency
...........................
BNP
Paribas
SA
07/12/21
ZAR
13.60
USD
82
12
USD
Currency
...........................
Barclays
Bank
plc
07/14/21
BRL
5.08
USD
103
2,590
USD
Currency
...........................
Bank
of
America
NA
07/16/21
RUB
73.75
USD
82
1,010
EUR
Currency
...........................
UBS
AG
07/20/21
USD
1.18
EUR
138
609
USD
Currency
...........................
Bank
of
America
NA
07/21/21
KRW
1,110.00
USD
88
76
EUR
Currency
...........................
Standard
Chartered
Bank
07/29/21
USD
1.18
EUR
138
521
GBP
Currency
...........................
Deutsche
Bank
AG
07/29/21
USD
1.38
GBP
118
749
USD
Currency
...........................
BNP
Paribas
SA
08/02/21
BRL
5.05
USD
82
2,107
16,739
$
23,009
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
U.S.
Treasury
10
Year
Note
......................
2
07/23/21
USD
133.50
USD
200
$
(344)
Put
U.S.
Treasury
10
Year
Note
......................
2
07/23/21
USD
129.00
USD
200
(31)
90-day
Eurodollar
September
2021
Futures
...........
144
09/10/21
USD
99.50
USD
36,000
(9,000)
90-day
Eurodollar
September
2021
Futures
...........
197
09/10/21
USD
99.00
USD
49,250
(60,331)
90-day
Eurodollar
September
2021
Futures
...........
243
09/10/21
USD
99.13
USD
60,750
(113,906)
(183,268)
$
(183,612)
OTC
Currency
Options
Written
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
.............................
Deutsche
Bank
AG
07/02/21
IDR
14,800.00
USD
82
$
(4)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
07/12/21
ZAR
14.10
USD
123
(2,233)
EUR
Currency
.............................
BNP
Paribas
SA
07/16/21
USD
1.25
EUR
152
(1)
USD
Currency
.............................
BNP
Paribas
SA
08/02/21
BRL
5.40
USD
51
(136)
USD
Currency
.............................
Citibank
NA
08/02/21
ZAR
14.00
USD
102
(3,087)
–
(5,461)
–
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
50
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
OTC
Currency
Options
Written
(continued)
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
07/02/21
MXN
19.40
USD
306
$
(1)
USD
Currency
.............................
Deutsche
Bank
AG
07/08/21
BRL
4.99
USD
102
(1,050)
USD
Currency
.............................
Bank
of
America
NA
07/08/21
RUB
71.00
USD
82
(6)
USD
Currency
.............................
BNP
Paribas
SA
07/08/21
ZAR
13.50
USD
102
(3)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
07/09/21
MXN
19.45
USD
102
(33)
USD
Currency
.............................
BNP
Paribas
SA
07/12/21
ZAR
13.25
USD
123
(2)
USD
Currency
.............................
Barclays
Bank
plc
07/14/21
BRL
4.93
USD
103
(726)
USD
Currency
.............................
Bank
of
America
NA
07/16/21
RUB
72.20
USD
122
(316)
–
(2,137)
–
$
(7,598)
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
1.68%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
10/20/21
1.68
%
USD
150
$
(3,841)
10-Year
Interest
Rate
Swap
(a)
1.68%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
10/20/21
1.68
USD
3,688
(94,434)
10-Year
Interest
Rate
Swap
(a)
1.72%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
10/20/21
1.72
USD
150
(4,258)
10-Year
Interest
Rate
Swap
(a)
1.72%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
10/20/21
1.72
USD
3,688
(104,690)
10-Year
Interest
Rate
Swap
(a)
1.70%
Semi-Annual
3
month
LIBOR
Quarterly
Citibank
NA
11/03/21
1.70
USD
1,920
(51,659)
10-Year
Interest
Rate
Swap
(a)
1.75%
Semi-Annual
3
month
LIBOR
Quarterly
Goldman
Sachs
International
11/03/21
1.75
USD
1,920
(58,685)
10-Year
Interest
Rate
Swap
(a)
1.56%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/21/21
1.56
USD
1,119
(22,336)
(339,903)
Put
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.68%
Semi-Annual
Bank
of
America
NA
10/20/21
1.68
USD
150
(1,233)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.68%
Semi-Annual
Deutsche
Bank
AG
10/20/21
1.68
USD
3,688
(30,320)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.72%
Semi-Annual
Bank
of
America
NA
10/20/21
1.72
USD
150
(1,080)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.72%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
10/20/21
1.72
USD
3,688
(26,563)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.70%
Semi-Annual
Citibank
NA
11/03/21
1.70
USD
1,920
(16,963)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.75%
Semi-Annual
Goldman
Sachs
International
11/03/21
1.75
USD
1,920
(14,417)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.56%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
12/21/21
1.56
USD
1,119
(18,801)
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
3.04%
Semi-Annual
Barclays
Bank
plc
06/15/26
3.04
USD
3,303
(43,266)
(152,643)
$
(492,546)
(a)
Forward
settling
swaption.
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
51
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.74%
Annual
6
month
WIBOR
Semi-Annual
N/A
06/17/23
PLN
958
$
349
$
—
$
349
0.72%
Annual
6
month
WIBOR
Semi-Annual
N/A
06/17/23
PLN
958
424
—
424
0.76%
Annual
6
month
WIBOR
Semi-Annual
N/A
06/18/23
PLN
663
175
—
175
0.83%
Semi-Annual
6
month
WIBOR
Semi-Annual
N/A
06/22/23
PLN
1,547
(147)
—
(147)
0.51%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
04/07/24
USD
487
(278)
—
(278)
5.88%
Quarterly
3
month
JIBAR
Quarterly
N/A
06/16/26
ZAR
1,316
294
—
294
5.84%
Quarterly
3
month
JIBAR
Quarterly
N/A
06/16/26
ZAR
1,018
350
—
350
1.54%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
05/28/31
USD
81
(748)
—
(748)
1.60%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
06/01/31
USD
16
(231)
—
(231)
2.18%
Semi-Annual
3
month
LIBOR
Quarterly
06/17/26
(a)
06/17/31
USD
3,303
(29,036)
(235)
(28,801)
$
(28,848)
$
(235)
$
(28,613)
(a)
Forward
swap.
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
month
USCPI
At
Termination
2.47%
At
Termination
04/26/31
USD
1,677
$
(16,268)
$
—
$
(16,268)
1
month
USCPI
At
Termination
2.64%
At
Termination
05/21/31
USD
900
9,862
—
9,862
1
month
USCPI
At
Termination
2.64%
At
Termination
05/21/31
USD
900
10,216
—
10,216
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.35%
At
Termination
12/15/40
GBP
15
(1,604)
—
(1,604)
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.38%
At
Termination
12/15/40
GBP
165
(15,467)
—
(15,467)
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.35%
At
Termination
01/15/41
GBP
8
(956)
—
(956)
$
(14,217)
$
—
$
(14,217)
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Federative
Republic
of
Brazil
..
1.00
%
Quarterly
Barclays
Bank
plc
06/20/26
USD
387
$
11,855
$
21,203
$
(9,348)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
50
1,533
1,594
(61)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
30
920
956
(36)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
30
920
956
(36)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
30
920
956
(36)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
72
2,208
2,279
(71)
Republic
of
Colombia
.......
1.00
Quarterly
BNP
Paribas
SA
06/20/26
USD
10
171
180
(9)
Republic
of
Colombia
.......
1.00
Quarterly
BNP
Paribas
SA
06/20/26
USD
30
512
530
(18)
Republic
of
Colombia
.......
1.00
Quarterly
Citibank
NA
06/20/26
USD
28
477
478
(1)
Republic
of
Colombia
.......
1.00
Quarterly
Citibank
NA
06/20/26
USD
28
477
452
25
Republic
of
Colombia
.......
1.00
Quarterly
Citibank
NA
06/20/26
USD
46
784
818
(34)
Republic
of
Colombia
.......
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
20
341
374
(33)
Republic
of
Colombia
.......
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
30
512
596
(84)
Republic
of
Colombia
.......
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
20
341
383
(42)
Republic
of
Colombia
.......
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
20
341
398
(57)
Republic
of
Colombia
.......
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
32
546
636
(90)
Republic
of
Colombia
.......
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
30
512
596
(84)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
52
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Republic
of
Colombia
.......
1.00
%
Quarterly
Goldman
Sachs
International
06/20/26
USD
20
$
341
$
374
$
(33)
Republic
of
Indonesia
.......
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/26
USD
310
(3,914)
(1,700)
(2,214)
Republic
of
South
Africa
.....
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
66
2,643
4,447
(1,804)
Republic
of
South
Africa
.....
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
115
4,589
7,722
(3,133)
Republic
of
South
Africa
.....
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
781
31,285
52,650
(21,365)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
30
(99)
(86)
(13)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
30
(99)
(29)
(70)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
58
(192)
14
(206)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
30
(99)
(65)
(34)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
30
(99)
(58)
(41)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
30
(99)
—
(99)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
30
(99)
(51)
(48)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
30
(99)
(65)
(34)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
40
(133)
(87)
(46)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
40
(133)
(87)
(46)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
40
(133)
(58)
(75)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
30
(99)
(43)
(56)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
40
(133)
(58)
(75)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
28
(93)
(27)
(66)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
30
(99)
(22)
(77)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
30
(99)
(14)
(85)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/26
USD
49
(162)
(118)
(44)
United
Mexican
States
......
1.00
Quarterly
BNP
Paribas
SA
06/20/26
USD
30
(99)
(29)
(70)
United
Mexican
States
......
1.00
Quarterly
BNP
Paribas
SA
06/20/26
USD
30
(99)
(36)
(63)
United
Mexican
States
......
1.00
Quarterly
Citibank
NA
06/20/26
USD
30
(99)
(87)
(12)
United
Mexican
States
......
1.00
Quarterly
Citibank
NA
06/20/26
USD
30
(99)
(94)
(5)
United
Mexican
States
......
1.00
Quarterly
Citibank
NA
06/20/26
USD
30
(99)
(87)
(12)
United
Mexican
States
......
1.00
Quarterly
Citibank
NA
06/20/26
USD
30
(99)
(79)
(20)
United
Mexican
States
......
1.00
Quarterly
Citibank
NA
06/20/26
USD
38
(126)
(64)
(62)
United
Mexican
States
......
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
30
(99)
(15)
(84)
United
Mexican
States
......
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
30
(99)
(22)
(77)
United
Mexican
States
......
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
30
(99)
(15)
(84)
United
Mexican
States
......
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
30
(99)
(72)
(27)
United
Mexican
States
......
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
30
(99)
(72)
(27)
United
Mexican
States
......
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
20
(66)
(10)
(56)
United
Mexican
States
......
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
42
(139)
10
(149)
United
Mexican
States
......
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
30
(99)
(79)
(20)
United
Mexican
States
......
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
20
(66)
(72)
6
United
Mexican
States
......
1.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
30
(99)
(72)
(27)
United
Mexican
States
......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/26
USD
483
(1,600)
3,027
(4,627)
CMBX.NA.9.AAA
..........
0.50
Monthly
Credit
Suisse
International
09/17/58
USD
60
(652)
736
(1,388)
CMBX.NA.9.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
09/17/58
USD
50
(543)
622
(1,165)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
110
(1,195)
1,453
(2,648)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
40
(434)
491
(925)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
50
(543)
613
(1,156)
CMBX.NA.9.BBB-
.........
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
2
155
107
48
CMBX.NA.6.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
84
(329)
(66)
(263)
CMBX.NA.6.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
38
(148)
(6)
(142)
CMBX.NA.6.BBB-
.........
3.00
Monthly
JPMorgan
Securities
LLC
05/11/63
USD
20
5,281
1,788
3,493
$
–
$
–
$
–
$
54,653
$
103,894
$
(49,241)
$
–
$
–
$
–
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
53
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CMBX.NA.3.AM
.......
0.50
%
Monthly
Credit
Suisse
International
12/13/49
NR
USD
—
$
—
$
(6)
$
6
CMBX.NA.3.AM
.......
0.50
Monthly
Goldman
Sachs
International
12/13/49
NR
USD
—
—
(13)
13
CMBX.NA.9.BBB-
.....
3.00
Monthly
Deutsche
Bank
AG
09/17/58
NR
USD
7
(541)
(784)
243
CMBX.NA.10.BBB-
....
3.00
Monthly
JPMorgan
Securities
LLC
11/17/59
NR
USD
5
(440)
(398)
(42)
CMBX.NA.6.BBB-
.....
3.00
Monthly
Credit
Suisse
International
05/11/63
BBB-
USD
20
(5,289)
(1,477)
(3,812)
$
(6,270)
$
(2,678)
$
(3,592)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1.42%
Semi-Annual
1
day
CLICP
Semi-Annual
Bank
of
America
NA
04/01/23
CLP
180,449
$
3,610
$
—
$
3,610
1
day
CLICP
Semi-Annual
1.65%
Semi-Annual
Bank
of
America
NA
05/28/23
CLP
180,449
(3,680)
—
(3,680)
1
day
BZDIOVER
At
Termination
7.21%
At
Termination
Citibank
NA
01/02/24
BRL
1,728
(2,920)
—
(2,920)
1
day
BZDIOVER
At
Termination
7.61%
At
Termination
Citibank
NA
01/02/24
BRL
975
(171)
—
(171)
1
day
BZDIOVER
At
Termination
7.70%
At
Termination
Citibank
NA
01/02/24
BRL
127
31
—
31
1
day
BZDIOVER
At
Termination
8.29%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/29
BRL
540
(2,094)
—
(2,094)
1
day
BZDIOVER
At
Termination
8.42%
At
Termination
Citibank
NA
01/02/29
BRL
392
(878)
—
(878)
$
(6,102)
$
—
$
(6,102)
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0.02
%
1
day
CLICP
.........................................
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
0.00
1
month
USCPI
.......................................
U.S.
Consumer
Price
Index
5.40
3
month
JIBAR
.......................................
Johannesburg
Interbank
Average
Rate
3.69
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.15
6
month
WIBOR
......................................
Warsaw
Interbank
Offered
Rate
0.15
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
—
$
(235)
$
21,670
$
(64,500)
$
—
OTC
Swaps
.....................................................
107,439
(6,223)
7,475
(66,410)
—
Options
Written
...................................................
N/A
N/A
173,139
(125,903)
(683,756)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statements
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
54
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
195,946
$
—
$
309,389
$
—
$
505,335
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
82,149
—
—
82,149
Options
purchased
Investments
at
value
—
unaffiliated
(b)
...........
—
—
—
24,593
600,851
—
625,444
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
1,592
20,078
21,670
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
111,273
—
—
3,641
—
114,914
$
—
$
111,273
$
195,946
$
106,742
$
915,473
$
20,078
$
1,349,512
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
210,010
—
210,010
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
23,830
—
—
23,830
Options
written
(c)
Options
written
at
value
.....................
—
—
—
7,598
676,158
—
683,756
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
30,205
34,295
64,500
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
62,890
—
—
9,743
—
72,633
$
—
$
62,890
$
—
$
31,428
$
926,116
$
34,295
$
1,054,729
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
(c)
Includes
forward
settling
swaptions.
For
the
six
months
ended
June
30,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
contracts
.......................
$
—
$
—
$
3,665,117
$
—
$
(1,437,615)
$
—
$
2,227,502
Forward
foreign
currency
exchange
contracts
....
—
—
—
(282,001)
—
—
(282,001)
Options
purchased
(a)
....................
—
—
(10,301)
(308,582)
43,010
—
(275,873)
Options
written
........................
—
—
15,313
153,422
(25,562)
—
143,173
Swaps
..............................
—
(65,334)
—
—
(96,790)
(189,036)
(351,160)
$
—
$
(65,334)
$
3,670,129
$
(437,161)
$
(1,516,957)
$
(189,036)
$
1,461,641
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
.......................
—
—
(303,618)
—
74,111
—
(229,507)
Forward
foreign
currency
exchange
contracts
....
—
—
—
146,202
—
—
146,202
Options
purchased
(b)
....................
—
—
—
(82,821)
368,700
—
285,879
Options
written
........................
—
—
—
1,751
46,129
—
47,880
Swaps
..............................
—
39,028
—
—
(77,249)
(13,970)
(52,191)
$
—
$
39,028
$
(303,618)
$
65,132
$
411,691
$
(13,970)
$
198,263
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
55
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts:
Average
notional
value
of
contracts
—
long
..................................................................................
$
75,046,783
Average
notional
value
of
contracts
—
short
.................................................................................
29,355,132
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
—
in
USD
....................................................................................
9,547,453
Average
amounts
sold
—
in
USD
........................................................................................
2,283,579
Options:
Average
value
of
option
contracts
purchased
................................................................................
989,398
Average
value
of
option
contracts
written
...................................................................................
516,490
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
—
(a)
Average
notional
value
of
swaption
contracts
written
...........................................................................
14,810,538
Credit
default
swaps:
Average
notional
value
—
buy
protection
...................................................................................
3,767,033
Average
notional
value
—
sell
protection
...................................................................................
32,265
Interest
rate
swaps:
Average
notional
value
—
pays
fixed
rate
...................................................................................
8,495,032
Average
notional
value
—
receives
fixed
rate
................................................................................
1,773,494
Inflation
swaps:
Average
notional
value
—
pays
fixed
rate
...................................................................................
2,608,500
Average
notional
value
—
receives
fixed
rate
................................................................................
324,413
Total
return
swaps:
Average
notional
value
...............................................................................................
—
(a)
(a)
Derivative
financial
instrument
not
held
at
any
quarter-end.
The
risk
exposure
table
serves
as
an
indicator
of
activity
during
the
period.
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments:
$
—
Futures
contracts
....................................................................................
$
140,746
$
100,867
Forward
foreign
currency
exchange
contracts
.................................................................
82,149
23,830
Options
(a)(b)
........................................................................................
625,444
683,756
Swaps
—
Centrally
cleared
.............................................................................
—
11,779
Swaps
—
OTC
(c)
....................................................................................
114,914
72,633
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
963,253
$
892,865
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(741,597)
(296,258)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
221,656
$
596,607
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
paid/received
in
the
Statements
of
Assets
and
Liabilities.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
56
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)(c)
ANZ
Banking
Group
Ltd.
...........................
$
1,561
$
—
$
—
$
—
$
1,561
Bank
of
America
NA
..............................
6,989
(6,989)
—
—
—
Barclays
Bank
plc
................................
25,196
(25,196)
—
—
—
BNP
Paribas
SA
.................................
6,858
(2,415)
—
—
4,443
Citibank
NA
....................................
54,180
(54,180)
—
—
—
Commonwealth
Bank
of
Australia
.....................
312
—
—
—
312
Credit
Suisse
International
..........................
742
(742)
—
—
—
Deutsche
Bank
AG
...............................
8,534
(8,534)
—
—
—
Goldman
Sachs
International
........................
76,143
(76,143)
—
—
—
HSBC
Bank
plc
..................................
2,154
(1,496)
—
—
658
JPMorgan
Chase
Bank
NA
..........................
8,676
(7,235)
—
—
1,441
JPMorgan
Securities
LLC
...........................
5,281
(440)
—
—
4,841
Morgan
Stanley
&
Co.
International
plc
..................
17,979
(17,979)
—
—
—
Natwest
Markets
plc
..............................
1,541
—
—
—
1,541
Standard
Chartered
Bank
...........................
1,314
—
—
—
1,314
UBS
AG
......................................
4,196
(23)
—
—
4,173
$
221,656
$
(201,372)
$
—
$
—
$
20,284
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
(d)
Net
Amount
of
Derivative
Liabilities
(c)(e)
Bank
of
America
NA
..............................
$
16,784
$
(6,989)
$
—
$
—
$
9,795
Barclays
Bank
plc
................................
55,323
(25,196)
—
—
30,127
BNP
Paribas
SA
.................................
2,415
(2,415)
—
—
—
Citibank
NA
....................................
88,902
(54,180)
—
—
34,722
Credit
Suisse
International
..........................
6,683
(742)
—
—
5,941
Deutsche
Bank
AG
...............................
128,234
(8,534)
—
—
119,700
Goldman
Sachs
International
........................
103,006
(76,143)
—
—
26,863
HSBC
Bank
plc
..................................
1,496
(1,496)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
7,235
(7,235)
—
—
—
JPMorgan
Securities
LLC
...........................
440
(440)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
186,045
(17,979)
—
(168,066)
—
Royal
Bank
of
Canada
.............................
21
—
—
—
21
UBS
AG
......................................
23
(23)
—
—
—
$
596,607
$
(201,372)
$
—
$
(168,066)
$
227,169
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(d)
Excess
of
collateral
pledged
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(e)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
57
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Fair
Value
Hierarchy
as
of
Peri
od
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments:
Asset-Backed
Securities
....................................
$
—
$
8,581,721
$
490,331
$
9,072,052
Common
Stocks
.........................................
323,667,799
—
—
323,667,799
Corporate
Bonds:
Aerospace
&
Defense
....................................
—
3,496,587
—
3,496,587
Air
Freight
&
Logistics
....................................
—
714,560
—
714,560
Airlines
..............................................
—
1,101,451
—
1,101,451
Auto
Components
......................................
—
57,402
—
57,402
Automobiles
..........................................
—
908,422
—
908,422
Banks
...............................................
—
10,543,748
—
10,543,748
Beverages
...........................................
—
1,496,309
—
1,496,309
Biotechnology
.........................................
—
1,776,705
—
1,776,705
Building
Products
.......................................
—
189,397
—
189,397
Capital
Markets
........................................
—
5,049,244
—
5,049,244
Chemicals
............................................
—
885,175
—
885,175
Commercial
Services
&
Supplies
.............................
—
794,393
—
794,393
Communications
Equipment
................................
—
406,234
—
406,234
Construction
&
Engineering
................................
—
201,750
—
201,750
Consumer
Finance
......................................
—
1,203,260
—
1,203,260
Containers
&
Packaging
..................................
—
96,609
—
96,609
Distributors
...........................................
—
56,122
—
56,122
Diversified
Financial
Services
...............................
—
764,461
—
764,461
Diversified
Telecommunication
Services
........................
—
2,860,141
—
2,860,141
Electric
Utilities
........................................
—
4,699,881
—
4,699,881
Electronic
Equipment,
Instruments
&
Components
.................
—
42,286
—
42,286
Energy
Equipment
&
Services
..............................
—
105
—
105
Entertainment
.........................................
—
396,668
—
396,668
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
1,781,775
—
1,781,775
Food
&
Staples
Retailing
..................................
—
255,741
—
255,741
Food
Products
.........................................
—
367,895
—
367,895
Gas
Utilities
...........................................
—
266,096
—
266,096
Health
Care
Equipment
&
Supplies
...........................
—
64,590
—
64,590
Health
Care
Providers
&
Services
............................
—
2,941,447
—
2,941,447
Hotels,
Restaurants
&
Leisure
..............................
—
1,070,064
—
1,070,064
Household
Durables
.....................................
—
220,146
—
220,146
Household
Products
.....................................
—
21,520
—
21,520
Independent
Power
and
Renewable
Electricity
Producers
............
—
11,991
—
11,991
Industrial
Conglomerates
..................................
—
45,362
—
45,362
Insurance
............................................
—
861,366
—
861,366
Internet
&
Direct
Marketing
Retail
............................
—
362,903
—
362,903
IT
Services
...........................................
—
1,462,202
—
1,462,202
Leisure
Products
.......................................
—
133,747
—
133,747
Life
Sciences
Tools
&
Services
..............................
—
561,249
—
561,249
Machinery
............................................
—
339,391
—
339,391
Media
...............................................
—
2,579,058
—
2,579,058
Metals
&
Mining
........................................
—
623,607
—
623,607
Multi-Utilities
..........................................
—
333,473
—
333,473
Oil,
Gas
&
Consumable
Fuels
...............................
—
4,882,819
—
4,882,819
Paper
&
Forest
Products
..................................
—
179,614
—
179,614
Pharmaceuticals
.......................................
—
1,093,460
—
1,093,460
Road
&
Rail
...........................................
—
1,589,164
—
1,589,164
Semiconductors
&
Semiconductor
Equipment
....................
—
2,355,041
—
2,355,041
Software
.............................................
—
1,619,723
—
1,619,723
Specialty
Retail
........................................
—
594,922
—
594,922
Technology
Hardware,
Storage
&
Peripherals
....................
—
596,387
—
596,387
Textiles,
Apparel
&
Luxury
Goods
............................
—
56,107
—
56,107
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
58
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Thrifts
&
Mortgage
Finance
................................
$
—
$
315,381
$
—
$
315,381
Tobacco
.............................................
—
1,394,554
—
1,394,554
Trading
Companies
&
Distributors
............................
—
336,494
—
336,494
Transportation
Infrastructure
...............................
—
210,288
—
210,288
Wireless
Telecommunication
Services
.........................
—
1,224,332
—
1,224,332
Floating
Rate
Loan
Interests
.................................
—
—
9,400
9,400
Foreign
Agency
Obligations
.................................
—
692,307
—
692,307
Foreign
Government
Obligations
..............................
—
13,774,446
—
13,774,446
Investment
Companies
....................................
1,479,072
—
—
1,479,072
Municipal
Bonds
.........................................
—
1,365,410
—
1,365,410
Non-Agency
Mortgage-Backed
Securities
........................
—
4,709,920
8,500
4,718,420
Other
Interests
..........................................
—
—
—
—
Capital
Trusts
...........................................
—
911,787
—
911,787
U.S.
Government
Sponsored
Agency
Securities
....................
—
87,936,275
—
87,936,275
U.S.
Treasury
Obligations
...................................
—
33,381,424
—
33,381,424
Short-Term
Securities:
Borrowed
Bond
Agreements
.................................
—
4,714,305
—
4,714,305
Money
Market
Funds
......................................
25,541,552
—
—
25,541,552
Options
Purchased:
Foreign
currency
exchange
contracts
...........................
—
24,593
—
24,593
Interest
rate
contracts
......................................
600,851
—
—
600,851
Liabilities:
Investments:
Borrowed
Bonds
.........................................
—
(4,702,429)
—
(4,702,429)
TBA
Sale
Commitments
....................................
—
(28,325,676)
—
(28,325,676)
$
351,289,274
$
191,556,902
$
508,231
$
543,354,407
Investments
valued
at
NAV
(a)
......................................
26,321,858
$
—
$
569,676,265
$
—
Derivative
Financial
Instruments
(b)
Assets:
Credit
contracts
...........................................
$
—
$
3,834
$
—
$
3,834
Equity
contracts
...........................................
195,946
—
—
195,946
Foreign
currency
exchange
contracts
............................
—
82,149
—
82,149
Interest
rate
contracts
.......................................
309,389
5,233
—
314,622
Other
contracts
...........................................
—
20,078
—
20,078
Liabilities:
Credit
contracts
...........................................
—
(56,667)
—
(56,667)
Foreign
currency
exchange
contracts
............................
—
(31,428)
—
(31,428)
Interest
rate
contracts
.......................................
(393,622)
(532,494)
—
(926,116)
Other
contracts
...........................................
—
(34,295)
—
(34,295)
$
111,713
$
(543,590)
$
—
$
(431,877)
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
BlackRock
Capital
Appreciation
Portfolio
Schedules
of
Investments
59
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
June
30,
2021
Security
Shares
Shares
Value
Common
Stocks
—
99.2%
Aerospace
&
Defense
—
1.2%
TransDigm
Group,
Inc.
(a)
..............
5,065
$
3,278,524
Capital
Markets
—
4.3%
Morgan
Stanley
....................
38,694
3,547,853
S&P
Global,
Inc.
(b)
..................
19,378
7,953,700
11,501,553
Chemicals
—
1.3%
Sherwin-Williams
Co.
(The)
............
12,773
3,480,004
Containers
&
Packaging
—
0.5%
Ball
Corp.
........................
17,437
1,412,746
Entertainment
—
3.9%
(a)
Netflix,
Inc.
.......................
11,015
5,818,233
Sea
Ltd.,
ADR
.....................
17,188
4,719,825
10,538,058
Health
Care
Equipment
&
Supplies
—
2.3%
Danaher
Corp.
....................
15,485
4,155,555
Intuitive
Surgical,
Inc.
(a)
...............
2,193
2,016,770
6,172,325
Health
Care
Providers
&
Services
—
1.5%
UnitedHealth
Group,
Inc.
..............
10,136
4,058,860
Hotels,
Restaurants
&
Leisure
—
0.6%
Domino's
Pizza,
Inc.
.................
3,484
1,625,251
Industrial
Conglomerates
—
1.6%
Roper
Technologies,
Inc.
..............
9,377
4,409,065
Interactive
Media
&
Services
—
11.8%
Alphabet,
Inc.,
Class
A
(a)
..............
4,864
11,876,866
Facebook,
Inc.,
Class
A
(a)
.............
28,049
9,752,918
Match
Group,
Inc.
(a)
.................
5,889
949,601
Snap,
Inc.,
Class
A
(a)
................
90,190
6,145,547
Tencent
Holdings
Ltd.
................
39,700
2,989,113
31,714,045
Internet
&
Direct
Marketing
Retail
—
12.0%
(a)
Amazon.com,
Inc.
..................
6,824
23,475,652
Etsy,
Inc.
........................
15,785
3,249,184
MercadoLibre
,
Inc.
..................
3,601
5,609,602
32,334,438
IT
Services
—
12.5%
Fidelity
National
Information
Services,
Inc.
..
10,649
1,508,644
Mastercard
,
Inc.,
Class
A
..............
26,004
9,493,800
PayPal
Holdings,
Inc.
(a)
...............
16,699
4,867,425
Shopify,
Inc.,
Class
A
(a)
...............
2,239
3,271,134
Visa,
Inc.,
Class
A
..................
46,411
10,851,820
Wix.com
Ltd.
(a)
.....................
12,360
3,587,861
33,580,684
Life
Sciences
Tools
&
Services
—
1.0%
Lonza
Group
AG
(Registered)
..........
3,615
2,562,879
Machinery
—
0.7%
Fortive
Corp.
......................
28,252
1,970,294
Metals
&
Mining
—
0.6%
Freeport-McMoRan,
Inc.
..............
43,552
1,616,215
Multiline
Retail
—
0.9%
Dollar
Tree,
Inc.
(a)
...................
25,430
2,530,285
Pharmaceuticals
—
2.7%
AstraZeneca
plc,
ADR
(b)
..............
29,329
1,756,807
Eli
Lilly
&
Co.
.....................
5,707
1,309,871
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Zoetis,
Inc.
.......................
22,045
$
4,108,306
7,174,984
Professional
Services
—
2.3%
CoStar
Group,
Inc.
(a)
.................
33,800
2,799,316
TransUnion
.......................
31,305
3,437,602
6,236,918
Road
&
Rail
—
0.7%
Union
Pacific
Corp.
.................
8,607
1,892,937
Semiconductors
&
Semiconductor
Equipment
—
9.0%
Analog
Devices,
Inc.
(b)
...............
36,285
6,246,826
ASML
Holding
NV
(Registered),
NYRS
....
12,008
8,295,607
Marvell
Technology,
Inc.
..............
96,538
5,631,061
NVIDIA
Corp.
.....................
5,240
4,192,524
24,366,018
Software
—
19.0%
Adobe,
Inc.
(a)
......................
11,181
6,548,041
Autodesk,
Inc.
(a)
....................
12,013
3,506,595
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
5,373
1,350,289
Intuit,
Inc.
........................
15,718
7,704,492
Microsoft
Corp.
....................
79,669
21,582,332
RingCentral,
Inc.,
Class
A
(a)
............
8,982
2,609,989
ServiceNow
,
Inc.
(a)
..................
14,178
7,791,520
51,093,258
Specialty
Retail
—
1.4%
Lowe's
Cos.,
Inc.
...................
10,810
2,096,816
TJX
Cos.,
Inc.
(The)
.................
26,204
1,766,673
3,863,489
Technology
Hardware,
Storage
&
Peripherals
—
3.2%
Apple,
Inc.
.......................
61,915
8,479,878
Textiles,
Apparel
&
Luxury
Goods
—
3.5%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
3,225
2,536,969
NIKE,
Inc.,
Class
B
.................
45,039
6,958,075
9,495,044
Wireless
Telecommunication
Services
—
0.7%
T-Mobile
US,
Inc.
(a)
..................
13,114
1,899,301
Total
Common
Stocks
—
99.2%
(Cost:
$144,203,287)
.............................
267,287,053
Preferred
Stocks
—
0.7%
Media
—
0.7%
Bytedance
Ltd.
Series
E-1
(Acquired
11/11/20,
cost
$1,164,993)
(c)(d)
...............
10,632
1,803,560
Total
Preferred
Stocks
—
0.7%
(Cost:
$1,164,993)
..............................
1,803,560
Total
Long-Term
Investments
—
99.9%
(Cost:
$145,368,280)
.............................
269,090,613
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Capital
Appreciation
Portfolio
60
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
Short-Term
Securities
—
3.9%
(e)(f)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
...................
546,316
$
546,316
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.13%
(g)
.......................
9,992,406
9,995,404
Total
Short-Term
Securities
—
3.9%
(Cost:
$10,541,720)
..............................
10,541,720
Total
Investments
—
103.8%
(Cost:
$155,910,000
)
.............................
279,632,333
Liabilities
in
Excess
of
Other
Assets
—
(3.8)%
............
(10,234,982)
Net
Assets
—
100.0%
..............................
$
269,397,351
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$1,803,560,
representing
0.67%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$1,164,993.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
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
six
months
ended
June
30,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/21
Shares
Held
at
06/30/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
1,153,780
$
—
$
(607,464)
$
—
$
—
$
546,316
546,316
$
85
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
4,996,750
4,999,080
—
(426)
—
9,995,404
9,992,406
14,260
(b)
—
$
(426)
$
—
$
10,541,720
$
14,345
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
Capital
Appreciation
Portfolio
Schedules
of
Investments
61
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments:
Common
Stocks:
Aerospace
&
Defense
....................................
$
3,278,524
$
—
$
—
$
3,278,524
Capital
Markets
........................................
11,501,553
—
—
11,501,553
Chemicals
............................................
3,480,004
—
—
3,480,004
Containers
&
Packaging
..................................
1,412,746
—
—
1,412,746
Entertainment
.........................................
10,538,058
—
—
10,538,058
Health
Care
Equipment
&
Supplies
...........................
6,172,325
—
—
6,172,325
Health
Care
Providers
&
Services
............................
4,058,860
—
—
4,058,860
Hotels,
Restaurants
&
Leisure
..............................
1,625,251
—
—
1,625,251
Industrial
Conglomerates
..................................
4,409,065
—
—
4,409,065
Interactive
Media
&
Services
...............................
28,724,932
2,989,113
—
31,714,045
Internet
&
Direct
Marketing
Retail
............................
32,334,438
—
—
32,334,438
IT
Services
...........................................
33,580,684
—
—
33,580,684
Life
Sciences
Tools
&
Services
..............................
—
2,562,879
—
2,562,879
Machinery
............................................
1,970,294
—
—
1,970,294
Metals
&
Mining
........................................
1,616,215
—
—
1,616,215
Multiline
Retail
.........................................
2,530,285
—
—
2,530,285
Pharmaceuticals
.......................................
7,174,984
—
—
7,174,984
Professional
Services
....................................
6,236,918
—
—
6,236,918
Road
&
Rail
...........................................
1,892,937
—
—
1,892,937
Semiconductors
&
Semiconductor
Equipment
....................
24,366,018
—
—
24,366,018
Software
.............................................
51,093,258
—
—
51,093,258
Specialty
Retail
........................................
3,863,489
—
—
3,863,489
Technology
Hardware,
Storage
&
Peripherals
....................
8,479,878
—
—
8,479,878
Textiles,
Apparel
&
Luxury
Goods
............................
6,958,075
2,536,969
—
9,495,044
Wireless
Telecommunication
Services
.........................
1,899,301
—
—
1,899,301
Preferred
Stocks
.........................................
—
—
1,803,560
1,803,560
Short-Term
Securities
.......................................
546,316
—
—
546,316
$
259,744,408
$
8,088,961
$
1,803,560
$
269,636,929
Investments
valued
at
NAV
(a)
......................................
9,995,404
$
—
$
279,632,333
$
—
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
62
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
June
30,
2021
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
—
2.2%
Cayman
Islands
—
0.2%
(a)
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.84%,
04/20/34
(b)
.....
USD
250
$
250,000
Loanpal
Solar
Loan
Ltd.,
Series
2020-
2GF,
Class
A,
2.75%,
07/20/47
..
35
36,494
Voya
CLO
Ltd.,
Series
2017-3A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.04%),
1.23%,
04/20/34
(b)(c)
....
150
150,000
436,494
Ireland
—
0.1%
OCP
Euro
CLO
DAC,
Series
2017-2X,
Class
B,
(EURIBOR
3
Month
+
1.35%),
1.35%,
01/15/32
(b)
.....
EUR
100
118,656
United
States
—
1.9%
AccessLex
Institute,
Series
2007-A,
Class
A3,
(LIBOR
USD
3
Month
+
0.30%),
0.45%,
05/25/36
(b)
.....
USD
32
31,921
ACRES
Commercial
Realty
Ltd.,
Series
2021-FL1,
Class
A,
(LIBOR
USD
1
Month
+
1.20%),
1.27%,
06/15/36
(a)(b)
100
100,063
Battalion
CLO
18
Ltd.
(a)(b)
:
Series
2020-18A,
Class
A1,
(LIBOR
USD
3
Month
+
1.80%),
1.98%,
10/15/32
...............
250
250,699
Series
2020-18A,
Class
B,
(LIBOR
USD
3
Month
+
2.30%),
2.48%,
10/15/32
...............
250
250,742
GoodLeap
Sustainable
Home
Solutions
Trust,
Series
2021-3CS,
Class
A,
2.10%,
05/20/48
(a)
...........
120
119,944
Lendmark
Funding
Trust,
Series
2021-
1A,
Class
A,
1.90%,
11/20/31
(a)
..
100
100,897
Mariner
Finance
Issuance
Trust,
Series
2020-AA,
Class
A,
2.19%,
08/21/34
(a)
................
100
101,712
Mercury
Financial
Credit
Card
Master
Trust,
Series
2021-1A,
Class
A,
1.54%,
03/20/26
(a)
...........
193
193,583
Mosaic
Solar
Loans
LLC,
Series
2021-
2A,
Class
A,
1.64%,
04/22/47
(a)
..
100
99,399
Navient
Private
Education
Refi
Loan
Trust
(a)
:
Series
2021-DA,
Class
A,
(US
Prime
Rate
-
1.99%),
0.10%,
04/15/60
(b)
144
142,414
Series
2021-DA,
Class
C,
3.48%,
04/15/60
(c)
..............
110
110,000
Nelnet
Student
Loan
Trust
(a)
:
Series
2021-A,
Class
A1,
(LIBOR
USD
1
Month
+
0.80%),
0.90%,
04/20/62
(b)
..............
230
230,363
Series
2021-A,
Class
A2,
(LIBOR
USD
1
Month
+
1.03%),
1.13%,
04/20/62
(b)
..............
181
181,403
Series
2021-A,
Class
B2,
2.85%,
04/20/62
...............
200
203,946
Series
2021-A,
Class
C,
3.75%,
04/20/62
...............
100
100,778
Series
2021-A,
Class
D,
4.93%,
04/20/62
...............
100
100,717
Series
2021-BA,
Class
AFX,
1.42%,
04/20/62
...............
105
105,482
Series
2021-BA,
Class
B,
2.68%,
04/20/62
...............
205
205,377
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-BA,
Class
C,
3.57%,
04/20/62
...............
USD
100
$
100,208
Pagaya
AI
Debt
Selection
Trust,
Series
2021-2,
Class
NOTE,
3.00%,
01/25/29
(a)(c)
...............
169
171,535
SLM
Private
Credit
Student
Loan
Trust
(b)
:
Series
2005-B,
Class
A4,
(LIBOR
USD
3
Month
+
0.33%),
0.45%,
06/15/39
...............
148
143,945
Series
2006-A,
Class
A5,
(LIBOR
USD
3
Month
+
0.29%),
0.41%,
06/15/39
...............
53
51,474
Series
2007-A,
Class
A4A,
(LIBOR
USD
3
Month
+
0.24%),
0.36%,
12/16/41
...............
61
59,324
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(LIBOR
USD
1
Month
+
4.75%),
4.82%,
10/15/41
(a)(b)
...............
168
187,342
SMB
Private
Education
Loan
Trust
(a)
:
Series
2021-A,
Class
B,
2.31%,
01/15/53
...............
100
101,366
Series
2021-A,
Class
C,
2.99%,
01/15/53
...............
204
205,660
Series
2021-A,
Class
D1,
3.86%,
01/15/53
...............
100
99,507
Series
2021-C,
Class
A2,
(LIBOR
USD
1
Month
+
0.80%),
0.89%,
01/15/53
(b)
..............
110
110,000
3,859,801
Total
Asset-Backed
Securities
—
2.2%
(Cost:
$4,370,774)
..............................
4,414,951
Shares
Shares
Common
Stocks
—
72.0%
Argentina
—
0.4%
MercadoLibre,
Inc.
(d)
............
549
855,227
Australia
—
0.3%
Australia
&
New
Zealand
Banking
Group
Ltd.
................
216
4,559
BHP
Group
Ltd.
...............
120
4,366
BHP
Group
plc
...............
5,949
176,037
Commonwealth
Bank
of
Australia
...
51
3,819
CSL
Ltd.
....................
44
9,410
Fortescue
Metals
Group
Ltd.
......
639
11,163
Goodman
Group
..............
231
3,656
Quintis
HoldCo
Pty.
Ltd.,
(Acquired
10/22/18,
cost
$115,835)
(c)(d)(e)
...
218,994
213,505
Ramsay
Health
Care
Ltd.
........
50
2,359
Rio
Tinto
plc
.................
2,151
177,646
Telstra
Corp.
Ltd.
..............
2,036
5,742
Woodside
Petroleum
Ltd.
........
254
4,229
616,491
Belgium
—
0.0%
Anheuser-Busch
InBev
SA/NV
.....
55
3,965
KBC
Group
NV
...............
34
2,596
6,561
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
63
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
Brazil
—
0.2%
Ambev
SA
..................
1,171
$
4,017
B3
SA
-
Brasil
Bolsa
Balcao
.......
6,781
22,836
Banco
do
Brasil
SA
............
1,680
10,849
Cia
Siderurgica
Nacional
SA
......
153
1,346
Engie
Brasil
Energia
SA
.........
1,138
8,955
Magazine
Luiza
SA
(d)
...........
9,472
40,278
Petroleo
Brasileiro
SA,
ADR
(f)
......
892
10,909
Seguridade
Participacoes
SA
......
1,390
6,481
Vale
SA
....................
236
5,364
Vale
SA,
ADR
(f)
...............
8,014
182,799
WEG
SA
...................
400
2,705
296,539
Canada
—
1.0%
Alimentation
Couche-Tard,
Inc.,
Class
B
84
3,087
Bank
of
Nova
Scotia
(The)
........
56
3,642
Barrick
Gold
Corp.
.............
149
3,082
Brookfield
Asset
Management
Reinsurance
Partners
Ltd.,
Class
A
(d)
3
158
Brookfield
Asset
Management,
Inc.,
Class
A
..................
407
20,764
Canadian
National
Railway
Co.
....
98
10,340
Canadian
Natural
Resources
Ltd.
...
99
3,594
CGI,
Inc.,
Class
A
(d)
............
44
3,989
Enbridge,
Inc.
................
42,390
1,697,173
George
Weston
Ltd.
............
43
4,098
Loblaw
Cos.
Ltd.
..............
99
6,093
Magna
International,
Inc.
.........
25
2,315
Manulife
Financial
Corp.
.........
361
7,106
Nutrien
Ltd.
..................
180
10,907
Restaurant
Brands
International,
Inc.
41
2,642
Shopify,
Inc.,
Class
A
(d)
..........
135
197,241
Sun
Life
Financial,
Inc.
..........
112
5,775
TC
Energy
Corp.
..............
492
24,346
Thomson
Reuters
Corp.
.........
71
7,052
Toronto-Dominion
Bank
(The)
.....
72
5,046
2,018,450
Cayman
Islands
—
0.0%
Hedosophia
European
Growth
(d)
....
5,837
69,074
Chile
—
0.0%
Sociedad
Quimica
y
Minera
de
Chile
SA,
ADR
(f)
.................
112
5,301
China
—
3.0%
AAC
Technologies
Holdings,
Inc.
...
5,500
41,148
Agricultural
Bank
of
China
Ltd.,
Class
H
37,000
12,839
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
......................
7,066
77,382
Alibaba
Group
Holding
Ltd.
(d)
......
10,500
297,716
Alibaba
Group
Holding
Ltd.,
ADR
(d)
..
2,008
455,374
Amoy
Diagnostics
Co.
Ltd.,
Class
A
.
2,400
38,581
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
500
2,650
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
B
100
1,385
ANTA
Sports
Products
Ltd.
.......
9,000
211,237
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
(d)
..............
1,099
63,216
Autobio
Diagnostics
Co.
Ltd.,
Class
A
2,187
25,612
Autohome,
Inc.,
ADR
...........
254
16,246
Baidu,
Inc.,
ADR,
Class
A
(d)
.......
63
12,846
Bank
of
China
Ltd.,
Class
H
.......
18,000
6,463
Brilliance
China
Automotive
Holdings
Ltd.
.....................
2,000
1,246
BYD
Co.
Ltd.,
Class
A
...........
5,900
228,085
China
CITIC
Bank
Corp.
Ltd.,
Class
H
4,000
1,894
Security
Shares
Shares
Value
China
(continued)
China
Construction
Bank
Corp.,
Class
H
......................
23,000
$
18,048
China
Feihe
Ltd.
(a)
.............
2,000
4,312
China
Galaxy
Securities
Co.
Ltd.,
Class
H
......................
4,000
2,383
China
Hongqiao
Group
Ltd.
.......
5,500
7,448
China
Life
Insurance
Co.
Ltd.,
Class
H
2,000
3,965
China
Merchants
Bank
Co.
Ltd.,
Class
H
......................
5,000
42,591
China
National
Building
Material
Co.
Ltd.,
Class
H
...............
22,000
25,833
China
Petroleum
&
Chemical
Corp.,
Class
H
..................
30,000
15,248
China
Resources
Cement
Holdings
Ltd.
6,000
5,701
China
Resources
Power
Holdings
Co.
Ltd.
.....................
4,000
5,464
China
Tower
Corp.
Ltd.,
Class
H
(a)
...
14,000
1,928
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(d)
..............
6,100
502,723
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
(d)
.................
500
1,256
Country
Garden
Services
Holdings
Co.
Ltd.
.....................
114
1,230
Dali
Foods
Group
Co.
Ltd.
(a)
.......
4,500
2,683
Dongfeng
Motor
Group
Co.
Ltd.,
Class
H
......................
6,000
5,386
ENN
Energy
Holdings
Ltd.
........
2,000
38,011
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
...............
2,000
39,827
Ganfeng
Lithium
Co.
Ltd.,
Class
H
(a)
.
4,000
59,737
Glodon
Co.
Ltd.,
Class
A
.........
3,900
41,031
GoerTek,
Inc.,
Class
A
..........
1,100
7,260
Guangdong
Marubi
Biotechnology
Co.
Ltd.,
Class
A
...............
2,500
20,123
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
H
..................
4,000
3,590
Guangzhou
Baiyun
International
Airport
Co.
Ltd.,
Class
A
............
38,500
66,552
Haidilao
International
Holding
Ltd.
(a)
.
6,000
31,594
Haitong
Securities
Co.
Ltd.,
Class
H
.
2,800
2,452
Hangzhou
Robam
Appliances
Co.
Ltd.,
Class
A
..................
4,700
33,779
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
H
(a)
..............
1,300
30,468
Hansoh
Pharmaceutical
Group
Co.
Ltd.
(a)
....................
34,000
148,568
Hengan
International
Group
Co.
Ltd.
.
1,000
6,692
Hithink
RoyalFlush
Information
Network
Co.
Ltd.,
Class
A
............
300
5,222
Huaneng
Power
International,
Inc.,
Class
H
..................
8,000
3,129
Huazhu
Group
Ltd.,
ADR
(d)(f)
.......
513
27,092
Hundsun
Technologies,
Inc.,
Class
A
(d)
2,780
40,011
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
...............
48,000
28,129
Intco
Medical
Technology
Co.
Ltd.,
Class
A
..................
120
2,315
JD
Health
International,
Inc.
(a)(d)
....
18,850
269,235
JD.com,
Inc.,
ADR
(d)
............
163
13,009
Kingdee
International
Software
Group
Co.
Ltd.
(d)
.................
37,000
125,314
Lenovo
Group
Ltd.
.............
4,000
4,594
Li
Auto,
Inc.,
ADR
(d)
............
7,764
271,274
Meituan
Dianping,
Class
B
(d)
......
900
37,126
Ming
Yuan
Cloud
Group
Holdings
Ltd.
(d)
8,000
39,596
NetEase,
Inc.,
ADR
............
764
88,051
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
64
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
China
(continued)
NIO,
Inc.,
ADR
(d)
..............
243
$
12,928
NXP
Semiconductors
NV
........
3,735
768,364
PetroChina
Co.
Ltd.,
Class
H
......
18,000
8,815
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(a)
100
2,663
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
..................
10,000
8,747
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
...............
3,300
32,769
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
...............
1,500
14,663
Prosus
NV
(d)
.................
63
6,172
Shanghai
International
Airport
Co.
Ltd.,
Class
A
..................
9,000
66,917
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
...............
4,500
51,554
Sun
Art
Retail
Group
Ltd.
(d)
.......
6,000
4,468
TAL
Education
Group,
ADR
(d)
......
2,714
68,474
Tencent
Holdings
Ltd.
...........
10,900
820,688
Tingyi
Cayman
Islands
Holding
Corp.
6,000
11,979
Topsports
International
Holdings
Ltd.
(a)
1,000
1,635
Venus
MedTech
Hangzhou,
Inc.,
Class
H
(a)(d)
....................
9,500
79,143
Venustech
Group,
Inc.,
Class
A
....
7,699
34,513
Vipshop
Holdings
Ltd.,
ADR
(d)
......
625
12,550
Want
Want
China
Holdings
Ltd.
....
46,000
32,571
Wuhan
Raycus
Fiber
Laser
Technologies
Co.
Ltd.,
Class
A
...
4,039
71,155
Wuhu
Sanqi
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.,
Class
A
..................
1,700
6,314
WuXi
AppTec
Co.
Ltd.,
Class
A
.....
2,064
49,886
Wuxi
Biologics
Cayman,
Inc.
(a)(d)
....
8,834
161,753
Yifeng
Pharmacy
Chain
Co.
Ltd.,
Class
A
......................
4,082
35,384
Yihai
International
Holding
Ltd.
(d)
....
8,000
53,728
Yonyou
Network
Technology
Co.
Ltd.,
Class
A
..................
4,200
21,574
Yum
China
Holdings,
Inc.
........
1,220
80,825
ZTO
Express
Cayman,
Inc.,
ADR
...
89
2,701
6,146,833
Denmark
—
0.3%
AP
Moller
-
Maersk
A/S,
Class
A
....
8
22,253
AP
Moller
-
Maersk
A/S,
Class
B
....
9
25,910
Carlsberg
A/S,
Class
B
..........
24
4,479
DSV
Panalpina
A/S
............
1,110
259,116
Genmab
A/S
(d)
................
235
96,290
Orsted
A/S
(a)
.................
15
2,105
Pandora
A/S
.................
954
128,708
538,861
Finland
—
0.2%
Neste
OYJ
..................
6,664
408,783
France
—
3.6%
Alstom
SA
..................
21,086
1,065,386
Arkema
SA
..................
4,616
580,158
AXA
SA
....................
426
10,817
BNP
Paribas
SA
..............
4,062
254,930
Cie
de
Saint-Gobain
............
6,070
400,595
Cie
Generale
des
Etablissements
Michelin
SCA
..............
76
12,129
Credit
Agricole
SA
.............
376
5,271
Danone
SA
..................
11,467
806,760
Electricite
de
France
SA
.........
175
2,391
EssilorLuxottica
SA
............
3,182
587,821
Faurecia
SE
.................
1
49
Security
Shares
Shares
Value
France
(continued)
Kering
SA
...................
198
$
173,491
LVMH
Moet
Hennessy
Louis
Vuitton
SE
966
759,911
Orange
SA
..................
812
9,267
Pernod
Ricard
SA
.............
108
24,004
Safran
SA
...................
8,895
1,234,474
Sanofi
.....................
11,019
1,157,685
Sartorius
Stedim
Biotech
.........
9
4,260
Societe
Generale
SA
...........
5,039
149,061
TOTAL
SE
..................
130
5,889
Worldline
SA
(a)(d)
..............
25
2,343
7,246,692
Germany
—
3.8%
adidas
AG
..................
2,811
1,048,947
Allianz
SE
(Registered)
..........
5,485
1,368,820
Auto1
Group
SE
(a)(d)
............
7,069
310,555
BASF
SE
...................
92
7,262
Bayerische
Motoren
Werke
AG
....
42
4,453
Continental
AG
...............
66
9,710
Daimler
AG
(Registered)
.........
11,907
1,063,993
Deutsche
Bank
AG
(Registered)
(d)
...
257
3,351
Deutsche
Boerse
AG
...........
127
22,167
Deutsche
Post
AG
(Registered)
....
108
7,355
Deutsche
Telekom
AG
(Registered)
.
48,897
1,034,172
Evonik
Industries
AG
...........
79
2,652
Fresenius
Medical
Care
AG
&
Co.
KGaA
...................
133
11,052
Fresenius
SE
&
Co.
KGaA
........
147
7,672
Infineon
Technologies
AG
........
5,616
225,894
Puma
SE
...................
4,171
497,813
SAP
SE
....................
23
3,231
Siemens
AG
(Registered)
........
8,852
1,405,510
Vantage
Towers
AG
(d)
...........
19,027
612,764
7,647,373
Hong
Kong
—
0.5%
AIA
Group
Ltd.
...............
70,200
870,872
CLP
Holdings
Ltd.
.............
3,500
34,590
Hang
Lung
Properties
Ltd.
........
24,000
58,207
Hysan
Development
Co.
Ltd.
......
6,000
23,917
Jardine
Matheson
Holdings
Ltd.
....
900
57,527
Nine
Dragons
Paper
Holdings
Ltd.
..
4,000
5,129
1,050,242
India
—
0.3%
HCL
Technologies
Ltd.
..........
1,662
22,018
Housing
Development
Finance
Corp.
Ltd.
.....................
28
934
Indian
Oil
Corp.
Ltd.
............
4,996
7,264
InterGlobe
Aviation
Ltd.
(a)(d)
.......
1,155
26,706
Petronet
LNG
Ltd.
.............
5,143
15,634
Reliance
Industries
Ltd.
.........
14,807
401,339
Tata
Consultancy
Services
Ltd.
....
119
5,363
Think
&
Learn
Pvt
Ltd.
Series
F
(Acquired
12/11/20,
cost
$67,547)
(c)(d)
(e)
......................
45
172,580
651,838
Indonesia
—
0.0%
Bank
Central
Asia
Tbk.
PT
........
24,800
51,577
Ireland
—
0.0%
Flutter
Entertainment
plc
(d)
........
142
25,844
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
65
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
Israel
—
0.0%
(d)
ION
Acquisition
Corp.
2
Ltd.
.......
3,002
$
30,290
SimilarWeb
Ltd.
...............
1,418
27,935
58,225
Italy
—
1.7%
Assicurazioni
Generali
SpA
.......
8,618
173,021
Atlantia
SpA
(d)
................
1,881
34,155
Banca
Mediolanum
SpA
.........
3,712
36,152
Buzzi
Unicem
SpA
.............
1,288
34,218
Enel
SpA
...................
163,849
1,522,628
Eni
SpA
....................
397
4,840
Ferrari
NV
..................
1,168
241,129
FinecoBank
Banca
Fineco
SpA
(d)
...
2,126
37,102
Intesa
Sanpaolo
SpA
...........
457,676
1,266,087
Nexi
SpA
(a)(d)
.................
1,909
41,951
Poste
Italiane
SpA
(a)
............
2,640
34,942
Prysmian
SpA
................
1,095
39,295
Snam
SpA
..................
6,175
35,721
3,501,241
Japan
—
1.7%
Aisin
Seiki
Co.
Ltd.
.............
300
12,863
Asahi
Kasei
Corp.
.............
400
4,396
Astellas
Pharma,
Inc.
...........
750
13,070
Daifuku
Co.
Ltd.
...............
800
72,583
Dai-ichi
Life
Holdings,
Inc.
........
100
1,840
Daiichi
Sankyo
Co.
Ltd.
..........
200
4,315
Disco
Corp.
..................
400
121,620
ENEOS
Holdings,
Inc.
..........
1,300
5,448
FANUC
Corp.
................
700
167,858
GMO
Payment
Gateway,
Inc.
......
500
64,937
Honda
Motor
Co.
Ltd.
...........
200
6,433
Hoya
Corp.
..................
5,601
740,846
ITOCHU
Corp.
...............
100
2,885
Japan
Post
Bank
Co.
Ltd.
........
600
5,046
Kao
Corp.
...................
500
30,830
KDDI
Corp.
..................
100
3,116
Keyence
Corp.
...............
500
251,812
Kirin
Holdings
Co.
Ltd.
..........
1,000
19,516
Komatsu
Ltd.
................
100
2,477
Kose
Corp.
..................
1,600
251,355
Kubota
Corp.
................
200
4,046
Maeda
Road
Construction
Co.
Ltd.
..
500
9,840
Marubeni
Corp.
...............
400
3,483
Mitsubishi
Corp.
...............
100
2,732
Mitsubishi
Estate
Co.
Ltd.
........
4,300
69,503
Mitsubishi
UFJ
Financial
Group,
Inc.
.
600
3,232
Mizuho
Financial
Group,
Inc.
......
1,000
14,333
NEC
Corp.
..................
500
25,727
Nexon
Co.
Ltd.
...............
300
6,676
Nippon
Telegraph
&
Telephone
Corp.
4,040
105,627
Nissan
Motor
Co.
Ltd.
(d)
..........
900
4,484
Nomura
Holdings,
Inc.
..........
3,300
16,795
Ono
Pharmaceutical
Co.
Ltd.
......
600
13,380
Oracle
Corp.
Japan
............
200
15,282
Oriental
Land
Co.
Ltd.
..........
1,100
156,712
Panasonic
Corp.
..............
700
8,060
Recruit
Holdings
Co.
Ltd.
........
5,300
259,906
SG
Holdings
Co.
Ltd.
...........
100
2,626
Shin-Etsu
Chemical
Co.
Ltd.
......
4,220
705,840
SoftBank
Corp.
...............
400
5,230
Sony
Corp.
..................
1,900
184,238
Sumitomo
Mitsui
Financial
Group,
Inc.
300
10,342
Sumitomo
Mitsui
Trust
Holdings,
Inc.
.
100
3,190
Suzuki
Motor
Corp.
............
100
4,238
Takeda
Pharmaceutical
Co.
Ltd.
....
200
6,712
Security
Shares
Shares
Value
Japan
(continued)
Tokio
Marine
Holdings,
Inc.
.......
100
$
4,606
Toshiba
Corp.
................
100
4,320
Toyota
Motor
Corp.
............
100
8,741
Z
Holdings
Corp.
..............
9,200
46,041
3,489,188
Luxembourg
—
0.1%
ArcelorMittal
SA
...............
3,781
116,406
Macau
—
0.0%
SJM
Holdings
Ltd.
(d)
............
22,000
24,014
Mexico
—
0.0%
Grupo
Bimbo
SAB
de
CV
........
2,787
6,138
Netherlands
—
1.8%
Adyen
NV
(a)(d)
................
241
591,012
Akzo
Nobel
NV
...............
5,142
636,687
ASML
Holding
NV
.............
1,595
1,101,059
Heineken
Holding
NV
...........
122
12,311
ING
Groep
NV
................
103,928
1,379,577
Koninklijke
Ahold
Delhaize
NV
.....
625
18,612
Koninklijke
Philips
NV
...........
126
6,254
Royal
Dutch
Shell
plc,
Class
A
.....
522
10,465
Royal
Dutch
Shell
plc,
Class
B
.....
321
6,231
3,762,208
New
Zealand
—
0.0%
Xero
Ltd.
(d)
..................
33
3,394
Norway
—
0.0%
LINK
Mobility
Group
Holding
ASA
(d)
..
5,552
20,273
Telenor
ASA
.................
655
11,047
31,320
Poland
—
0.1%
InPost
SA
(d)
..................
4,893
98,202
KGHM
Polska
Miedz
SA
.........
50
2,460
Polski
Koncern
Naftowy
ORLEN
SA
.
290
5,847
106,509
Portugal
—
0.0%
Jeronimo
Martins
SGPS
SA
.......
2,020
36,838
Saudi
Arabia
—
0.0%
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
................
56
2,442
Singapore
—
0.1%
DBS
Group
Holdings
Ltd.
........
2,900
64,517
United
Overseas
Bank
Ltd.
.......
3,300
63,550
128,067
South
Africa
—
0.1%
Anglo
American
Platinum
Ltd.
.....
34
3,927
Anglo
American
plc
............
3,841
152,849
Impala
Platinum
Holdings
Ltd.
.....
475
7,813
Kumba
Iron
Ore
Ltd.
(f)
...........
197
8,803
MTN
Group
Ltd.
(d)
.............
491
3,547
Thungela
Resources
Ltd.
(d)
.......
14
39
176,978
South
Korea
—
0.7%
Amorepacific
Corp.
............
1,195
267,356
Hana
Financial
Group,
Inc.
.......
164
6,721
Kakao
Corp.
.................
2,920
422,940
KB
Financial
Group,
Inc.
.........
151
7,494
LG
Chem
Ltd.
................
474
357,913
LG
Electronics,
Inc.
............
17
2,461
Lotte
Chemical
Corp.
...........
12
2,797
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
66
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
South
Korea
(continued)
NCSoft
Corp.
................
107
$
77,856
POSCO
....................
151
46,666
Samsung
Biologics
Co.
Ltd.
(a)(d)
....
13
9,686
Samsung
Electronics
Co.
Ltd.
.....
197
14,102
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
.....................
29
5,680
Samsung
SDI
Co.
Ltd.
..........
411
254,466
SK
Hynix,
Inc.
................
28
3,160
SK,
Inc.
....................
41
10,277
1,489,575
Spain
—
0.4%
Cellnex
Telecom
SA
(a)
...........
13,424
856,200
Endesa
SA
..................
377
9,152
Iberdrola
SA
.................
560
6,829
872,181
Sweden
—
1.2%
Atlas
Copco
AB,
Class
A
.........
1,422
87,323
Atlas
Copco
AB,
Class
B
.........
59
3,107
Epiroc
AB,
Class
A
.............
3,058
69,611
EQT
AB
....................
84
3,051
H
&
M
Hennes
&
Mauritz
AB,
Class
B
(d)
349
8,289
Hexagon
AB,
Class
B
...........
14,791
219,149
Sandvik
AB
..................
22,873
584,855
Svenska
Handelsbanken
AB,
Class
A
438
4,944
Swedbank
AB,
Class
A
..........
4,230
78,750
Telefonaktiebolaget
LM
Ericsson,
Class
B
......................
2,106
26,481
Volvo
AB,
Class
B
.............
58,411
1,407,671
2,493,231
Switzerland
—
0.5%
ABB
Ltd.
(Registered)
...........
4,796
162,942
Alcon,
Inc.
..................
214
15,009
Alcon,
Inc.
..................
1,180
82,907
Cie
Financiere
Richemont
SA
(Registered)
...............
848
102,802
Kuehne
+
Nagel
International
AG
(Registered)
...............
56
19,166
Lonza
Group
AG
(Registered)
.....
159
112,724
Nestle
SA
(Registered)
..........
1,323
164,908
Novartis
AG
(Registered)
........
162
14,779
Partners
Group
Holding
AG
.......
3
4,548
Roche
Holding
AG
.............
9
3,392
Sika
AG
(Registered)
...........
738
241,797
Straumann
Holding
AG
(Registered)
.
98
156,314
UBS
Group
AG
(Registered)
......
296
4,534
Zurich
Insurance
Group
AG
.......
21
8,435
1,094,257
Taiwan
—
1.1%
ASE
Technology
Holding
Co.
Ltd.
...
1,000
4,012
Cathay
Financial
Holding
Co.
Ltd.
...
20,000
38,669
China
Steel
Corp.
.............
2,000
2,840
Chunghwa
Telecom
Co.
Ltd.
......
10,000
40,807
Formosa
Chemicals
&
Fibre
Corp.
..
9,000
27,357
Formosa
Plastics
Corp.
..........
8,000
29,563
Fubon
Financial
Holding
Co.
Ltd.
...
22,000
58,324
Hon
Hai
Precision
Industry
Co.
Ltd.
..
11,760
47,216
Nan
Ya
Plastics
Corp.
...........
11,000
32,815
Nanya
Technology
Corp.
.........
1,000
2,858
Novatek
Microelectronics
Corp.
....
1,000
17,873
Sea
Ltd.,
ADR
(d)
...............
378
103,799
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
83,000
1,787,657
Uni-President
Enterprises
Corp.
....
16,000
42,015
Security
Shares
Shares
Value
Taiwan
(continued)
United
Microelectronics
Corp.
.....
2,000
$
3,793
Yageo
Corp.
(d)
................
4,000
80,530
2,320,128
Thailand
—
0.0%
Intouch
Holdings
PCL,
Class
F
.....
21,100
42,813
Thai
Beverage
PCL
............
24,100
12,120
54,933
United
Arab
Emirates
—
0.0%
NMC
Health
plc
(c)(d)
.............
8,338
—
United
Kingdom
—
2.9%
Alphawave
IP
Group
plc
(d)
........
20,076
99,976
AstraZeneca
plc
..............
10,015
1,203,244
Auto
Trader
Group
plc
(a)(d)
........
9,466
82,903
Barclays
plc
.................
2,465
5,850
Berkeley
Group
Holdings
plc
......
1,942
123,482
BP
plc
.....................
988
4,333
BP
plc,
ADR
.................
9,816
259,339
British
American
Tobacco
plc
......
144
5,591
Compass
Group
plc
(d)
...........
24,570
517,639
Diageo
plc
..................
773
37,049
Experian
plc
.................
89
3,436
Genius
Sports
Ltd.
(d)(f)
...........
3,275
61,472
GlaxoSmithKline
plc
............
1,055
20,740
Legal
&
General
Group
plc
.......
4,315
15,394
Linde
plc
...................
44
12,720
Lloyds
Banking
Group
plc
........
1,459,595
944,149
London
Stock
Exchange
Group
plc
..
29
3,205
National
Grid
plc
..............
510
6,487
Natwest
Group
plc
.............
1,957
5,508
Reckitt
Benckiser
Group
plc
.......
54
4,771
RELX
plc
...................
307
8,141
Spirax-Sarco
Engineering
plc
......
454
85,509
THG
Holdings
Ltd.
(d)
............
97,504
822,751
Unilever
plc
..................
7,064
412,775
Unilever
plc
..................
12,843
751,759
Vodafone
Group
plc
............
217,272
364,154
5,862,377
United
States
—
46.0%
10X
Future
Technologies
Holding
Ltd.,
(Acquired
05/13/21,
cost
$183,387)
(c)
(d)(e)
.....................
4,842
180,509
3M
Co.
.....................
19
3,774
Abbott
Laboratories
............
12,003
1,391,508
AbbVie,
Inc.
.................
11,067
1,246,587
Accenture
plc,
Class
A
..........
52
15,329
Activision
Blizzard,
Inc.
..........
34
3,245
Adobe,
Inc.
(d)
.................
49
28,696
Advance
Auto
Parts,
Inc.
.........
850
174,369
Advanced
Micro
Devices,
Inc.
(d)
....
96
9,017
Agilent
Technologies,
Inc.
........
89
13,155
Air
Products
&
Chemicals,
Inc.
.....
3,440
989,619
Airbnb,
Inc.,
Class
A
(d)
...........
1,177
180,246
Alaska
Air
Group,
Inc.
(d)
..........
726
43,785
Albemarle
Corp.
..............
2,249
378,867
Align
Technology,
Inc.
(d)
..........
17
10,387
Alkami
Technology,
Inc.
(d)
........
22
785
Alnylam
Pharmaceuticals,
Inc.
(d)
....
650
110,188
Alphabet,
Inc.,
Class
A
(d)
.........
31
75,696
Alphabet,
Inc.,
Class
C
(d)
.........
1,392
3,488,797
Altair
Engineering,
Inc.,
Class
A
(d)
...
2,397
165,321
Amazon.com,
Inc.
(d)(g)
...........
776
2,669,564
American
Electric
Power
Co.,
Inc.
...
59
4,991
American
Tower
Corp.
..........
5,261
1,421,207
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
67
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
United
States
(continued)
American
Water
Works
Co.,
Inc.
....
735
$
113,286
Ameriprise
Financial,
Inc.
........
10
2,489
AmerisourceBergen
Corp.
........
36
4,122
Amgen,
Inc.
.................
531
129,431
Anthem,
Inc.
.................
1,977
754,819
Aon
plc,
Class
A
..............
58
13,848
Apellis
Pharmaceuticals,
Inc.
(d)
.....
943
59,598
Apple,
Inc.
(g)
.................
25,019
3,426,602
Applied
Materials,
Inc.
..........
5,941
845,998
Aptiv
plc
(d)
...................
4,030
634,040
Aramark
....................
527
19,631
Astra
Space,
Inc.,
(Acquired
06/30/21,
cost
$58,390)
(d)(e)
............
5,839
58,390
Atlassian
Corp.
plc,
Class
A
(d)
......
505
129,714
Autodesk,
Inc.
(d)
...............
2,200
642,180
AutoZone,
Inc.
(d)
..............
4
5,969
Bank
of
America
Corp.
..........
56,757
2,340,091
Bank
of
New
York
Mellon
Corp.
(The)
428
21,926
Baxter
International,
Inc.
.........
1,791
144,176
Becton
Dickinson
and
Co.
........
76
18,482
Berkshire
Hathaway,
Inc.,
Class
B
(d)
.
712
197,879
Biogen,
Inc.
(d)
................
15
5,194
Booking
Holdings,
Inc.
(d)
.........
3
6,564
Boston
Scientific
Corp.
(d)
.........
33,949
1,451,659
Bright
Horizons
Family
Solutions,
Inc.
(d)
225
33,100
Bristol-Myers
Squibb
Co.
.........
13,656
912,494
Broadcom,
Inc.
...............
18
8,583
Brown-Forman
Corp.,
Class
B
.....
328
24,580
C3.ai,
Inc.,
Class
A
(d)
...........
2,517
157,388
Cadence
Design
Systems,
Inc.
(d)
...
646
88,386
California
Resources
Corp.
(d)
......
3,433
103,471
Capital
One
Financial
Corp.
.......
9,570
1,480,383
Capri
Holdings
Ltd.
(d)
...........
4,049
231,562
Carrier
Global
Corp.
............
2,362
114,793
Cerner
Corp.
.................
251
19,618
CH
Robinson
Worldwide,
Inc.
(f)
.....
984
92,171
Charles
Schwab
Corp.
(The)
......
16,975
1,235,950
Charter
Communications,
Inc.,
Class
A
(d)
.....................
1,330
959,529
Chubb
Ltd.
..................
2,537
403,231
Cigna
Corp.
.................
157
37,220
Citigroup,
Inc.
................
726
51,365
Clorox
Co.
(The)
..............
38
6,837
CME
Group,
Inc.
..............
22
4,679
Cognizant
Technology
Solutions
Corp.,
Class
A
..................
218
15,099
Coinbase
Global,
Inc.,
Class
A
(d)
....
941
238,355
Colgate-Palmolive
Co.
..........
976
79,398
Comcast
Corp.,
Class
A
(g)
........
28,763
1,640,066
ConocoPhillips
...............
23,267
1,416,960
Consolidated
Edison,
Inc.
........
75
5,379
Constellation
Brands,
Inc.,
Class
A
..
117
27,365
Corteva,
Inc.
.................
547
24,259
Costco
Wholesale
Corp.
.........
2,504
990,758
Crowdstrike
Holdings,
Inc.,
Class
A
(d)
.
1,467
368,672
Crown
Castle
International
Corp.
...
85
16,583
Crown
PropTech
Acquisitions
(d)
.....
3,804
37,774
Crown
PropTech
Acquisitions
(c)
.....
1,464
805
Cummins,
Inc.
................
35
8,533
Danaher
Corp.
...............
18
4,830
Danimer
Scientific,
Inc.
(d)
.........
1,088
27,254
Datadog,
Inc.,
Class
A
(d)
.........
582
60,575
Davidson
Kempner
Mercant
Co-
Invest
Fund
LP,
(Acquired
04/01/21,
cost
$203,100)
(c)(d)(e)(h)
............
203,100
203,100
Security
Shares
Shares
Value
United
States
(continued)
Deere
&
Co.
.................
719
$
253,598
Dell
Technologies,
Inc.,
Class
C
(d)
...
5,672
565,328
Delta
Air
Lines,
Inc.
(d)
...........
848
36,684
Devon
Energy
Corp.
............
2,417
70,552
DexCom,
Inc.
(d)
...............
18
7,686
Diamondback
Energy,
Inc.
(f)
.......
238
22,346
Diversey
Holdings
Ltd.
(d)(f)
........
25,606
458,603
DocuSign,
Inc.
(d)
..............
48
13,419
Dollar
Tree,
Inc.
(d)
..............
94
9,353
Dominion
Energy,
Inc.
...........
46
3,384
Dow,
Inc.
...................
137
8,669
DR
Horton,
Inc.
...............
8,645
781,249
Dynatrace,
Inc.
(d)
..............
2,103
122,857
Eaton
Corp.
plc
...............
124
18,374
Ecolab,
Inc.
.................
91
18,743
Edison
International
............
117
6,765
Edwards
Lifesciences
Corp.
(d)
.....
4,465
462,440
Electronic
Arts,
Inc.
............
174
25,026
Eli
Lilly
&
Co.
................
10
2,295
Emerson
Electric
Co.
...........
239
23,001
EOG
Resources,
Inc.
...........
32
2,670
EPAM
Systems,
Inc.
(d)
...........
113
57,738
Epic
Games,
Inc.,
(Acquired
07/02/20,
cost
$189,750)
(c)(d)(e)
..........
330
294,989
EQT
Corp.
(d)
.................
42,549
947,141
Equinix,
Inc.
.................
3
2,408
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
249
79,202
Eversource
Energy
............
61
4,895
Expedia
Group,
Inc.
(d)
...........
495
81,036
Exxon
Mobil
Corp.
.............
646
40,750
Facebook,
Inc.,
Class
A
(d)
........
2,755
957,941
FedEx
Corp.
.................
235
70,108
Ferguson
plc
.................
933
129,806
Fidelity
National
Information
Services,
Inc.
.....................
23
3,258
Fifth
Wall
Acquisition
Corp.
I,
Class
A
(d)
7,500
92,325
Fiserv,
Inc.
(d)
.................
119
12,720
Ford
Motor
Co.
(d)
..............
545
8,099
Fortinet,
Inc.
(d)
................
830
197,698
Fortive
Corp.
.................
15,930
1,110,958
Fortune
Brands
Home
&
Security,
Inc.
1,013
100,905
Freeport-McMoRan,
Inc.
(g)
........
30,491
1,131,521
Frontier
Communications
Parent,
Inc.
(d)
3,308
87,331
Gilead
Sciences,
Inc.
...........
158
10,880
Global
Payments,
Inc.
..........
6,275
1,176,814
Green
Plains,
Inc.
(d)
............
1,170
39,335
HCA
Healthcare,
Inc.
...........
140
28,944
Healthcare
Merger
Corp.,
(Acquired
10/30/20,
cost
$69,510)
(d)(e)
.....
6,951
39,551
Highland
Transcend
Partners
I
Corp.
(d)
6,118
61,302
Hilton
Worldwide
Holdings,
Inc.
(d)
...
2,474
298,414
Home
Depot,
Inc.
(The)
.........
3,360
1,071,470
Honeywell
International,
Inc.
......
34
7,458
HP,
Inc.
....................
847
25,571
Humana,
Inc.
................
65
28,777
IDEXX
Laboratories,
Inc.
(d)
........
20
12,631
iHeartMedia,
Inc.,
Class
A
(d)
.......
60
1,616
Illinois
Tool
Works,
Inc.
..........
122
27,274
Illumina,
Inc.
(d)
................
108
51,107
Insulet
Corp.
(d)
................
118
32,392
Intel
Corp.
..................
586
32,898
International
Flavors
&
Fragrances,
Inc.
4,740
708,156
International
Paper
Co.
..........
270
16,554
Intuit,
Inc.
...................
25
12,254
Intuitive
Surgical,
Inc.
(d)
..........
531
488,329
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
United
States
(continued)
IQVIA
Holdings,
Inc.
(d)
...........
63
$
15,266
Jawbone
Health
Hub,
Inc.,
(Acquired
01/24/17,
cost
$0)
(c)(d)(e)
........
6,968
—
Johnson
&
Johnson
............
12,459
2,052,496
Johnson
Controls
International
plc
..
992
68,081
JPMorgan
Chase
&
Co.
(g)
........
9,612
1,495,050
Khosla
Ventures
Acquisition
Co.
(d)
...
5,294
52,358
KLA
Corp.
...................
38
12,320
Kroger
Co.
(The)
..............
268
10,267
L
Brands,
Inc.
................
1,430
103,046
L3Harris
Technologies,
Inc.
.......
3,661
791,325
Lam
Research
Corp.
...........
28
18,220
Las
Vegas
Sands
Corp.
(d)
........
5,244
276,306
Latch,
Inc.,
(Acquired
06/04/21,
cost
$51,030)
(d)(e)
...............
5,103
62,022
Liberty
Media
Acquisition
Corp.
(d)
...
12,038
127,482
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(d)
.................
7,122
331,743
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
C
(d)
.................
8,964
415,840
Lions
Gate
Entertainment
Corp.,
Class
A
(d)
.....................
424
8,777
Live
Nation
Entertainment,
Inc.
(d)
...
1,272
111,414
Lockheed
Martin
Corp.
..........
13
4,919
Lookout,
Inc.,
(Acquired
03/04/15,
cost
$16,643)
(c)(e)
...............
1,457
16,974
Lowe's
Cos.,
Inc.
..............
4,743
920,000
Lululemon
Athletica,
Inc.
(d)
........
50
18,249
LyondellBasell
Industries
NV,
Class
A
21
2,160
ManpowerGroup,
Inc.
...........
564
67,065
Marathon
Petroleum
Corp.
.......
49
2,961
Marqeta,
Inc.,
Class
A
(d)
.........
3,030
85,052
Marriott
International,
Inc.,
Class
A
(d)
.
17
2,321
Marsh
&
McLennan
Cos.,
Inc.
.....
6,979
981,806
Masco
Corp.
.................
2,593
152,754
Masimo
Corp.
(d)
...............
470
113,952
Mastercard,
Inc.,
Class
A
.........
5,555
2,028,075
McDonald's
Corp.
.............
4,245
980,553
McKesson
Corp.
..............
28
5,355
Medallia,
Inc.
(d)
...............
7,861
265,309
Medtronic
plc
................
192
23,833
Merck
&
Co.,
Inc.
..............
110
8,555
Micron
Technology,
Inc.
(d)
........
9,461
803,996
Microsoft
Corp.
(g)
..............
17,774
4,814,977
MongoDB,
Inc.
(d)
..............
339
122,555
Monster
Beverage
Corp.
(d)
........
1,501
137,116
Morgan
Stanley
...............
10,095
925,611
Netflix,
Inc.
(d)
.................
57
30,108
Nevro
Corp.
(d)
................
179
29,676
New
Relic,
Inc.
(d)
..............
1,117
74,805
Newmont
Corp.
...............
62
3,930
NextEra
Energy,
Inc.
...........
20,765
1,521,659
NIKE,
Inc.,
Class
B
............
553
85,433
Northern
Genesis
Acquisition
Corp.
II
(d)
2,889
30,262
Northern
Trust
Corp.
............
163
18,846
Northrop
Grumman
Corp.
........
38
13,810
NVIDIA
Corp.
................
1,272
1,017,727
Okta,
Inc.
(d)
..................
649
158,797
Opendoor
Technologies,
Inc.
(d)(f)
....
5,720
101,416
Oracle
Corp.
.................
129
10,041
O'Reilly
Automotive,
Inc.
(d)
........
153
86,630
Organon
&
Co.
(d)
..............
51
1,543
Otis
Worldwide
Corp.
...........
308
25,185
Ovintiv,
Inc.
..................
665
20,928
Palo
Alto
Networks,
Inc.
(d)
........
515
191,091
Security
Shares
Shares
Value
United
States
(continued)
Parker-Hannifin
Corp.
...........
1,000
$
307,110
PayPal
Holdings,
Inc.
(d)
..........
3,503
1,021,054
Peloton
Interactive,
Inc.,
Class
A
(d)(f)
.
5,049
626,177
Penn
National
Gaming,
Inc.
(d)
......
1,116
85,363
PepsiCo,
Inc.
................
863
127,871
Pfizer,
Inc.
..................
386
15,116
Philip
Morris
International,
Inc.
.....
41
4,064
Pinterest,
Inc.,
Class
A
(d)
.........
84
6,632
Playstudios
Inc.,
(Acquired
06/17/21,
cost
$81,210)
(d)(e)
............
8,121
58,467
Playtika
Holding
Corp.
(d)
.........
16,161
385,278
PNC
Financial
Services
Group,
Inc.
(The)
....................
34
6,486
PPG
Industries,
Inc.
............
4,745
805,559
Procter
&
Gamble
Co.
(The)
......
62
8,366
Progressive
Corp.
(The)
.........
47
4,616
Prologis,
Inc.
.................
186
22,233
Proofpoint,
Inc.
(d)
..............
370
64,291
Proterra
Inc.,
(Acquired
06/14/21,
cost
$44,650)
(d)(e)
...............
4,465
74,189
PTC,
Inc.
(d)
..................
5,605
791,762
PubMatic,
Inc.,
Class
A
(d)
.........
1,357
53,018
PVH
Corp.
(d)
.................
1,655
178,061
QUALCOMM,
Inc.
.............
837
119,632
Quest
Diagnostics,
Inc.
..........
786
103,728
Ralph
Lauren
Corp.
............
268
31,573
Raytheon
Technologies
Corp.
.....
58
4,948
Regeneron
Pharmaceuticals,
Inc.
(d)
..
10
5,585
Reinvent
Technology
Partners
Z
(d)
...
4,693
48,244
ResMed,
Inc.
................
13
3,205
RingCentral,
Inc.,
Class
A
(d)
.......
239
69,449
Robert
Half
International,
Inc.
......
749
66,639
Rockwell
Automation,
Inc.
........
27
7,723
Ross
Stores,
Inc.
..............
107
13,268
Rotor
Acquisition
Corp.
(c)
.........
740
3,781
Rotor
Acquisition
Corp.
(d)
.........
1,371
14,423
salesforce.com,
Inc.
(d)
...........
6,084
1,486,139
SBA
Communications
Corp.
......
48
15,298
Schlumberger
Ltd.
.............
250
8,002
Schneider
Electric
SE
...........
194
30,583
Seagen,
Inc.
(d)
................
423
66,783
Sempra
Energy
...............
7,854
1,040,498
Sensata
Technologies
Holding
plc
(d)
.
598
34,666
ServiceNow,
Inc.
(d)
.............
1,725
947,974
Sherwin-Williams
Co.
(The)
.......
37
10,081
Snap,
Inc.,
Class
A
(d)
...........
77
5,247
Snorkel
AI,
Inc.,
Series
B
(Acquired
06/30/21,
cost
$7,945)
(c)(d)(e)
.....
529
8,660
Sofi
Technologies,
Inc.,
(Acquired
05/26/21,
cost
$15,000)
(d)(e)
.....
1,500
28,316
Sonos,
Inc.
(d)
.................
7,815
275,322
Southern
Co.
(The)
............
114
6,898
Southwest
Airlines
Co.
(d)
.........
3,736
198,344
Splunk,
Inc.
(d)
................
762
110,170
Square,
Inc.,
Class
A
(d)
..........
19
4,632
Stanley
Black
&
Decker,
Inc.
......
39
7,995
Starbucks
Corp.
...............
48
5,367
Starwood
Property
Trust,
Inc.
......
3,820
99,969
State
Street
Corp.
.............
100
8,228
Stellantis
NV
.................
117
2,302
Stryker
Corp.
................
349
90,646
Sun
Country
Airlines
Holdings,
Inc.,
(Acquired
03/17/21,
cost
$168,478)
(d)
(e)
......................
7,468
276,391
Sysco
Corp.
.................
86
6,687
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
69
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
United
States
(continued)
Taboola.com
Ltd.,
(Acquired
06/30/21,
cost
$66,000)
(d)(e)
............
6,600
$
66,000
Target
Corp.
.................
28
6,769
TE
Connectivity
Ltd.
............
2,633
356,008
Thermo
Fisher
Scientific,
Inc.
(g)
.....
2,081
1,049,802
TJX
Cos.,
Inc.
(The)
............
12,396
835,738
T-Mobile
US,
Inc.
(d)
.............
34
4,924
Toll
Brothers,
Inc.
..............
3,094
178,864
Trane
Technologies
plc
..........
959
176,590
TransDigm
Group,
Inc.
(d)
.........
335
216,842
Truist
Financial
Corp.
...........
119
6,604
Twilio,
Inc.,
Class
A
(d)
...........
473
186,438
Uber
Technologies,
Inc.
(d)
........
428
21,451
Ulta
Beauty,
Inc.
(d)
.............
186
64,313
Union
Pacific
Corp.
............
2,677
588,753
United
Parcel
Service,
Inc.,
Class
B
.
6,841
1,422,723
United
Rentals,
Inc.
(d)
...........
197
62,845
United
States
Steel
Corp.
........
3,287
78,888
UnitedHealth
Group,
Inc.
.........
5,063
2,027,428
US
Bancorp
.................
2,742
156,212
Uwm
Holdings
Corp.,
(Acquired
01/20/21,
cost
$182,088)
(d)(e)
....
4,854
41,016
Vail
Resorts,
Inc.
(d)
.............
52
16,459
Valero
Energy
Corp.
(f)
...........
10,007
781,347
VeriSign,
Inc.
(d)
...............
556
126,596
Verisk
Analytics,
Inc.
............
60
10,483
Verizon
Communications,
Inc.
.....
542
30,368
Vertex
Pharmaceuticals,
Inc.
(d)
.....
29
5,847
Vertiv
Holdings
Co.,
(Acquired
02/04/20,
cost
$391,550)
(d)(e)
...........
39,155
1,068,932
VF
Corp.
...................
386
31,667
Visa,
Inc.,
Class
A
.............
62
14,497
VMware,
Inc.,
Class
A
(d)
.........
5,675
907,830
Vulcan
Materials
Co.
...........
5,318
925,704
Walmart,
Inc.
.................
4,070
573,951
Walt
Disney
Co.
(The)
(d)
.........
9,133
1,605,307
WEC
Energy
Group,
Inc.
.........
57
5,070
Wells
Fargo
&
Co.
.............
2,497
113,089
Western
Digital
Corp.
(d)
..........
1,257
89,461
Weyerhaeuser
Co.
.............
3,049
104,947
Willis
Towers
Watson
plc
.........
21
4,830
Workday,
Inc.,
Class
A
(d)
.........
468
111,730
Wynn
Resorts
Ltd.
(d)
............
2,617
320,059
Xilinx,
Inc.
...................
622
89,966
Zimmer
Biomet
Holdings,
Inc.
.....
514
82,661
Zoetis,
Inc.
..................
693
129,147
Zoom
Video
Communications,
Inc.,
Class
A
(d)
.................
54
20,900
Zscaler,
Inc.
(d)
................
910
196,615
93,945,261
Total
Common
Stocks
—
72.0%
(Cost:
$110,325,547)
.............................
147,210,597
Par
(000)
Pa
r
(
000)
Corporate
Bonds
—
4.4%
Australia
—
0.4%
Quintis
Australia
Pty.
Ltd.
(a)(c)(i)
:
7.50%,
(7.50%
Cash
or
8.00%
PIK),
10/01/26
...............
USD
428
419,185
Security
Par
(000)
Par
(000)
Value
Australia
(continued)
0.00%,
(0.00%
Cash
or
12.00%
PIK),
10/01/28
...........
USD
414
$
414,143
833,328
Canada
—
0.1%
(a)
Bombardier,
Inc.,
7.13%
,
06/15/26
..
17
17,799
Brookfield
Residential
Properties,
Inc.:
6.25%,
09/15/27
............
3
3,169
5.00%,
06/15/29
............
15
15,112
Mattamy
Group
Corp.,
4.63%
,
03/01/30
34
34,731
70,811
China
—
0.0%
China
Milk
Products
Group
Ltd.,
0.00%
,
01/05/12
(d)(j)(k)(l)
..............
300
300
Germany
—
0.2%
(a)
Adler
Pelzer
Holding
GmbH,
4.13%
,
04/01/24
.................
EUR
139
152,942
Douglas
GmbH,
6.00%
,
04/08/26
...
127
150,402
Kirk
Beauty
SUN
GmbH,
8.25%
,
10/01/26
(b)
................
100
117,680
421,024
Greece
—
0.1%
Ellaktor
Value
plc,
6.38%
,
12/15/24
(a)
.
135
153,992
India
—
0.0%
REI
Agro
Ltd.
(d)(j)(k)
:
5.50%,
11/13/14
(a)
...........
USD
220
2,115
5.50%,
11/13/14
(c)
...........
152
—
2,115
Italy
—
0.2%
Forno
d'Asolo
SpA,
(EURIBOR
3
Month
+
5.50%),
5.50%
,
04/30/27
(a)(b)
...
EUR
178
199,075
KME
SE,
6.75%
,
02/01/23
........
100
109,682
Marcolin
SpA,
6.13%
,
11/15/26
(a)
...
100
120,650
429,407
Luxembourg
—
0.3%
Garfunkelux
Holdco
3
SA,
7.75%
,
11/01/25
(a)
................
GBP
100
144,001
Herens
Midco
SARL,
5.25%
,
05/15/29
(a)
EUR
100
116,042
Intelsat
Jackson
Holdings
SA,
8.00%
,
02/15/24
(a)(m)
...............
USD
179
184,866
Picard
Bondco
SA,
5.38%
,
07/01/27
.
EUR
100
118,575
563,484
Turkey
—
0.0%
Bio
City
Development
Co.
BV,
8.00%
,
07/06/21
(a)(c)(d)(j)(k)
............
USD
800
62,000
United
Arab
Emirates
—
0.0%
Shelf
Drilling
Holdings
Ltd.,
8.88%
,
11/15/24
(a)
................
4
4,119
United
Kingdom
—
0.3%
British
Airways
Pass-Through
Trust,
Series
2020-1,
Class
A,
4.25%
,
11/15/32
(a)
................
8
8,292
Deuce
Finco
plc,
5.50%
,
06/15/27
(a)
.
GBP
100
138,330
Inspired
Entertainment
Financing
plc,
7.88%
,
06/01/26
(a)
...........
100
141,788
Modulaire
Global
Finance
plc,
6.50%
,
02/15/23
.................
EUR
273
330,342
618,752
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
70
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
United
States
—
2.8%
Acadia
Healthcare
Co.,
Inc.
(a)
:
5.50%,
07/01/28
............
USD
6
$
6,405
5.00%,
04/15/29
............
6
6,258
Affinity
Gaming,
6.88%
,
12/15/27
(a)
..
22
23,348
Air
Lease
Corp.,
3.13%
,
12/01/30
...
39
39,620
Albertsons
Cos.,
Inc.,
3.50%
,
03/15/29
(a)
................
91
89,976
Allegiant
Travel
Co.,
8.50%
,
02/05/24
(a)
154
166,320
AMC
Networks,
Inc.:
5.00%,
04/01/24
............
2
2,026
4.75%,
08/01/25
............
3
3,080
AMN
Healthcare,
Inc.,
4.00%
,
04/15/29
(a)
................
7
7,049
Aramark
Services,
Inc.,
5.00%
,
02/01/28
(a)
................
4
4,189
Avantor
Funding,
Inc.,
4.63%
,
07/15/28
(a)
................
17
17,948
Avaya,
Inc.,
6.13%
,
09/15/28
(a)
.....
16
17,125
Bank
of
America
Corp.,
(SOFR
+
1.32%),
2.69%
,
04/22/32
(b)
.....
37
38,065
Bausch
Health
Cos.,
Inc.,
4.88%
,
06/01/28
(a)
................
26
26,611
Blue
Racer
Midstream
LLC,
7.63%
,
12/15/25
(a)
................
9
9,753
Bristow
Group,
Inc.,
6.88%
,
03/01/28
(a)
35
35,700
Broadcom,
Inc.,
1.95%
,
02/15/28
(a)
..
10
9,996
Buckeye
Partners
LP:
4.35%,
10/15/24
............
9
9,416
4.13%,
03/01/25
(a)
...........
47
48,704
Caesars
Entertainment,
Inc.
(a)
:
6.25%,
07/01/25
............
103
109,180
8.13%,
07/01/27
............
65
72,293
Caesars
Resort
Collection
LLC,
5.75%
,
07/01/25
(a)
................
21
22,129
Carrier
Global
Corp.,
3.58%
,
04/05/50
35
37,116
Cedar
Fair
LP:
5.38%,
04/15/27
............
2
2,060
5.25%,
07/15/29
............
2
2,060
Centene
Corp.:
4.25%,
12/15/27
............
11
11,591
2.45%,
07/15/28
............
66
66,891
Charter
Communications
Operating
LLC:
2.80%,
04/01/31
............
122
124,722
3.90%,
06/01/52
............
42
42,765
Cheniere
Energy
Partners
LP,
5.63%
,
10/01/26
.................
5
5,187
Cheniere
Energy,
Inc.,
4.63%
,
10/15/28
(a)
................
17
17,935
Chesapeake
Energy
Corp.
(a)
:
5.50%,
02/01/26
............
39
41,145
5.88%,
02/01/29
............
8
8,660
Churchill
Downs,
Inc.,
5.50%
,
04/01/27
(a)
................
3
3,126
Citigroup,
Inc.
(b)
:
(SOFR
+
3.91%),
4.41%,
03/31/31
49
57,216
(SOFR
+
1.17%),
2.56%,
05/01/32
27
27,484
Clean
Harbors,
Inc.,
4.88%
,
07/15/27
(a)
2
2,095
CommScope
Technologies
LLC,
6.00%
,
06/15/25
(a)
................
10
10,213
CrownRock
LP,
5.63%
,
10/15/25
(a)
..
4
4,140
CSC
Holdings
LLC,
4.63%
,
12/01/30
(a)
200
196,222
Darling
Ingredients,
Inc.,
5.25%
,
04/15/27
(a)
................
2
2,100
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
DaVita,
Inc.
(a)
:
4.63%,
06/01/30
............
USD
65
$
66,834
3.75%,
02/15/31
............
117
112,320
Elanco
Animal
Health,
Inc.,
4.91%
,
08/27/21
(m)
................
2
2,008
Emergent
BioSolutions,
Inc.,
3.88%
,
08/15/28
(a)
................
4
3,918
Endeavor
Energy
Resources
LP
(a)
:
5.50%,
01/30/26
............
2
2,077
5.75%,
01/30/28
............
4
4,265
Equinix,
Inc.,
2.50%
,
05/15/31
.....
17
17,289
Forestar
Group,
Inc.
(a)
:
3.85%,
05/15/26
............
15
15,136
5.00%,
03/01/28
............
97
100,395
Fresh
Market,
Inc.
(The),
9.75%
,
05/01/23
(a)
................
26
26,659
Frontier
Communications
Corp.,
6.75%
,
05/01/29
(a)
................
18
19,139
Frontier
Communications
Holdings
LLC,
5.88%
,
11/01/29
............
7
7,481
Frontier
North,
Inc.,
Series
G,
6.73%
,
02/15/28
.................
45
48,618
Full
House
Resorts,
Inc.,
8.25%
,
02/15/28
(a)
................
7
7,630
GCI
LLC,
4.75%
,
10/15/28
(a)
......
12
12,282
General
Motors
Financial
Co.,
Inc.,
2.70%
,
08/20/27
............
69
71,700
Genesis
Energy
LP,
8.00%
,
01/15/27
10
10,506
Goldman
Sachs
Group,
Inc.
(The),
(SOFR
+
1.28%),
2.62%
,
04/22/32
(b)
78
79,682
Great
Western
Petroleum
LLC,
12.00%
,
09/01/25
(a)
................
9
8,955
Hilton
Domestic
Operating
Co.,
Inc.,
3.63%
,
02/15/32
(a)
...........
113
111,588
Hilton
Worldwide
Finance
LLC,
4.88%
,
04/01/27
.................
3
3,127
Hologic,
Inc.,
3.25%
,
02/15/29
(a)
....
69
68,396
Homes
by
West
Bay
LLC,
9.50%
,
04/30/27
(c)
................
146
143,080
Howard
Hughes
Corp.
(The)
(a)
:
5.38%,
08/01/28
............
52
55,205
4.13%,
02/01/29
............
29
29,000
4.38%,
02/01/31
............
32
31,884
iHeartCommunications,
Inc.:
6.38%,
05/01/26
............
3
3,434
5.25%,
08/15/27
(a)
...........
3
3,136
Iron
Mountain,
Inc.
(a)
:
5.25%,
07/15/30
............
44
46,578
4.50%,
02/15/31
............
83
84,037
Israel
Amplify
Program
Corp.,
0.00%
(c)(d)
3
12
Jaguar
Holding
Co.
II/PPD
Development
LP,
5.00%
,
06/15/28
(a)
6
6,504
JBS
USA
LUX
SA
(a)
:
6.75%,
02/15/28
............
4
4,375
6.50%,
04/15/29
............
6
6,743
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%
,
08/01/28
(a)
................
6
6,660
JPMorgan
Chase
&
Co.,
(SOFR
+
1.58%),
3.33%
,
04/22/52
(b)
.....
51
54,458
Lamb
Weston
Holdings,
Inc.,
4.88%
,
11/01/26
(a)
................
4
4,135
Legends
Hospitality
Holding
Co.
LLC,
5.00%
,
02/01/26
(a)
...........
4
4,170
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
71
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Level
3
Financing,
Inc.
(a)
:
4.25%,
07/01/28
............
USD
144
$
146,125
3.63%,
01/15/29
............
72
69,480
Lightning
eMotors,
Inc.,
7.50%
,
05/15/24
(a)(j)
................
27
21,789
Lions
Gate
Capital
Holdings
LLC,
5.50%
,
04/15/29
(a)
...........
12
12,615
Lumen
Technologies,
Inc.
(a)
:
4.00%,
02/15/27
............
3
3,060
5.38%,
06/15/29
............
38
38,547
Marriott
Ownership
Resorts,
Inc.:
6.13%,
09/15/25
(a)
...........
54
57,427
6.50%,
09/15/26
............
3
3,116
Masonite
International
Corp.,
5.38%
,
02/01/28
(a)
................
3
3,179
MGM
Growth
Properties
Operating
Partnership
LP:
5.63%,
05/01/24
............
5
5,415
3.88%,
02/15/29
(a)
...........
28
28,436
Midwest
Gaming
Borrower
LLC,
4.88%
,
05/01/29
(a)
................
34
34,042
Molina
Healthcare,
Inc.,
3.88%
,
11/15/30
(a)
................
10
10,413
Morgan
Stanley,
(SOFR
+
1.49%),
3.22%
,
04/22/42
(b)
...........
18
19,081
MPT
Operating
Partnership
LP,
5.00%
,
10/15/27
.................
6
6,361
Nationstar
Mortgage
Holdings,
Inc.
(a)
:
5.50%,
08/15/28
............
17
17,138
5.13%,
12/15/30
............
10
9,950
New
Home
Co.,
Inc.
(The),
7.25%
,
10/15/25
(a)
................
21
22,254
Nexstar
Broadcasting,
Inc.,
4.75%
,
11/01/28
(a)
................
26
26,715
NRG
Energy,
Inc.:
5.75%,
01/15/28
............
4
4,260
5.25%,
06/15/29
(a)
...........
3
3,191
NuStar
Logistics
LP,
5.75%
,
10/01/25
67
72,862
ONEOK
Partners
LP,
4.90%
,
03/15/25
79
88,389
Oracle
Corp.,
3.95%
,
03/25/51
.....
37
40,385
Outfront
Media
Capital
LLC,
5.00%
,
08/15/27
(a)
................
3
3,106
Pacific
Gas
&
Electric
Co.,
4.50%
,
07/01/40
.................
20
20,010
Park
Intermediate
Holdings
LLC
(a)
:
5.88%,
10/01/28
............
7
7,454
4.88%,
05/15/29
............
50
51,723
Parsley
Energy
LLC,
5.63%
,
10/15/27
(a)
3
3,240
Party
City
Holdings,
Inc.,
8.75%
,
02/15/26
(a)
................
15
16,013
Peninsula
Pacific
Entertainment
LLC,
8.50%
,
11/15/27
(a)
...........
20
21,480
PG&E
Corp.:
5.00%,
07/01/28
............
57
57,634
5.25%,
07/01/30
............
9
9,085
Pilgrim's
Pride
Corp.,
5.88%
,
09/30/27
(a)
4
4,260
Pitney
Bowes,
Inc.
(a)
:
6.88%,
03/15/27
............
33
34,856
7.25%,
03/15/29
............
40
42,500
Playtika
Holding
Corp.,
4.25%
,
03/15/29
(a)
................
17
16,988
Quicken
Loans
LLC
(a)
:
3.63%,
03/01/29
............
88
86,900
3.88%,
03/01/31
............
67
67,502
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Quicken
Loans,
Inc.,
5.25%
,
01/15/28
(a)
USD
4
$
4,200
Radiate
Holdco
LLC,
4.50%
,
09/15/26
(a)
19
19,665
Rattler
Midstream
LP,
5.63%
,
07/15/25
(a)
................
15
15,769
Renewable
Energy
Group,
Inc.,
5.88%
,
06/01/28
(a)
................
8
8,390
SeaWorld
Parks
&
Entertainment,
Inc.,
9.50%
,
08/01/25
(a)
...........
9
9,652
Select
Medical
Corp.,
6.25%
,
08/15/26
(a)
................
147
156,558
Service
Properties
Trust:
5.00%,
08/15/22
............
95
95,997
4.50%,
06/15/23
............
70
71,750
7.50%,
09/15/25
............
8
9,058
Sirius
XM
Radio,
Inc.
(a)
:
5.00%,
08/01/27
............
7
7,334
5.50%,
07/01/29
............
5
5,449
4.13%,
07/01/30
............
52
52,462
Six
Flags
Entertainment
Corp.,
4.88%
,
07/31/24
(a)
................
4
4,040
SM
Energy
Co.:
1.50%,
07/01/21
(j)
...........
49
49,000
10.00%,
01/15/25
(a)
..........
44
49,647
SRS
Distribution,
Inc.,
4.63%
,
07/01/28
(a)
................
9
9,203
Standard
Industries,
Inc.,
5.00%
,
02/15/27
(a)
................
2
2,071
Summit
Materials
LLC,
5.25%
,
01/15/29
(a)
................
4
4,250
Sunoco
LP:
6.00%,
04/15/27
............
3
3,137
4.50%,
05/15/29
(a)
...........
10
10,175
Talen
Energy
Supply
LLC,
7.63%
,
06/01/28
(a)
................
63
58,950
Targa
Resources
Partners
LP:
5.88%,
04/15/26
............
4
4,201
5.38%,
02/01/27
............
2
2,082
6.50%,
07/15/27
............
4
4,335
6.88%,
01/15/29
............
4
4,507
4.00%,
01/15/32
(a)
...........
84
86,407
TEGNA,
Inc.,
4.75%
,
03/15/26
(a)
....
16
17,040
Teleflex,
Inc.,
4.63%
,
11/15/27
.....
2
2,130
Tenet
Healthcare
Corp.
(a)
:
4.63%,
09/01/24
............
3
3,079
4.88%,
01/01/26
............
9
9,335
6.25%,
02/01/27
............
7
7,306
4.63%,
06/15/28
............
6
6,175
4.25%,
06/01/29
............
129
130,613
TransDigm,
Inc.,
6.25%
,
03/15/26
(a)
..
275
290,125
Travel
+
Leisure
Co.,
6.63%
,
07/31/26
(a)
15
16,995
Union
Pacific
Corp.,
3.55%
,
05/20/61
35
37,549
United
Airlines
Pass-Through
Trust:
Series
2020-1,
Class
B,
4.88%,
01/15/26
...............
5
5,145
Series
2020-1,
Class
A,
5.88%,
10/15/27
...............
160
177,397
United
Rentals
North
America,
Inc.:
5.50%,
05/15/27
............
4
4,240
4.88%,
01/15/28
............
7
7,423
United
Wholesale
Mortgage
LLC,
5.50%
,
11/15/25
(a)
...........
82
84,913
UnitedHealth
Group,
Inc.,
3.25%
,
05/15/51
.................
18
19,202
US
Concrete,
Inc.,
5.13%
,
03/01/29
(a)
6
6,555
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
72
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Verizon
Communications,
Inc.:
3.55%,
03/22/51
............
USD
23
$
24,572
3.70%,
03/22/61
............
25
26,777
VICI
Properties
LP,
3.50%
,
02/15/25
(a)
29
29,572
Vistra
Operations
Co.
LLC
(a)
:
5.63%,
02/15/27
............
84
87,150
5.00%,
07/31/27
............
6
6,160
Weekley
Homes
LLC,
4.88%
,
09/15/28
(a)
................
25
25,875
William
Carter
Co.
(The),
5.63%
,
03/15/27
(a)
................
2
2,104
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%
,
08/15/28
(a)
...........
7
7,267
Xerox
Holdings
Corp.,
5.00%
,
08/15/25
(a)
................
17
17,946
XHR
LP
(a)
:
6.38%,
08/15/25
............
65
69,144
4.88%,
06/01/29
............
8
8,260
5,776,654
Total
Corporate
Bonds
—
4.4%
(Cost:
$10,211,787)
..............................
8,935,986
Floating
Rate
Loan
Interests
—
2.5%
Canada
—
0.2%
(b)
Bausch
Health
Cos.,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.10%
,
 06/02/25
............
100
99,538
Knowlton
Development
Corp.,
Inc.,
Term
Loan,
(EURIBOR
3
Month
+
5.00%),
5.00%
,
 12/22/25
......
EUR
189
224,990
Raptor
Acquisition
Corp.,
Term
Loan
B,
11/01/26
(n)
................
USD
13
13,016
337,544
France
—
0.1%
Babilou
Family,
Facility
Term
Loan,
(EURIBOR
3
Month
+
4.25%),
4.25%
,
 11/17/27
(b)
...........
EUR
214
253,910
Jersey,
Channel
Islands
—
0.0%
Vita
Global
Finco
Ltd.,
Term
Loan,
(EURIBOR
3
Month
+
0.00%),
0.00%
-
10.00%
,
 01/01/28
(b)(c)
...
67
76,950
Luxembourg
—
0.1%
(b)
Jazz
Pharmaceuticals
plc,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 05/05/28
............
USD
125
125,066
Luxembourg
Life
Fund
II
-
Absolute
Return
Fund
III,
Term
Loan,
(LIBOR
USD
3
Month
+
9.39%),
0.00%
-
10.00%
,
 01/01/28
(c)
..........
97
96,030
221,096
Netherlands
—
0.3%
(b)
Cypher
Bidco
BV,
Term
Loan,
(EURIBOR
3
Month
+
0.00%),
4.50%
-
10.00%
,
 01/01/28
(c)
.....
EUR
154
168,844
Ziggo
BV,
Facility
Term
Loan
H,
(EURIBOR
6
Month
+
3.00%),
3.00%
,
 01/31/29
............
311
365,716
534,560
Security
Par
(000)
Par
(000)
Value
United
States
—
1.8%
ACProducts
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
4.42%
,
 05/17/28
(b)
...........
USD
56
$
55,680
Adient
US
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
3.60%
,
 04/10/28
(b)
...........
14
13,996
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
5.50%
,
 02/02/26
(b)
.....
74
74,377
American
Rock
Salt
Co.
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
 06/09/28
(b)
.....
18
18,008
Applied
Systems,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
 09/19/24
(b)
.....
14
13,963
athenahealth,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.25%),
4.41%
,
 02/11/26
(b)
...........
21
20,993
Avantor
Funding,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.25%),
3.25%
,
 11/08/27
(b)
...........
15
14,501
Avaya,
Inc.,
Term
Loan
B1,
12/15/27
(b)(n)
32
32,067
Avaya,
Inc.,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
4.00%),
4.07%
,
 12/15/27
(b)
...........
25
25,051
BCA
Central
Ltd.,
Facility
Term
Loan
A,
(EUR002M
+
0.00%),
5.50%
,
 04/29/23
(b)(c)
..........
EUR
167
200,062
Cablevision
Lightpath
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 11/30/27
(b)
...........
USD
20
19,900
Caesars
Resort
Collection
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.50%),
4.60%
,
 07/21/25
(b)
.....
36
35,819
City
Brewing
Co.,
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.25%
,
 04/05/28
(b)(c)
..........
32
32,120
Columbus
McKinnon
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
3.25%
,
 05/14/28
(b)(c)
..........
8
7,990
Conair
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
 05/17/28
(b)
.....
23
23,046
DT
Midstream,
Inc.,
Term
Loan,
06/12/28
(b)(n)
...............
54
54,048
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.35%
,
 02/06/26
(b)
.....
22
21,777
Ecl
Entertainment,
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
7.50%),
8.25%
,
 05/01/28
(b)(c)
..........
50
51,000
Flexera
Software
LLC,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 03/03/28
(b)
.....
22
21,921
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
 01/31/28
(b)
20
19,424
Frontier
Communications
Holdings,
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 05/01/28
(b)
45
44,887
Galaxy
Universal
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
8.00%
-
10.00%
,
 01/01/28
(b)(c)
...
100
99,225
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
73
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Gentiva
Health
Services,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
2.88%
,
 07/02/25
(b)
....
USD
53
$
53,156
Herschend
Entertainment
Co.,
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.75%),
6.75%
,
 08/25/25
(b)(c)
....
90
90,769
Hertz
Corp.,
The,
Term
Loan
B,
06/30/28
(b)(n)
...............
46
45,722
Hertz
Corp.,
The,
Term
Loan
C,
06/30/28
(b)(n)
...............
9
8,617
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan,
05/19/28
(b)(n)
.......
83
83,026
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
1.75%),
1.84%
,
 06/22/26
(b)
.....
151
149,530
Informatica
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.35%
,
 02/25/27
(b)
...........
78
77,910
IRB
Holding
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.25%
,
 12/15/27
(b)
...........
84
84,105
ITT
Holdings
LLC,
Term
Loan,
07/30/28
(b)(c)(n)
..............
26
25,935
J&J
Ventures
Gaming
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
 04/26/28
(b)(c)
..........
59
59,147
Jo-Ann
Stores
LLC,
Term
Loan,
06/30/28
(b)(c)(n)
..............
25
24,937
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 12/17/27
(b)
.....
25
24,732
LBM
Acquisition
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
12/17/27
(b)(n)
....
4
3,664
LBM
Acquisition
LLC,
Delayed
Draw
Term
Loan,
12/17/27
(b)(n)
.......
36
36,015
LBM
Acquisition
LLC,
Term
Loan
B2,
12/17/27
(b)(n)
...............
73
72,031
Leslie's
Poolmart,
Inc.,Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
3.25%
-
0.00%
,
 03/09/28
(b)
.....
62
61,575
LogMeIn,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
4.83%
,
 08/31/27
(b)
...........
75
74,673
Luxembourg
Life
Fund
-
Long
Term
Growth
Fund,
Term
Loan,
0.00%
-
10.00%
,
 01/01/38
(b)(c)
.........
128
127,360
McAfee
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
3.85%
,
 09/30/24
(b)
...........
22
21,870
MetroNet
Systems
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 06/02/28
(b)
19
18,890
MetroNet
Systems
Holdings
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
06/02/28
(b)(n)
...............
2
2,099
Michaels
Co.
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.25%),
5.00%
,
 04/15/28
(b)
...........
23
23,084
Opendoor,
Term
Loan,
0.00%
-
10.00%
,
 01/23/26
(c)(o)
.........
181
181,400
Organon
&
Co.,
Term
Loan,
(LIBOR
USD
6
Month
+
3.00%),
3.50%
,
 06/02/28
(b)
...........
44
44,028
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Park
River
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.00%
,
 12/28/27
(b)
.....
USD
48
$
47,708
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 02/01/28
(b)
...........
48
47,832
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
7.75%),
8.50%
,
 02/01/29
(b)(c)
..........
14
14,280
PG&E
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.50%
,
 06/23/25
(b)
...........
49
47,813
Playtika
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
2.85%
,
 03/13/28
(b)
...........
125
124,050
Project
Ruby
Ultimate
Parent
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
 03/10/28
(b)
90
89,466
Proofpoint,
Inc.,
Term
Loan,
06/09/28
(b)
(n)
......................
19
18,884
Realpage,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 04/24/28
(b)
...........
53
52,814
Redstone
HoldCo
2
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
 04/27/28
(b)
.....
69
68,766
Redstone
HoldCo
2
LP,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.75%),
8.50%
,
 04/27/29
(b)
.....
32
31,169
Redstone
HoldCo
2
LP,
Delayed
Draw
1st
Lien
Term
Loan,
04/27/28
(b)(n)
.
27
26,914
Redstone
HoldCo
2
LP,
Delayed
Draw
2nd
Lien
Term
Loan,
04/27/29
(b)(n)
.
18
17,873
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.00%),
4.75%
,
 03/16/27
(b)
.....
83
82,931
Select
Medical
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
2.36%
,
 03/06/25
(b)
...........
15
14,425
Shearer's
Foods
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.25%
,
 09/23/27
(b)
...........
30
30,397
Signal
Parent,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
4.25%
,
 04/03/28
(b)(c)
..........
50
49,062
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
2
Month
+
4.25%),
5.00%
,
 06/08/28
(b)
14
13,935
SRS
Distribution,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
 06/02/28
(b)
...........
67
66,926
Surf
Holdings
SARL,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
3.63%
,
 03/05/27
(b)
.....
66
65,369
The
Enterprise
Development
Authority,
Term
Loan
B,
(LIBOR
USD
1
Month
+
4.25%),
5.00%
,
 02/28/28
(b)(c)
...
110
109,886
Tory
Burch
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 04/16/28
(b)
...........
26
25,902
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 03/31/28
(b)
.....
45
44,937
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
74
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
UKG,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.00%
,
 05/04/26
(b)
...........
USD
35
$
34,845
Univision
Communications,
Inc.,
Term
Loan
B,
05/05/28
(b)(n)
..........
35
34,840
VS
Buyer
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.10%
,
 02/28/27
(b)
...........
37
36,690
Western
Digital
Corp.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
1.84%
,
 04/29/23
(b)
...........
17
17,239
White
Cap
Buyer
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.50%
,
 10/19/27
(b)
...........
133
133,497
WIN
Waste
Innovations
Holdings
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
3.25%
,
 03/24/28
(b)
.....
16
15,960
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 12/21/27
(b)
.....
15
14,531
3,673,071
Total
Floating
Rate
Loan
Interests
—
2.5%
(Cost:
$5,016,368)
..............................
5,097,131
Foreign
Government
Obligations
—
4.0%
Argentina
—
0.1%
Argentine
Republic:
1.00%,
07/09/29
............
30
11,175
0.12%,
07/09/30
(m)
..........
295
105,934
0.12%,
07/09/35
(m)
..........
331
104,663
0.12%,
01/09/38
(m)
..........
119
44,605
266,377
Brazil
—
0.2%
Federative
Republic
of
Brazil,
10.00%
,
01/01/27
.................
BRL
2
356,971
China
—
2.7%
People's
Republic
of
China:
3.29%,
05/23/29
............
CNY
11,120
1,741,365
2.68%,
05/21/30
............
12,530
1,862,166
3.27%,
11/19/30
............
11,530
1,803,368
5,406,899
Greece
—
0.2%
Hellenic
Republic,
2.00%
,
04/22/27
(a)
EUR
343
448,827
Japan
—
0.4%
Japan
Government
Bond,
0.40%
,
09/20/49
.................
JPY
93,850
787,708
Mexico
—
0.4%
United
Mexican
States:
5.75%,
03/05/26
............
MXN
50
245,826
7.75%,
05/29/31
............
112
595,317
841,143
Total
Foreign
Government
Obligations
—
4.0%
(Cost:
$8,147,154)
..............................
8,107,925
Security
Shares
Shares
Value
Investment
Companies
—
2.9%
Consumer
Discretionary
Select
Sector
SPDR
Fund
...............
925
$
165,159
Energy
Select
Sector
SPDR
Fund
(f)
..
706
38,032
Financial
Select
Sector
SPDR
Fund
.
1,731
63,510
Health
Care
Select
Sector
SPDR
Fund
(f)
1,533
193,081
Industrial
Select
Sector
SPDR
Fund
(f)
3,689
377,754
Invesco
Senior
Loan
ETF
(f)
.......
13,525
299,579
iShares
China
Large-Cap
ETF
(f)(p)
...
3,630
168,178
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(f)(p)
...............
1,131
99,573
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(f)(p)
.......
293
39,368
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(p)
..........
25,105
2,823,308
iShares
Latin
America
40
ETF
(p)
....
2,948
92,921
iShares
MSCI
Brazil
ETF
(f)(p)
.......
4,150
168,241
iShares
MSCI
Emerging
Markets
ETF
(p)
429
23,659
iShares
MSCI
Japan
ETF
(p)
.......
1,698
114,683
iShares
Nasdaq
Biotechnology
ETF
(f)(p)
153
25,038
iShares
S&P
500
Value
ETF
(f)(p)
....
1,761
259,994
KraneShares
Bosera
MSCI
China
A
ETF
.....................
1,304
62,383
KraneShares
CSI
China
Internet
ETF
(f)
970
67,687
SPDR
Blackstone
Senior
Loan
ETF
.
2,338
108,226
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
.................
284
31,229
SPDR
EURO
STOXX
50
ETF
(f)
....
671
31,423
SPDR
Gold
Shares
(h)
...........
2,388
395,524
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF
(f)
............
1,543
149,193
United
States
Oil
Fund
LP
(h)
.......
867
43,246
Utilities
Select
Sector
SPDR
Fund
(f)
..
1,179
74,548
VanEck
Vectors
Semiconductor
ETF
.
221
57,955
Total
Investment
Companies
—
2.9%
(Cost:
$5,674,827)
..............................
5,973,492
Par
(000)
Pa
r
(
000)
Municipal
Bonds
—
0.0%
Ohio
-
0.0%
Buckeye
Tobacco
Settlement
Financing
Authority,
Series
2020B-2,
RB,
5.00%, 06/01/55
............
USD
100
116,964
Total
Municipal
Bonds
—
0.0%
(Cost:
$112,792)
................................
116,964
Non-Agency
Mortgage-Backed
Securities
—
1.1%
Collateralized
Mortgage
Obligations
—
0.1%
United
States
—
0.1%
(a)(b)
Federal
Home
Loan
Mortgage
Corp.
STACR
REMIC
Trust
Variable
Rate
Notes:
Series
2020-DNA6,
Class
B1,
(SOFR30A
+
3.00%),
3.02%,
12/25/50
...............
17
17,480
Series
2021-DNA3,
Class
B1,
(SOFR30A
+
3.50%),
3.52%,
10/25/33
...............
49
51,183
Series
2021-HQA1,
Class
B1,
(SOFR30A
+
3.00%),
3.02%,
08/25/33
...............
32
32,325
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
75
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-HQA1,
Class
B2,
(SOFR30A
+
5.00%),
5.02%,
08/25/33
...............
USD
20
$
20,200
Federal
Home
Loan
Mortgage
Corp.
Structured
Agency
Credit
Risk
Debt
Variable
Rate
Notes:
Series
2021-DNA2,
Class
B1,
(SOFR30A
+
3.40%),
3.42%,
08/25/33
...............
18
18,536
Series
2021-DNA2,
Class
B2,
(SOFR30A
+
6.00%),
6.02%,
08/25/33
...............
17
19,074
158,798
Commercial
Mortgage-Backed
Securities
—
1.0%
United
States
—
1.0%
BANK:
Series
2017-BNK8,
Class
B,
4.06%,
11/15/50
(b)
..............
13
13,748
Series
2017-BNK9,
Class
A4,
3.54%,
11/15/54
..........
17
19,321
Beast
Mortgage
Trust
(a)(b)
:
Series
2021-SSCP,
Class
B,
(LIBOR
USD
1
Month
+
1.10%),
1.17%,
04/15/36
...............
27
27,043
Series
2021-SSCP,
Class
C,
(LIBOR
USD
1
Month
+
1.35%),
1.42%,
04/15/36
...............
37
37,059
Series
2021-SSCP,
Class
D,
(LIBOR
USD
1
Month
+
1.60%),
1.67%,
04/15/36
...............
33
33,053
Series
2021-SSCP,
Class
E,
(LIBOR
USD
1
Month
+
2.10%),
2.17%,
04/15/36
...............
37
37,059
Series
2021-SSCP,
Class
F,
(LIBOR
USD
1
Month
+
2.90%),
2.97%,
04/15/36
...............
24
24,060
Series
2021-SSCP,
Class
G,
(LIBOR
USD
1
Month
+
3.80%),
3.87%,
04/15/36
...............
39
39,097
Series
2021-SSCP,
Class
H,
(LIBOR
USD
1
Month
+
4.90%),
4.98%,
04/15/36
...............
18
18,045
Benchmark
Mortgage
Trust,
Series
2021-B25,
Class
A5,
2.58%,
04/15/54
.................
46
47,711
BX
Commercial
Mortgage
Trust
(a)(b)
:
Series
2019-XL,
Class
J,
(LIBOR
USD
1
Month
+
2.65%),
2.72%,
10/15/36
...............
91
90,613
Series
2021-VINO,
Class
F,
(LIBOR
USD
1
Month
+
2.80%),
2.88%,
05/15/38
...............
100
100,000
BX
Trust
(a)(b)
:
Series
2019-OC11,
Class
D,
4.08%,
12/09/41
...............
64
68,475
Series
2019-OC11,
Class
E,
4.08%,
12/09/41
...............
89
93,080
Series
2021-MFM1,
Class
E,
(LIBOR
USD
1
Month
+
2.25%),
2.32%,
01/15/34
...............
20
19,994
Series
2021-MFM1,
Class
F,
(LIBOR
USD
1
Month
+
3.00%),
3.07%,
01/15/34
...............
40
40,249
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-SOAR,
Class
G,
(LIBOR
USD
1
Month
+
2.80%),
2.90%,
06/15/38
..........
USD
107
$
106,935
CD
Mortgage
Trust,
Series
2017-CD6,
Class
B,
3.91%,
11/13/50
(b)
.....
10
10,789
Citigroup
Commercial
Mortgage
Trust:
Series
2014-GC19,
Class
D,
5.26%,
03/10/47
(a)(b)
.............
10
10,698
Series
2014-GC23,
Class
AS,
3.86%,
07/10/47
..........
45
48,215
Series
2018-C6,
Class
A4,
4.41%,
11/10/51
...............
16
18,762
Commercial
Mortgage
Trust:
Series
2014-CR17,
Class
C,
4.95%,
05/10/47
(b)
..............
15
16,166
Series
2014-CR21,
Class
A3,
3.53%,
12/10/47
...............
32
34,041
CORE
Mortgage
Trust,
Series
2019-
CORE,
Class
F,
(LIBOR
USD
1
Month
+
2.35%),
2.42%,
12/15/31
(a)(b)
13
12,671
CSAIL
Commercial
Mortgage
Trust:
Series
2016-C5,
Class
C,
4.78%,
11/15/48
(b)
..............
10
10,788
Series
2020-C19,
Class
A3,
2.56%,
03/15/53
...............
94
97,809
Extended
Stay
America
Trust
(a)(b)
:
Series
2021-ESH,
Class
D,
(LIBOR
USD
1
Month
+
2.25%),
2.33%,
07/15/38
...............
204
204,980
Series
2021-ESH,
Class
E,
(LIBOR
USD
1
Month
+
2.85%),
2.93%,
07/15/38
...............
102
102,580
GS
Mortgage
Securities
Trust,
Series
2020-GC47,
Class
AS,
2.73%,
05/12/53
.................
36
37,233
JP
Morgan
Chase
Commercial
Mortgage
Securities
Corp.
(a)(b)
:
Series
2021-MHC,
Class
E,
(LIBOR
USD
1
Month
+
2.45%),
2.52%,
04/15/38
...............
60
60,131
Series
2021-MHC,
Class
F,
(LIBOR
USD
1
Month
+
2.95%),
3.02%,
04/15/38
...............
60
60,149
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2019-COR4,
Class
A5,
4.03%,
03/10/52
.....
35
39,984
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2018-WPT,
Class
DFX,
5.35%,
07/05/33
(a)
................
18
18,448
Life
Mortgage
Trust,
Series
2021-BMR,
Class
F,
(LIBOR
USD
1
Month
+
2.35%),
2.42%,
03/15/38
(a)(b)
....
117
117,364
MHC
Commercial
Mortgage
Trust
(a)(b)
:
Series
2021-MHC,
Class
E,
(LIBOR
USD
1
Month
+
2.10%),
2.17%,
04/15/38
...............
156
156,183
Series
2021-MHC,
Class
F,
(LIBOR
USD
1
Month
+
2.60%),
2.67%,
04/15/38
...............
106
106,069
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust:
Series
2015-C24,
Class
C,
(LIBOR
USD
1
Month
+
0.00%),
4.49%,
05/15/48
(b)
..............
10
10,567
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
76
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2016-C32,
Class
A4,
3.72%,
12/15/49
...............
USD
27
$
30,031
Morgan
Stanley
Capital
I
Trust:
Series
2018-MP,
Class
A,
4.42%,
07/11/40
(a)(b)
.............
17
19,203
Series
2020-L4,
Class
A3,
2.70%,
02/15/53
...............
29
30,189
UBS
Commercial
Mortgage
Trust,
Series
2019-C17,
Class
A4,
2.92%,
10/15/52
.................
10
10,627
UBS-Barclays
Commercial
Mortgage
Trust,
Series
2012-C3,
Class
D,
5.21%,
08/10/49
(a)(b)
..........
14
14,298
Wells
Fargo
Commercial
Mortgage
Trust
(b)
:
Series
2015-C28,
Class
AS,
3.87%,
05/15/48
...............
30
32,474
Series
2017-C38,
Class
C,
3.90%,
07/15/50
...............
10
11,058
Series
2017-C41,
Class
B,
4.19%,
11/15/50
...............
25
26,782
2,163,831
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
United
States
—
0.0%
Benchmark
Mortgage
Trust,
Series
2021-B25,
Class
XA,
1.23%,
04/15/54
(b)
................
159
13,827
Total
Non-Agency
Mortgage-Backed
Securities
—
1.1%
(Cost:
$2,307,351)
..............................
2,336,456
Beneficial
Interest
(000)
Beneficial
Interest
(000)
Other
Interests
-
0.1%
Capital
Markets
-
0.1%
Sprott
Private
Resource
Streaming
&
Royalty
LP
(c)(q)
..............
166
197,635
Total
Other
Interests
-
0.1%
(Cost:
$167,154)
..................................
197,635
Par
(000)
Pa
r
(
000)
Preferred
Securities
—
2.9%
Capital
Trusts
—
0.2%
United
States
—
0.2%
(b)
American
Express
Co.,
Series
C
,
(LIBOR
USD
3
Month
+
3.29%),
3.40%
(r)
..................
73
73,091
Morgan
Stanley,
Series
H
,
(LIBOR
USD
3
Month
+
3.61%),
3.79%
(r)
.....
84
84,315
Prudential
Financial,
Inc.:
(LIBOR
USD
3
Month
+
3.92%),
5.63%, 06/15/43
..........
44
47,219
(LIBOR
USD
3
Month
+
4.18%),
5.87%, 09/15/42
..........
64
67,655
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
USB
Capital
IX
,
(LIBOR
USD
3
Month
+
1.02%),
3.50%
(r)
............
USD
31
$
30,690
302,970
Total
Capital
Trusts
—
0.2%  
(Cost:
$296,271)
................................
302,970
Shares
Shares
Preferred
Stocks
—
2.6%
Brazil
—
0.1%
Itau
Unibanco
Holding
SA
(Preference)
7,223
43,305
Neon
Payments
Ltd.
(c)
...........
239
89,250
132,555
China
—
0.2%
ByteDance
Ltd.,
Series
E-1
(Acquired
11/11/20,
cost
$272,511)
(c)(e)
.....
2,487
421,882
Germany
—
0.3%
Porsche
Automobil
Holding
SE
(Preference)
...............
953
102,305
Sartorius
AG
(Preference)
........
6
3,123
Volkswagen
AG
(Preference)
......
1,863
467,113
Volocopter
Gmbh,
(Acquired
03/03/21,
cost
$159,412)
(c)(e)
...........
30
158,650
731,191
India
—
0.1%
Think
&
Learn
Pvt
Ltd.,
Series
F
(Acquired
12/11/20,
cost
$103,122)
(c)
(e)
......................
32
122,723
Jersey
—
0.0%
Loadsmart,
Inc.,
Series
C
(Acquired
10/05/20,
cost
$85,987)
(c)(e)
.....
10,057
104,794
United
Kingdom
—
0.4%
(e)
Arrival
Ltd.,
Series
A
(Acquired
10/8/20,
cost
$252,641)
.............
35,173
538,453
Exscientia
Ltd.,
C-1
(Acquired
02/24/21,
cost
$80,550)
(c)
.............
46
161,100
Exscientia
Ltd.,
C-1
(Acquired
04/29/21,
cost
$38,524)
(c)(d)
............
11
38,524
738,077
United
States
—
1.5%
2020
Cash
Mandatory
Exchangeable
Trust,
5.25%
(a)(j)
.............
277
349,042
Aptiv
plc,
Series
A,
5.50%
(j)
.......
1,083
193,662
Becton
Dickinson
and
Co.,
Series
B,
6.00%
(f)
..................
4,094
219,070
Boston
Scientific
Corp.,
Series
A,
5.50%
...................
713
82,751
Cruise,
Series
G
(Acquired
03/25/21,
cost
$76,178)
(c)(e)
............
2,891
76,582
Databricks,
Inc.,
Series
F
(Acquired
10/22/19,
cost
$88,431)
(c)(e)
.....
2,059
365,205
Databricks,
Inc.,
Series
G
(Acquired
02/01/21,
cost
$102,873)
(c)(e)
....
580
102,874
Deep
Instinct
Ltd.,
Series
D-2
(Acquired
03/19/21,
cost
$89,710)
(c)(e)
.....
14,760
92,946
DoubleVerify
Holdings,
Inc.,
Series
A
(Acquired
11/18/20,
cost
$55,816)
(e)
3,243
133,113
Exo
Imaging,
Inc.,
Series
C
(Acquired
06/24/21,
cost
$62,470)
(c)(d)(e)
....
10,664
62,470
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
77
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
United
States
(continued)
Farmer’s
Business
Network,
Inc.,
Series
F
(Acquired
07/31/20,
cost
$69,518)
(c)(e)
...............
2,103
$
89,777
Grand
Rounds,
Inc.,
Series
C
(Acquired
03/31/15,
cost
$127,944)
(c)(e)
....
46,081
169,578
Grand
Rounds,
Inc.,
Series
D
(Acquired
05/01/18,
cost
$51,112)
(c)(e)
.....
21,089
76,975
Jumpcloud,
Inc.,
Series
E-1
(Acquired
10/30/20,
cost
$93,611)
(c)(e)
.....
51,330
92,394
Lookout,
Inc.,
Series
F
(Acquired
09/19/14-10/22/14,
cost
$243,061)
(c)
(e)
......................
21,278
247,889
Mount
Sinai
Genomics,
Inc.,
Sema
4
Series
C
(Acquired
07/17/20,
cost
$82,846)
(c)(e)
...............
135
189,648
Mythic
AI,
Inc.,
Series
C
(Acquired
01/26/21,
cost
$48,256)
(c)(e)
.....
7,024
50,292
PsiQuantum
Corp.,
(Acquired
05/21/21,
cost
$40,179)
(c)(d)(e)
...........
1,532
40,179
Relativity
Space,
Inc.,
(Acquired
05/27/21,
cost
$68,894),
Series
E
(c)(d)
(e)
......................
3,017
68,878
SambaNova
Systems,
Inc.,
(Acquired
04/09/21,
cost
$52,640),
Series
D
(c)(d)
(e)
......................
554
52,641
SambaNova
Systems,
Inc.,
Series
C
(Acquired
02/19/20,
cost
$91,575)
(c)
(e)
......................
1,720
163,434
Snorkel
AI,
Inc.,
Series
C
(Acquired
06/30/21,
cost
$28,447)
(c)(d)(e)
....
1,894
28,448
Wells
Fargo
&
Co.,
Series
L,
7.50%
(f)(j)(r)
46
70,206
Zero
Mass
Water,
Inc.,
Series
C-1
(Acquired
05/07/20,
cost
$70,353)
(c)
(e)
......................
4,463
83,503
3,101,557
Total
Preferred
Stocks
—
2.6%  
(Cost:
$3,976,263)
..............................
5,352,779
Trust
Preferreds
—
0.1%
United
States
—
0.1%
(b)
Citigroup
Capital
XIII
,
(LIBOR
USD
3
Month
+
6.37%),
6.56%, 10/30/40
(f)
5,096
142,178
GMAC
Capital
Trust
I,
Series
2
,
(LIBOR
USD
3
Month
+
5.79%),
5.94%, 02/15/40
............
2,605
65,933
208,111
Total
Trust
Preferreds
—
0.1%  
(Cost:
$205,560)
................................
208,111
Total
Preferred
Securities
—
2.9%
(Cost:
$4,478,094)
..............................
5,863,860
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
—
0.1%
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2018-M13,
Class
A2,
3.82%, 09/25/30
(b)
...........
USD
17
20,024
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates,
Series
KL06,
Class
XFX,
1.36%, 12/25/29
........
USD
100
$
9,141
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
(b)
:
Series
K105,
Class
X1,
1.64%
,
 03/25/53
........
279
31,965
Series
K109,
Class
X1,
1.70%
,
 04/25/30
........
118
14,127
Series
K110,
Class
X1,
1.81%
,
 04/25/30
........
100
12,755
Series
K116,
Class
X1,
1.53%
,
 07/25/30
........
100
11,003
Series
K120,
Class
X1,
1.13%
,
 10/25/30
........
396
32,682
Series
KW09,
Class
X1,
0.94%
,
 05/25/29
........
465
24,422
136,095
Total
U.S.
Government
Sponsored
Agency
Securities
—
0.1%  
(Cost:
$155,124)
................................
156,119
U.S.
Treasury
Obligations
—
2.2%
U.S.
Treasury
Bonds:
(h)
1.13%, 05/15/40
-
08/15/40
.....
1,262
1,086,464
2.38%, 11/15/49
............
1,135
1,208,065
U.S.
Treasury
Inflation
Linked
Notes,
0.13%, 01/15/30
-
01/15/31
(h)
....
413
453,641
U.S.
Treasury
Notes,
2.00%, 11/15/21
(g)
(h)
......................
1,750
1,762,578
Total
U.S.
Treasury
Obligations
—
2.2%
(Cost:
$4,527,769)
..............................
4,510,748
Shares
Shares
Warrants
—
0.0%
Brazil
—
0.0%
Neon
Payments
Ltd.
(Issued/
exercisable
06/25/20,
1
share
for
1
warrant,
Expires
10/08/21,
Strike
Price
USD
1.00)
(c)(d)
..........
80
1,435
Cayman
Islands
—
0.0%
Hedosophia
European
Growth
(Issued/
exercisable
06/15/21,
1
share
for
1
warrant,
Expires
05/13/27,
Strike
Price
EUR
11.50)
(d)
..........
1,945
2,283
Switzerland
—
0.0%
Cie
Financiere
Richemont
SA
(Issued/
exercisable
11/27/20,
1
share
for
1
warrant,
Expires
11/22/23,
Strike
Price
CHF
67.00)
(d)
..........
36
24
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
78
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
United
States
—
0.0%
(d)
Cano
Health,
Inc.
(Issued/exercisable
06/03/21,
1
share
for
1
warrant,
Expires
07/06/25,
Strike
Price
USD
11.50)
...................
1,986
$
7,326
Climate
Change
Crisis
Real
Impact
I
Acquisition
Corp.
(Issued/
exercisable
11/10/20,
1
share
for
1
warrant,
Expires
09/15/25,
Strike
Price
USD
11.50)
............
1,130
4,610
Crown
PropTech
Acquisitions
(Issued/
exercisable
02/05/21,
1
share
for
1
warrant,
Expires
02/01/26,
Strike
Price
USD
1.00)
(c)
...........
2,120
1,230
Israel
Amplify
Program
Corp.
(Issued/
exercisable
05/14/21,
1
share
for
1
warrant,
Expires
12/31/49,
Strike
Price
USD
1.00)
(c)
...........
3,104
4,687
Latch,
Inc.
(Issued/exercisable
06/04/21,
1
share
for
1
warrant,
Expires
12/31/26,
Strike
Price
USD
11.50)
...................
840
2,940
Lightning
eMotors,
Inc.
(Issued/
exercisable
12/10/20,
1
share
for
1
warrant,
Expires
12/15/25,
Strike
Price
USD
1.00)
............
2,348
7,890
Rotor
Acquisition
Corp.
(Issued/
exercisable
01/15/21,
1
share
for
1
warrant,
Expires
01/31/26,
Strike
Price
USD
11.50)
(c)
...........
780
850
Tortoise
Acquisition
Corp.
II
(Issued/
exercisable
10/22/20,
1
share
for
1
warrant,
Expires
06/14/27,
Strike
Price
USD
11.50)
............
1,160
2,517
TPG
Pace
Beneficial
Finance
Corp.
(Issued/exercisable
11/17/20,
1
share
for
1
warrant,
Expires
10/09/27,
Strike
Price
USD
11.50)
510
1,688
Zero
Mass
Water,
Inc.,
Series
C-1
(Acquired
05/08/20,
cost
$0)
(Issued/
exercisable
05/08/20,
1
share
for
1
warrant,
Expires
11/08/21,
Strike
Price
USD
18.92)
(c)(e)
.........
4,463
12,943
46,681
Total
Warrants
—
0.0%
............................
50,423
Total
Long-Term
Investments
—
94.4%
(Cost:
$155,525,202)
.............................
192,972,287
Par
(000)
Pa
r
(
000)
Short-Term
Securities
—
6.3%
Foreign
Government
Obligations
—
0.7%
(s)
Brazil
-
0.7%
Federative
Republic
of
Brazil
Treasury
Bills,
8.71%
,
07/01/24
.........
BRL
9
1,450,467
Total
Foreign
Government
Obligations
—
0.7%
(Cost:
$1,336,940)
..............................
1,450,467
Security
Shares
Shares
Value
Money
Market
Funds
—
5.4%
(p)(t)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
......
7,170,256
$
7,170,256
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.13%
(u)
.............
3,845,376
3,846,529
Total
Money
Market
Funds
—
5.4%
(Cost:
$11,016,785)
..............................
11,016,785
Par
(000)
Pa
r
(
000)
Time
Deposits
—
0.2%
Australia
—
0.0%
Brown
Brothers
Harriman
&
Co.,
(0.44)%, 07/01/21
...........
AUD
13
9,402
Canada
—
0.1%
Royal
Bank
of
Canada,
0.01%, 07/02/21
............
CAD
87
70,536
Europe
—
0.0%
BNP
Paribas,
(0.78)%, 07/01/21
....
EUR
51
60,182
Hong
Kong
—
0.0%
Hong
Kong
&
Shanghai
Bank,
0.00%, 07/02/21
............
HKD
213
27,382
Japan
—
0.0%
Sumitomo
Mitsui
Financial
Group,
Inc.,
(0.31)%, 07/01/21
...........
JPY
2,376
21,307
Norway
—
0.0%
Brown
Brothers
Harriman
&
Co.,
(1.08)%, 07/01/21
...........
NOK
1
99
Singapore
—
0.0%
Hong
Kong
&
Shanghai
Bank,
0.00%, 07/01/21
............
SGD
3
1,888
Switzerland
—
0.0%
BNP
Paribas,
(1.83)%, 07/01/21
....
CHF
—
(v)
494
United
Kingdom
—
0.1%
Citibank
NA,
0.01%, 07/01/21
.....
GBP
47
64,176
United
States
—
0.0%
National
Australia
Bank
Ltd.,
0.80%, 07/01/21
............
USD
56
56,287
Total
Time
Deposits
—
0.2%
(Cost:
$311,753)
................................
311,753
Total
Short-Term
Securities
—
6.3%
(Cost:
$12,665,478)
..............................
12,779,005
Total
Options
Purchased
—
0.4%
(Cost:
$1,019,741
)
..............................
860,000
Total
Investments
Before
Options
Written
and
Investments
Sold
Short
—
101.1%
(Cost:
$169,210,421)
.............................
206,611,292
Total
Options
Written
—
(0.2)%
(Premiums
Received
—
$683,124)
...................
(468,150)
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
79
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
Investments
Sold
Short
—
(0.5)%
Common
Stocks
—
(0.5)%
United
States
—
(0.5)%
Appian
Corp.
(d)
...............
1,479
$
(203,732)
DoorDash,
Inc.,
Class
A
(d)
........
775
(138,206)
Hershey
Co.
(The)
.............
388
(67,582)
JM
Smucker
Co.
(The)
..........
412
(53,383)
Nordstrom,
Inc.
(d)
..............
620
(22,673)
Snowflake,
Inc.,
Class
A
(d)
........
554
(133,957)
Tesla,
Inc.
(d)
..................
197
(133,901)
Security
Shares
Shares
Value
United
States
(continued)
Walgreens
Boots
Alliance,
Inc.
.....
6,011
$
(316,239)
(1,069,673)
Total
Common
Stocks
—
(0.5)%
(Proceeds:
$990,229)
............................
(1,069,673)
Total
Investments
Sold
Short
—
(0.5)%
(Proceeds:
$990,229
)
............................
(1,069,673)
Total
Investments
Net
of
Options
Written
and
Investments
Sold
Short
—
100.4%
(Cost:
$167,537,068)
.............................
205,073,469
Liabilities
in
Excess
of
Other
Assets
—
(0.4)%
............
(741,073)
Net
Assets
—
100.0%
..............................
$
204,332,396
(a)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Non-income
producing
security.
(e)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$6,609,486,
representing
3.23%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$4,305,549.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(h)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
See
Note
1
of
the
Notes
to
Financial
Statements
for
details
on
the
wholly-owned
subsidiary.
(i)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(j)
Convertible
security.
(k)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(l)
Zero-coupon
bond.
(m)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(n)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(o)
Fixed
rate.
(p)
Affiliate
of
the
Fund.
(q)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(r)
Perpetual
security
with
no
stated
maturity
date.
(s)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(t)
Annualized
7-day
yield
as
of
period
end.
(u)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(v)
Rounds
to
less
than
1,000.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
80
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
June
30,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/21
Shares
Held
at
06/30/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
110,670
$
7,059,586
$
—
$
—
$
—
$
7,170,256
7,170,256
$
98
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
6,400,603
—
(2,553,476)
(598)
—
3,846,529
3,845,376
18,767
(b)
—
iShares
China
Large-Cap
ETF
..
252,719
—
(83,907)
3,224
(3,858)
168,178
3,630
548
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
2,408,432
—
(2,286,888)
56,859
(78,830)
99,573
1,131
27,785
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
......
1,062,634
336,922
(1,323,656)
(14,571)
(21,961)
39,368
293
4,351
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
.
2,370,707
3,928,664
(3,411,557)
(82,317)
17,811
2,823,308
25,105
58,106
—
iShares
Latin
America
40
ETF
..
129,140
—
(39,044)
2,741
84
92,921
2,948
1,114
—
iShares
MSCI
Brazil
ETF
.....
97,012
97,699
(27,827)
1,238
119
168,241
4,150
2,598
—
iShares
MSCI
Emerging
Markets
ETF
..................
33,120
—
(11,200)
1,737
2
23,659
429
103
—
iShares
MSCI
Japan
ETF
.....
—
115,242
—
—
(559)
114,683
1,698
—
—
iShares
Nasdaq
Biotechnology
ETF
..................
34,691
—
(11,294)
2,660
(1,019)
25,038
153
34
—
iShares
Russell
2000
ETF
(c)
....
2,452,907
311,303
(2,947,808)
408,289
(224,691)
—
—
2,419
—
iShares
S&P
500
Value
ETF
...
225,443
—
—
—
34,551
259,994
1,761
2,147
—
$
379,262
$
(278,351)
$
14,831,748
$
118,070
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
81
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-BTP
...............................................................
24
09/08/21
$
4,309
$
29,625
Euro-Bund
..............................................................
6
09/08/21
1,228
1,470
Euro-Buxl
...............................................................
1
09/08/21
241
3,918
Japan
10
Year
Bond
........................................................
2
09/13/21
2,731
(346)
Australia
10
Year
Bond
......................................................
29
09/15/21
3,071
(11,095)
DAX
Index
..............................................................
2
09/17/21
921
(13,866)
EURO
STOXX
50
Index
.....................................................
26
09/17/21
1,250
(25,765)
FTSE/MIB
Index
..........................................................
2
09/17/21
296
(6,240)
MSCI
Emerging
Markets
E-Mini
Index
............................................
4
09/17/21
273
(1,308)
Russell
2000
E-Mini
Index
....................................................
19
09/17/21
2,192
(21,776)
U.S.
Treasury
10
Year
Note
...................................................
22
09/21/21
2,913
6,859
U.S.
Treasury
Long
Bond
....................................................
5
09/21/21
803
22,181
U.S.
Treasury
Ultra
Bond
....................................................
4
09/21/21
770
7,926
U.S.
Treasury
5
Year
Note
....................................................
107
09/30/21
13,202
(11,184)
(19,601)
Short
Contracts
NASDAQ
100
E-Mini
Index
...................................................
27
09/17/21
7,856
(303,908)
S&P
500
E-Mini
Index
......................................................
76
09/17/21
16,297
(190,781)
U.S.
Treasury
10
Year
Ultra
Note
...............................................
89
09/21/21
13,089
(157,801)
Long
Gilt
...............................................................
9
09/28/21
1,595
(10,106)
U.S.
Treasury
2
Year
Note
....................................................
102
09/30/21
22,473
16,354
(646,242)
$
(665,843)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
PLN
1,583,000
EUR
343,276
Morgan
Stanley
&
Co.
International
plc
07/09/21
$
8,076
CHF
945,000
USD
1,019,979
Morgan
Stanley
&
Co.
International
plc
07/14/21
1,705
USD
519,510
CHF
465,000
UBS
AG
07/14/21
16,777
USD
718,640
EUR
587,697
Morgan
Stanley
&
Co.
International
plc
07/21/21
21,495
USD
510,861
NOK
4,258,000
JPMorgan
Chase
Bank
NA
07/22/21
16,277
INR
15,564,000
USD
205,276
Citibank
NA
07/23/21
3,528
GBP
342,000
USD
471,533
Goldman
Sachs
International
07/29/21
1,596
MXN
9,141,000
USD
452,518
Goldman
Sachs
International
07/29/21
4,483
USD
473,326
GBP
342,000
Morgan
Stanley
&
Co.
International
plc
07/29/21
197
USD
513,782
EUR
430,000
JPMorgan
Chase
Bank
NA
08/12/21
3,469
USD
1,029,273
EUR
861,716
Bank
of
America
NA
08/20/21
6,445
USD
597,373
SEK
4,937,000
HSBC
Bank
plc
08/26/21
20,196
USD
394,205
CNY
2,531,499
HSBC
Bank
plc
09/09/21
4,783
BRL
522,587
USD
102,000
Goldman
Sachs
International
09/10/21
2,148
USD
124,612
INR
9,178,330
BNP
Paribas
SA
09/17/21
2,350
JPY
33,277,404
EUR
251,000
Citibank
NA
09/24/21
1,608
USD
995,942
CNY
6,474,917
HSBC
Bank
plc
09/24/21
1,005
USD
34,916
EUR
29,383
UBS
AG
09/24/21
13
USD
495,377
CNY
3,221,208
UBS
AG
09/30/21
625
116,776
JPY
85,553,000
USD
776,600
BNP
Paribas
SA
07/08/21
(6,477)
USD
801,023
CNY
5,306,000
HSBC
Bank
plc
07/08/21
(18,945)
JPY
85,985,000
USD
778,008
Bank
of
America
NA
07/09/21
(3,990)
USD
304,000
BRL
1,744,808
Citibank
NA
07/13/21
(46,362)
JPY
61,673,352
USD
561,974
BNP
Paribas
SA
07/14/21
(6,780)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
82
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
JPY
49,700,648
USD
452,655
Citibank
NA
07/14/21
$
(5,241)
JPY
55,993,950
EUR
429,000
HSBC
Bank
plc
07/15/21
(4,757)
JPY
84,786,000
USD
772,565
HSBC
Bank
plc
07/15/21
(9,300)
USD
455,132
BRL
2,574,000
BNP
Paribas
SA
07/15/21
(61,625)
EUR
587,697
USD
705,017
Deutsche
Bank
AG
07/21/21
(7,872)
JPY
73,818,000
USD
676,399
UBS
AG
07/21/21
(11,836)
AUD
290,000
USD
225,049
Morgan
Stanley
&
Co.
International
plc
07/22/21
(7,540)
GBP
528,000
USD
736,111
HSBC
Bank
plc
07/22/21
(5,683)
EUR
250,878
USD
303,716
Morgan
Stanley
&
Co.
International
plc
07/23/21
(6,104)
GBP
528,000
USD
736,077
HSBC
Bank
plc
07/23/21
(5,647)
JPY
57,891,000
USD
531,397
Bank
of
America
NA
07/29/21
(10,183)
JPY
73,818,000
USD
676,593
Morgan
Stanley
&
Co.
International
plc
07/29/21
(11,983)
EUR
502,437
USD
609,734
Deutsche
Bank
AG
07/30/21
(13,613)
JPY
94,967,783
EUR
721,000
Goldman
Sachs
International
07/30/21
(400)
JPY
57,923,000
USD
532,237
Bank
of
America
NA
07/30/21
(10,731)
JPY
61,881,000
USD
573,012
JPMorgan
Chase
Bank
NA
07/30/21
(15,870)
GBP
2,158
USD
2,999
Citibank
NA
08/05/21
(14)
GBP
427,842
USD
594,612
Morgan
Stanley
&
Co.
International
plc
08/05/21
(2,719)
JPY
60,740,000
USD
558,359
JPMorgan
Chase
Bank
NA
08/05/21
(11,462)
USD
576,634
CNY
3,763,000
BNP
Paribas
SA
08/05/21
(3,691)
USD
825,228
HKD
6,409,000
Bank
of
America
NA
08/05/21
(275)
EUR
334,081
USD
401,533
JPMorgan
Chase
Bank
NA
08/06/21
(5,102)
JPY
65,136,000
USD
596,588
JPMorgan
Chase
Bank
NA
08/06/21
(10,105)
USD
342,481
CNY
2,235,000
HSBC
Bank
plc
08/06/21
(2,173)
USD
7,661
CNY
50,000
UBS
AG
08/06/21
(49)
IDR
2,009,891,460
USD
139,502
Goldman
Sachs
International
08/11/21
(2,158)
IDR
989,946,540
USD
68,661
HSBC
Bank
plc
08/11/21
(1,013)
EUR
1,032,601
USD
1,255,708
Citibank
NA
08/12/21
(30,243)
JPY
80,975,000
USD
746,320
JPMorgan
Chase
Bank
NA
08/12/21
(17,186)
USD
827,784
HKD
6,429,000
BNP
Paribas
SA
08/12/21
(308)
EUR
812,091
USD
987,230
Citibank
NA
08/13/21
(23,442)
AUD
656,221
USD
509,419
BNP
Paribas
SA
08/19/21
(17,176)
JPY
71,260,000
USD
652,930
Deutsche
Bank
AG
08/19/21
(11,236)
KRW
458,023,394
USD
406,554
Citibank
NA
08/19/21
(1,307)
AUD
559,732
USD
431,861
JPMorgan
Chase
Bank
NA
08/20/21
(11,994)
EUR
861,716
USD
1,052,898
Barclays
Bank
plc
08/20/21
(30,070)
KRW
459,684,000
USD
407,594
JPMorgan
Chase
Bank
NA
08/24/21
(891)
KRW
463,406,000
USD
412,466
Morgan
Stanley
&
Co.
International
plc
08/25/21
(2,473)
AUD
118,487
USD
91,940
JPMorgan
Chase
Bank
NA
08/26/21
(3,058)
JPY
44,545,000
USD
406,554
Deutsche
Bank
AG
08/26/21
(5,404)
AUD
398,258
USD
308,140
JPMorgan
Chase
Bank
NA
08/27/21
(9,391)
AUD
446,176
USD
342,314
JPMorgan
Chase
Bank
NA
09/02/21
(7,612)
JPY
97,233,552
USD
888,880
Goldman
Sachs
International
09/09/21
(13,130)
USD
411,069
BRL
2,102,000
Citibank
NA
09/09/21
(7,902)
USD
102,000
BRL
518,364
Citibank
NA
09/10/21
(1,306)
CAD
456,000
USD
370,589
Deutsche
Bank
AG
09/23/21
(2,740)
USD
692,568
CNY
4,513,810
JPMorgan
Chase
Bank
NA
09/23/21
(1,076)
USD
171,061
CNY
1,115,101
UBS
AG
09/23/21
(297)
GBP
305,838
EUR
357,000
BNP
Paribas
SA
09/24/21
(921)
(508,863)
$
(392,087)
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
USD
Currency
...............
One-Touch
Bank
of
America
NA
07/22/21
CNH
6.56
CNH
6.56
USD
10
$
1,376
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
83
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
OTC
Barrier
Options
Purchased
(continued)
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Put
USD
Currency
...............
One-Touch
Bank
of
America
NA
07/22/21
CNH
6.38
CNH
6.38
USD
20
$
1,410
$
2,786
$
–
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
SPDR
S&P
500
ETF
Trust
......................
48
07/02/21
USD
427.00
USD
2,055
$
10,920
Alphabet,
Inc.
..............................
1
07/16/21
USD
2,600.00
USD
251
925
Amazon.com,
Inc.
...........................
1
07/16/21
USD
3,750.00
USD
344
323
Apple,
Inc.
................................
16
07/16/21
USD
140.00
USD
219
1,416
Applied
Materials,
Inc.
........................
15
07/16/21
USD
140.00
USD
214
7,650
BP
plc
...................................
68
07/16/21
USD
29.00
USD
180
578
Crowdstrike
Holdings,
Inc.
......................
5
07/16/21
USD
220.00
USD
126
16,138
DR
Horton,
Inc.
.............................
20
07/16/21
USD
95.00
USD
181
1,120
Freeport-McMoRan,
Inc.
.......................
8
07/16/21
USD
38.00
USD
30
736
FTSE
MIB
Index
............................
3
07/16/21
EUR
26,000.00
EUR
151
302
iShares
MSCI
Emerging
Markets
ETF
..............
123
07/16/21
USD
57.00
USD
678
1,230
Johnson
Controls
International
plc
................
29
07/16/21
USD
67.50
USD
199
5,365
Lions
Gate
Entertainment
Corp.
..................
4
07/16/21
USD
21.00
USD
8
240
Mastercard,
Inc.
............................
6
07/16/21
USD
390.00
USD
219
282
Microsoft
Corp.
.............................
8
07/16/21
USD
265.00
USD
217
6,000
PulteGroup,
Inc.
............................
12
07/16/21
USD
60.00
USD
65
180
Ralph
Lauren
Corp.
..........................
8
07/16/21
USD
145.00
USD
94
120
RingCentral,
Inc.
............................
2
07/16/21
USD
340.00
USD
58
140
Sabre
Corp.
...............................
4
07/16/21
USD
20.00
USD
5
12
Sandvik
AB
................................
24
07/16/21
SEK
237.83
SEK
530
62
SPDR
S&P
500
ETF
Trust
......................
90
07/16/21
USD
427.00
USD
3,853
41,085
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF
....
6
07/16/21
USD
102.00
USD
58
864
Twilio,
Inc.
................................
1
07/16/21
USD
390.00
USD
39
1,588
VanEck
Vectors
Semiconductor
ETF
...............
30
07/16/21
USD
260.00
USD
787
17,250
SPDR
S&P
500
ETF
Trust
......................
113
07/30/21
USD
436.00
USD
4,837
21,301
Amazon.com,
Inc.
...........................
1
08/20/21
USD
3,600.00
USD
344
7,200
Comcast
Corp.
.............................
11
08/20/21
USD
57.50
USD
63
1,799
CommScope
Holding
Co.,
Inc.
...................
3
08/20/21
USD
25.00
USD
6
128
ConocoPhillips
.............................
34
08/20/21
USD
65.00
USD
207
4,998
Daimler
AG
................................
20
08/20/21
EUR
85.00
EUR
151
1,067
Energy
Select
Sector
SPDR
Fund
................
157
08/20/21
USD
60.00
USD
846
9,106
Facebook,
Inc.
.............................
13
08/20/21
USD
345.00
USD
452
23,173
Freeport-McMoRan,
Inc.
.......................
16
08/20/21
USD
41.00
USD
59
1,896
Global
Payments,
Inc.
........................
10
08/20/21
USD
210.00
USD
188
1,475
L
Brands,
Inc.
..............................
27
08/20/21
USD
80.00
USD
195
6,372
Las
Vegas
Sands
Corp.
.......................
5
08/20/21
USD
65.00
USD
26
238
Mastercard,
Inc.
............................
5
08/20/21
USD
375.00
USD
183
4,250
Mastercard,
Inc.
............................
11
08/20/21
USD
410.00
USD
402
1,535
salesforce.com,
Inc.
..........................
5
08/20/21
USD
250.00
USD
122
3,363
SPDR
S&P
500
ETF
Trust
......................
39
08/20/21
USD
440.00
USD
1,669
9,399
Trane
Technologies
plc
........................
2
08/20/21
USD
190.00
USD
37
800
Wells
Fargo
&
Co.
...........................
47
08/20/21
USD
45.00
USD
213
10,246
Western
Digital
Corp.
.........................
6
08/20/21
USD
95.00
USD
43
351
Western
Digital
Corp.
.........................
12
08/20/21
USD
85.00
USD
85
1,482
Zscaler,
Inc.
...............................
6
08/20/21
USD
220.00
USD
130
6,165
Advance
Auto
Parts,
Inc.
.......................
4
09/17/21
USD
210.00
USD
82
3,260
Carrier
Global
Corp.
..........................
26
09/17/21
USD
47.00
USD
126
8,580
Deere
&
Co.
...............................
1
09/17/21
USD
380.00
USD
35
745
FedEx
Corp.
...............................
4
09/17/21
USD
310.00
USD
119
3,670
Freeport-McMoRan,
Inc.
.......................
17
09/17/21
USD
40.00
USD
63
3,383
Illinois
Tool
Works,
Inc.
........................
8
09/17/21
USD
250.00
USD
179
700
Lions
Gate
Entertainment
Corp.
..................
6
09/17/21
USD
25.00
USD
12
375
SPDR
S&P
500
ETF
Trust
......................
157
09/17/21
USD
450.00
USD
6,721
31,008
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
84
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
SPDR
S&P
500
ETF
Trust
......................
179
09/17/21
USD
440.00
USD
7,662
$
85,920
Vinci
SA
..................................
14
09/17/21
EUR
100.00
EUR
126
1,311
Wells
Fargo
&
Co.
...........................
47
09/17/21
USD
45.00
USD
213
12,573
Nucor
Corp.
...............................
10
10/15/21
USD
110.00
USD
96
3,250
TE
Connectivity
Ltd.
..........................
5
10/15/21
USD
145.00
USD
68
1,375
Parker-Hannifin
Corp.
.........................
6
11/19/21
USD
340.00
USD
184
5,070
Diamondback
Energy,
Inc.
......................
10
12/17/21
USD
90.00
USD
94
14,200
Diamondback
Energy,
Inc.
......................
17
12/17/21
USD
115.00
USD
160
9,945
SPDR
S&P
500
ETF
Trust
......................
10
12/17/21
USD
360.00
USD
428
73,315
Caesars
Entertainment,
Inc.
....................
6
01/21/22
USD
100.00
USD
62
9,765
Devon
Energy
Corp.
..........................
29
01/21/22
USD
35.00
USD
85
5,960
Devon
Energy
Corp.
..........................
36
01/21/22
USD
28.00
USD
105
16,110
521,385
Put
SPDR
S&P
500
ETF
Trust
......................
3
07/02/21
USD
420.00
USD
128
29
SPDR
S&P
500
ETF
Trust
......................
53
07/02/21
USD
410.00
USD
2,269
186
Invesco
QQQ
Trust
1
.........................
35
07/16/21
USD
320.00
USD
1,241
1,295
Invesco
QQQ
Trust
1
.........................
43
07/16/21
USD
325.00
USD
1,524
1,957
iShares
Russell
2000
ETF
......................
2
07/16/21
USD
218.00
USD
46
146
Pitney
Bowes,
Inc.
...........................
3
07/16/21
USD
7.00
USD
3
30
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
......
5
07/16/21
USD
108.00
USD
55
63
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
........
150
09/17/21
USD
84.00
USD
1,321
5,700
PG&E
Corp.
...............................
4
09/17/21
USD
8.00
USD
4
56
90-day
Eurodollar
December
2021
Futures
..........
14
12/10/21
USD
99.38
USD
3,500
2,975
Uber
Technologies,
Inc.
.......................
3
12/17/21
USD
25.00
USD
15
47
12,484
$
533,869
OTC
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
adidas
AG
.............
Barclays
Bank
plc
321
07/16/21
EUR
305.00
EUR
101
$
4,477
EURO
STOXX
50
Index
....
Credit
Suisse
International
139
07/16/21
EUR
4,175.00
EUR
565
1,104
NXP
Semiconductors
NV
...
UBS
AG
1,055
07/16/21
USD
210.00
USD
217
2,959
Safran
SA
..............
Barclays
Bank
plc
811
07/16/21
EUR
125.00
EUR
95
509
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
07/28/21
MXN
21.50
USD
1,214
830
DR
Horton,
Inc.
..........
Citibank
NA
2,094
08/20/21
USD
90.00
USD
189
9,737
EURO
STOXX
50
Index
....
Goldman
Sachs
International
83
08/20/21
EUR
4,250.00
EUR
337
1,211
LVMH
Moet
Hennessy
Louis
Vuitton
SE
...........
Barclays
Bank
plc
193
08/20/21
EUR
675.00
EUR
128
2,813
Autodesk,
Inc.
...........
Nomura
International
plc
1,083
09/17/21
USD
295.00
USD
316
12,386
EURO
STOXX
50
Index
....
Credit
Suisse
International
139
09/17/21
EUR
4,250.00
EUR
565
4,500
United
Rentals,
Inc.
.......
Credit
Suisse
International
300
09/17/21
USD
360.00
USD
96
2,235
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
09/29/21
MXN
20.75
USD
1,214
14,368
EURO
STOXX
50
Index
....
Credit
Suisse
International
139
11/19/21
EUR
4,300.00
EUR
565
7,351
Amazon.com,
Inc.
........
Citibank
NA
76
06/17/22
USD
4,150.00
USD
261
11,801
76,281
Put
SPDR
Gold
Shares
(a)
......
Citibank
NA
1,299
07/16/21
USD
164.00
USD
215
1,643
SPDR
Gold
Shares
(a)
......
Citibank
NA
1,590
07/16/21
USD
166.00
USD
263
3,291
USD
Currency
...........
JPMorgan
Chase
Bank
NA
—
07/27/21
RUB
72.25
USD
403
2,139
EUR
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
07/30/21
USD
1.19
EUR
2,143
14,862
EUR
Currency
...........
BNP
Paribas
SA
—
08/02/21
USD
1.19
EUR
1,492
14,746
iShares
National
Muni
Bond
ETF
...............
Credit
Suisse
International
27
08/20/21
USD
113.00
USD
3
–
iShares
National
Muni
Bond
ETF
...............
Credit
Suisse
International
27
08/20/21
USD
114.00
USD
3
–
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
85
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
OTC
Options
Purchased
(continued)
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
08/25/21
MXN
19.75
USD
742
$
6,584
USD
Currency
...........
Bank
of
America
NA
—
08/26/21
RUB
72.50
USD
691
6,675
USD
Currency
...........
JPMorgan
Chase
Bank
NA
—
08/26/21
ZAR
13.75
USD
546
2,613
52,553
$
128,834
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
See
Note
1
of
the
Notes
to
Financial
Statements
for
details
on
the
wholly-owned
subsidiary.
OTC
Dual
Binary
Options
Purchased
Description
(a)
Counterparty
Units
Expiration
Date
Notional
Amount
(000)
Value
Call
Dual
Binary
Option:
Payout
at
expiration
if
the
S&P
500
Index
<=
4,567.73
and
10
year
swap
>=
1.7
.......
Goldman
Sachs
International
24
10/15/21
USD
219
$
6,190
(a)
Option
only
pays
if
both
terms
are
met
on
the
expiration
date.
OTC
Credit
Default
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
(a)
Value
Put
Bought
Protection
on
5-Year
Credit
Default
Swap
1.00
%
Quarterly
CDX.NA.IG.36.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
07/21/21
USD
65.00
USD
800
$
65
Bought
Protection
on
5-Year
Credit
Default
Swap
5.00
Quarterly
CDX.NA.HY.36.V1
Quarterly
JPMorgan
Chase
Bank
NA
07/21/21
USD
108.00
USD
95
75
Bought
Protection
on
5-Year
Credit
Default
Swap
5.00
Quarterly
CDX.NA.HY.36.V1
Quarterly
JPMorgan
Chase
Bank
NA
07/21/21
USD
108.50
USD
50
55
$
195
(a)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
6
month
EURIBOR
Semi-Annual
0.07%
Annual
Goldman
Sachs
International
12/24/21
0.07
%
EUR
762
$
6,631
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.60%
Semi-Annual
Goldman
Sachs
International
04/20/22
1.60
USD
767
28,276
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.30%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
04/21/22
1.30
USD
813
9,493
1-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.80%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
03/16/23
0.80
USD
10,341
24,923
69,323
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
86
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
OTC
Interest
Rate
Swaptions
Purchased
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Put
5-Year
Interest
Rate
Swap
(a)
.
1.37%
Semi-Annual
3
month
LIBOR
Quarterly
Goldman
Sachs
International
07/08/21
1.37
%
USD
2,543
$
1
30-Year
Interest
Rate
Swap
(a)
0.48%
Annual
6
month
EURIBOR
Semi-Annual
JPMorgan
Chase
Bank
NA
11/16/21
0.48
EUR
760
32,573
30-Year
Interest
Rate
Swap
(a)
0.49%
Annual
6
month
EURIBOR
Semi-Annual
Goldman
Sachs
International
11/24/21
0.49
EUR
742
31,551
30-Year
Interest
Rate
Swap
(a)
0.52%
Annual
6
month
EURIBOR
Semi-Annual
Goldman
Sachs
International
12/09/21
0.52
EUR
687
27,593
10-Year
Interest
Rate
Swap
(a)
1.79%
Semi-Annual
3
month
LIBOR
Quarterly
Goldman
Sachs
International
12/29/21
1.79
USD
952
9,355
1-Year
Interest
Rate
Swap
(a)
.
0.50%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
07/05/22
0.50
USD
11,010
17,730
118,803
$
188,126
(a)
Forward
settling
swaption.
OTC
Barrier
Options
Written
Description
Type
of
Option
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Put
USD
Currency
.......
One-Touch
Bank
of
America
NA
—
07/22/21
CNH
6.45
CNH
6.45
USD
10
$
(4,620)
EURO
STOXX
50
Index
.
Down
and
In
Credit
Suisse
International
129
12/17/21
EUR
3,500.00
EUR
3,100.00
EUR
—
(8,801)
$
(13,421)
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
Alphabet,
Inc.
...............................
1
07/16/21
USD
2,800.00
USD
251
$
(498)
Amazon.com,
Inc.
............................
1
07/16/21
USD
4,100.00
USD
344
(78)
Apple,
Inc.
.................................
16
07/16/21
USD
155.00
USD
219
(80)
Applied
Materials,
Inc.
.........................
15
07/16/21
USD
155.00
USD
214
(923)
Crowdstrike
Holdings,
Inc.
.......................
5
07/16/21
USD
250.00
USD
126
(4,463)
Freeport-McMoRan,
Inc.
........................
8
07/16/21
USD
41.00
USD
30
(212)
iShares
MSCI
Emerging
Markets
ETF
...............
123
07/16/21
USD
61.00
USD
678
(369)
Mastercard,
Inc.
.............................
6
07/16/21
USD
440.00
USD
219
(54)
Microsoft
Corp.
..............................
8
07/16/21
USD
290.00
USD
217
(132)
NVIDIA
Corp.
...............................
2
07/16/21
USD
660.00
USD
160
(28,450)
RingCentral,
Inc.
.............................
2
07/16/21
USD
390.00
USD
58
(200)
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF
.....
6
07/16/21
USD
110.00
USD
58
(219)
Twilio,
Inc.
.................................
1
07/16/21
USD
450.00
USD
39
(157)
UWM
Holdings
Corp.
..........................
8
07/16/21
USD
12.00
USD
7
(60)
UWM
Holdings
Corp.
..........................
13
07/16/21
USD
11.00
USD
11
(98)
Amazon.com,
Inc.
............................
1
08/20/21
USD
3,900.00
USD
344
(1,908)
Capital
One
Financial
Corp.
......................
10
08/20/21
USD
160.00
USD
155
(4,725)
ConocoPhillips
..............................
34
08/20/21
USD
75.00
USD
207
(935)
Energy
Select
Sector
SPDR
Fund
.................
236
08/20/21
USD
65.00
USD
1,271
(5,664)
Facebook,
Inc.
..............................
13
08/20/21
USD
365.00
USD
452
(11,960)
Freeport-McMoRan,
Inc.
........................
16
08/20/21
USD
46.00
USD
59
(720)
Global
Payments,
Inc.
.........................
10
08/20/21
USD
230.00
USD
188
(950)
Mastercard,
Inc.
.............................
10
08/20/21
USD
400.00
USD
365
(2,400)
Mastercard,
Inc.
.............................
11
08/20/21
USD
450.00
USD
402
(292)
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
87
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
UWM
Holdings
Corp.
..........................
4
08/20/21
USD
12.50
USD
3
$
(70)
Western
Digital
Corp.
..........................
9
08/20/21
USD
100.00
USD
64
(414)
Zscaler,
Inc.
................................
6
08/20/21
USD
250.00
USD
130
(1,419)
SPDR
S&P
500
ETF
Trust
.......................
157
09/17/21
USD
454.00
USD
6,721
(21,274)
Wells
Fargo
&
Co.
............................
47
09/17/21
USD
52.50
USD
213
(2,562)
Diamondback
Energy,
Inc.
.......................
10
12/17/21
USD
130.00
USD
94
(3,450)
Diamondback
Energy,
Inc.
.......................
17
12/17/21
USD
135.00
USD
160
(4,888)
SPDR
S&P
500
ETF
Trust
.......................
20
12/17/21
USD
455.00
USD
856
(10,790)
Caesars
Entertainment,
Inc.
.....................
6
01/21/22
USD
130.00
USD
62
(3,495)
Devon
Energy
Corp.
...........................
29
01/21/22
USD
40.00
USD
85
(3,466)
Devon
Energy
Corp.
...........................
36
01/21/22
USD
38.00
USD
105
(5,364)
(122,739)
Put
SPDR
S&P
500
ETF
Trust
.......................
56
07/02/21
USD
390.00
USD
2,397
(84)
Alphabet,
Inc.
...............................
1
07/16/21
USD
2,100.00
USD
251
(105)
Amazon.com,
Inc.
............................
1
07/16/21
USD
3,000.00
USD
344
(338)
Apple,
Inc.
.................................
16
07/16/21
USD
115.00
USD
219
(152)
Applied
Materials,
Inc.
.........................
31
07/16/21
USD
115.00
USD
441
(403)
Autodesk,
Inc.
...............................
7
07/16/21
USD
240.00
USD
204
(189)
Crowdstrike
Holdings,
Inc.
.......................
5
07/16/21
USD
170.00
USD
126
(60)
DR
Horton,
Inc.
..............................
20
07/16/21
USD
80.00
USD
181
(170)
Invesco
QQQ
Trust
1
..........................
43
07/16/21
USD
295.00
USD
1,524
(559)
iShares
Russell
2000
ETF
.......................
2
07/16/21
USD
200.00
USD
46
(32)
Johnson
Controls
International
plc
.................
41
07/16/21
USD
60.00
USD
281
(205)
Mastercard,
Inc.
.............................
5
07/16/21
USD
330.00
USD
183
(233)
Mastercard,
Inc.
.............................
6
07/16/21
USD
345.00
USD
219
(732)
Microsoft
Corp.
..............................
8
07/16/21
USD
215.00
USD
217
(80)
PulteGroup,
Inc.
.............................
12
07/16/21
USD
50.00
USD
65
(240)
Ralph
Lauren
Corp.
...........................
8
07/16/21
USD
115.00
USD
94
(1,460)
RingCentral,
Inc.
.............................
2
07/16/21
USD
260.00
USD
58
(295)
salesforce.com,
Inc.
...........................
10
07/16/21
USD
185.00
USD
244
(60)
Sandvik
AB
.................................
24
07/16/21
SEK
208.10
SEK
530
(467)
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
.......
5
07/16/21
USD
105.00
USD
55
(50)
Twilio,
Inc.
.................................
1
07/16/21
USD
300.00
USD
39
(46)
MercadoLibre,
Inc.
............................
1
07/30/21
USD
1,300.00
USD
156
(825)
Amazon.com,
Inc.
............................
1
08/20/21
USD
2,800.00
USD
344
(1,155)
Comcast
Corp.
..............................
11
08/20/21
USD
52.50
USD
63
(803)
Daimler
AG
.................................
20
08/20/21
EUR
70.00
EUR
151
(2,194)
Facebook,
Inc.
..............................
7
08/20/21
USD
305.00
USD
243
(2,398)
Global
Payments,
Inc.
.........................
10
08/20/21
USD
185.00
USD
188
(6,300)
Global
Payments,
Inc.
.........................
10
08/20/21
USD
170.00
USD
188
(2,100)
Las
Vegas
Sands
Corp.
........................
10
08/20/21
USD
50.00
USD
53
(1,905)
Mastercard,
Inc.
.............................
5
08/20/21
USD
330.00
USD
183
(1,538)
Mastercard,
Inc.
.............................
8
08/20/21
USD
340.00
USD
292
(3,740)
salesforce.com,
Inc.
...........................
5
08/20/21
USD
220.00
USD
122
(940)
ServiceNow,
Inc.
.............................
4
08/20/21
USD
410.00
USD
220
(510)
Trane
Technologies
plc
.........................
2
08/20/21
USD
170.00
USD
37
(325)
Wells
Fargo
&
Co.
............................
47
08/20/21
USD
40.00
USD
213
(2,350)
Zscaler,
Inc.
................................
6
08/20/21
USD
190.00
USD
130
(1,674)
Advance
Auto
Parts,
Inc.
........................
4
09/17/21
USD
180.00
USD
82
(1,260)
Alphabet,
Inc.
...............................
1
09/17/21
USD
2,100.00
USD
251
(1,795)
Amazon.com,
Inc.
............................
1
09/17/21
USD
3,000.00
USD
344
(3,620)
Carrier
Global
Corp.
...........................
22
09/17/21
USD
43.00
USD
107
(1,320)
Deere
&
Co.
................................
1
09/17/21
USD
320.00
USD
35
(653)
EQT
Corp.
.................................
64
09/17/21
USD
17.00
USD
142
(2,240)
FedEx
Corp.
................................
4
09/17/21
USD
270.00
USD
119
(1,850)
Freeport-McMoRan,
Inc.
........................
17
09/17/21
USD
32.00
USD
63
(1,836)
Illinois
Tool
Works,
Inc.
.........................
8
09/17/21
USD
200.00
USD
179
(1,620)
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
.........
150
09/17/21
USD
81.00
USD
1,321
(3,600)
Microsoft
Corp.
..............................
8
09/17/21
USD
225.00
USD
217
(1,092)
Vinci
SA
...................................
14
09/17/21
EUR
85.00
EUR
126
(3,719)
Wells
Fargo
&
Co.
............................
47
09/17/21
USD
40.00
USD
213
(3,784)
Nucor
Corp.
................................
10
10/15/21
USD
92.50
USD
96
(6,200)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
88
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
TE
Connectivity
Ltd.
...........................
5
10/15/21
USD
125.00
USD
68
$
(1,688)
Parker-Hannifin
Corp.
..........................
6
11/19/21
USD
250.00
USD
184
(3,060)
(74,054)
$
(196,793)
OTC
Options
Written
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
FANUC
Corp.
..............
Goldman
Sachs
International
100
07/08/21
JPY
28,144.32
JPY
2,680
$
(58)
Kose
Corp.
................
Morgan
Stanley
&
Co.
International
plc
100
07/08/21
JPY
18,949.54
JPY
1,748
(4)
Sony
Group
Corp.
...........
Morgan
Stanley
&
Co.
International
plc
200
07/08/21
JPY
11,765.40
JPY
2,163
(57)
adidas
AG
................
Barclays
Bank
plc
321
07/16/21
EUR
330.00
EUR
101
(578)
NXP
Semiconductors
NV
......
UBS
AG
1,055
07/16/21
USD
230.00
USD
217
(264)
Safran
SA
.................
Barclays
Bank
plc
811
07/16/21
EUR
140.00
EUR
95
(58)
SPDR
Gold
Shares
(a)
.........
Citibank
NA
649
07/16/21
USD
192.00
USD
107
(10)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
07/28/21
MXN
20.75
USD
1,214
(3,285)
Disco
Corp.
...............
JPMorgan
Chase
Bank
NA
49
08/13/21
JPY
38,689.39
JPY
1,664
(89)
FANUC
Corp.
..............
Goldman
Sachs
International
88
08/13/21
JPY
29,683.18
JPY
2,358
(135)
Hoya
Corp.
................
JPMorgan
Chase
Bank
NA
691
08/13/21
JPY
16,625.69
JPY
10,178
(316)
Keyence
Corp.
.............
JPMorgan
Chase
Bank
NA
37
08/13/21
JPY
63,543.85
JPY
2,075
(50)
Kose
Corp.
................
Morgan
Stanley
&
Co.
International
plc
139
08/13/21
JPY
19,925.43
JPY
2,430
(70)
Recruit
Holdings
Co.
Ltd.
......
Goldman
Sachs
International
449
08/13/21
JPY
6,191.74
JPY
2,456
(130)
Shin-Etsu
Chemical
Co.
Ltd.
....
JPMorgan
Chase
Bank
NA
527
08/13/21
JPY
20,481.09
JPY
9,792
(424)
Sony
Group
Corp.
...........
Goldman
Sachs
International
236
08/13/21
JPY
11,899.94
JPY
2,552
(141)
DR
Horton,
Inc.
.............
Citibank
NA
2,094
08/20/21
USD
97.50
USD
189
(3,874)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
...................
Barclays
Bank
plc
193
08/20/21
EUR
715.00
EUR
128
(1,020)
NXP
Semiconductors
NV
......
Nomura
International
plc
9
08/20/21
USD
225.00
USD
185
(2,988)
Autodesk,
Inc.
..............
Nomura
International
plc
1,561
09/17/21
USD
325.00
USD
456
(7,210)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
09/29/21
MXN
21.50
USD
1,214
(6,972)
(27,733)
Put
adidas
AG
................
Barclays
Bank
plc
321
07/16/21
EUR
270.00
EUR
101
(133)
NXP
Semiconductors
NV
......
UBS
AG
1,055
07/16/21
USD
170.00
USD
217
(4)
Safran
SA
.................
Barclays
Bank
plc
811
07/16/21
EUR
110.00
EUR
95
(838)
SPDR
Gold
Shares
(a)
.........
Citibank
NA
3,538
07/16/21
USD
157.00
USD
586
(1,021)
USD
Currency
..............
JPMorgan
Chase
Bank
NA
—
07/27/21
RUB
70.00
USD
403
(390)
EUR
Currency
..............
BNP
Paribas
SA
—
07/30/21
USD
1.17
EUR
2,143
(3,125)
EUR
Currency
..............
BNP
Paribas
SA
—
08/02/21
USD
1.15
EUR
2,239
(1,109)
DR
Horton,
Inc.
.............
Citibank
NA
2,094
08/20/21
USD
82.50
USD
189
(3,371)
Edwards
Lifesciences
Corp.
....
Citibank
NA
1,181
08/20/21
USD
87.50
USD
122
(528)
EURO
STOXX
50
Index
.......
Goldman
Sachs
International
83
08/20/21
EUR
3,725.00
EUR
337
(2,323)
Intuitive
Surgical,
Inc.
.........
Citibank
NA
136
08/20/21
USD
760.00
USD
125
(95)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
...................
Barclays
Bank
plc
193
08/20/21
EUR
605.00
EUR
128
(1,670)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
08/25/21
MXN
19.25
USD
1,113
(2,698)
USD
Currency
..............
Bank
of
America
NA
—
08/26/21
RUB
70.00
USD
1,037
(1,701)
USD
Currency
..............
JPMorgan
Chase
Bank
NA
—
08/26/21
ZAR
13.25
USD
820
(836)
Autodesk,
Inc.
..............
Nomura
International
plc
1,083
09/17/21
USD
250.00
USD
316
(3,511)
United
Rentals,
Inc.
..........
Credit
Suisse
International
300
09/17/21
USD
280.00
USD
96
(2,294)
Amazon.com,
Inc.
...........
Citibank
NA
38
06/17/22
USD
2,800.00
USD
131
(4,798)
(30,445)
$
(58,178)
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
See
Note
1
of
the
Notes
to
Financial
Statements
for
details
on
the
wholly-owned
subsidiary.
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
89
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
OTC
Credit
Default
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating
(a)
Exercise
Price
Notional
Amount
(000)
(b)
Value
Put
Sold
Protection
on
5-Year
Credit
Default
Swap
CDX.NA.IG.36.V1
Quarterly
1.00
%
Quarterly
Morgan
Stanley
&
Co.
International
plc
07/21/21
NR
USD
80.00
USD
800
$
(42)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
0.02%
Annual
6
month
EURIBOR
Semi-Annual
Goldman
Sachs
International
08/24/21
0.02
%
EUR
762
$
(1,889)
10-Year
Interest
Rate
Swap
(a)
0.55%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
09/20/21
0.55
USD
430
(51)
1-Year
Interest
Rate
Swap
(a)
.
0.40%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/16/23
0.40
USD
10,341
(7,742)
1-Year
Interest
Rate
Swap
(a)
.
0.60%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/16/23
0.60
USD
10,341
(14,667)
(24,349)
Put
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
2.15%
Semi-Annual
Goldman
Sachs
International
07/08/21
2.15
USD
533
—
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
2.53%
Semi-Annual
Goldman
Sachs
International
07/08/21
2.53
USD
407
—
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.73%
Semi-Annual
Goldman
Sachs
International
07/26/21
1.73
USD
1,343
(970)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.72%
Semi-Annual
Goldman
Sachs
International
08/24/21
1.72
USD
952
(2,789)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.75%
Semi-Annual
Goldman
Sachs
International
08/31/21
1.75
USD
1,480
(4,441)
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
2.19%
Semi-Annual
Goldman
Sachs
International
08/31/21
2.19
USD
740
(2,714)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.40%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
09/20/21
1.40
USD
859
(14,279)
30-Year
Interest
Rate
Swap
(a)
6
month
EURIBOR
Semi-Annual
0.78%
Annual
JPMorgan
Chase
Bank
NA
11/16/21
0.78
EUR
760
(9,134)
30-Year
Interest
Rate
Swap
(a)
6
month
EURIBOR
Semi-Annual
0.79%
Annual
Goldman
Sachs
International
11/24/21
0.79
EUR
742
(9,146)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.85%
Semi-Annual
Goldman
Sachs
International
11/26/21
1.85
USD
1,343
(9,037)
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
2.32%
Semi-Annual
Goldman
Sachs
International
12/03/21
2.32
USD
416
(3,797)
30-Year
Interest
Rate
Swap
(a)
6
month
EURIBOR
Semi-Annual
0.82%
Annual
Goldman
Sachs
International
12/09/21
0.82
EUR
687
(8,412)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.76%
Semi-Annual
Goldman
Sachs
International
01/26/22
1.76
USD
2,974
(36,663)
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
2.60%
Semi-Annual
Goldman
Sachs
International
04/20/22
2.60
USD
767
(8,012)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
2.30%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
04/21/22
2.30
USD
813
(4,863)
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
3.04%
Semi-Annual
Barclays
Bank
plc
06/15/26
3.04
USD
3,176
(41,599)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
90
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
3.04%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
06/30/26
3.04
%
USD
1,445
$
(19,511)
(175,367)
$
(199,716)
(a)
Forward
settling
swaption.
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.IG.33.V1
...................
1.00
%
Quarterly
12/20/24
USD
6,863
$
(139,000)
$
(104,908)
$
(34,092)
CDX.NA.HY.34.V9
...................
5.00
Quarterly
06/20/25
USD
337
(33,786)
4,538
(38,324)
CDX.NA.IG.36.V1
...................
1.00
Quarterly
06/20/26
USD
944
(24,320)
(19,076)
(5,244)
$
(197,106)
$
(119,446)
$
(77,660)
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
ITRAXX.EUR.
CROSSOVER.34.V2
.
5.00
%
Quarterly
12/20/25
BBB-
EUR
558
$
85,568
$
44,650
$
40,918
ITRAXX.EUR.
CROSSOVER.35.V1
.
5.00
Quarterly
06/20/26
BB-
EUR
391
58,309
57,482
827
$
143,877
$
102,132
$
41,745
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3
month
BA
Semi-Annual
1.91%
Semi-Annual
N/A
07/09/21
CAD
5,597
$
32,408
$
—
$
32,408
1.06%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
03/27/22
USD
8,345
(77,618)
(533)
(77,085)
0.88%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/17/22
USD
4,668
(50,661)
—
(50,661)
28
day
MXIBTIIE
Monthly
4.42%
Monthly
N/A
02/28/23
MXN
7,323
(9,061)
—
(9,061)
28
day
MXIBTIIE
Monthly
4.50%
Monthly
N/A
03/03/23
MXN
7,321
(8,640)
—
(8,640)
28
day
MXIBTIIE
Monthly
4.68%
Monthly
N/A
02/27/24
MXN
5,196
(10,063)
—
(10,063)
28
day
MXIBTIIE
Monthly
4.86%
Monthly
N/A
03/01/24
MXN
5,196
(8,957)
—
(8,957)
0.40%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
03/08/24
USD
6,570
8,189
—
8,189
0.53%
Semi-Annual
3
month
LIBOR
Quarterly
06/06/22
(a)
06/06/24
USD
1,612
6,658
—
6,658
0.57%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
06/28/24
USD
1,455
(168)
—
(168)
1.60%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
01/24/25
USD
3,339
(127,722)
33
(127,755)
0.35%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/27/25
USD
1,240
22,838
—
22,838
3
month
LIBOR
Quarterly
0.37%
Semi-Annual
N/A
10/29/25
USD
3,586
(73,605)
—
(73,605)
3
month
LIBOR
Quarterly
0.46%
Semi-Annual
N/A
11/23/25
USD
996
(17,656)
—
(17,656)
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
91
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3
month
LIBOR
Quarterly
0.39%
Semi-Annual
N/A
02/10/26
USD
2,506
$
(56,416)
$
—
$
(56,416)
0.68%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/19/26
USD
1,232
10,054
—
10,054
0.70%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/22/26
USD
337
2,495
—
2,495
3
month
LIBOR
Quarterly
0.83%
Semi-Annual
N/A
03/08/26
USD
4,030
(5,269)
—
(5,269)
3
month
LIBOR
Quarterly
0.85%
Semi-Annual
N/A
04/08/26
USD
5,900
(13,920)
—
(13,920)
3
month
LIBOR
Quarterly
0.87%
Semi-Annual
N/A
04/08/26
USD
2,429
(3,330)
—
(3,330)
0.62%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
04/08/26
USD
2,429
33,349
—
33,349
0.60%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
04/08/26
USD
5,900
86,822
—
86,822
0.63%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
05/26/26
USD
5,690
86,145
—
86,145
0.64%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
05/27/26
USD
8,622
126,565
—
126,565
0.85%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
05/27/26
USD
2,874
12,388
—
12,388
3
month
LIBOR
Quarterly
0.98%
Semi-Annual
N/A
06/28/26
USD
873
437
—
437
0.69%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
06/23/30
USD
392
23,836
—
23,836
3
month
LIBOR
Quarterly
1.08%
Semi-Annual
N/A
08/17/30
USD
936
(23,244)
—
(23,244)
3
month
LIBOR
Quarterly
0.64%
Semi-Annual
N/A
08/21/30
USD
427
(27,878)
—
(27,878)
3
month
LIBOR
Quarterly
0.68%
Semi-Annual
N/A
09/14/30
USD
154
(9,725)
—
(9,725)
3
month
LIBOR
Quarterly
0.66%
Semi-Annual
N/A
09/25/30
USD
234
(15,223)
—
(15,223)
0.71%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
09/25/30
USD
234
14,166
—
14,166
3
month
LIBOR
Quarterly
0.69%
Semi-Annual
N/A
09/29/30
USD
187
(11,644)
—
(11,644)
0.76%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
09/29/30
USD
187
10,432
—
10,432
0.81%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
11/23/30
USD
656
35,926
—
35,926
1.17%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/04/31
USD
426
8,485
—
8,485
1.20%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/05/31
USD
251
4,475
—
4,475
3
month
LIBOR
Quarterly
1.40%
Semi-Annual
N/A
04/07/31
USD
1,860
(3,197)
—
(3,197)
3
month
LIBOR
Quarterly
1.42%
Semi-Annual
N/A
04/08/31
USD
1,072
158
—
158
1.57%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
05/27/31
USD
696
(8,406)
—
(8,406)
1.54%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
05/28/31
USD
123
(1,138)
—
(1,138)
2.18%
Semi-Annual
3
month
LIBOR
Quarterly
06/17/26
(a)
06/17/31
USD
1,070
(9,345)
—
(9,345)
2.18%
Semi-Annual
3
month
LIBOR
Quarterly
06/17/26
(a)
06/17/31
USD
1,036
(9,105)
—
(9,105)
2.16%
Semi-Annual
3
month
LIBOR
Quarterly
06/18/26
(a)
06/18/31
USD
1,070
(8,484)
—
(8,484)
1.99%
Semi-Annual
3
month
LIBOR
Quarterly
07/02/26
(a)
07/02/31
USD
433
—
—
—
1.99%
Semi-Annual
3
month
LIBOR
Quarterly
07/02/26
(a)
07/02/31
USD
1,012
—
—
—
0.89%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
07/02/50
USD
291
61,858
—
61,858
0.88%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
07/21/50
USD
192
41,458
—
41,458
3
month
LIBOR
Quarterly
1.08%
Semi-Annual
N/A
09/28/50
USD
98
(16,498)
—
(16,498)
3
month
LIBOR
Quarterly
1.08%
Semi-Annual
N/A
09/28/50
USD
416
(70,619)
—
(70,619)
3
month
LIBOR
Quarterly
1.07%
Semi-Annual
N/A
10/21/50
USD
288
(49,643)
—
(49,643)
1.27%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/23/50
USD
615
76,144
—
76,144
3
month
LIBOR
Quarterly
0.97%
Semi-Annual
N/A
10/28/50
USD
234
(45,987)
—
(45,987)
1.17%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/28/50
USD
243
36,004
—
36,004
0.98%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/29/50
USD
709
137,499
—
137,499
1.30%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
11/19/50
USD
538
63,239
—
63,239
1.22%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
11/27/50
USD
243
33,328
—
33,328
1.45%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
12/11/50
USD
179
14,680
—
14,680
3
month
LIBOR
Quarterly
1.20%
Semi-Annual
N/A
12/22/50
USD
943
(134,799)
—
(134,799)
1.27%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
12/30/50
USD
243
30,687
—
30,687
1.45%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
01/07/51
USD
583
45,367
—
45,367
1.52%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
01/08/51
USD
199
11,848
—
11,848
1.63%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
01/25/51
USD
424
14,541
—
14,541
1.48%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
01/28/51
USD
754
52,817
—
52,817
1.58%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/01/51
USD
435
20,360
—
20,360
1.66%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/04/51
USD
243
6,332
—
6,332
1.68%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/05/51
USD
251
5,335
—
5,335
3
month
LIBOR
Quarterly
1.24%
Semi-Annual
N/A
02/10/51
USD
683
(88,915)
—
(88,915)
0.89%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/10/51
USD
456
98,445
—
98,445
1.91%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/22/51
USD
98
(3,452)
—
(3,452)
2.01%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
05/27/51
USD
360
(19,575)
—
(19,575)
1.97%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
05/28/51
USD
59
(2,687)
—
(2,687)
2.04%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
06/07/51
USD
112
(6,727)
—
(6,727)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
92
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3
month
LIBOR
Quarterly
1.83%
Semi-Annual
N/A
06/22/51
USD
251
$
2,110
$
—
$
2,110
$
248,501
$
(500)
$
249,001
(a)
Forward
swap.
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Bombardier,
Inc.
..........
5.00
%
Quarterly
Barclays
Bank
plc
06/20/23
USD
69
$
(3,178)
$
7,646
$
(10,824)
$
–
$
–
$
–
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Bombardier,
Inc.
......
5.00
%
Quarterly
Barclays
Bank
plc
12/20/21
CCC
USD
100
$
1,719
$
(2,177)
$
3,896
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Total
Return
Swap
s
Reference
Entity
Fixed
Amount
Paid
/
(Received)
by
the
Fund
(a)
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Financial
Select
Sector
SPDR
Fund
................
USD
(2,107)
JPMorgan
Chase
Bank
NA
09/16/21
USD
2
$
476
$
—
$
476
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
..
USD
312,744
Goldman
Sachs
International
09/20/21
USD
313
(946)
(111)
(835)
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
..
USD
208,495
Morgan
Stanley
&
Co.
International
plc
09/20/21
USD
208
(574)
(74)
(500)
S&P
500
Annual
Dividend
Index
Futures
December
2021
...
USD
48,550
BNP
Paribas
SA
12/17/21
USD
49
11,250
—
11,250
GSCBBL8X
Index
.........
USD
38,195
Goldman
Sachs
International
02/22/22
USD
38
6,598
—
6,598
$
16,804
$
(185)
$
16,989
(a)
At
termination,
the
fixed
amount
paid
(received)
will
be
exchanged
for
the
total
return
of
the
reference
entity.
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
93
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying
the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(c)
Amount
includes
$(1,332)
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$(2,871)
of
net
dividends
and
financing
fees.
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long/Short
...
Monthly
Citibank
NA
(b)
01/25/21-05/31/23
$
111,692
$
(14,324)
(c)
$
98,700
0.3
%
Monthly
JPMorgan
Chase
Bank
NA
(d)
02/08/23
(347,961)
(347)
(e)
(345,437)
0.2
$
(14,671)
$
(246,737)
(b)
(d)
Range:
18-328
basis
points
5-142
basis
points
Benchmarks:
Intercontinental
Exchange
LIBOR:
Intercontinental
Exchange
LIBOR:
USD
1
Week
USD
1
Month
USD
1
Month
USD
Overnight
Bank
Funding
Rate
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Citibank
NA,
as
of
June
30,
2021,
expiration
dates
01/25/21-05/31/23:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Italy
Leonardo
SpA
...........
48,360
$
391,299
396.5
%
Total
Reference
Entity
—
Long
............
391,299
Reference
Entity
—
Short
Brazil
Banco
BTG
Pactual
SA
.....
(157)
(3,844)
(3.9)
Canada
Power
Corp.
of
Canada
.....
(168)
(5,310)
(5.4)
China
BeiGene
Ltd.,
ADR
........
(15)
(5,148)
(5.2)
Bilibili,
Inc.,
ADR
..........
(97)
(11,818)
(12.0)
China
Conch
Venture
Holdings
Ltd.
................
(3,500)
(14,726)
(14.9)
China
Longyuan
Power
Group
Corp.
Ltd.,
Class
H
......
(5,000)
(8,609)
(8.7)
China
Molybdenum
Co.
Ltd.,
Class
H
..............
(3,000)
(1,778)
(1.8)
China
Vanke
Co.
Ltd.,
Class
H
(2,000)
(6,251)
(6.3)
Gaotu
Techedu,
Inc.,
ADR
...
(181)
(2,673)
(2.7)
Kingsoft
Cloud
Holdings
Ltd.,
ADR
................
(102)
(3,461)
(3.5)
Longfor
Group
Holdings
Ltd.
..
(2,000)
(11,140)
(11.3)
Microport
Scientific
Corp.
....
(2,000)
(17,950)
(18.2)
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
H
...
(1,500)
(12,107)
(12.3)
Sunny
Optical
Technology
Group
Co.
Ltd.
..............
(200)
(6,316)
(6.4)
TravelSky
Technology
Ltd.,
Class
H
..................
(1,000)
(2,155)
(2.2)
Shares
Value
%
of
Basket
Value
China
(continued)
Zijin
Mining
Group
Co.
Ltd.,
Class
H
..............
(2,000)
$
(2,684)
(2.7)
%
(106,816)
Denmark
Vestas
Wind
Systems
A/S
...
(372)
(14,535)
(14.7)
Finland
Sampo
OYJ,
Class
A
.......
(456)
(20,969)
(21.2)
France
Air
Liquide
SA
...........
(27)
(4,735)
(4.8)
Airbus
SE
..............
(39)
(5,025)
(5.1)
(9,760)
South
Korea
Celltrion
Healthcare
Co.
Ltd.
..
(93)
(9,557)
(9.7)
Hyundai
Motor
Co.
........
(20)
(4,256)
(4.3)
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
.....
(47)
(5,590)
(5.7)
(19,403)
Spain
Ferrovial
SA
.............
(78)
(2,292)
(2.3)
Grifols
SA
..............
(58)
(1,573)
(1.6)
(3,865)
Sweden
Evolution
AB
............
(13)
(2,056)
(2.1)
Skandinaviska
Enskilda
Banken
AB,
Class
A
...........
(586)
(7,575)
(7.7)
(9,631)
Taiwan
E.Sun
Financial
Holding
Co.
Ltd.
(2,000)
(1,888)
(1.9)
United
Kingdom
BT
Group
plc
............
(1,827)
(4,910)
(5.0)
HSBC
Holdings
plc
........
(1,262)
(7,284)
(7.4)
Prudential
plc
............
(175)
(3,329)
(3.3)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
94
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Shares
Value
%
of
Basket
Value
United
Kingdom
(continued)
SSE
plc
................
(398)
$
(8,266)
(8.4)
%
Tesco
plc
...............
(3,417)
(10,556)
(10.7)
(34,345)
United
States
Amphenol
Corp.,
Class
A
....
(132)
(9,030)
(9.1)
Archer-Daniels-Midland
Co.
..
(158)
(9,575)
(9.7)
Boeing
Co.
(The)
.........
(67)
(16,050)
(16.3)
Digital
Realty
Trust,
Inc.
.....
(30)
(4,514)
(4.6)
Liberty
Broadband
Corp.,
Class
A
..................
(78)
(13,117)
(13.3)
Moderna,
Inc.
............
(42)
(9,869)
(10.0)
Oracle
Corp.
............
(1)
(78)
(0.1)
(62,233)
Total
Reference
Entity
—
Short
............
(292,599)
Net
Value
of
Reference
Entity
—
Citibank
NA
..
$
98,700
The
following
table
represents
the
individual
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA,
as
of
June
30,
2021,
expiration
date
02/08/23:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Short
Australia
Afterpay
Ltd.
............
(56)
$
(4,971)
1.4
%
Macquarie
Group
Ltd.
......
(80)
(9,373)
2.7
Transurban
Group
.........
(85)
(906)
0.3
Westpac
Banking
Corp.
.....
(236)
(4,567)
1.3
(19,817)
Brazil
Hapvida
Participacoes
e
Investimentos
SA
.......
(3,893)
(12,093)
3.5
Lojas
Americanas
SA
(Preference)
..........
(1,635)
(7,084)
2.1
Raia
Drogasil
SA
.........
(1,899)
(9,468)
2.7
(28,645)
Canada
Canadian
Pacific
Railway
Ltd.
.
(52)
(3,999)
1.2
Fairfax
Financial
Holdings
Ltd.
(8)
(3,508)
1.0
Shaw
Communications,
Inc.,
Class
B
..............
(442)
(12,804)
3.7
(20,311)
China
China
Southern
Airlines
Co.
Ltd.,
Class
H
..............
(10,000)
(6,206)
1.8
Country
Garden
Holdings
Co.
Ltd.
................
(5,000)
(5,596)
1.6
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
..........
(800)
(5,632)
1.6
GDS
Holdings
Ltd.,
ADR
....
(108)
(8,477)
2.5
Geely
Automobile
Holdings
Ltd.
(3,000)
(9,422)
2.7
Great
Wall
Motor
Co.
Ltd.,
Class
H
..................
(2,500)
(8,056)
2.3
Innovent
Biologics,
Inc.
.....
(500)
(5,832)
1.7
iQIYI,
Inc.,
ADR
..........
(1,286)
(20,036)
5.8
Kunlun
Energy
Co.
Ltd.
.....
(2,000)
(1,841)
0.5
Shares
Value
%
of
Basket
Value
China
(continued)
Ping
An
Healthcare
and
Technology
Co.
Ltd.
.....
(500)
$
(6,229)
1.8
%
Shandong
Gold
Mining
Co.
Ltd.,
Class
H
..............
(3,500)
(6,188)
1.8
Shenzhou
International
Group
Holdings
Ltd.
..........
(200)
(5,051)
1.5
Tencent
Music
Entertainment
Group,
ADR
...........
(204)
(3,158)
0.9
Trip.com
Group
Ltd.,
ADR
...
(104)
(3,688)
1.1
Zai
Lab
Ltd.,
ADR
.........
(13)
(2,301)
0.7
(97,713)
Germany
Hannover
Rueck
SE
.......
(21)
(3,516)
1.0
Hong
Kong
Link
REIT
..............
(510)
(4,935)
1.4
Japan
Central
Japan
Railway
Co.
...
(100)
(15,195)
4.4
Mitsui
Fudosan
Co.
Ltd.
.....
(400)
(9,249)
2.7
Secom
Co.
Ltd.
...........
(100)
(7,622)
2.2
Seven
&
i
Holdings
Co.
Ltd.
..
(100)
(4,790)
1.4
Sumitomo
Realty
&
Development
Co.
Ltd.
..............
(100)
(3,577)
1.0
(40,433)
Mexico
Wal-Mart
de
Mexico
SAB
de
CV
(1,535)
(5,014)
1.5
South
Africa
Capitec
Bank
Holdings
Ltd.
...
(89)
(10,491)
3.0
South
Korea
POSCO
Chemical
Co.
Ltd.
...
(108)
(13,790)
4.0
Samsung
C&T
Corp.
.......
(19)
(2,301)
0.7
Samsung
Life
Insurance
Co.
Ltd.
(19)
(1,348)
0.4
(17,439)
Spain
Aena
SME
SA
...........
(75)
(12,306)
3.6
Switzerland
Chocoladefabriken
Lindt
&
Spruengli
AG
..........
(2)
(19,898)
5.8
Schindler
Holding
AG
......
(34)
(10,405)
3.0
(30,303)
United
Kingdom
Aviva
plc
...............
(1,933)
(10,852)
3.1
United
States
Allstate
Corp.
(The)
........
(85)
(11,087)
3.2
Hershey
Co.
(The)
........
(11)
(1,916)
0.6
Kraft
Heinz
Co.
(The)
.......
(54)
(2,202)
0.6
Mondelez
International,
Inc.,
Class
A
..............
(51)
(3,184)
0.9
Paychex,
Inc.
............
(49)
(5,258)
1.5
Roper
Technologies,
Inc.
....
(35)
(16,457)
4.8
Xcel
Energy,
Inc.
..........
(54)
(3,558)
1.0
(43,662)
Total
Reference
Entity
—
Short
............
(345,437)
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
(345,437)
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
95
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
4.53
%
3
month
BA
..........................................
Canadian
Bankers
Acceptances
0.44
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.15
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
(0.52)
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
106,703
$
(124,517)
$
1,319,623
$
(1,106,537)
$
—
OTC
Swaps
.....................................................
7,646
(2,362)
22,220
(26,830)
—
Options
Written
...................................................
N/A
N/A
280,688
(65,714)
(468,150)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Consolidated
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statements
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
—
$
—
$
88,333
$
—
$
88,333
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
116,776
—
—
116,776
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
195
596,911
65,603
191,101
6,190
860,000
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
41,745
—
—
1,277,878
—
1,319,623
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
11,542
18,324
—
—
—
29,866
$
—
$
53,482
$
615,235
$
182,379
$
1,557,312
$
6,190
$
2,414,598
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
563,644
—
190,532
—
754,176
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
508,863
—
—
508,863
Options
written
(b)
Options
written
at
value
.....................
—
42
243,656
24,736
199,716
—
468,150
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
77,660
—
—
1,028,877
—
1,106,537
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
13,001
14,671
—
1,520
—
29,192
$
—
$
90,703
$
821,971
$
533,599
$
1,420,645
$
—
$
2,866,918
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Consolidated
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
forward
settling
swaptions.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Consolidated
Schedule
of
Investments.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
96
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
For
the
six
months
ended
June
30,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
contracts
.......................
$
—
$
—
$
(2,911,757)
$
—
$
(931,185)
$
—
$
(3,842,942)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(348,620)
—
—
(348,620)
Options
purchased
(a)
....................
—
(1,958)
(1,160,309)
(125,861)
(401,924)
—
(1,690,052)
Options
written
........................
—
431
1,250,249
45,664
172,148
—
1,468,492
Swaps
..............................
—
(22,589)
129,923
—
(49,330)
—
58,004
$
—
$
(24,116)
$
(2,691,894)
$
(428,817)
$
(1,210,291)
$
—
$
(4,355,118)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
.......................
—
—
(138,364)
—
(99,582)
—
(237,946)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(675,167)
—
—
(675,167)
Options
purchased
(b)
....................
—
(1,192)
(311,947)
1,944
74,533
2,883
(233,779)
Options
written
........................
—
518
103,136
2,396
63,914
—
169,964
Swaps
..............................
—
(40,081)
(63,527)
—
483,610
—
380,002
$
—
$
(40,755)
$
(410,702)
$
(670,827)
$
522,475
$
2,883
$
(596,926)
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts:
Average
notional
value
of
contracts
—
long
..................................................................................
$
19,990,791
Average
notional
value
of
contracts
—
short
.................................................................................
3,320,695
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
—
in
USD
....................................................................................
16,577,683
Average
amounts
sold
—
in
USD
........................................................................................
23,851,786
Options:
Average
value
of
option
contracts
purchased
................................................................................
787,404
Average
value
of
option
contracts
written
...................................................................................
368,853
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
36,922,085
Average
notional
value
of
swaption
contracts
written
...........................................................................
44,042,672
Credit
default
swaps:
Average
notional
value
—
buy
protection
...................................................................................
8,212,948
Average
notional
value
—
sell
protection
...................................................................................
989,811
Interest
rate
swaps:
Average
notional
value
—
pays
fixed
rate
...................................................................................
52,654,479
Average
notional
value
—
receives
fixed
rate
................................................................................
27,875,025
Total
return
swaps:
Average
notional
value
...............................................................................................
513,552
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments:
$
—
Futures
contracts
....................................................................................
$
87,292
$
97,055
Forward
foreign
currency
exchange
contracts
.................................................................
116,776
508,863
Options
(a)(b)
........................................................................................
860,000
468,150
Swaps
—
Centrally
cleared
.............................................................................
—
28,020
Swaps
—
OTC
(c)
....................................................................................
29,866
29,192
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
1,093,934
$
1,131,280
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(621,161)
(321,868)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
472,773
$
809,412
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
of
Assets
and
Liabilities
and
reported
in
the
Consolidated
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
97
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
paid/received
in
the
Statements
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)(c)
Bank
of
America
NA
..............................
$
15,906
$
(15,906)
$
—
$
—
$
—
Barclays
Bank
plc
................................
19,341
(19,341)
—
—
—
BNP
Paribas
SA
.................................
28,346
(28,346)
—
—
—
Citibank
NA
....................................
26,674
(26,674)
—
—
—
Citibank
NA
(d)
...................................
4,934
(1,031)
—
—
3,903
Credit
Suisse
International
..........................
15,190
(11,095)
—
—
4,095
Goldman
Sachs
International
........................
125,633
(107,291)
—
—
18,342
HSBC
Bank
plc
..................................
25,984
(25,984)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
57,677
(57,677)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
120,328
(105,634)
—
—
14,694
Nomura
International
plc
...........................
12,386
(12,386)
—
—
—
UBS
AG
......................................
20,374
(12,450)
—
—
7,924
$
472,773
$
(423,815)
$
—
$
—
$
48,958
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
(e)
Cash
Collateral
Pledged
(e)
Net
Amount
of
Derivative
Liabilities
(c)(f)
Bank
of
America
NA
..............................
$
31,500
$
(15,906)
$
—
$
(15,594)
$
—
Barclays
Bank
plc
................................
88,967
(19,341)
—
—
69,626
BNP
Paribas
SA
.................................
101,212
(28,346)
—
—
72,866
Citibank
NA
....................................
142,807
(26,674)
—
—
116,133
Citibank
NA
(d)
...................................
1,031
(1,031)
—
—
—
Credit
Suisse
International
..........................
11,095
(11,095)
—
—
—
Deutsche
Bank
AG
...............................
40,865
—
—
—
40,865
Goldman
Sachs
International
........................
107,291
(107,291)
—
—
—
HSBC
Bank
plc
..................................
47,518
(25,984)
—
—
21,534
JPMorgan
Chase
Bank
NA
..........................
105,333
(57,677)
—
—
47,656
Morgan
Stanley
&
Co.
International
plc
..................
105,634
(105,634)
—
—
—
Nomura
International
plc
...........................
13,709
(12,386)
—
—
1,323
UBS
AG
......................................
12,450
(12,450)
—
—
—
$
809,412
$
(423,815)
$
—
$
(15,594)
$
370,003
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(d)
Represents
derivatives
owned
by
the
BlackRock
Cayman
Global
Allocation
Portfolio
I,
Ltd.,
a
wholly-owned
subsidiary
of
the
Fund.
See
Note
1
of
the
Notes
to
Financial
Statements.
(e)
Excess
of
collateral
pledged
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(f)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
98
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Consolidated
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments:
Asset-Backed
Securities:
Cayman
Islands
........................................
$
—
$
286,494
$
150,000
$
436,494
Ireland
..............................................
—
118,656
—
118,656
United
States
..........................................
—
3,578,266
281,535
3,859,801
Common
Stocks:
Argentina
............................................
855,227
—
—
855,227
Australia
.............................................
—
402,986
213,505
616,491
Belgium
.............................................
—
6,561
—
6,561
Brazil
...............................................
296,539
—
—
296,539
Canada
.............................................
2,018,450
—
—
2,018,450
Cayman
Islands
........................................
69,074
—
—
69,074
Chile
...............................................
5,301
—
—
5,301
China
...............................................
1,834,732
4,312,101
—
6,146,833
Denmark
.............................................
—
538,861
—
538,861
Finland
..............................................
—
408,783
—
408,783
France
..............................................
—
7,246,692
—
7,246,692
Germany
............................................
923,319
6,724,054
—
7,647,373
Hong
Kong
...........................................
23,917
1,026,325
—
1,050,242
India
...............................................
—
479,258
172,580
651,838
Indonesia
............................................
—
51,577
—
51,577
Ireland
..............................................
—
25,844
—
25,844
Israel
...............................................
58,225
—
—
58,225
Italy
................................................
—
3,501,241
—
3,501,241
Japan
...............................................
—
3,489,188
—
3,489,188
Luxembourg
..........................................
—
116,406
—
116,406
Macau
..............................................
—
24,014
—
24,014
Mexico
..............................................
6,138
—
—
6,138
Netherlands
...........................................
—
3,762,208
—
3,762,208
New
Zealand
..........................................
—
3,394
—
3,394
Norway
..............................................
20,273
11,047
—
31,320
Poland
..............................................
98,202
8,307
—
106,509
Portugal
.............................................
36,838
—
—
36,838
Saudi
Arabia
..........................................
—
2,442
—
2,442
Singapore
............................................
—
128,067
—
128,067
South
Africa
...........................................
39
176,939
—
176,978
South
Korea
..........................................
—
1,489,575
—
1,489,575
Spain
...............................................
—
872,181
—
872,181
Sweden
.............................................
219,149
2,274,082
—
2,493,231
Switzerland
...........................................
82,907
1,011,350
—
1,094,257
Taiwan
..............................................
103,799
2,216,329
—
2,320,128
Thailand
.............................................
42,813
12,120
—
54,933
United
Arab
Emirates
....................................
—
—
—
—
United
Kingdom
........................................
2,008,017
3,854,360
—
5,862,377
United
States
..........................................
91,576,869
1,659,574
708,818
93,945,261
Corporate
Bonds
Australia
.............................................
—
—
833,328
833,328
Canada
.............................................
—
70,811
—
70,811
China
...............................................
—
300
—
300
Germany
............................................
—
421,024
—
421,024
Greece
..............................................
—
153,992
—
153,992
India
...............................................
—
2,115
—
2,115
Italy
................................................
—
429,407
—
429,407
Luxembourg
..........................................
—
563,484
—
563,484
Turkey
..............................................
—
—
62,000
62,000
United
Arab
Emirates
....................................
—
4,119
—
4,119
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
99
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Level
1
Level
2
Level
3
Total
United
Kingdom
........................................
$
—
$
618,752
$
—
$
618,752
United
States
..........................................
—
5,633,562
143,092
5,776,654
Floating
Rate
Loan
Interests:
Canada
.............................................
—
337,544
—
337,544
France
..............................................
—
253,910
—
253,910
Jersey,
Channel
Islands
...................................
—
—
76,950
76,950
Luxembourg
..........................................
—
125,066
96,030
221,096
Netherlands
...........................................
—
365,716
168,844
534,560
United
States
..........................................
—
2,599,898
1,073,173
3,673,071
Foreign
Government
Obligations
..............................
—
8,107,925
—
8,107,925
Investment
Companies
....................................
5,973,492
—
—
5,973,492
Municipal
Bonds
.........................................
—
116,964
—
116,964
Non-Agency
Mortgage-Backed
Securities
........................
—
2,336,456
—
2,336,456
Other
Interests
..........................................
—
—
197,635
197,635
Preferred
Securities:
Brazil
...............................................
43,305
—
89,250
132,555
China
...............................................
—
—
421,882
421,882
Germany
............................................
—
572,541
158,650
731,191
India
...............................................
—
—
122,723
122,723
Jersey
..............................................
—
—
104,794
104,794
United
Kingdom
........................................
—
538,453
199,624
738,077
United
States
..........................................
1,122,842
436,083
2,053,713
3,612,638
U.S.
Government
Sponsored
Agency
Securities
....................
—
156,119
—
156,119
U.S.
Treasury
Obligations
...................................
—
4,510,748
—
4,510,748
Warrants
..............................................
21,388
7,890
21,145
50,423
Short-Term
Securities:
Foreign
Government
Obligations
..............................
—
1,450,467
—
1,450,467
Money
Market
Funds
......................................
7,170,256
—
—
7,170,256
Time
Deposits
..........................................
—
311,753
—
311,753
Options
Purchased:
Credit
contracts
..........................................
—
195
—
195
Equity
contracts
..........................................
530,894
66,017
—
596,911
Foreign
currency
exchange
contracts
...........................
—
65,603
—
65,603
Interest
rate
contracts
......................................
2,975
188,126
—
191,101
Other
contracts
..........................................
—
6,190
—
6,190
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
4
—
4
Liabilities:
Investments
Sold
Short
....................................
(1,069,673)
—
—
(1,069,673)
$
114,075,307
$
80,270,516
$
7,349,271
$
201,695,094
Investments
valued
at
NAV
(b)
......................................
3,846,529
$
—
$
205,541,623
$
—
Derivative
Financial
Instruments
(c)
Assets:
Credit
contracts
...........................................
$
—
$
45,641
$
—
$
45,641
Equity
contracts
...........................................
—
18,324
—
18,324
Foreign
currency
exchange
contracts
............................
—
116,776
—
116,776
Interest
rate
contracts
.......................................
88,333
1,277,878
—
1,366,211
Liabilities:
Credit
contracts
...........................................
—
(88,526)
—
(88,526)
Equity
contracts
...........................................
(760,437)
(61,534)
—
(821,971)
Foreign
currency
exchange
contracts
............................
—
(533,599)
—
(533,599)
Interest
rate
contracts
.......................................
(190,532)
(1,229,928)
—
(1,420,460)
$
(862,636)
$
(454,968)
$
—
$
(1,317,604)
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(c)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
100
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
A
reconciliation
of
Level
3
financial
instruments
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:
Asset-
Backed
Securities
Common
Stocks
Corporate
Bonds
Floating
Rate
Loan
Interests
Options
Purchased
Other
Interests
Preferred
Securities
Warrants
Total
Investments:
Assets:
Opening
balance,
as
of
December
31,
2020
.........
$
—
$
371,145
$
899,115
$
982,823
$
1,862
$
—
$
2,517,063
$
8,398
$
4,780,406
Transfers
into
level
3
.......................
—
—
—
91,226
—
—
—
—
91,226
Transfers
out
of
level
3
......................
—
—
—
(74,252)
—
—
(55,844)
—
(130,096)
Accrued
discounts/premiums
...................
—
—
(447)
2,817
—
—
—
—
2,370
Net
realized
gain
..........................
—
—
—
10,314
—
—
62,626
—
72,940
Net
change
in
unrealized
appreciation
(depreciation)
(a)(b)
.
2,548
260,955
(19,795)
117,348
—
30,481
126,412
4,100
522,049
Purchases
...............................
428,987
462,803
159,547
936,614
—
167,154
1,185,867
8,647
3,349,619
Sales
..................................
—
—
—
(651,893)
(1,862)
—
(685,488)
—
(1,339,243)
Closing
balance,
as
of
June
30,
2021
.............
$
431,535
$
1,094,903
$
1,038,420
$
1,414,997
$
—
$
197,635
$
3,150,636
$
21,145
$
7,349,271
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
a
t
June
30,
2021
(b)
.........
$
2,548
$
260,955
$
(19,795)
$
125,760
$
—
$
30,481
$
730,786
$
4,889
$
1,135,624
(a)
Included
in
the
related
net
change
in
unrealized
appreciation
(depreciation)
in
the
Statements
of
Operations.
(b)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
June
30,
2021
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
101
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
See
notes
to
financial
statements.
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
to
determine
the
value
of
certain
of
the
Fund’s
Level
3
financial
instruments
as
of
period
end.
The
table
does
not
include
Level
3
financial
instruments
with
values
based
upon
unadjusted
third
party
pricing
information
in
the
amount
of
$1,101,410
.
A
significant
change
in
the
third
party
information
could
result
in
a
significantly
lower
or
higher
value
of
such
Level
3
investments.
Value
Valuation
Approach
Unobservable
Inputs
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Common
Stocks
...........................
$
1,094,903
Income
Discount
Rate
16%
—
Market
Revenue
Multiple
10.60x
–
26.25x
12.00x
Volatility
44%
-
65%
48%
Time
to
Exit
1.2
–
2.6
1.5
EBITDA
22.72x
—
Recent
Transactions
—
—
Corporate
Bonds
...........................
1,038,420
Income
Discount
Rate
16%
–
34%
17%
Market
Recent
Transactions
—
—
Floating
Rate
Loan
Interests
....................
749,809
Income
Discount
Rate
6%
–
11%
9%
Market
Recent
Transactions
—
—
Other
Interests
............................
197,635
Market
Discount
Rate
5%
—
Preferred
Stocks
(b)(c)
.........................
3,150,636
Income
Discount
Rate
27%
—
Market
Revenue
Multiple
2.75x
–
46.84x
17.89x
Time
to
Exit
0.3
–
4.0
2.1
Volatility
40%
–
79%
56%
Recent
Transactions
—
—
Warrants
................................
16,458
Market
Revenue
Multiple
9.75x
–
12.50x
10.02x
Time
to
Exit
0.3
–
1.9
1.7
Volatility
34%
-
71%
53%
$
6,247,861
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
(b)
For
the
period
end
June
30,
2021,
the
valuation
technique
for
investments
classified
as
Preferred
Stocks
amounting
to
$741,793
changed
to
Current
Value.
The
investments
were
previously
valued
utilizing
Transaction
Price
approach.
The
change
was
due
to
consideration
of
the
information
that
was
available
at
the
time
the
investments
were
valued.
(c)
For
the
period
end
June
30,
2021,
the
valuation
technique
for
investments
classified
as
Preferred
Stocks
amounting
to
$163,434
changed
to
Transaction
Price
approach.
The
investments
were
previously
valued
utilizing
Current
Value
approach.
The
change
was
due
to
consideration
of
the
information
that
was
available
at
the
time
the
investments
were
valued.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Government
Money
Market
Portfolio
102
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
June
30,
2021
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
—
28.5%
Federal
Farm
Credit
Bank
Discount
Notes
(a)
:
0.15%
,
 07/01/21
..................
USD
1,070
$
1,070,000
0.03%
,
 07/21/21
..................
260
259,980
0.04%
,
 08/31/21
..................
280
279,957
0.05%
,
 09/22/21
..................
670
669,861
0.06%
,
 11/16/21
..................
700
699,785
0.06%
,
 11/17/21
..................
805
804,720
0.05%
,
 12/02/21
..................
275
274,883
0.05%
,
 12/28/21
..................
120
119,952
0.05%
,
 01/19/22
..................
325
324,854
0.05%
,
 01/28/22
..................
285
284,867
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
:
(LIBOR
USD
1
Month
+
0.16%),
0.25%
,
 07/01/21
................
380
380,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.23%),
0.27%
,
 07/08/21
.....
275
275,000
(LIBOR
USD
1
Month
+
0.11%),
0.18%
,
 11/12/21
................
130
130,000
(SOFR
+
0.19%),
0.24%
,
 11/18/21
......
215
215,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.15%),
0.20%
,
 12/13/21
.....
300
299,865
(SOFR
+
0.18%),
0.23%
,
 01/14/22
......
490
490,000
(SOFR
+
0.04%),
0.09%
,
 07/11/22
......
580
580,121
(US
Federal
Funds
Effective
Rate
(continuous
series)
+
0.18%),
0.28%
,
 07/20/22
................
1,075
1,074,888
(SOFR
+
0.10%),
0.15%
,
 09/02/22
......
175
175,000
(SOFR
+
0.05%),
0.10%
,
 09/08/22
......
580
580,104
(SOFR
+
0.06%),
0.11%
,
 10/21/22
......
820
820,000
(SOFR
+
0.08%),
0.12%
,
 11/03/22
......
665
665,000
(SOFR
+
0.03%),
0.07%
,
 01/12/23
......
945
944,927
(SOFR
+
0.06%),
0.11%
,
 01/20/23
......
210
210,000
Federal
Home
Loan
Bank:
0.04%
,
 10/15/21
..................
220
219,999
0.05%
,
 12/23/21
..................
265
264,996
Federal
Home
Loan
Bank
Discount
Notes
(a)
:
0.03%
,
 07/09/21
..................
200
200,000
0.03%
,
 07/14/21
..................
300
300,000
0.03%
,
 07/28/21
..................
200
199,999
0.04%
,
 08/04/21
..................
300
299,997
0.04%
,
 08/06/21
..................
400
399,994
0.04%
,
 08/11/21
..................
520
519,991
0.04%
,
 08/12/21
..................
300
299,995
0.05%
,
 09/17/21
..................
3,110
3,109,677
0.05%
,
 09/23/21
..................
1,090
1,089,885
0.05%
,
 09/29/21
..................
2,620
2,619,705
0.06%
,
 11/05/21
..................
315
314,944
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
:
(SOFR
+
0.08%),
0.12%
,
 07/08/21
......
400
400,000
(SOFR
+
0.09%),
0.14%
,
 09/10/21
......
950
950,000
(SOFR
+
0.12%),
0.17%
,
 10/13/21
......
2,000
2,000,000
(SOFR
+
0.12%),
0.17%
,
 02/28/22
......
695
695,000
(SOFR
+
0.01%),
0.06%
,
 03/28/22
......
100
100,000
(SOFR
+
0.01%),
0.06%
,
 03/30/22
......
125
125,000
(SOFR
+
0.02%),
0.07%
,
 04/12/22
......
155
155,000
(SOFR
+
0.07%),
0.11%
,
 04/28/22
......
180
180,000
(SOFR
+
0.07%),
0.11%
,
 11/09/22
......
1,000
1,000,000
(SOFR
+
0.02%),
0.07%
,
 12/16/22
......
1,190
1,190,000
Federal
Home
Loan
Mortgage
Corp.,
1.13%, 08/12/21
.................
180
180,204
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(b)
:
(SOFR
+
0.18%),
0.23%
,
 12/13/21
......
200
200,000
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(SOFR
+
0.19%),
0.24%
,
 06/02/22
......
USD
610
$
610,000
(SOFR
+
0.07%),
0.11%
,
 11/10/22
......
415
415,000
Federal
National
Mortgage
Association,
1.38%, 10/07/21
.................
250
250,828
Federal
National
Mortgage
Association
Variable
Rate
Notes
(b)
:
(SOFR
+
0.35%),
0.40%
,
 04/07/22
......
555
555,000
(SOFR
+
0.39%),
0.44%
,
 04/15/22
......
615
615,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
28.5%
(Cost:
$31,088,978)
...............................
31,088,978
U.S.
Treasury
Obligations
—
42.2%
U.S.
Treasury
Bills
(a)
:
0.03%, 07/06/21
..................
6,377
6,376,558
0.03%, 07/08/21
..................
4,620
4,619,982
0.04%, 07/13/21
..................
7,305
7,304,954
0.04%, 07/22/21
..................
1,037
1,036,894
0.04%, 07/27/21
..................
1,785
1,784,961
0.04%, 08/10/21
..................
200
199,995
0.05%, 08/12/21
..................
420
419,931
0.04%, 08/24/21
..................
7,000
6,999,475
0.05%, 09/14/21
..................
280
279,988
0.05%, 10/12/21
..................
1,948
1,947,733
0.06%, 10/19/21
..................
230
229,975
0.05%, 11/02/21
..................
376
375,938
0.05%, 11/04/21
..................
789
788,128
0.05%, 11/12/21
..................
185
184,966
0.05%, 12/02/21
..................
145
144,969
0.05%, 12/09/21
..................
1,712
1,711,194
0.05%, 12/16/21
..................
2,120
2,119,304
0.05%, 12/23/21
..................
3,275
3,274,194
0.06%, 12/30/21
..................
1,840
1,838,977
0.05%, 01/27/22
..................
1,666
1,665,525
U.S.
Treasury
Notes:
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.22%),
0.27%, 07/31/21
(b)
....
1,000
1,000,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.30%),
0.35%, 10/31/21
(b)
....
335
335,066
2.50%, 02/15/22
..................
25
25,377
1.75%, 02/28/22
..................
25
25,275
0.38%, 03/31/22
..................
25
25,053
1.75%, 05/15/22
..................
125
126,829
1.75%, 06/15/22
..................
100
101,605
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.05%),
0.10%, 01/31/23
(b)
....
1,000
1,000,104
Total
U.S.
Treasury
Obligations
—
42.2%
(Cost:
$45,942,950)
...............................
45,942,950
Total
Repurchase
Agreements
—
27.1%
(Cost:
$29,500,000)
...............................
29,500,000
Total
Investments
—
97.8%
(Cost:
$106,531,928
)
(c)
.............................
106,531,928
Other
Assets
Less
Liabilities
—
2.2%
....................
2,449,063
Net
Assets
—
100.0%
...............................
$
108,980,991
BlackRock
Government
Money
Market
Portfolio
Schedules
of
Investments
103
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
See
notes
to
financial
statements.
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
Cost
for
U.S.
federal
income
tax
purposes.
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
.....
0.05
%
06/30/21
07/01/21
$
5,000
$
5,000
$
5,000,007
U.S.
Government
Sponsored
Agency
Obligations,
4.34%
to
4.62%,
due
11/24/25
to
03/22/61
.........
$
9,184,000
$
5,100,000
$
–
$
–
BNP
Paribas
SA
......
0.05
06/30/21
07/01/21
5,000
5,000
5,000,007
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
8.00%,
due
11/04/21
to
05/15/50
.
156,121,770
5,100,021
$
–
$
–
JP
Morgan
Securities
LLC
0.05
06/30/21
07/01/21
6,000
6,000
6,000,008
U.S.
Treasury
Obligations,
0.00%
to
2.75%,
due
07/15/37
to
05/16/53
.........
6,980,000
6,120,010
0.20
(a)
06/30/21
08/05/21
2,500
2,500
2,500,501
U.S.
Government
Sponsored
Agency
Obligations,
4.00%
to
6.11%,
due
02/15/34
to
01/15/37
.........
54,783,000
2,625,000
$
–
$
–
$
8,500
$
8,745,010
$
–
$
–
Mizuho
Securities
USA
LLC
.............
0.06
06/30/21
07/01/21
7,000
7,000
7,000,011
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
3.00%,
due
03/01/36
to
07/01/46
.........
6,000,000
7,350,000
$
–
$
–
TD
Securities
USA
LLC
..
0.05
06/30/21
07/01/21
4,000
4,000
4,000,006
U.S.
Treasury
Obligations,
0.13%
to
1.88%,
due
10/15/24
to
11/19/37
.........
5,519,000
4,080,030
$
–
$
–
$
29,500
$
30,375,061
$
–
$
–
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Short-Term
Securities
.......................................
$
—
$
106,531,928
$
—
$
106,531,928
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
104
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
June
30,
2021
Security
Shares
Shares
Value
Common
Stocks
—
2.9%
Auto
Components
—
0.0%
Lear
Corp.
.......................
44
$
7,712
Building
Products
—
0.0%
AZEK
Co.,
Inc.
(The)
(a)
...............
17
722
Chemicals
—
0.3%
Atotech
Ltd.
(a)
.....................
73
1,864
Diversey
Holdings
Ltd.
(a)
..............
1,686
30,196
Element
Solutions,
Inc.
...............
1,900
44,422
76,482
Communications
Equipment
—
0.0%
CommScope
Holding
Co.,
Inc.
(a)
.........
542
11,550
Electrical
Equipment
—
0.1%
Sensata
Technologies
Holding
plc
(a)
......
388
22,492
Energy
Equipment
&
Services
—
0.0%
Pioneer
Energy
Services
Corp.
(a)(b)
.......
84
1,243
Entertainment
—
0.1%
Live
Nation
Entertainment,
Inc.
(a)
........
224
19,620
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.5%
Gaming
and
Leisure
Properties,
Inc.
......
1,255
58,144
VICI
Properties,
Inc.
.................
2,725
84,531
142,675
Hotels,
Restaurants
&
Leisure
—
0.0%
Aramark
.........................
381
14,192
Life
Sciences
Tools
&
Services
—
0.3%
(a)
Avantor,
Inc.
......................
1,270
45,098
Syneos
Health,
Inc.
.................
366
32,753
77,851
Media
—
0.1%
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
....
8,034
21,210
Metals
&
Mining
—
0.2%
Constellium
SE,
Class
A
(a)
.............
2,564
48,588
Oil,
Gas
&
Consumable
Fuels
—
1.3%
Chesapeake
Energy
Corp.
............
2,156
111,939
ConocoPhillips
....................
300
18,270
Devon
Energy
Corp.
.................
726
21,192
Diamondback
Energy,
Inc.
.............
295
27,698
Energy
Transfer
LP
.................
1,851
19,676
Enterprise
Products
Partners
LP
.........
795
19,183
EQT
Corp.
(a)
......................
545
12,132
Extraction
Oil
&
Gas,
Inc.
(a)
............
369
20,262
Extraction
Oil
&
Gas,
Inc.,
(Acquired
03/05/21,
cost
$14,884)
(a)(c)
.................
425
23,239
Kinder
Morgan,
Inc.
.................
305
5,560
Plains
All
American
Pipeline
LP
.........
2,949
33,501
SM
Energy
Co.
....................
1,637
40,319
Williams
Cos.,
Inc.
(The)
..............
207
5,496
358,467
Security
Shares
Shares
Value
Road
&
Rail
—
0.0%
Uber
Technologies,
Inc.
(a)
.............
230
$
11,528
Total
Common
Stocks
—
2.9%
(Cost:
$585,563)
................................
814,332
Par
(000)
Par
(000)
Corporate
Bonds
—
84.6%
Aerospace
&
Defense
—
2.7%
Bombardier,
Inc.
(d)
:
7.50%,
12/01/24
.................
USD
15
15,675
7.50%,
03/15/25
.................
2
2,057
7.13%,
06/15/26
.................
52
54,444
7.88%,
04/15/27
.................
37
38,387
BWX
Technologies,
Inc.
(d)
:
5.38%,
07/15/26
.................
14
14,370
4.13%,
06/30/28
.................
8
8,150
4.13%,
04/15/29
.................
17
17,298
Kratos
Defense
&
Security
Solutions,
Inc.,
6.50%,
11/30/25
(d)
...............
28
29,295
Spirit
AeroSystems,
Inc.,
5.50%,
01/15/25
(d)
.
14
14,875
SSL
Robotics
LLC,
9.75%,
12/31/23
(d)
....
7
7,724
TransDigm,
Inc.:
8.00%,
12/15/25
(d)
................
26
28,093
6.25%,
03/15/26
(d)
................
385
406,175
6.38%,
06/15/26
.................
7
7,252
7.50%,
03/15/27
.................
10
10,638
4.88%,
05/01/29
(d)
................
25
25,237
Triumph
Group,
Inc.,
8.88%,
06/01/24
(d)
...
64
71,200
750,870
Airlines
—
1.9%
American
Airlines,
Inc.
(d)
:
11.75%,
07/15/25
................
53
66,515
5.50%,
04/20/26
.................
44
46,585
5.75%,
04/20/29
.................
69
74,606
Delta
Air
Lines,
Inc.
(d)
:
7.00%,
05/01/25
.................
34
39,678
4.75%,
10/20/28
.................
54
60,035
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(d)
...............
21
22,546
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(d)
75
82,575
Spirit
Loyalty
Cayman
Ltd.,
8.00%,
09/20/25
(d)
3
3,811
United
Airlines
Pass-Through
Trust:
Series
2020-1,
Class
B,
4.88%,
01/15/26
5
5,146
Series
2020-1,
Class
A,
5.88%,
10/15/27
41
45,405
United
Airlines,
Inc.
(d)
:
4.38%,
04/15/26
.................
39
40,372
4.63%,
04/15/29
.................
32
33,120
520,394
Auto
Components
—
2.1%
Adient
US
LLC,
9.00%,
04/15/25
(d)
......
17
18,721
Allison
Transmission,
Inc.
(d)
:
5.88%,
06/01/29
.................
28
30,660
3.75%,
01/30/31
.................
23
22,606
Clarios
Global
LP
(d)
:
6.75%,
05/15/25
.................
20
21,300
6.25%,
05/15/26
.................
95
101,204
8.50%,
05/15/27
.................
167
182,063
Dealer
Tire
LLC,
8.00%,
02/01/28
(d)
......
32
34,480
Goodyear
Tire
&
Rubber
Co.
(The):
9.50%,
05/31/25
.................
17
18,977
5.00%,
07/15/29
(d)
................
11
11,517
5.25%,
07/15/31
(d)
................
33
34,485
5.63%,
04/30/33
.................
26
27,422
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
105
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Auto
Components
(continued)
Icahn
Enterprises
LP:
4.75%,
09/15/24
.................
USD
13
$
13,585
6.25%,
05/15/26
.................
5
5,305
5.25%,
05/15/27
.................
23
23,747
5.25%,
05/15/27
(d)
................
22
22,715
4.38%,
02/01/29
(d)
................
16
15,920
Patrick
Industries,
Inc.,
4.75%,
05/01/29
(d)
..
5
4,969
Tenneco,
Inc.,
7.88%,
01/15/29
(d)
.......
5
5,647
595,323
Automobiles
—
0.2%
Ford
Motor
Co.:
4.35%,
12/08/26
.................
5
5,356
4.75%,
01/15/43
.................
9
9,563
5.29%,
12/08/46
.................
10
11,169
Tesla,
Inc.,
5.30%,
08/15/25
(d)
.........
20
20,673
Winnebago
Industries,
Inc.,
6.25%,
07/15/28
(d)
13
14,007
60,768
Banks
—
0.1%
Banco
Espirito
Santo
SA,
4.75%,
01/15/18
(a)(e)
EUR
100
16,601
Beverages
—
0.0%
Triton
Water
Holdings,
Inc.,
6.25%,
04/01/29
(d)
USD
10
10,025
Biotechnology
—
0.0%
Emergent
BioSolutions,
Inc.,
3.88%,
08/15/28
(d)
7
6,857
Building
Products
—
1.1%
Advanced
Drainage
Systems,
Inc.,
5.00%,
09/30/27
(d)
....................
24
24,912
APi
Group
DE,
Inc.,
4.13%,
07/15/29
(d)
....
11
10,938
Builders
FirstSource,
Inc.,
6.75%,
06/01/27
(d)
10
10,713
Cornerstone
Building
Brands,
Inc.,
6.13%,
01/15/29
(d)
....................
32
34,320
CP
Atlas
Buyer,
Inc.,
7.00%,
12/01/28
(d)
...
21
21,761
Forterra
Finance
LLC,
6.50%,
07/15/25
(d)
..
28
30,170
Griffon
Corp.,
5.75%,
03/01/28
.........
8
8,500
JELD-WEN,
Inc.
(d)
:
6.25%,
05/15/25
.................
13
13,865
4.63%,
12/15/25
.................
5
5,094
4.88%,
12/15/27
.................
2
2,078
Masonite
International
Corp.
(d)
:
5.75%,
09/15/26
.................
9
9,315
5.38%,
02/01/28
.................
8
8,477
SRM
Escrow
Issuer
LLC,
6.00%,
11/01/28
(d)
44
46,640
Standard
Industries,
Inc.
(d)
:
4.38%,
07/15/30
.................
25
25,781
3.38%,
01/15/31
.................
12
11,487
Summit
Materials
LLC,
5.25%,
01/15/29
(d)
..
16
16,999
Victors
Merger
Corp.,
6.38%,
05/15/29
(d)
...
16
16,120
297,170
Capital
Markets
—
0.3%
(d)
Aretec
Escrow
Issuer,
Inc.,
7.50%,
04/01/29
9
9,250
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
................
22
22,880
Hightower
Holding
LLC,
6.75%,
04/15/29
..
9
9,180
MSCI,
Inc.:
3.63%,
09/01/30
.................
14
14,318
3.88%,
02/15/31
.................
11
11,415
3.63%,
11/01/31
.................
16
16,411
Owl
Rock
Technology
Finance
Corp.,
3.75%,
06/17/26
.....................
10
10,515
93,969
Chemicals
—
1.4%
Chemours
Co.
(The),
5.75%,
11/15/28
(d)
...
10
10,698
Element
Solutions,
Inc.,
3.88%,
09/01/28
(d)
.
113
115,294
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Gates
Global
LLC,
6.25%,
01/15/26
(d)
.....
USD
36
$
37,711
GCP
Applied
Technologies,
Inc.,
5.50%,
04/15/26
(d)
....................
27
27,771
HB
Fuller
Co.,
4.25%,
10/15/28
........
8
8,268
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(d)
...
26
28,991
Ingevity
Corp.,
3.88%,
11/01/28
(d)
.......
9
8,932
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(d)
20
20,794
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(d)
.
4
4,220
PQ
Corp.,
5.75%,
12/15/25
(d)
..........
63
64,654
SCIH
Salt
Holdings,
Inc.
(d)
:
4.88%,
05/01/28
.................
26
25,997
6.63%,
05/01/29
.................
15
15,037
Scotts
Miracle-Gro
Co.
(The),
4.00%,
04/01/31
(d)
....................
22
21,931
390,298
Commercial
Services
&
Supplies
—
3.4%
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(d)
23
24,236
Allied
Universal
Holdco
LLC
(d)
:
6.63%,
07/15/26
.................
155
164,336
9.75%,
07/15/27
.................
58
63,872
4.63%,
06/01/28
.................
200
200,157
APX
Group,
Inc.:
7.88%,
12/01/22
.................
13
13,049
8.50%,
11/01/24
.................
4
4,180
6.75%,
02/15/27
(d)
................
25
26,655
Aramark
Services,
Inc.
(d)
:
5.00%,
04/01/25
.................
4
4,100
6.38%,
05/01/25
.................
13
13,812
5.00%,
02/01/28
.................
5
5,236
Brink's
Co.
(The),
5.50%,
07/15/25
(d)
.....
4
4,247
Clean
Harbors,
Inc.
(d)
:
4.88%,
07/15/27
.................
2
2,095
5.13%,
07/15/29
.................
13
14,138
Covanta
Holding
Corp.,
5.00%,
09/01/30
..
13
13,650
Garda
World
Security
Corp.
(d)
:
4.63%,
02/15/27
.................
29
29,145
9.50%,
11/01/27
.................
20
22,150
GFL
Environmental,
Inc.
(d)
:
4.25%,
06/01/25
.................
8
8,332
3.75%,
08/01/25
.................
11
11,303
5.13%,
12/15/26
.................
22
23,274
4.00%,
08/01/28
.................
28
27,660
3.50%,
09/01/28
.................
15
14,963
4.75%,
06/15/29
.................
31
32,187
IAA,
Inc.,
5.50%,
06/15/27
(d)
..........
11
11,547
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(d)
....................
12
12,510
Madison
IAQ
LLC
(d)
:
4.13%,
06/30/28
.................
8
8,080
5.88%,
06/30/29
.................
29
29,507
Nielsen
Finance
LLC
(d)
:
5.63%,
10/01/28
.................
11
11,617
5.88%,
10/01/30
.................
26
28,299
4.75%,
07/15/31
.................
14
14,035
Prime
Security
Services
Borrower
LLC
(d)
:
5.75%,
04/15/26
.................
6
6,628
6.25%,
01/15/28
.................
29
30,849
Stericycle,
Inc.,
3.88%,
01/15/29
(d)
.......
13
12,974
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(d)
...
40
41,290
930,113
Communications
Equipment
—
0.8%
Avaya,
Inc.,
6.13%,
09/15/28
(d)
.........
70
74,921
CommScope
Technologies
LLC
(d)
:
6.00%,
06/15/25
.................
22
22,468
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
106
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Communications
Equipment
(continued)
5.00%,
03/15/27
.................
USD
35
$
35,831
CommScope,
Inc.
(d)
:
6.00%,
03/01/26
.................
5
5,278
8.25%,
03/01/27
.................
4
4,275
7.13%,
07/01/28
.................
20
21,675
Nokia
OYJ,
6.63%,
05/15/39
..........
8
10,360
ViaSat,
Inc.
(d)
:
5.63%,
04/15/27
.................
5
5,219
6.50%,
07/15/28
.................
43
45,858
225,885
Construction
&
Engineering
—
0.5%
(d)
Arcosa,
Inc.,
4.38%,
04/15/29
.........
28
28,490
Brand
Industrial
Services,
Inc.,
8.50%,
07/15/25
39
39,653
Dycom
Industries,
Inc.,
4.50%,
04/15/29
...
9
9,078
MasTec,
Inc.,
4.50%,
08/15/28
.........
21
22,109
New
Enterprise
Stone
&
Lime
Co.,
Inc.:
6.25%,
03/15/26
.................
7
7,187
9.75%,
07/15/28
.................
7
7,840
Pike
Corp.,
5.50%,
09/01/28
..........
14
14,560
128,917
Consumer
Finance
—
0.4%
Global
Aircraft
Leasing
Co.
Ltd.,
0.00%,
(0.00%
Cash
or
7.25%
PIK),
09/15/24
(d)(f)
......
30
29,562
Navient
Corp.:
7.25%,
09/25/23
.................
8
8,830
6.13%,
03/25/24
.................
6
6,476
5.88%,
10/25/24
.................
2
2,157
6.75%,
06/15/26
.................
2
2,233
5.00%,
03/15/27
.................
2
2,069
OneMain
Finance
Corp.:
7.13%,
03/15/26
.................
14
16,306
3.50%,
01/15/27
.................
25
25,188
6.63%,
01/15/28
.................
18
20,634
113,455
Containers
&
Packaging
—
1.3%
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
4
4,900
Graham
Packaging
Co.,
Inc.,
7.13%,
08/15/28
(d)
9
9,698
Graphic
Packaging
International
LLC,
4.75%,
07/15/27
(d)
....................
9
9,723
Intelligent
Packaging
Ltd.
Finco,
Inc.,
6.00%,
09/15/28
(d)
....................
11
11,440
Intertape
Polymer
Group,
Inc.,
4.38%,
06/15/29
(d)
....................
11
11,154
LABL
Escrow
Issuer
LLC
(d)
:
6.75%,
07/15/26
.................
39
41,602
10.50%,
07/15/27
................
13
14,333
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(d)
...............
21
21,210
Sealed
Air
Corp.
(d)
:
4.00%,
12/01/27
.................
5
5,319
6.88%,
07/15/33
.................
9
11,384
Silgan
Holdings,
Inc.,
4.13%,
02/01/28
....
2
2,075
Trivium
Packaging
Finance
BV,
8.50%,
08/15/27
(d)(g)
...................
200
217,440
360,278
Distributors
—
0.7%
(d)
American
Builders
&
Contractors
Supply
Co.,
Inc.:
4.00%,
01/15/28
.................
17
17,420
3.88%,
11/15/29
.................
12
11,925
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
9
9,217
Core
&
Main
LP,
6.13%,
08/15/25
.......
128
130,560
Wolverine
Escrow
LLC:
8.50%,
11/15/24
.................
17
16,490
Security
Par
(000)
Par
(000)
Value
Distributors
(continued)
9.00%,
11/15/26
.................
USD
6
$
5,850
191,462
Diversified
Consumer
Services
—
0.2%
Graham
Holdings
Co.,
5.75%,
06/01/26
(d)
..
3
3,120
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(d)
..
18
17,727
Service
Corp.
International:
5.13%,
06/01/29
.................
2
2,170
4.00%,
05/15/31
.................
29
29,600
52,617
Diversified
Financial
Services
—
1.2%
(d)
Fairstone
Financial,
Inc.,
7.88%,
07/15/24
..
16
16,680
MPH
Acquisition
Holdings
LLC,
5.75%,
11/01/28
.....................
37
37,182
Sabre
GLBL,
Inc.:
9.25%,
04/15/25
.................
42
49,931
7.38%,
09/01/25
.................
21
22,837
Shift4
Payments
LLC,
4.63%,
11/01/26
....
30
31,312
Verscend
Escrow
Corp.,
9.75%,
08/15/26
..
165
173,869
331,811
Diversified
Telecommunication
Services
—
5.7%
Altice
France
SA,
8.13%,
02/01/27
(d)
.....
248
270,196
CCO
Holdings
LLC:
5.00%,
02/01/28
(d)
................
8
8,390
5.38%,
06/01/29
(d)
................
22
24,048
4.75%,
03/01/30
(d)
................
11
11,633
4.50%,
08/15/30
(d)
................
76
79,132
4.25%,
02/01/31
(d)
................
44
44,825
4.50%,
05/01/32
.................
40
41,450
4.50%,
06/01/33
(d)
................
30
30,698
Cincinnati
Bell,
Inc.
(d)
:
7.00%,
07/15/24
.................
23
23,604
8.00%,
10/15/25
.................
8
8,410
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(d)
....................
39
41,954
Frontier
Communications
Holdings
LLC
(d)
:
5.88%,
10/15/27
.................
37
39,636
5.00%,
05/01/28
.................
70
72,368
6.75%,
05/01/29
.................
34
36,151
Intelsat
Jackson
Holdings
SA,
8.00%,
02/15/24
(d)(g)
...................
5
5,164
Level
3
Financing,
Inc.
(d)
:
4.63%,
09/15/27
.................
4
4,152
4.25%,
07/01/28
.................
7
7,103
3.75%,
07/15/29
.................
18
17,505
Lumen
Technologies,
Inc.:
Series
Y,
7.50%,
04/01/24
..........
11
12,348
5.13%,
12/15/26
(d)
................
44
45,705
4.00%,
02/15/27
(d)
................
11
11,220
4.50%,
01/15/29
(d)
................
42
40,990
5.38%,
06/15/29
(d)
................
36
36,518
Series
P,
7.60%,
09/15/39
..........
9
10,237
Series
U,
7.65%,
03/15/42
..........
37
41,532
QualityTech
LP,
3.88%,
10/01/28
(d)
......
18
19,249
Sprint
Capital
Corp.:
6.88%,
11/15/28
.................
87
110,936
8.75%,
03/15/32
.................
85
129,200
Switch
Ltd.
(d)
:
3.75%,
09/15/28
.................
30
30,375
4.13%,
06/15/29
.................
19
19,499
Telecom
Italia
Capital
SA:
6.38%,
11/15/33
.................
44
52,470
6.00%,
09/30/34
.................
51
58,841
7.20%,
07/18/36
.................
6
7,740
Telesat
Canada,
4.88%,
06/01/27
(d)
......
19
18,335
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
107
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Zayo
Group
Holdings,
Inc.
(d)
:
4.00%,
03/01/27
.................
USD
80
$
79,450
6.13%,
03/01/28
.................
92
93,955
1,585,019
Electric
Utilities
—
0.8%
FirstEnergy
Corp.:
Series
B,
4.40%,
07/15/27
(g)
.........
12
13,050
2.65%,
03/01/30
.................
2
1,992
Series
B,
2.25%,
09/01/30
..........
2
1,918
Series
C,
5.35%,
07/15/47
(g)
.........
40
48,000
Series
C,
3.40%,
03/01/50
..........
16
15,640
FirstEnergy
Transmission
LLC
(d)
:
5.45%,
07/15/44
.................
33
41,176
4.55%,
04/01/49
.................
15
17,593
NRG
Energy,
Inc.,
3.63%,
02/15/31
(d)
.....
25
24,567
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(d)
....................
18
18,634
PG&E
Corp.,
5.25%,
07/01/30
.........
20
20,190
Vistra
Operations
Co.
LLC,
4.38%,
05/01/29
(d)
19
19,095
221,855
Electrical
Equipment
—
0.1%
(d)
Atkore,
Inc.,
4.25%,
06/01/31
..........
14
14,179
Sensata
Technologies
BV:
5.63%,
11/01/24
.................
9
10,001
4.00%,
04/15/29
.................
9
9,136
33,316
Electronic
Equipment,
Instruments
&
Components
—
0.2%
CDW
LLC,
3.25%,
02/15/29
..........
16
16,211
Sensata
Technologies,
Inc.,
4.38%,
02/15/30
(d)
40
42,154
58,365
Energy
Equipment
&
Services
—
0.9%
Archrock
Partners
LP
(d)
:
6.88%,
04/01/27
.................
18
19,103
6.25%,
04/01/28
.................
39
40,712
ChampionX
Corp.,
6.38%,
05/01/26
......
16
16,758
Pioneer
Energy
Services
Corp.
(b)(d)
:
(LIBOR
USD
3
Month
+
9.50%),
11.00%,
05/15/25
(h)
...................
33
32,950
5.00%,
(5.00%
Cash
or
5.00%
PIK),
11/15/25
(f)(i)
...................
24
26,614
TechnipFMC
plc,
6.50%,
02/01/26
(d)
......
29
31,313
Tervita
Corp.,
11.00%,
12/01/25
(d)
.......
9
10,078
Transocean,
Inc.,
11.50%,
01/30/27
(d)
.....
11
11,756
USA
Compression
Partners
LP:
6.88%,
04/01/26
.................
36
37,710
6.88%,
09/01/27
.................
33
35,253
262,247
Entertainment
—
1.2%
Cinemark
USA,
Inc.
(d)
:
5.88%,
03/15/26
.................
10
10,465
5.25%,
07/15/28
.................
10
10,250
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(d)
....................
5
5,256
Live
Nation
Entertainment,
Inc.:
2.50%,
03/15/23
(i)
................
20
27,926
4.88%,
11/01/24
(d)
................
3
3,048
2.00%,
02/15/25
(i)
................
13
14,508
6.50%,
05/15/27
(d)
................
89
98,772
4.75%,
10/15/27
(d)
................
7
7,254
3.75%,
01/15/28
(d)
................
15
15,066
Netflix,
Inc.:
5.88%,
11/15/28
.................
27
33,141
6.38%,
05/15/29
.................
19
24,268
Security
Par
(000)
Par
(000)
Value
Entertainment
(continued)
5.38%,
11/15/29
(d)
................
USD
15
$
18,219
4.88%,
06/15/30
(d)
................
12
14,271
Playtika
Holding
Corp.,
4.25%,
03/15/29
(d)
..
36
35,975
WMG
Acquisition
Corp.,
3.88%,
07/15/30
(d)
.
14
14,139
332,558
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.6%
Brookfield
Property
REIT,
Inc.,
5.75%,
05/15/26
(d)
....................
16
16,820
CTR
Partnership
LP,
3.88%,
06/30/28
(d)
...
14
14,296
Diversified
Healthcare
Trust,
9.75%,
06/15/25
20
22,150
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(d)
..
16
15,836
GLP
Capital
LP,
4.00%,
01/15/31
.......
8
8,620
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(d)
...
16
16,120
Iron
Mountain,
Inc.
(d)
:
5.25%,
07/15/30
.................
28
29,640
5.63%,
07/15/32
.................
10
10,703
MGM
Growth
Properties
Operating
Partnership
LP:
5.63%,
05/01/24
.................
14
15,161
4.63%,
06/15/25
(d)
................
14
14,957
4.50%,
09/01/26
.................
19
20,282
5.75%,
02/01/27
.................
27
30,041
4.50%,
01/15/28
.................
17
17,978
3.88%,
02/15/29
(d)
................
26
26,405
MPT
Operating
Partnership
LP:
4.63%,
08/01/29
.................
39
41,748
3.50%,
03/15/31
.................
71
71,709
RHP
Hotel
Properties
LP,
4.75%,
10/15/27
.
37
38,001
RLJ
Lodging
Trust
LP,
3.75%,
07/01/26
(d)
..
11
11,110
SBA
Communications
Corp.,
3.88%,
02/15/27
36
36,969
Service
Properties
Trust:
4.50%,
06/15/23
.................
5
5,125
4.35%,
10/01/24
.................
4
4,028
7.50%,
09/15/25
.................
17
19,247
5.50%,
12/15/27
.................
11
11,740
Uniti
Group
LP
(d)
:
4.75%,
04/15/28
.................
29
28,927
6.50%,
02/15/29
.................
49
49,123
VICI
Properties
LP
(d)
:
4.25%,
12/01/26
.................
23
23,925
3.75%,
02/15/27
.................
25
25,428
4.63%,
12/01/29
.................
39
41,438
4.13%,
08/15/30
.................
44
45,180
XHR
LP,
4.88%,
06/01/29
(d)
...........
5
5,162
717,869
Food
&
Staples
Retailing
—
0.5%
(d)
Albertsons
Cos.,
Inc.:
3.25%,
03/15/26
.................
18
18,256
4.63%,
01/15/27
.................
25
26,149
5.88%,
02/15/28
.................
27
29,090
4.88%,
02/15/30
.................
5
5,332
Ingles
Markets,
Inc.,
4.00%,
06/15/31
....
2
1,998
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
8
8,609
US
Foods,
Inc.:
6.25%,
04/15/25
.................
12
12,720
4.75%,
02/15/29
.................
26
26,520
128,674
Food
Products
—
2.2%
Chobani
LLC
(d)
:
7.50%,
04/15/25
.................
49
50,980
4.63%,
11/15/28
.................
24
24,870
JBS
USA
LUX
SA
(d)
:
6.75%,
02/15/28
.................
19
20,781
6.50%,
04/15/29
.................
22
24,723
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
108
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
3.75%,
12/01/31
.................
USD
33
$
33,767
Kraft
Heinz
Foods
Co.:
4.25%,
03/01/31
.................
39
44,304
5.00%,
07/15/35
.................
10
12,266
6.88%,
01/26/39
.................
22
31,601
4.63%,
10/01/39
.................
7
8,153
6.50%,
02/09/40
.................
15
20,832
5.20%,
07/15/45
.................
26
32,278
4.38%,
06/01/46
.................
32
36,262
4.88%,
10/01/49
.................
79
95,902
5.50%,
06/01/50
.................
88
114,202
Lamb
Weston
Holdings,
Inc.,
4.88%,
05/15/28
(d)
8
8,850
Post
Holdings,
Inc.
(d)
:
5.63%,
01/15/28
.................
2
2,120
5.50%,
12/15/29
.................
5
5,356
4.63%,
04/15/30
.................
6
6,101
4.50%,
09/15/31
.................
20
19,967
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(d)
..
23
23,200
TreeHouse
Foods,
Inc.,
4.00%,
09/01/28
..
6
5,955
622,470
Gas
Utilities
—
0.1%
(d)
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
.....................
14
14,333
Superior
Plus
LP,
4.50%,
03/15/29
......
3
3,090
17,423
Health
Care
Equipment
&
Supplies
—
0.8%
(d)
Avantor
Funding,
Inc.,
4.63%,
07/15/28
...
78
82,350
Hologic,
Inc.,
3.25%,
02/15/29
.........
9
8,921
Ortho-Clinical
Diagnostics,
Inc.:
7.38%,
06/01/25
.................
31
33,286
7.25%,
02/01/28
.................
87
95,026
219,583
Health
Care
Providers
&
Services
—
5.5%
Acadia
Healthcare
Co.,
Inc.
(d)
:
5.50%,
07/01/28
.................
9
9,607
5.00%,
04/15/29
.................
14
14,601
AdaptHealth
LLC
(d)
:
6.13%,
08/01/28
.................
12
12,779
4.63%,
08/01/29
.................
9
9,112
AHP
Health
Partners,
Inc.
(d)
:
9.75%,
07/15/26
.................
30
32,274
5.75%,
07/15/29
.................
25
25,344
Akumin,
Inc.,
7.00%,
11/01/25
(d)
........
10
10,382
Centene
Corp.:
4.25%,
12/15/27
.................
30
31,612
2.45%,
07/15/28
.................
60
60,810
4.63%,
12/15/29
.................
63
69,286
3.00%,
10/15/30
.................
74
76,019
2.50%,
03/01/31
.................
98
96,652
Community
Health
Systems,
Inc.
(d)
:
6.63%,
02/15/25
.................
80
84,599
8.00%,
03/15/26
.................
103
110,983
5.63%,
03/15/27
.................
51
54,442
6.00%,
01/15/29
.................
45
48,150
6.88%,
04/15/29
.................
14
14,651
6.13%,
04/01/30
.................
22
22,330
DaVita,
Inc.,
4.63%,
06/01/30
(d)
........
11
11,310
Encompass
Health
Corp.:
4.50%,
02/01/28
.................
8
8,300
4.75%,
02/01/30
.................
29
30,812
4.63%,
04/01/31
.................
17
18,215
HCA,
Inc.:
5.38%,
09/01/26
.................
10
11,507
5.63%,
09/01/28
.................
35
41,475
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
5.88%,
02/01/29
.................
USD
20
$
24,150
3.50%,
09/01/30
.................
62
66,053
Legacy
LifePoint
Health
LLC
(d)
:
6.75%,
04/15/25
.................
16
17,050
4.38%,
02/15/27
.................
7
7,084
LifePoint
Health,
Inc.,
5.38%,
01/15/29
(d)
...
20
19,500
MEDNAX,
Inc.,
6.25%,
01/15/27
(d)
.......
22
23,293
ModivCare,
Inc.,
5.88%,
11/15/25
(d)
......
7
7,490
Molina
Healthcare,
Inc.
(d)
:
4.38%,
06/15/28
.................
17
17,723
3.88%,
11/15/30
.................
25
26,031
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(d)
....................
37
40,056
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(d)
...............
9
9,686
RP
Escrow
Issuer
LLC,
5.25%,
12/15/25
(d)
..
13
13,569
Surgery
Center
Holdings,
Inc.
(d)
:
6.75%,
07/01/25
.................
64
64,855
10.00%,
04/15/27
................
43
47,192
Tenet
Healthcare
Corp.
(d)
:
4.63%,
09/01/24
.................
13
13,343
7.50%,
04/01/25
.................
23
24,843
4.88%,
01/01/26
.................
64
66,381
5.13%,
11/01/27
.................
40
41,950
4.63%,
06/15/28
.................
7
7,204
6.13%,
10/01/28
.................
32
34,100
4.25%,
06/01/29
.................
25
25,313
Vizient,
Inc.,
6.25%,
05/15/27
(d)
........
21
22,208
1,524,326
Hotels,
Restaurants
&
Leisure
—
6.0%
1011778
BC
ULC
(d)
:
3.88%,
01/15/28
.................
27
27,337
4.38%,
01/15/28
.................
30
30,413
Affinity
Gaming,
6.88%,
12/15/27
(d)
......
10
10,612
Boyd
Gaming
Corp.:
8.63%,
06/01/25
(d)
................
22
24,252
4.75%,
12/01/27
.................
14
14,490
4.75%,
06/15/31
(d)
................
31
32,163
Boyne
USA,
Inc.,
4.75%,
05/15/29
(d)
.....
23
23,730
Caesars
Entertainment,
Inc.
(d)
:
6.25%,
07/01/25
.................
103
109,180
8.13%,
07/01/27
.................
77
85,639
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(d)
....................
43
45,311
Carnival
Corp.
(d)
:
11.50%,
04/01/23
................
51
57,395
10.50%,
02/01/26
................
14
16,299
5.75%,
03/01/27
.................
112
117,320
9.88%,
08/01/27
.................
17
19,848
Carrols
Restaurant
Group,
Inc.,
5.88%,
07/01/29
(d)
....................
8
7,890
CCM
Merger,
Inc.,
6.38%,
05/01/26
(d)
.....
15
15,750
Cedar
Fair
LP
(d)
:
5.50%,
05/01/25
.................
75
78,281
6.50%,
10/01/28
.................
5
5,388
Churchill
Downs,
Inc.
(d)
:
5.50%,
04/01/27
.................
6
6,252
4.75%,
01/15/28
.................
16
16,556
Full
House
Resorts,
Inc.,
8.25%,
02/15/28
(d)
.
6
6,540
Golden
Nugget,
Inc.,
6.75%,
10/15/24
(d)
...
77
77,787
Hilton
Domestic
Operating
Co.,
Inc.:
5.38%,
05/01/25
(d)
................
12
12,630
5.75%,
05/01/28
(d)
................
6
6,492
4.88%,
01/15/30
.................
9
9,608
4.00%,
05/01/31
(d)
................
21
21,186
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
109
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Hilton
Grand
Vacations
Borrower
Escrow
LLC,
4.88%,
07/01/31
(d)
...............
USD
4
$
3,990
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
.....................
14
14,595
IRB
Holding
Corp.,
7.00%,
06/15/25
(d)
....
16
17,280
Life
Time,
Inc.
(d)
:
5.75%,
01/15/26
.................
28
29,015
8.00%,
04/15/26
.................
20
21,315
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(d)
9
8,977
Marriott
Ownership
Resorts,
Inc.:
6.50%,
09/15/26
.................
2
2,077
4.50%,
06/15/29
(d)
................
13
13,179
MGM
Resorts
International,
6.00%,
03/15/23
10
10,697
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(d)
....................
21
21,026
NCL
Corp.
Ltd.
(d)
:
10.25%,
02/01/26
................
10
11,625
5.88%,
03/15/26
.................
22
23,045
NCL
Finance
Ltd.,
6.13%,
03/15/28
(d)
.....
29
30,391
Peninsula
Pacific
Entertainment
LLC,
8.50%,
11/15/27
(d)
....................
22
23,628
Penn
National
Gaming,
Inc.,
4.13%,
07/01/29
(d)
11
10,986
Powdr
Corp.,
6.00%,
08/01/25
(d)
........
25
26,250
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(d)
.
15
15,210
Royal
Caribbean
Cruises
Ltd.
(d)
:
10.88%,
06/01/23
................
10
11,387
9.13%,
06/15/23
.................
15
16,463
11.50%,
06/01/25
................
20
23,050
5.50%,
04/01/28
.................
48
50,270
Scientific
Games
International,
Inc.
(d)
:
8.63%,
07/01/25
.................
18
19,710
5.00%,
10/15/25
.................
5
5,162
8.25%,
03/15/26
.................
40
42,899
7.00%,
05/15/28
.................
13
14,199
7.25%,
11/15/29
.................
14
15,792
SeaWorld
Parks
&
Entertainment,
Inc.,
9.50%,
08/01/25
(d)
....................
14
15,015
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(d)
75
80,828
Station
Casinos
LLC,
4.50%,
02/15/28
(d)
...
17
17,290
Travel
+
Leisure
Co.,
6.63%,
07/31/26
(d)
...
15
16,995
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(d)
.....
14
14,985
Viking
Cruises
Ltd.,
7.00%,
02/15/29
(d)
....
4
4,162
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(d)
....................
15
15,150
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(d)
....................
16
16,611
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(d)
..
28
30,075
Wynn
Resorts
Finance
LLC
(d)
:
7.75%,
04/15/25
.................
17
18,318
5.13%,
10/01/29
.................
60
63,375
Yum!
Brands,
Inc.:
4.75%,
01/15/30
(d)
................
2
2,165
5.35%,
11/01/43
.................
2
2,125
1,657,661
Household
Durables
—
1.0%
Ashton
Woods
USA
LLC,
6.63%,
01/15/28
(d)
7
7,455
Brookfield
Residential
Properties,
Inc.
(d)
:
5.00%,
06/15/29
.................
17
17,127
4.88%,
02/15/30
.................
20
19,806
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(d)
23
24,653
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(d)
....................
13
13,683
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(d)
....................
28
29,680
KB
Home,
4.00%,
06/15/31
...........
8
8,070
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
LGI
Homes,
Inc.,
4.00%,
07/15/29
(d)
......
USD
6
$
6,030
Mattamy
Group
Corp.
(d)
:
5.25%,
12/15/27
.................
14
14,630
4.63%,
03/01/30
.................
16
16,344
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
4
4,470
New
Home
Co.,
Inc.
(The),
7.25%,
10/15/25
(d)
6
6,358
Newell
Brands,
Inc.,
6.00%,
04/01/46
(g)
....
3
3,802
Picasso
Finance
Sub,
Inc.,
6.13%,
06/15/25
(d)
11
11,630
Taylor
Morrison
Communities,
Inc.
(d)
:
5.88%,
06/15/27
.................
7
7,919
5.13%,
08/01/30
.................
5
5,419
Tempur
Sealy
International,
Inc.,
4.00%,
04/15/29
(d)
....................
21
21,261
TRI
Pointe
Homes,
Inc.,
5.70%,
06/15/28
..
5
5,513
WASH
Multifamily
Acquisition,
Inc.,
5.75%,
04/15/26
(d)
....................
16
16,706
Williams
Scotsman
International,
Inc.,
4.63%,
08/15/28
(d)
....................
25
25,817
266,373
Household
Products
—
0.3%
Central
Garden
&
Pet
Co.:
4.13%,
10/15/30
.................
21
21,446
4.13%,
04/30/31
(d)
................
16
16,180
Energizer
Holdings,
Inc.
(d)
:
4.75%,
06/15/28
.................
2
2,050
4.38%,
03/31/29
.................
2
2,002
Kronos
Acquisition
Holdings,
Inc.,
5.00%,
12/31/26
(d)
....................
17
17,255
Spectrum
Brands,
Inc.
(d)
:
5.00%,
10/01/29
.................
13
13,780
5.50%,
07/15/30
.................
13
14,007
3.88%,
03/15/31
.................
9
8,844
95,564
Independent
Power
and
Renewable
Electricity
Producers
—
0.5%
(d)
Calpine
Corp.:
4.50%,
02/15/28
.................
14
14,280
5.13%,
03/15/28
.................
61
62,067
4.63%,
02/01/29
.................
2
1,966
5.00%,
02/01/31
.................
38
37,810
3.75%,
03/01/31
.................
2
1,905
Clearway
Energy
Operating
LLC,
4.75%,
03/15/28
.....................
13
13,634
131,662
Insurance
—
1.8%
(d)
Alliant
Holdings
Intermediate
LLC:
4.25%,
10/15/27
.................
89
90,334
6.75%,
10/15/27
.................
140
147,135
AmWINS
Group,
Inc.,
7.75%,
07/01/26
....
10
10,606
AssuredPartners,
Inc.,
5.63%,
01/15/29
...
22
22,000
BroadStreet
Partners,
Inc.,
5.88%,
04/15/29
14
14,280
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
..
25
26,625
HUB
International
Ltd.,
7.00%,
05/01/26
...
60
62,225
NFP
Corp.:
4.88%,
08/15/28
.................
22
22,355
6.88%,
08/15/28
.................
94
98,955
494,515
Interactive
Media
&
Services
—
0.2%
(d)
Rackspace
Technology
Global,
Inc.,
5.38%,
12/01/28
.....................
35
35,875
Twitter,
Inc.,
3.88%,
12/15/27
..........
27
28,688
64,563
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
110
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Internet
&
Direct
Marketing
Retail
—
0.2%
(d)
ANGI
Group
LLC,
3.88%,
08/15/28
......
USD
22
$
21,863
Go
Daddy
Operating
Co.
LLC:
5.25%,
12/01/27
.................
5
5,250
3.50%,
03/01/29
.................
11
10,928
Match
Group
Holdings
II
LLC:
4.63%,
06/01/28
.................
9
9,359
4.13%,
08/01/30
.................
8
8,140
55,540
IT
Services
—
1.8%
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(d)
12
12,414
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(d)
....
9
8,899
Austin
BidCo,
Inc.,
7.13%,
12/15/28
(d)
.....
6
6,148
Banff
Merger
Sub,
Inc.,
9.75%,
09/01/26
(d)
..
106
111,565
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
(d)
35
34,824
Booz
Allen
Hamilton,
Inc.
(d)
:
3.88%,
09/01/28
.................
19
19,380
4.00%,
07/01/29
.................
32
32,720
Endure
Digital,
Inc.,
6.00%,
02/15/29
(d)
....
16
15,840
Gartner,
Inc.
(d)
:
4.50%,
07/01/28
.................
25
26,403
3.63%,
06/15/29
.................
22
22,330
3.75%,
10/01/30
.................
10
10,231
Northwest
Fiber
LLC
(d)
:
6.00%,
02/15/28
.................
21
21,046
10.75%,
06/01/28
................
9
10,125
Square,
Inc.,
3.50%,
06/01/31
(d)
........
52
52,455
Tempo
Acquisition
LLC
(d)
:
5.75%,
06/01/25
.................
18
18,945
6.75%,
06/01/25
.................
71
72,198
Twilio,
Inc.,
3.88%,
03/15/31
..........
16
16,420
Unisys
Corp.,
6.88%,
11/01/27
(d)
........
9
9,836
501,779
Leisure
Products
—
0.2%
Mattel,
Inc.:
6.75%,
12/31/25
(d)
................
14
14,710
3.75%,
04/01/29
(d)
................
9
9,360
6.20%,
10/01/40
.................
10
12,325
5.45%,
11/01/41
.................
13
14,982
51,377
Life
Sciences
Tools
&
Services
—
0.2%
(d)
Charles
River
Laboratories
International,
Inc.:
4.25%,
05/01/28
.................
10
10,338
3.75%,
03/15/29
.................
3
3,041
4.00%,
03/15/31
.................
9
9,363
Syneos
Health,
Inc.,
3.63%,
01/15/29
....
38
37,620
60,362
Machinery
—
1.1%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(d)
.
15
15,806
ATS
Automation
Tooling
Systems,
Inc.,
4.13%,
12/15/28
(d)
....................
9
9,214
Clark
Equipment
Co.,
5.88%,
06/01/25
(d)
...
25
26,391
Colfax
Corp.,
6.38%,
02/15/26
(d)
........
14
14,784
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
16
16,874
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(d)
..
11
11,289
Grinding
Media,
Inc.,
7.38%,
12/15/23
(d)
...
28
28,631
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(d)(f)
.........
31
33,635
Meritor,
Inc.,
4.50%,
12/15/28
(d)
........
6
6,082
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(d)
8
8,221
Navistar
International
Corp.,
6.63%,
11/01/25
(d)
4
4,133
Stevens
Holding
Co.,
Inc.,
6.13%,
10/01/26
(d)
20
21,450
Terex
Corp.,
5.00%,
05/15/29
(d)
........
24
25,020
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(d)
...
53
54,921
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Titan
International,
Inc.,
7.00%,
04/30/28
(d)
.
USD
9
$
9,416
Wabash
National
Corp.,
5.50%,
10/01/25
(d)
.
23
23,460
309,327
Media
—
5.9%
Advantage
Sales
&
Marketing,
Inc.,
6.50%,
11/15/28
(d)
....................
13
13,683
Altice
Financing
SA,
7.50%,
05/15/26
(d)
....
200
208,260
AMC
Networks,
Inc.:
4.75%,
08/01/25
.................
14
14,374
4.25%,
02/15/29
.................
10
10,087
Block
Communications,
Inc.,
4.88%,
03/01/28
(d)
12
12,240
Cable
One,
Inc.
(d)
:
1.13%,
03/15/28
(i)
................
17
17,289
4.00%,
11/15/30
.................
12
12,045
Clear
Channel
Outdoor
Holdings,
Inc.
(d)
:
7.75%,
04/15/28
.................
40
41,901
7.50%,
06/01/29
.................
56
57,979
Clear
Channel
Worldwide
Holdings,
Inc.,
5.13%,
08/15/27
(d)
...............
143
146,607
CSC
Holdings
LLC:
5.25%,
06/01/24
.................
5
5,419
6.50%,
02/01/29
(d)
................
200
221,520
Diamond
Sports
Group
LLC,
5.38%,
08/15/26
(d)
36
23,310
DISH
DBS
Corp.:
5.88%,
07/15/22
.................
24
25,037
5.00%,
03/15/23
.................
23
24,072
5.88%,
11/15/24
.................
14
15,032
7.75%,
07/01/26
.................
32
36,240
5.13%,
06/01/29
(d)
................
64
63,196
DISH
Network
Corp.
(i)
:
2.38%,
03/15/24
.................
26
25,204
3.38%,
08/15/26
.................
38
38,779
GCI
LLC,
4.75%,
10/15/28
(d)
..........
14
14,329
iHeartCommunications,
Inc.,
8.38%,
05/01/27
3
3,214
Liberty
Broadband
Corp.
(d)(i)
:
1.25%,
09/30/50
.................
42
42,273
2.75%,
09/30/50
.................
70
73,494
Meredith
Corp.,
6.88%,
02/01/26
.......
2
2,080
Midcontinent
Communications,
5.38%,
08/15/27
(d)
....................
16
16,800
News
Corp.,
3.88%,
05/15/29
(d)
........
11
11,110
Outfront
Media
Capital
LLC
(d)
:
5.00%,
08/15/27
.................
16
16,566
4.25%,
01/15/29
.................
11
11,069
Radiate
Holdco
LLC
(d)
:
4.50%,
09/15/26
.................
48
49,680
6.50%,
09/15/28
.................
114
119,774
Scripps
Escrow
II,
Inc.
(d)
:
3.88%,
01/15/29
.................
2
1,984
5.38%,
01/15/31
.................
14
13,956
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(d)
....................
30
29,475
Sirius
XM
Radio,
Inc.
(d)
:
5.00%,
08/01/27
.................
3
3,143
4.00%,
07/15/28
.................
41
42,230
4.13%,
07/01/30
.................
33
33,293
TEGNA,
Inc.,
5.50%,
09/15/24
(d)
........
4
4,070
Terrier
Media
Buyer,
Inc.,
8.88%,
12/15/27
(d)
72
77,850
Univision
Communications,
Inc.
(d)
:
5.13%,
02/15/25
.................
11
11,222
6.63%,
06/01/27
.................
11
11,919
Videotron
Ltd.,
3.63%,
06/15/29
(d)
.......
30
30,591
1,632,396
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
111
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
—
2.6%
Allegheny
Technologies,
Inc.,
7.88%,
08/15/23
(g)
....................
USD
6
$
6,577
Arconic
Corp.
(d)
:
6.00%,
05/15/25
.................
15
15,987
6.13%,
02/15/28
.................
21
22,527
Big
River
Steel
LLC,
6.63%,
01/31/29
(d)
...
102
112,328
Constellium
SE,
5.88%,
02/15/26
(d)
......
250
257,425
Freeport-McMoRan,
Inc.:
5.40%,
11/14/34
.................
5
6,039
5.45%,
03/15/43
.................
82
100,230
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%,
08/01/28
(d)
....................
15
16,650
Kaiser
Aluminum
Corp.
(d)
:
4.63%,
03/01/28
.................
7
7,232
4.50%,
06/01/31
.................
11
11,281
New
Gold,
Inc.
(d)
:
6.38%,
05/15/25
.................
6
6,195
7.50%,
07/15/27
.................
39
42,315
Novelis
Corp.,
4.75%,
01/30/30
(d)
.......
79
82,950
TMS
International
Corp.,
6.25%,
04/15/29
(d)
.
9
9,450
United
States
Steel
Corp.:
6.25%,
03/15/26
.................
1
1,031
6.88%,
03/01/29
.................
23
24,610
722,827
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Apollo
Commercial
Real
Estate
Finance,
Inc.,
4.63%,
06/15/29
(d)
...............
14
13,805
Starwood
Property
Trust,
Inc.,
5.00%,
12/15/21
7
7,035
20,840
Multiline
Retail
—
0.3%
(d)
Macy's,
Inc.,
8.38%,
06/15/25
.........
50
55,060
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
...
33
35,228
90,288
Oil,
Gas
&
Consumable
Fuels
—
11.4%
Aethon
United
BR
LP,
8.25%,
02/15/26
(d)
...
38
41,143
Antero
Midstream
Partners
LP
(d)
:
7.88%,
05/15/26
.................
34
37,999
5.75%,
03/01/27
.................
10
10,400
5.38%,
06/15/29
.................
17
17,722
Antero
Resources
Corp.
(d)
:
7.63%,
02/01/29
.................
21
23,310
5.38%,
03/01/30
.................
15
15,309
Apache
Corp.:
4.88%,
11/15/27
.................
17
18,411
4.38%,
10/15/28
.................
4
4,258
4.25%,
01/15/30
.................
12
12,660
5.10%,
09/01/40
.................
22
23,045
5.25%,
02/01/42
.................
7
7,402
4.75%,
04/15/43
.................
29
30,151
4.25%,
01/15/44
.................
15
14,657
5.35%,
07/01/49
.................
6
6,315
Ascent
Resources
Utica
Holdings
LLC
(d)
:
9.00%,
11/01/27
.................
35
48,375
5.88%,
06/30/29
.................
31
31,000
Baytex
Energy
Corp.,
8.75%,
04/01/27
(d)
...
4
4,030
Buckeye
Partners
LP:
4.13%,
03/01/25
(d)
................
3
3,109
5.85%,
11/15/43
.................
14
13,895
5.60%,
10/15/44
.................
13
12,610
Callon
Petroleum
Co.:
6.25%,
04/15/23
.................
4
4,005
6.13%,
10/01/24
.................
10
9,858
9.00%,
04/01/25
(d)
................
54
58,860
8.00%,
08/01/28
(d)
................
45
45,506
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Centennial
Resource
Production
LLC:
6.88%,
04/01/27
(d)
................
USD
22
$
22,498
3.25%,
04/01/28
(i)
................
9
11,840
Cheniere
Energy
Partners
LP:
4.50%,
10/01/29
.................
44
47,300
4.00%,
03/01/31
(d)
................
52
54,340
Cheniere
Energy,
Inc.,
4.63%,
10/15/28
(d)
..
147
155,085
Chesapeake
Energy
Corp.
(d)
:
5.50%,
02/01/26
.................
2
2,110
5.88%,
02/01/29
.................
5
5,412
CITGO
Petroleum
Corp.
(d)
:
7.00%,
06/15/25
.................
25
26,052
6.38%,
06/15/26
.................
20
20,850
CNX
Resources
Corp.,
6.00%,
01/15/29
(d)
..
16
17,300
Colgate
Energy
Partners
III
LLC
(d)
:
7.75%,
02/15/26
.................
12
13,155
5.88%,
07/01/29
.................
25
25,937
Comstock
Resources,
Inc.
(d)
:
7.50%,
05/15/25
.................
15
15,563
6.75%,
03/01/29
.................
45
47,935
5.88%,
01/15/30
.................
22
22,440
Continental
Resources,
Inc.:
4.50%,
04/15/23
.................
3
3,122
5.75%,
01/15/31
(d)
................
5
5,987
4.90%,
06/01/44
.................
8
9,060
Crestwood
Midstream
Partners
LP,
5.63%,
05/01/27
(d)
....................
9
9,236
CrownRock
LP,
5.63%,
10/15/25
(d)
......
64
66,240
DCP
Midstream
Operating
LP
(d)
:
6.45%,
11/03/36
.................
17
19,890
6.75%,
09/15/37
.................
29
34,872
DT
Midstream,
Inc.
(d)
:
4.13%,
06/15/29
.................
36
36,552
4.38%,
06/15/31
.................
44
44,959
Endeavor
Energy
Resources
LP
(d)
:
5.50%,
01/30/26
.................
64
66,480
5.75%,
01/30/28
.................
3
3,199
Energy
Transfer
LP,
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.69%),
6.50%
(h)(j)
...........
51
51,994
EnLink
Midstream
LLC:
5.63%,
01/15/28
(d)
................
14
14,789
5.38%,
06/01/29
.................
8
8,349
EnLink
Midstream
Partners
LP:
4.40%,
04/01/24
.................
17
17,850
4.85%,
07/15/26
.................
2
2,070
5.60%,
04/01/44
.................
20
18,100
5.05%,
04/01/45
.................
2
1,720
EQM
Midstream
Partners
LP:
6.00%,
07/01/25
(d)
................
17
18,488
4.13%,
12/01/26
.................
5
5,119
6.50%,
07/01/27
(d)
................
30
33,450
4.50%,
01/15/29
(d)
................
19
19,330
4.75%,
01/15/31
(d)
................
35
36,065
EQT
Corp.:
3.13%,
05/15/26
(d)
................
15
15,371
3.90%,
10/01/27
.................
23
24,639
5.00%,
01/15/29
.................
2
2,230
8.50%,
02/01/30
(g)
................
18
23,452
3.63%,
05/15/31
(d)
................
4
4,170
Genesis
Energy
LP:
5.63%,
06/15/24
.................
6
6,015
6.50%,
10/01/25
.................
4
4,040
8.00%,
01/15/27
.................
10
10,506
7.75%,
02/01/28
.................
12
12,402
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
112
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Great
Western
Petroleum
LLC,
12.00%,
09/01/25
(d)
....................
USD
17
$
16,915
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(d)
.
11
11,946
Hess
Midstream
Operations
LP,
5.13%,
06/15/28
(d)
....................
7
7,341
Hilcorp
Energy
I
LP
(d)
:
5.75%,
02/01/29
.................
3
3,128
6.00%,
02/01/31
.................
6
6,360
Independence
Energy
Finance
LLC,
7.25%,
05/01/26
(d)
....................
34
35,706
Indigo
Natural
Resources
LLC,
5.38%,
02/01/29
(d)
....................
40
41,800
ITT
Holdings
LLC,
6.50%,
08/01/29
(d)
.....
27
27,506
Matador
Resources
Co.,
5.88%,
09/15/26
..
57
58,710
MEG
Energy
Corp.
(d)
:
7.13%,
02/01/27
.................
4
4,261
5.88%,
02/01/29
.................
7
7,298
Murphy
Oil
Corp.:
5.75%,
08/15/25
.................
13
13,341
6.37%,
12/01/42
(g)
................
3
2,971
New
Fortress
Energy,
Inc.
(d)
:
6.75%,
09/15/25
.................
88
90,090
6.50%,
09/30/26
.................
93
95,027
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(d)
31
32,550
NGPL
PipeCo
LLC,
7.77%,
12/15/37
(d)
....
25
35,763
Northern
Oil
and
Gas,
Inc.,
8.13%,
03/01/28
(d)
41
44,177
NuStar
Logistics
LP:
5.75%,
10/01/25
.................
12
13,050
6.00%,
06/01/26
.................
13
14,105
6.38%,
10/01/30
.................
2
2,210
Occidental
Petroleum
Corp.:
2.70%,
02/15/23
.................
4
4,089
6.95%,
07/01/24
.................
6
6,759
2.90%,
08/15/24
.................
48
49,080
5.50%,
12/01/25
.................
8
8,840
5.55%,
03/15/26
.................
3
3,315
3.40%,
04/15/26
.................
6
6,135
8.88%,
07/15/30
.................
2
2,675
6.13%,
01/01/31
.................
19
22,354
4.30%,
08/15/39
.................
43
41,065
6.20%,
03/15/40
.................
58
65,582
4.50%,
07/15/44
.................
17
16,362
4.63%,
06/15/45
.................
42
40,950
6.60%,
03/15/46
.................
2
2,377
4.40%,
04/15/46
.................
37
35,538
4.10%,
02/15/47
.................
5
4,656
4.20%,
03/15/48
.................
33
30,855
4.40%,
08/15/49
.................
7
6,720
Ovintiv
Exploration,
Inc.,
5.38%,
01/01/26
..
2
2,254
Ovintiv,
Inc.:
7.38%,
11/01/31
.................
6
7,966
6.50%,
08/15/34
.................
6
7,921
Parkland
Corp.
(d)
:
5.88%,
07/15/27
.................
23
24,515
4.50%,
10/01/29
.................
9
9,146
PBF
Holding
Co.
LLC,
9.25%,
05/15/25
(d)
..
90
90,665
PDC
Energy,
Inc.:
1.13%,
09/15/21
(i)
................
20
19,825
6.13%,
09/15/24
.................
4
4,091
6.25%,
12/01/25
.................
4
4,140
Range
Resources
Corp.:
4.88%,
05/15/25
.................
5
5,175
9.25%,
02/01/26
.................
3
3,307
8.25%,
01/15/29
(d)
................
11
12,403
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
SM
Energy
Co.:
10.00%,
01/15/25
(d)
...............
USD
58
$
65,444
5.63%,
06/01/25
.................
2
1,980
6.75%,
09/15/26
.................
5
5,087
6.63%,
01/15/27
.................
4
4,110
6.50%,
07/15/28
.................
16
16,440
Southwestern
Energy
Co.:
7.50%,
04/01/26
.................
2
2,118
8.38%,
09/15/28
.................
9
10,170
Sunoco
LP:
6.00%,
04/15/27
.................
6
6,275
5.88%,
03/15/28
.................
2
2,125
Tallgrass
Energy
Partners
LP
(d)
:
7.50%,
10/01/25
.................
11
12,045
6.00%,
12/31/30
.................
13
13,515
Targa
Resources
Partners
LP:
6.50%,
07/15/27
.................
15
16,256
6.88%,
01/15/29
.................
7
7,886
5.50%,
03/01/30
.................
37
40,688
4.88%,
02/01/31
(d)
................
10
10,825
4.00%,
01/15/32
(d)
................
2
2,057
TerraForm
Power
Operating
LLC
(d)
:
4.25%,
01/31/23
.................
7
7,184
4.75%,
01/15/30
.................
9
9,217
Vine
Energy
Holdings
LLC,
6.75%,
04/15/29
(d)
48
50,520
Viper
Energy
Partners
LP,
5.38%,
11/01/27
(d)
11
11,459
Western
Midstream
Operating
LP:
4.75%,
08/15/28
.................
3
3,240
5.45%,
04/01/44
.................
31
33,403
5.30%,
03/01/48
.................
26
27,690
5.50%,
08/15/48
.................
8
8,707
6.50%,
02/01/50
(g)
................
59
68,312
3,151,361
Personal
Products
—
0.1%
(d)
Coty,
Inc.,
5.00%,
04/15/26
...........
10
10,140
Edgewell
Personal
Care
Co.,
5.50%,
06/01/28
13
13,780
Prestige
Brands,
Inc.,
3.75%,
04/01/31
....
13
12,533
36,453
Pharmaceuticals
—
1.7%
Bausch
Health
Americas,
Inc.,
9.25%,
04/01/26
(d)
....................
13
14,140
Bausch
Health
Cos.,
Inc.
(d)
:
6.13%,
04/15/25
.................
5
5,125
9.00%,
12/15/25
.................
11
11,795
5.75%,
08/15/27
.................
20
21,228
7.00%,
01/15/28
.................
21
21,630
5.00%,
01/30/28
.................
21
19,924
4.88%,
06/01/28
.................
58
59,363
5.00%,
02/15/29
.................
38
35,435
6.25%,
02/15/29
.................
40
39,562
7.25%,
05/30/29
.................
30
30,657
Catalent
Pharma
Solutions,
Inc.,
3.13%,
02/15/29
(d)
....................
15
14,526
Elanco
Animal
Health,
Inc.,
5.90%,
08/28/28
(g)
6
7,022
Endo
DAC,
9.50%,
07/31/27
(d)
.........
34
34,680
Endo
Luxembourg
Finance
Co.
I
SARL,
6.13%,
04/01/29
(d)
....................
40
39,200
P&L
Development
LLC,
7.75%,
11/15/25
(d)
..
20
21,000
Par
Pharmaceutical,
Inc.,
7.50%,
04/01/27
(d)
83
84,853
460,140
Professional
Services
—
0.7%
(d)
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
...
8
8,057
ASGN,
Inc.,
4.63%,
05/15/28
..........
6
6,285
CoreLogic,
Inc.,
4.50%,
05/01/28
.......
35
34,694
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
113
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Professional
Services
(continued)
Dun
&
Bradstreet
Corp.
(The):
6.88%,
08/15/26
.................
USD
18
$
19,080
10.25%,
02/15/27
................
19
20,980
Jaguar
Holding
Co.
II:
4.63%,
06/15/25
.................
3
3,150
5.00%,
06/15/28
.................
57
61,783
KBR,
Inc.,
4.75%,
09/30/28
...........
15
15,000
Science
Applications
International
Corp.,
4.88%,
04/01/28
................
12
12,585
181,614
Real
Estate
Management
&
Development
—
0.5%
(d)
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
................
22
23,726
Five
Point
Operating
Co.
LP,
7.88%,
11/15/25
23
24,293
Forestar
Group,
Inc.,
3.85%,
05/15/26
....
9
9,081
Howard
Hughes
Corp.
(The):
4.13%,
02/01/29
.................
18
18,000
4.38%,
02/01/31
.................
20
19,928
Realogy
Group
LLC:
7.63%,
06/15/25
.................
12
13,016
5.75%,
01/15/29
.................
25
26,135
134,179
Road
&
Rail
—
0.7%
(d)
Avis
Budget
Car
Rental
LLC,
5.38%,
03/01/29
9
9,371
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
..
26
27,138
Uber
Technologies,
Inc.:
7.50%,
05/15/25
.................
13
14,030
0.00%,
12/15/25
(i)(k)
...............
27
27,378
8.00%,
11/01/26
.................
50
53,875
7.50%,
09/15/27
.................
36
39,563
6.25%,
01/15/28
.................
30
32,286
203,641
Semiconductors
&
Semiconductor
Equipment
—
0.4%
Entegris,
Inc.
(d)
:
4.38%,
04/15/28
.................
16
16,700
3.63%,
05/01/29
.................
8
8,100
Microchip
Technology,
Inc.,
4.25%,
09/01/25
35
36,745
ON
Semiconductor
Corp.,
3.88%,
09/01/28
(d)
22
22,663
Synaptics,
Inc.,
4.00%,
06/15/29
(d)
.......
17
17,085
101,293
Software
—
2.8%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(d)
...
30
31,463
Ascend
Learning
LLC:
6.88%,
08/01/25
(d)
................
56
56,896
Boxer
Parent
Co.,
Inc.
(d)
:
7.13%,
10/02/25
.................
21
22,470
9.13%,
03/01/26
.................
53
55,943
BY
Crown
Parent
LLC
(d)
:
7.38%,
10/15/24
.................
62
63,116
4.25%,
01/31/26
.................
45
47,137
Camelot
Finance
SA,
4.50%,
11/01/26
(d)
...
11
11,509
Castle
US
Holding
Corp.,
9.50%,
02/15/28
(d)
27
28,148
Change
Healthcare
Holdings
LLC,
5.75%,
03/01/25
(d)
....................
62
63,007
Clarivate
Science
Holdings
Corp.
(d)
:
3.88%,
06/30/28
.................
30
30,273
4.88%,
06/30/29
.................
43
44,129
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
25
25,024
Elastic
NV,
4.13%,
07/15/29
(d)
.........
24
24,180
Fair
Isaac
Corp.,
4.00%,
06/15/28
(d)
......
5
5,168
MicroStrategy,
Inc.,
6.13%,
06/15/28
(d)
....
27
27,000
PTC,
Inc.
(d)
:
3.63%,
02/15/25
.................
4
4,120
Security
Par
(000)
Par
(000)
Value
Software
(continued)
4.00%,
02/15/28
.................
USD
6
$
6,198
Rocket
Software,
Inc.,
6.50%,
02/15/29
(d)
..
34
33,738
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(d)
102
108,089
Veritas
US,
Inc.,
7.50%,
09/01/25
(d)
......
78
81,217
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(d)
21
20,869
789,694
Specialty
Retail
—
2.0%
Ambience
Merger
Sub,
Inc.,
7.13%,
07/15/29
(d)
7
7,070
Asbury
Automotive
Group,
Inc.:
4.50%,
03/01/28
.................
9
9,247
4.75%,
03/01/30
.................
8
8,360
BCPE
Ulysses
Intermediate,
Inc.,
7.75%,
(7.75%
Cash
or
8.50%
PIK),
04/01/27
(d)(f)
.
12
12,300
Carvana
Co.,
5.50%,
04/15/27
(d)
........
23
23,753
Gap,
Inc.
(The),
8.88%,
05/15/27
(d)
......
15
17,358
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(d)
3
3,053
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(d)
..
20
20,075
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(d)
11
11,220
L
Brands,
Inc.:
6.63%,
10/01/30
(d)
................
13
15,048
6.88%,
11/01/35
.................
49
62,046
6.75%,
07/01/36
.................
5
6,262
LBM
Acquisition
LLC,
6.25%,
01/15/29
(d)
...
39
39,300
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(d)
....................
18
18,450
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(d)
.....
11
11,402
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
15
15,783
Penske
Automotive
Group,
Inc.:
3.50%,
09/01/25
.................
6
6,215
3.75%,
06/15/29
.................
6
6,037
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(d)
...............
22
23,039
SRS
Distribution,
Inc.
(d)
:
4.63%,
07/01/28
.................
35
35,788
6.13%,
07/01/29
.................
29
29,844
Staples,
Inc.
(d)
:
7.50%,
04/15/26
.................
55
56,965
10.75%,
04/15/27
................
21
21,350
Victoria's
Secret
&
Co.,
4.63%,
07/15/29
(d)
..
13
13,000
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(d)
..
49
52,442
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(d)(f)
...........
18
18,624
544,031
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
Diebold
Nixdorf,
Inc.,
9.38%,
07/15/25
(d)
...
11
12,196
NCR
Corp.
(d)
:
5.00%,
10/01/28
.................
9
9,307
5.13%,
04/15/29
.................
12
12,375
6.13%,
09/01/29
.................
13
14,170
5.25%,
10/01/30
.................
9
9,337
Xerox
Corp.,
4.80%,
03/01/35
.........
18
18,068
75,453
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
(d)
Crocs,
Inc.,
4.25%,
03/15/29
..........
13
13,260
Hanesbrands,
Inc.,
5.38%,
05/15/25
.....
4
4,235
Levi
Strauss
&
Co.,
3.50%,
03/01/31
.....
10
9,942
William
Carter
Co.
(The),
5.50%,
05/15/25
..
7
7,406
Wolverine
World
Wide,
Inc.,
6.38%,
05/15/25
7
7,447
42,290
Thrifts
&
Mortgage
Finance
—
0.6%
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(d)
...
39
42,986
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(d)
.
25
23,312
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
114
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Thrifts
&
Mortgage
Finance
(continued)
Ladder
Capital
Finance
Holdings
LLLP
(d)
:
4.25%,
02/01/27
.................
USD
28
$
27,960
4.75%,
06/15/29
.................
11
11,000
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
16
16,960
Nationstar
Mortgage
Holdings,
Inc.
(d)
:
6.00%,
01/15/27
.................
10
10,363
5.50%,
08/15/28
.................
21
21,171
5.13%,
12/15/30
.................
11
10,945
United
Wholesale
Mortgage
LLC,
5.50%,
04/15/29
(d)
....................
6
5,999
170,696
Trading
Companies
&
Distributors
—
0.7%
(d)
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
8
7,979
Brightstar
Escrow
Corp.,
9.75%,
10/15/25
..
6
6,457
Fortress
Transportation
&
Infrastructure
Investors
LLC:
6.50%,
10/01/25
.................
6
6,233
9.75%,
08/01/27
.................
5
5,781
5.50%,
05/01/28
.................
25
26,031
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
.....................
14
13,860
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
.....................
5
4,920
Herc
Holdings,
Inc.,
5.50%,
07/15/27
.....
22
23,193
Imola
Merger
Corp.,
4.75%,
05/15/29
.....
49
50,409
WESCO
Distribution,
Inc.:
7.13%,
06/15/25
.................
6
6,484
7.25%,
06/15/28
.................
43
47,896
199,243
Water
Utilities
—
0.0%
Solaris
Midstream
Holdings
LLC,
7.63%,
04/01/26
(d)
....................
9
9,540
Wireless
Telecommunication
Services
—
1.5%
Connect
Finco
SARL,
6.75%,
10/01/26
(d)
...
209
221,018
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
.....................
3
3,361
Ligado
Networks
LLC,
0.00%,
(0.00%
Cash
or
15.50%
PIK),
11/01/23
(d)(f)(h)
.........
50
47,693
Sprint
Corp.,
7.63%,
03/01/26
.........
22
26,840
T-Mobile
USA,
Inc.:
2.63%,
02/15/29
.................
6
5,925
2.88%,
02/15/31
.................
41
40,692
3.50%,
04/15/31
(d)
................
30
31,036
3.50%,
04/15/31
.................
30
31,037
407,602
Total
Corporate
Bonds
—
84.6%
(Cost:
$22,429,115)
..............................
23,462,822
Floating
Rate
Loan
Interests
—
10.3%
Aerospace
&
Defense
—
0.5%
(h)
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 02/01/28
68
68,457
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
7.75%),
8.50%
,
 02/01/29
(b)
25
25,500
Sequa
Mezzanine
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.75%
,
 11/28/23
.................
19
19,145
Spirit
Aerosystems,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
5.25%),
6.00%
,
 01/15/25
14
14,006
127,108
Security
Par
(000)
Par
(000)
Value
Air
Freight
&
Logistics
—
0.0%
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
5.50%
,
 04/06/28
(h)
................
USD
6
$
5,991
Airlines
—
0.5%
(h)
AAdvantage
Loyality
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
 04/20/28
.................
50
52,564
SkyMiles
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.75%
,
 10/20/27
.....
27
28,504
United
AirLines,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 04/21/28
53
53,513
134,581
Auto
Components
—
0.0%
Clarios
Global
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.35%
,
 04/30/26
(h)
5
5,034
Automobiles
—
0.0%
Dealer
Tire
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.25%),
4.35%
,
 01/01/38
(h)
....
7
6,891
Building
Products
—
0.1%
(h)
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
 11/23/27
.
8
7,954
CPG
International
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.25%
,
 05/05/24
10
9,654
17,608
Capital
Markets
—
0.0%
Jefferies
Finance
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.13%
,
 06/03/26
(h)
10
10,370
Chemicals
—
0.3%
(h)
Alpha
3
BV,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.00%
,
 03/18/28
..........
39
38,781
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
 08/27/26
...........
38
38,833
Invictus
US
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.75%),
6.85%
,
 03/30/26
5
4,787
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.60%
,
 06/30/27
.................
6
5,878
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.36%
,
 05/15/24
...........
7
7,408
95,687
Commercial
Services
&
Supplies
—
0.7%
(h)
Brand
Energy
&
Infrastructure
Services,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
5.25%
,
 06/21/24
.................
156
153,260
Diamond
(BC)
BV,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.19%
,
 09/06/24
.....
14
14,361
GFL
Environmental,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.50%
,
 05/30/25
3
3,082
Tempo
Acquisition
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.35%
,
 11/02/26
.
2
2,375
TruGreen
Ltd.
Partnership,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.50%),
9.25%
,
 11/02/28
(b)
................
13
13,260
186,338
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
115
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Construction
Materials
—
0.1%
(h)
Forterra
Finance
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 10/25/23
....
USD
6
$
6,412
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
 01/31/28
.................
9
8,453
14,865
Containers
&
Packaging
—
0.2%
(h)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.25%),
5.00%
,
 12/01/27
.................
8
7,797
Kleopatra
Finco
SARL,
Facility
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.75%),
5.25%
,
 02/12/26
(b)
................
8
8,020
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
04/03/24
(l)
.................
25
24,749
40,566
Diversified
Consumer
Services
—
0.1%
(h)
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
3.60%
,
 01/29/27
...........
7
6,907
Mileage
Plus
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.25%
,
 06/21/27
16
17,075
Sotheby's,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
 01/15/27
...........
11
11,076
35,058
Diversified
Financial
Services
—
1.1%
(h)
Acuris
Finance
US,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.50%
,
 02/16/28
8
8,145
AqGen
Ascensus,
Inc.,
2nd
Lien
Term
Loan,
05/18/29
(b)(l)
.....................
11
10,890
Connect
Finco
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.50%
,
 12/11/26
....
5
5,316
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.75%),
7.50%
,
 04/07/28
(b)
................
18
18,405
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 12/01/27
34
34,044
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
4.75%
,
 10/01/27
.................
66
65,883
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 12/17/27
.................
4
3,822
LBM
Acquisition
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
12/17/27
(l)
..............
1
566
Lealand
Finance
Co.,
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.09%
,
 06/28/24
(b)
1
760
Proofpoint,
Inc.,
2nd
Lien
Term
Loan,
06/08/29
(l)
29
29,254
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
3.25%
,
 12/11/26
.................
6
5,973
Veritas
US,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
5.00%),
6.00%
,
 09/01/25
.....
79
79,839
White
Cap
Buyer
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.50%
,
 10/19/27
23
22,814
WP
CPP
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.75%
,
 04/30/25
.................
6
5,717
291,428
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
—
0.3%
(h)
Altice
Financing
SA,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
2.93%
,
 07/15/25
.....
USD
3
$
2,880
Altice
France
SA,
Term
Loan
B13,
(LIBOR
USD
3
Month
+
4.00%),
4.15%
,
 08/14/26
....
5
5,104
Frontier
Communications
Holdings,
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 05/01/28
.................
25
24,938
Northwest
Fiber
LLC,
1st
Lien
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.75%),
3.82%
,
 04/30/27
.................
16
16,150
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.10%
,
 03/09/27
26
25,544
74,616
Entertainment
—
0.1%
(h)
MSG
National
Properties
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
7.00%
,
 11/12/25
(b)
................
33
33,905
Renaissance
Holding
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.35%
,
 05/30/25
.................
1
627
34,532
Health
Care
Providers
&
Services
—
0.5%
(h)
AHP
Health
Partners,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.75%),
4.75%
,
 06/30/25
.................
14
13,549
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
3.69%
,
 07/24/26
.................
14
13,622
Envision
Healthcare
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
3.85%
,
 10/10/25
60
51,040
Gentiva
Health
Services,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
2.88%
,
 07/02/25
.................
12
12,206
LifePoint
Health,
Inc.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
3.85%
,
 11/16/25
.................
10
9,777
Ortho-Clinical
Diagnostics,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.09%
,
 06/30/25
.................
8
8,058
Quorum
Health
Corp.,
Term
Loan,
04/29/25
(l)
22
22,381
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
5.00%
,
 01/08/27
.................
18
17,864
148,497
Health
Care
Technology
—
0.5%
(h)
athenahealth,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.25%),
4.41%
,
 02/11/26
.................
11
10,996
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.50%
,
 06/02/28
.................
31
31,074
Verscend
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
4.10%
,
 08/27/25
101
101,459
143,529
Hotels,
Restaurants
&
Leisure
—
0.3%
(h)
Caesars
Resort
Collection
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.50%),
4.60%
,
 07/21/25
.................
17
16,653
Golden
Nugget
Online
Gaming,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
12.00%),
13.00%
,
 10/04/23
(b)
...............
5
5,256
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
116
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Golden
Nugget,
Inc.,
Term
Loan
B,
(LIBOR
USD
2
Month
+
2.50%),
3.25%
,
 10/04/23
USD
32
$
31,603
IRB
Holding
Corp.,
Term
Loan,
12/15/27
(l)
..
14
13,877
Life
Time,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.75%
,
 12/16/24
.....
20
20,035
Raptor
Acquisition
Corp.,
Term
Loan
B,
11/01/26
(l)
......................
5
5,006
92,430
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Calpine
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
2.10%
,
 08/12/26
(h)
....
1
1,478
Industrial
Conglomerates
—
0.1%
AVSC
Holding
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
8.25%
,
 09/01/25
(h)
................
26
21,269
Insurance
—
0.2%
(h)
Alliant
Holdings
Intermediate
LLC,
Term
Loan,
11/05/27
(l)
......................
12
11,985
Asurion
LLC,
Term
Loan
B8,
(LIBOR
USD
1
Month
+
3.25%),
3.35%
,
 12/23/26
.....
4
3,805
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan:
(LIBOR
USD
1
Month
+
3.25%),
3.35%, 12/31/25
...............
6
5,979
(LIBOR
USD
1
Month
+
3.75%),
3.85%, 09/03/26
...............
23
22,490
(LIBOR
USD
1
Month
+
4.25%),
5.25%, 09/03/26
...............
7
6,902
51,161
Interactive
Media
&
Services
—
0.1%
(h)
Camelot
US
Acquisition
1
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 10/30/26
.................
11
10,945
Grab
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
5.50%
,
 01/29/26
.....
14
14,163
25,108
Internet
&
Direct
Marketing
Retail
—
0.1%
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 11/08/27
(h)
................
19
18,952
IT
Services
—
0.4%
(h)
CCC
Information
Services,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 04/29/24
.................
4
3,509
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.75%),
8.75%
,
 07/31/28
.................
8
8,255
Epicor
Software
Corp.,
Term
Loan
C,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
 07/30/27
6
5,940
Flexential
Intermediate
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
7.38%
,
 08/01/25
.................
7
6,250
Mitchell
International,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.34%
-
3.35%
,
 11/29/24
.................
3
3,229
Mitchell
International,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.35%
,
 12/01/25
.................
10
9,984
Pug
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.60%
,
 02/12/27
...........
15
15,072
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Sabre
GLBL,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
 12/17/27
(b)
....
USD
8
$
8,000
Sophia
LP,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
3.90%
,
 10/07/27
...........
34
33,790
TierPoint
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 05/05/26
6
5,554
99,583
Life
Sciences
Tools
&
Services
—
0.3%
(h)
ICON
Luxembourg
SARL,
Term
Loan
B:
 06/16/28
(l)
.....................
39
39,091
Parexel
International
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
2.85%
,
 09/27/24
29
29,216
68,307
Machinery
—
0.4%
(h)
MHI
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.10%
,
 09/21/26
.....
38
37,658
Titan
Acquisition
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.17%
,
 03/28/25
....
82
80,137
117,795
Media
—
1.4%
Ascend
Learning
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 07/12/24
(h)
...
8
8,093
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
3.69%
,
 08/21/26
(h)
................
67
64,944
Intelsat
Jackson
Holdings
SA,
Facility
Term
Loan,
(LIBOR
USD
3
Month
+
5.50%),
6.50%
,
 07/13/22
(h)
................
73
73,588
Intelsat
Jackson
Holdings
SA,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
4.75%),
8.00%
,
 11/27/23
(h)
................
15
15,583
Intelsat
Jackson
Holdings
SA,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
5.50%),
8.75%
,
 01/02/24
(h)
................
33
33,169
Intelsat
Jackson
Holdings
SA,
Term
Loan
B5,
8.63%
,
 01/02/24
(m)
................
164
167,058
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.25%
,
 12/01/23
(h)
................
7
6,673
Radiate
Holdco
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
4.25%
,
 09/25/26
(h)
3
2,974
Xplornet
Communications,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
4.85%
,
 12/31/28
(h)
................
23
22,678
394,760
Oil,
Gas
&
Consumable
Fuels
—
0.5%
Ascent
Resources
Utica
Holdings
LLC,
2nd
Lien
Term
Loan,
11/01/25
(h)(l)
.........
129
142,813
Pharmaceuticals
—
0.1%
Endo
Luxembourg
Finance
Co.
I
SARL,
Term
Loan,
(LIBOR
USD
3
Month
+
5.00%),
5.75%
,
 03/27/28
(h)
................
41
39,156
Professional
Services
—
0.0%
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.35%
,
 02/06/26
(h)
................
9
8,505
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
117
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Software
—
1.2%
(h)
Barracuda
Networks,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.50%
,
 10/30/28
.................
USD
15
$
15,342
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
3.85%
,
 10/02/25
11
11,252
BY
Crown
Parent
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 02/02/26
5
4,984
Castle
US
Holding
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
3.90%
,
 01/29/27
19
18,552
Greeneden
US
Holdings
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
 12/01/27
.................
23
22,870
Helios
Software
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
3.92%
,
 03/11/28
.................
10
9,940
Informatica
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.13%),
7.13%
,
 02/25/25
(b)
39
39,780
Informatica
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.35%
,
 02/25/27
.....
3
2,783
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
05/03/28
(l)
......................
46
45,954
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
05/03/29
(b)(l)
.....................
29
28,637
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.25%),
6.35%
,
 02/23/29
5
5,072
Planview
Parent,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
8.00%
,
 12/18/28
(b)
................
13
12,935
Project
Alpha
Intermediate
Holding,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.11%
,
 04/26/24
.................
15
14,936
Proofpoint,
Inc.,
Term
Loan,
06/09/28
(l)
....
20
19,878
RealPage,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 04/24/28
27
26,905
Severin
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
 08/01/25
.................
9
8,738
TIBCO
Software,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.36%
,
 03/03/28
.................
26
26,358
UKG,
Inc.,
1st
Lien
Term
Loan:
(LIBOR
USD
1
Month
+
3.75%),
3.85%, 05/04/26
...............
10
9,626
(LIBOR
USD
3
Month
+
3.25%),
4.00%, 05/04/26
...............
17
16,883
341,425
Specialty
Retail
—
0.2%
(h)
PetSmart
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 02/11/28
......
46
46,011
Staples,
Inc.,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
5.00%),
5.18%
,
 04/16/26
.....
12
11,648
57,659
Total
Floating
Rate
Loan
Interests
—
10.3%
(Cost:
$2,825,503)
..............................
2,853,100
Security
Shares
Shares
Value
Investment
Companies
—
0.0%
Cheniere
Energy
Partners
LP
..........
46
$
2,037
Western
Midstream
Partners
LP
.........
191
4,091
Total
Investment
Companies
—
0.0%
(Cost:
$4,952)
.................................
6,128
Beneficial
Interest
(000)
Other
Interests
—
0.0%
(n)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
(a)(e)
................
USD
140
980
Total
Other
Interests
—
0.0%
(Cost:
$0)
....................................
980
Par
(000)
Pa
r
(
000)
Capital
Trusts
—
1.9%
Banks
—
1.3%
(h)(j)
Bank
of
America
Corp.:
Series
X,
(LIBOR
USD
3
Month
+
3.71%),
6.25%
......................
42
46,462
Series
AA,
(LIBOR
USD
3
Month
+
3.90%),
6.10%
......................
116
130,253
CIT
Group,
Inc.,
Series
A,
(LIBOR
USD
3
Month
+
3.97%),
5.80%
............
26
26,855
JPMorgan
Chase
&
Co.:
Series
Q,
(LIBOR
USD
3
Month
+
3.25%),
5.15%
......................
20
20,650
Series
R,
(LIBOR
USD
3
Month
+
3.30%),
6.00%
......................
4
4,253
Series
U,
(LIBOR
USD
3
Month
+
3.33%),
6.13%
......................
7
7,586
Series
FF,
(SOFR
+
3.38%),
5.00%
....
71
75,043
Series
HH,
(SOFR
+
3.13%),
4.60%
....
26
26,944
Wells
Fargo
&
Co.,
Series
BB,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
3.90%
.............
35
36,236
374,282
Capital
Markets
—
0.5%
(h)(j)
Charles
Schwab
Corp.
(The),
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
.....
59
60,357
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%),
4.95%
70
74,820
135,177
Consumer
Finance
—
0.1%
General
Motors
Financial
Co.,
Inc.,
Series
C,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%),
5.70%
(h)
(j)
............................
10
11,200
Total
Capital
Trusts
—
1.9%
(Cost:
$492,832)
................................
520,659
Total
Long-Term
Investments
—
99.7%
(Cost:
$26,337,965)
..............................
27,658,021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
118
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
Short-Term
Securities
—
1.7%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
(o)(p)
.................
475,030
$
475,030
Security
Shares
Shares
Value
Total
Short-Term
Securities
—
1.7%
(Cost:
$475,030)
................................
$
475,030
Total
Investments
—
101.4%
(Cost:
$26,812,995
)
..............................
28,133,051
Liabilities
in
Excess
of
Other
Assets
—
(1.4)%
............
(401,613)
Net
Assets
—
100.0%
..............................
$
27,731,438
(a)
Non-income
producing
security.
(b)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(c)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$23,239,
representing
0.08%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$14,884.
(d)
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.
(e)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(f)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(g)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(h)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(i)
Convertible
security.
(j)
Perpetual
security
with
no
stated
maturity
date.
(k)
Zero-coupon
bond.
(l)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(m)
Fixed
rate.
(n)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(o)
Annualized
7-day
yield
as
of
period
end.
(p)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
June
30,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/21
Shares
Held
at
06/30/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
171,880
$
303,150
$
—
$
—
$
—
$
475,030
475,030
$
40
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
119
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
398,000
USD
485,426
Toronto
Dominion
Bank
07/06/21
$
(13,457)
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Lumen
Technologies,
Inc.
1.00
%
Quarterly
Barclays
Bank
plc
12/20/23
NR
USD
8
$
(125)
$
(303)
$
178
Lumen
Technologies,
Inc.
1.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
6
(306)
(633)
327
$
(431)
$
(936)
$
505
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
OTC
Swaps
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
OTC
Swaps
...................................................................
$
—
$
(936)
$
505
$
—
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
$
—
$
505
$
—
$
—
$
—
$
—
$
505
Liabilities
—
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
13,457
—
—
13,457
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
936
—
—
—
—
936
$
—
$
936
$
—
$
13,457
$
—
$
—
$
14,393
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
120
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
For
the
six
months
ended
June
30,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
contracts
.......................
$
—
$
—
$
3,903
$
—
$
—
$
—
$
3,903
Forward
foreign
currency
exchange
contracts
....
—
—
—
9,092
—
—
9,092
Swaps
..............................
—
(617)
—
—
—
—
(617)
$
—
$
(617)
$
3,903
$
9,092
$
—
$
—
$
12,378
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Forward
foreign
currency
exchange
contracts
....
—
—
—
(16,021)
—
—
(16,021)
Swaps
..............................
—
719
—
—
—
—
719
$
—
$
719
$
—
$
(16,021)
$
—
$
—
$
(15,302)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts:
Average
notional
value
of
contracts
—
short
.................................................................................
$
—
(a)
Forward
foreign
currency
exchange
contracts:
Average
amounts
sold
—
in
USD
........................................................................................
479,457
Credit
default
swaps:
Average
notional
value
—
buy
protection
...................................................................................
2,227
Average
notional
value
—
sell
protection
...................................................................................
14,000
(a)
Derivative
financial
instrument
not
held
at
any
quarter-end.
The
risk
exposure
table
serves
as
an
indicator
of
activity
during
the
period.
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments:
$
—
Forward
foreign
currency
exchange
contracts
.................................................................
$
—
$
13,457
Swaps
—
OTC
(a)
....................................................................................
505
936
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
505
$
14,393
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
—
—
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
505
$
14,393
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
paid/received
in
the
Statements
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)
Barclays
Bank
plc
................................
$
505
$
(505)
$
—
$
—
$
—
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
121
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(b)(c)
Barclays
Bank
plc
................................
$
936
$
(505)
$
—
$
—
$
431
Toronto
Dominion
Bank
............................
13,457
—
—
—
13,457
$
14,393
$
(505)
$
—
$
—
$
13,888
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(c)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
122
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments:
Common
Stocks:
Auto
Components
......................................
$
7,712
$
—
$
—
$
7,712
Building
Products
.......................................
722
—
—
722
Chemicals
............................................
76,482
—
—
76,482
Communications
Equipment
................................
11,550
—
—
11,550
Electrical
Equipment
.....................................
22,492
—
—
22,492
Energy
Equipment
&
Services
..............................
—
—
1,243
1,243
Entertainment
.........................................
19,620
—
—
19,620
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
142,675
—
—
142,675
Hotels,
Restaurants
&
Leisure
..............................
14,192
—
—
14,192
Life
Sciences
Tools
&
Services
..............................
77,851
—
—
77,851
Media
...............................................
21,210
—
—
21,210
Metals
&
Mining
........................................
48,588
—
—
48,588
Oil,
Gas
&
Consumable
Fuels
...............................
335,228
23,239
—
358,467
Road
&
Rail
...........................................
11,528
—
—
11,528
Corporate
Bonds:
Aerospace
&
Defense
....................................
—
750,870
—
750,870
Airlines
..............................................
—
520,394
—
520,394
Auto
Components
......................................
—
595,323
—
595,323
Automobiles
..........................................
—
60,768
—
60,768
Banks
...............................................
—
16,601
—
16,601
Beverages
...........................................
—
10,025
—
10,025
Biotechnology
.........................................
—
6,857
—
6,857
Building
Products
.......................................
—
297,170
—
297,170
Capital
Markets
........................................
—
93,969
—
93,969
Chemicals
............................................
—
390,298
—
390,298
Commercial
Services
&
Supplies
.............................
—
930,113
—
930,113
Communications
Equipment
................................
—
225,885
—
225,885
Construction
&
Engineering
................................
—
128,917
—
128,917
Consumer
Finance
......................................
—
113,455
—
113,455
Containers
&
Packaging
..................................
—
360,278
—
360,278
Distributors
...........................................
—
191,462
—
191,462
Diversified
Consumer
Services
..............................
—
52,617
—
52,617
Diversified
Financial
Services
...............................
—
331,811
—
331,811
Diversified
Telecommunication
Services
........................
—
1,585,019
—
1,585,019
Electric
Utilities
........................................
—
221,855
—
221,855
Electrical
Equipment
.....................................
—
33,316
—
33,316
Electronic
Equipment,
Instruments
&
Components
.................
—
58,365
—
58,365
Energy
Equipment
&
Services
..............................
—
202,683
59,564
262,247
Entertainment
.........................................
—
332,558
—
332,558
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
717,869
—
717,869
Food
&
Staples
Retailing
..................................
—
128,674
—
128,674
Food
Products
.........................................
—
622,470
—
622,470
Gas
Utilities
...........................................
—
17,423
—
17,423
Health
Care
Equipment
&
Supplies
...........................
—
219,583
—
219,583
Health
Care
Providers
&
Services
............................
—
1,524,326
—
1,524,326
Hotels,
Restaurants
&
Leisure
..............................
—
1,657,661
—
1,657,661
Household
Durables
.....................................
—
266,373
—
266,373
Household
Products
.....................................
—
95,564
—
95,564
Independent
Power
and
Renewable
Electricity
Producers
............
—
131,662
—
131,662
Insurance
............................................
—
494,515
—
494,515
Interactive
Media
&
Services
...............................
—
64,563
—
64,563
Internet
&
Direct
Marketing
Retail
............................
—
55,540
—
55,540
IT
Services
...........................................
—
501,779
—
501,779
Leisure
Products
.......................................
—
51,377
—
51,377
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
123
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Level
1
Level
2
Level
3
Total
Life
Sciences
Tools
&
Services
..............................
$
—
$
60,362
$
—
$
60,362
Machinery
............................................
—
309,327
—
309,327
Media
...............................................
—
1,632,396
—
1,632,396
Metals
&
Mining
........................................
—
722,827
—
722,827
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
20,840
—
20,840
Multiline
Retail
.........................................
—
90,288
—
90,288
Oil,
Gas
&
Consumable
Fuels
...............................
—
3,151,361
—
3,151,361
Personal
Products
......................................
—
36,453
—
36,453
Pharmaceuticals
.......................................
—
460,140
—
460,140
Professional
Services
....................................
—
181,614
—
181,614
Real
Estate
Management
&
Development
.......................
—
134,179
—
134,179
Road
&
Rail
...........................................
—
203,641
—
203,641
Semiconductors
&
Semiconductor
Equipment
....................
—
101,293
—
101,293
Software
.............................................
—
789,694
—
789,694
Specialty
Retail
........................................
—
544,031
—
544,031
Technology
Hardware,
Storage
&
Peripherals
....................
—
75,453
—
75,453
Textiles,
Apparel
&
Luxury
Goods
............................
—
42,290
—
42,290
Thrifts
&
Mortgage
Finance
................................
—
170,696
—
170,696
Trading
Companies
&
Distributors
............................
—
199,243
—
199,243
Water
Utilities
.........................................
—
9,540
—
9,540
Wireless
Telecommunication
Services
.........................
—
407,602
—
407,602
Floating
Rate
Loan
Interests:
Aerospace
&
Defense
....................................
—
101,608
25,500
127,108
Air
Freight
&
Logistics
....................................
—
5,991
—
5,991
Airlines
..............................................
—
134,581
—
134,581
Auto
Components
......................................
—
5,034
—
5,034
Automobiles
..........................................
—
6,891
—
6,891
Building
Products
.......................................
—
17,608
—
17,608
Capital
Markets
........................................
—
10,370
—
10,370
Chemicals
............................................
—
95,687
—
95,687
Commercial
Services
&
Supplies
.............................
—
173,078
13,260
186,338
Construction
Materials
....................................
—
14,865
—
14,865
Containers
&
Packaging
..................................
—
32,546
8,020
40,566
Diversified
Consumer
Services
..............................
—
35,058
—
35,058
Diversified
Financial
Services
...............................
—
261,373
30,055
291,428
Diversified
Telecommunication
Services
........................
—
74,616
—
74,616
Entertainment
.........................................
—
627
33,905
34,532
Health
Care
Providers
&
Services
............................
—
148,497
—
148,497
Health
Care
Technology
..................................
—
143,529
—
143,529
Hotels,
Restaurants
&
Leisure
..............................
—
87,174
5,256
92,430
Independent
Power
and
Renewable
Electricity
Producers
............
—
1,478
—
1,478
Industrial
Conglomerates
..................................
—
21,269
—
21,269
Insurance
............................................
—
51,161
—
51,161
Interactive
Media
&
Services
...............................
—
25,108
—
25,108
Internet
&
Direct
Marketing
Retail
............................
—
18,952
—
18,952
IT
Services
...........................................
—
91,583
8,000
99,583
Life
Sciences
Tools
&
Services
..............................
—
68,307
—
68,307
Machinery
............................................
—
117,795
—
117,795
Media
...............................................
—
394,760
—
394,760
Oil,
Gas
&
Consumable
Fuels
...............................
—
142,813
—
142,813
Pharmaceuticals
.......................................
—
39,156
—
39,156
Professional
Services
....................................
—
8,505
—
8,505
Software
.............................................
—
260,073
81,352
341,425
Specialty
Retail
........................................
—
57,659
—
57,659
Investment
Companies
....................................
6,128
—
—
6,128
Other
Interests
..........................................
—
980
—
980
Capital
Trusts
...........................................
—
520,659
—
520,659
Short-Term
Securities
.......................................
475,030
—
—
475,030
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
1
—
1
$
1,271,008
$
26,595,889
$
266,155
$
28,133,052
Derivative
Financial
Instruments
(b)
Assets:
Credit
contracts
...........................................
$
—
$
505
$
—
$
505
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
124
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Liabilities:
Foreign
currency
exchange
contracts
............................
$
—
$
(13,457)
$
—
$
(13,457)
$
—
$
(12,952)
$
—
$
(12,952)
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Derivative
financial
instruments
are
swaps
and
forward
foreign
currency
exchange
contracts.
Swaps
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
125
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
—
1.8%
(a)(b)
Dryden
XXVIII
Senior
Loan
Fund,
Series
2013-
28A,
Class
A1LR,
(LIBOR
USD
3
Month
+
1.20%),
1.36%,
08/15/30
............
USD
500
$
500,083
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.03%),
1.22%,
04/20/31
......................
396
395,772
Total
Asset-Backed
Securities
—
1.8%
(Cost:
$895,875)
................................
895,855
Foreign
Government
Obligations
—
4.0%
China
—
4.0%
People's
Republic
of
China:
1.99%,
04/09/25
.................
CNY
6,920
1,033,904
2.68%,
05/21/30
.................
6,350
943,715
1,977,619
Total
Foreign
Government
Obligations
—
4.0%
(Cost:
$1,872,302)
..............................
1,977,619
Non-Agency
Mortgage-Backed
Securities
—
7.1%
Commercial
Mortgage-Backed
Securities
—
6.4%
280
Park
Avenue
Mortgage
Trust,
Series
2017-280P,
Class
A,
(LIBOR
USD
1
Month
+
0.88%),
0.95%,
09/15/34
(a)(b)
.........
USD
121
121,000
BFLD
Trust,
Series
2020-EYP,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
1.22%,
10/15/35
(a)(b)
128
128,796
BX
Commercial
Mortgage
Trust
(b)
:
Series
2019-XL,
Class
A,
(LIBOR
USD
1
Month
+
0.92%),
0.99%,
10/15/36
(a)
..
91
90,645
Series
2019-XL,
Class
D,
(LIBOR
USD
1
Month
+
1.45%),
1.52%,
10/15/36
(a)
..
272
271,843
Series
2020-FOX,
Class
B,
(LIBOR
USD
1
Month
+
1.35%),
1.42%,
11/15/32
(a)
..
132
131,973
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
160
168,064
BX
Trust
(b)
:
Series
2019-OC11,
Class
A,
3.20%,
12/09/41
....................
275
296,247
Series
2021-MFM1,
Class
C,
(LIBOR
USD
1
Month
+
1.20%),
1.27%,
01/15/34
(a)
..
30
30,000
Series
2021-VIEW,
Class
A,
(LIBOR
USD
1
Month
+
1.28%),
1.43%,
06/15/23
(a)
..
50
50,000
CFK
Trust,
Series
2020-MF2,
Class
B,
2.79%,
03/15/39
(b)
.....................
140
143,185
Citigroup
Commercial
Mortgage
Trust,
Series
2016-P6,
Class
B,
4.38%,
12/10/49
(a)
...
50
55,137
Commercial
Mortgage
Trust:
Series
2017-COR2,
Class
AM,
3.80%,
09/10/50
....................
19
21,306
Series
2017-PANW,
Class
A,
3.24%,
10/10/29
(b)
...................
350
364,052
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2020-NET,
Class
A,
2.26%,
08/15/37
(b)
.....................
100
103,237
CSAIL
Commercial
Mortgage
Trust:
Series
2018-CX11,
Class
A5,
4.03%,
04/15/51
(a)
...................
42
47,394
Series
2019-C16,
Class
A3,
3.33%,
06/15/52
....................
134
146,368
Series
2019-C17,
Class
C,
3.93%,
09/15/52
80
85,225
GCT
Commercial
Mortgage
Trust,
Series
2021-GCT,
Class
A,
(LIBOR
USD
1
Month
+
0.80%),
0.87%,
02/15/38
(a)(b)
.........
100
100,119
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Great
Wolf
Trust,
Series
2019-WOLF,
Class
A,
(LIBOR
USD
1
Month
+
1.03%),
1.11%,
12/15/36
(a)(b)
....................
USD
90
$
90,056
GS
Mortgage
Securities
Corp.
Trust,
Series
2020-TWN3,
Class
A,
(LIBOR
USD
1
Month
+
2.00%),
2.07%,
11/15/37
(a)(b)
........
170
170,792
Hudson
Yards
Mortgage
Trust,
Series
2019-
30HY,
Class
D,
3.56%,
07/10/39
(a)(b)
....
101
106,435
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2020-609M,
Class
A,
(LIBOR
USD
1
Month
+
1.37%),
1.44%,
10/15/33
(a)(b)
....................
100
100,249
KKR
Industrial
Portfolio
Trust,
Series
2020-AIP,
Class
A,
(LIBOR
USD
1
Month
+
1.04%),
1.11%,
03/15/37
(a)(b)
...............
33
32,815
Morgan
Stanley
Capital
I
Trust
(a)
:
Series
2018-H3,
Class
B,
4.62%,
07/15/51
34
38,949
Series
2018-SUN,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
0.97%,
07/15/35
(b)
..
130
130,079
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2021-FCMT,
Class
A,
(LIBOR
USD
1
Month
+
1.20%),
1.27%,
05/15/31
(a)(b)
...
140
140,351
3,164,317
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.7%
(a)
Benchmark
Mortgage
Trust,
Series
2020-B20,
Class
XA,
1.74%,
10/15/53
..........
1,018
110,346
CSAIL
Commercial
Mortgage
Trust,
Series
2019-C16,
Class
XA,
1.72%,
06/15/52
..
1,539
153,858
UBS
Commercial
Mortgage
Trust,
Series
2019-
C17,
Class
XA,
1.63%,
10/15/52
......
987
94,615
358,819
Total
Non-Agency
Mortgage-Backed
Securities
—
7.1%
(Cost:
$3,484,303)
..............................
3,523,136
U.S.
Government
Sponsored
Agency
Securities
—
64.8%
Agency
Obligations
—
1.0%
Federal
Home
Loan
Bank,
4.00%, 04/10/28
.
400
474,004
Collateralized
Mortgage
Obligations
—
0.4%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes,
Series
K104,
Class
X1,
1.25%, 02/25/52
(a)
................
177
14,883
Federal
National
Mortgage
Association,
Series
2011-8,
Class
ZA,
4.00%, 02/25/41
.....
103
110,564
Government
National
Mortgage
Association
Variable
Rate
Notes,
Series
2014-107,
Class
WX,
6.78%, 07/20/39
(a)
.............
72
83,657
209,104
Commercial
Mortgage-Backed
Securities
—
0.7%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)
:
Series
2019-SB60,
Class
A10F,
3.31%, 01/25/29
...............
190
201,280
Series
2019-SB61,
Class
A10F,
3.17%, 01/25/29
...............
133
140,514
341,794
Interest
Only
Collateralized
Mortgage
Obligations
—
0.3%
Federal
National
Mortgage
Association:
Series
2020-32,
4.00%, 05/25/50
......
135
19,616
Series
2020-32,
Class
PI,
4.00%, 05/25/50
152
22,083
Government
National
Mortgage
Association:
Series
2020-115,
Class
IM,
3.50%, 08/20/50
175
23,446
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
126
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Par
(000)
Par
(000)
Value
Interest
Only
Collateralized
Mortgage
Obligations
(continued)
Series
2020-146,
Class
DI,
2.50%, 10/20/50
USD
176
$
22,166
Series
2020-162,
Class
TI,
2.50%, 10/20/50
361
45,631
Series
2020-175,
Class
DI,
2.50%, 11/20/50
97
12,272
Series
2020-185,
Class
MI,
2.50%, 12/20/50
195
25,922
171,136
Interest
Only
Commercial
Mortgage-Backed
Securities
—
1.3%
Federal
Home
Loan
Mortgage
Corp.,
Series
2015-K718,
Class
X2A,
0.10%, 02/25/48
(b)
14,890
2,061
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
(a)
:
Series
K094,
Class
X1,
1.02%, 06/25/29
.
183
11,502
Series
K105,
Class
X1,
1.64%, 03/25/53
.
651
74,590
Series
K107,
Class
X1,
1.71%, 01/25/30
.
161
19,316
Series
K109,
Class
X1,
1.70%, 04/25/30
.
123
14,677
Series
K113,
Class
X1,
1.49%, 06/25/30
.
200
21,635
Series
K115,
Class
X1,
1.43%, 06/25/30
.
256
26,745
Series
K116,
Class
X1,
1.53%, 07/25/30
.
100
11,003
Series
K119,
Class
X1,
1.03%, 09/25/30
.
150
11,171
Series
K120,
Class
X1,
1.13%, 10/25/30
.
916
75,596
Series
K122,
Class
X1,
0.97%, 11/25/30
.
219
15,650
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2020-M21,
Class
AX,
1.94%, 01/25/58
(a)
.........
225
39,729
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
:
Series
2002-83,
0.00%, 10/16/42
(c)
.....
213
—
Series
2003-17,
0.00%, 03/16/43
(c)
.....
197
—
Series
2003-109,
0.00%, 11/16/43
.....
390
15
Series
2016-22,
0.77%, 11/16/55
......
1,389
49,671
Series
2016-45,
0.89%, 02/16/58
......
765
38,103
Series
2016-92,
0.81%, 04/16/58
......
224
10,377
Series
2016-113,
(LIBOR
USD
1
Month
+
0.00%),
1.09%, 02/16/58
.........
787
49,745
Series
2016-151,
1.02%, 06/16/58
.....
676
38,593
Series
2017-30,
0.61%, 08/16/58
......
309
12,131
Series
2017-44,
0.67%, 04/17/51
......
315
12,694
Series
2017-53,
0.62%, 11/16/56
......
2,109
86,992
Series
2017-61,
0.73%, 05/16/59
......
251
13,160
Series
2017-64,
0.75%, 11/16/57
......
177
9,434
644,590
Mortgage-Backed
Securities
—
61.1%
Federal
Home
Loan
Mortgage
Corp.:
2.50%, 03/01/30
-
04/01/31
..........
117
123,105
3.00%, 09/01/27
-
12/01/46
..........
206
218,357
3.50%, 04/01/31
-
01/01/48
..........
265
288,292
4.00%, 08/01/40
-
12/01/45
..........
38
41,289
4.50%, 02/01/39
-
07/01/47
..........
138
153,419
5.00%, 11/01/41
.................
58
65,579
5.50%, 06/01/41
.................
63
73,209
8.00%, 03/01/30
-
06/01/31
..........
9
9,514
Federal
National
Mortgage
Association:
3.50%, 11/01/46
.................
117
126,474
4.00%, 01/01/41
.................
4
3,888
Government
National
Mortgage
Association:
2.00%, 07/15/51
(d)
................
1,189
1,210,922
2.50%, 07/15/51
(d)
................
992
1,026,151
3.00%, 02/15/45
.................
17
18,299
3.00%, 07/15/51
-
08/15/51
(d)
.........
1,993
2,078,679
3.50%, 01/15/42
-
10/20/46
..........
670
715,544
3.50%, 07/15/51
(d)
................
268
281,739
4.00%, 10/20/40
-
01/15/48
..........
420
454,899
4.00%, 07/15/51
(d)
................
34
35,903
4.50%, 12/20/39
-
08/20/50
..........
535
590,154
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
5.00%, 07/15/39
-
07/20/44
..........
USD
42
$
48,489
5.00%, 07/15/51
(d)
................
126
135,745
Uniform
Mortgage-Backed
Securities:
1.50%, 07/25/36
(d)
................
476
481,736
2.00%, 10/01/31
-
03/01/32
..........
72
74,255
2.00%, 07/25/36
-
09/25/51
(d)
.........
6,939
7,006,584
2.50%, 04/01/30
-
10/01/35
..........
455
478,885
2.50%, 07/25/36
-
08/25/51
(d)
.........
5,679
5,868,020
3.00%, 04/01/29
-
09/01/50
..........
2,439
2,573,429
3.00%, 07/25/51
(d)
................
241
251,210
3.50%, 08/01/30
-
08/01/50
..........
1,344
1,448,216
3.50%, 07/25/36
-
07/25/51
(d)
.........
387
408,103
4.00%, 09/01/33
-
02/01/51
..........
1,840
1,982,526
4.00%, 07/25/51
-
08/25/51
(d)
.........
901
959,682
4.50%, 06/01/26
-
07/01/48
..........
461
511,975
5.00%, 02/01/35
-
12/01/43
..........
136
154,623
5.00%, 07/25/51
(d)
................
4
4,384
5.50%, 11/01/21
-
09/01/39
..........
179
205,963
6.00%, 04/01/35
-
09/01/40
..........
134
157,630
6.50%, 05/01/40
.................
29
34,340
30,301,211
Total
U.S.
Government
Sponsored
Agency
Securities
—
64.8%
(Cost:
$32,114,405)
..............................
32,141,839
U.S.
Treasury
Obligations
—
47.4%
U.S.
Treasury
Bonds:
4.25%, 05/15/39
.................
160
218,956
4.50%, 08/15/39
.................
160
225,587
4.38%, 11/15/39
.................
160
222,581
3.13%, 02/15/43
.................
610
728,855
2.88%, 05/15/43
-
11/15/46
..........
1,200
1,386,317
3.63%, 08/15/43
.................
610
785,661
3.75%, 11/15/43
.................
610
800,720
3.00%, 02/15/48
.................
590
703,298
2.25%, 08/15/49
.................
727
753,127
1.63%, 11/15/50
.................
105
94,303
2.38%, 05/15/51
.................
30
32,030
U.S.
Treasury
Notes:
1.13%, 07/31/21
.................
2,650
2,652,371
1.75%, 07/31/21
-
07/31/24
..........
4,225
4,280,371
1.50%, 01/31/22
-
08/15/26
..........
4,050
4,120,297
2.13%, 12/31/22
-
05/15/25
..........
2,470
2,576,403
2.00%, 02/15/25
.................
1,470
1,543,500
2.25%, 08/15/27
.................
1,180
1,261,955
2.88%, 08/15/28
.................
350
389,252
3.13%, 11/15/28
.................
350
395,951
1.63%, 08/15/29
-
05/15/31
..........
335
341,062
Total
U.S.
Treasury
Obligations
—
47.4%
(Cost:
$22,603,182)
..............................
23,512,597
Total
Long-Term
Investments
—
125.1%
(Cost:
$60,970,067)
..............................
62,051,046
Security
Par
(000)
Pa
r
(
000)
Value
Short-Term
Securities
—
13.2%
Certificates
of
Deposit
—
2.2%
Yankee
—
2.2%
(e)
Credit
Suisse
AG,
New
York,
0.30%, 09/01/21
USD
1,100
$
1,100,323
Total
Certificates
of
Deposit
—
2.2%
(Cost:
$1,100,000)
..............................
1,100,323
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
127
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Security
Shares
Shares
Value
Money
Market
Funds
—
2.6%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
(f)(g)
.................
1,270,570
$
1,270,570
Total
Money
Market
Funds
—
2.6%
(Cost:
$1,270,570)
..............................
1,270,570
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
—
8.4%
Federal
Home
Loan
Bank
Discount
Notes,
0.05%, 09/17/21
(h)
...............
USD
4,200
4,199,545
Total
U.S.
Government
Sponsored
Agency
Securities
—
8.4%
(Cost:
$4,199,563)
..............................
4,199,545
Total
Short-Term
Securities
—
13.2%
(Cost:
$6,570,133)
..............................
6,570,438
Total
Options
Purchased
—
0.3%
(Cost:
$87,653)
................................
153,323
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
138.6%
(Cost:
$67,627,853
)
..............................
68,774,807
Total
Options
Written
—
(0.6)%
(Premium
Received
—
$314,950)
....................
(294,858)
TBA
Sale
Commitments
—
(16.9)%
(d)
Mortgage-Backed
Securities
—
(16.9)%
Government
National
Mortgage
Association:
2.50%
,
 07/15/51
.................
2
(2,070)
3.00%
,
 07/15/51
.................
238
(248,324)
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
3.50%
,
 07/15/51
.................
USD
39
$
(40,940)
4.50%
,
 07/15/51
.................
409
(435,841)
Uniform
Mortgage-Backed
Securities:
2.50%
,
 07/25/36
-
07/25/51
..........
2,114
(2,186,345)
3.00%
,
 07/25/36
-
08/25/51
..........
793
(827,617)
3.50%
,
 07/25/36
.................
24
(25,629)
2.00%
,
 07/25/51
-
08/25/51
..........
3,087
(3,113,390)
4.00%
,
 07/25/51
-
08/25/51
..........
1,357
(1,445,091)
4.50%
,
 07/25/51
.................
47
(50,562)
Total
TBA
Sale
Commitments
—
(16.9)%
(Proceeds:
$8,380,403)
...........................
(8,375,809)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
121.1%
(Cost:
$58,932,500
)
..............................
60,104,140
Liabilities
in
Excess
of
Other
Assets
—
(21.1)%
...........
(10,490,622)
Net
Assets
—
100.0%
..............................
$
49,613,518
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Represents
or
includes
a
TBA
transaction.
(e)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
Affiliate
of
the
Fund.
(h)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
June
30,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/21
Shares
Held
at
06/30/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
—
$
1,270,570
$
—
$
—
$
—
$
1,270,570
1,270,570
$
117
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
128
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
10
Year
Note
...................................................
9
09/21/21
$
1,192
$
2,104
U.S.
Treasury
Long
Bond
....................................................
9
09/21/21
1,445
43,927
U.S.
Treasury
2
Year
Note
....................................................
45
09/30/21
9,914
(9,135)
U.S.
Treasury
5
Year
Note
....................................................
11
09/30/21
1,357
(6,390)
30,506
Short
Contracts
U.S.
Treasury
10
Year
Ultra
Note
...............................................
12
09/21/21
1,765
(16,803)
U.S.
Treasury
Ultra
Bond
....................................................
2
09/21/21
385
(14,222)
(31,025)
$
(519)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
BRL
53,386
USD
10,000
Goldman
Sachs
International
07/02/21
$
733
BRL
50,460
USD
10,000
UBS
AG
07/02/21
145
USD
10,000
BRL
49,660
Bank
of
America
NA
07/02/21
16
KZT
579,216
USD
1,320
Deutsche
Bank
AG
07/15/21
34
CLP
7,450,000
USD
10,000
Barclays
Bank
plc
07/21/21
139
MXN
205,120
USD
10,000
BNP
Paribas
SA
07/21/21
265
USD
11,915
EUR
10,000
Morgan
Stanley
&
Co.
International
plc
07/21/21
53
USD
10,000
ZAR
141,844
Goldman
Sachs
International
07/21/21
91
USD
10,000
BRL
49,489
Citibank
NA
08/03/21
85
MXN
259,328
USD
12,509
UBS
AG
08/24/21
413
USD
7,284
MXN
145,183
Barclays
Bank
plc
08/24/21
50
USD
5,765
MXN
114,145
State
Street
Bank
and
Trust
Co.
08/24/21
77
MXN
5,006,000
USD
243,140
Citibank
NA
09/15/21
5,567
USD
19,829
CAD
24,000
State
Street
Bank
and
Trust
Co.
09/15/21
469
USD
1,053,237
CNY
6,768,209
Citibank
NA
09/15/21
12,541
USD
251,000
MXN
5,006,000
Royal
Bank
of
Canada
09/15/21
2,293
22,971
USD
10,000
BRL
53,406
Natwest
Markets
plc
07/02/21
(737)
COP
37,302,500
USD
10,000
BNP
Paribas
SA
07/21/21
(70)
MXN
197,733
USD
10,000
Bank
of
America
NA
07/21/21
(104)
USD
10,000
CLP
7,384,000
Barclays
Bank
plc
07/21/21
(50)
USD
10,000
MXN
207,332
State
Street
Bank
and
Trust
Co.
07/21/21
(376)
BRL
49,818
USD
10,000
Bank
of
America
NA
08/03/21
(19)
USD
346,874
CNY
2,256,000
Morgan
Stanley
&
Co.
International
plc
09/15/21
(14)
(1,370)
$
21,601
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
90-day
Eurodollar
September
2021
Futures
..........
48
09/10/21
USD
99.75
USD
12,000
$
14,700
90-day
Eurodollar
September
2021
Futures
..........
107
09/10/21
USD
99.38
USD
26,750
102,988
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
129
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
90-day
Eurodollar
December
2021
Futures
..........
142
12/10/21
USD
99.38
USD
35,500
$
30,175
$
147,863
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Put
10-Year
Interest
Rate
Swap
(a)
2.25%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
02/22/22
2.25
%
USD
1,150
$
5,460
(a)
Forward
settling
swaption.
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
90-day
Eurodollar
September
2021
Futures
...........
48
09/10/21
USD
99.00
USD
12,000
$
(14,700)
90-day
Eurodollar
September
2021
Futures
...........
48
09/10/21
USD
99.50
USD
12,000
(3,000)
90-day
Eurodollar
September
2021
Futures
...........
59
09/10/21
USD
99.13
USD
14,750
(27,656)
$
(45,356)
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
1.68%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
10/20/21
1.68
%
USD
952
$
(24,377)
10-Year
Interest
Rate
Swap
(a)
1.72%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
10/20/21
1.72
USD
952
(27,024)
10-Year
Interest
Rate
Swap
(a)
1.70%
Semi-Annual
3
month
LIBOR
Quarterly
Citibank
NA
11/03/21
1.70
USD
476
(12,807)
10-Year
Interest
Rate
Swap
(a)
1.75%
Semi-Annual
3
month
LIBOR
Quarterly
Goldman
Sachs
International
11/03/21
1.75
USD
476
(14,549)
10-Year
Interest
Rate
Swap
(a)
1.56%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/21/21
1.56
USD
277
(5,529)
10-Year
Interest
Rate
Swap
(a)
1.75%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
03/02/22
1.75
USD
200
(6,399)
10-Year
Interest
Rate
Swap
(a)
1.84%
Semi-Annual
3
month
LIBOR
Quarterly
Barclays
Bank
plc
04/20/22
1.84
USD
1,000
(37,580)
10-Year
Interest
Rate
Swap
(a)
1.99%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
10/28/22
1.99
USD
1,000
(46,540)
(174,805)
Put
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.68%
Semi-Annual
Deutsche
Bank
AG
10/20/21
1.68
USD
952
(7,827)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.72%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
10/20/21
1.72
USD
952
(6,857)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.70%
Semi-Annual
Citibank
NA
11/03/21
1.70
USD
476
(4,205)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.75%
Semi-Annual
Goldman
Sachs
International
11/03/21
1.75
USD
476
(3,574)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.56%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
12/21/21
1.56
USD
277
(4,654)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.75%
Semi-Annual
Deutsche
Bank
AG
03/02/22
1.75
USD
200
(2,927)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.84%
Semi-Annual
Barclays
Bank
plc
04/20/22
1.84
USD
1,000
(14,747)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.99%
Semi-Annual
Deutsche
Bank
AG
10/28/22
1.99
USD
1,000
(19,400)
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
3.04%
Semi-Annual
Barclays
Bank
plc
06/15/26
3.04
USD
450
(5,895)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
130
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
3.04%
Semi-Annual
Deutsche
Bank
AG
06/15/26
3.04
%
USD
352
$
(4,611)
(74,697)
$
(249,502)
(a)
Forward
settling
swaption.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.72%
Annual
6
month
WIBOR
Semi-Annual
N/A
06/17/23
PLN
119
$
53
$
—
$
53
0.74%
Annual
6
month
WIBOR
Semi-Annual
N/A
06/17/23
PLN
119
43
—
43
0.76%
Annual
6
month
WIBOR
Semi-Annual
N/A
06/18/23
PLN
82
22
—
22
0.83%
Semi-Annual
6
month
WIBOR
Semi-Annual
N/A
06/22/23
PLN
191
(18)
—
(18)
0.51%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
04/07/24
USD
64
(37)
—
(37)
3
month
LIBOR
Quarterly
0.89%
Semi-Annual
N/A
06/04/26
USD
800
(2,047)
—
(2,047)
1.03%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
06/04/26
USD
800
(3,403)
—
(3,403)
2.85%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
12/21/28
USD
200
(22,975)
—
(22,975)
1.61%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/01/29
USD
400
(9,790)
—
(9,790)
2.17%
Semi-Annual
3
month
LIBOR
Quarterly
06/16/26
(a)
06/16/31
USD
352
(2,879)
—
(2,879)
2.18%
Semi-Annual
3
month
LIBOR
Quarterly
06/17/26
(a)
06/17/31
USD
450
(3,956)
(33)
(3,923)
$
(44,987)
$
(33)
$
(44,954)
(a)
Forward
swap.
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
month
USCPI
At
Termination
2.47%
At
Termination
04/26/31
USD
225
$
(2,183)
$
—
$
(2,183)
1
month
USCPI
At
Termination
2.64%
At
Termination
05/21/31
USD
187
2,123
—
2,123
1
month
USCPI
At
Termination
2.54%
At
Termination
06/18/31
USD
360
1,493
—
1,493
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.38%
At
Termination
12/15/40
GBP
53
(4,992)
—
(4,992)
$
(3,559)
$
—
$
(3,559)
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
day
BZDIOVER
At
Termination
7.21%
At
Termination
Citibank
NA
01/02/24
BRL
216
$
(365)
$
—
$
(365)
1
day
BZDIOVER
At
Termination
7.61%
At
Termination
Citibank
NA
01/02/24
BRL
121
(21)
—
(21)
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
131
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
OTC
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
day
BZDIOVER
At
Termination
7.70%
At
Termination
Citibank
NA
01/02/24
BRL
16
$
4
$
—
$
4
1
day
BZDIOVER
At
Termination
8.29%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/29
BRL
68
(264)
—
(264)
1
day
BZDIOVER
At
Termination
8.42%
At
Termination
Citibank
NA
01/02/29
BRL
49
(110)
—
(110)
$
(756)
$
—
$
(756)
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0.02
%
1
month
USCPI
.......................................
U.S.
Consumer
Price
Index
5.40
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.15
6
month
WIBOR
......................................
Warsaw
Interbank
Offered
Rate
0.15
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
—
$
(33)
$
3,734
$
(52,247)
$
—
OTC
Swaps
.....................................................
—
—
4
(760)
—
Options
Written
...................................................
N/A
N/A
74,516
(54,424)
(294,858)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statements
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
132
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
—
$
—
$
46,031
$
—
$
46,031
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
22,971
—
—
22,971
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
—
—
—
153,323
—
153,323
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
118
3,616
3,734
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
—
—
4
—
4
$
—
$
—
$
—
$
22,971
$
199,476
$
3,616
$
226,063
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
46,550
—
46,550
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
1,370
—
—
1,370
Options
written
(b)
Options
written
at
value
.....................
—
—
—
—
294,858
—
294,858
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
45,072
7,175
52,247
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
—
—
760
—
760
$
—
$
—
$
—
$
1,370
$
387,240
$
7,175
$
395,785
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
forward
settling
swaptions.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
For
the
six
months
ended
June
30,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
(25,603)
$
—
$
(25,603)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(70,003)
—
—
(70,003)
Options
purchased
(a)
....................
—
—
—
(15,725)
142,858
—
127,133
Options
written
........................
—
—
—
1,801
17,154
—
18,955
Swaps
..............................
—
—
—
—
(38,330)
(36,525)
(74,855)
$
—
$
—
$
—
$
(83,927)
$
96,079
$
(36,525)
$
(24,373)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
.......................
—
—
—
—
(20,007)
—
(20,007)
Forward
foreign
currency
exchange
contracts
....
—
—
—
38,232
—
—
38,232
Options
purchased
(b)
....................
—
—
—
—
60,613
—
60,613
Options
written
........................
—
—
—
—
20,092
—
20,092
Swaps
..............................
—
—
—
—
5,491
(248)
5,243
$
—
$
—
$
—
$
38,232
$
66,189
$
(248)
$
104,173
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
133
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts:
Average
notional
value
of
contracts
—
long
..................................................................................
$
15,088,098
Average
notional
value
of
contracts
—
short
.................................................................................
6,595,657
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
—
in
USD
....................................................................................
1,549,631
Average
amounts
sold
—
in
USD
........................................................................................
272,467
Options:
Average
value
of
option
contracts
purchased
................................................................................
246,065
Average
value
of
option
contracts
written
...................................................................................
132,250
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
1,150,000
Average
notional
value
of
swaption
contracts
written
...........................................................................
6,818,506
Interest
rate
swaps:
Average
notional
value
—
pays
fixed
rate
...................................................................................
1,638,660
Average
notional
value
—
receives
fixed
rate
................................................................................
690,546
Inflation
swaps:
Average
notional
value
—
pays
fixed
rate
...................................................................................
626,000
Average
notional
value
—
receives
fixed
rate
................................................................................
91,801
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments:
$
—
Futures
contracts
....................................................................................
$
9,602
$
9,215
Forward
foreign
currency
exchange
contracts
.................................................................
22,971
1,370
Options
(a)(b)
........................................................................................
153,323
294,858
Swaps
—
Centrally
cleared
.............................................................................
—
3,094
Swaps
—
OTC
(c)
....................................................................................
4
760
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
185,900
$
309,297
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(157,465)
(57,665)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
28,435
$
251,632
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
paid/received
in
the
Statements
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)(c)
Bank
of
America
NA
..............................
$
16
$
(16)
$
—
$
—
$
—
Barclays
Bank
plc
................................
189
(189)
—
—
—
BNP
Paribas
SA
.................................
265
(70)
—
—
195
Citibank
NA
....................................
18,197
(17,508)
—
—
689
Deutsche
Bank
AG
...............................
5,494
(5,494)
—
—
—
Goldman
Sachs
International
........................
824
(824)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
53
(53)
—
—
—
Royal
Bank
of
Canada
.............................
2,293
—
—
—
2,293
State
Street
Bank
and
Trust
Co.
......................
546
(376)
—
—
170
UBS
AG
......................................
558
—
—
—
558
$
28,435
$
(24,530)
$
—
$
—
$
3,905
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
134
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(c)(d)
Bank
of
America
NA
..............................
$
123
$
(16)
$
—
$
—
$
107
Barclays
Bank
plc
................................
58,272
(189)
—
—
58,083
BNP
Paribas
SA
.................................
70
(70)
—
—
—
Citibank
NA
....................................
17,508
(17,508)
—
—
—
Deutsche
Bank
AG
...............................
112,081
(5,494)
—
—
106,587
Goldman
Sachs
International
........................
18,123
(824)
—
—
17,299
JPMorgan
Chase
Bank
NA
..........................
264
—
—
—
264
Morgan
Stanley
&
Co.
International
plc
..................
44,078
(53)
—
—
44,025
Natwest
Markets
plc
..............................
737
—
—
—
737
State
Street
Bank
and
Trust
Co.
......................
376
(376)
—
—
—
$
251,632
$
(24,530)
$
—
$
—
$
227,102
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(d)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
135
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments:
Asset-Backed
Securities
...................................
$
—
$
895,855
$
—
$
895,855
Foreign
Government
Obligations
..............................
—
1,977,619
—
1,977,619
Non-Agency
Mortgage-Backed
Securities
........................
—
3,523,136
—
3,523,136
U.S.
Government
Sponsored
Agency
Securities
....................
—
32,141,839
—
32,141,839
U.S.
Treasury
Obligations
...................................
—
23,512,597
—
23,512,597
Short-Term
Securities:
Certificates
of
Deposit
.....................................
—
1,100,323
—
1,100,323
Money
Market
Funds
......................................
1,270,570
—
—
1,270,570
U.S.
Government
Sponsored
Agency
Securities
....................
—
4,199,545
—
4,199,545
Options
Purchased:
Interest
rate
contracts
......................................
147,863
5,460
—
153,323
Liabilities:
Investments:
TBA
Sale
Commitments
....................................
—
(8,375,809)
—
(8,375,809)
$
1,418,433
$
58,980,565
$
—
$
60,398,998
Derivative
Financial
Instruments
(a)
Assets:
Foreign
currency
exchange
contracts
............................
$
—
$
22,971
$
—
$
22,971
Interest
rate
contracts
.......................................
46,031
122
—
46,153
Other
contracts
...........................................
—
3,616
—
3,616
Liabilities:
Foreign
currency
exchange
contracts
............................
—
(1,370)
—
(1,370)
Interest
rate
contracts
.......................................
(91,906)
(295,334)
—
(387,240)
Other
contracts
...........................................
—
(7,175)
—
(7,175)
$
(45,875)
$
(277,170)
$
—
$
(323,045)
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
Statements
of
Assets
and
Liabilities
(unaudited)

June
30,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
136
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Balanced
Capital
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
ASSETS
Investments,
at
value
—
unaffiliated
(b)
(c)
.........................................
$
216,068,140‌
$
549,361,888‌
$
269,090,613‌
$
191,779,544‌
Investments,
at
value
—
affiliated
(d)
...........................................
3,672,349‌
53,342,482‌
10,541,720‌
14,831,748‌
Cash  
...............................................................
—‌
—‌
24‌
1,343,832‌
Cash
pledged:
Collateral
—
OTC
derivatives
..............................................
—‌
520,000‌
—‌
60,000‌
Futures
contracts
......................................................
112,000‌
1,275,000‌
—‌
1,686,000‌
Centrally
cleared
swaps
..................................................
—‌
278,182‌
—‌
1,171,000‌
Foreign
currency,
at
value
(e)
................................................
—‌
1,009,165‌
—‌
—‌
Receivables:
–‌
–‌
–‌
–‌
Investments
sold
......................................................
2,061,410‌
25,899,538‌
—‌
1,138,098‌
Securities
lending
income
—
affiliated
........................................
5,358‌
8,064‌
1,628‌
1,581‌
TBA
sale
commitments
..................................................
—‌
28,367,519‌
—‌
—‌
Capital
shares
sold
.....................................................
—‌
—‌
326‌
1,806‌
Dividends
—
affiliated
...................................................
8‌
43,183‌
5‌
27‌
Dividends
—
unaffiliated
.................................................
76,377‌
121,887‌
18,693‌
134,102‌
Interest
—
unaffiliated
...................................................
—‌
1,076,265‌
—‌
252,918‌
Variation
margin
on
futures
contracts
.........................................
3,298‌
140,746‌
—‌
87,292‌
Swap
premiums
paid
.....................................................
—‌
107,439‌
—‌
7,646‌
Unrealized
appreciation
on:
–‌
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................
—‌
82,149‌
—‌
116,776‌
OTC
swaps
..........................................................
—‌
7,475‌
—‌
22,220‌
Unfunded
floating
rate
loan
interests
.........................................
—‌
—‌
—‌
4‌
Prepaid
expenses
.......................................................
1,262‌
3,474‌
1,354‌
1,310‌
Other
assets
...........................................................
—‌
898‌
—‌
—‌
Total
assets
...........................................................
222,000,202‌
661,645,354‌
279,654,363‌
212,635,904‌
LIABILITIES
Investments
sold
short,
at
value
(f)
.............................................
—‌
—‌
—‌
1,069,673‌
Foreign
bank
overdraft
(g)
...................................................
—‌
—‌
—‌
47,688‌
Borrowed
bonds,
at
value
(h)
.................................................
—‌
4,702,429‌
—‌
—‌
Collateral
on
securities
loaned,
at
value
.........................................
1,653,311‌
3,977,998‌
9,993,630‌
3,845,853‌
Options
written,
at
value
(i)
..................................................
—‌
683,756‌
—‌
468,150‌
TBA
sale
commitments,
at
value
(j)
............................................
—‌
28,325,676‌
—‌
—‌
Payables:
–‌
–‌
–‌
–‌
Investments
purchased
..................................................
1,997,624‌
82,848,552‌
—‌
1,669,399‌
Swaps  
............................................................
—‌
—‌
—‌
5,531‌
Accounting
services
fees
.................................................
30,259‌
72,896‌
33,047‌
89,139‌
Capital
shares
redeemed
.................................................
58,345‌
149,372‌
3,719‌
97,395‌
Custodian
fees
........................................................
16,501‌
41,895‌
6,952‌
128,674‌
Deferred
foreign
capital
gain
tax
............................................
—‌
280‌
—‌
25,724‌
Interest
expense
......................................................
—‌
9,676‌
—‌
—‌
Investment
advisory
fees
.................................................
64,326‌
158,724‌
77,735‌
39,127‌
Directors'
and
Officer's
fees
...............................................
1,541‌
2,251‌
1,983‌
1,954‌
Other
affiliate
fees
.....................................................
800‌
2,260‌
753‌
797‌
Printing
and
postage
fees
................................................
16,224‌
14,429‌
13,943‌
13,134‌
Professional
fees
......................................................
34,780‌
39,193‌
29,278‌
42,735‌
Transfer
agent
fees
....................................................
78,752‌
205,679‌
95,113‌
75,798‌
Other
accrued
expenses
.................................................
843‌
15,933‌
859‌
19,607‌
Variation
margin
on
futures
contracts
.........................................
—‌
100,867‌
—‌
97,055‌
Variation
margin
on
centrally
cleared
swaps
....................................
—‌
11,779‌
—‌
28,020‌
Swap
premiums
received
..................................................
—‌
6,223‌
—‌
2,362‌
Unrealized
depreciation
on:
–‌
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................
—‌
23,830‌
—‌
508,863‌
OTC
swaps
..........................................................
—‌
66,410‌
—‌
26,830‌
Total
liabilities
..........................................................
3,953,306‌
121,460,108‌
10,257,012‌
8,303,508‌
NET
ASSETS
..........................................................
$
218,046,896‌
$
540,185,246‌
$
269,397,351‌
$
204,332,396‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2021
137
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Balanced
Capital
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
NET
ASSETS
CONSIST
OF
Paid-in
capital
..........................................................
$
148,477,355‌
$
427,287,859‌
$
114,291,760‌
$
153,391,231‌
Accumulated
earnings
....................................................
69,569,541‌
112,897,387‌
155,105,591‌
50,941,165‌
NET
ASSETS
..........................................................
$
218,046,896‌
$
540,185,246‌
$
269,397,351‌
$
204,332,396‌
(a)
  Consolidated
Statement
of
Assets
and
Liabilities.
(b)
  Investments,
at
cost
—
unaffiliated
..........................................
$
174,885,690‌
$
486,447,554‌
$
145,368,280‌
$
154,514,352‌
(c)
  Securities
loaned,
at
value
................................................
$
1,621,215‌
$
3,906,677‌
$
9,785,429‌
$
3,951,686‌
(d)
  Investments,
at
cost
—
affiliated
............................................
$
3,672,349‌
$
53,187,318‌
$
10,541,720‌
$
14,696,069‌
(e)
  Foreign
currency,
at
cost
.................................................
$
—‌
$
979,859‌
$
—‌
$
—‌
(f)
  Proceeds
received
from
investments
sold
short
,
at
value
—
unaffiliated
..................
$
—‌
$
—‌
$
—‌
$
990,229‌
(g)
  Foreign
bank
overdraft,
at
cost
.............................................
$
—‌
$
—‌
$
—‌
$
15,788‌
(h)
  Proceeds
received
from
borrowed
bonds
......................................
$
—‌
$
5,016,726‌
$
—‌
$
—‌
(i)
  Premiums
received
.....................................................
$
—‌
$
730,992‌
$
—‌
$
683,124‌
(j)
  Proceeds
from
TBA
sale
commitments
........................................
$
—‌
$
28,367,519‌
$
—‌
$
—‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
138
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Balanced
Capital
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
NET
ASSET
VALUE
Net
assets
.....................................................
$
218,046,896
$
540,185,246
$
269,397,351
$
204,332,396
Shares
outstanding
..............................................
7,196,175
29,452,091
4,215,851
10,672,404
Net
asset
value
.................................................
$
30.30
$
18.34
$
63.90
$
19.15
Shares
authorized
...............................................
100
million
300
million
100
million
100
million
Par
value
.....................................................
$
0.10
$
0.10
$
0.10
$
0.10
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2021
139
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Government
Money
Market
Portfolio
BlackRock
High
Yield
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(a)
..........................................................
$
77,031,928‌
$
27,658,021‌
$
67,504,237‌
Investments,
at
value
—
affiliated
(b)
...........................................................
—‌
475,030‌
1,270,570‌
Cash  
...............................................................................
3,437,073‌
22,216‌
1,999‌
Cash
pledged
for
centrally
cleared
swaps
.......................................................
—‌
—‌
87,000‌
Foreign
currency,
at
value
(c)
................................................................
—‌
1,285‌
179,707‌
Repurchase
agreements,
at
value
—
unaffiliated
(d)
.................................................
29,500,000‌
—‌
—‌
Receivables:
–‌
–‌
–‌
Investments
sold
......................................................................
—‌
85,034‌
6,775,474‌
TBA
sale
commitments
..................................................................
—‌
—‌
8,380,403‌
Capital
shares
sold
.....................................................................
16,901‌
—‌
91‌
Dividends
—
affiliated
...................................................................
—‌
2‌
6‌
Dividends
—
unaffiliated
.................................................................
—‌
1,828‌
—‌
Interest
—
unaffiliated
...................................................................
6,916‌
390,926‌
253,188‌
From
the
Manager
.....................................................................
—‌
12,748‌
—‌
Variation
margin
on
futures
contracts
.........................................................
—‌
—‌
9,602‌
Unrealized
appreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
—‌
—‌
22,971‌
OTC
swaps
..........................................................................
—‌
505‌
4‌
Unfunded
floating
rate
loan
interests
.........................................................
—‌
1‌
—‌
Prepaid
expenses
.......................................................................
7,649‌
373‌
728‌
Other
assets
...........................................................................
—‌
351‌
2,509‌
Total
assets
...........................................................................
110,000,467‌
28,648,320‌
84,488,489‌
LIABILITIES
Options
written,
at
value
(e)
..................................................................
—‌
—‌
294,858‌
TBA
sale
commitments,
at
value
(f)
............................................................
—‌
—‌
8,375,809‌
Payables:
–‌
–‌
–‌
Investments
purchased
..................................................................
835,851‌
660,028‌
25,933,932‌
Accounting
services
fees
.................................................................
12,654‌
65,071‌
36,654‌
Capital
shares
redeemed
.................................................................
44,521‌
8,187‌
32,490‌
Custodian
fees
........................................................................
4,936‌
10,316‌
10,214‌
Income
dividend
distributions
..............................................................
—‌
109,761‌
78,316‌
Investment
advisory
fees
.................................................................
—‌
—‌
5,628‌
Directors'
and
Officer's
fees
...............................................................
1,886‌
3,045‌
1,678‌
Other
affiliate
fees
.....................................................................
610‌
141‌
296‌
Printing
and
postage
fees
................................................................
9,707‌
12,802‌
15,173‌
Professional
fees
......................................................................
27,011‌
20,176‌
42,148‌
Registration
fees
......................................................................
2,933‌
—‌
229‌
Transfer
agent
fees
....................................................................
78,049‌
11,608‌
20,768‌
Other
accrued
expenses
.................................................................
1,318‌
1,354‌
12,339‌
Variation
margin
on
futures
contracts
.........................................................
—‌
—‌
9,215‌
Variation
margin
on
centrally
cleared
swaps
....................................................
—‌
—‌
3,094‌
Swap
premiums
received
..................................................................
—‌
936‌
—‌
Unrealized
depreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
—‌
13,457‌
1,370‌
OTC
swaps
..........................................................................
—‌
—‌
760‌
Total
liabilities
..........................................................................
1,019,476‌
916,882‌
34,874,971‌
NET
ASSETS
..........................................................................
$
108,980,991‌
$
27,731,438‌
$
49,613,518‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
140
See
notes
to
financial
statements.
BlackRock
Government
Money
Market
Portfolio
BlackRock
High
Yield
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
NET
ASSETS
CONSIST
OF
Paid-in
capital
..........................................................................
$
108,975,102‌
$
28,182,064‌
$
49,784,514‌
Accumulated
earnings
(loss)
................................................................
5,889‌
(450,626‌)
(170,996‌)
NET
ASSETS
..........................................................................
$
108,980,991‌
$
27,731,438‌
$
49,613,518‌
(a)
  Investments,
at
cost
—
unaffiliated
..........................................................
$
77,031,928‌
$
26,337,965‌
$
66,357,283‌
(b)
  Investments,
at
cost
—
affiliated
............................................................
$
—‌
$
475,030‌
$
1,270,570‌
(c)
  Foreign
currency,
at
cost
.................................................................
$
—‌
$
1,244‌
$
175,949‌
(d)
  Repurchase
agreements,
at
cost
...........................................................
$
29,500,000‌
$
—‌
$
—‌
(e)
  Premiums
received
....................................................................
$
—‌
$
—‌
$
314,950‌
(f)
  Proceeds
from
TBA
sale
commitments
........................................................
$
—‌
$
—‌
$
8,380,403‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2021
141
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Government
Money
Market
Portfolio
BlackRock
High
Yield
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
NET
ASSET
VALUE
Net
assets
......................................................................
$
108,980,991
$
27,731,438
$
49,613,518
Shares
outstanding
...............................................................
108,975,108
4,922,234
4,400,258
Net
asset
value
..................................................................
$
1.00
$
5.63
$
11.28
Shares
authorized
................................................................
2
billion
100
million
100
million
Par
value
......................................................................
$
0.10
$
0.10
$
0.10
Statements
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
142
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Balanced
Capital
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
INVESTMENT
INCOME
–
–
–
–
Dividends
—
affiliated
...................................................
$
458‌
$
250,892‌
$
85‌
$
99,303‌
Dividends
—
unaffiliated
.................................................
1,301,613‌
2,198,312‌
601,733‌
1,366,407‌
Interest
—
unaffiliated
...................................................
—‌
1,880,737‌
—‌
695,177‌
Securities
lending
income
—
affiliated
—
net
...................................
17,240‌
27,900‌
14,260‌
18,767‌
Foreign
taxes
withheld
..................................................
(216‌)
(2,375‌)
(5,566‌)
(103,893‌)
Total
investment
income
...................................................
1,319,095‌
4,355,466‌
610,512‌
2,075,761‌
EXPENSES
Investment
advisory
....................................................
373,087‌
950,542‌
453,494‌
366,763‌
Transfer
agent
........................................................
142,146‌
374,808‌
177,344‌
152,730‌
Professional
.........................................................
22,946‌
38,364‌
28,246‌
55,777‌
Accounting
services
....................................................
20,052‌
70,842‌
29,302‌
77,052‌
Custodian
...........................................................
14,032‌
50,875‌
6,973‌
173,986‌
Directors
and
Officer
...................................................
4,633‌
5,454‌
5,115‌
5,049‌
Miscellaneous
........................................................
7,356‌
43,513‌
15,296‌
31,803‌
Total
expenses
excluding
dividend
expense
and
interest
expense
.......................
584,252‌
1,534,398‌
715,770‌
863,160‌
Dividend
expense
—
unaffiliated
.............................................
—‌
—‌
—‌
8,081‌
Interest
expense
........................................................
—‌
37,032‌
—‌
—‌
Total
expenses
.........................................................
584,252‌
1,571,430‌
715,770‌
871,241‌
Less:
–‌
–‌
–‌
–‌
Transfer
agent
fees
reimbursed
............................................
(98,441‌)
(267,459‌)
(124,732‌)
(150,149‌)
Fees
waived
and/or
reimbursed
by
the
Manager
.................................
(1,111‌)
(8,165‌)
(196‌)
(137,859‌)
Total
expenses
after
fees
waived
and/or
reimbursed
................................
484,700‌
1,295,806‌
590,842‌
583,233‌
Net
investment
income
....................................................
834,395‌
3,059,660‌
19,670‌
1,492,528‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
29,758,326‌
$
43,756,318‌
$
32,411,331‌
$
11,470,138‌
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...............................................
$
(15‌)
$
50,848‌
$
(426‌)
$
379,262‌
Investments
—
unaffiliated
(b)
............................................
22,866,434‌
39,024,789‌
24,864,171‌
16,719,709‌
Borrowed
bonds
....................................................
—‌
(12,521‌)
—‌
—‌
Forward
foreign
currency
exchange
contracts
.................................
—‌
(282,001‌)
—‌
(348,620‌)
Foreign
currency
transactions
...........................................
—‌
101,221‌
753‌
(10,048‌)
Futures
contracts
....................................................
885,790‌
2,227,502‌
—‌
(3,842,942‌)
Options
written
.....................................................
—‌
143,173‌
—‌
1,468,492‌
Short
sales
—
unaffiliated
..............................................
—‌
155‌
—‌
107,091‌
Swaps  
..........................................................
—‌
(351,160‌)
—‌
58,004‌
23,752,209‌
40,902,006‌
24,864,498‌
14,530,948‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...............................................
—‌
57,247‌
—‌
(278,351‌)
Investments
—
unaffiliated
(c)
............................................
6,131,915‌
2,708,489‌
7,546,942‌
(2,274,729‌)
Borrowed
bonds
....................................................
—‌
197,374‌
—‌
—‌
Forward
foreign
currency
exchange
contracts
.................................
—‌
146,202‌
—‌
(675,167‌)
Foreign
currency
translations
............................................
—‌
(21,180‌)
(109‌)
(23,928‌)
Futures
contracts
....................................................
(125,798‌)
(229,507‌)
—‌
(237,946‌)
Options
written
.....................................................
—‌
47,880‌
—‌
169,964‌
Short
sales
—
unaffiliated
..............................................
—‌
(2‌)
—‌
(120,659‌)
Swaps  
..........................................................
—‌
(52,191‌)
—‌
380,002‌
Unfunded
floating
rate
loan
interests
.......................................
—‌
—‌
—‌
4‌
6,006,117‌
2,854,312‌
7,546,833‌
(3,060,810‌)
Net
realized
and
unrealized
gain
.............................................
29,758,326‌
43,756,318‌
32,411,331‌
11,470,138‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................
$
30,592,721‌
$
46,815,978‌
$
32,431,001‌
$
12,962,666‌
(a)
  Consolidated
Statement
of
Operations.
(b)
  Net
of
foreign
capital
gain
tax
of
............................................
$
—‌
$
(2,294‌)
$
—‌
$
(13,815‌)
(c)
  Net
of
reduction/increase
in
deferred
foreign
capital
gain
tax
of
.......................
$
—‌
$
(280‌)
$
—‌
$
4,075‌
See
notes
to
financial
statements.
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
June
30,
2021
143
Financial
Statements
BlackRock
Government
Money
Market
Portfolio
BlackRock
High
Yield
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
INVESTMENT
INCOME
–
–
–
Dividends
—
affiliated
...................................................................
$
—‌
$
40‌
$
117‌
Dividends
—
unaffiliated
.................................................................
—‌
10,316‌
—‌
Interest
—
unaffiliated
...................................................................
46,762‌
761,364‌
383,555‌
Foreign
taxes
withheld
..................................................................
—‌
—‌
(117‌)
Total
investment
income
...................................................................
46,762‌
771,720‌
383,555‌
EXPENSES
Investment
advisory
....................................................................
197,461‌
50,770‌
92,328‌
Professional
.........................................................................
25,991‌
32,586‌
37,191‌
Accounting
services
....................................................................
18,522‌
65,152‌
31,153‌
Transfer
agent
........................................................................
14,047‌
21,261‌
38,923‌
Custodian
...........................................................................
5,464‌
8,750‌
11,055‌
Directors
and
Officer
...................................................................
4,932‌
—‌
—‌
Miscellaneous
........................................................................
9,572‌
10,223‌
13,822‌
Total
expenses
excluding
interest
expense
.......................................................
275,989‌
188,742‌
224,472‌
Interest
expense
........................................................................
—‌
—‌
664‌
Total
expenses
.........................................................................
275,989‌
188,742‌
225,136‌
Less:
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
.................................................
(217,668‌)
(100,125‌)
(61,034‌)
Transfer
agent
fees
reimbursed
............................................................
(11,568‌)
(18,780‌)
(36,442‌)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
46,753‌
69,837‌
127,660‌
Net
investment
income
....................................................................
9‌
701,883‌
255,895‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
593‌
$
464,391‌
$
(940,544‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................................
$
593‌
$
545,282‌
$
121,118‌
Forward
foreign
currency
exchange
contracts
.................................................
—‌
9,092‌
(70,003‌)
Foreign
currency
transactions
...........................................................
—‌
(7,291‌)
11,257‌
Futures
contracts
....................................................................
—‌
3,903‌
(25,603‌)
Options
written
.....................................................................
—‌
—‌
18,955‌
Swaps  
..........................................................................
—‌
(617‌)
(74,855‌)
593‌
550,369‌
(19,131‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................................
—‌
(70,667‌)
(961,873‌)
Forward
foreign
currency
exchange
contracts
.................................................
—‌
(16,021‌)
38,232‌
Foreign
currency
translations
............................................................
—‌
(10‌)
(3,100‌)
Futures
contracts
....................................................................
—‌
—‌
(20,007‌)
Options
written
.....................................................................
—‌
—‌
20,092‌
Swaps  
..........................................................................
—‌
719‌
5,243‌
Unfunded
floating
rate
loan
interests
.......................................................
—‌
1‌
—‌
—‌
(85,978‌)
(921,413‌)
Net
realized
and
unrealized
gain
(loss)
.........................................................
593‌
464,391‌
(940,544‌)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..........................
$
602‌
$
1,166,274‌
$
(684,649‌)
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

2021
BlackRock
Semi-Annual
Report
to
Shareholders
144
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Balanced
Capital
Portfolio
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
12/31/20
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
12/31/20
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
................................................
$
834,395‌
$
2,117,613‌
$
3,059,660‌
$
7,492,780‌
Net
realized
gain
(loss)
....................................................
23,752,209‌
17,311,044‌
40,902,006‌
40,696,582‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
6,006,117‌
13,781,837‌
2,854,312‌
23,384,561‌
Net
increase
in
net
assets
resulting
from
operations
...................................
30,592,721‌
33,210,494‌
46,815,978‌
71,573,923‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
—‌
(17,311,283‌)
—‌
(44,587,034‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.........................
(8,711,883‌)
(8,640,098‌)
(30,401,617‌)
(3,838,260‌)
NET
ASSETS
Total
increase
in
net
assets
...................................................
21,880,838‌
7,259,113‌
16,414,361‌
23,148,629‌
Beginning
of
period
........................................................
196,166,058‌
188,906,945‌
523,770,885‌
500,622,256‌
End
of
period
............................................................
$
218,046,896‌
$
196,166,058‌
$
540,185,246‌
$
523,770,885‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
145
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
12/31/20
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
12/31/20
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
................................................
$
19,670‌
$
(12,799‌)
$
1,492,528‌
$
1,944,372‌
Net
realized
gain
(loss)
....................................................
24,864,498‌
22,973,719‌
14,530,948‌
10,080,358‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
7,546,833‌
51,261,389‌
(3,060,810‌)
23,254,464‌
Net
increase
in
net
assets
resulting
from
operations
...................................
32,431,001‌
74,222,309‌
12,962,666‌
35,279,194‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
—‌
(18,235,911‌)
—‌
(14,667,909‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.........................
(10,273,503‌)
(4,684,476‌)
(9,171,659‌)
(5,652,210‌)
NET
ASSETS
Total
increase
in
net
assets
...................................................
22,157,498‌
51,301,922‌
3,791,007‌
14,959,075‌
Beginning
of
period
........................................................
247,239,853‌
195,937,931‌
200,541,389‌
185,582,314‌
End
of
period
............................................................
$
269,397,351‌
$
247,239,853‌
$
204,332,396‌
$
200,541,389‌
(a)
Consolidated
Statements
of
Changes
in
Net
Assets.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
146
See
notes
to
financial
statements.
BlackRock
Government
Money
Market
Portfolio
BlackRock
High
Yield
Portfolio
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
12/31/20
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
12/31/20
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
................................................
$
9‌
$
303,547‌
$
701,883‌
$
1,525,226‌
Net
realized
gain
(loss)
....................................................
593‌
1,978‌
550,369‌
79,442‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
—‌
—‌
(85,978‌)
448,858‌
Net
increase
in
net
assets
resulting
from
operations
...................................
602‌
305,525‌
1,166,274‌
2,053,526‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(9‌)
(303,547‌)
(705,832‌)
(1,531,302‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
65,477‌
(3,541,319‌)
(1,647,932‌)
(2,276,026‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
66,070‌
(3,539,341‌)
(1,187,490‌)
(1,753,802‌)
Beginning
of
period
........................................................
108,914,921‌
112,454,262‌
28,918,928‌
30,672,730‌
End
of
period
............................................................
$
108,980,991‌
$
108,914,921‌
$
27,731,438‌
$
28,918,928‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
147
Financial
Statements
See
notes
to
financial
statements.
BlackRock
U.S.
Government
Bond
Portfolio
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
12/31/20
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
..............................................................................
$
255,895‌
$
952,875‌
Net
realized
gain
(loss)
..................................................................................
(19,131‌)
1,715,179‌
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
(921,413‌)
884,224‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.........................................................
(684,649‌)
3,552,278‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(387,057‌)
(1,114,751‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.......................................................
(3,089,993‌)
(2,995,397‌)
NET
ASSETS
Total
decrease
in
net
assets
................................................................................
(4,161,699‌)
(557,870‌)
Beginning
of
period
......................................................................................
53,775,217‌
54,333,087‌
End
of
period
..........................................................................................
$
49,613,518‌
$
53,775,217‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
148
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
..............
$
26.14‌
$
23.90‌
$
19.76‌
$
24.31‌
$
27.15‌
$
26.53‌
Net
investment
income
(loss)
(a)
..................
0.11‌
0.28‌
0.35‌
0.38‌
(b)
0.40‌
0.36‌
Net
realized
and
unrealized
gain
(loss)
............
4.05‌
4.43‌
5.38‌
(1.62‌)
5.58‌
2.47‌
Net
increase
(decrease)
from
investment
operations
.....
4.16‌
4.71‌
5.73‌
(1.24‌)
5.98‌
2.83‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
...................
—‌
(0.34‌)
(0.34‌)
(0.39‌)
(0.41‌)
(0.37‌)
From
net
realized
gain
........................
—‌
(2.13‌)
(1.25‌)
(2.92‌)
(8.41‌)
(1.84‌)
Total
distributions
............................
—‌
(2.47‌)
(1.59‌)
(3.31‌)
(8.82‌)
(2.21‌)
Net
asset
value,
end
of
period
...................
$
30.30‌
$
26.14‌
$
23.90‌
$
19.76‌
$
24.31‌
$
27.15‌
Total
Return
(d)
15.91%
19.99%
29.09%
(5.11)%
—
—
Based
on
net
asset
value
.......................
15.91%
(e)
19.99%
29.09%
(5.11)%
22.24%
10.69%
Ratios
to
Average
Net
Assets
Total
expenses
..............................
0.57%
(f)
0.59%
0.60%
0.63%
0.63%
0.60%
Total
expenses
after
fees
waived
and/or
reimbursed
.....
0.47%
(f)
0.49%
0.50%
0.50%
0.50%
0.50%
Net
investment
income
........................
0.81%
(f)
1.18%
1.52%
1.51%
(b)
1.35%
1.36%
Supplemental
Data
Net
assets,
end
of
period
(000)
...................
$
218,047‌
$
196,166‌
$
188,907‌
$
161,413‌
$
187,538‌
$
167,987‌
Portfolio
turnover
rate
.........................
58%
124%
131%
151%
154%
48%
(a)
Based
on
average
shares
outstanding.
(b)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.01
per
share
and
0.06%,
respectively,
resulting
from
a
non-recurring
dividend.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
149
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
Balanced
Capital
Portfolio
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
..............
$
16.79‌
$
15.86‌
$
13.97‌
$
15.81‌
$
16.87‌
$
16.74‌
Net
investment
income
(loss)
(a)
..................
0.10‌
0.25‌
0.33‌
0.32‌
0.31‌
0.29‌
Net
realized
and
unrealized
gain
(loss)
............
1.45‌
2.23‌
2.75‌
(0.73‌)
2.14‌
1.16‌
Net
increase
(decrease)
from
investment
operations
.....
1.55‌
2.48‌
3.08‌
(0.41‌)
2.45‌
1.45‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
...................
—‌
(0.29‌)
(0.33‌)
(0.31‌)
(0.34‌)
(0.30‌)
From
net
realized
gain
........................
—‌
(1.26‌)
(0.86‌)
(1.12‌)
(3.17‌)
(1.02‌)
Total
distributions
............................
—‌
(1.55‌)
(1.19‌)
(1.43‌)
(3.51‌)
(1.32‌)
Net
asset
value,
end
of
period
...................
$
18.34‌
$
16.79‌
$
15.86‌
$
13.97‌
$
15.81‌
$
16.87‌
Total
Return
(c)
9.23%
15.75%
22.06%
(2.66)%
—
—
Based
on
net
asset
value
.......................
9.23%
(d)
15.75%
22.06%
(2.66)%
14.59%
8.65%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
..............................
0.60%
(f)
0.61%
0.63%
0.64%
0.66%
0.62%
Total
expenses
after
fees
waived
and/or
reimbursed
.....
0.49%
(f)
0.50%
0.52%
0.52%
0.53%
0.52%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.....................
0.48%
(f)
0.48%
0.49%
0.49%
0.49%
0.49%
Net
investment
income
........................
1.17%
(f)
1.56%
2.08%
1.98%
1.75%
1.72%
Supplemental
Data
Net
assets,
end
of
period
(000)
...................
$
540,185‌
$
523,771‌
$
500,622‌
$
453,030‌
$
511,193‌
$
490,442‌
Portfolio
turnover
rate
(g)
........................
175%
345%
320%
280%
332%
264%
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Investments
in
underlying
funds
....................
0.01%
0.01%
—%
0.02%
0.01%
0.01%
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Portfolio
turnover
rate
(excluding
MDRs)
..............
117%
238%
228%
211%
248%
188%
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
150
See
notes
to
financial
statements.
BlackRock
Capital
Appreciation
Portfolio
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
..............
$
56.30‌
$
43.39‌
$
36.63‌
$
40.56‌
$
33.61‌
$
34.32‌
Net
investment
income
(loss)
(a)
..................
0.00‌
(b)
(0.00‌)
(c)
0.06‌
0.15‌
(d)
0.12‌
(e)
0.07‌
(f)
Net
realized
and
unrealized
gain
(loss)
............
7.60‌
17.32‌
11.86‌
0.83‌
11.11‌
0.07‌
Net
increase
from
investment
operations
.............
7.60‌
17.32‌
11.92‌
0.98‌
11.23‌
0.14‌
Distributions
(g)
–
–
–
–
–
–
From
net
investment
income
...................
—‌
(0.01‌)
(0.05‌)
(0.14‌)
(0.12‌)
(0.08‌)
From
net
realized
gain
........................
—‌
(4.40‌)
(5.11‌)
(4.77‌)
(4.16‌)
(0.77‌)
Total
distributions
............................
—‌
(4.41‌)
(5.16‌)
(4.91‌)
(4.28‌)
(0.85‌)
Net
asset
value,
end
of
period
...................
$
63.90‌
$
56.30‌
$
43.39‌
$
36.63‌
$
40.56‌
$
33.61‌
Total
Return
(h)
13.50%
40.16%
32.79%
2.42%
—
—
Based
on
net
asset
value
.......................
13.50%
(
i
)
40.16%
32.79%
2.42%
33.62%
0.40%
Ratios
to
Average
Net
Assets
Total
expenses
..............................
0.57%
(j)
0.59%
0.58%
0.59%
(k)
0.60%
0.62%
Total
expenses
after
fees
waived
and/or
reimbursed
.....
0.47%
(j)
0.49%
0.48%
0.49%
(k)
0.51%
0.53%
Net
investment
income
(loss)
....................
0.02%
(j)
(0.01)%
0.13%
0.33%
(d)(k)
0.29%
(e)
0.21%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
...................
$
269,397‌
$
247,240‌
$
195,938‌
$
162,866‌
$
170,830‌
$
139,019‌
Portfolio
turnover
rate
.........................
20%
38%
42%
45%
48%
86%
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.10
per
share
and
0.22%,
respectively,
resulting
from
a
non-recurring
dividend.
(e)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.04
per
share
and
0.09%,
respectively,
resulting
from
a
non-recurring
dividend.
(f)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.03
per
share
and
0.08%,
respectively,
resulting
from
a
non-recurring
dividend.
(g)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(h)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(i)
Aggregate
total
return.
(j)
Annualized.
(k)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
151
Financial
Highlights
(a)
Consolidated
Financial
Highlights.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(g)
Annualized.
(h)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Excluding
MDRs,
the
portfolio
turnover
rate
would
have
been
158%.
BlackRock
Global
Allocation
Portfolio
(a)
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
..............
$
17.96‌
$
16.03‌
$
14.20‌
$
16.42‌
$
14.60‌
$
14.25‌
Net
investment
income
(loss)
(b)
..................
0.14‌
0.18‌
0.27‌
0.27‌
0.25‌
0.23‌
Net
realized
and
unrealized
gain
(loss)
............
1.05‌
3.15‌
2.28‌
(1.44‌)
1.80‌
0.37‌
Net
increase
(decrease)
from
investment
operations
.....
1.19‌
3.33‌
2.55‌
(1.17‌)
2.05‌
0.60‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
...................
—‌
(0.26‌)
(0.24‌)
(0.24‌)
(0.23‌)
(0.25‌)
From
net
realized
gain
........................
—‌
(1.14‌)
(0.48‌)
(0.81‌)
—‌
—‌
Total
distributions
............................
—‌
(1.40‌)
(0.72‌)
(1.05‌)
(0.23‌)
(0.25‌)
Net
asset
value,
end
of
period
...................
$
19.15‌
$
17.96‌
$
16.03‌
$
14.20‌
$
16.42‌
$
14.60‌
Total
Return
(d)
6.63%
20.95%
18.05%
(7.27)%
—
—
Based
on
net
asset
value
.......................
6.63%
(e)
20.95%
18.05%
(7.27)%
14.05%
4.17%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
..............................
0.86%
(g)
0.83%
0.79%
0.78%
0.79%
0.83%
Total
expenses
after
fees
waived
and/or
reimbursed
.....
0.58%
(g)
0.58%
0.57%
0.58%
0.58%
0.58%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
dividend
expense,
broker
fees
and
expenses
on
short
sales,
interest
expense
and
stock
loan
fees
......
0.57%
(g)
0.57%
0.57%
0.57%
0.57%
0.57%
Net
investment
income
........................
1.48%
(g)
1.08%
1.72%
1.67%
1.56%
1.62%
Supplemental
Data
Net
assets,
end
of
period
(000)
...................
$
204,332‌
$
200,541‌
$
185,582‌
$
173,983‌
$
211,555‌
$
206,525‌
Portfolio
turnover
rate
.........................
60%
159%
(h)
207%
145%
129%
134%
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Investments
in
underlying
funds
...................
0.02%
0.02%
—%
0.02%
0.01%
—%
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
152
See
notes
to
financial
statements.
BlackRock
Government
Money
Market
Portfolio
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
..............
$
1.00‌
$
1.00‌
$
1.00‌
$
1.00‌
$
1.00‌
$
1.00‌
Net
investment
income
(loss)
...................
0.0000‌
(a)
0.0026‌
0.0177‌
0.0139‌
0.0044‌
0.0000‌
(a)
Net
realized
gain
(loss)
.......................
0.0000‌
(a)
0.0000‌
(a)
0.0000‌
(a)
0.0000‌
(a)
0.0000‌
(a)
0.0000‌
(a)
Net
increase
from
investment
operations
.............
0.0000‌
0.0026‌
0.0177‌
0.0139‌
0.0044‌
0.0000‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
...................
(0.0000‌)
(
c
)
(0.0026‌)
(0.0177‌)
(0.0139‌)
(0.0044‌)
(0.0000‌)
(
c
)
From
net
realized
gain
........................
—‌
(0.0000‌)
(
c
)
(0.0000‌)
(c
)
—‌
(0.0000‌)
(
c
)
(0.0000‌)
(c
)
Total
distributions
............................
(0.0000‌)
(0.0026‌)
(0.0177‌)
(0.0139‌)
(0.0044‌)
(0.0000‌)
Net
asset
value,
end
of
period
...................
$
1.0
0‌
$
1.0
0‌
$
1.
00‌
$
1.00‌
$
1.00‌
$
1.0
0‌
Total
Return
(d)
—
0.26%
1.78%
1.41%
—
—
Based
on
net
asset
value
.......................
0.00%
(e)(f)
0.26%
1.78%
1.41%
0.45%
0.00%
Ratios
to
Average
Net
Assets
Total
expenses
..............................
0.51%
(g)
0.62%
0.62%
0.64%
0.70%
0.54%
Total
expenses
after
fees
waived
and/or
reimbursed
.....
0.09%
(g)
0.33%
0.50%
0.50%
0.50%
0.42%
Net
investment
income
........................
0.00%
(f)
(g)
0.28%
1.77%
1.41%
0.44%
0.00%
Supplemental
Data
Net
assets,
end
of
period
(000)
...................
$
108,981‌
$
108,915‌
$
112,454‌
$
131,361‌
$
107,299‌
$
122,057‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Amount
is
less
than
0.005%.
(g)
Annualized.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
153
Financial
Highlights
See
notes
to
financial
statements.
BlackRock
High
Yield
Portfolio
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
..............
$
5.54‌
$
5.43‌
$
5.00‌
$
5.42‌
$
5.31‌
$
4.91‌
Net
investment
income
(loss)
(a)
..................
0.14‌
0.29‌
0.31‌
0.30‌
0.30‌
0.29‌
Net
realized
and
unrealized
gain
(loss)
............
0.09‌
0.11‌
0.43‌
(0.42‌)
0.12‌
0.40‌
Net
increase
(decrease)
from
investment
operations
.....
0.23‌
0.40‌
0.74‌
(0.12‌)
0.42‌
0.69‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
...................
(0.14‌)
(0.29‌)
(0.31‌)
(0.30‌)
(0.31‌)
(0.29‌)
From
return
of
capital
........................
—‌
—‌
—‌
(0.00‌)
(c)
—‌
—‌
Total
distributions
............................
(0.14‌)
(0.29‌)
(0.31‌)
(0.30‌)
(0.31‌)
(0.29‌)
Net
asset
value,
end
of
period
...................
$
5.63‌
$
5.54‌
$
5.43‌
$
5.00‌
$
5.42‌
$
5.31‌
Total
Return
(d)
4.19%
7.80%
15.04%
(2.31)%
—
—
Based
on
net
asset
value
.......................
4.19%
(e)
7.80%
15.04%
(2.31)%
(f)
7.95%
14.43%
Ratios
to
Average
Net
Assets
Total
expenses
..............................
1.35%
(g)
1.27%
1.15%
1.98%
1.34%
0.99%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
.....
0.50%
(g)
0.50%
0.50%
0.50%
0.50%
0.50%
(h)
Net
investment
income
........................
5.02%
(g)
5.48%
5.76%
5.66%
5.53%
5.64%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...................
$
27,731‌
$
28,919‌
$
30,673‌
$
27,068‌
$
32,005‌
$
33,794‌
Portfolio
turnover
rate
.........................
31%
89%
74%
67%
73%
101%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Includes
payment
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
(h)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
154
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(g)
Annualized.
(h)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
U.S.
Government
Bond
Portfolio
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
..............
$
11.51‌
$
11.01‌
$
10.58‌
$
10.80‌
$
10.86‌
$
10.90‌
Net
investment
income
(loss)
(a)
..................
0.06‌
0.20‌
0.27‌
0.25‌
0.21‌
0.17‌
Net
realized
and
unrealized
gain
(loss)
............
(0.20‌)
0.53‌
0.44‌
(0.17‌)
(0.02‌)
0.00‌
(b)
Net
increase
(decrease)
from
investment
operations
.....
(0.14‌)
0.73‌
0.71‌
0.08‌
0.19‌
0.17‌
Distributions
from
net
investment
income
(c)
...........
(0.09‌)
(0.23‌)
(0.28‌)
(0.30‌)
(0.25‌)
(0.21‌)
Net
asset
value,
end
of
period
...................
$
11.28‌
$
11.51‌
$
11.01‌
$
10.58‌
$
10.80‌
$
10.86‌
Total
Return
(d)
(1.26)%
6.64%
6.78%
0.77%
—
—
Based
on
net
asset
value
.......................
(1.26)%
(e)
6.64%
6.78%
0.77%
1.72%
1.54%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
..............................
0.89%
(g)
1.02%
1.47%
1.69%
1.15%
0.94%
Total
expenses
after
fees
waived
and/or
reimbursed
.....
0.50%
(g)
0.59%
1.02%
0.86%
0.63%
0.59%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.....................
0.50%
(g)
0.50%
0.50%
0.50%
0.50%
0.50%
Net
investment
income
........................
1.01%
(g)
1.71%
2.45%
2.39%
1.89%
1.50%
Supplemental
Data
Net
assets,
end
of
period
(000)
...................
$
49,614‌
$
53,775‌
$
54,333‌
$
53,941‌
$
54,580‌
$
60,506‌
Portfolio
turnover
rate
(h)
........................
351%
629%
658%
728%
1,058%
1,004%
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Investments
in
underlying
funds
....................
—%
0.01%
0.01%
0.01%
0.01%
—%
Six
Months
Ended
06/30/21
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Portfolio
turnover
rate
(excluding
MDRs)
..............
196%
386%
425%
434%
694%
631%
Notes
to
Financial
Statements
(unaudited)
155
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Series
Fund,
Inc.
(“Series
Fund”)
and
BlackRock
Series
Fund
II,
Inc.
(“Series
Fund
II”
and
together
with
Series
Fund,
the
“Companies”
and
each,
a
“Company”)
are
each
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
open-end
management
investment
companies.
Each
Company
is
organized
as
a
Maryland
corporation
and
is
comprised
of
the
separate
portfolios
indicated
below.
Series
Fund
is
comprised
of
5
separate
portfolios
and
Series
Fund
II
is
comprised
of
2
separate
portfolios.
The
following
are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
The
Funds
offer
shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. 
Advantage
Large
Cap
Core,
Balanced
Capital,
Capital
Appreciation,
Global
Allocation
and
Government
Money
Market,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”)
or
its
affiliates,
are
included
in
a
complex
of
equity,
multi-asset,
index
and
money
market
funds
referred
to
as
the
BlackRock
Multi-Asset
Complex.
High
Yield
and
U.S.
Government
Bond,
together
with
certain
other
registered
investment
companies
advised
by
the
Manager
or
its
affiliates,
are
included
in
a
complex
of
non-index
fixed-income
mutual
funds
and
all
BlackRock-advised
closed-end
funds
referred
to
as
the
BlackRock
Fixed-Income
Complex.
Government
Money
Market
operates
as
a
“government
money
market
fund”
under
Rule
2a-7
under
the
1940
Act.
The
Fund
is
not
subject
to
liquidity
fees
or
temporary
suspensions
of
redemptions
due
to
declines
in
the
Fund's
weekly
liquid
assets.
Basis
of
Consolidation:
The
accompanying
consolidated
financial
statements
of
Global
Allocation
 include
the
accounts
of
BlackRock
Cayman
Global
Allocation
Portfolio
I,
Ltd.
(the
“Subsidiary”),
which
is
a
wholly-owned
subsidiary
of
Global
Allocation
 and
primarily
invests
in
commodity-related
instruments
and
other
derivatives
.
The
Subsidiary
enables 
Global
Allocation
to
hold
these
commodity-related
instruments
and
satisfy
regulated
investment
company
tax
requirements.
Global
Allocation
 may
invest
up
to
25%
of
its
total
assets
in
the
Subsidiary.
The
net
assets
of
the
Subsidiary
as
of
period
end
were
$5,168,044
,
which
is
2.5%
 of
Global
Allocation's
 consolidated
net
assets.
Intercompany
accounts
and
transactions,
if
any,
have
been
eliminated.
During
the
six
months
ended
June
30,
2021
there
were
no
transactions
in
the
Subsidiary.
 The
Subsidiary
is
subject
to
the
same
investment
policies
and
restrictions
that
apply
to 
Global
Allocation
,
except
that
the
Subsidiary
may
invest
without
limitation
in
commodity-
related
instruments. 
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income and
capital
gain
distributions,
if
any,
are recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value. Dividends
from
foreign
securities
where
the
ex-
dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities
and
payment-in-kind
interest,
are
recognized
daily
on
an
accrual
basis.
For
convertible
securities,
premiums
attributable
to
the
debt
instrument
are
amortized,
but
premiums
attributable
to
the
conversion
feature
are
not
amortized.
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”)
.
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Fund
Name
Company
Herein
Referred
To
As
Diversification
Classification
BlackRock
Advantage
Large
Cap
Core
Portfolio
...................
Series
Fund
Advantage
Large
Cap
Core
Diversified
BlackRock
Balanced
Capital
Portfolio
..........................
Series
Fund
Balanced
Capital
Diversified
BlackRock
Capital
Appreciation
Portfolio
........................
Series
Fund
Capital
Appreciation
Diversified
BlackRock
Global
Allocation
Portfolio
..........................
Series
Fund
Global
Allocation
Diversified
BlackRock
Government
Money
Market
Portfolio
...................
Series
Fund
Government
Money
Market
Diversified
BlackRock
High
Yield
Portfolio
...............................
Series
Fund
II
High
Yield
Diversified
BlackRock
U.S.
Government
Bond
Portfolio
......................
Series
Fund
II
U.S.
Government
Bond
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
156
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
June
30,
2021
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Segregation
and
Collateralization:
In
cases
where a
Fund
enters
into
certain
investments
(e.g.,
dollar
rolls,
TBA
sale
commitments,
futures
contracts,
forward
foreign
currency
exchange
contracts,
options
written,
swaps
and
short
sales)
that
would
be
treated
as
“senior
securities”
for
1940
Act
purposes, a
Fund
may
segregate
or
designate
on
its
books
and
records
cash
or
liquid
assets
having
a
market
value
at
least
equal
to
the
amount
of
its
future
obligations
under
such
investments.
Doing
so
allows
the
investment
to
be
excluded
from
treatment
as
a
“senior
security.” 
Furthermore,
if
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/
deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-dealer
or
custodian
as
collateral
for
certain
investments
or
obligations.  
Distributions: 
For
Government
Money
Market,
High
Yield
and
U.S.
Government
Bond, distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
For
Advantage
Large
Cap
Core,
Balanced
Capital,
Capital
Appreciation
and
Global
Allocation,
distributions
from
net
investment
income
are
declared
and
paid
at
least
annually.
For
each
Fund,
distributions
of
capital
gains
are
recorded
on
the
ex-dividend
dates
and
made
at
least
annually.
The
portion
of
distributions,
if
any,
that
exceeds
a
fund's
current
and
accumulated
earnings
and
profits,
as
measured
on
a
tax
basis,
constitute
a
non-taxable
return
of
capital. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
.  
Net
income
and
realized
gains
from
investments
held
by
the
Subsidiary
are
treated
as
ordinary
income
for
tax
purposes. If
a
net
loss
is
realized
by
the
Subsidiary
in
any
taxable
year,
the
loss
will
generally
not
be
available
to
offset
the
Global
Allocation’s
ordinary
income
and/or
capital
gains
for
that
year.  
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan”)
approved
by
the
Board
of
Directors
of
Series
Fund
II
, 
the
directors
who
are
not
“interested
persons”
of
the
Funds,
as
defined
in
the
1940
Act
(“Independent
Directors
”),
may
defer
a
portion
of
their
annual
complex-wide
compensation.
Deferred
amounts
earn
an
approximate
return
as
though
equivalent
dollar
amounts
had
been
invested
in
common
shares
of
certain
funds
in
the
BlackRock
Fixed-Income
Complex
selected
by
the
Independent
Directors
.
This
has
the
same
economic
effect
for
the
Independent 
Directors
as
if
the
Independent 
Directors
had
invested
the
deferred
amounts
directly
in
certain
funds
in
the
BlackRock
Fixed-Income
Complex.  
The
Plan
is
not
funded
and
obligations
thereunder
represent
general
unsecured
claims
against
the
general
assets
of
High
Yield
and
U.S.
Government
Bond,
as
applicable.
Deferred
compensation
liabilities,
if
any, are
included
in
the
Trustees’
and
Officer’s
fees
payable
in
the
Statements
of
Assets
and
Liabilities
and
will
remain
as
a
liability
of
the
Funds
until
such
amounts
are
distributed
in
accordance
with
the
Plan. 
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to a
Fund
are
charged
to
that
Fund.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager
,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.
Global
Allocation
has
an
arrangement
with
its
custodian
whereby
credits
are
earned
on
uninvested
cash
balances,
which
could
be
used
to
reduce
custody
fees
and/or
overdraft
charges.
Global
Allocation
may
incur
charges
on overdrafts,
subject
to
certain
conditions.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 Each
Fund's
(except
Government
Money
Market) investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price a
fund would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. Each
Fund
determines
the
fair
values
of its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Boards
of Directors
of
the
Companies
(each,
a
"Board"
and
together,
the
“Boards”).
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by each
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments.
U.S.
GAAP
defines
fair
value
as
the
price
Government
Money
Market
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Government
Money
Market's
investments
are
valued
under
the
amortized
cost
method
which
approximates
current
market
value
in
accordance
with
Rule
2a-7
under
the
1940
Act.
Under
this
method,
investments
are
valued
at
cost
when
purchased
and,
thereafter,
a
constant
proportionate
accretion
of
discounts
and
amortization
of
premiums
are
recorded
until
the
maturity
of
the
security.
Government
Money
Market
seeks
to
maintain
its
net
asset
value
(“NAV”)
per
share
at
$1.00,
although
there
is
no
assurance
that
it
will
be
able
to
do
so
on
a
continuing
basis.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
(except
Government
Money
Market)
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day's official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Notes
to
Financial
Statements
(unaudited)
(continued)
157
Notes
to
Financial
Statements
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Occasionally,
events
affecting
the
values
of
such
instruments
may
occur
between
the
foreign
market
close
and
the
close
of
trading
on
the NYSE that
may
not
be
reflected
in
the
computation
of
the
Funds’
net
assets.
Each
business
day,
the
Funds
use
a
pricing
service
to
assist
with
the
valuation
of
certain
foreign
exchange-traded
equity
securities
and
foreign
exchange-traded
and
over-the-counter
(“OTC”)
options
(the
“Systematic
Fair
Value
Price”).
Using
current
market
factors,
the
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
and
foreign
options
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets. 
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third
party
pricing
services.
Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third
party
pricing
service.
Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day's
published NAV. 
The
Funds
value
their
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
their
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Exchange-traded
options
are
valued
at
the
mean
between
the
last bid
and
ask
prices
at
the
close
of
the
options
market in
which
the
options
trade.
An
exchange-traded
option
for
which there
is
no
mean
price
is
valued
at
the
last
bid
(long
positions)
or
ask
(short
positions)
price.
If
no
bid
or
ask
price
is
available,
the
prior
day's
price will
be
used,
unless
it
is
determined
that
the
prior
day's
price
no
longer
reflects
the
fair
value
of
the
option.
OTC
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
prices
of
the
underlying
instruments.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Repurchase
agreements
are
valued
at
amortized
cost,
which
approximates
market
value. 
If
events
(e.g.,
a
market
closure,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Global
Valuation
Committee,
or
its
delegate,
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Global
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Global
Valuation
Committee,
or
its
delegate,
seeks
to
determine
the
price
that
each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Global
Valuation
Committee,
or
its
delegate,
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
The
pricing
of
all
Fair
Valued
Investments
is
subsequently
reported
to
the
Board
or
a
committee
thereof
on
a
quarterly
basis.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Global
Valuation
Committee
and
third
party
pricing
services
utilize
one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Standard
Inputs
Generally
Considered
By
Third
Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
158
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used,
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by
a
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date
a
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price
a
Fund
could
receive
upon
the
sale
of
the
investment. 
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
each
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Global
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
June
30,
2021,
certain
investments
of
the
Funds were
fair
valued
using
NAV per
share as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy. 
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets. 
Notes
to
Financial
Statements
(unaudited)
(continued)
159
Notes
to
Financial
Statements
Inflation-Indexed
Bonds:
Inflation-indexed
bonds
(other
than
municipal
inflation-indexed
and
certain
corporate
inflation-indexed
bonds)
are
fixed-income
securities
whose
principal
value
is
periodically
adjusted
according
to
the
rate
of
inflation.
If
the
index
measuring
inflation
rises
or
falls,
the
principal
value
of
inflation-indexed
bonds
(other
than
municipal
inflation-indexed
and
certain
corporate
inflation-indexed
bonds)
will
be
adjusted
upward
or
downward,
and
consequently
the
interest
payable
on
these
securities
(calculated
with
respect
to
a
larger
or
smaller
principal
amount)
will
be
increased
or
reduced,
respectively.
Any
upward
or
downward
adjustment
in
the
principal
amount
of
an
inflation-indexed
bond
is
included
as
interest
income
in
the
Statements
of
Operations,
even
though
investors
do
not
receive
their
principal
until
maturity.
Repayment
of
the
original
bond
principal
upon
maturity
(as
adjusted
for
inflation)
is
guaranteed
in
the
case
of
U.S.
Treasury
inflation-indexed
bonds.
For
bonds
that
do
not
provide
a
similar
guarantee,
the
adjusted
principal
value
of
the
bond
repaid
at
maturity
may
be
less
than
the
original
principal.
With
regard
to
municipal
inflation-indexed
bonds
and
certain
corporate
inflation-indexed
bonds,
the
inflation
adjustment
is
typically
reflected
in
the
semi-annual
coupon
payment.
As
a
result,
the
principal
value
of
municipal
inflation-
indexed
bonds
and
such
corporate
inflation-indexed
bonds
does
not
adjust
according
to
the
rate
of
inflation.
Multiple
Class
Pass-Through
Securities:
Multiple
class
pass-through
securities,
including
collateralized
mortgage
obligations
(“CMOs”)
and
commercial
mortgage-backed
securities,
may
be
issued
by
Ginnie
Mae,
U.S.
Government
agencies
or
instrumentalities
or
by
trusts
formed
by
private
originators
of,
or
investors
in,
mortgage
loans.
In
general,
CMOs
are
debt
obligations
of
a
legal
entity
that
are
collateralized
by
a
pool
of
residential
or
commercial
mortgage
loans
or
Mortgage
Assets.
The
payments
on
these
are
used
to
make
payments
on
the
CMOs
or
multiple
pass-through
securities.
Multiple
class
pass-through
securities
represent
direct
ownership
interests
in
the
Mortgage
Assets.
Classes
of
CMOs
include
interest
only
(“IOs”),
principal
only
(“POs”),
planned
amortization
classes
and
targeted
amortization
classes.
IOs
and
POs
are
stripped
mortgage-backed
securities
representing
interests
in
a
pool
of
mortgages,
the
cash
flow
from
which
has
been
separated
into
interest
and
principal
components.
IOs
receive
the
interest
portion
of
the
cash
flow
while
POs
receive
the
principal
portion.
IOs
and
POs
can
be
extremely
volatile
in
response
to
changes
in
interest
rates.
As
interest
rates
rise
and
fall,
the
value
of
IOs
tends
to
move
in
the
same
direction
as
interest
rates.
POs
perform
best
when
prepayments
on
the
underlying
mortgages
rise
since
this
increases
the
rate
at
which
the
principal
is
returned
and
the
yield
to
maturity
on
the
PO.
When
payments
on
mortgages
underlying
a
PO
are
slower
than
anticipated,
the
life
of
the
PO
is
lengthened
and
the
yield
to
maturity
is
reduced.
If
the
underlying
Mortgage
Assets
experience
greater
than
anticipated
prepayments
of
principal,
a
fund’s
initial
investment
in
the
IOs
may
not
fully
recoup. 
Stripped
Mortgage-Backed
Securities:
Stripped
mortgage-backed
securities
are
typically
issued
by
the
U.S.
Government,
its
agencies
and
instrumentalities.
Stripped
mortgage-backed
securities
are
usually
structured
with
two
classes
that
receive
different
proportions
of
the
interest
(IOs)
and
principal
(POs)
distributions
on
a
pool
of
Mortgage
Assets.
S
tripped
mortgage-backed
securities
may
be
privately
issued.
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments. 
Capital
Securities
and
Trust
Preferred
Securities:
Capital
securities,
including
trust
preferred
securities,
are
typically
issued
by
corporations,
generally
in
the
form
of
interest-bearing
notes
with
preferred
securities
characteristics.
In
the
case
of
trust
preferred
securities,
an
affiliated
business
trust
of
a
corporation
issues
these
securities,
generally
in
the
form
of
beneficial
interests
in
subordinated
debentures
or
similarly
structured
securities.
The
securities
can
be
structured
with
either
a
fixed
or
adjustable
coupon
that
can
have
either
a
perpetual
or
stated
maturity
date.
For
trust
preferred
securities,
the
issuing
bank
or
corporation
pays
interest
to
the
trust,
which
is
then
distributed
to
holders
of
these
securities
as
a
dividend.
Dividends
can
be
deferred
without
creating
an
event
of
default
or
acceleration,
although
maturity
cannot
take
place
unless
all
cumulative
payment
obligations
have
been
met.
The
deferral
of
payments
does
not
affect
the
purchase
or
sale
of
these
securities
in
the
open
market.
These
securities
generally
are
rated
below
that
of
the
issuing
company’s
senior
debt
securities
and
are
freely
callable
at
the
issuer’s
option. 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock. 
Floating
Rate
Loan
Interests:
Floating
rate
loan
interests
are
typically
issued
to
companies
(the
“borrower”)
by
banks,
other
financial
institutions,
or
privately
and
publicly
offered
corporations
(the
“lender”).
Floating
rate
loan
interests
are
generally
non-investment
grade,
often
involve
borrowers
whose
financial
condition
is
troubled
or
uncertain
and
companies
that
are
highly
leveraged
or
in
bankruptcy
proceedings.
In
addition,
transactions
in
floating
rate
loan
interests
may
settle
on
a
delayed
basis,
which
may
result
in
proceeds
from
the
sale
not
being
readily
available
for
a
fund
to
make
additional
investments
or
meet
its
redemption
obligations.
Floating
rate
loan
interests
may
include
fully
funded
term
loans
or
revolving
lines
of
credit.
Floating
rate
loan
interests
are
typically
senior
in
the
corporate
capital
structure
of
the
borrower.
Floating
rate
loan
interests
generally
pay
interest
at
rates
that
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
Since
the
rates
reset
only
periodically,
changes
in
prevailing
interest
rates
(and
particularly
sudden
and
significant
changes)
can
be
expected
to
cause
some
fluctuations
in
the
NAV
of
a
fu
nd
to
the
extent
that
it
invests
in
floating
rate
loan
interests.
The
base
lending
rates
are
generally
the
lending
rate
offered
by
one
or
more
European
banks,
such
as
the
London
Interbank
Offered
Rate
(“LIBOR”),
the
prime
rate
offered
by
one
or
more
U.S.
banks
or
the
certificate
of
deposit
rate.
Floating
rate
loan
interests
may
involve
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies. 
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
160
penalty
fees,
which
may
be
received
by
a
fund
upon
the
prepayment
of
a
floating
rate
loan
interest
by
a
borrower,
are
recorded
as
realized
gains.
A
fund
may
invest
in
multiple
series
or
tranches
of
a
loan.
A
different
series
or
tranche
may
have
varying
terms
and
carry
different
associated
risks.
Floating
rate
loan
interests
are
usually
freely
callable
at
the
borrower’s
option.
A
fund
may
invest
in
such
loans
in
the
form
of
participations
in
loans
(“Participations”)
or
assignments
(“Assignments”)
of
all
or
a
portion
of
loans
from
third
parties.
Participations
typically
will
result
in
a
fund
having
a
contractual
relationship
only
with
the
lender,
not
with
the
borrower.
A
fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
lender
selling
the
Participation
and
only
upon
receipt
by
the
lender
of
the
payments
from
the
borrower.
In
connection
with
purchasing
Participations,
a
fund
generally
will
have
no
right
to
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement,
nor
any
rights
of
offset
against
the
borrower.
A
fund
may
not
benefit
directly
from
any
collateral
supporting
the
loan
in
which
it
has
purchased
the
Participation.
As
a
result,
a
fund
assumes
the
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
Participation.
A
fund’s
investment
in
loan
participation
interests
involves
the
risk
of
insolvency
of
the
financial
intermediaries
who
are
parties
to
the
transactions.
In
the
event
of
the
insolvency
of
the
lender
selling
the
Participation,
a
fund
may
be
treated
as
a
general
creditor
of
the
lender
and
may
not
benefit
from
any
offset
between
the
lender
and
the
borrower.
Assignments
typically
result
in
a
fund
having
a
direct
contractual
relationship
with
the
borrower,
and
a
fund
may
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement.
In
connection
with
floating
rate
loan
interests,
the
Funds
may
also
enter
into
unfunded
floating
rate
loan
interests
(“commitments”).
In
connection
with
these
commitments,
a
fund
earns
a
commitment
fee,
typically
set
as
a
percentage
of
the
commitment
amount.
Such
fee
income,
which
is
included
in
interest
income
in
the
Statements
of
Operations,
is
recognized
ratably
over
the
commitment
period.
Unfunded
floating
rate
loan
interests
are
marked-to-market
daily,
and
any
unrealized
appreciation
(depreciation)
is
included
in
the
Statements
of
Assets
and
Liabilities
and
Statements
of
Operations.
As
of
period
end,
Global
Allocation
and
High
Yield
had
the
following
unfunded
floating
rate
loan
interests: 
Forward
Commitments,
When-Issued
and
Delayed
Delivery
Securities
:
The
Funds
may
purchase
securities
on
a
when-issued
basis
and
may
purchase
or
sell
securities
on
a
forward
commitment
basis.
Settlement
of
such
transactions
normally
occurs
within
a
month
or
more
after
the
purchase
or
sale
commitment
is
made.
A
Fund
may
purchase
securities
under
such
conditions
with
the
intention
of
actually
acquiring
them,
but
may
enter
into
a
separate
agreement
to
sell
the
securities
before
the
settlement
date.
Since
the
value
of
securities
purchased
may
fluctuate
prior
to
settlement,
a
Fund
may
be
required
to
pay
more
at
settlement
than
the
security
is
worth.
In
addition,
a
Fund
is
not
entitled
to
any
of
the
interest
earned
prior
to
settlement.
When
purchasing
a
security
on
a
delayed
delivery
basis,
a
Fund
assumes
the
rights
and
risks
of
ownership
of
the
security,
including
the
risk
of
price
and
yield
fluctuations.
In
the
event
of
default
by
the
counterparty,
a
Fund’s
maximum
amount
of
loss
is
the
unrealized
appreciation
of
unsettled
when-issued
transactions.
TBA
Commitments:
TBA
commitments
are
forward
agreements
for
the
purchase
or
sale
of
securities,
including
mortgage-backed
securities
for
a
fixed
price,
with
payment
and
delivery
on
an
agreed
upon
future
settlement
date.
The
specific
securities
to
be
delivered
are
not
identified
at
the
trade
date.
However,
delivered
securities
must
meet
specified
terms,
including
issuer,
rate
and
mortgage
terms.
When
entering
into
TBA
commitments,
a
fund
may
take
possession
of
or
deliver
the
underlying
mortgage-backed
securities
but
can
extend
the
settlement
or
roll
the
transaction.
TBA
commitments
involve
a
risk
of
loss
if
the
value
of
the
security
to
be
purchased
or
sold
declines
or
increases,
respectively,
prior
to
settlement
date,
if
there
are
expenses
or
delays
in
connection
with
the
TBA
transactions,
or
if
the
counterparty
fails
to
complete
the
transaction.
In
order
to
better
define
contractual
rights
and
to
secure
rights
that
will
help
a
fund
mitigate its
counterparty
risk,
TBA
commitments
may
be
entered
into
by
a
fund
under
Master
Securities
Forward
Transaction
Agreements
(each,
an
“MSFTA”).
An
MSFTA
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
default
and/or
termination
event. The
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
the
collateral
currently
pledged
by
a
fund
and
the
counterparty. Cash
collateral
that
has
been
pledged
to
cover
the
obligations
of
a
fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
for
TBA
commitments
or
cash
received
as
collateral
for
TBA
commitments,
respectively.
Non-cash
collateral
pledged
by
a
fund,
if
any,
is
noted
in
the
Schedules
of
Investments. Typically,
a
fund
is
permitted
to
sell,
re-pledge
or
use
the
collateral
it
receives;
however,
the
counterparty
is
not
permitted
to
do
so.
To
the
extent
amounts
due
to
a
fund
are
not
fully
collateralized,
contractually
or
otherwise,
a
fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Mortgage
Dollar
Roll
Transactions
:
The
Funds
may
sell
TBA
mortgage-backed
securities
and
simultaneously
contract
to
repurchase
substantially
similar
(i.e.,
same
type,
coupon
and
maturity)
securities
on
a
specific
future
date
at
an
agreed
upon
price.
During
the
period
between
the
sale
and
repurchase,
a
fund
is
not
entitled
to
receive
interest
and
principal
payments
on
the
securities
sold.
Mortgage
dollar
roll
transactions
are
treated
as
purchases
and
sales
and
a
fund 
realizes
gains
and
losses
on
these
transactions.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
that
a
fund
is
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities. 
Commitments:
Commitments
are
agreements
to
acquire
an
investment
at
a
future
date
(subject
to
conditions)
in
connection
with
a
potential
public
or
non-public
offering. 
Such
agreements
may
obligate a
Fund
to
make
future
cash
payments. 
As
of
June
30,
2021,
Global
Allocation
and
High
Yield
had
outstanding
commitments
of
$1,558,990
and
$17,030,
respectively.
These
commitments
are
not
included
in
the
net
assets
of
Global
Allocation
and
High
Yield
as
of
June
30,
2021
.
Repurchase
Agreements:
Repurchase
agreements
are
commitments
to
purchase
a
security
from
a
counterparty
who
agrees
to
repurchase
the
same
security
at
a
mutually
agreed
upon
date
and
price.
On
a
daily
basis,
the
counterparty
is
required
to
maintain
collateral
subject
to
the
agreement
and
in
value
no
less
than
the
agreed
upon
repurchase
amount.
Repurchase
agreements
may
be
traded
bilaterally,
in
a
tri-party
arrangement
or
may
be
centrally
cleared
through
a
sponsoring
agent.
Subject
to
the
custodial
undertaking
associated
with
a
tri-party
repurchase
arrangement
and
for
centrally
cleared
repurchase
agreements,
a
third
party
custodian
maintains
accounts
to
Fund
Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Global
Allocation
LBM
Acquisition
LLC,
Delayed
Draw
1st
Lien
Term
Loan
......
$
1,846‌
$
1,828‌
$
1,832‌
$
4‌
High
Yield
LBM
Acquisition
LLC,
Delayed
Draw
1st
Lien
Term
Loan
......
285‌
282‌
283‌
1‌
Notes
to
Financial
Statements
(unaudited)
(continued)
161
Notes
to
Financial
Statements
hold
collateral
for
a
fund
and
its
counterparties.
Typically,
a
fund
and
counterparty
are
not
permitted
to
sell,
re-pledge
or
use
the
collateral
absent
a
default
by
the
counterparty
or the
fund,
respectively.
In
the
event
the
counterparty
defaults
and
the
fair
value
of
the
collateral
declines, a
fund
could
experience
losses,
delays
and
costs
in
liquidating
the
collateral.
Repurchase
agreements
are
entered
into
by
a
fund
under
Master
Repurchase
Agreements
(each,
an
“MRA”).
The
MRA
permits the
fund,
under
certain
circumstances
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
with
collateral
held
by
and/or
posted
to
the
counterparty.
As
a
result,
one
single
net
payment
is
created.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Based
on
the
terms
of
the
MRA, the
fund
receives
collateral
with
a
market
value
in
excess
of
the
repurchase
price
at
maturity.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty, the
fund
would
recognize
a
liability
with
respect
to
such
excess
collateral.
The
liability
reflects the
fund’s
obligation
under
bankruptcy
law
to
return
the
excess
to
the
counterparty.
Borrowed
Bond
Agreements:
Repurchase
agreements
may
be
referred
to
as
borrowed
bond
agreements
when
entered
into
in
connection
with
short
sales
of
bonds.
In
a
borrowed
bond
agreement,
a
fund
borrows
a
bond
from
a
counterparty
in
exchange
for
cash
collateral.
The
agreement
contains
a
commitment
that
the
security
and
the
cash
will
be
returned
to
the
counterparty
and
a
fund
at
a
mutually
agreed
upon
date.
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
Earnings
on
cash
collateral
and
compensation
to
the
lender
of
the
bond
are
based
on
agreed
upon
rates
between
a
fund
and
the
counterparty.
The
value
of
the
underlying
cash
collateral
approximates
the
market
value
and
accrued
interest
of
the
borrowed
bond.
To
the
extent
that
a
borrowed
bond
transaction
exceeds
one
business
day,
the
value
of
the
cash
collateral
in
the
possession
of
the
counterparty
is
monitored
on
a
daily
basis
to
ensure
the
adequacy
of
the
collateral.
As
the
market
value
of
the
borrowed
bond
changes,
the
cash
collateral
is
periodically
increased
or
decreased
with
a
frequency
and
in
amounts
prescribed
in
the
borrowed
bond
agreement.
A
fund
may
also
experience
delays
in
gaining
access
to
the
collateral.
Reverse
Repurchase
Agreements:
Reverse
repurchase
agreements
are
agreements
with
qualified
third
party
broker
dealers
in
which
a
fund
sells
securities
to
a
bank
or
broker-dealer
and
agrees
to
repurchase
the
same
securities
at
a
mutually
agreed
upon
date
and
price.
A
fund
receives
cash
from
the
sale
to
use
for
other
investment
purposes.
During
the
term
of
the
reverse
repurchase
agreement,
a
fund
continues
to
receive
the
principal
and
interest
payments
on
the
securities
sold.
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
Interest
on
the
value
of
the
reverse
repurchase
agreements
issued
and
outstanding
is
based
upon
competitive
market
rates
determined
at
the
time
of
issuance.
A
fund
may
utilize
reverse
repurchase
agreements
when
it
is
anticipated
that
the
interest
income
to
be
earned
from
the
investment
of
the
proceeds
of
the
transaction
is
greater
than
the
interest
expense
of
the
transaction.
Reverse
repurchase
agreements
involve
leverage
risk.
If
a
fund
suffers
a
loss
on
its
investment
of
the
transaction
proceeds
from
a
reverse
repurchase
agreement,
a
fund
would
still
be
required
to
pay
the
full
repurchase
price.
Further,
a
fund
remains
subject
to
the
risk
that
the
market
value
of
the
securities
repurchased
declines
below
the
repurchase
price.
In
such
cases,
a
fund
would
be
required
to
return
a
portion
of
the
cash
received
from
the
transaction
or
provide
additional
securities
to
the
counterparty. 
Cash
received
in
exchange
for
securities
delivered
plus
accrued
interest
due
to
the
counterparty
is
recorded
as
a
liability
in
the
Statements
of
Assets
and
Liabilities
at
face
value
including
accrued
interest.
Due
to
the
short-term
nature
of
the
reverse
repurchase
agreements,
face
value
approximates
fair
value.
Interest
payments
made
by
a
fund
to
the
counterparties
are
recorded
as
a
component
of
interest
expense
in
the
Statements
of
Operations.
In
periods
of
increased
demand
for
the
security,
a
fund
may
receive
a
fee
for
the
use
of
the
security
by
the
counterparty,
which
may
result
in
interest
income
to
a
fund.
For
the
six
months
ended
June
30,
2021,
the
average
amount
of
reverse
repurchase
agreements
and
the
daily
weighted
average
interest
rate
for
the
Funds
were
as
follows:
Borrowed
bond
agreements
are
entered
into
by
a
fund
under
an
MRA,
which
permit
a
fund,
under
certain
circumstances,
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
under
the
MRA
with
collateral
held
and/or
posted
to
the
counterparty
and
create
one
single
net
payment
due
to
or
from
a
fund.
With
borrowed
bond
agreements,
typically
a
fund
and
counterparty
under
an
MRA
are
permitted
to
sell,
re-pledge,
or
use
the
collateral
associated
with
the
transaction.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Pursuant
to
the
terms
of
the
MRA,
a
fund
receives
or
posts
securities
and
cash
as
collateral
with
a
market
value
in
excess
of
the
repurchase
price
to
be
paid
or
received
by
a
fund
upon
the
maturity
of
the
transaction.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty,
a
fund
is
considered
an
unsecured
creditor
with
respect
to
excess
collateral
and,
as
such,
the
return
of
excess
collateral
may
be
delayed.
As
of
period
end,
the
following
table
is
a
summary
of
a
Fund’s
open
borrowed
bond
agreements by
counterparty
which
are
subject
to
offset
under
an
MRA
on
a
net
basis:  
(a)
Included
in
Investments
at
value-unaffiliated
in
the
Statements
of
Assets
and
Liabilities.
(b)
Includes
accrued
interest
on
borrowed
bonds
in
the
amount
of
$9,676
which
is
included
in
interest
expense
payable
in
the
Statements
of
Assets
and
Liabilities.
(c)
Net
exposure
represents
the
net
receivable
(payable)
that
would
be
due
from/to
the
counterparty
in
the
event
of
default.
In
the
event
the
counterparty
of
securities
under
an
MRA
files
for
bankruptcy
or
becomes
insolvent,
a
fund’s
use
of
the
proceeds
from
the
agreement
may
be
restricted
while
the
counterparty,
or
its
trustee
or
receiver,
determines
whether
or
not
to
enforce
a
fund’s
obligation
to
repurchase
the
securities.
U.S.
Government
Bond
Average
Borrowings
.................................................................................................
$
1,654,899‌
Daily
Weighted
Average
Interest
Rate
.....................................................................................
0.08%
Counterparty
Borrowed
Bond
Agreements
(a)
Borrowed
Bonds
at
Value
including
Accrued
Interest
(b)
Exposure
Due
(to)
/
from
Counterparty
before
Collateral
Non-cash
Collateral
Received
Cash
Collateral
Received
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Collateral
(Received)
/
Pledged
Net
Exposure
Due
(to)
/
from
Counterparty
(c)
Balanced
Capital
Bank
of
America
Securities,
Inc.
.....
$
4,714,305‌
$
(4,712,105‌)
$
2,200‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
2,200‌
...........................................
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
162
Short
Sale
Transactions
(Borrowed
Bonds):
In
short
sale
transactions,
a
fund
sells
a
security
it
does
not
hold
in
anticipation
of
a
decline
in
the
market
price
of
that
security.
When
a
fund
makes
a
short
sale,
it
will
borrow
the
security
sold
short
(borrowed
bond)
and
deliver
the
fixed-income
security
to
the
counterparty
to
which
it
sold
the
security
short.
An
amount
equal
to
the
proceeds
received
by
a
fund
is
reflected
as
an
asset
and
an
equivalent
liability.
The
amount
of
the
liability
is
subsequently
marked-to-market
to
reflect
the
market
value
of
the
short
sale.
A
fund
is
required
to
repay
the
counterparty
interest
on
the
security
sold
short,
which,
if
applicable,
is
included
in
interest
expense
in
the
Statements
of
Operations.
A
fund
is
exposed
to
market
risk
based
on
the
amount,
if
any,
that
the
market
value
of
the
security
increases
beyond
the
market
value
at
which
the
position
was
sold.
Thus,
a
short
sale
of
a
security
involves
the
risk
that
instead
of
declining,
the
price
of
the
security
sold
short
will
rise.
The
short
sale
of
securities
involves
the
possibility
of
an
unlimited
loss
since
there
is
an
unlimited
potential
for
the
market
price
of
the
security
sold
short
to
increase.
A
gain
is
limited
to
the
price
at
which
a
fund
sold
the
security
short.
A
realized
gain
or
loss
is
recognized
upon
the
termination
of
a
short
sale
if
the
market
price
is
either
less
than
or
greater
than
the
proceeds
originally
received.
There
is
no
assurance
that
a
fund
will
be
able
to
close
out
a
short
position
at
a
particular
time
or
at
an
acceptable
price.
Short
Sale
Transactions
(Equities):
In
short
sale
transactions,
a
fund
sells
a
security
it
does
not
hold
in
anticipation
of
a
decline
in
the
market
price
of
that
security.
When
a
fund
makes
a
short
sale,
it
will
borrow
the
security
sold
short
from
a
broker/counterparty
and
deliver
the
security
to
the
purchaser.
To
close
out
a
short
position,
a
fund
delivers
the
same
security
to
the
broker
and
records
a
liability
to
reflect
the
obligation
to
return
the
security
to
the
broker.
The
amount
of
the
liability
is
subsequently
marked-to-market
to
reflect
the
market
value
of
the
short
sale.
A
fund
maintains
a
segregated
account
of
securities
or
deposits
cash
with
the
broker-dealer
as
collateral
for
the
short
sales.
Cash
deposited
with
the
broker
is
recorded
as
an
asset
in
the
Statements
of
Assets
and
Liabilities.
Securities
segregated
as
collateral
are
denoted
in
the
Schedules
of
Investments.
A
fund
may
pay
a
financing
fee
for
the
difference
between
the
market
value
of
the
short
position
and
the
cash
collateral
deposited
with
the
broker
which
would
be
recorded
as
interest
expense.
A
fund
is
required
to
repay
the
counterparty
any
dividends
received
on
the
security
sold
short,
which,
if
applicable,
is
shown
as
dividend
expense
in
the
Statements
of
Operations.
A
fund
may
pay
a
fee
on
the
assets
borrowed
from
the
counterparty,
which,
if
applicable,
is
shown
as
broker
fees
and
expenses
on
short
sales
in
the
Statements
of
Operations.
A
fund
is
exposed
to
market
risk
based
on
the
amount,
if
any,
that
the
market
value
of
the
security
increases
beyond
the
market
value
at
which
the
position
was
sold.
Thus,
a
short
sale
of
a
security
involves
the
risk
that
instead
of
declining,
the
price
of
the
security
sold
short
will
rise.
The
short
sale
of
securities
involves
the
possibility
of
an
unlimited
loss
since
there
is
an
unlimited
potential
for
the
market
price
of
the
security
sold
short
to
increase.
A
gain,
limited
to
the
price
at
which
a
fund
sold
the
security
short.
A
realized
gain
or
loss
is
recognized
upon
the
termination
of
a
short
sale
if
the
market
price
is
either
less
than
or
greater
than
the
proceeds
originally
received.
There
is
no
assurance
that
a
fund
will
be
able
to
close
out
a
short
position
at
a
particular
time
or
at
an
acceptable
price.
Securities
Lending:
 The
Funds
may
lend
their
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Funds
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund,
or
excess
collateral returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Funds
are
entitled
to
all
distributions
made
on
or in
respect
of
the
loaned
securities,
but
do
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent,
BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedules
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Funds’
Schedules
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
collateral
are
shown
separately
in
the
Statements
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned
at
value,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
Notes
to
Financial
Statements
(unaudited)
(continued)
163
Notes
to
Financial
Statements
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Funds
benefit
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
the
Funds.
5.
Derivative
Financial
Instruments
The
Funds
engage
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Funds
and/or
to
manage
their
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedules
of
Investments.
These
contracts
may
be
transacted
on
an
exchange
or
OTC.
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
As
of
period
end,
the
following
table
is
a
summary
of
the
Funds'
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Net
Amount
(b)
Advantage
Large
Cap
Core
Credit
Suisse
Securities
(USA)
LLC
.....................................
$
245,063‌
$
(245,063‌)
$
—‌
Deutsche
Bank
Securities,
Inc.
........................................
174,784‌
(174,784‌)
—‌
JP
Morgan
Securities
LLC
...........................................
495,126‌
(493,263‌)
1,863‌
Morgan
Stanley
&
Co.
LLC
...........................................
706,242‌
(706,242‌)
—‌
$
1,621,215‌
$
(1,619,352‌)
$
1,863‌
Balanced
Capital
Citigroup
Global
Markets,
Inc.
.........................................
12,464‌
(12,456‌)
8‌
Credit
Suisse
Securities
(USA)
LLC
.....................................
8,819‌
(8,819‌)
—‌
Deutsche
Bank
Securities,
Inc.
........................................
260,851‌
(260,851‌)
—‌
JP
Morgan
Securities
LLC
...........................................
1,693,062‌
(1,693,062‌)
—‌
Morgan
Stanley
&
Co.
LLC
...........................................
1,931,481‌
(1,931,481‌)
—‌
$
3,906,677‌
$
(3,906,669‌)
$
8‌
Capital
Appreciation
Citigroup
Global
Markets,
Inc.
.........................................
1,671,030‌
(1,671,030‌)
—‌
JP
Morgan
Securities
LLC
...........................................
8,046,233‌
(8,046,233‌)
—‌
Morgan
Stanley
&
Co.
LLC
...........................................
68,166‌
(68,166‌)
—‌
$
9,785,429‌
$
(9,785,429‌)
$
—‌
Global
Allocation
Barclays
Capital,
Inc.
...............................................
1,098,727‌
(1,072,887‌)
25,840‌
BofA
Securities,
Inc.
................................................
265,055‌
(259,136‌)
5,919‌
Citigroup
Global
Markets,
Inc.
.........................................
385,790‌
(369,855‌)
15,935‌
Goldman
Sachs
&
Co.
..............................................
183,359‌
(183,359‌)
—‌
JP
Morgan
Securities
LLC
...........................................
1,263,948‌
(1,223,650‌)
40,298‌
Morgan
Stanley
&
Co.
LLC
...........................................
453,300‌
(437,797‌)
15,503‌
State
Street
Bank
&
Trust
Co.
.........................................
262,543‌
(253,008‌)
9,535‌
TD
Prime
Services
LLC
.............................................
38,964‌
(37,678‌)
1,286‌
$
3,951,686‌
$
(3,837,370‌)
$
114,316‌
(a)
Collateral
received
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
these
tables.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
June
30,
2021.
Additional
collateral
is
delivered
to
the
Funds
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
164
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Funds
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statements
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the Statements
of
Assets
and
Liabilities. Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statements
of
Assets
and
Liabilities.
A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Options:
The
Funds
may purchase
and
write
call
and
put
options
to
increase
or
decrease
their
exposure
to
the
risks
of
underlying
instruments,
including
equity
risk,
interest
rate
risk
and/or
commodity
price
risk
and/or,
in
the
case
of
options
written,
to
generate
gains
from
options
premiums.
A
call
option
gives
the
purchaser
(holder)
of
the
option
the
right
(but
not
the
obligation)
to
buy,
and
obligates
the
seller
(writer)
to
sell
(when
the
option
is
exercised)
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
A
put
option
gives
the
holder
the
right
to
sell
and
obligates
the
writer
to
buy
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
Premiums
paid
on
options
purchased
and
premiums
received
on
options
written,
as
well
as
the
daily
fluctuation
in
market
value,
are
included
in
investments
at
value
–
unaffiliated
and
options
written
at
value,
respectively,
in
the
Statements
of
Assets
and
Liabilities.
When
an
instrument
is
purchased
or
sold
through
the
exercise
of
an
option,
the
premium
is
offset
against
the
cost
or
proceeds
of
the
underlying
instrument.
When
an
option
expires,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
to
the
extent
of
the
premiums
received
or
paid.
When
an
option
is
closed
or
sold,
a
gain
or
loss
is
recorded
in
the
Statements
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Funds
write
a
call
option,
such
option
is
typically
“covered,”
meaning
that
they
hold
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Funds
write
a
put
option,
cash
is
segregated
in
an
amount
sufficient
to
cover
the
obligation.
These
amounts,
which
are
considered
restricted,
are
included
in
cash
pledged
as
collateral
for
options
written
in
the
Statements
of
Assets
and
Liabilities.
Swaptions
–
The
Funds
may purchase
and
write
options
on
swaps
(“swaptions”)
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
the
Funds’
holdings,
as
a
duration
management
technique
or
to
protect
against
an
increase
in
the
price
of
securities
it
anticipates
purchasing
at
a
later
date.
The
purchaser
and
writer
of
a
swaption
is
buying
or
granting
the
right
to
enter
into
a
previously
agreed
upon
interest
rate
or
credit
default
swap
agreement
(interest
rate
risk
and/or
credit
risk)
at
any
time
before
the
expiration
of
the
option.
Interest
rate
caps
and
floors
—
Interest
rate
caps
and
floors
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
(interest
rate
risk
and/or
other
risk).
Caps
are
agreements
whereby
one
party
agrees
to
make
payments
to
the
other,
in
return
for
a
premium,
to
the
extent
that
interest
rate
indexes
exceed
a
specified
rate,
or
“cap.”
Floors
are
agreements
whereby
one
party
agrees
to
make
payments
to
the
other,
in
return
for
a
premium,
to
the
extent
that
interest
rate
indexes
fall
below
a
specified
rate,
or
“floor.”
The
maximum
potential
amount
of
future
payments
that
a
Fund
would
be
required
to
make
under
an
interest
rate
cap
would
be
the
notional
amount
times
the
percentage
increase
in
interest
rates
determined
by
the
difference
between
the
interest
rate
index
current
value
and
the
value
at
the
time
the
cap
was
entered
into.
Foreign
currency
options
– The
Funds
may purchase
and
write
foreign
currency
options,
foreign
currency
futures
and
options
on
foreign
currency
futures
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
Foreign
currency
options
give
the
purchaser
the
right
to
buy
from
or
sell
to
the
writer
a
foreign
currency
at
any
time
before
the
expiration
of
the
option.
Barrier
options
– The
Funds
may
purchase
and
write
a
variety
of
options
with
non-standard
payout
structures
or
other
features
(“barrier
options”)
that
are
generally
traded
OTC.
The
Funds
may
invest
in
various
types
of
barrier
options,
including
down-and-out
options,
down-and-in
options,
double
no-touch
options,
one-touch
options,
up-and-
out
options
and
up-and-in
options.
Down-and-out
options
expire
worthless
to
the
purchaser
if
the
price
of
the
underlying
instrument
falls
below
a
specific
barrier
price
level
prior
to
the
expiration
date.
Down-and-in
options
expire
worthless
to
the
purchaser
unless
the
price
of
the
underlying
instrument
falls
below
a
specific
barrier
price
level
prior
to
the
expiration
date.
Double
no-touch
options
provide
the
purchaser
an
agreed-upon
payout
if
the
price
of
the
underlying
instrument
does
not
reach
or
surpass
predetermined
barrier
price
levels
prior
to
the
option’s
expiration
date.
One-touch
options
provide
the
purchaser
an
agreed-upon
payout
if
the
price
of
the
underlying
instrument
reaches
or
surpasses
predetermined
barrier
price
levels
prior
to
the
expiration
date.
Up-and-out
options
expire
worthless
to
the
purchaser
if
the
price
of
the
underlying
instrument
increases
beyond
a
predetermined
barrier
price
level
prior
to
the
expiration
date.
Up-and-in
options
can
only
be
exercised
when
the
price
of
the
underlying
instrument
increases
beyond
a
predetermined
barrier
price
level.
In
purchasing
and
writing
options,
the
Funds
bear
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
they
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Funds
purchasing
or
selling
a
security
when they
otherwise
would
not,
or
at
a
price
different
from
the
current
market
value.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Funds
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statements
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
Notes
to
Financial
Statements
(unaudited)
(continued)
165
Notes
to
Financial
Statements
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds’
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Funds’
counterparty
on
the
swap. Each
Fund is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap, each
Fund is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract, each
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and recorded
as
realized
gains
(losses)
in
the
Statements
of
Operations,
including
those
at
termination.
Credit
default
swaps
—
Credit
default
swaps
are
entered
into
to
manage
exposure
to
the
market
or
certain
sectors
of
the
market,
to
reduce
risk
exposure
to
defaults
of
corporate
and/or
sovereign
issuers
or
to
create
exposure
to
corporate
and/or
sovereign
issuers
to
which
a
fund
is
not
otherwise
exposed
(credit
risk).
The
Funds
may
either
buy
or
sell
(write)
credit
default
swaps
on
single-name
issuers
(corporate
or
sovereign),
a
combination
or
basket
of
single-name
issuers
or
traded
indexes.
Credit
default
swaps
are
agreements
in
which
the
protection
buyer
pays
fixed
periodic
payments
to
the
seller
in
consideration
for
a
promise
from
the
protection
seller
to
make
a
specific
payment
should
a
negative
credit
event
take
place
with
respect
to
the
referenced
entity
(e.g.,
bankruptcy,
failure
to
pay,
obligation
acceleration,
repudiation,
moratorium
or
restructuring).
As
a
buyer,
if
an
underlying
credit
event
occurs,
the
Funds
will
either
(i)
receive
from
the
seller
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
security
or
underlying
securities
comprising
the
index,
or
(ii)
receive
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
As
a
seller
(writer),
if
an
underlying
credit
event
occurs,
the
Funds
will
either
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
security
or
underlying
securities
comprising
the
index
or
pay
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
Total
return
swaps
—
Total
return
swaps
are
entered
into
to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or
market
(e.g.,
fixed-income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
of
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
instrument(s)
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Funds
receive
payment
from
or
make
a
payment
to
the
counterparty.
Certain
total
return
swaps
are
designed
to
function
as
a
portfolio
of
direct
investments
in
long
and
short
equity
positions.
This
means
that
the
Fund
has
the
ability
to
trade
in
and
out
of
these
long
and
short
positions
within
the
swap
and
will
receive
the
economic
benefits
and
risks
equivalent
to
direct
investment
in
these
positions,
subject
to
certain
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid,
all
of
which
are
reflected
in
the
swap’s
market
value.
The
market
value
also
includes
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
values
of
the
long
and
short
positions
and
cash
balances
within
the
swap.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread
determined
based
upon
the
country
and/or
currency
of
the
positions
in
the
portfolio.
Positions
within
the
swap
and
financing
fees
are
reset
periodically.
During
a
reset,
any
unrealized
appreciation
(depreciation)
on
positions
and
accrued
financing
fees
become
available
for
cash
settlement
between
the
Funds
and
the
counterparty.
The
amounts
that
are
available
for
cash
settlement
are
recorded
as
realized
gains
or
losses
in
the
Statements
of
Operations.
Cash
settlement
in
and
out
of
the
swap
may
occur
at
a
reset
date
or
any
other
date,
at
the
discretion
of
the
Funds
and
the
counterparty,
over
the
life
of
the
agreement.
Certain
swaps
have
no
stated
expiration
and
can
be
terminated
by
either
party
at
any
time.
Interest
rate
swaps
—
Interest
rate
swaps
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
or
to
manage
duration,
the
yield
curve
or
interest
rate
(interest
rate
risk).
Interest
rate
swaps
are
agreements
in
which
one
party
pays
a
stream
of
interest
payments,
either
fixed
or
floating,
in
exchange
for
another
party’s
stream
of
interest
payments,
either
fixed
or
floating,
on
the
same
notional
amount
for
a
specified
period
of
time.
In
more
complex
interest
rate
swaps,
the
notional
principal
amount
may
decline
(or
amortize)
over
time.
Forward
swaps
— The
Funds
may enter
into
forward
interest
rate
swaps
and
forward
total
return
swaps.
In
a
forward
swap,
each
Fund
and
the
counterparty
agree
to
make
periodic
net
payments
beginning
on
a
specified
date
or
a
net
payment
at
termination.
Inflation
swaps
—
Inflation
swaps
are
entered
into
to
gain
or
reduce
exposure
to
inflation
(inflation
risk).
In
an
inflation
swap,
one
party
makes
fixed
interest
payments
on
a
notional
principal
amount
in
exchange
for
another
party’s
variable
payments
based
on
an
inflation
index,
such
as
the
Consumer
Price
Index.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risk
in
excess
of
the
amounts
recognized
in
the
Statements
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, a
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
166
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Funds
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Funds
from the
counterparties
are
not
fully
collateralized, each
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of
their
agreement
with
such
counterparty, each
Fund bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
Each
Company,
on
behalf
of
its
respective
Funds,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Funds'
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”)
,
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of each
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of each
Fund.
For
such
services,
each
Fund
pays
the
Manager
a
monthly
fee
based
on
the
percentage
of
the seven
combined
Funds’
average
daily
net
assets
at
the
following
annual
rates:
The
portion
of
the
assets
of
a
Fund
to
which
the
rate
at
each
breakpoint
level
applies
will
be
determined
on
a
“uniform
percentage”
basis.
The
uniform
percentage
applicable
to
a
breakpoint
level
is
determined
by
dividing
the
amount
of
the
aggregate
average
daily
net
assets
of
the
seven
combined
Funds
that
falls
within
that
breakpoint
level
by
the
aggregate
average
daily
net
assets
of
the
seven
combined
Funds.
The
amount
of
the
fee
for
a
Fund
at
each
breakpoint
level
is
determined
by
multiplying
the
average
daily
net
assets
of
that
Fund
by
the
uniform
percentage
applicable
to
that
breakpoint
level
and
multiplying
the
product
by
the
applicable
advisory
fee
rate.
The
Manager
provides
investment
management
and
other
services
to
the
Subsidiary
of
Global
Allocation.
The
Manager
does
not
receive
separate
compensation
from
the
Subsidiary
for
providing
investment
management
or
administrative
services.
However,
Global
Allocation pays
the
Manager
based
on
the
Fund’s
net
assets,
which
includes
the
assets
of
the
Subsidiary.
With
respect
to
each
of
High
Yield
and
U.S.
Government
Bond,
the
Manager
entered
into
separate
sub-advisory
agreements
with
BlackRock
International
Limited
(“BIL”),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of
each
Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
each
Fund
to
the
Manager.
With
respect
to
Balanced
Capital,
the
Manager
entered
into
separate
sub-advisory
agreements
with
BIL
and
BlackRock
(Singapore)
Limited
(“BRS”)
(collectively,
the
“Sub-
Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
and
BRS
for
services
they
provide
for
that
portion
of
Balanced
Capital
for
which
BIL
or
BRS,
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
Balanced
Capital
to
the
Manager.
With
respect
to
Global
Allocation,
the
Manager
entered
into
a
sub-advisory
agreement
with
BRS,
effective
May
27,
2021,
an
affiliate
of
the
Manager.
The
Manager
pays
BRS
for
services
it
provides
for
that
portion
of
Global
Allocation
for
which
BRS
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
Global
Allocation
to
the
Manager.
Average
Daily
Net
Assets
of
the
Seven
Combined
Funds
Investment
Advisory
Fees
First
$250
Million
.......................................................................................................
0.50%
$250
Million
-
$300
Million
.................................................................................................
0.45
$300
Million
-
$400
Million
.................................................................................................
0.40
$400
Million
-
$800
Million
.................................................................................................
0.35
Greater
than
$800
Million
.................................................................................................
0.30
Notes
to
Financial
Statements
(unaudited)
(continued)
167
Notes
to
Financial
Statements
For
the
six
months ended
June
30,
2021,
the
Funds
reimbursed
the
Manager
for
certain
accounting
services,
which
is
included
in
accounting
services
in
the
Statements
of
Operations.
The
reimbursements
were
as
follows:
Distribution
Fees:
Each
Company
,
on behalf
of
its
respective
Funds,
entered
into
a
Distribution
Agreement
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Transfer
Agent:
On
behalf
of
the
Funds,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Funds
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations.
For
the
six
months
ended
June
30,
2021
,
the
Funds
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
Expense
Limitations,
Waivers
and
Reimbursements:
With
respect
to
each
Fund
(other
than
Government
Money
Market),
the
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
each
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
202
3
.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
.
For
the
six
months
ended
June
30,
2021
,
the
amounts
waived
were
as
follows
:
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
each
Fund's
(other
than
Government
Money
Market)
assets
invested
in
affiliated
equity
and
fixed-income
mutual
funds
and
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2023.
 The
contractual
agreement
may
be terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors, or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
six
months
ended
June
30,
2021,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
these
arrangements
were
as
follows:
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:
Advantage
Large
Cap
Core
..................................................................................................
$
886‌
Balanced
Capital
.........................................................................................................
2,434‌
Capital
Appreciation
.......................................................................................................
1,065‌
Global
Allocation
.........................................................................................................
888‌
Government
Money
Market
..................................................................................................
555‌
High
Yield
..............................................................................................................
140‌
U.S.
Government
Bond
.....................................................................................................
298‌
Advantage
Large
Cap
Core
......................................................................................................
$
1,111‌
Balanced
Capital
.............................................................................................................
6,166‌
Capital
Appreciation
...........................................................................................................
196‌
Global
Allocation
.............................................................................................................
244‌
High
Yield
..................................................................................................................
94‌
U.S.
Government
Bond
.........................................................................................................
314‌
Balanced
Capital
.............................................................................................................
$
1,999‌
Global
Allocation
.............................................................................................................
10,837‌
Advantage
Large
Cap
Core
..................................................................................................
0.04‌
%
Balanced
Capital
.........................................................................................................
0.04‌
Capital
Appreciation
.......................................................................................................
0.04‌
Global
Allocation
.........................................................................................................
0.04‌
Government
Money
Market
..................................................................................................
0.02‌
High
Yield
..............................................................................................................
0.05‌
U.S.
Government
Bond
.....................................................................................................
0.05‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
168
The
Manager
has
agreed
not
to
reduce
or
discontinue
these
contractual
expense
limitations
through
June
30,
2023,
unless
approved
by
each
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
in
the
Statements
of
Operations.
For
the
six
months
ended
June
30,
2021,
expense
reimbursements
were
as
follows: 
With
respect
to
each
Fund,
the
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of each
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
these
contractual
expense
limitations
through
June
30,
2023.
The
contractual
agreement
may
be
terminated,
with
respect
to
each
Fund,
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
For
the
six
months
ended
June
30,
2021,
the
following
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
and
transfer
agent
fees
reimbursed
in
the
Statements
of
Operations:
The
Manager has
also
voluntarily
agreed
to
waive
a
portion
of
its
investment
advisory
fees
and/or
reimburse
operating
expenses
to
enable
Government
Money
Market
to
maintain
minimum
levels
of
daily
net
investment
income
if
applicable.
These
amounts,
if
any,
are
reported
in
the
Statements
of
Operations
as
fees
waived
and/or
reimbursed
by
the
Manager
and
transfer
agent
fees
reimbursed.
The
Manager
may
discontinue
the
waiver
and/or
reimbursement
at
any
time.
For
the
six
months ended
June
30,
2021,
fees
waived
and/or
reimbursed
by
the
Manager
and
transfer
agent
fees
reimbursed
under
this
agreement
were
$217,174
and
$5,634,
respectively,
for
Government
Money
Market.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits
BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Funds
are
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the
Money
Market
Series
will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Funds.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.
Advantage
Large
Cap
Core
..................................................................................................
$
98,441‌
Balanced
Capital
.........................................................................................................
267,459‌
Capital
Appreciation
.......................................................................................................
124,732‌
Global
Allocation
.........................................................................................................
109,794‌
Government
Money
Market
..................................................................................................
4,250‌
High
Yield
..............................................................................................................
11,797‌
U.S.
Government
Bond
.....................................................................................................
23,743‌
Advantage
Large
Cap
Core
...................................................................................................
0.50‌%
Balanced
Capital
..........................................................................................................
0.50‌
Capital
Appreciation
........................................................................................................
0.57‌
Global
Allocation
..........................................................................................................
0.57‌
Government
Money
Market
...................................................................................................
0.50‌
High
Yield
...............................................................................................................
0.50‌
U.S.
Government
Bond
......................................................................................................
0.50‌
Fees
waived
and/or
reimbursed
by
the
Manager
Global
Allocation
.........................................................................................................
$
126,778‌
Government
Money
Market
..................................................................................................
494‌
High
Yield
..............................................................................................................
100,031‌
U.S.
Government
Bond
.....................................................................................................
60,720‌
Transfer
agent
fees
reimbursed
Global
Allocation
.........................................................................................................
$
40,355‌
Government
Money
Market
..................................................................................................
1,684‌
High
Yield
..............................................................................................................
6,983‌
U.S.
Government
Bond
.....................................................................................................
12,699‌
Notes
to
Financial
Statements
(unaudited)
(continued)
169
Notes
to
Financial
Statements
Pursuant
to
the
current
securities
lending
agreement,
Advantage
Large
Cap
Core,
Balanced
Capital
and
Capital
Appreciation
retain
77%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
Advantage
Large
Cap
Core,
Balanced
Capital
and
Capital
Appreciation,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
Pursuant
to
the
current
securities
lending
agreement,
Global
Allocation,
Government
Money
Market,
High
Yield
and
U.S.
Government
Bond
retain
82%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock
Multi-Asset
or
Fixed-Income
Complexes,
as
applicable,
in
a
calendar
year
exceeds
a
specified
threshold,
Global
Allocation,
Government
Money
Market,
High
Yield
and
U.S.
Government
Bond,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
85%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the Statements
of
Operations.
For
the six
months
ended
June
30,
2021, each
Fund
paid
BIM
the
following
amounts
for
securities
lending
agent
services: 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
fro
m
the
SEC,
each
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
each
Fund’s
investment
policies
and
restrictions.
Each
Fund
is
currently
permitted
to borrow
and
lend under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets,
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Boards. 
During
the
period
ended
June
30,
2021,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Companies are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Companies'
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statements
of
Operations. 
Other
Transactions:
The
Funds
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common directors.
For
the
six
months
ended
June
30,
2021
,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the
six
months ended
June
30,
2021,
purchases
and
sales
of
investments,
including
paydowns,
mortgage
dollar
rolls and
excluding
short-term
investments,
were
as
follows:
RULE-ABOVE
Advantage
Large
Cap
Core
..................................................................................................
$
5,008‌
Balanced
Capital
.........................................................................................................
8,080‌
Capital
Appreciation
.......................................................................................................
3,615‌
Global
Allocation
.........................................................................................................
4,092‌
Purchases 
Sales 
Net
Realized
Gain
(Loss)
Balanced
Capital
...................................................................
$
7,851‌
$
11,670‌
$
798‌
Global
Allocation
...................................................................
212,691‌
—‌
—‌
U.S.
Government
Securities
Other
Securities
Purchases
Sales
Purchases
Sales
Advantage
Large
Cap
Core
...............................................
$
—‌
$
—‌
$
116,824,024‌
$
119,670,376‌
Balanced
Capital
......................................................
15,645,265‌
9,122,610‌
890,716,190‌
887,494,769‌
Capital
Appreciation
....................................................
—‌
—‌
50,124,462‌
60,029,532‌
Global
Allocation
......................................................
6,533,457‌
11,399,628‌
109,104,224‌
119,906,177‌
High
Yield
...........................................................
—‌
—‌
8,584,132‌
10,036,644‌
U.S.
Government
Bond
..................................................
10,036,140‌
9,996,577‌
188,302,126‌
183,581,577‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
170
For
the
six
months ended
June
30,
2021,
purchases
and
sales
related
to
mortgage
dollar
rolls
were
as
follows:
RULE-ABOVE
8.
INCOME
TAX
INFORMATION 
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
Each Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
each
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
fiscal
years
after
they
are
filed.
The
statutes
of
limitations
on
each
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Funds
as
of
June
30,
2021,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of
December
31,
2020, the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows: 
As
of
June
30,
2021, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Companies,
on
behalf
of
the
Funds
(except
for
Government
Money
Market),
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”),
is
a
party
to
a
364-day,
$2.25
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Funds
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Funds,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
one-month
LIBOR
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum
or
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed.
The
agreement
expires
in
April
2022
unless
extended
or
renewed.
These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2021,
the
Funds
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business, the
Funds
invest
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject. 
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Purchases
Sales
Balanced
Capital
......................................................................................
$
300,011,791‌
$
300,179,446‌
U.S.
Government
Bond
..................................................................................
85,524,424‌
85,611,600‌
Non-expiring
Capital
Loss
Carryforwards
High
Yield
............................................................................................................
$
2,161,636‌
U.S.
Government
Bond
...................................................................................................
1,164,950‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Advantage
Large
Cap
Core
..........................................
$
179,518,805‌
$
41,814,384‌
$
(1,570,934‌)
$
40,243,450‌
Balanced
Capital
.................................................
541,582,571‌
65,918,033‌
(4,140,979‌)
61,777,054‌
Capital
Appreciation
...............................................
155,942,033‌
124,627,796‌
(937,496‌)
123,690,300‌
Global
Allocation
..................................................
170,267,239‌
41,561,660‌
(5,931,531‌)
35,630,129‌
High
Yield
......................................................
26,852,352‌
1,485,537‌
(217,790‌)
1,267,747‌
U.S.
Government
Bond
.............................................
67,669,765‌
1,715,004‌
(613,463‌)
1,101,541‌
Notes
to
Financial
Statements
(unaudited)
(continued)
171
Notes
to
Financial
Statements
Market
Risk:
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer's
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
The duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
each
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which a
Fund
invests. 
The
price a
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from a
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore a
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by a
Fund,
and a
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
A
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third
party
service
providers. 
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
For
OTC
options
purchased,
each
Fund
bears
the
risk
of
loss
in
the
amount
of
the
premiums
paid
plus
the
positive
change
in
market
values
net
of
any
collateral
held
by
the
Funds
should
the
counterparty
fail
to
perform
under
the
contracts.
Options
written
by
the
Funds
do
not
typically
give
rise
to
counterparty
credit
risk,
as
options
written
generally
obligate
the
Funds,
and
not
the
counterparty,
to
perform.
The
Funds
may
be
exposed
to
counterparty
credit
risk
with
respect
to
options
written
to
the
extent
each
Fund
deposits
collateral
with
its
counterparty
to
a
written
option. 
With
exchange-traded
options
purchased
and
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds. 
Concentration
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund's
portfolio
are
disclosed
in
its Schedule
of
Investments.
Certain Funds
invest
a
significant
portion
of their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedules
of
Investments.
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
172
Certain
Funds
invest
a
significant
portion
of their
assets
in
high
yield
securities.
High
yield
securities
that
are
rated
below
investment-grade
(commonly
referred
to
as
“junk
bonds”)
or
are
unrated
may
be
deemed
speculative,
involve
greater
levels
of
risk
than
higher-rated
securities
of
similar
maturity
and
are
more
likely
to
default.
High
yield
securities
may
be
issued
by
less
creditworthy
issuers,
and
issuers
of
high
yield
securities
may
be
unable
to
meet
their
interest
or
principal
payment
obligations.
High
yield
securities
are
subject
to
extreme
price
fluctuations,
may
be
less
liquid
than
higher
rated
fixed-income
securities,
even
under
normal
economic
conditions,
and
frequently
have
redemption
features.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
fixed-income
securities
and/or
use
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
increase
as
interest
rates
fall
and
decrease
as
interest
rates
rise.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
current
period
of
historically
low
rates.
Certain Funds
invest
a
significant
portion
of their
assets
in
securities
backed
by
commercial
or
residential
mortgage
loans
or
in
issuers
that
hold
mortgage
and
other
asset-
backed
securities.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
a
greater
risk
of
prepayment
or
payment
extension
by
securities
issuers.
Changes
in
economic
conditions,
including
delinquencies
and/or
defaults
on
assets
underlying
these
securities,
can
affect
the
value,
income
and/or
liquidity
of
such
positions.
Investment
percentages
in
these
securities
are
presented
in
the
Schedules
of
Investments.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
LIBOR.
Although
many
LIBOR
rates
will
be
phased
out
by
the
end
of
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain. 
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
were
as
follows:
Six
Months
Ended
06/30/21
Year
Ended
12/31/20
Shares
Amount
Shares
Amount
Advantage
Large
Cap
Core
Shares
sold
28,786‌
$
807,233‌
38,859‌
$
929,548‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
674,929‌
17,311,283‌
Shares
redeemed
(337,496‌)
(9,519,116‌)
(1,113,413‌)
(26,880,929‌)
        Net
decrease
(308,710‌)
$
(8,711,883‌)
(399,625‌)
$
(8,640,098‌)
Balanced
Capital
Shares
sold
79,677‌
$
1,410,797‌
75,896‌
$
1,210,797‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
2,673,232‌
44,587,034‌
Shares
redeemed
(1,831,615‌)
(31,812,414‌)
(3,104,207‌)
(49,636,091‌)
        Net
decrease
(1,751,938‌)
$
(30,401,617‌)
(355,079‌)
$
(3,838,260‌)
Capital
Appreciation
Shares
sold
19,465‌
$
1,141,225‌
43,811‌
$
2,036,965‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
328,864‌
18,235,911‌
Shares
redeemed
(195,120‌)
(11,414,728‌)
(496,857‌)
(24,957,352‌)
        Net
decrease
(175,655‌)
$
(10,273,503‌)
(124,182‌)
$
(4,684,476‌)
Global
Allocation
Shares
sold
56,886‌
$
1,061,280‌
166,377‌
$
2,884,411‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
827,991‌
14,667,909‌
Shares
redeemed
(548,294‌)
(10,232,939‌)
(1,404,651‌)
(23,204,530‌)
        Net
decrease
(491,408‌)
$
(9,171,659‌)
(410,283‌)
$
(5,652,210‌)
Government
Money
Market
Shares
sold
34,892,405‌
$
34,892,405‌
68,371,134‌
$
68,371,134‌
Shares
issued
in
reinvestment
of
distributions
........................
9‌
9‌
299,826‌
299,826‌
Shares
redeemed
(34,826,937‌)
(34,826,937‌)
(72,212,279‌)
(72,212,279‌)
        Net
increase
(decrease)
65,477‌
$
65,477‌
(3,541,319‌)
$
(3,541,319‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
173
Notes
to
Financial
Statements
12.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/21
Year
Ended
12/31/20
Shares
Amount
Shares
Amount
High
Yield
Shares
sold
91,777‌
$
510,793‌
957,994‌
$
4,941,528‌
Shares
issued
in
reinvestment
of
distributions
........................
127,011‌
705,832‌
295,863‌
1,544,021‌
Shares
redeemed
(516,075‌)
(2,864,557‌)
(1,679,992‌)
(8,761,575‌)
        Net
decrease
(297,287‌)
$
(1,647,932‌)
(426,135‌)
$
(2,276,026‌)
U.S.
Government
Bond
Shares
sold
147,813‌
$
1,680,037‌
391,313‌
$
4,487,037‌
Shares
issued
in
reinvestment
of
distributions
........................
32,239‌
365,580‌
101,934‌
1,165,802‌
Shares
redeemed
(452,694‌)
(5,135,610‌)
(754,958‌)
(8,648,236‌)
        Net
decrease
(272,642‌)
$
(3,089,993‌)
(261,711‌)
$
(2,995,397‌)
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
2021
BlackRock
Semi-Annual
Report
to
Shareholders
174
The
Board
of
Directors
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Series
Funds,
Inc.
(the
“Corporation”)
met
on
April
7,
2021
(the
“April
Meeting”)
and
May
10-12,
2021
(the
“May
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Corporation,
on
behalf
of
BlackRock
Advantage
Large
Cap
Core
Portfolio
(“Large
Cap
Core
Portfolio”),
BlackRock
Balanced
Capital
Portfolio
(“Balanced
Capital
Portfolio”),
BlackRock
Capital
Appreciation
Portfolio
(“Capital
Appreciation
Portfolio”),
BlackRock
Global
Allocation
Portfolio
(“Global
Allocation
Portfolio”)
and
BlackRock
Government
Money
Market
Portfolio
(“Government
Money
Market
Portfolio”
and
together
with
the
Large
Cap
Core
Portfolio,
the
Balanced
Capital
Portfolio,
the
Capital
Appreciation
Portfolio
and
the
Global
Allocation
Portfolio,
the
“Funds”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
of
the
sub-advisory
agreements
between
the
Manager
and
(a)
BlackRock
International
Limited
(“BIL”)
with
respect
to
Balanced
Capital
Portfolio
(the
“BIL
Sub-
Advisory
Agreement”);
and
(b)
BlackRock
(Singapore)
Limited
(“BSL”
and
together
with
BIL,
the
“Sub-Advisors”)
with
respect
to
Balanced
Capital
Portfolio
(the
“BSL
Sub-
Advisory
Agreement”
and
together
with
the
BIL
Sub-Advisory
Agreement,
the
“Sub-Advisory
Agreements”).
The
Manager
and
the
Sub-Advisors
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreements
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process:
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreements
for
each
Fund
on
an
annual
basis.
The
Board
members
whom
are
not
“interested
persons”
of
the
Corporation,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
each
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
per
year,
each
typically
extending
for
two
days,
as
well
as
additional
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
had
a
fifth
one-day
meeting
to
consider
specific
information
surrounding
the
renewal
of
the
Agreements.
In
particular,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
the
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
an
applicable
benchmark,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
analyses
of
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
the
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
the
Fund;
(d)
the
resources
devoted
to
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
the
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
the
Corporation’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
available;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
the
use
of
brokerage
commissions
and
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
the
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
the
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
April
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
April
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
each
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
each
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
the
Funds;
(g)
a
summary
of
aggregate
amounts
paid
by
each
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
each
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
the
Funds’
operations.
At
the
April
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements.
As
a
result
of
the
discussions
that
occurred
during
the
April
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
May
Meeting.
At
the
May
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b)
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Funds;
(d)
each
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
the
Funds;
and
(g)
other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
members
of
the
Board
gave
attention
to
all
of
the
information
that
was
furnished,
and
each
Board
Member
placed
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
175
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
varying
degrees
of
importance
on
the
various
pieces
of
information
that
were
provided
to
them.
The
Board
evaluated
the
information
available
to
it
on
a
fund
by
fund
basis.
The
following
paragraphs
provide
more
information
about
some
of
the
primary
factors
that
were
relevant
to
the
Board’s
decision.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock:
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services
and
the
resulting
performance
of
each
Fund.
Throughout
the
year,
the
Board
compared
each
Fund’s
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmark,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
each
Fund’s
portfolio
management
team
discussing
the
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
number,
education
and
experience
of
investment
personnel
generally
and
each
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
each
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
each
Fund.
BlackRock
and
its
affiliates
provide
the
Funds
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Funds
by
third-parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Funds.
In
particular,
BlackRock
and
its
affiliates
provide
the
Funds
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers,
including,
among
others,
each
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Funds,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
each
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans,
including
in
light
of
the
ongoing
COVID-19
pandemic.
B.
The
Investment
Performance
of
the
Funds
and
BlackRock:
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
the
Fund
throughout
the
year
and
at
the
April
Meeting.
In
preparation
for
the
April
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
the
Fund’s
performance
as
of
December
31,
2020,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
the
Fund
as
compared
to
its
Performance
Peers
and,
with
respect
to
Large
Cap
Core
Portfolio,
Balanced
Capital
Portfolio,
Capital
Appreciation
Portfolio
and
Global
Allocation
Portfolio,
the
respective
Morningstar
open-end
fund
category
(“Morningstar
Open-End
Category”);
and,
with
respect
to
Government
Money
Market
Portfolio,
a
weighted
average
benchmark
of
similar
funds,
as
defined
by
BlackRock
(“Benchmark
Weighted
Average”).
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
each
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
noted
that
for
each
of
the
one-,
three-
and
five-year
periods
reported,
each
of
Balanced
Capital
Portfolio
and
Global
Allocation
Portfolio
ranked
in
the
first
quartile
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
Capital
Appreciation
Portfolio
ranked
in
the
second,
first
and
first
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
Large
Cap
Core
Portfolio
ranked
in
the
second
quartile
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
reviewed
Government
Money
Market
Portfolio’s
performance
within
the
context
of
the
low
yield
environment.
In
addition
to
reviewing
the
Fund’s
performance
and
current
yield,
it
also
reviews
the
liquidity,
duration,
credit
quality
and
other
risk
factors
of
the
Fund’s
portfolio.
The
Board
noted
that
for
each
of
the
one-
and
three-year
periods
reported,
the
Fund
underperformed
its
Benchmark
Weighted
Average.
The
Board
noted
that
BlackRock
believes
that
the
Benchmark
Weighted
Average
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Benchmark
Weighted
Average
during
the
applicable
periods.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Funds:
The
Board,
including
the
Independent
Board
Members,
reviewed
each
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
each
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
176
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
each
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
each
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2020
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
is
difficult.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
of
other
advisors
is
not
publicly
available.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly-traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
technology
at
BlackRock,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time,
assumption
of
risk,
and
liability
profile
in
servicing
the
Funds,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
each
of
Large
Cap
Core
Portfolio’s,
Capital
Appreciation
Portfolio’s
and
Global
Allocation
Portfolio’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
noted
that
Balanced
Capital
Portfolio’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
second
and
first
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
reviewed
the
expenses
within
the
context
of
the
low
yield
environment,
and
any
consequent
expense
waivers
and
reimbursements
necessary
to
maintain
minimum
levels
of
daily
net
investment
income,
as
applicable.
The
Board
noted
that
Government
Money
Market
Portfolio’s
contractual
management
fee
rate
ranked
in
the
second
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
third
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
each
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
aggregate
assets
of
the
Fund,
combined
with
the
assets
of
certain
other
funds,
increase
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
pertinent
Fund
or
such
other
funds
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
each
Fund’s
total
expenses
as
a
percentage
of
the
pertinent
Fund’s
average
daily
net
assets.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
each
Fund.
D.
Economies
of
Scale:
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Funds
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
the
Funds
benefit
from
such
economies
of
scale
in
a
variety
of
ways
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
breakpoint
structure
in
order
to
enable
the
Funds
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
each
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members:
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Funds,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Funds,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreements,
the
Board
also
received
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
their
Fund
shares
if
they
believe
that
the
pertinent
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
the
Fund.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
177
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
Conclusion
The
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
(i)
the
Advisory
Agreement
between
the
Manager
and
the
Corporation,
on
behalf
of
each
Fund,
(ii)
the
BIL
Sub-Advisory
Agreement
between
the
Manager
and
BIL
with
respect
to
Balanced
Capital
Portfolio,
and
(iii)
the
BSL
Sub-Advisory
Agreement
between
the
Manager
and
BSL
with
respect
to
Balanced
Capital
Portfolio,
each
for
a
one-year
term
ending
June
30,
2022.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and,
in
the
best
interest
of
each
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
also
assisted
by
the
advice
of
independent
legal
counsel
in
making
this
determination.
Disclosure
of
Investment
Sub-Advisory
Agreement
2021
BlackRock
Semi-Annual
Report
to
Shareholders
178
The
Board
of
Directors
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Series
Funds,
Inc.
(the
“Corporation”)
met
on
May
11,
2021
(the
“Meeting”)
to
consider
the
initial
approval
of
the
proposed
sub-advisory
agreement
(the
“Sub-Advisory
Agreement”)
between
BlackRock
Advisors,
LLC
(the
“Manager”),
the
Corporation’s
investment
advisor,
and
BlackRock
(Singapore)
Limited
(the
“Sub-Advisor”)
with
respect
to
Global
Allocation
Portfolio
(the
“Fund”),
a
series
of
the
Corporation.
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
at
the
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Sub-Advisory
Agreement.
The
Board
Members
whom
are
not
“interested
persons”
of
the
Fund,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
The
Board
previously
met
on
May
11-13,
2020
(the
“May
2020
Meeting”)
to
consider
the
approval
of
the
continuation
of
the
Corporation’s
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Corporation
and
the
Manager.
At
the
May
2020
Meeting,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
the
Advisory
Agreement
for
a
one-year
term
ending
June
30,
2021.
A
discussion
of
the
basis
for
the
Board’s
approval
of
the
Advisory
Agreement
at
the
May
2020
Meeting
is
included
in
the
semi-annual
shareholder
report
for
the
Fund
for
the
period
ended
June
30,
2020.
The
factors
considered
by
the
Board
at
the
Meeting
in
connection
with
the
approval
of
the
proposed
Sub-Advisory
Agreement
were
substantially
the
same
as
the
factors
considered
at
the
May
2020
Meeting
with
respect
to
approval
of
the
Advisory
Agreement.
Following
discussion,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
Sub-Advisory
Agreement
between
the
Manager
and
the
Sub-Advisor,
with
respect
to
the
Fund,
for
a
two-year
term
beginning
on
the
effective
date
of
the
Sub-Advisory
Agreement.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
a
majority
of
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Sub-Advisory
Agreement
were
fair
and
reasonable
and
in
the
best
interest
of
the
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Sub-Advisory
Agreement,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
also
assisted
by
the
advice
of
independent
legal
counsel
in
making
this
determination.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
179
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
of
Directors
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Series
Fund
II,
Inc.
(the
“Company”)
met
on
May
4,
2021
(the
“May
Meeting”)
and
June
8-9,
2021
(the
“June
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Company,
on
behalf
of
BlackRock
High
Yield
Portfolio
(the
“High
Yield
Portfolio”)
and
BlackRock
U.S.
Government
Bond
Portfolio
(the
“U.S.
Government
Bond
Portfolio”
and
together
with
the
High
Yield
Portfolio,
the
“Funds”
and
each,
a
“Fund”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-advisory
agreements
(the
“Sub-Advisory
Agreements”)
between
the
Manager
and
BlackRock
International
Limited
(the
“Sub-
Advisor”),
with
respect
to
each
Fund.
The
Manager
and
the
Sub-Advisor
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreements
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process:
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreements
for
each
Fund
on
an
annual
basis.
The
Board
members
whom
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
each
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
per
year,
each
typically
extending
for
two
days,
as
well
as
additional
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
had
a
fifth
one-day
meeting
to
consider
specific
information
surrounding
the
renewal
of
the
Agreements.
In
particular,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
each
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
each
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
each
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
relevant
benchmarks,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
analyses
of
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
each
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
each
Fund;
(d)
the
resources
devoted
to,
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
each
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
each
Fund’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
applicable;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
each
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
each
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
May
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
May
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
each
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
each
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts,
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
each
Fund;
(g)
a
summary
of
aggregate
amounts
paid
by
each
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
each
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
each
Fund’s
operations.
At
the
May
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements.
As
a
result
of
the
discussions
that
occurred
during
the
May
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
June
Meeting.
At
the
June
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b)
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
each
Fund;
(d)
each
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
each
Fund;
and
(g)
other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
180
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock:
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services,
and
the
resulting
performance
of
each
Fund.
Throughout
the
year,
the
Board
compared
Fund
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmarks,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
each
Fund’s
portfolio
management
team
discussing
each
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
number,
education
and
experience
of
investment
personnel
generally
and
each
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
each
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
each
Fund.
BlackRock
and
its
affiliates
provide
each
Fund
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
each
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
each
Fund.
In
particular,
BlackRock
and
its
affiliates
provide
each
Fund
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers
including,
among
others,
each
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
each
Fund,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
each
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans,
including
in
light
of
the
ongoing
COVID-19
pandemic.
B.
The
Investment
Performance
of
each
Fund
and
BlackRock:
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
each
Fund
throughout
the
year
and
at
the
May
meeting.
In
preparation
for
the
May
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
each
Fund’s
performance
as
of
December
31,
2020,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
the
respective
Morningstar
open-end
fund
category
(“Morningstar
Open-End
Category”).
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
each
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
noted
that
for
each
of
the
one-,
three-
and
five-year
periods
reported,
the
High
Yield
Portfolio
ranked
in
the
first
quartile
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
High
Yield
Portfolio,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
the
U.S.
Government
Bond
Portfolio
ranked
in
the
second,
first
and
first
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
U.S.
Government
Bond
Portfolio,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
each
Fund:
The
Board,
including
the
Independent
Board
Members,
reviewed
each
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
each
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
each
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
each
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2020
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
181
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
is
difficult.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
of
other
advisors
is
not
publicly
available.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
technology
at
BlackRock,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time,
assumption
of
risk,
and
liability
profile
in
servicing
each
Fund,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
the
High
Yield
Portfolio’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile,
relative
to
the
High
Yield
Portfolio’s
Expense
Peers.
The
Board
also
noted
that
the
High
Yield
Portfolio
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
aggregate
assets
of
the
High
Yield
Portfolio,
combined
with
the
assets
of
certain
other
funds,
increase
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
High
Yield
Portfolio,
or
such
other
funds
were
to
decrease,
the
High
Yield
Portfolio
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
High
Yield
Portfolio’s
total
expenses
as
a
percentage
of
the
High
Yield
Portfolio’s
average
daily
net
assets.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
High
Yield
Portfolio.
The
Board
noted
that
the
U.S.
Government
Bond
Portfolio’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile,
relative
to
the
U.S.
Government
Bond
Portfolio’s
Expense
Peers.
The
Board
also
noted
that
the
U.S.
Government
Bond
Portfolio
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
aggregate
assets
of
the
U.S.
Government
Bond
Portfolio,
combined
with
the
assets
of
certain
other
funds,
increase
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
U.S.
Government
Bond
Portfolio,
or
such
other
funds
were
to
decrease,
the
U.S.
Government
Bond
Portfolio
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
U.S.
Government
Bond
Portfolio’s
total
expenses
as
a
percentage
of
the
U.S.
Government
Bond
Portfolio’s
average
daily
net
assets.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
U.S.
Government
Bond
Portfolio.
D.
Economies
of
Scale:
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
each
Fund
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
each
Fund
benefits
from
such
economies
of
scale
in
a
variety
of
ways,
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
breakpoint
structure
in
order
to
enable
each
Fund
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
each
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members:
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-
out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
each
Fund,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
each
Fund,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreements,
the
Board
also
received
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
their
Fund
shares
if
they
believe
that
each
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
each
Fund.
Conclusion
The
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
the
Advisory
Agreement
between
the
Manager
and
the
Company,
on
behalf
of
each
Fund,
for
a
one-year
term
ending
June
30,
2022,
and
the
Sub-Advisory
Agreements
between
the
Manager
and
the
Sub-Advisors,
with
respect
to
each
Fund,
for
a
one-year
term
ending
June
30,
2022.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and
in
the
best
interest
of
each
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
also
assisted
by
the
advice
of
independent
legal
counsel
in
making
this
determination.
Additional
Information
2021
BlackRock
Semi-Annual
Report
to
Shareholders
182
Regulation
Regarding
Derivatives
On
October
28,
2020,
the
Securities
and
Exchange
Commission
(the
“SEC”)
adopted
new
regulations
governing
the
use
of
derivatives
by
registered
investment
companies
(“Rule
18f-4”).
The
Funds
will
be
required
to
implement
and
comply
with
Rule
18f-4
by
August
19, 2022.
Once
implemented,
Rule
18f-4
will
impose
limits
on
the
amount
of
derivatives
a
fund
can
enter
into,
eliminate
the
asset
segregation
framework
currently
used
by
funds
to
comply
with
Section
18
of
the
1940
Act,
treat
derivatives
as
senior
securities
and
require
funds
whose
use
of
derivatives
is
more
than
a
limited
specified
exposure
amount
to
establish
and
maintain
a
comprehensive
derivatives
risk
management
program
and
appoint
a
derivatives
risk
manager.
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Funds
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Funds at
(800)
441-7762.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
(except
BlackRock
Government
Money
Market
Portfolio)
file
their
complete
schedules
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT are
available
on
the
SEC’s
website
at
sec.gov
.
The
BlackRock
Government
Money
Market
Portfolio
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
each
month
on
Form
N-MFP.
The
Fund’s
reports
on
Form
N-MFP
are
available
on
the
SEC’s
website
at
sec.gov
.
The
Fund
makes
portfolio
holdings
available
to
shareholders
on
its
website
at
blackrock.com
.
Availability
of
Proxy
Voting
Policies,
Procedures
and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Funds
voted
proxies
relating
to
securities
held
in
the
Funds'
portfolios
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-
7762
;
(2)
on
the
BlackRock
website
at
blackrock.com/prospectus/insurance
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800)
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
183
Additional
Information
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
BlackRock
International
Limited
(a)
Edinburgh,
EH3
8BL
United
Kingdom
BlackRock
(Singapore)
Limited
(b)
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodians
JPMorgan
Chase
Bank,
N.A.
(c)
New
York,
NY
10179
Brown
Brothers
Harriman
&
Co.
(d)
Boston,
MA
02109
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10022
Legal
Counsel
Sidley
Austin
LLP
(e)
New
York,
NY
10019
Willkie
Farr
&
Gallagher
LLP
(f)
New
York,
NY
10019
Address
of
the
Funds
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
BlackRock
Balanced
Capital
Portfolio,
BlackRock
High
Yield
Portfolio
and
BlackRock
U.S.
Government
Bond
Portfolio.
(b)
For
BlackRock
Balanced
Capital
Portfolio
and
BlackRock
Global
Allocation
Portfolio.
(c)
For
all
Funds
except
BlackRock
Global
Allocation
Portfolio.
(d)
For
BlackRock
Global
Allocation
Portfolio.
(e)
For
BlackRock
Advantage
Large
Cap
Core
Portfolio,
BlackRock
Balanced
Capital
Portfolio,
BlackRock
Capital
Appreciation
Portfolio,
BlackRock
Global
Allocation
Portfolio
and
BlackRock
Government
Money
Market
Portfolio.
(f)
For
BlackRock
High
Yield
Portfolio
and
BlackRock
U.S.
Government
Bond
Portfolio.
Glossary
of
Terms
Used
in
this
Report
2021
BlackRock
Semi-Annual
Report
to
Shareholders
184
Currency
Abbreviations
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNH
Chinese
Yuan
Offshore
CNY
Chinese
Yuan
COP
Colombian
Peso
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
NOK
Norwegian
Krone
PLN
Polish
Zloty
RUB
New
Russian
Ruble
SEK
Swedish
Krona
SGD
Singapore
Dollar
TRY
Turkish
Lira
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviations
ABS
Asset-Backed
Security
ADR
American
Depositary
Receipts
BA
Canadian
Bankers
Acceptances
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CLO
Collateralized
Loan
Obligation
CMT
Constant
Maturity
Treasury
CSMC
Credit
Suisse
Mortgage
Capital
CWABS
Countrywide
Asset-Backed
Certificates
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GO
General
Obligation
Bonds
JIBAR
Johannesburg
Interbank
Average
Rate
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
NASDAQ
National
Association
of
Securities
Dealers
Automated
NYRS
New
York
Registered
Shares
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
RB
Revenue
Bonds
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
S&P
Standard
&
Poor's
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
TBA
To-be-announced
WIBOR
Warsaw
Interbank
Offered
Rate
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
authorized
for
distribution
only
to
Policyowners
of
certain
variable
life
insurance
policies,
which
are
funded
by
shares
of
BlackRock
Series
Fund,
Inc.
and
BlackRock
Series
Fund
II,
Inc.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Fund
or
the
policies.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Performance
information
used
throughout
this
report
does
not
include
insurance-related
fees
and
expenses.
An
investment
in
BlackRock
Government
Money
Market
Portfolio
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
Government
agency.
BlackRock
Government
Money
Market
Portfolio's
sponsor
has
no
legal
obligation
to
provide
financial
support
to
the
Portfolio.
Total
return
information
assumes
reinvestment
of
all
distributions.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
For
current
month-end
performance,
call
(800)
626-1960.
BlackRock
Government
Money
Market
Portfolio's
current
7-day
yield
more
closely
reflects
the
current
earnings
of
the
Portfolio
than
the
total
returns
quoted.
Although
BlackRock
Government
Money
Market
Portfolio
seeks
to
preserve
the
value
of
your
investment
at
$1.00
per
share,
it
cannot
guarantee
it
will
do
so
and
it
is
possible
to
lose
money
by
investing
in
the
Portfolio.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
Please
see
the
Fund’s
prospectus
for
a
description
of
risks
associated
with
global
investments.
Series8-6/21-SAR
Item 2 –  Code of Ethics – Not Applicable to this semi-annual report
Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments

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

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

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Series Fund, Inc.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Series Fund, Inc.
 
Date: August 26, 2021
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Series Fund, Inc.
 
 
Date: August 26, 2021
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Series Fund, Inc.
 
Date: August 26, 2021